Cover Page
Cover Page - USD ($) shares in Millions, $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Feb. 18, 2021 | Jun. 30, 2020 | |
Document Information [Line Items] | |||
Document type | 10-K | ||
Document Annual Report | true | ||
Document period end date | Dec. 31, 2020 | ||
Current fiscal year end date | --12-31 | ||
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, Address Line Two | Suite 1500E | ||
Entity Address, City or Town | Bethesda | ||
Entity Address, State or Province | MD | ||
Entity Address, Postal Zip Code | 20814-6522 | ||
City Area Code | 301 | ||
Local Phone Number | 986-6200 | ||
Entity well-known seasoned issuer | Yes | ||
Entity voluntary filers | No | ||
Entity current reporting status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity filer category | Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
ICFR Auditor Attestation Flag | true | ||
Entity Shell Company | false | ||
Entity common stock, shares outstanding | 23.5 | ||
Entity public float | $ 419.8 | ||
Documents Incorporated by Reference | Registrant incorporates by reference into Part III (Items 10, 11, 12, 13 and 14) of this Annual Report on Form 10-K portions of registrant’s definitive Proxy Statement for the 2021 Annual Meeting of Stockholders to be filed with the Securities Exchange Commission pursuant to Regulation 14A. The definitive Proxy Statement will be filed with the Commission not later than 120 days after the end of the fiscal year covered by this Annual Report on Form 10-K. | ||
Amendment flag | false | ||
Document fiscal year focus | 2020 | ||
Document fiscal period focus | FY | ||
Entity central index key | 0000907254 | ||
Common Stock, Par Value $0.01 Per Share | |||
Document 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 | |||
Document 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 | |||
Document 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 $0.01 Per Share | ||
Security Exchange Name | NYSE | ||
Trading symbol | BFS/PRE |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Real estate investments | ||
Land | $ 511,482 | $ 453,322 |
Buildings and equipment | 1,543,837 | 1,292,631 |
Construction in progress | 69,477 | 335,644 |
Total Purchase Price | 2,124,796 | 2,081,597 |
Accumulated depreciation | (607,706) | (563,474) |
Book Value | 1,517,090 | 1,518,123 |
Cash and cash equivalents | 26,856 | 13,905 |
Accounts receivable and accrued income, net | 64,917 | 52,311 |
Deferred leasing costs, net | 26,872 | 24,083 |
Prepaid expenses, net | 5,643 | 5,363 |
Other assets | 4,194 | 4,555 |
Total assets | 1,645,572 | 1,618,340 |
Liabilities | ||
Mortgage notes payable | 827,603 | 821,503 |
Term loan facility payable | 74,791 | 74,691 |
Revolving credit facility payable | 103,913 | 86,371 |
Construction loan payable | 144,607 | 108,623 |
Dividends and distributions payable | 19,448 | 19,291 |
Accounts payable, accrued expenses and other liabilities | 24,384 | 35,199 |
Deferred income | 23,293 | 29,306 |
Total liabilities | 1,218,039 | 1,174,984 |
Equity | ||
Common stock, $0.01 par value, 40,000,000 shares authorized, 23,476,626 and 23,231,240 shares issued and outstanding, respectively | 235 | 232 |
Additional paid-in capital | 420,625 | 410,926 |
Distributions in excess of accumulated earnings | (241,535) | (221,177) |
Total Saul Centers, Inc. equity | 364,325 | 374,981 |
Noncontrolling interests | 63,208 | 68,375 |
Total equity | 427,533 | 443,356 |
Total liabilities and equity | 1,645,572 | 1,618,340 |
Series D Cumulative Redeemable Preferred Stock | ||
Equity | ||
Preferred stock, 1,000,000 shares authorized, Series D Cumulative Redeemable, 30,000 shares issued and outstanding, Series E Cumulative Redeemable, 44,000 and 0 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, 30,000 shares issued and outstanding, Series E Cumulative Redeemable, 44,000 and 0 shares issued and outstanding respectively | $ 110,000 | $ 110,000 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 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) | 23,476,626 | 23,231,240 |
Common stock, shares outstanding (in shares) | 23,476,626 | 23,231,240 |
Series D Cumulative Redeemable Preferred Stock | ||
Cumulative redeemable preferred stock, shares issued (in shares) | 30,000 | 30,000 |
Cumulative redeemable preferred stock, shares outstanding (in shares) | 30,000 | 30,000 |
Series E Cumulative Redeemable Preferred Stock | ||
Cumulative redeemable preferred stock, shares issued (in shares) | 44,000 | |
Cumulative redeemable preferred stock, shares outstanding (in shares) | 44,000 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Revenue | |||
Rental revenue | $ 220,281 | $ 223,352 | $ 221,734 |
Other | 4,926 | 8,173 | 5,485 |
Total revenue | 225,207 | 231,525 | 227,219 |
Expenses | |||
Property operating expenses | 28,857 | 29,946 | 28,202 |
Real estate taxes | 29,560 | 27,987 | 27,376 |
Interest expense, net and amortization of deferred debt costs | 46,519 | 41,834 | 44,768 |
Depreciation and amortization of deferred leasing costs | 51,126 | 46,333 | 45,861 |
General and administrative | 19,107 | 20,793 | 18,459 |
Total expenses | 175,169 | 166,893 | 164,666 |
Change in fair value of derivatives | 0 | (436) | (3) |
Gains on sales of properties | 278 | 0 | 509 |
Net income (loss) | 50,316 | 64,196 | 63,059 |
Income attributable to noncontrolling interests | (9,934) | (12,473) | (12,505) |
Net income attributable to Saul Centers, Inc. | 40,382 | 51,723 | 50,554 |
Preferred stock dividends | (11,194) | (12,235) | (12,262) |
Extinguishment of issuance costs upon redemption of preferred shares | 0 | (3,235) | (2,328) |
Net income available to common stockholders | $ 29,188 | $ 36,253 | $ 35,964 |
Per share net income available to common stockholders | |||
Basic (in usd per share) | $ 1.25 | $ 1.58 | $ 1.61 |
Diluted (in usd per share) | $ 1.25 | $ 1.57 | $ 1.60 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Statement of Comprehensive Income [Abstract] | |||
Net income | $ 50,316 | $ 64,196 | $ 63,059 |
Other comprehensive income | |||
Unrealized gain on cash flow hedge | 0 | 93 | |
Unrealized gain on cash flow hedge | 594 | ||
Total comprehensive income | 50,316 | 64,289 | 63,653 |
Comprehensive income attributable to noncontrolling interests | (9,934) | (12,561) | (12,658) |
Total comprehensive income attributable to Saul Centers, Inc. | 40,382 | 51,728 | 50,995 |
Preferred stock dividends | (11,194) | (12,235) | (12,262) |
Extinguishment of issuance costs upon redemption of preferred shares | 0 | (3,235) | (2,328) |
Total comprehensive income available to common stockholders | $ 29,188 | $ 36,258 | $ 36,405 |
Consolidated Statements of Equi
Consolidated Statements of Equity - USD ($) $ in Thousands | Total | Dividend paid | Dividend declared | Series C Cumulative Preferred Stock | Series C Cumulative Preferred StockDividend paid | Series C Cumulative Preferred StockDividend declared | Series D Cumulative Redeemable Preferred Stock | Series D Cumulative Redeemable Preferred StockDividend paid | Series D Cumulative Redeemable Preferred StockDividend declared | Series E Cumulative Redeemable Preferred Stock | Series E Cumulative Redeemable Preferred StockDividend paid | Series E Cumulative Redeemable Preferred StockDividend declared | Preferred Stock | Preferred StockSeries C Cumulative Preferred Stock | Preferred StockSeries D Cumulative Redeemable Preferred Stock | Preferred StockSeries E Cumulative Redeemable Preferred Stock | Common Stock | Additional Paid-in Capital | Additional Paid-in CapitalSeries C Cumulative Preferred Stock | Additional Paid-in CapitalSeries D Cumulative Redeemable Preferred Stock | Additional Paid-in CapitalSeries E Cumulative Redeemable Preferred Stock | Distributions in Excess of Accumulated Earnings | Distributions in Excess of Accumulated EarningsDividend paid | Distributions in Excess of Accumulated EarningsDividend declared | Distributions in Excess of Accumulated EarningsSeries C Cumulative Preferred Stock | Distributions in Excess of Accumulated EarningsSeries C Cumulative Preferred StockDividend paid | Distributions in Excess of Accumulated EarningsSeries C Cumulative Preferred StockDividend declared | Distributions in Excess of Accumulated EarningsSeries D Cumulative Redeemable Preferred StockDividend paid | Distributions in Excess of Accumulated EarningsSeries D Cumulative Redeemable Preferred StockDividend declared | Distributions in Excess of Accumulated EarningsSeries E Cumulative Redeemable Preferred StockDividend paid | Distributions in Excess of Accumulated EarningsSeries E Cumulative Redeemable Preferred StockDividend declared | Accumulated Other Comprehensive (Loss) | Total Saul Centers, Inc. | Total Saul Centers, Inc.Dividend paid | Total Saul Centers, Inc.Dividend declared | Total Saul Centers, Inc.Series C Cumulative Preferred Stock | Total Saul Centers, Inc.Series C Cumulative Preferred StockDividend paid | Total Saul Centers, Inc.Series C Cumulative Preferred StockDividend declared | Total Saul Centers, Inc.Series D Cumulative Redeemable Preferred Stock | Total Saul Centers, Inc.Series D Cumulative Redeemable Preferred StockDividend paid | Total Saul Centers, Inc.Series D Cumulative Redeemable Preferred StockDividend declared | Total Saul Centers, Inc.Series E Cumulative Redeemable Preferred Stock | Total Saul Centers, Inc.Series E Cumulative Redeemable Preferred StockDividend paid | Total Saul Centers, Inc.Series E Cumulative Redeemable Preferred StockDividend declared | Noncontrolling Interests | Noncontrolling InterestsDividend paid | Noncontrolling InterestsDividend declared |
Beginning balance at Dec. 31, 2017 | $ 393,103 | $ 180,000 | $ 221 | $ 352,590 | $ (197,710) | $ (696) | $ 334,405 | $ 58,698 | |||||||||||||||||||||||||||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||||||||||||||||||||||||||||||||||
Issuance of cumulative preferred stock | $ 72,367 | $ 75,000 | $ (2,633) | $ 72,367 | |||||||||||||||||||||||||||||||||||||||||||
Stock redeemed or called during period, value | $ (75,017) | $ (75,000) | 0 | $ 2,311 | $ (2,328) | $ (75,017) | |||||||||||||||||||||||||||||||||||||||||
Issuance of common stock: | |||||||||||||||||||||||||||||||||||||||||||||||
Shares issued pursuant to dividend reinvestment plan | 28,823 | 6 | 28,817 | 28,823 | |||||||||||||||||||||||||||||||||||||||||||
Shares issued due to exercise of employee stock options and issuance of directors' deferred stock | 3,448 | 0 | 3,448 | 3,448 | |||||||||||||||||||||||||||||||||||||||||||
Issuance of partnership units | 14,159 | 14,159 | |||||||||||||||||||||||||||||||||||||||||||||
Net income | 63,059 | 50,554 | 50,554 | 12,505 | |||||||||||||||||||||||||||||||||||||||||||
Change in unrealized loss on cash flow hedge | 594 | 441 | 441 | 153 | |||||||||||||||||||||||||||||||||||||||||||
Preferred stock distributions: | |||||||||||||||||||||||||||||||||||||||||||||||
Preferred stock distributions | $ (46,900) | $ (6,145) | $ (1,805) | $ (3,164) | $ (1,148) | $ (34,841) | $ (6,145) | $ (1,805) | $ (3,164) | $ (1,148) | $ (34,841) | $ (6,145) | $ (1,805) | $ (3,164) | $ (1,148) | ||||||||||||||||||||||||||||||||
Common stock distributions | $ (12,059) | ||||||||||||||||||||||||||||||||||||||||||||||
Distributions payable common stock and distributions payable partnership units | (16,154) | (12,006) | (12,006) | $ (4,148) | |||||||||||||||||||||||||||||||||||||||||||
Ending balance at Dec. 31, 2018 | 425,220 | 180,000 | 227 | 384,533 | (208,593) | (255) | 355,912 | 69,308 | |||||||||||||||||||||||||||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||||||||||||||||||||||||||||||||||
Issuance of cumulative preferred stock | $ 106,265 | $ 110,000 | $ (3,735) | $ 106,265 | |||||||||||||||||||||||||||||||||||||||||||
Stock redeemed or called during period, value | $ (105,000) | $ (105,000) | $ 3,235 | $ (3,235) | $ (105,000) | ||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock: | |||||||||||||||||||||||||||||||||||||||||||||||
Shares issued pursuant to dividend reinvestment plan | 22,498 | 4 | 22,494 | 22,498 | |||||||||||||||||||||||||||||||||||||||||||
Shares issued due to exercise of employee stock options and issuance of directors' deferred stock | 4,400 | 1 | 4,399 | 4,400 | |||||||||||||||||||||||||||||||||||||||||||
Issuance of partnership units | 3,180 | 3,180 | |||||||||||||||||||||||||||||||||||||||||||||
Net income | 64,196 | 51,723 | 51,723 | 12,473 | |||||||||||||||||||||||||||||||||||||||||||
Change in unrealized loss on cash flow hedge | 343 | 255 | 255 | 88 | |||||||||||||||||||||||||||||||||||||||||||
Preferred stock distributions: | |||||||||||||||||||||||||||||||||||||||||||||||
Preferred stock distributions | (49,056) | $ (5,736) | (3,444) | (1,148) | $ (1,650) | (36,562) | $ (5,736) | (3,444) | (1,148) | $ (1,650) | (36,562) | $ (5,736) | (3,444) | (1,148) | $ (1,650) | ||||||||||||||||||||||||||||||||
Common stock distributions | $ (257) | $ (257) | $ (257) | (12,494) | |||||||||||||||||||||||||||||||||||||||||||
Distributions payable common stock and distributions payable partnership units | (16,455) | (12,275) | (12,275) | (4,180) | |||||||||||||||||||||||||||||||||||||||||||
Ending balance at Dec. 31, 2019 | 443,356 | 185,000 | 232 | 410,926 | (221,177) | 0 | 374,981 | 68,375 | |||||||||||||||||||||||||||||||||||||||
Issuance of common stock: | |||||||||||||||||||||||||||||||||||||||||||||||
Shares issued pursuant to dividend reinvestment plan | 7,735 | 3 | 7,732 | 7,735 | |||||||||||||||||||||||||||||||||||||||||||
Shares issued due to exercise of employee stock options and issuance of directors' deferred stock | 1,967 | 0 | 1,967 | 1,967 | |||||||||||||||||||||||||||||||||||||||||||
Issuance of partnership units | 1,677 | 1,677 | |||||||||||||||||||||||||||||||||||||||||||||
Net income | 50,316 | 40,382 | 40,382 | 9,934 | |||||||||||||||||||||||||||||||||||||||||||
Preferred stock distributions: | |||||||||||||||||||||||||||||||||||||||||||||||
Preferred stock distributions | (1,650) | $ (3,446) | $ (1,148) | $ (4,950) | (1,650) | $ (3,446) | $ (1,148) | $ (4,950) | (1,650) | $ (3,446) | $ (1,148) | ||||||||||||||||||||||||||||||||||||
Common stock distributions | $ (49,679) | $ (37,108) | $ (37,108) | $ (12,571) | |||||||||||||||||||||||||||||||||||||||||||
Distributions payable common stock and distributions payable partnership units | $ (16,645) | $ (12,438) | $ (12,438) | $ (4,207) | |||||||||||||||||||||||||||||||||||||||||||
Ending balance at Dec. 31, 2020 | $ 427,533 | $ 185,000 | $ 235 | $ 420,625 | $ (241,535) | $ 0 | $ 364,325 | $ 63,208 |
Consolidated Statements of Eq_2
Consolidated Statements of Equity (Parenthetical) - $ / shares | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Shares issued pursuant to dividend reinvestment plan (in shares) | 228,498,000 | 430,462,000 | 572,928,000 |
Shares due to exercise of employee stock options and issuance of directors' deferred stock (in shares) | 16,887,000 | 61,571,000 | 43,150,000 |
Issuance of partnership units pursuant to dividend reinvestment plan (in shares) | 51,579,000 | 60,936,000 | 107,433,000 |
Issuance of partnership units (in shares) | 51,579,000 | 60,936,000 | 284,113,000 |
Series D Cumulative Redeemable Preferred Stock | |||
Issuance of Series D Cumulative preferred stock (in shares) | 30,000,000 | ||
Series C Cumulative Preferred Stock | |||
Redemption of Series C Cumulative preferred stock (in shares) | 42,000,000 | 30,000,000 | |
Series E Cumulative Redeemable Preferred Stock | |||
Issuance of Series D Cumulative preferred stock (in shares) | 44,000,000 | ||
Dividend declared | |||
Distributions payable common stock and partnership units (in usd per share) | $ 0.53 | $ 0.53 | $ 0.53 |
Dividend declared | Series D Cumulative Redeemable Preferred Stock | |||
Distributions payable on preferred stock (in usd per share) | 38.28 | 38.28 | 38.28 |
Dividend declared | Series C Cumulative Preferred Stock | |||
Distributions payable on preferred stock (in usd per share) | $ 42.97 | ||
Dividend declared | Series E Cumulative Redeemable Preferred Stock | |||
Distributions payable on preferred stock (in usd per share) | $ 37.50 | $ 37.50 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | ||
Cash flows from operating activities: | ||||
Net income | $ 50,316 | $ 64,196 | $ 63,059 | |
Adjustments to reconcile net income to net cash provided by operating activities: | ||||
Change in fair value of derivatives | 0 | 436 | 3 | |
Gains on sales of properties | (278) | 0 | (509) | |
Depreciation and amortization of deferred leasing costs | 51,126 | 46,333 | 45,861 | |
Amortization of deferred debt costs | 1,570 | 1,518 | 1,610 | |
Non cash compensation costs of stock grants and options | 1,438 | 1,859 | 1,766 | |
Credit losses on operating lease receivables | 5,212 | 1,226 | 685 | |
(Increase) decrease in accounts receivable and accrued income | (17,818) | 339 | (336) | |
Additions to deferred leasing costs | (8,050) | (1,843) | (6,034) | |
(Increase) decrease in prepaid expenses | (356) | (188) | 73 | |
Decrease in other assets | 361 | 894 | 3,681 | |
Increase in accounts payable, accrued expenses and other liabilities | 875 | 158 | 225 | |
Increase (decrease) in deferred income | (6,013) | 455 | 255 | |
Net cash provided by operating activities | 78,383 | 115,383 | 110,339 | |
Cash flows from investing activities: | ||||
Acquisitions of real estate investments | [1] | 0 | 0 | (40,836) |
Additions to real estate investments | (19,484) | (21,891) | (12,883) | |
Additions to development and redevelopment projects | (37,060) | (113,772) | (76,257) | |
Proceeds from sale of properties | [2] | 376 | 0 | 1,326 |
Net cash used in investing activities | (56,168) | (135,663) | (128,650) | |
Cash flows from financing activities: | ||||
Proceeds from mortgage notes payable | 52,100 | 50,600 | 54,900 | |
Repayments on mortgage notes payable | (45,654) | (109,235) | (72,572) | |
Proceeds from term loan facility | 0 | 0 | 75,000 | |
Proceeds from revolving credit facility | 90,000 | 152,500 | 102,000 | |
Repayments on revolving credit facility | (73,000) | (112,000) | (116,000) | |
Proceeds from construction loans payable | 35,883 | 86,868 | 23,332 | |
Additions to deferred debt costs | (1,206) | (1,010) | (3,233) | |
Proceeds from the issuance of: | ||||
Common stock | 8,264 | 25,039 | 30,503 | |
Partnership units | [1] | 1,677 | 3,180 | 5,383 |
Preferred stock redemption costs | 0 | 0 | (12) | |
Distributions to: | ||||
Distributions to preferred stockholders | (11,194) | (12,390) | (12,402) | |
Common stockholders | (49,383) | (48,568) | (46,306) | |
Noncontrolling interests | (16,751) | (16,642) | (15,981) | |
Net cash provided by (used in) financing activities | (9,264) | 19,607 | 21,981 | |
Net increase (decrease) in cash and cash equivalents | 12,951 | (673) | 3,670 | |
Cash and cash equivalents, beginning of year | 13,905 | 14,578 | 10,908 | |
Cash and cash equivalents, end of year | 26,856 | 13,905 | 14,578 | |
Supplemental disclosure of cash flow information: | ||||
Cash paid for interest | 44,990 | 40,434 | 43,561 | |
Increase (decrease) in accrued real estate investments and development costs | (11,690) | 303 | 9,663 | |
Series C Cumulative Preferred Stock | ||||
Proceeds from the issuance of: | ||||
Series C preferred stock redemption | 0 | (105,000) | (75,000) | |
Distributions to: | ||||
Distributions to preferred stockholders | 0 | (7,541) | (9,238) | |
Series D Cumulative Redeemable Preferred Stock | ||||
Proceeds from the issuance of: | ||||
Preferred stock | 0 | 0 | 72,369 | |
Distributions to: | ||||
Distributions to preferred stockholders | (4,594) | (4,592) | (3,164) | |
Series E Cumulative Redeemable Preferred Stock | ||||
Proceeds from the issuance of: | ||||
Preferred stock | 0 | 106,265 | 0 | |
Distributions to: | ||||
Distributions to preferred stockholders | $ (6,600) | $ (257) | 0 | |
Ashbrook Marketplace | ||||
Supplemental disclosure of cash flow information: | ||||
Limited partnership units issued | 8,776 | |||
Great Eastern Shopping Center | ||||
Supplemental disclosure of cash flow information: | ||||
Seller financing | 1,275 | |||
Interest income | $ 51 | |||
[1] | The 2018 acquisition of real estate and proceeds from the issuance of partnership units each excludes $8,776 in connection with the acquisition of Ashbrook Marketplace in exchange for limited partnership units. | |||
[2] | Proceeds from sale of property in 2018 includes $1,275 of seller financing in connection with the sale of the Company's Great Eastern property in 2017, which were received in 2018 plus accrued interest of $51. |
Organization, Basis of Presenta
Organization, Basis of Presentation | 12 Months Ended |
Dec. 31, 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. Saul Centers operates as a real estate investment trust (a “REIT”) under the Internal Revenue Code of 1986, as amended (the “Code”). The Company is required to annually distribute at least 90% of its REIT taxable income (excluding net capital gains) to its stockholders and meet certain organizational and other requirements. Saul Centers has made and intends to continue to make regular quarterly distributions to its stockholders. Saul Centers, together with its wholly owned subsidiaries and the limited partnerships of which Saul Centers or one of its subsidiaries is the sole general partner, are referred to collectively as the “Company.” B. Francis Saul II serves as Chairman of the Board of Directors, Chief Executive Officer and President of Saul Centers. Saul Centers was formed to continue and expand the shopping center business previously owned and conducted by the B. F. Saul Real Estate Investment Trust (the "Saul Trust"), the B. F. Saul Company and certain other affiliated entities, each of which is controlled by B. Francis Saul II and his family members (collectively, the “Saul Organization”). On August 26, 1993, members of the Saul Organization transferred to Saul Holdings Limited Partnership, a newly formed Maryland limited partnership (the “Operating Partnership”), and two newly formed subsidiary limited partnerships (the “Subsidiary Partnerships,” and collectively with the Operating Partnership, the “Partnerships”), Shopping Centers and Mixed-Used Properties, and the management functions related to the transferred properties. Since its formation, the Company has developed and purchased additional properties. The Company, which conducts all of its activities through its subsidiaries, the Operating Partnership and Subsidiary Partnerships, engages in the ownership, operation, management, leasing, acquisition, renovation, expansion, development and financing of community and neighborhood shopping centers and mixed-used properties, primarily in the Washington, DC/Baltimore metropolitan area. Because the properties are located primarily in the Washington, DC/Baltimore metropolitan area, a disproportionate economic downturn in the local economy would have a greater negative impact on our overall financial performance than on the overall financial performance of a company with a portfolio that is more geographically diverse. A majority of the Shopping Centers are anchored by several major tenants. As of December 31, 2020, 33 of the Shopping Centers were anchored by a grocery store and offer primarily day-to-day necessities and services. One retail tenant, Giant Food (5.4%), a tenant at 11 Shopping Centers, individually accounted for 2.5% or more of the Company’s total revenue for the year ended December 31, 2020. As of December 31, 2020, the Current Portfolio Properties consisted of 50 Shopping Centers, seven Mixed-Use Properties, and three (non-operating) development properties. 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 December 31, 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") of the Company because the limited partners do not have substantive kick-out or participating rights. The Company is the primary beneficiary of the Operating Partnership because it has the power to direct the activities of the Operating Partnership and the rights to absorb 74.6% of the net income of the Operating Partnership. Because the Operating Partnership was already consolidated into the financial statements of the Company, the identification of it as a VIE has no impact on the consolidated financial statements of the Company. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES 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 impairment of real estate properties and collectability of operating lease receivables. Actual results could differ from those estimates. Real Estate Investment Properties Real estate investment properties are stated at historic cost less depreciation. Although the Company intends to own its real estate investment properties over a long term, from time to time it will evaluate its market position, market conditions, and other factors and may elect to sell properties that do not conform to the Company’s investment profile. Management believes that the Company’s real estate assets have generally appreciated in value since their acquisition or development and, accordingly, the aggregate current value exceeds their aggregate net book value and also exceeds the value of the Company’s liabilities as reported in the financial statements. Because the financial statements are prepared in conformity with GAAP, they do not report the current value of the Company’s real estate investment properties. If there is an event or change in circumstance that indicates a potential impairment in the value of a real estate investment property, the Company prepares an analysis to determine whether the carrying value of the real estate investment property exceeds its estimated fair value. The Company considers both quantitative and qualitative factors including recurring operating losses, significant decreases in occupancy, and significant adverse changes in legal factors and business climate. If impairment indicators are present, the Company compares the projected cash flows of the property over its remaining useful life, on an undiscounted basis, to the carrying value of that property. The Company assesses its undiscounted projected cash flows based upon estimated capitalization rates, historic operating results and market conditions that may affect the property. If the carrying value is greater than the undiscounted projected cash flows, the Company would recognize an impairment loss equivalent to an amount required to adjust the carrying amount to its then estimated fair value. The fair value of any property is sensitive to the actual results of any of the aforementioned estimated factors, either individually or taken as a whole. Should the actual results differ from management’s projections, the valuation could be negatively or positively affected. The Company did not recognize an impairment loss on any of its real estate in 2020, 2019, or 2018. Depreciation is calculated using the straight-line method and estimated useful lives of generally between 35 and 50 years for base buildings, or a shorter period if management determines that the building has a shorter useful life, and up to 20 years for certain other improvements that extend the useful lives. Leasehold improvements expenditures are capitalized when certain criteria are met, including when the Company supervises construction and will own the improvements. Tenant improvements are amortized, over the shorter of the lives of the related leases or the useful life of the improvement, using the straight-line method. Depreciation expense, which is included in Depreciation and amortization of deferred leasing costs in the Consolidated Statements of Operations, for the years ended December 31, 2020, 2019, and 2018, was $45.9 million, $40.5 million, and $39.8 million, respectively. Repairs and maintenance expense totaled $11.1 million, $12.5 million, and $11.9 million for 2020, 2019, and 2018, respectively, and is included in property operating expenses in the accompanying consolidated financial statements. As of December 31, 2020, we have not identified any impairment triggering events, including the impact of COVID-19 and corresponding tenant requests for rent relief. Accordingly, under applicable GAAP guidance, no impairment charges were recorded. Assets Held for Sale The Company considers properties to be assets held for sale when all of the following criteria are met: • management commits to a plan to sell a property; • it is unlikely that the disposal plan will be significantly modified or discontinued; • the property is available for immediate sale in its present condition; • actions required to complete the sale of the property have been initiated; • sale of the property is probable and the Company expects the completed sale will occur within one year; and • the property is actively being marketed for sale at a price that is reasonable given its current market value. The Company must make a determination as to the point in time that it is probable that a sale will be consummated, which generally occurs when an executed sales contract has no contingencies and the prospective buyer has significant funds at risk to ensure performance. Upon designation as an asset held for sale, the Company records the carrying value of each property at the lower of its carrying value or its estimated fair value, less estimated costs to sell, and ceases depreciation. As of December 31, 2020 and 2019, the Company had no assets designated as held for sale. Revenue Recognition Rental and interest income are accrued as earned. Recognition of rental income commences when control of the space has been given to the tenant. When rental payments due under leases vary from a straight-line basis because of free rent periods or stepped increases, income is recognized on a straight-line basis. Expense recoveries represent a portion of property operating expenses billed to the tenants, including common area maintenance, real estate taxes and other recoverable costs. Expense recoveries are recognized in the period in which the expenses are incurred. Rental income based on a tenant’s revenue (“percentage rent”) is accrued when a tenant reports sales that exceed a specified breakpoint, pursuant to the terms of their respective leases. Accounts Receivable, Accrued Income, and Allowance for Doubtful Accounts Accounts receivable are primarily comprised of rental and reimbursement billings due from tenants, and straight-line rent receivables representing the cumulative amount of adjustments necessary to present rental income on a straight-line basis. 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, and the charge off 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. We also assess whether operating lease receivables, at the portfolio level, are appropriately valued based upon an analysis of balances outstanding, effects of tenant bankruptcies, historical levels of bad debt and current economic trends. Additionally, because of the uncertainties related to the impact of the COVID-19 pandemic, our assessment also takes into consideration the types of business conducted by tenants and current discussions with the tenants, as well as recent rent collection experience. Evaluating and estimating uncollectable lease payments and related receivables requires a significant amount of judgment by management and is based on the best information available to management at the time of evaluation. For the year-ended December 31, 2020, we reduced rental revenue by $3.5 million and $1.7 million, due to lease-related reserves and charge offs, respectively. Actual results could differ from these estimates. At December 31, 2020 and December 31, 2019, accounts receivable was comprised of: (In thousands) December 31, 2020 December 31, 2019 Rents currently due $ 13,321 $ 7,235 Deferred rents and payment plans 8,205 474 Straight-line rent 44,863 42,088 Other receivables 3,751 2,967 Credit losses on operating lease receivables (5,223) (453) Total $ 64,917 $ 52,311 Deferred Leasing Costs Deferred leasing costs consist of commissions paid to third-party leasing agents, internal direct costs such as employee compensation and payroll-related fringe benefits directly related to time spent performing leasing-related activities for successful commercial leases and amounts attributed to in place leases associated with acquired properties and are amortized, using the straight-line method, over the term of the lease or the remaining term of an acquired lease. Leasing related activities include evaluating the prospective tenant’s financial condition, evaluating and recording guarantees, collateral and other security arrangements, negotiating lease terms, preparing lease documents and closing the transaction. Unamortized deferred costs are charged to expense if the applicable lease is terminated prior to expiration of the initial lease term. Collectively, deferred leasing costs totaled $26.9 million and $24.1 million, net of accumulated amortization of approximately $44.5 million and $41.6 million, as of December 31, 2020 and 2019, respectively. Amortization expense, which is included in Depreciation and amortization of deferred leasing costs in the Consolidated Statements of Operations, totaled approximately $5.2 million, $5.8 million, and $6.1 million, for the years ended December 31, 2020, 2019, and 2018, respectively. Cash and Cash Equivalents Cash and cash equivalents include short-term investments. Short-term investments include money market accounts and other investments which generally mature within three months, measured from the acquisition date, and/or are readily convertible to cash. Substantially all of the Company’s cash balances at December 31, 2020 are held in accounts at various banks. From time to time the Company may maintain deposits with financial institutions in amounts in excess of federally insured limits. The Company has not experienced any losses on such deposits and believes it is not exposed to any significant credit risk on those deposits. Deferred Income Deferred income consists of payments received from tenants prior to the time they are earned and recognized by the Company as revenue, including tenant prepayment of rent for future periods, real estate taxes when the taxing jurisdiction has a fiscal year differing from the calendar year reimbursements specified in the lease agreement and tenant construction work provided by the Company. In addition, deferred income includes the fair value of certain below market leases. Derivative Financial Instruments The Company may, when appropriate, employ derivative instruments, such as interest-rate swaps, to mitigate the risk of interest rate fluctuations. The Company does not enter into derivative or other financial instruments for trading or speculative purposes. Derivative financial instruments are carried at fair value as either assets or liabilities on the consolidated balance sheets. For those derivative instruments that qualify, the Company may designate the hedging instrument, based upon the exposure being hedged, as a fair value hedge or a cash flow hedge. Derivative instruments that are designated as a hedge are evaluated to ensure they continue to qualify for hedge accounting. The effective portion of any gain or loss on the hedge instruments is reported as a component of accumulated other comprehensive income (loss) and recognized in earnings within the same line item associated with the forecasted transaction in the same period or periods during which the hedged transaction affects earnings. Any ineffective portion of the change in fair value of a derivative instrument is immediately recognized in earnings. For derivative instruments that do not meet the criteria for hedge accounting, or that qualify and are not designated, changes in fair value are immediately recognized in earnings. Income Taxes The Company made an election to be treated, and intends to continue operating so as to qualify, as a REIT under the Code, commencing with its taxable year ended December 31, 1993. A REIT generally will not be subject to federal income taxation, provided that distributions to its stockholders equal or exceed its REIT taxable income and complies with certain other requirements. Therefore, no provision has been made for federal income taxes in the accompanying consolidated financial statements. As of December 31, 2020, the Company had no material unrecognized tax benefits and there exist no potentially significant unrecognized tax benefits which are reasonably expected to occur within the next twelve months. The Company recognizes penalties and interest accrued related to unrecognized tax benefits, if any, as general and administrative expense. No penalties and interest have been accrued in years 2020, 2019, and 2018. The tax basis of the Company’s real estate investments was approximately $1.55 billion and $1.33 billion as of December 31, 2020 and 2019, respectively. With few exceptions, the Company is no longer subject to U.S. federal, state, and local tax examinations by tax authorities for years before 2017. Legal Contingencies The Company is subject to various legal proceedings and claims that arise in the ordinary course of business, which are generally covered by insurance. Upon determination that a loss is probable to occur and can be reasonably estimated, the estimated amount of the loss is recorded in the financial statements. Recently Issued Accounting Standards In February 2016, the Financial Accounting Standards Board (‘‘FASB’’) issued Accounting Standards Update (‘‘ASU’’) 2016-02, ‘‘Leases’’ (“ASU 2016-02”). ASU 2016-02 amends the existing accounting standards for lease accounting, including requiring lessees to recognize most leases on their balance sheets and making targeted changes to lessor accounting. ASU 2016-02 is effective for annual periods beginning after December 15, 2018, interim periods within those years, and requires a modified retrospective transition approach for all leases existing at the date of initial application, with an option to use certain practical expedients for those existing leases. 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 have been 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 were 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 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 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 $0.9 million and $0.9 million, respectively, at December 31, 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, had no 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. In August 2017, the FASB issued ASU 2017-12, “Derivatives and Hedging” (“ASU 2017-12”). ASU 2017-12 amends financial reporting for hedging activities to better align that reporting with risk management activities. ASU 2017-12 expands and refines hedge accounting for both financial and nonfinancial risk components and aligns the recognition and presentation of the effects of the hedging instrument and the hedged item in the financial statements. Effective with the adoption of ASU 2017-12 on January 1, 2019, changes in the fair value of the Company’s interest rate swap related to changes in the cash flow of the hedged item are reported as a component of interest expense and amortization of deferred debt costs in the Statements of Operations. Reclassifications |
Real Estate
Real Estate | 12 Months Ended |
Dec. 31, 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. The following table shows the components of construction in progress. December 31, (in thousands) 2020 2019 Hampden House (formerly 7316 Wisconsin Avenue) $ 50,723 $ 44,638 The Waycroft 8,651 255,443 Ashbrook Marketplace 153 19,128 Other 9,950 16,435 Total $ 69,477 $ 335,644 Acquisitions Ashbrook Marketplace In May 2018, the Company acquired from the Saul Trust, in exchange for 176,680 limited partnership units, approximately 13.7 acres of land located at the intersection of Ashburn Village Boulevard and Russell Branch Parkway in Loudoun County, Virginia. Based on the closing price of the Company's common stock, the land and the limited partnership units were recorded at a value of $8.8 million. Acquisition costs related to the transaction totaled approximately $0.2 million. Hampden House (formerly 7316 Wisconsin Avenue) In September 2018, the Company purchased for $35.5 million, plus $0.7 million of acquisition costs, an office building and the underlying ground located at 7316 Wisconsin Avenue in Bethesda, Maryland. In December 2018, the Company purchased for $4.5 million, including acquisition costs, an interest in an adjacent parcel of land and retail building. The purchase price was funded through the Company's credit facility. Effective September 1, 2019, the asset was removed from service and transferred to construction in progress at its carrying value of $42.6 million. Allocation of Purchase Price of Real Estate Acquired The Company allocates the purchase price of real estate investment properties to various components, such as land, buildings and intangibles related to in-place leases and customer relationships, based on their relative fair values. During 2018, the Company acquired properties that had an aggregate cost of $49.5 million, including acquisition costs. The purchase price was allocated to assets acquired and liabilities assumed based on their relative fair values as shown in the following table. (in thousands) Ashbrook Marketplace Hampden House (formerly 7316 Wisconsin Avenue) Total Land $ 8,776 $ 38,662 $ 47,438 Buildings — 979 979 In-place Leases — 886 886 Above Market Rent — 168 168 Below Market Rent — (21) (21) Total Purchase Price $ 8,776 $ 40,674 $ 49,450 The gross carrying amount of lease intangible assets included in deferred leasing costs as of December 31, 2020 and 2019 was $11.0 million and $11.7 million, respectively, and accumulated amortization was $8.6 million and $8.5 million, respectively. Amortization expense totaled $0.6 million, $0.9 million and $1.3 million, for the years ended December 31, 2020, 2019, and 2018, respectively. The gross carrying amount of below market lease intangible liabilities included in deferred income as of December 31, 2020 and 2019 was $23.7 million and $24.1 million, respectively, and accumulated amortization was $15.0 million and $13.9 million, respectively. Accretion income totaled $1.4 million, $1.5 million, and $1.7 million, for the years ended December 31, 2020, 2019, and 2018, respectively. The gross carrying amount of above market lease intangible assets included in accounts receivable as of December 31, 2020 and 2019 was $0.6 million and $0.6 million, respectively, and accumulated amortization was $128,900 and $108,300, respectively. Amortization expense totaled $43,600, $109,600 and $110,500, for the years ended December 31, 2020, 2019 and 2018, respectively. The remaining weighted-average amortization period as of December 31, 2020 is 4.3 years, 7.0 years, and 5.0 years for lease acquisition costs, above market leases and below market leases, respectively. As of December 31, 2020, scheduled amortization of intangible assets and deferred income related to in place leases is as follows: (In thousands) Lease acquisition costs Above market leases Below market leases 2021 $ 495 $ 33 $ 1,409 2022 368 33 1,306 2023 317 33 1,297 2024 198 33 878 2025 153 33 601 Thereafter 843 309 3,253 Total $ 2,374 $ 474 $ 8,744 |
Noncontrolling Interests - Hold
Noncontrolling Interests - Holders of Convertible Limited Partnership Units in the Operating Partnership | 12 Months Ended |
Dec. 31, 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 Saul Centers is the sole general partner of the Operating Partnership, owning a 74.6% common interest as of December 31, 2020. Noncontrolling interest in the Operating Partnership is comprised of limited partnership units owned by the Saul Organization. Noncontrolling interest reflected on the accompanying consolidated balance sheets is increased for earnings allocated to limited partnership interests and distributions reinvested in additional units, and is decreased for limited partner distributions. Noncontrolling interest reflected on the consolidated statements of operations represents earnings allocated to limited partnership interests held by the Saul Organization. The Saul Organization holds a 25.4% limited partnership interest in the Operating Partnership represented by 7,938,495 limited partnership units, as of December 31, 2020. The units are convertible into shares of Saul Centers’ common stock, at the option of the unit holder, on a one-for-one basis provided that, in accordance with the Saul Centers, Inc. Articles of Incorporation, the rights may not be exercised at any time that the Saul Organization beneficially owns, directly or indirectly, in the aggregate more than 39.9% of the value of the outstanding common stock and preferred stock of Saul Centers (the “Equity Securities”). As of December 31, 2020, approximately 1,947,000 units were eligible for conversion. The impact of the Saul Organization’s 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 shares outstanding for the years ended December 31, 2020, 2019, and 2018, were 31.3 million, 30.9 million, and 30.2 million, respectively. |
Mortgage Notes Payable, Revolvi
Mortgage Notes Payable, Revolving Credit Facility, Interest Expense and Amortization of Deferred Debt Costs | 12 Months Ended |
Dec. 31, 2020 | |
Debt Disclosure [Abstract] | |
Mortgage Notes Payable, Revolving Credit Facility, Interest Expense and Amortization of Deferred Debt Costs | MORTGAGE NOTES PAYABLE, REVOLVING CREDIT FACILITY, INTEREST EXPENSE AND AMORTIZATION OF DEFERRED DEBT COSTS At December 31, 2020, the principal amount of outstanding debt totaled $1.2 billion, of which $980.8 million was fixed rate debt and $179.5 million was variable rate debt. The principal amount of the Company’s outstanding debt totaled $1.1 billion at December 31, 2019, of which $938.4 million was fixed rate debt and $162.5 million was variable rate debt. At December 31, 2020, the Company had a $400.0 million unsecured credit facility, which can be used for working capital, property acquisitions or development projects, of which $325.0 million is a revolving credit facility and $75.0 million is a term loan. The revolving credit facility matures on January 26, 2022, and may be extended by the Company for one leverage ratio and which can range from 135 basis points to 195 basis points under the revolving facility and from 130 basis points to 190 basis points under the term loan. As of December 31, 2020, the margin was 140 basis points under the revolving facility and 135 basis points under the term loan. 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 $3.3 million of the $66.4 million outstanding balance at December 31, 2020, which guarantee was reduced to (i) $3.3 million on October 1, 2020 and (ii) will be reduced to zero on October 1, 2021), (b) a portion of the Broadlands mortgage (approximately $3.8 million of the $30.5 million outstanding balance at December 31, 2020), (c) a portion of the Avenel Business Park mortgage (approximately $6.3 million of the $25.2 million outstanding balance at December 31, 2020), (d) a portion of The Waycroft mortgage (approximately $23.6 million of the $146.1 million outstanding balance at December 31, 2020), (e) the Ashbrook Marketplace mortgage (totaling $21.9 million at December 31, 2020), and (f) the mortgage secured by Kentlands Place, Kentlands Square I and Kentlands pad (totaling $29.7 million at December 31, 2020). All other notes payable are non-recourse. The guarantee on the Kentlands Square II mortgage loan was released on February 5, 2020. On January 4, 2019, the Company repaid in full the remaining principal balance of $12.7 million of the mortgage loan secured by Countryside Marketplace, which was scheduled to mature in July 2019. On January 10, 2019, the Company closed on a 15-year, non-recourse $22.1 million mortgage loan secured by Olde Forte Village. The loan matures in 2034, bears interest at a fixed-rate of 4.65%, requires monthly principal and interest payments of $124,700 based on a 25-year amortization schedule and requires a final payment of $12.1 million. Proceeds were partially used to repay in full the existing mortgage secured by Olde Forte Village, which was scheduled to mature in May 2019. On June 3, 2019, the Company repaid in full the remaining principal balance of $12.4 million of the mortgage loan secured by Briggs Chaney Marketplace, which was scheduled to mature in September 2019. On November 12, 2019, the Company closed on a 15-year, non-recourse $28.5 million mortgage loan secured by Shops at Monocacy. The loan matures in 2034, bears interest at a fixed-rate of 4.14%, requires monthly principal and interest payments of $152,600 based on a 25-year amortization schedule and requires a final payment of $15.1 million. Proceeds were partially used to repay in full the existing mortgage secured by Shops at Monocacy, which was scheduled to mature in January 2020. On November 21, 2019, the Company repaid in full the remaining principal balance of $35.6 million of the mortgage loan secured by Thruway, which was scheduled to mature in July 2020. The Company’s corresponding swap agreement was terminated on the same day. 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. On July 14, 2020, the Company closed on a 15-year, $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, $30.0 million mortgage loan secured by Kentlands Place, Kentlands Square I and Kentlands Pad. 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. The carrying value of the properties collateralizing the mortgage notes payable totaled $1.2 billion and $1.1 billion, as of December 31, 2020 and 2019, respectively. The Company’s credit facility requires the Company and its subsidiaries to maintain certain financial covenants, which are summarized below. The Company was in compliance as of December 31, 2020. • limit the amount of debt as a percentage of gross asset value, as defined in the loan agreement, to less than 60% (leverage ratio); • limit the amount of debt so that interest coverage will exceed 2.0 x on a trailing four-quarter basis (interest expense coverage); and • limit the amount of debt so that interest, scheduled principal amortization and preferred dividend coverage exceeds 1.4x on a trailing four-quarter basis (fixed charge coverage). Mortgage notes payable totaling $41.0 million at each of December 31, 2020 and 2019, are guaranteed by members of the Saul Organization. As of December 31, 2020, the scheduled maturities of all debt including scheduled principal amortization for years ended December 31 are as follows: (in thousands) Balloon Scheduled Total 2021 $ 11,012 $ 30,355 $ 41,367 2022 141,002 (a) 31,017 172,019 2023 84,225 31,481 115,706 2024 66,164 30,856 97,020 2025 20,363 27,860 48,223 Thereafter 569,330 116,586 685,916 Principal amount $ 892,096 $ 268,155 1,160,251 Unamortized deferred debt costs 9,337 Net $ 1,150,914 (a) Includes $104.5 million outstanding under the revolving facility. Deferred Debt Costs Deferred debt costs consist of fees and costs incurred to obtain long-term financing, construction financing and the revolving line of credit. These fees and costs are being amortized on a straight-line basis over the terms of the respective loans or agreements, which approximates the effective interest method. Deferred debt costs totaled $9.3 million and $9.7 million, net of accumulated amortization of $8.7 million and $7.5 million at December 31, 2020 and 2019, respectively, and are reflected as a reduction of the related debt in the Consolidated Balance Sheets. The components of interest expense are set forth below. (in thousands) Year ended December 31, 2020 2019 2018 Interest incurred $ 51,705 $ 52,044 $ 49,652 Amortization of deferred debt costs 1,570 1,518 1,610 Capitalized interest (6,616) (11,480) (6,222) Interest expense 46,659 42,082 45,040 Less: Interest income 140 248 272 Interest expense, net and amortization of deferred debt costs $ 46,519 $ 41,834 $ 44,768 |
Lease Agreements
Lease Agreements | 12 Months Ended |
Dec. 31, 2020 | |
Leases [Abstract] | |
Lease Agreements | LEASE AGREEMENTS Lease income includes primarily base rent arising from noncancelable leases. Base rent (including straight-line rent) for the years ended December 31, 2020, 2019, and 2018, amounted to $188.6 million, $185.7 million, and $184.7 million, respectively. Future contractual payments under noncancelable leases for years ended December 31 (which exclude the effect of straight-line rents), are as follows: (in thousands) 2021 $ 163,862 2022 146,574 2023 126,550 2024 102,118 2025 80,366 Thereafter 351,968 $ 971,438 The majority of the leases provide for rental increases based on fixed annual increases or increases in the Consumer Price Index and expense recoveries based on increases in operating expenses. The expense recoveries generally are payable in equal installments throughout the year based on estimates, with adjustments made in the succeeding year. Expense recoveries for the years ended December 31, 2020, 2019, and 2018, amounted to $34.7 million, $36.5 million, and $35.5 million, respectively. In addition, certain retail leases provide for percentage rent based on sales in excess of the minimum specified in the tenant’s lease. Percentage rent amounted to $0.9 million, $0.9 million, and $1.0 million, for the years ended December 31, 2020, 2019, and 2018, respectively. |
Long-Term Lease Obligations
Long-Term Lease Obligations | 12 Months Ended |
Dec. 31, 2020 | |
Leases [Abstract] | |
Long-Term Lease Obligations | LONG-TERM LEASE OBLIGATIONS At December 31, 2020 and 2019, no properties were situated upon land subject to noncancelable long- term leases. Flagship Center consists of two developed out parcels that are part of a larger adjacent community shopping center formerly owned by the Saul Organization and sold to an affiliate of a tenant in 1991. The Company has a 90-year ground leasehold interest which commenced in September 1991 with a minimum rent of one dollar per year. Countryside shopping center was acquired in February 2004. Because of certain land use considerations, approximately 3.4% of the underlying land is held under a 99-year ground lease. The lease requires the Company to pay minimum rent of one dollar per year as well as its pro-rata share of the real estate taxes. The Company’s corporate headquarters space is leased by a member of the Saul Organization. The lease commenced in March 2002, and expires in February 2022. The Company and the Saul Organization entered into a Shared Services Agreement whereby each party pays an allocation of total rental payments based on a percentage proportionate to the number of employees employed by each party. The Company’s rent expense for the years ended December 31, 2020, 2019, and 2018 was $799,300, $806,500, and $779,800, respectively. Expenses arising from the lease are included in general and administrative expense (see Note 9 – Related Party Transactions). |
Equity and Noncontrolling Inter
Equity and Noncontrolling Interest | 12 Months Ended |
Dec. 31, 2020 | |
Noncontrolling Interest [Abstract] | |
Equity and Noncontrolling Interest | EQUITY AND NONCONTROLLING INTEREST The Consolidated Statements of Operations for the years ended December 31, 2020, 2019, and 2018 reflect noncontrolling interest of $9.9 million, $12.5 million, and $12.5 million, respectively, representing the Saul Organization’s share of the net income for the year. At December 31, 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 December 31, 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 anti-dilutive. The treasury stock method was used to measure the effect of the dilution. December 31, (Shares in thousands) 2020 2019 2018 Weighted average common shares outstanding - Basic 23,356 23,009 22,383 Effect of dilutive options 1 44 42 Weighted average common shares outstanding - Diluted 23,357 23,053 22,425 Average share price $ 33.84 $ 53.41 $ 52.50 Non-dilutive options 1,439 633 492 Years non-dilutive options were issued 2014 through 2020 2016, 2017 and 2019 2015, 2016 and 2017 |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2020 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | RELATED PARTY TRANSACTIONS The Chairman, Chief Executive Officer and President, the Executive Vice President of 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 6% of the employee’s cash compensation, subject to certain limits, were $302,000, $322,200, and $345,900, for 2020, 2019, and 2018, respectively. All amounts deferred by employees and contributed by the Company are fully vested. The Company also participates in a multiemployer nonqualified deferred compensation plan with entities in the Saul Organization which covers those full-time employees who meet the requirements as specified in the plan. According to the plan, which can be modified or discontinued at any time, participating employees defer 2% of their compensation in excess of a specified amount and the Company matches those deferrals up to three times the amount deferred by employees. The Company’s expense, included in general and administrative expense, totaled $241,300, $345,200, and $282,500, for the years ended December 31, 2020, 2019, and 2018, respectively. All amounts deferred by employees and the Company are fully vested. The cumulative unfunded liability under this plan was $2.9 million and $3.1 million, at December 31, 2020 and 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. Senior management has determined that the final allocations of shared costs are reasonable. The terms of the Agreement and the payments made thereunder are reviewed annually by the Audit Committee of the Board of Directors, which consists entirely of independent directors. Net billings by the Saul Organization for the Company’s share of these ancillary costs and expenses for the years ended December 31, 2020, 2019, and 2018, which included rental expense for the Company’s headquarters lease (see Note 7. Long Term Lease Obligations), totaled $7.4 million, $8.4 million, and $8.4 million, respectively. The amounts are expensed when incurred and are primarily reported as general and administrative expenses or capitalized to specific development projects in these consolidated financial statements. As of December 31, 2020 and 2019, accounts payable, accrued expenses and other liabilities included $782,700 and $918,700, respectively, representing billings due to the Saul Organization for the Company’s share of these ancillary costs and expenses. The Company has entered into a shared third-party predevelopment cost agreement with the Saul Trust (the “Predevelopment Agreement”). The Predevelopment Agreement, which expired on December 31, 2015 and was extended to December 31, 2016, relates to the sharing of third-party predevelopment costs incurred in connection with the planning of the future redevelopment of certain adjacent real estate assets in the Twinbrook area of Rockville, Maryland. On December 8, 2016, the Company entered into a replacement agreement with the Saul Trust which extended the expiration date to December 31, 2017 and provides for automatic twelve month renewals unless either party provides notice of termination. The costs will be shared on a pro rata basis based on the acreage owned by each entity and neither party is obligated to advance funds to the other. On November 5, 2019, the Company entered into a Contribution Agreement to acquire the Contributed Property from the Saul Trust. In exchange for the Contributed Property, the Company will issue to the Saul Trust 1,416,071 limited partnership units. In connection with the contribution, the Company is obligated to reimburse the Saul Trust for certain pre-development and carrying costs incurred by the Saul Trust subsequent to the date of the Contribution Agreement, which total approximately $6.1 million as of December 31, 2020. Deed to the Contributed Property and the units were placed in escrow until certain conditions of the Contribution Agreement are satisfied. The B. F. Saul Insurance Agency of Maryland, Inc., a subsidiary of the B. F. Saul Company and a member of the Saul Organization, is a general insurance agency that receives commissions and counter-signature fees in connection with the Company’s insurance program. Such commissions and fees amounted to approximately $427,700, $399,600, and $407,900, for the years ended December 31, 2020, 2019, and 2018, respectively. In August 2016, the Company entered into an agreement to acquire from the Saul 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 Saul Trust. The Company constructed a shopping center, Ashbrook Marketplace, and may be obligated to issue additional limited partnership units to the Saul Trust in the second quarter of 2021. As of December 31, 2020, the Company estimates this obligation to range in value from $3.3 million to $3.6 million, based on projected net operating income of Ashbrook Marketplace for the 12 months ending May 31, 2021. |
Stock Option Plan
Stock Option Plan | 12 Months Ended |
Dec. 31, 2020 | |
Share-based Payment Arrangement [Abstract] | |
Stock Option Plan | STOCK OPTION PLAN Stock Based Employee Compensation, Deferred Compensation and Stock Plan for Directors In 2004, the Company established a stock incentive plan (the "Plan"), as amended. Under the Plan, options were granted at an exercise price not less than the market value of the common stock on the date of grant and expire ten years from the date of grant. Officer options vest ratably over four years following the grant and are charged to expense using the straight-line method over the vesting period. Director options vest immediately and are charged to expense as of the date of grant. The Company uses the fair value method to value and account for employee stock options. The fair value of options granted is determined at the time of each award using the Black-Scholes model, a widely used method for valuing stock-based employee compensation, and the following assumptions: (1) Expected Volatility determined using the most recent trading history of the Company’s common stock (month-end closing prices) corresponding to the average expected term of the options; (2) Average Expected Term of the options is based on prior exercise history, scheduled vesting and the expiration date; (3) Expected Dividend Yield determined by management after considering the Company’s current and historic dividend yield rates, the Company’s yield in relation to other retail REITs and the Company’s market yield at the grant date; and (4) a Risk-free Interest Rate based upon the market yields of US Treasury obligations with maturities corresponding to the average expected term of the options at the grant date. The Company amortizes the value of options granted ratably over the vesting period and includes the amounts as compensation 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 their have fees paid in stock, fees earned during a calendar quarter are aggregated and divided by the closing market price of the Company’s common stock on the first trading day of the following quarter to determine the number of shares to be credited to the director. During the twelve months ended December 31, 2020, 11,574 shares were credited to director's deferred fee accounts and 7,354 shares were issued. As of December 31, 2020, the director's deferred fee accounts comprise 118,628 shares. The Compensation Committee has also approved an annual award of shares of the Company’s common stock as additional compensation to each director serving on the Board of Directors as of the record date for the Annual Meeting of Stockholders. The shares are awarded as of each Annual Meeting of Stockholders, and their issuance may not be deferred. At the annual meeting of the Company’s stockholders in 2004, the stockholders approved the adoption of the 2004 stock plan for the purpose of attracting and retaining executive officers, directors and other key personnel. The 2004 stock plan was subsequently amended by the Company’s stockholders at the 2008 Annual Meeting, further amended at the 2013 Annual Meeting, and further amended at the 2019 Annual Meeting (the “Amended 2004 Plan”). The Amended 2004 Plan, which terminates in 2029, provides for grants of options to purchase up to 3,400,000 shares of common stock. The Amended 2004 Plan authorizes the Compensation Committee of the Board of Directors to grant options at an exercise price which may not be less than the market value of the common stock on the date the option is granted. Effective May 11, 2018, the Compensation Committee granted options to purchase 245,000 shares (25,914 incentive stock options and 219,086 nonqualified stock options) to 22 Company officers and 11 Company Directors (the “2018 options”), which expire on May 10, 2028. The officers’ 2018 Options vest 25% per year over four years and are subject to early expiration upon termination of employment. The directors’ 2018 Options were immediately exercisable. The exercise price of $49.46 per share was the closing market price of the Company’s common stock on the date of award. Using the Black-Scholes model, the Company determined the total fair value of the 2018 Options to be $1.4 million, of which $1.2 million and $169,400 were assigned to the officer options and director options, respectively. Because the directors’ options vested immediately, the entire $169,400 was expensed as of the date of grant. The expense for the officers’ options is being recognized as compensation expense monthly during the four years the options vest. Effective May 3, 2019, the Compensation Committee granted options to purchase 260,000 shares (34,651 incentive stock options and 225,349 nonqualified stock options) to 23 Company officers and 11 Company Directors (the “2019 options”), which expire on May 2, 2029. The officers’ 2019 Options vest 25% per year over four years and are subject to early expiration upon termination of employment. The directors’ 2019 Options were immediately exercisable. The exercise price of $55.71 per share was the closing market price of the Company’s common stock on the date of award. Using the Black-Scholes model, the Company determined the total fair value of the 2019 Options to be $1.9 million, of which $1.7 million and $226,600 were assigned to the officer options and director options, respectively. Because the directors’ options vested immediately, the entire $226,600 was expensed as of the date of grant. The expense for the officers’ options is being recognized as compensation expense monthly during the four years the options vest. Effective April 24, 2020, the Compensation Committee granted options to purchase 238,000 shares (29,624 incentive stock options and 208,376 nonqualified stock options) to 20 Company officers and 11 Company Directors (the “2020 options”), which expire on April 23, 2030. The officers’ 2020 Options vest 25% per year over four years and are subject to early expiration upon termination of employment. The directors’ 2020 Options were immediately exercisable. The exercise price of $50.00 per share was determined by the compensation committee. The exercise price was greater than the closing market price of the Company's common stock on the date of award, which was $28.02. Using the Black-Scholes model, the Company determined the total fair value of the 2020 Options to be $0.2 million, of which $0.2 million and $23,100 were assigned to the officer options and director options, respectively. Because the directors’ options vested immediately, the entire $23,100 was expensed as of the date of grant. The expense for the officers’ options is being recognized as compensation expense monthly during the four years the options vest. The following table summarizes the assumptions used in the valuation of the 2018, 2019, and 2020 option grants. During the twelve months ended December 31, 2020, stock option expense totaling $1.2 million was included in general and administrative expense in the Consolidated Statements of Operations. As of December 31, 2020, the estimated future expense related to unvested stock options was $1.6 million. Directors Officers Grant date May 11, 2018 May 3, 2019 April 24, 2020 May 11, 2018 May 3, 2019 April 24, 2020 Exercise price $ 49.46 $ 55.71 $ 50.00 $ 49.46 $ 55.71 $ 50.00 Volatility 0.192 0.236 0.258 0.177 0.206 0.240 Expected life (years) 5.0 5.0 5.0 7.0 7.0 7.0 Assumed yield 3.70 % 3.75 % 3.80 % 3.75 % 3.80 % 3.85 % Risk-free rate 2.84 % 2.33 % 0.36 % 2.94 % 2.43 % 0.51 % The table below summarizes the option activity for the years 2020, 2019, and 2018: 2020 2019 2018 Shares Weighted Shares Weighted Shares Weighted Outstanding at January 1 1,309,614 $ 53.38 1,114,169 $ 52.40 913,320 $ 52.80 Granted 238,000 50.00 260,000 55.71 245,000 49.46 Exercised (10,749) 49.19 (57,055) 44.53 (39,151) 42.98 Expired/Forfeited (34,195) 54.09 (7,500) 56.07 (5,000) 54.78 Outstanding December 31 1,502,670 52.86 1,309,614 53.38 1,114,169 52.40 Exercisable at December 31 971,545 53.01 763,614 52.43 600,919 50.93 |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 12 Months Ended |
Dec. 31, 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 and floating rate debt are reasonable estimates of their fair value. The aggregate fair value of the notes payable with fixed-rate payment terms was determined using Level 3 data in a discounted cash flow approach, which is based upon management’s estimate of borrowing rates and loan terms currently available to the Company for fixed rate financing, and assuming long term interest rates of approximately 3.40% and 3.55%, would be approximately $981.0 million and $957.4 million as of December 31, 2020 and 2019, respectively, compared to the principal balance of $980.8 million and $938.4 million at December 31, 2020 and 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.Effective June 30, 2011, the Company determined that one of its interest-rate swap arrangements was a highly effective hedge of the cash flows under one of its variable-rate mortgage loans and designated the swap as a cash flow hedge of that mortgage. The swap was carried at fair value with changes in fair value recognized either in income or comprehensive income depending on the effectiveness of the swap. The swap was terminated on November 21, 2019. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 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. |
Distributions
Distributions | 12 Months Ended |
Dec. 31, 2020 | |
Equity [Abstract] | |
Distributions | DISTRIBUTIONS In December 1995, the Company established a Dividend Reinvestment and Stock Purchase Plan (the “Plan”), to allow its stockholders and holders of limited partnership interests an opportunity to buy additional shares of common stock by reinvesting all or a portion of their dividends or distributions. The Plan provides for investing in newly issued shares of common stock at a 3% discount from market price without payment of any brokerage commissions, service charges or other expenses. All expenses of the Plan are paid by the Company. The Operating Partnership also maintains a similar dividend reinvestment plan that mirrors the Plan, which allows holders of limited partnership interests the opportunity to buy either additional limited partnership units or common stock shares of the Company. The Company paid common stock distributions of $2.12 per share in 2020, $2.12 per share in 2019, and $2.08 per share in 2018, Series C preferred stock dividends of $1.80 and $1.72, respectively, per depositary share in 2019 and 2018, Series D preferred stock dividends of $1.53, $1.53 and $1.05, respectively, per depositary share in 2020, 2019, and 2018, and Series E preferred stock dividends of $1.50 and $0.06, respectively, per depositary share in 2020 and 2019. Of the common stock dividends paid, $1.43 per share, $2.00 per share, and $1.61 per share, represented ordinary dividend income in 2020, 2019, and 2018, respectively, and $0.69 per share, $0.12 per share, and $0.47 per share represented return of capital to the shareholders in 2020, 2019, and 2018, respectively. All of the preferred dividends paid represented ordinary dividend income. The following summarizes distributions paid during the years ended December 31, 2020, 2019, and 2018, and includes activity in the Plan as well as limited partnership units issued from the reinvestment of unit distributions: Total Distributions to Dividend Reinvestments (Dollars in thousands, except per share amounts) Preferred Common Limited Common Discounted Limited Partnership Units Issued Average Unit Price Distributions during 2020 4th Quarter $ 2,798 $ 12,371 $ 4,195 117,368 $ 24.08 23,370 $ 24.35 3rd Quarter 2,798 12,373 4,188 14,525 28.98 13,108 29.47 2nd Quarter 2,799 12,364 4,188 12,627 32.22 — — 1st Quarter 2,799 12,275 4,180 83,978 48.59 15,101 49.40 Total 2020 $ 11,194 $ 49,383 $ 16,751 228,498 51,579 Distributions during 2019 4th Quarter $ 3,531 $ 12,251 $ 4,173 104,558 $ 52.84 13,747 $ 53.73 3rd Quarter 2,953 12,195 4,166 105,753 53.66 13,406 54.56 2nd Quarter 2,953 12,116 4,155 99,804 51.38 20,041 51.99 1st Quarter 2,953 12,006 4,148 120,347 51.28 13,742 52.16 Total 2019 $ 12,390 $ 48,568 $ 16,642 430,462 60,936 Distributions during 2018 4th Quarter $ 2,953 $ 11,706 $ 4,062 216,476 $ 49.34 13,867 $ 50.20 3rd Quarter 2,953 11,590 4,055 201,500 51.68 13,107 52.60 2nd Quarter 2,672 11,545 3,942 85,202 47.54 42,422 47.83 1st Quarter 3,824 11,465 3,922 69,750 52.71 38,037 53.03 Total 2018 $ 12,402 $ 46,306 $ 15,981 572,928 107,433 In December 2020, the Board of Directors of the Company authorized a distribution of $0.53 per common share payable in January 2021 to holders of record on January 15, 2021. As a result, $12.4 million was paid to common shareholders on January 29, 2021. Also, $4.2 million was paid to limited partnership unitholders on January 29, 2021 ($0.53 per Operating Partnership unit). The Board of Directors authorized preferred stock dividends of (a) $0.3750 per Series E depositary share and (b) $0.3828 per Series D depositary share to holders of record on January 4, 2021. As a result, $2.8 million was paid to preferred shareholders on January 15, 2021. These amounts are reflected as a reduction of stockholders’ equity in the case of common stock and preferred stock dividends and noncontrolling interests deductions in the case of limited partner distributions and are included in dividends and distributions payable in the accompanying consolidated financial statements. |
Interim Results (Unaudited)
Interim Results (Unaudited) | 12 Months Ended |
Dec. 31, 2020 | |
Quarterly Financial Information Disclosure [Abstract] | |
Interim Results (Unaudited) | INTERIM RESULTS (Unaudited) The following summary presents the results of operations of the Company for the quarterly periods of calendar years 2020 and 2019. (In thousands, except per share amounts) 2020 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter Total revenue $ 56,943 $ 53,220 $ 56,760 $ 58,284 Net Income 16,829 10,208 11,603 11,676 Net income attributable to Saul Centers, Inc. 13,264 8,328 9,367 9,423 Net income available to common stockholders 10,466 5,530 6,569 6,623 Net income available to common stockholders per diluted share 0.45 0.24 0.28 0.28 (In thousands, except per share amounts) 2019 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter Total revenue $ 59,750 $ 58,141 $ 57,052 $ 56,582 Net Income 17,077 16,750 15,328 15,041 Net income attributable to Saul Centers, Inc. 13,447 13,232 12,226 12,818 Net income available to common stockholders 10,494 10,279 9,016 6,464 Net income available to common stockholders per basic and diluted share 0.46 0.45 0.39 0.27 |
Business Segments
Business Segments | 12 Months Ended |
Dec. 31, 2020 | |
Segment Reporting [Abstract] | |
Business Segments | BUSINESS SEGMENTSThe Company has two reportable business segments: Shopping Centers and Mixed-Use Properties. The accounting policies of the segments are the same as those described in the summary of significant accounting policies (see Note 2). The Company evaluates performance based upon income and cash flows from real estate for the combined properties in each segment. All of our properties within each segment generate similar types of revenues and expenses related to tenant rent, reimbursements and operating expenses. Although services are provided to a range of tenants, the types of services provided to them are similar within each segment. The properties in each portfolio have similar economic characteristics and the nature of the products and services provided to our tenants and the method to distribute such services are consistent throughout the portfolio. Certain reclassifications have been made to prior year information to conform to the 2020 presentation. SAUL CENTERS, INC. (In thousands) Shopping Mixed-Use Corporate Consolidated As of or for the year ended December 31, 2020 Centers Properties and Other Totals Real estate rental operations: Revenue $ 161,854 $ 63,353 $ — $ 225,207 Expenses (35,198) (23,219) — (58,417) Income from real estate 126,656 40,134 — 166,790 Interest expense, net and amortization of deferred debt costs — — (46,519) (46,519) General and administrative — — (19,107) (19,107) Depreciation and amortization of deferred leasing costs (30,891) (20,235) — (51,126) Gain on sale of property 278 — — 278 Net income (loss) $ 96,043 $ 19,899 $ (65,626) $ 50,316 Capital investment $ 15,203 $ 40,965 $ — $ 56,168 Total assets $ 975,195 $ 643,503 $ 26,874 $ 1,645,572 As of or for the year ended December 31, 2019 Real estate rental operations: Revenue $ 167,888 $ 63,637 $ — $ 231,525 Expenses (36,119) (21,814) — (57,933) Income from real estate 131,769 41,823 — 173,592 Interest expense, net and amortization of deferred debt costs — — (41,834) (41,834) General and administrative — — (20,793) (20,793) Depreciation and amortization of deferred leasing costs (29,112) (17,221) — (46,333) Change in fair value of derivatives — — (436) (436) Net income (loss) $ 102,657 $ 24,602 $ (63,063) $ 64,196 Capital investment $ 33,968 $ 101,695 $ — $ 135,663 Total assets $ 980,096 $ 625,183 $ 13,061 $ 1,618,340 As of or for the year ended December 31, 2018 Real estate rental operations: Revenue $ 164,344 $ 62,875 $ — $ 227,219 Expenses (34,643) (20,935) — (55,578) Income from real estate 129,701 41,940 — 171,641 Interest expense, net and amortization of deferred debt costs — — (44,768) (44,768) General and administrative — — (18,459) (18,459) Depreciation and amortization of deferred leasing costs (29,251) (16,610) — (45,861) Change in fair value of derivatives — — (3) (3) Gain on sale of property 509 — — 509 Net income (loss) $ 100,959 $ 25,330 $ (63,230) $ 63,059 Capital investment $ 13,485 $ 115,165 $ — $ 128,650 Total assets $ 971,321 $ 537,500 $ 18,668 $ 1,527,489 |
Impact of COVID-19
Impact of COVID-19 | 12 Months Ended |
Dec. 31, 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 February 23, 2021, payments by tenants of contractual base rent and operating expense and real estate tax recoveries totaled approximately 94% for the fourth quarter of 2020. The following is a summary of the Company's consolidated total collections of fourth quarter 2020 rent billings, including minimum rent, operating expense recoveries, and real estate tax reimbursements as of February 23, 2021: 2020 fourth quarter • 94% of 2020 fourth quarter total billings has been paid by our tenants. ▪ 94% of retail ▪ 93% of office ▪ 100% of residential ▪ Additionally, rent deferral agreements comprising approximately 0.5% of 2020 fourth quarter total billings have been executed. 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 February 23, 2021, no fourth quarter deferred rents have come due. Deferrals represent 9% of the total unpaid balance for the quarter. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2020 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent EventsThe Company has reviewed operating activities for the period subsequent to December 31, 2020 and prior to the date that financial statements are issued, February 25, 2021, and determined there are no subsequent events that are required to be disclosed. |
Real Estate and Accumulated Dep
Real Estate and Accumulated Depreciation | 12 Months Ended |
Dec. 31, 2020 | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract] | |
Real estate and accumulated depreciation | SAUL CENTERS, INC. Real Estate and Accumulated Depreciation December 31, 2020 (Dollars in Thousands) Costs Buildings Capitalized Basis at Close of Period and Initial Subsequent Land Buildings Construction in Progress Total Accumulated Book Related Date of Date Improvements Shopping Centers Ashbrook Marketplace, Ashburn, VA $ 8,938 $ 19,897 $ 8,938 $ 19,744 $ 153 $ 28,835 $ 453 $ 28,382 $ 21,922 2019 05/18 50 Ashburn Village, Ashburn, VA 11,431 20,493 6,764 25,138 22 31,924 14,989 16,935 25,253 1994 & 2000-6 3/94 40 Ashland Square Phase I, Dumfries, VA 1,178 5,298 1,178 5,298 — 6,476 2,438 4,038 — 2007, 2013 12/04 20 & 50 Beacon Center, Alexandria, VA 24,161 18,485 22,691 19,955 — 42,646 15,823 26,823 34,223 1960 & 1974 1/72 , 11/16 40 & 50 BJ’s Wholesale Club, Alexandria, VA 22,623 — 22,623 — — 22,623 — 22,623 10,018 3/08 — Boca Valley Plaza, Boca Raton, FL 16,720 2,614 5,735 13,599 — 19,334 5,681 13,653 — 2/04 40 Boulevard, Fairfax, VA 4,883 4,709 3,687 5,905 — 9,592 3,466 6,126 15,191 1969, 1999 & 2009 4/94 40 Briggs Chaney MarketPlace, Silver Spring, MD 27,037 4,711 9,789 21,959 — 31,748 9,966 21,782 — 4/04 40 Broadlands Village, Ashburn, VA 5,316 35,823 5,300 35,826 13 41,139 13,811 27,328 30,467 2002-3, 2004 & 2006 3/02 40 & 50 Burtonsville Town Square, Burtonsville, MD 74,212 6,261 28,401 51,821 251 80,473 5,184 75,289 35,836 2010 1/17 20 & 45 Countryside Marketplace, Sterling, VA 28,912 4,156 7,666 25,402 — 33,068 11,364 21,704 — 2/04 40 Cranberry Square, Westminster, MD 31,578 692 6,700 25,570 — 32,270 6,166 26,104 15,290 9/11 40 Cruse MarketPlace, Cumming, GA 12,226 688 3,901 9,013 — 12,914 3,914 9,000 — 3/04 40 Flagship Center, Rockville, MD 160 9 169 — — 169 — 169 — 1972 1/72 — French Market, Oklahoma City, OK 5,781 15,984 1,118 20,647 — 21,765 13,133 8,632 — 1972 & 1998 3/74 50 Germantown, Germantown, MD 2,034 566 2,034 566 — 2,600 455 2,145 — 1990 34,208 40 The Glen, Woodbridge, VA 12,918 8,466 5,300 16,084 — 21,384 10,659 10,725 21,933 1993 & 2005 6/94 40 Great Falls Center, Great Falls, VA 41,750 3,203 14,766 30,187 — 44,953 10,378 34,575 9,788 3/08 40 Hampshire Langley, Takoma, MD 3,159 3,368 1,892 4,635 — 6,527 4,008 2,519 13,480 1960 1/72 40 Hunt Club Corners, Apopka, FL 12,584 4,519 4,822 12,281 — 17,103 5,250 11,853 5,109 6/06, 12/12 40 Jamestown Place, Altamonte Springs, FL 14,055 2,245 4,455 11,845 — 16,300 4,694 11,606 6,110 11/05 40 Kentlands Square I, Gaithersburg, MD 14,379 2,996 5,006 12,369 — 17,375 4,474 12,901 22,012 2002 9/02 40 Kentlands Square II, Gaithersburg, MD 76,723 2,774 23,133 56,364 — 79,497 15,220 64,277 32,585 9/11, 9/13 40 Kentlands Place, Gaithersburg, MD 1,425 7,404 1,425 7,404 — 8,829 4,479 4,350 7,734 2005 1/04 50 Lansdowne Town Center, Leesburg, VA 6,545 43,227 6,546 43,220 6 49,772 17,708 32,064 29,657 2006 11/02 50 Leesburg Pike Plaza, Baileys Crossroads, VA 2,418 6,294 1,132 7,580 — 8,712 6,266 2,446 13,836 1965 2/66 40 Lumberton Plaza, Lumberton, NJ 4,400 11,612 950 15,041 21 16,012 13,709 2,303 — 1975 12/75 40 Metro Pike Center, Rockville, MD 33,123 4,832 26,064 7,944 3,947 37,955 2,046 35,909 — 12/10 40 Shops at Monocacy, Frederick, MD 9,541 14,385 9,260 14,666 — 23,926 6,643 17,283 27,836 2003-4 11/03 50 Northrock, Warrenton, VA 12,686 15,428 12,686 15,422 6 28,114 5,386 22,728 13,626 2009 01/08 50 Olde Forte Village, Ft. Washington, MD 15,933 6,795 5,409 17,319 — 22,728 8,646 14,082 21,204 2003-4 07/03 40 Olney, Olney, MD 4,963 2,623 3,079 4,507 — 7,586 3,487 4,099 12,125 1972 11/75 40 Orchard Park, Dunwoody, GA 19,377 1,553 7,751 13,179 — 20,930 4,457 16,473 9,136 7/07 40 Palm Springs Center, Altamonte Springs, FL 18,365 2,029 5,739 14,655 — 20,394 6,088 14,306 — 3/05 40 Ravenwood, Baltimore, MD 1,245 4,256 703 4,798 — 5,501 3,435 2,066 13,095 1959 & 2006 1/72 40 11503 Rockville Pike/5541 Nicholson Lane, Rockville, MD 26,561 24 22,113 4,472 — 26,585 1,146 25,439 — 10/10, 12/12 40 1500/1580/1582/1584 Rockville Pike, Rockville, MD 51,149 2,750 43,863 7,490 2,546 53,899 6,677 47,222 — 12/12, 1/14, 4/14, 12/14 5, 10, 5, 4 Seabreeze Plaza, Palm Harbor, FL 24,526 2,502 8,665 18,363 — 27,028 7,323 19,705 14,469 11/05 40 Market Place at Sea Colony, Bethany Beach, DE 2,920 261 1,147 2,034 — 3,181 674 2,507 — 3/08 40 Seven Corners, Falls Church, VA 4,848 45,770 4,929 45,689 — 50,618 32,078 18,540 58,607 1956 & 1997 26,846 40 Severna Park Marketplace, Severna Park, MD 63,254 526 12,700 51,080 — 63,780 11,856 51,924 28,480 9/11 40 Shops at Fairfax, Fairfax, VA 2,708 11,062 992 12,778 — 13,770 8,939 4,831 10,127 1975 & 1999 6/75 50 Smallwood Village Center, Waldorf, MD 17,819 8,345 6,402 19,762 — 26,164 9,655 16,509 — 1/06 40 Southdale, Glen Burnie, MD 18,895 25,098 15,254 28,739 — 43,993 23,105 20,888 — 1962 & 1986 1/72 , 11/16 40 Southside Plaza, Richmond, VA 6,728 11,381 1,878 16,231 — 18,109 13,105 5,004 — 1958 1/72 40 South Dekalb Plaza, Atlanta, GA 2,474 4,563 703 6,334 — 7,037 5,228 1,809 — 1970 2/76 40 Thruway, Winston-Salem, NC 7,848 26,569 7,693 26,693 31 34,417 19,638 14,779 — 1955 & 1965 5/72 40 Village Center, Centreville, VA 16,502 2,636 7,851 11,287 — 19,138 7,761 11,377 12,061 1990 34,208 40 Westview Village, Frederick, MD 6,047 25,265 6,047 25,265 — 31,312 10,448 20,864 — 2009 11/07 , 02/15 50 White Oak, Silver Spring, MD 6,277 6,020 4,649 7,446 202 12,297 6,307 5,990 21,704 1958 & 1967 1/72 40 Other Buildings / Improvements — 182 — 182 — 182 102 80 — Total Shopping Centers 841,335 461,349 421,698 873,788 7,198 1,302,684 407,918 894,766 592,914 Mixed-Use Properties Avenel Business Park, Gaithersburg, MD 21,459 33,526 3,756 51,229 — 54,985 40,108 14,877 25,224 1984, 1986,1990, 1998 & 2000 12/84, 8/85, 2/86, 4/98 & 10/2000 35 & 40 Clarendon Center, Arlington, VA (1) 12,753 186,314 16,287 182,780 — 199,067 51,725 147,342 94,712 2010 7/73, 1/96 & 4/02 50 Park Van Ness, Washington, DC 2,242 91,715 2,242 91,715 — 93,957 13,739 80,218 66,420 2016 7/73, 2/11 50 601 Pennsylvania Ave., Washington, DC 5,479 69,328 5,667 69,140 — 74,807 59,413 15,394 — 1986 26846 35 The Waycroft, Arlington, VA 52,067 225,226 52,025 216,617 8,651 277,293 4,722 272,571 146,083 2017 8/14, 12/14, 9/15, 8/16, 50 Washington Square, Alexandria, VA 2,034 57,078 544 58,568 — 59,112 30,081 29,031 55,398 1952 & 2000 26,846 50 Total Mixed-Use Properties 96,034 663,187 80,521 670,049 8,651 759,221 199,788 559,433 387,837 Development Land Ashland Square Phase II, Manassas, VA 5,292 4,642 7,029 — 2,905 9,934 — 9,934 — 12/04 New Market, New Market, MD 2,088 146 2,234 — — 2,234 — 2,234 — 9/05 Hampden House (formerly 7316 Wisconsin Avenue), Bethesda, MD 39,641 11,082 — 50,723 50,723 — 50,723 — 10/18, 12/18 Total Development Land 47,021 15,870 9,263 — 53,628 62,891 — 62,891 — Total $ 984,390 $ 1,140,406 $ 511,482 $ 1,543,837 $ 69,477 $ 2,124,796 $ 607,706 $ 1,517,090 $ 980,751 (1) Includes the North and South Blocks and Residential Depreciation and amortization related to the real estate investments reflected in the statements of operations is calculated over the estimated useful lives of the assets as follows: Base building Generally 35 - 50 years or a shorter period if management determines that the building has a shorter useful life. Building components Up to 20 years Tenant improvements The shorter of the term of the lease or the useful life of the improvements The aggregate remaining net basis of the real estate investments for federal income tax purposes was approximately $1.55 billion at December 31, 2020. Depreciation and amortization are provided on the declining balance and straight-line methods over the estimated useful lives of the assets. The changes in total real estate investments and related accumulated depreciation for each of the years in the three year period ended December 31, 2020 are summarized as follows: (In thousands) 2020 2019 2018 Total real estate investments: Balance, beginning of year $ 2,081,597 $ 1,948,165 $ 1,803,200 Acquisitions — — 48,579 Improvements 45,396 135,966 98,917 Retirements (2,197) (2,534) (2,531) Balance, end of year $ 2,124,796 $ 2,081,597 $ 1,948,165 Total accumulated depreciation: Balance, beginning of year $ 563,474 $ 525,518 $ 488,166 Depreciation expense 45,865 40,490 39,768 Retirements (1,633) (2,534) (2,416) Balance, end of year $ 607,706 $ 563,474 $ 525,518 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
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 significant estimates and assumptions relate to impairment of real estate properties and collectability of operating lease receivables. Actual results could differ from those estimates. |
Real Estate Investment Properties | Real Estate Investment Properties Real estate investment properties are stated at historic cost less depreciation. Although the Company intends to own its real estate investment properties over a long term, from time to time it will evaluate its market position, market conditions, and other factors and may elect to sell properties that do not conform to the Company’s investment profile. Management believes that the Company’s real estate assets have generally appreciated in value since their acquisition or development and, accordingly, the aggregate current value exceeds their aggregate net book value and also exceeds the value of the Company’s liabilities as reported in the financial statements. Because the financial statements are prepared in conformity with GAAP, they do not report the current value of the Company’s real estate investment properties. If there is an event or change in circumstance that indicates a potential impairment in the value of a real estate investment property, the Company prepares an analysis to determine whether the carrying value of the real estate investment property exceeds its estimated fair value. The Company considers both quantitative and qualitative factors including recurring operating losses, significant decreases in occupancy, and significant adverse changes in legal factors and business climate. If impairment indicators are present, the Company compares the projected cash flows of the property over its remaining useful life, on an undiscounted basis, to the carrying value of that property. The Company assesses its undiscounted projected cash flows based upon estimated capitalization rates, historic operating results and market conditions that may affect the property. If the carrying value is greater than the undiscounted projected cash flows, the Company would recognize an impairment loss equivalent to an amount required to adjust the carrying amount to its then estimated fair value. The fair value of any property is sensitive to the actual results of any of the aforementioned estimated factors, either individually or taken as a whole. Should the actual results differ from management’s projections, the valuation could be negatively or positively affected. The Company did not recognize an impairment loss on any of its real estate in 2020, 2019, or 2018. Depreciation is calculated using the straight-line method and estimated useful lives of generally between 35 and 50 years for base buildings, or a shorter period if management determines that the building has a shorter useful life, and up to 20 years for certain other improvements that extend the useful lives. Leasehold improvements expenditures are capitalized when certain criteria are met, including when the Company supervises construction and will own the improvements. Tenant improvements are amortized, over the shorter of the lives of the related leases or the useful life of the improvement, using the straight-line method. Depreciation expense, which is included in Depreciation and amortization of deferred leasing costs in the Consolidated Statements of Operations, for the years ended December 31, 2020, 2019, and 2018, was $45.9 million, $40.5 million, and $39.8 million, respectively. Repairs and maintenance expense totaled $11.1 million, $12.5 million, and $11.9 million for 2020, 2019, and 2018, respectively, and is included in property operating expenses in the accompanying consolidated financial statements. |
Assets Held for Sale | Assets Held for Sale The Company considers properties to be assets held for sale when all of the following criteria are met: • management commits to a plan to sell a property; • it is unlikely that the disposal plan will be significantly modified or discontinued; • the property is available for immediate sale in its present condition; • actions required to complete the sale of the property have been initiated; • sale of the property is probable and the Company expects the completed sale will occur within one year; and • the property is actively being marketed for sale at a price that is reasonable given its current market value. |
Revenue Recognition | Revenue Recognition Rental and interest income are accrued as earned. Recognition of rental income commences when control of the space has been given to the tenant. When rental payments due under leases vary from a straight-line basis because of free rent periods or stepped increases, income is recognized on a straight-line basis. Expense recoveries represent a portion of property operating expenses billed to the tenants, including common area maintenance, real estate taxes and other recoverable costs. Expense recoveries are recognized in the period in which the expenses are incurred. Rental income based on a tenant’s revenue (“percentage rent”) is accrued when a tenant reports sales that exceed a specified breakpoint, pursuant to the terms of their respective leases. |
Accounts Receivable, Accrued Income, and Allowance for Doubtful Accounts | Accounts Receivable, Accrued Income, and Allowance for Doubtful AccountsAccounts receivable are primarily comprised of rental and reimbursement billings due from tenants, and straight-line rent receivables representing the cumulative amount of adjustments necessary to present rental income on a straight-line basis. 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, and the charge off 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. We also assess whether operating lease receivables, at the portfolio level, are appropriately valued based upon an analysis of balances outstanding, effects of tenant bankruptcies, historical levels of bad debt and current economic trends. Additionally, because of the uncertainties related to the impact of the COVID-19 pandemic, our assessment also takes into consideration the types of business conducted by tenants and current discussions with the tenants, as well as recent rent collection experience. Evaluating and estimating uncollectable lease payments and related receivables requires a significant amount of judgment by management and is based on the best information available to management at the time of evaluation. |
Deferred Leasing Costs | Deferred Leasing CostsDeferred leasing costs consist of commissions paid to third-party leasing agents, internal direct costs such as employee compensation and payroll-related fringe benefits directly related to time spent performing leasing-related activities for successful commercial leases and amounts attributed to in place leases associated with acquired properties and are amortized, using the straight-line method, over the term of the lease or the remaining term of an acquired lease. Leasing related activities include evaluating the prospective tenant’s financial condition, evaluating and recording guarantees, collateral and other security arrangements, negotiating lease terms, preparing lease documents and closing the transaction. Unamortized deferred costs are charged to expense if the applicable lease is terminated prior to expiration of the initial lease term. |
Cash and Cash Equivalents | Cash and Cash Equivalents Cash and cash equivalents include short-term investments. Short-term investments include money market accounts and other investments which generally mature within three months, measured from the acquisition date, and/or are readily convertible to cash. Substantially all of the Company’s cash balances at December 31, 2020 are held in accounts at various banks. From time to time the Company may maintain deposits with financial institutions in amounts in excess of federally insured limits. The Company has not experienced any losses on such deposits and believes it is not exposed to any significant credit risk on those deposits. |
Deferred Income | Deferred Income Deferred income consists of payments received from tenants prior to the time they are earned and recognized by the Company as revenue, including tenant prepayment of rent for future periods, real estate taxes when the taxing jurisdiction has a fiscal year differing from the calendar year reimbursements specified in the lease agreement and tenant construction work provided by the Company. In addition, deferred income includes the fair value of certain below market leases. |
Derivative Financial Instruments | Derivative Financial Instruments The Company may, when appropriate, employ derivative instruments, such as interest-rate swaps, to mitigate the risk of interest rate fluctuations. The Company does not enter into derivative or other financial instruments for trading or speculative purposes. Derivative financial instruments are carried at fair value as either assets or liabilities on the consolidated balance sheets. For those derivative instruments that qualify, the Company may designate the hedging instrument, based upon the exposure being hedged, as a fair value hedge or a cash flow hedge. Derivative instruments that are designated as a hedge are evaluated to ensure they continue to qualify for hedge accounting. The effective portion of any gain or loss on the hedge instruments is reported as a component of accumulated other comprehensive income (loss) and recognized in earnings within the same line item associated with the forecasted transaction in the same period or periods during which the hedged transaction affects earnings. Any ineffective portion of the change in fair value of a derivative instrument is immediately recognized in earnings. For derivative instruments that do not meet the criteria for hedge accounting, or that qualify and are not designated, changes in fair value are immediately recognized in earnings. |
Income Taxes | Income Taxes The Company made an election to be treated, and intends to continue operating so as to qualify, as a REIT under the Code, commencing with its taxable year ended December 31, 1993. A REIT generally will not be subject to federal income taxation, provided that distributions to its stockholders equal or exceed its REIT taxable income and complies with certain other requirements. Therefore, no provision has been made for federal income taxes in the accompanying consolidated financial statements. |
Legal Contingencies | Legal Contingencies The Company is subject to various legal proceedings and claims that arise in the ordinary course of business, which are generally covered by insurance. Upon determination that a loss is probable to occur and can be reasonably estimated, the estimated amount of the loss is recorded in the financial statements. |
Recently Issued Accounting Standards | Recently Issued Accounting Standards In February 2016, the Financial Accounting Standards Board (‘‘FASB’’) issued Accounting Standards Update (‘‘ASU’’) 2016-02, ‘‘Leases’’ (“ASU 2016-02”). ASU 2016-02 amends the existing accounting standards for lease accounting, including requiring lessees to recognize most leases on their balance sheets and making targeted changes to lessor accounting. ASU 2016-02 is effective for annual periods beginning after December 15, 2018, interim periods within those years, and requires a modified retrospective transition approach for all leases existing at the date of initial application, with an option to use certain practical expedients for those existing leases. 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 have been 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 were 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 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 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 $0.9 million and $0.9 million, respectively, at December 31, 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, had no 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. In August 2017, the FASB issued ASU 2017-12, “Derivatives and Hedging” (“ASU 2017-12”). ASU 2017-12 amends financial reporting for hedging activities to better align that reporting with risk management activities. ASU 2017-12 expands and refines hedge accounting for both financial and nonfinancial risk components and aligns the recognition and presentation of the effects of the hedging instrument and the hedged item in the financial statements. Effective with the adoption of ASU 2017-12 on January 1, 2019, changes in the fair value of the Company’s interest rate swap related to changes in the cash flow of the hedged item are reported as a component of interest expense and amortization of deferred debt costs in the Statements of Operations. |
Reclassifications | ReclassificationsCertain reclassifications have been made to prior years to conform to the presentation used for year ended December 31, 2020. |
Accounting Policies (Tables)
Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Schedule of Accounts, Notes, Loans and Financing Receivable | At December 31, 2020 and December 31, 2019, accounts receivable was comprised of: (In thousands) December 31, 2020 December 31, 2019 Rents currently due $ 13,321 $ 7,235 Deferred rents and payment plans 8,205 474 Straight-line rent 44,863 42,088 Other receivables 3,751 2,967 Credit losses on operating lease receivables (5,223) (453) Total $ 64,917 $ 52,311 |
Real Estate (Tables)
Real Estate (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Real Estate [Abstract] | |
Schedule of Construction in Progress | The following table shows the components of construction in progress. December 31, (in thousands) 2020 2019 Hampden House (formerly 7316 Wisconsin Avenue) $ 50,723 $ 44,638 The Waycroft 8,651 255,443 Ashbrook Marketplace 153 19,128 Other 9,950 16,435 Total $ 69,477 $ 335,644 |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | The purchase price was allocated to assets acquired and liabilities assumed based on their relative fair values as shown in the following table. (in thousands) Ashbrook Marketplace Hampden House (formerly 7316 Wisconsin Avenue) Total Land $ 8,776 $ 38,662 $ 47,438 Buildings — 979 979 In-place Leases — 886 886 Above Market Rent — 168 168 Below Market Rent — (21) (21) Total Purchase Price $ 8,776 $ 40,674 $ 49,450 |
Amortization of intangible assets and deferred income related to in place leases | As of December 31, 2020, scheduled amortization of intangible assets and deferred income related to in place leases is as follows: (In thousands) Lease acquisition costs Above market leases Below market leases 2021 $ 495 $ 33 $ 1,409 2022 368 33 1,306 2023 317 33 1,297 2024 198 33 878 2025 153 33 601 Thereafter 843 309 3,253 Total $ 2,374 $ 474 $ 8,744 |
Mortgage Notes Payable, Revol_2
Mortgage Notes Payable, Revolving Credit Facility, Interest Expense and Amortization of Deferred Debt Costs (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Debt Disclosure [Abstract] | |
Scheduled maturities of all debt, including scheduled principal amortization | As of December 31, 2020, the scheduled maturities of all debt including scheduled principal amortization for years ended December 31 are as follows: (in thousands) Balloon Scheduled Total 2021 $ 11,012 $ 30,355 $ 41,367 2022 141,002 (a) 31,017 172,019 2023 84,225 31,481 115,706 2024 66,164 30,856 97,020 2025 20,363 27,860 48,223 Thereafter 569,330 116,586 685,916 Principal amount $ 892,096 $ 268,155 1,160,251 Unamortized deferred debt costs 9,337 Net $ 1,150,914 (a) Includes $104.5 million outstanding under the revolving facility. |
Components of interest expense | The components of interest expense are set forth below. (in thousands) Year ended December 31, 2020 2019 2018 Interest incurred $ 51,705 $ 52,044 $ 49,652 Amortization of deferred debt costs 1,570 1,518 1,610 Capitalized interest (6,616) (11,480) (6,222) Interest expense 46,659 42,082 45,040 Less: Interest income 140 248 272 Interest expense, net and amortization of deferred debt costs $ 46,519 $ 41,834 $ 44,768 |
Lease Agreements (Tables)
Lease Agreements (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Leases [Abstract] | |
Future contractual payments under noncancelable leases | Future contractual payments under noncancelable leases for years ended December 31 (which exclude the effect of straight-line rents), are as follows: (in thousands) 2021 $ 163,862 2022 146,574 2023 126,550 2024 102,118 2025 80,366 Thereafter 351,968 $ 971,438 |
Equity and Noncontrolling Int_2
Equity and Noncontrolling Interest Equity Weighted Average Shares Outstanding (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Noncontrolling Interest [Abstract] | |
Schedule of Weighted Average Number of Shares | Per share data for net income (basic and diluted) is computed using weighted average shares of common stock. Convertible limited partnership units and employee stock options are the Company’s potentially dilutive securities. For all periods presented, the convertible limited partnership units are anti-dilutive. The treasury stock method was used to measure the effect of the dilution. December 31, (Shares in thousands) 2020 2019 2018 Weighted average common shares outstanding - Basic 23,356 23,009 22,383 Effect of dilutive options 1 44 42 Weighted average common shares outstanding - Diluted 23,357 23,053 22,425 Average share price $ 33.84 $ 53.41 $ 52.50 Non-dilutive options 1,439 633 492 Years non-dilutive options were issued 2014 through 2020 2016, 2017 and 2019 2015, 2016 and 2017 |
Stock Option Plan (Tables)
Stock Option Plan (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Share-based Payment Arrangement [Abstract] | |
Stock Options Issued | Directors Officers Grant date May 11, 2018 May 3, 2019 April 24, 2020 May 11, 2018 May 3, 2019 April 24, 2020 Exercise price $ 49.46 $ 55.71 $ 50.00 $ 49.46 $ 55.71 $ 50.00 Volatility 0.192 0.236 0.258 0.177 0.206 0.240 Expected life (years) 5.0 5.0 5.0 7.0 7.0 7.0 Assumed yield 3.70 % 3.75 % 3.80 % 3.75 % 3.80 % 3.85 % Risk-free rate 2.84 % 2.33 % 0.36 % 2.94 % 2.43 % 0.51 % |
Summary of Option Activity | The table below summarizes the option activity for the years 2020, 2019, and 2018: 2020 2019 2018 Shares Weighted Shares Weighted Shares Weighted Outstanding at January 1 1,309,614 $ 53.38 1,114,169 $ 52.40 913,320 $ 52.80 Granted 238,000 50.00 260,000 55.71 245,000 49.46 Exercised (10,749) 49.19 (57,055) 44.53 (39,151) 42.98 Expired/Forfeited (34,195) 54.09 (7,500) 56.07 (5,000) 54.78 Outstanding December 31 1,502,670 52.86 1,309,614 53.38 1,114,169 52.40 Exercisable at December 31 971,545 53.01 763,614 52.43 600,919 50.93 |
Distributions (Tables)
Distributions (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Equity [Abstract] | |
Summary of distributions paid including activity in plan as well as limited partnership units issued from reinvestment of unit distributions | The following summarizes distributions paid during the years ended December 31, 2020, 2019, and 2018, and includes activity in the Plan as well as limited partnership units issued from the reinvestment of unit distributions: Total Distributions to Dividend Reinvestments (Dollars in thousands, except per share amounts) Preferred Common Limited Common Discounted Limited Partnership Units Issued Average Unit Price Distributions during 2020 4th Quarter $ 2,798 $ 12,371 $ 4,195 117,368 $ 24.08 23,370 $ 24.35 3rd Quarter 2,798 12,373 4,188 14,525 28.98 13,108 29.47 2nd Quarter 2,799 12,364 4,188 12,627 32.22 — — 1st Quarter 2,799 12,275 4,180 83,978 48.59 15,101 49.40 Total 2020 $ 11,194 $ 49,383 $ 16,751 228,498 51,579 Distributions during 2019 4th Quarter $ 3,531 $ 12,251 $ 4,173 104,558 $ 52.84 13,747 $ 53.73 3rd Quarter 2,953 12,195 4,166 105,753 53.66 13,406 54.56 2nd Quarter 2,953 12,116 4,155 99,804 51.38 20,041 51.99 1st Quarter 2,953 12,006 4,148 120,347 51.28 13,742 52.16 Total 2019 $ 12,390 $ 48,568 $ 16,642 430,462 60,936 Distributions during 2018 4th Quarter $ 2,953 $ 11,706 $ 4,062 216,476 $ 49.34 13,867 $ 50.20 3rd Quarter 2,953 11,590 4,055 201,500 51.68 13,107 52.60 2nd Quarter 2,672 11,545 3,942 85,202 47.54 42,422 47.83 1st Quarter 3,824 11,465 3,922 69,750 52.71 38,037 53.03 Total 2018 $ 12,402 $ 46,306 $ 15,981 572,928 107,433 |
Interim Results (Unaudited) (Ta
Interim Results (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Quarterly Financial Information Disclosure [Abstract] | |
Summary of results of operations for quarterly periods | The following summary presents the results of operations of the Company for the quarterly periods of calendar years 2020 and 2019. (In thousands, except per share amounts) 2020 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter Total revenue $ 56,943 $ 53,220 $ 56,760 $ 58,284 Net Income 16,829 10,208 11,603 11,676 Net income attributable to Saul Centers, Inc. 13,264 8,328 9,367 9,423 Net income available to common stockholders 10,466 5,530 6,569 6,623 Net income available to common stockholders per diluted share 0.45 0.24 0.28 0.28 (In thousands, except per share amounts) 2019 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter Total revenue $ 59,750 $ 58,141 $ 57,052 $ 56,582 Net Income 17,077 16,750 15,328 15,041 Net income attributable to Saul Centers, Inc. 13,447 13,232 12,226 12,818 Net income available to common stockholders 10,494 10,279 9,016 6,464 Net income available to common stockholders per basic and diluted share 0.46 0.45 0.39 0.27 |
Business Segments (Tables)
Business Segments (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Segment Reporting [Abstract] | |
Schedule of Business Segments | SAUL CENTERS, INC. (In thousands) Shopping Mixed-Use Corporate Consolidated As of or for the year ended December 31, 2020 Centers Properties and Other Totals Real estate rental operations: Revenue $ 161,854 $ 63,353 $ — $ 225,207 Expenses (35,198) (23,219) — (58,417) Income from real estate 126,656 40,134 — 166,790 Interest expense, net and amortization of deferred debt costs — — (46,519) (46,519) General and administrative — — (19,107) (19,107) Depreciation and amortization of deferred leasing costs (30,891) (20,235) — (51,126) Gain on sale of property 278 — — 278 Net income (loss) $ 96,043 $ 19,899 $ (65,626) $ 50,316 Capital investment $ 15,203 $ 40,965 $ — $ 56,168 Total assets $ 975,195 $ 643,503 $ 26,874 $ 1,645,572 As of or for the year ended December 31, 2019 Real estate rental operations: Revenue $ 167,888 $ 63,637 $ — $ 231,525 Expenses (36,119) (21,814) — (57,933) Income from real estate 131,769 41,823 — 173,592 Interest expense, net and amortization of deferred debt costs — — (41,834) (41,834) General and administrative — — (20,793) (20,793) Depreciation and amortization of deferred leasing costs (29,112) (17,221) — (46,333) Change in fair value of derivatives — — (436) (436) Net income (loss) $ 102,657 $ 24,602 $ (63,063) $ 64,196 Capital investment $ 33,968 $ 101,695 $ — $ 135,663 Total assets $ 980,096 $ 625,183 $ 13,061 $ 1,618,340 As of or for the year ended December 31, 2018 Real estate rental operations: Revenue $ 164,344 $ 62,875 $ — $ 227,219 Expenses (34,643) (20,935) — (55,578) Income from real estate 129,701 41,940 — 171,641 Interest expense, net and amortization of deferred debt costs — — (44,768) (44,768) General and administrative — — (18,459) (18,459) Depreciation and amortization of deferred leasing costs (29,251) (16,610) — (45,861) Change in fair value of derivatives — — (3) (3) Gain on sale of property 509 — — 509 Net income (loss) $ 100,959 $ 25,330 $ (63,230) $ 63,059 Capital investment $ 13,485 $ 115,165 $ — $ 128,650 Total assets $ 971,321 $ 537,500 $ 18,668 $ 1,527,489 |
Organization, Basis of Presen_2
Organization, Basis of Presentation - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2020propertystoretenantpartnership | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items] | |
Distribution of REIT taxable income (excluding net capital gains) to its stockholders | 90.00% |
Number of partnerships | partnership | 2 |
Number of stores | store | 33 |
Saul Holdings Limited Partnership | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items] | |
Percentage of ownership in operating partnership | 74.60% |
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 |
Revenue Benchmark | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items] | |
Number of tenants | tenant | 1 |
Percentage of total revenue | 2.50% |
Revenue Benchmark | Giant Food | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items] | |
Number of stores | store | 11 |
Percentage of total revenue | 5.40% |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies - Additional Information (Detail) | 12 Months Ended | |||
Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Jan. 01, 2019lease_option | |
Significant Accounting Policies [Line Items] | ||||
Depreciation and amortization of deferred leasing costs | $ 45,865,000 | $ 40,490,000 | $ 39,768,000 | |
Repairs and maintenance expense | 11,100,000 | 12,500,000 | 11,900,000 | |
Impairment of real estate | 0 | |||
Rental revenue, lease related reserves | 3,500,000 | |||
Rental revenue, charge offs | 1,700,000 | |||
Deferred leasing costs, net | 26,872,000 | 24,083,000 | ||
Accumulated amortization deferred leasing cost | (44,500,000) | (41,600,000) | ||
Amortization expense deferred leasing cost | 5,200,000 | 5,800,000 | 6,100,000 | |
Accrued penalties and interest | 0 | 0 | $ 0 | |
Tax basis of the company's real estate investments | 1,550,000,000 | $ 1,330,000,000 | ||
Right-of-use asset | 900,000 | |||
Operating lease liability | $ 900,000 | |||
Operating Lease, Liability, Statement of Financial Position [Extensible List] | us-gaap:LiabilitiesAbstract | |||
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 | |||
Minimum | Building | ||||
Significant Accounting Policies [Line Items] | ||||
Estimated useful life | 35 years | |||
Maximum | ||||
Significant Accounting Policies [Line Items] | ||||
Operating lease term of contract | 15 years | |||
Maximum | Building | ||||
Significant Accounting Policies [Line Items] | ||||
Estimated useful life | 50 years | |||
Maximum | Building Improvements | ||||
Significant Accounting Policies [Line Items] | ||||
Estimated useful life | 20 years |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Schedule of Accounts Receivable (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Credit losses on operating lease receivables | $ (5,223) | $ (453) |
Total | 64,917 | 52,311 |
Rents currently due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accounts receivable, before allowance for credit loss | 13,321 | 7,235 |
Deferred rents and payment plans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accounts receivable, before allowance for credit loss | 8,205 | 474 |
Straight-line rent | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accounts receivable, before allowance for credit loss | 44,863 | 42,088 |
Other receivables | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accounts receivable, before allowance for credit loss | $ 3,751 | $ 2,967 |
Real Estate - Schedule of Const
Real Estate - Schedule of Construction in Progress (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Sep. 01, 2019 |
Real Estate [Line Items] | |||
Development in process | $ 69,477 | $ 335,644 | |
Hampden House (formerly 7316 Wisconsin Avenue) | |||
Real Estate [Line Items] | |||
Development in process | 50,723 | 44,638 | $ 42,600 |
The Waycroft | |||
Real Estate [Line Items] | |||
Development in process | 8,651 | 255,443 | |
Ashbrook Marketplace | |||
Real Estate [Line Items] | |||
Development in process | 153 | 19,128 | |
Other | |||
Real Estate [Line Items] | |||
Development in process | $ 9,950 | $ 16,435 |
Real Estate - Additional Inform
Real Estate - Additional Information (Detail) | 1 Months Ended | 12 Months Ended | |||||||
Dec. 31, 2018USD ($) | Sep. 30, 2018USD ($) | May 31, 2018USD ($)ashares | Aug. 31, 2016shares | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Sep. 01, 2019USD ($) | Dec. 31, 2017USD ($) | |
Real Estate Properties [Line Items] | |||||||||
Acquisition costs | $ 200,000 | ||||||||
Development in process | $ 69,477,000 | $ 335,644,000 | |||||||
Total purchase price | $ 1,948,165,000 | 2,124,796,000 | 2,081,597,000 | $ 1,948,165,000 | $ 1,803,200,000 | ||||
Below market lease, carrying amount | 23,700,000 | 24,100,000 | |||||||
Below market lease, accumulated amortization | 15,000,000 | 13,900,000 | |||||||
Accretion income, intangible liabilities | 1,400,000 | 1,500,000 | 1,700,000 | ||||||
Above Market Rent | |||||||||
Real Estate Properties [Line Items] | |||||||||
Intangible assets gross carrying amount | 600,000 | 600,000 | |||||||
Intangible assets, accumulated amortization | 128,900 | 108,300 | |||||||
Amortization expense | $ 43,600 | 109,600 | 110,500 | ||||||
Weighted-average amortization period | 7 years | ||||||||
Below Market Rent | |||||||||
Real Estate Properties [Line Items] | |||||||||
Weighted-average amortization period | 5 years | ||||||||
Lease acquisition costs | |||||||||
Real Estate Properties [Line Items] | |||||||||
Intangible assets gross carrying amount | $ 11,000,000 | 11,700,000 | |||||||
Intangible assets, accumulated amortization | 8,600,000 | 8,500,000 | |||||||
Amortization expense | $ 600,000 | 900,000 | 1,300,000 | ||||||
Weighted-average amortization period | 4 years 3 months 18 days | ||||||||
Ashbrook Marketplace | |||||||||
Real Estate Properties [Line Items] | |||||||||
Limited partnership units issued | $ 8,800,000 | 8,776,000 | |||||||
Development in process | $ 153,000 | 19,128,000 | |||||||
Hampden House (formerly 7316 Wisconsin Avenue) | |||||||||
Real Estate Properties [Line Items] | |||||||||
Acquisition costs | $ 700,000 | ||||||||
Payments to acquire real estate | $ 35,500,000 | ||||||||
Development in process | $ 50,723,000 | $ 44,638,000 | $ 42,600,000 | ||||||
Parcel Adjacent to 7316 Wisconsin Avenue | |||||||||
Real Estate Properties [Line Items] | |||||||||
Payments to acquire real estate | 4,500,000 | ||||||||
BF Saul Real Estate Investment Trust | Ashbrook Marketplace | |||||||||
Real Estate Properties [Line Items] | |||||||||
Limited partnership units issued (in shares) | shares | 176,680 | 176,680 | |||||||
Area of land | a | 13.7 | ||||||||
2018 Acquisitions | |||||||||
Real Estate Properties [Line Items] | |||||||||
Total purchase price | 49,450,000 | 49,450,000 | |||||||
2018 Acquisitions | In-place Leases | |||||||||
Real Estate Properties [Line Items] | |||||||||
Intangible assets | 886,000 | 886,000 | |||||||
2018 Acquisitions | Above Market Rent | |||||||||
Real Estate Properties [Line Items] | |||||||||
Intangible assets | 168,000 | 168,000 | |||||||
2018 Acquisitions | Below Market Rent | |||||||||
Real Estate Properties [Line Items] | |||||||||
Intangible assets | $ 21,000 | $ 21,000 |
Real Estate - Allocation of Pur
Real Estate - Allocation of Purchase Prices to Acquired Assets and Liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Real Estate Properties [Line Items] | ||||
Land | $ 511,482 | |||
Buildings | 1,543,837 | |||
Total Purchase Price | $ 2,124,796 | $ 2,081,597 | $ 1,948,165 | $ 1,803,200 |
Ashbrook Marketplace | ||||
Real Estate Properties [Line Items] | ||||
Land | 8,776 | |||
Buildings | 0 | |||
Total Purchase Price | 8,776 | |||
Ashbrook Marketplace | In-place Leases | ||||
Real Estate Properties [Line Items] | ||||
Intangible assets | 0 | |||
Ashbrook Marketplace | Above Market Rent | ||||
Real Estate Properties [Line Items] | ||||
Intangible assets | 0 | |||
Ashbrook Marketplace | Below Market Rent | ||||
Real Estate Properties [Line Items] | ||||
Intangible assets | 0 | |||
Hampden House (formerly 7316 Wisconsin Avenue) | ||||
Real Estate Properties [Line Items] | ||||
Land | 38,662 | |||
Buildings | 979 | |||
Total Purchase Price | 40,674 | |||
Hampden House (formerly 7316 Wisconsin Avenue) | In-place Leases | ||||
Real Estate Properties [Line Items] | ||||
Intangible assets | (886) | |||
Hampden House (formerly 7316 Wisconsin Avenue) | Above Market Rent | ||||
Real Estate Properties [Line Items] | ||||
Intangible assets | (168) | |||
Hampden House (formerly 7316 Wisconsin Avenue) | Below Market Rent | ||||
Real Estate Properties [Line Items] | ||||
Intangible assets | (21) | |||
2018 Acquisitions | ||||
Real Estate Properties [Line Items] | ||||
Land | 47,438 | |||
Buildings | 979 | |||
Total Purchase Price | 49,450 | |||
2018 Acquisitions | In-place Leases | ||||
Real Estate Properties [Line Items] | ||||
Intangible assets | (886) | |||
2018 Acquisitions | Above Market Rent | ||||
Real Estate Properties [Line Items] | ||||
Intangible assets | (168) | |||
2018 Acquisitions | Below Market Rent | ||||
Real Estate Properties [Line Items] | ||||
Intangible assets | $ (21) |
Real Estate - Amortization of I
Real Estate - Amortization of Intangible Assets and Deferred Income Related to in Place Leases (Detail) $ in Thousands | Dec. 31, 2020USD ($) |
Below market leases | |
2021 | $ 1,409 |
2022 | 1,306 |
2023 | 1,297 |
2024 | 878 |
2025 | 601 |
Thereafter | 3,253 |
Total | 8,744 |
Lease acquisition costs | |
Finite-Lived Intangible Assets [Line Items] | |
2021 | 495 |
2022 | 368 |
2023 | 317 |
2024 | 198 |
2025 | 153 |
Thereafter | 843 |
Total | 2,374 |
Above market leases | |
Finite-Lived Intangible Assets [Line Items] | |
2021 | 33 |
2022 | 33 |
2023 | 33 |
2024 | 33 |
2025 | 33 |
Thereafter | 309 |
Total | $ 474 |
Noncontrolling Interests - Ho_2
Noncontrolling Interests - Holders of Convertible Limited Partnership Units in the Operating Partnership - Additional Information (Detail) - shares | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Noncontrolling Interests | |||
Noncontrolling Interest [Line Items] | |||
Limited partnership units (in shares) | 7,938,495 | ||
Limited partnership units, conversion ratio | 1 | ||
Outstanding stock percent that should be acquired for rights to be exercised | 39.90% | ||
Limited partnership units convertible to shares of common stock, eligible for conversion (in shares) | 1,947,000 | ||
Fully converted partnership units and diluted weighted average shares outstanding (in shares) | 31,300,000 | 30,900,000 | 30,200,000 |
Saul Holdings Limited Partnership | |||
Noncontrolling Interest [Line Items] | |||
Percentage of ownership in operating partnership | 74.60% | ||
Saul Holdings Limited Partnership | Noncontrolling Interests | |||
Noncontrolling Interest [Line Items] | |||
Percentage of ownership interest of noncontrolling interest | 25.40% |
Mortgage Notes Payable, Revol_3
Mortgage Notes Payable, Revolving Credit Facility, Interest Expense and Amortization of Deferred Debt Costs - Additional Information (Detail) - USD ($) | Jul. 24, 2020 | Jul. 14, 2020 | Nov. 12, 2019 | Jan. 10, 2019 | Dec. 31, 2020 | Oct. 01, 2021 | Oct. 01, 2020 | Mar. 03, 2020 | Feb. 10, 2020 | Dec. 31, 2019 | Nov. 21, 2019 | Jun. 03, 2019 | Jan. 04, 2019 | Dec. 31, 2018 |
Debt Instrument [Line Items] | ||||||||||||||
Outstanding debt | $ 1,200,000,000 | |||||||||||||
Fixed rate mortgages | 827,603,000 | $ 821,503,000 | ||||||||||||
Variable rate debt | 74,791,000 | 74,691,000 | ||||||||||||
Principal amount | 1,160,251,000 | 1,100,000,000 | ||||||||||||
Debt outstanding with fixed-rate | 938,400,000 | |||||||||||||
Debt outstanding with variable-rate | 162,500,000 | |||||||||||||
Remaining loan balance | 268,155,000 | |||||||||||||
Unamortized deferred debt costs | 9,337,000 | 9,700,000 | ||||||||||||
Accumulated amortization | 8,700,000 | 7,500,000 | ||||||||||||
Capitalization of debt issuance cost | 1,200,000 | 1,000,000 | $ 3,200,000 | |||||||||||
Mortgage Notes Payable | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Guarantor obligations, maximum exposure | 41,000,000 | 41,000,000 | ||||||||||||
Fixed rate mortgage notes payable | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Fixed rate mortgages | 980,800,000 | 938,400,000 | ||||||||||||
Variable rate loans payable | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Variable rate debt | 179,500,000 | |||||||||||||
New Facility | Line of Credit | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Line of credit facility, maximum borrowing capacity | $ 400,000,000 | |||||||||||||
Extension in line of credit facility period | 1 year | |||||||||||||
Available borrowing capacity | $ 220,300,000 | |||||||||||||
Outstanding line of credit | 104,500,000 | |||||||||||||
Letter of credit available borrowing capacity | 185,000 | |||||||||||||
New Facility | Line of Credit | Revolving Credit Facility | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Line of credit facility, maximum borrowing capacity | $ 325,000,000 | |||||||||||||
Interest rate spread on LIBOR | 1.40% | |||||||||||||
New Facility | Line of Credit | Revolving Credit Facility | Minimum | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Interest rate spread on LIBOR | 1.35% | |||||||||||||
New Facility | Line of Credit | Revolving Credit Facility | Maximum | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Interest rate spread on LIBOR | 1.95% | |||||||||||||
New Facility | Line of Credit | Term Facility | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Line of credit facility, maximum borrowing capacity | $ 75,000,000 | |||||||||||||
New Facility | Term Facility | Revolving Credit Facility | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Interest rate spread on LIBOR | 1.35% | |||||||||||||
New Facility | Term Facility | Revolving Credit Facility | Minimum | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Interest rate spread on LIBOR | 1.30% | |||||||||||||
New Facility | Term Facility | Revolving Credit Facility | Maximum | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Interest rate spread on LIBOR | 1.90% | |||||||||||||
Park Van Ness Loan | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Fixed rate mortgages | $ 66,400,000 | |||||||||||||
Guarantor obligations, maximum exposure | 3,300,000 | $ 3,300,000 | ||||||||||||
Park Van Ness Loan | Scenario, Forecast | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Guarantor obligations, maximum exposure | $ 0 | |||||||||||||
Kentlands Square I | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Remaining loan balance | 29,700,000 | |||||||||||||
Waycroft Construction Loan | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Guarantor obligations, maximum exposure | 23,600,000 | |||||||||||||
Remaining loan balance | 146,100,000 | |||||||||||||
Broadlands Village | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Guarantor obligations, maximum exposure | 3,800,000 | |||||||||||||
Remaining loan balance | 30,500,000 | |||||||||||||
Avenel Business Park | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Guarantor obligations, maximum exposure | 6,300,000 | |||||||||||||
Remaining loan balance | 25,200,000 | |||||||||||||
Countryside | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Remaining loan balance | $ 12,700,000 | |||||||||||||
Olde Forte Village | Four Point Six Five Maturing January Twenty Thirty Four | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Loan amount | $ 22,100,000 | |||||||||||||
Loan required periodic principal and interest payment | $ 124,700 | |||||||||||||
Loan term | 15 years | |||||||||||||
Loan fixed interest rate | 4.65% | |||||||||||||
Amortization schedule | 25 years | |||||||||||||
Balloon payment to be paid | $ 12,100,000 | |||||||||||||
Briggs Chancy MarketPlace | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Remaining loan balance | $ 12,400,000 | |||||||||||||
Shops at Monocacy | Four Point Six Five Maturing January Twenty Thirty Four | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Loan amount | $ 28,500,000 | |||||||||||||
Loan required periodic principal and interest payment | $ 152,600 | |||||||||||||
Loan term | 15 years | |||||||||||||
Loan fixed interest rate | 4.14% | |||||||||||||
Amortization schedule | 25 years | |||||||||||||
Shops at Monocacy | 4.69% fixed rate loan maturing in 2034 | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Balloon payment to be paid | $ 15,100,000 | |||||||||||||
Thruway | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Remaining loan balance | $ 35,600,000 | |||||||||||||
Ashbrook Marketplace | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Remaining loan balance | 21,900,000 | |||||||||||||
Ashbrook Marketplace | 3.80% Fixed Rate Loan Maturing In 2035 | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Loan amount | $ 22,100,000 | |||||||||||||
Loan required periodic principal and interest payment | $ 114,226 | |||||||||||||
Loan term | 15 years | |||||||||||||
Loan fixed interest rate | 3.80% | |||||||||||||
Amortization schedule | 25 years | |||||||||||||
Balloon payment to be paid | $ 11,500,000 | |||||||||||||
Ashbrook Marketplace | 3.43% Fixed Rate Loan Maturing in 2035 | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Loan amount | $ 30,000,000 | |||||||||||||
Loan required periodic principal and interest payment | $ 149,064 | |||||||||||||
Loan term | 15 years | |||||||||||||
Loan fixed interest rate | 3.43% | |||||||||||||
Amortization schedule | 25 years | |||||||||||||
Balloon payment to be paid | $ 15,300,000 | |||||||||||||
Debt Covenant | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Carrying value of properties collateralized | $ 1,200,000,000 | $ 1,100,000,000 | ||||||||||||
Credit agreement leverage ratio | 60.00% | |||||||||||||
Interest coverage ratio required minimum | 2 | |||||||||||||
Required fixed charge coverage ratio | 1.4 | |||||||||||||
Boca Valley Plaza | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Remaining loan balance | $ 9,200,000 | |||||||||||||
Palm Springs Center | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Remaining loan balance | $ 7,100,000 |
Mortgage Notes Payable, Revol_4
Mortgage Notes Payable, Revolving Credit Facility, Interest Expense and Amortization of Deferred Debt Costs - Scheduled Maturities of All Debt, Including Scheduled Principal Amortization (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Balloon Payments | ||
2021 | $ 11,012 | |
2022 | 141,002 | |
2023 | 84,225 | |
2024 | 66,164 | |
2025 | 20,363 | |
Thereafter | 569,330 | |
Balloon Payments | 892,096 | |
Scheduled Principal Amortization | ||
2021 | 30,355 | |
2022 | 31,017 | |
2023 | 31,481 | |
2024 | 30,856 | |
2025 | 27,860 | |
Thereafter | 116,586 | |
Scheduled Principal Amortization | 268,155 | |
Total | ||
2021 | 41,367 | |
2022 | 172,019 | |
2023 | 115,706 | |
2024 | 97,020 | |
2025 | 48,223 | |
Thereafter | 685,916 | |
Principal amount | 1,160,251 | $ 1,100,000 |
Unamortized deferred debt costs | 9,337 | $ 9,700 |
Net | $ 1,150,914 |
Mortgage Notes Payable, Revol_5
Mortgage Notes Payable, Revolving Credit Facility, Interest Expense and Amortization of Deferred Debt Costs - Interest Expense and Amortization of Deferred Debt Costs (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Debt Disclosure [Abstract] | |||
Interest incurred | $ 51,705 | $ 52,044 | $ 49,652 |
Amortization of deferred debt costs | 1,570 | 1,518 | 1,610 |
Capitalized interest | (6,616) | (11,480) | (6,222) |
Interest expense | 46,659 | 42,082 | 45,040 |
Less: Interest income | 140 | 248 | 272 |
Interest expense, net and amortization of deferred debt costs | $ 46,519 | $ 41,834 | $ 44,768 |
Lease Agreements - Additional I
Lease Agreements - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Leases [Abstract] | |||
Base rent | $ 188.6 | $ 185.7 | |
Base rent (including straight-line rent) | $ 184.7 | ||
Expense recoveries | 34.7 | 36.5 | 35.5 |
Payments for rent | $ 0.9 | $ 0.9 | |
Percentage rent | $ 1 |
Lease Agreements - Future Contr
Lease Agreements - Future Contractual Payments Under Noncancelable Leases (Detail) $ in Thousands | Dec. 31, 2020USD ($) |
Leases [Abstract] | |
2021 | $ 163,862 |
2022 | 146,574 |
2023 | 126,550 |
2024 | 102,118 |
2025 | 80,366 |
Thereafter | 351,968 |
Total future contractual payments | $ 971,438 |
Long-Term Lease Obligations - A
Long-Term Lease Obligations - Additional Information (Detail) | 12 Months Ended | ||
Dec. 31, 2020USD ($)property | Dec. 31, 2019USD ($)property | Dec. 31, 2018USD ($) | |
Leases Disclosure [Line Items] | |||
Number of properties subject to noncancelable long-term lease | property | 0 | 0 | |
Rent expense | $ 799,300 | $ 806,500 | |
Rent expense | $ 779,800 | ||
Flagship Center | |||
Leases Disclosure [Line Items] | |||
Number of developed parcels | property | 2 | ||
90-year Ground Leasehold Interest | |||
Leases Disclosure [Line Items] | |||
Ground leasehold interest period | 90 years | ||
Minimum annual lease rent over lease term | $ 1 | ||
99-year Ground Lease | |||
Leases Disclosure [Line Items] | |||
Ground leasehold interest period | 99 years | ||
Minimum annual lease rent over lease term | $ 1 | ||
Percent of underlying land held under a 99-year ground lease | 3.40% |
Equity and Noncontrolling Int_3
Equity and Noncontrolling Interest - Additional Information (Detail) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Class of Stock [Line Items] | |||
Income (loss) attributable to noncontrolling interest, before tax | $ 9.9 | $ 12.5 | $ 12.5 |
Series D Cumulative Redeemable Preferred Stock | |||
Class of Stock [Line Items] | |||
Depositary shares outstanding (in shares) | 3 | ||
Percentage of redeemable preferred stock | 6.125% | ||
Liquidation preference (in usd per share) | $ 25 | ||
Annual dividend on depositary shares (in usd per share) | $ 1.53125 | ||
Depository shares to cumulative redeemable preferred stock ratio | 1.00% | ||
Series E Cumulative Redeemable Preferred Stock | |||
Class of Stock [Line Items] | |||
Depositary shares outstanding (in shares) | 4.4 | ||
Percentage of redeemable preferred stock | 6.00% | ||
Liquidation preference (in usd per share) | $ 25 | ||
Annual dividend on depositary shares (in usd per share) | $ 1.50 | ||
Depository shares to cumulative redeemable preferred stock ratio | 1.00% |
Equity and Noncontrolling Int_4
Equity and Noncontrolling Interest - Per Share Data (Details) - $ / shares shares in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Class of Stock [Line Items] | |||
Weighted average common shares outstanding - basic (in shares) | 23,356 | 23,009 | 22,383 |
Effect of dilutive options (in shares) | 1 | 44 | 42 |
Weighted average common shares outstanding - diluted (in shares) | 23,357 | 23,053 | 22,425 |
Average share price (in usd per share) | $ 33.84 | $ 53.41 | $ 52.50 |
Options | |||
Class of Stock [Line Items] | |||
Non-dilutive options (in shares) | 1,439 | 633 | 492 |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Detail) | Nov. 05, 2019shares | Dec. 08, 2016 | May 31, 2018shares | Aug. 31, 2016USD ($)ashares | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) |
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% | 6.00% | 6.00% | ||||
Company contribution to a multi employer 401K plan at discretionary amount of employee's cash compensation, amount | $ 302,000 | $ 322,200 | $ 345,900 | ||||
Deferred compensation, employee contribution, percentage | 2.00% | ||||||
Deferred compensation, employer contribution, percentage | 3 | 3 | 3 | ||||
Deferred compensation, company contribution, amount | $ 241,300 | $ 345,200 | $ 282,500 | ||||
Deferred compensation, cumulative unfunded liability | 2,900,000 | 3,100,000 | |||||
Ancillary costs and expenses | 7,400,000 | 8,400,000 | 8,400,000 | ||||
Liability due to the Saul Organization for the company's share of these ancillary costs and expenses | 782,700 | 918,700 | |||||
Automatic renewal period | 12 months | ||||||
Insurance commissions and fees expense | 427,700 | $ 399,600 | $ 407,900 | ||||
Contribution Agreement | |||||||
Related Party Transaction [Line Items] | |||||||
Number of partnership units issued in transaction (in shares) | shares | 1,416,071 | ||||||
Estimated reimbursement of costs incurred | $ 6,100,000 | ||||||
BF Saul Real Estate Investment Trust | Ashbrook Marketplace | |||||||
Related Party Transaction [Line Items] | |||||||
Area of real estate property (in square feet) | a | 13.7 | ||||||
Limited partnership units issued (in shares) | shares | 176,680 | 176,680 | |||||
BF Saul Real Estate Investment Trust | Ashbrook Marketplace | Minimum | |||||||
Related Party Transaction [Line Items] | |||||||
Noncash financial or equity instrument consideration, future shares issued estimated value | $ 3,300,000 | ||||||
BF Saul Real Estate Investment Trust | Ashbrook Marketplace | Maximum | |||||||
Related Party Transaction [Line Items] | |||||||
Noncash financial or equity instrument consideration, future shares issued estimated value | $ 3,600,000 |
Stock Option Plan - Additional
Stock Option Plan - Additional Information (Detail) | Dec. 31, 2020USD ($)$ / sharesshares | Apr. 24, 2020USD ($)person$ / shares | May 03, 2019USD ($)person$ / sharesshares | May 11, 2018USD ($)person$ / sharesshares | Dec. 31, 2020USD ($)$ / sharesshares | Dec. 31, 2019$ / shares | Dec. 31, 2018$ / shares | Dec. 31, 2004shares |
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | ||||||||
Deferred compensation (in shares) | 118,628 | 11,574 | ||||||
Exercise price of options (in usd per share) | $ / shares | $ 50 | $ 55.71 | $ 49.46 | |||||
Closing price (in usd per share) | $ / shares | $ 31.68 | $ 31.68 | ||||||
Allocated share based compensation | $ | $ 1,200,000 | |||||||
Future expense | $ | $ 1,600,000 | $ 1,600,000 | ||||||
2017 Options | ||||||||
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | ||||||||
Exercise price of options (in usd per share) | $ / shares | $ 49.46 | |||||||
Fair value stock option grant | $ | $ 1,400,000 | |||||||
2018 Options | ||||||||
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | ||||||||
Exercise price of options (in usd per share) | $ / shares | $ 55.71 | |||||||
Fair value stock option grant | $ | $ 1,900,000 | |||||||
2019 Options | ||||||||
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | ||||||||
Exercise price of options (in usd per share) | $ / shares | $ 50 | |||||||
Closing price (in usd per share) | $ / shares | $ 28.02 | |||||||
Fair value stock option grant | $ | $ 200,000 | |||||||
Common Stock | ||||||||
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | ||||||||
Shares due to exercise of employee stock options and issuance of directors' deferred stock (in shares) | 7,354 | |||||||
Officer | 2017 Options | ||||||||
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | ||||||||
Number of individuals granted options | person | 22 | |||||||
Options vested | 25.00% | |||||||
Fair value stock option grant | $ | $ 1,200,000 | |||||||
Officer | 2018 Options | ||||||||
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | ||||||||
Number of individuals granted options | person | 23 | |||||||
Options vested | 25.00% | |||||||
Fair value stock option grant | $ | $ 1,700,000 | |||||||
Officer | 2019 Options | ||||||||
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | ||||||||
Number of individuals granted options | person | 20 | |||||||
Options vested | 25.00% | |||||||
Fair value stock option grant | $ | $ 200,000 | |||||||
Director | 2017 Options | ||||||||
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | ||||||||
Number of individuals granted options | person | 11 | |||||||
Fair value stock option grant | $ | $ 169,400 | |||||||
Director | 2018 Options | ||||||||
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | ||||||||
Number of individuals granted options | person | 11 | |||||||
Fair value stock option grant | $ | $ 226,600 | |||||||
Director | 2019 Options | ||||||||
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | ||||||||
Number of individuals granted options | person | 11 | |||||||
Fair value stock option grant | $ | $ 23,100 | |||||||
Stock options | ||||||||
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | ||||||||
Expiration period | 10 years | |||||||
Stock options | Amended 2004 Plan | ||||||||
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | ||||||||
Authorized shares for a grant (in shares) | 3,400,000 | |||||||
Stock options | 2017 Options | ||||||||
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | ||||||||
Options granted to purchase stocks (in shares) | 245,000 | |||||||
Stock options | 2018 Options | ||||||||
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | ||||||||
Options granted to purchase stocks (in shares) | 260,000 | |||||||
Stock options | 2019 Options | ||||||||
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | ||||||||
Options granted to purchase stocks (in shares) | 238,000 | |||||||
Stock options | Officer | ||||||||
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | ||||||||
Option vesting period | 4 years | |||||||
Stock options | Officer | 2017 Options | ||||||||
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | ||||||||
Option vesting period | 4 years | |||||||
Stock options | Officer | 2018 Options | ||||||||
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | ||||||||
Option vesting period | 4 years | |||||||
Stock options | Officer | 2019 Options | ||||||||
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | ||||||||
Option vesting period | 4 years | |||||||
Incentive stock option | 2017 Options | ||||||||
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | ||||||||
Options granted to purchase stocks (in shares) | 25,914 | |||||||
Incentive stock option | 2018 Options | ||||||||
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | ||||||||
Options granted to purchase stocks (in shares) | 34,651 | |||||||
Incentive stock option | 2019 Options | ||||||||
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | ||||||||
Options granted to purchase stocks (in shares) | 29,624 | |||||||
Nonqualified stock options | 2017 Options | ||||||||
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | ||||||||
Options granted to purchase stocks (in shares) | 219,086 | |||||||
Nonqualified stock options | 2018 Options | ||||||||
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | ||||||||
Options granted to purchase stocks (in shares) | 225,349 | |||||||
Nonqualified stock options | 2019 Options | ||||||||
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | ||||||||
Options granted to purchase stocks (in shares) | 208,376 |
Stock Option Plan - Stock Optio
Stock Option Plan - Stock Options Issued (Detail) | 12 Months Ended | ||
Dec. 31, 2020$ / shares | Dec. 31, 2019$ / shares | Dec. 31, 2018$ / shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Exercise price (in usd per share) | $ 49.19 | $ 44.53 | $ 42.98 |
Directors | May 11, 2018 | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Exercise price (in usd per share) | $ 49.46 | ||
Volatility | 0.192 | ||
Expected life (years) | 5 years | ||
Assumed yield | 3.70% | ||
Risk-free rate | 2.84% | ||
Directors | May 3, 2019 | |||
Share-based Compensation Arrangement by Share-based Payment Award [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 Arrangement by Share-based Payment Award [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 11, 2018 | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Exercise price (in usd per share) | $ 49.46 | ||
Volatility | 0.177 | ||
Expected life (years) | 7 years | ||
Assumed yield | 3.75% | ||
Risk-free rate | 2.94% | ||
Officers | May 3, 2019 | |||
Share-based Compensation Arrangement by Share-based Payment Award [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 Arrangement by Share-based Payment Award [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 Option Plan - Summary of
Stock Option Plan - Summary of Option Activity (Detail) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Shares | |||
Outstanding at January 1 (in shares) | 1,309,614 | 1,114,169 | 913,320 |
Granted (in shares) | 238,000 | 260,000 | 245,000 |
Exercised (in shares) | (10,749) | (57,055) | (39,151) |
Expired/Forfeited (in shares) | (34,195) | (7,500) | (5,000) |
Outstanding December 31 (in shares) | 1,502,670 | 1,309,614 | 1,114,169 |
Options exercisable (in shares) | 971,545 | 763,614 | 600,919 |
Weighted Average Exercise Price | |||
Outstanding at January 1 (in usd per share) | $ 53.38 | $ 52.40 | $ 52.80 |
Granted (in usd per share) | 50 | 55.71 | 49.46 |
Exercised (in usd per share) | 49.19 | 44.53 | 42.98 |
Expired/Forfeited (in usd per share) | 54.09 | 56.07 | 54.78 |
Outstanding December 31 (in usd per share) | 52.86 | 53.38 | 52.40 |
Exercisable at December 31 (in usd per share) | $ 53.01 | $ 52.43 | $ 50.93 |
Intrinsic value of options exercised | $ 0.1 | $ 0.6 | $ 0.5 |
Closing price (in usd per share) | $ 31.68 | ||
Weighted average remaining life of options exercisable | 5 years 2 months 12 days | ||
Weighted average remaining life of options outstanding | 5 years |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments - Additional Information (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Fair Value of Financial Instruments [Line Items] | ||
Interest rate | 3.40% | 3.55% |
Notes payable, fair value | $ 981,000 | $ 957,400 |
Fixed rate mortgages | 827,603 | 821,503 |
Fixed rate mortgage notes payable | ||
Fair Value of Financial Instruments [Line Items] | ||
Fixed rate mortgages | $ 980,800 | $ 938,400 |
Distributions - Additional Info
Distributions - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | Jan. 31, 2020 | Jan. 15, 2020 | Jan. 02, 2020 | Dec. 31, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Dividends [Line Items] | |||||||
Common stock issued, discount rate | 3.00% | ||||||
Common stock distributions (in usd per share) | $ 2.12 | $ 2.12 | $ 2.08 | ||||
Dividends declared per common share outstanding (in usd per share) | $ 0.53 | ||||||
Common stock dividend paid | $ 12,400 | ||||||
Distribution to limited partnership unitholders | $ 4,200 | $ 16,751 | $ 16,642 | $ 15,981 | |||
Distributions partnership units (in usd per share) | $ 0.53 | ||||||
Preferred stock distributions | $ 2,800 | ||||||
Dividend Income | |||||||
Dividends [Line Items] | |||||||
Common stock distributions (in usd per share) | $ 1.43 | $ 2 | $ 1.61 | ||||
Return on Invested Capital | |||||||
Dividends [Line Items] | |||||||
Return of capital (in usd per share) | $ 0.69 | 0.69 | 0.12 | 0.47 | |||
Series C Preferred Stock | |||||||
Dividends [Line Items] | |||||||
Preferred stock dividend (in usd per share) | 1.80 | 1.72 | |||||
Depositary Shares each representing 1/100th of a share of 6.125% Series D Cumulative Redeemable Preferred Stock, Par Value $0.01 Per Share | |||||||
Dividends [Line Items] | |||||||
Preferred stock dividend (in usd per share) | 1.53 | 1.53 | $ 1.05 | ||||
Dividends declared per preferred share outstanding (in usd per share) | $ 0.3828 | ||||||
Depositary Shares each representing 1/100th of a share of 6.000% Series E Cumulative Redeemable Preferred Stock, Par Value $0.01 Per Share | |||||||
Dividends [Line Items] | |||||||
Preferred stock dividend (in usd per share) | $ 1.50 | $ 0.06 | |||||
Dividends declared per preferred share outstanding (in usd per share) | $ 0.3750 |
Distributions - Summary of Dist
Distributions - Summary of Distributions Paid Including Activity in Plan as well as Limited Partnership Units Issued from Reinvestment of Unit Distributions (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Dividends [Line Items] | |||||||||||||||
Preferred Stockholders | $ 11,194 | $ 12,390 | $ 12,402 | ||||||||||||
Common Stockholders | 49,383 | 48,568 | 46,306 | ||||||||||||
Limited Partnership Unitholders | $ 16,751 | $ 16,642 | $ 15,981 | ||||||||||||
Common Stock Shares Issued (in shares) | 228,498,000 | 430,462,000 | 572,928,000 | ||||||||||||
Limited Partnership Units Issued (in shares) | 51,579,000 | 60,936,000 | 107,433,000 | ||||||||||||
4th Quarter | |||||||||||||||
Dividends [Line Items] | |||||||||||||||
Preferred Stockholders | $ 2,798 | $ 3,531 | $ 2,953 | ||||||||||||
Common Stockholders | 12,371 | 12,251 | 11,706 | ||||||||||||
Limited Partnership Unitholders | $ 4,195 | $ 4,173 | $ 4,062 | ||||||||||||
Common Stock Shares Issued (in shares) | 117,368,000 | 104,558,000 | 216,476,000 | ||||||||||||
Discounted Share Price (in usd per share) | $ 24.08 | $ 52.84 | $ 49.34 | $ 24.08 | $ 52.84 | $ 49.34 | |||||||||
Limited Partnership Units Issued (in shares) | 23,370,000 | 13,747,000 | 13,867,000 | ||||||||||||
Average Unit Price (in usd per share) | $ 24.35 | $ 53.73 | $ 50.20 | $ 24.35 | $ 53.73 | $ 50.20 | |||||||||
3rd Quarter | |||||||||||||||
Dividends [Line Items] | |||||||||||||||
Preferred Stockholders | $ 2,798 | $ 2,953 | $ 2,953 | ||||||||||||
Common Stockholders | 12,373 | 12,195 | 11,590 | ||||||||||||
Limited Partnership Unitholders | $ 4,188 | $ 4,166 | $ 4,055 | ||||||||||||
Common Stock Shares Issued (in shares) | 14,525,000 | 105,753,000 | 201,500,000 | ||||||||||||
Discounted Share Price (in usd per share) | $ 28.98 | $ 53.66 | $ 51.68 | ||||||||||||
Limited Partnership Units Issued (in shares) | 13,108,000 | 13,406,000 | 13,107,000 | ||||||||||||
Average Unit Price (in usd per share) | $ 29.47 | $ 54.56 | $ 52.60 | ||||||||||||
2nd Quarter | |||||||||||||||
Dividends [Line Items] | |||||||||||||||
Preferred Stockholders | $ 2,799 | $ 2,953 | $ 2,672 | ||||||||||||
Common Stockholders | 12,364 | 12,116 | 11,545 | ||||||||||||
Limited Partnership Unitholders | $ 4,188 | $ 4,155 | $ 3,942 | ||||||||||||
Common Stock Shares Issued (in shares) | 12,627,000 | 99,804,000 | 85,202,000 | ||||||||||||
Discounted Share Price (in usd per share) | $ 32.22 | $ 51.38 | $ 47.54 | ||||||||||||
Limited Partnership Units Issued (in shares) | 0 | 20,041,000 | 42,422,000 | ||||||||||||
Average Unit Price (in usd per share) | $ 0 | $ 51.99 | $ 47.83 | ||||||||||||
1st Quarter | |||||||||||||||
Dividends [Line Items] | |||||||||||||||
Preferred Stockholders | $ 2,799 | $ 2,953 | $ 3,824 | ||||||||||||
Common Stockholders | 12,275 | 12,006 | 11,465 | ||||||||||||
Limited Partnership Unitholders | $ 4,180 | $ 4,148 | $ 3,922 | ||||||||||||
Common Stock Shares Issued (in shares) | 83,978,000 | 120,347,000 | 69,750,000 | ||||||||||||
Discounted Share Price (in usd per share) | $ 48.59 | $ 51.28 | $ 52.71 | ||||||||||||
Limited Partnership Units Issued (in shares) | 15,101,000 | 13,742,000 | 38,037,000 | ||||||||||||
Average Unit Price (in usd per share) | $ 49.40 | $ 52.16 | $ 53.03 |
Interim Results (Unaudited) - S
Interim Results (Unaudited) - Summary of Results of Operations for Quarterly Periods (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Total revenue | $ 58,284 | $ 56,760 | $ 53,220 | $ 56,943 | $ 56,582 | $ 57,052 | $ 58,141 | $ 59,750 | $ 225,207 | $ 231,525 | $ 227,219 |
Net Income | 11,676 | 11,603 | 10,208 | 16,829 | 15,041 | 15,328 | 16,750 | 17,077 | |||
Net income attributable to Saul Centers, Inc. | 9,423 | 9,367 | 8,328 | 13,264 | 12,818 | 12,226 | 13,232 | 13,447 | 40,382 | 51,723 | 50,554 |
Net income available to common stockholders | $ 6,623 | $ 6,569 | $ 5,530 | $ 10,466 | $ 6,464 | $ 9,016 | $ 10,279 | $ 10,494 | $ 29,188 | $ 36,253 | $ 35,964 |
Net income available to common stockholders per diluted share (in usd per share) | $ 0.28 | $ 0.28 | $ 0.24 | $ 0.45 | $ 1.25 | $ 1.57 | $ 1.60 | ||||
Net income available to common stockholders per basic and diluted share (in usd per share) | $ 0.27 | $ 0.39 | $ 0.45 | $ 0.46 |
Business Segments - Additional
Business Segments - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2020segment | |
Segment Reporting [Abstract] | |
Number of reportable business segments | 2 |
Business Segments (Detail)
Business Segments (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Segment Reporting Information [Line Items] | |||||||||||
Total revenue | $ 58,284 | $ 56,760 | $ 53,220 | $ 56,943 | $ 56,582 | $ 57,052 | $ 58,141 | $ 59,750 | $ 225,207 | $ 231,525 | $ 227,219 |
Expenses | (58,417) | (57,933) | (55,578) | ||||||||
Income from real estate | 166,790 | 173,592 | 171,641 | ||||||||
Interest expense, net and amortization of deferred debt costs | (46,519) | (41,834) | (44,768) | ||||||||
General and administrative | (19,107) | (20,793) | (18,459) | ||||||||
Depreciation and amortization of deferred leasing costs | (51,126) | (46,333) | (45,861) | ||||||||
Change in fair value of derivatives | 0 | (436) | (3) | ||||||||
Gain on sale of property | 278 | 0 | 509 | ||||||||
Net income (loss) | 50,316 | 64,196 | 63,059 | ||||||||
Capital investment | 56,168 | 135,663 | 128,650 | ||||||||
Total assets | 1,645,572 | 1,618,340 | 1,645,572 | 1,618,340 | 1,527,489 | ||||||
Operating Segments | Shopping Centers | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenue | 161,854 | 167,888 | 164,344 | ||||||||
Expenses | (35,198) | (36,119) | (34,643) | ||||||||
Income from real estate | 126,656 | 131,769 | 129,701 | ||||||||
Interest expense, net and amortization of deferred debt costs | 0 | 0 | 0 | ||||||||
General and administrative | 0 | 0 | 0 | ||||||||
Depreciation and amortization of deferred leasing costs | (30,891) | (29,112) | (29,251) | ||||||||
Change in fair value of derivatives | 0 | 0 | |||||||||
Gain on sale of property | 278 | 509 | |||||||||
Net income (loss) | 96,043 | 102,657 | 100,959 | ||||||||
Capital investment | 15,203 | 33,968 | 13,485 | ||||||||
Total assets | 975,195 | 980,096 | 975,195 | 980,096 | 971,321 | ||||||
Operating Segments | Mixed-Use Properties | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenue | 63,353 | 63,637 | 62,875 | ||||||||
Expenses | (23,219) | (21,814) | (20,935) | ||||||||
Income from real estate | 40,134 | 41,823 | 41,940 | ||||||||
Interest expense, net and amortization of deferred debt costs | 0 | 0 | 0 | ||||||||
General and administrative | 0 | 0 | 0 | ||||||||
Depreciation and amortization of deferred leasing costs | (20,235) | (17,221) | (16,610) | ||||||||
Change in fair value of derivatives | 0 | 0 | |||||||||
Gain on sale of property | 0 | 0 | |||||||||
Net income (loss) | 19,899 | 24,602 | 25,330 | ||||||||
Capital investment | 40,965 | 101,695 | 115,165 | ||||||||
Total assets | 643,503 | 625,183 | 643,503 | 625,183 | 537,500 | ||||||
Corporate | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenue | 0 | 0 | 0 | ||||||||
Expenses | 0 | 0 | 0 | ||||||||
Income from real estate | 0 | 0 | 0 | ||||||||
Interest expense, net and amortization of deferred debt costs | (46,519) | (41,834) | (44,768) | ||||||||
General and administrative | (19,107) | (20,793) | (18,459) | ||||||||
Depreciation and amortization of deferred leasing costs | 0 | 0 | 0 | ||||||||
Change in fair value of derivatives | (436) | (3) | |||||||||
Gain on sale of property | 0 | 0 | |||||||||
Net income (loss) | (65,626) | (63,063) | (63,230) | ||||||||
Capital investment | 0 | 0 | 0 | ||||||||
Total assets | $ 26,874 | $ 13,061 | $ 26,874 | $ 13,061 | $ 18,668 |
Impact of COVID-19 - Narrative
Impact of COVID-19 - Narrative (Details) | 3 Months Ended | 14 Months Ended |
Dec. 31, 2020 | Feb. 22, 2022 | |
Subsequent Event [Line Items] | ||
Rent deferral period | 3 months | |
Subsequent Event | ||
Subsequent Event [Line Items] | ||
Deferred Rent, Percent Due | 0 | |
Contractual Base Rent, Operating Expense And Real Estate Recoveries Collected | Revenue | ||
Subsequent Event [Line Items] | ||
Percentage of total revenue | 94.00% | |
Operating lease income subject to deferral agreements | Outstanding Billings | Revenue | ||
Subsequent Event [Line Items] | ||
Percentage of total revenue | 0.50% | |
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 | 9.00% | |
Retail Real Estate | Contractual Base Rent, Operating Expense And Real Estate Recoveries Collected | Revenue | ||
Subsequent Event [Line Items] | ||
Percentage of total revenue | 94.00% | |
Office Real Estate | Contractual Base Rent, Operating Expense And Real Estate Recoveries Collected | Revenue | ||
Subsequent Event [Line Items] | ||
Percentage of total revenue | 93.00% | |
Residential Real Estate | Contractual Base Rent, Operating Expense And Real Estate Recoveries Collected | Revenue | ||
Subsequent Event [Line Items] | ||
Percentage of total revenue | 100.00% |
Real Estate and Accumulated D_2
Real Estate and Accumulated Depreciation (Detail) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Real Estate Properties [Line Items] | ||||
Initial Basis | $ 984,390 | |||
Cost capitalized subsequent to acquisition | 1,140,406 | |||
Land | 511,482 | |||
Buildings | 1,543,837 | |||
Construction in progress | 69,477 | $ 335,644 | ||
Total Purchase Price | 2,124,796 | 2,081,597 | $ 1,948,165 | $ 1,803,200 |
Accumulated Depreciation | 607,706 | 563,474 | $ 525,518 | $ 488,166 |
Book Value | 1,517,090 | 1,518,123 | ||
Fixed rate mortgages | 827,603 | 821,503 | ||
Development land, related debt | 144,607 | $ 108,623 | ||
Total, related debt | 980,751 | |||
Shopping Centers | ||||
Real Estate Properties [Line Items] | ||||
Initial Basis | 841,335 | |||
Cost capitalized subsequent to acquisition | 461,349 | |||
Land | 421,698 | |||
Buildings | 873,788 | |||
Construction in progress | 7,198 | |||
Total Purchase Price | 1,302,684 | |||
Accumulated Depreciation | 407,918 | |||
Book Value | 894,766 | |||
Fixed rate mortgages | 592,914 | |||
Shopping Centers | Ashbrook Marketplace, Ashburn, VA | ||||
Real Estate Properties [Line Items] | ||||
Initial Basis | 8,938 | |||
Cost capitalized subsequent to acquisition | 19,897 | |||
Land | 8,938 | |||
Buildings | 19,744 | |||
Construction in progress | 153 | |||
Total Purchase Price | 28,835 | |||
Accumulated Depreciation | 453 | |||
Book Value | 28,382 | |||
Fixed rate mortgages | $ 21,922 | |||
Buildings and Improvements Depreciable Lives in Years | 50 years | |||
Shopping Centers | Ashburn Village, Ashburn, VA | ||||
Real Estate Properties [Line Items] | ||||
Initial Basis | $ 11,431 | |||
Cost capitalized subsequent to acquisition | 20,493 | |||
Land | 6,764 | |||
Buildings | 25,138 | |||
Construction in progress | 22 | |||
Total Purchase Price | 31,924 | |||
Accumulated Depreciation | 14,989 | |||
Book Value | 16,935 | |||
Fixed rate mortgages | $ 25,253 | |||
Buildings and Improvements Depreciable Lives in Years | 40 years | |||
Shopping Centers | Ashland Square Phase I, Dumfries, VA | ||||
Real Estate Properties [Line Items] | ||||
Initial Basis | $ 1,178 | |||
Cost capitalized subsequent to acquisition | 5,298 | |||
Land | 1,178 | |||
Buildings | 5,298 | |||
Construction in progress | 0 | |||
Total Purchase Price | 6,476 | |||
Accumulated Depreciation | 2,438 | |||
Book Value | 4,038 | |||
Fixed rate mortgages | $ 0 | |||
Shopping Centers | Ashland Square Phase I, Dumfries, VA | Minimum | ||||
Real Estate Properties [Line Items] | ||||
Buildings and Improvements Depreciable Lives in Years | 20 years | |||
Shopping Centers | Ashland Square Phase I, Dumfries, VA | Maximum | ||||
Real Estate Properties [Line Items] | ||||
Buildings and Improvements Depreciable Lives in Years | 50 years | |||
Shopping Centers | Beacon Center, Alexandria, VA | ||||
Real Estate Properties [Line Items] | ||||
Initial Basis | $ 24,161 | |||
Cost capitalized subsequent to acquisition | 18,485 | |||
Land | 22,691 | |||
Buildings | 19,955 | |||
Construction in progress | 0 | |||
Total Purchase Price | 42,646 | |||
Accumulated Depreciation | 15,823 | |||
Book Value | 26,823 | |||
Fixed rate mortgages | $ 34,223 | |||
Shopping Centers | Beacon Center, Alexandria, VA | Minimum | ||||
Real Estate Properties [Line Items] | ||||
Buildings and Improvements Depreciable Lives in Years | 40 years | |||
Shopping Centers | Beacon Center, Alexandria, VA | Maximum | ||||
Real Estate Properties [Line Items] | ||||
Buildings and Improvements Depreciable Lives in Years | 50 years | |||
Shopping Centers | BJ’s Wholesale Club, Alexandria, VA | ||||
Real Estate Properties [Line Items] | ||||
Initial Basis | $ 22,623 | |||
Cost capitalized subsequent to acquisition | 0 | |||
Land | 22,623 | |||
Buildings | 0 | |||
Construction in progress | 0 | |||
Total Purchase Price | 22,623 | |||
Accumulated Depreciation | 0 | |||
Book Value | 22,623 | |||
Fixed rate mortgages | $ 10,018 | |||
Buildings and Improvements Depreciable Lives in Years | 0 years | |||
Shopping Centers | Boca Valley Plaza, Boca Raton, FL | ||||
Real Estate Properties [Line Items] | ||||
Initial Basis | $ 16,720 | |||
Cost capitalized subsequent to acquisition | 2,614 | |||
Land | 5,735 | |||
Buildings | 13,599 | |||
Construction in progress | 0 | |||
Total Purchase Price | 19,334 | |||
Accumulated Depreciation | 5,681 | |||
Book Value | 13,653 | |||
Fixed rate mortgages | $ 0 | |||
Buildings and Improvements Depreciable Lives in Years | 40 years | |||
Shopping Centers | Boulevard, Fairfax, VA | ||||
Real Estate Properties [Line Items] | ||||
Initial Basis | $ 4,883 | |||
Cost capitalized subsequent to acquisition | 4,709 | |||
Land | 3,687 | |||
Buildings | 5,905 | |||
Construction in progress | 0 | |||
Total Purchase Price | 9,592 | |||
Accumulated Depreciation | 3,466 | |||
Book Value | 6,126 | |||
Fixed rate mortgages | $ 15,191 | |||
Buildings and Improvements Depreciable Lives in Years | 40 years | |||
Shopping Centers | Briggs Chaney MarketPlace, Silver Spring, MD | ||||
Real Estate Properties [Line Items] | ||||
Initial Basis | $ 27,037 | |||
Cost capitalized subsequent to acquisition | 4,711 | |||
Land | 9,789 | |||
Buildings | 21,959 | |||
Construction in progress | 0 | |||
Total Purchase Price | 31,748 | |||
Accumulated Depreciation | 9,966 | |||
Book Value | 21,782 | |||
Fixed rate mortgages | $ 0 | |||
Buildings and Improvements Depreciable Lives in Years | 40 years | |||
Shopping Centers | Broadlands Village, Ashburn, VA | ||||
Real Estate Properties [Line Items] | ||||
Initial Basis | $ 5,316 | |||
Cost capitalized subsequent to acquisition | 35,823 | |||
Land | 5,300 | |||
Buildings | 35,826 | |||
Construction in progress | 13 | |||
Total Purchase Price | 41,139 | |||
Accumulated Depreciation | 13,811 | |||
Book Value | 27,328 | |||
Fixed rate mortgages | $ 30,467 | |||
Shopping Centers | Broadlands Village, Ashburn, VA | Minimum | ||||
Real Estate Properties [Line Items] | ||||
Buildings and Improvements Depreciable Lives in Years | 40 years | |||
Shopping Centers | Broadlands Village, Ashburn, VA | Maximum | ||||
Real Estate Properties [Line Items] | ||||
Buildings and Improvements Depreciable Lives in Years | 50 years | |||
Shopping Centers | Burtonsville Town Square, Burtonsville, MD | ||||
Real Estate Properties [Line Items] | ||||
Initial Basis | $ 74,212 | |||
Cost capitalized subsequent to acquisition | 6,261 | |||
Land | 28,401 | |||
Buildings | 51,821 | |||
Construction in progress | 251 | |||
Total Purchase Price | 80,473 | |||
Accumulated Depreciation | 5,184 | |||
Book Value | 75,289 | |||
Fixed rate mortgages | $ 35,836 | |||
Shopping Centers | Burtonsville Town Square, Burtonsville, MD | Minimum | ||||
Real Estate Properties [Line Items] | ||||
Buildings and Improvements Depreciable Lives in Years | 20 years | |||
Shopping Centers | Burtonsville Town Square, Burtonsville, MD | Maximum | ||||
Real Estate Properties [Line Items] | ||||
Buildings and Improvements Depreciable Lives in Years | 45 years | |||
Shopping Centers | Countryside Marketplace, Sterling, VA | ||||
Real Estate Properties [Line Items] | ||||
Initial Basis | $ 28,912 | |||
Cost capitalized subsequent to acquisition | 4,156 | |||
Land | 7,666 | |||
Buildings | 25,402 | |||
Construction in progress | 0 | |||
Total Purchase Price | 33,068 | |||
Accumulated Depreciation | 11,364 | |||
Book Value | 21,704 | |||
Fixed rate mortgages | $ 0 | |||
Buildings and Improvements Depreciable Lives in Years | 40 years | |||
Shopping Centers | Cranberry Square, Westminster, MD | ||||
Real Estate Properties [Line Items] | ||||
Initial Basis | $ 31,578 | |||
Cost capitalized subsequent to acquisition | 692 | |||
Land | 6,700 | |||
Buildings | 25,570 | |||
Construction in progress | 0 | |||
Total Purchase Price | 32,270 | |||
Accumulated Depreciation | 6,166 | |||
Book Value | 26,104 | |||
Fixed rate mortgages | $ 15,290 | |||
Buildings and Improvements Depreciable Lives in Years | 40 years | |||
Shopping Centers | Cruse MarketPlace, Cumming, GA | ||||
Real Estate Properties [Line Items] | ||||
Initial Basis | $ 12,226 | |||
Cost capitalized subsequent to acquisition | 688 | |||
Land | 3,901 | |||
Buildings | 9,013 | |||
Construction in progress | 0 | |||
Total Purchase Price | 12,914 | |||
Accumulated Depreciation | 3,914 | |||
Book Value | 9,000 | |||
Fixed rate mortgages | $ 0 | |||
Buildings and Improvements Depreciable Lives in Years | 40 years | |||
Shopping Centers | Flagship Center, Rockville, MD | ||||
Real Estate Properties [Line Items] | ||||
Initial Basis | $ 160 | |||
Cost capitalized subsequent to acquisition | 9 | |||
Land | 169 | |||
Buildings | 0 | |||
Construction in progress | 0 | |||
Total Purchase Price | 169 | |||
Accumulated Depreciation | 0 | |||
Book Value | 169 | |||
Fixed rate mortgages | $ 0 | |||
Buildings and Improvements Depreciable Lives in Years | 0 years | |||
Shopping Centers | French Market, Oklahoma City, OK | ||||
Real Estate Properties [Line Items] | ||||
Initial Basis | $ 5,781 | |||
Cost capitalized subsequent to acquisition | 15,984 | |||
Land | 1,118 | |||
Buildings | 20,647 | |||
Construction in progress | 0 | |||
Total Purchase Price | 21,765 | |||
Accumulated Depreciation | 13,133 | |||
Book Value | 8,632 | |||
Fixed rate mortgages | $ 0 | |||
Buildings and Improvements Depreciable Lives in Years | 50 years | |||
Shopping Centers | Germantown, Germantown, MD | ||||
Real Estate Properties [Line Items] | ||||
Initial Basis | $ 2,034 | |||
Cost capitalized subsequent to acquisition | 566 | |||
Land | 2,034 | |||
Buildings | 566 | |||
Construction in progress | 0 | |||
Total Purchase Price | 2,600 | |||
Accumulated Depreciation | 455 | |||
Book Value | 2,145 | |||
Fixed rate mortgages | $ 0 | |||
Buildings and Improvements Depreciable Lives in Years | 40 years | |||
Shopping Centers | The Glen, Woodbridge, VA | ||||
Real Estate Properties [Line Items] | ||||
Initial Basis | $ 12,918 | |||
Cost capitalized subsequent to acquisition | 8,466 | |||
Land | 5,300 | |||
Buildings | 16,084 | |||
Construction in progress | 0 | |||
Total Purchase Price | 21,384 | |||
Accumulated Depreciation | 10,659 | |||
Book Value | 10,725 | |||
Fixed rate mortgages | $ 21,933 | |||
Buildings and Improvements Depreciable Lives in Years | 40 years | |||
Shopping Centers | Great Falls Center, Great Falls, VA | ||||
Real Estate Properties [Line Items] | ||||
Initial Basis | $ 41,750 | |||
Cost capitalized subsequent to acquisition | 3,203 | |||
Land | 14,766 | |||
Buildings | 30,187 | |||
Construction in progress | 0 | |||
Total Purchase Price | 44,953 | |||
Accumulated Depreciation | 10,378 | |||
Book Value | 34,575 | |||
Fixed rate mortgages | $ 9,788 | |||
Buildings and Improvements Depreciable Lives in Years | 40 years | |||
Shopping Centers | Hampshire Langley, Takoma, MD | ||||
Real Estate Properties [Line Items] | ||||
Initial Basis | $ 3,159 | |||
Cost capitalized subsequent to acquisition | 3,368 | |||
Land | 1,892 | |||
Buildings | 4,635 | |||
Construction in progress | 0 | |||
Total Purchase Price | 6,527 | |||
Accumulated Depreciation | 4,008 | |||
Book Value | 2,519 | |||
Fixed rate mortgages | $ 13,480 | |||
Buildings and Improvements Depreciable Lives in Years | 40 years | |||
Shopping Centers | Hunt Club Corners, Apopka, FL | ||||
Real Estate Properties [Line Items] | ||||
Initial Basis | $ 12,584 | |||
Cost capitalized subsequent to acquisition | 4,519 | |||
Land | 4,822 | |||
Buildings | 12,281 | |||
Construction in progress | 0 | |||
Total Purchase Price | 17,103 | |||
Accumulated Depreciation | 5,250 | |||
Book Value | 11,853 | |||
Fixed rate mortgages | $ 5,109 | |||
Buildings and Improvements Depreciable Lives in Years | 40 years | |||
Shopping Centers | Jamestown Place, Altamonte Springs, FL | ||||
Real Estate Properties [Line Items] | ||||
Initial Basis | $ 14,055 | |||
Cost capitalized subsequent to acquisition | 2,245 | |||
Land | 4,455 | |||
Buildings | 11,845 | |||
Construction in progress | 0 | |||
Total Purchase Price | 16,300 | |||
Accumulated Depreciation | 4,694 | |||
Book Value | 11,606 | |||
Fixed rate mortgages | $ 6,110 | |||
Buildings and Improvements Depreciable Lives in Years | 40 years | |||
Shopping Centers | Kentlands Square I, Gaithersburg, MD | ||||
Real Estate Properties [Line Items] | ||||
Initial Basis | $ 14,379 | |||
Cost capitalized subsequent to acquisition | 2,996 | |||
Land | 5,006 | |||
Buildings | 12,369 | |||
Construction in progress | 0 | |||
Total Purchase Price | 17,375 | |||
Accumulated Depreciation | 4,474 | |||
Book Value | 12,901 | |||
Fixed rate mortgages | $ 22,012 | |||
Buildings and Improvements Depreciable Lives in Years | 40 years | |||
Shopping Centers | Kentlands Square II, Gaithersburg, MD | ||||
Real Estate Properties [Line Items] | ||||
Initial Basis | $ 76,723 | |||
Cost capitalized subsequent to acquisition | 2,774 | |||
Land | 23,133 | |||
Buildings | 56,364 | |||
Construction in progress | 0 | |||
Total Purchase Price | 79,497 | |||
Accumulated Depreciation | 15,220 | |||
Book Value | 64,277 | |||
Fixed rate mortgages | $ 32,585 | |||
Buildings and Improvements Depreciable Lives in Years | 40 years | |||
Shopping Centers | Kentlands Place, Gaithersburg, MD | ||||
Real Estate Properties [Line Items] | ||||
Initial Basis | $ 1,425 | |||
Cost capitalized subsequent to acquisition | 7,404 | |||
Land | 1,425 | |||
Buildings | 7,404 | |||
Construction in progress | 0 | |||
Total Purchase Price | 8,829 | |||
Accumulated Depreciation | 4,479 | |||
Book Value | 4,350 | |||
Fixed rate mortgages | $ 7,734 | |||
Buildings and Improvements Depreciable Lives in Years | 50 years | |||
Shopping Centers | Lansdowne Town Center, Leesburg, VA | ||||
Real Estate Properties [Line Items] | ||||
Initial Basis | $ 6,545 | |||
Cost capitalized subsequent to acquisition | 43,227 | |||
Land | 6,546 | |||
Buildings | 43,220 | |||
Construction in progress | 6 | |||
Total Purchase Price | 49,772 | |||
Accumulated Depreciation | 17,708 | |||
Book Value | 32,064 | |||
Fixed rate mortgages | $ 29,657 | |||
Buildings and Improvements Depreciable Lives in Years | 50 years | |||
Shopping Centers | Leesburg Pike Plaza, Baileys Crossroads, VA | ||||
Real Estate Properties [Line Items] | ||||
Initial Basis | $ 2,418 | |||
Cost capitalized subsequent to acquisition | 6,294 | |||
Land | 1,132 | |||
Buildings | 7,580 | |||
Construction in progress | 0 | |||
Total Purchase Price | 8,712 | |||
Accumulated Depreciation | 6,266 | |||
Book Value | 2,446 | |||
Fixed rate mortgages | $ 13,836 | |||
Buildings and Improvements Depreciable Lives in Years | 40 years | |||
Shopping Centers | Lumberton Plaza, Lumberton, NJ | ||||
Real Estate Properties [Line Items] | ||||
Initial Basis | $ 4,400 | |||
Cost capitalized subsequent to acquisition | 11,612 | |||
Land | 950 | |||
Buildings | 15,041 | |||
Construction in progress | 21 | |||
Total Purchase Price | 16,012 | |||
Accumulated Depreciation | 13,709 | |||
Book Value | 2,303 | |||
Fixed rate mortgages | $ 0 | |||
Buildings and Improvements Depreciable Lives in Years | 40 years | |||
Shopping Centers | Metro Pike Center, Rockville, MD | ||||
Real Estate Properties [Line Items] | ||||
Initial Basis | $ 33,123 | |||
Cost capitalized subsequent to acquisition | 4,832 | |||
Land | 26,064 | |||
Buildings | 7,944 | |||
Construction in progress | 3,947 | |||
Total Purchase Price | 37,955 | |||
Accumulated Depreciation | 2,046 | |||
Book Value | 35,909 | |||
Fixed rate mortgages | $ 0 | |||
Buildings and Improvements Depreciable Lives in Years | 40 years | |||
Shopping Centers | Shops at Monocacy, Frederick, MD | ||||
Real Estate Properties [Line Items] | ||||
Initial Basis | $ 9,541 | |||
Cost capitalized subsequent to acquisition | 14,385 | |||
Land | 9,260 | |||
Buildings | 14,666 | |||
Construction in progress | 0 | |||
Total Purchase Price | 23,926 | |||
Accumulated Depreciation | 6,643 | |||
Book Value | 17,283 | |||
Fixed rate mortgages | $ 27,836 | |||
Buildings and Improvements Depreciable Lives in Years | 50 years | |||
Shopping Centers | Northrock, Warrenton, VA | ||||
Real Estate Properties [Line Items] | ||||
Initial Basis | $ 12,686 | |||
Cost capitalized subsequent to acquisition | 15,428 | |||
Land | 12,686 | |||
Buildings | 15,422 | |||
Construction in progress | 6 | |||
Total Purchase Price | 28,114 | |||
Accumulated Depreciation | 5,386 | |||
Book Value | 22,728 | |||
Fixed rate mortgages | $ 13,626 | |||
Buildings and Improvements Depreciable Lives in Years | 50 years | |||
Shopping Centers | Olde Forte Village, Ft. Washington, MD | ||||
Real Estate Properties [Line Items] | ||||
Initial Basis | $ 15,933 | |||
Cost capitalized subsequent to acquisition | 6,795 | |||
Land | 5,409 | |||
Buildings | 17,319 | |||
Construction in progress | 0 | |||
Total Purchase Price | 22,728 | |||
Accumulated Depreciation | 8,646 | |||
Book Value | 14,082 | |||
Fixed rate mortgages | $ 21,204 | |||
Buildings and Improvements Depreciable Lives in Years | 40 years | |||
Shopping Centers | Olney, Olney, MD | ||||
Real Estate Properties [Line Items] | ||||
Initial Basis | $ 4,963 | |||
Cost capitalized subsequent to acquisition | 2,623 | |||
Land | 3,079 | |||
Buildings | 4,507 | |||
Construction in progress | 0 | |||
Total Purchase Price | 7,586 | |||
Accumulated Depreciation | 3,487 | |||
Book Value | 4,099 | |||
Fixed rate mortgages | $ 12,125 | |||
Buildings and Improvements Depreciable Lives in Years | 40 years | |||
Shopping Centers | Orchard Park, Dunwoody, GA | ||||
Real Estate Properties [Line Items] | ||||
Initial Basis | $ 19,377 | |||
Cost capitalized subsequent to acquisition | 1,553 | |||
Land | 7,751 | |||
Buildings | 13,179 | |||
Construction in progress | 0 | |||
Total Purchase Price | 20,930 | |||
Accumulated Depreciation | 4,457 | |||
Book Value | 16,473 | |||
Fixed rate mortgages | $ 9,136 | |||
Buildings and Improvements Depreciable Lives in Years | 40 years | |||
Shopping Centers | Palm Springs Center, Altamonte Springs, FL | ||||
Real Estate Properties [Line Items] | ||||
Initial Basis | $ 18,365 | |||
Cost capitalized subsequent to acquisition | 2,029 | |||
Land | 5,739 | |||
Buildings | 14,655 | |||
Construction in progress | 0 | |||
Total Purchase Price | 20,394 | |||
Accumulated Depreciation | 6,088 | |||
Book Value | 14,306 | |||
Fixed rate mortgages | $ 0 | |||
Buildings and Improvements Depreciable Lives in Years | 40 years | |||
Shopping Centers | Ravenwood, Baltimore, MD | ||||
Real Estate Properties [Line Items] | ||||
Initial Basis | $ 1,245 | |||
Cost capitalized subsequent to acquisition | 4,256 | |||
Land | 703 | |||
Buildings | 4,798 | |||
Construction in progress | 0 | |||
Total Purchase Price | 5,501 | |||
Accumulated Depreciation | 3,435 | |||
Book Value | 2,066 | |||
Fixed rate mortgages | $ 13,095 | |||
Buildings and Improvements Depreciable Lives in Years | 40 years | |||
Shopping Centers | 11503 Rockville Pike/5541 Nicholson Lane, Rockville, MD | ||||
Real Estate Properties [Line Items] | ||||
Initial Basis | $ 26,561 | |||
Cost capitalized subsequent to acquisition | 24 | |||
Land | 22,113 | |||
Buildings | 4,472 | |||
Construction in progress | 0 | |||
Total Purchase Price | 26,585 | |||
Accumulated Depreciation | 1,146 | |||
Book Value | 25,439 | |||
Fixed rate mortgages | $ 0 | |||
Buildings and Improvements Depreciable Lives in Years | 40 years | |||
Shopping Centers | 1500/1580/1582/1584 Rockville Pike, Rockville, MD | ||||
Real Estate Properties [Line Items] | ||||
Initial Basis | $ 51,149 | |||
Cost capitalized subsequent to acquisition | 2,750 | |||
Land | 43,863 | |||
Buildings | 7,490 | |||
Construction in progress | 2,546 | |||
Total Purchase Price | 53,899 | |||
Accumulated Depreciation | 6,677 | |||
Book Value | 47,222 | |||
Fixed rate mortgages | 0 | |||
Shopping Centers | Seabreeze Plaza, Palm Harbor, FL | ||||
Real Estate Properties [Line Items] | ||||
Initial Basis | 24,526 | |||
Cost capitalized subsequent to acquisition | 2,502 | |||
Land | 8,665 | |||
Buildings | 18,363 | |||
Construction in progress | 0 | |||
Total Purchase Price | 27,028 | |||
Accumulated Depreciation | 7,323 | |||
Book Value | 19,705 | |||
Fixed rate mortgages | $ 14,469 | |||
Buildings and Improvements Depreciable Lives in Years | 40 years | |||
Shopping Centers | Market Place at Sea Colony, Bethany Beach, DE | ||||
Real Estate Properties [Line Items] | ||||
Initial Basis | $ 2,920 | |||
Cost capitalized subsequent to acquisition | 261 | |||
Land | 1,147 | |||
Buildings | 2,034 | |||
Construction in progress | 0 | |||
Total Purchase Price | 3,181 | |||
Accumulated Depreciation | 674 | |||
Book Value | 2,507 | |||
Fixed rate mortgages | $ 0 | |||
Buildings and Improvements Depreciable Lives in Years | 40 years | |||
Shopping Centers | Seven Corners, Falls Church, VA | ||||
Real Estate Properties [Line Items] | ||||
Initial Basis | $ 4,848 | |||
Cost capitalized subsequent to acquisition | 45,770 | |||
Land | 4,929 | |||
Buildings | 45,689 | |||
Construction in progress | 0 | |||
Total Purchase Price | 50,618 | |||
Accumulated Depreciation | 32,078 | |||
Book Value | 18,540 | |||
Fixed rate mortgages | $ 58,607 | |||
Buildings and Improvements Depreciable Lives in Years | 40 years | |||
Shopping Centers | Severna Park Marketplace, Severna Park, MD | ||||
Real Estate Properties [Line Items] | ||||
Initial Basis | $ 63,254 | |||
Cost capitalized subsequent to acquisition | 526 | |||
Land | 12,700 | |||
Buildings | 51,080 | |||
Construction in progress | 0 | |||
Total Purchase Price | 63,780 | |||
Accumulated Depreciation | 11,856 | |||
Book Value | 51,924 | |||
Fixed rate mortgages | $ 28,480 | |||
Buildings and Improvements Depreciable Lives in Years | 40 years | |||
Shopping Centers | Shops at Fairfax, Fairfax, VA | ||||
Real Estate Properties [Line Items] | ||||
Initial Basis | $ 2,708 | |||
Cost capitalized subsequent to acquisition | 11,062 | |||
Land | 992 | |||
Buildings | 12,778 | |||
Construction in progress | 0 | |||
Total Purchase Price | 13,770 | |||
Accumulated Depreciation | 8,939 | |||
Book Value | 4,831 | |||
Fixed rate mortgages | $ 10,127 | |||
Buildings and Improvements Depreciable Lives in Years | 50 years | |||
Shopping Centers | Smallwood Village Center, Waldorf, MD | ||||
Real Estate Properties [Line Items] | ||||
Initial Basis | $ 17,819 | |||
Cost capitalized subsequent to acquisition | 8,345 | |||
Land | 6,402 | |||
Buildings | 19,762 | |||
Construction in progress | 0 | |||
Total Purchase Price | 26,164 | |||
Accumulated Depreciation | 9,655 | |||
Book Value | 16,509 | |||
Fixed rate mortgages | $ 0 | |||
Buildings and Improvements Depreciable Lives in Years | 40 years | |||
Shopping Centers | Southdale, Glen Burnie, MD | ||||
Real Estate Properties [Line Items] | ||||
Initial Basis | $ 18,895 | |||
Cost capitalized subsequent to acquisition | 25,098 | |||
Land | 15,254 | |||
Buildings | 28,739 | |||
Construction in progress | 0 | |||
Total Purchase Price | 43,993 | |||
Accumulated Depreciation | 23,105 | |||
Book Value | 20,888 | |||
Fixed rate mortgages | $ 0 | |||
Buildings and Improvements Depreciable Lives in Years | 40 years | |||
Shopping Centers | Southside Plaza, Richmond, VA | ||||
Real Estate Properties [Line Items] | ||||
Initial Basis | $ 6,728 | |||
Cost capitalized subsequent to acquisition | 11,381 | |||
Land | 1,878 | |||
Buildings | 16,231 | |||
Construction in progress | 0 | |||
Total Purchase Price | 18,109 | |||
Accumulated Depreciation | 13,105 | |||
Book Value | 5,004 | |||
Fixed rate mortgages | $ 0 | |||
Buildings and Improvements Depreciable Lives in Years | 40 years | |||
Shopping Centers | South Dekalb Plaza, Atlanta, GA | ||||
Real Estate Properties [Line Items] | ||||
Initial Basis | $ 2,474 | |||
Cost capitalized subsequent to acquisition | 4,563 | |||
Land | 703 | |||
Buildings | 6,334 | |||
Construction in progress | 0 | |||
Total Purchase Price | 7,037 | |||
Accumulated Depreciation | 5,228 | |||
Book Value | 1,809 | |||
Fixed rate mortgages | $ 0 | |||
Buildings and Improvements Depreciable Lives in Years | 40 years | |||
Shopping Centers | Thruway, Winston-Salem, NC | ||||
Real Estate Properties [Line Items] | ||||
Initial Basis | $ 7,848 | |||
Cost capitalized subsequent to acquisition | 26,569 | |||
Land | 7,693 | |||
Buildings | 26,693 | |||
Construction in progress | 31 | |||
Total Purchase Price | 34,417 | |||
Accumulated Depreciation | 19,638 | |||
Book Value | 14,779 | |||
Fixed rate mortgages | $ 0 | |||
Buildings and Improvements Depreciable Lives in Years | 40 years | |||
Shopping Centers | Village Center, Centreville, VA | ||||
Real Estate Properties [Line Items] | ||||
Initial Basis | $ 16,502 | |||
Cost capitalized subsequent to acquisition | 2,636 | |||
Land | 7,851 | |||
Buildings | 11,287 | |||
Construction in progress | 0 | |||
Total Purchase Price | 19,138 | |||
Accumulated Depreciation | 7,761 | |||
Book Value | 11,377 | |||
Fixed rate mortgages | $ 12,061 | |||
Buildings and Improvements Depreciable Lives in Years | 40 years | |||
Shopping Centers | Westview Village, Frederick, MD | ||||
Real Estate Properties [Line Items] | ||||
Initial Basis | $ 6,047 | |||
Cost capitalized subsequent to acquisition | 25,265 | |||
Land | 6,047 | |||
Buildings | 25,265 | |||
Construction in progress | 0 | |||
Total Purchase Price | 31,312 | |||
Accumulated Depreciation | 10,448 | |||
Book Value | 20,864 | |||
Fixed rate mortgages | $ 0 | |||
Buildings and Improvements Depreciable Lives in Years | 50 years | |||
Shopping Centers | White Oak, Silver Spring, MD | ||||
Real Estate Properties [Line Items] | ||||
Initial Basis | $ 6,277 | |||
Cost capitalized subsequent to acquisition | 6,020 | |||
Land | 4,649 | |||
Buildings | 7,446 | |||
Construction in progress | 202 | |||
Total Purchase Price | 12,297 | |||
Accumulated Depreciation | 6,307 | |||
Book Value | 5,990 | |||
Fixed rate mortgages | $ 21,704 | |||
Buildings and Improvements Depreciable Lives in Years | 40 years | |||
Shopping Centers | Other Buildings / Improvements | ||||
Real Estate Properties [Line Items] | ||||
Cost capitalized subsequent to acquisition | $ 182 | |||
Buildings | 182 | |||
Construction in progress | 0 | |||
Total Purchase Price | 182 | |||
Accumulated Depreciation | 102 | |||
Book Value | 80 | |||
Fixed rate mortgages | 0 | |||
Mixed-Use Properties | ||||
Real Estate Properties [Line Items] | ||||
Initial Basis | 96,034 | |||
Cost capitalized subsequent to acquisition | 663,187 | |||
Land | 80,521 | |||
Buildings | 670,049 | |||
Construction in progress | 8,651 | |||
Total Purchase Price | 759,221 | |||
Accumulated Depreciation | 199,788 | |||
Book Value | 559,433 | |||
Fixed rate mortgages | 387,837 | |||
Mixed-Use Properties | Avenel Business Park, Gaithersburg, MD | ||||
Real Estate Properties [Line Items] | ||||
Initial Basis | 21,459 | |||
Cost capitalized subsequent to acquisition | 33,526 | |||
Land | 3,756 | |||
Buildings | 51,229 | |||
Construction in progress | 0 | |||
Total Purchase Price | 54,985 | |||
Accumulated Depreciation | 40,108 | |||
Book Value | 14,877 | |||
Fixed rate mortgages | $ 25,224 | |||
Mixed-Use Properties | Avenel Business Park, Gaithersburg, MD | Minimum | ||||
Real Estate Properties [Line Items] | ||||
Buildings and Improvements Depreciable Lives in Years | 35 years | |||
Mixed-Use Properties | Avenel Business Park, Gaithersburg, MD | Maximum | ||||
Real Estate Properties [Line Items] | ||||
Buildings and Improvements Depreciable Lives in Years | 40 years | |||
Mixed-Use Properties | Clarendon Center, Arlington, VA (1) | ||||
Real Estate Properties [Line Items] | ||||
Initial Basis | $ 12,753 | |||
Cost capitalized subsequent to acquisition | 186,314 | |||
Land | 16,287 | |||
Buildings | 182,780 | |||
Construction in progress | 0 | |||
Total Purchase Price | 199,067 | |||
Accumulated Depreciation | 51,725 | |||
Book Value | 147,342 | |||
Fixed rate mortgages | $ 94,712 | |||
Buildings and Improvements Depreciable Lives in Years | 50 years | |||
Mixed-Use Properties | Park Van Ness, Washington, DC | ||||
Real Estate Properties [Line Items] | ||||
Initial Basis | $ 2,242 | |||
Cost capitalized subsequent to acquisition | 91,715 | |||
Land | 2,242 | |||
Buildings | 91,715 | |||
Construction in progress | 0 | |||
Total Purchase Price | 93,957 | |||
Accumulated Depreciation | 13,739 | |||
Book Value | 80,218 | |||
Fixed rate mortgages | $ 66,420 | |||
Buildings and Improvements Depreciable Lives in Years | 50 years | |||
Mixed-Use Properties | 601 Pennsylvania Ave., Washington, DC | ||||
Real Estate Properties [Line Items] | ||||
Initial Basis | $ 5,479 | |||
Cost capitalized subsequent to acquisition | 69,328 | |||
Land | 5,667 | |||
Buildings | 69,140 | |||
Construction in progress | 0 | |||
Total Purchase Price | 74,807 | |||
Accumulated Depreciation | 59,413 | |||
Book Value | 15,394 | |||
Fixed rate mortgages | $ 0 | |||
Buildings and Improvements Depreciable Lives in Years | 35 years | |||
Mixed-Use Properties | The Waycroft, Arlington, VA | ||||
Real Estate Properties [Line Items] | ||||
Initial Basis | $ 52,067 | |||
Cost capitalized subsequent to acquisition | 225,226 | |||
Land | 52,025 | |||
Buildings | 216,617 | |||
Construction in progress | 8,651 | |||
Total Purchase Price | 277,293 | |||
Accumulated Depreciation | 4,722 | |||
Book Value | 272,571 | |||
Fixed rate mortgages | $ 146,083 | |||
Buildings and Improvements Depreciable Lives in Years | 50 years | |||
Mixed-Use Properties | Washington Square, Alexandria, VA | ||||
Real Estate Properties [Line Items] | ||||
Initial Basis | $ 2,034 | |||
Cost capitalized subsequent to acquisition | 57,078 | |||
Land | 544 | |||
Buildings | 58,568 | |||
Construction in progress | 0 | |||
Total Purchase Price | 59,112 | |||
Accumulated Depreciation | 30,081 | |||
Book Value | 29,031 | |||
Fixed rate mortgages | $ 55,398 | |||
Buildings and Improvements Depreciable Lives in Years | 50 years | |||
Development Land | ||||
Real Estate Properties [Line Items] | ||||
Initial Basis | $ 47,021 | |||
Cost capitalized subsequent to acquisition | 15,870 | |||
Land | 9,263 | |||
Buildings | 0 | |||
Construction in progress | 53,628 | |||
Total Purchase Price | 62,891 | |||
Accumulated Depreciation | 0 | |||
Book Value | 62,891 | |||
Development land, related debt | 0 | |||
Development Land | Ashland Square Phase II, Manassas, VA | ||||
Real Estate Properties [Line Items] | ||||
Initial Basis | 5,292 | |||
Cost capitalized subsequent to acquisition | 4,642 | |||
Land | 7,029 | |||
Buildings | 0 | |||
Construction in progress | 2,905 | |||
Total Purchase Price | 9,934 | |||
Accumulated Depreciation | 0 | |||
Book Value | 9,934 | |||
Development land, related debt | $ 0 | |||
Buildings and Improvements Depreciable Lives in Years | ||||
Development Land | New Market, New Market, MD | ||||
Real Estate Properties [Line Items] | ||||
Initial Basis | $ 2,088 | |||
Cost capitalized subsequent to acquisition | 146 | |||
Land | 2,234 | |||
Buildings | 0 | |||
Construction in progress | 0 | |||
Total Purchase Price | 2,234 | |||
Accumulated Depreciation | 0 | |||
Book Value | 2,234 | |||
Development land, related debt | $ 0 | |||
Buildings and Improvements Depreciable Lives in Years | ||||
Development Land | Hampden House (formerly 7316 Wisconsin Avenue), Bethesda, MD | ||||
Real Estate Properties [Line Items] | ||||
Initial Basis | $ 39,641 | |||
Cost capitalized subsequent to acquisition | 11,082 | |||
Land | ||||
Buildings | 0 | |||
Construction in progress | 50,723 | |||
Total Purchase Price | 50,723 | |||
Accumulated Depreciation | 0 | |||
Book Value | 50,723 | |||
Development land, related debt | $ 0 | |||
Buildings and Improvements Depreciable Lives in Years |
Real Estate and Accumulated D_3
Real Estate and Accumulated Depreciation - Estimated Useful Lives of Assets (Detail) | 12 Months Ended |
Dec. 31, 2020 | |
Base building | Minimum | |
Property Plant and Equipment Estimated Useful Lives [Line Items] | |
Estimated useful life | 35 years |
Base building | Maximum | |
Property Plant and Equipment Estimated Useful Lives [Line Items] | |
Estimated useful life | 50 years |
Building components | Maximum | |
Property Plant and Equipment Estimated Useful Lives [Line Items] | |
Estimated useful life | 20 years |
Real Estate and Accumulated D_4
Real Estate and Accumulated Depreciation - Additional Information (Detail) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract] | ||
Real estate investments for federal income tax | $ 1,550 | $ 1,330 |
Real Estate and Accumulated D_5
Real Estate and Accumulated Depreciation - Changes in Total Real Estate Investments and Related Accumulated Depreciation (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Total real estate investments: | |||
Balance, beginning of year | $ 2,081,597 | $ 1,948,165 | $ 1,803,200 |
Acquisitions | 0 | 0 | 48,579 |
Improvements | 45,396 | 135,966 | 98,917 |
Retirements | (2,197) | (2,534) | (2,531) |
Balance, end of year | 2,124,796 | 2,081,597 | 1,948,165 |
Total accumulated depreciation: | |||
Balance, beginning of year | 563,474 | 525,518 | 488,166 |
Depreciation expense | 45,865 | 40,490 | 39,768 |
Retirements | (1,633) | (2,534) | (2,416) |
Balance, end of year | $ 607,706 | $ 563,474 | $ 525,518 |