Saul Centers (BFS) 10-K 7 Mar 17 2016 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016	Mar. 01, 2017	Jun. 30, 2016
Document And Entity Information [Abstract]
Document type	10-K
Amendment flag	false
Document period end date	Dec. 31, 2016
Document fiscal year focus	2,016
Document fiscal period focus	FY
Trading symbol	BFS
Entity registrant name	SAUL CENTERS INC
Entity central index key	907,254
Current fiscal year end date	--12-31
Entity well-known seasoned issuer	No
Entity current reporting status	Yes
Entity voluntary filers	No
Entity filer category	Accelerated Filer
Entity common stock, shares outstanding		21,500,000
Entity public float			$ 741.9

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Real estate investments
Land	$ 422,546	$ 424,837
Buildings and equipment	1,214,697	1,114,357
Construction in progress	63,570	83,516
Total	1,700,813	1,622,710
Accumulated depreciation	(458,279)	(425,370)
Real estate investments, net	1,242,534	1,197,340
Cash and cash equivalents	8,322	10,003
Accounts receivable and accrued income, net	53,033	51,076
Deferred leasing costs, net	25,983	26,919
Prepaid expenses, net	5,057	4,663
Other assets	8,096	5,407
Total assets	1,343,025	1,295,408
Liabilities
Mortgage notes payable	783,400	796,169
Revolving credit facility payable	48,217	26,695
Construction loan payable	68,672	43,641
Dividends and distributions payable	17,953	15,380
Accounts payable, accrued expenses and other liabilities	20,838	27,687
Deferred income	30,696	32,109
Total liabilities	969,776	941,681
Preferred stock, 1,000,000 shares authorized:
Series C Cumulative Redeemable, 72,000 shares issued and outstanding	180,000	180,000
Common stock, $0.01 par value, 40,000,000 shares authorized, 21,704,359 and 21,266,239 shares issued and outstanding, respectively	217	213
Additional paid-in capital	328,171	305,008
Accumulated deficit	(188,584)	(180,091)
Accumulated other comprehensive loss	(1,299)	(1,802)
Total Saul Centers, Inc. stockholders' equity	318,505	303,328
Noncontrolling interests	54,744	50,399
Total stockholders' equity	373,249	353,727
Total liabilities and stockholders' equity	$ 1,343,025	$ 1,295,408

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2016	Dec. 31, 2015
Statement of Financial Position [Abstract]
Preferred stock, shares authorized (in shares)	1,000,000	1,000,000
Cumulative redeemable preferred stock, shares issued (in shares)	72,000	72,000
Cumulative redeemable preferred stock, shares outstanding (in shares)	72,000	72,000
Common stock, par value (in usd per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	40,000,000	40,000,000
Common stock, shares issued (in shares)	21,704,359	21,266,239
Common stock, shares outstanding (in shares)	21,704,359	21,266,239

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Revenue
Base rent	$ 172,381	$ 168,303	$ 164,599
Expense recoveries	34,269	32,911	32,132
Percentage rent	1,379	1,608	1,492
Other	9,041	6,255	8,869
Total revenue	217,070	209,077	207,092
Operating expenses
Property operating expenses	27,527	26,565	26,479
Provision for credit losses	1,494	915	680
Real estate taxes	24,680	23,663	22,354
Interest expense and amortization of deferred debt costs	45,683	45,165	46,034
Depreciation and amortization of deferred leasing costs	44,417	43,270	41,203
General and administrative	17,496	16,353	16,961
Acquisition related costs	60	84	949
Predevelopment expenses	0	132	503
Total operating expenses	161,357	156,147	155,163
Operating income	55,713	52,930	51,929
Change in fair value of derivatives	(6)	(10)	(10)
Gains on sales of properties	1,013	11	6,069
Net income (loss)	56,720	52,931	57,988
Income attributable to noncontrolling interests	(11,441)	(10,463)	(11,045)
Net income attributable to Saul Centers, Inc.	45,279	42,468	46,943
Preferred stock redemption	0	0	(1,480)
Preferred dividends	(12,375)	(12,375)	(13,361)
Net income available to common stockholders	$ 32,904	$ 30,093	$ 32,102
Per share net income available to common stockholders
Basic (in usd per share)	$ 1.53	$ 1.42	$ 1.55
Diluted (in usd per share)	$ 1.52	$ 1.42	$ 1.54

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Statement of Comprehensive Income [Abstract]
Net income	$ 56,720	$ 52,931	$ 57,988
Other comprehensive income
Unrealized gain (loss) on cash flow hedge	678	124	(675)
Total comprehensive income	57,398	53,055	57,313
Comprehensive income attributable to noncontrolling interests	(11,616)	(10,495)	(10,874)
Total comprehensive income attributable to Saul Centers, Inc.	45,782	42,560	46,439
Preferred stock redemption	0	0	(1,480)
Preferred dividends	(12,375)	(12,375)	(13,361)
Total comprehensive income available to common stockholders	$ 33,407	$ 30,185	$ 31,598

Consolidated Statements of Stoc

Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands	Total	Dividend paid	Dividend declared	Series C Preferred Stock	Series C Preferred StockDividend paid	Series C Preferred StockDividend declared	Series A Preferred Stock	Series A Preferred StockDividend paid	Preferred Stock	Preferred StockSeries C Preferred Stock	Preferred StockSeries A Preferred Stock	Common Stock	Additional Paid-in Capital	Additional Paid-in CapitalSeries C Preferred Stock	Additional Paid-in CapitalSeries A Preferred Stock	Accumulated Deficit	Accumulated DeficitDividend paid	Accumulated DeficitDividend declared	Accumulated DeficitSeries C Preferred StockDividend paid	Accumulated DeficitSeries C Preferred StockDividend declared	Accumulated DeficitSeries A Preferred Stock	Accumulated DeficitSeries A Preferred StockDividend paid	Accumulated Other Comprehensive (Loss)	Total Saul Centers, Inc.	Total Saul Centers, Inc.Dividend paid	Total Saul Centers, Inc.Dividend declared	Total Saul Centers, Inc.Series C Preferred Stock	Total Saul Centers, Inc.Series C Preferred StockDividend paid	Total Saul Centers, Inc.Series C Preferred StockDividend declared	Total Saul Centers, Inc.Series A Preferred Stock	Total Saul Centers, Inc.Series A Preferred StockDividend paid	Noncontrolling Interests	Noncontrolling InterestsDividend paid	Noncontrolling InterestsDividend declared
Beginning balance at Dec. 31, 2013	$ 315,126								$ 180,000			$ 206	$ 270,428			$ (172,564)							$ (1,392)	$ 276,678								$ 38,448
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of shares of preferred stock				$ 39,260						$ 40,000				$ (740)													$ 39,260
Redemption of preferred stock							$ (40,000)				$ (40,000)				$ 1,475						$ (1,475)									$ (40,000)
Issuance of common stock:
Shares issued pursuant to dividend reinvestment plan	9,264											2	9,262											9,264
Shares issued due to exercise of employee stock options and issuance of directors' deferred stock	7,571											1	7,570											7,571
Issuance of partnership units pursuant to dividend reinvestment plan	8,877																															8,877
Net income	57,988															46,943								46,943								11,045
Change in unrealized loss on cash flow hedge	(675)																						(502)	(502)								(173)
Preferred stock distributions:
Preferred stock distributions					$ (7,219)	$ (3,094)		$ (3,049)											$ (7,219)	$ (3,094)		$ (3,049)						$ (7,219)	$ (3,094)		$ (3,049)
Common stock distributions		$ (33,534)															$ (24,937)								$ (24,937)								$ (8,597)
Distributions payable common stock and distributions payable partnership units			$ (11,258)															$ (8,379)								$ (8,379)								$ (2,879)
Ending balance at Dec. 31, 2014	339,257								180,000			209	287,995			(173,774)							(1,894)	292,536								46,721
Issuance of common stock:
Shares issued pursuant to dividend reinvestment plan	10,650											3	10,647											10,650
Shares issued due to exercise of employee stock options and issuance of directors' deferred stock	6,367											1	6,366											6,367
Issuance of partnership units pursuant to dividend reinvestment plan	5,673																															5,673
Net income	52,931															42,468								42,468								10,463
Change in unrealized loss on cash flow hedge	124																						92	92								32
Preferred stock distributions:
Preferred stock distributions					(9,282)	(3,093)													(9,282)	(3,093)								(9,282)	(3,093)
Common stock distributions		(36,614)															(27,265)								(27,265)								(9,349)
Distributions payable common stock and distributions payable partnership units			(12,286)															(9,145)								(9,145)								(3,141)
Ending balance at Dec. 31, 2015	353,727								180,000			213	305,008			(180,091)							(1,802)	303,328								50,399
Issuance of common stock:
Shares issued pursuant to dividend reinvestment plan	10,311											2	10,309											10,311
Shares issued due to exercise of employee stock options and issuance of directors' deferred stock	12,856											2	12,854											12,856
Issuance of partnership units pursuant to dividend reinvestment plan	6,910																															6,910
Net income	56,720															45,279								45,279								11,441
Change in unrealized loss on cash flow hedge	678																						503	503								175
Preferred stock distributions:
Preferred stock distributions					$ (9,282)	$ (3,093)													$ (9,282)	$ (3,093)								$ (9,282)	$ (3,093)
Common stock distributions		$ (40,720)															$ (30,328)								$ (30,328)								$ (10,392)
Distributions payable common stock and distributions payable partnership units			$ (14,858)															$ (11,069)								$ (11,069)								$ (3,789)
Ending balance at Dec. 31, 2016	$ 373,249								$ 180,000			$ 217	$ 328,171			$ (188,584)							$ (1,299)	$ 318,505								$ 54,744

Consolidated Statements of Sto7

Consolidated Statements of Stockholders' Equity (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Common Stock Shares Issued	186,797	201,212	197,638
Shares issued to directors (in shares)	251,323	117,886	172,887
Issuance of partnership units pursuant to dividend reinvestment plan (in shares)	124,758	107,037	196,183
Series A Preferred Stock
Redemption of preferred stock (in shares)			16,000
Series C Preferred Stock
Issuance of preferred stock, (in shares)			16,000
Dividend declared
Distributions payable common stock and partnership units (in usd per share)	$ 0.51	$ 0.43	$ 0.4
Dividend declared | Series C Preferred Stock
Distributions payable on preferred stock (in usd per share)	$ 42.97	$ 42.97	$ 42.97

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Cash flows from operating activities:
Net income		$ 56,720	$ 52,931	$ 57,988
Adjustments to reconcile net income to net cash provided by operating activities:
Change in fair value of derivatives		6	10	10
Gains on sales of properties		(1,013)	(11)	(6,069)
Depreciation and amortization of deferred leasing costs		44,417	43,270	41,203
Amortization of deferred debt costs		1,343	1,433	1,327
Non cash compensation costs of stock grants and options		1,603	1,434	1,240
Provision for credit losses		1,494	915	680
Increase in accounts receivable and accrued income		(3,516)	(5,207)	(3,320)
Additions to deferred leasing costs		(4,633)	(5,563)	(4,048)
Increase in prepaid expenses		(399)	(570)	(60)
(Increase) decrease in other assets		(6,377)	1,535	(694)
Increase (decrease) in accounts payable, accrued expenses and other liabilities		921	(937)	1,149
Decrease in deferred income		(1,476)	(344)	(2,838)
Net cash provided by operating activities		89,090	88,896	86,568
Cash flows from investing activities:
Acquisitions of real estate investments	[1]	(48,250)	(4,894)	(57,494)
Additions to real estate investments		(15,564)	(18,855)	(14,986)
Additions to development and redevelopment projects		(27,231)	(45,870)	(17,788)
Proceeds from sale of properties		4,771	32	6,679
Net cash used in investing activities		(86,274)	(69,587)	(83,589)
Cash flows from financing activities:
Proceeds from mortgage notes payable	[1]	11,250	46,000	0
Repayments on mortgage notes payable		(24,653)	(52,963)	(22,071)
Proceeds from construction loans payable		24,937	39,817	5,391
Proceeds from revolving credit facility		78,500	20,000	90,000
Repayments on revolving credit facility		(57,500)	(35,000)	(47,000)
Additions to deferred debt costs		(125)	(296)	(1,264)
Proceeds from the issuance of:
Common stock		21,564	15,583	15,596
Partnership units		6,910	5,673	8,877
Distributions to:
Preferred stockholders		(12,375)	(12,375)	(13,474)
Common stockholders		(39,472)	(35,645)	(32,346)
Noncontrolling interests		(13,533)	(12,228)	(11,117)
Net cash used in financing activities		(4,497)	(21,434)	(8,148)
Net increase (decrease) in cash and cash equivalents		(1,681)	(2,125)	(5,169)
Cash and cash equivalents, beginning of year		10,003	12,128	17,297
Cash and cash equivalents, end of year		8,322	10,003	12,128
Supplemental disclosure of cash flow information:
Cash paid for interest		44,066	45,965	45,443
Increase (decrease) in accrued real estate investments and development costs		(7,098)	5,201	1,548
Notes payable from sale and leaseback				11,000
Series A Preferred Stock
Proceeds from the issuance of:
Series A preferred stock redemption payment		0	0	(40,000)
Distributions to:
Preferred stockholders		0	0	(3,849)
Series C Preferred Stock
Proceeds from the issuance of:
Series C preferred stock		0	0	39,260
Distributions to:
Preferred stockholders		$ (12,375)	$ (12,375)	$ (9,625)
[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.

Organization, Formation, and Ba

Organization, Formation, and Basis of Presentation	12 Months Ended
	Dec. 31, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization, Formation, and Basis of Presentation	ORGANIZATION, FORMATION, AND BASIS OF PRESENTATION Organization Saul Centers, Inc. (“Saul Centers”) was incorporated under the Maryland General Corporation Law on June 10, 1993. Saul Centers 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. Formation and Structure of Company 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 "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-used 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 significant properties acquired, developed and/or disposed of by the Company since January 1, 2014 . Name of Property Location Type Year of Acquisition/ Development/ Disposal Acquisitions 1580 Rockville Pike Rockville, Maryland Shopping Center January 2014 1582 Rockville Pike Rockville, Maryland Shopping Center April 2014 750 N. Glebe Road* Arlington, Virginia Shopping Center August 2014 730 N. Glebe Road* Arlington, Virginia Shopping Center December 2014 1584 Rockville Pike Rockville, Maryland Shopping Center December 2014 726 N. Glebe Road* Arlington, Virginia Shopping Center September 2015 700 N. Glebe Road Arlington, Virginia Development August 2016 Developments Park Van Ness Washington, DC Mixed-Use 2013-2016 Dispositions Giant Center Milford Mill, Maryland Shopping Center April 2014 Crosstown Business Center Tulsa, Oklahoma Mixed-Use December 2016 *As of August 2016, these properties were removed from operations and reclassified to development. As of December 31, 2016 , the Company’s properties (the “Current Portfolio Properties”) consisted of 49 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. Basis of Presentation The accompanying financial statements are presented on the historical cost basis of the Saul Organization because of affiliated ownership and common management and because the assets and liabilities were the subject of a business combination with the Operating Partnership, the Subsidiary Partnerships and Saul Centers, all newly formed entities with no prior operations.

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2016
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-used properties, primarily in the Washington, DC/Baltimore metropolitan area. Because the properties are located primarily in the Washington, DC/Baltimore metropolitan area, a disproportionate economic downturn in the local economy would have a greater negative impact on our overall financial performance than on the overall financial performance of a company with a portfolio that is more geographically diverse. A majority of the Shopping Centers are anchored by several major tenants. As of December 31, 2016 , 29 of the Shopping Centers were anchored by a grocery store and offer primarily day-to-day necessities and services. The number of grocery-anchored centers excludes the Briggs Chaney Plaza and Broadlands Village shopping centers, where Safeway ceased operations during the quarter ended June 30, 2016, but whose leases remain in full force and effect. Three retail tenants, Giant Food ( 4.3% ), a tenant at nine Shopping Centers, Capital One Bank ( 2.8% ), a tenant at 20 properties, and Albertson's/Safeway ( 2.6% ), a tenant at nine Shopping Centers, individually accounted for 2.5% or more of the Company’s total revenue for the year ended December 31, 2016 . Principles of Consolidation The accompanying consolidated financial statements include the accounts of Saul Centers, its subsidiaries, and the Operating Partnership and Subsidiary Partnerships which are majority owned by Saul Centers. All significant intercompany balances and transactions have been eliminated in consolidation. The Operating Partnership is a variable interest entity ("VIE") of the Company because the limited partners do not have substantive kick-out or participating rights. The Company is the primary beneficiary of the Operating Partnership because it has the power to direct the activities of the Operating Partnership and the rights to absorb 74.3% of the net income of the Operating Partnership. Because the Operating Partnership was already consolidated into the financial statements of the Company, the identification of it as a VIE has no impact on the consolidated financial statements of the Company. Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States 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. 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 then 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 property may be improved with an existing structure that would be demolished as part of the development. In such cases, the fair value of the building may be determined based only on existing leases and not include estimated cash flows related to future leases. In certain circumstances, such as if the building is vacant and the Company intends to demolish the building in the near term, the entire purchase price will be allocated to land. 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 a below market lease component is recorded as deferred income and accreted as additional lease revenue over the remaining contractual lease period. If the fair value of the below market lease intangible includes fair value associated with a renewal option, such amounts are not accreted until the renewal option is exercised. If the renewal option is not exercised the value is recognized at that time. The fair value of above market lease intangibles is recorded as a deferred asset and is amortized as a reduction of lease 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 either (a) expensed as incurred when related to business combinations or (b) capitalized to land and/or building when related to asset acquisitions. 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 fair 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 in 2016 , 2015 , or 2014 . Interest, real estate taxes, development related salary costs and other carrying costs are capitalized on projects under development and construction. Once construction is substantially completed and the assets are placed in service, their 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. Property operating expenses are charged to operations as incurred. Interest expense capitalized totaled $2.5 million , $2.2 million , and $ 0.7 million during 2016 , 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 improvements 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 improvement, using the straight-line method. Depreciation expense, which is included in Depreciation and amortization of deferred leasing costs in the Consolidated Statements of Operations, for the years ended December 31, 2016 , 2015 , and 2014 , was $38.7 million , $37.7 million , and $35.9 million , respectively. Repairs and maintenance expense totaled $11.8 million , $11.6 million , and $11.9 million for 2016 , 2015 , and 2014 , respectively, and is included in property operating expenses in the accompanying consolidated financial statements. 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 and are amortized, using the straight-line method, over the term of the lease or the remaining term of an acquired lease. 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. Collectively, deferred leasing costs totaled $26.0 million and $26.9 million , net of accumulated amortization of approximately $30.4 million and $26.6 million , as of December 31, 2016 and 2015 , respectively. Amortization expense, which is included in Depreciation and amortization of deferred leasing costs in the Consolidated Statements of Operations, totaled approximately $5.7 million , $5.6 million , and $5.3 million , for the years ended December 31, 2016 , 2015 , and 2014 , respectively. Construction in Progress Construction in progress includes 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. The following table shows the components of construction in progress. December 31, (in thousands) 2016 2015 Park Van Ness $ — $ 77,245 N. Glebe Road 58,147 — Other 5,423 6,271 Total $ 63,570 $ 83,516 Accounts Receivable and Accrued Income 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 consolidated financial statements are shown net of an allowance for doubtful accounts of $2.0 million and $1.3 million , at December 31, 2016 and 2015 , respectively. (In thousands) Year ended December 31, 2016 2015 2014 Beginning Balance $ 1,263 $ 677 $ 572 Provision for Credit Losses 1,494 915 680 Charge-offs (799 ) (329 ) (575 ) Ending Balance $ 1,958 $ 1,263 $ 677 In addition to rents due currently, accounts receivable also includes $43.1 million and $41.4 million , at December 31, 2016 and 2015 , respectively, net of allowance for doubtful accounts totaling $0.5 million and $0.5 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 December 31, 2015, the Company has classified as held-for-sale one operating property, comprising 197,100 square feet of gross leasable area. The book value of this property, which is included in Other Assets, was $3.4 million , net of accumulated depreciation of $7.0 million , which does not exceed its estimated fair value, less costs to sell, and liabilities were $0.2 million . The asset was sold in 2016. 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. Substantially all of the Company’s cash balances at December 31, 2016 are held in non-interest bearing accounts at various banks. From time to time the Company may maintain deposits with financial institutions in amounts in excess of federally insured limits. The Company has not experienced any losses on such deposits and believes it is not exposed to any significant credit risk on those deposits. 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 $7.5 million and $8.7 million , net of accumulated amortization of $7.3 million and $6.2 million at December 31, 2016 and 2015 , 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. 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, the Company may designate the hedging instrument, based upon the exposure being hedged, as a fair value hedge or a cash flow hedge. Derivative instruments that are designated as a hedge are evaluated to ensure they continue to qualify for hedge accounting. The effective portion of any 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 meet the criteria for hedge accounting, or that qualify and are not designated, changes in fair value are immediately recognized in earnings. Revenue Recognition Rental and interest income are accrued as earned. 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 stepped increases, income is recognized on a straight-line basis. Expense recoveries represent a portion of property operating expenses billed to the tenants, including common area maintenance, real estate taxes and other recoverable costs. Expense recoveries 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 specified breakpoint, pursuant to the terms of their respective leases. 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 complies with certain other requirements. Therefore, no provision has been made for federal income taxes in the accompanying consolidated financial statements. As of December 31, 2016 , the Company had no material unrecognized tax benefits and there exist no potentially significant unrecognized tax benefits which are reasonably expected to occur within the next twelve months. The Company recognizes penalties and interest accrued related to unrecognized tax benefits, if any, as general and administrative expense. No penalties and interest have been accrued in years 2016 , 2015 , and 2014 . The tax basis of the Company’s real estate investments was approximately $1.3 billion and $1.1 billion as of December 31, 2016 and 2015 , respectively. With few exceptions, the Company is no longer subject to U.S. federal, state, and local tax examinations by tax authorities for years before 2013. Stock Based Employee Compensation, Deferred Compensation and Stock 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 common stock’s closing market price on the first trading day of the following quarter to determine the number of shares to be allocated to the director. As of December 31, 2016 , the directors’ deferred fee accounts comprise 246,800 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 Shareholders, and their issuance may not be deferred. Each director was issued 200 shares for each of the years ended December 31, 2016 , 2015 , and 2014 . The shares were valued at the closing stock price on the dates the shares were awarded and included in general and administrative expenses in the total amounts of $150,100 , $143,000 , and $112,900 , for the years ended December 31, 2016 , 2015 , and 2014 , respectively. Noncontrolling Interest Saul Centers is the sole general partner of the Operating Partnership, owning a 74.3% common interest as of December 31, 2016 . Noncontrolling interest in the Operating Partnership is comprised of limited partnership units owned by the Saul Organization. Noncontrolling interest 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 interest reflected on the consolidated statements of operations represents earnings allocated to limited partnership interests held by the Saul Organization. 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 anti-dilutive. The treasury stock method was used to measure the effect of the dilution. December 31, (Shares in thousands) 2016 2015 2014 Weighted average common shares outstanding - Basic 21,505 21,127 20,772 Effect of dilutive options 110 69 49 Weighted average common shares outstanding - Diluted 21,615 21,196 20,821 Average share price $ 58.96 $ 53.38 $ 49.09 Non-dilutive options 129 111 107 Years non-dilutive options were issued 2007, 2015, and 2016 2007 and 2015 2007 and 2008 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. 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. Recently Issued Accounting Standards In April 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-08, “Presentation of Financial Statements (Topic 205) and Property Plant and Equipment (Topic 360)” (“ASU 2014-08”). ASU 2014-08 changes the requirements for reporting discontinued operations such that disposals of components of an entity will be reported in discontinued operations if the disposal represents a strategic shift that has (or will have) a major effect on an entity’s operations. ASU 2014-08 also requires additional disclosures about discontinued operations. ASU 2014-08 is effective for annual periods beginning after December 15, 2014, and interim periods within those years and early adoption is permitted. The Company retrospectively adopted ASU 2014-08 on April 15, 2014. The adoption of ASU 2014-08 did not have a material impact on the Company’s financial condition or results of operations. In May 2014, the FASB issued ASU No. 2014-09 titled “Revenue from Contracts with Customers” and subsequently issued several related ASUs (collectively “ASU 2014-09”). ASU 2014-09 will replace most existing revenue recognition guidance and will require an entity to recognize the amount of revenue 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 and early adoption is not permitted. 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 February 2015, the FASB issued ASU No. 2015-02, “Consolidation” ("ASU 2015-02"). ASU 2015-02 modifies existing consolidation guidance for reporting organizations that are required to evaluate whether they should consolidate certain legal entities. All legal entities are subject to reevaluation under the revised consolidation model. ASU 2015-02 is effective for annual periods beginning after December 15, 2015, and interim periods within those years. The adoption of ASU 2015-02 effective January 1, 2016, resulted in the Operating Partnership being classified as a variable interest entity. Because the Operating Partnership was already consolidated into the financial statements, adoption had no impact on the Company’s consolidated financial statements or 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. The Company retrospectively adopted ASU 2015-03 effective January 1, 2016. As a result of the adoption of ASU 2015-03, the Company no longer reports its net deferred debt costs as an asset and instead reports those amounts as reduction of the carrying value of the associated debt. In February 2016, the FASB issued ASU 2016-02, ‘‘Leases’’ (“ASU 2016-02”). ASU 2016-02 amends the existing accounting standards for lease accounting, including requiring lessees to recognize most leases on their balance sheets and making targeted changes to lessor accounting. ASU 2016-02 is effective for annual periods beginning after December 15, 2018, interim periods within those years, and requires a modified retrospective transition approach for all leases existing at the date of initial application, with an option to use certain practical expedients for those existing leases. We are evaluating the impact that ASU 2016-02 will have on our consolidated financial statements and related disclosures. In March 2016, the FASB issued ASU 2016-09, "Compensation-Stock Compensation" ("ASU 2016-09"). ASU 2016-09 simplifies the accounting for several aspects of share-based payments including the income tax consequences, classification of awards as either equity or liabilities and classification on the statement of cash flows. ASU 2016-09 is effective for annual periods beginning after December 15, 2016 and interim periods within those years. The transition method varies based on the specific amendment. The Company does not believe that the adoption of ASU 2016-09 will have a material impact on our consolidated financial statements or related disclosures. In June 2016, the FASB issued ASU 2016-13, "Financial Instruments-Credit Losses" ("ASU 2016-13"). ASU 2016-13 replaces the incurred loss impairment methodology with a methodology that reflects expected credit losses and requires consideration of a broader range of information to support credit loss estimates. ASU 2016-13 is effective for annual periods beginning after December 15, 2019, including interim periods within those years. We are evaluating the impact that ASU 2016-13 will have on our consolidated financial statements and related disclosures. In January 2017, the FASB issued ASU 2017-01, "Clarifying the Definition of a Business" ("ASU 2017-01"). ASU 2017-01 provides that when substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or group of similar identifiable assets, the set is not a business. ASU 2017-01 is effective prospectively for annual periods beginning after December 15, 2017, and interim periods within those years. Early application is permitted for transactions for which the acquisition date occurs before the effective date provided the transaction has not been reported in the financial statements. The Company expects to adopt ASU 2017-01 during the first quarter of 2017, the effect of which, for asset acquisitions, will be (a) the capitalization of acquisition costs, instead of expense, and (b) recordation of acquired assets and assessment liabilities at relative fair value, instead of fair value. Reclassifications Certain reclassifications have been made to prior years to conform to the presentation used for year ended December 31, 2016 .

Real Estate Acquired

Real Estate Acquired	12 Months Ended
	Dec. 31, 2016
Real Estate [Abstract]
Real Estate Acquired	REAL ESTATE ACQUIRED 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 property at 1500 Rockville Pike and are located in Rockville, Maryland. 700, 726, 730 and 750 N. 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 . In September 2015, the Company purchased for $4.0 million 726 N. Glebe Road and incurred acquisition costs of $0.1 million . In August 2016 , the Company purchased for $7.2 million , including acquisition costs, 700 N. Glebe Road . These 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. Thruway pad In August 2016 , the Company purchased for $3.1 million , a retail pad site with an occupied bank building in Winston Salem, North Carolina , and incurred acquisition costs of $60,000 . The property is contiguous with and an expansion of the Company's Thruway asset. Beacon Center In the fourth quarter of 2016, the Company purchased for $22.5 million the land underlying Beacon Center. The land was previously leased by the Company with an annual rent of approximately $60,000 . The purchase price was funded in part by an $11.25 million increase to the existing mortgage collateralized by Beacon Center and in part by the Company’s revolving credit facility. Southdale In the fourth quarter of 2016, the Company purchased for $15.0 million the land underlying Southdale. The land was previously leased by the Company with an annual rent of approximately $60,000 . The purchase price was funded by the Company’s revolving credit facility. 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 2016, the Company purchased two properties at an aggregate cost of $10.3 million , and incurred acquisition costs totaling $60,400 . The purchase price was allocated to the assets acquired and liabilities assumed based on their fair value as shown in the following table. (in thousands) 700 N. Glebe Road Thruway Pad Total Land $ 7,236 $ 2,196 $ 9,432 Buildings — 874 874 In-place Leases — 93 93 Above Market Rent — — — Below Market Rent — (63 ) (63 ) Total Purchase Price $ 7,236 $ 3,100 $ 10,336 During 2015, the Company purchased one property, 726 N. Glebe Road, at a cost of $4.0 million and incurred acquisition costs of $0.1 million . Of the total purchase price, $3.9 million was allocated to land and $0.1 million was allocated to building. No amounts were allocated to in-place, above-market or below-market leases. 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 $ 66,047 Buildings 2,200 828 1,327 78 440 4,873 In-place Leases 513 849 449 39 249 2,099 Above Market Rent — — — — — — Below Market Rent (4,313 ) (419 ) — — (337 ) (5,069 ) Total Purchase Price $ 8,000 $ 11,000 $ 40,000 $ 2,800 $ 6,150 $ 67,950 The gross carrying amount of lease intangible assets included in deferred leasing costs as of December 31, 2016 and 2015 was $24.1 million and $24.0 million , respectively, and accumulated amortization was $20.5 million and $19.2 million , respectively. Amortization expense totaled $1.2 million , $1.3 million and $1.3 million , for the years ended December 31, 2016 , 2015 , and 2014 , respectively. The gross carrying amount of below market lease intangible liabilities included in deferred income as of December 31, 2016 and 2015 was $29.9 million and $29.9 million , respectively, and accumulated amortization was $15.5 million and $13.7 million , respectively. Accretion income totaled $1.8 million , $1.8 million , and $1.9 million , for the years ended December 31, 2016 , 2015 , and 2014 , respectively. The gross carrying amount of above market lease intangible assets included in accounts receivable as of December 31, 2016 and 2015 was $1.0 million and $1.0 million , respectively, and accumulated amortization was $999,700 and $998,200 , respectively. Amortization expense totaled $1,500 , $1,500 and $22,500 , for the years ended December 31, 2016 , 2015 and 2014 , respectively. The remaining weighted-average amortization period as of December 31, 2016 is 3.5 years, 1.0 year, and 5.9 years for lease acquisition costs, above market leases and below market leases, respectively. As of December 31, 2016 , scheduled amortization of intangible assets and deferred income related to in place leases is as follows: (In thousands) Lease acquisition costs Above market leases Below market leases 2017 $ 762 $ 1 $ 1,677 2018 708 1 1,618 2019 537 — 1,481 2020 419 — 1,399 2021 384 — 1,375 Thereafter 840 — 6,887 Total $ 3,650 $ 2 $ 14,437

Noncontrolling Interests - Hold

Noncontrolling Interests - Holders of Convertible Limited Partnership Units in the Operating Partnership	12 Months Ended
	Dec. 31, 2016
Noncontrolling Interest [Abstract]
Noncontrolling Interests - Holders of Convertible Limited Partnership Units in the Operating Partnership	NONCONTROLLING INTERESTS - HOLDERS OF CONVERTIBLE LIMITED PARTNERSHIP UNITS IN THE OPERATING PARTNERSHIP The Saul Organization holds a 25.7% limited partnership interest in the Operating Partnership represented by 7,430,516 limited partnership units, as of December 31, 2016 . The 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 December 31, 2016 , approximately 530,000 units were eligible for conversion. The impact of the Saul Organization’s 25.7% 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 years ended December 31, 2016 , 2015 , and 2014 , were 28,989,900 , 28,449,400 , and 27,977,500 , respectively.

Mortgage Notes Payable, Revolvi

Mortgage Notes Payable, Revolving Credit Facility, Interest Expense and Amortization of Deferred Debt Costs	12 Months Ended
	Dec. 31, 2016
Debt Disclosure [Abstract]
Mortgage Notes Payable, Revolving Credit Facility, Interest Expense and Amortization of Deferred Debt Costs	MORTGAGE NOTES PAYABLE, REVOLVING CREDIT FACILITY, INTEREST EXPENSE AND AMORTIZATION OF DEFERRED DEBT COSTS At December 31, 2016 , the principal amount of outstanding debt totaled $907.8 million , of which $844.3 million was fixed rate debt and $63.5 million was variable rate debt. The principal amount of the Company’s outstanding debt totaled $875.2 million at December 31, 2015 , of which $832.4 million was fixed rate debt and $42.8 million was variable rate debt. At December 31, 2016 , the Company had a $275.0 million unsecured revolving credit facility, which can be used for working capital, property acquisitions or development projects. 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 December 31, 2016 , based on the value of the Company's unencumbered properties, approximately $225.6 million was available under the line, $49.0 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 December 31, 2016 , the margin was 145 basis points. Saul Centers is a guarantor of the revolving credit facility, of which the Operating Partnership is the borrower, the Metro Pike Center bank loan (approximately $7.8 million of the $14.5 million outstanding at December 31, 2016 ) and all of the Park Van Ness construction-to-permanent loan. All other notes payable are non-recourse. On June 24, 2014, the Company amended and restated its revolving credit facility. The unsecured revolving credit facility, which can be used for working capital, property acquisitions, development projects or letters of credit was increased to $275.0 million . 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. 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. 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 repay in full the $15.2 million 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 repay in full the $14.5 million remaining balance of existing debt secured by Northrock. In November 2016, the existing loan secured by Beacon Center was increased by $11.25 million . The interest rate, amortization period and maturity date did not change; the required monthly payment was increased to $268,500 . Proceeds were used to partially fund the purchase of the ground which underlies Beacon Center. The following is a summary of notes payable as of December 31, 2016 and 2015 . Notes Payable December 31, Interest Scheduled (Dollars in thousands) 2016 2015 Rate * Maturity * Fixed rate mortgages: $ 29,428 (a) $ 30,778 6.01 % Feb-2018 32,036 (b) 33,766 5.88 % Jan-2019 10,372 (c) 10,928 5.76 % May-2019 14,335 (d) 15,098 5.62 % Jul-2019 14,325 (e) 15,064 5.79 % Sep-2019 12,725 (f) 13,387 5.22 % Jan-2020 10,277 (g) 10,587 5.60 % May-2020 8,697 (h) 9,127 5.30 % Jun-2020 39,213 (i) 40,360 5.83 % Jul-2020 7,685 (j) 8,025 5.81 % Feb-2021 5,808 (k) 5,959 6.01 % Aug-2021 33,571 (l) 34,420 5.62 % Jun-2022 10,253 (m) 10,492 6.08 % Sep-2022 11,129 (n) 11,365 6.43 % Apr-2023 13,401 (o) 14,177 6.28 % Feb-2024 15,917 (p) 16,348 7.35 % Jun-2024 13,832 (q) 14,197 7.60 % Jun-2024 24,504 (r) 25,088 7.02 % Jul-2024 28,945 (s) 29,714 7.45 % Jul-2024 28,822 (t) 29,564 7.30 % Jan-2025 14,961 (u) 15,360 6.18 % Jan-2026 109,144 (v) 112,299 5.31 % Apr-2026 33,097 (w) 34,133 4.30 % Oct-2026 37,701 (x) 38,842 4.53 % Nov-2026 17,630 (y) 18,150 4.70 % Dec-2026 66,210 (z) 67,850 5.84 % May-2027 16,352 (aa) 16,826 4.04 % Apr-2028 41,753 (bb) 31,844 3.51 % Jun-2028 16,543 (cc) 17,011 3.99 % Sep-2028 28,679 (dd) 29,444 3.69 % Mar-2030 15,357 (ee) 15,748 3.99 % Apr-2030 70,144 (ff) 45,208 4.88 % Sep-2032 11,446 (gg) 11,282 8.00 % Apr-2034 Total fixed rate 844,292 832,441 5.48 % 8.5 Years Variable rate loans: 49,000 (hh) 28,000 LIBOR + 1.45 % Jun-2018 14,482 (ii) 14,801 LIBOR + 1.65 % Feb-2018 Total variable rate $ 63,482 $ 42,801 2.22 % 1.3 Years Total notes payable $ 907,774 $ 875,242 5.25 % 8.0 Years * Interest rate and scheduled maturity data presented as of December 31, 2016 . Totals computed using weighted averages. Amounts shown are principal amounts and have not been reduced by any deferred debt issuance costs. (a) The loan is collateralized by Washington Square and requires equal monthly principal and interest payments of $264,000 based upon a 27.5 -year amortization schedule and a final payment of $28.0 million at loan maturity. Principal of $1.4 million was amortized during 2016 . (b) The loan is collateralized by three shopping centers, Broadlands Village, The Glen and Kentlands Square I, and requires equal monthly principal and interest payments of $306,000 based upon a 25 -year amortization schedule and a final payment of $28.4 million at loan maturity. Principal of $1.7 million was amortized during 2016 . (c) The loan is collateralized by Olde Forte Village and requires equal monthly principal and interest payments of $98,000 based upon a 25 -year amortization schedule and a final payment of $9.0 million at loan maturity. Principal of $556,000 was amortized during 2016 . (d) The loan is collateralized by Countryside and requires equal monthly principal and interest payments of $133,000 based upon a 25 -year amortization schedule and a final payment of $12.3 million at loan maturity. Principal of $763,000 was amortized during 2016 . (e) The loan is collateralized by Briggs Chaney MarketPlace and requires equal monthly principal and interest payments of $133,000 based upon a 25 -year amortization schedule and a final payment of $12.2 million at loan maturity. Principal of $739,000 was amortized during 2016 . (f) The loan is collateralized by Shops at Monocacy and requires equal monthly principal and interest payments of $112,000 based upon a 25 -year amortization schedule and a final payment of $10.6 million at loan maturity. Principal of $662,000 was amortized during 2016 . (g) The loan is collateralized by Boca Valley Plaza and requires equal monthly principal and interest payments of $75,000 based upon a 30 -year amortization schedule and a final payment of $9.1 million at loan maturity. Principal of $310,000 was amortized during 2016 . (h) The loan is collateralized by Palm Springs Center and requires equal monthly principal and interest payments of $75,000 based upon a 25 -year amortization schedule and a final payment of $7.1 million at loan maturity. Principal of $430,000 was amortized during 2016 . (i) The loan and a corresponding interest-rate swap closed on June 29, 2010 and are collateralized by Thruway. On a combined basis, the loan and the interest-rate swap require equal monthly principal and interest payments of $289,000 based upon a 25 -year amortization schedule and a final payment of $34.8 million at loan maturity. Principal of $1,147,000 was amortized during 2016 . (j) The loan is collateralized by Jamestown Place and requires equal monthly principal and interest payments of $66,000 based upon a 25 -year amortization schedule and a final payment of $6.1 million at loan maturity. Principal of $340,000 was amortized during 2016 . (k) The loan is collateralized by Hunt Club Corners and requires equal monthly principal and interest payments of $42,000 based upon a 30 -year amortization schedule and a final payment of $5.0 million , at loan maturity. Principal of $151,000 was amortized during 2016 . (l) The loan is collateralized by Lansdowne Town Center and requires monthly principal and interest payments of $230,000 based on a 30 -year amortization schedule and a final payment of $28.2 million at loan maturity. Principal of $849,000 was amortized during 2016 . (m) The loan is collateralized by Orchard Park and requires equal monthly principal and interest payments of $73,000 based upon a 30 -year amortization schedule and a final payment of $8.6 million at loan maturity. Principal of $239,000 was amortized during 2016 . (n) The loan is collateralized by BJ’s Wholesale and requires equal monthly principal and interest payments of $80,000 based upon a 30 -year amortization schedule and a final payment of $9.3 million at loan maturity. Principal of $236,000 was amortized during 2016 . (o) The loan is collateralized by Great Falls shopping center. The loan consists of three notes which require equal monthly principal and interest payments of $138,000 based upon a weighted average 26 -year amortization schedule and a final payment of $6.3 million at maturity. Principal of $776,000 was amortized during 2016 . (p) The loan is collateralized by Leesburg Pike and requires equal monthly principal and interest payments of $135,000 based upon a 25 -year amortization schedule and a final payment of $11.5 million at loan maturity. Principal of $431,000 was amortized during 2016 . (q) The loan is collateralized by Village Center and requires equal monthly principal and interest payments of $119,000 based upon a 25 -year amortization schedule and a final payment of $10.1 million at loan maturity. Principal of $365,000 was amortized during 2016 . (r) The loan is collateralized by White Oak and requires equal monthly principal and interest payments of $193,000 based upon a 24.4 year weighted amortization schedule and a final payment of $18.5 million at loan maturity. The loan was previously collateralized by Van Ness Square. During 2012, the Company substituted White Oak as the collateral and borrowed an additional $10.5 million . Principal of $584,000 was amortized during 2016 . (s) The loan is collateralized by Avenel Business Park and requires equal monthly principal and interest payments of $246,000 based upon a 25 -year amortization schedule and a final payment of $20.9 million at loan maturity. Principal of $769,000 was amortized during 2016 . (t) The loan is collateralized by Ashburn Village and requires equal monthly principal and interest payments of $240,000 based upon a 25 -year amortization schedule and a final payment of $20.5 million at loan maturity. Principal of $742,000 was amortized during 2016 . (u) The loan is collateralized by Ravenwood and requires equal monthly principal and interest payments of $111,000 based upon a 25 -year amortization schedule and a final payment of $10.1 million at loan maturity. Principal of $399,000 was amortized during 2016 . (v) The loan is collateralized by Clarendon Center and requires equal monthly principal and interest payments of $753,000 based upon a 25 -year amortization schedule and a final payment of $70.5 million at loan maturity. Principal of $3.2 million was amortized during 2016 . (w) The loan is collateralized by Severna Park MarketPlace and requires equal monthly principal and interest payments of $207,000 based upon a 25 -year amortization schedule and a final payment of $20.3 million at loan maturity. Principal of $1,036,000 was amortized during 2016 . (x) The loan is collateralized by Kentlands Square II and requires equal monthly principal and interest payments of $240,000 based upon a 25 -year amortization schedule and a final payment of $23.1 million at loan maturity. Principal of $1,141,000 was amortized during 2016 . (y) The loan is collateralized by Cranberry Square and requires equal monthly principal and interest payments of $113,000 based upon a 25 -year amortization schedule and a final payment of $10.9 million at loan maturity. Principal of $520,000 was amortized during 2016 . (z) The loan in the original amount of $73.0 million closed in May 2012, is collateralized by Seven Corners and requires equal monthly principal and interest payments of $463,200 based upon a 25 -year amortization schedule and a final payment of $42.3 million at loan maturity. Principal of $1.6 million was amortized during 2016 . (aa) The loan is collateralized by Hampshire Langley and requires equal monthly principal and interest payments of $95,400 based upon a 25 -year amortization schedule and a final payment of $9.5 million at loan maturity. Principal of $474,000 was amortized in 2016 . (bb) The loan is collateralized by Beacon Center and requires equal monthly principal and interest payments of $268,500 based upon a 20 -year amortization schedule and a final payment of $17.1 million at loan maturity. Principal of $1.3 million was amortized in 2016 . (cc) The loan is collateralized by Seabreeze Plaza and requires equal monthly principal and interest payments of $94,900 based upon a 25 -year amortization schedule and a final payment of $9.5 million at loan maturity. Principal of $468,000 was amortized in 2016 . (dd) The loan is collateralized by Shops at Fairfax and Boulevard shopping centers and requires equal monthly principal and interest payments totaling $153,300 based upon a 25 -year amortization schedule and a final payment of $15.5 million at maturity. Principal of $765,000 was amortized in 2016 . (ee) The loan is collateralized by Northrock and requires equal monthly principal and interest payments totaling $84,400 based upon a 25 -year amortization schedule and a final payment of $8.4 million at maturity. Principal of $391,000 was amortized in 2016 . (ff) The loan is a $71.6 million construction-to-permanent facility that is collateralized by and will finance a portion of the construction costs of Park Van Ness. During the construction period, interest will be funded by the loan. After conversion to a permanent loan, monthly principal and interest payments totaling $413,500 will be required based upon a 25 -year amortization schedule. A final payment of $39.6 million will be due at maturity. (gg) The Company entered into a sale-leaseback transaction with its Olney property and is accounting for that transaction as a secured financing. The arrangement requires monthly payments of $60,400 which increase by 1.5% on May 1, 2015, and every May 1 thereafter. The arrangement provides for a final payment of $14.7 million and has an implicit interest rate of 8.0% . Negative amortization in 2016 totaled $164,000 . (hh) The loan is a $275.0 million unsecured revolving credit facility. Interest accrues at a rate equal to the sum of one-month LIBOR plus a spread of 145 basis points. The line may be extended at the Company’s option for one year with payment of a fee of 0.15% . Monthly payments, if required, are interest only and vary depending upon the amount outstanding and the applicable interest rate for any given month. (ii) The loan is collateralized by Metro Pike Center and requires monthly principal and interest payments of approximately $48,000 and a final payment of $14.2 million at loan maturity. Principal of $319,000 was amortized during 2016 . The carrying value of the properties collateralizing the mortgage notes payable totaled $957.2 million and $856.8 million , as of December 31, 2016 and 2015 , respectively. The Company’s credit facility requires the Company and its subsidiaries to maintain certain financial covenants, which are summarized below. The Company was in compliance as of December 31, 2016 . • maintain tangible net worth, as defined in the loan agreement, of at least $542.1 million plus 80% of the Company’s net equity proceeds received after March 2014; • limit the amount of debt as a percentage of gross asset value, as defined in the loan agreement, to less than 60% (leverage ratio); • limit the amount of debt so that interest coverage will exceed 2.0 x on a trailing four-quarter basis (interest expense coverage); and • limit the amount of debt so that interest, scheduled principal amortization and preferred dividend coverage exceeds 1.3 x on a trailing four-quarter basis (fixed charge coverage). Mortgage notes payable at each of December 31, 2016 and 2015 , totaling $51.0 million , are guaranteed by members of the Saul Organization. As of December 31, 2016 , the scheduled maturities of all debt including scheduled principal amortization for years ended December 31 are as follows: (in thousands) Balloon Payments Scheduled Principal Amortization Total 2017 $ — $ 26,418 $ 26,418 2018 90,865 (a) 26,394 117,259 2019 60,793 25,037 85,830 2020 61,163 22,331 83,494 2021 11,011 21,859 32,870 Thereafter 452,142 109,761 561,903 Principal amount $ 675,974 $ 231,800 907,774 Unamortized deferred debt costs 7,485 Net $ 900,289 (a) Includes $49.0 million outstanding under the line of credit. The components of interest expense are set forth below. (in thousands) Year ended December 31, 2016 2015 2014 Interest incurred $ 46,867 $ 45,898 $ 45,396 Amortization of deferred debt costs 1,343 1,433 1,327 Capitalized interest (2,527 ) (2,166 ) (689 ) Total $ 45,683 $ 45,165 $ 46,034 Deferred debt costs capitalized during the years ending December 31, 2016 , 2015 and 2014 totaled $0.1 million , $0.3 million and $1.3 million , respectively.

Lease Agreements

Lease Agreements	12 Months Ended
	Dec. 31, 2016
Leases [Abstract]
Lease Agreements	LEASE AGREEMENTS Lease income includes primarily base rent arising from noncancelable leases. Base rent (including straight-line rent) for the years ended December 31, 2016 , 2015 , and 2014 , amounted to $172.4 million , $168.3 million , and $164.6 million , respectively. Future contractual payments under noncancelable leases for years ended December 31 (which exclude the effect of straight-line rents), are as follows: (in thousands) 2017 $ 154,489 2018 138,724 2019 117,135 2020 97,155 2021 78,248 Thereafter 245,218 $ 830,969 The majority of the leases provide for rental increases and expense recoveries based on fixed annual increases or increases in the Consumer Price Index and increases in operating expenses. The expense recoveries generally are payable in equal installments throughout the year based on estimates, with adjustments made in the succeeding year. Expense recoveries for the years ended December 31, 2016 , 2015 , and 2014 , amounted to $34.3 million , $32.9 million , and $32.1 million , respectively. In addition, certain retail leases provide for percentage rent based on sales in excess of the minimum specified in the tenant’s lease. Percentage rent amounted to $1.4 million , $1.6 million , and $1.5 million , for the years ended December 31, 2016 , 2015 , and 2014 , respectively.

Long-Term Lease Obligations

Long-Term Lease Obligations	12 Months Ended
	Dec. 31, 2016
Leases [Abstract]
Long-Term Lease Obligations	LONG-TERM LEASE OBLIGATIONS During 2016, the Company purchased the land underlying Beacon Center and Southdale - See Note 3. As a result, at December 31, 2016, one remaining property is subject to a noncancelable long-term lease which applies to land underlying the Shopping Center. The lease provides for periodic adjustments of the base annual rent and requires the payment of real estate taxes on the underlying land. The lease expires in 2068. Reflected in the accompanying consolidated financial statements is minimum ground rent expense of $159,000 , $176,000 , and $176,000 , for the years ended December 31, 2016 , 2015 , and 2014 , respectively. The future minimum rental commitments under this ground lease are as follows: (in thousands) 2017 $ 56 2018 56 2019 57 2020 62 2021 62 Thereafter 3,636 $ 3,929 In addition to the above, Flagship Center consists of two developed out parcels that are part of a larger adjacent community shopping center formerly owned by the Saul Organization and sold to an affiliate of a tenant in 1991. The Company has a 90 -year ground leasehold interest which commenced in September 1991 with a minimum rent of one dollar per year. Countryside shopping center was acquired in February 2004. Because of certain land use considerations, approximately 3.4% of the underlying land is held under a 99 -year ground lease. The lease requires the Company to pay minimum rent of one dollar per year as well as its pro-rata share of the real estate taxes. The Company’s corporate headquarters space is leased by a member of the Saul Organization. The lease commenced in March 2002, and was extended to March 2017. A lease extension is being finalized which will extend the term for March 2022. The Company and the Saul Organization entered into a Shared Services Agreement whereby each party pays 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 the years ended December 31, 2016 , 2015 , and 2014 was $843,300 , $904,900 , and $840,800 , respectively. Expenses arising from the lease are included in general and administrative expense (see Note 9 – Related Party Transactions).

Stockholders' Equity and Noncon

Stockholders' Equity and Noncontrolling Interest	12 Months Ended
	Dec. 31, 2016
Noncontrolling Interest [Abstract]
Stockholders' Equity and Noncontrolling Interest	STOCKHOLDERS’ EQUITY AND NONCONTROLLING INTEREST The Consolidated Statements of Operations for the years ended December 31, 2016 , 2015 , and 2014 reflect noncontrolling interest of $11.4 million , $10.5 million , and $11.0 million , respectively, representing the Saul Organization’s share of the net income for the year. In November 2003, the Company sold 4,000,000 depositary shares, each representing 1/100th of a share of 8% Series A Cumulative Redeemable Preferred Stock (the "Series A Stock"). The depositary shares were redeemable, in whole or in part at the Company’s option, from time to time, at $25.00 per share. The depositary shares paid an annual dividend of $2.00 per share, equivalent to 8% of the $25.00 per share liquidation preference. The Series A preferred stock had no stated maturity, was not subject to any sinking fund or mandatory redemption and was not convertible into any other securities of the Company. Investors in the depositary shares generally had no voting rights, but would have had limited voting rights if the Company failed to pay dividends for six or more quarters (whether or not declared or consecutive) and in certain other events. In March 2013, the Company redeemed 60% of its then-outstanding Series A Stock. In December 2014, the Company redeemed the remaining outstanding Series A Stock. Costs associated with the redemptions were charged against accumulated deficit in the respective periods. On February 12, 2013, the Company sold, in an underwritten public offering, 5.6 million depositary shares, each representing 1/100 th of a share of 6.875% Series C Cumulative Redeemable Preferred Stock ("Series C 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 first dividend was paid on April 15, 2013 and covered the period from February 12, 2013 through March 31, 2013 . The Series C 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.

Related Party Transactions

Related Party Transactions	12 Months Ended
	Dec. 31, 2016
Related Party Transactions [Abstract]
Related Party Transactions	RELATED PARTY TRANSACTIONS The Chairman and Chief Executive Officer, the President and Chief Operating Officer, 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 $329,000 , $400,000 , and $379,000 , for 2016 , 2015 , and 2014 , respectively. All amounts deferred by employees and contributed by 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 years ended December 31, 2016 , 2015 , and 2014 , the Company contributed three times the amount deferred by employees. The Company’s expense, included in general and administrative expense, totaled $250,800 , $224,900 , and $192,800 , for the years ended December 31, 2016 , 2015 , and 2014 , respectively. All amounts deferred by employees and the Company are fully vested. The cumulative unfunded liability under this plan was $2.1 million and $1.8 million , at December 31, 2016 and 2015 , 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. Senior management has determined that the final allocations of shared costs are reasonable. The terms of the Agreement and the payments made thereunder 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 years ended December 31, 2016 , 2015 , and 2014 , which included rental expense for the Company’s headquarters lease (see Note 7. Long Term Lease Obligations), totaled $7.5 million , $8.2 million , and $7.4 million , respectively. The amounts are expensed when incurred and are primarily reported as general and administrative expenses or capitalized to specific development projects in these consolidated financial statements. As of December 31, 2016 and 2015 , accounts payable, accrued expenses and other liabilities included $829,000 and $655,000 , respectively, representing billings 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 Trust (the “Predevelopment Agreement”). The Predevelopment Agreement, which expired on December 31, 2015 and was 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. On December 8, 2016, the Company entered into a replacement agreement with the Saul Trust which extended the expiration date to December 31, 2017 and provides for automatic twelve months renewals unless either party provides notice of termination. The costs will be shared 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 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 counter-signature fees in connection with the Company’s insurance program. Such commissions and fees amounted to approximately $360,500 , $443,500 , and $427,300 , for the years ended December 31, 2016 , 2015 , and 2014 , respectively. Effective as of September 4, 2012, the Company entered into a consulting agreement with B. F. Saul III, one of the Company’s former presidents, 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. During 2014, such consulting fees totaled $495,000 . In August 2016, the Company entered into an agreement to acquire from the Trust, for an initial purchase price of $8.8 million , approximately 14.3 acres of land located at the intersection of Ashburn Village Boulevard and Russell Branch Parkway in Loudoun County, Virginia. In order to allow the Company time to pre-lease and complete project plans and specifications, the parties have agreed to a closing date in early 2018, at which time the Company will exchange limited partnership units for the land. The number of limited partnership units to be exchanged will be based on the initial purchase price and the average share value (as defined in the agreement) of the Company’s common stock at the time of the exchange. The Company intends to construct a shopping center and, upon stabilization, may be obligated to issue additional limited partnership units to the Trust.

Stock Option Plan

Stock Option Plan	12 Months Ended
	Dec. 31, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Stock Option Plan	STOCK OPTION PLAN The Company established a stock option plan in 1993 (the “1993 Plan”) for the purpose of attracting and retaining executive officers and other key personnel. The 1993 Plan provides for grants of options to purchase up to 400,000 shares of common stock. The 1993 Plan authorizes the Compensation Committee of the Board of Directors to grant options at an exercise price which may not be less than the market value of the common stock on the date the option is granted. At the annual meeting of the Company’s stockholders in 2004, the stockholders approved the adoption of the 2004 stock plan for the purpose of attracting and retaining executive officers, directors and other key personnel. The 2004 stock plan was subsequently amended by the Company’s stockholders at the 2008 Annual Meeting and further amended at the 2013 Annual Meeting (the “Amended 2004 Plan”). The Amended 2004 Plan, which terminates in 2023, provides for grants of options to purchase up to 2,000,000 shares of common stock as well as grants of up to 200,000 shares of common stock to directors. The Amended 2004 Plan authorizes the Compensation Committee of the Board of Directors to grant options at an exercise price which may not be less than the market value of the common stock on the date the option is granted. Effective April 27, 2007 , the Compensation Committee granted options to purchase 165,000 shares ( 27,560 incentive stock options and 137,440 nonqualified stock options) to thirteen Company officers and twelve Company Directors (the “2007 options”), which expire on April 26, 2017 . The officers’ 2007 Options vest 25% per year over four years and are subject to early expiration upon termination of employment. The directors’ options were immediately exercisable. The exercise price of $54.17 per share was the closing market price of the Company’s common stock on the date of award. Using the Black-Scholes model, the Company determined the total fair value of the 2007 Options to be $1.5 million , of which $1.3 million and $285,300 were the values assigned to the officer options and director options, respectively. Because the directors’ options vested immediately, the entire $285,300 was expensed as of the date of grant. The expense for the officers’ options was recognized as compensation expense monthly during the four years the options vested. Effective April 25, 2008 , the Compensation Committee granted options to purchase 30,000 shares (all nonqualified stock options) to twelve Company directors (the “2008 Options”), which were immediately exercisable and expire on April 24, 2018 . The exercise price of $50.15 per share was the closing market price of the Company’s common stock on the date of the award. Using the Black-Scholes model, the Company determined the total fair value of the 2008 Options to be $254,700 . Because the directors’ options vested immediately, the entire $254,700 was expensed as of the date of grant. No options were granted to the Company’s officers in 2008. Effective April 24, 2009 , the Compensation Committee granted options to purchase 32,500 shares (all nonqualified stock options) to thirteen Company directors (the “2009 Options”), which were immediately exercisable and expire on April 23, 2019 . The exercise price of $32.68 per share was the closing market price of the Company’s common stock on the date of the award. Using the Black-Scholes model, the Company determined the total fair value of the 2009 Options to be $222,950 . Because the directors’ options vested immediately, the entire $222,950 was expensed as of the date of grant. No options were granted to the Company’s officers in 2009. Effective May 7, 2010 , the Compensation Committee granted options to purchase 32,500 shares (all nonqualified stock options) to thirteen Company directors (the “2010 Options”), which were immediately exercisable and expire on May 6, 2020 . The exercise price of $38.76 per share was the closing market price of the Company’s common stock on the date of the award. Using the Black-Scholes model, the Company determined the total fair value of the 2010 Options to be $287,950 . Because the directors’ options vested immediately, the entire $287,950 was expensed as of the date of grant. No options were granted to the Company’s officers in 2010. Effective May 13, 2011 , the Compensation Committee granted options to purchase 195,000 shares ( 65,300 incentive stock options and 129,700 nonqualified stock options) to fifteen Company officers and thirteen Company Directors (the “2011 options”), which expire on May 12, 2021 . The officers’ 2011 Options vest 25% per year over four years and are subject to early expiration upon termination of employment. The directors’ 2011 options were immediately exercisable. The exercise price of $41.82 per share was the closing market price of the Company’s common stock on the date of award. Using the Black-Scholes model, the Company determined the total fair value of the 2011 Options to be $1.6 million , of which $1.3 million and $297,375 were assigned to the officer options and director options, respectively. Because the directors’ options vested immediately, the entire $297,375 was expensed as of the date of grant. The expense for the officers’ options is being recognized as compensation expense monthly during the four years the options vest. Effective May 4, 2012 , the Compensation Committee granted options to purchase 277,500 shares ( 26,157 incentive stock options and 251,343 nonqualified stock options) to fifteen Company officers and fourteen Company Directors (the “2012 options”), which expire on May 3, 2022 . The officers’ 2012 Options vest 25% per year over four years and are subject to early expiration upon termination of employment. The directors’ 2012 Options were immediately exercisable. The exercise price of $39.29 per share was the closing market price of the Company’s common stock on the date of award. Using the Black-Scholes model, the Company determined the total fair value of the 2012 Options to be $1.7 million , of which $1.4 million and $257,250 were assigned to the officer options and director options, respectively. Because the directors’ options vested immediately, the entire $257,250 was expensed as of the date of grant. The expense for the officers’ options is being recognized as compensation expense monthly during the four years the options vest. Effective May 10, 2013 , the Compensation Committee granted options to purchase 237,500 shares ( 35,592 incentive stock options and 201,908 nonqualified stock options) to fifteen Company officers and fourteen Company Directors (the "2013 options"), which expire on May 9, 2023 . The officers' 2013 Options vest 25% per year over four years and are subject to early expiration upon termination of employment. The directors' 2013 options were immediately exercisable. The exercise price of $44.42 per share was the closing market price of the Company's common stock on the date of award. Using the Black-Scholes model, the Company determined the total fair value of the 2013 Options to be $1.5 million , of which $1.2 million and $278,250 were assigned to the officer options and director options, respectively. Because the directors' options vested immediately, the entire $278,250 was expensed as of the date of grant. The expense for the officers' options is being recognized as compensation expense monthly during the four years the option was vested. Effective May 9, 2014 , the Compensation Committee granted options to purchase 200,000 shares ( 29,300 incentive stock options and 170,700 nonqualified stock options) to eighteen Company officers and twelve Company Directors (the “2014 options”), which expire on May 8, 2024 . The officers’ 2014 Options vest 25% per year over four years and are subject to early expiration upon termination of employment. The directors’ 2014 Options were immediately exercisable. The exercise price of $47.03 per share was the closing market price of the Company’s common stock on the date of award. Using the Black-Scholes model, the Company determined the total fair value of the 2014 Options to be $1.3 million , of which $1.2 million and $109,500 were assigned to the officer options and director options, respectively. Because the directors’ options vested immediately, the entire $109,500 was expensed as of the date of grant. The expense for the officers’ options is being recognized as compensation expense monthly during the four years the options vest. Effective May 8, 2015 , the Compensation Committee granted options to purchase 225,000 shares ( 33,690 incentive stock options and 191,310 nonqualified stock options) to 19 Company officers and 14 Company Directors (the “2015 options”), which expire on May 7, 2025 . The officers’ 2015 Options vest 25% per year over four years and are subject to early expiration upon termination of employment. The directors’ 2015 Options were immediately exercisable. The exercise price of $51.07 per share was the closing market price of the Company’s common stock on the date of award. Using the Black-Scholes model, the Company determined the total fair value of the 2015 Options to be $1.6 million , of which $1.4 million and $125,300 were assigned to the officer options and director options, respectively. Because the directors’ options vested immediately, the entire $125,300 was expensed as of the date of grant. The expense for the officers’ options is being recognized as compensation expense monthly during the four years the options vest. Effective May 6, 2016 , the Compensation Committee granted options to purchase 226,500 shares ( 24,248 incentive stock options and 202,252 nonqualified stock options) to 19 Company officers and 13 Company Directors (the “2016 options”), which expire on May 5, 2026 . The officers’ 2016 Options vest 25% per year over four years and are subject to early expiration upon termination of employment. The directors’ 2016 Options were immediately exercisable. The exercise price of $57.74 per share was the closing market price of the Company’s common stock on the date of award. Using the Black-Scholes model, the Company determined the total fair value of the 2016 Options to be $1.2 million , of which $1.0 million and $151,125 were assigned to the officer options and director options, respectively. Because the directors’ options vested immediately, the entire $151,125 was expensed as of the date of grant. The expense for the officers’ options is being recognized as compensation expense monthly during the four years the options vest. The following table summarizes the amount and activity of each grant, 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 years ended December 31, 2016 , 2015 and 2014 . SAUL CENTERS, INC. (Dollars in thousands, except per share data) Stock options issued Directors Grant date 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 5/6/2016 Subtotals Total grant 30,000 30,000 32,500 32,500 32,500 35,000 35,000 30,000 35,000 32,500 325,000 Vested 30,000 30,000 32,500 32,500 32,500 35,000 35,000 30,000 35,000 32,500 325,000 Exercised 10,000 12,500 25,000 17,500 17,500 17,500 15,000 10,000 5,000 — 130,000 Forfeited 7,500 7,500 — 2,500 2,500 — — — — — 20,000 Exercisable at December 31, 2016 12,500 10,000 7,500 12,500 12,500 17,500 20,000 20,000 30,000 32,500 175,000 Remaining unexercised 12,500 10,000 7,500 12,500 12,500 17,500 20,000 20,000 30,000 32,500 175,000 Exercise price $ 54.17 $ 50.15 $ 32.68 $ 38.76 $ 41.82 $ 39.29 $ 44.42 $ 47.03 $ 51.07 $ 57.74 Volatility 0.225 0.237 0.344 0.369 0.358 0.348 0.333 0.173 0.166 0.166 Expected life (years) 8.0 7.0 6.0 5.0 5.0 5.0 5.0 5.0 5.0 5.0 Assumed yield 4.39 % 4.09 % 4.54 % 4.23 % 4.16 % 4.61 % 4.53 % 4.48 % 4.54 % 3.75 % Risk-free rate 4.65 % 3.49 % 2.19 % 2.17 % 1.86 % 0.78 % 0.82 % 1.63 % 1.50 % 1.23 % Total value at grant date $ 285 $ 255 $ 223 $ 288 $ 298 $ 257 $ 278 $ 110 $ 125 $ 151 $ 2,270 Expensed in previous years 285 255 223 288 298 257 278 — — — 1,884 Expensed in 2014 — — — — — — — 110 — — 110 Expensed in 2015 — — — — — — — — 125 — 125 Expensed in 2016 — — — — — — — — — 151 151 Future expense — — — — — — — — — — — Officers Grant date 4/27/2007 5/13/2011 5/4/2012 5/10/2013 5/9/2014 5/8/2015 5/6/2016 Subtotals Grand Totals Total grant 135,000 162,500 242,500 202,500 170,000 190,000 194,000 1,296,500 1,621,500 Vested 67,500 118,750 107,500 131,875 85,000 47,500 — 558,125 883,125 Exercised 67,500 92,915 91,205 68,750 31,250 6,250 — 357,870 487,870 Forfeited 67,500 43,750 135,000 30,625 1,250 1,875 — 280,000 300,000 Exercisable at December 31, 2016 — 25,835 16,295 63,125 53,750 41,250 — 200,255 375,255 Remaining unexercised — 25,835 16,295 103,125 137,500 181,875 194,000 658,630 833,630 Exercise price $ 54.17 $ 41.82 $ 39.29 $ 44.42 $ 47.03 $ 51.07 $ 57.74 Volatility 0.233 0.330 0.315 0.304 0.306 0.298 0.185 Expected life (years) 6.5 8.0 8.0 8.0 7.0 7.0 7.0 Assumed yield 4.13 % 4.81 % 5.28 % 5.12 % 4.89 % 4.94 % 3.80 % Risk-free rate 4.61 % 2.75 % 1.49 % 1.49 % 2.17 % 1.89 % 1.55 % Gross value at grant date $ 1,339 $ 1,366 $ 1,518 $ 1,401 $ 1,350 $ 1,585 $ 1,137 $ 9,696 $ 11,966 Estimated forfeitures 62 368 845 280 169 142 87 1,953 1,953 Expensed in previous years 1,277 692 262 209 — — — 2,440 4,324 Expensed in 2014 — 217 157 284 197 — — 855 965 Expensed in 2015 — 89 157 269 295 241 — 1,051 1,176 Expensed in 2016 — 97 269 295 361 175 1,197 1,348 Future expense — — — 90 394 841 875 2,200 2,200 Weighted average term of remaining future expense 2.5 years The table below summarizes the option activity for the years 2016 , 2015 , and 2014 : 2016 2015 2014 Shares Weighted Shares Weighted Shares Weighted Outstanding at January 1 860,274 $ 46.58 748,208 $ 44.79 753,625 $ 42.55 Granted 226,500 57.74 225,000 51.07 200,000 47.03 Exercised (246,894 ) 45.59 (112,934 ) 43.67 (167,917 ) 37.71 Expired/Forfeited (6,250 ) 45.31 — — (37,500 ) 43.56 Outstanding December 31 833,630 49.92 860,274 46.58 748,208 44.79 Exercisable at December 31 375,255 46.68 435,899 45.33 380,708 44.85 The intrinsic value of options exercised in 2016 , 2015 , and 2014 , was $3.4 million , $1.5 million and $2.0 million , respectively. The intrinsic value of options outstanding and exercisable at year end 2016 was $13.9 million and $7.5 million , respectively. The intrinsic value measures the 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 date of exercise was the measurement date for shares exercised during the period. At December 30, 2016, the final trading day of calendar 2016 , the closing price of $66.61 per share was used for the calculation of aggregate intrinsic value of options outstanding and exercisable at that date. The weighted average remaining contractual life of the Company’s exercisable and outstanding options at December 31, 2016 are 6.4 and 7.5 years, respectively.

Fair Value of Financial Instrum

Fair Value of Financial Instruments	12 Months Ended
	Dec. 31, 2016
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 4.25% and 3.75% , would be approximately $851.3 million and $892.9 million as of December 31, 2016 and 2015 , respectively, compared to the principal balance of $844.3 million and $832.4 million at December 31, 2016 and 2015 , respectively. A change in any of the significant inputs may lead to a change in the Company’s fair value measurement of its debt. Effective June 30, 2011, the Company determined that one of its interest-rate swap arrangements was a highly effective hedge of the cash flows under one of its variable-rate mortgage loans and designated the swap as a cash flow hedge of that mortgage. The swap is carried at fair value with changes in fair value recognized either in income or comprehensive income depending on the effectiveness of the swap. The following chart summarizes the changes in fair value of the Company’s swap for the indicated periods. (Dollars in thousands) Year ended December 31, 2016 2015 2014 Increase (decrease) in fair value: Recognized in earnings $ (6 ) $ (10 ) $ (10 ) Recognized in other comprehensive income 678 124 (675 ) Total $ 672 $ 114 $ (685 ) The Company carries its interest rate swaps at fair value. The Company has determined the majority of the inputs used to value its derivative 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 are 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 the 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 December 31, 2016 , the fair value of the interest-rate swap was approximately $2.1 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 designated as a cash flow hedge is reflected in “Other Comprehensive Income” in the Consolidated Statements of Comprehensive Income.

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2016
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.

Distributions

Distributions	12 Months Ended
	Dec. 31, 2016
Equity [Abstract]
Distributions	DISTRIBUTIONS In December 1995, the Company established a Dividend Reinvestment and Stock Purchase Plan (the “Plan”), to allow its stockholders and holders of limited partnership interests an opportunity to buy additional shares of common stock by reinvesting all or a portion of their dividends or distributions. The Plan provides for investing in newly issued shares of common stock at a 3% discount from market price without payment of any brokerage commissions, service charges or other expenses. All expenses of the Plan are paid by the Company. The Operating Partnership also maintains a similar dividend reinvestment plan that mirrors the Plan, which allows holders of limited partnership interests the opportunity to buy either additional limited partnership units or common stock shares of the Company. The Company paid common stock distributions of $1.84 per share in 2016 and $1.69 per share during 2015 and $1.56 per share during 2014 , Series A preferred stock dividends of $2.41 per depositary share in 2014 and Series C preferred stock dividends of $1.72 per depositary share during each of 2016 , 2015 , and 2014 . Of the common stock dividends paid, $1.75 per share, $1.69 per share, and $1.56 per share, represented ordinary dividend income in 2016 , 2015 , and 2014 , respectively, and $0.09 per share represented return of capital to the shareholders in 2016. All of the preferred stock dividends paid were considered ordinary dividend income. The following summarizes distributions paid during the years ended December 31, 2016 , 2015 , and 2014 , and includes activity in the Plan as well as limited partnership units issued from the reinvestment of unit distributions: Total Distributions to Dividend Reinvestments (Dollars in thousands, except per share amounts) Preferred Common Limited Common Discounted Limited Partnership Units Issued Average Unit Price Distributions during 2016 October 31 $ 3,094 $ 10,168 $ 3,478 44,176 $ 57.18 30,891 $ 57.18 July 31 3,094 10,133 3,465 39,487 65.64 26,897 65.64 April 30 3,094 10,029 3,449 48,854 51.59 34,201 51.59 January 31 3,093 9,142 3,141 54,280 49.24 32,769 49.24 Total 2016 $ 12,375 $ 39,472 $ 13,533 186,797 124,758 Distributions during 2015 October 31 $ 3,094 $ 9,106 $ 3,129 47,313 $ 55.73 28,936 $ 55.73 July 31 3,094 9,081 3,115 56,003 50.30 32,041 50.30 April 30 3,094 9,055 3,104 54,921 50.21 25,264 50.21 January 31 3,093 8,403 2,880 42,975 56.74 20,796 56.74 Total 2015 $ 12,375 $ 35,645 $ 12,228 201,212 107,037 Distributions during 2014 October 31 $ 3,856 $ 8,348 $ 2,879 40,142 $ 52.71 July 31 3,206 8,314 2,879 57,696 46.79 April 30 3,206 8,269 2,838 60,212 44.14 104,831 $ 44.77 January 31 3,206 7,415 2,521 39,588 45.15 91,352 45.80 Total 2014 $ 13,474 $ 32,346 $ 11,117 197,638 196,183 In December 2016 , the Board of Directors of the Company authorized a distribution of $0.51 per common share payable in January 2017, to holders of record on January 17, 2017 . As a result, $11.0 million was paid to common shareholders on January 31, 2017 . Also, $3.8 million was paid to limited partnership unitholders on January 31, 2017 ( $0.51 per Operating Partnership unit). The Board of Directors authorized preferred stock dividends of $0.4297 per Series C depositary share to holders of record on January 6, 2017 . As a result, $3.1 million was paid to preferred shareholders on January 13, 2017 . These amounts are reflected as a reduction of stockholders’ equity in the case of common stock and preferred stock dividends and noncontrolling interests deductions in the case of limited partner distributions and are included in dividends and distributions payable in the accompanying consolidated financial statements.

Interim Results (Unaudited)

Interim Results (Unaudited)	12 Months Ended
	Dec. 31, 2016
Quarterly Financial Information Disclosure [Abstract]
Interim Results (Unaudited)	INTERIM RESULTS (Unaudited) The following summary presents the results of operations of the Company for the quarterly periods of calendar years 2016 and 2015 . (In thousands, except per share amounts) 2016 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter Revenue $ 56,926 $ 52,710 $ 53,233 $ 54,201 Operating income before loss on early extinguishment of debt, gain on casualty settlement, and noncontrolling interests 16,381 13,250 12,722 13,360 Gain on sales of properties — — — 1,013 Net income attributable to Saul Centers, Inc. 12,948 10,627 10,239 11,465 Net income available to common stockholders 9,854 7,533 7,146 8,371 Net income available to common stockholders per diluted share 0.46 0.35 0.33 0.38 (In thousands, except per share amounts) 2015 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter Revenue $ 52,088 $ 51,711 $ 52,376 $ 52,902 Operating income before loss on early extinguishment of debt, gain on casualty settlement, and noncontrolling interests 12,687 12,922 13,238 14,083 Gain on sales of properties — 11 — — Net income attributable to Saul Centers, Inc. 10,207 10,396 10,615 11,250 Net income available to common stockholders 7,113 7,302 7,522 8,156 Net income available to common stockholders per diluted share 0.33 0.35 0.36 0.38

Business Segments

Business Segments	12 Months Ended
	Dec. 31, 2016
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 for 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 2016 presentation. SAUL CENTERS, INC. Notes to Consolidated Financial Statements (In thousands) Shopping Mixed-Use Corporate Consolidated As of or for the year ended December 31, 2016 Centers Properties and Other Totals Real estate rental operations: Revenue $ 160,179 $ 56,840 $ 51 $ 217,070 Expenses (34,931 ) (18,770 ) — (53,701 ) Income from real estate 125,248 38,070 51 163,369 Interest expense and amortization of deferred debt costs — — (45,683 ) (45,683 ) General and administrative — — (17,496 ) (17,496 ) Subtotal 125,248 38,070 (63,128 ) 100,190 Depreciation and amortization of deferred leasing costs (29,964 ) (14,453 ) — (44,417 ) Acquisition related costs (60 ) — — (60 ) Change in fair value of derivatives — — (6 ) (6 ) Gain on sale of property — 1,013 — 1,013 Net income (loss) $ 95,224 $ 24,630 $ (63,134 ) $ 56,720 Capital investment $ 64,044 $ 27,001 $ — $ 91,045 Total assets $ 976,545 $ 358,419 $ 8,061 $ 1,343,025 As of or for the year ended December 31, 2015 Real estate rental operations: Revenue $ 156,110 $ 52,916 $ 51 $ 209,077 Expenses (33,877 ) (17,266 ) — (51,143 ) Income from real estate 122,233 35,650 51 157,934 Interest expense and amortization of deferred debt costs — — (45,165 ) (45,165 ) General and administrative — — (16,353 ) (16,353 ) Subtotal 122,233 35,650 (61,467 ) 96,416 Depreciation and amortization of deferred leasing costs (30,171 ) (13,099 ) — (43,270 ) Acquisition related costs (84 ) — — (84 ) Predevelopment expenses (57 ) (75 ) — (132 ) Change in fair value of derivatives — — (10 ) (10 ) Gain on sale of property 11 — — 11 Net income (loss) $ 91,932 $ 22,476 $ (61,477 ) $ 52,931 Capital investment $ 17,159 $ 52,460 $ — $ 69,619 Total assets $ 931,256 $ 354,254 $ 9,898 $ 1,295,408 SAUL CENTERS, INC. Notes to Consolidated Financial Statements (continued) (In thousands) Shopping Mixed-Use Corporate Consolidated As of or for the year ended December 31, 2014 Centers Properties and Other Totals Real estate rental operations: Revenue $ 154,385 $ 52,632 $ 75 $ 207,092 Expenses (33,781 ) (15,732 ) — (49,513 ) Income from real estate 120,604 36,900 75 157,579 Interest expense and amortization of deferred debt costs — — (46,034 ) (46,034 ) General and administrative — — (16,961 ) (16,961 ) Subtotal 120,604 36,900 (62,920 ) 94,584 Depreciation and amortization of deferred leasing costs (28,082 ) (13,121 ) — (41,203 ) Acquisition related costs (949 ) — — (949 ) Predevelopment expenses — (503 ) — (503 ) Change in fair value of derivatives — — (10 ) (10 ) Gain on sale of property 6,069 — — 6,069 Net income (loss) $ 97,642 $ 23,276 $ (62,930 ) $ 57,988 Capital investment $ 66,508 $ 23,760 $ — $ 90,268 Total assets $ 939,267 $ 305,579 $ 12,267 $ 1,257,113

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2016
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events The Company has reviewed operating activities for the period subsequent to December 31, 2016 and prior to the date that financial settlements are issued, March 7, 2017 , and determined the following subsequent event is required to be disclosed. In January 2017, the Company purchased for $76.3 million , including acquisition costs, Burtonsville Town Square located in Burtonsville, Montgomery County, Maryland.

Real Estate and Accumulated Dep

Real Estate and Accumulated Depreciation	12 Months Ended
	Dec. 31, 2016
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Abstract]
Real estate and accumulated depreciation	SAUL CENTERS, INC. Real Estate and Accumulated Depreciation December 31, 2016 (Dollars in Thousands) Costs Buildings Capitalized Basis at Close of Period and Initial Basis Subsequent to Acquisition Land Buildings and Improvements Leasehold Interests Total Accumulated Depreciation Book Value Related Debt Date of Construction Date Acquired Improvements Depreciable Lives in Years Shopping Centers Ashburn Village, Ashburn, VA $ 11,431 $ 20,159 $ 6,764 $ 24,826 $ — $ 31,590 $ 12,247 $ 19,343 $ 28,822 1994 & 2000-6 3/94 40 Ashland Square Phase I, Dumfries, VA 1,178 7,503 1,178 7,503 — 8,681 1,440 7,241 — 2007, 2013 12/04 20 & 50 Beacon Center, Alexandria, VA 24,161 18,402 22,668 19,895 — 42,563 13,721 28,842 41,753 1960 & 1974 1/72, 11/16 40 & 50 BJ’s Wholesale Club, Alexandria, VA 22,623 — 22,623 — — 22,623 — 22,623 11,129 3/08 — Boca Valley Plaza, Boca Raton, FL 16,720 1,616 5,735 12,601 — 18,336 4,279 14,057 10,277 2/04 40 Boulevard, Fairfax, VA 4,883 4,461 3,687 5,657 — 9,344 2,594 6,750 17,207 1969, 1999 & 2009 4/94 40 Briggs Chaney MarketPlace, Silver Spring, MD 27,037 3,806 9,789 21,054 — 30,843 7,249 23,594 14,325 4/04 40 Broadlands Village, Ashburn, VA 5,316 27,392 5,300 27,408 — 32,708 9,954 22,754 17,050 2003, 2004 & 2006 3/02 40 & 50 Countryside Marketplace, Sterling, VA 28,912 3,712 7,666 24,958 — 32,624 8,012 24,612 14,335 2/04 40 Cranberry Square, Westminster, MD 31,578 635 6,700 25,513 — 32,213 3,408 28,805 17,630 9/11 40 Cruse MarketPlace, Cumming, GA 12,226 369 3,901 8,694 — 12,595 2,793 9,802 — 3/04 40 Flagship Center, Rockville, MD 160 9 169 — — 169 — 169 — 1972 1/72 — French Market, Oklahoma City, OK 5,781 13,790 1,118 18,453 — 19,571 10,629 8,942 — 1972 & 1998 3/74 50 Germantown, Germantown, MD 2,034 567 2,034 567 — 2,601 241 2,360 — 1990 8/93 40 The Glen, Woodbridge, VA 12,918 7,767 5,300 15,385 — 20,685 8,498 12,187 8,172 1993 & 2005 6/94 40 Great Eastern, District Heights, MD 4,993 10,678 3,785 11,886 — 15,671 8,293 7,378 — 1958 & 1960 1/72 40 Great Falls Center, Great Falls, VA 41,750 3,113 14,766 30,097 — 44,863 6,802 38,061 13,401 3/08 40 Hampshire Langley, Takoma, MD 3,159 3,394 1,856 4,697 — 6,553 3,604 2,949 16,352 1960 1/72 40 Hunt Club Corners, Apopka, FL 12,584 3,831 4,822 11,593 — 16,415 3,343 13,072 5,809 6/06, 12/12 40 Jamestown Place, Altamonte Springs, FL 14,055 1,174 4,455 10,774 — 15,229 3,153 12,076 7,685 11/05 40 Kentlands Square I, Gaithersburg, MD 14,379 328 5,006 9,701 — 14,707 3,460 11,247 6,813 2002 9/02 40 Kentlands Square II, Gaithersburg, MD 76,723 1,327 22,800 55,250 — 78,050 7,503 70,547 37,701 9/11, 9/13 40 Kentlands Place, Gaithersburg, MD 1,425 7,220 1,425 7,220 — 8,645 3,446 5,199 — 2005 1/04 50 Lansdowne Town Center, Leesburg, VA 6,545 36,813 6,546 36,812 — 43,358 12,546 30,812 33,571 2006 11/02 50 Leesburg Pike Plaza, Baileys Crossroads, VA 2,418 6,243 1,132 7,529 — 8,661 5,815 2,846 15,917 1965 2/66 40 Lumberton Plaza, Lumberton, NJ 4,400 11,170 950 14,620 — 15,570 12,431 3,139 — 1975 12/75 40 Metro Pike Center, Rockville, MD 33,123 3,760 26,064 10,819 — 36,883 1,172 35,711 14,482 12/10 40 Shops at Monocacy, Frederick, MD 9,541 13,926 9,260 14,207 — 23,467 5,101 18,366 12,725 2004 11/03 50 Northrock, Warrenton, VA 12,686 15,217 12,686 15,217 — 27,903 3,343 24,560 15,357 2009 01/08 50 Olde Forte Village, Ft. Washington, MD 15,933 6,575 5,409 17,099 — 22,508 6,639 15,869 10,372 2004 07/03 40 Olney, Olney, MD 1,884 1,792 — 3,676 — 3,676 3,259 417 11,446 1972 11/75 40 Orchard Park, Dunwoody, GA 19,377 950 7,751 12,576 — 20,327 3,064 17,263 10,253 7/07 40 Palm Springs Center, Altamonte Springs, FL 18,365 1,393 5,739 14,019 — 19,758 4,128 15,630 8,697 3/05 40 Ravenwood, Baltimore, MD 1,245 4,175 703 4,717 — 5,420 2,922 2,498 14,961 1959 & 2006 1/72 40 11503 Rockville Pike/5541 Nicholson Lane, Rockville, MD 26,561 — 22,113 4,448 — 26,561 695 25,866 — 10/10 40 1500/1580/1582/1584 Rockville Pike, Rockville, MD 51,149 1,093 43,863 8,379 — 52,242 4,605 47,637 — 12/12, 1/14, 4/14, 12/14 5, 10, 5, 4 Seabreeze Plaza, Palm Harbor, FL 24,526 1,539 8,665 17,400 — 26,065 5,079 20,986 16,543 11/05 40 Market Place at Sea Colony, Bethany Beach, DE 2,920 170 1,147 1,943 — 3,090 429 2,661 — 3/08 40 Seven Corners, Falls Church, VA 4,848 44,062 4,913 43,997 — 48,910 27,710 21,200 66,210 1956 & 1997 7/73 40 Severna Park Marketplace, Severna Park, MD 63,254 92 12,700 50,646 — 63,346 6,651 56,695 33,097 9/11 40 Shops at Fairfax, Fairfax, VA 2,708 9,923 992 11,639 — 12,631 7,627 5,004 11,472 1975 & 1999 6/75 50 Smallwood Village Center, Waldorf, MD 17,819 7,662 6,402 19,079 — 25,481 6,492 18,989 — 1/06 40 Southdale, Glen Burnie, MD 18,895 22,684 15,245 26,334 — 41,579 20,763 20,816 — 1962 & 1986 1/72 40 Southside Plaza, Richmond, VA 6,728 10,647 1,878 15,497 — 17,375 11,910 5,465 — 1958 1/72 40 South Dekalb Plaza, Atlanta, GA 2,474 4,186 703 5,957 — 6,660 4,658 2,002 — 1970 2/76 40 Thruway, Winston-Salem, NC 7,848 23,925 7,692 24,081 — 31,773 15,673 16,100 39,213 1955 & 1965 5/72 40 Village Center, Centreville, VA 16,502 2,354 7,851 11,005 — 18,856 6,346 12,510 13,832 1990 8/93 40 Westview Village, Frederick, MD 6,047 24,230 6,047 24,230 — 30,277 6,422 23,855 — 2009 11/07, 02/15 50 White Oak, Silver Spring, MD 6,277 5,357 4,649 6,985 — 11,634 5,906 5,728 24,504 1958 & 1967 1/72 40 Other Buildings / Improvements 211 211 211 103 108 — Total Shopping Centers 760,099 401,402 384,647 776,854 — 1,161,501 316,158 845,343 621,113 Mixed-Use Properties Avenel Business Park, Gaithersburg, MD 21,459 30,504 3,756 48,207 — 51,963 35,261 16,702 28,945 1981-2000 12/84 35 & 40 Clarendon Center, Arlington, VA (1) 12,753 185,436 16,287 181,902 — 198,189 32,314 165,875 109,144 2010 7/73, 1/96 & 4/02 50 Park Van Ness, Washington, DC 2,242 286 90,676 2,242 90,676 — 92,918 1,831 91,087 70,144 2016 7/73 & 2/11 50 601 Pennsylvania Ave., Washington, DC 5,479 66,158 5,667 65,970 — 71,637 49,856 21,781 — 1986 7/73 35 Washington Square, Alexandria, VA 2,034 54,945 544 56,435 — 56,979 22,859 34,120 29,428 2000 7/73 50 Total Mixed-Use Properties 43,967 427,719 28,496 443,190 — 471,686 142,121 329,565 237,661 Development Land Ashland Square Phase II, Manassas, VA 5,292 1,813 7,029 76 — 7,105 — 7,105 — 12/04 New Market, New Market, MD 2,088 286 2,374 — — 2,374 — 2,374 — 9/05 North Glebe Road, Arlington, VA 52,067 6,080 — 58,147 — 58,147 — 58,147 — — 8/14-8/16 Total Development Land 59,447 8,179 9,403 58,223 — 67,626 — 67,626 — Total $ 863,513 $ 837,300 $ 422,546 $ 1,278,267 $ — $ 1,700,813 $ 458,279 $ 1,242,534 $ 858,774 (1) Includes the North and South Blocks and Residential Depreciation and amortization related to the real estate investments reflected in the statements of operations is calculated over the estimated useful lives of the assets as follows: Base building Generally 35 - 50 years or a shorter period if management determines that the building has a shorter useful life. Building components Up to 20 years Tenant improvements The shorter of the term of the lease or the useful life of the improvements The aggregate remaining net basis of the real estate investments for federal income tax purposes was approximately $1.3 billion at December 31, 2016 . Depreciation and amortization are provided on the declining balance and straight-line methods over the estimated useful lives of the assets. The changes in total real estate investments and related accumulated depreciation for each of the years in the three year period ended December 31, 2016 are summarized as follows: (In thousands) 2016 2015 2014 Total real estate investments: Balance, beginning of year $ 1,622,710 $ 1,560,159 $ 1,459,439 Acquisitions 48,123 4,894 70,921 Improvements 35,826 70,067 34,417 Retirements (5,846 ) (1,981 ) (4,618 ) Transfers to assets held for sale — (10,429 ) — Balance, end of year $ 1,700,813 $ 1,622,710 $ 1,560,159 Total accumulated depreciation: Balance, beginning of year $ 425,370 $ 396,617 $ 364,663 Depreciation expense 38,755 37,698 35,933 Retirements (5,846 ) (1,911 ) (3,979 ) Transfers to assets held for sale — $ (7,034 ) — Balance, end of year $ 458,279 $ 425,370 $ 396,617

Summary of Significant Accoun26

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2016
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-used properties, primarily in the Washington, DC/Baltimore metropolitan area. Because the properties are located primarily in the Washington, DC/Baltimore metropolitan area, a disproportionate economic downturn in the local economy would have a greater negative impact on our overall financial performance than on the overall financial performance of a company with a portfolio that is more geographically diverse. A majority of the Shopping Centers are anchored by several major tenants.
Principles of Consolidation	Principles of Consolidation The accompanying consolidated financial statements include the accounts of Saul Centers, its subsidiaries, and the Operating Partnership and Subsidiary Partnerships which are majority owned by Saul Centers. All significant intercompany balances and transactions have been eliminated in consolidation.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States 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.
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 then 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 property may be improved with an existing structure that would be demolished as part of the development. In such cases, the fair value of the building may be determined based only on existing leases and not include estimated cash flows related to future leases. In certain circumstances, such as if the building is vacant and the Company intends to demolish the building in the near term, the entire purchase price will be allocated to land. 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 a below market lease component is recorded as deferred income and accreted as additional lease revenue over the remaining contractual lease period. If the fair value of the below market lease intangible includes fair value associated with a renewal option, such amounts are not accreted until the renewal option is exercised. If the renewal option is not exercised the value is recognized at that time. The fair value of above market lease intangibles is recorded as a deferred asset and is amortized as a reduction of lease 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 either (a) expensed as incurred when related to business combinations or (b) capitalized to land and/or building when related to asset acquisitions. 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 fair 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 in 2016 , 2015 , or 2014 . Interest, real estate taxes, development related salary costs and other carrying costs are capitalized on projects under development and construction. Once construction is substantially completed and the assets are placed in service, their 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. Property operating expenses are charged to operations as incurred. Interest expense capitalized totaled $2.5 million , $2.2 million , and $ 0.7 million during 2016 , 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 improvements 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 improvement, using the straight-line method.
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 and are amortized, using the straight-line method, over the term of the lease or the remaining term of an acquired lease. 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.
Construction in Progress	Construction in Progress Construction in progress includes 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.
Accounts Receivable and Accrued Income	Accounts Receivable and Accrued Income 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. As of December 31, 2015, the Company has classified as held-for-sale one operating property, comprising 197,100 square feet of gross leasable area. The book value of this property, which is included in Other Assets, was $3.4 million , net of accumulated depreciation of $7.0 million , which does not exceed its estimated fair value, less costs to sell, and liabilities were $0.2 million .
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. Substantially all of the Company’s cash balances at December 31, 2016 are held in non-interest bearing accounts at various banks. From time to time the Company may maintain deposits with financial institutions in amounts in excess of federally insured limits. The Company has not experienced any losses on such deposits and believes it is not exposed to any significant credit risk on those deposits.
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.
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, the Company may designate the hedging instrument, based upon the exposure being hedged, as a fair value hedge or a cash flow hedge. Derivative instruments that are designated as a hedge are evaluated to ensure they continue to qualify for hedge accounting. The effective portion of any 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 meet the criteria for hedge accounting, or that qualify and are not designated, changes in fair value are immediately recognized in earnings.
Revenue Recognition	Revenue Recognition Rental and interest income are accrued as earned. 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 stepped increases, income is recognized on a straight-line basis. Expense recoveries represent a portion of property operating expenses billed to the tenants, including common area maintenance, real estate taxes and other recoverable costs. Expense recoveries 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 specified breakpoint, pursuant to the terms of their respective leases.
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 complies with certain other requirements. Therefore, no provision has been made for federal income taxes in the accompanying consolidated financial statements. As of December 31, 2016 , the Company had no material unrecognized tax benefits and there exist no potentially significant unrecognized tax benefits which are reasonably expected to occur within the next twelve months. The Company recognizes penalties and interest accrued related to unrecognized tax benefits, if any, as general and administrative expense.
Stock Based Employee Compensation, Deferred Compensation and Stock Plan for Directors	Stock Based Employee Compensation, Deferred Compensation and Stock 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 common stock’s closing market price on the first trading day of the following quarter to determine the number of shares to be allocated to the director. As of December 31, 2016 , the directors’ deferred fee accounts comprise 246,800 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 Shareholders, and their issuance may not be deferred.
Noncontrolling Interest	Noncontrolling Interest Saul Centers is the sole general partner of the Operating Partnership, owning a 74.3% common interest as of December 31, 2016 . Noncontrolling interest in the Operating Partnership is comprised of limited partnership units owned by the Saul Organization. Noncontrolling interest 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 interest reflected on the consolidated statements of operations represents earnings allocated to limited partnership interests held by the Saul Organization.
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 anti-dilutive. The treasury stock method was used to measure the effect of the dilution.
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. 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.
Recently Issued Accounting Standards	Recently Issued Accounting Standards In April 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-08, “Presentation of Financial Statements (Topic 205) and Property Plant and Equipment (Topic 360)” (“ASU 2014-08”). ASU 2014-08 changes the requirements for reporting discontinued operations such that disposals of components of an entity will be reported in discontinued operations if the disposal represents a strategic shift that has (or will have) a major effect on an entity’s operations. ASU 2014-08 also requires additional disclosures about discontinued operations. ASU 2014-08 is effective for annual periods beginning after December 15, 2014, and interim periods within those years and early adoption is permitted. The Company retrospectively adopted ASU 2014-08 on April 15, 2014. The adoption of ASU 2014-08 did not have a material impact on the Company’s financial condition or results of operations. In May 2014, the FASB issued ASU No. 2014-09 titled “Revenue from Contracts with Customers” and subsequently issued several related ASUs (collectively “ASU 2014-09”). ASU 2014-09 will replace most existing revenue recognition guidance and will require an entity to recognize the amount of revenue 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 and early adoption is not permitted. 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 February 2015, the FASB issued ASU No. 2015-02, “Consolidation” ("ASU 2015-02"). ASU 2015-02 modifies existing consolidation guidance for reporting organizations that are required to evaluate whether they should consolidate certain legal entities. All legal entities are subject to reevaluation under the revised consolidation model. ASU 2015-02 is effective for annual periods beginning after December 15, 2015, and interim periods within those years. The adoption of ASU 2015-02 effective January 1, 2016, resulted in the Operating Partnership being classified as a variable interest entity. Because the Operating Partnership was already consolidated into the financial statements, adoption had no impact on the Company’s consolidated financial statements or 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. The Company retrospectively adopted ASU 2015-03 effective January 1, 2016. As a result of the adoption of ASU 2015-03, the Company no longer reports its net deferred debt costs as an asset and instead reports those amounts as reduction of the carrying value of the associated debt. In February 2016, the FASB issued ASU 2016-02, ‘‘Leases’’ (“ASU 2016-02”). ASU 2016-02 amends the existing accounting standards for lease accounting, including requiring lessees to recognize most leases on their balance sheets and making targeted changes to lessor accounting. ASU 2016-02 is effective for annual periods beginning after December 15, 2018, interim periods within those years, and requires a modified retrospective transition approach for all leases existing at the date of initial application, with an option to use certain practical expedients for those existing leases. We are evaluating the impact that ASU 2016-02 will have on our consolidated financial statements and related disclosures. In March 2016, the FASB issued ASU 2016-09, "Compensation-Stock Compensation" ("ASU 2016-09"). ASU 2016-09 simplifies the accounting for several aspects of share-based payments including the income tax consequences, classification of awards as either equity or liabilities and classification on the statement of cash flows. ASU 2016-09 is effective for annual periods beginning after December 15, 2016 and interim periods within those years. The transition method varies based on the specific amendment. The Company does not believe that the adoption of ASU 2016-09 will have a material impact on our consolidated financial statements or related disclosures. In June 2016, the FASB issued ASU 2016-13, "Financial Instruments-Credit Losses" ("ASU 2016-13"). ASU 2016-13 replaces the incurred loss impairment methodology with a methodology that reflects expected credit losses and requires consideration of a broader range of information to support credit loss estimates. ASU 2016-13 is effective for annual periods beginning after December 15, 2019, including interim periods within those years. We are evaluating the impact that ASU 2016-13 will have on our consolidated financial statements and related disclosures. In January 2017, the FASB issued ASU 2017-01, "Clarifying the Definition of a Business" ("ASU 2017-01"). ASU 2017-01 provides that when substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or group of similar identifiable assets, the set is not a business. ASU 2017-01 is effective prospectively for annual periods beginning after December 15, 2017, and interim periods within those years. Early application is permitted for transactions for which the acquisition date occurs before the effective date provided the transaction has not been reported in the financial statements. The Company expects to adopt ASU 2017-01 during the first quarter of 2017, the effect of which, for asset acquisitions, will be (a) the capitalization of acquisition costs, instead of expense, and (b) recordation of acquired assets and assessment liabilities at relative fair value, instead of fair value.
Reclassifications	Reclassifications Certain reclassifications have been made to prior years to conform to the presentation used for year ended December 31, 2016 .

Organization, Formation, and 27

Organization, Formation, and Basis of Presentation (Tables)	12 Months Ended
	Dec. 31, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Significant Properties Acquired, Developed and/or Disposed	The following table lists the significant properties acquired, developed and/or disposed of by the Company since January 1, 2014 . Name of Property Location Type Year of Acquisition/ Development/ Disposal Acquisitions 1580 Rockville Pike Rockville, Maryland Shopping Center January 2014 1582 Rockville Pike Rockville, Maryland Shopping Center April 2014 750 N. Glebe Road* Arlington, Virginia Shopping Center August 2014 730 N. Glebe Road* Arlington, Virginia Shopping Center December 2014 1584 Rockville Pike Rockville, Maryland Shopping Center December 2014 726 N. Glebe Road* Arlington, Virginia Shopping Center September 2015 700 N. Glebe Road Arlington, Virginia Development August 2016 Developments Park Van Ness Washington, DC Mixed-Use 2013-2016 Dispositions Giant Center Milford Mill, Maryland Shopping Center April 2014 Crosstown Business Center Tulsa, Oklahoma Mixed-Use December 2016

Summary of Significant Accoun28

Summary of Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2016
Accounting Policies [Abstract]
Schedule of construction in progress	The following table shows the components of construction in progress. December 31, (in thousands) 2016 2015 Park Van Ness $ — $ 77,245 N. Glebe Road 58,147 — Other 5,423 6,271 Total $ 63,570 $ 83,516
Allowance for doubtful accounts	Accounts receivable in the accompanying consolidated financial statements are shown net of an allowance for doubtful accounts of $2.0 million and $1.3 million , at December 31, 2016 and 2015 , respectively. (In thousands) Year ended December 31, 2016 2015 2014 Beginning Balance $ 1,263 $ 677 $ 572 Provision for Credit Losses 1,494 915 680 Charge-offs (799 ) (329 ) (575 ) Ending Balance $ 1,958 $ 1,263 $ 677
Basic and diluted shares outstanding	December 31, (Shares in thousands) 2016 2015 2014 Weighted average common shares outstanding - Basic 21,505 21,127 20,772 Effect of dilutive options 110 69 49 Weighted average common shares outstanding - Diluted 21,615 21,196 20,821 Average share price $ 58.96 $ 53.38 $ 49.09 Non-dilutive options 129 111 107 Years non-dilutive options were issued 2007, 2015, and 2016 2007 and 2015 2007 and 2008

Real Estate Acquired (Tables)

Real Estate Acquired (Tables)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2014
Real Estate [Abstract]
Allocation of purchase prices to acquired assets and liabilities	The purchase price was allocated to the assets acquired and liabilities assumed based on their fair value as shown in the following table. (in thousands) 700 N. Glebe Road Thruway Pad Total Land $ 7,236 $ 2,196 $ 9,432 Buildings — 874 874 In-place Leases — 93 93 Above Market Rent — — — Below Market Rent — (63 ) (63 ) Total Purchase Price $ 7,236 $ 3,100 $ 10,336	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 $ 66,047 Buildings 2,200 828 1,327 78 440 4,873 In-place Leases 513 849 449 39 249 2,099 Above Market Rent — — — — — — Below Market Rent (4,313 ) (419 ) — — (337 ) (5,069 ) Total Purchase Price $ 8,000 $ 11,000 $ 40,000 $ 2,800 $ 6,150 $ 67,950
Amortization of intangible assets and deferred income related to in place leases	As of December 31, 2016 , scheduled amortization of intangible assets and deferred income related to in place leases is as follows: (In thousands) Lease acquisition costs Above market leases Below market leases 2017 $ 762 $ 1 $ 1,677 2018 708 1 1,618 2019 537 — 1,481 2020 419 — 1,399 2021 384 — 1,375 Thereafter 840 — 6,887 Total $ 3,650 $ 2 $ 14,437

Mortgage Notes Payable, Revol30

Mortgage Notes Payable, Revolving Credit Facility, Interest Expense and Amortization of Deferred Debt Costs (Tables)	12 Months Ended
	Dec. 31, 2016
Debt Disclosure [Abstract]
Summary of notes payable	The following is a summary of notes payable as of December 31, 2016 and 2015 . Notes Payable December 31, Interest Scheduled (Dollars in thousands) 2016 2015 Rate * Maturity * Fixed rate mortgages: $ 29,428 (a) $ 30,778 6.01 % Feb-2018 32,036 (b) 33,766 5.88 % Jan-2019 10,372 (c) 10,928 5.76 % May-2019 14,335 (d) 15,098 5.62 % Jul-2019 14,325 (e) 15,064 5.79 % Sep-2019 12,725 (f) 13,387 5.22 % Jan-2020 10,277 (g) 10,587 5.60 % May-2020 8,697 (h) 9,127 5.30 % Jun-2020 39,213 (i) 40,360 5.83 % Jul-2020 7,685 (j) 8,025 5.81 % Feb-2021 5,808 (k) 5,959 6.01 % Aug-2021 33,571 (l) 34,420 5.62 % Jun-2022 10,253 (m) 10,492 6.08 % Sep-2022 11,129 (n) 11,365 6.43 % Apr-2023 13,401 (o) 14,177 6.28 % Feb-2024 15,917 (p) 16,348 7.35 % Jun-2024 13,832 (q) 14,197 7.60 % Jun-2024 24,504 (r) 25,088 7.02 % Jul-2024 28,945 (s) 29,714 7.45 % Jul-2024 28,822 (t) 29,564 7.30 % Jan-2025 14,961 (u) 15,360 6.18 % Jan-2026 109,144 (v) 112,299 5.31 % Apr-2026 33,097 (w) 34,133 4.30 % Oct-2026 37,701 (x) 38,842 4.53 % Nov-2026 17,630 (y) 18,150 4.70 % Dec-2026 66,210 (z) 67,850 5.84 % May-2027 16,352 (aa) 16,826 4.04 % Apr-2028 41,753 (bb) 31,844 3.51 % Jun-2028 16,543 (cc) 17,011 3.99 % Sep-2028 28,679 (dd) 29,444 3.69 % Mar-2030 15,357 (ee) 15,748 3.99 % Apr-2030 70,144 (ff) 45,208 4.88 % Sep-2032 11,446 (gg) 11,282 8.00 % Apr-2034 Total fixed rate 844,292 832,441 5.48 % 8.5 Years Variable rate loans: 49,000 (hh) 28,000 LIBOR + 1.45 % Jun-2018 14,482 (ii) 14,801 LIBOR + 1.65 % Feb-2018 Total variable rate $ 63,482 $ 42,801 2.22 % 1.3 Years Total notes payable $ 907,774 $ 875,242 5.25 % 8.0 Years * Interest rate and scheduled maturity data presented as of December 31, 2016 . Totals computed using weighted averages. Amounts shown are principal amounts and have not been reduced by any deferred debt issuance costs. (a) The loan is collateralized by Washington Square and requires equal monthly principal and interest payments of $264,000 based upon a 27.5 -year amortization schedule and a final payment of $28.0 million at loan maturity. Principal of $1.4 million was amortized during 2016 . (b) The loan is collateralized by three shopping centers, Broadlands Village, The Glen and Kentlands Square I, and requires equal monthly principal and interest payments of $306,000 based upon a 25 -year amortization schedule and a final payment of $28.4 million at loan maturity. Principal of $1.7 million was amortized during 2016 . (c) The loan is collateralized by Olde Forte Village and requires equal monthly principal and interest payments of $98,000 based upon a 25 -year amortization schedule and a final payment of $9.0 million at loan maturity. Principal of $556,000 was amortized during 2016 . (d) The loan is collateralized by Countryside and requires equal monthly principal and interest payments of $133,000 based upon a 25 -year amortization schedule and a final payment of $12.3 million at loan maturity. Principal of $763,000 was amortized during 2016 . (e) The loan is collateralized by Briggs Chaney MarketPlace and requires equal monthly principal and interest payments of $133,000 based upon a 25 -year amortization schedule and a final payment of $12.2 million at loan maturity. Principal of $739,000 was amortized during 2016 . (f) The loan is collateralized by Shops at Monocacy and requires equal monthly principal and interest payments of $112,000 based upon a 25 -year amortization schedule and a final payment of $10.6 million at loan maturity. Principal of $662,000 was amortized during 2016 . (g) The loan is collateralized by Boca Valley Plaza and requires equal monthly principal and interest payments of $75,000 based upon a 30 -year amortization schedule and a final payment of $9.1 million at loan maturity. Principal of $310,000 was amortized during 2016 . (h) The loan is collateralized by Palm Springs Center and requires equal monthly principal and interest payments of $75,000 based upon a 25 -year amortization schedule and a final payment of $7.1 million at loan maturity. Principal of $430,000 was amortized during 2016 . (i) The loan and a corresponding interest-rate swap closed on June 29, 2010 and are collateralized by Thruway. On a combined basis, the loan and the interest-rate swap require equal monthly principal and interest payments of $289,000 based upon a 25 -year amortization schedule and a final payment of $34.8 million at loan maturity. Principal of $1,147,000 was amortized during 2016 . (j) The loan is collateralized by Jamestown Place and requires equal monthly principal and interest payments of $66,000 based upon a 25 -year amortization schedule and a final payment of $6.1 million at loan maturity. Principal of $340,000 was amortized during 2016 . (k) The loan is collateralized by Hunt Club Corners and requires equal monthly principal and interest payments of $42,000 based upon a 30 -year amortization schedule and a final payment of $5.0 million , at loan maturity. Principal of $151,000 was amortized during 2016 . (l) The loan is collateralized by Lansdowne Town Center and requires monthly principal and interest payments of $230,000 based on a 30 -year amortization schedule and a final payment of $28.2 million at loan maturity. Principal of $849,000 was amortized during 2016 . (m) The loan is collateralized by Orchard Park and requires equal monthly principal and interest payments of $73,000 based upon a 30 -year amortization schedule and a final payment of $8.6 million at loan maturity. Principal of $239,000 was amortized during 2016 . (n) The loan is collateralized by BJ’s Wholesale and requires equal monthly principal and interest payments of $80,000 based upon a 30 -year amortization schedule and a final payment of $9.3 million at loan maturity. Principal of $236,000 was amortized during 2016 . (o) The loan is collateralized by Great Falls shopping center. The loan consists of three notes which require equal monthly principal and interest payments of $138,000 based upon a weighted average 26 -year amortization schedule and a final payment of $6.3 million at maturity. Principal of $776,000 was amortized during 2016 . (p) The loan is collateralized by Leesburg Pike and requires equal monthly principal and interest payments of $135,000 based upon a 25 -year amortization schedule and a final payment of $11.5 million at loan maturity. Principal of $431,000 was amortized during 2016 . (q) The loan is collateralized by Village Center and requires equal monthly principal and interest payments of $119,000 based upon a 25 -year amortization schedule and a final payment of $10.1 million at loan maturity. Principal of $365,000 was amortized during 2016 . (r) The loan is collateralized by White Oak and requires equal monthly principal and interest payments of $193,000 based upon a 24.4 year weighted amortization schedule and a final payment of $18.5 million at loan maturity. The loan was previously collateralized by Van Ness Square. During 2012, the Company substituted White Oak as the collateral and borrowed an additional $10.5 million . Principal of $584,000 was amortized during 2016 . (s) The loan is collateralized by Avenel Business Park and requires equal monthly principal and interest payments of $246,000 based upon a 25 -year amortization schedule and a final payment of $20.9 million at loan maturity. Principal of $769,000 was amortized during 2016 . (t) The loan is collateralized by Ashburn Village and requires equal monthly principal and interest payments of $240,000 based upon a 25 -year amortization schedule and a final payment of $20.5 million at loan maturity. Principal of $742,000 was amortized during 2016 . (u) The loan is collateralized by Ravenwood and requires equal monthly principal and interest payments of $111,000 based upon a 25 -year amortization schedule and a final payment of $10.1 million at loan maturity. Principal of $399,000 was amortized during 2016 . (v) The loan is collateralized by Clarendon Center and requires equal monthly principal and interest payments of $753,000 based upon a 25 -year amortization schedule and a final payment of $70.5 million at loan maturity. Principal of $3.2 million was amortized during 2016 . (w) The loan is collateralized by Severna Park MarketPlace and requires equal monthly principal and interest payments of $207,000 based upon a 25 -year amortization schedule and a final payment of $20.3 million at loan maturity. Principal of $1,036,000 was amortized during 2016 . (x) The loan is collateralized by Kentlands Square II and requires equal monthly principal and interest payments of $240,000 based upon a 25 -year amortization schedule and a final payment of $23.1 million at loan maturity. Principal of $1,141,000 was amortized during 2016 . (y) The loan is collateralized by Cranberry Square and requires equal monthly principal and interest payments of $113,000 based upon a 25 -year amortization schedule and a final payment of $10.9 million at loan maturity. Principal of $520,000 was amortized during 2016 . (z) The loan in the original amount of $73.0 million closed in May 2012, is collateralized by Seven Corners and requires equal monthly principal and interest payments of $463,200 based upon a 25 -year amortization schedule and a final payment of $42.3 million at loan maturity. Principal of $1.6 million was amortized during 2016 . (aa) The loan is collateralized by Hampshire Langley and requires equal monthly principal and interest payments of $95,400 based upon a 25 -year amortization schedule and a final payment of $9.5 million at loan maturity. Principal of $474,000 was amortized in 2016 . (bb) The loan is collateralized by Beacon Center and requires equal monthly principal and interest payments of $268,500 based upon a 20 -year amortization schedule and a final payment of $17.1 million at loan maturity. Principal of $1.3 million was amortized in 2016 . (cc) The loan is collateralized by Seabreeze Plaza and requires equal monthly principal and interest payments of $94,900 based upon a 25 -year amortization schedule and a final payment of $9.5 million at loan maturity. Principal of $468,000 was amortized in 2016 . (dd) The loan is collateralized by Shops at Fairfax and Boulevard shopping centers and requires equal monthly principal and interest payments totaling $153,300 based upon a 25 -year amortization schedule and a final payment of $15.5 million at maturity. Principal of $765,000 was amortized in 2016 . (ee) The loan is collateralized by Northrock and requires equal monthly principal and interest payments totaling $84,400 based upon a 25 -year amortization schedule and a final payment of $8.4 million at maturity. Principal of $391,000 was amortized in 2016 . (ff) The loan is a $71.6 million construction-to-permanent facility that is collateralized by and will finance a portion of the construction costs of Park Van Ness. During the construction period, interest will be funded by the loan. After conversion to a permanent loan, monthly principal and interest payments totaling $413,500 will be required based upon a 25 -year amortization schedule. A final payment of $39.6 million will be due at maturity. (gg) The Company entered into a sale-leaseback transaction with its Olney property and is accounting for that transaction as a secured financing. The arrangement requires monthly payments of $60,400 which increase by 1.5% on May 1, 2015, and every May 1 thereafter. The arrangement provides for a final payment of $14.7 million and has an implicit interest rate of 8.0% . Negative amortization in 2016 totaled $164,000 . (hh) The loan is a $275.0 million unsecured revolving credit facility. Interest accrues at a rate equal to the sum of one-month LIBOR plus a spread of 145 basis points. The line may be extended at the Company’s option for one year with payment of a fee of 0.15% . Monthly payments, if required, are interest only and vary depending upon the amount outstanding and the applicable interest rate for any given month. (ii) The loan is collateralized by Metro Pike Center and requires monthly principal and interest payments of approximately $48,000 and a final payment of $14.2 million at loan maturity. Principal of $319,000 was amortized during 2016 .
Scheduled maturities of all debt, including scheduled principal amortization	As of December 31, 2016 , the scheduled maturities of all debt including scheduled principal amortization for years ended December 31 are as follows: (in thousands) Balloon Payments Scheduled Principal Amortization Total 2017 $ — $ 26,418 $ 26,418 2018 90,865 (a) 26,394 117,259 2019 60,793 25,037 85,830 2020 61,163 22,331 83,494 2021 11,011 21,859 32,870 Thereafter 452,142 109,761 561,903 Principal amount $ 675,974 $ 231,800 907,774 Unamortized deferred debt costs 7,485 Net $ 900,289 (a) Includes $49.0 million outstanding under the line of credit.
Components of interest expense	The components of interest expense are set forth below. (in thousands) Year ended December 31, 2016 2015 2014 Interest incurred $ 46,867 $ 45,898 $ 45,396 Amortization of deferred debt costs 1,343 1,433 1,327 Capitalized interest (2,527 ) (2,166 ) (689 ) Total $ 45,683 $ 45,165 $ 46,034

Lease Agreements (Tables)

Lease Agreements (Tables)	12 Months Ended
	Dec. 31, 2016
Leases [Abstract]
Future contractual payments under noncancelable leases	Future contractual payments under noncancelable leases for years ended December 31 (which exclude the effect of straight-line rents), are as follows: (in thousands) 2017 $ 154,489 2018 138,724 2019 117,135 2020 97,155 2021 78,248 Thereafter 245,218 $ 830,969

Long-Term Lease Obligations (Ta

Long-Term Lease Obligations (Tables)	12 Months Ended
	Dec. 31, 2016
Leases [Abstract]
Future minimum rental commitments under ground leases	The future minimum rental commitments under this ground lease are as follows: (in thousands) 2017 $ 56 2018 56 2019 57 2020 62 2021 62 Thereafter 3,636 $ 3,929

Stock Option Plan (Tables)

Stock Option Plan (Tables)	12 Months Ended
	Dec. 31, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Stock Options Issued	The following table summarizes the amount and activity of each grant, 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 years ended December 31, 2016 , 2015 and 2014 . SAUL CENTERS, INC. (Dollars in thousands, except per share data) Stock options issued Directors Grant date 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 5/6/2016 Subtotals Total grant 30,000 30,000 32,500 32,500 32,500 35,000 35,000 30,000 35,000 32,500 325,000 Vested 30,000 30,000 32,500 32,500 32,500 35,000 35,000 30,000 35,000 32,500 325,000 Exercised 10,000 12,500 25,000 17,500 17,500 17,500 15,000 10,000 5,000 — 130,000 Forfeited 7,500 7,500 — 2,500 2,500 — — — — — 20,000 Exercisable at December 31, 2016 12,500 10,000 7,500 12,500 12,500 17,500 20,000 20,000 30,000 32,500 175,000 Remaining unexercised 12,500 10,000 7,500 12,500 12,500 17,500 20,000 20,000 30,000 32,500 175,000 Exercise price $ 54.17 $ 50.15 $ 32.68 $ 38.76 $ 41.82 $ 39.29 $ 44.42 $ 47.03 $ 51.07 $ 57.74 Volatility 0.225 0.237 0.344 0.369 0.358 0.348 0.333 0.173 0.166 0.166 Expected life (years) 8.0 7.0 6.0 5.0 5.0 5.0 5.0 5.0 5.0 5.0 Assumed yield 4.39 % 4.09 % 4.54 % 4.23 % 4.16 % 4.61 % 4.53 % 4.48 % 4.54 % 3.75 % Risk-free rate 4.65 % 3.49 % 2.19 % 2.17 % 1.86 % 0.78 % 0.82 % 1.63 % 1.50 % 1.23 % Total value at grant date $ 285 $ 255 $ 223 $ 288 $ 298 $ 257 $ 278 $ 110 $ 125 $ 151 $ 2,270 Expensed in previous years 285 255 223 288 298 257 278 — — — 1,884 Expensed in 2014 — — — — — — — 110 — — 110 Expensed in 2015 — — — — — — — — 125 — 125 Expensed in 2016 — — — — — — — — — 151 151 Future expense — — — — — — — — — — — Officers Grant date 4/27/2007 5/13/2011 5/4/2012 5/10/2013 5/9/2014 5/8/2015 5/6/2016 Subtotals Grand Totals Total grant 135,000 162,500 242,500 202,500 170,000 190,000 194,000 1,296,500 1,621,500 Vested 67,500 118,750 107,500 131,875 85,000 47,500 — 558,125 883,125 Exercised 67,500 92,915 91,205 68,750 31,250 6,250 — 357,870 487,870 Forfeited 67,500 43,750 135,000 30,625 1,250 1,875 — 280,000 300,000 Exercisable at December 31, 2016 — 25,835 16,295 63,125 53,750 41,250 — 200,255 375,255 Remaining unexercised — 25,835 16,295 103,125 137,500 181,875 194,000 658,630 833,630 Exercise price $ 54.17 $ 41.82 $ 39.29 $ 44.42 $ 47.03 $ 51.07 $ 57.74 Volatility 0.233 0.330 0.315 0.304 0.306 0.298 0.185 Expected life (years) 6.5 8.0 8.0 8.0 7.0 7.0 7.0 Assumed yield 4.13 % 4.81 % 5.28 % 5.12 % 4.89 % 4.94 % 3.80 % Risk-free rate 4.61 % 2.75 % 1.49 % 1.49 % 2.17 % 1.89 % 1.55 % Gross value at grant date $ 1,339 $ 1,366 $ 1,518 $ 1,401 $ 1,350 $ 1,585 $ 1,137 $ 9,696 $ 11,966 Estimated forfeitures 62 368 845 280 169 142 87 1,953 1,953 Expensed in previous years 1,277 692 262 209 — — — 2,440 4,324 Expensed in 2014 — 217 157 284 197 — — 855 965 Expensed in 2015 — 89 157 269 295 241 — 1,051 1,176 Expensed in 2016 — 97 269 295 361 175 1,197 1,348 Future expense — — — 90 394 841 875 2,200 2,200 Weighted average term of remaining future expense 2.5 years
Summary of Option Activity	The table below summarizes the option activity for the years 2016 , 2015 , and 2014 : 2016 2015 2014 Shares Weighted Shares Weighted Shares Weighted Outstanding at January 1 860,274 $ 46.58 748,208 $ 44.79 753,625 $ 42.55 Granted 226,500 57.74 225,000 51.07 200,000 47.03 Exercised (246,894 ) 45.59 (112,934 ) 43.67 (167,917 ) 37.71 Expired/Forfeited (6,250 ) 45.31 — — (37,500 ) 43.56 Outstanding December 31 833,630 49.92 860,274 46.58 748,208 44.79 Exercisable at December 31 375,255 46.68 435,899 45.33 380,708 44.85

Fair Value of Financial Instr34

Fair Value of Financial Instruments (Tables)	12 Months Ended
	Dec. 31, 2016
Fair Value Disclosures [Abstract]
Changes in Fair Value of Swaps	The following chart summarizes the changes in fair value of the Company’s swap for the indicated periods. (Dollars in thousands) Year ended December 31, 2016 2015 2014 Increase (decrease) in fair value: Recognized in earnings $ (6 ) $ (10 ) $ (10 ) Recognized in other comprehensive income 678 124 (675 ) Total $ 672 $ 114 $ (685 )

Distributions (Tables)

Distributions (Tables)	12 Months Ended
	Dec. 31, 2016
Equity [Abstract]
Summary of distributions paid including activity in plan as well as limited partnership units issued from reinvestment of unit distributions	The following summarizes distributions paid during the years ended December 31, 2016 , 2015 , and 2014 , and includes activity in the Plan as well as limited partnership units issued from the reinvestment of unit distributions: Total Distributions to Dividend Reinvestments (Dollars in thousands, except per share amounts) Preferred Common Limited Common Discounted Limited Partnership Units Issued Average Unit Price Distributions during 2016 October 31 $ 3,094 $ 10,168 $ 3,478 44,176 $ 57.18 30,891 $ 57.18 July 31 3,094 10,133 3,465 39,487 65.64 26,897 65.64 April 30 3,094 10,029 3,449 48,854 51.59 34,201 51.59 January 31 3,093 9,142 3,141 54,280 49.24 32,769 49.24 Total 2016 $ 12,375 $ 39,472 $ 13,533 186,797 124,758 Distributions during 2015 October 31 $ 3,094 $ 9,106 $ 3,129 47,313 $ 55.73 28,936 $ 55.73 July 31 3,094 9,081 3,115 56,003 50.30 32,041 50.30 April 30 3,094 9,055 3,104 54,921 50.21 25,264 50.21 January 31 3,093 8,403 2,880 42,975 56.74 20,796 56.74 Total 2015 $ 12,375 $ 35,645 $ 12,228 201,212 107,037 Distributions during 2014 October 31 $ 3,856 $ 8,348 $ 2,879 40,142 $ 52.71 July 31 3,206 8,314 2,879 57,696 46.79 April 30 3,206 8,269 2,838 60,212 44.14 104,831 $ 44.77 January 31 3,206 7,415 2,521 39,588 45.15 91,352 45.80 Total 2014 $ 13,474 $ 32,346 $ 11,117 197,638 196,183

Interim Results (Unaudited) (Ta

Interim Results (Unaudited) (Tables)	12 Months Ended
	Dec. 31, 2016
Quarterly Financial Information Disclosure [Abstract]
Summary of results of operations for quarterly periods	The following summary presents the results of operations of the Company for the quarterly periods of calendar years 2016 and 2015 . (In thousands, except per share amounts) 2016 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter Revenue $ 56,926 $ 52,710 $ 53,233 $ 54,201 Operating income before loss on early extinguishment of debt, gain on casualty settlement, and noncontrolling interests 16,381 13,250 12,722 13,360 Gain on sales of properties — — — 1,013 Net income attributable to Saul Centers, Inc. 12,948 10,627 10,239 11,465 Net income available to common stockholders 9,854 7,533 7,146 8,371 Net income available to common stockholders per diluted share 0.46 0.35 0.33 0.38 (In thousands, except per share amounts) 2015 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter Revenue $ 52,088 $ 51,711 $ 52,376 $ 52,902 Operating income before loss on early extinguishment of debt, gain on casualty settlement, and noncontrolling interests 12,687 12,922 13,238 14,083 Gain on sales of properties — 11 — — Net income attributable to Saul Centers, Inc. 10,207 10,396 10,615 11,250 Net income available to common stockholders 7,113 7,302 7,522 8,156 Net income available to common stockholders per diluted share 0.33 0.35 0.36 0.38

Business Segments (Tables)

Business Segments (Tables)	12 Months Ended
	Dec. 31, 2016
Segment Reporting [Abstract]
Business Segments	SAUL CENTERS, INC. Notes to Consolidated Financial Statements (In thousands) Shopping Mixed-Use Corporate Consolidated As of or for the year ended December 31, 2016 Centers Properties and Other Totals Real estate rental operations: Revenue $ 160,179 $ 56,840 $ 51 $ 217,070 Expenses (34,931 ) (18,770 ) — (53,701 ) Income from real estate 125,248 38,070 51 163,369 Interest expense and amortization of deferred debt costs — — (45,683 ) (45,683 ) General and administrative — — (17,496 ) (17,496 ) Subtotal 125,248 38,070 (63,128 ) 100,190 Depreciation and amortization of deferred leasing costs (29,964 ) (14,453 ) — (44,417 ) Acquisition related costs (60 ) — — (60 ) Change in fair value of derivatives — — (6 ) (6 ) Gain on sale of property — 1,013 — 1,013 Net income (loss) $ 95,224 $ 24,630 $ (63,134 ) $ 56,720 Capital investment $ 64,044 $ 27,001 $ — $ 91,045 Total assets $ 976,545 $ 358,419 $ 8,061 $ 1,343,025 As of or for the year ended December 31, 2015 Real estate rental operations: Revenue $ 156,110 $ 52,916 $ 51 $ 209,077 Expenses (33,877 ) (17,266 ) — (51,143 ) Income from real estate 122,233 35,650 51 157,934 Interest expense and amortization of deferred debt costs — — (45,165 ) (45,165 ) General and administrative — — (16,353 ) (16,353 ) Subtotal 122,233 35,650 (61,467 ) 96,416 Depreciation and amortization of deferred leasing costs (30,171 ) (13,099 ) — (43,270 ) Acquisition related costs (84 ) — — (84 ) Predevelopment expenses (57 ) (75 ) — (132 ) Change in fair value of derivatives — — (10 ) (10 ) Gain on sale of property 11 — — 11 Net income (loss) $ 91,932 $ 22,476 $ (61,477 ) $ 52,931 Capital investment $ 17,159 $ 52,460 $ — $ 69,619 Total assets $ 931,256 $ 354,254 $ 9,898 $ 1,295,408 SAUL CENTERS, INC. Notes to Consolidated Financial Statements (continued) (In thousands) Shopping Mixed-Use Corporate Consolidated As of or for the year ended December 31, 2014 Centers Properties and Other Totals Real estate rental operations: Revenue $ 154,385 $ 52,632 $ 75 $ 207,092 Expenses (33,781 ) (15,732 ) — (49,513 ) Income from real estate 120,604 36,900 75 157,579 Interest expense and amortization of deferred debt costs — — (46,034 ) (46,034 ) General and administrative — — (16,961 ) (16,961 ) Subtotal 120,604 36,900 (62,920 ) 94,584 Depreciation and amortization of deferred leasing costs (28,082 ) (13,121 ) — (41,203 ) Acquisition related costs (949 ) — — (949 ) Predevelopment expenses — (503 ) — (503 ) Change in fair value of derivatives — — (10 ) (10 ) Gain on sale of property 6,069 — — 6,069 Net income (loss) $ 97,642 $ 23,276 $ (62,930 ) $ 57,988 Capital investment $ 66,508 $ 23,760 $ — $ 90,268 Total assets $ 939,267 $ 305,579 $ 12,267 $ 1,257,113

Organization, Formation And Bas

Organization, Formation And Basis of Presentation - Additional Information (Detail)	Dec. 31, 2016partnershipproperty
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	49
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 Accoun39

Summary of Significant Accounting Policies - Additional Information (Detail)	12 Months Ended
	Dec. 31, 2016USD ($)ft²tenantstorepropertyshares	Dec. 31, 2015USD ($)shares	Dec. 31, 2014USD ($)shares	Dec. 31, 2013USD ($)
Significant Accounting Policies [Line Items]
Number of shopping centers | store	29
Percentage of ownership in operating partnership	74.30%
Interest expense capitalized	$ 2,527,000	$ 2,166,000	$ 689,000
Depreciation and amortization of deferred leasing costs	38,755,000	37,698,000	35,933,000
Repairs and maintenance expense	11,800,000	11,600,000	11,900,000
Deferred leasing costs, net	25,983,000	26,919,000
Accumulated amortization deferred leasing cost	30,400,000	26,600,000
Amortization expense deferred leasing cost	5,700,000	5,600,000	5,300,000
Allowance for doubtful accounts receivables	1,958,000	1,263,000	677,000	$ 572,000
Accounts receivable, net representing rental income accrued	43,100,000	41,400,000
Allowance for doubtful accounts receivables representing rental income accrued	500,000	500,000
Real estate held-for-sale	3,400,000
Real estate, accumulated depreciation	458,279,000	425,370,000	396,617,000	$ 364,663,000
Real estate, costs to sell and liabilities	200,000
Unamortized deferred debt costs	7,485,000	8,700,000
Accumulated amortization	7,300,000	6,200,000
Accrued penalties and interest	0	0	$ 0
Tax basis of the company's real estate investments	$ 1,300,000,000	$ 1,100,000,000
Shares issued to directors (in shares) | shares	251,323	117,886	172,887
Shares issued to directors	$ 1,348,000	$ 1,176,000	$ 965,000
Director
Significant Accounting Policies [Line Items]
Shares credited to deferred fee accounts (in shares) | shares	246,800
Shares issued to directors (in shares) | shares	200	200	200
Shares issued to directors	$ 150,100	$ 143,000	$ 112,900
Property Held-for-sale
Significant Accounting Policies [Line Items]
Number of real estate properties | property	1
Net rentable area (in square feet) | ft²	197,100
Real estate, accumulated depreciation	$ 7,000,000
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
Revenue
Significant Accounting Policies [Line Items]
Number of tenants | tenant	3
Revenue | Minimum
Significant Accounting Policies [Line Items]
Percentage of total revenue	2.50%
Revenue | Giant Food
Significant Accounting Policies [Line Items]
Percentage of total revenue	4.30%
Number of shopping centers | store	9
Revenue | Capital One
Significant Accounting Policies [Line Items]
Percentage of total revenue	2.80%
Number of shopping centers | store	20
Revenue | Safeway
Significant Accounting Policies [Line Items]
Percentage of total revenue	2.60%
Number of shopping centers | store	9

Summary of Significant Accoun40

Summary of Significant Accounting Policies - Construction in Progress (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Property, Plant and Equipment [Line Items]
Construction in progress	$ 63,570	$ 83,516
Park Van Ness
Property, Plant and Equipment [Line Items]
Construction in progress	0	77,245
N. Glebe Road
Property, Plant and Equipment [Line Items]
Construction in progress	58,147	0
Other
Property, Plant and Equipment [Line Items]
Construction in progress	$ 5,423	$ 6,271

Summary of Significant Accoun41

Summary of Significant Accounting Policies - Allowance for Doubtful Accounts (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Allowance for Doubtful Accounts Receivable [Roll Forward]
Beginning Balance	$ 1,263	$ 677	$ 572
Provision for Credit Losses	1,494	915	680
Charge-offs	(799)	(329)	(575)
Ending Balance	$ 1,958	$ 1,263	$ 677

Summary of Significant Accoun42

Summary of Significant Accounting Policies - Basic and Diluted Shares Outstanding (Detail) - $ / shares shares in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Weighted average common shares outstanding - basic (in shares)	21,505	21,127	20,772
Effect of dilutive options (in shares)	110	69	49
Weighted average common shares outstanding - diluted (in shares)	21,615	21,196	20,821
Average share price (in usd per share)	$ 58.96	$ 53.38	$ 49.09
Options
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Antidilutive options (in shares)	129	111	107

Real Estate Acquired - Addition

Real Estate Acquired - Additional Information (Detail)	1 Months Ended							3 Months Ended	12 Months Ended
	Aug. 31, 2016USD ($)	Sep. 30, 2015USD ($)	Feb. 28, 2015USD ($)a	Dec. 31, 2014USD ($)property	Aug. 31, 2014USD ($)	Apr. 30, 2014USD ($)	Jan. 31, 2014USD ($)	Dec. 31, 2016USD ($)property	Dec. 31, 2016USD ($)property	Dec. 31, 2015USD ($)property	Dec. 31, 2014USD ($)property
Business Acquisition [Line Items]
Aggregate cost									$ 10,300,000		$ 68,000,000
Rent expense									843,300	$ 904,900	840,800
Property acquisition costs				$ 900,000				$ 60,400	$ 60,400		$ 900,000
Number of properties acquired | property				5				2	2	1	5
Purchase price allocated to land				$ 66,047,000				$ 9,432,000	$ 9,432,000		$ 66,047,000
Purchase price allocated to buildings				4,873,000				874,000	874,000		4,873,000
Below market lease, carrying amount								29,900,000	29,900,000	$ 29,900,000
Below market lease, accumulated amortization								15,500,000	15,500,000	13,700,000
Accretion income, intangible liabilities									1,800,000	1,800,000	1,900,000
Lease acquisition costs
Business Acquisition [Line Items]
Intangible assets gross carrying amount								24,100,000	24,100,000	24,000,000
Intangible assets, accumulated amortization								20,500,000	20,500,000	19,200,000
Amortization expense									$ 1,200,000	1,300,000	1,300,000
Weighted-average amortization period									3 years 6 months
Above Market Rent
Business Acquisition [Line Items]
Intangible assets gross carrying amount								1,000,000	$ 1,000,000	1,000,000
Intangible assets, accumulated amortization								999,700	999,700	998,200
Amortization expense									$ 1,500	1,500	22,500
Weighted-average amortization period									1 year
Below Market Leases
Business Acquisition [Line Items]
Weighted-average amortization period									5 years 10 months 24 days
1580 Rockville Pike
Business Acquisition [Line Items]
Aggregate cost							$ 8,000,000
Property acquisition costs							$ 200,000
Purchase price allocated to land				9,600,000							9,600,000
Purchase price allocated to buildings				2,200,000							2,200,000
1582 Rockville Pike
Business Acquisition [Line Items]
Aggregate cost						$ 11,000,000
Property acquisition costs						$ 200,000
Purchase price allocated to land				9,742,000							9,742,000
Purchase price allocated to buildings				828,000							828,000
1584 Rockville Pike
Business Acquisition [Line Items]
Aggregate cost				6,200,000
Property acquisition costs										200,000
Purchase price allocated to land				5,798,000							5,798,000
Purchase price allocated to buildings				440,000							440,000
750 N. Glebe Road
Business Acquisition [Line Items]
Aggregate cost					$ 40,000,000
Property acquisition costs					$ 400,000
Purchase price allocated to land				38,224,000							38,224,000
Purchase price allocated to buildings				1,327,000							1,327,000
730 N. Glebe Road
Business Acquisition [Line Items]
Aggregate cost				2,800,000
Property acquisition costs										40,400
Purchase price allocated to land				2,683,000							2,683,000
Purchase price allocated to buildings				$ 78,000							$ 78,000
726 N Glebe Road
Business Acquisition [Line Items]
Aggregate cost		$ 4,000,000								4,000,000
Property acquisition costs		$ 100,000								100,000
Purchase price allocated to land										3,900,000
Purchase price allocated to buildings										$ 100,000
700 N. Glebe Road
Business Acquisition [Line Items]
Aggregate cost	$ 7,200,000
Purchase price allocated to land								7,236,000	$ 7,236,000
Purchase price allocated to buildings								0	0
Westview Pad
Business Acquisition [Line Items]
Aggregate cost			$ 900,000
Area of real estate property (in square feet) | a			1.1
Thruway Pad
Business Acquisition [Line Items]
Aggregate cost	3,100,000
Property acquisition costs	$ 60,000
Purchase price allocated to land								2,196,000	2,196,000
Purchase price allocated to buildings								874,000	874,000
Beacon Center
Business Acquisition [Line Items]
Aggregate cost								22,500,000
Rent expense									60,000
Mortgage loans on real estate, period increase (decrease)								11,250,000
Southdale
Business Acquisition [Line Items]
Aggregate cost								$ 15,000,000
Rent expense									$ 60,000

Real Estate Acquired - Allocati

Real Estate Acquired - Allocation of Purchase Prices to Acquired Assets and Liabilities (Detail) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2014
Business Acquisition [Line Items]
Land	$ 9,432	$ 66,047
Buildings	874	4,873
Below Market Rent	(63)	(5,069)
Total Purchase Price	10,336	67,950
In-place Leases
Business Acquisition [Line Items]
Intangible assets	93	2,099
Above Market Rent
Business Acquisition [Line Items]
Intangible assets	0	0
700 N. Glebe Road
Business Acquisition [Line Items]
Land	7,236
Buildings	0
Below Market Rent	0
Total Purchase Price	7,236
700 N. Glebe Road | In-place Leases
Business Acquisition [Line Items]
Intangible assets	0
700 N. Glebe Road | Above Market Rent
Business Acquisition [Line Items]
Intangible assets	0
Thruway Pad
Business Acquisition [Line Items]
Land	2,196
Buildings	874
Below Market Rent	(63)
Total Purchase Price	3,100
Thruway Pad | In-place Leases
Business Acquisition [Line Items]
Intangible assets	93
Thruway Pad | Above Market Rent
Business Acquisition [Line Items]
Intangible assets	$ 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]
Intangible assets		513
1580 Rockville Pike | Above Market Rent
Business Acquisition [Line Items]
Intangible assets		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]
Intangible assets		849
1582 Rockville Pike | Above Market Rent
Business Acquisition [Line Items]
Intangible assets		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]
Intangible assets		449
750 N. Glebe Road | Above Market Rent
Business Acquisition [Line Items]
Intangible assets		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]
Intangible assets		39
730 N. Glebe Road | Above Market Rent
Business Acquisition [Line Items]
Intangible assets		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]
Intangible assets		249
1584 Rockville Pike | Above Market Rent
Business Acquisition [Line Items]
Intangible assets		$ 0

Real Estate Acquired - Amortiza

Real Estate Acquired - Amortization of Intangible Assets and Deferred Income Related to in Place Leases (Detail) $ in Thousands	Dec. 31, 2016USD ($)
Below market leases
2,017	$ 1,677
2,018	1,618
2,019	1,481
2,020	1,399
2,021	1,375
Thereafter	6,887
Total	14,437
Lease acquisition costs
Finite-Lived Intangible Assets [Line Items]
2,017	762
2,018	708
2,019	537
2,020	419
2,021	384
Thereafter	840
Total	3,650
Above market leases
Finite-Lived Intangible Assets [Line Items]
2,017	1
2,018	1
2,019	0
2,020	0
2,021	0
Thereafter	0
Total	$ 2

Noncontrolling Interest - Holde

Noncontrolling Interest - Holders of Convertible Limited Partnership Units in Operating Partnership - Additional Information (Detail) - Noncontrolling Interests	12 Months Ended
	Dec. 31, 2016shares	Dec. 31, 2015shares	Dec. 31, 2014shares
Noncontrolling Interest [Line Items]
Percentage of ownership interest of noncontrolling interest	25.70%
Limited partnership units (in shares)	7,430,516
Limited partnership units, conversion ratio	1
Outstanding stock percent that should be acquired for rights to be exercised	39.90%
Limited partnership units convertible to shares of common stock, eligible for conversion (in partnership units)	530,000
Fully converted partnership units and diluted weighted average shares outstanding (in shares)	28,989,900	28,449,400	27,977,500

Mortgage Notes Payable, Revol47

Mortgage Notes Payable, Revolving Credit Facility, Interest Expense and Amortization of Deferred Debt Costs - Additional Information (Detail) - USD ($)		Apr. 01, 2015	Mar. 03, 2015	Jun. 24, 2014	Feb. 27, 2013	Dec. 31, 2016		Nov. 30, 2016	Dec. 31, 2015	Dec. 31, 2014
Debt Instrument [Line Items]
Outstanding debt						$ 907,800,000
Fixed rate mortgages						783,400,000			$ 796,169,000
Principal amount						907,774,000			875,200,000
Debt outstanding with fixed-rate									832,400,000
Debt outstanding with variable-rate									42,800,000
Line of credit facility, maximum borrowing capacity						225,600,000
Letter of credit facility						448,000
Guarantor obligations, maximum exposure						51,000,000			51,000,000
Remaining loan balance						231,800,000
Capitalization of debt issuance cost						100,000			300,000	$ 1,300,000
Beacon Center
Debt Instrument [Line Items]
Loan amount								$ 11,250,000
Shops at Fairfax and Boulevard
Debt Instrument [Line Items]
Loan term			15 years
Loan amount			$ 30,000,000
Loan fixed interest rate			3.69%
Northrock
Debt Instrument [Line Items]
Loan term		15 years
Loan amount		$ 16,000,000
Loan fixed interest rate		3.99%
Metro Pike Center
Debt Instrument [Line Items]
Interest rate spread on LIBOR					1.65%
Northrock
Debt Instrument [Line Items]
Interest rate spread on LIBOR					1.65%
Revolving Credit Facility | Line of Credit
Debt Instrument [Line Items]
Outstanding line of credit						$ 49,000,000
Unsecured Revolving Credit Facility
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity				$ 275,000,000
Extension in line of credit facility period				1 year		1 year
Interest rate spread on LIBOR						1.45%
Unsecured Revolving Credit Facility | Minimum
Debt Instrument [Line Items]
Interest rate spread on LIBOR						1.45%
Unsecured Revolving Credit Facility | Maximum
Debt Instrument [Line Items]
Interest rate spread on LIBOR						2.00%
Fixed rate mortgage notes payable
Debt Instrument [Line Items]
Fixed rate mortgages						$ 844,292,000			832,441,000
Fixed rate mortgage notes payable | Shops at Fairfax and Boulevard
Debt Instrument [Line Items]
Loan required final principal payment			$ 15,500,000
Loan required periodic principal and interest payment			$ 153,300
Amortization schedule			25 years
Remaining loan balance			$ 15,200,000
Fixed rate mortgage notes payable | Northrock
Debt Instrument [Line Items]
Loan required final principal payment		$ 8,400,000
Loan required periodic principal and interest payment		$ 84,400
Amortization schedule		25 years
Remaining loan balance		$ 14,500,000
Fixed rate mortgage notes payable | Metro Pike Center Bank Loan
Debt Instrument [Line Items]
Guarantor obligations, maximum exposure						7,800,000
Fixed rate mortgage notes payable | 5.84% due May 2027
Debt Instrument [Line Items]
Fixed rate mortgages						66,210,000	[1]		67,850,000
Fixed rate mortgage notes payable | 4.04% due April 2028
Debt Instrument [Line Items]
Fixed rate mortgages						16,352,000	[2]		16,826,000
Fixed rate mortgage notes payable | 4.04% due April 2028 | Hampshire Langley
Debt Instrument [Line Items]
Loan required final principal payment						9,500,000
Loan required periodic principal and interest payment						$ 95,400
Principal amortization period						25 years
Fixed rate mortgage notes payable | 3.51% due June 2028
Debt Instrument [Line Items]
Fixed rate mortgages						$ 41,753,000	[3]		31,844,000
Fixed rate mortgage notes payable | 3.51% due June 2028 | Beacon Center
Debt Instrument [Line Items]
Loan required final principal payment						17,100,000
Loan required periodic principal and interest payment						$ 268,500
Principal amortization period						20 years
Fixed rate mortgage notes payable | 3.99% due September 2028
Debt Instrument [Line Items]
Fixed rate mortgages						$ 16,543,000	[4]		17,011,000
Fixed rate mortgage notes payable | 3.99% due September 2028 | Seabreeze Plaza
Debt Instrument [Line Items]
Loan required final principal payment						9,500,000
Loan required periodic principal and interest payment						$ 94,900
Principal amortization period						25 years
Fixed rate mortgage notes payable | 4.88% due September 2032
Debt Instrument [Line Items]
Fixed rate mortgages						$ 70,144,000	[5]		45,208,000
Fixed rate mortgage notes payable | 4.88% due September 2032 | Park Van Ness
Debt Instrument [Line Items]
Loan amount						71,600,000
Loan required final principal payment						39,600,000
Loan required periodic principal and interest payment						$ 413,500
Principal amortization period						25 years
Variable rate loans payable
Debt Instrument [Line Items]
Variable rate debt						$ 63,482,000			42,801,000
Interest rate spread on LIBOR	[6]					2.22%
Variable rate loans payable | Unsecured Revolving Credit Facility
Debt Instrument [Line Items]
Variable rate debt						$ 49,000,000	[7]		28,000,000
Line of credit facility, maximum borrowing capacity						$ 275,000,000
Interest rate spread on LIBOR	[6]					1.45%
Variable rate loans payable | Metro Pike Center Bank Loan
Debt Instrument [Line Items]
Variable rate debt						$ 14,482,000	[8]		14,801,000
Interest rate spread on LIBOR	[6]					1.65%
Variable rate loans payable | Metro Pike Center Bank Loan | Metro Pike Center
Debt Instrument [Line Items]
Loan required final principal payment						$ 14,200,000
Loan required periodic principal and interest payment						48,000
Debt Covenant
Debt Instrument [Line Items]
Carrying value of properties collateralized						$ 957,200,000			$ 856,800,000
Debt covenant, percentage of net proceeds of additional equity issuance						80.00%
Credit agreement leverage ratio						60.00%
Interest coverage ratio required minimum						2
Required fixed charge coverage ratio						1.3
Debt Covenant | Minimum
Debt Instrument [Line Items]
Debt covenant required net assets						$ 542,100,000
[1]	The loan in the original amount of $73.0 million closed in May 2012, is collateralized by Seven Corners and requires equal monthly principal and interest payments of $463,200 based upon a 25-year amortization schedule and a final payment of $42.3 million at loan maturity. Principal of $1.6 million was amortized during 2016.
[2]	The loan is collateralized by Hampshire Langley and requires equal monthly principal and interest payments of $95,400 based upon a 25 -year amortization schedule and a final payment of $9.5 million at loan maturity. Principal of $474,000 was amortized in 2016.
[3]	The loan is collateralized by Beacon Center and requires equal monthly principal and interest payments of $268,500 based upon a 20-year amortization schedule and a final payment of $17.1 million at loan maturity. Principal of $1.3 million was amortized in 2016.
[4]	The loan is collateralized by Seabreeze Plaza and requires equal monthly principal and interest payments of $94,900 based upon a 25-year amortization schedule and a final payment of $9.5 million at loan maturity. Principal of $468,000 was amortized in 2016.
[5]	The loan is a $71.6 million construction-to-permanent facility that is collateralized by and will finance a portion of the construction costs of Park Van Ness. During the construction period, interest will be funded by the loan. After conversion to a permanent loan, monthly principal and interest payments totaling $413,500 will be required based upon a 25-year amortization schedule. A final payment of $39.6 million will be due at maturity.
[6]	Interest rate and scheduled maturity data presented as of December 31, 2016. Totals computed using weighted averages. Amounts shown are principal amounts and have not been reduced by any deferred debt issuance costs.
[7]	The loan is a $275.0 million unsecured revolving credit facility. Interest accrues at a rate equal to the sum of one-month LIBOR plus a spread of 145 basis points. The line may be extended at the Company’s option for one year with payment of a fee of 0.15%. Monthly payments, if required, are interest only and vary depending upon the amount outstanding and the applicable interest rate for any given month.
[8]	The loan is collateralized by Metro Pike Center and requires monthly principal and interest payments of approximately $48,000 and a final payment of $14.2 million at loan maturity. Principal of $319,000 was amortized during 2016.

Mortgage Notes Payable, Revol48

Mortgage Notes Payable, Revolving Credit Facility, Interest Expense and Amortization of Deferred Debt Costs - Summary of Notes Payable (Detail) - USD ($) $ in Thousands		Feb. 27, 2013	Dec. 31, 2016		Dec. 31, 2015
Notes Payable [Line Items]
Fixed rate mortgages			$ 783,400		$ 796,169
Interest rate			4.25%		3.75%
Scheduled maturity period	[1]		8 years 1 day
Total notes payable			$ 907,774		$ 875,242
Interest rate during period	[1]		5.25%
Fixed rate mortgage notes payable
Notes Payable [Line Items]
Fixed rate mortgages			$ 844,292		832,441
Interest rate	[1]		5.48%
Scheduled maturity period	[1]		8 years 6 months 1 day
Fixed rate mortgage notes payable | 6.01% due February 2018
Notes Payable [Line Items]
Fixed rate mortgages			$ 29,428	[2]	30,778
Interest rate	[1]		6.01%
Fixed rate mortgage notes payable | 5.88% due January 2019
Notes Payable [Line Items]
Fixed rate mortgages			$ 32,036	[3]	33,766
Interest rate	[1]		5.88%
Fixed rate mortgage notes payable | 5.76% due May 2019
Notes Payable [Line Items]
Fixed rate mortgages			$ 10,372	[4]	10,928
Interest rate	[1]		5.76%
Fixed rate mortgage notes payable | 5.62% due July 2019
Notes Payable [Line Items]
Fixed rate mortgages			$ 14,335	[5]	15,098
Interest rate	[1]		5.62%
Fixed rate mortgage notes payable | 5.79% due September 2019
Notes Payable [Line Items]
Fixed rate mortgages			$ 14,325	[6]	15,064
Interest rate	[1]		5.79%
Fixed rate mortgage notes payable | 5.22% due January 2020
Notes Payable [Line Items]
Fixed rate mortgages			$ 12,725	[7]	13,387
Interest rate	[1]		5.22%
Fixed rate mortgage notes payable | 5.60% due May 2020
Notes Payable [Line Items]
Fixed rate mortgages			$ 10,277	[8]	10,587
Interest rate	[1]		5.60%
Fixed rate mortgage notes payable | 5.30% due June 2020
Notes Payable [Line Items]
Fixed rate mortgages			$ 8,697	[9]	9,127
Interest rate	[1]		5.30%
Fixed rate mortgage notes payable | 5.83% due July 2020
Notes Payable [Line Items]
Fixed rate mortgages			$ 39,213	[10]	40,360
Interest rate	[1]		5.83%
Fixed rate mortgage notes payable | 5.81% due February 2021
Notes Payable [Line Items]
Fixed rate mortgages			$ 7,685	[11]	8,025
Interest rate	[1]		5.81%
Fixed rate mortgage notes payable | 6.01% due August 2021
Notes Payable [Line Items]
Fixed rate mortgages			$ 5,808	[12]	5,959
Interest rate	[1]		6.01%
Fixed rate mortgage notes payable | 5.62% due June 2022
Notes Payable [Line Items]
Fixed rate mortgages			$ 33,571	[13]	34,420
Interest rate	[1]		5.62%
Fixed rate mortgage notes payable | 6.08% due September 2022
Notes Payable [Line Items]
Fixed rate mortgages			$ 10,253	[14]	10,492
Interest rate	[1]		6.08%
Fixed rate mortgage notes payable | 6.43% due April 2023
Notes Payable [Line Items]
Fixed rate mortgages			$ 11,129	[15]	11,365
Interest rate	[1]		6.43%
Fixed rate mortgage notes payable | 6.28% due February 2024
Notes Payable [Line Items]
Fixed rate mortgages			$ 13,401	[16]	14,177
Interest rate	[1]		6.28%
Fixed rate mortgage notes payable | 7.35% due June 2024
Notes Payable [Line Items]
Fixed rate mortgages			$ 15,917	[17]	16,348
Interest rate	[1]		7.35%
Fixed rate mortgage notes payable | 7.60% due June 2024
Notes Payable [Line Items]
Fixed rate mortgages			$ 13,832	[18]	14,197
Interest rate	[1]		7.60%
Fixed rate mortgage notes payable | 7.02% due July 2024
Notes Payable [Line Items]
Fixed rate mortgages			$ 24,504	[19]	25,088
Interest rate	[1]		7.02%
Fixed rate mortgage notes payable | 7.45% due July 2024
Notes Payable [Line Items]
Fixed rate mortgages			$ 28,945	[20]	29,714
Interest rate	[1]		7.45%
Fixed rate mortgage notes payable | 7.30% due January 2025
Notes Payable [Line Items]
Fixed rate mortgages			$ 28,822	[21]	29,564
Interest rate	[1]		7.30%
Fixed rate mortgage notes payable | 6.18% due January 2026
Notes Payable [Line Items]
Fixed rate mortgages			$ 14,961	[22]	15,360
Interest rate	[1]		6.18%
Fixed rate mortgage notes payable | 5.31% due April 2026
Notes Payable [Line Items]
Fixed rate mortgages			$ 109,144	[23]	112,299
Interest rate	[1]		5.31%
Fixed rate mortgage notes payable | 4.30% due October 2026
Notes Payable [Line Items]
Fixed rate mortgages			$ 33,097	[24]	34,133
Interest rate	[1]		4.30%
Fixed rate mortgage notes payable | 4.53% due November 2026
Notes Payable [Line Items]
Fixed rate mortgages			$ 37,701	[25]	38,842
Interest rate	[1]		4.53%
Fixed rate mortgage notes payable | 4.70% due December 2026
Notes Payable [Line Items]
Fixed rate mortgages			$ 17,630	[26]	18,150
Interest rate	[1]		4.70%
Fixed rate mortgage notes payable | 5.84% due May 2027
Notes Payable [Line Items]
Fixed rate mortgages			$ 66,210	[27]	67,850
Interest rate	[1]		5.84%
Fixed rate mortgage notes payable | 4.04% due April 2028
Notes Payable [Line Items]
Fixed rate mortgages			$ 16,352	[28]	16,826
Interest rate	[1]		4.04%
Fixed rate mortgage notes payable | 3.51% due June 2028
Notes Payable [Line Items]
Fixed rate mortgages			$ 41,753	[29]	31,844
Interest rate	[1]		3.51%
Fixed rate mortgage notes payable | 3.99% due September 2028
Notes Payable [Line Items]
Fixed rate mortgages			$ 16,543	[30]	17,011
Interest rate	[1]		3.99%
Fixed rate mortgage notes payable | 3.69% Due March 2030
Notes Payable [Line Items]
Fixed rate mortgages			$ 28,679	[31]	29,444
Interest rate	[1]		3.69%
Fixed rate mortgage notes payable | 3.99% Due April 2030
Notes Payable [Line Items]
Fixed rate mortgages			$ 15,357	[32]	15,748
Interest rate	[1]		3.99%
Fixed rate mortgage notes payable | 4.88% due September 2032
Notes Payable [Line Items]
Fixed rate mortgages			$ 70,144	[33]	45,208
Interest rate	[1]		4.88%
Fixed rate mortgage notes payable | 8.00% due April 2034
Notes Payable [Line Items]
Fixed rate mortgages			$ 11,446	[34]	11,282
Interest rate	[1]		8.00%
Variable rate loans payable
Notes Payable [Line Items]
Variable rate debt			$ 63,482		42,801
Interest rate spread on LIBOR	[1]		2.22%
Scheduled maturity period	[1]		1 year 4 months 3 days
Variable rate loans payable | Revolving credit facility
Notes Payable [Line Items]
Variable rate debt			$ 49,000	[35]	28,000
Interest rate spread on LIBOR	[1]		1.45%
Variable rate loans payable | Metro Pike Center Bank Loan
Notes Payable [Line Items]
Variable rate debt			$ 14,482	[36]	$ 14,801
Interest rate spread on LIBOR	[1]		1.65%
Northrock
Notes Payable [Line Items]
Interest rate spread on LIBOR		1.65%
[1]	Interest rate and scheduled maturity data presented as of December 31, 2016. Totals computed using weighted averages. Amounts shown are principal amounts and have not been reduced by any deferred debt issuance costs.
[2]	The loan is collateralized by Washington Square and requires equal monthly principal and interest payments of $264,000 based upon a 27.5-year amortization schedule and a final payment of $28.0 million at loan maturity. Principal of $1.4 million was amortized during 2016.
[3]	The loan is collateralized by three shopping centers, Broadlands Village, The Glen and Kentlands Square I, and requires equal monthly principal and interest payments of $306,000 based upon a 25-year amortization schedule and a final payment of $28.4 million at loan maturity. Principal of $1.7 million was amortized during 2016.
[4]	The loan is collateralized by Olde Forte Village and requires equal monthly principal and interest payments of $98,000 based upon a 25-year amortization schedule and a final payment of $9.0 million at loan maturity. Principal of $556,000 was amortized during 2016.
[5]	The loan is collateralized by Countryside and requires equal monthly principal and interest payments of $133,000 based upon a 25-year amortization schedule and a final payment of $12.3 million at loan maturity. Principal of $763,000 was amortized during 2016.
[6]	The loan is collateralized by Briggs Chaney MarketPlace and requires equal monthly principal and interest payments of $133,000 based upon a 25-year amortization schedule and a final payment of $12.2 million at loan maturity. Principal of $739,000 was amortized during 2016.
[7]	The loan is collateralized by Shops at Monocacy and requires equal monthly principal and interest payments of $112,000 based upon a 25-year amortization schedule and a final payment of $10.6 million at loan maturity. Principal of $662,000 was amortized during 2016.
[8]	The loan is collateralized by Boca Valley Plaza and requires equal monthly principal and interest payments of $75,000 based upon a 30-year amortization schedule and a final payment of $9.1 million at loan maturity. Principal of $310,000 was amortized during 2016.
[9]	The loan is collateralized by Palm Springs Center and requires equal monthly principal and interest payments of $75,000 based upon a 25-year amortization schedule and a final payment of $7.1 million at loan maturity. Principal of $430,000 was amortized during 2016.
[10]	The loan and a corresponding interest-rate swap closed on June 29, 2010 and are collateralized by Thruway. On a combined basis, the loan and the interest-rate swap require equal monthly principal and interest payments of $289,000 based upon a 25-year amortization schedule and a final payment of $34.8 million at loan maturity. Principal of $1,147,000 was amortized during 2016.
[11]	The loan is collateralized by Jamestown Place and requires equal monthly principal and interest payments of $66,000 based upon a 25-year amortization schedule and a final payment of $6.1 million at loan maturity. Principal of $340,000 was amortized during 2016.
[12]	The loan is collateralized by Hunt Club Corners and requires equal monthly principal and interest payments of $42,000 based upon a 30-year amortization schedule and a final payment of $5.0 million, at loan maturity. Principal of $151,000 was amortized during 2016.
[13]	The loan is collateralized by Lansdowne Town Center and requires monthly principal and interest payments of $230,000 based on a 30-year amortization schedule and a final payment of $28.2 million at loan maturity. Principal of $849,000 was amortized during 2016.
[14]	The loan is collateralized by Orchard Park and requires equal monthly principal and interest payments of $73,000 based upon a 30-year amortization schedule and a final payment of $8.6 million at loan maturity. Principal of $239,000 was amortized during 2016.
[15]	The loan is collateralized by BJ’s Wholesale and requires equal monthly principal and interest payments of $80,000 based upon a 30-year amortization schedule and a final payment of $9.3 million at loan maturity. Principal of $236,000 was amortized during 2016.
[16]	The loan is collateralized by Great Falls shopping center. The loan consists of three notes which require equal monthly principal and interest payments of $138,000 based upon a weighted average 26-year amortization schedule and a final payment of $6.3 million at maturity. Principal of $776,000 was amortized during 2016.
[17]	The loan is collateralized by Leesburg Pike and requires equal monthly principal and interest payments of $135,000 based upon a 25-year amortization schedule and a final payment of $11.5 million at loan maturity. Principal of $431,000 was amortized during 2016.
[18]	The loan is collateralized by Village Center and requires equal monthly principal and interest payments of $119,000 based upon a 25-year amortization schedule and a final payment of $10.1 million at loan maturity. Principal of $365,000 was amortized during 2016.
[19]	The loan is collateralized by White Oak and requires equal monthly principal and interest payments of $193,000 based upon a 24.4 year weighted amortization schedule and a final payment of $18.5 million at loan maturity. The loan was previously collateralized by Van Ness Square. During 2012, the Company substituted White Oak as the collateral and borrowed an additional $10.5 million. Principal of $584,000 was amortized during 2016.
[20]	The loan is collateralized by Avenel Business Park and requires equal monthly principal and interest payments of $246,000 based upon a 25-year amortization schedule and a final payment of $20.9 million at loan maturity. Principal of $769,000 was amortized during 2016.
[21]	The loan is collateralized by Ashburn Village and requires equal monthly principal and interest payments of $240,000 based upon a 25-year amortization schedule and a final payment of $20.5 million at loan maturity. Principal of $742,000 was amortized during 2016.
[22]	The loan is collateralized by Ravenwood and requires equal monthly principal and interest payments of $111,000 based upon a 25-year amortization schedule and a final payment of $10.1 million at loan maturity. Principal of $399,000 was amortized during 2016.
[23]	The loan is collateralized by Clarendon Center and requires equal monthly principal and interest payments of $753,000 based upon a 25-year amortization schedule and a final payment of $70.5 million at loan maturity. Principal of $3.2 million was amortized during 2016.
[24]	The loan is collateralized by Severna Park MarketPlace and requires equal monthly principal and interest payments of $207,000 based upon a 25-year amortization schedule and a final payment of $20.3 million at loan maturity. Principal of $1,036,000 was amortized during 2016.
[25]	The loan is collateralized by Kentlands Square II and requires equal monthly principal and interest payments of $240,000 based upon a 25-year amortization schedule and a final payment of $23.1 million at loan maturity. Principal of $1,141,000 was amortized during 2016.
[26]	The loan is collateralized by Cranberry Square and requires equal monthly principal and interest payments of $113,000 based upon a 25-year amortization schedule and a final payment of $10.9 million at loan maturity. Principal of $520,000 was amortized during 2016.
[27]	The loan in the original amount of $73.0 million closed in May 2012, is collateralized by Seven Corners and requires equal monthly principal and interest payments of $463,200 based upon a 25-year amortization schedule and a final payment of $42.3 million at loan maturity. Principal of $1.6 million was amortized during 2016.
[28]	The loan is collateralized by Hampshire Langley and requires equal monthly principal and interest payments of $95,400 based upon a 25 -year amortization schedule and a final payment of $9.5 million at loan maturity. Principal of $474,000 was amortized in 2016.
[29]	The loan is collateralized by Beacon Center and requires equal monthly principal and interest payments of $268,500 based upon a 20-year amortization schedule and a final payment of $17.1 million at loan maturity. Principal of $1.3 million was amortized in 2016.
[30]	The loan is collateralized by Seabreeze Plaza and requires equal monthly principal and interest payments of $94,900 based upon a 25-year amortization schedule and a final payment of $9.5 million at loan maturity. Principal of $468,000 was amortized in 2016.
[31]	The loan is collateralized by Shops at Fairfax and Boulevard shopping centers and requires equal monthly principal and interest payments totaling $153,300 based upon a 25-year amortization schedule and a final payment of $15.5 million at maturity. Principal of $765,000 was amortized in 2016.
[32]	The loan is collateralized by Northrock and requires equal monthly principal and interest payments totaling $84,400 based upon a 25-year amortization schedule and a final payment of $8.4 million at maturity. Principal of $391,000 was amortized in 2016.
[33]	The loan is a $71.6 million construction-to-permanent facility that is collateralized by and will finance a portion of the construction costs of Park Van Ness. During the construction period, interest will be funded by the loan. After conversion to a permanent loan, monthly principal and interest payments totaling $413,500 will be required based upon a 25-year amortization schedule. A final payment of $39.6 million will be due at maturity.
[34]	The Company entered into a sale-leaseback transaction with its Olney property and is accounting for that transaction as a secured financing. The arrangement requires monthly payments of $60,400 which increase by 1.5% on May 1, 2015, and every May 1 thereafter. The arrangement provides for a final payment of $14.7 million and has an implicit interest rate of 8.0%. Negative amortization in 2016 totaled $164,000
[35]	The loan is a $275.0 million unsecured revolving credit facility. Interest accrues at a rate equal to the sum of one-month LIBOR plus a spread of 145 basis points. The line may be extended at the Company’s option for one year with payment of a fee of 0.15%. Monthly payments, if required, are interest only and vary depending upon the amount outstanding and the applicable interest rate for any given month.
[36]	The loan is collateralized by Metro Pike Center and requires monthly principal and interest payments of approximately $48,000 and a final payment of $14.2 million at loan maturity. Principal of $319,000 was amortized during 2016.

Mortgage Notes Payable, Revol49

Mortgage Notes Payable, Revolving Credit Facility, Interest Expense and Amortization of Deferred Debt Costs - Summary of Notes Payable (Additional Information) (Detail)		Feb. 27, 2013	Dec. 31, 2016USD ($)shopping_centernote	Dec. 31, 2015	Dec. 31, 2012USD ($)
Notes Payable [Line Items]
Interest rate			4.25%	3.75%
Line of credit facility, maximum borrowing capacity			$ 225,600,000
Northrock
Notes Payable [Line Items]
Interest rate spread on LIBOR		1.65%
Metro Pike Center
Notes Payable [Line Items]
Interest rate spread on LIBOR		1.65%
Fixed rate mortgage notes payable
Notes Payable [Line Items]
Interest rate	[1]		5.48%
Fixed rate mortgage notes payable | 6.01% due February 2018
Notes Payable [Line Items]
Interest rate	[1]		6.01%
Fixed rate mortgage notes payable | 6.01% due February 2018 | Washington Square
Notes Payable [Line Items]
Principal and interest payments			$ 264,000
Amortization period			27 years 6 months
Debt instrument final payment			$ 28,000,000
Amortization of principal			$ 1,400,000
Fixed rate mortgage notes payable | 5.88% due January 2019
Notes Payable [Line Items]
Interest rate	[1]		5.88%
Fixed rate mortgage notes payable | 5.88% due January 2019 | Broadlands Village, The Glen and Kentlands Square I
Notes Payable [Line Items]
Principal and interest payments			$ 306,000
Amortization period			25 years
Debt instrument final payment			$ 28,400,000
Amortization of principal			$ 1,700,000
Number of shopping centers | shopping_center			3
Fixed rate mortgage notes payable | 5.76% due May 2019
Notes Payable [Line Items]
Interest rate	[1]		5.76%
Fixed rate mortgage notes payable | 5.76% due May 2019 | Olde Forte Village
Notes Payable [Line Items]
Principal and interest payments			$ 98,000
Amortization period			25 years
Debt instrument final payment			$ 9,000,000
Amortization of principal			$ 556,000
Fixed rate mortgage notes payable | 5.62% due July 2019
Notes Payable [Line Items]
Interest rate	[1]		5.62%
Fixed rate mortgage notes payable | 5.62% due July 2019 | Countryside
Notes Payable [Line Items]
Principal and interest payments			$ 133,000
Amortization period			25 years
Debt instrument final payment			$ 12,300,000
Amortization of principal			$ 763,000
Fixed rate mortgage notes payable | 5.79% due September 2019
Notes Payable [Line Items]
Interest rate	[1]		5.79%
Fixed rate mortgage notes payable | 5.79% due September 2019 | Briggs Chancy MarketPlace
Notes Payable [Line Items]
Principal and interest payments			$ 133,000
Amortization period			25 years
Debt instrument final payment			$ 12,200,000
Amortization of principal			$ 739,000
Fixed rate mortgage notes payable | 5.22% due January 2020
Notes Payable [Line Items]
Interest rate	[1]		5.22%
Fixed rate mortgage notes payable | 5.22% due January 2020 | Shops at Monocacy
Notes Payable [Line Items]
Principal and interest payments			$ 112,000
Amortization period			25 years
Debt instrument final payment			$ 10,600,000
Amortization of principal			$ 662,000
Fixed rate mortgage notes payable | 5.60% due May 2020
Notes Payable [Line Items]
Interest rate	[1]		5.60%
Fixed rate mortgage notes payable | 5.60% due May 2020 | Boca Valley Plaza
Notes Payable [Line Items]
Principal and interest payments			$ 75,000
Amortization period			30 years
Debt instrument final payment			$ 9,100,000
Amortization of principal			$ 310,000
Fixed rate mortgage notes payable | 5.30% due June 2020
Notes Payable [Line Items]
Interest rate	[1]		5.30%
Fixed rate mortgage notes payable | 5.30% due June 2020 | Palm Springs Center
Notes Payable [Line Items]
Principal and interest payments			$ 75,000
Amortization period			25 years
Debt instrument final payment			$ 7,100,000
Amortization of principal			$ 430,000
Fixed rate mortgage notes payable | 5.83% due July 2020
Notes Payable [Line Items]
Interest rate	[1]		5.83%
Fixed rate mortgage notes payable | 5.83% due July 2020 | Thruway
Notes Payable [Line Items]
Principal and interest payments			$ 289,000
Amortization period			25 years
Debt instrument final payment			$ 34,800,000
Amortization of principal			$ 1,147,000
Fixed rate mortgage notes payable | 5.81% due February 2021
Notes Payable [Line Items]
Interest rate	[1]		5.81%
Fixed rate mortgage notes payable | 5.81% due February 2021 | Jamestown Place
Notes Payable [Line Items]
Principal and interest payments			$ 66,000
Amortization period			25 years
Debt instrument final payment			$ 6,100,000
Amortization of principal			$ 340,000
Fixed rate mortgage notes payable | 6.01% due August 2021
Notes Payable [Line Items]
Interest rate	[1]		6.01%
Fixed rate mortgage notes payable | 6.01% due August 2021 | Hunt Club Corners
Notes Payable [Line Items]
Principal and interest payments			$ 42,000
Amortization period			30 years
Debt instrument final payment			$ 5,000,000
Amortization of principal			$ 151,000
Fixed rate mortgage notes payable | 5.62% due June 2022
Notes Payable [Line Items]
Interest rate	[1]		5.62%
Fixed rate mortgage notes payable | 5.62% due June 2022 | Landsowne Town Center
Notes Payable [Line Items]
Principal and interest payments			$ 230,000
Amortization period			30 years
Debt instrument final payment			$ 28,200,000
Amortization of principal			$ 849,000
Fixed rate mortgage notes payable | 6.08% due September 2022
Notes Payable [Line Items]
Interest rate	[1]		6.08%
Fixed rate mortgage notes payable | 6.08% due September 2022 | Orchard Park
Notes Payable [Line Items]
Principal and interest payments			$ 73,000
Amortization period			30 years
Debt instrument final payment			$ 8,600,000
Amortization of principal			$ 239,000
Fixed rate mortgage notes payable | 6.43% due April 2023
Notes Payable [Line Items]
Interest rate	[1]		6.43%
Fixed rate mortgage notes payable | 6.43% due April 2023 | BJs Wholesale
Notes Payable [Line Items]
Principal and interest payments			$ 80,000
Amortization period			30 years
Debt instrument final payment			$ 9,300,000
Amortization of principal			$ 236,000
Fixed rate mortgage notes payable | 6.28% due February 2024
Notes Payable [Line Items]
Interest rate	[1]		6.28%
Fixed rate mortgage notes payable | 6.28% due February 2024 | Great Falls Shopping Center
Notes Payable [Line Items]
Principal and interest payments			$ 138,000
Amortization period			26 years
Debt instrument final payment			$ 6,300,000
Amortization of principal			$ 776,000
Number of notes | note			3
Fixed rate mortgage notes payable | 7.35% due June 2024
Notes Payable [Line Items]
Interest rate	[1]		7.35%
Fixed rate mortgage notes payable | 7.35% due June 2024 | Leesburg Pike
Notes Payable [Line Items]
Principal and interest payments			$ 135,000
Amortization period			25 years
Debt instrument final payment			$ 11,500,000
Amortization of principal			$ 431,000
Fixed rate mortgage notes payable | 7.60% due June 2024
Notes Payable [Line Items]
Interest rate	[1]		7.60%
Fixed rate mortgage notes payable | 7.60% due June 2024 | Village Center
Notes Payable [Line Items]
Principal and interest payments			$ 119,000
Amortization period			25 years
Debt instrument final payment			$ 10,100,000
Amortization of principal			$ 365,000
Fixed rate mortgage notes payable | 7.02% due July 2024
Notes Payable [Line Items]
Interest rate	[1]		7.02%
Fixed rate mortgage notes payable | 7.02% due July 2024 | White Oak Shopping Center
Notes Payable [Line Items]
Principal and interest payments			$ 193,000
Amortization period			24 years 4 months 24 days
Debt instrument final payment			$ 18,500,000
Loan amount					$ 10,500,000
Amortization of principal			$ 584,000
Fixed rate mortgage notes payable | 7.45% due July 2024
Notes Payable [Line Items]
Interest rate	[1]		7.45%
Fixed rate mortgage notes payable | 7.45% due July 2024 | Avenel Business Park
Notes Payable [Line Items]
Principal and interest payments			$ 246,000
Amortization period			25 years
Debt instrument final payment			$ 20,900,000
Amortization of principal			$ 769,000
Fixed rate mortgage notes payable | 7.30% due January 2025
Notes Payable [Line Items]
Interest rate	[1]		7.30%
Fixed rate mortgage notes payable | 7.30% due January 2025 | Ashburn Village
Notes Payable [Line Items]
Principal and interest payments			$ 240,000
Amortization period			25 years
Debt instrument final payment			$ 20,500,000
Amortization of principal			$ 742,000
Fixed rate mortgage notes payable | 6.18% due January 2026
Notes Payable [Line Items]
Interest rate	[1]		6.18%
Fixed rate mortgage notes payable | 6.18% due January 2026 | Ravenwood
Notes Payable [Line Items]
Principal and interest payments			$ 111,000
Amortization period			25 years
Debt instrument final payment			$ 10,100,000
Amortization of principal			$ 399,000
Fixed rate mortgage notes payable | 5.31% due April 2026
Notes Payable [Line Items]
Interest rate	[1]		5.31%
Fixed rate mortgage notes payable | 5.31% due April 2026 | Clarendon Center
Notes Payable [Line Items]
Principal and interest payments			$ 753,000
Amortization period			25 years
Debt instrument final payment			$ 70,500,000
Amortization of principal			$ 3,200,000
Fixed rate mortgage notes payable | 4.30% due October 2026
Notes Payable [Line Items]
Interest rate	[1]		4.30%
Fixed rate mortgage notes payable | 4.30% due October 2026 | Severna Park Market Place
Notes Payable [Line Items]
Principal and interest payments			$ 207,000
Amortization period			25 years
Debt instrument final payment			$ 20,300,000
Amortization of principal			$ 1,036,000
Fixed rate mortgage notes payable | 4.53% due November 2026
Notes Payable [Line Items]
Interest rate	[1]		4.53%
Fixed rate mortgage notes payable | 4.53% due November 2026 | Kentlands Square II
Notes Payable [Line Items]
Principal and interest payments			$ 240,000
Amortization period			25 years
Debt instrument final payment			$ 23,100,000
Amortization of principal			$ 1,141,000
Fixed rate mortgage notes payable | 4.70% due December 2026
Notes Payable [Line Items]
Interest rate	[1]		4.70%
Fixed rate mortgage notes payable | 4.70% due December 2026 | Cranberry Square
Notes Payable [Line Items]
Principal and interest payments			$ 113,000
Amortization period			25 years
Debt instrument final payment			$ 10,900,000
Amortization of principal			$ 520,000
Fixed rate mortgage notes payable | 5.84% due May 2027
Notes Payable [Line Items]
Interest rate	[1]		5.84%
Fixed rate mortgage notes payable | 5.84% due May 2027 | Seven Corners
Notes Payable [Line Items]
Principal and interest payments			$ 463,200
Amortization period			25 years
Debt instrument final payment			$ 42,300,000
Loan amount			73,000,000
Amortization of principal			$ 1,600,000
Fixed rate mortgage notes payable | 4.04% due April 2028
Notes Payable [Line Items]
Interest rate	[1]		4.04%
Fixed rate mortgage notes payable | 4.04% due April 2028 | Hampshire Langley
Notes Payable [Line Items]
Principal and interest payments			$ 95,400
Amortization period			25 years
Debt instrument final payment			$ 9,500,000
Amortization of principal			$ 474,000
Fixed rate mortgage notes payable | 3.51% due June 2028
Notes Payable [Line Items]
Interest rate	[1]		3.51%
Fixed rate mortgage notes payable | 3.51% due June 2028 | Beacon Center
Notes Payable [Line Items]
Principal and interest payments			$ 268,500
Amortization period			20 years
Debt instrument final payment			$ 17,100,000
Amortization of principal			$ 1,300,000
Fixed rate mortgage notes payable | 3.99% due September 2028
Notes Payable [Line Items]
Interest rate	[1]		3.99%
Fixed rate mortgage notes payable | 3.99% due September 2028 | Seabreeze Plaza
Notes Payable [Line Items]
Principal and interest payments			$ 94,900
Amortization period			25 years
Debt instrument final payment			$ 9,500,000
Amortization of principal			$ 468,000
Fixed rate mortgage notes payable | 3.69% Due March 2030
Notes Payable [Line Items]
Interest rate	[1]		3.69%
Fixed rate mortgage notes payable | 3.69% Due March 2030 | Shops at Fairfax and Boulevard
Notes Payable [Line Items]
Principal and interest payments			$ 153,300
Amortization period			25 years
Debt instrument final payment			$ 15,500,000
Amortization of principal			$ 765,000
Fixed rate mortgage notes payable | 3.99% Due April 2030
Notes Payable [Line Items]
Interest rate	[1]		3.99%
Fixed rate mortgage notes payable | 3.99% Due April 2030 | Northrock
Notes Payable [Line Items]
Principal and interest payments			$ 84,400
Amortization period			25 years
Debt instrument final payment			$ 8,400,000
Amortization of principal			$ 391,000
Fixed rate mortgage notes payable | 4.88% due September 2032
Notes Payable [Line Items]
Interest rate	[1]		4.88%
Fixed rate mortgage notes payable | 4.88% due September 2032 | Park Van Ness
Notes Payable [Line Items]
Principal and interest payments			$ 413,500
Amortization period			25 years
Debt instrument final payment			$ 39,600,000
Loan amount			$ 71,600,000
Fixed rate mortgage notes payable | 8.00% due April 2034
Notes Payable [Line Items]
Interest rate	[1]		8.00%
Fixed rate mortgage notes payable | 8.00% due April 2034 | Olney
Notes Payable [Line Items]
Principal and interest payments			$ 60,400
Debt instrument final payment			$ 14,700,000
Fixed rate increase on note			1.50%
Interest rate			8.00%
Negative amortization			$ 164,000
Variable rate loans payable
Notes Payable [Line Items]
Interest rate spread on LIBOR	[1]		2.22%
Variable rate loans payable | Revolving credit facility
Notes Payable [Line Items]
Line of credit facility, maximum borrowing capacity			$ 275,000,000
Debt maturity extension period			1 year
Debt instrument fee			0.15%
Interest rate spread on LIBOR	[1]		1.45%
Variable rate loans payable | Metro Pike Center Bank Loan
Notes Payable [Line Items]
Interest rate spread on LIBOR	[1]		1.65%
Variable rate loans payable | Metro Pike Center Bank Loan | Metro Pike Center
Notes Payable [Line Items]
Principal and interest payments			$ 48,000
Debt instrument final payment			14,200,000
Amortization of principal			$ 319,000
[1]	Interest rate and scheduled maturity data presented as of December 31, 2016. Totals computed using weighted averages. Amounts shown are principal amounts and have not been reduced by any deferred debt issuance costs.

Mortgage Notes Payable, Revol50

Mortgage Notes Payable, Revolving Credit Facility, Interest Expense and Amortization of Deferred Debt Costs - Scheduled Maturities of All Debt, Including Scheduled Principal Amortization (Detail) - USD ($) $ in Thousands		Dec. 31, 2016	Dec. 31, 2015
Balloon Payments
2,017		$ 0
2,018		90,865
2,019	[1]	60,793
2,020		61,163
2,021		11,011
Thereafter		452,142
Balloon Payments		675,974
Scheduled Principal Amortization
2,017		26,418
2,018		26,394
2,019		25,037
2,020		22,331
2,021		21,859
Thereafter		109,761
Scheduled Principal Amortization		231,800
Total
2,017		26,418
2,018		117,259
2,019		85,830
2,020		83,494
2,021		32,870
Thereafter		561,903
Principal amount		907,774	$ 875,200
Unamortized deferred debt costs		7,485	$ 8,700
Net		$ 900,289
[1]	Includes $49.0 million outstanding under the line of credit.

Mortgage Notes Payable, Revol51

Mortgage Notes Payable, Revolving Credit Facility, Interest Expense and Amortization of Deferred Debt Costs - Interest Expense and Amortization of Deferred Debt Costs (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Debt Disclosure [Abstract]
Interest incurred	$ 46,867	$ 45,898	$ 45,396
Amortization of deferred debt costs	1,343	1,433	1,327
Capitalized interest	(2,527)	(2,166)	(689)
Total	$ 45,683	$ 45,165	$ 46,034

Lease Agreements - Additional I

Lease Agreements - Additional Information (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Leases [Abstract]
Base rent (including straight-line rent)	$ 172,381	$ 168,303	$ 164,599
Expense recoveries	34,269	32,911	32,132
Percentage rent	$ 1,379	$ 1,608	$ 1,492

Lease Agreements - Future Contr

Lease Agreements - Future Contractual Payments Under Noncancelable Leases (Detail) $ in Thousands	Dec. 31, 2016USD ($)
Leases [Abstract]
2,017	$ 154,489
2,018	138,724
2,019	117,135
2,020	97,155
2,021	78,248
Thereafter	245,218
Total future contractual payments	$ 830,969

Long Term Lease Obligations - A

Long Term Lease Obligations - Additional Information (Detail)	12 Months Ended
	Dec. 31, 2016USD ($)property	Dec. 31, 2015USD ($)	Dec. 31, 2014USD ($)
Leases Disclosure [Line Items]
Number of properties subject to noncancelable long-term lease | property	1
Minimum rental obligations	$ 159,000	$ 176,000	$ 176,000
Rent expense	$ 843,300	$ 904,900	$ 840,800
90-year Ground Leasehold Interest
Leases Disclosure [Line Items]
Ground leasehold interest period	90 years
Minimum annual lease rent over lease term	$ 1
99-year Ground Lease
Leases Disclosure [Line Items]
Ground leasehold interest period	99 years
Minimum annual lease rent over lease term	$ 1
Percent of underlying land held under a 99-year ground lease	3.40%
Flagship Center
Leases Disclosure [Line Items]
Number of developed parcels | property	2

Long-Term Lease Obligations - F

Long-Term Lease Obligations - Future Minimum Rental Commitments Under Ground Leases (Detail) $ in Thousands	Dec. 31, 2016USD ($)
Leases Future Minimum Payments [Line Items]
2,017	$ 56
2,018	56
2,019	57
2,020	62
2,021	62
Thereafter	3,636
Total	$ 3,929

Stockholders' Equity and Nonc56

Stockholders' Equity and Noncontrolling Interest - Additional Information (Detail) $ / shares in Units, $ in Thousands	Nov. 12, 2014USD ($)shares	Feb. 12, 2013USD ($)quarter$ / sharesshares	Mar. 31, 2013	Nov. 30, 2003quarter$ / sharesshares	Dec. 31, 2016USD ($)	Dec. 31, 2015USD ($)	Dec. 31, 2014USD ($)
Class of Stock [Line Items]
Income attributable to noncontrolling interests | $					$ 11,441	$ 10,463	$ 11,045
Series A Preferred Stock
Class of Stock [Line Items]
Number of depositary shares sold | shares				4,000,000
Depository shares to cumulative redeemable preferred stock ratio				1.00%
Dividend rate on preferred stock				8.00%
Depositary shares, redeemable price (in usd per share)				$ 25
Annual dividend on depositary shares (in usd per share)				2
Liquidation preference (in USD per share)				$ 25
Number of quarters without dividends for voting eligibility | quarter				6
Percentage of redeemable preferred stock			60.00%
Series C Preferred Stock
Class of Stock [Line Items]
Number of depositary shares sold | shares	1,600,000	5,600,000
Depository shares to cumulative redeemable preferred stock ratio		1.00%
Dividend rate on preferred stock		6.875%
Annual dividend on depositary shares (in usd per share)		$ 1.71875
Liquidation preference (in USD per share)		$ 25
Number of quarters without dividends for voting eligibility | quarter		6
Percentage of redeemable preferred stock		6.875%
Cash proceeds from sale of stock | $	$ 39,300	$ 135,200			$ 0	$ 0	$ 39,260

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Detail)	Dec. 08, 2016	Aug. 31, 2016USD ($)a	Dec. 31, 2016USD ($)	Dec. 31, 2015USD ($)	Dec. 31, 2014USD ($)	Sep. 04, 2012USD ($)
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			$ 329,000	$ 400,000	$ 379,000
Deferred compensation, employee contribution, percentage			2.00%
Deferred compensation, employer contribution, percentage			3	3	3
Deferred compensation, company contribution, amount			$ 250,800	$ 224,900	$ 192,800
Deferred compensation, cumulative unfunded liability			2,100,000	1,800,000
Ancillary costs and expenses			7,500,000	8,200,000	7,400,000
Liability due to the Saul Organization for the company's share of these ancillary costs and expenses			829,000	655,000
Automatic renewal period	12 months
Insurance commissions and fees expense			$ 360,500	$ 443,500	427,300
Monthly consulting fees						$ 60,000
Consulting fees					$ 495,000
Initial purchase price		$ 8,800,000
Area of real estate property (in square feet) | a		14.3

Stock Option Plan - Additional

Stock Option Plan - Additional Information (Detail)

May 06, 2016USD ($)person$ / sharesshares

May 08, 2015USD ($)person$ / sharesshares

May 09, 2014USD ($)person$ / sharesshares

May 10, 2013USD ($)person$ / sharesshares

May 04, 2012USD ($)person$ / sharesshares

May 13, 2011USD ($)person$ / sharesshares

May 07, 2010USD ($)person$ / sharesshares

Apr. 24, 2009USD ($)person$ / sharesshares

Apr. 25, 2008USD ($)person$ / sharesshares

Apr. 27, 2007USD ($)person$ / sharesshares

Dec. 31, 2016USD ($)$ / shares

Dec. 31, 2015$ / shares

Dec. 31, 2014$ / shares

Dec. 31, 2004shares

Dec. 31, 1993shares

Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]

Exercise price of options (in usd per share) | $ / shares

$ 57.74

$ 51.07

$ 47.03

Fair value stock option grant | $

$ 11,966,000

the 1993 Plan | Stock options

Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]

Authorized shares for a grant (in shares)

400,000

Amended 2004 Plan | Stock options

Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]

Authorized shares for a grant (in shares)

2,000,000

Amended 2004 Plan | Stock options | Director

Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]

Authorized shares for a grant (in shares)

200,000

2007 Options

Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]

Exercise price of options (in usd per share) | $ / shares

$ 54.17

Fair value stock option grant | $

$ 1,500,000

2007 Options | Officer

Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]

Number of individuals granted options | person

13

Options vested

25.00%

Fair value stock option grant | $

$ 1,300,000

2007 Options | Director

Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]

Number of individuals granted options | person

12

Fair value stock option grant | $

$ 285,300

2007 Options | Stock options

Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]

Options granted to purchase stocks (in shares)

165,000

2007 Options | Stock options | Officer

Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]

Option vesting period

4 years

2007 Options | Incentive stock option

Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]

Options granted to purchase stocks (in shares)

27,560

2007 Options | Nonqualified stock options

Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]

Options granted to purchase stocks (in shares)

137,440

2008 Options

Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]

Exercise price of options (in usd per share) | $ / shares

$ 50.15

Fair value stock option grant | $

$ 254,700

2008 Options | Director

Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]

Number of individuals granted options | person

12

2008 Options | Stock options | Officer

Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]

Options granted to purchase stocks (in shares)

0

2008 Options | Stock options | Director

Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]

Options granted to purchase stocks (in shares)

30,000

2009 Options

Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]

Exercise price of options (in usd per share) | $ / shares

$ 32.68

Fair value stock option grant | $

$ 222,950

2009 Options | Director

Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]

Number of individuals granted options | person

13

2009 Options | Stock options | Officer

Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]

Options granted to purchase stocks (in shares)

0

2009 Options | Stock options | Director

Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]

Options granted to purchase stocks (in shares)

32,500

2010 Options

Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]

Exercise price of options (in usd per share) | $ / shares

$ 38.76

Fair value stock option grant | $

$ 287,950

2010 Options | Director

Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]

Number of individuals granted options | person

13

2010 Options | Stock options | Officer

Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]

Options granted to purchase stocks (in shares)

0

2010 Options | Stock options | Director

Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]

Options granted to purchase stocks (in shares)

32,500

2011 Options

Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]

Exercise price of options (in usd per share) | $ / shares

$ 41.82

Fair value stock option grant | $

$ 1,600,000

2011 Options | Officer

Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]

Number of individuals granted options | person

15

Options vested

25.00%

Fair value stock option grant | $

$ 1,300,000

2011 Options | Director

Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]

Number of individuals granted options | person

13

Fair value stock option grant | $

$ 297,375

2011 Options | Stock options

Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]

Options granted to purchase stocks (in shares)

195,000

2011 Options | Stock options | Officer

Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]

Option vesting period

4 years

2011 Options | Incentive stock option

Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]

Options granted to purchase stocks (in shares)

65,300

2011 Options | Nonqualified stock options

Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]

Options granted to purchase stocks (in shares)

129,700

2012 Options

Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]

Exercise price of options (in usd per share) | $ / shares

$ 39.29

Fair value stock option grant | $

$ 1,700,000

2012 Options | Officer

Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]

Number of individuals granted options | person

15

Options vested

25.00%

Fair value stock option grant | $

$ 1,400,000

2012 Options | Director

Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]

Number of individuals granted options | person

14

Fair value stock option grant | $

$ 257,250

2012 Options | Stock options

Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]

Options granted to purchase stocks (in shares)

277,500

2012 Options | Stock options | Officer

Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]

Option vesting period

4 years

2012 Options | Incentive stock option

Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]

Options granted to purchase stocks (in shares)

26,157

2012 Options | Nonqualified stock options

Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]

Options granted to purchase stocks (in shares)

251,343

2013 Options

Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]

Number of individuals granted options | person

15

Exercise price of options (in usd per share) | $ / shares

$ 44.42

Fair value stock option grant | $

$ 1,500,000

2013 Options | Officer

Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]

Options vested

25.00%

Fair value stock option grant | $

$ 1,200,000

2013 Options | Director

Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]

Number of individuals granted options | person

14

Fair value stock option grant | $

$ 278,250

2013 Options | Stock options

Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]

Options granted to purchase stocks (in shares)

237,500

2013 Options | Stock options | Officer

Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]

Option vesting period

4 years

2013 Options | Incentive stock option

Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]

Options granted to purchase stocks (in shares)

35,592

2013 Options | Nonqualified stock options

Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]

Options granted to purchase stocks (in shares)

201,908

2014 Options

Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]

Exercise price of options (in usd per share) | $ / shares

$ 47.03

Fair value stock option grant | $

$ 1,300,000

2014 Options | Officer

Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]

Number of individuals granted options | person

18

Options vested

25.00%

Fair value stock option grant | $

$ 1,200,000

2014 Options | Director

Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]

Number of individuals granted options | person

12

Fair value stock option grant | $

$ 109,500

2014 Options | Stock options

Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]

Options granted to purchase stocks (in shares)

200,000

2014 Options | Stock options | Officer

Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]

Option vesting period

4 years

2014 Options | Incentive stock option

Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]

Options granted to purchase stocks (in shares)

29,300

2014 Options | Nonqualified stock options

Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]

Options granted to purchase stocks (in shares)

170,700

2015 Options

Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]

Exercise price of options (in usd per share) | $ / shares

$ 51.07

Fair value stock option grant | $

$ 1,600,000

2015 Options | Officer

Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]

Number of individuals granted options | person

19

Options vested

25.00%

Fair value stock option grant | $

$ 1,400,000

2015 Options | Director

Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]

Number of individuals granted options | person

14

Fair value stock option grant | $

$ 125,300

2015 Options | Stock options

Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]

Options granted to purchase stocks (in shares)

225,000

2015 Options | Stock options | Officer

Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]

Option vesting period

4 years

2015 Options | Incentive stock option

Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]

Options granted to purchase stocks (in shares)

33,690

2015 Options | Nonqualified stock options

Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]

Options granted to purchase stocks (in shares)

191,310

2016 Options

Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]

Exercise price of options (in usd per share) | $ / shares

$ 57.74

Fair value stock option grant | $

$ 1,200,000

2016 Options | Officer

Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]

Number of individuals granted options | person

19

Options vested

25.00%

Fair value stock option grant | $

$ 1,000,000

2016 Options | Director

Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]

Number of individuals granted options | person

13

Fair value stock option grant | $

$ 151,125

2016 Options | Stock options

Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]

Options granted to purchase stocks (in shares)

226,500

2016 Options | Stock options | Officer

Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]

Option vesting period

4 years

2016 Options | Incentive stock option

Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]

Options granted to purchase stocks (in shares)

24,248

2016 Options | Nonqualified stock options

Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]

Options granted to purchase stocks (in shares)

202,252

Stock Option Plan - Stock Optio

Stock Option Plan - Stock Options Issued (Detail)	12 Months Ended
	Dec. 31, 2016USD ($)$ / sharesshares	Dec. 31, 2015USD ($)$ / sharesshares	Dec. 31, 2014USD ($)$ / sharesshares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total grant (in shares)	1,621,500
Vested (in shares)	883,125
Exercised (in shares)	487,870
Forfeited (in shares)	300,000
Exercisable at December 31 (in shares)	375,255	435,899	380,708
Remaining unexercised (in shares)	833,630
Exercise price (in usd per share) | $ / shares	$ 45.59	$ 43.67	$ 37.71
Total value at grant date | $	$ 11,966,000
Estimated forfeitures | $	1,953,000
Expensed in previous years | $	4,324,000
Allocated share based compensation | $	1,348,000	$ 1,176,000	$ 965,000
Future expense | $	2,200,000
Directors
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Allocated share based compensation | $	$ 150,100	143,000	112,900
Directors | 4/27/2007
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total grant (in shares)	30,000
Vested (in shares)	30,000
Exercised (in shares)	10,000
Forfeited (in shares)	7,500
Exercisable at December 31 (in shares)	12,500
Remaining unexercised (in shares)	12,500
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 | $	$ 285,000
Expensed in previous years | $	285,000
Allocated share based compensation | $	0	0	0
Future expense | $	$ 0
Directors | 4/25/2008
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total grant (in shares)	30,000
Vested (in shares)	30,000
Exercised (in shares)	12,500
Forfeited (in shares)	7,500
Exercisable at December 31 (in shares)	10,000
Remaining unexercised (in shares)	10,000
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 | $	$ 255,000
Expensed in previous years | $	255,000
Allocated share based compensation | $	0	0	0
Future expense | $	$ 0
Directors | 4/24/2009
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total grant (in shares)	32,500
Vested (in shares)	32,500
Exercised (in shares)	25,000
Forfeited (in shares)	0
Exercisable at December 31 (in shares)	7,500
Remaining unexercised (in shares)	7,500
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 | $	$ 223,000
Expensed in previous years | $	223,000
Allocated share based compensation | $	0	0	0
Future expense | $	$ 0
Directors | 5/7/2010
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total grant (in shares)	32,500
Vested (in shares)	32,500
Exercised (in shares)	17,500
Forfeited (in shares)	2,500
Exercisable at December 31 (in shares)	12,500
Remaining unexercised (in shares)	12,500
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 | $	$ 288,000
Expensed in previous years | $	288,000
Allocated share based compensation | $	0	0	0
Future expense | $	$ 0
Directors | 5/13/2011
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total grant (in shares)	32,500
Vested (in shares)	32,500
Exercised (in shares)	17,500
Forfeited (in shares)	2,500
Exercisable at December 31 (in shares)	12,500
Remaining unexercised (in shares)	12,500
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 | $	$ 298,000
Expensed in previous years | $	298,000
Allocated share based compensation | $	0	0	0
Future expense | $	$ 0
Directors | 5/4/2012
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total grant (in shares)	35,000
Vested (in shares)	35,000
Exercised (in shares)	17,500
Forfeited (in shares)	0
Exercisable at December 31 (in shares)	17,500
Remaining unexercised (in shares)	17,500
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 | $	$ 257,000
Expensed in previous years | $	257,000
Allocated share based compensation | $	0	0	0
Future expense | $	$ 0
Directors | 5/10/2013
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total grant (in shares)	35,000
Vested (in shares)	35,000
Exercised (in shares)	15,000
Forfeited (in shares)	0
Exercisable at December 31 (in shares)	20,000
Remaining unexercised (in shares)	20,000
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 | $	$ 278,000
Expensed in previous years | $	278,000
Allocated share based compensation | $	0	0	0
Future expense | $	$ 0
Directors | 5/9/2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total grant (in shares)	30,000
Vested (in shares)	30,000
Exercised (in shares)	10,000
Forfeited (in shares)	0
Exercisable at December 31 (in shares)	20,000
Remaining unexercised (in shares)	20,000
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 | $	$ 110,000
Expensed in previous years | $	0
Allocated share based compensation | $	0	0	110,000
Future expense | $	$ 0
Directors | 5/8/2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total grant (in shares)	35,000
Vested (in shares)	35,000
Exercised (in shares)	5,000
Forfeited (in shares)	0
Exercisable at December 31 (in shares)	30,000
Remaining unexercised (in shares)	30,000
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 | $	$ 125,000
Expensed in previous years | $	0
Allocated share based compensation | $	0	125,000	0
Future expense | $	$ 0
Directors | 5/6/2016
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total grant (in shares)	32,500
Vested (in shares)	32,500
Exercised (in shares)	0
Forfeited (in shares)	0
Exercisable at December 31 (in shares)	32,500
Remaining unexercised (in shares)	32,500
Exercise price (in usd per share) | $ / shares	$ 57.74
Volatility	0.166
Expected life (years)	5 years
Assumed yield	3.75%
Risk-free rate	1.23%
Total value at grant date | $	$ 151,000
Expensed in previous years | $	0
Allocated share based compensation | $	151,000	0	0
Future expense | $	$ 0
Directors | Subtotals
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total grant (in shares)	325,000
Vested (in shares)	325,000
Exercised (in shares)	130,000
Forfeited (in shares)	20,000
Exercisable at December 31 (in shares)	175,000
Remaining unexercised (in shares)	175,000
Total value at grant date | $	$ 2,270,000
Expensed in previous years | $	1,884,000
Allocated share based compensation | $	151,000	125,000	110,000
Future expense | $	$ 0
Officers | 4/27/2007
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total grant (in shares)	135,000
Vested (in shares)	67,500
Exercised (in shares)	67,500
Forfeited (in shares)	67,500
Exercisable at December 31 (in shares)	0
Remaining unexercised (in shares)	0
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 | $	$ 1,339,000
Estimated forfeitures | $	62,000
Expensed in previous years | $	1,277,000
Allocated share based compensation | $	0
Future expense | $	$ 0
Weighted average term of remaining future expense	2 years 5 months 20 days
Officers | 5/13/2011
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total grant (in shares)	162,500
Vested (in shares)	118,750
Exercised (in shares)	92,915
Forfeited (in shares)	43,750
Exercisable at December 31 (in shares)	25,835
Remaining unexercised (in shares)	25,835
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 | $	$ 1,366,000
Estimated forfeitures | $	368,000
Expensed in previous years | $	692,000
Allocated share based compensation | $	0	89,000	217,000
Future expense | $	$ 0
Officers | 5/4/2012
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total grant (in shares)	242,500
Vested (in shares)	107,500
Exercised (in shares)	91,205
Forfeited (in shares)	135,000
Exercisable at December 31 (in shares)	16,295
Remaining unexercised (in shares)	16,295
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 | $	$ 1,518,000
Estimated forfeitures | $	845,000
Expensed in previous years | $	262,000
Allocated share based compensation | $	97,000	157,000	157,000
Future expense | $	$ 0
Officers | 5/10/2013
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total grant (in shares)	202,500
Vested (in shares)	131,875
Exercised (in shares)	68,750
Forfeited (in shares)	30,625
Exercisable at December 31 (in shares)	63,125
Remaining unexercised (in shares)	103,125
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 | $	$ 1,401,000
Estimated forfeitures | $	280,000
Expensed in previous years | $	209,000
Allocated share based compensation | $	269,000	269,000	284,000
Future expense | $	$ 90,000
Officers | 5/9/2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total grant (in shares)	170,000
Vested (in shares)	85,000
Exercised (in shares)	31,250
Forfeited (in shares)	1,250
Exercisable at December 31 (in shares)	53,750
Remaining unexercised (in shares)	137,500
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 | $	$ 1,350,000
Estimated forfeitures | $	169,000
Expensed in previous years | $	0
Allocated share based compensation | $	295,000	295,000	197,000
Future expense | $	$ 394,000
Officers | 5/8/2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total grant (in shares)	190,000
Vested (in shares)	47,500
Exercised (in shares)	6,250
Forfeited (in shares)	1,875
Exercisable at December 31 (in shares)	41,250
Remaining unexercised (in shares)	181,875
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 | $	$ 1,585,000
Estimated forfeitures | $	142,000
Expensed in previous years | $	0
Allocated share based compensation | $	361,000	241,000	0
Future expense | $	$ 841,000
Officers | 5/6/2016
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total grant (in shares)	194,000
Vested (in shares)	0
Exercised (in shares)	0
Forfeited (in shares)	0
Exercisable at December 31 (in shares)	0
Remaining unexercised (in shares)	194,000
Exercise price (in usd per share) | $ / shares	$ 57.74
Volatility	0.185
Expected life (years)	7 years
Assumed yield	3.80%
Risk-free rate	1.55%
Total value at grant date | $	$ 1,137,000
Estimated forfeitures | $	87,000
Expensed in previous years | $	0
Allocated share based compensation | $	175,000	0	0
Future expense | $	$ 875,000
Officers | Subtotals
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total grant (in shares)	1,296,500
Vested (in shares)	558,125
Exercised (in shares)	357,870
Forfeited (in shares)	280,000
Exercisable at December 31 (in shares)	200,255
Remaining unexercised (in shares)	658,630
Total value at grant date | $	$ 9,696,000
Estimated forfeitures | $	1,953,000
Expensed in previous years | $	2,440,000
Allocated share based compensation | $	1,197,000	$ 1,051,000	$ 855,000
Future expense | $	$ 2,200,000

Stock Option Plan - Summary of

Stock Option Plan - Summary of Option Activity (Detail) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Shares
Outstanding at January 1 (in shares)	860,274	748,208	753,625
Granted (in shares)	226,500	225,000	200,000
Exercised (in shares)	(246,894)	(112,934)	(167,917)
Expired/Forfeited (in shares)	(6,250)	0	(37,500)
Outstanding December 31 (in shares)	833,630	860,274	748,208
Options exercisable (in shares)	375,255	435,899	380,708
Weighted Average Exercise Price
Outstanding at January 1 (in usd per share)	$ 46.58	$ 44.79	$ 42.55
Granted (in usd per share)	57.74	51.07	47.03
Exercised (in usd per share)	45.59	43.67	37.71
Expired/Forfeited (in usd per share)	45.31	0	43.56
Outstanding December 31 (in usd per share)	49.92	46.58	44.79
Exercisable at December 31 (in usd per share)	$ 46.68	$ 45.33	$ 44.85
Intrinsic value of options exercised	$ 3.4	$ 1.5	$ 2
Intrinsic value of options outstanding	13.9
Intrinsic value of options exercisable	$ 7.5
Closing price (in usd per share)	$ 66.61
Weighted average remaining life of options exercisable	6 years 4 months 15 days
Weighted average remaining life of options outstanding	7 years 5 months 29 days

Fair Value of Financial Instr61

Fair Value of Financial Instruments - Additional Information (Detail) $ in Thousands		Dec. 31, 2016USD ($)	Dec. 31, 2015USD ($)	Jun. 30, 2011instrument
Fair Value of Financial Instruments [Line Items]
Interest rate		4.25%	3.75%
Notes payable, fair value		$ 851,300	$ 892,900
Fixed rate mortgages		783,400	796,169
Interest rate swap
Fair Value of Financial Instruments [Line Items]
Fair value of derivative liability		$ 2,100
Cash flow hedging | Designated as hedging instrument | Interest rate swap
Fair Value of Financial Instruments [Line Items]
Derivative, number of instruments held | instrument				1
Fixed rate mortgage notes payable
Fair Value of Financial Instruments [Line Items]
Interest rate	[1]	5.48%
Fixed rate mortgages		$ 844,292	$ 832,441
[1]	Interest rate and scheduled maturity data presented as of December 31, 2016. Totals computed using weighted averages. Amounts shown are principal amounts and have not been reduced by any deferred debt issuance costs.

Fair Value of Financial Instr62

Fair Value of Financial Instruments - Changes in Fair Value of Swaps (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Increase (decrease) in fair value:
Recognized in earnings	$ (6)	$ (10)	$ (10)
Recognized in other comprehensive income	678	124	(675)
Total	$ 672	$ 114	$ (685)

Distributions - Additional Info

Distributions - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands	Jan. 31, 2017	Jan. 13, 2017	Jan. 06, 2017	Dec. 31, 2016	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Dividends [Line Items]
Common stock issued, discount rate					3.00%
Common stock distributions (in usd per share)					$ 1.84	$ 1.69	$ 1.56
Dividends declared per common share outstanding (in usd per share)				$ 0.51
Distribution to limited partnership unitholders					$ 13,533	$ 12,228	$ 11,117
Dividend Income
Dividends [Line Items]
Common stock distributions (in usd per share)					$ 1.75	$ 1.69	$ 1.56
Return on Invested Capital
Dividends [Line Items]
Return of capital (in USD per share)				$ 0.09	0.09
Series A Preferred Stock
Dividends [Line Items]
Preferred stock dividend (in usd per share)							2.41
Series C Preferred Stock
Dividends [Line Items]
Preferred stock dividend (in usd per share)					$ 1.72	$ 1.72	$ 1.72
Subsequent Event
Dividends [Line Items]
Common stock dividend paid	$ 11,000
Distribution to limited partnership unitholders	$ 3,800
Distributions partnership units (in usd per share)	$ 0.51
Subsequent Event | Series C Preferred Stock
Dividends [Line Items]
Dividends declared per preferred share outstanding (in usd per share)			$ 0.4297
Preferred stock distributions		$ 3,100

Distributions - Summary of Dist

Distributions - Summary of Distributions Paid Including Activity in Plan as well as Limited Partnership Units Issued from Reinvestment of Unit Distributions (Detail) - USD ($) $ / shares in Units, $ in Thousands	Oct. 31, 2016	Jul. 31, 2016	Apr. 30, 2016	Jan. 31, 2016	Oct. 31, 2015	Jul. 31, 2015	Apr. 30, 2015	Jan. 31, 2015	Oct. 31, 2014	Jul. 31, 2014	Apr. 30, 2014	Jan. 31, 2014	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Dividends [Line Items]
Preferred Stockholders													$ 12,375	$ 12,375	$ 13,474
Common Stockholders													39,472	35,645	32,346
Limited Partnership Unitholders													$ 13,533	$ 12,228	$ 11,117
Common Stock Shares Issued													186,797	201,212	197,638
Limited Partnership Units Issued													124,758	107,037	196,183
October 31
Dividends [Line Items]
Preferred Stockholders	$ 3,094				$ 3,094				$ 3,856
Common Stockholders	10,168				9,106				8,348
Limited Partnership Unitholders	$ 3,478				$ 3,129				$ 2,879
Common Stock Shares Issued	44,176				47,313				40,142
Discounted Share Price	$ 57.18				$ 55.73				$ 52.71
Limited Partnership Units Issued	30,891				28,936
Average Unit Price	$ 57.18				$ 55.73
July 31
Dividends [Line Items]
Preferred Stockholders		$ 3,094				$ 3,094				$ 3,206
Common Stockholders		10,133				9,081				8,314
Limited Partnership Unitholders		$ 3,465				$ 3,115				$ 2,879
Common Stock Shares Issued		39,487				56,003				57,696
Discounted Share Price		$ 65.64				$ 50.30				$ 46.79
Limited Partnership Units Issued		26,897				32,041
Average Unit Price		$ 65.64				$ 50.30
April 30
Dividends [Line Items]
Preferred Stockholders			$ 3,094				$ 3,094				$ 3,206
Common Stockholders			10,029				9,055				8,269
Limited Partnership Unitholders			$ 3,449				$ 3,104				$ 2,838
Common Stock Shares Issued			48,854				54,921				60,212
Discounted Share Price			$ 51.59				$ 50.21				$ 44.14
Limited Partnership Units Issued			34,201				25,264				104,831
Average Unit Price			$ 51.59				$ 50.21				$ 44.77
January 31
Dividends [Line Items]
Preferred Stockholders				$ 3,093				$ 3,093				$ 3,206
Common Stockholders				9,142				8,403				7,415
Limited Partnership Unitholders				$ 3,141				$ 2,880				$ 2,521
Common Stock Shares Issued				54,280				42,975				39,588
Discounted Share Price				$ 49.24				$ 56.74				$ 45.15
Limited Partnership Units Issued				32,769				20,796				91,352
Average Unit Price				$ 49.24				$ 56.74				$ 45.80

Interim Results (Unaudited) - S

Interim Results (Unaudited) - Summary of Results of Operations for Quarterly Periods (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended									12 Months Ended
	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Quarterly Financial Information Disclosure [Abstract]
Revenue	$ 54,201	$ 53,233	$ 52,710	$ 56,926		$ 52,376	$ 51,711	$ 52,088	$ 52,902	$ 217,070	$ 209,077	$ 207,092
Operating income before loss on early extinguishment of debt, gain on casualty settlement, and noncontrolling interests	13,360	12,722	13,250	16,381		13,238	12,922	12,687	14,083	55,713	52,930	51,929
Gains on sales of properties	1,013	0	0	0	$ 0	0	11	0		1,013	11	6,069
Net income attributable to Saul Centers, Inc.	11,465	10,239	10,627	12,948		10,615	10,396	10,207	11,250	45,279	42,468	46,943
Net income available to common stockholders	$ 8,371	$ 7,146	$ 7,533	$ 9,854		$ 7,522	$ 7,302	$ 7,113	$ 8,156	$ 32,904	$ 30,093	$ 32,102
Net income available to common stockholders per diluted share (in usd per share)	$ 0.38	$ 0.33	$ 0.35	$ 0.46		$ 0.36	$ 0.35	$ 0.33	$ 0.38	$ 1.52	$ 1.42	$ 1.54

Business Segments - Additional

Business Segments - Additional Information (Detail)	12 Months Ended
	Dec. 31, 2016segment
Segment Reporting [Abstract]
Number of reportable business segments	2

Business Segments (Detail)

Business Segments (Detail) - USD ($) $ in Thousands	3 Months Ended									12 Months Ended
	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Segment Reporting Information [Line Items]
Revenue	$ 54,201	$ 53,233	$ 52,710	$ 56,926		$ 52,376	$ 51,711	$ 52,088	$ 52,902	$ 217,070	$ 209,077	$ 207,092
Expenses										(53,701)	(51,143)	(49,513)
Income from real estate										163,369	157,934	157,579
Interest expense and amortization of deferred debt costs										(45,683)	(45,165)	(46,034)
General and administrative										(17,496)	(16,353)	(16,961)
Subtotal										100,190	96,416	94,584
Depreciation and amortization of deferred leasing costs										(44,417)	(43,270)	(41,203)
Acquisition related costs										(60)	(84)	(949)
Predevelopment expenses										0	(132)	(503)
Change in fair value of derivatives										(6)	(10)	(10)
Gain on sale of property	1,013	$ 0	$ 0	$ 0	$ 0	$ 0	$ 11	$ 0		1,013	11	6,069
Net income (loss)										56,720	52,931	57,988
Capital investment										91,045	69,619	90,268
Total assets	1,343,025				1,295,408				1,257,113	1,343,025	1,295,408	1,257,113
Operating Segments | Shopping Centers
Segment Reporting Information [Line Items]
Revenue										160,179	156,110	154,385
Expenses										(34,931)	(33,877)	(33,781)
Income from real estate										125,248	122,233	120,604
Interest expense and amortization of deferred debt costs										0	0	0
General and administrative										0	0	0
Subtotal										125,248	122,233	120,604
Depreciation and amortization of deferred leasing costs										(29,964)	(30,171)	(28,082)
Acquisition related costs										(60)	(84)	(949)
Predevelopment expenses											(57)	0
Change in fair value of derivatives										0	0	0
Gain on sale of property										0	11	6,069
Net income (loss)										95,224	91,932	97,642
Capital investment										64,044	17,159	66,508
Total assets	976,545				931,256				939,267	976,545	931,256	939,267
Operating Segments | Mixed-Use Properties
Segment Reporting Information [Line Items]
Revenue										56,840	52,916	52,632
Expenses										(18,770)	(17,266)	(15,732)
Income from real estate										38,070	35,650	36,900
Interest expense and amortization of deferred debt costs										0	0	0
General and administrative										0	0	0
Subtotal										38,070	35,650	36,900
Depreciation and amortization of deferred leasing costs										(14,453)	(13,099)	(13,121)
Acquisition related costs										0	0	0
Predevelopment expenses											(75)	(503)
Change in fair value of derivatives										0	0	0
Gain on sale of property										1,013	0	0
Net income (loss)										24,630	22,476	23,276
Capital investment										27,001	52,460	23,760
Total assets	358,419				354,254				305,579	358,419	354,254	305,579
Corporate
Segment Reporting Information [Line Items]
Revenue										51	51	75
Expenses										0	0	0
Income from real estate										51	51	75
Interest expense and amortization of deferred debt costs										(45,683)	(45,165)	(46,034)
General and administrative										(17,496)	(16,353)	(16,961)
Subtotal										(63,128)	(61,467)	(62,920)
Depreciation and amortization of deferred leasing costs										0	0	0
Acquisition related costs										0	0	0
Predevelopment expenses											0	0
Change in fair value of derivatives										(6)	(10)	(10)
Gain on sale of property										0	0	0
Net income (loss)										(63,134)	(61,477)	(62,930)
Capital investment										0	0	0
Total assets	$ 8,061				$ 9,898				$ 12,267	$ 8,061	$ 9,898	$ 12,267

Subsequent Events (Details)

Subsequent Events (Details) - USD ($) $ in Millions	1 Months Ended	12 Months Ended
	Jan. 31, 2017	Dec. 31, 2016	Dec. 31, 2014
Subsequent Event [Line Items]
Aggregate cost		$ 10.3	$ 68
Burtonsville Town Square | Subsequent Event
Subsequent Event [Line Items]
Aggregate cost	$ 76.3

Real Estate and Accumulated D69

Real Estate and Accumulated Depreciation (Detail) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Real Estate Properties [Line Items]
Initial basis		$ 863,513
Cost capitalized subsequent to acquisition		837,300
Basis at close of period, land		422,546
Basis at close of period, building and improvements		1,278,267
Basis at close of period, leasehold interests		0
Total		1,700,813	$ 1,622,710	$ 1,560,159	$ 1,459,439
Accumulated depreciation		458,279	425,370	$ 396,617	$ 364,663
Book value		1,242,534	1,197,340
Related debt		783,400	796,169
Development land, related debt		68,672	$ 43,641
Total, related debt		858,774
Shopping Centers
Real Estate Properties [Line Items]
Initial basis		760,099
Cost capitalized subsequent to acquisition		401,402
Basis at close of period, land		384,647
Basis at close of period, building and improvements		776,854
Basis at close of period, leasehold interests		0
Total		1,161,501
Accumulated depreciation		316,158
Book value		845,343
Related debt		621,113
Shopping Centers | Ashburn Village, Ashburn, VA
Real Estate Properties [Line Items]
Initial basis		11,431
Cost capitalized subsequent to acquisition		20,159
Basis at close of period, land		6,764
Basis at close of period, building and improvements		24,826
Basis at close of period, leasehold interests		0
Total		31,590
Accumulated depreciation		12,247
Book value		19,343
Related debt		$ 28,822
Buildings and Improvements Depreciable Lives in Years		40 years
Shopping Centers | Ashland Square Phase I, Dumfries, VA
Real Estate Properties [Line Items]
Initial basis		$ 1,178
Cost capitalized subsequent to acquisition		7,503
Basis at close of period, land		1,178
Basis at close of period, building and improvements		7,503
Basis at close of period, leasehold interests		0
Total		8,681
Accumulated depreciation		1,440
Book value		7,241
Related debt		$ 0
Shopping Centers | Ashland Square Phase I, Dumfries, VA | Minimum
Real Estate Properties [Line Items]
Buildings and Improvements Depreciable Lives in Years		20 years
Shopping Centers | Ashland Square Phase I, Dumfries, VA | Maximum
Real Estate Properties [Line Items]
Buildings and Improvements Depreciable Lives in Years		50 years
Shopping Centers | Beacon Center, Alexandria, VA
Real Estate Properties [Line Items]
Initial basis		$ 24,161
Cost capitalized subsequent to acquisition		18,402
Basis at close of period, land		22,668
Basis at close of period, building and improvements		19,895
Basis at close of period, leasehold interests		0
Total		42,563
Accumulated depreciation		13,721
Book value		28,842
Related debt		$ 41,753
Shopping Centers | Beacon Center, Alexandria, VA | Minimum
Real Estate Properties [Line Items]
Buildings and Improvements Depreciable Lives in Years		40 years
Shopping Centers | Beacon Center, Alexandria, VA | Maximum
Real Estate Properties [Line Items]
Buildings and Improvements Depreciable Lives in Years		50 years
Shopping Centers | BJ’s Wholesale Club, Alexandria, VA
Real Estate Properties [Line Items]
Initial basis		$ 22,623
Cost capitalized subsequent to acquisition		0
Basis at close of period, land		22,623
Basis at close of period, building and improvements		0
Basis at close of period, leasehold interests		0
Total		22,623
Accumulated depreciation		0
Book value		22,623
Related debt		$ 11,129
Buildings and Improvements Depreciable Lives in Years		0 years
Shopping Centers | Boca Valley Plaza, Boca Raton, FL
Real Estate Properties [Line Items]
Initial basis		$ 16,720
Cost capitalized subsequent to acquisition		1,616
Basis at close of period, land		5,735
Basis at close of period, building and improvements		12,601
Basis at close of period, leasehold interests		0
Total		18,336
Accumulated depreciation		4,279
Book value		14,057
Related debt		$ 10,277
Buildings and Improvements Depreciable Lives in Years		40 years
Shopping Centers | Boulevard, Fairfax, VA
Real Estate Properties [Line Items]
Initial basis		$ 4,883
Cost capitalized subsequent to acquisition		4,461
Basis at close of period, land		3,687
Basis at close of period, building and improvements		5,657
Basis at close of period, leasehold interests		0
Total		9,344
Accumulated depreciation		2,594
Book value		6,750
Related debt		$ 17,207
Buildings and Improvements Depreciable Lives in Years		40 years
Shopping Centers | Briggs Chaney MarketPlace, Silver Spring, MD
Real Estate Properties [Line Items]
Initial basis		$ 27,037
Cost capitalized subsequent to acquisition		3,806
Basis at close of period, land		9,789
Basis at close of period, building and improvements		21,054
Basis at close of period, leasehold interests		0
Total		30,843
Accumulated depreciation		7,249
Book value		23,594
Related debt		$ 14,325
Buildings and Improvements Depreciable Lives in Years		40 years
Shopping Centers | Broadlands Village, Ashburn, VA
Real Estate Properties [Line Items]
Initial basis		$ 5,316
Cost capitalized subsequent to acquisition		27,392
Basis at close of period, land		5,300
Basis at close of period, building and improvements		27,408
Basis at close of period, leasehold interests		0
Total		32,708
Accumulated depreciation		9,954
Book value		22,754
Related debt		$ 17,050
Shopping Centers | Broadlands Village, Ashburn, VA | Minimum
Real Estate Properties [Line Items]
Buildings and Improvements Depreciable Lives in Years		40 years
Shopping Centers | Broadlands Village, Ashburn, VA | Maximum
Real Estate Properties [Line Items]
Buildings and Improvements Depreciable Lives in Years		50 years
Shopping Centers | Countryside Marketplace, Sterling, VA
Real Estate Properties [Line Items]
Initial basis		$ 28,912
Cost capitalized subsequent to acquisition		3,712
Basis at close of period, land		7,666
Basis at close of period, building and improvements		24,958
Basis at close of period, leasehold interests		0
Total		32,624
Accumulated depreciation		8,012
Book value		24,612
Related debt		$ 14,335
Buildings and Improvements Depreciable Lives in Years		40 years
Shopping Centers | Cranberry Square, Westminster, MD
Real Estate Properties [Line Items]
Initial basis		$ 31,578
Cost capitalized subsequent to acquisition		635
Basis at close of period, land		6,700
Basis at close of period, building and improvements		25,513
Basis at close of period, leasehold interests		0
Total		32,213
Accumulated depreciation		3,408
Book value		28,805
Related debt		$ 17,630
Buildings and Improvements Depreciable Lives in Years		40 years
Shopping Centers | Cruse MarketPlace, Cumming, GA
Real Estate Properties [Line Items]
Initial basis		$ 12,226
Cost capitalized subsequent to acquisition		369
Basis at close of period, land		3,901
Basis at close of period, building and improvements		8,694
Basis at close of period, leasehold interests		0
Total		12,595
Accumulated depreciation		2,793
Book value		9,802
Related debt		$ 0
Buildings and Improvements Depreciable Lives in Years		40 years
Shopping Centers | Flagship Center, Rockville, MD
Real Estate Properties [Line Items]
Initial basis		$ 160
Cost capitalized subsequent to acquisition		9
Basis at close of period, land		169
Basis at close of period, building and improvements		0
Basis at close of period, leasehold interests		0
Total		169
Accumulated depreciation		0
Book value		169
Related debt		$ 0
Buildings and Improvements Depreciable Lives in Years		0 years
Shopping Centers | French Market, Oklahoma City, OK
Real Estate Properties [Line Items]
Initial basis		$ 5,781
Cost capitalized subsequent to acquisition		13,790
Basis at close of period, land		1,118
Basis at close of period, building and improvements		18,453
Basis at close of period, leasehold interests		0
Total		19,571
Accumulated depreciation		10,629
Book value		8,942
Related debt		$ 0
Buildings and Improvements Depreciable Lives in Years		50 years
Shopping Centers | Germantown, Germantown, MD
Real Estate Properties [Line Items]
Initial basis		$ 2,034
Cost capitalized subsequent to acquisition		567
Basis at close of period, land		2,034
Basis at close of period, building and improvements		567
Basis at close of period, leasehold interests		0
Total		2,601
Accumulated depreciation		241
Book value		2,360
Related debt		$ 0
Buildings and Improvements Depreciable Lives in Years		40 years
Shopping Centers | The Glen, Woodbridge, VA
Real Estate Properties [Line Items]
Initial basis		$ 12,918
Cost capitalized subsequent to acquisition		7,767
Basis at close of period, land		5,300
Basis at close of period, building and improvements		15,385
Basis at close of period, leasehold interests		0
Total		20,685
Accumulated depreciation		8,498
Book value		12,187
Related debt		$ 8,172
Buildings and Improvements Depreciable Lives in Years		40 years
Shopping Centers | Great Eastern, District Heights, MD
Real Estate Properties [Line Items]
Initial basis		$ 4,993
Cost capitalized subsequent to acquisition		10,678
Basis at close of period, land		3,785
Basis at close of period, building and improvements		11,886
Basis at close of period, leasehold interests		0
Total		15,671
Accumulated depreciation		8,293
Book value		7,378
Related debt		$ 0
Buildings and Improvements Depreciable Lives in Years		40 years
Shopping Centers | Great Falls Center, Great Falls, VA
Real Estate Properties [Line Items]
Initial basis		$ 41,750
Cost capitalized subsequent to acquisition		3,113
Basis at close of period, land		14,766
Basis at close of period, building and improvements		30,097
Basis at close of period, leasehold interests		0
Total		44,863
Accumulated depreciation		6,802
Book value		38,061
Related debt		$ 13,401
Buildings and Improvements Depreciable Lives in Years		40 years
Shopping Centers | Hampshire Langley, Takoma, MD
Real Estate Properties [Line Items]
Initial basis		$ 3,159
Cost capitalized subsequent to acquisition		3,394
Basis at close of period, land		1,856
Basis at close of period, building and improvements		4,697
Basis at close of period, leasehold interests		0
Total		6,553
Accumulated depreciation		3,604
Book value		2,949
Related debt		$ 16,352
Buildings and Improvements Depreciable Lives in Years		40 years
Shopping Centers | Hunt Club Corners, Apopka, FL
Real Estate Properties [Line Items]
Initial basis		$ 12,584
Cost capitalized subsequent to acquisition		3,831
Basis at close of period, land		4,822
Basis at close of period, building and improvements		11,593
Basis at close of period, leasehold interests		0
Total		16,415
Accumulated depreciation		3,343
Book value		13,072
Related debt		$ 5,809
Buildings and Improvements Depreciable Lives in Years		40 years
Shopping Centers | Jamestown Place, Altamonte Springs, FL
Real Estate Properties [Line Items]
Initial basis		$ 14,055
Cost capitalized subsequent to acquisition		1,174
Basis at close of period, land		4,455
Basis at close of period, building and improvements		10,774
Basis at close of period, leasehold interests		0
Total		15,229
Accumulated depreciation		3,153
Book value		12,076
Related debt		$ 7,685
Buildings and Improvements Depreciable Lives in Years		40 years
Shopping Centers | Kentlands Square I, Gaithersburg, MD
Real Estate Properties [Line Items]
Initial basis		$ 14,379
Cost capitalized subsequent to acquisition		328
Basis at close of period, land		5,006
Basis at close of period, building and improvements		9,701
Basis at close of period, leasehold interests		0
Total		14,707
Accumulated depreciation		3,460
Book value		11,247
Related debt		$ 6,813
Buildings and Improvements Depreciable Lives in Years		40 years
Shopping Centers | Kentlands Square II, Gaithersburg, MD
Real Estate Properties [Line Items]
Initial basis		$ 76,723
Cost capitalized subsequent to acquisition		1,327
Basis at close of period, land		22,800
Basis at close of period, building and improvements		55,250
Basis at close of period, leasehold interests		0
Total		78,050
Accumulated depreciation		7,503
Book value		70,547
Related debt		$ 37,701
Buildings and Improvements Depreciable Lives in Years		40 years
Shopping Centers | Kentlands Place, Gaithersburg, MD
Real Estate Properties [Line Items]
Initial basis		$ 1,425
Cost capitalized subsequent to acquisition		7,220
Basis at close of period, land		1,425
Basis at close of period, building and improvements		7,220
Basis at close of period, leasehold interests		0
Total		8,645
Accumulated depreciation		3,446
Book value		5,199
Related debt		$ 0
Buildings and Improvements Depreciable Lives in Years		50 years
Shopping Centers | Lansdowne Town Center, Leesburg, VA
Real Estate Properties [Line Items]
Initial basis		$ 6,545
Cost capitalized subsequent to acquisition		36,813
Basis at close of period, land		6,546
Basis at close of period, building and improvements		36,812
Basis at close of period, leasehold interests		0
Total		43,358
Accumulated depreciation		12,546
Book value		30,812
Related debt		$ 33,571
Buildings and Improvements Depreciable Lives in Years		50 years
Shopping Centers | Leesburg Pike Plaza, Baileys Crossroads, VA
Real Estate Properties [Line Items]
Initial basis		$ 2,418
Cost capitalized subsequent to acquisition		6,243
Basis at close of period, land		1,132
Basis at close of period, building and improvements		7,529
Basis at close of period, leasehold interests		0
Total		8,661
Accumulated depreciation		5,815
Book value		2,846
Related debt		$ 15,917
Buildings and Improvements Depreciable Lives in Years		40 years
Shopping Centers | Lumberton Plaza, Lumberton, NJ
Real Estate Properties [Line Items]
Initial basis		$ 4,400
Cost capitalized subsequent to acquisition		11,170
Basis at close of period, land		950
Basis at close of period, building and improvements		14,620
Basis at close of period, leasehold interests		0
Total		15,570
Accumulated depreciation		12,431
Book value		3,139
Related debt		$ 0
Buildings and Improvements Depreciable Lives in Years		40 years
Shopping Centers | Metro Pike Center, Rockville, MD
Real Estate Properties [Line Items]
Initial basis		$ 33,123
Cost capitalized subsequent to acquisition		3,760
Basis at close of period, land		26,064
Basis at close of period, building and improvements		10,819
Basis at close of period, leasehold interests		0
Total		36,883
Accumulated depreciation		1,172
Book value		35,711
Related debt		$ 14,482
Buildings and Improvements Depreciable Lives in Years		40 years
Shopping Centers | Shops at Monocacy, Frederick, MD
Real Estate Properties [Line Items]
Initial basis		$ 9,541
Cost capitalized subsequent to acquisition		13,926
Basis at close of period, land		9,260
Basis at close of period, building and improvements		14,207
Basis at close of period, leasehold interests		0
Total		23,467
Accumulated depreciation		5,101
Book value		18,366
Related debt		$ 12,725
Buildings and Improvements Depreciable Lives in Years		50 years
Shopping Centers | Northrock, Warrenton, VA
Real Estate Properties [Line Items]
Initial basis		$ 12,686
Cost capitalized subsequent to acquisition		15,217
Basis at close of period, land		12,686
Basis at close of period, building and improvements		15,217
Basis at close of period, leasehold interests		0
Total		27,903
Accumulated depreciation		3,343
Book value		24,560
Related debt		$ 15,357
Buildings and Improvements Depreciable Lives in Years		50 years
Shopping Centers | Olde Forte Village, Ft. Washington, MD
Real Estate Properties [Line Items]
Initial basis		$ 15,933
Cost capitalized subsequent to acquisition		6,575
Basis at close of period, land		5,409
Basis at close of period, building and improvements		17,099
Basis at close of period, leasehold interests		0
Total		22,508
Accumulated depreciation		6,639
Book value		15,869
Related debt		$ 10,372
Buildings and Improvements Depreciable Lives in Years		40 years
Shopping Centers | Olney, Olney, MD
Real Estate Properties [Line Items]
Initial basis		$ 1,884
Cost capitalized subsequent to acquisition		1,792
Basis at close of period, land		0
Basis at close of period, building and improvements		3,676
Basis at close of period, leasehold interests		0
Total		3,676
Accumulated depreciation		3,259
Book value		417
Related debt		$ 11,446
Buildings and Improvements Depreciable Lives in Years		40 years
Shopping Centers | Orchard Park, Dunwoody, GA
Real Estate Properties [Line Items]
Initial basis		$ 19,377
Cost capitalized subsequent to acquisition		950
Basis at close of period, land		7,751
Basis at close of period, building and improvements		12,576
Basis at close of period, leasehold interests		0
Total		20,327
Accumulated depreciation		3,064
Book value		17,263
Related debt		$ 10,253
Buildings and Improvements Depreciable Lives in Years		40 years
Shopping Centers | Palm Springs Center, Altamonte Springs, FL
Real Estate Properties [Line Items]
Initial basis		$ 18,365
Cost capitalized subsequent to acquisition		1,393
Basis at close of period, land		5,739
Basis at close of period, building and improvements		14,019
Basis at close of period, leasehold interests		0
Total		19,758
Accumulated depreciation		4,128
Book value		15,630
Related debt		$ 8,697
Buildings and Improvements Depreciable Lives in Years		40 years
Shopping Centers | Ravenwood, Baltimore, MD
Real Estate Properties [Line Items]
Initial basis		$ 1,245
Cost capitalized subsequent to acquisition		4,175
Basis at close of period, land		703
Basis at close of period, building and improvements		4,717
Basis at close of period, leasehold interests		0
Total		5,420
Accumulated depreciation		2,922
Book value		2,498
Related debt		$ 14,961
Buildings and Improvements Depreciable Lives in Years		40 years
Shopping Centers | 11503 Rockville Pike/5541 Nicholson Lane, Rockville, MD
Real Estate Properties [Line Items]
Initial basis		$ 26,561
Cost capitalized subsequent to acquisition		0
Basis at close of period, land		22,113
Basis at close of period, building and improvements		4,448
Basis at close of period, leasehold interests		0
Total		26,561
Accumulated depreciation		695
Book value		25,866
Related debt		$ 0
Buildings and Improvements Depreciable Lives in Years		40 years
Shopping Centers | 1500/1580/1582/1584 Rockville Pike, Rockville, MD
Real Estate Properties [Line Items]
Initial basis		$ 51,149
Cost capitalized subsequent to acquisition		1,093
Basis at close of period, land		43,863
Basis at close of period, building and improvements		8,379
Basis at close of period, leasehold interests		0
Total		52,242
Accumulated depreciation		4,605
Book value		47,637
Related debt		0
Shopping Centers | Seabreeze Plaza, Palm Harbor, FL
Real Estate Properties [Line Items]
Initial basis		24,526
Cost capitalized subsequent to acquisition		1,539
Basis at close of period, land		8,665
Basis at close of period, building and improvements		17,400
Basis at close of period, leasehold interests		0
Total		26,065
Accumulated depreciation		5,079
Book value		20,986
Related debt		$ 16,543
Buildings and Improvements Depreciable Lives in Years		40 years
Shopping Centers | Market Place at Sea Colony, Bethany Beach, DE
Real Estate Properties [Line Items]
Initial basis		$ 2,920
Cost capitalized subsequent to acquisition		170
Basis at close of period, land		1,147
Basis at close of period, building and improvements		1,943
Basis at close of period, leasehold interests		0
Total		3,090
Accumulated depreciation		429
Book value		2,661
Related debt		$ 0
Buildings and Improvements Depreciable Lives in Years		40 years
Shopping Centers | Seven Corners, Falls Church, VA
Real Estate Properties [Line Items]
Initial basis		$ 4,848
Cost capitalized subsequent to acquisition		44,062
Basis at close of period, land		4,913
Basis at close of period, building and improvements		43,997
Basis at close of period, leasehold interests		0
Total		48,910
Accumulated depreciation		27,710
Book value		21,200
Related debt		$ 66,210
Buildings and Improvements Depreciable Lives in Years		40 years
Shopping Centers | Severna Park Marketplace, Severna Park, MD
Real Estate Properties [Line Items]
Initial basis		$ 63,254
Cost capitalized subsequent to acquisition		92
Basis at close of period, land		12,700
Basis at close of period, building and improvements		50,646
Basis at close of period, leasehold interests		0
Total		63,346
Accumulated depreciation		6,651
Book value		56,695
Related debt		$ 33,097
Buildings and Improvements Depreciable Lives in Years		40 years
Shopping Centers | Shops at Fairfax, Fairfax, VA
Real Estate Properties [Line Items]
Initial basis		$ 2,708
Cost capitalized subsequent to acquisition		9,923
Basis at close of period, land		992
Basis at close of period, building and improvements		11,639
Basis at close of period, leasehold interests		0
Total		12,631
Accumulated depreciation		7,627
Book value		5,004
Related debt		$ 11,472
Buildings and Improvements Depreciable Lives in Years		50 years
Shopping Centers | Smallwood Village Center, Waldorf, MD
Real Estate Properties [Line Items]
Initial basis		$ 17,819
Cost capitalized subsequent to acquisition		7,662
Basis at close of period, land		6,402
Basis at close of period, building and improvements		19,079
Basis at close of period, leasehold interests		0
Total		25,481
Accumulated depreciation		6,492
Book value		18,989
Related debt		$ 0
Buildings and Improvements Depreciable Lives in Years		40 years
Shopping Centers | Southdale, Glen Burnie, MD
Real Estate Properties [Line Items]
Initial basis		$ 18,895
Cost capitalized subsequent to acquisition		22,684
Basis at close of period, land		15,245
Basis at close of period, building and improvements		26,334
Basis at close of period, leasehold interests		0
Total		41,579
Accumulated depreciation		20,763
Book value		20,816
Related debt		$ 0
Buildings and Improvements Depreciable Lives in Years		40 years
Shopping Centers | Southside Plaza, Richmond, VA
Real Estate Properties [Line Items]
Initial basis		$ 6,728
Cost capitalized subsequent to acquisition		10,647
Basis at close of period, land		1,878
Basis at close of period, building and improvements		15,497
Basis at close of period, leasehold interests		0
Total		17,375
Accumulated depreciation		11,910
Book value		5,465
Related debt		$ 0
Buildings and Improvements Depreciable Lives in Years		40 years
Shopping Centers | South Dekalb Plaza, Atlanta, GA
Real Estate Properties [Line Items]
Initial basis		$ 2,474
Cost capitalized subsequent to acquisition		4,186
Basis at close of period, land		703
Basis at close of period, building and improvements		5,957
Basis at close of period, leasehold interests		0
Total		6,660
Accumulated depreciation		4,658
Book value		2,002
Related debt		$ 0
Buildings and Improvements Depreciable Lives in Years		40 years
Shopping Centers | Thruway, Winston-Salem, NC
Real Estate Properties [Line Items]
Initial basis		$ 7,848
Cost capitalized subsequent to acquisition		23,925
Basis at close of period, land		7,692
Basis at close of period, building and improvements		24,081
Basis at close of period, leasehold interests		0
Total		31,773
Accumulated depreciation		15,673
Book value		16,100
Related debt		$ 39,213
Buildings and Improvements Depreciable Lives in Years		40 years
Shopping Centers | Village Center, Centreville, VA
Real Estate Properties [Line Items]
Initial basis		$ 16,502
Cost capitalized subsequent to acquisition		2,354
Basis at close of period, land		7,851
Basis at close of period, building and improvements		11,005
Basis at close of period, leasehold interests		0
Total		18,856
Accumulated depreciation		6,346
Book value		12,510
Related debt		$ 13,832
Buildings and Improvements Depreciable Lives in Years		40 years
Shopping Centers | Westview Village, Frederick, MD
Real Estate Properties [Line Items]
Initial basis		$ 6,047
Cost capitalized subsequent to acquisition		24,230
Basis at close of period, land		6,047
Basis at close of period, building and improvements		24,230
Basis at close of period, leasehold interests		0
Total		30,277
Accumulated depreciation		6,422
Book value		23,855
Related debt		$ 0
Buildings and Improvements Depreciable Lives in Years		50 years
Shopping Centers | White Oak, Silver Spring, MD
Real Estate Properties [Line Items]
Initial basis		$ 6,277
Cost capitalized subsequent to acquisition		5,357
Basis at close of period, land		4,649
Basis at close of period, building and improvements		6,985
Basis at close of period, leasehold interests		0
Total		11,634
Accumulated depreciation		5,906
Book value		5,728
Related debt		$ 24,504
Buildings and Improvements Depreciable Lives in Years		40 years
Shopping Centers | Other Buildings / Improvements
Real Estate Properties [Line Items]
Cost capitalized subsequent to acquisition		$ 211
Basis at close of period, building and improvements		211
Total		211
Accumulated depreciation		103
Book value		108
Related debt		$ 0
Shopping Centers | North Glebe Road, Arlington, VA | Minimum
Real Estate Properties [Line Items]
Buildings and Improvements Depreciable Lives in Years		2 years
Shopping Centers | North Glebe Road, Arlington, VA | Maximum
Real Estate Properties [Line Items]
Buildings and Improvements Depreciable Lives in Years		3 years
Mixed-Use Properties
Real Estate Properties [Line Items]
Initial basis		$ 43,967
Cost capitalized subsequent to acquisition		427,719
Basis at close of period, land		28,496
Basis at close of period, building and improvements		443,190
Basis at close of period, leasehold interests		0
Total		471,686
Accumulated depreciation		142,121
Book value		329,565
Related debt		$ 237,661
Mixed-Use Properties | 1500/1580/1582/1584 Rockville Pike, Rockville, MD | Acquisition Date One
Real Estate Properties [Line Items]
Buildings and Improvements Depreciable Lives in Years		5 years
Mixed-Use Properties | 1500/1580/1582/1584 Rockville Pike, Rockville, MD | Acquisition Date Two
Real Estate Properties [Line Items]
Buildings and Improvements Depreciable Lives in Years		10 years
Mixed-Use Properties | 1500/1580/1582/1584 Rockville Pike, Rockville, MD | Acquisition Date Three
Real Estate Properties [Line Items]
Buildings and Improvements Depreciable Lives in Years		5 years
Mixed-Use Properties | 1500/1580/1582/1584 Rockville Pike, Rockville, MD | Acquisition Date Four
Real Estate Properties [Line Items]
Buildings and Improvements Depreciable Lives in Years		4 years
Mixed-Use Properties | Avenel Business Park, Gaithersburg, MD
Real Estate Properties [Line Items]
Initial basis		$ 21,459
Cost capitalized subsequent to acquisition		30,504
Basis at close of period, land		3,756
Basis at close of period, building and improvements		48,207
Basis at close of period, leasehold interests		0
Total		51,963
Accumulated depreciation		35,261
Book value		16,702
Related debt		$ 28,945
Mixed-Use Properties | Avenel Business Park, Gaithersburg, MD | Minimum
Real Estate Properties [Line Items]
Buildings and Improvements Depreciable Lives in Years		35 years
Mixed-Use Properties | Avenel Business Park, Gaithersburg, MD | Maximum
Real Estate Properties [Line Items]
Buildings and Improvements Depreciable Lives in Years		40 years
Mixed-Use Properties | Clarendon Center, Arlington, VA
Real Estate Properties [Line Items]
Initial basis	[1]	$ 12,753
Cost capitalized subsequent to acquisition	[1]	185,436
Basis at close of period, land	[1]	16,287
Basis at close of period, building and improvements	[1]	181,902
Basis at close of period, leasehold interests	[1]	0
Total	[1]	198,189
Accumulated depreciation	[1]	32,314
Book value	[1]	165,875
Related debt	[1]	$ 109,144
Buildings and Improvements Depreciable Lives in Years		50 years
Mixed-Use Properties | 601 Pennsylvania Ave., Washington, DC
Real Estate Properties [Line Items]
Initial basis		$ 5,479
Cost capitalized subsequent to acquisition		66,158
Basis at close of period, land		5,667
Basis at close of period, building and improvements		65,970
Basis at close of period, leasehold interests		0
Total		71,637
Accumulated depreciation		49,856
Book value		21,781
Related debt		$ 0
Buildings and Improvements Depreciable Lives in Years		35 years
Mixed-Use Properties | Washington Square, Alexandria, VA
Real Estate Properties [Line Items]
Initial basis		$ 2,034
Cost capitalized subsequent to acquisition		54,945
Basis at close of period, land		544
Basis at close of period, building and improvements		56,435
Basis at close of period, leasehold interests		0
Total		56,979
Accumulated depreciation		22,859
Book value		34,120
Related debt		$ 29,428
Buildings and Improvements Depreciable Lives in Years		50 years
Development Land
Real Estate Properties [Line Items]
Initial basis		$ 59,447
Cost capitalized subsequent to acquisition		8,179
Basis at close of period, land		9,403
Basis at close of period, building and improvements		58,223
Basis at close of period, leasehold interests		0
Total		67,626
Accumulated depreciation		0
Book value		67,626
Development land, related debt		0
Development Land | Park Van Ness, Washington, DC
Real Estate Properties [Line Items]
Initial basis		2,242
Cost capitalized subsequent to acquisition		90,676
Basis at close of period, land		2,242
Basis at close of period, building and improvements		90,676
Basis at close of period, leasehold interests		0
Total		92,918
Accumulated depreciation		1,831
Book value		91,087
Development land, related debt		70,144
Development Land | Ashland Square Phase II, Manassas, VA
Real Estate Properties [Line Items]
Initial basis		5,292
Cost capitalized subsequent to acquisition		1,813
Basis at close of period, land		7,029
Basis at close of period, building and improvements		76
Basis at close of period, leasehold interests		0
Total		7,105
Accumulated depreciation		0
Book value		7,105
Development land, related debt		0
Development Land | New Market, New Market, MD
Real Estate Properties [Line Items]
Initial basis		2,088
Cost capitalized subsequent to acquisition		286
Basis at close of period, land		2,374
Basis at close of period, building and improvements		0
Basis at close of period, leasehold interests		0
Total		2,374
Accumulated depreciation		0
Book value		2,374
Development land, related debt		0
Development Land | North Glebe Road, Arlington, VA
Real Estate Properties [Line Items]
Initial basis		52,067
Cost capitalized subsequent to acquisition		6,080
Basis at close of period, land		0
Basis at close of period, building and improvements		58,147
Basis at close of period, leasehold interests		0
Total		58,147
Accumulated depreciation		0
Book value		58,147
Development land, related debt		$ 0
[1]	Includes the North and South Blocks and Residential

Real Estate and Accumulated D70

Real Estate and Accumulated Depreciation - Additional Information (Detail) - USD ($) $ in Billions	Dec. 31, 2016	Dec. 31, 2015
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Abstract]
Real estate investments for federal income tax	$ 1.3	$ 1.1

Real Estate and Accumulated D71

Real Estate and Accumulated Depreciation - Estimated Useful Lives of Assets (Detail)	12 Months Ended
	Dec. 31, 2016
Base building | Minimum
Property Plant and Equipment Estimated Useful Lives [Line Items]
Estimated useful life	35 years
Base building | Maximum
Property Plant and Equipment Estimated Useful Lives [Line Items]
Estimated useful life	50 years
Building components | Maximum
Property Plant and Equipment Estimated Useful Lives [Line Items]
Estimated useful life	20 years

Real Estate and Accumulated D72

Real Estate and Accumulated Depreciation - Changes in Total Real Estate Investments and Related Accumulated Depreciation (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Total real estate investments:
Balance, beginning of year	$ 1,622,710	$ 1,560,159	$ 1,459,439
Acquisitions	48,123	4,894	70,921
Improvements	35,826	70,067	34,417
Retirements	(5,846)	(1,981)	(4,618)
Transfers to assets held for sale	0	(10,429)	0
Balance, end of year	1,700,813	1,622,710	1,560,159
Total accumulated depreciation:
Balance, beginning of year	425,370	396,617	364,663
Depreciation expense	38,755	37,698	35,933
Retirements	(5,846)	(1,911)	(3,979)
Transfers to assets held for sale	0	(7,034)	0
Balance, end of year	$ 458,279	$ 425,370	$ 396,617