Saul Centers (BFS) 10-Q 8 Nov 22 2022 Q3 Quarterly report Financial data

Cover Page

Cover Page - shares	9 Months Ended
	Sep. 30, 2022	Nov. 04, 2022
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 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		23,895,185
Entity Central Index Key	0000907254
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q3
Amendment Flag	false
Common Stock
Entity Information [Line Items]
Title of 12(b) Security	Common Stock, Par Value $0.01 Per Share
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	Sep. 30, 2022	Dec. 31, 2021
Real estate investments
Land	$ 511,529	$ 511,529
Buildings and equipment	1,574,872	1,566,686
Construction in progress	285,810	205,911
Total purchase price	2,372,211	2,284,126
Accumulated depreciation	(679,121)	(650,113)
Real estate investments, net	1,693,090	1,634,013
Cash and cash equivalents	10,291	14,594
Accounts receivable and accrued income, net	58,682	58,659
Deferred leasing costs, net	22,221	24,005
Other assets	25,734	15,490
Total assets	1,810,018	1,746,761
Liabilities
Notes payable, net	969,109	941,456
Revolving credit facility payable, net	125,747	103,167
Term loan facility payable, net	99,344	99,233
Accounts payable, accrued expenses and other liabilities	39,169	25,558
Deferred income	25,887	25,188
Dividends and distributions payable	22,445	21,672
Total liabilities	1,281,701	1,216,274
Equity
Common stock, $0.01 par value, 42,000,000 shares authorized, 24,001,546 and 23,840,471 shares issued and outstanding, respectively	240	238
Additional paid-in capital	445,456	436,609
Partnership units in escrow	39,650	39,650
Distributions in excess of accumulated earnings	(268,451)	(256,448)
Accumulated other comprehensive income	3,063	0
Total Saul Centers, Inc. equity	404,958	405,049
Noncontrolling interests	123,359	125,438
Total equity	528,317	530,487
Total liabilities and equity	1,810,018	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	Sep. 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	24,001,546	23,840,471
Common stock, shares outstanding	24,001,546	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		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Revenue
Rental revenue	$ 59,951	$ 59,058	$ 179,765	$ 175,634
Other	1,136	1,198	3,759	3,351
Total revenue	61,087	60,256	183,524	178,985
Expenses
Property operating expenses	8,995	8,210	26,174	24,420
Real estate taxes	7,078	7,154	21,652	22,121
Interest expense, net and amortization of deferred debt costs	11,103	10,914	32,162	34,559
Depreciation and amortization of lease costs	12,195	12,467	36,899	37,852
General and administrative	5,555	4,626	15,988	14,234
Loss on early extinguishment of debt	648	0	648	0
Total expenses	45,574	43,371	133,523	133,186
Net Income	15,513	16,885	50,001	45,799
Noncontrolling interests
Income attributable to noncontrolling interests	(3,563)	(3,747)	(11,670)	(9,653)
Net income attributable to Saul Centers, Inc.	11,950	13,138	38,331	36,146
Preferred stock dividends	(2,798)	(2,798)	(8,395)	(8,395)
Net income available to common stockholders	9,152	10,340	29,936	27,751
Net income available to common stockholders	$ 9,152	$ 10,340	$ 29,936	$ 27,751
Per share net income available to common stockholders
Basic (in usd per share)	$ 0.38	$ 0.44	$ 1.25	$ 1.17
Diluted (in usd per share)	$ 0.38	$ 0.44	$ 1.25	$ 1.17

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Statement of Comprehensive Income [Abstract]
Net income	$ 15,513	$ 16,885	$ 50,001	$ 45,799
Other comprehensive income
Change in unrealized gain on cash flow hedge	4,256	0	4,256	0
Total comprehensive income	19,769	16,885	54,257	45,799
Comprehensive income attributable to noncontrolling interests	(4,756)	(3,747)	(12,863)	(9,653)
Total comprehensive income attributable to Saul Centers, Inc.	15,013	13,138	41,394	36,146
Preferred stock dividends	(2,798)	(2,798)	(8,395)	(8,395)
Total comprehensive income available to common stockholders	$ 12,215	$ 10,340	$ 32,999	$ 27,751

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	Accumulated Other Comprehensive Income
Beginning Balance at Dec. 31, 2020	$ 427,533							$ 364,325				$ 185,000	$ 235	$ 420,625	$ 0		$ (241,535)			$ 63,208				$ 0
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
Partnership units placed in escrow pursuant to Twinbrook contribution				$ 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				0
Issuance of shares of common stock:
Net income	45,799
Ending Balance at Sep. 30, 2021	529,607							442,765				185,000	237	430,537	79,300		(252,309)			86,842				0
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				0
Issuance of shares of common stock:
Issuance of shares pursuant to dividend reinvestment plan	2,897							2,897					1	2,896
Issuance of shares due to exercise of employee stock options and issuance of directors’ deferred shares	294							294					0	294
Issuance of partnership units pursuant to dividend reinvestment plan	615																			615
Net income	16,885							13,138									13,138			3,747
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	(17,739)							(13,037)									(13,037)			(4,702)
Ending Balance at Sep. 30, 2021	529,607							442,765				185,000	237	430,537	79,300		(252,309)			86,842				0
Beginning Balance at Dec. 31, 2021	530,487							405,049				185,000	238	436,609	39,650		(256,448)			125,438				0
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				0
Beginning Balance at Dec. 31, 2021	530,487							405,049				185,000	238	436,609	39,650		(256,448)			125,438				0
Issuance of shares of common stock:
Net income	50,001
Ending Balance at Sep. 30, 2022	528,317							404,958				185,000	240	445,456	39,650		(268,451)			123,359				3,063
Beginning Balance at Mar. 31, 2022	530,459							405,534				185,000	239	440,151	39,650		(259,506)			124,925				0
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
Issuance of shares of common stock:
Issuance of shares pursuant to dividend reinvestment plan	537							537					0	537
Issuance of shares due to exercise of employee stock options and issuance of directors’ deferred shares	423							423					0	423
Net income	15,513							11,950									11,950			3,563
Change in unrealized gain on cash flow hedge	4,256							3,063												1,193				3,063
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	(19,645)							(14,159)									(14,159)			(5,486)
Ending Balance at Sep. 30, 2022	$ 528,317							$ 404,958				$ 185,000	$ 240	$ 445,456	$ 39,650		$ (268,451)			$ 123,359				$ 3,063

Consolidated Statement of Equ_2

Consolidated Statement of Equity (Unaudited) (Parenthetical) - $ / shares	3 Months Ended
	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021
Shares pursuant to dividend reinvestment plan	10,577,000	57,821,000	61,861	65,171,000		96,268
Shares due to exercise of employee stock options and issuance of directors' deferred stock	3,191,000	19,618,000	8,007	743,000	6,038,000	910
Issuance of partnership units pursuant to dividend reinvestment plan (in shares)				13,841,000
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
Twinbrook Metro Station
Number of partnership units issued in transaction (in shares)					469,740,000
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
Dividend Distributions Payable
Distributions payable common stock, per share (in usd per share)	$ 0.59	$ 0.59	$ 0.57	$ 0.55	$ 0.55	$ 0.53
Distributions partnership units, per unit (in usd per share)	0.59	0.59	0.57	0.55	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	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	$ 37.50	$ 37.50

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands		9 Months Ended
		Sep. 30, 2022	Sep. 30, 2021
Cash flows from operating activities:
Net income		$ 50,001	$ 45,799
Adjustments to reconcile net income to net cash provided by operating activities:
Loss on early extinguishment of debt		648	0
Depreciation and amortization of lease costs		36,899	37,852
Amortization of deferred debt costs		1,428	1,237
Compensation costs of stock and option grants		1,220	1,197
Credit losses on operating lease receivables, net		(20)	802
(Increase) decrease in accounts receivable and accrued income		(3)	2,260
Additions to deferred leasing costs		(1,417)	(1,316)
Increase in other assets		(1,531)	(4,124)
Increase in accounts payable, accrued expenses and other liabilities		4,085	2,389
Increase in deferred income		699	2,923
Net cash provided by operating activities		92,009	89,019
Cash flows from investing activities:
Acquisition of real estate investments	[1],[2],[3]	0	(9,011)
Additions to real estate investments		(12,215)	(12,455)
Additions to development and redevelopment projects		(72,294)	(17,322)
Net cash used in investing activities		(84,509)	(38,788)
Cash flows from financing activities:
Proceeds from notes payable		199,750	0
Repayments on notes payable		(166,290)	(33,670)
Repayments on revolving credit facility		(97,000)	(42,500)
Proceeds from construction loan		0	2,430
Payments of debt extinguishment costs		(593)	0
Additions to deferred debt costs		(9,800)	(3,474)
Proceeds from the issuance of:
Common stock		7,629	8,717
Partnership units	[1],[2],[3]	1,322	1,775
Distributions to:
Common stockholders		(41,364)	(37,926)
Noncontrolling interests		(16,062)	(13,127)
Net cash used in financing activities		(11,803)	(65,170)
Net decrease in cash and cash equivalents		(4,303)	(14,939)
Cash and cash equivalents, beginning of period		14,594	26,856
Cash and cash equivalents, end of period		10,291	11,917
Supplemental disclosure of cash flow information:
Cash paid for interest		30,295	33,738
Accrued capital expenditures included in accounts payable, accrued expenses, and other liabilities		13,955	3,780
Secured Debt
Cash flows from financing activities:
Proceeds from revolving credit facility		0	25,000
Revolving Credit Facility
Cash flows from financing activities:
Proceeds from revolving credit facility		119,000	36,000
Series D Cumulative Redeemable Preferred Stock
Distributions to:
Preferred stockholders		(3,445)	(3,445)
Series E Cumulative Redeemable Preferred Stock
Distributions to:
Preferred stockholders		$ (4,950)	$ (4,950)
[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)	9 Months Ended
	Sep. 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	9 Months Ended
	Sep. 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 September 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 September 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 nine months ended September 30, 2022. No other tenant individually accounted for 2.5% or more of the Company’s total revenue, excluding lease termination fees, for the nine months ended September 30, 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 September 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	9 Months Ended
	Sep. 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 September 30, 2022, of the $9.4 million of rents previously deferred, $8.0 million has come due and $0.3 million has been written off. Of the amounts that have come due, $7.6 million, or approximately 95%, has been paid. At September 30, 2022 and December 31, 2021, accounts receivable was comprised of: (In thousands) September 30, 2022 December 31, 2021 Rents currently due $ 7,204 $ 8,484 Deferred rents 1,416 2,872 Straight-line rent 45,653 46,239 Other receivables 6,538 4,146 Allowance for doubtful accounts (2,129) (3,082) Total $ 58,682 $ 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 nine months ended September 30, 2022.

Real Estate

Real Estate	9 Months Ended
	Sep. 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 September 30, 2022 and December 31, 2021, is composed of the following: (In thousands) September 30, 2022 December 31, 2021 Twinbrook Quarter $ 203,815 $ 138,069 Hampden House 70,912 56,898 Other 11,083 10,944 Total $ 285,810 $ 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 $3.4 million and $3.4 million, respectively, at September 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 $22.2 million and $24.0 million, net of accumulated amortization of $50.8 million and $48.7 million, as of September 30, 2022 and December 31, 2021, respectively. Amortization expense, included in depreciation and amortization of lease costs in the Consolidated Statements of Operations, totaled $3.2 million and $3.6 million for the nine months ended September 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 $33.7 million and $34.2 million for the nine months ended September 30, 2022 and 2021, respectively. Repairs and maintenance expense totaled $11.1 million and $10.2 million for the nine months ended September 30, 2022 and 2021, respectively, and is included in property operating expenses in the Consolidated Statements of Operations. As of September 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	9 Months Ended
	Sep. 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 September 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 September 30, 2022, approximately 748,000 units could be converted into shares of Saul Centers common stock. As of September 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 September 30, 2022 and 2021, was approximately 34.0 million and 33.7 million, respectively, and for the nine months ended September 30, 2022 and 2021, was approximately 34.0 million and 32.9 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	9 Months Ended
	Sep. 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 CostsAt September 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. Through October 2, 2022, interest accrues at the London Interbank Offered Rate (“LIBOR”) plus an applicable spread, which is determined by certain leverage tests. Effective October 3, 2022, in conjunction with the execution of the First Amendment to the Credit Facility, interest accrues at the Secured Overnight Financing Rate (“SOFR”) plus 10 basis points plus an applicable spread, which is determined by certain leverage tests. As of September 30, 2022, the applicable spread for borrowings was 140 basis points related to the revolving credit facility and 135 basis points related to the term loan. Letters of credit may be issued under the Credit Facility. On September 30, 2022, based on the value of the Company’s unencumbered properties, approximately $248.8 million was available under the Credit Facility, $228.0 million was outstanding and approximately $185,000 was committed for letters of credit. On August 23, 2022, the Company entered into two floating-to-fixed interest rate swap agreements to manage the interest rate risk associated with $100.0 million of its variable-rate debt. The effective date of each swap agreement is October 3, 2022 and each has a $50.0 million notional amount. One agreement terminates on October 1, 2027 and effectively fixes SOFR at 2.96%. The other agreement terminates on October 1, 2030 and effectively fixes SOFR at 2.91%. Because the interest-rate swaps effectively fix SOFR for $100.0 million of variable-rate debt, unless otherwise indicated, $100.0 million of variable-rate debt will be treated as fixed-rate debt for disclosure purposes as of September 30, 2022. The Company has designated the agreements as cash flow hedges for accounting purposes. As of September 30, 2022, the fair value of the interest-rate swaps totaled approximately $4.3 million, which is included in Other assets in the Consolidated Balance Sheets. The increase in value from inception of the swaps is reflected in Other Comprehensive Income in the Consolidated Statements of Comprehensive Income. 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. On August 4, 2022, the Company closed on a 15-year, non-recourse, $25.3 million mortgage secured by Village Center. The loan matures in 2037, bears interest at a fixed-rate of 4.14%, requires monthly principal and interest payments of $135,200 based on a 25-year amortization schedule and requires a final payment of $13.4 million at maturity. Proceeds were used to repay the remaining balance of approximately $11.2 million on the existing mortgage and reduce the outstanding balance of the revolving credit facility. A loss on early extinguishment of debt of $0.4 million was recognized. On August 24, 2022, the Company closed on a 7-year, non-recourse, $31.5 million mortgage secured by Great Falls Center. The loan matures in 2029, bears interest at a fixed-rate of 3.91%, requires monthly principal and interest payments of $164,700 based on a 25-year amortization schedule and requires a final payment of $25.7 million at maturity. Proceeds were used to repay the remaining balance of approximately $8.0 million on the existing mortgage and reduce the outstanding balance of the revolving credit facility. A loss on early extinguishment of debt of $0.2 million was recognized. On September 6, 2022, the Company closed on a 15-year, non-recourse, $143.0 million mortgage secured by Beacon Center and Seven Corners Center. The loan matures in 2037, bears interest at a fixed-rate of 5.05%, requires monthly principal and interest payments of $840,100 based on a 25-year amortization schedule and requires a final payment of $79.9 million at maturity. Proceeds were used to repay the remaining balance of approximately $85.3 million on the existing mortgages and reduce the outstanding balance of the revolving credit facility. This transaction was treated as a modification of the original debt agreement. A prepayment penalty of $5.9 million was incurred, which will be deferred and amortized as interest expense over the life of the loan and is included as a reduction to notes payable, net in the Consolidated Balance Sheets. 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 $29.1 million outstanding balance at September 30, 2022), (b) a portion of the Avenel Business Park mortgage (approximately $6.3 million of the $23.2 million outstanding balance at September 30, 2022), (c) a portion of The Waycroft mortgage (approximately $23.6 million of the $153.6 million outstanding balance at September 30, 2022), (d) the Ashbrook Marketplace mortgage (totaling $21.0 million at September 30, 2022), and (e) the mortgage secured by Kentlands Place, Kentlands Square I and Kentlands Pad (totaling $28.4 million at September 30, 2022). All other notes payable are non-recourse. The principal amount of the Company’s outstanding debt totaled approximately $1.2 billion at September 30, 2022, of which approximately $1.1 billion was fixed-rate debt and approximately $128.0 million was variable rate debt outstanding under the Credit Facility. The carrying amount of the properties collateralizing the notes payable totaled approximately $1.0 billion as of September 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 September 30, 2022, the scheduled maturities of debt, including scheduled principal amortization, for years ending December 31, were as follows: (In thousands) Balloon Scheduled Total October 1 through December 31, 2022 $ — $ 8,050 $ 8,050 2023 9,225 32,938 42,163 2024 50,117 33,575 83,692 2025 148,363 (a) 31,437 179,800 2026 134,088 28,076 162,164 2027 100,000 (b) 23,469 123,469 Thereafter 440,093 171,057 611,150 Principal amount $ 881,886 $ 328,602 1,210,488 Unamortized deferred debt costs 16,288 Net $ 1,194,200 (a) Includes $128.0 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 $16.3 million and $11.2 million, net of accumulated amortization of $7.4 million and $7.7 million, at September 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 nine months ended September 30, 2022 and 2021, were as follows: Three Months Ended September 30, Nine Months Ended September 30, (In thousands) 2022 2021 2022 2021 Interest incurred $ 13,627 $ 12,481 $ 38,408 $ 38,062 Amortization of deferred debt costs 486 425 1,428 1,237 Capitalized interest (3,002) (1,991) (7,663) (4,734) Interest expense 11,111 10,915 32,173 34,565 Less: Interest income 8 1 11 6 Interest expense, net and amortization of deferred debt costs $ 11,103 $ 10,914 $ 32,162 $ 34,559

Equity

Equity	9 Months Ended
	Sep. 30, 2022
Equity [Abstract]
Equity	Equity The consolidated statements of operations for the nine months ended September 30, 2022 and 2021, reflect noncontrolling interests of $11.7 million and $9.7 million, respectively, representing income attributable to limited partnership units not held by Saul Centers. At September 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 September 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 diluted, 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 September 30, Nine Months Ended September 30, (In thousands) 2022 2021 2022 2021 Weighted average common stock outstanding-Basic 23,997 23,692 23,948 23,619 Effect of dilutive options 2 4 11 2 Weighted average common stock outstanding-Diluted 23,999 23,696 23,959 23,621 Non-dilutive options 1,542 1,350 1,328 1,474 Years non-dilutive options were issued 2014 through 2020 and 2022 2014 through 2020 2014 through 2020 and 2022 2011 and 2014 through 2020

Related Party Transactions

Related Party Transactions	9 Months Ended
	Sep. 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 $318,500 and $328,500 for the nine months ended September 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 nine months ended September 30, 2022 and 2021, the Company credited to employee accounts $211,900 and $120,800, respectively, which is the sum of accrued earnings and up to three times the amount deferred by employees and is included in general and administrative expense. All amounts contributed by employees and credited by the Company are fully vested. The cumulative unfunded liability under this plan was $2.8 million and $3.2 million, at September 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 nine months ended September 30, 2022 and 2021, which included rental expense for the Company’s headquarters sublease, totaled approximately $7.0 million and $5.9 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 September 30, 2022 and December 31, 2021, accounts payable, accrued expenses and other liabilities included approximately $1.0 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 $609,400 and $611,200 for the nine months ended September 30, 2022 and 2021, respectively, and is included in general and administrative expense. The B. F. Saul Insurance Agency, Inc., a subsidiary of the B. F. Saul Company and a member of the Saul Organization, is a general insurance agency that receives commissions and fees in connection with the Company’s insurance program. Such commissions and fees amounted to $262,000 and $280,700 for the nine months ended September 30, 2022 and 2021, respectively.

Stock-based Employee Compensati

Stock-based Employee Compensation, Stock Option Plans, and Deferred Compensation Plan for Directors	9 Months Ended
	Sep. 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 nine months ended September 30, 2022, 5,788 shares were credited to director’s deferred fee accounts and 7,738 shares were issued. As of September 30, 2022, the director's deferred fee accounts comprise 118,290 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 nine months ended September 30, 2022, stock option expense totaling $1.0 million was included in general and administrative expense in the Consolidated Statements of Operations. As of September 30, 2022, the estimated future expense related to unvested stock options was $2.4 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 30.00% 29.70% 27.10% 27.50% 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 nine months ended September 30, 2022: Number of Weighted Aggregate Outstanding at January 1 1,601,250 $ 51.73 $ 4,886,106 Granted 248,000 47.90 — Exercised (26,875) 44.44 179,217 Expired/Forfeited (19,000) 51.71 — Outstanding at September 30 1,803,375 51.31 — Exercisable at September 30 1,287,250 52.74 —

Fair Value of Financial Instrum

Fair Value of Financial Instruments	9 Months Ended
	Sep. 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 5.90% and 3.60%, would be approximately $936.3 million and $933.0 million, respectively, compared to the principal balance of $1.1 billion and $949.0 million at September 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. The Company carries its interest-rate swaps at fair value. The Company has determined the majority of the inputs used to value its derivatives fall within Level 2 of the fair value hierarchy with the exception of the impact of counter-party risk, which was determined using Level 3 inputs and is not significant. Derivative instruments are classified within Level 2 of the fair value hierarchy because their values are determined using third-party pricing models that contain inputs that are derived from observable market data. Valuation models require a variety of inputs, including contractual terms, market prices, yield curves, credit spreads, measure of volatility, and correlations of such inputs. As of September 30, 2022, the fair value of the interest-rate swaps was approximately $4.3 million and is included in Other assets in the Consolidated Balance Sheets. The increase in value from inception of the swaps is reflected in Other Comprehensive Income in the Consolidated Statements of Comprehensive Income.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 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	9 Months Ended
	Sep. 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 September 30, 2022 Real estate rental operations: Revenue $ 42,478 $ 18,609 $ — $ 61,087 Expenses (8,826) (7,247) — (16,073) Income from real estate 33,652 11,362 — 45,014 Interest expense, net and amortization of deferred debt costs — — (11,103) (11,103) Depreciation and amortization of lease costs (7,073) (5,122) — (12,195) General and administrative — — (5,555) (5,555) Loss on early extinguishment of debt — — (648) (648) Net income (loss) $ 26,579 $ 6,240 $ (17,306) $ 15,513 Capital investment $ 2,280 $ 30,315 $ — $ 32,595 Total assets $ 936,285 $ 855,797 $ 17,936 $ 1,810,018 Three Months Ended September 30, 2021 Real estate rental operations: Revenue $ 42,485 $ 17,771 $ — $ 60,256 Expenses (8,640) (6,724) — (15,364) Income from real estate 33,845 11,047 — 44,892 Interest expense, net and amortization of deferred debt costs — — (10,914) (10,914) Depreciation and amortization of lease costs (7,203) (5,264) — (12,467) General and administrative — — (4,626) (4,626) Net income (loss) $ 26,642 $ 5,783 $ (15,540) $ 16,885 Capital investment $ 1,324 $ 9,984 $ — $ 11,308 Total assets $ 960,247 $ 766,761 $ 12,492 $ 1,739,500 (In thousands) Shopping Mixed-Use Corporate Consolidated Nine Months Ended September 30, 2022 Real estate rental operations: Revenue $ 128,615 $ 54,909 $ — $ 183,524 Expenses (27,102) (20,724) — (47,826) Income from real estate 101,513 34,185 — 135,698 Interest expense, net and amortization of deferred debt costs — — (32,162) (32,162) Depreciation and amortization of deferred leasing costs (21,300) (15,599) — (36,899) General and administrative — — (15,988) (15,988) Loss on early extinguishment of debt — — (648) (648) Net income (loss) $ 80,213 $ 18,586 $ (48,798) $ 50,001 Capital investment $ 6,239 $ 78,270 $ — $ 84,509 Total assets $ 936,285 $ 855,797 $ 17,936 $ 1,810,018 Nine Months Ended September 30, 2021 Real estate rental operations: Revenue $ 126,935 $ 52,050 $ — $ 178,985 Expenses (27,087) (19,454) — (46,541) Income from real estate 99,848 32,596 — 132,444 Interest expense, net and amortization of deferred debt costs — — (34,559) (34,559) Depreciation and amortization of deferred leasing costs (21,639) (16,213) — (37,852) General and administrative — — (14,234) (14,234) Net income (loss) $ 78,209 $ 16,383 $ (48,793) $ 45,799 Capital investment $ 6,895 $ 31,893 $ — $ 38,788 Total assets $ 960,247 $ 766,761 $ 12,492 $ 1,739,500

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2022
Subsequent Events [Abstract]
Subsequent Events	Subsequent EventsThe Company has reviewed operating activities for the period subsequent to September 30, 2022, and determined there are no subsequent events required to be disclosed.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 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 September 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 September 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 nine months ended September 30, 2022.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	9 Months Ended
	Sep. 30, 2022
Accounting Policies [Abstract]
Schedule of Accounts Receivable	At September 30, 2022 and December 31, 2021, accounts receivable was comprised of: (In thousands) September 30, 2022 December 31, 2021 Rents currently due $ 7,204 $ 8,484 Deferred rents 1,416 2,872 Straight-line rent 45,653 46,239 Other receivables 6,538 4,146 Allowance for doubtful accounts (2,129) (3,082) Total $ 58,682 $ 58,659

Real Estate (Tables)

Real Estate (Tables)	9 Months Ended
	Sep. 30, 2022
Real Estate [Abstract]
Schedule of Construction in Progress	Construction in progress as of September 30, 2022 and December 31, 2021, is composed of the following: (In thousands) September 30, 2022 December 31, 2021 Twinbrook Quarter $ 203,815 $ 138,069 Hampden House 70,912 56,898 Other 11,083 10,944 Total $ 285,810 $ 205,911

Notes Payable, Bank Credit Fa_2

Notes Payable, Bank Credit Facility, Interest and Amortization of Deferred Debt Costs (Tables)	9 Months Ended
	Sep. 30, 2022
Debt Disclosure [Abstract]
Scheduled Maturities of Debt, Including Scheduled Principal Amortization	At September 30, 2022, the scheduled maturities of debt, including scheduled principal amortization, for years ending December 31, were as follows: (In thousands) Balloon Scheduled Total October 1 through December 31, 2022 $ — $ 8,050 $ 8,050 2023 9,225 32,938 42,163 2024 50,117 33,575 83,692 2025 148,363 (a) 31,437 179,800 2026 134,088 28,076 162,164 2027 100,000 (b) 23,469 123,469 Thereafter 440,093 171,057 611,150 Principal amount $ 881,886 $ 328,602 1,210,488 Unamortized deferred debt costs 16,288 Net $ 1,194,200 (a) Includes $128.0 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 nine months ended September 30, 2022 and 2021, were as follows: Three Months Ended September 30, Nine Months Ended September 30, (In thousands) 2022 2021 2022 2021 Interest incurred $ 13,627 $ 12,481 $ 38,408 $ 38,062 Amortization of deferred debt costs 486 425 1,428 1,237 Capitalized interest (3,002) (1,991) (7,663) (4,734) Interest expense 11,111 10,915 32,173 34,565 Less: Interest income 8 1 11 6 Interest expense, net and amortization of deferred debt costs $ 11,103 $ 10,914 $ 32,162 $ 34,559

Equity (Tables)

Equity (Tables)	9 Months Ended
	Sep. 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 diluted, 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 September 30, Nine Months Ended September 30, (In thousands) 2022 2021 2022 2021 Weighted average common stock outstanding-Basic 23,997 23,692 23,948 23,619 Effect of dilutive options 2 4 11 2 Weighted average common stock outstanding-Diluted 23,999 23,696 23,959 23,621 Non-dilutive options 1,542 1,350 1,328 1,474 Years non-dilutive options were issued 2014 through 2020 and 2022 2014 through 2020 2014 through 2020 and 2022 2011 and 2014 through 2020

Stock-based Employee Compensa_2

Stock-based Employee Compensation, Stock Option Plans, and Deferred Compensation Plan for Directors (Tables)	9 Months Ended
	Sep. 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 nine months ended September 30, 2022, stock option expense totaling $1.0 million was included in general and administrative expense in the Consolidated Statements of Operations. As of September 30, 2022, the estimated future expense related to unvested stock options was $2.4 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 30.00% 29.70% 27.10% 27.50% 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 nine months ended September 30, 2022: Number of Weighted Aggregate Outstanding at January 1 1,601,250 $ 51.73 $ 4,886,106 Granted 248,000 47.90 — Exercised (26,875) 44.44 179,217 Expired/Forfeited (19,000) 51.71 — Outstanding at September 30 1,803,375 51.31 — Exercisable at September 30 1,287,250 52.74 —

Business Segments (Tables)

Business Segments (Tables)	9 Months Ended
	Sep. 30, 2022
Segment Reporting [Abstract]
Business Segments	Financial Information By Segment (In thousands) Shopping Mixed-Use Corporate Consolidated Three Months Ended September 30, 2022 Real estate rental operations: Revenue $ 42,478 $ 18,609 $ — $ 61,087 Expenses (8,826) (7,247) — (16,073) Income from real estate 33,652 11,362 — 45,014 Interest expense, net and amortization of deferred debt costs — — (11,103) (11,103) Depreciation and amortization of lease costs (7,073) (5,122) — (12,195) General and administrative — — (5,555) (5,555) Loss on early extinguishment of debt — — (648) (648) Net income (loss) $ 26,579 $ 6,240 $ (17,306) $ 15,513 Capital investment $ 2,280 $ 30,315 $ — $ 32,595 Total assets $ 936,285 $ 855,797 $ 17,936 $ 1,810,018 Three Months Ended September 30, 2021 Real estate rental operations: Revenue $ 42,485 $ 17,771 $ — $ 60,256 Expenses (8,640) (6,724) — (15,364) Income from real estate 33,845 11,047 — 44,892 Interest expense, net and amortization of deferred debt costs — — (10,914) (10,914) Depreciation and amortization of lease costs (7,203) (5,264) — (12,467) General and administrative — — (4,626) (4,626) Net income (loss) $ 26,642 $ 5,783 $ (15,540) $ 16,885 Capital investment $ 1,324 $ 9,984 $ — $ 11,308 Total assets $ 960,247 $ 766,761 $ 12,492 $ 1,739,500 (In thousands) Shopping Mixed-Use Corporate Consolidated Nine Months Ended September 30, 2022 Real estate rental operations: Revenue $ 128,615 $ 54,909 $ — $ 183,524 Expenses (27,102) (20,724) — (47,826) Income from real estate 101,513 34,185 — 135,698 Interest expense, net and amortization of deferred debt costs — — (32,162) (32,162) Depreciation and amortization of deferred leasing costs (21,300) (15,599) — (36,899) General and administrative — — (15,988) (15,988) Loss on early extinguishment of debt — — (648) (648) Net income (loss) $ 80,213 $ 18,586 $ (48,798) $ 50,001 Capital investment $ 6,239 $ 78,270 $ — $ 84,509 Total assets $ 936,285 $ 855,797 $ 17,936 $ 1,810,018 Nine Months Ended September 30, 2021 Real estate rental operations: Revenue $ 126,935 $ 52,050 $ — $ 178,985 Expenses (27,087) (19,454) — (46,541) Income from real estate 99,848 32,596 — 132,444 Interest expense, net and amortization of deferred debt costs — — (34,559) (34,559) Depreciation and amortization of deferred leasing costs (21,639) (16,213) — (37,852) General and administrative — — (14,234) (14,234) Net income (loss) $ 78,209 $ 16,383 $ (48,793) $ 45,799 Capital investment $ 6,895 $ 31,893 $ — $ 38,788 Total assets $ 960,247 $ 766,761 $ 12,492 $ 1,739,500

Organization, Formation and Str

Organization, Formation and Structure (Details)	9 Months Ended
	Sep. 30, 2022 store property subsidiary
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	Sep. 30, 2022	Jun. 30, 2022
Accounting Policies [Abstract]
Accrued rent	$ 8	$ 9.4
Accrued rent, write off	0.3
Deferred rent receivables, net	$ 7.6
Deferred rent receivables, net, percentage paid	95%

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Schedule of Accounts Receivable (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Accounts, Notes, Loans and Financing Receivable [Line Items]
Allowance for doubtful accounts	$ (2,129)	$ (3,082)
Total	58,682	58,659
Rents currently due
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable, before allowance for doubtful accounts	7,204	8,484
Deferred rents
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable, before allowance for doubtful accounts	1,416	2,872
Straight-line rent
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable, before allowance for doubtful accounts	45,653	46,239
Other receivables
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable, before allowance for doubtful accounts	$ 6,538	$ 4,146

Real Estate - Schedule of Const

Real Estate - Schedule of Construction in Progress (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Real Estate [Line Items]
Construction in progress	$ 285,810	$ 205,911
Twinbrook Quarter
Real Estate [Line Items]
Construction in progress	203,815	138,069
Hampden House
Real Estate [Line Items]
Construction in progress	70,912	56,898
Other
Real Estate [Line Items]
Construction in progress	$ 11,083	$ 10,944

Real Estate Transactions - Narr

Real Estate Transactions - Narrative (Details) - USD ($)	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Real Estate [Line Items]
Right-of-use asset	$ 3,400,000
Operating lease liability	3,400,000
Deferred leasing costs, net	22,221,000		$ 24,005,000
Accumulated amortization deferred leasing cost	50,800,000		$ 48,700,000
Depreciation expense	33,700,000	$ 34,200,000
Repairs and maintenance expense	11,100,000	10,200,000
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	$ 3,200,000	$ 3,600,000

Noncontrolling Interests - Ho_2

Noncontrolling Interests - Holders of Convertible Limited Partnership Units in the Operating Partnership (Details) - shares		3 Months Ended		9 Months Ended
	Mar. 31, 2022	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 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)		748,000		748,000
Fully converted partnership units and diluted weighted average shares outstanding		34,000,000	33,700,000	34,000,000	32,900,000
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)

3 Months Ended

9 Months Ended

Sep. 06, 2022 USD ($)

Aug. 24, 2022 USD ($)

Aug. 04, 2022 USD ($)

Jun. 07, 2022 USD ($)

Mar. 11, 2022 USD ($)

Sep. 30, 2022 USD ($)

Sep. 30, 2021 USD ($)

Sep. 30, 2022 USD ($)

Sep. 30, 2021 USD ($)

Oct. 01, 2030

Oct. 01, 2027

Aug. 23, 2022 USD ($) swap

Feb. 23, 2022 USD ($)

Dec. 31, 2021 USD ($)

Debt Instrument [Line Items]

Revolving credit facility payable, net

$ 125,747,000

$ 125,747,000

$ 103,167,000

Number of interest rate swaps | swap

2

Repayments of secured debt

166,290,000

$ 33,670,000

Loss on early extinguishment of debt

648,000

$ 0

648,000

$ 0

Long-term debt

1,194,200,000

1,194,200,000

Principal amount

1,210,488,000

1,210,488,000

1,200,000,000

Debt outstanding with fixed-rate

1,100,000,000

1,100,000,000

949,000,000

Debt outstanding with variable-rate

128,000,000

128,000,000

206,000,000

Carrying value of properties collateralizing mortgage notes

1,000,000,000

1,000,000,000

1,100,000,000

Unamortized deferred debt costs

16,288,000

16,288,000

11,200,000

Debt issuance costs amortization

7,400,000

7,400,000

$ 7,700,000

Interest Rate Swap

Debt Instrument [Line Items]

Derivative asset

4,300,000

4,300,000

Broadlands Village Mortgage

Debt Instrument [Line Items]

Guarantor obligations, maximum exposure

3,700,000

3,700,000

Long-term debt

29,100,000

29,100,000

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 | Secured Overnight Financing Rate (SOFR)

Debt Instrument [Line Items]

Interest rate spread on LIBOR

0.10%

Revolving Credit Facility | LIBOR

Debt Instrument [Line Items]

Interest rate spread on LIBOR

1.40%

Term Facility | LIBOR

Debt Instrument [Line Items]

Interest rate spread on LIBOR

1.35%

Unsecured Revolving Credit Facility

Debt Instrument [Line Items]

Line of credit facility, remaining borrowing capacity

248,800,000

$ 248,800,000

Revolving credit facility payable, net

228,000,000

228,000,000

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

128,000,000

$ 128,000,000

Secured Debt | Construction-to-Permanent Loan

Debt Instrument [Line Items]

Debt instrument, interest rate, stated percentage

3.90%

Debt instrument, face amount

$ 133,000,000

Amortization period

25 years

Secured Debt | Term Loan

Debt Instrument [Line Items]

Line of credit facility, maximum borrowing capacity

$ 100,000,000

Secured Debt | Term Loan | Agreement Ending October 1, 2027

Debt Instrument [Line Items]

Derivative, notional amount

50,000,000

Secured Debt | Term Loan | Agreement Ending October 1, 2030

Debt Instrument [Line Items]

Derivative, notional amount

$ 50,000,000

Secured Debt | Secured Overnight Financing Rate (SOFR) | Term Loan | Forecast | Agreement Ending October 1, 2027

Debt Instrument [Line Items]

Derivative, fixed interest rate

2.96%

Secured Debt | Secured Overnight Financing Rate (SOFR) | Term Loan | Forecast | Agreement Ending October 1, 2030

Debt Instrument [Line Items]

Derivative, fixed interest rate

2.91%

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 | Village Center Loan

Debt Instrument [Line Items]

Debt instrument, interest rate, stated percentage

4.14%

Debt instrument, face amount

$ 25,300,000

Amortization period

25 years

Long-term debt, term

15 years

Debt instrument, periodic payment

$ 135,200

Debt instrument, payment at maturity

13,400,000

Repayments of debt

11,200,000

Loss on early extinguishment of debt

$ 400,000

Mortgages | Great Falls Center Loan

Debt Instrument [Line Items]

Debt instrument, interest rate, stated percentage

3.91%

Debt instrument, face amount

$ 31,500,000

Amortization period

25 years

Long-term debt, term

7 years

Debt instrument, periodic payment

$ 164,700

Debt instrument, payment at maturity

25,700,000

Repayments of debt

8,000,000

Loss on early extinguishment of debt

$ 200,000

Mortgages | Beacon Center and Seven Corners Loan

Debt Instrument [Line Items]

Debt instrument, interest rate, stated percentage

5.05%

Debt instrument, face amount

$ 143,000,000

Amortization period

25 years

Long-term debt, term

15 years

Debt instrument, periodic payment

$ 840,100

Debt instrument, payment at maturity

79,900,000

Repayments of debt

85,300,000

Debt instrument, prepayment penalty

$ (5,900,000)

Mortgages | Avenel Business Park

Debt Instrument [Line Items]

Long-term debt

23,200,000

$ 23,200,000

Mortgages | The Waycroft Mortgage

Debt Instrument [Line Items]

Long-term debt

153,600,000

153,600,000

Mortgages | Ashbrook Marketplace Mortgage

Debt Instrument [Line Items]

Long-term debt

21,000,000

21,000,000

Mortgages | Kentlands Place Mortgage

Debt Instrument [Line Items]

Long-term debt

$ 28,400,000

$ 28,400,000

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 ($)	Sep. 30, 2022	Dec. 31, 2021
Balloon Payments
October 1 through December 31, 2022	$ 0
2023	9,225,000
2024	50,117,000
2025	148,363,000
2026	134,088,000
2027	100,000,000
Thereafter	440,093,000
Principal amount	881,886,000
Scheduled Principal Amortization
October 1 through December 31, 2022	8,050,000
2023	32,938,000
2023	33,575,000
2024	31,437,000
2025	28,076,000
2026	23,469,000
Thereafter	171,057,000
Principal amount	328,602,000
Total
October 1 through December 31, 2022	8,050,000
2023	42,163,000
2024	83,692,000
2025	179,800,000
2026	162,164,000
2027	123,469,000
Thereafter	611,150,000
Principal amount	1,210,488,000	$ 1,200,000,000
Unamortized deferred debt costs	16,288,000	11,200,000
Net	1,194,200,000
Outstanding line of credit	125,747,000	$ 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	228,000,000
Unsecured Revolving Credit Facility | Line of Credit
Total
Outstanding line of credit	128,000,000
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		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Debt Disclosure [Abstract]
Interest incurred	$ 13,627	$ 12,481	$ 38,408	$ 38,062
Amortization of deferred debt costs	486	425	1,428	1,237
Capitalized interest	(3,002)	(1,991)	(7,663)	(4,734)
Interest expense	11,111	10,915	32,173	34,565
Less: Interest income	8	1	11	6
Interest expense, net and amortization of deferred debt costs	$ 11,103	$ 10,914	$ 32,162	$ 34,559

Equity - Narrative (Details)

Equity - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands, shares in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Class of Stock [Line Items]
Income attributable to noncontrolling interests	$ (3,563)	$ (3,747)	$ (11,670)	$ (9,653)
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		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Class of Stock [Line Items]
Weighted average common stock outstanding-Basic (in shares)	23,997	23,692	23,948	23,619
Effect of dilutive options (in shares)	2	4	11	2
Weighted average common stock outstanding-Diluted (in shares)	23,999	23,696	23,959	23,621
Non-dilutive options
Class of Stock [Line Items]
Non-dilutive options (in shares)	1,542	1,350	1,328	1,474

Related Party Transactions (Det

Related Party Transactions (Details)	9 Months Ended
	Sep. 30, 2022 USD ($)	Sep. 30, 2021 USD ($)	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	$ 318,500	$ 328,500
Deferred compensation, employee contribution (as a percent)	2%
Deferred compensation, company contribution	$ 211,900	$ 120,800
Deferred compensation, company contribution percentage	3	3
Deferred compensation, cumulative unfunded liability	$ 2,800,000		$ 3,200,000
Ancillary costs and expenses	7,000,000	$ 5,900,000
Liability due to The Saul Organization for the Company's share of these ancillary costs and expenses	$ 1,000,000		$ 1,100,000
Percentage of annual increase in base rent (as a percent)	3%
Rent expense	$ 609,400	611,200
Insurance commissions and fees expense	$ 262,000	$ 280,700

Stock-based Employee Compensa_3

Stock-based Employee Compensation, Stock Option Plans, and Deferred Compensation Plan for Directors - Narrative (Details) - USD ($)			3 Months Ended						9 Months Ended
	Jun. 30, 2022	May 13, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Sep. 30, 2022	Sep. 30, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Deferred compensation (in shares)	118,290								5,788
Shares due to exercise of employee stock options and issuance of directors' deferred stock			3,191,000	19,618,000	8,007	743,000	6,038,000	910
Granted (in shares)									248,000
Stock option expense									$ 1,000,000
Future expense			$ 2,400,000						2,400,000
Exercised									$ 179,217	$ 3,450
Closing share price (in usd per share)			$ 37.50						$ 37.50
Share-based compensation arrangement by share-based payment award, options, grants since inception			1,800,000						1,800,000
Weighted average remaining contractual life of the Company's outstanding options									6 years 1 month 6 days
Weighted average remaining contractual life of the Company's exercisable options									5 years
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)	9 Months Ended
	Sep. 30, 2022 $ / shares
Share Based Compensation Arrangements By Share Based Payment Award Options [Line Items]
Exercise price (in usd per share)	$ 44.44
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	0.2970
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	0.3000
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	0.2750
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	0.2710
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 ($)	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Number of Shares
Outstanding at beginning of period (in shares)	1,601,250
Granted (in shares)	248,000
Exercised (in shares)	(26,875)
Expired/Forfeited (in shares)	(19,000)
Outstanding at end of period (in shares)	1,803,375
Exercisable at end of period (in shares)	1,287,250
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)	44.44
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)	$ 52.74
Aggregate Intrinsic Value
Outstanding at beginning of period	$ 4,886,106
Granted	0
Exercised	179,217	$ 3,450
Expired/Forfeited	0
Outstanding at end of period	0
Exercisable at end of period	$ 0

Fair Value of Financial Instr_2

Fair Value of Financial Instruments - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2022	Dec. 31, 2021
Derivative [Line Items]
Notes payable, fixed interest rate (as a percent)	5.90%	3.60%
Notes payable, aggregate fair value	$ 936,300	$ 933,000
Notes payable, principal balance	1,100,000	$ 949,000
Change in unrealized gain on cash flow hedge	4,256
Interest Rate Swap
Derivative [Line Items]
Derivative asset	$ 4,300

Business Segments - Narrative (

Business Segments - Narrative (Details)	9 Months Ended
	Sep. 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						9 Months Ended
	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Real estate rental operations:
Revenue	$ 61,087			$ 60,256			$ 183,524	$ 178,985
Expenses	(16,073)			(15,364)			(47,826)	(46,541)
Income from real estate	45,014			44,892			135,698	132,444
Interest expense, net and amortization of deferred debt costs	(11,103)			(10,914)			(32,162)	(34,559)
Depreciation and amortization of lease costs	(12,195)			(12,467)			(36,899)	(37,852)
General and administrative	(5,555)			(4,626)			(15,988)	(14,234)
Loss on early extinguishment of debt	(648)			0			(648)	0
Net Income	15,513	$ 16,997	$ 17,491	16,885	$ 16,119	$ 12,795	50,001	45,799
Capital investment	32,595			11,308			84,509	38,788
Total assets	1,810,018			1,739,500			1,810,018	1,739,500	$ 1,746,761
Operating Segments | Shopping Centers
Real estate rental operations:
Revenue	42,478			42,485			128,615	126,935
Expenses	(8,826)			(8,640)			(27,102)	(27,087)
Income from real estate	33,652			33,845			101,513	99,848
Interest expense, net and amortization of deferred debt costs	0			0			0	0
Depreciation and amortization of lease costs	(7,073)			(7,203)			(21,300)	(21,639)
General and administrative	0			0			0	0
Loss on early extinguishment of debt	0						0
Net Income	26,579			26,642			80,213	78,209
Capital investment	2,280			1,324			6,239	6,895
Total assets	936,285			960,247			936,285	960,247
Operating Segments | Mixed-Use Properties
Real estate rental operations:
Revenue	18,609			17,771			54,909	52,050
Expenses	(7,247)			(6,724)			(20,724)	(19,454)
Income from real estate	11,362			11,047			34,185	32,596
Interest expense, net and amortization of deferred debt costs	0			0			0	0
Depreciation and amortization of lease costs	(5,122)			(5,264)			(15,599)	(16,213)
General and administrative	0			0			0	0
Loss on early extinguishment of debt	0						0
Net Income	6,240			5,783			18,586	16,383
Capital investment	30,315			9,984			78,270	31,893
Total assets	855,797			766,761			855,797	766,761
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	(11,103)			(10,914)			(32,162)	(34,559)
Depreciation and amortization of lease costs	0			0			0	0
General and administrative	(5,555)			(4,626)			(15,988)	(14,234)
Loss on early extinguishment of debt	(648)						(648)
Net Income	(17,306)			(15,540)			(48,798)	(48,793)
Capital investment	0			0			0	0
Total assets	$ 17,936			$ 12,492			$ 17,936	$ 12,492