Saul Centers Inc., an equity real estate investment trust (REIT), saw a jump in its total revenue to $60.3 million in numbers released Friday in its second quarter earnings report.
Total revenue for the 2022 Quarter increased to $60.3 million from $60 million for the quarter ended June 30, 2021. Net income increased to $17 million from $16.1 million for the 2021 Quarter primarily due to higher capitalized interest ($0.8 million), primarily due to the Twinbrook Quarter development project;, higher base rent at The Waycroft ($500,000), lower depreciation and amortization of lease costs ($300,000), higher parking income, net of expenses ($200,000) and higher base rent, exclusive of The Waycroft ($200,000), partially offset by higher general and administrative costs ($700,000) and higher credit losses on operating lease receivables and corresponding reserves, net (collectively, $400,000).
Net income available to common stockholders increased to $10.2 million ($0.43 per diluted share) for the 2022 quarter from $9.9 million ($0.42 per diluted share) for the 2021 quarter.
Same property revenue increased $300,000 (0.5%) and same property operating income increased $200,000 million (0.3%) for the 2022 quarter compared to the 2021 quarter.