Saul Centers (BFS) 10-Q 3 Aug 15 2015 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares shares in Millions	6 Months Ended
	Jun. 30, 2015	Jul. 31, 2015
Document And Entity Information [Abstract]
Entity Registrant Name	SAUL CENTERS INC
Entity Central Index Key	907,254
Trading Symbol	BFS
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Document Type	10-Q
Document Period End Date	Jun. 30, 2015
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	Q2
Amendment Flag	false
Entity Common Stock, Shares Outstanding		21.2

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Real estate investments
Land	$ 421,499	$ 420,622
Buildings and equipment	1,116,381	1,109,276
Construction in progress	53,485	30,261
Real estate investments	1,591,365	1,560,159
Accumulated depreciation	(414,694)	(396,617)
Real estate investments, net	1,176,671	1,163,542
Cash and cash equivalents	11,714	12,128
Accounts receivable and accrued income, net	47,084	46,784
Deferred leasing costs, net	27,049	26,928
Prepaid expenses, net	1,663	4,093
Deferred debt costs, net	9,455	9,874
Other assets	4,407	3,638
Total assets	1,278,043	1,266,987
Liabilities
Notes payable	813,861	808,997
Revolving credit facility payable	22,000	43,000
Construction loan payable	17,531	5,391
Dividends and distributions payable	15,290	14,352
Accounts payable, accrued expenses and other liabilities	31,724	23,537
Deferred income	31,816	32,453
Total liabilities	932,222	927,730
Preferred stock, 1,000,000 shares authorized:
Common stock, $0.01 par value, 40,000,000 shares authorized, 21,118,594 and 20,947,141 shares issued and outstanding, respectively	211	209
Additional paid-in capital	297,009	287,995
Accumulated deficit	(177,517)	(173,774)
Accumulated other comprehensive loss	(1,856)	(1,894)
Total Saul Centers, Inc. stockholders’ equity	297,847	292,536
Noncontrolling interest	47,974	46,721
Total stockholders’ equity	345,821	339,257
Total liabilities and stockholders’ equity	1,278,043	1,266,987
Series C Preferred Stock
Preferred stock, 1,000,000 shares authorized:
Series C Cumulative Redeemable, 72,000 shares issued and outstanding	$ 180,000	$ 180,000

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2015	Dec. 31, 2014
Preferred stock, shares authorized	1,000,000	1,000,000
Common stock, par value (in usd per share)	$ 0.01	$ 0.01
Common stock, shares authorized	40,000,000	40,000,000
Common stock, shares issued	21,118,594	20,947,141
Common stock, shares outstanding	21,118,594	20,947,141
Series C Preferred Stock
Cumulative Redeemable Preferred stock, shares issued	72,000	72,000
Cumulative Redeemable Preferred stock, shares outstanding	72,000	72,000

Consolidated Statements of Oper

Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Revenue
Base rent	$ 41,876	$ 41,038	$ 83,355	$ 81,601
Expense recoveries	7,797	7,825	16,529	16,614
Percentage rent	558	453	996	905
Other	1,480	2,970	2,919	6,113
Total revenue	51,711	52,286	103,799	105,233
Operating expenses
Property operating expenses	6,196	6,138	13,812	13,723
Provision for credit losses	414	107	660	310
Real estate taxes	5,876	5,584	11,777	11,037
Interest expense and amortization of deferred debt costs	11,353	11,486	22,759	22,953
Depreciation and amortization of deferred leasing costs	10,811	10,309	21,251	20,489
General and administrative	4,139	4,023	7,910	8,703
Acquisition related costs	0	216	21	379
Predevelopment expenses	0	0	0	503
Total operating expenses	38,789	37,863	78,190	78,097
Operating income	12,922	14,423	25,609	27,136
Change in fair value of derivatives	0	(5)	(6)	(7)
Gain on sale of property	11	6,069	11	6,069
Net Income	12,933	20,487	25,614	33,198
Noncontrolling interests
Income attributable to noncontrolling interests	(2,537)	(4,433)	(5,011)	(6,857)
Net income attributable to Saul Centers, Inc.	10,396	16,054	20,603	26,341
Preferred stock dividends	(3,094)	(3,207)	(6,188)	(6,413)
Net income attributable to common stockholders	$ 7,302	$ 12,847	$ 14,415	$ 19,928
Per share net income attributable to common stockholders
Basic and diluted (in usd per share)	$ 0.35	$ 0.62	$ 0.68	$ 0.96
Dividends declared per common share outstanding (in usd per share)	$ 0.43	$ 0.4	$ 0.86	$ 0.8

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Statement of Comprehensive Income [Abstract]
Net income	$ 12,933	$ 20,487	$ 25,614	$ 33,198
Other comprehensive income
Change in unrealized loss on cash flow hedge	478	(420)	51	(647)
Total comprehensive income	13,411	20,067	25,665	32,551
Comprehensive income attributable to noncontrolling interests	(2,660)	(4,325)	(5,024)	(6,691)
Total comprehensive income attributable to Saul Centers, Inc.	10,751	15,742	20,641	25,860
Preferred stock dividends	(3,094)	(3,207)	(6,188)	(6,413)
Total comprehensive income attributable to common stockholders	$ 7,657	$ 12,535	$ 14,453	$ 19,447

Consolidated Statement of Stock

Consolidated Statement of Stockholders' Equity (Unaudited) - 6 months ended Jun. 30, 2015 - USD ($) $ in Thousands	Total	Dividend Declared	Series C Preferred StockDividend Distributions	Series C Preferred StockDividend Declared	Preferred Stock	Common Stock	Additional Paid-in Capital	Accumulated Deficit	Accumulated DeficitDividend Declared	Accumulated DeficitSeries C Preferred StockDividend Distributions	Accumulated DeficitSeries C Preferred StockDividend Declared	Accumulated Other Comprehensive (Loss)	Total Saul Centers, Inc.	Total Saul Centers, Inc.Dividend Declared	Total Saul Centers, Inc.Series C Preferred StockDividend Distributions	Total Saul Centers, Inc.Series C Preferred StockDividend Declared	Noncontrolling Interest	Noncontrolling InterestDividend Declared
Beginning Balance at Dec. 31, 2014	$ 339,257				$ 180,000	$ 209	$ 287,995	$ (173,774)				$ (1,894)	$ 292,536				$ 46,721
Issuance of 171,453 shares of common stock:
97,896 shares pursuant to dividend reinvestment plan	5,196					1	5,195						5,196
73,557 shares due to exercise of employee stock options and issuance of directors’ deferred stock	3,820					1	3,819						3,820
Issuance of 46,060 partnership units pursuant to dividend reinvestment plan	2,448																2,448
Net income	25,614							20,603					20,603				5,011
Change in unrealized loss on cash flow hedge	51											38	38				13
Series C preferred stock distributions			$ (3,094)	$ (3,094)						$ (3,094)	$ (3,094)				$ (3,094)	$ (3,094)
Common stock distributions	(12,181)							(9,077)					(9,077)				(3,104)
Distributions payable common stock ($0.43/share) and distributions payable partnership units ($0.43/unit)		$ (12,196)							$ (9,081)					$ (9,081)				$ (3,115)
Ending Balance at Jun. 30, 2015	$ 345,821				$ 180,000	$ 211	$ 297,009	$ (177,517)				$ (1,856)	$ 297,847				$ 47,974

Consolidated Statement of Stoc7

Consolidated Statement of Stockholders' Equity (Unaudited) (Parenthetical) - $ / shares	6 Months Ended
	Jun. 30, 2015
Issuance of stock, shares	171,453
Pursuant to dividend reinvestment plan, shares	97,896
Exercise of employee stock options and issuance of directors' deferred stock, shares	73,557
Issuance of partnership units, shares	46,060
Distributions payable common stock, per share (in usd per share)	$ 0.86
Dividend Declared
Distributions payable common stock, per share (in usd per share)	0.43
Distributions partnership units, per unit (in usd per unit)	0.43
Series C Preferred Stock | Dividend Declared
Preferred stock, per share (in usd per share)	$ 42.97

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands		6 Months Ended
		Jun. 30, 2015	Jun. 30, 2014
Cash flows from operating activities:
Net income		$ 25,614	$ 33,198
Adjustments to reconcile net income to net cash provided by operating activities:
Change in fair value of derivatives		6	7
Gain on sale of property		(11)	(6,069)
Depreciation and amortization of deferred leasing costs		21,251	20,489
Amortization of deferred debt costs		754	614
Non cash compensation costs of stock grants and options		832	658
Provision for credit losses		660	310
Increase in accounts receivable and accrued income		(960)	(218)
Additions to deferred leasing costs		(2,852)	(1,862)
Decrease in prepaid expenses		2,430	2,399
Increase in other assets		(769)	(7,711)
Increase in accounts payable, accrued expenses and other liabilities		2,139	4,309
Decrease in deferred income		(637)	(3,379)
Net cash provided by operating activities		48,457	42,745
Cash flows from investing activities:
Acquisitions of real estate investments	[1]	(893)	(8,545)
Additions to real estate investments		(6,994)	(7,002)
Additions to development and redevelopment projects		(17,690)	(6,343)
Proceeds from sale of property		32	6,679
Net cash used in investing activities		(25,545)	(15,211)
Cash flows from financing activities:
Proceeds from notes payable	[1]	46,000	0
Repayments on notes payable		(41,136)	(10,923)
Proceeds from revolving credit facility		4,000	11,000
Repayments on revolving credit facility		(25,000)	(11,000)
Proceeds from construction loan		12,140	0
Additions to deferred debt costs		(335)	(1,303)
Proceeds from the issuance of:
Common stock		8,184	8,159
Partnership units		2,448	8,877
Distributions to:
Common stockholders		(17,456)	(15,683)
Noncontrolling interest		(5,983)	(5,717)
Net cash used in financing activities		(23,326)	(23,002)
Net increase (decrease) in cash and cash equivalents		(414)	4,532
Cash and cash equivalents, beginning of period		12,128	17,297
Cash and cash equivalents, end of period		11,714	21,829
Series A Preferred Stock
Distributions to:
Preferred stockholders		0	(1,600)
Series C Preferred Stock
Distributions to:
Preferred stockholders		$ (6,188)	$ (4,812)
[1]	The 2014 acquisition of real estate and proceeds from notes payable each exclude $11,000 in connection with the sale and leaseback of the Company's Olney property.

Consolidated Statements of Cas9

Consolidated Statements of Cash Flows (Unaudited) (Parenthetical) $ in Thousands	Apr. 24, 2014USD ($)
Statement of Cash Flows [Abstract]
Amount excluded from sale of real estate and proceeds from notes payable	$ 11,000

Organization, Formation and Str

Organization, Formation and Structure	6 Months Ended
	Jun. 30, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization, Formation and Structure	Organization, Formation and Structure Saul Centers, Inc. (“Saul Centers”) was incorporated under the Maryland General Corporation Law on June 10, 1993, and operates as a real estate investment trust (a “REIT”) under the Internal Revenue Code of 1986, as amended (the “Code”). The Company is required to annually distribute at least 90% of its REIT taxable income (excluding net capital gains) to its stockholders and meet certain organizational and other requirements. Saul Centers has made and intends to continue to make regular quarterly distributions to its stockholders. Saul Centers, together with its wholly-owned subsidiaries and the limited partnerships of which Saul Centers or one of its subsidiaries is the sole general partner, are referred to collectively as the “Company.” B. Francis Saul II serves as Chairman of the Board of Directors and Chief Executive Officer of Saul Centers. Saul Centers was formed to continue and expand the shopping center business previously owned and conducted by the B. F. Saul Real Estate Investment Trust, the B. F. Saul Company and certain other affiliated entities, each of which is controlled by B. Francis Saul II and his family members (collectively, the “Saul Organization”). On August 26, 1993, members of the Saul Organization transferred to Saul Holdings Limited Partnership, a newly formed Maryland limited partnership (the “Operating Partnership”), and two newly formed subsidiary limited partnerships (the “Subsidiary Partnerships,” and, collectively with the Operating Partnership, the “Partnerships”), shopping center and mixed-use properties and the management functions related to the transferred properties. Since its formation, the Company has developed and purchased additional properties. The following table lists the properties acquired, in development and disposed since December 31, 2013. Name of Property Location Type Year of Acquisition/ Development/Disposition Acquisitions 1580 Rockville Pike Rockville, MD Shopping Center 2014 1582 Rockville Pike Rockville, MD Shopping Center 2014 750 N. Glebe Road Arlington, VA Shopping Center 2014 730 N. Glebe Road Arlington, VA Shopping Center 2014 1584 Rockville Pike Rockville, MD Shopping Center 2014 Developments Park Van Ness Washington, DC Mixed-Use 2013-2015 Dispositions Giant Baltimore, MD Shopping Center 2014 As of June 30, 2015 , the Company’s properties (the “Current Portfolio Properties”) consisted of 50 operating shopping center properties (the “Shopping Centers”), six mixed-use properties which are comprised of office, retail and multi-family residential uses (the “Mixed-Use Properties”) and three (non-operating) development properties.

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2015
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Nature of Operations The Company, which conducts all of its activities through its subsidiaries, the Operating Partnership and Subsidiary Partnerships, engages in the ownership, operation, management, leasing, acquisition, renovation, expansion, development and financing of community and neighborhood shopping centers and mixed-use properties, primarily in the Washington, DC/Baltimore metropolitan area. Because the properties are located primarily in the Washington, DC/Baltimore metropolitan area, the Company is subject to a concentration of credit risk related to these properties. A majority of the Shopping Centers are anchored by one or more major tenants. As of June 30, 2015 , 31 of the Shopping Centers were anchored by a grocery store and offer primarily day-to-day necessities and services. Two tenants individually accounted for 2.5% or more of the Company’s total revenue for the six months ended June 30, 2015 . Giant Food, a tenant at nine Shopping Centers, and Safeway, a tenant at eight Shopping Centers, individually accounted for 4.5% and 2.6% , respectively, of the Company's total revenue for the six months ended June 30, 2015 . Principles of Consolidation The accompanying consolidated financial statements of the Company include the accounts of Saul Centers and its subsidiaries, including the Operating Partnership and Subsidiary Partnerships, which are majority owned by Saul Centers. All significant intercompany balances and transactions have been eliminated in consolidation. Basis of Presentation The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. In the opinion of management, all adjustments necessary for the fair presentation of the financial position and results of operations of Saul Centers, Inc. for the interim periods have been included. All such adjustments are of a normal recurring nature. These consolidated financial statements and the accompanying notes should be read in conjunction with the audited consolidated financial statements of Saul Centers, Inc. for the year ended December 31, 2014 , which are included in its Annual Report on Form 10-K. The results of operations for interim periods are not necessarily indicative of results to be expected for the year. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. Accounts Receivable, Accrued Income and Allowance for Doubtful Accounts Accounts receivable primarily represent amounts currently due from tenants in accordance with the terms of the respective leases. Receivables are reviewed monthly and reserves are established with a charge to current period operations when, in the opinion of management, collection of the receivable is doubtful. Accounts receivable in the accompanying financial statements are shown net of an allowance for doubtful accounts of approximately $1.1 million and $0.7 million at June 30, 2015 and December 31, 2014 , respectively. In addition to rents due currently, accounts receivable includes approximately $40.1 million and $38.7 million , at June 30, 2015 and December 31, 2014 , respectively, net of allowance for doubtful accounts totaling $0.6 million and $0.3 million , respectively, representing minimum rental income accrued on a straight-line basis to be paid by tenants over the remaining term of their respective leases. Assets Held for Sale The Company considers properties to be assets held for sale when all of the following criteria are met: • management commits to a plan to sell a property; • it is unlikely that the disposal plan will be significantly modified or discontinued; • the property is available for immediate sale in its present condition; • actions required to complete the sale of the property have been initiated; • sale of the property is probable and the Company expects the completed sale will occur within one year; and • the property is actively being marketed for sale at a price that is reasonable given its current market value. The Company must make a determination as to the point in time that it is probable that a sale will be consummated, which generally occurs when an executed sales contract has no contingencies and the prospective buyer has significant funds at risk to ensure performance. Upon designation as an asset held for sale, the Company records the carrying value of each property at the lower of its carrying value or its estimated fair value, less estimated costs to sell, and ceases depreciation. As of June 30, 2015 , no properties were classified as held for sale. Cash and Cash Equivalents Cash and cash equivalents include short-term investments. Short-term investments include money market accounts and other investments which generally mature within three months, measured from the acquisition date, and/or are readily convertible to cash. Construction In Progress Construction in progress includes land, preconstruction and development costs of active projects. Preconstruction costs include legal, zoning and permitting costs and other project carrying costs incurred prior to the commencement of construction. Development costs include direct construction costs and indirect costs incurred subsequent to the start of construction such as architectural, engineering, construction management and carrying costs consisting of interest, real estate taxes and insurance. Construction in progress as of June 30, 2015 and December 31, 2014 , is composed of the following: (in thousands) June 30, 2015 December 31, 2014 Park Van Ness $ 48,371 $ 26,998 Other 5,114 3,263 Total $ 53,485 $ 30,261 Deferred Debt Costs Deferred debt costs consist of fees and costs incurred to obtain long-term financing, construction financing and the revolving line of credit. These fees and costs are being amortized on a straight-line basis over the terms of the respective loans or agreements, which approximates the effective interest method. Deferred debt costs totaled $9.5 million and $9.9 million , net of accumulated amortization of $6.2 million and $5.9 million , at June 30, 2015 and December 31, 2014 , respectively. Deferred Income Deferred income consists of payments received from tenants prior to the time they are earned and recognized by the Company as revenue, including tenant prepayment of rent for future periods, real estate taxes when the taxing jurisdiction has a fiscal year differing from the calendar year, reimbursements specified in the lease agreement and tenant construction work provided by the Company. In addition, deferred income includes the fair value of certain below market leases. Deferred Leasing Costs Deferred leasing costs consist of commissions paid to third-party leasing agents, internal direct costs such as employee compensation and payroll-related fringe benefits directly related to time spent performing leasing-related activities for successful commercial leases and amounts attributed to in-place leases associated with acquired properties. Leasing related activities include evaluating the prospective tenant’s financial condition, evaluating and recording guarantees, collateral and other security arrangements, negotiating lease terms, preparing lease documents and closing the transaction. Unamortized deferred costs are charged to expense if the applicable lease is terminated prior to expiration of the initial lease term. Deferred leasing costs are amortized over the term of the lease or remaining term of acquired leases. Collectively, deferred leasing costs totaled $27.0 million and $26.9 million , net of accumulated amortization of $24.1 million and $21.6 million , as of June 30, 2015 and December 31, 2014 , respectively. Amortization expense, included in depreciation and amortization of deferred leasing costs in the consolidated statements of operations, totaled $2.7 million and $2.6 million for the six months ended June 30, 2015 and 2014 , respectively. Derivative Financial Instruments The Company may, when appropriate, employ derivative instruments, such as interest-rate swaps, to mitigate the risk of interest rate fluctuations. The Company does not enter into derivative or other financial instruments for trading or speculative purposes. Derivative financial instruments are carried at fair value as either assets or liabilities on the consolidated balance sheets. For those derivative instruments that qualify and are designated as hedging instruments, the Company designates the hedging instrument, based upon the exposure being hedged, as a fair value hedge or a cash flow hedge. For those derivative instruments that qualify and are designated as hedging instruments, the effective portion of the gain or loss on the hedge instruments is reported as a component of accumulated other comprehensive income (loss) and recognized in earnings within the same line item associated with the forecasted transaction in the same period or periods during which the hedged transaction affects earnings. Any ineffective portion of the change in fair value of a derivative instrument is immediately recognized in earnings. For derivative instruments that do not qualify, or that qualify and are not designated, as hedging instruments, changes in fair value are immediately recognized in earnings. Derivative financial instruments expose us to credit risk in the event of non-performance by the counterparties under the terms of the derivative instrument. The Company minimizes its credit risk on these transactions by dealing with major, creditworthy financial institutions as determined by management, and therefore, it believes that the likelihood of realizing losses from counterparty non-performance is remote. Income Taxes The Company made an election to be treated, and intends to continue operating so as to qualify, as a REIT under the Code, commencing with its taxable year ended December 31, 1993. A REIT generally will not be subject to federal income taxation, provided that distributions to its stockholders equal or exceed its REIT taxable income and it complies with certain other requirements. Therefore, no provision has been made for federal income taxes in the accompanying consolidated financial statements. Legal Contingencies The Company is subject to various legal proceedings and claims that arise in the ordinary course of business, which are generally covered by insurance. While the resolution of these matters cannot be predicted with certainty, the Company believes the final outcome of such matters will not have a material adverse effect on its financial position or results of operations. Upon determination that a loss is probable to occur and can be reasonably estimated, the estimated amount of the loss is recorded in the financial statements. Both the amount of the loss and the point at which its occurrence is considered probable can be difficult to determine. Postemployment Benefits From time to time, the Company may enter into an arrangement with an employee at the time of the employee’s separation from service whereby the employee will receive certain payments in exchange for certain releases, covenants not to compete, or other promises. If no future services are required in order for the employee to receive the payments, the Company estimates the amount of payments to be made over the life of the arrangement and records that amount as an expense as of the date of the arrangement with a corresponding liability representing the amount to be paid in the future. Predevelopment Expenses Predevelopment expenses represent certain costs incurred by the Company in connection with active development and redevelopment projects and include, for example, costs related to the early termination of tenant leases and demolition of existing structures. Real Estate Investment Properties The Company purchases real estate investment properties from time to time and records assets acquired and liabilities assumed, including land, buildings, and intangibles related to in-place leases and customer relationships, based on their fair values. The fair value of buildings generally is determined as if the buildings were vacant upon acquisition and subsequently leased at market rental rates and considers the present value of all cash flows expected to be generated by the property including an initial lease up period. From time to time the Company may purchase a property for future development purposes. The Company determines the fair value of above and below market intangibles associated with in-place leases by assessing the net effective rent and remaining term of the lease relative to market terms for similar leases at acquisition taking into consideration the remaining contractual lease period, renewal periods, and the likelihood of the tenant exercising its renewal options. The fair value of below market lease intangibles is recorded as deferred income and accreted as additional revenue over the remaining contractual lease period and any renewal option periods included in the valuation analysis. The fair value of above market lease intangibles is recorded as a deferred asset and amortized as a reduction of revenue over the remaining contractual lease term. The Company determines the fair value of at-market in-place leases considering the cost of acquiring similar leases, the foregone rents associated with the lease-up period and carrying costs associated with the lease-up period. Intangible assets associated with at-market in-place leases are amortized as additional expense over the remaining contractual lease term. To the extent customer relationship intangibles are present in an acquisition, the fair values of the intangibles are amortized over the lives of the customer relationships. The Company has never recorded a customer relationship intangible asset. Acquisition-related transaction costs are generally charged to expense as incurred and reported as acquisition related costs in the consolidated statements of operations. If there is an event or change in circumstance that indicates a potential impairment in the value of a real estate investment property, the Company prepares an analysis to determine whether the carrying value of the real estate investment property exceeds its estimated fair value. The Company considers both quantitative and qualitative factors including recurring operating losses, significant decreases in occupancy, and significant adverse changes in legal factors and business climate. If impairment indicators are present, the Company compares the projected cash flows of the property over its remaining useful life, on an undiscounted basis, to the carrying value of that property. The Company assesses its undiscounted projected cash flows based upon estimated capitalization rates, historic operating results and market conditions that may affect the property. If the carrying value is greater than the undiscounted projected cash flows, the Company would recognize an impairment loss equivalent to an amount required to adjust the carrying amount to its then estimated fair value. The value of any property is sensitive to the actual results of any of the aforementioned estimated factors, either individually or taken as a whole. Should the actual results differ from management’s projections, the valuation could be negatively or positively affected. The Company did not recognize an impairment loss on any of its real estate during the six months ended June 30, 2015 and 2014 . Interest, real estate taxes, development-related salary costs and other carrying costs are capitalized on projects under development and construction. Upon substantial completion of construction and the placement of the assets into service, rental income, real estate tax expense, property operating expenses (consisting of payroll, repairs and maintenance, utilities, insurance and other property related expenses) and depreciation are included in current operations and capitalization of interest ceases. Property operating expenses are charged to operations as incurred. Interest capitalized totaled $0.8 million and $0.2 million for the six months ended June 30, 2015 and 2014 , respectively. Commercial development projects are considered substantially complete and available for occupancy upon completion of tenant improvements, but no later than one year from the cessation of major construction activity. Multi-family residential development projects are considered substantially complete and available for occupancy upon receipt of the certificate of occupancy from the appropriate licensing authority. Substantially completed portions of a project are accounted for as separate projects. Depreciation is calculated using the straight-line method and estimated useful lives of generally between 35 and 50 years for base buildings, or a shorter period if management determines that the building has a shorter useful life, and up to 20 years for certain other improvements that extend the useful lives. Leasehold improvement expenditures are capitalized when certain criteria are met, including when the Company supervises construction and will own the improvements. Tenant improvements are amortized, over the shorter of the lives of the related leases or the useful life of the improvements, using the straight-line method. Depreciation expense in the Consolidated Statements of Operations totaled $18.5 million and $17.9 million for the six months ended June 30, 2015 and 2014 , respectively. Repairs and maintenance expense totaled $6.4 million and $6.5 million for the six months ended June 30, 2015 and 2014 , respectively, and is included in property operating expenses in the Consolidated Statements of Operations. Revenue Recognition Rental and interest income are accrued as earned except when doubt exists as to collectability, in which case the accrual is discontinued. Recognition of rental income commences when control of the space has been given to the tenant. When rental payments due under leases vary from a straight-line basis because of free rent periods or scheduled rent increases, income is recognized on a straight-line basis. Expense recoveries represent a portion of property operating expenses billed to tenants, including common area maintenance, real estate taxes and other recoverable costs, and are recognized in the period in which the expenses are incurred. Rental income based on a tenant’s revenue (“percentage rent”) is accrued when a tenant reports sales that exceed a breakpoint specified in the lease agreement. Stock-based Employee Compensation, Stock Plan and Deferred Compensation Plan for Directors The Company uses the fair value method to value and account for employee stock options. The fair value of options granted is determined at the time of each award using the Black-Scholes model, a widely used method for valuing stock-based employee compensation, and the following assumptions: (1) Expected Volatility determined using the most recent trading history of the Company’s common stock (month-end closing prices) corresponding to the average expected term of the options; (2) Average Expected Term of the options is based on prior exercise history, scheduled vesting and the expiration date; (3) Expected Dividend Yield determined by management after considering the Company’s current and historic dividend yield rates, the Company’s yield in relation to other retail REITs and the Company’s market yield at the grant date; and (4) a Risk-free Interest Rate based upon the market yields of US Treasury obligations with maturities corresponding to the average expected term of the options at the grant date. The Company amortizes the value of options granted ratably over the vesting period and includes the amounts as compensation in general and administrative expenses. The Company has a stock plan, which was originally approved in 2004, amended in 2008 and 2013 and which expires in 2023, for the purpose of attracting and retaining executive officers, directors and other key personnel (the “Stock Plan”). Pursuant to the Stock Plan, the Compensation Committee established a Deferred Compensation Plan for Directors for the benefit of its directors and their beneficiaries, which replaced a previous Deferred Compensation and Stock Plan for Directors. A director may make an annual election to defer all or part of his or her director’s fees and has the option to have the fees paid in cash, in shares of common stock or in a combination of cash and shares of common stock upon separation from the Board. If the director elects to have fees paid in stock, fees earned during a calendar quarter are aggregated and divided by the closing market price of the Company’s common stock on the first trading day of the following quarter to determine the number of shares to be credited to the director. As of June 30, 2015 , the director's deferred fee accounts comprise 236,861 shares. The Compensation Committee has also approved an annual award of shares of the Company’s common stock as additional compensation to each director serving on the Board of Directors as of the record date for the Annual Meeting of Stockholders. The shares are awarded as of each Annual Meeting of Stockholders, and their issuance may not be deferred. Noncontrolling Interests Saul Centers is the sole general partner of the Operating Partnership, owning a 74.2% common interest as of June 30, 2015 . Noncontrolling interests in the Operating Partnership is comprised of limited partnership units owned by the Saul Organization. Noncontrolling interests reflected on the accompanying consolidated balance sheets is increased for earnings allocated to limited partnership interests and distributions reinvested in additional units, and is decreased for limited partner distributions. Noncontrolling interests reflected on the consolidated statements of operations represents earnings allocated to limited partnership interests. Per Share Data Per share data for net income (basic and diluted) is computed using weighted average shares of common stock. Convertible limited partnership units and employee stock options are the Company’s potentially dilutive securities. For all periods presented, the convertible limited partnership units are non-dilutive. The following table sets forth, for the indicated periods, weighted averages of the number of common shares outstanding, basic and dilutive, the effect of dilutive options and the number of options which are not dilutive because the average price of the Company's common stock was less than the exercise prices. The treasury stock method was used to measure the effect of the dilution. As of or For The Three Months As of or For The Six Months (In thousands) 2015 2014 2015 2014 Weighted average common shares outstanding-Basic 21,098 20,717 21,058 20,670 Effect of dilutive options 45 26 82 32 Weighted average common shares outstanding-Diluted 21,143 20,743 21,140 20,702 Non-dilutive options 318 113 318 113 (1 ) (1) The non-dilutive options were issued in 2007, 2008 and 2015. Recently Issued Accounting Standards In May 2014, the FASB issued ASU No. 2014-09, “Revenue from Contracts with Customers” (“ASU 2014-09”). ASU 2014-09 will replace most existing revenue recognition guidance and will require an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. ASU 2014-09 is effective for annual periods beginning after December 15, 2017, and interim periods within those years. Early adoption is permitted but not before annual periods beginning after December 15, 2016. ASU 2014-09 must be applied retrospectively by either restating prior periods or by recognizing the cumulative effect as of the first date of application. We have not yet selected a transition method and are evaluating the impact that ASU 2014-09 will have on our consolidated financial statements and related disclosures. In April 2015, the FASB issued ASU No. 2015-03, “Interest - Imputation of Interest” (“ASU 2015-03”). ASU 2015-03 simplifies the presentation of debt issuance costs and will require an entity to deduct transaction costs from the carrying value of the related financial liability and not record those transaction costs as a separate asset. Recognition and measurement guidance for debt issuance costs are not affected by ASU 2015-03. ASU 2015-03 is effective for annual periods beginning after December 15, 2015, and interim periods within those years, and must be applied retrospectively by adjusting the balance sheet of each individual period presented. Adoption of ASU 2015-03 is not expected to have a material effect on our consolidated financial statements and related disclosures. Reclassifications Certain reclassifications have been made to the prior year financial statements to conform to the presentation used for the six months ended June 30, 2015 .

Real Estate Acquired and Sold

Real Estate Acquired and Sold	6 Months Ended
	Jun. 30, 2015
Business Combinations [Abstract]
Real Estate Acquired and Sold	Real Estate Acquired and Sold 1580, 1582 and 1584 Rockville Pike In January 2014, the Company purchased for $8.0 million 1580 Rockville Pike and incurred acquisition costs of $0.2 million . In April 2014, the Company purchased for $11.0 million 1582 Rockville Pike and incurred acquisition costs of $0.2 million . In December 2014, the company purchased for $6.2 million 1584 Rockville Pike and incurred acquisition costs of $0.2 million . These retail properties are contiguous with each other and the Company's asset at 1500 Rockville Pike and are located in Rockville, Maryland. Olney Center In April 2014 , in conjunction with the purchase of 1582 Rockville Pike in Rockville, Maryland , the Company concurrently sold to the seller, for $11.0 million , the 53,765 square foot Olney Center located in Olney, Maryland . Simultaneously with the sale of the Olney Center , the Company entered into a lease of the property with the buyer and continues to operate, lease and manage the property. The lease term is 20 years and the Company has the option to purchase the property for $14.6 million at the end of the lease term. The purchaser has the right to sell the property to the Company at any time from and after April 2016 at a price equal to $11.0 million increased by 1.5% annually beginning January 1, 2015 and continuing each January thereafter. The Company has accounted for this transaction as a secured financing. Giant Center In April 2014 , the Company sold for $7.5 million the 70,040 square foot Giant Center located in Milford Mill, Maryland and recognized a $6.1 million gain. As of March 31, 2014, the carrying amounts of the associated assets and liabilities were $0.5 million and $0.1 million , respectively. There was no debt on the property. 730 and 750 Glebe Road In August 2014, the Company purchased for $40.0 million , 750 N. Glebe Road and incurred acquisition costs of $0.4 million . In December 2014, the Company purchased for $2.8 million , 730 N. Glebe Road , and incurred acquisition costs of $40,400 . These retail properties are contiguous and are located in Arlington, Virginia. Westview Pad In February 2015 , the Company purchased for $0.9 million , including acquisition costs, a 1.1 acre retail pad site in Frederick, Maryland, which is contiguous with and an expansion of the Company's other Westview asset. Allocation of Purchase Price of Real Estate Acquired The Company allocates the purchase price of real estate investment properties to various components, such as land, buildings and intangibles related to in-place leases and customer relationships, based on their fair values. See Note 2. Summary of Significant Accounting Policies-Real Estate Investment Properties. During 2014, the Company purchased five properties at an aggregate cost of $68.0 million , and incurred acquisition costs of $0.9 million . The purchase prices were allocated to the assets acquired and liabilities assumed based on their fair value as shown in the following table. (in thousands) 1580 Rockville Pike 1582 Rockville Pike 750 N. Glebe Road 730 N. Glebe Road 1584 Rockville Pike Total Land $ 9,600 $ 9,742 $ 38,224 $ 2,683 $ 5,798 $ 66,048 Buildings 2,200 828 1,327 78 440 4,874 In-place Leases 513 849 449 39 249 2,099 Above Market Rent — — — — — — Below Market Rent (4,313 ) (419 ) — — (337 ) (5,070 ) Total Purchase Price $ 8,000 $ 11,000 $ 40,000 $ 2,800 $ 6,150 $ 67,950

Noncontrolling Interest - Holde

Noncontrolling Interest - Holders of Convertible Limited Partnership Units in the Operating Partnership	6 Months Ended
	Jun. 30, 2015
Noncontrolling Interest [Abstract]
Noncontrolling Interest - Holders of Convertible Limited Partnership Units in the Operating Partnership	Noncontrolling Interests - Holders of Convertible Limited Partnership Units in the Operating Partnership As of June 30, 2015 , the Saul Organization holds a 25.8% limited partnership interest in the Operating Partnership represented by approximately 7.2 million convertible limited partnership units. These units are convertible into shares of Saul Centers’ common stock, at the option of the unit holder, on a one -for-one basis provided that, in accordance with the Saul Centers, Inc. Articles of Incorporation, the rights may not be exercised at any time that the Saul Organization beneficially owns, directly or indirectly, in the aggregate more than 39.9% of the value of the outstanding common stock and preferred stock of Saul Centers (the “Equity Securities”). As of June 30, 2015 , approximately 1,151,000 units were convertible into shares of Saul Centers common stock. The impact of the Saul Organization’s approximately 25.8% limited partnership interest in the Operating Partnership is reflected as Noncontrolling Interests in the accompanying consolidated financial statements. Fully converted partnership units and diluted weighted average shares outstanding for the three months ended June 30, 2015 and 2014 , were approximately 28.4 million and 27.9 million , respectively, and for the six months ended June 30, 2015 and 2014 , were approximately 28.4 million and 27.8 million , respectively.

Notes Payable, Revolving Credit

Notes Payable, Revolving Credit Facility, Interest and Amortization of Deferred Debt Costs	6 Months Ended
	Jun. 30, 2015
Debt Disclosure [Abstract]
Notes Payable, Revolving Credit Facility, Interest and Amortization of Deferred Debt Costs	Notes Payable, Revolving Credit Facility, Interest and Amortization of Deferred Debt Costs The Company’s outstanding debt totaled approximately $853.4 million at June 30, 2015 , of which approximately $816.4 million was fixed-rate debt and approximately $37.0 million was variable rate debt, including $22.0 million outstanding on the Company's unsecured revolving credit facility. The carrying value of the properties collateralizing the notes payable totaled $865.0 million as of June 30, 2015 . At June 30, 2015 , the Company had a $275.0 million unsecured revolving credit facility, which can be used for working capital, property acquisitions, development projects or letters of credit. The revolving credit facility matures on June 23, 2018 , and may be extended by the Company for one additional year subject to the Company’s satisfaction of certain conditions. Saul Centers and certain consolidated subsidiaries of the Operating Partnership have guaranteed the payment obligations of the Operating Partnership under the revolving credit facility. Letters of credit may be issued under the revolving credit facility. On June 30, 2015 , based on the value of the Company’s unencumbered properties, approximately $252.6 million was available under the line, $22.0 million was outstanding and approximately $448,000 was committed for letters of credit. The interest rate under the facility is variable and equals the sum of one-month LIBOR and a margin that is based on the Company’s leverage ratio, and which can range from 145 basis points to 200 basis points. As of June 30, 2015 , the margin was 145 basis points. At June 30, 2015 , the Company had a $71.6 million construction-to-permanent loan, with $17.5 million outstanding, which is secured by and will be used to partially finance the construction of Park Van Ness. On March 3, 2015 , the Company closed on a 15 -year, non-recourse $30.0 million mortgage loan secured by Shops at Fairfax and Boulevard. The loan matures in 2030 , bears interest at a fixed rate of 3.69% , requires monthly principal and interest payments totaling $153,300 based on a 25 -year amortization schedule and requires a final payment of $15.5 million at maturity. Proceeds were used to pay off the remaining balance of existing debt secured by Shops at Fairfax and Boulevard and to reduce outstanding borrowings under the revolving credit facility. On April 1, 2015 , the Company closed on a 15 -year, non-recourse $16.0 million mortgage loan secured by Northrock. The loan matures in 2030 , bears interest at a fixed rate of 3.99% , requires monthly principal and interest payments totaling $84,400 based on a 25 -year amortization schedule and requires a final payment of $8.4 million at maturity. Proceeds were used to pay off the remaining balance of existing debt secured by Northrock. Saul Centers is a guarantor of the revolving credit facility, of which the Operating Partnership is the borrower. The Operating Partnership is the guarantor of (a) a portion of the Metro Pike Center bank loan (approximately $7.8 million of the $15.0 million outstanding at June 30, 2015 ) and (b) the $71.6 million Park Van Ness construction-to-permanent loan, which guarantee will be reduced and eventually eliminated subject to the achievement of certain leasing and cash flow levels. The fixed-rate notes payable are all non-recourse. The Company accounts for the sale-leaseback of the Olney Center as a secured financing and, accordingly, the $11.0 million proceeds from the sale are included in notes payable. Monthly payments of approximately $60,400 , which increase by 1.5% annually, are required under the lease and interest accrues at a fixed rate of 8.0% , which is the implicit rate under the lease. The purchaser has the right to sell the property to the Company at any time from and after April 2016 at a price equal to $11.0 million increased by 1.5% annually beginning January 1, 2015 and continuing each January thereafter. The Company has an option to repurchase the property for $14.6 million when the lease expires in April 2034. At December 31, 2014 , the Company’s outstanding debt totaled approximately $857.4 million , of which $784.8 million was fixed rate debt and $72.6 million was variable rate debt, including $43.0 million outstanding on the Company’s unsecured revolving credit facility. The carrying value of the properties collateralizing the notes payable totaled $895.5 million as of December 31, 2014 . At June 30, 2015 , the scheduled maturities of debt, including scheduled principal amortization, for years ending December 31, were as follows: (In thousands) Balloon Payments Scheduled Principal Amortization Total July 1 through December 31, 2015 $ — $ 11,826 $ 11,826 2016 14,724 24,413 39,137 2017 — 25,715 25,715 2018 49,748 (a) 25,902 75,650 2019 60,793 24,615 85,408 2020 61,163 21,892 83,055 Thereafter 404,888 127,713 532,601 $ 591,316 $ 262,076 $ 853,392 (a) Includes $22.0 million outstanding under the line of credit. Interest expense and amortization of deferred debt costs for the three and six months ended June 30, 2015 and 2014 , were as follows: Three Months Ended Six Months Ended (In thousands) 2015 2014 2015 2014 Interest incurred $ 11,414 $ 11,342 $ 22,798 $ 22,582 Amortization of deferred debt costs 392 284 754 614 Capitalized interest (453 ) (140 ) (793 ) (243 ) $ 11,353 $ 11,486 $ 22,759 $ 22,953

Stockholders' Equity and Noncon

Stockholders' Equity and Noncontrolling Interests	6 Months Ended
	Jun. 30, 2015
Equity [Abstract]
Stockholders' Equity and Noncontrolling Interests	Stockholders’ Equity and Noncontrolling Interests The consolidated statements of operations for the six months ended June 30, 2015 and 2014 , reflect noncontrolling interests of $5.0 million and $6.9 million , respectively, representing the Saul Organization’s share of net income for each period. On February 12, 2013, the Company sold, in an underwritten public offering, 5.6 million depositary shares, each representing 1/100th of a share of 6.875% Series C Cumulative Redeemable Preferred Stock, and received net cash proceeds of approximately $135.2 million . The depositary shares may be redeemed on or after February 12, 2018 at the Company’s option, in whole or in part, at the $25.00 liquidation preference plus accrued but unpaid dividends. The depositary shares pay an annual dividend of $1.71875 per share, equivalent to 6.875% of the $25.00 liquidation preference. The Series C preferred stock has no stated maturity, is not subject to any sinking fund or mandatory redemption and is not convertible into any other securities of the Company except in connection with certain changes of control or delisting events. Investors in the depositary shares generally have no voting rights, but will have limited voting rights if the Company fails to pay dividends for six or more quarters (whether or not declared or consecutive) and in certain other events. On November 12, 2014, the Company sold, in an underwritten public offering, 1.6 million depositary shares of Series C Stock and received net cash proceeds of approximately $39.3 million (the "Additional Series C Stock"). The terms of Additional Series C Stock are identical to the Series C Stock. In December 2014, the Company used the proceeds from the offering of the Additional Series C Stock to redeem the remaining outstanding 8% Series A Cumulative Redeemable Preferred Stock.

Related Party Transactions

Related Party Transactions	6 Months Ended
	Jun. 30, 2015
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions The Chairman and Chief Executive Officer, the President, the Executive Vice President-Chief Legal and Administrative Officer and the Senior Vice President-Chief Accounting Officer of the Company are also officers of various members of the Saul Organization and their management time is shared with the Saul Organization. Their annual compensation is fixed by the Compensation Committee of the Board of Directors, with the exception of the Senior Vice President-Chief Accounting Officer whose share of annual compensation allocated to the Company is determined by the shared services agreement (described below). The Company participates in a multiemployer 401K plan with entities in the Saul Organization which covers those full-time employees who meet the requirements as specified in the plan. Company contributions, which are included in general and administrative expense or property operating expenses in the consolidated statements of operations, at the discretionary amount of up to six percent of the employee’s cash compensation, subject to certain limits, were $215,200 and $191,600 for the six months ended June 30, 2015 and 2014 , respectively. All amounts deferred by employees and the Company are fully vested. The Company also participates in a multiemployer nonqualified deferred compensation plan with entities in the Saul Organization which covers those full-time employees who meet the requirements as specified in the plan. According to the plan, which can be modified or discontinued at any time, participating employees defer 2% of their compensation in excess of a specified amount. For the six months ended June 30, 2015 and 2014 , the Company contributed $64,200 and $71,100 , respectively, which is the sum of accrued earnings and three times the amount deferred by employees and is included in general and administrative expense. All amounts deferred by employees and the Company are fully vested. The cumulative unfunded liability under this plan was $1.6 million and $1.8 million , at June 30, 2015 and December 31, 2014 , respectively, and is included in accounts payable, accrued expenses and other liabilities in the consolidated balance sheets. The Company has entered into a shared services agreement (the “Agreement”) with the Saul Organization that provides for the sharing of certain personnel and ancillary functions such as computer hardware, software, and support services and certain direct and indirect administrative personnel. The method for determining the cost of the shared services is provided for in the Agreement and is based upon head count, estimates of usage or estimates of time incurred, as applicable. The terms of the Agreement and the payments made thereunder are deemed reasonable by management and are reviewed annually by the Audit Committee of the Board of Directors, which consists entirely of independent directors. Billings by the Saul Organization for the Company’s share of these ancillary costs and expenses for the six months ended June 30, 2015 and 2014 , which included rental expense for the Company’s headquarters lease, totaled approximately $4.0 million and $3.6 million , respectively. The amounts are generally expensed as incurred and are primarily reported as general and administrative expenses in the consolidated financial statements. As of June 30, 2015 and December 31, 2014 , accounts payable, accrued expenses and other liabilities included approximately $423,300 and $543,000 , respectively, representing amounts due to the Saul Organization for the Company’s share of these ancillary costs and expenses. The Company has entered into a shared third-party predevelopment cost agreement with the B. F. Saul Real Estate Investment Trust, a member of the Saul Organization (the “Predevelopment Agreement”). The Predevelopment Agreement, which expires on December 31, 2015, and which may be extended to December 31, 2016, relates to the sharing of third-party predevelopment costs incurred in connection with the planning of the future redevelopment of certain adjacent real estate assets in the Twinbrook area of Rockville, Maryland. The costs will be billed by the third-parties on a pro rata basis based on the acreage owned by each entity and neither party is obligated to advance funds to the other. The Company subleases its corporate headquarters space from a member of the Saul Organization. The lease commenced in March 2002, was extended in 2012 for five years , and provides for base rent increases of 3% per year, with payment of a pro-rata share of operating expenses over a base year amount. The Agreement requires each party to pay an allocation of total rental payments based on a percentage proportionate to the number of employees employed by each party. The Company’s rent expense for its headquarters location was $451,700 and $414,000 for the six months ended June 30, 2015 and 2014 , respectively, and is included in general and administrative expense. The B. F. Saul Insurance Agency of Maryland, Inc., a subsidiary of the B. F. Saul Company and a member of the Saul Organization, is a general insurance agency that receives commissions and fees in connection with the Company’s insurance program. Such commissions and fees amounted to $170,100 and $169,700 for the six months ended June 30, 2015 and 2014 , respectively. Effective as of September 4, 2012, the Company entered into a consulting agreement with B. F. Saul III, a former president of the Company, whereby Mr. Saul III provided certain consulting services to the Company as an independent contractor and was paid at a rate of $60,000 per month. The consulting agreement included certain noncompete, nonsolicitation and nondisclosure covenants, and expired in September 2014. For the six months ended June 30, 2014 , such consulting fees totaled $360,000 .

Stock Option Plans

Stock Option Plans	6 Months Ended
	Jun. 30, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Stock Option Plans	Stock Option Plans The Company has established two stock incentive plans, the 1993 plan and the 2004 plan, as amended, (together, the “Plans”). Under the Plans, options were granted at an exercise price not less than the market value of the common stock on the date of grant and expire ten years from the date of grant. Officer options vest ratably over four years following the grant and are charged to expense using the straight-line method over the vesting period. Director options vest immediately and are charged to expense as of the date of grant. The following table summarizes the amount and activity of each grant with outstanding unexercised options, the total value and variables used in the computation and the amount expensed and included in general and administrative expense in the Consolidated Statements of Operations for the six months ended June 30, 2015 . Stock options issued Directors Grant date 5/1/2006 4/27/2007 4/25/2008 4/24/2009 5/7/2010 5/13/2011 5/4/2012 5/10/2013 5/9/2014 5/8/2015 Subtotals Total grant 30,000 30,000 30,000 32,500 32,500 32,500 35,000 35,000 30,000 35,000 322,500 Vested 30,000 30,000 30,000 32,500 32,500 32,500 35,000 35,000 30,000 35,000 322,500 Exercised 12,500 2,500 2,500 22,500 12,500 12,500 12,500 10,000 2,500 — 90,000 Forfeited 2,500 7,500 7,500 — 2,500 2,500 — — — — 22,500 Exercisable at June 30, 2015 15,000 20,000 20,000 10,000 17,500 17,500 22,500 25,000 27,500 35,000 210,000 Remaining unexercised 15,000 20,000 20,000 10,000 17,500 17,500 22,500 25,000 27,500 35,000 210,000 Exercise price $ 40.35 $ 54.17 $ 50.15 $ 32.68 $ 38.76 $ 41.82 $ 39.29 $ 44.42 $ 47.03 $ 51.07 Volatility 0.206 0.225 0.237 0.344 0.369 0.358 0.348 0.333 0.173 0.166 Expected life (years) 9.0 8.0 7.0 6.0 5.0 5.0 5.0 5.0 5.0 5.0 Assumed yield 5.93 % 4.39 % 4.09 % 4.54 % 4.23 % 4.16 % 4.61 % 4.53 % 4.48 % 4.54 % Risk-free rate 5.11 % 4.65 % 3.49 % 2.19 % 2.17 % 1.86 % 0.78 % 0.82 % 1.63 % 1.50 % Total value at grant date $ 143,400 $ 285,300 $ 254,700 $ 222,950 $ 287,950 $ 297,375 $ 257,250 $ 278,250 $ 109,500 $ 125,300 $ 2,261,975 Expensed in previous years 143,400 285,300 254,700 222,950 287,950 297,375 257,250 278,250 109,500 — 2,136,675 Expensed in 2015 — — — — — — — — — 125,300 125,300 Future expense — — — — — — — — — — — Officers Grant date 4/27/2007 5/13/2011 5/4/2012 5/10/2013 5/9/2014 5/8/2015 Subtotals Grand Totals Total grant 135,000 162,500 242,500 202,500 170,000 190,000 1,102,500 1,425,000 Vested 67,500 118,750 81,875 91,250 42,500 — 401,875 724,375 Exercised 14,097 57,504 38,750 21,875 625 — 132,851 222,851 Forfeited 67,500 43,750 135,000 30,000 — — 276,250 298,750 Exercisable at June 30, 2015 53,403 61,246 43,125 69,375 41,875 — 269,024 479,024 Remaining unexercised 53,403 61,246 68,750 150,625 169,375 190,000 693,399 903,399 Exercise price $ 54.17 $ 41.82 $ 39.29 $ 44.42 $ 47.03 $ 51.07 Volatility 0.233 0.330 0.315 0.304 0.306 0.298 Expected life (years) 6.5 8.0 8.0 8.0 7.0 7.0 Assumed yield 4.13 % 4.81 % 5.28 % 5.12 % 4.89 % 4.94 % Risk-free rate 4.61 % 2.75 % 1.49 % 1.49 % 2.17 % 1.89 % Gross value at grant date $ 1,339,200 $ 1,366,625 $ 1,518,050 $ 1,401,300 $ 1,349,800 $ 1,584,600 $ 8,559,575 $ 10,821,550 Estimated forfeitures 62,000 367,937 889,690 280,468 168,749 141,780 1,910,624 1,910,624 Expensed in previous years 1,277,200 909,563 418,899 492,937 196,848 — 3,295,447 5,432,122 Expensed in 2015 — 89,125 78,546 134,550 147,636 60,118 509,975 635,275 Future expense — — 130,915 493,345 836,567 1,382,702 2,843,529 2,843,529 Weighted average term of remaining future expense (in years) 3.1 The table below summarizes the option activity for the six months ended June 30, 2015 : Number of Shares Weighted Average Exercise Price per share Aggregate Intrinsic Value Outstanding at January 1 748,208 $ 44.79 $ 9,274,028 Granted 225,000 51.07 — Exercised (69,809 ) 42.80 1,019,890 Expired/Forfeited — — Outstanding June 30 903,399 46.51 3,226,939 Exercisable June 30 479,024 45.31 2,310,289 The intrinsic value measures the price difference between the options’ exercise price and the closing share price quoted by the New York Stock Exchange as of the date of measurement. The intrinsic value for shares exercised during the period was calculated by using the closing share price on the date of exercise. At June 30, 2015 , the closing share price of $49.19 was lower than the exercise price of the 73,403 , 20,000 and 225,000 outstanding options granted in 2007, 2008 and 2015, respectively, and, therefore, those options had no intrinsic value as of June 30, 2015. The weighted average remaining contractual life of the Company’s outstanding and exercisable options is 7.5 years and 6.1 years, respectively.

Fair Value of Financial Instrum

Fair Value of Financial Instruments	6 Months Ended
	Jun. 30, 2015
Fair Value Disclosures [Abstract]
Fair Value of Financial Instruments	Fair Value of Financial Instruments The carrying values of cash and cash equivalents, accounts receivable, accounts payable and accrued expenses are reasonable estimates of their fair value. The aggregate fair value of the notes payable with fixed-rate payment terms was determined using Level 3 data in a discounted cash flow approach, which is based upon management’s estimate of borrowing rates and loan terms currently available to the Company for fixed-rate financing and, assuming long-term interest rates of approximately 3.95% and 3.65% , would be approximately $884.4 million and $886.4 million , respectively, compared to the carrying value of $816.4 million and $784.8 million at June 30, 2015 and December 31, 2014 , respectively. A change in any of the significant inputs may lead to a change in the Company’s fair value measurement of its debt. The Company carries its interest rate swap at fair value. The Company has determined the majority of the inputs used to value its derivatives fall within Level 2 of the fair value hierarchy with the exception of the impact of counter-party risk, which was determined using Level 3 inputs and is not significant. Derivative instruments are classified within Level 2 of the fair value hierarchy because their values are determined using third-party pricing models which contain inputs that are derived from observable market data. Where possible, the values produced by the pricing models are verified by market prices. Valuation models require a variety of inputs, including contractual terms, market prices, yield curves, credit spreads, measure of volatility, and correlations of such inputs. The swap agreement terminates on July 1, 2020 . As of June 30, 2015 , the fair value of the interest-rate swap was approximately $3.1 million and is included in “Accounts payable, accrued expenses and other liabilities” in the consolidated balance sheets. The decrease in value from inception of the swap is reflected in “Other Comprehensive Income” in the Consolidated Statements of Comprehensive Income. Amounts recognized in earnings are included in Changes in Fair Value of Derivatives in the Consolidated Statements of Operations. Three Months Ended June 30, Six Months Ended June 30, (In thousands) 2015 2014 2015 2014 Change in fair value: Recognized in earnings $ — $ (5 ) $ (6 ) $ (7 ) Recognized in other comprehensive income 478 (420 ) 51 (647 ) $ 478 $ (425 ) $ 45 $ (654 )

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2015
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Neither the Company nor the current portfolio properties are subject to any material litigation, nor, to management’s knowledge, is any material litigation currently threatened against the Company, other than routine litigation and administrative proceedings arising in the ordinary course of business. Management believes that these items, individually or in the aggregate, will not have a material adverse impact on the Company or the current portfolio properties.

Business Segments

Business Segments	6 Months Ended
	Jun. 30, 2015
Segment Reporting [Abstract]
Business Segments	Business Segments The Company has two reportable business segments: Shopping Centers and Mixed-Use Properties. The accounting policies of the segments are the same as those described in the summary of significant accounting policies (see Note 2). The Company evaluates performance based upon income and cash flows from real estate of the combined properties in each segment. All of our properties within each segment generate similar types of revenues and expenses related to tenant rent, reimbursements and operating expenses. Although services are provided to a range of tenants, the types of services provided to them are similar within each segment. The properties in each portfolio have similar economic characteristics and the nature of the products and services provided to our tenants and the method to distribute such services are consistent throughout the portfolio. Certain reclassifications have been made to prior year information to conform to the 2015 presentation. (Dollars in thousands) Shopping Centers Mixed-Use Properties Corporate and Other Consolidated Totals Three months ended June 30, 2015 Real estate rental operations: Revenue $ 38,300 $ 13,398 $ 13 $ 51,711 Expenses (7,954 ) (4,532 ) — (12,486 ) Income from real estate 30,346 8,866 13 39,225 Interest expense and amortization of deferred debt costs — — (11,353 ) (11,353 ) General and administrative — — (4,139 ) (4,139 ) Subtotal 30,346 8,866 (15,479 ) 23,733 Depreciation and amortization of deferred leasing costs (7,538 ) (3,273 ) — (10,811 ) Gain on sale of property 11 — — 11 Net income (loss) $ 22,819 $ 5,593 $ (15,479 ) $ 12,933 Capital investment $ 2,533 $ 12,420 $ — $ 14,953 Total assets $ 934,631 $ 322,538 $ 20,874 $ 1,278,043 Three months ended June 30, 2014 Real estate rental operations: Revenue $ 39,056 $ 13,210 $ 20 $ 52,286 Expenses (8,002 ) (3,827 ) — (11,829 ) Income from real estate 31,054 9,383 20 40,457 Interest expense and amortization of deferred debt costs — — (11,486 ) (11,486 ) General and administrative — — (4,023 ) (4,023 ) Acquisition related costs (216 ) — — (216 ) Subtotal 30,838 9,383 (15,489 ) 24,732 Depreciation and amortization of deferred leasing costs (6,911 ) (3,398 ) — (10,309 ) Gain on sale of property 6,069 — — 6,069 Change in fair value of derivatives — — (5 ) (5 ) Net income (loss) $ 29,996 $ 5,985 $ (15,494 ) $ 20,487 Capital investment $ 13,592 $ 4,865 $ — $ 18,457 Total assets $ 906,399 $ 297,009 $ 24,020 $ 1,227,428 (Dollars in thousands) Shopping Mixed-Use Corporate Consolidated Six months ended June 30, 2015 Real estate rental operations: Revenue $ 77,664 $ 26,109 $ 26 $ 103,799 Expenses (17,490 ) (8,759 ) — (26,249 ) Income from real estate 60,174 17,350 26 77,550 Interest expense and amortization of deferred debt costs — — (22,759 ) (22,759 ) General and administrative — — (7,910 ) (7,910 ) Acquisition related costs (21 ) — — (21 ) Subtotal 60,153 17,350 (30,643 ) 46,860 Depreciation and amortization of deferred leasing costs (14,854 ) (6,397 ) — (21,251 ) Gain on sale of property 11 — — 11 Change in fair value of derivatives — — (6 ) (6 ) Net income (loss) $ 45,310 $ 10,953 $ (30,649 ) $ 25,614 Capital investment $ 5,479 $ 20,098 $ — $ 25,577 Total assets $ 934,631 $ 322,538 $ 20,874 $ 1,278,043 Six months ended June 30, 2014 Real estate rental operations: Revenue $ 78,875 $ 26,323 $ 35 $ 105,233 Expenses (17,492 ) (7,578 ) — (25,070 ) Income from real estate 61,383 18,745 35 80,163 Interest expense and amortization of deferred debt costs — — (22,953 ) (22,953 ) General and administrative — — (8,703 ) (8,703 ) Acquisition related costs (379 ) — — (379 ) Predevelopment expenses — (503 ) — (503 ) Subtotal 61,004 18,242 (31,621 ) 47,625 Depreciation and amortization of deferred leasing costs (13,808 ) (6,681 ) — (20,489 ) Gain on sale of property 6,069 — — 6,069 Change in fair value of derivatives — — (7 ) (7 ) Net income (loss) $ 53,265 $ 11,561 $ (31,628 ) $ 33,198 Capital investment $ 24,324 $ 8,021 $ — $ 32,345 Total assets $ 906,399 $ 297,009 $ 24,020 $ 1,227,428

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2015
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events The Company has reviewed operating activities for the period subsequent to June 30, 2015 , and prior to the date the financial statements are issued or are available to be issued, and determined there are no subsequent events required to be disclosed.

Summary of Significant Accoun22

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2015
Accounting Policies [Abstract]
Nature of Operations	Nature of Operations The Company, which conducts all of its activities through its subsidiaries, the Operating Partnership and Subsidiary Partnerships, engages in the ownership, operation, management, leasing, acquisition, renovation, expansion, development and financing of community and neighborhood shopping centers and mixed-use properties, primarily in the Washington, DC/Baltimore metropolitan area. Because the properties are located primarily in the Washington, DC/Baltimore metropolitan area, the Company is subject to a concentration of credit risk related to these properties. A majority of the Shopping Centers are anchored by one or more major tenants.
Principles of Consolidation	Principles of Consolidation The accompanying consolidated financial statements of the Company include the accounts of Saul Centers and its subsidiaries, including the Operating Partnership and Subsidiary Partnerships, which are majority owned by Saul Centers. All significant intercompany balances and transactions have been eliminated in consolidation.
Basis of Presentation	Basis of Presentation The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. In the opinion of management, all adjustments necessary for the fair presentation of the financial position and results of operations of Saul Centers, Inc. for the interim periods have been included. All such adjustments are of a normal recurring nature. These consolidated financial statements and the accompanying notes should be read in conjunction with the audited consolidated financial statements of Saul Centers, Inc. for the year ended December 31, 2014 , which are included in its Annual Report on Form 10-K. The results of operations for interim periods are not necessarily indicative of results to be expected for the year.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates.
Accounts Receivable, Accrued Income and Allowance for Doubtful Accounts	Accounts Receivable, Accrued Income and Allowance for Doubtful Accounts Accounts receivable primarily represent amounts currently due from tenants in accordance with the terms of the respective leases. Receivables are reviewed monthly and reserves are established with a charge to current period operations when, in the opinion of management, collection of the receivable is doubtful.
Assets Held for Sale	Assets Held for Sale The Company considers properties to be assets held for sale when all of the following criteria are met: • management commits to a plan to sell a property; • it is unlikely that the disposal plan will be significantly modified or discontinued; • the property is available for immediate sale in its present condition; • actions required to complete the sale of the property have been initiated; • sale of the property is probable and the Company expects the completed sale will occur within one year; and • the property is actively being marketed for sale at a price that is reasonable given its current market value. The Company must make a determination as to the point in time that it is probable that a sale will be consummated, which generally occurs when an executed sales contract has no contingencies and the prospective buyer has significant funds at risk to ensure performance. Upon designation as an asset held for sale, the Company records the carrying value of each property at the lower of its carrying value or its estimated fair value, less estimated costs to sell, and ceases depreciation.
Cash and Cash Equivalents	Cash and Cash Equivalents Cash and cash equivalents include short-term investments. Short-term investments include money market accounts and other investments which generally mature within three months, measured from the acquisition date, and/or are readily convertible to cash.
Construction In Progress	Construction In Progress Construction in progress includes land, preconstruction and development costs of active projects. Preconstruction costs include legal, zoning and permitting costs and other project carrying costs incurred prior to the commencement of construction. Development costs include direct construction costs and indirect costs incurred subsequent to the start of construction such as architectural, engineering, construction management and carrying costs consisting of interest, real estate taxes and insurance.
Deferred Debt Costs	Deferred Debt Costs Deferred debt costs consist of fees and costs incurred to obtain long-term financing, construction financing and the revolving line of credit. These fees and costs are being amortized on a straight-line basis over the terms of the respective loans or agreements, which approximates the effective interest method.
Deferred Income	Deferred Income Deferred income consists of payments received from tenants prior to the time they are earned and recognized by the Company as revenue, including tenant prepayment of rent for future periods, real estate taxes when the taxing jurisdiction has a fiscal year differing from the calendar year, reimbursements specified in the lease agreement and tenant construction work provided by the Company. In addition, deferred income includes the fair value of certain below market leases.
Deferred Leasing Costs	Deferred Leasing Costs Deferred leasing costs consist of commissions paid to third-party leasing agents, internal direct costs such as employee compensation and payroll-related fringe benefits directly related to time spent performing leasing-related activities for successful commercial leases and amounts attributed to in-place leases associated with acquired properties. Leasing related activities include evaluating the prospective tenant’s financial condition, evaluating and recording guarantees, collateral and other security arrangements, negotiating lease terms, preparing lease documents and closing the transaction. Unamortized deferred costs are charged to expense if the applicable lease is terminated prior to expiration of the initial lease term. Deferred leasing costs are amortized over the term of the lease or remaining term of acquired leases.
Derivative Financial Instruments	Derivative Financial Instruments The Company may, when appropriate, employ derivative instruments, such as interest-rate swaps, to mitigate the risk of interest rate fluctuations. The Company does not enter into derivative or other financial instruments for trading or speculative purposes. Derivative financial instruments are carried at fair value as either assets or liabilities on the consolidated balance sheets. For those derivative instruments that qualify and are designated as hedging instruments, the Company designates the hedging instrument, based upon the exposure being hedged, as a fair value hedge or a cash flow hedge. For those derivative instruments that qualify and are designated as hedging instruments, the effective portion of the gain or loss on the hedge instruments is reported as a component of accumulated other comprehensive income (loss) and recognized in earnings within the same line item associated with the forecasted transaction in the same period or periods during which the hedged transaction affects earnings. Any ineffective portion of the change in fair value of a derivative instrument is immediately recognized in earnings. For derivative instruments that do not qualify, or that qualify and are not designated, as hedging instruments, changes in fair value are immediately recognized in earnings. Derivative financial instruments expose us to credit risk in the event of non-performance by the counterparties under the terms of the derivative instrument. The Company minimizes its credit risk on these transactions by dealing with major, creditworthy financial institutions as determined by management, and therefore, it believes that the likelihood of realizing losses from counterparty non-performance is remote.
Income Taxes	Income Taxes The Company made an election to be treated, and intends to continue operating so as to qualify, as a REIT under the Code, commencing with its taxable year ended December 31, 1993. A REIT generally will not be subject to federal income taxation, provided that distributions to its stockholders equal or exceed its REIT taxable income and it complies with certain other requirements. Therefore, no provision has been made for federal income taxes in the accompanying consolidated financial statements.
Legal Contingencies	Legal Contingencies The Company is subject to various legal proceedings and claims that arise in the ordinary course of business, which are generally covered by insurance. While the resolution of these matters cannot be predicted with certainty, the Company believes the final outcome of such matters will not have a material adverse effect on its financial position or results of operations. Upon determination that a loss is probable to occur and can be reasonably estimated, the estimated amount of the loss is recorded in the financial statements. Both the amount of the loss and the point at which its occurrence is considered probable can be difficult to determine.
Postemployment Benefits	Postemployment Benefits From time to time, the Company may enter into an arrangement with an employee at the time of the employee’s separation from service whereby the employee will receive certain payments in exchange for certain releases, covenants not to compete, or other promises. If no future services are required in order for the employee to receive the payments, the Company estimates the amount of payments to be made over the life of the arrangement and records that amount as an expense as of the date of the arrangement with a corresponding liability representing the amount to be paid in the future.
Predevelopment Expenses	Predevelopment Expenses Predevelopment expenses represent certain costs incurred by the Company in connection with active development and redevelopment projects and include, for example, costs related to the early termination of tenant leases and demolition of existing structures.
Real Estate Investment Properties	Real Estate Investment Properties The Company purchases real estate investment properties from time to time and records assets acquired and liabilities assumed, including land, buildings, and intangibles related to in-place leases and customer relationships, based on their fair values. The fair value of buildings generally is determined as if the buildings were vacant upon acquisition and subsequently leased at market rental rates and considers the present value of all cash flows expected to be generated by the property including an initial lease up period. From time to time the Company may purchase a property for future development purposes. The Company determines the fair value of above and below market intangibles associated with in-place leases by assessing the net effective rent and remaining term of the lease relative to market terms for similar leases at acquisition taking into consideration the remaining contractual lease period, renewal periods, and the likelihood of the tenant exercising its renewal options. The fair value of below market lease intangibles is recorded as deferred income and accreted as additional revenue over the remaining contractual lease period and any renewal option periods included in the valuation analysis. The fair value of above market lease intangibles is recorded as a deferred asset and amortized as a reduction of revenue over the remaining contractual lease term. The Company determines the fair value of at-market in-place leases considering the cost of acquiring similar leases, the foregone rents associated with the lease-up period and carrying costs associated with the lease-up period. Intangible assets associated with at-market in-place leases are amortized as additional expense over the remaining contractual lease term. To the extent customer relationship intangibles are present in an acquisition, the fair values of the intangibles are amortized over the lives of the customer relationships. The Company has never recorded a customer relationship intangible asset. Acquisition-related transaction costs are generally charged to expense as incurred and reported as acquisition related costs in the consolidated statements of operations. If there is an event or change in circumstance that indicates a potential impairment in the value of a real estate investment property, the Company prepares an analysis to determine whether the carrying value of the real estate investment property exceeds its estimated fair value. The Company considers both quantitative and qualitative factors including recurring operating losses, significant decreases in occupancy, and significant adverse changes in legal factors and business climate. If impairment indicators are present, the Company compares the projected cash flows of the property over its remaining useful life, on an undiscounted basis, to the carrying value of that property. The Company assesses its undiscounted projected cash flows based upon estimated capitalization rates, historic operating results and market conditions that may affect the property. If the carrying value is greater than the undiscounted projected cash flows, the Company would recognize an impairment loss equivalent to an amount required to adjust the carrying amount to its then estimated fair value. The value of any property is sensitive to the actual results of any of the aforementioned estimated factors, either individually or taken as a whole. Should the actual results differ from management’s projections, the valuation could be negatively or positively affected. The Company did not recognize an impairment loss on any of its real estate during the six months ended June 30, 2015 and 2014 . Interest, real estate taxes, development-related salary costs and other carrying costs are capitalized on projects under development and construction. Upon substantial completion of construction and the placement of the assets into service, rental income, real estate tax expense, property operating expenses (consisting of payroll, repairs and maintenance, utilities, insurance and other property related expenses) and depreciation are included in current operations and capitalization of interest ceases. Property operating expenses are charged to operations as incurred. Interest capitalized totaled $0.8 million and $0.2 million for the six months ended June 30, 2015 and 2014 , respectively. Commercial development projects are considered substantially complete and available for occupancy upon completion of tenant improvements, but no later than one year from the cessation of major construction activity. Multi-family residential development projects are considered substantially complete and available for occupancy upon receipt of the certificate of occupancy from the appropriate licensing authority. Substantially completed portions of a project are accounted for as separate projects. Depreciation is calculated using the straight-line method and estimated useful lives of generally between 35 and 50 years for base buildings, or a shorter period if management determines that the building has a shorter useful life, and up to 20 years for certain other improvements that extend the useful lives. Leasehold improvement expenditures are capitalized when certain criteria are met, including when the Company supervises construction and will own the improvements. Tenant improvements are amortized, over the shorter of the lives of the related leases or the useful life of the improvements, using the straight-line method.
Revenue Recognition	Revenue Recognition Rental and interest income are accrued as earned except when doubt exists as to collectability, in which case the accrual is discontinued. Recognition of rental income commences when control of the space has been given to the tenant. When rental payments due under leases vary from a straight-line basis because of free rent periods or scheduled rent increases, income is recognized on a straight-line basis. Expense recoveries represent a portion of property operating expenses billed to tenants, including common area maintenance, real estate taxes and other recoverable costs, and are recognized in the period in which the expenses are incurred. Rental income based on a tenant’s revenue (“percentage rent”) is accrued when a tenant reports sales that exceed a breakpoint specified in the lease agreement.
Stock-based Employee Compensation, Stock Plan and Deferred Compensation Plan for Directors	Stock-based Employee Compensation, Stock Plan and Deferred Compensation Plan for Directors The Company uses the fair value method to value and account for employee stock options. The fair value of options granted is determined at the time of each award using the Black-Scholes model, a widely used method for valuing stock-based employee compensation, and the following assumptions: (1) Expected Volatility determined using the most recent trading history of the Company’s common stock (month-end closing prices) corresponding to the average expected term of the options; (2) Average Expected Term of the options is based on prior exercise history, scheduled vesting and the expiration date; (3) Expected Dividend Yield determined by management after considering the Company’s current and historic dividend yield rates, the Company’s yield in relation to other retail REITs and the Company’s market yield at the grant date; and (4) a Risk-free Interest Rate based upon the market yields of US Treasury obligations with maturities corresponding to the average expected term of the options at the grant date. The Company amortizes the value of options granted ratably over the vesting period and includes the amounts as compensation in general and administrative expenses. The Company has a stock plan, which was originally approved in 2004, amended in 2008 and 2013 and which expires in 2023, for the purpose of attracting and retaining executive officers, directors and other key personnel (the “Stock Plan”). Pursuant to the Stock Plan, the Compensation Committee established a Deferred Compensation Plan for Directors for the benefit of its directors and their beneficiaries, which replaced a previous Deferred Compensation and Stock Plan for Directors. A director may make an annual election to defer all or part of his or her director’s fees and has the option to have the fees paid in cash, in shares of common stock or in a combination of cash and shares of common stock upon separation from the Board. If the director elects to have fees paid in stock, fees earned during a calendar quarter are aggregated and divided by the closing market price of the Company’s common stock on the first trading day of the following quarter to determine the number of shares to be credited to the director. As of June 30, 2015 , the director's deferred fee accounts comprise 236,861 shares. The Compensation Committee has also approved an annual award of shares of the Company’s common stock as additional compensation to each director serving on the Board of Directors as of the record date for the Annual Meeting of Stockholders. The shares are awarded as of each Annual Meeting of Stockholders, and their issuance may not be deferred.
Noncontrolling Interests	Noncontrolling Interests Saul Centers is the sole general partner of the Operating Partnership, owning a 74.2% common interest as of June 30, 2015 . Noncontrolling interests in the Operating Partnership is comprised of limited partnership units owned by the Saul Organization. Noncontrolling interests reflected on the accompanying consolidated balance sheets is increased for earnings allocated to limited partnership interests and distributions reinvested in additional units, and is decreased for limited partner distributions. Noncontrolling interests reflected on the consolidated statements of operations represents earnings allocated to limited partnership interests.
Per Share Data	Per Share Data Per share data for net income (basic and diluted) is computed using weighted average shares of common stock. Convertible limited partnership units and employee stock options are the Company’s potentially dilutive securities. For all periods presented, the convertible limited partnership units are non-dilutive. The following table sets forth, for the indicated periods, weighted averages of the number of common shares outstanding, basic and dilutive, the effect of dilutive options and the number of options which are not dilutive because the average price of the Company's common stock was less than the exercise prices. The treasury stock method was used to measure the effect of the dilution.
Recently Issued Accounting Standards	Recently Issued Accounting Standards In May 2014, the FASB issued ASU No. 2014-09, “Revenue from Contracts with Customers” (“ASU 2014-09”). ASU 2014-09 will replace most existing revenue recognition guidance and will require an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. ASU 2014-09 is effective for annual periods beginning after December 15, 2017, and interim periods within those years. Early adoption is permitted but not before annual periods beginning after December 15, 2016. ASU 2014-09 must be applied retrospectively by either restating prior periods or by recognizing the cumulative effect as of the first date of application. We have not yet selected a transition method and are evaluating the impact that ASU 2014-09 will have on our consolidated financial statements and related disclosures. In April 2015, the FASB issued ASU No. 2015-03, “Interest - Imputation of Interest” (“ASU 2015-03”). ASU 2015-03 simplifies the presentation of debt issuance costs and will require an entity to deduct transaction costs from the carrying value of the related financial liability and not record those transaction costs as a separate asset. Recognition and measurement guidance for debt issuance costs are not affected by ASU 2015-03. ASU 2015-03 is effective for annual periods beginning after December 15, 2015, and interim periods within those years, and must be applied retrospectively by adjusting the balance sheet of each individual period presented. Adoption of ASU 2015-03 is not expected to have a material effect on our consolidated financial statements and related disclosures.
Reclassifications	Reclassifications Certain reclassifications have been made to the prior year financial statements to conform to the presentation used for the six months ended June 30, 2015 .

Organization, Formation and S23

Organization, Formation and Structure (Tables)	6 Months Ended
	Jun. 30, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Properties Acquired and/or Developed	The following table lists the properties acquired, in development and disposed since December 31, 2013. Name of Property Location Type Year of Acquisition/ Development/Disposition Acquisitions 1580 Rockville Pike Rockville, MD Shopping Center 2014 1582 Rockville Pike Rockville, MD Shopping Center 2014 750 N. Glebe Road Arlington, VA Shopping Center 2014 730 N. Glebe Road Arlington, VA Shopping Center 2014 1584 Rockville Pike Rockville, MD Shopping Center 2014 Developments Park Van Ness Washington, DC Mixed-Use 2013-2015 Dispositions Giant Baltimore, MD Shopping Center 2014

Summary of Significant Accoun24

Summary of Significant Accounting Policies (Tables)	6 Months Ended
	Jun. 30, 2015
Accounting Policies [Abstract]
Schedule of Construction in Progress	Construction in progress as of June 30, 2015 and December 31, 2014 , is composed of the following: (in thousands) June 30, 2015 December 31, 2014 Park Van Ness $ 48,371 $ 26,998 Other 5,114 3,263 Total $ 53,485 $ 30,261
Basic and Diluted Shares Outstanding	The following table sets forth, for the indicated periods, weighted averages of the number of common shares outstanding, basic and dilutive, the effect of dilutive options and the number of options which are not dilutive because the average price of the Company's common stock was less than the exercise prices. The treasury stock method was used to measure the effect of the dilution. As of or For The Three Months As of or For The Six Months (In thousands) 2015 2014 2015 2014 Weighted average common shares outstanding-Basic 21,098 20,717 21,058 20,670 Effect of dilutive options 45 26 82 32 Weighted average common shares outstanding-Diluted 21,143 20,743 21,140 20,702 Non-dilutive options 318 113 318 113 (1 ) (1) The non-dilutive options were issued in 2007, 2008 and 2015.

Real Estate Acquired and Sold (

Real Estate Acquired and Sold (Tables)	6 Months Ended
	Jun. 30, 2015
Business Combinations [Abstract]
Schedule of Business Acquisitions, by Acquisition	The purchase prices were allocated to the assets acquired and liabilities assumed based on their fair value as shown in the following table. (in thousands) 1580 Rockville Pike 1582 Rockville Pike 750 N. Glebe Road 730 N. Glebe Road 1584 Rockville Pike Total Land $ 9,600 $ 9,742 $ 38,224 $ 2,683 $ 5,798 $ 66,048 Buildings 2,200 828 1,327 78 440 4,874 In-place Leases 513 849 449 39 249 2,099 Above Market Rent — — — — — — Below Market Rent (4,313 ) (419 ) — — (337 ) (5,070 ) Total Purchase Price $ 8,000 $ 11,000 $ 40,000 $ 2,800 $ 6,150 $ 67,950

Notes Payable, Revolving Cred26

Notes Payable, Revolving Credit Facility, Interest and Amortization of Deferred Debt Costs (Tables)	6 Months Ended
	Jun. 30, 2015
Debt Disclosure [Abstract]
Scheduled Maturities of Debt, Including Scheduled Principal Amortization	At June 30, 2015 , the scheduled maturities of debt, including scheduled principal amortization, for years ending December 31, were as follows: (In thousands) Balloon Payments Scheduled Principal Amortization Total July 1 through December 31, 2015 $ — $ 11,826 $ 11,826 2016 14,724 24,413 39,137 2017 — 25,715 25,715 2018 49,748 (a) 25,902 75,650 2019 60,793 24,615 85,408 2020 61,163 21,892 83,055 Thereafter 404,888 127,713 532,601 $ 591,316 $ 262,076 $ 853,392 (a) Includes $22.0 million outstanding under the line of credit.
Interest Expense and Amortization of Deferred Debt Costs	Interest expense and amortization of deferred debt costs for the three and six months ended June 30, 2015 and 2014 , were as follows: Three Months Ended Six Months Ended (In thousands) 2015 2014 2015 2014 Interest incurred $ 11,414 $ 11,342 $ 22,798 $ 22,582 Amortization of deferred debt costs 392 284 754 614 Capitalized interest (453 ) (140 ) (793 ) (243 ) $ 11,353 $ 11,486 $ 22,759 $ 22,953

Stock Option Plans (Tables)

Stock Option Plans (Tables)	6 Months Ended
	Jun. 30, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Stock Options Issued	The following table summarizes the amount and activity of each grant with outstanding unexercised options, the total value and variables used in the computation and the amount expensed and included in general and administrative expense in the Consolidated Statements of Operations for the six months ended June 30, 2015 . Stock options issued Directors Grant date 5/1/2006 4/27/2007 4/25/2008 4/24/2009 5/7/2010 5/13/2011 5/4/2012 5/10/2013 5/9/2014 5/8/2015 Subtotals Total grant 30,000 30,000 30,000 32,500 32,500 32,500 35,000 35,000 30,000 35,000 322,500 Vested 30,000 30,000 30,000 32,500 32,500 32,500 35,000 35,000 30,000 35,000 322,500 Exercised 12,500 2,500 2,500 22,500 12,500 12,500 12,500 10,000 2,500 — 90,000 Forfeited 2,500 7,500 7,500 — 2,500 2,500 — — — — 22,500 Exercisable at June 30, 2015 15,000 20,000 20,000 10,000 17,500 17,500 22,500 25,000 27,500 35,000 210,000 Remaining unexercised 15,000 20,000 20,000 10,000 17,500 17,500 22,500 25,000 27,500 35,000 210,000 Exercise price $ 40.35 $ 54.17 $ 50.15 $ 32.68 $ 38.76 $ 41.82 $ 39.29 $ 44.42 $ 47.03 $ 51.07 Volatility 0.206 0.225 0.237 0.344 0.369 0.358 0.348 0.333 0.173 0.166 Expected life (years) 9.0 8.0 7.0 6.0 5.0 5.0 5.0 5.0 5.0 5.0 Assumed yield 5.93 % 4.39 % 4.09 % 4.54 % 4.23 % 4.16 % 4.61 % 4.53 % 4.48 % 4.54 % Risk-free rate 5.11 % 4.65 % 3.49 % 2.19 % 2.17 % 1.86 % 0.78 % 0.82 % 1.63 % 1.50 % Total value at grant date $ 143,400 $ 285,300 $ 254,700 $ 222,950 $ 287,950 $ 297,375 $ 257,250 $ 278,250 $ 109,500 $ 125,300 $ 2,261,975 Expensed in previous years 143,400 285,300 254,700 222,950 287,950 297,375 257,250 278,250 109,500 — 2,136,675 Expensed in 2015 — — — — — — — — — 125,300 125,300 Future expense — — — — — — — — — — — Officers Grant date 4/27/2007 5/13/2011 5/4/2012 5/10/2013 5/9/2014 5/8/2015 Subtotals Grand Totals Total grant 135,000 162,500 242,500 202,500 170,000 190,000 1,102,500 1,425,000 Vested 67,500 118,750 81,875 91,250 42,500 — 401,875 724,375 Exercised 14,097 57,504 38,750 21,875 625 — 132,851 222,851 Forfeited 67,500 43,750 135,000 30,000 — — 276,250 298,750 Exercisable at June 30, 2015 53,403 61,246 43,125 69,375 41,875 — 269,024 479,024 Remaining unexercised 53,403 61,246 68,750 150,625 169,375 190,000 693,399 903,399 Exercise price $ 54.17 $ 41.82 $ 39.29 $ 44.42 $ 47.03 $ 51.07 Volatility 0.233 0.330 0.315 0.304 0.306 0.298 Expected life (years) 6.5 8.0 8.0 8.0 7.0 7.0 Assumed yield 4.13 % 4.81 % 5.28 % 5.12 % 4.89 % 4.94 % Risk-free rate 4.61 % 2.75 % 1.49 % 1.49 % 2.17 % 1.89 % Gross value at grant date $ 1,339,200 $ 1,366,625 $ 1,518,050 $ 1,401,300 $ 1,349,800 $ 1,584,600 $ 8,559,575 $ 10,821,550 Estimated forfeitures 62,000 367,937 889,690 280,468 168,749 141,780 1,910,624 1,910,624 Expensed in previous years 1,277,200 909,563 418,899 492,937 196,848 — 3,295,447 5,432,122 Expensed in 2015 — 89,125 78,546 134,550 147,636 60,118 509,975 635,275 Future expense — — 130,915 493,345 836,567 1,382,702 2,843,529 2,843,529 Weighted average term of remaining future expense (in years) 3.1
Summary of Option Activity	The table below summarizes the option activity for the six months ended June 30, 2015 : Number of Shares Weighted Average Exercise Price per share Aggregate Intrinsic Value Outstanding at January 1 748,208 $ 44.79 $ 9,274,028 Granted 225,000 51.07 — Exercised (69,809 ) 42.80 1,019,890 Expired/Forfeited — — Outstanding June 30 903,399 46.51 3,226,939 Exercisable June 30 479,024 45.31 2,310,289

Fair Value of Financial Instr28

Fair Value of Financial Instruments (Tables)	6 Months Ended
	Jun. 30, 2015
Fair Value Disclosures [Abstract]
Changes in Fair Value of Swaps	Amounts recognized in earnings are included in Changes in Fair Value of Derivatives in the Consolidated Statements of Operations. Three Months Ended June 30, Six Months Ended June 30, (In thousands) 2015 2014 2015 2014 Change in fair value: Recognized in earnings $ — $ (5 ) $ (6 ) $ (7 ) Recognized in other comprehensive income 478 (420 ) 51 (647 ) $ 478 $ (425 ) $ 45 $ (654 )

Business Segments (Tables)

Business Segments (Tables)	6 Months Ended
	Jun. 30, 2015
Segment Reporting [Abstract]
Business Segments	(Dollars in thousands) Shopping Centers Mixed-Use Properties Corporate and Other Consolidated Totals Three months ended June 30, 2015 Real estate rental operations: Revenue $ 38,300 $ 13,398 $ 13 $ 51,711 Expenses (7,954 ) (4,532 ) — (12,486 ) Income from real estate 30,346 8,866 13 39,225 Interest expense and amortization of deferred debt costs — — (11,353 ) (11,353 ) General and administrative — — (4,139 ) (4,139 ) Subtotal 30,346 8,866 (15,479 ) 23,733 Depreciation and amortization of deferred leasing costs (7,538 ) (3,273 ) — (10,811 ) Gain on sale of property 11 — — 11 Net income (loss) $ 22,819 $ 5,593 $ (15,479 ) $ 12,933 Capital investment $ 2,533 $ 12,420 $ — $ 14,953 Total assets $ 934,631 $ 322,538 $ 20,874 $ 1,278,043 Three months ended June 30, 2014 Real estate rental operations: Revenue $ 39,056 $ 13,210 $ 20 $ 52,286 Expenses (8,002 ) (3,827 ) — (11,829 ) Income from real estate 31,054 9,383 20 40,457 Interest expense and amortization of deferred debt costs — — (11,486 ) (11,486 ) General and administrative — — (4,023 ) (4,023 ) Acquisition related costs (216 ) — — (216 ) Subtotal 30,838 9,383 (15,489 ) 24,732 Depreciation and amortization of deferred leasing costs (6,911 ) (3,398 ) — (10,309 ) Gain on sale of property 6,069 — — 6,069 Change in fair value of derivatives — — (5 ) (5 ) Net income (loss) $ 29,996 $ 5,985 $ (15,494 ) $ 20,487 Capital investment $ 13,592 $ 4,865 $ — $ 18,457 Total assets $ 906,399 $ 297,009 $ 24,020 $ 1,227,428 (Dollars in thousands) Shopping Mixed-Use Corporate Consolidated Six months ended June 30, 2015 Real estate rental operations: Revenue $ 77,664 $ 26,109 $ 26 $ 103,799 Expenses (17,490 ) (8,759 ) — (26,249 ) Income from real estate 60,174 17,350 26 77,550 Interest expense and amortization of deferred debt costs — — (22,759 ) (22,759 ) General and administrative — — (7,910 ) (7,910 ) Acquisition related costs (21 ) — — (21 ) Subtotal 60,153 17,350 (30,643 ) 46,860 Depreciation and amortization of deferred leasing costs (14,854 ) (6,397 ) — (21,251 ) Gain on sale of property 11 — — 11 Change in fair value of derivatives — — (6 ) (6 ) Net income (loss) $ 45,310 $ 10,953 $ (30,649 ) $ 25,614 Capital investment $ 5,479 $ 20,098 $ — $ 25,577 Total assets $ 934,631 $ 322,538 $ 20,874 $ 1,278,043 Six months ended June 30, 2014 Real estate rental operations: Revenue $ 78,875 $ 26,323 $ 35 $ 105,233 Expenses (17,492 ) (7,578 ) — (25,070 ) Income from real estate 61,383 18,745 35 80,163 Interest expense and amortization of deferred debt costs — — (22,953 ) (22,953 ) General and administrative — — (8,703 ) (8,703 ) Acquisition related costs (379 ) — — (379 ) Predevelopment expenses — (503 ) — (503 ) Subtotal 61,004 18,242 (31,621 ) 47,625 Depreciation and amortization of deferred leasing costs (13,808 ) (6,681 ) — (20,489 ) Gain on sale of property 6,069 — — 6,069 Change in fair value of derivatives — — (7 ) (7 ) Net income (loss) $ 53,265 $ 11,561 $ (31,628 ) $ 33,198 Capital investment $ 24,324 $ 8,021 $ — $ 32,345 Total assets $ 906,399 $ 297,009 $ 24,020 $ 1,227,428

Organization, Formation and S30

Organization, Formation and Structure - Additional Information (Details) - Jun. 30, 2015	partnershipproperty
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items]
Distribution of REIT taxable income (excluding net capital gains) to its stockholders	90.00%
Number of partnerships | partnership	2
Shopping Centers
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items]
Number of real estate properties	50
Mixed-Use Properties
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items]
Number of real estate properties	6
Non-operating Development Properties
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items]
Number of real estate properties	3

Summary of Significant Accoun31

Summary of Significant Accounting Policies - Additional Information (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015USD ($)tenantstoreproperty	Jun. 30, 2014USD ($)	Jun. 30, 2015USD ($)tenantstorepropertyshares	Jun. 30, 2014USD ($)	Dec. 31, 2014USD ($)
Significant Accounting Policies [Line Items]
Number of tenants | tenant	1		1
Number of shopping centers | store	31		31
Allowance for doubtful accounts receivables	$ 1,100		$ 1,100		$ 700
Period expected for the sale of property to occur			1 year
Deferred debt costs, net	9,455		$ 9,455		9,874
Accumulated amortization deferred leasing cost	6,200		6,200		5,900
Deferred leasing costs, net	27,049		27,049		26,928
Accumulated amortization deferred leasing cost	24,100		24,100		21,600
Amortization expense deferred leasing cost			2,700	$ 2,600
Interest expensed capitalized	$ 453	$ 140	$ 793	243
Commercial development projects, availability for occupancy, maximum period after major construction activity			1 year
Depreciation and amortization expense			$ 18,500	17,900
Repairs and maintenance expense			$ 6,400	$ 6,500
Shares credited to directors' deferred fee accounts | shares			236,861
Percentage of ownership in Operating Partnership			74.20%
Held-for-sale
Significant Accounting Policies [Line Items]
Number of real estate properties | property	0		0
Minimum
Significant Accounting Policies [Line Items]
Accounts receivable, net representing rental income accrued	$ 40,100		$ 40,100		38,700
Allowance for doubtful accounts receivables representing rental income accrued	$ 600		$ 600		$ 300
Minimum | Building
Significant Accounting Policies [Line Items]
Estimated useful life			35 years
Maximum | Building
Significant Accounting Policies [Line Items]
Estimated useful life			50 years
Maximum | Building Improvements
Significant Accounting Policies [Line Items]
Estimated useful life			20 years
Giant Food
Significant Accounting Policies [Line Items]
Percentage of total revenue			4.50%
Number of shopping centers | store			9
Safeway
Significant Accounting Policies [Line Items]
Percentage of total revenue			2.60%
Number of shopping centers | store			8
Revenues
Significant Accounting Policies [Line Items]
Number of tenants | tenant	2		2
Percentage of total revenue			2.50%

Summary of Significant Accoun32

Summary of Significant Accounting Policies - Construction in Progress (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Property, Plant and Equipment [Line Items]
Construction in progress	$ 53,485	$ 30,261
Park Van Ness
Property, Plant and Equipment [Line Items]
Construction in progress	48,371	26,998
Other
Property, Plant and Equipment [Line Items]
Construction in progress	$ 5,114	$ 3,263

Summary of Significant Accoun33

Summary of Significant Accounting Policies - Basic and Diluted Shares Outstanding (Details) - shares shares in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Accounting Policies [Abstract]
Weighted average common shares outstanding-Basic	21,098	20,717	21,058	20,670
Effect of dilutive options (in shares)	45	26	82	32
Weighted average common shares outstanding-Diluted	21,143	20,743	21,140	20,702
Options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)		113		113

Real Estate Acquired and Sold -

Real Estate Acquired and Sold - Additional Information (Detail)	1 Months Ended					6 Months Ended	12 Months Ended
	Feb. 28, 2015USD ($)a	Dec. 31, 2014USD ($)property	Aug. 31, 2014USD ($)	Apr. 30, 2014USD ($)ft²	Jan. 31, 2014USD ($)	Jun. 30, 2015USD ($)	Dec. 31, 2014USD ($)property	Mar. 31, 2014USD ($)
Business Acquisition [Line Items]
Aggregate cost							$ 68,000,000
Property acquisition costs		$ 900,000					$ 900,000
Number of properties purchased | property		5					5
Olney Center
Business Acquisition [Line Items]
Name of property				Olney Center
Location of property				Olney, Maryland
Proceeds from sale of real estate				$ 11,000,000		$ 11,000,000
Area of real estate property (in sq ft/acre) | ft²				53,765
Lease term				P20Y
Sale leaseback, option to purchase the property				$ 14,600,000		14,600,000
Sales price of property						$ 11,000,000
Annual increase in rental payments, percentage						1.50%
Giant Center
Business Acquisition [Line Items]
Name of property				Giant Center
Location of property				Milford Mill, Maryland
Proceeds from sale of real estate				$ 7,500,000
Area of real estate property (in sq ft/acre) | ft²				70,040
Gain on sale of real estate				$ 6,100,000
Assets held-for-sale								$ 500,000
Liabilities of assets held-for-sale								$ 100,000
1580 Rockville Pike
Business Acquisition [Line Items]
Aggregate cost					$ 8,000,000
Name of property					1580 Rockville Pike
Property acquisition costs					$ 200,000
1582 Rockville Pike
Business Acquisition [Line Items]
Aggregate cost				$ 11,000,000
Name of property				1582 Rockville Pike
Property acquisition costs				$ 200,000
Location of property				Rockville, Maryland
1584 Rockville Pike
Business Acquisition [Line Items]
Aggregate cost		$ 6,200,000
Name of property		1584 Rockville Pike
Property acquisition costs		$ 200,000					$ 200,000
750 N. Glebe Road
Business Acquisition [Line Items]
Aggregate cost			$ 40,000,000
Name of property			750 N. Glebe Road
Property acquisition costs			$ 400,000
730 N. Glebe Road
Business Acquisition [Line Items]
Aggregate cost		$ 2,800,000
Name of property		730 N. Glebe Road
Property acquisition costs		$ 40,400					$ 40,400
Westview Pad
Business Acquisition [Line Items]
Aggregate cost	$ 900,000
Area of real estate property (in sq ft/acre) | a	1.1

Real Estate Acquired and Sold35

Real Estate Acquired and Sold - Purchase Price Allocation (Details) $ in Thousands	Dec. 31, 2014USD ($)
Business Acquisition [Line Items]
Land	$ 66,048
Buildings	4,874
Below Market Rent	(5,070)
Total Purchase Price	67,950
In-place Leases
Business Acquisition [Line Items]
Finite-lived Intangibles	2,099
Above Market Rent
Business Acquisition [Line Items]
Finite-lived Intangibles	0
1580 Rockville Pike
Business Acquisition [Line Items]
Land	9,600
Buildings	2,200
Below Market Rent	(4,313)
Total Purchase Price	8,000
1580 Rockville Pike | In-place Leases
Business Acquisition [Line Items]
Finite-lived Intangibles	513
1580 Rockville Pike | Above Market Rent
Business Acquisition [Line Items]
Finite-lived Intangibles	0
1582 Rockville Pike
Business Acquisition [Line Items]
Land	9,742
Buildings	828
Below Market Rent	(419)
Total Purchase Price	11,000
1582 Rockville Pike | In-place Leases
Business Acquisition [Line Items]
Finite-lived Intangibles	849
1582 Rockville Pike | Above Market Rent
Business Acquisition [Line Items]
Finite-lived Intangibles	0
750 N. Glebe Road
Business Acquisition [Line Items]
Land	38,224
Buildings	1,327
Below Market Rent	0
Total Purchase Price	40,000
750 N. Glebe Road | In-place Leases
Business Acquisition [Line Items]
Finite-lived Intangibles	449
750 N. Glebe Road | Above Market Rent
Business Acquisition [Line Items]
Finite-lived Intangibles	0
730 N. Glebe Road
Business Acquisition [Line Items]
Land	2,683
Buildings	78
Below Market Rent	0
Total Purchase Price	2,800
730 N. Glebe Road | In-place Leases
Business Acquisition [Line Items]
Finite-lived Intangibles	39
730 N. Glebe Road | Above Market Rent
Business Acquisition [Line Items]
Finite-lived Intangibles	0
1584 Rockville Pike
Business Acquisition [Line Items]
Land	5,798
Buildings	440
Below Market Rent	(337)
Total Purchase Price	6,150
1584 Rockville Pike | In-place Leases
Business Acquisition [Line Items]
Finite-lived Intangibles	249
1584 Rockville Pike | Above Market Rent
Business Acquisition [Line Items]
Finite-lived Intangibles	$ 0

Noncontrolling Interest - Hol36

Noncontrolling Interest - Holders of Convertible Limited Partnership Units in Operating Partnership - Additional Information (Detail) - Noncontrolling Interest - shares shares in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Noncontrolling Interest [Line Items]
Percentage of ownership interest of noncontrolling interest	25.80%		25.80%
Limited partnership units	7,200		7,200
Limited partnership units, conversion ratio	100.00%		100.00%
Outstanding stock percent that should be acquired for rights to be exercised	39.90%		39.90%
Limited partnership units convertible in to shares of common stock, eligible for conversion	1,151		1,151
Fully converted partnership units and diluted weighted average shares outstanding	28,400	27,900	28,400	27,800

Notes Payable, Revolving Cred37

Notes Payable, Revolving Credit Facility, Interest and Amortization of Deferred Debt Costs - Additional Information (Detail) - USD ($)	Apr. 01, 2015	Mar. 03, 2015	Apr. 30, 2014	Jun. 30, 2015	Dec. 31, 2014
Debt Instrument [Line Items]
Outstanding debt				$ 853,392,000
Debt outstanding with fixed-rate				816,400,000	$ 784,800,000
Debt outstanding with variable-rate				37,000,000	72,600,000
Revolving credit facility payable				22,000,000	43,000,000
Carrying value of properties collateralizing mortgage notes				865,000,000	895,500,000
Construction loan				17,531,000	5,391,000
Total outstanding debt					857,400,000
Olney Center
Debt Instrument [Line Items]
Proceeds from sale of real estate			$ 11,000,000	11,000,000
Sale-leaseback, monthly lease payments				$ 60,400
Annual increase in rental payments, percentage				1.50%
Sale-leaseback, fixed interest rate				8.00%
Sales price of property				$ 11,000,000
Sale leaseback, option to purchase the property			$ 14,600,000	14,600,000
Metro Pike Center Bank Loan | Fixed Rate Mortgage Notes Payable
Debt Instrument [Line Items]
Guarantor obligations, maximum exposure				7,800,000
Metro Pike Center Bank Loan | Variable Rate Loans Payable
Debt Instrument [Line Items]
Amount outstanding				15,000,000
Shops at Fairfax and Boulevard
Debt Instrument [Line Items]
Construction-to-permanent loan		$ 30,000,000
Debt Instrument, Term		15 years
Debt Instrument, Maturity Date, Year		2,030
Debt Instrument, Interest Rate, Stated Percentage		3.69%
Shops at Fairfax and Boulevard | Fixed Rate Mortgage Notes Payable
Debt Instrument [Line Items]
Debt Instrument, Periodic Payment		$ 153,300
Debt Instrument, Amortization Period		25 years
Debt Instrument, Final Payment Amount		$ 15,500,000
Northrock
Debt Instrument [Line Items]
Construction-to-permanent loan	$ 16,000,000
Debt Instrument, Term	15 years
Debt Instrument, Maturity Date, Year	2,030
Debt Instrument, Interest Rate, Stated Percentage	3.99%
Northrock | Fixed Rate Mortgage Notes Payable
Debt Instrument [Line Items]
Debt Instrument, Periodic Payment	$ 84,400
Debt Instrument, Amortization Period	25 years
Debt Instrument, Final Payment Amount	$ 8,400,000
Van Ness Square
Debt Instrument [Line Items]
Construction-to-permanent loan				71,600,000
Construction loan				17,500,000
Unsecured Revolving Credit Facility
Debt Instrument [Line Items]
Revolving credit facility payable				22,000,000	$ 43,000,000
Line of credit facility, maximum borrowing capacity				$ 275,000,000
Line of credit facility maturity date				Jun. 23, 2018
Extension in line of credit facility period				1 year
Line of credit facility, maximum borrowing capacity				$ 252,600,000
Description of variable rate basis				one-month LIBOR
Unsecured Revolving Credit Facility | LIBOR
Debt Instrument [Line Items]
Interest rate spread on LIBOR				1.45%
Unsecured Revolving Credit Facility | LIBOR | Minimum
Debt Instrument [Line Items]
Interest rate spread on LIBOR				1.45%
Unsecured Revolving Credit Facility | LIBOR | Maximum
Debt Instrument [Line Items]
Interest rate spread on LIBOR				2.00%
Letter of Credit
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity				$ 448,000

Notes Payable, Revolving Cred38

Notes Payable, Revolving Credit Facility, Interest and Amortization of Deferred Debt Costs - Scheduled Maturities of Debt, Including Scheduled Principal Amortization (Detail) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Debt Instrument [Line Items]
Outstanding line of credit	$ 22,000	$ 43,000
Balloon Payments
July 1 through December 31, 2015	0
2,016	14,724
2,017	0
2,018	49,748
2,019	60,793
2,020	61,163
Thereafter	404,888
Balloon Payments, Total	591,316
Scheduled Principal Amortization
July 1 through December 31, 2015	11,826
2,016	24,413
2,017	25,715
2,018	25,902
2,019	24,615
2,020	21,892
Thereafter	127,713
Principal Amortization, Total	262,076
Total
July 1 through December 31, 2015	11,826
2,016	39,137
2,017	25,715
2,018	75,650
2,019	85,408
2,020	83,055
Thereafter	532,601
Total	853,392
Unsecured Revolving Credit Facility
Debt Instrument [Line Items]
Outstanding line of credit	$ 22,000	$ 43,000

Notes Payable, Revolving Cred39

Notes Payable, Revolving Credit Facility, Interest and Amortization of Deferred Debt Costs - Interest Expense and Amortization of Deferred Debt Costs (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Debt Disclosure [Abstract]
Interest incurred	$ 11,414	$ 11,342	$ 22,798	$ 22,582
Amortization of deferred debt costs	392	284	754	614
Capitalized interest	(453)	(140)	(793)	(243)
Interest expense and amortization of deferred debt costs	$ 11,353	$ 11,486	$ 22,759	$ 22,953

Stockholders' Equity and Nonc40

Stockholders' Equity and Noncontrolling Interests - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands, shares in Millions	Nov. 12, 2014	Feb. 12, 2013	Dec. 31, 2014	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Class of Stock [Line Items]
Income attributable to noncontrolling interests				$ 2,537	$ 4,433	$ 5,011	$ 6,857
6.875 Series C Cumulative Redeemable Preferred Stock
Class of Stock [Line Items]
Number of depositary shares sold		5.6
Depository shares to cumulative redeemable preferred stock ratio		1.00%
Percentage of redeemable preferred stock		6.875%
Cash proceeds from sale depositary shares		$ 135,200
Dividend payment accrual date		Feb. 12, 2018
Cumulative redeemable preferred stock liquidation preference (in usd per share)		$ 25
Annual dividend on depositary shares (in usd per share)		$ 1.71875
Series C Preferred Stock
Class of Stock [Line Items]
Number of depositary shares sold	1.6
Percentage of redeemable preferred stock		6.875%
Cash proceeds from sale depositary shares	$ 39,300
Series A Preferred Stock
Class of Stock [Line Items]
Dividend rate on preferred stock			8.00%

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Detail) - USD ($)	6 Months Ended		12 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2012	Dec. 31, 2014	Sep. 04, 2012
Related Party Transactions [Abstract]
Company contribution to a multi employer 401K plan at discretionary amount of employee's cash compensation, maximum percentage	6.00%
Company contribution to a multi employer 401K plan at discretionary amount of employee's cash compensation, amount	$ 215,200	$ 191,600
Deferred compensation, employee contribution, percentage	2.00%
Deferred compensation, company contribution, amount	$ 64,200	71,100
Number of times the employer contribution is higher than the amount deferred by employees	300.00%
Deferred compensation, cumulative unfunded liability	$ 1,600,000			$ 1,800,000
Ancillary costs and expenses	4,000,000	3,600,000
Liability due to The Saul Organization for the Company's share of these ancillary costs and expenses	423,300			$ 543,000
Extended lease expiration period			5 years
Percentage of annual increase in base rent			3.00%
Rent expense	451,700	414,000
Insurance Commissions and fees expense	$ 170,100	169,700
Monthly consulting fees					$ 60,000
Consulting fees		$ 360,000

Stock Option Plans - Additional

Stock Option Plans - Additional Information (Detail)	6 Months Ended	12 Months Ended
	Jun. 30, 2015CompensationPlan$ / sharesshares	Dec. 31, 2008shares	Dec. 31, 2007shares
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Number of stock incentive plans	2
Option expiration period	10 years
Option vesting period	4 years
Closing share price (in usd per share) | $ / shares	$ 49.19
Options granted (in shares) | shares	225,000	20,000	73,403
Weighted average remaining contractual life of the Company's outstanding options	7 years 5 months 23 days
Weighted average remaining contractual life of the Company's exercisable options	6 years 1 month 18 days

Stock Option Plans - Stock Opti

Stock Option Plans - Stock Options Issued (Detail) - Jun. 30, 2015	USD ($)$ / sharesshares
Share Based Compensation Arrangements By Share Based Payment Award Options [Line Items]
Exercisable at end of period (in shares) | shares	479,024
Exercise price (in usd per share) | $ / shares	$ 42.80
Weighted average term of remaining future expense	3 years 20 days
Directors | 5/1/2006
Share Based Compensation Arrangements By Share Based Payment Award Options [Line Items]
Grant date	May 1, 2006
Total grant (in shares) | shares	30,000
Vested (in shares)	$ 30,000
Exercised (in shares) | shares	12,500
Forfeited (in shares) | shares	2,500
Exercisable at end of period (in shares) | shares	15,000
Remaining unexercised (in shares) | shares	15,000
Exercise price (in usd per share) | $ / shares	$ 40.35
Volatility	0.206
Expected life (years)	9 years
Assumed yield	5.93%
Risk-free rate	5.11%
Total value at grant date	$ 143,400
Expensed in previous years	143,400
Expensed in 2015	0
Future expense	$ 0
Directors | 4/27/2007
Share Based Compensation Arrangements By Share Based Payment Award Options [Line Items]
Grant date	Apr. 27, 2007
Total grant (in shares) | shares	30,000
Vested (in shares)	$ 30,000
Exercised (in shares) | shares	2,500
Forfeited (in shares) | shares	7,500
Exercisable at end of period (in shares) | shares	20,000
Remaining unexercised (in shares) | shares	20,000
Exercise price (in usd per share) | $ / shares	$ 54.17
Volatility	0.225
Expected life (years)	8 years
Assumed yield	4.39%
Risk-free rate	4.65%
Total value at grant date	$ 285,300
Expensed in previous years	285,300
Expensed in 2015	0
Future expense	$ 0
Directors | 4/25/2008
Share Based Compensation Arrangements By Share Based Payment Award Options [Line Items]
Grant date	Apr. 25, 2008
Total grant (in shares) | shares	30,000
Vested (in shares)	$ 30,000
Exercised (in shares) | shares	2,500
Forfeited (in shares) | shares	7,500
Exercisable at end of period (in shares) | shares	20,000
Remaining unexercised (in shares) | shares	20,000
Exercise price (in usd per share) | $ / shares	$ 50.15
Volatility	0.237
Expected life (years)	7 years
Assumed yield	4.09%
Risk-free rate	3.49%
Total value at grant date	$ 254,700
Expensed in previous years	254,700
Expensed in 2015	0
Future expense	$ 0
Directors | 4/24/2009
Share Based Compensation Arrangements By Share Based Payment Award Options [Line Items]
Grant date	Apr. 24, 2009
Total grant (in shares) | shares	32,500
Vested (in shares)	$ 32,500
Exercised (in shares) | shares	22,500
Forfeited (in shares) | shares	0
Exercisable at end of period (in shares) | shares	10,000
Remaining unexercised (in shares) | shares	10,000
Exercise price (in usd per share) | $ / shares	$ 32.68
Volatility	0.344
Expected life (years)	6 years
Assumed yield	4.54%
Risk-free rate	2.19%
Total value at grant date	$ 222,950
Expensed in previous years	222,950
Expensed in 2015	0
Future expense	$ 0
Directors | 5/7/2010
Share Based Compensation Arrangements By Share Based Payment Award Options [Line Items]
Grant date	May 7, 2010
Total grant (in shares) | shares	32,500
Vested (in shares)	$ 32,500
Exercised (in shares) | shares	12,500
Forfeited (in shares) | shares	2,500
Exercisable at end of period (in shares) | shares	17,500
Remaining unexercised (in shares) | shares	17,500
Exercise price (in usd per share) | $ / shares	$ 38.76
Volatility	0.369
Expected life (years)	5 years
Assumed yield	4.23%
Risk-free rate	2.17%
Total value at grant date	$ 287,950
Expensed in previous years	287,950
Expensed in 2015	0
Future expense	$ 0
Directors | 5/13/2011
Share Based Compensation Arrangements By Share Based Payment Award Options [Line Items]
Grant date	May 13, 2011
Total grant (in shares) | shares	32,500
Vested (in shares)	$ 32,500
Exercised (in shares) | shares	12,500
Forfeited (in shares) | shares	2,500
Exercisable at end of period (in shares) | shares	17,500
Remaining unexercised (in shares) | shares	17,500
Exercise price (in usd per share) | $ / shares	$ 41.82
Volatility	0.358
Expected life (years)	5 years
Assumed yield	4.16%
Risk-free rate	1.86%
Total value at grant date	$ 297,375
Expensed in previous years	297,375
Expensed in 2015	0
Future expense	$ 0
Directors | 5/4/2012
Share Based Compensation Arrangements By Share Based Payment Award Options [Line Items]
Grant date	May 4, 2012
Total grant (in shares) | shares	35,000
Vested (in shares)	$ 35,000
Exercised (in shares) | shares	12,500
Forfeited (in shares) | shares	0
Exercisable at end of period (in shares) | shares	22,500
Remaining unexercised (in shares) | shares	22,500
Exercise price (in usd per share) | $ / shares	$ 39.29
Volatility	0.348
Expected life (years)	5 years
Assumed yield	4.61%
Risk-free rate	0.78%
Total value at grant date	$ 257,250
Expensed in previous years	257,250
Expensed in 2015	0
Future expense	$ 0
Directors | 5/10/2013
Share Based Compensation Arrangements By Share Based Payment Award Options [Line Items]
Grant date	May 10, 2013
Total grant (in shares) | shares	35,000
Vested (in shares)	$ 35,000
Exercised (in shares) | shares	10,000
Forfeited (in shares) | shares	0
Exercisable at end of period (in shares) | shares	25,000
Remaining unexercised (in shares) | shares	25,000
Exercise price (in usd per share) | $ / shares	$ 44.42
Volatility	0.333
Expected life (years)	5 years
Assumed yield	4.53%
Risk-free rate	0.82%
Total value at grant date	$ 278,250
Expensed in previous years	278,250
Expensed in 2015	0
Future expense	$ 0
Directors | 5/9/2014
Share Based Compensation Arrangements By Share Based Payment Award Options [Line Items]
Grant date	May 9, 2014
Total grant (in shares) | shares	30,000
Vested (in shares)	$ 30,000
Exercised (in shares) | shares	2,500
Forfeited (in shares) | shares	0
Exercisable at end of period (in shares) | shares	27,500
Remaining unexercised (in shares) | shares	27,500
Exercise price (in usd per share) | $ / shares	$ 47.03
Volatility	0.173
Expected life (years)	5 years
Assumed yield	4.48%
Risk-free rate	1.63%
Total value at grant date	$ 109,500
Expensed in previous years	109,500
Expensed in 2015	0
Future expense	$ 0
Directors | 5/8/2015
Share Based Compensation Arrangements By Share Based Payment Award Options [Line Items]
Grant date	May 8, 2015
Total grant (in shares) | shares	35,000
Vested (in shares)	$ 35,000
Exercised (in shares) | shares	0
Forfeited (in shares) | shares	0
Exercisable at end of period (in shares) | shares	35,000
Remaining unexercised (in shares) | shares	35,000
Exercise price (in usd per share) | $ / shares	$ 51.07
Volatility	0.166
Expected life (years)	5 years
Assumed yield	4.54%
Risk-free rate	1.50%
Total value at grant date	$ 125,300
Expensed in previous years	0
Expensed in 2015	125,300
Future expense	$ 0
Directors | Subtotals
Share Based Compensation Arrangements By Share Based Payment Award Options [Line Items]
Total grant (in shares) | shares	322,500
Vested (in shares)	$ 322,500
Exercised (in shares) | shares	90,000
Forfeited (in shares) | shares	22,500
Exercisable at end of period (in shares) | shares	210,000
Remaining unexercised (in shares) | shares	210,000
Total value at grant date	$ 2,261,975
Expensed in previous years	2,136,675
Expensed in 2015	125,300
Future expense	$ 0
Officers
Share Based Compensation Arrangements By Share Based Payment Award Options [Line Items]
Total grant (in shares) | shares	1,425,000
Vested (in shares)	$ 724,375
Exercised (in shares) | shares	222,851
Forfeited (in shares) | shares	298,750
Exercisable at end of period (in shares) | shares	479,024
Remaining unexercised (in shares) | shares	903,399
Total value at grant date	$ 10,821,550
Estimated forfeitures	1,910,624
Expensed in previous years	5,432,122
Expensed in 2015	635,275
Future expense	$ 2,843,529
Officers | 4/27/2007
Share Based Compensation Arrangements By Share Based Payment Award Options [Line Items]
Grant date	Apr. 27, 2007
Total grant (in shares) | shares	135,000
Vested (in shares)	$ 67,500
Exercised (in shares) | shares	14,097
Forfeited (in shares) | shares	67,500
Exercisable at end of period (in shares) | shares	53,403
Remaining unexercised (in shares) | shares	53,403
Exercise price (in usd per share) | $ / shares	$ 54.17
Volatility	0.233
Expected life (years)	6 years 6 months
Assumed yield	4.13%
Risk-free rate	4.61%
Total value at grant date	$ 1,339,200
Estimated forfeitures	62,000
Expensed in previous years	1,277,200
Expensed in 2015	0
Future expense	$ 0
Officers | 5/13/2011
Share Based Compensation Arrangements By Share Based Payment Award Options [Line Items]
Grant date	May 13, 2011
Total grant (in shares) | shares	162,500
Vested (in shares)	$ 118,750
Exercised (in shares) | shares	57,504
Forfeited (in shares) | shares	43,750
Exercisable at end of period (in shares) | shares	61,246
Remaining unexercised (in shares) | shares	61,246
Exercise price (in usd per share) | $ / shares	$ 41.82
Volatility	0.330
Expected life (years)	8 years
Assumed yield	4.81%
Risk-free rate	2.75%
Total value at grant date	$ 1,366,625
Estimated forfeitures	367,937
Expensed in previous years	909,563
Expensed in 2015	89,125
Future expense	$ 0
Officers | 5/4/2012
Share Based Compensation Arrangements By Share Based Payment Award Options [Line Items]
Grant date	May 4, 2012
Total grant (in shares) | shares	242,500
Vested (in shares)	$ 81,875
Exercised (in shares) | shares	38,750
Forfeited (in shares) | shares	135,000
Exercisable at end of period (in shares) | shares	43,125
Remaining unexercised (in shares) | shares	68,750
Exercise price (in usd per share) | $ / shares	$ 39.29
Volatility	0.315
Expected life (years)	8 years
Assumed yield	5.28%
Risk-free rate	1.49%
Total value at grant date	$ 1,518,050
Estimated forfeitures	889,690
Expensed in previous years	418,899
Expensed in 2015	78,546
Future expense	$ 130,915
Officers | 5/10/2013
Share Based Compensation Arrangements By Share Based Payment Award Options [Line Items]
Grant date	May 10, 2013
Total grant (in shares) | shares	202,500
Vested (in shares)	$ 91,250
Exercised (in shares) | shares	21,875
Forfeited (in shares) | shares	30,000
Exercisable at end of period (in shares) | shares	69,375
Remaining unexercised (in shares) | shares	150,625
Exercise price (in usd per share) | $ / shares	$ 44.42
Volatility	0.304
Expected life (years)	8 years
Assumed yield	5.12%
Risk-free rate	1.49%
Total value at grant date	$ 1,401,300
Estimated forfeitures	280,468
Expensed in previous years	492,937
Expensed in 2015	134,550
Future expense	$ 493,345
Officers | 5/9/2014
Share Based Compensation Arrangements By Share Based Payment Award Options [Line Items]
Grant date	May 9, 2014
Total grant (in shares) | shares	170,000
Vested (in shares)	$ 42,500
Exercised (in shares) | shares	625
Forfeited (in shares) | shares	0
Exercisable at end of period (in shares) | shares	41,875
Remaining unexercised (in shares) | shares	169,375
Exercise price (in usd per share) | $ / shares	$ 47.03
Volatility	0.306
Expected life (years)	7 years
Assumed yield	4.89%
Risk-free rate	2.17%
Total value at grant date	$ 1,349,800
Estimated forfeitures	168,749
Expensed in previous years	196,848
Expensed in 2015	147,636
Future expense	$ 836,567
Officers | 5/8/2015
Share Based Compensation Arrangements By Share Based Payment Award Options [Line Items]
Grant date	May 8, 2015
Total grant (in shares) | shares	190,000
Vested (in shares)	$ 0
Exercised (in shares) | shares	0
Forfeited (in shares) | shares	0
Exercisable at end of period (in shares) | shares	0
Remaining unexercised (in shares) | shares	190,000
Exercise price (in usd per share) | $ / shares	$ 51.07
Volatility	0.298
Expected life (years)	7 years
Assumed yield	4.94%
Risk-free rate	1.89%
Total value at grant date	$ 1,584,600
Estimated forfeitures	141,780
Expensed in previous years	0
Expensed in 2015	60,118
Future expense	$ 1,382,702
Officers | Subtotals
Share Based Compensation Arrangements By Share Based Payment Award Options [Line Items]
Total grant (in shares) | shares	1,102,500
Vested (in shares)	$ 401,875
Exercised (in shares) | shares	132,851
Forfeited (in shares) | shares	276,250
Exercisable at end of period (in shares) | shares	269,024
Remaining unexercised (in shares) | shares	693,399
Total value at grant date	$ 8,559,575
Estimated forfeitures	1,910,624
Expensed in previous years	3,295,447
Expensed in 2015	509,975
Future expense	$ 2,843,529

Stock Option Plans - Summary of

Stock Option Plans - Summary of Option Activity (Detail) - USD ($)	6 Months Ended	12 Months Ended
	Jun. 30, 2015	Dec. 31, 2008	Dec. 31, 2007
Number of Shares
Outstanding at beginning of period (in shares)	748,208
Granted (in shares)	225,000	20,000	73,403
Exercised (in shares)	(69,809)
Expired/Forfeited (in shares)	0
Outstanding at end of period (in shares)	903,399
Exercisable at end of period (in shares)	479,024
Weighted Average Exercise Price per share
Outstanding at beginning of period (in usd per share)	$ 44.79
Granted (in usd per share)	51.07
Exercised (in usd per share)	42.80
Expired/Forfeited (in usd per share)	0
Outstanding at end of period (in usd per share)	46.51
Exercisable at end of period (in usd per share)	$ 45.31
Aggregate Intrinsic Value
Outstanding at beginning of period	$ 9,274,028
Granted	0
Exercised	$ 1,019,890
Expired/Forfeited
Outstanding at end of period	$ 3,226,939
Exercisable at end of period	$ 2,310,289

Fair Value of Financial Instr45

Fair Value of Financial Instruments - Additional Information (Detail) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2015	Dec. 31, 2014
Fair Value of Financial Instruments [Line Items]
Long-term debt, fixed interest rate	3.95%	3.65%
Notes payable, fair value	$ 884.4	$ 886.4
Notes payable, carrying value	$ 816.4	$ 784.8
Interest Rate Swap
Fair Value of Financial Instruments [Line Items]
Interest rate swap agreement, termination date	Jul. 1, 2020
Fair value of derivative liability	$ 3.1

Fair Value of Financial Instr46

Fair Value of Financial Instruments - Changes in Fair Value of Swaps (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Change in fair value:
Recognized in earnings	$ 0	$ (5)	$ (6)	$ (7)
Recognized in other comprehensive income	478	(420)	51	(647)
Total change in fair value	$ 478	$ (425)	$ 45	$ (654)

Business Segments - Additional

Business Segments - Additional Information (Detail)	6 Months Ended
	Jun. 30, 2015segment
Segment Reporting [Abstract]
Number of reportable business segments	2

Business Segments (Detail)

Business Segments (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014
Segment Reporting Information [Line Items]
Revenue	$ 51,711	$ 52,286	$ 103,799	$ 105,233
Expenses	(12,486)	(11,829)	(26,249)	(25,070)
Income from real estate	39,225	40,457	77,550	80,163
Interest expense and amortization of deferred debt costs	(11,353)	(11,486)	(22,759)	(22,953)
General and administrative	(4,139)	(4,023)	(7,910)	(8,703)
Acquisition related costs	0	(216)	(21)	(379)
Predevelopment expenses				(503)
Subtotal	23,733	24,732	46,860	47,625
Depreciation and amortization of deferred leasing costs	(10,811)	(10,309)	(21,251)	(20,489)
Gain on sale of property	11	6,069	11	6,069
Change in fair value of derivatives	0	(5)	(6)	(7)
Net Income	12,933	20,487	25,614	33,198
Capital investment	14,953	18,457	25,577	32,345
Total assets	1,278,043	1,227,428	1,278,043	1,227,428	$ 1,266,987
Operating Segments | Shopping Centers
Segment Reporting Information [Line Items]
Revenue	38,300	39,056	77,664	78,875
Expenses	(7,954)	(8,002)	(17,490)	(17,492)
Income from real estate	30,346	31,054	60,174	61,383
Interest expense and amortization of deferred debt costs	0	0	0	0
General and administrative	0	0	0	0
Acquisition related costs		(216)	(21)	(379)
Predevelopment expenses				0
Subtotal	30,346	30,838	60,153	61,004
Depreciation and amortization of deferred leasing costs	(7,538)	(6,911)	(14,854)	(13,808)
Gain on sale of property	11	6,069	11	6,069
Change in fair value of derivatives		0	0	0
Net Income	22,819	29,996	45,310	53,265
Capital investment	2,533	13,592	5,479	24,324
Total assets	934,631	906,399	934,631	906,399
Operating Segments | Mixed-Use Properties
Segment Reporting Information [Line Items]
Revenue	13,398	13,210	26,109	26,323
Expenses	(4,532)	(3,827)	(8,759)	(7,578)
Income from real estate	8,866	9,383	17,350	18,745
Interest expense and amortization of deferred debt costs	0	0	0	0
General and administrative	0	0	0	0
Acquisition related costs		0	0	0
Predevelopment expenses				(503)
Subtotal	8,866	9,383	17,350	18,242
Depreciation and amortization of deferred leasing costs	(3,273)	(3,398)	(6,397)	(6,681)
Gain on sale of property	0	0	0	0
Change in fair value of derivatives		0	0	0
Net Income	5,593	5,985	10,953	11,561
Capital investment	12,420	4,865	20,098	8,021
Total assets	322,538	297,009	322,538	297,009
Corporate and Other | Corporate and Other
Segment Reporting Information [Line Items]
Revenue	13	20	26	35
Expenses	0	0	0	0
Income from real estate	13	20	26	35
Interest expense and amortization of deferred debt costs	(11,353)	(11,486)	(22,759)	(22,953)
General and administrative	(4,139)	(4,023)	(7,910)	(8,703)
Acquisition related costs		0	0	0
Predevelopment expenses				0
Subtotal	(15,479)	(15,489)	(30,643)	(31,621)
Depreciation and amortization of deferred leasing costs	0	0	0	0
Gain on sale of property	0	0	0	0
Change in fair value of derivatives		(5)	(6)	(7)
Net Income	(15,479)	(15,494)	(30,649)	(31,628)
Capital investment	0	0	0	0
Total assets	$ 20,874	$ 24,020	$ 20,874	$ 24,020