Saul Centers (BFS) 10-K 24 Feb 22 2021 FY Annual report Financial data

Cover Page

Cover Page - USD ($) shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2021	Feb. 17, 2022	Jun. 30, 2021
Document Information [Line Items]
Document type	10-K
Document Annual Report	true
Document period end date	Dec. 31, 2021
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		23.8
Entity public float			$ 591.9
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 2022 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	2021
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
Trading symbol	BFS
Security Exchange Name	NYSE
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
Trading symbol	BFS/PRD
Security Exchange Name	NYSE
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
Trading symbol	BFS/PRE
Security Exchange Name	NYSE

Audit Information

Audit Information	12 Months Ended
	Dec. 31, 2021
Audit Information [Abstract]
Auditor Name	Deloitte & Touche LLP
Auditor Location	McLean, Virginia
Auditor Firm ID	34

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Real estate investments
Land	$ 511,529	$ 511,482
Buildings and equipment	1,566,686	1,543,837
Construction in progress	205,911	69,477
Real Estate Investment Property, at Cost, Total	2,284,126	2,124,796
Accumulated depreciation	(650,113)	(607,706)
Book Value	1,634,013	1,517,090
Cash and cash equivalents	14,594	26,856
Accounts receivable and accrued income, net	58,659	64,917
Deferred leasing costs, net	24,005	26,872
Other assets	15,490	9,837
Total assets	1,746,761	1,645,572
Liabilities
Mortgage notes payable	941,456	827,603
Term loan facility payable	99,233	74,791
Revolving credit facility payable	103,167	103,913
Construction loan payable	0	144,607
Dividends and distributions payable	21,672	19,448
Accounts payable, accrued expenses and other liabilities	25,558	24,384
Deferred income	25,188	23,293
Total liabilities	1,216,274	1,218,039
Equity
Common stock, $0.01 par value, 42,000,000 and 40,000,000 shares authorized, respectively, 23,840,471 and 23,476,626 shares issued and outstanding, respectively	238	235
Additional paid-in capital	436,609	420,625
Partnership units in escrow	39,650	0
Distributions in excess of accumulated earnings	(256,448)	(241,535)
Total Saul Centers, Inc. equity	405,049	364,325
Noncontrolling interests	125,438	63,208
Total equity	530,487	427,533
Total liabilities and equity	1,746,761	1,645,572
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, 2021	Dec. 31, 2020
Preferred stock, shares authorized	1,000,000	1,000,000
Common stock, par value (in usd per share)	$ 0.01	$ 0.01
Common stock, shares authorized	42,000,000	40,000,000
Common stock, shares issued	23,840,471	23,476,626
Common stock, shares outstanding	23,840,471	23,476,626
Series D Cumulative Redeemable Preferred Stock
Cumulative redeemable preferred stock, shares issued	30,000	30,000
Cumulative redeemable preferred stock, shares outstanding	30,000	30,000
Series E Cumulative Redeemable Preferred Stock
Cumulative redeemable preferred stock, shares issued	44,000	44,000
Cumulative redeemable preferred stock, shares outstanding	44,000	44,000

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Revenue
Rental revenue	$ 234,515	$ 220,281	$ 223,352
Other	4,710	4,926	8,173
Total revenue	239,225	225,207	231,525
Expenses
Property operating expenses	32,881	28,857	29,946
Real estate taxes	28,747	29,560	27,987
Interest expense, net and amortization of deferred debt costs	45,424	46,519	41,834
Depreciation and amortization of deferred leasing costs	50,272	51,126	46,333
General and administrative	20,252	19,107	20,793
Total expenses	177,576	175,169	166,893
Change in fair value of derivatives	0	0	(436)
Gain on sale of property	0	278	0
Net income (loss)	61,649	50,316	64,196
Income attributable to noncontrolling interests	(13,260)	(9,934)	(12,473)
Net income attributable to Saul Centers, Inc.	48,389	40,382	51,723
Preferred stock dividends	(11,194)	(11,194)	(12,235)
Extinguishment of issuance costs upon redemption of preferred shares	0	0	(3,235)
Net income available to common stockholders	$ 37,195	$ 29,188	$ 36,253
Per share net income available to common stockholders
Basic (in usd per share)	$ 1.57	$ 1.25	$ 1.58
Diluted (in usd per share)	$ 1.57	$ 1.25	$ 1.57

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Statement of Comprehensive Income [Abstract]
Net income	$ 61,649	$ 50,316	$ 64,196
Other comprehensive income
Unrealized gain on cash flow hedge	0	0	93
Total comprehensive income	61,649	50,316	64,289
Comprehensive income attributable to noncontrolling interests	(13,260)	(9,934)	(12,561)
Total comprehensive income attributable to Saul Centers, Inc.	48,389	40,382	51,728
Preferred stock dividends	(11,194)	(11,194)	(12,235)
Extinguishment of issuance costs upon redemption of preferred shares	0	0	(3,235)
Total comprehensive income available to common stockholders	$ 37,195	$ 29,188	$ 36,258

Consolidated Statements of Equi

Consolidated Statements of Equity - USD ($) $ in Thousands	Total	Twinbrook Metro StationRestricted Stock Units (RSUs)	Ashbrook Marketplace	Limited Partner	Limited PartnerTwinbrook Metro Station	Dividend paid	Dividend declared	Series C Cumulative Preferred Stock	Series C Cumulative Preferred StockDividend paid	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	Total Saul Centers, Inc.	Total Saul Centers, Inc.Twinbrook Metro StationRestricted Stock Units (RSUs)	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 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	Preferred Stock	Preferred StockSeries C Cumulative Preferred Stock	Preferred StockSeries E Cumulative Redeemable Preferred Stock	Common Stock	Partnership Units in Escrow	Partnership Units in EscrowTwinbrook Metro StationRestricted Stock Units (RSUs)	Additional Paid-in Capital	Additional Paid-in CapitalSeries C Cumulative 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 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)	Noncontrolling Interests	Noncontrolling InterestsTwinbrook Metro StationRestricted Stock Units (RSUs)	Noncontrolling InterestsAshbrook Marketplace	Noncontrolling InterestsLimited Partner	Noncontrolling InterestsLimited PartnerTwinbrook Metro Station	Noncontrolling InterestsDividend paid	Noncontrolling InterestsDividend declared
Beginning balance at Dec. 31, 2018	$ 425,220														$ 355,912											$ 180,000			$ 227	$ 0		$ 384,533			$ (208,593)									$ (255)	$ 69,308
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of cumulative preferred stock												$ 106,265											$ 106,265					$ 110,000						$ (3,735)
Stock redeemed or called during period, value								$ (105,000)											$ (105,000)								$ (105,000)						$ 3,235					$ (3,235)
Issuance of common stock:
Shares issued pursuant to dividend reinvestment plan	22,498														22,498														4			22,494
Shares issued due to exercise of employee stock options and issuance of directors' deferred stock	4,400														4,400														1			4,399
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									$ (5,736)	$ (3,444)	$ (1,148)		$ (257)	$ (1,650)						$ (5,736)	$ (3,444)	$ (1,148)		$ (257)	$ (1,650)														$ (5,736)	$ (3,444)	$ (1,148)	$ (257)	$ (1,650)
Common stock distributions							$ (49,056)											$ (36,562)																			$ (36,562)													$ (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														374,981											185,000			232	0		410,926			(221,177)									0	68,375
Issuance of common stock:
Shares issued pursuant to dividend reinvestment plan	7,735														7,735														3			7,732
Shares issued due to exercise of employee stock options and issuance of directors' deferred stock	1,967														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)	(4,950)
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														364,325											185,000			235	0		420,625			(241,535)									0	63,208
Issuance of common stock:
Shares issued pursuant to dividend reinvestment plan	11,500			$ 2,398											11,500														3			11,497																$ 2,398
Shares issued due to exercise of employee stock options and issuance of directors' deferred stock	4,487														4,487																	4,487
Stock Issued During Period, Value, Acquisitions		$ 79,300	$ 4,320		$ 21,500											$ 79,300															$ 79,300																$ 4,320		$ 21,500
708,036 restricted units released from escrow pursuant to the Twinbrook Contribution Agreement		$ 0														$ (39,650)															$ (39,650)															$ 39,650
Net income	61,649														48,389																				48,389										13,260
Preferred stock distributions:
Preferred stock distributions							(1,650)			$ (3,445)	$ (1,149)		$ (4,950)					(1,650)			$ (3,445)	$ (1,149)															(1,650)			$ (3,445)	$ (1,149)	$ (4,950)
Common stock distributions						$ (52,139)											$ (38,525)																			$ (38,525)														$ (13,614)
Distributions payable common stock and distributions payable partnership units							$ (18,867)											$ (13,583)																			$ (13,583)														$ (5,284)
Ending balance at Dec. 31, 2021	$ 530,487														$ 405,049											$ 185,000			$ 238	$ 39,650		$ 436,609			$ (256,448)									$ 0	$ 125,438

Consolidated Statements of Eq_2

Consolidated Statements of Equity (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Shares issued pursuant to dividend reinvestment plan	293,615,000	228,498,000	430,462,000
Shares due to exercise of employee stock options and issuance of directors' deferred stock	70,231,000	16,887,000	61,571,000
Issuance of partnership units (in shares)		51,579,000	60,936,000
Limited Partner
Shares issued pursuant to dividend reinvestment plan	61,009,000
Twinbrook Metro Station
Stock issued during period, shares, acquisitions	469,740,000
Twinbrook Metro Station | Restricted Stock Units (RSUs)
Stock issued during period, shares, acquisitions	1,416,071,000
Restricted Units Released Pursuant to First Escrow Release, Shares	708,036,000
Ashbrook Marketplace
Stock issued during period, shares, acquisitions	93,674,000
Series C Cumulative Preferred Stock
Redemption of Series C Cumulative preferred stock (in shares)			42,000,000
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)	$ 0.57	$ 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 E Cumulative Redeemable Preferred Stock
Distributions payable on preferred stock (in usd per share)	$ 37.50	$ 37.50	$ 37.50

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Cash flows from operating activities:
Net income		$ 61,649	$ 50,316	$ 64,196
Adjustments to reconcile net income to net cash provided by operating activities:
Change in fair value of derivatives		0	0	436
Gain on sale of property		0	(278)	0
Depreciation and amortization of deferred leasing costs		50,272	51,126	46,333
Amortization of deferred debt costs		1,710	1,570	1,518
Non cash compensation costs of stock grants and options		1,562	1,438	1,859
Credit losses on operating lease receivables		812	5,212	1,226
(Increase) decrease in accounts receivable and accrued income		5,446	(17,818)	339
Additions to deferred leasing costs		(1,814)	(8,050)	(1,843)
(Increase) decrease in other assets		(2,820)	5	706
Increase (decrease) in accounts payable, accrued expenses and other liabilities		(331)	875	158
Increase (decrease) in deferred income		1,895	(6,013)	455
Net cash provided by operating activities		118,381	78,383	115,383
Cash flows from investing activities:
Acquisitions of real estate investments	[1],[2],[3]	(9,011)	0	0
Additions to real estate investments		(18,636)	(19,484)	(21,891)
Additions to development and redevelopment projects		(28,225)	(37,060)	(113,772)
Proceeds from sale of properties		0	376	0
Net cash used in investing activities		(55,872)	(56,168)	(135,663)
Cash flows from financing activities:
Proceeds from mortgage notes payable		0	52,100	50,600
Repayments on mortgage notes payable		(42,641)	(45,654)	(109,235)
Proceeds from term loan facility		25,000	0	0
Proceeds from revolving credit facility		46,000	90,000	152,500
Repayments on revolving credit facility		(44,500)	(73,000)	(112,000)
Proceeds from construction loans payable		10,917	35,883	86,868
Additions to deferred debt costs		(6,393)	(1,206)	(1,010)
Proceeds from the issuance of:
Common stock		14,425	8,264	25,039
Partnership units	[1],[2],[3]	2,398	1,677	3,180
Distributions to:
Distributions to preferred stockholders		(11,193)	(11,194)	(12,390)
Common stockholders		(50,963)	(49,383)	(48,568)
Noncontrolling interests		(17,821)	(16,751)	(16,642)
Net cash provided by (used in) financing activities		(74,771)	(9,264)	19,607
Net increase (decrease) in cash and cash equivalents		(12,262)	12,951	(673)
Cash and cash equivalents, beginning of year		26,856	13,905	14,578
Cash and cash equivalents, end of year		14,594	26,856	13,905
Supplemental disclosure of cash flow information:
Cash paid for interest		44,575	44,990	40,434
Increase (decrease) in accrued real estate investments and development costs		1,626	(11,690)	303
Series C Cumulative Preferred Stock
Proceeds from the issuance of:
Series C preferred stock redemption		0	0	(105,000)
Distributions to:
Distributions to preferred stockholders		0	0	(7,541)
Series D Cumulative Redeemable Preferred Stock
Distributions to:
Distributions to preferred stockholders		(4,593)	(4,594)	(4,592)
Series E Cumulative Redeemable Preferred Stock
Proceeds from the issuance of:
Preferred stock		0	0	106,265
Distributions to:
Distributions to preferred stockholders		$ (6,600)	$ (6,600)	$ (257)
[1]	The 2021 acquisition of real estate and proceeds from the issuance of partnership units each excludes $21,500 in connection with the contribution of the Twinbrook Quarter leasehold interest in exchange for limited partnership units. See Notes 3 and 4 to the Consolidated Financial Statements.
[2]	The 2021 acquisition of real estate and proceeds from the issuance of partnership units each excludes $4,320 in connection with the issuance of additional limited partnership units to B. F. Saul Real Estate Investment Trust as additional consideration pursuant to the terms of the 2016 contribution agreement, as amended, related to Ashbrook Marketplace. See Note 7 to the Consolidated Financial Statements.
[3]	The 2021 acquisition of real estate and proceeds from the issuance of partnership units each excludes $79,300 in connection with the contribution of Twinbrook Quarter by the

Consolidated Statements of Ca_2

Consolidated Statements of Cash Flows (Parenthetical)	12 Months Ended
	Dec. 31, 2021USD ($)
Twinbrook Quarter
Limited partnership units issued	$ 79,300
Twinbrook Metro Station Leasehold Interest
Limited partnership units issued	21,500
Ashbrook Marketplace
Limited partnership units issued	$ 4,320

Organization, Basis of Presenta

Organization, Basis of Presentation	12 Months Ended
	Dec. 31, 2021
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 and Chief Executive Officer of Saul Centers. Saul Centers was formed to continue and expand the shopping center business previously owned and conducted by the B. F. Saul Real Estate Investment Trust (the "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, 2021, 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 (5.3%), 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, 2021. As of December 31, 2021, the Current Portfolio Properties consisted of 50 Shopping Centers, seven Mixed-Use Properties, and four (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, 2021 and December 31, 2020, 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 71.9% 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, 2021
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 2021, 2020, or 2019. 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, 2021, 2020, and 2019, was $45.5 million, $45.9 million, and $40.5 million, respectively. Repairs and maintenance expense totaled $13.5 million, $11.1 million, and $12.5 million for 2021, 2020, and 2019, respectively, and is included in property operating expenses in the accompanying consolidated financial statements. As of December 31, 2021, 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, 2021 and 2020, 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, 2021, we reduced rental revenue by $0.8 million due to lease-related reserves and charge offs. Actual results could differ from these estimates. At December 31, 2021 and December 31, 2020, accounts receivable was comprised of: (In thousands) December 31, 2021 December 31, 2020 Rents currently due $ 8,484 $ 13,321 Deferred rents and payment plans 4,141 8,205 Straight-line rent 46,239 44,863 Other receivables 2,877 3,751 Credit losses on operating lease receivables (3,082) (5,223) Total $ 58,659 $ 64,917 Deferred Leasing Costs Deferred leasing costs primarily consist of initial direct costs incurred in connection with successful property leasing and amounts attributed to in place leases associated with acquired properties. Such amounts are capitalized and amortized, using the straight-line method, over the term of the lease or the remaining term of an acquired lease. Initial direct costs primarily consist of leasing commissions, costs paid to external third-party brokers, and internal lease commissions that are incremental to obtaining a lease and would not have been incurred if the lease had not been obtained. 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 $24.0 million and $26.9 million, net of accumulated amortization of approximately $48.7 million and $44.5 million, as of December 31, 2021 and 2020, respectively. Amortization expense, which is included in Depreciation and amortization of deferred leasing costs in the Consolidated Statements of Operations, totaled approximately $4.7 million, $5.2 million, and $5.8 million, for the years ended December 31, 2021, 2020, and 2019, 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, 2021 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 unamortized balances that represent the fair value of certain below market leases determined as of the date of acquisition. 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, 2021, 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 2021, 2020, and 2019. The tax basis of the Company’s real estate investments was approximately $1.64 billion and $1.55 billion as of December 31, 2021 and 2020, 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 2018. 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 other liabilities 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, 2021
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) 2021 2020 Twinbrook Quarter $ 138,069 $ — Hampden House 56,898 50,723 The Waycroft — 8,651 Other 10,944 10,103 Total $ 205,911 $ 69,477 Acquisitions Twinbrook Quarter On November 5, 2019, the Company entered into the Twinbrook Contribution Agreement to acquire from 1592 Rockville Pike, a wholly-owned subsidiary of the Saul Trust, approximately 6.8 acres of land and its leasehold interest in approximately 1.3 acres of contiguous land, together in each case with the improvements located thereon, located at the Twinbrook Metro Station in Rockville, Maryland in exchange for 1,416,071 limited partnership units in the Operating Partnership. The Contributed Property is immediately adjacent to approximately 10.3 acres owned by the Company. Title to the Contributed Property and the units were placed in escrow until certain conditions of the Twinbrook Contribution Agreement were satisfied. The units issued to 1592 Rockville Pike will remain in escrow until the conditions of the Twinbrook Contribution Agreement, as amended, are satisfied. Half of the units held in escrow were released on October 18, 2021. The remaining units held in escrow are scheduled to be released on October 18, 2023. On March 5, 2021, the Company entered into an amendment to the Twinbrook Contribution Agreement in which it and 1592 Rockville Pike agreed to release to the Company from escrow the deed and assignment of the leasehold interest of the Contributed Property, as of that date. The Company also reimbursed 1592 Rockville Pike for certain expenses pursuant to the Twinbrook Contribution Agreement totaling $7.4 million. Acquisition costs totaled $1.2 million. The Company recorded a finance lease right-of-use asset of $19.4 million and corresponding lease liability of $19.4 million related to the leasehold interest assumed in the transaction. The incremental borrowing rate used to calculate the lease liability was 5.63%. On June 29, 2021, the third-party landlord under the ground lease contributed to the Company the fee simple interest in the land underlying the leasehold interest in exchange for 469,740 limited partnership units in the Operating Partnership, representing an aggregate value of $21.5 million. Acquisition costs were paid in cash and totaled $0.7 million. Accordingly, the finance lease right-of-use asset and finance lease liability were extinguished. Amortization expense and interest expense related to the lease totaled $104,000 and $362,800, respectively, for the twelve months ended December 31, 2021. 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 2021, the Company acquired properties that had an aggregate cost of $108.3 million, including acquisition costs. The entire amount was allocated to land. The gross carrying amount of lease intangible assets included in deferred leasing costs as of December 31, 2021 and 2020 was $11.0 million and $11.0 million, respectively, and accumulated amortization was $9.1 million and $8.6 million, respectively. Amortization expense totaled $0.5 million, $0.6 million and $0.9 million, for the years ended December 31, 2021, 2020, and 2019, respectively. The gross carrying amount of below market lease intangible liabilities included in deferred income as of December 31, 2021 and 2020 was $23.3 million and $23.7 million, respectively, and accumulated amortization was $16.2 million and $15.0 million, respectively. Accretion income totaled $1.4 million, $1.4 million, and $1.5 million, for the years ended December 31, 2021, 2020, and 2019, respectively. The gross carrying amount of above market lease intangible assets included in accounts receivable as of December 31, 2021 and 2020 was $0.6 million and $0.6 million, respectively, and accumulated amortization was $161,800 and $128,900, respectively. Amortization expense totaled $32,900, $43,600 and $109,600, for the years ended December 31, 2021, 2020 and 2019, respectively. The remaining weighted-average amortization period as of December 31, 2021 is 4.6 years, 6.8 years, and 4.9 years for lease acquisition costs, above market leases and below market leases, respectively. As of December 31, 2021, 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 2022 $ 368 $ 33 $ 1,306 2023 317 33 1,297 2024 198 33 878 2025 153 33 601 2026 131 33 509 Thereafter 712 277 2,744 Total $ 1,879 $ 442 $ 7,335

Noncontrolling Interests - Hold

Noncontrolling Interests - Holders of Convertible Limited Partnership Units in the Operating Partnership	12 Months Ended
	Dec. 31, 2021
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 71.9% common interest as of December 31, 2021. 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 26.7% limited partnership interest in the Operating Partnership represented by 8,801,214 limited partnership units, as of December 31, 2021. 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, 2021, approximately 540,000 units were eligible for conversion. As of December 31, 2021, a third party investor holds a 1.4% limited partnership interest in the Operating Partnership represented by 469,740 convertible limited partnership units. At the option of the unit holder, these units are convertible into shares of Saul Centers’ common stock on a one-for-one basis; provided that, in lieu of the delivery of Saul Centers' common stock, Saul Centers may, in its sole discretion, deliver cash in an amount equal to the value of such Saul Centers' common stock. The impact of the Saul Organization’s 26.7% limited partnership interest in the Operating Partnership is reflected as Noncontrolling Interests in the accompanying consolidated financial statements. Weighted average fully diluted partnership units and common stock outstanding for the years ended December 31, 2021, 2020, and 2019, were 33.1 million, 31.3 million, and 30.9 million, respectively. The 0.7 million limited partnership units remaining in escrow after October 18, 2021, in connection with the Twinbrook Contribution Agreement, are not eligible to receive distributions from the Operating Partnership until such time as they are released from escrow.

Mortgage Notes Payable, Revolvi

Mortgage Notes Payable, Revolving Credit Facility, Interest Expense and Amortization of Deferred Debt Costs	12 Months Ended
	Dec. 31, 2021
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 COSTSAt December 31, 2021, the principal amount of outstanding debt totaled $1.2 billion, of which $949.0 million was fixed rate debt and $206.0 million was variable rate debt. The principal amount of the Company’s outstanding debt totaled $1.2 billion at December 31, 2020, of which $980.8 million was fixed rate debt and $179.5 million was variable rate debt. At December 31, 2021, the Company had a $525.0 million unsecured credit facility, which can be used for working capital, property acquisitions, development projects or letters of credit, of which $425.0 million is a Revolving Line and $100.0 million is a Term Loan. The Revolving Line matures on August 29, 2025, which term may be extended by the Company for one additional year, subject to satisfaction of certain conditions. The Term Loan matures on February 26, 2027, and may not be extended. In general, loan availability under the New Facility is primarily determined by operating income from the Company’s existing unencumbered properties. Interest accrues at a rate of LIBOR plus a spread of 135 basis points to 195 basis points under the Revolving Line, and 130 basis points to 190 basis points under the Term Loan, each as determined by certain leverage tests. As of December 31, 2021, the applicable spread for borrowings is 135 basis points under the Revolving Line and 130 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 New Facility. Letters of credit may be issued under the revolving credit facility. On December 31, 2021, based on the value of the Company’s unencumbered properties, approximately $219.8 million was available under the Revolving Line, $106.0 million was outstanding and approximately $185,000 was committed for letters of credit. 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 Broadlands mortgage (approximately $3.7 million of the $29.6 million outstanding balance at December 31, 2021), (b) a portion of the Avenel Business Park mortgage (approximately $6.3 million of the $24.1 million outstanding balance at December 31, 2021), (c) a portion of The Waycroft mortgage (approximately $23.6 million of the $156.1 million outstanding balance at December 31, 2021), (d) the Ashbrook Marketplace mortgage (totaling $21.3 million at December 31, 2021), and (e) the mortgage secured by Kentlands Place, Kentlands Square I and Kentlands pad (totaling $28.9 million at December 31, 2021). All other notes payable are non-recourse. The guarantee on the Kentlands Square II mortgage loan was released on February 5, 2020. The guarantee on the Park Van Ness mortgage was released on October 1, 2021. 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. On January 5, 2021, the Company repaid in full the remaining principal balance of $6.1 million of the mortgage loan secured by Jamestown Place, which was scheduled to mature in February 2021. On June 11, 2021, the Company repaid in full the remaining principal balance of $5.0 million of the mortgage loan secured by Hunt Club Corners, which was scheduled to mature in August 2021. On November 19, 2021, the Company closed on a $145.0 million construction-to-permanent loan, the proceeds of which will be used to partially fund Phase I of the Twinbrook Quarter development project. The loan matures in 2041, bears interest at a fixed rate of 3.83%, requires interest only payments, which will be funded by the loan, until conversion to permanent. The conversion is expected in the fourth quarter of 2026, and thereafter, monthly principal and interest payments based on a 25-year amortization schedule will be required. The carrying value of the properties collateralizing the mortgage notes payable totaled $1.1 billion and $1.2 billion, as of December 31, 2021 and 2020, 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, 2021. • 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, 2021 and 2020, are guaranteed by members of the Saul Organization. As of December 31, 2021, the scheduled maturities of all debt including scheduled principal amortization for years ended December 31 are as follows: (in thousands) Balloon Scheduled Total 2022 $ 36,502 $ 31,033 $ 67,535 2023 9,225 31,498 40,723 2024 66,164 30,792 96,956 2025 126,363 (a) 27,874 154,237 2026 134,088 24,347 158,435 Thereafter 545,276 91,866 637,142 Principal amount $ 917,618 $ 237,410 1,155,028 Unamortized deferred debt costs 11,172 Net $ 1,143,856 (a) Includes $106.0 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 $11.2 million and $9.3 million, net of accumulated amortization of $7.7 million and $8.7 million at December 31, 2021 and 2020, 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, 2021 2020 2019 Interest incurred $ 50,552 $ 51,705 $ 52,044 Amortization of deferred debt costs 1,710 1,570 1,518 Capitalized interest (6,831) (6,616) (11,480) Interest expense 45,431 46,659 42,082 Less: Interest income 7 140 248 Interest expense, net and amortization of deferred debt costs $ 45,424 $ 46,519 $ 41,834 Deferred debt costs capitalized during the years ending December 31, 2021, 2020 and 2019 totaled $6.4 million, $1.2 million and $1.0 million, respectively.

Lease Agreements

Lease Agreements	12 Months Ended
	Dec. 31, 2021
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, 2021, 2020, and 2019, amounted to $197.9 million, $188.6 million, and $185.7 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) 2022 $ 163,383 2023 147,981 2024 124,039 2025 101,482 2026 77,584 Thereafter 336,423 $ 950,892 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, 2021, 2020, and 2019, amounted to $34.5 million, $34.7 million, and $36.5 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 $1.5 million, $0.9 million, and $0.9 million, for the years ended December 31, 2021, 2020, and 2019, respectively.

Long-Term Lease Obligations

Long-Term Lease Obligations	12 Months Ended
	Dec. 31, 2021
Leases [Abstract]
Long-Term Lease Obligations	LONG-TERM LEASE OBLIGATIONS At December 31, 2021 and 2020, 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. Negotiations are ongoing for a renewal of the Company’s office space at the same location. 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, 2021, 2020, and 2019 was $799,500, $799,300, and $806,500, 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, 2021
Noncontrolling Interest [Abstract]
Equity and Noncontrolling Interest	EQUITY AND NONCONTROLLING INTEREST The Consolidated Statements of Operations for the years ended December 31, 2021, 2020, and 2019 reflect noncontrolling interest of $13.3 million, $9.9 million, and $12.5 million, respectively, representing income attributable to limited partnership units not held by Saul Centers. At December 31, 2021, 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, 2021, 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) 2021 2020 2019 Weighted average common shares outstanding - Basic 23,655 23,356 23,009 Effect of dilutive options 7 1 44 Weighted average common shares outstanding - Diluted 23,662 23,357 23,053 Average share price $ 43.53 $ 33.84 $ 53.41 Non-dilutive options 1,360 1,439 633 Years non-dilutive options were issued 2013 through 2021 2014 through 2020 2016, 2017 and 2019

Related Party Transactions

Related Party Transactions	12 Months Ended
	Dec. 31, 2021
Related Party Transactions [Abstract]
Related Party Transactions	RELATED PARTY TRANSACTIONS The Chairman and Chief Executive Officer, the President and Chief Operating Officer, the Executive Vice President-Chief Legal and Administrative Officer and the Senior Vice President-Chief Accounting Officer and Treasurer 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 and Treasurer 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 $404,300, $302,000, and $322,200, for 2021, 2020, and 2019, 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 $238,400, $241,300, and $345,200, for the years ended December 31, 2021, 2020, and 2019, respectively. All amounts deferred by employees and the Company are fully vested. The cumulative unfunded liability under this plan was $3.2 million and $2.9 million, at December 31, 2021 and 2020, 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, 2021, 2020, and 2019, which included rental expense for the Company’s headquarters lease (see Note 7. Long Term Lease Obligations), totaled $8.0 million, $7.4 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, 2021 and 2020, accounts payable, accrued expenses and other liabilities included $1.1 million and $782,700, respectively, representing billings due to the Saul Organization for the Company’s share of these ancillary costs and expenses. On March 5, 2021, the Company acquired from 1592 Rockville Pike, approximately 6.8 acres of land and its leasehold interest in approximately 1.3 acres of contiguous land, together in each case with the improvements located thereon, located at the Twinbrook Metro Station in Rockville, Maryland. See Notes 3 and 4. In August 2016, the Company entered into an agreement (the "Ashbrook Contribution 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. On June 30, 2021, the Company issued 93,674 additional limited partnership units as additional consideration to the Saul Trust in accordance with the Ashbrook Contribution Agreement, as amended. 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 $397,900, $427,700, and $399,600, for the years ended December 31, 2021, 2020, and 2019, respectively.

Stock Option Plan

Stock Option Plan	12 Months Ended
	Dec. 31, 2021
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, 2021, 9,486 shares were credited to director's deferred fee accounts and 7,874 shares were issued. As of December 31, 2021, the director's deferred fee accounts comprise 120,240 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 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. Effective May 7, 2021, the Compensation Committee granted options to purchase 250,500 shares (35,572 incentive stock options and 214,928 nonqualified stock options) to 21 Company officers and 11 Company Directors (the “2021 Options”), which expire on May 6, 2031. The officers’ 2021 Options vest 25% per year over four years and are subject to early expiration upon termination of employment. The directors’ 2021 Options were immediately exercisable. The exercise price of $43.89 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 2021 Options to be $1.4 million, of which $1.2 million and $173,800 were assigned to the officer options and director options, respectively. Because the directors’ options vested immediately, the entire $173,800 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 2019, 2020 and 2021 option grants. During the twelve months ended December 31, 2021, stock option expense totaling $1.3 million was included in general and administrative expense in the Consolidated Statements of Operations. As of December 31, 2021, the estimated future expense related to unvested stock options was $1.7 million. Directors Officers Grant date May 3, 2019 April 24, 2020 May 7, 2021 May 3, 2019 April 24, 2020 May 7, 2021 Exercise price $ 55.71 $ 50.00 $ 43.89 $ 55.71 $ 50.00 $ 43.89 Volatility 0.236 0.258 0.297 0.206 0.240 0.275 Expected life (years) 5.0 5.0 5.0 7.0 7.0 7.0 Assumed yield 3.75 % 3.80 % 4.96 % 3.80 % 3.85 % 4.97 % Risk-free rate 2.33 % 0.36 % 0.77 % 2.43 % 0.51 % 1.24 % The table below summarizes the option activity for the years 2021, 2020, and 2019: 2021 2020 2019 Shares Weighted Shares Weighted Shares Weighted Outstanding at January 1 1,502,670 $ 52.86 1,309,614 $ 53.38 1,114,169 $ 52.40 Granted 250,500 43.89 238,000 50.00 260,000 55.71 Exercised (64,920) 45.07 (10,749) 49.19 (57,055) 44.53 Expired/Forfeited (87,000) 53.60 (34,195) 54.09 (7,500) 56.07 Outstanding December 31 1,601,250 51.73 1,502,670 52.86 1,309,614 53.38 Exercisable at December 31 1,098,500 53.22 971,545 53.01 763,614 52.43 The intrinsic value of options exercised in 2021, 2020, and 2019, was $0.4 million, $0.1 million and $0.6 million, respectively. The intrinsic value of options outstanding and exercisable at year end 2021 was $4.9 million and $2.3 million, respectively. Because the closing price was less than the exercise price of all outstanding options, no option had any intrinsic value at December 31, 2020. The date of exercise was the measurement date for shares exercised during the period. The intrinsic value measures the difference between the options’ exercise price and the closing share price quoted by the New York Stock Exchange as of the date of measurement. At December 31, 2021, the final trading day of calendar 2021, the closing price of $53.02 per share was used for the calculation of aggregate intrinsic value of options outstanding and exercisable at that date. The weighted average remaining contractual life of the Company’s exercisable and outstanding options at December 31, 2021 are 5.3 and 6.2 years, respectively.

Fair Value of Financial Instrum

Fair Value of Financial Instruments	12 Months Ended
	Dec. 31, 2021
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 3.60% and 3.40%, would be approximately $933.0 million and $981.0 million as of December 31, 2021 and 2020, respectively, compared to the principal balance of $949.0 million and $980.8 million at December 31, 2021 and 2020, 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, 2021
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, 2021
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 $2.16 per share in 2021, $2.12 per share in 2020, and $2.12 per share in 2019, Series C preferred stock dividends of $1.80, per depositary share in 2019, Series D preferred stock dividends of $1.53, $1.53 and $1.53, respectively, per depositary share in 2021, 2020, and 2019, and Series E preferred stock dividends of $1.50, $1.50, and $0.06, respectively, per depositary share in 2021, 2020, and 2019. Of the common stock dividends paid, $1.49 per share, $1.43 per share, and $2.00 per share, represented ordinary dividend income in 2021, 2020, and 2019, respectively, and $0.67 per share, $0.69 per share, and $0.12 per share represented return of capital to the shareholders in 2021, 2020, and 2019, respectively. All of the preferred dividends paid represented ordinary dividend income. The following summarizes distributions paid during the years ended December 31, 2021, 2020, and 2019, 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 2021 4th Quarter $ 2,798 $ 13,037 $ 4,702 63,970 $ 45.46 13,697 $ 45.95 3rd Quarter 2,798 12,999 4,694 65,171 44.44 13,841 44.92 2nd Quarter 2,798 12,488 4,218 68,206 41.87 13,978 42.33 1st Quarter 2,799 12,439 4,207 96,268 29.50 19,493 29.83 Total 2021 $ 11,193 $ 50,963 $ 17,821 293,615 61,009 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 In December 2021, the Board of Directors of the Company authorized a distribution of $0.57 per common share payable in January 2022 to holders of record on January 14, 2022. As a result, $10.6 million was paid to common shareholders on January 31, 2022. Also, $5.3 million was paid to limited partnership unitholders on January 31, 2022 ($0.57 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 3, 2022. As a result, $2.8 million was paid to preferred shareholders on January 18, 2022. 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.

Business Segments

Business Segments	12 Months Ended
	Dec. 31, 2021
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 2021 presentation. SAUL CENTERS, INC. (In thousands) Shopping Mixed-Use Corporate Consolidated As of or for the year ended December 31, 2021 Centers Properties and Other Totals Real estate rental operations: Revenue $ 169,681 $ 69,544 $ — $ 239,225 Expenses (35,784) (25,844) — (61,628) Income from real estate 133,897 43,700 — 177,597 Interest expense, net and amortization of deferred debt costs — — (45,424) (45,424) General and administrative — — (20,252) (20,252) Depreciation and amortization of deferred leasing costs (28,843) (21,429) — (50,272) Net income (loss) $ 105,054 $ 22,271 $ (65,676) $ 61,649 Capital investment $ 12,639 $ 43,233 $ — $ 55,872 Total assets $ 946,993 $ 777,709 $ 22,059 $ 1,746,761 As of or for the year ended December 31, 2020 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 24602000 $ (63,063) $ 64,196 Capital investment $ 33,968 $ 101,695 $ — $ 135,663 Total assets $ 980,096 $ 625,183 $ 13,061 $ 1,618,340

Impact of COVID-19

Impact of COVID-19	12 Months Ended
	Dec. 31, 2021
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. While most of our tenants have re-opened their businesses, there remains significant uncertainty around the long-term economic impact of the COVID-19 pandemic, which 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 18, 2022, payments by tenants of contractual base rent and operating expense and real estate tax recoveries totaled approximately 99% for the fourth quarter of 2021. The following table summarizes the Company's consolidated total collections of the first quarter, second quarter, third quarter and fourth quarter rent billings as of January 31, 2022: Retail Office Residential Total 2021 First Quarter 99 % 100 % 99 % 99 % 2021 Second Quarter 99 % 100 % 99 % 99 % 2021 Third Quarter 99 % 100 % 99 % 99 % 2021 Fourth Quarter 98 % 100 % 99 % 99 %

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2021
Subsequent Events [Abstract]
Subsequent Events	SUBSEQUENT EVENTSThe Company has reviewed operating activities for the period subsequent to December 31, 2021 and prior to the date that financial statements are issued, February 24, 2022, 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, 2021
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, 2021 (Dollars in Thousands) Costs Buildings Capitalized Basis at Close of Period and Initial Subsequent Land Buildings Construction in Progress Total Accumulated Book Related Debt (2) Date of Date Improvements Shopping Centers Ashbrook Marketplace, Ashburn, VA $ 8,938 $ 24,822 $ 13,258 $ 20,092 $ 410 $ 33,760 $ 1,187 $ 32,573 $ 21,329 2019 05/18 50 Ashburn Village, Ashburn, VA 11,431 20,570 6,764 25,237 — 32,001 15,755 16,246 24,186 1994 & 2000-6 3/94 40 Ashland Square Phase I, Dumfries, VA 1,178 5,298 1,178 5,298 — 6,476 2,661 3,815 — 2007, 2013 12/04 20 & 50 Beacon Center, Alexandria, VA 24,161 18,514 22,691 19,984 — 42,675 16,297 26,378 32,170 1960 & 1974 1/72 , 11/16 40 & 50 BJ’s Wholesale Club, Alexandria, VA 22,623 — 22,623 — — 22,623 — 22,623 9,692 3/08 — Boca Valley Plaza, Boca Raton, FL 16,720 2,630 5,735 13,615 — 19,350 6,159 13,191 — 2/04 40 Boulevard, Fairfax, VA 4,883 4,753 3,687 5,949 — 9,636 3,686 5,950 14,639 1969, 1999 & 2009 4/94 40 Briggs Chaney MarketPlace, Silver Spring, MD 27,037 5,316 9,789 22,564 — 32,353 10,640 21,713 — 4/04 40 Broadlands Village, Ashburn, VA 5,316 35,941 5,300 35,951 6 41,257 14,808 26,449 29,613 2002-3, 2004 & 2006 3/02 40 & 50 Burtonsville Town Square, Burtonsville, MD 74,212 6,344 28,402 52,138 16 80,556 6,740 73,816 34,558 2010 1/17 20 & 45 Countryside Marketplace, Sterling, VA 28,912 4,297 7,666 25,543 — 33,209 12,193 21,016 — 2/04 40 Cranberry Square, Westminster, MD 31,578 788 6,700 25,666 — 32,366 6,834 25,532 14,634 9/11 40 Cruse MarketPlace, Cumming, GA 12,226 767 3,901 9,092 — 12,993 4,185 8,808 — 3/04 40 Flagship Center, Rockville, MD 160 409 169 400 — 569 13 556 — 1972 1/72 — French Market, Oklahoma City, OK 5,781 16,888 1,118 21,551 — 22,669 13,455 9,214 — 1972 & 1998 3/74 50 Germantown, Germantown, MD 2,034 566 2,034 566 — 2,600 467 2,133 — 1990 8/93 40 The Glen, Woodbridge, VA 12,918 8,559 5,300 16,177 — 21,477 11,099 10,378 21,393 1993 & 2005 6/94 40 Great Falls Center, Great Falls, VA 41,750 3,215 14,766 30,199 — 44,965 11,255 33,710 8,651 3/08 40 Hampshire Langley, Takoma, MD 3,159 3,444 1,892 4,701 10 6,603 4,106 2,497 12,868 1960 1/72 40 Hunt Club Corners, Apopka, FL 12,584 4,644 4,822 12,406 — 17,228 5,742 11,486 — 6/06, 12/12 40 Jamestown Place, Altamonte Springs, FL 14,055 2,410 4,455 12,010 — 16,465 5,141 11,324 — 11/05 40 Kentlands Square I, Gaithersburg, MD 14,379 3,234 5,005 11,928 680 17,613 4,819 12,794 21,385 2002 9/02 40 Kentlands Square II, Gaithersburg, MD 76,723 3,101 23,133 56,530 161 79,824 16,654 63,170 31,155 9/11, 9/13 40 Kentlands Place, Gaithersburg, MD 1,425 7,649 1,425 7,649 — 9,074 4,641 4,433 7,514 2005 1/04 50 Lansdowne Town Center, Leesburg, VA 6,545 43,461 6,546 43,439 21 50,006 18,994 31,012 28,533 2006 11/02 50 Leesburg Pike Plaza, Baileys Crossroads, VA 2,418 6,367 1,132 7,653 — 8,785 6,372 2,413 13,213 1965 2/66 40 Lumberton Plaza, Lumberton, NJ 4,400 11,614 950 15,042 22 16,014 13,899 2,115 — 1975 12/75 40 Metro Pike Center, Rockville, MD 33,123 5,004 26,064 8,096 3,967 38,127 2,321 35,806 — 12/10 40 Shops at Monocacy, Frederick, MD 9,541 15,876 9,260 16,157 — 25,417 6,984 18,433 27,143 2003-4 11/03 50 Northrock, Warrenton, VA 12,686 15,428 12,686 15,422 6 28,114 5,862 22,252 13,108 2009 01/08 50 Olde Forte Village, Ft. Washington, MD 15,933 6,913 5,409 17,437 — 22,846 9,088 13,758 20,682 2003-4 07/03 40 Olney, Olney, MD 4,963 2,998 3,079 4,882 — 7,961 3,492 4,469 12,299 1972 11/75 40 Orchard Park, Dunwoody, GA 19,377 1,607 7,751 13,233 — 20,984 4,876 16,108 8,812 7/07 40 Palm Springs Center, Altamonte Springs, FL 18,365 2,034 5,739 14,658 2 20,399 6,532 13,867 — 3/05 40 Ravenwood, Baltimore, MD 1,245 4,428 703 4,970 — 5,673 3,542 2,131 12,553 1959 & 2006 1/72 40 11503 Rockville Pike/5541 Nicholson Lane, Rockville, MD 26,561 24 22,113 4,472 — 26,585 1,260 25,325 — 10/10, 12/12 40 1500/1580/1582 Rockville Pike, Rockville, MD 45,351 2,046 38,065 7,050 2,282 47,397 6,474 40,923 — 12/12, 1/14, 4/14 5, 10, 5 Seabreeze Plaza, Palm Harbor, FL 24,526 2,625 8,665 18,486 — 27,151 7,886 19,265 13,897 11/05 40 Market Place at Sea Colony, Bethany Beach, DE 2,920 261 1,147 2,034 — 3,181 732 2,449 — 3/08 40 Seven Corners, Falls Church, VA 4,848 46,301 4,929 46,220 — 51,149 33,039 18,110 56,413 1956 & 1997 7/73 40 Severna Park Marketplace, Severna Park, MD 63,254 714 12,700 51,214 54 63,968 13,187 50,781 27,197 9/11 40 Shops at Fairfax, Fairfax, VA 2,708 11,112 992 12,828 — 13,820 9,242 4,578 9,759 1975 & 1999 6/75 50 Smallwood Village Center, Waldorf, MD 17,819 8,289 6,402 19,706 — 26,108 10,406 15,702 — 1/06 40 Southdale, Glen Burnie, MD 18,895 25,481 15,255 29,051 70 44,376 23,742 20,634 — 1962 & 1986 1/72 , 11/16 40 Southside Plaza, Richmond, VA 6,728 11,442 1,878 16,292 — 18,170 13,508 4,662 — 1958 1/72 40 South Dekalb Plaza, Atlanta, GA 2,474 4,953 615 6,812 — 7,427 5,218 2,209 — 1970 2/76 40 Thruway, Winston-Salem, NC 7,848 27,273 7,692 27,413 16 35,121 20,564 14,557 — 1955 & 1965 5/72 40 Village Center, Centreville, VA 16,502 3,304 7,851 11,955 — 19,806 8,145 11,661 11,528 1990 8/93 40 Westview Village, Frederick, MD 6,047 25,288 6,047 25,288 — 31,335 11,361 19,974 — 2009 11/07 , 02/15 50 White Oak, Silver Spring, MD 6,277 6,134 4,649 7,561 201 12,411 6,472 5,939 20,874 1958 & 1967 1/72 40 Other Buildings / Improvements — 182 — 182 — 182 130 52 — Total Shopping Centers 835,537 475,318 420,132 882,799 7,924 1,310,855 431,865 878,990 559,798 Mixed-Use Properties Avenel Business Park, Gaithersburg, MD 21,459 36,528 3,756 54,231 — 57,987 41,110 16,877 24,108 1984, 1986,1990, 1998 & 2000 12/84, 8/85, 2/86, 4/98 & 10/2000 35 & 40 Clarendon Center, Arlington, VA (1) 12,753 187,200 16,287 183,666 — 199,953 56,237 143,716 90,600 2010 7/73, 1/96 & 4/02 50 Park Van Ness, Washington, DC 2,242 91,801 2,242 91,801 — 94,043 16,217 77,826 64,661 2016 7/73, 2/11 50 601 Pennsylvania Ave., Washington, DC 5,479 71,076 5,667 70,888 — 76,555 61,617 14,938 — 1986 7/73 35 The Waycroft, Arlington, VA 52,067 225,901 53,618 224,287 63 277,968 11,446 266,522 156,116 2017 8/14, 12/14, 9/15, 8/16, 50 Washington Square, Alexandria, VA 2,034 57,524 544 59,014 — 59,558 31,621 27,937 53,745 1952 & 2000 7/73 50 Total Mixed-Use Properties 96,034 670,030 82,114 683,887 63 766,064 218,248 547,816 389,230 Development Land Ashland Square Phase II, Manassas, VA 5,292 4,714 7,049 — 2,957 10,006 — 10,006 — 12/04 New Market, New Market, MD 2,088 146 2,234 — — 2,234 — 2,234 — 9/05 Hampden House, Bethesda, MD 39,641 17,257 — — 56,898 56,898 — 56,898 — 10/18, 12/18 Twinbrook, Rockville, MD 110,021 28,048 — — 138,069 138,069 — 138,069 — 12/14, 03/21 Total Development Land 157,042 50,165 9,283 — 197,924 207,207 — 207,207 — Total $ 1,088,613 $ 1,195,513 $ 511,529 $ 1,566,686 $ 205,911 $ 2,284,126 $ 650,113 $ 1,634,013 $ 949,028 (1) Includes the North and South Blocks and Residential (2) Amounts do not include deferred debt and therefore will not match the Consolidated Balance Sheet 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 $1.64 billion at December 31, 2021. 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, 2021 are summarized as follows: (In thousands) 2021 2020 2019 Total real estate investments: Balance, beginning of year $ 2,124,796 $ 2,081,597 $ 1,948,165 Acquisitions 108,279 — — Improvements 54,177 45,396 135,966 Retirements (3,126) (2,197) (2,534) Balance, end of year $ 2,284,126 $ 2,124,796 $ 2,081,597 Total accumulated depreciation: Balance, beginning of year $ 607,706 $ 563,474 $ 525,518 Depreciation expense 45,487 45,865 40,490 Retirements (3,080) (1,633) (2,534) Balance, end of year $ 650,113 $ 607,706 $ 563,474

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2021
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 2021, 2020, or 2019. 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, 2021, 2020, and 2019, was $45.5 million, $45.9 million, and $40.5 million, respectively. Repairs and maintenance expense totaled $13.5 million, $11.1 million, and $12.5 million for 2021, 2020, and 2019, 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 primarily consist of initial direct costs incurred in connection with successful property leasing and amounts attributed to in place leases associated with acquired properties. Such amounts are capitalized and amortized, using the straight-line method, over the term of the lease or the remaining term of an acquired lease. Initial direct costs primarily consist of leasing commissions, costs paid to external third-party brokers, and internal lease commissions that are incremental to obtaining a lease and would not have been incurred if the lease had not been obtained. 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, 2021 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 unamortized balances that represent the fair value of certain below market leases determined as of the date of acquisition.
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.
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 other liabilities 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 the year ended December 31, 2021.

Accounting Policies (Tables)

Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2021
Accounting Policies [Abstract]
Schedule of Accounts, Notes, Loans and Financing Receivable	At December 31, 2021 and December 31, 2020, accounts receivable was comprised of: (In thousands) December 31, 2021 December 31, 2020 Rents currently due $ 8,484 $ 13,321 Deferred rents and payment plans 4,141 8,205 Straight-line rent 46,239 44,863 Other receivables 2,877 3,751 Credit losses on operating lease receivables (3,082) (5,223) Total $ 58,659 $ 64,917

Real Estate (Tables)

Real Estate (Tables)	12 Months Ended
	Dec. 31, 2021
Real Estate [Abstract]
Schedule of Construction in Progress	The following table shows the components of construction in progress. December 31, (in thousands) 2021 2020 Twinbrook Quarter $ 138,069 $ — Hampden House 56,898 50,723 The Waycroft — 8,651 Other 10,944 10,103 Total $ 205,911 $ 69,477
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed	The entire amount was allocated to land.
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense	As of December 31, 2021, 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 2022 $ 368 $ 33 $ 1,306 2023 317 33 1,297 2024 198 33 878 2025 153 33 601 2026 131 33 509 Thereafter 712 277 2,744 Total $ 1,879 $ 442 $ 7,335

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, 2021
Debt Disclosure [Abstract]
Schedule of Maturities of Long-term Debt	As of December 31, 2021, the scheduled maturities of all debt including scheduled principal amortization for years ended December 31 are as follows: (in thousands) Balloon Scheduled Total 2022 $ 36,502 $ 31,033 $ 67,535 2023 9,225 31,498 40,723 2024 66,164 30,792 96,956 2025 126,363 (a) 27,874 154,237 2026 134,088 24,347 158,435 Thereafter 545,276 91,866 637,142 Principal amount $ 917,618 $ 237,410 1,155,028 Unamortized deferred debt costs 11,172 Net $ 1,143,856 (a) Includes $106.0 million outstanding under the revolving facility.
Schedule of Interest Costs Incurred	The components of interest expense are set forth below. (in thousands) Year ended December 31, 2021 2020 2019 Interest incurred $ 50,552 $ 51,705 $ 52,044 Amortization of deferred debt costs 1,710 1,570 1,518 Capitalized interest (6,831) (6,616) (11,480) Interest expense 45,431 46,659 42,082 Less: Interest income 7 140 248 Interest expense, net and amortization of deferred debt costs $ 45,424 $ 46,519 $ 41,834

Lease Agreements (Tables)

Lease Agreements (Tables)	12 Months Ended
	Dec. 31, 2021
Leases [Abstract]
Lessor, Operating Lease, Payment to be Received, Fiscal Year Maturity	Future contractual payments under noncancelable leases for years ended December 31 (which exclude the effect of straight-line rents), are as follows: (in thousands) 2022 $ 163,383 2023 147,981 2024 124,039 2025 101,482 2026 77,584 Thereafter 336,423 $ 950,892

Equity and Noncontrolling Int_2

Equity and Noncontrolling Interest Equity Weighted Average Shares Outstanding (Tables)	12 Months Ended
	Dec. 31, 2021
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) 2021 2020 2019 Weighted average common shares outstanding - Basic 23,655 23,356 23,009 Effect of dilutive options 7 1 44 Weighted average common shares outstanding - Diluted 23,662 23,357 23,053 Average share price $ 43.53 $ 33.84 $ 53.41 Non-dilutive options 1,360 1,439 633 Years non-dilutive options were issued 2013 through 2021 2014 through 2020 2016, 2017 and 2019

Stock Option Plan (Tables)

Stock Option Plan (Tables)	12 Months Ended
	Dec. 31, 2021
Share-based Payment Arrangement [Abstract]
Stock Options Issued	Directors Officers Grant date May 3, 2019 April 24, 2020 May 7, 2021 May 3, 2019 April 24, 2020 May 7, 2021 Exercise price $ 55.71 $ 50.00 $ 43.89 $ 55.71 $ 50.00 $ 43.89 Volatility 0.236 0.258 0.297 0.206 0.240 0.275 Expected life (years) 5.0 5.0 5.0 7.0 7.0 7.0 Assumed yield 3.75 % 3.80 % 4.96 % 3.80 % 3.85 % 4.97 % Risk-free rate 2.33 % 0.36 % 0.77 % 2.43 % 0.51 % 1.24 %
Summary of Option Activity	The table below summarizes the option activity for the years 2021, 2020, and 2019: 2021 2020 2019 Shares Weighted Shares Weighted Shares Weighted Outstanding at January 1 1,502,670 $ 52.86 1,309,614 $ 53.38 1,114,169 $ 52.40 Granted 250,500 43.89 238,000 50.00 260,000 55.71 Exercised (64,920) 45.07 (10,749) 49.19 (57,055) 44.53 Expired/Forfeited (87,000) 53.60 (34,195) 54.09 (7,500) 56.07 Outstanding December 31 1,601,250 51.73 1,502,670 52.86 1,309,614 53.38 Exercisable at December 31 1,098,500 53.22 971,545 53.01 763,614 52.43

Distributions (Tables)

Distributions (Tables)	12 Months Ended
	Dec. 31, 2021
Equity [Abstract]
Dividends Paid	The following summarizes distributions paid during the years ended December 31, 2021, 2020, and 2019, 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 2021 4th Quarter $ 2,798 $ 13,037 $ 4,702 63,970 $ 45.46 13,697 $ 45.95 3rd Quarter 2,798 12,999 4,694 65,171 44.44 13,841 44.92 2nd Quarter 2,798 12,488 4,218 68,206 41.87 13,978 42.33 1st Quarter 2,799 12,439 4,207 96,268 29.50 19,493 29.83 Total 2021 $ 11,193 $ 50,963 $ 17,821 293,615 61,009 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

Business Segments (Tables)

Business Segments (Tables)	12 Months Ended
	Dec. 31, 2021
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, 2021 Centers Properties and Other Totals Real estate rental operations: Revenue $ 169,681 $ 69,544 $ — $ 239,225 Expenses (35,784) (25,844) — (61,628) Income from real estate 133,897 43,700 — 177,597 Interest expense, net and amortization of deferred debt costs — — (45,424) (45,424) General and administrative — — (20,252) (20,252) Depreciation and amortization of deferred leasing costs (28,843) (21,429) — (50,272) Net income (loss) $ 105,054 $ 22,271 $ (65,676) $ 61,649 Capital investment $ 12,639 $ 43,233 $ — $ 55,872 Total assets $ 946,993 $ 777,709 $ 22,059 $ 1,746,761 As of or for the year ended December 31, 2020 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 24602000 $ (63,063) $ 64,196 Capital investment $ 33,968 $ 101,695 $ — $ 135,663 Total assets $ 980,096 $ 625,183 $ 13,061 $ 1,618,340

Impact of COVID-19 (Tables)

Impact of COVID-19 (Tables)	12 Months Ended
	Dec. 31, 2021
Unusual or Infrequent Items, or Both [Abstract]
Schedule of Product Information	The following table summarizes the Company's consolidated total collections of the first quarter, second quarter, third quarter and fourth quarter rent billings as of January 31, 2022: Retail Office Residential Total 2021 First Quarter 99 % 100 % 99 % 99 % 2021 Second Quarter 99 % 100 % 99 % 99 % 2021 Third Quarter 99 % 100 % 99 % 99 % 2021 Fourth Quarter 98 % 100 % 99 % 99 %

Organization, Basis of Presen_2

Organization, Basis of Presentation - Additional Information (Detail)	12 Months Ended
	Dec. 31, 2021propertystorepartnershiptenant
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	71.90%
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	4
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	5.30%

Summary of Significant Accoun_3

Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Jan. 01, 2019
Significant Accounting Policies [Line Items]
Depreciation and amortization of deferred leasing costs	$ 45,487,000	$ 45,865,000	$ 40,490,000
Repairs and maintenance expense	13,500,000	11,100,000	12,500,000
Impairment of real estate	0
Rental revenue, charge offs	800,000
Deferred leasing costs, net	24,005,000	26,872,000
Accumulated amortization deferred leasing cost	(48,700,000)	(44,500,000)
Amortization of other deferred charges	4,700,000	5,200,000	5,800,000
Accrued penalties and interest	0	0	$ 0
Tax basis of the company's real estate investments	1,640,000,000	$ 1,550,000,000
Right-of-use asset	100,000
Operating lease liability	$ 100,000
Operating Lease, Liability, Statement of Financial Position [Extensible List]	Other Liabilities
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Other assets
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, 2021	Dec. 31, 2020
Accounts, Notes, Loans and Financing Receivable [Line Items]
Credit losses on operating lease receivables	$ (3,082)	$ (5,223)
Total	58,659	64,917
Rents currently due
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable, before allowance for credit loss	8,484	13,321
Deferred rents and payment plans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable, before allowance for credit loss	4,141	8,205
Straight-line rent
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable, before allowance for credit loss	46,239	44,863
Other receivables
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable, before allowance for credit loss	$ 2,877	$ 3,751

Real Estate - Schedule of Const

Real Estate - Schedule of Construction in Progress (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Real Estate [Line Items]
Development in process	$ 205,911	$ 69,477
Twinbrook Quarter
Real Estate [Line Items]
Development in process	138,069	0
Hampden House
Real Estate [Line Items]
Development in process	56,898	50,723
The Waycroft
Real Estate [Line Items]
Development in process	0	8,651
Other
Real Estate [Line Items]
Development in process	$ 10,944	$ 10,103

Real Estate - Additional Inform

Real Estate - Additional Information (Detail)	Jun. 29, 2021USD ($)shares	Mar. 15, 2021USD ($)	Dec. 31, 2021USD ($)shares	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)	Mar. 05, 2021USD ($)a	Nov. 05, 2019a	Dec. 31, 2018USD ($)
Real Estate Properties [Line Items]
Lessee, operating lease, incremental borrowing rate			5.63%
Finance lease, right-of-use asset, amortization			$ 104,000
Finance lease, interest expense			362,800
Construction in progress			205,911,000	$ 69,477,000
Total purchase price			2,284,126,000	2,124,796,000	$ 2,081,597,000			$ 1,948,165,000
Below market lease, carrying amount			23,300,000	23,700,000
Below market lease, accumulated amortization			16,200,000	15,000,000
Accretion income, intangible liabilities			1,400,000	1,400,000	1,500,000
Lease acquisition costs
Real Estate Properties [Line Items]
Intangible assets gross carrying amount			11,000,000	11,000,000
Intangible assets, accumulated amortization			9,100,000	8,600,000
Amortization expense			$ 500,000	600,000	900,000
Weighted-average amortization period			4 years 7 months 6 days
Above Market Leases
Real Estate Properties [Line Items]
Intangible assets gross carrying amount			$ 600,000	600,000
Intangible assets, accumulated amortization			161,800	128,900
Amortization expense			$ 32,900	43,600	$ 109,600
Weighted-average amortization period			6 years 9 months 18 days
Below Market Leases
Real Estate Properties [Line Items]
Weighted-average amortization period			4 years 10 months 24 days
2018 Acquisitions
Real Estate Properties [Line Items]
Total purchase price								$ 108,300,000
Contribution Agreement
Real Estate Properties [Line Items]
Business acquisition, transaction costs						$ 1,200,000
Right-of-use asset obtained in exchange for finance lease liability		$ 19,400,000
Finance lease, liability						$ 19,400,000
Contribution Agreement | BF Saul Real Estate Investment Trust
Real Estate Properties [Line Items]
Area of land | a							10.3
Leasehold Interest Contributed In Contribution Agreement
Real Estate Properties [Line Items]
Asset acquisition, consideration transferred	$ 21,500,000
Payments to acquire businesses, gross	$ 700,000
Leasehold Interest Contributed In Contribution Agreement | Limited Partner
Real Estate Properties [Line Items]
Stock issued during period, shares, acquisitions | shares	469,740
Twinbrook Metro Station
Real Estate Properties [Line Items]
Stock issued during period, shares, acquisitions | shares			469,740,000
Twinbrook Metro Station | Restricted Stock Units (RSUs)
Real Estate Properties [Line Items]
Stock issued during period, shares, acquisitions | shares			1,416,071,000
Twinbrook Metro Station | Contribution Agreement | BF Saul Real Estate Investment Trust
Real Estate Properties [Line Items]
Area of land | a						6.8	6.8
Twinbrook Metro Station Leasehold Interest | Contribution Agreement | BF Saul Real Estate Investment Trust
Real Estate Properties [Line Items]
Area of land | a						1.3	1.3
Twinbrook Quarter
Real Estate Properties [Line Items]
Business acquisition, expenses reimbursed						$ 7,400,000
Construction in progress			$ 138,069,000	0
7316 Wisconsin Avenue
Real Estate Properties [Line Items]
Construction in progress			$ 56,898,000	$ 50,723,000

Real Estate - Amortization of I

Real Estate - Amortization of Intangible Assets and Deferred Income Related to in Place Leases (Detail) $ in Thousands	Dec. 31, 2021USD ($)
Below market leases
2022	$ 1,306
2023	1,297
2024	878
2025	601
2026	509
Thereafter	2,744
Total	7,335
Lease acquisition costs
Finite-Lived Intangible Assets [Line Items]
2022	368
2023	317
2024	198
2025	153
2026	131
Thereafter	712
Total	1,879
Above market leases
Finite-Lived Intangible Assets [Line Items]
2022	33
2023	33
2024	33
2025	33
2026	33
Thereafter	277
Total	$ 442

Noncontrolling Interests - Ho_2

Noncontrolling Interests - Holders of Convertible Limited Partnership Units in the Operating Partnership - Additional Information (Detail)	Jun. 29, 2021shares	Dec. 31, 2021shares	Dec. 31, 2020shares	Dec. 31, 2019shares
Leasehold Interest Contributed In Contribution Agreement | Limited Partner
Noncontrolling Interest [Line Items]
Stock issued during period, shares, acquisitions	469,740
Noncontrolling Interests
Noncontrolling Interest [Line Items]
Limited partnership units (in shares)		8,801,214
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		540,000
Fully converted partnership units and diluted weighted average shares outstanding		33,100,000	31,300,000	30,900,000
Partners capital account units placed In escrow (in shares)		700,000
Saul Holdings Limited Partnership
Noncontrolling Interest [Line Items]
Percentage of ownership in operating partnership		71.90%
Saul Holdings Limited Partnership | Noncontrolling Interests
Noncontrolling Interest [Line Items]
Percentage of ownership interest of noncontrolling interest		26.70%
Limited partnership units, conversion ratio		1
Third Party Investor
Noncontrolling Interest [Line Items]
Percentage of ownership interest of noncontrolling interest		1.40%

Mortgage Notes Payable, Revol_3

Mortgage Notes Payable, Revolving Credit Facility, Interest Expense and Amortization of Deferred Debt Costs - Additional Information (Detail) - USD ($)

Dec. 31, 2021

Nov. 19, 2021

Aug. 31, 2021

Jun. 11, 2021

Jan. 05, 2021

Jul. 24, 2020

Jul. 14, 2020

Dec. 31, 2021

Dec. 31, 2020

Mar. 03, 2020

Feb. 10, 2020

Dec. 31, 2019

Debt Instrument [Line Items]

Outstanding debt

$ 1,200,000,000

$ 1,200,000,000

Fixed rate mortgages

941,456,000

941,456,000

$ 827,603,000

Variable rate debt

99,233,000

99,233,000

74,791,000

Long-term debt repayments of principal and balloon payments

1,155,028,000

1,155,028,000

1,200,000,000

Debt outstanding with fixed-rate

980,800,000

Debt outstanding with variable-rate

179,500,000

Revolving credit facility payable

103,167,000

103,167,000

103,913,000

Remaining loan balance

237,410,000

237,410,000

Unamortized deferred debt costs

11,172,000

11,172,000

9,300,000

Accumulated amortization

7,700,000

7,700,000

8,700,000

Capitalization of debt issuance cost

$ 6,400,000

6,400,000

1,200,000

$ 1,000,000

Revolving Credit Facility | London Interbank Offered Rate (LIBOR)

Debt Instrument [Line Items]

Interest rate spread on LIBOR

1.35%

Revolving Credit Facility | Minimum | London Interbank Offered Rate (LIBOR)

Debt Instrument [Line Items]

Interest rate spread on LIBOR

1.35%

Revolving Credit Facility | Maximum | London Interbank Offered Rate (LIBOR)

Debt Instrument [Line Items]

Interest rate spread on LIBOR

1.95%

Term Facility | London Interbank Offered Rate (LIBOR)

Debt Instrument [Line Items]

Interest rate spread on LIBOR

1.30%

Term Facility | Minimum | London Interbank Offered Rate (LIBOR)

Debt Instrument [Line Items]

Interest rate spread on LIBOR

1.30%

Term Facility | Maximum | London Interbank Offered Rate (LIBOR)

Debt Instrument [Line Items]

Interest rate spread on LIBOR

1.90%

Unsecured Revolving Credit Facility

Debt Instrument [Line Items]

Available borrowing capacity

$ 219,800,000

219,800,000

Revolving credit facility payable

106,000,000

106,000,000

Letter of Credit

Debt Instrument [Line Items]

Revolving credit facility payable

185,000

185,000

Line of Credit

Debt Instrument [Line Items]

Line of credit facility, maximum borrowing capacity

$ 525,000,000

Line of Credit | Revolving Credit Facility

Debt Instrument [Line Items]

Line of credit facility, maximum borrowing capacity

425,000,000

Line of Credit | Term Facility

Debt Instrument [Line Items]

Line of credit facility, maximum borrowing capacity

$ 100,000,000

Mortgages | Jamestown Place

Debt Instrument [Line Items]

Payment for debt extinguishment or debt prepayment cost

$ 6,100,000

Mortgages | Hunt Club Corners

Debt Instrument [Line Items]

Payment for debt extinguishment or debt prepayment cost

$ 5,000,000

Mortgage Notes Payable

Debt Instrument [Line Items]

Guarantor obligations, maximum exposure

41,000,000

41,000,000

41,000,000

Fixed rate mortgage notes payable

Debt Instrument [Line Items]

Fixed rate mortgages

949,000,000

949,000,000

980,800,000

Variable rate loans payable

Debt Instrument [Line Items]

Variable rate debt

206,000,000

206,000,000

Broadlands Village

Debt Instrument [Line Items]

Guarantor obligations, maximum exposure

3,700,000

3,700,000

Remaining loan balance

29,600,000

29,600,000

Avenel Business Park

Debt Instrument [Line Items]

Guarantor obligations, maximum exposure

6,300,000

6,300,000

Remaining loan balance

24,100,000

24,100,000

Waycroft Construction Loan

Debt Instrument [Line Items]

Guarantor obligations, maximum exposure

23,600,000

23,600,000

Remaining loan balance

156,100,000

156,100,000

Ashbrook Marketplace

Debt Instrument [Line Items]

Remaining loan balance

21,300,000

21,300,000

Ashbrook Marketplace | 3.80% Fixed Rate Loan Maturing In 2035

Debt Instrument [Line Items]

Loan term

15 years

Loan amount

$ 22,100,000

Loan fixed interest rate

3.80%

Loan required periodic principal and interest payment

$ 114,226

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 term

15 years

Loan amount

$ 30,000,000

Loan fixed interest rate

3.43%

Loan required periodic principal and interest payment

$ 149,064

Amortization schedule

25 years

Balloon payment to be paid

$ 15,300,000

Kentlands Square I

Debt Instrument [Line Items]

Remaining loan balance

28,900,000

28,900,000

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

Debt Covenant

Debt Instrument [Line Items]

Carrying value of properties collateralized

1,100,000,000

$ 1,100,000,000

$ 1,200,000,000

Credit agreement leverage ratio

60.00%

Interest coverage ratio required minimum

2

Required fixed charge coverage ratio

1.4

New Facility | Line of Credit

Debt Instrument [Line Items]

Long-term debt, gross

$ 106,000,000

$ 106,000,000

Twinbrook Quarter | 3.80% Fixed Rate Loan Maturing In 2035

Debt Instrument [Line Items]

Loan amount

$ 145,000,000

Amortization schedule

25 years

Twinbrook Quarter | 3.83% Fixed Rate Loan Maturing In 2041

Debt Instrument [Line Items]

Loan fixed interest rate

3.83%

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, 2021	Dec. 31, 2020
Balloon Payments
2022	$ 36,502
2023	9,225
2024	66,164
2025	126,363
2026	134,088
Thereafter	545,276
Balloon Payments	917,618
Scheduled Principal Amortization
2022	31,033
2023	31,498
2024	30,792
2025	27,874
2026	24,347
Thereafter	91,866
Scheduled Principal Amortization	237,410
Total
2022	67,535
2023	40,723
2024	96,956
2025	154,237
2026	158,435
Thereafter	637,142
Principal amount	1,155,028	$ 1,200,000
Unamortized deferred debt costs	11,172	$ 9,300
Net	$ 1,143,856

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, 2021	Dec. 31, 2020	Dec. 31, 2019
Debt Disclosure [Abstract]
Interest incurred	$ 50,552	$ 51,705	$ 52,044
Amortization of deferred debt costs	1,710	1,570	1,518
Capitalized interest	(6,831)	(6,616)	(11,480)
Interest expense	45,431	46,659	42,082
Less: Interest income	7	140	248
Interest expense, net and amortization of deferred debt costs	$ 45,424	$ 46,519	$ 41,834

Lease Agreements - Additional I

Lease Agreements - Additional Information (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Leases [Abstract]
Base rent	$ 197.9	$ 188.6	$ 185.7
Expense recoveries	34.5	34.7	36.5
Payments for rent	$ 1.5	$ 0.9	$ 0.9

Lease Agreements - Future Contr

Lease Agreements - Future Contractual Payments Under Noncancelable Leases (Detail) $ in Thousands	Dec. 31, 2021USD ($)
Leases [Abstract]
2022	$ 163,383
2023	147,981
2024	124,039
2025	101,482
2026	77,584
Thereafter	336,423
Total future contractual payments	$ 950,892

Long-Term Lease Obligations - A

Long-Term Lease Obligations - Additional Information (Detail)	12 Months Ended
	Dec. 31, 2021USD ($)property	Dec. 31, 2020USD ($)property	Dec. 31, 2019USD ($)
Leases Disclosure [Line Items]
Number of properties subject to noncancelable long-term lease | property	0	0
Rent expense	$ 799,500	$ 799,300
Rent expense			$ 806,500
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, 2021	Dec. 31, 2020	Dec. 31, 2019
Class of Stock [Line Items]
Income attributable to noncontrolling interest, before tax	$ 13.3	$ 9.9	$ 12.5
Series D Cumulative Redeemable Preferred Stock
Class of Stock [Line Items]
Depositary shares outstanding	3
Depository shares to cumulative redeemable preferred stock ratio	1.00%
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
Series E Cumulative Redeemable Preferred Stock
Class of Stock [Line Items]
Depositary shares outstanding	4.4
Depository shares to cumulative redeemable preferred stock ratio	1.00%
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

Equity and Noncontrolling Int_4

Equity and Noncontrolling Interest - Per Share Data (Details) - $ / shares shares in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Class of Stock [Line Items]
Weighted average common shares outstanding - Basic	23,655	23,356	23,009
Effect of dilutive options (in shares)	7	1	44
Weighted average common shares outstanding - Diluted	23,662	23,357	23,053
Average share price (in usd per share)	$ 43.53	$ 33.84	$ 53.41
Options
Class of Stock [Line Items]
Non-dilutive options (in shares)	1,360	1,439	633

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Detail)	Jun. 30, 2021shares	May 09, 2018shares	Aug. 31, 2016a	Dec. 31, 2021USD ($)	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)	Mar. 05, 2021a	Nov. 05, 2019a
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				$ 404,300	$ 302,000	$ 322,200
Deferred compensation, employee contribution, percentage				2.00%
Deferred compensation, employer contribution, percentage				3	3	3
Deferred compensation, company contribution, amount				$ 238,400	$ 241,300	$ 345,200
Deferred compensation, cumulative unfunded liability				3,200,000	2,900,000
Ancillary costs and expenses				8,000,000	7,400,000	8,400,000
Liability due to the Saul Organization for the company's share of these ancillary costs and expenses				1,100,000	782,700
Insurance commissions and fees expense				$ 397,900	$ 427,700	$ 399,600
BF Saul Real Estate Investment Trust | Contribution Agreement
Related Party Transaction [Line Items]
Area of land | a								10.3
BF Saul Real Estate Investment Trust | Ashbrook Marketplace
Related Party Transaction [Line Items]
Area of real estate property | a			13.7
Limited partnership units issued (in shares) | shares	93,674	176,680
BF Saul Real Estate Investment Trust | Twinbrook Metro Station Leasehold Interest | Contribution Agreement
Related Party Transaction [Line Items]
Area of land | a							1.3	1.3

Stock Option Plan - Additional

Stock Option Plan - Additional Information (Detail)	May 07, 2021USD ($)person$ / sharesshares	Dec. 31, 2020USD ($)shares	Apr. 24, 2020USD ($)person$ / sharesshares	May 03, 2019USD ($)person$ / sharesshares	Dec. 31, 2021USD ($)$ / sharesshares	Dec. 31, 2020USD ($)$ / shares	Dec. 31, 2019USD ($)$ / shares	Dec. 31, 2004	Dec. 31, 2005shares
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Deferred compensation (in shares) | shares		120,240			9,486
Exercise price of options (in usd per share) | $ / shares					$ 43.89	$ 50	$ 55.71
Intrinsic value of options exercised					$ 400,000	$ 100,000	$ 600,000
Intrinsic value of options exercisable		$ 2,300,000			$ 4,900,000	$ 2,300,000
Closing price (in usd per share) | $ / shares					$ 53.02
Allocated share based compensation					$ 1,300,000
Future expense					$ 1,700,000
2019 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
2020 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
2021 Options
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Exercise price of options (in usd per share) | $ / shares	$ 43.89
Fair value stock option grant	$ 1,400,000
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 | shares					7,874
Officer | 2019 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 | 2020 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
Officer | 2021 Options
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Number of individuals granted options | person	21
Options vested	25.00%
Fair value stock option grant	$ 1,200,000
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				$ 226,600
Director | 2020 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
Director | 2021 Options
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Number of individuals granted options | person	11
Fair value stock option grant	$ 173,800
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 | shares									3,400,000
Stock options | 2019 Options
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Options granted to purchase stocks (in shares) | shares				260,000
Stock options | 2020 Options
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Options granted to purchase stocks (in shares) | shares			238,000
Stock options | 2021 Options
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Options granted to purchase stocks (in shares) | shares	250,500
Stock options | Officer
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
Stock options | Officer | 2020 Options
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Option vesting period			4 years		4 years
Stock options | Officer | 2021 Options
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Option vesting period	4 years				4 years
Incentive stock option | 2019 Options
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Options granted to purchase stocks (in shares) | shares				34,651
Incentive stock option | 2020 Options
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Options granted to purchase stocks (in shares) | shares			29,624
Incentive stock option | 2021 Options
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Options granted to purchase stocks (in shares) | shares	35,572
Nonqualified stock options | 2019 Options
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Options granted to purchase stocks (in shares) | shares				225,349
Nonqualified stock options | 2020 Options
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Options granted to purchase stocks (in shares) | shares			208,376
Nonqualified stock options | 2021 Options
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Options granted to purchase stocks (in shares) | shares	214,928

Stock Option Plan - Stock Optio

Stock Option Plan - Stock Options Issued (Detail)	12 Months Ended
	Dec. 31, 2021$ / shares	Dec. 31, 2020$ / shares	Dec. 31, 2019$ / shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Exercise price (in usd per share)	$ 45.07	$ 49.19	$ 44.53
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%
Directors | May 7, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Exercise price (in usd per share)	$ 43.89
Volatility	0.297
Expected life (years)	5 years
Assumed yield	4.96%
Risk-free rate	0.77%
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%
Officers | May 7, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Exercise price (in usd per share)	$ 43.89
Volatility	0.275
Expected life (years)	7 years
Assumed yield	4.97%
Risk-free rate	1.24%

Stock Option Plan - Summary of

Stock Option Plan - Summary of Option Activity (Detail) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Shares
Outstanding at January 1 (in shares)	1,502,670	1,309,614	1,114,169
Granted (in shares)	250,500	238,000	260,000
Exercised (in shares)	(64,920)	(10,749)	(57,055)
Expired/Forfeited (in shares)	(87,000)	(34,195)	(7,500)
Outstanding December 31 (in shares)	1,601,250	1,502,670	1,309,614
Options exercisable (in shares)	1,098,500	971,545	763,614
Weighted Average Exercise Price
Outstanding at January 1 (in usd per share)	$ 52.86	$ 53.38	$ 52.40
Granted (in usd per share)	43.89	50	55.71
Exercised (in usd per share)	45.07	49.19	44.53
Expired/Forfeited (in usd per share)	53.60	54.09	56.07
Outstanding December 31 (in usd per share)	51.73	52.86	53.38
Exercisable at December 31 (in usd per share)	$ 53.22	$ 53.01	$ 52.43
Intrinsic value of options exercised	$ 0.4	$ 0.1	$ 0.6
Closing price (in usd per share)	$ 53.02
Weighted average remaining life of options exercisable	5 years 3 months 18 days
Weighted average remaining life of options outstanding	6 years 2 months 12 days

Fair Value of Financial Instr_2

Fair Value of Financial Instruments - Additional Information (Detail) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Fair Value of Financial Instruments [Line Items]
Interest rate	3.60%	3.40%
Notes payable, fair value	$ 933,000	$ 981,000
Fixed rate mortgages	941,456	827,603
Fixed rate mortgage notes payable
Fair Value of Financial Instruments [Line Items]
Fixed rate mortgages	$ 949,000	$ 980,800

Distributions - Additional Info

Distributions - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands	Jan. 31, 2022	Jan. 18, 2022	Jan. 04, 2022	Dec. 31, 2021	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Dividends [Line Items]
Common stock issued, discount rate					3.00%
Common stock distributions (in usd per share)					$ 2.16	$ 2.12	$ 2.12
Dividends declared per common share outstanding (in usd per share)				$ 0.57
Distribution to limited partnership unitholders					$ 17,821	$ 16,751	$ 16,642
Subsequent Event
Dividends [Line Items]
Common stock dividend paid	$ 10,600
Distribution to limited partnership unitholders	$ 5,300
Distributions partnership units (in usd per share)	$ 0.57
Preferred stock distributions		$ 2,800
Dividend Income
Dividends [Line Items]
Common stock distributions (in usd per share)					$ 1.49	$ 1.43	$ 2
Return on Invested Capital
Dividends [Line Items]
Return of capital (in usd per share)				$ 0.67	0.67	0.69	0.12
Series C Preferred Stock
Dividends [Line Items]
Preferred stock dividend (in usd per share)						1.80
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	1.53
Depositary Shares each representing 1/100th of a share of 6.125% Series D Cumulative Redeemable Preferred Stock, Par Value $0.01 Per Share | Subsequent Event
Dividends [Line Items]
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	$ 1.50	$ 0.06
Depositary Shares each representing 1/100th of a share of 6.000% Series E Cumulative Redeemable Preferred Stock, Par Value $0.01 Per Share | Subsequent Event
Dividends [Line Items]
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, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	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, 2021	Dec. 31, 2020	Dec. 31, 2019
Dividends [Line Items]
Preferred Stockholders													$ 11,193	$ 11,194	$ 12,390
Common Stockholders													50,963	49,383	48,568
Limited Partnership Unitholders													$ 17,821	$ 16,751	$ 16,642
Common stock shares issued													293,615,000	228,498,000	430,462,000
Limited Partnership Units Issued (in shares)													61,009,000	51,579,000	60,936,000
4th Quarter
Dividends [Line Items]
Preferred Stockholders	$ 2,798				$ 2,798				$ 3,531
Common Stockholders	13,037				12,371				12,251
Limited Partnership Unitholders	$ 4,702				$ 4,195				$ 4,173
Common stock shares issued	63,970,000				117,368,000				104,558,000
Discounted Share Price (in usd per share)	$ 45.46				$ 24.08				$ 52.84				$ 45.46	$ 24.08	$ 52.84
Limited Partnership Units Issued (in shares)	13,697,000				23,370,000				13,747,000
Average Unit Price (in usd per share)	$ 45.95				$ 24.35				$ 53.73				$ 45.95	$ 24.35	$ 53.73
3rd Quarter
Dividends [Line Items]
Preferred Stockholders		$ 2,798				$ 2,798				$ 2,953
Common Stockholders		12,999				12,373				12,195
Limited Partnership Unitholders		$ 4,694				$ 4,188				$ 4,166
Common stock shares issued		65,171,000				14,525,000				105,753,000
Discounted Share Price (in usd per share)		$ 44.44				$ 28.98				$ 53.66
Limited Partnership Units Issued (in shares)		13,841,000				13,108,000				13,406,000
Average Unit Price (in usd per share)		$ 44.92				$ 29.47				$ 54.56
2nd Quarter
Dividends [Line Items]
Preferred Stockholders			$ 2,798				$ 2,799				$ 2,953
Common Stockholders			12,488				12,364				12,116
Limited Partnership Unitholders			$ 4,218				$ 4,188				$ 4,155
Common stock shares issued			68,206,000				12,627,000				99,804,000
Discounted Share Price (in usd per share)			$ 41.87				$ 32.22				$ 51.38
Limited Partnership Units Issued (in shares)			13,978,000				0				20,041,000
Average Unit Price (in usd per share)			$ 42.33				$ 0				$ 51.99
1st Quarter
Dividends [Line Items]
Preferred Stockholders				$ 2,799				$ 2,799				$ 2,953
Common Stockholders				12,439				12,275				12,006
Limited Partnership Unitholders				$ 4,207				$ 4,180				$ 4,148
Common stock shares issued				96,268,000				83,978,000				120,347,000
Discounted Share Price (in usd per share)				$ 29.50				$ 48.59				$ 51.28
Limited Partnership Units Issued (in shares)				19,493,000				15,101,000				13,742,000
Average Unit Price (in usd per share)				$ 29.83				$ 49.40				$ 52.16

Business Segments - Additional

Business Segments - Additional Information (Detail)	12 Months Ended
	Dec. 31, 2021segment
Segment Reporting [Abstract]
Number of reportable business segments	2

Business Segments (Detail)

Business Segments (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Segment Reporting Information [Line Items]
Revenue	$ 239,225	$ 225,207	$ 231,525
Expenses	(61,628)	(58,417)	(57,933)
Income from real estate	177,597	166,790	173,592
Interest expense, net and amortization of deferred debt costs	(45,424)	(46,519)	(41,834)
General and administrative	(20,252)	(19,107)	(20,793)
Depreciation and amortization of deferred leasing costs	(50,272)	(51,126)	(46,333)
Change in fair value of derivatives	0	0	(436)
Gain on sale of property	0	278	0
Net income (loss)	61,649	50,316	64,196
Capital investment	55,872	56,168	135,663
Total assets	1,746,761	1,645,572	1,618,340
Operating Segments | Shopping Centers
Segment Reporting Information [Line Items]
Revenue	169,681	161,854	167,888
Expenses	(35,784)	(35,198)	(36,119)
Income from real estate	133,897	126,656	131,769
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	(28,843)	(30,891)	(29,112)
Change in fair value of derivatives			0
Gain on sale of property		278
Net income (loss)	105,054	96,043	102,657
Capital investment	12,639	15,203	33,968
Total assets	946,993	975,195	980,096
Operating Segments | Mixed-Use Properties
Segment Reporting Information [Line Items]
Revenue	69,544	63,353	63,637
Expenses	(25,844)	(23,219)	(21,814)
Income from real estate	43,700	40,134	41,823
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	(21,429)	(20,235)	(17,221)
Change in fair value of derivatives			0
Gain on sale of property		0
Net income (loss)	22,271	19,899	24,602
Capital investment	43,233	40,965	101,695
Total assets	777,709	643,503	625,183
Corporate
Segment Reporting Information [Line Items]
Revenue	0	0	0
Expenses	0	0	0
Income from real estate	0	0	0
Interest expense, net and amortization of deferred debt costs	(45,424)	(46,519)	(41,834)
General and administrative	(20,252)	(19,107)	(20,793)
Depreciation and amortization of deferred leasing costs	0	0	0
Change in fair value of derivatives			(436)
Gain on sale of property		0
Net income (loss)	(65,676)	(65,626)	(63,063)
Capital investment	0	0	0
Total assets	$ 22,059	$ 26,874	$ 13,061

Impact of COVID-19 - Narrative

Impact of COVID-19 - Narrative (Details)	3 Months Ended
	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021
Tenants
Subsequent Event [Line Items]
Consolidated collections, percentage	0.99	0.99	0.99	0.99

Impact of COVID-19 - Consolidat

Impact of COVID-19 - Consolidated Total Collections (Details) - Tenants	3 Months Ended
	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021
Subsequent Event [Line Items]
Consolidated collections, percentage	0.99	0.99	0.99	0.99
Retail Real Estate
Subsequent Event [Line Items]
Consolidated collections, percentage	0.98	0.99	0.99	0.99
Office Real Estate
Subsequent Event [Line Items]
Consolidated collections, percentage	1	1	1	1
Residential Real Estate
Subsequent Event [Line Items]
Consolidated collections, percentage	0.99	0.99	0.99	0.99

Real Estate and Accumulated D_2

Real Estate and Accumulated Depreciation (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Real Estate Properties [Line Items]
Initial Basis	$ 1,088,613
Cost capitalized subsequent to acquisition	1,195,513
Land and Land Improvements	511,529
Buildings and Improvements, Gross	1,566,686
Construction in progress	205,911	$ 69,477
Real Estate Investment Property, at Cost, Total	2,284,126	2,124,796	$ 2,081,597	$ 1,948,165
Accumulated Depreciation	650,113	607,706	$ 563,474	$ 525,518
Book Value	1,634,013	1,517,090
Fixed rate mortgages	941,456	827,603
Development land, related debt	0	$ 144,607
Total, related debt	949,028
Shopping Centers
Real Estate Properties [Line Items]
Initial Basis	835,537
Cost capitalized subsequent to acquisition	475,318
Land and Land Improvements	420,132
Buildings and Improvements, Gross	882,799
Construction in progress	7,924
Real Estate Investment Property, at Cost, Total	1,310,855
Accumulated Depreciation	431,865
Book Value	878,990
Fixed rate mortgages	559,798
Shopping Centers | Ashbrook Marketplace, Ashburn, VA
Real Estate Properties [Line Items]
Initial Basis	8,938
Cost capitalized subsequent to acquisition	24,822
Land and Land Improvements	13,258
Buildings and Improvements, Gross	20,092
Construction in progress	410
Real Estate Investment Property, at Cost, Total	33,760
Accumulated Depreciation	1,187
Book Value	32,573
Fixed rate mortgages	$ 21,329
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	20,570
Land and Land Improvements	6,764
Buildings and Improvements, Gross	25,237
Construction in progress	0
Real Estate Investment Property, at Cost, Total	32,001
Accumulated Depreciation	15,755
Book Value	16,246
Fixed rate mortgages	$ 24,186
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 and Land Improvements	1,178
Buildings and Improvements, Gross	5,298
Construction in progress	0
Real Estate Investment Property, at Cost, Total	6,476
Accumulated Depreciation	2,661
Book Value	3,815
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	18,514
Land and Land Improvements	22,691
Buildings and Improvements, Gross	19,984
Construction in progress	0
Real Estate Investment Property, at Cost, Total	42,675
Accumulated Depreciation	16,297
Book Value	26,378
Fixed rate mortgages	$ 32,170
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 and Land Improvements	22,623
Buildings and Improvements, Gross	0
Construction in progress	0
Real Estate Investment Property, at Cost, Total	22,623
Accumulated Depreciation	0
Book Value	22,623
Fixed rate mortgages	$ 9,692
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	2,630
Land and Land Improvements	5,735
Buildings and Improvements, Gross	13,615
Construction in progress	0
Real Estate Investment Property, at Cost, Total	19,350
Accumulated Depreciation	6,159
Book Value	13,191
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	4,753
Land and Land Improvements	3,687
Buildings and Improvements, Gross	5,949
Construction in progress	0
Real Estate Investment Property, at Cost, Total	9,636
Accumulated Depreciation	3,686
Book Value	5,950
Fixed rate mortgages	$ 14,639
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	5,316
Land and Land Improvements	9,789
Buildings and Improvements, Gross	22,564
Construction in progress	0
Real Estate Investment Property, at Cost, Total	32,353
Accumulated Depreciation	10,640
Book Value	21,713
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	35,941
Land and Land Improvements	5,300
Buildings and Improvements, Gross	35,951
Construction in progress	6
Real Estate Investment Property, at Cost, Total	41,257
Accumulated Depreciation	14,808
Book Value	26,449
Fixed rate mortgages	$ 29,613
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	6,344
Land and Land Improvements	28,402
Buildings and Improvements, Gross	52,138
Construction in progress	16
Real Estate Investment Property, at Cost, Total	80,556
Accumulated Depreciation	6,740
Book Value	73,816
Fixed rate mortgages	$ 34,558
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	4,297
Land and Land Improvements	7,666
Buildings and Improvements, Gross	25,543
Construction in progress	0
Real Estate Investment Property, at Cost, Total	33,209
Accumulated Depreciation	12,193
Book Value	21,016
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	788
Land and Land Improvements	6,700
Buildings and Improvements, Gross	25,666
Construction in progress	0
Real Estate Investment Property, at Cost, Total	32,366
Accumulated Depreciation	6,834
Book Value	25,532
Fixed rate mortgages	$ 14,634
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	767
Land and Land Improvements	3,901
Buildings and Improvements, Gross	9,092
Construction in progress	0
Real Estate Investment Property, at Cost, Total	12,993
Accumulated Depreciation	4,185
Book Value	8,808
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	409
Land and Land Improvements	169
Buildings and Improvements, Gross	400
Construction in progress	0
Real Estate Investment Property, at Cost, Total	569
Accumulated Depreciation	13
Book Value	556
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	16,888
Land and Land Improvements	1,118
Buildings and Improvements, Gross	21,551
Construction in progress	0
Real Estate Investment Property, at Cost, Total	22,669
Accumulated Depreciation	13,455
Book Value	9,214
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 and Land Improvements	2,034
Buildings and Improvements, Gross	566
Construction in progress	0
Real Estate Investment Property, at Cost, Total	2,600
Accumulated Depreciation	467
Book Value	2,133
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	8,559
Land and Land Improvements	5,300
Buildings and Improvements, Gross	16,177
Construction in progress	0
Real Estate Investment Property, at Cost, Total	21,477
Accumulated Depreciation	11,099
Book Value	10,378
Fixed rate mortgages	$ 21,393
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	3,215
Land and Land Improvements	14,766
Buildings and Improvements, Gross	30,199
Construction in progress	0
Real Estate Investment Property, at Cost, Total	44,965
Accumulated Depreciation	11,255
Book Value	33,710
Fixed rate mortgages	$ 8,651
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	3,444
Land and Land Improvements	1,892
Buildings and Improvements, Gross	4,701
Construction in progress	10
Real Estate Investment Property, at Cost, Total	6,603
Accumulated Depreciation	4,106
Book Value	2,497
Fixed rate mortgages	$ 12,868
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	4,644
Land and Land Improvements	4,822
Buildings and Improvements, Gross	12,406
Construction in progress	0
Real Estate Investment Property, at Cost, Total	17,228
Accumulated Depreciation	5,742
Book Value	11,486
Fixed rate mortgages	$ 0
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	2,410
Land and Land Improvements	4,455
Buildings and Improvements, Gross	12,010
Construction in progress	0
Real Estate Investment Property, at Cost, Total	16,465
Accumulated Depreciation	5,141
Book Value	11,324
Fixed rate mortgages	$ 0
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	3,234
Land and Land Improvements	5,005
Buildings and Improvements, Gross	11,928
Construction in progress	680
Real Estate Investment Property, at Cost, Total	17,613
Accumulated Depreciation	4,819
Book Value	12,794
Fixed rate mortgages	$ 21,385
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	3,101
Land and Land Improvements	23,133
Buildings and Improvements, Gross	56,530
Construction in progress	161
Real Estate Investment Property, at Cost, Total	79,824
Accumulated Depreciation	16,654
Book Value	63,170
Fixed rate mortgages	$ 31,155
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	7,649
Land and Land Improvements	1,425
Buildings and Improvements, Gross	7,649
Construction in progress	0
Real Estate Investment Property, at Cost, Total	9,074
Accumulated Depreciation	4,641
Book Value	4,433
Fixed rate mortgages	$ 7,514
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	43,461
Land and Land Improvements	6,546
Buildings and Improvements, Gross	43,439
Construction in progress	21
Real Estate Investment Property, at Cost, Total	50,006
Accumulated Depreciation	18,994
Book Value	31,012
Fixed rate mortgages	$ 28,533
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	6,367
Land and Land Improvements	1,132
Buildings and Improvements, Gross	7,653
Construction in progress	0
Real Estate Investment Property, at Cost, Total	8,785
Accumulated Depreciation	6,372
Book Value	2,413
Fixed rate mortgages	$ 13,213
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	11,614
Land and Land Improvements	950
Buildings and Improvements, Gross	15,042
Construction in progress	22
Real Estate Investment Property, at Cost, Total	16,014
Accumulated Depreciation	13,899
Book Value	2,115
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	5,004
Land and Land Improvements	26,064
Buildings and Improvements, Gross	8,096
Construction in progress	3,967
Real Estate Investment Property, at Cost, Total	38,127
Accumulated Depreciation	2,321
Book Value	35,806
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	15,876
Land and Land Improvements	9,260
Buildings and Improvements, Gross	16,157
Construction in progress	0
Real Estate Investment Property, at Cost, Total	25,417
Accumulated Depreciation	6,984
Book Value	18,433
Fixed rate mortgages	$ 27,143
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 and Land Improvements	12,686
Buildings and Improvements, Gross	15,422
Construction in progress	6
Real Estate Investment Property, at Cost, Total	28,114
Accumulated Depreciation	5,862
Book Value	22,252
Fixed rate mortgages	$ 13,108
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	6,913
Land and Land Improvements	5,409
Buildings and Improvements, Gross	17,437
Construction in progress	0
Real Estate Investment Property, at Cost, Total	22,846
Accumulated Depreciation	9,088
Book Value	13,758
Fixed rate mortgages	$ 20,682
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	2,998
Land and Land Improvements	3,079
Buildings and Improvements, Gross	4,882
Construction in progress	0
Real Estate Investment Property, at Cost, Total	7,961
Accumulated Depreciation	3,492
Book Value	4,469
Fixed rate mortgages	$ 12,299
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	1,607
Land and Land Improvements	7,751
Buildings and Improvements, Gross	13,233
Construction in progress	0
Real Estate Investment Property, at Cost, Total	20,984
Accumulated Depreciation	4,876
Book Value	16,108
Fixed rate mortgages	$ 8,812
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	2,034
Land and Land Improvements	5,739
Buildings and Improvements, Gross	14,658
Construction in progress	2
Real Estate Investment Property, at Cost, Total	20,399
Accumulated Depreciation	6,532
Book Value	13,867
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	4,428
Land and Land Improvements	703
Buildings and Improvements, Gross	4,970
Construction in progress	0
Real Estate Investment Property, at Cost, Total	5,673
Accumulated Depreciation	3,542
Book Value	2,131
Fixed rate mortgages	$ 12,553
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 and Land Improvements	22,113
Buildings and Improvements, Gross	4,472
Construction in progress	0
Real Estate Investment Property, at Cost, Total	26,585
Accumulated Depreciation	1,260
Book Value	25,325
Fixed rate mortgages	$ 0
Buildings and Improvements Depreciable Lives in Years	40 years
Shopping Centers | 1500/1580/1582 Rockville Pike, Rockville, MD
Real Estate Properties [Line Items]
Initial Basis	$ 45,351
Cost capitalized subsequent to acquisition	2,046
Land and Land Improvements	38,065
Buildings and Improvements, Gross	7,050
Construction in progress	2,282
Real Estate Investment Property, at Cost, Total	47,397
Accumulated Depreciation	6,474
Book Value	40,923
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	2,625
Land and Land Improvements	8,665
Buildings and Improvements, Gross	18,486
Construction in progress	0
Real Estate Investment Property, at Cost, Total	27,151
Accumulated Depreciation	7,886
Book Value	19,265
Fixed rate mortgages	$ 13,897
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 and Land Improvements	1,147
Buildings and Improvements, Gross	2,034
Construction in progress	0
Real Estate Investment Property, at Cost, Total	3,181
Accumulated Depreciation	732
Book Value	2,449
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	46,301
Land and Land Improvements	4,929
Buildings and Improvements, Gross	46,220
Construction in progress	0
Real Estate Investment Property, at Cost, Total	51,149
Accumulated Depreciation	33,039
Book Value	18,110
Fixed rate mortgages	$ 56,413
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	714
Land and Land Improvements	12,700
Buildings and Improvements, Gross	51,214
Construction in progress	54
Real Estate Investment Property, at Cost, Total	63,968
Accumulated Depreciation	13,187
Book Value	50,781
Fixed rate mortgages	$ 27,197
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	11,112
Land and Land Improvements	992
Buildings and Improvements, Gross	12,828
Construction in progress	0
Real Estate Investment Property, at Cost, Total	13,820
Accumulated Depreciation	9,242
Book Value	4,578
Fixed rate mortgages	$ 9,759
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	8,289
Land and Land Improvements	6,402
Buildings and Improvements, Gross	19,706
Construction in progress	0
Real Estate Investment Property, at Cost, Total	26,108
Accumulated Depreciation	10,406
Book Value	15,702
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	25,481
Land and Land Improvements	15,255
Buildings and Improvements, Gross	29,051
Construction in progress	70
Real Estate Investment Property, at Cost, Total	44,376
Accumulated Depreciation	23,742
Book Value	20,634
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	11,442
Land and Land Improvements	1,878
Buildings and Improvements, Gross	16,292
Construction in progress	0
Real Estate Investment Property, at Cost, Total	18,170
Accumulated Depreciation	13,508
Book Value	4,662
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	4,953
Land and Land Improvements	615
Buildings and Improvements, Gross	6,812
Construction in progress	0
Real Estate Investment Property, at Cost, Total	7,427
Accumulated Depreciation	5,218
Book Value	2,209
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	27,273
Land and Land Improvements	7,692
Buildings and Improvements, Gross	27,413
Construction in progress	16
Real Estate Investment Property, at Cost, Total	35,121
Accumulated Depreciation	20,564
Book Value	14,557
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	3,304
Land and Land Improvements	7,851
Buildings and Improvements, Gross	11,955
Construction in progress	0
Real Estate Investment Property, at Cost, Total	19,806
Accumulated Depreciation	8,145
Book Value	11,661
Fixed rate mortgages	$ 11,528
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	25,288
Land and Land Improvements	6,047
Buildings and Improvements, Gross	25,288
Construction in progress	0
Real Estate Investment Property, at Cost, Total	31,335
Accumulated Depreciation	11,361
Book Value	19,974
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	6,134
Land and Land Improvements	4,649
Buildings and Improvements, Gross	7,561
Construction in progress	201
Real Estate Investment Property, at Cost, Total	12,411
Accumulated Depreciation	6,472
Book Value	5,939
Fixed rate mortgages	$ 20,874
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 and Improvements, Gross	182
Construction in progress	0
Real Estate Investment Property, at Cost, Total	182
Accumulated Depreciation	130
Book Value	52
Fixed rate mortgages	0
Mixed-Use Properties
Real Estate Properties [Line Items]
Initial Basis	96,034
Cost capitalized subsequent to acquisition	670,030
Land and Land Improvements	82,114
Buildings and Improvements, Gross	683,887
Construction in progress	63
Real Estate Investment Property, at Cost, Total	766,064
Accumulated Depreciation	218,248
Book Value	547,816
Fixed rate mortgages	389,230
Mixed-Use Properties | Avenel Business Park, Gaithersburg, MD
Real Estate Properties [Line Items]
Initial Basis	21,459
Cost capitalized subsequent to acquisition	36,528
Land and Land Improvements	3,756
Buildings and Improvements, Gross	54,231
Construction in progress	0
Real Estate Investment Property, at Cost, Total	57,987
Accumulated Depreciation	41,110
Book Value	16,877
Fixed rate mortgages	$ 24,108
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	187,200
Land and Land Improvements	16,287
Buildings and Improvements, Gross	183,666
Construction in progress	0
Real Estate Investment Property, at Cost, Total	199,953
Accumulated Depreciation	56,237
Book Value	143,716
Fixed rate mortgages	$ 90,600
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	91,801
Land and Land Improvements	2,242
Buildings and Improvements, Gross	91,801
Construction in progress	0
Real Estate Investment Property, at Cost, Total	94,043
Accumulated Depreciation	16,217
Book Value	77,826
Fixed rate mortgages	$ 64,661
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	71,076
Land and Land Improvements	5,667
Buildings and Improvements, Gross	70,888
Construction in progress	0
Real Estate Investment Property, at Cost, Total	76,555
Accumulated Depreciation	61,617
Book Value	14,938
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	225,901
Land and Land Improvements	53,618
Buildings and Improvements, Gross	224,287
Construction in progress	63
Real Estate Investment Property, at Cost, Total	277,968
Accumulated Depreciation	11,446
Book Value	266,522
Fixed rate mortgages	$ 156,116
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	57,524
Land and Land Improvements	544
Buildings and Improvements, Gross	59,014
Construction in progress	0
Real Estate Investment Property, at Cost, Total	59,558
Accumulated Depreciation	31,621
Book Value	27,937
Fixed rate mortgages	$ 53,745
Buildings and Improvements Depreciable Lives in Years	50 years
Development Land
Real Estate Properties [Line Items]
Initial Basis	$ 157,042
Cost capitalized subsequent to acquisition	50,165
Land and Land Improvements	9,283
Buildings and Improvements, Gross	0
Construction in progress	197,924
Real Estate Investment Property, at Cost, Total	207,207
Accumulated Depreciation	0
Book Value	207,207
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	4,714
Land and Land Improvements	7,049
Buildings and Improvements, Gross	0
Construction in progress	2,957
Real Estate Investment Property, at Cost, Total	10,006
Accumulated Depreciation	0
Book Value	10,006
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 and Land Improvements	2,234
Buildings and Improvements, Gross	0
Construction in progress	0
Real Estate Investment Property, at Cost, Total	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, Bethesda, MD
Real Estate Properties [Line Items]
Initial Basis	$ 39,641
Cost capitalized subsequent to acquisition	17,257
Land and Land Improvements	0
Buildings and Improvements, Gross	0
Construction in progress	56,898
Real Estate Investment Property, at Cost, Total	56,898
Accumulated Depreciation	0
Book Value	56,898
Development land, related debt	$ 0
Buildings and Improvements Depreciable Lives in Years
Development Land | Twinbrook, Rockville, MD
Real Estate Properties [Line Items]
Initial Basis	$ 110,021
Cost capitalized subsequent to acquisition	28,048
Land and Land Improvements	0
Buildings and Improvements, Gross	0
Construction in progress	138,069
Real Estate Investment Property, at Cost, Total	138,069
Accumulated Depreciation	0
Book Value	138,069
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, 2021
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, 2021	Dec. 31, 2020
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]
Real estate investments for federal income tax	$ 1,640	$ 1,550

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, 2021	Dec. 31, 2020	Dec. 31, 2019
Total real estate investments:
Balance, beginning of year	$ 2,124,796	$ 2,081,597	$ 1,948,165
Acquisitions	108,279	0	0
Improvements	54,177	45,396	135,966
Retirements	(3,126)	(2,197)	(2,534)
Balance, end of year	2,284,126	2,124,796	2,081,597
Total accumulated depreciation:
Balance, beginning of year	607,706	563,474	525,518
Depreciation expense	45,487	45,865	40,490
Retirements	(3,080)	(1,633)	(2,534)
Balance, end of year	$ 650,113	$ 607,706	$ 563,474