SAUL CENTERS INC

For the period ended Dec 31, 2023. Filed Feb 29, 2024.

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A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.

FY2023 · Filed Feb 29, 2024

BFS$28.80-0.0%Stored close · as of Nov 10, 2026

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Contents

Real Estate and Accumulated Depreciation

Schedule III

SAUL CENTERS, INC.Real Estate and Accumulated DepreciationDecember 31, 2023(Dollars in Thousands)
Costs · Buildings
Capitalized · Basis at Close of Period · and
InitialBasis · SubsequenttoAcquisition · Land · BuildingsandImprovements · Construction in Progress · Total · AccumulatedDepreciation · BookValue · RelatedDebt (2) · Date ofConstruction · DateAcquired · ImprovementsDepreciableLives in Years
Shopping Centers
Ashbrook Marketplace, Ashburn, VA	$8,938	$25,443	$13,258	$21,074	$49		$34,381		$2,745		$31,636		$20,216	2019	05/18	50
Ashburn Village, Ashburn, VA	11,431	21,000	6,764	25,658	9		32,431		17,147		15,284		21,805	1994 & 2000-6	3/94	40
Ashland Square Phase I, Dumfries, VA	1,178	7,508	1,178	7,508	—		8,686		3,255		5,431		—	2007, 2013	12/04	20 & 50
Beacon Center, Alexandria, VA	24,161	18,514	22,691	19,984	—		42,675		17,210		25,465		53,681	1960 & 1974	1/72 , 11/16	40 & 50
BJ’s Wholesale Club, Alexandria, VA	22,623	—	22,623	—	—		22,623		—		22,623		15,099		3/08	—
Boca Valley Plaza, Boca Raton, FL	16,720	3,616	5,735	14,473	128		20,336		7,161		13,175		—		2/04	40
Boulevard, Fairfax, VA	4,883	4,731	3,687	5,921	6		9,614		4,040		5,574		9,358	1969, 1999 & 2009	4/94	40
Briggs Chaney MarketPlace, Silver Spring, MD	27,037	5,916	9,789	23,155	9		32,953		12,079		20,874		—		4/04	40
Broadlands Village, Ashburn, VA	5,316	36,806	5,300	36,360	462		42,122		16,713		25,409		27,999	2002-3, 2004 & 2006	3/02	40 & 50
Burtonsville Town Square, Burtonsville, MD	74,212	6,357	28,402	52,149	18		80,569		9,935		70,634		32,178	2010	1/17	20 & 45
Countryside Marketplace, Sterling, VA	28,912	5,134	7,666	26,181	199		34,046		13,764		20,282		—		2/04	40
Cranberry Square, Westminster, MD	31,578	2,047	6,700	26,906	19		33,625		8,332		25,293		13,224		9/11	40
Cruse MarketPlace, Cumming, GA	12,226	954	3,901	9,279	—		13,180		4,700		8,480		—		3/04	40
Flagship Center, Rockville, MD	160	409	169	400	—		569		117		452		—	1972	1/72	—
French Market, Oklahoma City, OK	5,781	17,689	1,118	21,450	902		23,470		15,159		8,311		—	1972 & 1998	3/74	50
Germantown, Germantown, MD	2,034	566	2,034	566	—		2,600		489		2,111		—	1990	8/93	40
The Glen, Woodbridge, VA	12,918	8,799	5,300	16,377	40		21,717		12,027		9,690		20,234	1993 & 2005	6/94	40
Great Falls Center, Great Falls, VA	41,750	3,516	14,766	30,414	86		45,266		12,945		32,321		30,547		3/08	40
Hampshire Langley, Takoma, MD	3,159	3,559	1,892	4,816	10		6,718		4,291		2,427		11,569	1960	1/72	40
Hunt Club Corners, Apopka, FL	12,584	4,771	4,822	12,533	—		17,355		6,613		10,742		—		6/06, 12/12	40
Jamestown Place, Altamonte Springs, FL	14,055	2,486	4,455	12,085	1		16,541		5,925		10,616		—		11/05	40
Kentlands Square I, Gaithersburg, MD	14,379	3,730	5,005	13,104	—		18,109		5,561		12,548		18,840	2002	9/02	40
Kentlands Square II, Gaithersburg, MD	76,723	3,555	23,133	56,860	285		80,278		19,561		60,717		30,168		9/11, 9/13	40
Kentlands Place, Gaithersburg, MD	1,425	7,944	1,425	7,700	244		9,369		4,951		4,418		6,406	2005	1/04	50
Lansdowne Town Center, Leesburg, VA	6,545	43,903	6,546	43,593	309		50,448		21,009		29,439		—	2006	11/02	50
Leesburg Pike Plaza, Baileys Crossroads, VA	2,418	7,012	1,132	8,195	103		9,430		6,523		2,907		11,822	1965	2/66	40
Lumberton Plaza, Lumberton, NJ	4,400	11,792	950	15,161	81		16,192		14,170		2,022		—	1975	12/75	40
Metro Pike Center, Rockville, MD	33,123	5,454	26,064	8,470	4,043		38,577		2,903		35,674		—		12/10	40
Shops at Monocacy, Frederick, MD	9,541	16,070	9,260	16,351	—		25,611		7,680		17,931		25,670	2003-4	11/03	50
Northrock, Warrenton, VA	12,686	15,430	12,686	15,422	8		28,116		6,734		21,382		12,135	2009	01/08	50
Olde Forte Village, Ft. Washington, MD	15,933	6,979	5,409	17,468	35		22,912		9,995		12,917		19,563	2003-4	07/03	40
Olney, Olney, MD	4,963	3,026	3,079	4,910	—		7,989		3,744		4,245		12,655	1972	11/75	40
Orchard Park, Dunwoody, GA	19,377	1,642	7,751	13,242	26		21,019		5,692		15,327		—		7/07	40
Palm Springs Center, Altamonte Springs, FL	18,365	2,534	5,739	14,665	495		20,899		7,371		13,528		—		3/05	40
Ravenwood, Baltimore, MD	1,245	4,486	703	5,028	—		5,731		3,717		2,014		11,361	1959 & 2006	1/72	40
11503 Rockville Pike/5541 Nicholson Lane, Rockville, MD	26,561	24	22,113	4,472	—		26,585		1,488		25,097		—		10/10, 12/12	40
1500/1580/1582 Rockville Pike, Rockville, MD	45,351	2,046	38,065	7,050	2,282		47,397		6,950		40,447		—		12/12, 1/14, 4/14	5, 10, 5 4
Seabreeze Plaza, Palm Harbor, FL	24,526	3,553	8,665	18,943	471		28,079		8,991		19,088		12,683		11/05	40
Market Place at Sea Colony, Bethany Beach, DE	2,920	339	1,147	2,112	—		3,259		858		2,401		—		3/08	40
Seven Corners, Falls Church, VA	4,848	46,536	4,929	46,450	5		51,384		35,402		15,982		85,889	1956 & 1997	7/73	40
Severna Park Marketplace, Severna Park, MD	63,254	3,588	12,700	54,035	107		66,842		15,930		50,912		24,458		9/11	40
Shops at Fairfax, Fairfax, VA	2,708	11,109	992	12,825	—		13,817		9,787		4,030		13,094	1975 & 1999	6/75	50
Smallwood Village Center, Waldorf, MD	17,819	8,915	6,402	20,143	189		26,734		11,922		14,812		—		1/06	40
Southdale, Glen Burnie, MD	18,895	26,767	15,255	29,318	1,089		45,662		24,607		21,055		—	1962 & 1986	1/72 , 11/16	40
Southside Plaza, Richmond, VA	6,728	12,284	1,878	17,134	—		19,012		14,019		4,993		—	1958	1/72	40
South Dekalb Plaza, Atlanta, GA	2,474	5,111	615	6,901	69		7,585		5,601		1,984		—	1970	2/76	40
Thruway, Winston-Salem, NC	7,848	31,346	7,692	29,867	1,635		39,194		21,721		17,473		—	1955 & 1965	5/72, 8/16	40
Village Center, Centreville, VA	16,502	3,486	7,851	12,137	—		19,988		8,866		11,122		24,460	1990	8/93	40
Westview Village, Frederick, MD	6,047	25,754	6,047	25,725	29		31,801		12,949		18,852		—	2009	11/07 , 02/15	50
White Oak, Silver Spring, MD	6,277	7,110	4,649	8,512	226		13,387		6,821		6,566		19,031	1958 & 1967	1/72	40
Other Buildings / Improvements	—	182	—	182		182		178		4		—
Total Shopping Centers	835,537	501,528	420,132	903,264	13,669		1,337,065		480,348		856,717		584,145
Mixed-Use Properties
Avenel Business Park, Gaithersburg, MD	21,459	37,762	3,756	55,385	80		59,221		43,412		15,809		21,611	1984, 1986,1990, 1998 & 2000	12/84, 8/85, 2/86, 4/98 & 10/2000	35 & 40
Clarendon Center, Arlington, VA (1)	12,753	188,640	16,287	184,486	620		201,393		65,111		136,282		81,693	2010	7/73, 1/96 & 4/02	50
Park Van Ness, Washington, DC	2,242	91,960	2,242	91,775	185		94,202		20,370		73,832		60,874	2016	7/73, 2/11	50
601 Pennsylvania Ave., Washington, DC	5,479	71,722	5,667	71,041	493		77,201		60,634		16,567		—	1986	7/73	35
The Waycroft, Arlington, VA	52,067	228,794	53,618	227,243	—		280,861		25,188		255,673		149,078	2020	8/14, 12/14, 9/15, 8/16	50
Washington Square, Alexandria, VA	2,034	60,801	544	61,829	462		62,835		34,407		28,428		50,249	1952 & 2000	7/73	50
Total Mixed-Use Properties	96,034	679,679	82,114	691,759	1,840		775,713		249,122		526,591		363,505
Development Land
Ashland Square Phase II, Manassas, VA	5,292	3,448	7,049	—	1,691		8,740		—		8,740		—		12/04
New Market, New Market, MD	2,088	146	2,234	—	—		2,234		—		2,234		—		9/05
Hampden House, Bethesda, MD	39,641	102,599	—	—	142,240		142,240		—		142,240		7,726		10/18, 12/18
Twinbrook, Rockville, MD	110,021	245,092	—	—	355,113		355,113		—		355,113		74,909		12/14, 03/21
Total Development Land	157,042	351,285	9,283	—	499,044		508,327		—		508,327		82,635
Total	$1,088,613	$1,532,492	$511,529	$1,595,023	$514,553		$2,621,105		$729,470		$1,891,635		$1,030,285

(1)Includes the North and South Blocks and Residential

(2)Amounts do not include deferred debt and therefore will not match the Consolidated Balance Sheet

Schedule III

Real Estate and Accumulated Depreciation

December 31, 2023

Depreciation and amortization related to the real estate investments reflected in the statements of operations is calculated over the estimated useful lives of the assets as follows:

Base building	Generally 35 - 50 years or a shorter period if management determines that
	the building has a shorter useful life.
Building components	Up to 20 years
Tenant improvements	The shorter of the term of the lease or the useful life
	of the improvements

The aggregate remaining net basis of the real estate investments for federal income tax purposes was approximately $1.59 billion at December 31, 2023. Depreciation and amortization are provided on the declining balance and straight-line methods over the estimated useful lives of the assets.

The changes in total real estate investments and related accumulated depreciation for each of the years in the three year period ended December 31, 2023 are summarized as follows:

(In thousands)	2023	2022	2021
Total real estate investments:
Balance, beginning of year	$2,408,136	$2,284,126	$2,124,796
Acquisitions	—	—	108,279
Improvements	216,154	130,300	54,177
Retirements	(3,185)	(6,290)	(3,126)
Balance, end of year	$2,621,105	$2,408,136	$2,284,126
Total accumulated depreciation:
Balance, beginning of year	$688,475	$650,113	$607,706
Depreciation expense	44,163	44,636	45,487
Retirements	(3,168)	(6,274)	(3,080)
Balance, end of year	$729,470	$688,475	$650,113

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The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.