Saul Centers (BFS) 10-Q 5 Nov 20 2020 Q3 Quarterly report Financial data

Cover Page

Cover Page - shares shares in Millions	9 Months Ended
	Sep. 30, 2020	Oct. 31, 2020
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2020
Document Transition Report	false
Entity File Number	1-12254
Entity Registrant Name	SAUL CENTERS, INC.
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	52-1833074
Entity Address, Address Line One	7501 Wisconsin Avenue
Entity Address, City or Town	Bethesda
Entity Address, State or Province	MD
Entity Address, Postal Zip Code	20814
City Area Code	301
Local Phone Number	986-6200
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		23.4
Entity Central Index Key	0000907254
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q3
Amendment Flag	false
Common Stock
Entity Information [Line Items]
Title of 12(b) Security	Common Stock, Par Value $0.01 Per Share
Security Exchange Name	NYSE
Trading Symbol	BFS
Depositary Shares each representing 1/100th of a share of 6.125% Series D Cumulative Redeemable Preferred Stock, Par Value $0.01 Per Share
Entity Information [Line Items]
Title of 12(b) Security	Depositary Shares each representing 1/100th of a share of 6.125% Series D Cumulative Redeemable Preferred Stock, Par Value $0.01 Per Share
Security Exchange Name	NYSE
Trading Symbol	BFS/PRD
Depositary Shares each representing 1/100th of a share of 6.000% Series E Cumulative Redeemable Preferred Stock, Par Value $0.01 Per Share
Entity Information [Line Items]
Title of 12(b) Security	Depositary Shares each representing 1/100th of a share of 6.000% Series E Cumulative Redeemable Preferred Stock, Par Value $0.01 Per Share
Security Exchange Name	NYSE
Trading Symbol	BFS/PRE

Consolidated Balance Sheets (Un

Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Real estate investments
Land	$ 509,902	$ 453,322
Buildings and equipment	1,533,103	1,292,631
Construction in progress	74,476	335,644
Total purchase price	2,117,481	2,081,597
Accumulated depreciation	(595,785)	(563,474)
Real estate investments, net	1,521,696	1,518,123
Cash and cash equivalents	54,305	13,905
Accounts receivable and accrued income, net	65,701	52,311
Deferred leasing costs, net	27,468	24,083
Prepaid expenses, net	8,387	5,363
Other assets	3,817	4,555
Total assets	1,681,374	1,618,340
Liabilities
Notes payable	835,613	821,503
Term loan facility payable	74,766	74,691
Revolving credit facility payable	123,778	86,371
Construction loan payable	141,626	108,623
Dividends and distributions payable	19,373	19,291
Accounts payable, accrued expenses and other liabilities	27,874	35,199
Deferred income	26,727	29,306
Total liabilities	1,249,757	1,174,984
Equity
Common stock, $0.01 par value, 40,000,000 shares authorized, 23,358,208 and 23,231,240 shares issued and outstanding, respectively	234	232
Additional paid-in capital	417,504	410,926
Distributions in excess of accumulated earnings	(235,720)	(221,177)
Total Saul Centers, Inc. equity	367,018	374,981
Noncontrolling interests	64,599	68,375
Total equity	431,617	443,356
Total liabilities and equity	1,681,374	1,618,340
Series D Cumulative Redeemable Preferred Stock
Equity
Preferred stock, 1,000,000 shares authorized: Series D Cumulative Redeemable, 33,000 shares issued and outstanding, Series E Cumulative Redeemable, 44,000 shares issued and outstanding respectively	75,000	75,000
Series E Cumulative Redeemable Preferred Stock
Equity
Preferred stock, 1,000,000 shares authorized: Series D Cumulative Redeemable, 33,000 shares issued and outstanding, Series E Cumulative Redeemable, 44,000 shares issued and outstanding respectively	$ 110,000	$ 110,000

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Sep. 30, 2020	Dec. 31, 2019
Preferred stock, shares authorized (in shares)	1,000,000	1,000,000
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)	23,358,208	23,231,240
Common stock, shares outstanding (in shares)	23,358,208	23,231,240
Series D Cumulative Redeemable Preferred Stock
Cumulative redeemable preferred stock, shares issued (in shares)	30,000,000	30,000,000
Cumulative redeemable preferred stock, shares outstanding (in shares)	30,000,000	30,000,000
Series E Cumulative Redeemable Preferred Stock
Cumulative redeemable preferred stock, shares issued (in shares)	44,000,000	44,000,000
Cumulative redeemable preferred stock, shares outstanding (in shares)	44,000,000	44,000,000

Consolidated Statements of Oper

Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Revenue
Rental revenue	$ 55,749	$ 55,487	$ 163,167	$ 168,242
Other	1,011	1,565	3,756	6,701
Total revenue	56,760	57,052	166,923	174,943
Expenses
Property operating expenses	7,416	7,525	20,862	22,641
Real estate taxes	7,523	7,114	22,027	21,081
Interest expense, net and amortization of deferred debt costs	12,398	10,325	34,011	32,185
Depreciation and amortization of deferred leasing costs	13,713	12,018	37,593	35,185
General and administrative	4,107	4,742	13,790	14,696
Total expenses	45,157	41,724	128,283	125,788
Net Income	11,603	15,328	38,640	49,155
Noncontrolling interests
Income attributable to noncontrolling interests	(2,236)	(3,102)	(7,681)	(10,250)
Net income attributable to Saul Centers, Inc.	9,367	12,226	30,959	38,905
Preferred stock dividends	(2,798)	(3,210)	(8,394)	(9,116)
Net income available to common stockholders	$ 6,569	$ 9,016	$ 22,565	$ 29,789
Per share net income available to common stockholders
Basic and diluted (in usd per share)	$ 0.28	$ 0.39	$ 0.97	$ 1.30

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Statement of Comprehensive Income [Abstract]
Net income	$ 11,603	$ 15,328	$ 38,640	$ 49,155
Other comprehensive income
Change in unrealized loss on cash flow hedge	0	55	0	(118)
Total comprehensive income	11,603	15,383	38,640	49,037
Comprehensive income attributable to noncontrolling interests	(2,236)	(3,117)	(7,681)	(10,220)
Total comprehensive income attributable to Saul Centers, Inc.	9,367	12,266	30,959	38,817
Preferred stock dividends	(2,798)	(3,210)	(8,394)	(9,116)
Total comprehensive income available to common stockholders	$ 6,569	$ 9,056	$ 22,565	$ 29,701

Consolidated Statement of Equit

Consolidated Statement of Equity (Unaudited) - USD ($) $ in Thousands	Total	Series C Cumulative Preferred Stock	Series D Cumulative Redeemable Preferred Stock	Series E Cumulative Redeemable Preferred Stock	Total Saul Centers, Inc.	Total Saul Centers, Inc.Series C Cumulative Preferred Stock	Total Saul Centers, Inc.Series D Cumulative Redeemable Preferred Stock	Total Saul Centers, Inc.Series E Cumulative Redeemable Preferred Stock	Preferred Stock	Common Stock	Additional Paid-in Capital	Distributions in Excess of Accumulated Earnings	Distributions in Excess of Accumulated EarningsSeries C Cumulative Preferred Stock	Distributions in Excess of Accumulated EarningsSeries D Cumulative Redeemable Preferred Stock	Distributions in Excess of Accumulated EarningsSeries E Cumulative Redeemable Preferred Stock	Accumulated Other Comprehensive (Loss)	Noncontrolling Interests
Beginning Balance at Dec. 31, 2018	$ 425,220				$ 355,912				$ 180,000	$ 227	$ 384,533	$ (208,593)				$ (255)	$ 69,308
Issuance of shares of common stock:
Issuance of shares pursuant to dividend reinvestment plan	6,171				6,171					1	6,170
Issuance of shares due to exercise of employee stock options and issuance of directors’ deferred shares	420				420					1	419
Issuance of partnership units pursuant to dividend reinvestment plan	705																705
Net income	17,077				13,447							13,447					3,630
Change in unrealized loss on cash flow hedge	(46)				(34)											(34)	(12)
Distributions payable preferred stock:
Preferred stock distributions		$ (1,805)	$ (1,148)			$ (1,805)	$ (1,148)						$ (1,805)	$ (1,148)
Distributions payable, common stock and partnership units	(16,263)				(12,108)							(12,108)					(4,155)
Ending Balance at Mar. 31, 2019	430,331				360,855				180,000	229	391,122	(210,207)				(289)	69,476
Beginning Balance at Dec. 31, 2018	425,220				355,912				180,000	227	384,533	(208,593)				(255)	69,308
Issuance of shares of common stock:
Net income	49,155
Change in unrealized loss on cash flow hedge	(118)
Ending Balance at Sep. 30, 2019	545,437				475,949				290,000	231	401,395	(215,334)				(343)	69,488
Beginning Balance at Mar. 31, 2019	430,331				360,855				180,000	229	391,122	(210,207)				(289)	69,476
Issuance of shares of common stock:
Issuance of shares pursuant to dividend reinvestment plan	5,128				5,128					1	5,127
Issuance of shares due to exercise of employee stock options and issuance of directors’ deferred shares	2,798				2,798					0	2,798
Issuance of partnership units pursuant to dividend reinvestment plan	1,029																1,029
Net income	16,750				13,232							13,232					3,518
Change in unrealized loss on cash flow hedge	(127)				(95)											(95)	(32)
Distributions payable preferred stock:
Preferred stock distributions		(1,805)	(1,148)			(1,805)	(1,148)						(1,805)	(1,148)
Distributions payable, common stock and partnership units	(16,347)				(12,181)							(12,181)					(4,166)
Ending Balance at Jun. 30, 2019	436,609				366,784				180,000	230	399,047	(212,109)				(384)	69,825
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of cumulative preferred stock	106,269				106,269				110,000		(3,731)
Issuance of shares of common stock:
Issuance of shares pursuant to dividend reinvestment plan	5,674				5,674					1	5,673
Issuance of shares due to exercise of employee stock options and issuance of directors’ deferred shares	406				406					0	406
Issuance of partnership units pursuant to dividend reinvestment plan	720																720
Net income	15,328				12,226							12,226					3,102
Change in unrealized loss on cash flow hedge	55				41											41	14
Distributions payable preferred stock:
Preferred stock distributions		$ (1,805)	(1,148)	$ (257)		$ (1,805)	(1,148)	$ (257)					$ (1,805)	(1,148)	$ (257)
Distributions payable, common stock and partnership units	(16,414)				(12,241)							(12,241)					(4,173)
Ending Balance at Sep. 30, 2019	545,437				475,949				290,000	231	401,395	(215,334)				(343)	69,488
Beginning Balance at Dec. 31, 2019	443,356				374,981				185,000	232	410,926	(221,177)				0	68,375
Issuance of shares of common stock:
Issuance of shares pursuant to dividend reinvestment plan	4,081				4,081					1	4,080
Issuance of shares due to exercise of employee stock options and issuance of directors’ deferred shares	956				956					0	956
Issuance of partnership units pursuant to dividend reinvestment plan	734																734
Net income	16,829				13,264							13,264					3,565
Distributions payable preferred stock:
Preferred stock distributions			(1,148)	(1,650)			(1,148)	(1,650)						(1,148)	(1,650)
Distributions payable, common stock and partnership units	(16,552)				(12,364)							(12,364)					(4,188)
Ending Balance at Mar. 31, 2020	446,606				378,120				185,000	233	415,962	(223,075)				0	68,486
Beginning Balance at Dec. 31, 2019	443,356				374,981				185,000	232	410,926	(221,177)				0	68,375
Issuance of shares of common stock:
Net income	38,640
Change in unrealized loss on cash flow hedge	0
Ending Balance at Sep. 30, 2020	431,617				367,018				185,000	234	417,504	(235,720)				0	64,599
Beginning Balance at Mar. 31, 2020	446,606				378,120				185,000	233	415,962	(223,075)				0	68,486
Issuance of shares of common stock:
Issuance of shares pursuant to dividend reinvestment plan	407				407					0	407
Issuance of shares due to exercise of employee stock options and issuance of directors’ deferred shares	424				424					0	424
Net income	10,208				8,328							8,328					1,880
Distributions payable preferred stock:
Preferred stock distributions			(1,148)	(1,650)			(1,148)	(1,650)						(1,148)	(1,650)
Distributions payable, common stock and partnership units	(16,561)				(12,373)							(12,373)					(4,188)
Ending Balance at Jun. 30, 2020	438,286				372,108				185,000	233	416,793	(229,918)				0	66,178
Issuance of shares of common stock:
Issuance of shares pursuant to dividend reinvestment plan	422				422					1	421
Issuance of shares due to exercise of employee stock options and issuance of directors’ deferred shares	290				290					0	290
Issuance of partnership units pursuant to dividend reinvestment plan	380																380
Net income	11,603				9,367							9,367					2,236
Change in unrealized loss on cash flow hedge	0
Distributions payable preferred stock:
Preferred stock distributions			$ (1,148)	$ (1,650)			$ (1,148)	$ (1,650)						$ (1,148)	$ (1,650)
Distributions payable, common stock and partnership units	(16,566)				(12,371)							(12,371)					(4,195)
Ending Balance at Sep. 30, 2020	$ 431,617				$ 367,018				$ 185,000	$ 234	$ 417,504	$ (235,720)				$ 0	$ 64,599

Consolidated Statement of Equ_2

Consolidated Statement of Equity (Parenthetical) - $ / shares	3 Months Ended
	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2019
Shares pursuant to dividend reinvestment plan (in shares)	14,525,000	12,627,000	83,978,000	105,753,000	99,804,000	120,347,000
Shares due to exercise of employee stock options and issuance of directors' deferred stock (in shares)	984,000	3,109,000	11,745,000	1,645,000	48,772,000	485,000
Issuance of partnership units pursuant to dividend reinvestment plan (in shares)	13,108,000		15,101,000	13,406,000	20,041,000	13,742,000
Common stock, shares issued (in shares)	23,358,208						23,231,240
Dividend Distributions Payable
Distributions payable common stock, per share (in usd per share)	$ 0.53	$ 0.53	$ 0.53	$ 0.53	$ 0.53	$ 0.53
Distributions partnership units, per unit (in usd per share)	$ 0.53	0.53	0.53	0.53	0.53	0.53
Series C Cumulative Preferred Stock | Dividend Distributions Payable
Distributions payable on preferred stock, per share (in usd per share)				42.97	42.97	42.97
Series D Cumulative Redeemable Preferred Stock
Cumulative redeemable preferred stock, shares issued (in shares)	30,000,000						30,000,000
Series D Cumulative Redeemable Preferred Stock | Dividend Distributions Payable
Distributions payable on preferred stock, per share (in usd per share)	$ 38.28	38.28	38.28	$ 38.28	$ 38.28	$ 38.28
Series E Cumulative Redeemable Preferred Stock
Cumulative redeemable preferred stock, shares issued (in shares)	44,000,000			44,000,000			44,000,000
Series E Cumulative Redeemable Preferred Stock | Dividend Distributions Payable
Distributions payable on preferred stock, per share (in usd per share)	$ 37.50	$ 37.50	$ 37.50	$ 5.83

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Cash flows from operating activities:
Net income	$ 38,640	$ 49,155
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization of deferred leasing costs	37,593	35,185
Amortization of deferred debt costs	1,163	1,130
Compensation costs of stock grants and options	1,141	1,501
Credit losses on operating lease receivables	4,162	986
Increase in accounts receivable and accrued income	(17,552)	(2,317)
Additions to deferred leasing costs	(7,383)	(1,380)
Increase in prepaid expenses	(3,024)	(4,182)
(Increase) decrease in other assets	738	(2,049)
Increase in accounts payable, accrued expenses and other liabilities	3,871	5,696
Decrease in deferred income	(2,579)	(1,627)
Net cash provided by operating activities	56,770	82,098
Cash flows from investing activities:
Additions to real estate investments	(13,665)	(13,398)
Additions to development and redevelopment projects	(34,698)	(91,657)
Net cash used in investing activities	(48,363)	(105,055)
Cash flows from financing activities:
Proceeds from notes payable	52,100	22,100
Repayments on notes payable	(37,431)	(55,992)
Proceeds from revolving credit facility	90,000	47,000
Repayments on revolving credit facility	(53,000)	(94,000)
Proceeds from construction loan	32,928	71,807
Additions to deferred debt costs	(1,196)	(432)
Proceeds from the issuance of:
Common stock	5,440	19,096
Partnership units	1,114	2,454
Distributions to:
Common stockholders	(37,012)	(36,326)
Noncontrolling interests	(12,556)	(12,469)
Net cash provided by financing activities	31,993	60,648
Net increase (decrease) in cash and cash equivalents	40,400	37,691
Cash and cash equivalents, beginning of period	13,905	14,578
Cash and cash equivalents, end of period	54,305	52,269
Supplemental disclosure of cash flow information:
Cash paid for interest	32,951	31,266
Increase (decrease) in accrued real estate investments and development costs	(11,196)	1,507
Series C Cumulative Preferred Stock
Distributions to:
Preferred stockholders	0	(5,415)
Series D Cumulative Redeemable Preferred Stock
Distributions to:
Preferred stockholders	(3,444)	(3,444)
Series E Cumulative Redeemable Preferred Stock
Proceeds from the issuance of:
Series E preferred stock	0	106,269
Distributions to:
Preferred stockholders	$ (4,950)	$ 0

Organization, Basis of Presenta

Organization, Basis of Presentation	9 Months Ended
	Sep. 30, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization, Basis of Presentation	Organization, Basis of Presentation Saul Centers, Inc. (“Saul Centers”) was incorporated under the Maryland General Corporation Law on June 10, 1993, and operates as a real estate investment trust (a “REIT”) under the Internal Revenue Code of 1986, as amended (the “Code”). The Company is required to annually distribute at least 90% of its REIT taxable income (excluding net capital gains) to its stockholders and meet certain organizational and other requirements. Saul Centers has made and intends to continue to make regular quarterly distributions to its stockholders. Saul Centers, together with its wholly-owned subsidiaries and the limited partnerships of which Saul Centers or one of its subsidiaries is the sole general partner, are referred to collectively as the “Company.” B. Francis Saul II serves as Chairman of the Board of Directors, Chief Executive Officer and President of Saul Centers. The Company, which conducts all of its activities through its subsidiaries, Saul Holdings Limited Partnership, a Maryland limited partnership (the “Operating Partnership”) and two subsidiary limited partnerships (the “Subsidiary Partnerships,” and, collectively with the Operating Partnership, the “Partnerships”), engages in the ownership, operation, management, leasing, acquisition, renovation, expansion, development and financing of community and neighborhood shopping centers and mixed-use properties, primarily in the Washington, DC/Baltimore metropolitan area. As of September 30, 2020, the Company’s properties (the “Current Portfolio Properties”) consisted of 50 shopping center properties (the “Shopping Centers”), seven mixed-use properties, which are comprised of office, retail and multi-family residential uses (the “Mixed-Use Properties”) and three (non-operating) development properties. Because the properties are located primarily in the Washington, DC/Baltimore metropolitan area, the Company is subject to a concentration of credit risk related to these properties. A majority of the Shopping Centers are anchored by one or more major tenants. As of September 30, 2020, 33 of the Shopping Centers were anchored by a grocery store and offer primarily day-to-day necessities and services. Giant Food, a tenant at 11 Shopping Centers, individually accounted for 5.4% of the Company's total revenue for the nine months ended September 30, 2020. No other tenant individually accounted for 2.5% or more of the Company’s total revenue, excluding lease termination fees, for the nine months ended September 30, 2020. The accompanying consolidated financial statements of the Company include the accounts of Saul Centers and its subsidiaries, including the Operating Partnership and Subsidiary Partnerships, which are majority owned by Saul Centers. Substantially all assets and liabilities of the Company as of September 30, 2020 and December 31, 2019, are comprised of the assets and liabilities of the Operating Partnership. The debt arrangements which are subject to recourse are described in Note 5. All significant intercompany balances and transactions have been eliminated in consolidation. The Operating Partnership is a variable interest entity ("VIE") 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 its activities and the rights to absorb 74.6% of its net income. Because the Operating Partnership is consolidated into the financial statements of the Company, classification of it as a VIE has no impact on the consolidated financial statements of the Company. The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. In the opinion of management, all adjustments necessary for the fair presentation of the financial position and results of operations of the Company for the interim periods have been included. All such adjustments are of a normal recurring nature. These consolidated financial statements and the accompanying notes should be read in conjunction with the audited consolidated financial statements of the Company for the year ended December 31, 2019, which are included in its Annual Report on Form 10-K. Certain information and note disclosures normally included in annual financial statements prepared in accordance with GAAP have been omitted pursuant to those instructions. The results of operations for interim periods are not necessarily indicative of results to be expected for the year.

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2020
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Our significant accounting policies disclosed in our Annual Report on Form 10-K for the year ended December 31, 2019 have not changed significantly in amount or composition. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. The most significant estimates and assumptions relate to collectability of operating lease receivables and impairment of real estate properties. Actual results could differ from those estimates. Accounts Receivable, Accrued Income and Allowance for Doubtful Accounts Accounts receivable primarily represent amounts currently due from tenants in accordance with the terms of their respective leases. Individual leases are assessed for collectability and upon the determination that the collection of rents is not probable, accrued rent and accounts receivable are charged off, which is reflected as an adjustment to rental revenue. Revenue from leases where collection is not probable is recorded on a cash basis until collectability is determined to be probable. Further, we assess whether operating lease receivables, at the portfolio level, are appropriately valued based upon an analysis of balances outstanding, historical bad debt levels and current economic trends. At September 30, 2020 and December 31, 2019, accounts receivable was comprised of: (In thousands) September 30, 2020 December 31, 2019 Rents currently due $ 14,553 $ 7,235 Deferred rents 6,783 474 Straight-line rent 44,266 42,088 Other receivables 5,018 2,967 Allowance for doubtful accounts (4,919) (453) Total $ 65,701 $ 52,311 Recently Issued Accounting Standards In February 2016, the Financial Accounting Standards Board (‘‘FASB’’) issued Accounting Standards Update (‘‘ASU’’) 2016-02, ‘‘Leases’’ (“ASU 2016-02”). ASU 2016-02 amended the 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 became effective for annual periods beginning after December 15, 2018, interim periods within those years, and required 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. Upon adoption of ASU 2016-02 effective January 1, 2019, we elected the practical expedient for all leases with respect to lease identification, lease classification, and initial direct costs. We made a policy election not to separate lease and nonlease components and have accounted for each lease component and the related nonlease components together as a single component. There were no significant changes to our lessor accounting for operating leases as a result of ASU 2016-02. We lease Shopping Centers and Mixed-Use Properties to lessees in exchange for monthly payments that cover rent, and, where applicable, reimbursement for property taxes, insurance, and certain property operating expenses. Our leases have been determined to be operating leases and generally range in term from one Some of our leases have termination options and/or extension options. Termination options allow the lessee and/or lessor to terminate the lease prior to the end of the lease term, provided certain conditions are met. Termination options generally require advance notification from the lessee and/or lessor and payment of a termination fee. Termination fees are recognized as revenue over the modified lease term. Extension options are subject to terms and conditions stated in the lease. On January 1, 2019, a right of use asset and corresponding lease liability related to our headquarters lease were recorded in other assets and other liabilities, respectively. The lease expires on February 28, 2022, with one option to renew for an additional five years. The right of use asset and corresponding lease liability totaled $1.1 million and $1.1 million, respectively, at September 30, 2020. Due to the business disruptions and challenges severely affecting the global economy caused by the novel strain of coronavirus (“COVID-19”) pandemic, many lessees have requested rent relief, including rent deferrals and other lease concessions. The lease modification guidance in ASU 2016-02 does not contemplate the rapid execution of concessions for multiple tenants in response to sudden liquidity constraints of lessees. In April 2020, the FASB staff issued a question and answer document that provided guidance allowing the Company to elect to either apply the lease modification accounting framework or not, with such election applied consistently to leases with similar characteristics and similar circumstances. The Company has elected to apply such relief, which, in the case of rent deferrals, results in the accrual of rent due from tenants and defers the payment of that rent to a future date, and will monitor the collectability of rent receivables. 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. The adoption of ASU 2016-13 effective January 1, 2020, did not have a material impact on our consolidated financial statements and related disclosures because the vast majority of the Company's receivables relate to operating leases which are accounted for under ASC 842, "Leases." Reclassifications Certain reclassifications have been made to the prior year financial statements to conform to the presentation used for the nine months ended September 30, 2020.

Real Estate

Real Estate	9 Months Ended
	Sep. 30, 2020
Real Estate [Abstract]
Real Estate	Real Estate Construction In Progress Construction in progress includes land, preconstruction and development costs of active projects. Preconstruction costs include legal, zoning and permitting costs and other project carrying costs incurred prior to the commencement of construction. Development costs include direct construction costs and indirect costs incurred subsequent to the start of construction such as architectural, engineering, construction management and carrying costs consisting of interest, real estate taxes and insurance. During the nine months ended September 30, 2020, assets totaling $284.7 million were placed in service in conjunction with the substantial completion of The Waycroft and Ashbrook Marketplace. Construction in progress as of September 30, 2020 and December 31, 2019, is composed of the following: (In thousands) September 30, 2020 December 31, 2019 The Waycroft $ 8,567 $ 255,443 7316 Wisconsin Avenue 49,629 44,638 Ashbrook Marketplace 3,727 19,128 Other 12,553 16,435 Total $ 74,476 335,644 Deferred Leasing Costs Deferred leasing costs consist of commissions paid to third-party and internal leasing agents, internal costs such as payroll-related fringe benefits that are direct and incremental to successful commercial leases, amounts attributed to in-place leases associated with acquired properties and lease inducement costs. Effective with the adoption of ASU 2016-02 on January 1, 2019, all costs incurred prior to the execution of a lease are charged to expense and not capitalized. Unamortized deferred leasing costs are charged to expense if the applicable lease is terminated prior to expiration of the initial lease term. Deferred leasing costs are amortized over the term of the lease or remaining term of acquired leases. Collectively, deferred leasing costs totaled $27.5 million and $24.1 million, net of accumulated amortization of $43.8 million and $41.6 million, as of September 30, 2020 and December 31, 2019, respectively. Amortization expense, included in depreciation and amortization of deferred leasing costs in the Consolidated Statements of Operations, totaled $4.0 million and $4.5 million for the nine months ended September 30, 2020 and 2019, respectively. Real Estate Investment Properties Depreciation is calculated using the straight-line method and estimated useful lives of generally between 35 and 50 years for base buildings, or a shorter period if management determines that the building has a shorter useful life, and up to 20 years for certain other improvements that extend the useful lives. Leasehold improvement expenditures are capitalized when certain criteria are met, including when the Company supervises construction and will own the improvements. Tenant improvements are amortized, over the shorter of the lives of the related leases or the useful life of the improvements, using the straight-line method. Depreciation expense in the Consolidated Statements of Operations totaled $33.6 million and $30.7 million for the nine months ended September 30, 2020 and 2019, respectively. Repairs and maintenance expense totaled $8.0 million and $9.7 million for the nine months ended September 30, 2020 and 2019, respectively, and is included in property operating expenses in the Consolidated Statements of Operations. As of September 30, 2020, we have not identified any impairment triggering events, including the impact of COVID-19 and corresponding tenant requests for rent relief. Therefore, under applicable GAAP guidance, no impairment charges were recorded.

Noncontrolling Interests - Hold

Noncontrolling Interests - Holders of Convertible Limited Partnership Units in the Operating Partnership	9 Months Ended
	Sep. 30, 2020
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 As of September 30, 2020, 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”) holds a 25.4% limited partnership interest in the Operating Partnership represented by approximately 7.9 million convertible limited partnership units. These units are convertible into shares of Saul Centers’ common stock, at the option of the unit holder, on a one-for-one basis provided that, in accordance with the Company’s Articles of Incorporation, the rights may not be exercised at any time that the Saul Organization beneficially owns or will own after the exercise, 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 September 30, 2020, approximately 3.0 million units could be converted into shares of Saul Centers common stock. The impact of the Saul Organization’s approximately 25.4% 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 common stock outstanding for the three months ended September 30, 2020 and 2019, were approximately 31.3 million and 31.0 million, respectively, and for the nine months ended September 30, 2020 and 2019, were approximately 31.2 million and 30.8 million, respectively.

Notes Payable, Revolving Credit

Notes Payable, Revolving Credit Facility, Interest and Amortization of Deferred Debt Costs	9 Months Ended
	Sep. 30, 2020
Debt Disclosure [Abstract]
Notes Payable, Revolving Credit Facility, Interest and Amortization of Deferred Debt Costs	Notes Payable, Revolving Credit Facility, Interest and Amortization of Deferred Debt Costs The principal amount of the Company’s outstanding debt totaled approximately $1.2 billion at September 30, 2020, of which approximately $986.0 million was fixed-rate debt and approximately $199.5 million was variable rate debt outstanding under the credit facility. The carrying value of the properties collateralizing the notes payable totaled approximately $1.2 billion as of September 30, 2020. At September 30, 2020, the Company had a $400.0 million credit facility comprised of a $325.0 million revolving facility and a $75.0 million term loan. As of September 30, 2020, the applicable spread for borrowings was 140 basis points under the revolving credit facility and 135 basis points under the term loan. Letters of credit may be issued under the revolving credit facility. As of September 30, 2020, based on the value of the Company’s unencumbered properties, approximately $200.3 million was available under the revolving credit facility, $124.5 million was outstanding and approximately $185,000 was committed for letters of credit. On February 10, 2020, the Company repaid in full the remaining principal balance of $9.2 million of the mortgage loan secured by Boca Valley Plaza, which was scheduled to mature on May 10, 2020. On March 3, 2020, the Company repaid in full the remaining principal balance of $7.1 million of the mortgage loan secured by Palm Springs Center, which was scheduled to mature on June 1, 2020. In March and April, 2020, the Company borrowed $71.0 million under its revolving credit facility to provide additional liquidity and flexibility as the effects of the COVID-19 pandemic continue to evolve. On July 14, 2020, the Company closed on a 15-year, non-recourse $22.1 million mortgage loan secured by Ashbrook Marketplace. The loan matures in 2035, bears interest at a fixed rate of 3.80%, requires monthly principal and interest payments of $114,226 based on a 25-year amortization schedule and requires a final payment of $11.5 million at maturity. The proceeds from the loan were used to pay down the revolving credit facility. On July 24, 2020, the Company closed on a 15-year, non-recourse $30.0 million mortgage loan secured by Kentlands Place and Kentlands Square I. The loan matures in 2035, bears interest at a fixed rate of 3.43%, requires monthly principal and interest payments of $149,064 based on a 25-year amortization schedule and requires a final payment of $15.3 million at maturity. The proceeds from the loan were used to pay down the revolving credit facility. Saul Centers and certain consolidated subsidiaries of the Operating Partnership have guaranteed the payment obligations of the Operating Partnership under the credit facility. The Operating Partnership is the guarantor of (a) a portion of the Park Van Ness mortgage (approximately $6.7 million of the $66.8 million outstanding balance at September 30, 2020, which guarantee will be reduced to (i) $3.3 million on October 1, 2020 and (ii) zero on October 1, 2021), (b) a portion of the Broadlands mortgage (approximately $3.8 million of the $30.7 million outstanding balance at September 30, 2020), (c) a portion of the Avenel Business Park mortgage (approximately $6.3 million of the $25.5 million outstanding balance at September 30, 2020), (d) a portion of The Waycroft mortgage (approximately $23.6 million of the $143.1 million outstanding balance at September 30, 2020), (e) the Ashbrook Marketplace mortgage (totaling $22.1 million at September 30, 2020), and (f) the mortgage secured by Kentlands Place, Kentlands Square I and Kentlands pad (totaling $29.9 million at September 30, 2020). All other notes payable are non-recourse. The guarantee on the Kentlands Square II mortgage loan was released on February 5, 2020. At December 31, 2019, the principal amount of the Company’s outstanding debt totaled approximately $1.1 billion, of which $938.4 million was fixed rate debt and $162.5 million was variable rate debt, including $87.5 million outstanding under an unsecured revolving credit facility. The carrying value of the properties collateralizing the notes payable totaled approximately $1.1 billion as of December 31, 2019. At September 30, 2020, the scheduled maturities of debt, including scheduled principal amortization, for years ending December 31, were as follows: (In thousands) Balloon Scheduled Total October 1 through December 31, 2020 $ — $ 7,453 $ 7,453 2021 11,012 30,323 41,335 2022 161,002 (a) 30,984 191,986 2023 84,225 31,447 115,672 2024 66,164 30,815 96,979 2025 20,363 27,823 48,186 Thereafter 566,375 117,532 683,907 Principal amount $ 909,141 $ 276,377 1,185,518 Unamortized deferred debt costs 9,735 Net $ 1,175,783 (a) Includes $124.5 million outstanding under the revolving credit facility. Deferred debt costs consist of fees and costs incurred to obtain long-term financing, construction financing and the credit facility. These fees and costs are being amortized on a straight-line basis over the terms of the respective loans or agreements, which approximates the effective interest method. Deferred debt costs totaled $9.7 million and $9.7 million, net of accumulated amortization of $8.3 million and $7.5 million, at September 30, 2020 and December 31, 2019, respectively, and are reflected as a reduction of the related debt in the Consolidated Balance Sheets. Interest expense, net and amortization of deferred debt costs for the three and nine months ended September 30, 2020 and 2019, were as follows: Three Months Ended September 30, Nine Months Ended September 30, (In thousands) 2020 2019 2020 2019 Interest incurred $ 12,933 $ 13,103 $ 38,788 $ 38,972 Amortization of deferred debt costs 402 370 1,163 1,130 Capitalized interest (909) (3,088) (5,813) (7,756) Interest expense 12,426 10,385 34,138 32,346 Less: Interest income 28 60 127 161 Interest expense, net and amortization of deferred debt costs $ 12,398 $ 10,325 $ 34,011 $ 32,185

Equity

Equity	9 Months Ended
	Sep. 30, 2020
Equity [Abstract]
Equity	Equity The consolidated statements of operations for the nine months ended September 30, 2020 and 2019, reflect noncontrolling interests of $7.7 million and $10.3 million, respectively, representing income attributable to the Saul Organization for each period. At September 30, 2020, the Company had outstanding 3.0 million depositary shares, each representing 1/100th of a share of 6.125% Series D Cumulative Redeemable Preferred Stock (the "Series D Stock"). The depositary shares may be redeemed at the Company’s option, in whole or in part, on or after January 23, 2023, at the $25.00 liquidation preference, plus accrued but unpaid dividends to but not including the redemption date. The depositary shares pay an annual dividend of $1.53125 per share, equivalent to 6.125% of the $25.00 liquidation preference. The Series D 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 in 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. At September 30, 2020, the Company had outstanding 4.4 million depositary shares, each representing 1/100th of a share of 6.000% Series E Cumulative Redeemable Preferred Stock (the “Series E Stock”). The depositary shares may be redeemed at the Company’s option, in whole or in part, on or after September 17, 2024, at the $25.00 liquidation preference, plus accrued but unpaid dividends to but not including the redemption date. The depositary shares pay an annual dividend of $1.50 per share, equivalent to 6.000% of the $25.00 liquidation preference. The Series E 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 in 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. Per Share Data Per share data for net income (basic and diluted) is computed using weighted average shares of common stock. Convertible limited partnership units and employee stock options are the Company’s potentially dilutive securities. For all periods presented, the convertible limited partnership units are non-dilutive. The following table sets forth, for the indicated periods, weighted averages of the number of common shares outstanding, basic and dilutive, the effect of dilutive options and the number of options which are not dilutive because the average price of the Company's common stock was less than the exercise prices. The treasury stock method was used to measure the effect of the dilution. Three months ended September 30, Nine months ended September 30, (In thousands) 2020 2019 2020 2019 Weighted average common stock outstanding-Basic 23,353 23,081 23,329 22,947 Effect of dilutive options — 40 1 46 Weighted average common stock outstanding-Diluted 23,353 23,121 23,330 22,993 Non-dilutive options 1,516 698 1,418 612 Years non-dilutive options were issued 2011 through 2020 2016, 2017 and 2019 2014 through 2020 2016, 2017 and 2019

Related Party Transactions

Related Party Transactions	9 Months Ended
	Sep. 30, 2020
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions The Chairman, Chief Executive Officer and President, the Executive Vice President-Real Estate, 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 $255,200 and $264,300 for the nine months ended September 30, 2020 and 2019, respectively. All amounts contributed by employees and the Company are fully vested. The Company also participates in a multiemployer nonqualified deferred compensation plan with entities in the Saul Organization which covers those full-time employees who meet the requirements as specified in the plan. According to the plan, which can be modified or discontinued at any time, participating employees defer 2% of their compensation in excess of a specified amount. For the nine months ended September 30, 2020 and 2019, the Company credited to employee accounts $164,800 and $186,300, respectively, which is the sum of accrued earnings and up to three times the amount deferred by employees and is included in general and administrative expense. All amounts contributed by employees and credited by the Company are fully vested. The cumulative unfunded liability under this plan was $2.8 million and $3.1 million, at September 30, 2020 and December 31, 2019, respectively, and is included in accounts payable, accrued expenses and other liabilities in the Consolidated Balance Sheets. The Company has entered into a shared services agreement (the “Agreement”) with the Saul Organization that provides for the sharing of certain personnel and ancillary functions such as computer hardware, software, and support services and certain direct and indirect administrative personnel. The method for determining the cost of the shared services is provided for in the Agreement and is based upon head count, estimates of usage or estimates of time incurred, as applicable. The terms of the Agreement and the payments made thereunder are deemed reasonable by management and are reviewed annually by the Audit Committee of the Board of Directors, which consists entirely of independent directors. Billings by the Saul Organization for the Company’s share of these ancillary costs and expenses for the nine months ended September 30, 2020 and 2019, which included rental expense for the Company’s headquarters lease, totaled approximately $6.0 million and $6.4 million, net, respectively. The amounts are generally expensed as incurred and are primarily reported as general and administrative expenses in the Consolidated Statements of Operations. As of September 30, 2020 and December 31, 2019, accounts payable, accrued expenses and other liabilities included approximately $659,000 and $918,700, respectively, representing amounts due to the Saul Organization for the Company’s share of these ancillary costs and expenses. The Company has entered into a shared third-party predevelopment cost agreement (the “Predevelopment Agreement”) with the B. F. Saul Real Estate Investment Trust (the “Trust”). The Predevelopment Agreement relates to the sharing of third-party predevelopment costs incurred in connection with the planning of the future redevelopment of certain adjacent real estate assets in the Twinbrook area of Rockville, Maryland. The costs will be 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. On November 5, 2019, the Company entered into an agreement (the "Contribution Agreement") to acquire from the Trust, approximately 6.8 acres of land and its leasehold interest in approximately 1.3 acres of contiguous land, together in each case with the improvements located thereon, located at the Twinbrook Metro Station in Rockville, Maryland (the “Contributed Property”). In exchange for the Contributed Property, the Company will issue to the Trust 1,416,071 limited partnership units at an agreed upon value of $56.00 per unit, representing an aggregate value of $79.3 million for the Contributed Property. Deed to the Contributed Property and the units were placed in escrow until certain conditions of the Contribution Agreement are satisfied. In August 2016, the Company entered into an agreement to acquire from the Trust approximately 13.7 acres of land located at the intersection of Ashburn Village Boulevard and Russell Branch Parkway in Ashburn, Virginia. The transaction closed on May 9, 2018, and the Company issued 176,680 limited partnership units to the Trust. The Company constructed a shopping center, Ashbrook Marketplace, and may be obligated to issue additional limited partnership units to the Trust in the second quarter of 2021. As of September 30, 2020, the Company estimates this obligation to range in value from $3.2 million to $3.5 million, based on projected net operating income of Ashbrook Marketplace for the 12 months ending May 31, 2021. The Company subleases its corporate headquarters space from a member of the Saul Organization. The lease commenced in March 2002, expires in 2022, and provides for base rent increases of 3% per year, with payment of a pro-rata share of operating expenses over a base year amount. The Agreement requires each party to pay an allocation of total rental payments based on a percentage proportionate to the number of employees employed by each party. The Company’s rent expense for its headquarters location was $609,200 and $593,500 for the nine months ended September 30, 2020 and 2019, respectively, and is included in general and administrative expense. The B. F. Saul Insurance Agency, Inc., a subsidiary of the B. F. Saul Company and a member of the Saul Organization, is a general insurance agency that receives commissions and fees in connection with the Company’s insurance program. Such commissions and fees amounted to $320,300 and $284,900 for the nine months ended September 30, 2020 and 2019, respectively.

Stock-based Employee Compensati

Stock-based Employee Compensation, Stock Option Plans, and Deferred Compensation Plan for Directors	9 Months Ended
	Sep. 30, 2020
Share-based Payment Arrangement [Abstract]
Stock-based Employee Compensation, Stock Option Plans, and Deferred Compensation Plan for Directors	Stock-based Employee Compensation, Stock Option Plans, and Deferred Compensation Plan for Directors In 2004, the Company established a stock incentive plan (the "Plan"), as amended. Under the Plan, options are granted at an exercise price not less than the market value of the common stock on the date of grant and expire ten years from the date of grant. Officer options vest ratably over four years following the grant and are charged to expense using the straight-line method over the vesting period. Director options vest immediately and are charged to expense as of the date of grant. The 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 the grant 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 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, 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 expense in general and administrative expenses. Pursuant to the Plan, the Compensation Committee established a Deferred Compensation Plan for Directors for the benefit of the Company’s directors and their beneficiaries, which replaced a previous Deferred Compensation and Stock Plan for Directors. Annually, directors are given the ability to make an election to defer all or part of their fees and have the option to have their 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 a director elects to have their fees paid in stock, fees earned during a calendar quarter are aggregated and divided by the closing market price of the Company’s common stock on the first trading day of the following quarter to determine the number of shares to be credited to the director. During the nine months ended September 30, 2020, 7,969 shares were credited to director's deferred fee accounts and 7,354 shares were issued. As of September 30, 2020, the director's deferred fee accounts comprise 115,023 shares. Effective April 24, 2020, the Company granted 238,000 options to its directors and certain officers. The following table summarizes the assumptions used in the valuation of the 2020 and 2019 option grants. During the nine months ended September 30, 2020, stock option expense totaling $969,200 was included in general and administrative expense in the Consolidated Statements of Operations. As of September 30, 2020, the estimated future expense related to unvested stock options was $1.9 million. Directors Officers Grant date May 3, 2019 April 24, 2020 May 3, 2019 April 24, 2020 Exercise price $ 55.71 $ 50.00 $ 55.71 $ 50.00 Volatility 0.236 0.258 0.206 0.240 Expected life (years) 5.0 5.0 7.0 7.0 Assumed yield 3.75 % 3.80 % 3.80 % 3.85 % Risk-free rate 2.33 % 0.36 % 2.43 % 0.51 % The table below summarizes the option activity for the nine months ended September 30, 2020: Number of Weighted Aggregate Outstanding at January 1 1,309,614 $ 53.38 $ 2,528,463 Granted 238,000 50.00 — Exercised (10,749) 49.19 85,268 Expired/Forfeited (21,250) 53.96 — Outstanding at September 30 1,515,615 52.87 — Exercisable at September 30 978,240 53.03 — The intrinsic value measures the price difference between the options’ exercise price and the closing share price quoted by the New York Stock Exchange as of the date of measurement. The intrinsic value for shares exercised during the period was calculated by using the closing share price on the date of exercise. At September 30, 2020, the final trading day of the third quarter, the closing share price of $26.58 was lower than the exercise price of all outstanding options. The weighted average remaining contractual life of the Company’s outstanding and exercisable options is 5.2 years and 5.5 years, respectively. The Compensation Committee has also approved an annual award of 200 shares of the Company’s common stock as additional compensation to each director serving on the Board of Directors as of the date of the annual meeting of stockholders. The issuance of these shares may not be deferred.

Fair Value of Financial Instrum

Fair Value of Financial Instruments	9 Months Ended
	Sep. 30, 2020
Fair Value Disclosures [Abstract]
Fair Value of Financial Instruments	Fair Value of Financial InstrumentsThe 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 market interest rates of approximately 3.25% and 3.55%, would be approximately $1.0 billion and $957.4 million, respectively, compared to the principal balance of $986.0 million and $938.4 million at September 30, 2020 and December 31, 2019, respectively. A change in any of the significant inputs may lead to a change in the Company’s fair value measurement of its debt.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2020
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and ContingenciesNeither the Company nor the current portfolio properties are subject to any material litigation, nor, to management’s knowledge, is any material litigation currently threatened against the Company, other than routine litigation and administrative proceedings arising in the ordinary course of business. Management believes that these items, individually or in the aggregate, will not have a material adverse impact on the Company or the current portfolio properties.

Business Segments

Business Segments	9 Months Ended
	Sep. 30, 2020
Segment Reporting [Abstract]
Business Segments	Business Segments The Company has two reportable business segments: Shopping Centers and Mixed-Use Properties. The accounting policies of the segments are the same as those described in the summary of significant accounting policies (see Note 2). The Company evaluates performance based upon income and cash flows from real estate of the combined properties in each segment. All of our properties within each segment generate similar types of revenues and expenses related to tenant rent, reimbursements and operating expenses. Although services are provided to a range of tenants, the types of services provided to them are similar within each segment. The properties in each portfolio have similar economic characteristics and the nature of the products and services provided to our tenants and the method to distribute such services are consistent throughout the portfolio. Certain reclassifications have been made to prior year information to conform to the 2020 presentation. (In thousands) Shopping Mixed-Use Corporate Consolidated Three months ended September 30, 2020 Real estate rental operations: Revenue $ 40,336 $ 16,424 $ — $ 56,760 Expenses (8,755) (6,184) — (14,939) Income from real estate 31,581 10,240 — 41,821 Interest expense, net and amortization of deferred debt costs — — (12,398) (12,398) Depreciation and amortization of deferred leasing costs (8,169) (5,544) — (13,713) General and administrative — — (4,107) (4,107) Net income (loss) $ 23,412 $ 4,696 $ (16,505) $ 11,603 Capital investment $ 2,733 $ 6,703 $ — $ 9,436 Total assets $ 982,381 $ 643,395 $ 55,598 $ 1,681,374 Three months ended September 30, 2019 Real estate rental operations: Revenue $ 41,313 $ 15,739 $ — $ 57,052 Expenses (8,974) (5,665) — (14,639) Income from real estate 32,339 10,074 — 42,413 Interest expense, net and amortization of deferred debt costs — — (10,325) (10,325) Depreciation and amortization of deferred leasing costs (7,260) (4,758) — (12,018) General and administrative — — (4,742) (4,742) Net income (loss) $ 25,079 $ 5,316 $ (15,067) $ 15,328 Capital investment $ 9,166 $ 27,290 $ — $ 36,456 Total assets $ 985,244 $ 609,560 $ 51,960 $ 1,646,764 (In thousands) Shopping Mixed-Use Corporate Consolidated Nine Months Ended September 30, 2020 Real estate rental operations: Revenue $ 120,236 $ 46,687 $ — $ 166,923 Expenses (26,041) (16,848) — (42,889) Income from real estate 94,195 29,839 — 124,034 Interest expense, net and amortization of deferred debt costs — — (34,011) (34,011) Depreciation and amortization of deferred leasing costs (22,812) (14,781) — (37,593) General and administrative — — (13,790) (13,790) Net income (loss) $ 71,383 $ 15,058 $ (47,801) $ 38,640 Capital investment $ 11,622 $ 36,741 $ — $ 48,363 Total assets $ 982,381 $ 643,395 $ 55,598 $ 1,681,374 Nine Months Ended September 30, 2019 Real estate rental operations: Revenue $ 126,730 $ 48,213 $ — $ 174,943 Expenses (27,214) (16,508) — (43,722) Income from real estate 99,516 31,705 — 131,221 Interest expense, net and amortization of deferred debt costs — — (32,185) (32,185) Depreciation and amortization of deferred leasing costs (21,917) (13,268) — (35,185) General and administrative — — (14,696) (14,696) Net income (loss) $ 77,599 $ 18,437 $ (46,881) $ 49,155 Capital investment $ 22,746 $ 82,309 $ — $ 105,055 Total assets $ 985,244 $ 609,560 $ 51,960 $ 1,646,764

Impact of COVID-19

Impact of COVID-19	9 Months Ended
	Sep. 30, 2020
Unusual or Infrequent Items, or Both [Abstract]
Impact of COVID-19	Impact of COVID-19 On March 11, 2020, the World Health Organization declared a novel strain of coronavirus ("COVID-19") a pandemic, and on March 13, 2020, the United States declared a national emergency with respect to COVID-19. As a result, the COVID-19 pandemic is negatively affecting almost every industry directly or indirectly. The actions taken by federal, state and local governments to mitigate the spread of COVID-19 by ordering closure of nonessential businesses and ordering residents to generally stay at home, and subsequent phased re-openings, have resulted in many of our tenants announcing mandated or temporary closures of their operations and/or requesting adjustments to their lease terms. Experts predict that the COVID-19 pandemic will trigger a period of global economic slowdown or a global recession. COVID-19 could have a material and adverse effect on or cause disruption to our business or financial condition, results from operations, cash flows and the market value and trading price of our securities. While the Company’s grocery stores, pharmacies, banks and home improvement stores generally remain open, restaurants, if open, are operating at limited capacity, with many offering only delivery and curbside pick-up, and most health, beauty supply and services, fitness centers, and other non-essential businesses are in various phases of re-opening depending on location. The Company is generally not charging late fees or delinquent interest on past due rent payments and, in many cases, rent deferral agreements are being negotiated to allow tenants temporary relief where needed. As of November 3, 2020, payments by tenants of contractual base rent and operating expense and real estate tax recoveries totaled approximately 83% and 91% for the second quarter and third quarter, respectively . The following is a summary of the Company's consolidated total collections of the second quarter and third quarter rent billings, including minimum rent, operating expense recoveries, and real estate tax reimbursements as of November 3, 2020: 2020 second quarter • 83% of 2020 second quarter total billings has been paid by our tenants. ▪ 79% of retail ▪ 95% of office ▪ 100% of residential ▪ Additionally, rent deferral agreements comprising approximately 11% of 2020 second quarter total billings have been executed (or 67% of the total unpaid balance) including 4% with anchor/national tenants. The executed deferrals typically cover three months of rent and are generally scheduled to be repaid during 2021 and 2022. As a condition to granted rent deferrals, we have sought, and in some cases received, extended lease terms, or waivers of certain adjacent use or common area restrictions. Through October 31, 2020, 3% of second quarter deferred rents have come due. Of the deferred rents that have come due, the majority have been repaid. 2020 third quarter • 91% of 2020 third quarter total billings has been paid by our tenants. ▪ 89% of retail ▪ 95% of office ▪ 100% of residential ▪ Additionally, rent deferral agreements comprising approximately 2% of 2020 third quarter total billings have been executed (or 24% of the total unpaid balance) including 1% with anchor/national tenants. The executed deferrals typically cover three months of rent and are generally scheduled to be repaid during 2021 and 2022. As a condition to granted rent deferrals, we have sought, and and in some cases received, extended lease terms, or waivers of certain adjacent use or common area restrictions. Through October 31, 2020, no third quarter deferred rents have come due.

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2020
Subsequent Events [Abstract]
Subsequent Events	Subsequent EventsThe Company has reviewed operating activities for the period subsequent to September 30, 2020, and determined there are no subsequent events required to be disclosed.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2020
Accounting Policies [Abstract]
Nature of Operations	The Company, which conducts all of its activities through its subsidiaries, Saul Holdings Limited Partnership, a Maryland limited partnership (the “Operating Partnership”) and two subsidiary limited partnerships (the “Subsidiary Partnerships,” and, collectively with the Operating Partnership, the “Partnerships”), engages in the ownership, operation, management, leasing, acquisition, renovation, expansion, development and financing of community and neighborhood shopping centers and mixed-use properties, primarily in the Washington, DC/Baltimore metropolitan area. As of September 30, 2020, the Company’s properties (the “Current Portfolio Properties”) consisted of 50 shopping center properties (the “Shopping Centers”), seven mixed-use properties, which are comprised of office, retail and multi-family residential uses (the “Mixed-Use Properties”) and three (non-operating) development properties.
Principles of Consolidation	The accompanying consolidated financial statements of the Company include the accounts of Saul Centers and its subsidiaries, including the Operating Partnership and Subsidiary Partnerships, which are majority owned by Saul Centers. Substantially all assets and liabilities of the Company as of September 30, 2020 and December 31, 2019, are comprised of the assets and liabilities of the Operating Partnership. The debt arrangements which are subject to recourse are described in Note 5. All significant intercompany balances and transactions have been eliminated in consolidation.
Consolidation, Variable Interest Entity	The Operating Partnership is a variable interest entity ("VIE") 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 its activities and the rights to absorb 74.6% of its net income. Because the Operating Partnership is consolidated into the financial statements of the Company, classification of it as a VIE has no impact on the consolidated financial statements of the Company.
Basis of Presentation	The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. In the opinion of management, all adjustments necessary for the fair presentation of the financial position and results of operations of the Company for the interim periods have been included. All such adjustments are of a normal recurring nature. These consolidated financial statements and the accompanying notes should be read in conjunction with the audited consolidated financial statements of the Company for the year ended December 31, 2019, which are included in its Annual Report on Form 10-K. Certain information and note disclosures normally included in annual financial statements prepared in accordance with GAAP have been omitted pursuant to those instructions. The results of operations for interim periods are not necessarily indicative of results to be expected for the year.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. The most
Accounts Receivable, Accrued Income and Allowance for Doubtful Accounts	Accounts Receivable, Accrued Income and Allowance for Doubtful AccountsAccounts receivable primarily represent amounts currently due from tenants in accordance with the terms of their respective leases. Individual leases are assessed for collectability and upon the determination that the collection of rents is not probable, accrued rent and accounts receivable are charged off, which is reflected as an adjustment to rental revenue. Revenue from leases where collection is not probable is recorded on a cash basis until collectability is determined to be probable. Further, we assess whether operating lease receivables, at the portfolio level, are appropriately valued based upon an analysis of balances outstanding, historical bad debt levels and current economic trends.
Recently Issued Accounting Standards	Recently Issued Accounting Standards In February 2016, the Financial Accounting Standards Board (‘‘FASB’’) issued Accounting Standards Update (‘‘ASU’’) 2016-02, ‘‘Leases’’ (“ASU 2016-02”). ASU 2016-02 amended the 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 became effective for annual periods beginning after December 15, 2018, interim periods within those years, and required 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. Upon adoption of ASU 2016-02 effective January 1, 2019, we elected the practical expedient for all leases with respect to lease identification, lease classification, and initial direct costs. We made a policy election not to separate lease and nonlease components and have accounted for each lease component and the related nonlease components together as a single component. There were no significant changes to our lessor accounting for operating leases as a result of ASU 2016-02. We lease Shopping Centers and Mixed-Use Properties to lessees in exchange for monthly payments that cover rent, and, where applicable, reimbursement for property taxes, insurance, and certain property operating expenses. Our leases have been determined to be operating leases and generally range in term from one Some of our leases have termination options and/or extension options. Termination options allow the lessee and/or lessor to terminate the lease prior to the end of the lease term, provided certain conditions are met. Termination options generally require advance notification from the lessee and/or lessor and payment of a termination fee. Termination fees are recognized as revenue over the modified lease term. Extension options are subject to terms and conditions stated in the lease. On January 1, 2019, a right of use asset and corresponding lease liability related to our headquarters lease were recorded in other assets and other liabilities, respectively. The lease expires on February 28, 2022, with one option to renew for an additional five years. The right of use asset and corresponding lease liability totaled $1.1 million and $1.1 million, respectively, at September 30, 2020. Due to the business disruptions and challenges severely affecting the global economy caused by the novel strain of coronavirus (“COVID-19”) pandemic, many lessees have requested rent relief, including rent deferrals and other lease concessions. The lease modification guidance in ASU 2016-02 does not contemplate the rapid execution of concessions for multiple tenants in response to sudden liquidity constraints of lessees. In April 2020, the FASB staff issued a question and answer document that provided guidance allowing the Company to elect to either apply the lease modification accounting framework or not, with such election applied consistently to leases with similar characteristics and similar circumstances. The Company has elected to apply such relief, which, in the case of rent deferrals, results in the accrual of rent due from tenants and defers the payment of that rent to a future date, and will monitor the collectability of rent receivables.
Reclassifications	Reclassifications Certain reclassifications have been made to the prior year financial statements to conform to the presentation used for the nine months ended September 30, 2020.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies - (Tables)	9 Months Ended
	Sep. 30, 2020
Accounting Policies [Abstract]
Schedule of Accounts Receivable	At September 30, 2020 and December 31, 2019, accounts receivable was comprised of: (In thousands) September 30, 2020 December 31, 2019 Rents currently due $ 14,553 $ 7,235 Deferred rents 6,783 474 Straight-line rent 44,266 42,088 Other receivables 5,018 2,967 Allowance for doubtful accounts (4,919) (453) Total $ 65,701 $ 52,311

Real Estate - (Tables)

Real Estate - (Tables)	9 Months Ended
	Sep. 30, 2020
Real Estate [Abstract]
Schedule of Construction in Progress	Construction in progress as of September 30, 2020 and December 31, 2019, is composed of the following: (In thousands) September 30, 2020 December 31, 2019 The Waycroft $ 8,567 $ 255,443 7316 Wisconsin Avenue 49,629 44,638 Ashbrook Marketplace 3,727 19,128 Other 12,553 16,435 Total $ 74,476 335,644

Notes Payable, Revolving Cred_2

Notes Payable, Revolving Credit Facility, Interest and Amortization of Deferred Debt Costs (Tables)	9 Months Ended
	Sep. 30, 2020
Debt Disclosure [Abstract]
Scheduled Maturities of Debt, Including Scheduled Principal Amortization	At September 30, 2020, the scheduled maturities of debt, including scheduled principal amortization, for years ending December 31, were as follows: (In thousands) Balloon Scheduled Total October 1 through December 31, 2020 $ — $ 7,453 $ 7,453 2021 11,012 30,323 41,335 2022 161,002 (a) 30,984 191,986 2023 84,225 31,447 115,672 2024 66,164 30,815 96,979 2025 20,363 27,823 48,186 Thereafter 566,375 117,532 683,907 Principal amount $ 909,141 $ 276,377 1,185,518 Unamortized deferred debt costs 9,735 Net $ 1,175,783 (a) Includes $124.5 million outstanding under the revolving credit facility.
Interest Expense and Amortization of Deferred Debt Costs	Interest expense, net and amortization of deferred debt costs for the three and nine months ended September 30, 2020 and 2019, were as follows: Three Months Ended September 30, Nine Months Ended September 30, (In thousands) 2020 2019 2020 2019 Interest incurred $ 12,933 $ 13,103 $ 38,788 $ 38,972 Amortization of deferred debt costs 402 370 1,163 1,130 Capitalized interest (909) (3,088) (5,813) (7,756) Interest expense 12,426 10,385 34,138 32,346 Less: Interest income 28 60 127 161 Interest expense, net and amortization of deferred debt costs $ 12,398 $ 10,325 $ 34,011 $ 32,185

Equity Weighted Average Shares

Equity Weighted Average Shares Outstanding (Tables)	9 Months Ended
	Sep. 30, 2020
Equity [Abstract]
Schedule of Weighted Average Number of Shares	The following table sets forth, for the indicated periods, weighted averages of the number of common shares outstanding, basic and dilutive, the effect of dilutive options and the number of options which are not dilutive because the average price of the Company's common stock was less than the exercise prices. The treasury stock method was used to measure the effect of the dilution. Three months ended September 30, Nine months ended September 30, (In thousands) 2020 2019 2020 2019 Weighted average common stock outstanding-Basic 23,353 23,081 23,329 22,947 Effect of dilutive options — 40 1 46 Weighted average common stock outstanding-Diluted 23,353 23,121 23,330 22,993 Non-dilutive options 1,516 698 1,418 612 Years non-dilutive options were issued 2011 through 2020 2016, 2017 and 2019 2014 through 2020 2016, 2017 and 2019

Stock Option Plans (Tables)

Stock Option Plans (Tables)	9 Months Ended
	Sep. 30, 2020
Share-based Payment Arrangement [Abstract]
Stock Options Issued	The following table summarizes the assumptions used in the valuation of the 2020 and 2019 option grants. During the nine months ended September 30, 2020, stock option expense totaling $969,200 was included in general and administrative expense in the Consolidated Statements of Operations. As of September 30, 2020, the estimated future expense related to unvested stock options was $1.9 million. Directors Officers Grant date May 3, 2019 April 24, 2020 May 3, 2019 April 24, 2020 Exercise price $ 55.71 $ 50.00 $ 55.71 $ 50.00 Volatility 0.236 0.258 0.206 0.240 Expected life (years) 5.0 5.0 7.0 7.0 Assumed yield 3.75 % 3.80 % 3.80 % 3.85 % Risk-free rate 2.33 % 0.36 % 2.43 % 0.51 %
Summary of Option Activity	The table below summarizes the option activity for the nine months ended September 30, 2020: Number of Weighted Aggregate Outstanding at January 1 1,309,614 $ 53.38 $ 2,528,463 Granted 238,000 50.00 — Exercised (10,749) 49.19 85,268 Expired/Forfeited (21,250) 53.96 — Outstanding at September 30 1,515,615 52.87 — Exercisable at September 30 978,240 53.03 —

Business Segments (Tables)

Business Segments (Tables)	9 Months Ended
	Sep. 30, 2020
Segment Reporting [Abstract]
Business Segments	(In thousands) Shopping Mixed-Use Corporate Consolidated Three months ended September 30, 2020 Real estate rental operations: Revenue $ 40,336 $ 16,424 $ — $ 56,760 Expenses (8,755) (6,184) — (14,939) Income from real estate 31,581 10,240 — 41,821 Interest expense, net and amortization of deferred debt costs — — (12,398) (12,398) Depreciation and amortization of deferred leasing costs (8,169) (5,544) — (13,713) General and administrative — — (4,107) (4,107) Net income (loss) $ 23,412 $ 4,696 $ (16,505) $ 11,603 Capital investment $ 2,733 $ 6,703 $ — $ 9,436 Total assets $ 982,381 $ 643,395 $ 55,598 $ 1,681,374 Three months ended September 30, 2019 Real estate rental operations: Revenue $ 41,313 $ 15,739 $ — $ 57,052 Expenses (8,974) (5,665) — (14,639) Income from real estate 32,339 10,074 — 42,413 Interest expense, net and amortization of deferred debt costs — — (10,325) (10,325) Depreciation and amortization of deferred leasing costs (7,260) (4,758) — (12,018) General and administrative — — (4,742) (4,742) Net income (loss) $ 25,079 $ 5,316 $ (15,067) $ 15,328 Capital investment $ 9,166 $ 27,290 $ — $ 36,456 Total assets $ 985,244 $ 609,560 $ 51,960 $ 1,646,764 (In thousands) Shopping Mixed-Use Corporate Consolidated Nine Months Ended September 30, 2020 Real estate rental operations: Revenue $ 120,236 $ 46,687 $ — $ 166,923 Expenses (26,041) (16,848) — (42,889) Income from real estate 94,195 29,839 — 124,034 Interest expense, net and amortization of deferred debt costs — — (34,011) (34,011) Depreciation and amortization of deferred leasing costs (22,812) (14,781) — (37,593) General and administrative — — (13,790) (13,790) Net income (loss) $ 71,383 $ 15,058 $ (47,801) $ 38,640 Capital investment $ 11,622 $ 36,741 $ — $ 48,363 Total assets $ 982,381 $ 643,395 $ 55,598 $ 1,681,374 Nine Months Ended September 30, 2019 Real estate rental operations: Revenue $ 126,730 $ 48,213 $ — $ 174,943 Expenses (27,214) (16,508) — (43,722) Income from real estate 99,516 31,705 — 131,221 Interest expense, net and amortization of deferred debt costs — — (32,185) (32,185) Depreciation and amortization of deferred leasing costs (21,917) (13,268) — (35,185) General and administrative — — (14,696) (14,696) Net income (loss) $ 77,599 $ 18,437 $ (46,881) $ 49,155 Capital investment $ 22,746 $ 82,309 $ — $ 105,055 Total assets $ 985,244 $ 609,560 $ 51,960 $ 1,646,764

Organization, Formation and Str

Organization, Formation and Structure (Details)	9 Months Ended
	Sep. 30, 2020propertystore
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items]
Number of shopping centers | store	33
Saul Holdings Limited Partnership
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items]
Percentage of ownership in operating partnership	74.60%
Giant Food
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items]
Number of shopping centers | store	11
Giant Food | Revenue
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items]
Percentage of total revenue	5.40%
No Individual Tenant | Revenue
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items]
Percentage of total revenue	2.50%
Shopping Centers
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items]
Number of real estate properties	50
Mixed-Use Properties
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items]
Number of real estate properties	7
Non-operating Development Properties
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items]
Number of real estate properties	3

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Narrative (Details) $ in Millions	Sep. 30, 2020USD ($)	Jan. 01, 2019lease_option
Significant Accounting Policies [Line Items]
Right-of-use asset	$ 1.1
Operating lease liability	$ 1.1
Corporate Headquarters
Significant Accounting Policies [Line Items]
Number of options to extend lease | lease_option		1
Lease renewal term		5 years
Minimum
Significant Accounting Policies [Line Items]
Operating lease term of contract	1 year
Maximum
Significant Accounting Policies [Line Items]
Operating lease term of contract	15 years

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Schedule of Accounts Receivable (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Accounts, Notes, Loans and Financing Receivable [Line Items]
Allowance for doubtful accounts	$ (4,919)	$ (453)
Total	65,701	52,311
Rents currently due
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable, before allowance for doubtful accounts	14,553	7,235
Deferred rents
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable, before allowance for doubtful accounts	6,783	474
Straight-line rent
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable, before allowance for doubtful accounts	44,266	42,088
Other receivables
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable, before allowance for doubtful accounts	$ 5,018	$ 2,967

- Real Estate Transactions - Na

- Real Estate Transactions - Narrative (Details) - USD ($)	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
Real Estate [Line Items]
Assets placed in service	$ 2,117,481,000		$ 2,081,597,000
Deferred leasing costs, net	27,468,000		24,083,000
Accumulated amortization deferred leasing cost	43,800,000		$ 41,600,000
Depreciation expense	33,600,000	$ 30,700,000
Repairs and maintenance expense	8,000,000	9,700,000
Impairment of real estate	$ 0
Building | Minimum
Real Estate [Line Items]
Estimated useful life (in years)	35 years
Building | Maximum
Real Estate [Line Items]
Estimated useful life (in years)	50 years
Building Improvements | Maximum
Real Estate [Line Items]
Estimated useful life (in years)	20 years
Lease Acquisition Costs
Real Estate [Line Items]
Amortization of intangible assets	$ 4,000,000	$ 4,500,000
The Waycroft and Ashbrook Marketplace
Real Estate [Line Items]
Assets placed in service	$ 284,700,000

Real Estate - Schedule of Const

Real Estate - Schedule of Construction in Progress (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Real Estate [Line Items]
Construction in progress	$ 74,476	$ 335,644
The Waycroft
Real Estate [Line Items]
Construction in progress	8,567	255,443
7316 Wisconsin Avenue
Real Estate [Line Items]
Construction in progress	49,629	44,638
Ashbrook Marketplace
Real Estate [Line Items]
Construction in progress	3,727	19,128
Other
Real Estate [Line Items]
Construction in progress	$ 12,553	$ 16,435

Noncontrolling Interests - Ho_2

Noncontrolling Interests - Holders of Convertible Limited Partnership Units in the Operating Partnership (Details) - Noncontrolling Interests shares in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020shares	Sep. 30, 2019shares	Sep. 30, 2020shares	Sep. 30, 2019shares
Noncontrolling Interest [Line Items]
Limited partnership units (in shares)	7.9		7.9
Limited partnership units, conversion ratio	1		1
Outstanding stock percent that should be acquired for rights to be exercised	39.90%		39.90%
Limited partnership units convertible into shares of common stock, eligible for conversion (in shares)	3		3
Fully converted partnership units and diluted weighted average shares outstanding (in shares)	31.3	31	31.2	30.8
Saul Holdings Limited Partnership
Noncontrolling Interest [Line Items]
Percentage of ownership interest of noncontrolling interest	25.40%		25.40%

Notes Payable, Revolving Cred_3

Notes Payable, Revolving Credit Facility, Interest and Amortization of Deferred Debt Costs - Narrative (Details) - USD ($)	Jul. 24, 2020	Jul. 14, 2020	Mar. 03, 2020	Feb. 10, 2020	Sep. 30, 2020	Sep. 30, 2019	Oct. 01, 2021	Oct. 01, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Principal amount					$ 1,185,518,000				$ 1,100,000,000
Debt outstanding with fixed-rate					986,000,000				938,400,000
Debt outstanding with variable-rate					199,500,000				162,500,000
Carrying value of properties collateralizing mortgage notes					1,200,000,000				1,100,000,000
Outstanding line of credit					123,778,000				86,371,000
Repayments of secured debt					37,431,000	$ 55,992,000
Proceeds from revolving credit facility					90,000,000	$ 47,000,000
Principal amount					1,175,783,000
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid					909,141,000
Notes payable					835,613,000				821,503,000
Unamortized deferred debt costs					9,735,000				9,700,000
Debt issuance costs amortization					8,300,000				7,500,000
Unsecured Revolving Credit Facility
Debt Instrument [Line Items]
Line of credit facility, remaining borrowing capacity					200,300,000
Outstanding line of credit					124,500,000				$ 87,500,000
Letter of Credit
Debt Instrument [Line Items]
Outstanding line of credit					185,000
New Facility | Line of Credit
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity					$ 400,000,000
New Facility | Revolving Credit Facility | LIBOR
Debt Instrument [Line Items]
Interest rate spread on LIBOR					1.40%
New Facility | Revolving Credit Facility | Line of Credit
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity					$ 325,000,000
Proceeds from revolving credit facility					$ 71,000,000
New Facility | Term Facility | LIBOR
Debt Instrument [Line Items]
Interest rate spread on LIBOR					1.35%
New Facility | Term Facility | Line of Credit
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity					$ 75,000,000
Boca Valley Plaza Loan
Debt Instrument [Line Items]
Repayments of secured debt				$ 9,200,000
Palm Springs Center Loan
Debt Instrument [Line Items]
Repayments of secured debt			$ 7,100,000
Park Van Ness Loan
Debt Instrument [Line Items]
Guarantor obligations, maximum exposure					6,700,000
Notes payable					66,800,000
Park Van Ness Loan | Subsequent Event
Debt Instrument [Line Items]
Guarantor obligations, maximum exposure							$ 0	$ 3,300,000
Broadlands Village Mortgage
Debt Instrument [Line Items]
Principal amount					30,700,000
Guarantor obligations, maximum exposure					3,800,000
Avenel Business Park
Debt Instrument [Line Items]
Guarantor obligations, maximum exposure					6,300,000
Avenel Business Park | Mortgages
Debt Instrument [Line Items]
Principal amount					25,500,000
The Waycroft Mortgage
Debt Instrument [Line Items]
Guarantor obligations, maximum exposure					23,600,000
The Waycroft Mortgage | Mortgages
Debt Instrument [Line Items]
Principal amount					143,100,000
Ashbrook Marketplace Mortgage | Mortgages
Debt Instrument [Line Items]
Long-term debt, term		15 years
Principal amount		$ 22,100,000			22,100,000
Debt instrument, interest rate, stated percentage		3.80%
Debt Instrument, Periodic Payment		$ 114,226
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid		$ 11,500,000
Kentlands Place Mortgage | Mortgages
Debt Instrument [Line Items]
Long-term debt, term	15 years
Principal amount	$ 30,000,000				$ 29,900,000
Debt instrument, interest rate, stated percentage	3.43%
Debt Instrument, Periodic Payment	$ 149,064
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid	$ 15,300,000

Notes Payable, Revolving Cred_4

Notes Payable, Revolving Credit Facility, Interest and Amortization of Deferred Debt Costs - Scheduled Maturities of Debt, Including Scheduled Principal Amortization (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Balloon Payments
October 1 through December 31, 2020	$ 0
2021	11,012
2022	161,002
2023	84,225
2024	66,164
2025	20,363
Thereafter	566,375
Principal amount	909,141
Scheduled Principal Amortization
October 1 through December 31, 2020	7,453
2021	30,323
2021	30,984
2022	31,447
2023	30,815
2024	27,823
Thereafter	117,532
Principal amount	276,377
Total
October 1 through December 31, 2020	7,453
2021	41,335
2022	191,986
2023	115,672
2024	96,979
2025	48,186
Thereafter	683,907
Principal amount	1,185,518	$ 1,100,000
Unamortized deferred debt costs	9,735	9,700
Net	1,175,783
Debt Instrument [Line Items]
Outstanding line of credit	123,778	86,371
Unsecured Revolving Credit Facility
Debt Instrument [Line Items]
Outstanding line of credit	$ 124,500	$ 87,500

Notes Payable, Revolving Cred_5

Notes Payable, Revolving Credit Facility, Interest and Amortization of Deferred Debt Costs - Interest Expense and Amortization of Deferred Debt Costs (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Debt Disclosure [Abstract]
Interest incurred	$ 12,933	$ 13,103	$ 38,788	$ 38,972
Amortization of deferred debt costs	402	370	1,163	1,130
Capitalized interest	(909)	(3,088)	(5,813)	(7,756)
Interest expense	12,426	10,385	34,138	32,346
Less: Interest income	28	60	127	161
Interest expense, net and amortization of deferred debt costs	$ 12,398	$ 10,325	$ 34,011	$ 32,185

Equity Narrative (Details)

Equity Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands, shares in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Class of Stock [Line Items]
Income attributable to noncontrolling interests	$ (2,236)	$ (3,102)	$ (7,681)	$ (10,250)
Series D Cumulative Redeemable Preferred Stock
Class of Stock [Line Items]
Depositary shares outstanding (in shares)	3		3
Depository shares to cumulative redeemable preferred stock ratio			1.00%
Cumulative redeemable preferred stock liquidation preference (in usd per share)	$ 25		$ 25
Annual dividend on depositary shares (in usd per share)			$ 1.53125
Percentage of redeemable preferred stock			6.125%
Series E Cumulative Redeemable Preferred Stock
Class of Stock [Line Items]
Depositary shares outstanding (in shares)	4.4		4.4
Depository shares to cumulative redeemable preferred stock ratio			1.00%
Cumulative redeemable preferred stock liquidation preference (in usd per share)	$ 25		$ 25
Annual dividend on depositary shares (in usd per share)			$ 1.50
Percentage of redeemable preferred stock			6.00%

Equity - Per Share Data (Detail

Equity - Per Share Data (Details) - shares shares in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Class of Stock [Line Items]
Weighted average common stock outstanding-Basic (in shares)	23,353	23,081	23,329	22,947
Effect of dilutive options (in shares)	0	40	1	46
Weighted average common stock outstanding-Diluted (in shares)	23,353	23,121	23,330	22,993
Non-dilutive options
Class of Stock [Line Items]
Non-dilutive options (in shares)	1,516	698	1,418	612

Related Party Transactions (Det

Related Party Transactions (Details)	Nov. 05, 2019USD ($)a$ / sharesshares	May 09, 2018shares	Aug. 31, 2016a	Sep. 30, 2020USD ($)	Sep. 30, 2019USD ($)	May 31, 2021USD ($)	Dec. 31, 2019USD ($)
Related Party Transaction [Line Items]
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				$ 255,200	$ 264,300
Deferred compensation, employee contribution				2.00%
Deferred compensation, company contribution				$ 164,800	$ 186,300
Deferred compensation, company contribution (in percent)				3	3
Deferred compensation, cumulative unfunded liability				$ 2,800,000			$ 3,100,000
Ancillary costs and expenses				6,000,000	$ 6,400,000
Liability due to The Saul Organization for the Company's share of these ancillary costs and expenses				$ 659,000			$ 918,700
Percentage of annual increase in base rent				3.00%
Rent expense				$ 609,200	593,500
Insurance commissions and fees expense				$ 320,300	$ 284,900
Contribution Agreement
Related Party Transaction [Line Items]
Number of partnership units issued in transaction (in shares) | shares	1,416,071
Value of units issued (in dollars per share) | $ / shares	$ 56
Value assigned to units issued	$ 79,300,000
BF Saul Real Estate Investment Trust | Land Contributed In Contribution Agreement
Related Party Transaction [Line Items]
Area of land | a	6.8
BF Saul Real Estate Investment Trust | Leasehold Interest Contributed In Contribution Agreement
Related Party Transaction [Line Items]
Area of land | a	1.3
Ashbrook Marketplace | BF Saul Real Estate Investment Trust
Related Party Transaction [Line Items]
Area of real estate acquired (in acres) | a			13.7
Limited partnership units issued for purchase (in shares) | shares		176,680
Minimum | Ashbrook Marketplace | BF Saul Real Estate Investment Trust | Forecast
Related Party Transaction [Line Items]
Partnership units potentially issuable						$ 3,200,000
Maximum | Ashbrook Marketplace | BF Saul Real Estate Investment Trust | Forecast
Related Party Transaction [Line Items]
Partnership units potentially issuable						$ 3,500,000

Stock Option Plans - Narrative

Stock Option Plans - Narrative (Details) - USD ($)	Sep. 30, 2020	Apr. 24, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Sep. 30, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Deferred compensation (in shares)	115,023								7,969
Shares due to exercise of employee stock options and issuance of directors' deferred stock (in shares)			984,000	3,109,000	11,745,000	1,645,000	48,772,000	485,000
Granted (in shares)									238,000
Stock option expense									$ 969,200
Future expense	$ 1,900,000		$ 1,900,000						$ 1,900,000
Closing share price (in usd per share)	$ 26.58		$ 26.58						$ 26.58
Weighted average remaining contractual life of the Company's outstanding options									5 years 2 months 12 days
Weighted average remaining contractual life of the Company's exercisable options									5 years 6 months
Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares due to exercise of employee stock options and issuance of directors' deferred stock (in shares)									7,354
Directors and Certain Officers
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)		238,000
Employee Stock Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expiration period									10 years
Employee Stock Option | Officers
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period									4 years
Additional Compensation Plan | Directors
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares authorized for annual award (in shares)		200

Stock-based Employee Compensa_2

Stock-based Employee Compensation, Stock Option Plans, and Deferred Compensation Plan for Directors - Stock Options Issued (Details)	9 Months Ended
	Sep. 30, 2020$ / shares
Share Based Compensation Arrangements By Share Based Payment Award Options [Line Items]
Exercise price (in usd per share)	$ 49.19
Directors | May 3, 2019
Share Based Compensation Arrangements By Share Based Payment Award Options [Line Items]
Exercise price (in usd per share)	$ 55.71
Volatility	0.236
Expected life (years)	5 years
Assumed yield	3.75%
Risk-free rate	2.33%
Directors | April 24, 2020
Share Based Compensation Arrangements By Share Based Payment Award Options [Line Items]
Exercise price (in usd per share)	$ 50
Volatility	0.258
Expected life (years)	5 years
Assumed yield	3.80%
Risk-free rate	0.36%
Officers | May 3, 2019
Share Based Compensation Arrangements By Share Based Payment Award Options [Line Items]
Exercise price (in usd per share)	$ 55.71
Volatility	0.206
Expected life (years)	7 years
Assumed yield	3.80%
Risk-free rate	2.43%
Officers | April 24, 2020
Share Based Compensation Arrangements By Share Based Payment Award Options [Line Items]
Exercise price (in usd per share)	$ 50
Volatility	0.240
Expected life (years)	7 years
Assumed yield	3.85%
Risk-free rate	0.51%

Stock-based Employee Compensa_3

Stock-based Employee Compensation, Stock Option Plans, and Deferred Compensation Plan for Directors - Summary of Option Activity (Details)	9 Months Ended
	Sep. 30, 2020USD ($)$ / sharesshares
Number of Shares
Outstanding at beginning of period (in shares) | shares	1,309,614
Granted (in shares) | shares	238,000
Exercised (in shares) | shares	(10,749)
Expired/Forfeited (in shares) | shares	(21,250)
Outstanding at end of period (in shares) | shares	1,515,615
Exercisable at end of period (in shares) | shares	978,240
Weighted Average Exercise Price per share
Outstanding at beginning of period (in usd per share) | $ / shares	$ 53.38
Granted (in usd per share) | $ / shares	50
Exercised (in usd per share) | $ / shares	49.19
Expired/Forfeited (in usd per share) | $ / shares	53.96
Outstanding at end of period (in usd per share) | $ / shares	52.87
Exercisable at end of period (in usd per share) | $ / shares	$ 53.03
Aggregate Intrinsic Value
Outstanding at beginning of period | $	$ 2,528,463
Granted | $	0
Exercised | $	85,268
Expired/Forfeited | $	0
Outstanding at end of period | $	0
Exercisable at end of period | $	$ 0

Fair Value of Financial Instr_2

Fair Value of Financial Instruments - Narrative (Details) - USD ($) $ in Millions	Sep. 30, 2020	Dec. 31, 2019
Fair Value Disclosures [Abstract]
Notes payable, fixed interest rate	3.25%	3.55%
Notes payable, aggregate fair value	$ 1,000	$ 957.4
Notes payable, principal balance	$ 986	$ 938.4

Business Segments - Narrative (

Business Segments - Narrative (Details)	9 Months Ended
	Sep. 30, 2020segment
Segment Reporting [Abstract]
Number of reportable business segments	2

Business Segments - Schedule of

Business Segments - Schedule of Segment Information (Details) - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
Real estate rental operations:
Revenue	$ 56,760			$ 57,052			$ 166,923	$ 174,943
Income from real estate	41,821			42,413			124,034	131,221
Interest expense, net and amortization of deferred debt costs	(12,398)			(10,325)			(34,011)	(32,185)
Depreciation and amortization of deferred leasing costs	(13,713)			(12,018)			(37,593)	(35,185)
General and administrative	(4,107)			(4,742)			(13,790)	(14,696)
Net Income	11,603	$ 10,208	$ 16,829	15,328	$ 16,750	$ 17,077	38,640	49,155
Capital investment	9,436			36,456			48,363	105,055
Total assets	1,681,374			1,646,764			1,681,374	1,646,764	$ 1,618,340
Operating Segments | Shopping Centers
Real estate rental operations:
Revenue	40,336			41,313			120,236	126,730
Income from real estate	31,581			32,339			94,195	99,516
Interest expense, net and amortization of deferred debt costs	0			0			0	0
Depreciation and amortization of deferred leasing costs	(8,169)			(7,260)			(22,812)	(21,917)
General and administrative	0			0			0	0
Net Income	23,412			25,079			71,383	77,599
Capital investment	2,733			9,166			11,622	22,746
Total assets	982,381			985,244			982,381	985,244
Operating Segments | Mixed-Use Properties
Real estate rental operations:
Revenue	16,424			15,739			46,687	48,213
Income from real estate	10,240			10,074			29,839	31,705
Interest expense, net and amortization of deferred debt costs	0			0			0	0
Depreciation and amortization of deferred leasing costs	(5,544)			(4,758)			(14,781)	(13,268)
General and administrative	0			0			0	0
Net Income	4,696			5,316			15,058	18,437
Capital investment	6,703			27,290			36,741	82,309
Total assets	643,395			609,560			643,395	609,560
Corporate and Other
Real estate rental operations:
Revenue	0			0			0	0
Income from real estate	0			0			0	0
Interest expense, net and amortization of deferred debt costs	(12,398)			(10,325)			(34,011)	(32,185)
Depreciation and amortization of deferred leasing costs	0			0			0	0
General and administrative	(4,107)			(4,742)			(13,790)	(14,696)
Net Income	(16,505)			(15,067)			(47,801)	(46,881)
Capital investment	0			0			0	0
Total assets	55,598			51,960			55,598	51,960
Real Estate
Real estate rental operations:
Expenses	(14,939)			(14,639)			(42,889)	(43,722)
Real Estate | Operating Segments | Shopping Centers
Real estate rental operations:
Expenses	(8,755)			(8,974)			(26,041)	(27,214)
Real Estate | Operating Segments | Mixed-Use Properties
Real estate rental operations:
Expenses	(6,184)			(5,665)			(16,848)	(16,508)
Real Estate | Corporate and Other
Real estate rental operations:
Expenses	$ 0			$ 0			$ 0	$ 0

Impact of COVID-19 - Narrative

Impact of COVID-19 - Narrative (Details) $ in Thousands	3 Months Ended			4 Months Ended	9 Months Ended
	Sep. 30, 2020USD ($)	Jun. 30, 2020	Sep. 30, 2019USD ($)	Oct. 31, 2020	Sep. 30, 2020USD ($)	Sep. 30, 2019USD ($)
Subsequent Event [Line Items]
Rental revenue	$ 55,749		$ 55,487		$ 163,167	$ 168,242
Rent deferral period	3 months	3 months
Subsequent Event
Subsequent Event [Line Items]
Deferred Rent, Percent Due				0.03
Contractual Base Rent, Operating Expense And Real Estate Recoveries Collected | Revenue
Subsequent Event [Line Items]
Percentage of total revenue	91.00%	83.00%
Operating lease income subject to deferral agreements | Outstanding Billings | Revenue
Subsequent Event [Line Items]
Percentage of total revenue	2.00%	11.00%
Operating lease income subject to deferral agreements | April, May, June 2020 unpaid balance as percent of total unpaid balance | Revenue
Subsequent Event [Line Items]
Percentage of total revenue	24.00%	67.00%
Operating lease income subject to deferral agreements, anchor or national tenants | Outstanding Billings | Revenue
Subsequent Event [Line Items]
Percentage of total revenue	1.00%	4.00%
Retail Real Estate | Contractual Base Rent, Operating Expense And Real Estate Recoveries Collected | Revenue
Subsequent Event [Line Items]
Percentage of total revenue	89.00%	79.00%
Office Real Estate | Contractual Base Rent, Operating Expense And Real Estate Recoveries Collected | Revenue
Subsequent Event [Line Items]
Percentage of total revenue	95.00%	95.00%
Residential Real Estate | Contractual Base Rent, Operating Expense And Real Estate Recoveries Collected | Revenue
Subsequent Event [Line Items]
Percentage of total revenue	100.00%	100.00%