Saul Centers (BFS) 10-Q 4 Aug 22 2022 Q2 Quarterly report Financial data

Cover Page

Cover Page - shares	6 Months Ended
	Jun. 30, 2022	Jul. 29, 2022
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2022
Document Transition Report	false
Entity File Number	1-12254
Entity Registrant Name	SAUL CENTERS, INC.
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	52-1833074
Entity Address, Address Line One	7501 Wisconsin Avenue
Entity Address, City or Town	Bethesda
Entity Address, State or Province	MD
Entity Address, Postal Zip Code	20814
City Area Code	301
Local Phone Number	986-6200
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		23,880,756
Entity Central Index Key	0000907254
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q2
Amendment Flag	false
Common Stock
Entity 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
Entity Information [Line Items]
Title of 12(b) Security	Depositary Shares each representing 1/100th of a share of 6.125% Series D Cumulative Redeemable Preferred Stock, Par Value $0.01 Per Share
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
Entity Information [Line Items]
Title of 12(b) Security	Depositary Shares each representing 1/100th of a share of 6.000% Series E Cumulative Redeemable Preferred Stock, Par Value $0.01 Per Share
Trading Symbol	BFS/PRE
Security Exchange Name	NYSE

Consolidated Balance Sheets (Un

Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Real estate investments
Land	$ 511,529	$ 511,529
Buildings and equipment	1,573,896	1,566,686
Construction in progress	260,141	205,911
Total purchase price	2,345,566	2,284,126
Accumulated depreciation	(671,754)	(650,113)
Real estate investments, net	1,673,812	1,634,013
Cash and cash equivalents	11,167	14,594
Accounts receivable and accrued income, net	55,543	58,659
Deferred leasing costs, net	22,770	24,005
Other assets	19,194	15,490
Total assets	1,782,486	1,746,761
Liabilities
Notes payable, net	888,404	941,456
Revolving credit facility payable, net	177,554	103,167
Term loan facility payable, net	99,307	99,233
Accounts payable, accrued expenses and other liabilities	42,002	25,558
Deferred income	22,751	25,188
Dividends and distributions payable	22,437	21,672
Total liabilities	1,252,455	1,216,274
Equity
Common stock, $0.01 par value, 42,000,000 shares authorized, 23,987,778 and 23,840,471 shares issued and outstanding, respectively	240	238
Additional paid-in capital	444,496	436,609
Partnership units in escrow	39,650	39,650
Distributions in excess of accumulated earnings	(263,444)	(256,448)
Total Saul Centers, Inc. equity	405,942	405,049
Noncontrolling interests	124,089	125,438
Total equity	530,031	530,487
Total liabilities and equity	1,782,486	1,746,761
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 shares issued and outstanding	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 shares issued and outstanding	$ 110,000	$ 110,000

Consolidated Balance Sheets (_2

Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares	Jun. 30, 2022	Dec. 31, 2021
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	42,000,000
Common stock, shares issued	23,987,778	23,840,471
Common stock, shares outstanding	23,987,778	23,840,471
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 (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Revenue
Rental revenue	$ 59,134	$ 58,818	$ 119,814	$ 116,575
Other	1,159	1,186	2,623	2,154
Total revenue	60,293	60,004	122,437	118,729
Expenses
Property operating expenses	7,641	7,524	17,179	16,210
Real estate taxes	7,156	7,138	14,574	14,967
Interest expense, net and amortization of deferred debt costs	10,457	11,657	21,059	23,646
Depreciation and amortization of lease costs	12,377	12,637	24,704	25,385
General and administrative	5,665	4,929	10,433	9,607
Total expenses	43,296	43,885	87,949	89,815
Net Income	16,997	16,119	34,488	28,914
Noncontrolling interests
Income attributable to noncontrolling interests	(3,981)	(3,373)	(8,107)	(5,906)
Net income attributable to Saul Centers, Inc.	13,016	12,746	26,381	23,008
Preferred stock dividends	(2,799)	(2,799)	(5,597)	(5,597)
Net income available to common stockholders	10,217	9,947	20,784	17,411
Net income available to common stockholders	$ 10,217	$ 9,947	$ 20,784	$ 17,411
Per share net income available to common stockholders
Basic (in usd per share)	$ 0.43	$ 0.42	$ 0.87	$ 0.74
Diluted (in usd per share)	$ 0.43	$ 0.42	$ 0.87	$ 0.74

Consolidated Statement of Equit

Consolidated Statement of Equity (Unaudited) - USD ($) $ in Thousands	Total	Twinbrook Metro Station	Ashbrook Marketplace	Restricted Stock Units (RSUs) Twinbrook Metro Station	Limited Partner	Series D Cumulative Redeemable Preferred Stock	Series E Cumulative Redeemable Preferred Stock	Total Saul Centers, Inc.	Total Saul Centers, Inc. Restricted Stock Units (RSUs) Twinbrook Metro Station	Total Saul Centers, Inc. Series D Cumulative Redeemable Preferred Stock	Total Saul Centers, Inc. Series E Cumulative Redeemable Preferred Stock	Preferred Stock	Common Stock	Additional Paid-in Capital	Partnership Units in Escrow	Partnership Units in Escrow Restricted Stock Units (RSUs) Twinbrook Metro Station	Distributions in Excess of Accumulated Earnings	Distributions in Excess of Accumulated Earnings Series D Cumulative Redeemable Preferred Stock	Distributions in Excess of Accumulated Earnings Series E Cumulative Redeemable Preferred Stock	Noncontrolling Interests	Noncontrolling Interests Twinbrook Metro Station	Noncontrolling Interests Ashbrook Marketplace	Noncontrolling Interests Limited Partner
Beginning Balance at Dec. 31, 2020	$ 427,533							$ 364,325				$ 185,000	$ 235	$ 420,625	$ 0		$ (241,535)			$ 63,208
Issuance of shares of common stock:
Issuance of shares pursuant to dividend reinvestment plan	2,840				$ 575			2,840					1	2,839									$ 575
Issuance of shares due to exercise of employee stock options and issuance of directors’ deferred shares	323							323						323
Restricted Units Released Pursuant to First Escrow Release				$ 79,300					$ 79,300							$ 79,300
Net income	12,795							10,262									10,262			2,533
Distributions payable preferred stock:
Preferred stock distributions						$ (1,148)	$ (1,650)			$ (1,148)	$ (1,650)							$ (1,148)	$ (1,650)
Distributions payable, common stock and partnership units	(16,706)							(12,488)									(12,488)			(4,218)
Ending Balance at Mar. 31, 2021	503,862							441,764				185,000	236	423,787	79,300		(246,559)			62,098
Beginning Balance at Dec. 31, 2020	427,533							364,325				185,000	235	420,625	0		(241,535)			63,208
Issuance of shares of common stock:
Net income	28,914
Ending Balance at Jun. 30, 2021	529,453							442,271				185,000	236	427,347	79,300		(249,612)			87,182
Beginning Balance at Mar. 31, 2021	503,862							441,764				185,000	236	423,787	79,300		(246,559)			62,098
Issuance of shares of common stock:
Issuance of shares pursuant to dividend reinvestment plan	2,855							2,855						2,855
Issuance of shares due to exercise of employee stock options and issuance of directors’ deferred shares	705							705						705
Issuance of partnership units pursuant to dividend reinvestment plan					585																		585
Stock issued during period, value, acquisitions		$ 21,500	$ 4,320																		$ 21,500	$ 4,320
Net income	16,119							12,746									12,746			3,373
Distributions payable preferred stock:
Preferred stock distributions						(1,149)	(1,650)			(1,149)	(1,650)							(1,149)	(1,650)
Distributions payable, common stock and partnership units	(17,694)							(13,000)									(13,000)			(4,694)
Ending Balance at Jun. 30, 2021	529,453							442,271				185,000	236	427,347	79,300		(249,612)			87,182
Beginning Balance at Dec. 31, 2021	530,487							405,049				185,000	238	436,609	39,650		(256,448)			125,438
Issuance of shares of common stock:
Issuance of shares pursuant to dividend reinvestment plan	2,949				653			2,949					1	2,948									653
Issuance of shares due to exercise of employee stock options and issuance of directors’ deferred shares	594							594						594
Net income	17,491							13,365									13,365			4,126
Distributions payable preferred stock:
Preferred stock distributions						(1,148)	(1,650)			(1,148)	(1,650)							(1,148)	(1,650)
Distributions payable, common stock and partnership units	(18,917)							(13,625)									(13,625)			(5,292)
Ending Balance at Mar. 31, 2022	530,459							405,534				185,000	239	440,151	39,650		(259,506)			124,925
Beginning Balance at Dec. 31, 2021	530,487							405,049				185,000	238	436,609	39,650		(256,448)			125,438
Issuance of shares of common stock:
Net income	34,488
Ending Balance at Jun. 30, 2022	530,031							405,942				185,000	240	444,496	39,650		(263,444)			124,089
Beginning Balance at Mar. 31, 2022	530,459							405,534				185,000	239	440,151	39,650		(259,506)			124,925
Issuance of shares of common stock:
Issuance of shares pursuant to dividend reinvestment plan	2,949				$ 669			2,949					1	2,948									$ 669
Issuance of shares due to exercise of employee stock options and issuance of directors’ deferred shares	1,397							1,397						1,397
Net income	16,997							13,016									13,016			3,981
Distributions payable preferred stock:
Preferred stock distributions						$ (1,148)	$ (1,650)			$ (1,148)	$ (1,650)							$ (1,148)	$ (1,650)
Distributions payable, common stock and partnership units	(19,642)							(14,156)									(14,156)			(5,486)
Ending Balance at Jun. 30, 2022	$ 530,031							$ 405,942				$ 185,000	$ 240	$ 444,496	$ 39,650		$ (263,444)			$ 124,089

Consolidated Statement of Equ_2

Consolidated Statement of Equity (Unaudited) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2021	Mar. 31, 2021
Shares pursuant to dividend reinvestment plan	57,821,000	61,861		96,268
Shares due to exercise of employee stock options and issuance of directors' deferred stock	19,618,000	8,007	6,038,000	910
Limited Partner
Shares pursuant to dividend reinvestment plan			68,206,000
Issuance of partnership units pursuant to dividend reinvestment plan (in shares)	12,955,000	13,704	13,978,000	19,493
Issuance of partnership units pursuant to dividend reinvestment plan			$ 585
Twinbrook Metro Station
Number of partnership units issued in transaction (in shares)			469,740,000
Stock issued during period, value, acquisitions			$ 21,500
Twinbrook Metro Station | Restricted Stock Units (RSUs)
Restricted units released pursuant to first escrow release, shares				1,416,071
Ashbrook Marketplace
Number of partnership units issued in transaction (in shares)			93,674,000
Stock issued during period, value, acquisitions			$ 4,320
Dividend Distributions Payable
Distributions payable common stock, per share (in usd per share)	$ 0.59	$ 0.57	$ 0.55	$ 0.53
Distributions partnership units, per unit (in usd per share)	0.59	0.57	0.55	0.53
Series D Cumulative Redeemable Preferred Stock | Dividend Distributions Payable
Distributions payable on preferred stock, per share (in usd per share)	38.28	38.28	38.28	38.28
Series E Cumulative Redeemable Preferred Stock | Dividend Distributions Payable
Distributions payable on preferred stock, per share (in usd per share)	$ 37.50	$ 37.50	$ 37.50	$ 37.50

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands		6 Months Ended
		Jun. 30, 2022	Jun. 30, 2021
Cash flows from operating activities:
Net income		$ 34,488	$ 28,914
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization of lease costs		24,704	25,385
Amortization of deferred debt costs		941	811
Compensation costs of stock and option grants		908	903
Credit losses on operating lease receivables, net		48	951
Decrease in accounts receivable and accrued income		3,068	4,223
Additions to deferred leasing costs		(903)	(1,001)
Decrease in other assets		1,013	1,200
Increase in accounts payable, accrued expenses and other liabilities		4,654	3,779
Increase (decrease) in deferred income		(2,437)	1,488
Net cash provided by operating activities		66,484	66,653
Cash flows from investing activities:
Acquisition of real estate investments	[1],[2],[3]	0	(9,011)
Additions to real estate investments		(7,014)	(10,847)
Additions to development and redevelopment projects		(44,900)	(7,658)
Net cash used in investing activities		(51,914)	(27,516)
Cash flows from financing activities:
Repayments on notes payable		(53,531)	(26,097)
Repayments on revolving credit facility		(8,000)	(15,500)
Proceeds from construction loan		0	2,430
Additions to deferred debt costs		(3,388)	(2)
Proceeds from the issuance of:
Common stock		6,981	5,820
Partnership units	[1],[2],[3]	1,322	1,160
Distributions to:
Common stockholders		(27,208)	(24,926)
Noncontrolling interests		(10,576)	(8,425)
Net cash used in financing activities		(17,997)	(51,136)
Net decrease in cash and cash equivalents		(3,427)	(11,999)
Cash and cash equivalents, beginning of period		14,594	26,856
Cash and cash equivalents, end of period		11,167	14,857
Supplemental disclosure of cash flow information:
Cash paid for interest		19,689	23,214
Accrued capital expenditures included in accounts payable, accrued expenses, and other liabilities		16,220	5,972
Revolving Credit Facility
Cash flows from financing activities:
Proceeds from revolving credit facility		82,000	20,000
Series D Cumulative Redeemable Preferred Stock
Distributions to:
Preferred stockholders		(2,297)	(2,296)
Series E Cumulative Redeemable Preferred Stock
Distributions to:
Preferred stockholders		$ (3,300)	$ (3,300)
[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.[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.The Notes to Financial Statements are an integral part of these 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 B. F. Saul Real Estate Investment Trust in exchange for limited partnership units held in escrow. 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.

Consolidated Statements of Ca_2

Consolidated Statements of Cash Flows (Unaudited) (Parenthetical)	6 Months Ended
	Jun. 30, 2021 USD ($)
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	6 Months Ended
	Jun. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization, Basis of Presentation	Organization, Basis of Presentation Saul Centers, Inc. (“Saul Centers”) was incorporated under the Maryland General Corporation Law on June 10, 1993, and operates as a real estate investment trust (a “REIT”) under the Internal Revenue Code of 1986, as amended (the “Code”). The Company is required to annually distribute at least 90% of its REIT taxable income (excluding net capital gains) to its stockholders and meet certain organizational and other requirements. Saul Centers has made and intends to continue to make regular quarterly distributions to its stockholders. Saul Centers, together with its wholly-owned subsidiaries and the limited partnerships of which Saul Centers or one of its subsidiaries is the sole general partner, are referred to collectively as the “Company.” B. Francis Saul II serves as Chairman of the Board of Directors and Chief Executive Officer of Saul Centers. The Company, which conducts all of its activities through its subsidiaries, Saul Holdings Limited Partnership, a Maryland limited partnership (the “Operating Partnership”) and two subsidiary limited partnerships (the “Subsidiary Partnerships,” and, collectively with the Operating Partnership, the “Partnerships”), engages in the ownership, operation, management, leasing, acquisition, renovation, expansion, development and financing of community and neighborhood shopping centers and mixed-use properties, primarily in the Washington, DC/Baltimore metropolitan area. As of June 30, 2022, the Company’s properties (the “Current Portfolio Properties”) consisted of 50 shopping center properties (the “Shopping Centers”), seven mixed-use properties, which are comprised of office, retail and multi-family residential uses (the “Mixed-Use Properties”) and four (non-operating) development properties. Because the properties are located primarily in the Washington, DC/Baltimore metropolitan area, the Company is subject to a concentration of credit risk related to these properties. A majority of the Shopping Centers are anchored by one or more major tenants. As of June 30, 2022, 33 of the Shopping Centers were anchored by a grocery store and offer primarily day-to-day necessities and services. Giant Food, a tenant at 11 Shopping Centers, individually accounted for 5.2% of the Company's total revenue for the six months ended June 30, 2022. No other tenant individually accounted for 2.5% or more of the Company’s total revenue, excluding lease termination fees, for the six months ended June 30, 2022. The accompanying consolidated financial statements of the Company include the accounts of Saul Centers and its subsidiaries, including the Partnerships, which are majority owned by Saul Centers. Substantially all assets and liabilities of the Company as of June 30, 2022 and December 31, 2021, are comprised of the assets and liabilities of the Operating Partnership. Debt arrangements subject to recourse are described in Note 5. All significant intercompany balances and transactions have been eliminated in consolidation. The Operating Partnership is a variable interest entity (“VIE”) because the limited partners do not have substantive kick-out or participating rights. The Company is the primary beneficiary of the Operating Partnership because it has the power to direct its activities and the rights to absorb 72.0% of its net income. Because the Operating Partnership is consolidated into the financial statements of the Company, classification of it as a VIE has no impact on the consolidated financial statements of the Company. The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. In the opinion of management, all adjustments necessary for the fair presentation of the financial position and results of operations of the Company for the interim periods have been included. All such adjustments are of a normal recurring nature. These consolidated financial statements and the accompanying notes should be read in conjunction with the audited consolidated financial statements of the Company for the year ended December 31, 2021, which are included in its Annual Report on Form 10-K. Certain information and note disclosures normally included in annual financial statements prepared in accordance with GAAP have been omitted pursuant to those instructions. The results of operations for interim periods are not necessarily indicative of results to be expected for the year.

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2022
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Our significant accounting policies disclosed in our Annual Report on Form 10-K for the year ended December 31, 2021 have not changed significantly in amount or composition. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. The most significant estimates and assumptions relate to collectability of operating lease receivables and impairment of real estate properties. Actual results could differ from those estimates. Accounts Receivable, Accrued Income and Allowance for Doubtful Accounts Accounts receivable 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. Further, we assess whether operating lease receivables, at the portfolio level, are appropriately valued based upon an analysis of balances outstanding, historical bad debt levels and current economic trends. As of June 30, 2022, $7.1 million of the $9.1 million of rents previously deferred have come due. Of the amounts that have come due, $6.9 million, or approximately 97%, has been paid. At June 30, 2022 and December 31, 2021, accounts receivable was comprised of: (In thousands) June 30, 2022 December 31, 2021 Rents currently due $ 4,665 $ 8,484 Deferred rents 1,840 2,872 Straight-line rent 46,121 46,239 Other receivables 5,659 4,146 Allowance for doubtful accounts (2,742) (3,082) Total $ 55,543 $ 58,659 Reclassifications Certain reclassifications have been made to the prior year financial statements to conform to the presentation used as of and for the six months ended June 30, 2022.

Real Estate

Real Estate	6 Months Ended
	Jun. 30, 2022
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. Construction in progress as of June 30, 2022 and December 31, 2021, is composed of the following: (In thousands) June 30, 2022 December 31, 2021 Twinbrook Quarter $ 183,385 $ 138,069 Hampden House 64,812 56,898 Other 11,944 10,944 Total $ 260,141 $ 205,911 Leases We lease Shopping Centers and Mixed-Use Properties to lessees in exchange for monthly payments that cover rent, and, where applicable, reimbursement for property taxes, insurance, and certain property operating expenses. Our leases have been determined to be operating leases and generally range in term from one Some of our leases have termination options and/or extension options. Termination options allow the lessee and/or lessor to terminate the lease prior to the end of the lease term, provided certain conditions are met. Termination options generally require advance notification from the lessee and/or lessor and payment of a termination fee. Termination fees are recognized as revenue over the modified lease term. Extension options are subject to terms and conditions stated in the lease. An operating lease right of use asset and corresponding lease liability related to our headquarters sublease are reflected in other assets and other liabilities, respectively. The sublease expires on February 28, 2027. The right of use asset and corresponding lease liability totaled $3.6 million and $3.6 million, respectively, at June 30, 2022. Due to the business disruptions and challenges affecting the global economy caused by the novel strain of coronavirus (“COVID-19”) pandemic, many lessees requested rent relief, including rent deferrals and other lease concessions. The lease modification guidance in Accounting Standards Update 2016-02, “Accounting for Leases” (“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 staff of the Financial Accounting Standards Board 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 elected to apply such relief, which, in the case of rent deferrals, results in the accrual of rent due from tenants. The Company will continue to monitor the collectability of rent receivables. 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, which are costs paid to third-party brokers and lease commissions paid to certain employees 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 $22.8 million and $24.0 million, net of accumulated amortization of $49.9 million and $48.7 million, as of June 30, 2022 and December 31, 2021, respectively. Amortization expense, included in depreciation and amortization of lease costs in the Consolidated Statements of Operations, totaled $2.1 million and $2.4 million for the six months ended June 30, 2022 and 2021, respectively. Real Estate Investment Properties Depreciation is calculated using the straight-line method and estimated useful lives of generally between 35 and 50 years for base buildings, or a shorter period if management determines that the building has a shorter useful life, and up to 20 years for certain other improvements that extend the useful lives. Leasehold improvement expenditures are capitalized when certain criteria are met, including when the Company supervises construction and will own the improvements. Tenant improvements are amortized, over the shorter of the lives of the related leases or the useful life of the improvements, using the straight-line method. Depreciation expense in the Consolidated Statements of Operations totaled $22.6 million and $22.9 million for the six months ended June 30, 2022 and 2021, respectively. Repairs and maintenance expense totaled $7.4 million and $7.0 million for the six months ended June 30, 2022 and 2021, respectively, and is included in property operating expenses in the Consolidated Statements of Operations. As of June 30, 2022, we have not identified any impairment triggering events, including the impact of COVID-19 and corresponding tenant requests for rent relief. Therefore, under applicable GAAP guidance, no impairment charges were recorded.

Noncontrolling Interests - Hold

Noncontrolling Interests - Holders of Convertible Limited Partnership Units in the Operating Partnership	6 Months Ended
	Jun. 30, 2022
Noncontrolling Interest [Abstract]
Noncontrolling Interests - Holders of Convertible Limited Partnership Units in the Operating Partnership	Noncontrolling Interests - Holders of Convertible Limited Partnership Units in the Operating Partnership As of June 30, 2022, 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”) held an aggregate 26.6% limited partnership interest in the Operating Partnership represented by approximately 8.8 million convertible limited partnership units. These units are convertible into shares of Saul Centers’ common stock, at the option of the unit holder, on a one-for-one basis provided that, in accordance with the Company’s Articles of Incorporation, the rights may not be exercised at any time that the Saul Organization beneficially owns or will own after the exercise, directly or indirectly, in the aggregate more than 39.9% of the value of the outstanding common stock and preferred stock of Saul Centers (the “Equity Securities”). As of June 30, 2022, approximately 360,000 units could be converted into shares of Saul Centers common stock. As of June 30, 2022, 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 aggregate 28.0% limited partnership interest in the Operating Partnership held by parties other than Saul Centers is reflected as Noncontrolling Interests in the accompanying consolidated financial statements. Weighted average fully diluted partnership units and common stock outstanding for the three months ended June 30, 2022 and 2021, was approximately 34.0 million and 33.0 million, respectively and for the six months ended June 30, 2022 and 2021, was approximately 33.9 million and 32.5 million, respectively. The Company previously issued 708,035 limited partnership units related to the contribution of Twinbrook Quarter that are held in escrow and will be released on October 18, 2023. Until such time as the units are released from escrow, they are not eligible to receive distributions from the Operating Partnership.

Notes Payable, Bank Credit Faci

Notes Payable, Bank Credit Facility, Interest and Amortization of Deferred Debt Costs	6 Months Ended
	Jun. 30, 2022
Debt Disclosure [Abstract]
Notes Payable, Bank Credit Facility, Interest and Amortization of Deferred Debt Costs	Notes Payable, Bank Credit Facility, Interest and Amortization of Deferred Debt Costs At June 30, 2022, the Company had a $525.0 million senior unsecured credit facility (the “Credit Facility”) comprised of a $425.0 million revolving credit facility and a $100.0 million term loan. The revolving credit facility matures on August 29, 2025, which 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. Interest accrues at a rate of LIBOR plus an applicable spread which is determined by certain leverage tests. As of June 30, 2022, the applicable spread for borrowings was 135 basis points related to the revolving credit facility and 130 basis points related to the term loan. Letters of credit may be issued under the Credit Facility. On June 30, 2022, based on the value of the Company’s unencumbered properties, approximately $200.4 million was available under the Credit Facility, $280.0 million was outstanding and approximately $185,000 was committed for letters of credit. On February 23, 2022, the Company closed on a $133.0 million construction-to-permanent loan, the proceeds of which will be used to partially fund Hampden House. The loan matures in 2040, bears interest at a fixed rate of 3.90%, and requires interest only payments, which will be funded by the loan, until conversion to permanent. The conversion is expected in the first quarter of 2026, and thereafter, monthly principal and interest payments based on a 25-year amortization schedule will be required. On March 11, 2022, the Company repaid in full the remaining principal balance of $28.3 million of the mortgage loan secured by Lansdowne Town Center, which was scheduled to mature in June 2022. On June 7, 2022, the Company repaid in full the remaining principal balance of $8.6 million of the mortgage loan secured by Orchard Park, which was scheduled to mature in September 2022. 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 $29.3 million outstanding balance at June 30, 2022), (b) a portion of the Avenel Business Park mortgage (approximately $6.3 million of the $23.5 million outstanding balance at June 30, 2022), (c) a portion of The Waycroft mortgage (approximately $23.6 million of the $154.4 million outstanding balance at June 30, 2022), (d) the Ashbrook Marketplace mortgage (totaling $21.1 million at June 30, 2022), and (e) the mortgage secured by Kentlands Place, Kentlands Square I and Kentlands Pad (totaling $28.6 million at June 30, 2022). All other notes payable are non-recourse. The principal amount of the Company’s outstanding debt totaled approximately $1.2 billion at June 30, 2022, of which approximately $895.5 million was fixed-rate debt and approximately $280.0 million was variable rate debt outstanding under the Credit Facility. The carrying amount of the properties collateralizing the notes payable totaled approximately $1.1 billion as of June 30, 2022. At December 31, 2021, the principal amount of the Company’s outstanding debt totaled approximately $1.2 billion, of which $949.0 million was fixed rate debt and $206.0 million was variable rate debt outstanding under the Credit Facility. The carrying amount of the properties collateralizing the notes payable totaled approximately $1.1 billion as of December 31, 2021. At June 30, 2022, the scheduled maturities of debt, including scheduled principal amortization, for years ending December 31, were as follows: (In thousands) Balloon Scheduled Total July 1 through December 31, 2022 $ — $ 17,004 $ 17,004 2023 9,225 35,080 44,305 2024 66,164 34,661 100,825 2025 200,363 (a) 31,814 232,177 2026 134,088 28,474 162,562 2027 142,028 (b) 22,052 164,080 Thereafter 339,177 115,367 454,544 Principal amount $ 891,045 $ 284,452 1,175,497 Unamortized deferred debt costs 10,232 Net $ 1,165,265 (a) Includes $180.0 million outstanding under the Credit Facility. (b) Includes $100.0 million outstanding under the Credit Facility. Deferred debt costs consist of fees and costs incurred to obtain long-term financing, construction financing and the Credit Facility. These fees and costs are being amortized on a straight-line basis over the terms of the respective loans or agreements, which approximates the effective interest method. Deferred debt costs totaled $10.2 million and $11.2 million, net of accumulated amortization of $7.9 million and $7.7 million, at June 30, 2022 and December 31, 2021, respectively, and are reflected as a reduction of the related debt in the Consolidated Balance Sheets. Interest expense, net and amortization of deferred debt costs for the three and six months ended June 30, 2022 and 2021, were as follows: Three Months Ended June 30, Six Months Ended June 30, (In thousands) 2022 2021 2022 2021 Interest incurred $ 12,468 $ 12,900 $ 24,781 $ 25,582 Amortization of deferred debt costs 465 406 941 811 Capitalized interest (2,474) (1,647) (4,661) (2,742) Interest expense 10,459 11,659 21,061 23,651 Less: Interest income 2 2 2 5 Interest expense, net and amortization of deferred debt costs $ 10,457 $ 11,657 $ 21,059 $ 23,646

Equity

Equity	6 Months Ended
	Jun. 30, 2022
Equity [Abstract]
Equity	Equity The consolidated statements of operations for the six months ended June 30, 2022 and 2021, reflect noncontrolling interests of $8.1 million and $5.9 million, respectively, representing income attributable to limited partnership units not held by Saul Centers. At June 30, 2022, 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 June 30, 2022, the Company had outstanding 4.4 million depositary shares, each representing 1/100th of a share of 6.000% Series E Cumulative Redeemable Preferred Stock (the “Series E Stock”). The depositary shares may be redeemed at the Company’s option, in whole or in part, on or after September 17, 2024, at the $25.00 liquidation preference, plus accrued but unpaid dividends to but not including the redemption date. The depositary shares pay an annual dividend of $1.50 per share, equivalent to 6.000% of the $25.00 liquidation preference. The Series E Stock has no stated maturity, is not subject to any sinking fund or mandatory redemption and is not convertible into any other securities of the Company except in connection with certain changes in control or delisting events. Investors in the depositary shares generally have no voting rights, but will have limited voting rights if the Company fails to pay dividends for six or more quarters (whether or not declared or consecutive) and in certain other events. Per Share Data Per share data for net income (basic and diluted) is computed using weighted average shares of common stock. Convertible limited partnership units and employee stock options are the Company’s potentially dilutive securities. For all periods presented, the convertible limited partnership units are non-dilutive. The following table sets forth, for the indicated periods, weighted averages of the number of common shares outstanding, basic and dilutive, the effect of dilutive options and the number of options which are not dilutive because the average price of the Company’s common stock was less than the exercise prices. The treasury stock method was used to measure the effect of the dilution. Average Shares/Options Outstanding Three Months Ended June 30, Six Months Ended June 30, (In thousands) 2022 2021 2022 2021 Weighted average common stock outstanding-Basic 23,963 23,624 23,924 23,582 Effect of dilutive options 16 1 15 1 Weighted average common stock outstanding-Diluted 23,979 23,625 23,939 23,583 Non-dilutive options 1,212 1,648 1,221 1,535 Years non-dilutive options were issued 2015 through 2020 2013 through 2021 2015 through 2020 2011 and 2013 through 2021

Related Party Transactions

Related Party Transactions	6 Months Ended
	Jun. 30, 2022
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 $227,800 and $239,300 for the six months ended June 30, 2022 and 2021, respectively. All amounts contributed by employees and the Company are fully vested. The Company also participates in a multiemployer nonqualified deferred compensation plan with entities in the Saul Organization which covers those full-time employees who meet the requirements as specified in the plan. According to the plan, which can be modified or discontinued at any time, participating employees defer 2% of their compensation in excess of a specified amount. For the six months ended June 30, 2022 and 2021, the Company credited to employee accounts $111,600 and $64,700, respectively, which is the sum of accrued earnings and up to three times the amount deferred by employees and is included in general and administrative expense. All amounts contributed by employees and credited by the Company are fully vested. The cumulative unfunded liability under this plan was $2.7 million and $3.2 million, at June 30, 2022 and December 31, 2021, respectively, and is included in accounts payable, accrued expenses and other liabilities in the Consolidated Balance Sheets. The Company and the Saul Organization are parties to a shared services agreement (the “Agreement”) that provides for the sharing of certain personnel and ancillary functions such as computer hardware, software, and support services and certain direct and indirect administrative personnel. The method for determining the cost of the shared services is provided for in the Agreement and is based upon head count, estimates of usage or estimates of time incurred, as applicable. The terms of the Agreement and the payments made thereunder are deemed reasonable by management and are reviewed annually by the Audit Committee of the Board of Directors, which consists entirely of independent directors. Net billings by the Saul Organization for the Company’s share of these ancillary costs and expenses for the six months ended June 30, 2022 and 2021, which included rental expense for the Company’s headquarters sublease, totaled approximately $4.6 million and $3.9 million, respectively. The amounts are generally expensed as incurred and are primarily reported as general and administrative expenses in the Consolidated Statements of Operations. As of June 30, 2022 and December 31, 2021, accounts payable, accrued expenses and other liabilities included approximately $0.9 million and $1.1 million, respectively, representing amounts due to the Saul Organization for the Company’s share of these ancillary costs and expenses. The Company subleases its corporate headquarters space from a member of the Saul Organization. The sublease commenced in March 2002, expires in 2027, and provides for base rent increases of 3% per year, with payment of a pro-rata share of operating expenses over a base year amount. The Agreement requires each party to pay an allocation of total rental payments based on a percentage proportionate to the number of employees employed by each party. The Company’s rent expense for its headquarters location was $394,000 and $409,000 for the six months ended June 30, 2022 and 2021, respectively, and is included in general and administrative expense.

Stock-based Employee Compensati

Stock-based Employee Compensation, Stock Option Plans, and Deferred Compensation Plan for Directors	6 Months Ended
	Jun. 30, 2022
Share-Based Payment Arrangement [Abstract]
Stock-based Employee Compensation, Stock Option Plans, and Deferred Compensation Plan for Directors	Stock-based Employee Compensation, Stock Option Plans, and Deferred Compensation Plan for Directors In 2004, the Company established a stock incentive plan (the “Plan”), as amended. Under the Plan, options are granted at an exercise price not less than the market value of the common stock on the date of grant and expire ten years from the date of grant. Officer options vest ratably over four years following the grant and are charged to expense using the straight-line method over the vesting period. Director options vest immediately and are charged to expense as of the date of grant. The Company uses the fair value method to value and account for employee stock options. The fair value of options granted is determined at the time of the grant using the Black-Scholes model, a widely used method for valuing stock-based employee compensation, and the following assumptions: (1) Expected Volatility determined using the most recent trading history of the Company’s common stock (month-end closing prices) corresponding to the average expected term of the options; (2) Average Expected Term of the options based on prior exercise history, scheduled vesting and the expiration date; (3) Expected Dividend Yield determined by management after considering the Company’s current and historic dividend yield, the Company’s yield in relation to other retail REITs and the Company’s market yield at the grant date; and (4) a Risk-free Interest Rate based upon the market yields of US Treasury obligations with maturities corresponding to the average expected term of the options at the grant date. The Company amortizes the value of options granted ratably over the vesting period and includes the amounts as compensation expense in general and administrative expenses. Pursuant to the Plan, the Compensation Committee established a Deferred Compensation Plan for Directors for the benefit of the Company’s directors and their beneficiaries, which replaced a previous Deferred Compensation and Stock Plan for Directors. Annually, directors are given the ability to make an election to defer all or part of their fees and have the option to have their fees paid in cash, in shares of common stock or in a combination of cash and shares of common stock upon separation from the Board. If a director elects to have their fees paid in stock, fees earned during a calendar quarter are aggregated and divided by the closing market price of the Company’s common stock on the first trading day of the following quarter to determine the number of shares to be credited to the director. During the six months ended June 30, 2022, 3,739 shares were credited to director’s deferred fee accounts and 7,738 shares were issued. As of June 30, 2022, the director's deferred fee accounts comprise 116,241 shares. Effective May 13, 2022, the Company granted 248,000 options to its directors and certain officers. The following table summarizes the assumptions used in the valuation of the 2022 and 2021 option grants. During the six months ended June 30, 2022, stock option expense totaling $0.8 million was included in general and administrative expense in the Consolidated Statements of Operations. As of June 30, 2022, the estimated future expense related to unvested stock options was $2.7 million. Directors Officers Grant date May 13, 2022 May 7, 2021 May 13, 2022 May 7, 2021 Exercise price per share $ 47.90 $ 43.89 $ 47.90 $ 43.89 Fair value per option $ 8.34 $ 6.32 $ 7.66 $ 5.96 Volatility 0.300 0.297 0.271 0.275 Expected life (years) 5.0 5.0 7.0 7.0 Assumed yield 4.90% 4.96% 4.93% 4.97% Risk-free rate 2.89% 0.77% 2.95% 1.24% The table below summarizes the option activity for the six months ended June 30, 2022: Number of Weighted Aggregate Outstanding at January 1 1,601,250 $ 51.73 $ 4,886,106 Granted 248,000 47.90 — Exercised (24,375) 44.17 237,724 Expired/Forfeited (19,000) 51.71 — Outstanding at June 30 1,805,875 51.31 833,048 Exercisable at June 30 1,289,750 52.73 330,728

Fair Value of Financial Instrum

Fair Value of Financial Instruments	6 Months Ended
	Jun. 30, 2022
Fair Value Disclosures [Abstract]
Fair Value of Financial Instruments	Fair Value of Financial InstrumentsThe carrying amount of cash and cash equivalents, accounts receivable, accounts payable and accrued expenses are reasonable estimates of their fair value. The aggregate fair value of the notes payable with fixed-rate payment terms was determined using Level 3 data in a discounted cash flow approach, which is based upon management’s estimate of borrowing rates and loan terms currently available to the Company for fixed-rate financing and, assuming long-term market interest rates of approximately 5.10% and 3.60%, would be approximately $873.4 million and $933.0 million, respectively, compared to the principal balance of $895.5 million and $949.0 million at June 30, 2022 and December 31, 2021, respectively. A change in any of the significant inputs may lead to a change in the Company’s fair value measurement of its debt.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2022
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and ContingenciesNeither the Company nor the Current Portfolio Properties are subject to any material litigation, nor, to management’s knowledge, is any material litigation currently threatened against the Company, other than routine litigation and administrative proceedings arising in the ordinary course of business. Management believes that these items, individually or in the aggregate, will not have a material adverse impact on the Company or the Current Portfolio Properties.

Business Segments

Business Segments	6 Months Ended
	Jun. 30, 2022
Segment Reporting [Abstract]
Business Segments	Business Segments The Company has two reportable business segments: Shopping Centers and Mixed-Use Properties. The accounting policies of the segments are the same as those described in the summary of significant accounting policies (see Note 2). The Company evaluates performance based upon income and cash flows from real estate of the combined properties in each segment. All of our properties within each segment generate similar types of revenues and expenses related to tenant rent, reimbursements and operating expenses. Although services are provided to a variety 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 2022 presentation. Financial Information By Segment (In thousands) Shopping Mixed-Use Corporate Consolidated Three Months Ended June 30, 2022 Real estate rental operations: Revenue $ 42,038 $ 18,255 $ — $ 60,293 Expenses (8,184) (6,613) — (14,797) Income from real estate 33,854 11,642 — 45,496 Interest expense, net and amortization of deferred debt costs — — (10,457) (10,457) Depreciation and amortization of lease costs (7,086) (5,291) — (12,377) General and administrative — — (5,665) (5,665) Net income (loss) $ 26,768 $ 6,351 $ (16,122) $ 16,997 Capital investment $ 2,427 $ 32,619 $ — $ 35,046 Total assets $ 937,509 $ 831,078 $ 13,899 $ 1,782,486 Three Months Ended June 30, 2021 Real estate rental operations: Revenue $ 42,006 $ 17,998 $ — $ 60,004 Expenses (8,371) (6,291) — (14,662) Income from real estate 33,635 11,707 — 45,342 Interest expense, net and amortization of deferred debt costs — — (11,657) (11,657) Depreciation and amortization of lease costs (7,195) (5,442) — (12,637) General and administrative — — (4,929) (4,929) Net income (loss) $ 26,440 $ 6,265 $ (16,586) $ 16,119 Capital investment $ 1,459 $ 7,139 $ — $ 8,598 Total assets $ 959,169 $ 762,253 $ 15,558 $ 1,736,980 (In thousands) Shopping Mixed-Use Corporate Consolidated Six Months Ended June 30, 2022 Real estate rental operations: Revenue $ 86,137 $ 36,300 $ — $ 122,437 Expenses (18,276) (13,477) — (31,753) Income from real estate 67,861 22,823 — 90,684 Interest expense, net and amortization of deferred debt costs — — (21,059) (21,059) Depreciation and amortization of deferred leasing costs (14,227) (10,477) — (24,704) General and administrative — — (10,433) (10,433) Net income (loss) $ 53,634 $ 12,346 $ (31,492) $ 34,488 Capital investment $ 3,959 $ 47,955 $ — $ 51,914 Total assets $ 937,509 $ 831,078 $ 13,899 $ 1,782,486 Six Months Ended June 30, 2021 Real estate rental operations: Revenue $ 84,451 $ 34,278 $ — $ 118,729 Expenses (18,447) (12,730) — (31,177) Income from real estate 66,004 21,548 — 87,552 Interest expense, net and amortization of deferred debt costs — — (23,646) (23,646) Depreciation and amortization of deferred leasing costs (14,436) (10,949) — (25,385) General and administrative — — (9,607) (9,607) Net income (loss) $ 51,568 $ 10,599 $ (33,253) $ 28,914 Capital investment $ 5,608 $ 21,908 $ — $ 27,516 Total assets $ 959,169 $ 762,253 $ 15,558 $ 1,736,980

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2022
Subsequent Events [Abstract]
Subsequent Events	Subsequent EventsThe Company has reviewed operating activities for the period subsequent to June 30, 2022, and determined there are no subsequent events required to be disclosed.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2022
Accounting Policies [Abstract]
Nature of Operations	The Company, which conducts all of its activities through its subsidiaries, Saul Holdings Limited Partnership, a Maryland limited partnership (the “Operating Partnership”) and two subsidiary limited partnerships (the “Subsidiary Partnerships,” and, collectively with the Operating Partnership, the “Partnerships”), engages in the ownership, operation, management, leasing, acquisition, renovation, expansion, development and financing of community and neighborhood shopping centers and mixed-use properties, primarily in the Washington, DC/Baltimore metropolitan area. As of June 30, 2022, the Company’s properties (the “Current Portfolio Properties”) consisted of 50 shopping center properties (the “Shopping Centers”), seven mixed-use properties, which are comprised of office, retail and multi-family residential uses (the “Mixed-Use Properties”) and four (non-operating) development properties.
Principles of Consolidation	The accompanying consolidated financial statements of the Company include the accounts of Saul Centers and its subsidiaries, including the Partnerships, which are majority owned by Saul Centers. Substantially all assets and liabilities of the Company as of June 30, 2022 and December 31, 2021, are comprised of the assets and liabilities of the Operating Partnership. Debt arrangements subject to recourse are described in Note 5. All significant intercompany balances and transactions have been eliminated in consolidation.
Consolidation, Variable Interest Entity	The Operating Partnership is a variable interest entity (“VIE”) because the limited partners do not have substantive kick-out or participating rights. The Company is the primary beneficiary of the Operating Partnership because it has the power to direct its activities and the rights to absorb 72.0% of its net income. Because the Operating Partnership is consolidated into the financial statements of the Company, classification of it as a VIE has no impact on the consolidated financial statements of the Company.
Basis of Presentation	The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. In the opinion of management, all adjustments necessary for the fair presentation of the financial position and results of operations of the Company for the interim periods have been included. All such adjustments are of a normal recurring nature. These consolidated financial statements and the accompanying notes should be read in conjunction with the audited consolidated financial statements of the Company for the year ended December 31, 2021, which are included in its Annual Report on Form 10-K. Certain information and note disclosures normally included in annual financial statements prepared in accordance with GAAP have been omitted pursuant to those instructions. The results of operations for interim periods are not necessarily indicative of results to be expected for the year.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. The most significant estimates and assumptions relate to collectability of operating lease receivables and impairment of real estate properties. Actual results could differ from those estimates.
Accounts Receivable, Accrued Income and Allowance for Doubtful Accounts	Accounts Receivable, 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. Further, we assess whether operating lease receivables, at the portfolio level, are appropriately valued based upon an analysis of balances outstanding, historical bad debt levels and current economic trends.
Reclassifications	Reclassifications Certain reclassifications have been made to the prior year financial statements to conform to the presentation used as of and for the six months ended June 30, 2022.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	6 Months Ended
	Jun. 30, 2022
Accounting Policies [Abstract]
Schedule of Accounts Receivable	At June 30, 2022 and December 31, 2021, accounts receivable was comprised of: (In thousands) June 30, 2022 December 31, 2021 Rents currently due $ 4,665 $ 8,484 Deferred rents 1,840 2,872 Straight-line rent 46,121 46,239 Other receivables 5,659 4,146 Allowance for doubtful accounts (2,742) (3,082) Total $ 55,543 $ 58,659

Real Estate (Tables)

Real Estate (Tables)	6 Months Ended
	Jun. 30, 2022
Real Estate [Abstract]
Schedule of Construction in Progress	Construction in progress as of June 30, 2022 and December 31, 2021, is composed of the following: (In thousands) June 30, 2022 December 31, 2021 Twinbrook Quarter $ 183,385 $ 138,069 Hampden House 64,812 56,898 Other 11,944 10,944 Total $ 260,141 $ 205,911

Notes Payable, Bank Credit Fa_2

Notes Payable, Bank Credit Facility, Interest and Amortization of Deferred Debt Costs (Tables)	6 Months Ended
	Jun. 30, 2022
Debt Disclosure [Abstract]
Scheduled Maturities of Debt, Including Scheduled Principal Amortization	At June 30, 2022, the scheduled maturities of debt, including scheduled principal amortization, for years ending December 31, were as follows: (In thousands) Balloon Scheduled Total July 1 through December 31, 2022 $ — $ 17,004 $ 17,004 2023 9,225 35,080 44,305 2024 66,164 34,661 100,825 2025 200,363 (a) 31,814 232,177 2026 134,088 28,474 162,562 2027 142,028 (b) 22,052 164,080 Thereafter 339,177 115,367 454,544 Principal amount $ 891,045 $ 284,452 1,175,497 Unamortized deferred debt costs 10,232 Net $ 1,165,265 (a) Includes $180.0 million outstanding under the Credit Facility. (b) Includes $100.0 million outstanding under the Credit Facility.
Interest Expense and Amortization of Deferred Debt Costs	Interest expense, net and amortization of deferred debt costs for the three and six months ended June 30, 2022 and 2021, were as follows: Three Months Ended June 30, Six Months Ended June 30, (In thousands) 2022 2021 2022 2021 Interest incurred $ 12,468 $ 12,900 $ 24,781 $ 25,582 Amortization of deferred debt costs 465 406 941 811 Capitalized interest (2,474) (1,647) (4,661) (2,742) Interest expense 10,459 11,659 21,061 23,651 Less: Interest income 2 2 2 5 Interest expense, net and amortization of deferred debt costs $ 10,457 $ 11,657 $ 21,059 $ 23,646

Equity (Tables)

Equity (Tables)	6 Months Ended
	Jun. 30, 2022
Equity [Abstract]
Schedule of Weighted Average Number of Shares	The following table sets forth, for the indicated periods, weighted averages of the number of common shares outstanding, basic and dilutive, the effect of dilutive options and the number of options which are not dilutive because the average price of the Company’s common stock was less than the exercise prices. The treasury stock method was used to measure the effect of the dilution. Average Shares/Options Outstanding Three Months Ended June 30, Six Months Ended June 30, (In thousands) 2022 2021 2022 2021 Weighted average common stock outstanding-Basic 23,963 23,624 23,924 23,582 Effect of dilutive options 16 1 15 1 Weighted average common stock outstanding-Diluted 23,979 23,625 23,939 23,583 Non-dilutive options 1,212 1,648 1,221 1,535 Years non-dilutive options were issued 2015 through 2020 2013 through 2021 2015 through 2020 2011 and 2013 through 2021

Stock-based Employee Compensa_2

Stock-based Employee Compensation, Stock Option Plans, and Deferred Compensation Plan for Directors (Tables)	6 Months Ended
	Jun. 30, 2022
Share-Based Payment Arrangement [Abstract]
Stock Options Issued	The following table summarizes the assumptions used in the valuation of the 2022 and 2021 option grants. During the six months ended June 30, 2022, stock option expense totaling $0.8 million was included in general and administrative expense in the Consolidated Statements of Operations. As of June 30, 2022, the estimated future expense related to unvested stock options was $2.7 million. Directors Officers Grant date May 13, 2022 May 7, 2021 May 13, 2022 May 7, 2021 Exercise price per share $ 47.90 $ 43.89 $ 47.90 $ 43.89 Fair value per option $ 8.34 $ 6.32 $ 7.66 $ 5.96 Volatility 0.300 0.297 0.271 0.275 Expected life (years) 5.0 5.0 7.0 7.0 Assumed yield 4.90% 4.96% 4.93% 4.97% Risk-free rate 2.89% 0.77% 2.95% 1.24%
Summary of Option Activity	The table below summarizes the option activity for the six months ended June 30, 2022: Number of Weighted Aggregate Outstanding at January 1 1,601,250 $ 51.73 $ 4,886,106 Granted 248,000 47.90 — Exercised (24,375) 44.17 237,724 Expired/Forfeited (19,000) 51.71 — Outstanding at June 30 1,805,875 51.31 833,048 Exercisable at June 30 1,289,750 52.73 330,728

Business Segments (Tables)

Business Segments (Tables)	6 Months Ended
	Jun. 30, 2022
Segment Reporting [Abstract]
Business Segments	Financial Information By Segment (In thousands) Shopping Mixed-Use Corporate Consolidated Three Months Ended June 30, 2022 Real estate rental operations: Revenue $ 42,038 $ 18,255 $ — $ 60,293 Expenses (8,184) (6,613) — (14,797) Income from real estate 33,854 11,642 — 45,496 Interest expense, net and amortization of deferred debt costs — — (10,457) (10,457) Depreciation and amortization of lease costs (7,086) (5,291) — (12,377) General and administrative — — (5,665) (5,665) Net income (loss) $ 26,768 $ 6,351 $ (16,122) $ 16,997 Capital investment $ 2,427 $ 32,619 $ — $ 35,046 Total assets $ 937,509 $ 831,078 $ 13,899 $ 1,782,486 Three Months Ended June 30, 2021 Real estate rental operations: Revenue $ 42,006 $ 17,998 $ — $ 60,004 Expenses (8,371) (6,291) — (14,662) Income from real estate 33,635 11,707 — 45,342 Interest expense, net and amortization of deferred debt costs — — (11,657) (11,657) Depreciation and amortization of lease costs (7,195) (5,442) — (12,637) General and administrative — — (4,929) (4,929) Net income (loss) $ 26,440 $ 6,265 $ (16,586) $ 16,119 Capital investment $ 1,459 $ 7,139 $ — $ 8,598 Total assets $ 959,169 $ 762,253 $ 15,558 $ 1,736,980 (In thousands) Shopping Mixed-Use Corporate Consolidated Six Months Ended June 30, 2022 Real estate rental operations: Revenue $ 86,137 $ 36,300 $ — $ 122,437 Expenses (18,276) (13,477) — (31,753) Income from real estate 67,861 22,823 — 90,684 Interest expense, net and amortization of deferred debt costs — — (21,059) (21,059) Depreciation and amortization of deferred leasing costs (14,227) (10,477) — (24,704) General and administrative — — (10,433) (10,433) Net income (loss) $ 53,634 $ 12,346 $ (31,492) $ 34,488 Capital investment $ 3,959 $ 47,955 $ — $ 51,914 Total assets $ 937,509 $ 831,078 $ 13,899 $ 1,782,486 Six Months Ended June 30, 2021 Real estate rental operations: Revenue $ 84,451 $ 34,278 $ — $ 118,729 Expenses (18,447) (12,730) — (31,177) Income from real estate 66,004 21,548 — 87,552 Interest expense, net and amortization of deferred debt costs — — (23,646) (23,646) Depreciation and amortization of deferred leasing costs (14,436) (10,949) — (25,385) General and administrative — — (9,607) (9,607) Net income (loss) $ 51,568 $ 10,599 $ (33,253) $ 28,914 Capital investment $ 5,608 $ 21,908 $ — $ 27,516 Total assets $ 959,169 $ 762,253 $ 15,558 $ 1,736,980

Organization, Formation and Str

Organization, Formation and Structure (Details)	6 Months Ended
	Jun. 30, 2022 subsidiary store property
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items]
Percentage of taxable income distribution of shareholders	90%
Number of subsidiaries | subsidiary	2
Number of shopping centers | store	33
Saul Holdings Limited Partnership
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items]
Percentage of ownership in operating partnership (as a percent)	72%
Giant Food
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items]
Number of shopping centers | store	11
Giant Food | Revenue | Customer Concentration Risk
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items]
Percentage of total revenue (as a percent)	5.20%
No Individual Tenant | Revenue | Customer Concentration Risk
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items]
Percentage of total revenue (as a percent)	2.50%
Shopping Centers
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items]
Number of real estate properties	50
Mixed-Use Properties
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items]
Number of real estate properties	7
Non-operating Development Properties
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items]
Number of real estate properties	4

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Narrative (Details) - USD ($) $ in Millions	Jun. 30, 2022	Mar. 31, 2022
Accounting Policies [Abstract]
Accrued rent	$ 7.1	$ 9.1
Deferred rent receivables, net	$ 6.9
Deferred rent receivables, net, percentage paid	97%

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Schedule of Accounts Receivable (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Accounts, Notes, Loans and Financing Receivable [Line Items]
Allowance for doubtful accounts	$ (2,742)	$ (3,082)
Total	55,543	58,659
Rents currently due
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable, before allowance for doubtful accounts	4,665	8,484
Deferred rents
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable, before allowance for doubtful accounts	1,840	2,872
Straight-line rent
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable, before allowance for doubtful accounts	46,121	46,239
Other receivables
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable, before allowance for doubtful accounts	$ 5,659	$ 4,146

Real Estate - Schedule of Const

Real Estate - Schedule of Construction in Progress (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Real Estate [Line Items]
Construction in progress	$ 260,141	$ 205,911
Twinbrook Quarter
Real Estate [Line Items]
Construction in progress	183,385	138,069
Hampden House
Real Estate [Line Items]
Construction in progress	64,812	56,898
Other
Real Estate [Line Items]
Construction in progress	$ 11,944	$ 10,944

Real Estate Transactions - Narr

Real Estate Transactions - Narrative (Details) - USD ($)	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Real Estate [Line Items]
Right-of-use asset	$ 3,600,000
Operating lease liability	3,600,000
Deferred leasing costs, net	22,770,000		$ 24,005,000
Accumulated amortization deferred leasing cost	49,900,000		$ 48,700,000
Depreciation expense	22,600,000	$ 22,900,000
Repairs and maintenance expense	7,400,000	7,000,000
Impairment of real estate	$ 0
Minimum
Real Estate [Line Items]
Operating lease term of contract	1 year
Maximum
Real Estate [Line Items]
Operating lease term of contract	15 years
Building | Minimum
Real Estate [Line Items]
Estimated useful life	35 years
Building | Maximum
Real Estate [Line Items]
Estimated useful life	50 years
Building Improvements | Maximum
Real Estate [Line Items]
Estimated useful life	20 years
Lease Acquisition Costs
Real Estate [Line Items]
Amortization of intangible assets	$ 2,100,000	$ 2,400,000

Noncontrolling Interests - Ho_2

Noncontrolling Interests - Holders of Convertible Limited Partnership Units in the Operating Partnership (Details) - shares		3 Months Ended		6 Months Ended
	Mar. 31, 2022	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Noncontrolling Interest [Line Items]
Limited partnership units (in shares)		8,800,000		8,800,000
Leasehold Interest Contributed In Contribution Agreement
Noncontrolling Interest [Line Items]
Number of partnership units issued in transaction (in shares)	469,740
Noncontrolling Interests
Noncontrolling Interest [Line Items]
Limited partnership units, conversion ratio		1		1
Outstanding stock percent that should be acquired for rights to be exercised (as a percent)		39.90%		39.90%
Limited partnership units convertible into shares of common stock, eligible for conversion (in shares)		360,000		360,000
Fully converted partnership units and diluted weighted average shares outstanding		34,000,000	33,000,000	33,900,000	32,500,000
Partners capital account units placed In escrow (in shares)				708,035
Saul Holdings Limited Partnership
Noncontrolling Interest [Line Items]
Percentage of ownership interest of noncontrolling interest (as a percent)		26.60%		26.60%
Saul Holdings Limited Partnership | Noncontrolling Interests
Noncontrolling Interest [Line Items]
Percentage of ownership interest of noncontrolling interest (as a percent)		28%		28%
Limited partnership units, conversion ratio		1		1
Third Party Investor
Noncontrolling Interest [Line Items]
Percentage of ownership interest of noncontrolling interest (as a percent)		1.40%		1.40%

Notes Payable, Bank Credit Fa_3

Notes Payable, Bank Credit Facility, Interest and Amortization of Deferred Debt Costs - Narrative (Details) - USD ($)				6 Months Ended
	Jun. 30, 2022	Jun. 07, 2022	Mar. 11, 2022	Jun. 30, 2022	Jun. 30, 2021	Feb. 23, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Revolving credit facility payable, net	$ 177,554,000			$ 177,554,000			$ 103,167,000
Repayments of secured debt				53,531,000	$ 26,097,000
Principal amount	1,165,265,000			1,165,265,000
Principal amount	1,175,497,000			1,175,497,000			1,200,000,000
Debt outstanding with fixed-rate	895,500,000			895,500,000			949,000,000
Debt outstanding with variable-rate	280,000,000			280,000,000			206,000,000
Carrying value of properties collateralizing mortgage notes	1,100,000,000			1,100,000,000			1,100,000,000
Unamortized deferred debt costs	10,232,000			10,232,000			11,200,000
Debt issuance costs amortization	7,900,000			7,900,000			$ 7,700,000
Broadlands Village Mortgage
Debt Instrument [Line Items]
Guarantor obligations, maximum exposure	3,700,000			3,700,000
Principal amount	29,300,000			29,300,000
Avenel Business Park
Debt Instrument [Line Items]
Guarantor obligations, maximum exposure	6,300,000			6,300,000
The Waycroft Mortgage
Debt Instrument [Line Items]
Guarantor obligations, maximum exposure	$ 23,600,000			23,600,000
Revolving Credit Facility | LIBOR
Debt Instrument [Line Items]
Interest rate spread on LIBOR	1.35%
Term Facility | LIBOR
Debt Instrument [Line Items]
Interest rate spread on LIBOR	1.30%
Unsecured Revolving Credit Facility
Debt Instrument [Line Items]
Line of credit facility, remaining borrowing capacity	$ 200,400,000			200,400,000
Revolving credit facility payable, net	280,000,000			280,000,000
Letter of Credit
Debt Instrument [Line Items]
Revolving credit facility payable, net	185,000			185,000
Line of Credit
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity	525,000,000			525,000,000
Line of Credit | Revolving Credit Facility
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity	425,000,000			425,000,000
Line of Credit | Term Facility
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity	100,000,000			100,000,000
Line of Credit | Unsecured Revolving Credit Facility
Debt Instrument [Line Items]
Revolving credit facility payable, net	180,000,000			$ 180,000,000
Secured Debt | Construction-to-Permanent Loan
Debt Instrument [Line Items]
Debt instrument, face amount						$ 133,000,000
Debt instrument, interest rate, stated percentage						3.90%
Amortization period				25 years
Mortgages | Lansdowne Town Center Mortgage
Debt Instrument [Line Items]
Repayments of secured debt			$ 28,300,000
Mortgages | Orchard Park Mortgage
Debt Instrument [Line Items]
Repayments of secured debt		$ 8,600,000
Mortgages | Avenel Business Park
Debt Instrument [Line Items]
Principal amount	23,500,000			$ 23,500,000
Mortgages | The Waycroft Mortgage
Debt Instrument [Line Items]
Principal amount	154,400,000			154,400,000
Mortgages | Ashbrook Marketplace Mortgage
Debt Instrument [Line Items]
Principal amount	21,100,000			21,100,000
Mortgages | Kentlands Place Mortgage
Debt Instrument [Line Items]
Principal amount	$ 28,600,000			$ 28,600,000

Notes Payable, Bank Credit Fa_4

Notes Payable, Bank Credit Facility, Interest and Amortization of Deferred Debt Costs - Scheduled Maturities of Debt, Including Scheduled Principal Amortization (Details) - USD ($)	Jun. 30, 2022	Dec. 31, 2021
Balloon Payments
July 1 through December 31, 2022	$ 0
2023	9,225,000
2024	66,164,000
2025	200,363,000
2026	134,088,000
2027	142,028,000
Thereafter	339,177,000
Principal amount	891,045,000
Scheduled Principal Amortization
July 1 through December 31, 2022	17,004,000
2023	35,080,000
2023	34,661,000
2024	31,814,000
2025	28,474,000
2026	22,052,000
Thereafter	115,367,000
Principal amount	284,452,000
Total
July 1 through December 31, 2022	17,004,000
2023	44,305,000
2024	100,825,000
2025	232,177,000
2026	162,562,000
2027	164,080,000
Thereafter	454,544,000
Principal amount	1,175,497,000	$ 1,200,000,000
Unamortized deferred debt costs	10,232,000	11,200,000
Net	1,165,265,000
Outstanding line of credit	177,554,000	$ 103,167,000
Line of Credit
Total
Line of credit facility, maximum borrowing capacity	525,000,000
Unsecured Revolving Credit Facility
Total
Outstanding line of credit	280,000,000
Unsecured Revolving Credit Facility | Line of Credit
Total
Outstanding line of credit	180,000,000
Term Facility | Line of Credit
Total
Line of credit facility, maximum borrowing capacity	$ 100,000,000

Notes Payable, Bank Credit Fa_5

Notes Payable, Bank Credit Facility, Interest and Amortization of Deferred Debt Costs - Interest Expense and Amortization of Deferred Debt Costs (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Debt Disclosure [Abstract]
Interest incurred	$ 12,468	$ 12,900	$ 24,781	$ 25,582
Amortization of deferred debt costs	465	406	941	811
Capitalized interest	(2,474)	(1,647)	(4,661)	(2,742)
Interest expense	10,459	11,659	21,061	23,651
Less: Interest income	2	2	2	5
Interest expense, net and amortization of deferred debt costs	$ 10,457	$ 11,657	$ 21,059	$ 23,646

Equity - Narrative (Details)

Equity - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands, shares in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Class of Stock [Line Items]
Income attributable to noncontrolling interests	$ (3,981)	$ (3,373)	$ (8,107)	$ (5,906)
Series D Cumulative Redeemable Preferred Stock
Class of Stock [Line Items]
Depositary shares outstanding (in shares)	3		3
Depository shares to cumulative redeemable preferred stock ratio			1%
Percentage of redeemable preferred stock (as a percent)			6.125%
Cumulative redeemable preferred stock liquidation preference (in usd per share)	$ 25		$ 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 (in shares)	4.4		4.4
Depository shares to cumulative redeemable preferred stock ratio			1%
Percentage of redeemable preferred stock (as a percent)			6%
Cumulative redeemable preferred stock liquidation preference (in usd per share)	$ 25		$ 25
Annual dividend on depositary shares (in usd per share)			$ 1.50

Equity - Per Share Data (Detail

Equity - Per Share Data (Details) - shares shares in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Class of Stock [Line Items]
Weighted average common stock outstanding-Basic (in shares)	23,963	23,624	23,924	23,582
Effect of dilutive options (in shares)	16	1	15	1
Weighted average common stock outstanding-Diluted (in shares)	23,979	23,625	23,939	23,583
Non-dilutive options
Class of Stock [Line Items]
Non-dilutive options (in shares)	1,212	1,648	1,221	1,535

Related Party Transactions (Det

Related Party Transactions (Details)	6 Months Ended
	Jun. 30, 2022 USD ($)	Jun. 30, 2021 USD ($)	Dec. 31, 2021 USD ($)
Related Party Transactions [Abstract]
Company contribution to a multi employer 401K plan at discretionary amount of employee's cash compensation, maximum percentage (as a percent)	6%
Company contribution to a multi employer 401K plan at discretionary amount of employee's cash compensation, amount	$ 227,800	$ 239,300
Deferred compensation, employee contribution (as a percent)	2%
Deferred compensation, company contribution	$ 111,600	$ 64,700
Deferred compensation, company contribution percentage	3	3
Deferred compensation, cumulative unfunded liability	$ 2,700,000		$ 3,200,000
Ancillary costs and expenses	4,600,000	$ 3,900,000
Liability due to The Saul Organization for the Company's share of these ancillary costs and expenses	$ 900,000		$ 1,100,000
Percentage of annual increase in base rent (as a percent)	3%
Rent expense	$ 394,000	409,000
Insurance commissions and fees expense	$ 137,500	$ 148,700

Stock-based Employee Compensa_3

Stock-based Employee Compensation, Stock Option Plans, and Deferred Compensation Plan for Directors - Narrative (Details) - USD ($)			3 Months Ended				6 Months Ended
	Jun. 30, 2022	May 13, 2022	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2022	Jun. 30, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Deferred compensation (in shares)	116,241						3,739
Shares due to exercise of employee stock options and issuance of directors' deferred stock			19,618,000	8,007	6,038,000	910
Granted (in shares)							248,000
Stock option expense							$ 800,000
Future expense	$ 2,700,000		$ 2,700,000				2,700,000
Exercised							$ 237,724	$ 3,450
Closing share price (in usd per share)	$ 47.11		$ 47.11				$ 47.11
Share-based compensation arrangement by share-based payment award, options, grants since inception	1,459,750		1,459,750				1,459,750
Weighted average remaining contractual life of the Company's outstanding options							6 years 3 months 18 days
Weighted average remaining contractual life of the Company's exercisable options							5 years 3 months 18 days
Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares due to exercise of employee stock options and issuance of directors' deferred stock							7,738
Director And Certain Officers
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)		248,000
Employee Stock Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expiration period							10 years
Employee Stock Option | Officers
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period							4 years

Stock-based Employee Compensa_4

Stock-based Employee Compensation, Stock Option Plans, and Deferred Compensation Plan for Directors - Stock Options Issued (Details)	6 Months Ended
	Jun. 30, 2022 $ / shares
Share Based Compensation Arrangements By Share Based Payment Award Options [Line Items]
Exercise price (in usd per share)	$ 44.17
Directors | May 7, 2021
Share Based Compensation Arrangements By Share Based Payment Award Options [Line Items]
Exercise price (in usd per share)	43.89
Fair value (in usd per share)	$ 6.32
Volatility	0.297
Expected life (years)	5 years
Assumed yield	4.96%
Risk-free rate	0.77%
Directors | May 13, 2022
Share Based Compensation Arrangements By Share Based Payment Award Options [Line Items]
Exercise price (in usd per share)	$ 47.90
Fair value (in usd per share)	$ 8.34
Volatility	0.300
Expected life (years)	5 years
Assumed yield	4.90%
Risk-free rate	2.89%
Officers | May 7, 2021
Share Based Compensation Arrangements By Share Based Payment Award Options [Line Items]
Exercise price (in usd per share)	$ 43.89
Fair value (in usd per share)	$ 5.96
Volatility	0.275
Expected life (years)	7 years
Assumed yield	4.97%
Risk-free rate	1.24%
Officers | May 13, 2022
Share Based Compensation Arrangements By Share Based Payment Award Options [Line Items]
Exercise price (in usd per share)	$ 47.90
Fair value (in usd per share)	$ 7.66
Volatility	0.271
Expected life (years)	7 years
Assumed yield	4.93%
Risk-free rate	2.95%

Stock-based Employee Compensa_5

Stock-based Employee Compensation, Stock Option Plans, and Deferred Compensation Plan for Directors - Summary of Option Activity (Details) - USD ($)	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Number of Shares
Outstanding at beginning of period (in shares)	1,601,250
Granted (in shares)	248,000
Exercised (in shares)	(24,375)
Expired/Forfeited (in shares)	(19,000)
Outstanding at end of period (in shares)	1,805,875
Exercisable at end of period (in shares)	1,289,750
Weighted Average Exercise Price per share
Outstanding at beginning of period (in usd per share)	$ 51.73
Granted (in usd per share)	47.90
Exercised (in usd per share)	44.17
Expired/Forfeited (in usd per share)	51.71
Outstanding at end of period (in usd per share)	51.31
Exercisable at end of period (in usd per share)	$ 52.73
Aggregate Intrinsic Value
Outstanding at beginning of period	$ 4,886,106
Granted	0
Exercised	237,724	$ 3,450
Expired/Forfeited	0
Outstanding at end of period	833,048
Exercisable at end of period	$ 330,728

Fair Value of Financial Instr_2

Fair Value of Financial Instruments - Narrative (Details) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Fair Value Disclosures [Abstract]
Notes payable, fixed interest rate (as a percent)	5.10%	3.60%
Notes payable, aggregate fair value	$ 873.4	$ 933
Notes payable, principal balance	$ 895.5	$ 949

Business Segments - Narrative (

Business Segments - Narrative (Details)	6 Months Ended
	Jun. 30, 2022 segment
Segment Reporting [Abstract]
Number of reportable business segments	2

Business Segments - Schedule of

Business Segments - Schedule of Segment Information (Details) - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Real estate rental operations:
Revenue	$ 60,293		$ 60,004		$ 122,437	$ 118,729
Expenses	(14,797)		(14,662)		(31,753)	(31,177)
Income from real estate	45,496		45,342		90,684	87,552
Interest expense, net and amortization of deferred debt costs	(10,457)		(11,657)		(21,059)	(23,646)
Depreciation and amortization of lease costs	(12,377)		(12,637)		(24,704)	(25,385)
General and administrative	(5,665)		(4,929)		(10,433)	(9,607)
Net Income	16,997	$ 17,491	16,119	$ 12,795	34,488	28,914
Capital investment	35,046		8,598		51,914	27,516
Total assets	1,782,486		1,736,980		1,782,486	1,736,980	$ 1,746,761
Operating Segments | Shopping Centers
Real estate rental operations:
Revenue	42,038		42,006		86,137	84,451
Expenses	(8,184)		(8,371)		(18,276)	(18,447)
Income from real estate	33,854		33,635		67,861	66,004
Interest expense, net and amortization of deferred debt costs	0		0		0	0
Depreciation and amortization of lease costs	(7,086)		(7,195)		(14,227)	(14,436)
General and administrative	0		0		0	0
Net Income	26,768		26,440		53,634	51,568
Capital investment	2,427		1,459		3,959	5,608
Total assets	937,509		959,169		937,509	959,169
Operating Segments | Mixed-Use Properties
Real estate rental operations:
Revenue	18,255		17,998		36,300	34,278
Expenses	(6,613)		(6,291)		(13,477)	(12,730)
Income from real estate	11,642		11,707		22,823	21,548
Interest expense, net and amortization of deferred debt costs	0		0		0	0
Depreciation and amortization of lease costs	(5,291)		(5,442)		(10,477)	(10,949)
General and administrative	0		0		0	0
Net Income	6,351		6,265		12,346	10,599
Capital investment	32,619		7,139		47,955	21,908
Total assets	831,078		762,253		831,078	762,253
Corporate and Other
Real estate rental operations:
Revenue	0		0		0	0
Expenses	0		0		0	0
Income from real estate	0		0		0	0
Interest expense, net and amortization of deferred debt costs	(10,457)		(11,657)		(21,059)	(23,646)
Depreciation and amortization of lease costs	0		0		0	0
General and administrative	(5,665)		(4,929)		(10,433)	(9,607)
Net Income	(16,122)		(16,586)		(31,492)	(33,253)
Capital investment	0		0		0	0
Total assets	$ 13,899		$ 15,558		$ 13,899	$ 15,558