Saul Centers (BFS) 10-K 2 Mar 23 2022 FY Annual report Financial data

Cover Page

Cover Page - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Feb. 23, 2023	Jun. 30, 2022
Document Information [Line Items]
Document type	10-K
Document Annual Report	true
Document period end date	Dec. 31, 2022
Current fiscal year end date	--12-31
Document Transition Report	false
Entity File Number	1-12254
Entity registrant name	SAUL CENTERS, INC.
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	52-1833074
Entity Address, Address Line One	7501 Wisconsin Avenue
Entity Address, Address Line Two	Suite 1500E
Entity Address, City or Town	Bethesda
Entity Address, State or Province	MD
Entity Address, Postal Zip Code	20814-6522
City Area Code	301
Local Phone Number	986-6200
Entity well-known seasoned issuer	Yes
Entity voluntary filers	No
Entity current reporting status	Yes
Entity Interactive Data Current	Yes
Entity filer category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Entity Shell Company	false
Entity common stock, shares outstanding		23,913,630
Entity public float			$ 619.1
Documents Incorporated by Reference	Registrant incorporates by reference into Part III (Items 10, 11, 12, 13 and 14) of this Annual Report on Form 10-K portions of registrant’s definitive Proxy Statement for the 2023 Annual Meeting of Stockholders to be filed with the Securities Exchange Commission pursuant to Regulation 14A. The definitive Proxy Statement will be filed with the Commission not later than 120 days after the end of the fiscal year covered by this Annual Report on Form 10-K.
Amendment flag	false
Document fiscal year focus	2022
Document fiscal period focus	FY
Entity central index key	0000907254
Common Stock, Par Value $0.01 Per Share
Document Information [Line Items]
Title of 12(b) Security	Common Stock, Par Value $0.01 Per Share
Trading symbol	BFS
Security Exchange Name	NYSE
Depositary Shares each representing 1/100th of a share of 6.125% Series D Cumulative Redeemable Preferred Stock, Par Value $0.01 Per Share
Document Information [Line Items]
Title of 12(b) Security	Depositary Shares each representing 1/100th of a share of 6.125% Series D Cumulative Redeemable Preferred Stock, Par Value $0.01 Per Share
Trading symbol	BFS/PRD
Security Exchange Name	NYSE
Depositary Shares each representing 1/100th of a share of 6.000% Series E Cumulative Redeemable Preferred Stock, Par Value $0.01 Per Share
Document Information [Line Items]
Title of 12(b) Security	Depositary Shares each representing 1/100th of a share of 6.000% Series E Cumulative Redeemable Preferred Stock, Par Value $0.01 Per Share
Trading symbol	BFS/PRE
Security Exchange Name	NYSE

Audit Information

Audit Information	12 Months Ended
	Dec. 31, 2022
Audit Information [Abstract]
Auditor Name	Deloitte & Touche LLP
Auditor Location	McLean, Virginia
Auditor Firm ID	34

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Real estate investments
Land	$ 511,529	$ 511,529
Buildings and equipment	1,576,924	1,566,686
Construction in progress	319,683	205,911
Real Estate Investment Property, at Cost, Total	2,408,136	2,284,126
Accumulated depreciation	(688,475)	(650,113)
Book Value	1,719,661	1,634,013
Cash and cash equivalents	13,279	14,594
Accounts receivable and accrued income, net	56,323	58,659
Deferred leasing costs, net	22,388	24,005
Other assets	21,651	15,490
Total assets	1,833,302	1,746,761
Liabilities
Mortgage notes payable	961,577	941,456
Revolving credit facility payable	161,941	103,167
Term loan facility payable	99,382	99,233
Accounts payable, accrued expenses and other liabilities	42,978	25,558
Deferred income	23,169	25,188
Dividends and distributions payable	22,453	21,672
Total liabilities	1,311,500	1,216,274
Equity
Common stock, $0.01 par value, 40,000,000 shares authorized, 24,016,009 and 23,840,471 shares issued and outstanding, respectively	240	238
Additional paid-in capital	446,301	436,609
Partnership units in escrow	39,650	39,650
Distributions in excess of accumulated earnings	(273,559)	(256,448)
Accumulated other comprehensive income	2,852	0
Total Saul Centers, Inc. equity	400,484	405,049
Noncontrolling interests	121,318	125,438
Total equity	521,802	530,487
Total liabilities and equity	1,833,302	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 and 0 shares issued and outstanding respectively	75,000	75,000
Series E Cumulative Redeemable Preferred Stock
Equity
Preferred stock, 1,000,000 shares authorized, Series D Cumulative Redeemable, 30,000 shares issued and outstanding, Series E Cumulative Redeemable, 44,000 and 0 shares issued and outstanding respectively	$ 110,000	$ 110,000

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 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	40,000,000	40,000,000
Common stock, shares issued	24,016,009	23,840,471
Common stock, shares outstanding	24,016,009	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 - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Revenue
Rental revenue	$ 240,837	$ 234,515	$ 220,281
Other	5,023	4,710	4,926
Total revenue	245,860	239,225	225,207
Expenses
Property operating expenses	35,934	32,881	28,857
Real estate taxes	28,588	28,747	29,560
Interest expense, net and amortization of deferred debt costs	43,937	45,424	46,519
Depreciation and amortization of deferred leasing costs	48,969	50,272	51,126
General and administrative	22,392	20,252	19,107
Loss on early extinguishment of debt	648	0	0
Total expenses	180,468	177,576	175,169
Gain on sale of property	0	0	278
Net income (loss)	65,392	61,649	50,316
Income attributable to noncontrolling interests	(15,198)	(13,260)	(9,934)
Net income attributable to Saul Centers, Inc.	50,194	48,389	40,382
Preferred stock dividends	(11,194)	(11,194)	(11,194)
Net income available to common stockholders	$ 39,000	$ 37,195	$ 29,188
Per share net income available to common stockholders
Basic (in usd per share)	$ 1.63	$ 1.57	$ 1.25
Diluted (in usd per share)	$ 1.63	$ 1.57	$ 1.25

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Statement of Comprehensive Income [Abstract]
Net income	$ 65,392	$ 61,649	$ 50,316
Other comprehensive income
Change in unrealized gain on cash flow hedge	3,962	0	0
Total comprehensive income	69,354	61,649	50,316
Comprehensive income attributable to noncontrolling interests	(16,308)	(13,260)	(9,934)
Total comprehensive income attributable to Saul Centers, Inc.	53,046	48,389	40,382
Preferred stock dividends	(11,194)	(11,194)	(11,194)
Total comprehensive income available to common stockholders	$ 41,852	$ 37,195	$ 29,188

Consolidated Statements of Equi

Consolidated Statements of Equity - USD ($) $ in Thousands	Total	Twinbrook Metro Station Restricted Stock Units (RSUs)	Ashbrook Marketplace	Limited Partner	Limited Partner Twinbrook Metro Station	Dividend paid	Dividend declared	Series D Cumulative Redeemable Preferred Stock Dividend paid	Series D Cumulative Redeemable Preferred Stock Dividend declared	Series E Cumulative Redeemable Preferred Stock Dividend paid	Total Saul Centers, Inc.	Total Saul Centers, Inc. Twinbrook Metro Station Restricted Stock Units (RSUs)	Total Saul Centers, Inc. Dividend paid	Total Saul Centers, Inc. Dividend declared	Total Saul Centers, Inc. Series D Cumulative Redeemable Preferred Stock Dividend paid	Total Saul Centers, Inc. Series D Cumulative Redeemable Preferred Stock Dividend declared	Total Saul Centers, Inc. Series E Cumulative Redeemable Preferred Stock Dividend paid	Preferred Stock	Common Stock	Partnership Units in Escrow	Partnership Units in Escrow Twinbrook Metro Station Restricted Stock Units (RSUs)	Additional Paid-in Capital	Distributions in Excess of Accumulated Earnings	Distributions in Excess of Accumulated Earnings Dividend paid	Distributions in Excess of Accumulated Earnings Dividend declared	Distributions in Excess of Accumulated Earnings Series D Cumulative Redeemable Preferred Stock Dividend paid	Distributions in Excess of Accumulated Earnings Series D Cumulative Redeemable Preferred Stock Dividend declared	Distributions in Excess of Accumulated Earnings Series E Cumulative Redeemable Preferred Stock Dividend paid	Accumulated Other Comprehensive Income	Noncontrolling Interests	Noncontrolling Interests Twinbrook Metro Station Restricted Stock Units (RSUs)	Noncontrolling Interests Ashbrook Marketplace	Noncontrolling Interests Limited Partner	Noncontrolling Interests Limited Partner Twinbrook Metro Station	Noncontrolling Interests Dividend paid	Noncontrolling Interests Dividend declared	Noncontrolling Interests Series D Cumulative Redeemable Preferred Stock Dividend paid
Beginning balance at Dec. 31, 2019	$ 443,356										$ 374,981							$ 185,000	$ 232	$ 0		$ 410,926	$ (221,177)						$ 0	$ 68,375
Issuance of common stock:
Shares issued pursuant to dividend reinvestment plan	7,735										7,735								3			7,732
Shares issued due to exercise of employee stock options and issuance of directors' deferred stock	1,967										1,967											1,967
Issuance of partnership units	1,677																													1,677
Net income	50,316										40,382												40,382							9,934
Change in unrealized gain on cash flow hedge	0
Preferred stock distributions:
Preferred stock distributions							$ (1,650)	$ (3,446)	$ (1,148)	$ (4,950)				$ (1,650)	$ (3,446)	$ (1,148)	$ (4,950)								$ (1,650)	$ (3,446)	$ (1,148)	$ (4,950)
Common stock distributions						$ (49,679)							$ (37,108)											$ (37,108)											$ (12,571)
Distributions payable common stock and distributions payable partnership units							(16,645)							(12,438)											(12,438)											$ (4,207)
Ending balance at Dec. 31, 2020	427,533										364,325							185,000	235	0		420,625	(241,535)						0	63,208
Issuance of common stock:
Shares issued pursuant to dividend reinvestment plan	11,500			$ 2,398							11,500								3			11,497											$ 2,398
Shares issued due to exercise of employee stock options and issuance of directors' deferred stock	4,487										4,487											4,487
Stock Issued During Period, Value, Acquisitions		$ 79,300	$ 4,320		$ 21,500							$ 79,300									$ 79,300											$ 4,320		$ 21,500
708,036 restricted units released from escrow pursuant to the Twinbrook Contribution Agreement		$ 0										$ (39,650)									$ (39,650)										$ 39,650
Net income	61,649										48,389												48,389							13,260
Change in unrealized gain on cash flow hedge	0
Preferred stock distributions:
Preferred stock distributions							(1,650)	(3,445)	(1,149)	(4,950)				(1,650)	(3,445)	(1,149)	(4,950)								(1,650)	(3,445)	(1,149)	(4,950)
Common stock distributions						(52,139)							(38,525)											(38,525)											(13,614)
Distributions payable common stock and distributions payable partnership units							(18,867)							(13,583)											(13,583)											(5,284)
Ending balance at Dec. 31, 2021	530,487										405,049							185,000	238	39,650		436,609	(256,448)						0	125,438
Issuance of common stock:
Shares issued pursuant to dividend reinvestment plan	6,979			$ 1,322							6,979								2			6,977											$ 1,322
Shares issued due to exercise of employee stock options and issuance of directors' deferred stock	2,715										2,715											2,715
Net income	65,392										50,194												50,194							15,198
Change in unrealized gain on cash flow hedge	3,962										2,852																		2,852	1,110
Preferred stock distributions:
Preferred stock distributions							(1,650)	$ (3,445)	$ (1,149)	$ (4,950)				(1,650)	$ (3,445)	$ (1,149)	$ (4,950)								(1,650)	$ (3,445)	$ (1,149)	$ (4,950)									$ 0
Common stock distributions						$ (58,204)							$ (41,940)											$ (41,940)											$ (16,264)
Distributions payable common stock and distributions payable partnership units							$ (19,657)							$ (14,171)											$ (14,171)											$ (5,486)
Ending balance at Dec. 31, 2022	$ 521,802										$ 400,484							$ 185,000	$ 240	$ 39,650		$ 446,301	$ (273,559)						$ 2,852	$ 121,318

Consolidated Statements of Eq_2

Consolidated Statements of Equity (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Shares issued pursuant to dividend reinvestment plan	143,957,000	293,615,000	228,498,000
Shares due to exercise of employee stock options and issuance of directors' deferred stock	31,581,000	70,231,000	16,887,000
Issuance of partnership units (in shares)			51,579,000
Limited Partner
Shares issued pursuant to dividend reinvestment plan	26,659,000	61,009,000
Twinbrook Metro Station
Stock issued during period, shares, acquisitions		469,740,000
Twinbrook Metro Station | Restricted Stock Units (RSUs)
Stock issued during period, shares, acquisitions	1,416,071,000
Restricted units released pursuant to first escrow release (in shares)		708,036,000
Ashbrook Marketplace
Stock issued during period, shares, acquisitions		93,674,000
Dividend declared
Distributions payable common stock and partnership units (in usd per share)	$ 0.59	$ 0.57	$ 0.53
Dividend declared | Series D Cumulative Redeemable Preferred Stock
Distributions payable on preferred stock (in usd per share)	38.28	38.28	38.28
Dividend declared | Series E Cumulative Redeemable Preferred Stock
Distributions payable on preferred stock (in usd per share)	$ 37.50	$ 37.50	$ 37.50

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Cash flows from operating activities:
Net income		$ 65,392	$ 61,649	$ 50,316
Adjustments to reconcile net income to net cash provided by operating activities:
Loss on early extinguishment of debt		648	0	0
Gain on sale of property		0	0	(278)
Depreciation and amortization of deferred leasing costs		48,969	50,272	51,126
Amortization of deferred debt costs		1,985	1,710	1,570
Non cash compensation costs of stock grants and options		1,521	1,562	1,438
Credit losses (recoveries) on operating lease receivables		(88)	812	5,212
(Increase) decrease in accounts receivable and accrued income		2,424	5,446	(17,818)
Additions to deferred leasing costs		(2,716)	(1,814)	(8,050)
(Increase) decrease in other assets		4,511	(2,820)	5
Increase (decrease) in accounts payable, accrued expenses and other liabilities		524	(285)	861
Increase (decrease) in deferred income		(2,019)	1,895	(6,013)
Net cash provided by operating activities		121,151	118,427	78,369
Cash flows from investing activities:
Acquisitions of real estate investments	[1],[2],[3]	0	(9,011)	0
Additions to real estate investments		(15,781)	(21,023)	(20,547)
Additions to development and redevelopment projects		(101,107)	(25,884)	(35,983)
Proceeds from sale of properties		0	0	376
Net cash used in investing activities		(116,888)	(55,918)	(56,154)
Cash flows from financing activities:
Proceeds from mortgage notes payable		199,750	0	52,100
Repayments on mortgage notes payable		(174,096)	(42,641)	(45,654)
Proceeds from term loan facility		0	25,000	0
Proceeds from revolving credit facility		155,000	46,000	90,000
Repayments on revolving credit facility		(97,000)	(44,500)	(73,000)
Proceeds from construction loans payable		0	10,917	35,883
Payments of debt extinguishment costs		(593)	0	0
Additions to deferred debt costs		(9,869)	(6,393)	(1,206)
Proceeds from the issuance of:
Common stock		8,173	14,425	8,264
Partnership units	[1],[2],[3]	1,322	2,398	1,677
Distributions to:
Distributions to preferred stockholders		(11,194)	(11,194)	(11,194)
Common stockholders		(55,523)	(50,963)	(49,383)
Noncontrolling interests		(21,548)	(17,821)	(16,751)
Net cash used in financing activities		(5,578)	(74,771)	(9,264)
Net increase (decrease) in cash and cash equivalents		(1,315)	(12,262)	12,951
Cash and cash equivalents, beginning of year		14,594	26,856	13,905
Cash and cash equivalents, end of year		13,279	14,594	26,856
Supplemental disclosure of cash flow information:
Cash paid for interest		40,725	44,575	44,990
Accrued capital expenditures included in accounts payable, accrued expenses, and other liabilities		19,006	5,906	4,327
Series D Cumulative Redeemable Preferred Stock
Distributions to:
Distributions to preferred stockholders		(4,594)	(4,593)	(4,594)
Series E Cumulative Redeemable Preferred Stock
Distributions to:
Distributions to preferred stockholders		$ (6,600)	$ (6,600)	$ (6,600)
[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.[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, half of which units remain in escrow.

Consolidated Statements of Ca_2

Consolidated Statements of Cash Flows (Parenthetical)	12 Months Ended
	Dec. 31, 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	12 Months Ended
	Dec. 31, 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. Saul Centers operates as a real estate investment trust (a “REIT”) under the Internal Revenue Code of 1986, as amended (the “Code”). The Company is required to annually distribute at least 90% of its REIT taxable income (excluding net capital gains) to its stockholders and meet certain organizational and other requirements. Saul Centers has made and intends to continue to make regular quarterly distributions to its stockholders. Saul Centers, together with its wholly owned subsidiaries and the limited partnerships of which Saul Centers or one of its subsidiaries is the sole general partner, are referred to collectively as the “Company.” B. Francis Saul II serves as Chairman of the Board of Directors and Chief Executive Officer of Saul Centers. Saul Centers was formed to continue and expand the shopping center business previously owned and conducted by the B. F. Saul Real Estate Investment Trust (the "Saul Trust"), the B. F. Saul Company and certain other affiliated entities, each of which is controlled by B. Francis Saul II and his family members (collectively, the “Saul Organization”). On August 26, 1993, members of the Saul Organization transferred to Saul Holdings Limited Partnership, a newly formed Maryland limited partnership (the “Operating Partnership”), and two newly formed subsidiary limited partnerships (the “Subsidiary Partnerships,” and collectively with the Operating Partnership, the “Partnerships”), Shopping Centers and Mixed-Used Properties, and the management functions related to the transferred properties. Since its formation, the Company has developed and purchased additional properties. The Company, which conducts all of its activities through its subsidiaries, the Operating Partnership and Subsidiary Partnerships, engages in the ownership, operation, management, leasing, acquisition, renovation, expansion, development and financing of community and neighborhood shopping centers and mixed-used properties, primarily in the Washington, DC/Baltimore metropolitan area. Because the properties are located primarily in the Washington, DC/Baltimore metropolitan area, a disproportionate economic downturn in the local economy would have a greater negative impact on our overall financial performance than on the overall financial performance of a company with a portfolio that is more geographically diverse. A majority of the Shopping Centers are anchored by several major tenants. As of December 31, 2022, 33 of the Shopping Centers were anchored by a grocery store and offer primarily day-to-day necessities and services. One retail tenant, Giant Food (5.1%), a tenant at 11 Shopping Centers, individually accounted for 2.5% or more of the Company’s total revenue for the year ended December 31, 2022. As of December 31, 2022, the Current Portfolio Properties consisted of 50 Shopping Centers, seven Mixed-Use Properties, and four (non-operating) development properties. The accompanying consolidated financial statements of the Company include the accounts of Saul Centers and its subsidiaries, including the Operating Partnership and Subsidiary Partnerships, which are majority owned by Saul Centers. Substantially all assets and liabilities of the Company as of December 31, 2022 and December 31, 2021, are comprised of the assets and liabilities of the Operating Partnership. The debt arrangements which are subject to recourse are described in Note 5. All significant intercompany balances and transactions have been eliminated in consolidation. The Operating Partnership is a variable interest entity ("VIE") of the Company because the limited partners do not have substantive kick-out or participating rights. The Company is the primary beneficiary of the Operating Partnership because it has the power to direct the activities of the Operating Partnership and the rights to absorb 72.0% of the net income of the Operating Partnership. Because the Operating Partnership is consolidated into the financial statements of the Company, the identification of it as a VIE has no impact on the consolidated financial statements of the Company.

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2022
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. The most significant estimates and assumptions relate to impairment of real estate properties and collectability of operating lease receivables. Actual results could differ from those estimates. Real Estate Investment Properties Real estate investment properties are stated at historic cost less depreciation. Although the Company intends to own its real estate investment properties over a long term, from time to time it will evaluate its market position, market conditions, and other factors and may elect to sell properties that do not conform to the Company’s investment profile. Management believes that the Company’s real estate assets have generally appreciated in value since their acquisition or development and, accordingly, the aggregate current value exceeds their aggregate net book value and also exceeds the value of the Company’s liabilities as reported in the financial statements. Because the financial statements are prepared in conformity with GAAP, they do not report the current value of the Company’s real estate investment properties. If there is an event or change in circumstance that indicates a potential impairment in the value of a real estate investment property, the Company prepares an analysis to determine whether the carrying value of the real estate investment property exceeds its estimated fair value. The Company considers both quantitative and qualitative factors including recurring operating losses, significant decreases in occupancy, and significant adverse changes in legal factors and business climate. If impairment indicators are present, the Company compares the projected cash flows of the property over its remaining useful life, on an undiscounted basis, to the carrying value of that property. The Company assesses its undiscounted projected cash flows based upon estimated capitalization rates, historic operating results and market conditions that may affect the property. If the carrying value is greater than the undiscounted projected cash flows, the Company would recognize an impairment loss equivalent to an amount required to adjust the carrying amount to its then estimated fair value. The fair value of any property is sensitive to the actual results of any of the aforementioned estimated factors, either individually or taken as a whole. Should the actual results differ from management’s projections, the valuation could be negatively or positively affected. The Company did not recognize an impairment loss on any of its real estate in 2022, 2021, or 2020. Depreciation is calculated using the straight-line method and estimated useful lives of generally between 35 and 50 years for base buildings, or a shorter period if management determines that the building has a shorter useful life, and up to 20 years for certain other improvements that extend the useful lives. Leasehold improvements expenditures are capitalized when certain criteria are met, including when the Company supervises construction and will own the improvements. Tenant improvements are amortized, over the shorter of the lives of the related leases or the useful life of the improvement, using the straight-line method. Depreciation expense, which is included in Depreciation and amortization of deferred leasing costs in the Consolidated Statements of Operations, for the years ended December 31, 2022, 2021, and 2020, was $44.6 million, $45.5 million, and $45.9 million, respectively. Repairs and maintenance expense totaled $15.2 million, $13.5 million, and $11.1 million for 2022, 2021, and 2020, respectively, and is included in property operating expenses in the accompanying consolidated financial statements. As of December 31, 2022, we have not identified any impairment triggering events, including the impact of COVID-19 and corresponding tenant requests for rent relief. Accordingly, under applicable GAAP guidance, no impairment charges were recorded. Assets Held for Sale The Company considers properties to be assets held for sale when all of the following criteria are met: • management commits to a plan to sell a property; • it is unlikely that the disposal plan will be significantly modified or discontinued; • the property is available for immediate sale in its present condition; • actions required to complete the sale of the property have been initiated; • sale of the property is probable and the Company expects the completed sale will occur within one year; and • the property is actively being marketed for sale at a price that is reasonable given its current market value. The Company must make a determination as to the point in time that it is probable that a sale will be consummated, which generally occurs when an executed sales contract has no contingencies and the prospective buyer has significant funds at risk to ensure performance. Upon designation as an asset held for sale, the Company records the carrying value of each property at the lower of its carrying value or its estimated fair value, less estimated costs to sell, and ceases depreciation. As of December 31, 2022 and 2021, the Company had no assets designated as held for sale. Revenue Recognition We lease Shopping Centers and Mixed-Use Properties to lessees in exchange for monthly payments that cover rent, and where applicable, reimbursement for property taxes, insurance, and certain property operating expenses. Our leases were determined to be operating leases and generally range in term from one Some of our leases have termination options and/or extension options. Termination options allow the lessee to terminate the lease prior to the end of the lease term, provided certain conditions are met. Termination options generally require advance notification from the lessee and payment of a termination fee. Termination fees are recognized as revenue over the modified lease term. Extension options are subject to terms and conditions stated in the lease. Rental and interest income are accrued as earned. Recognition of rental income commences when control of the space has been given to the tenant. When rental payments due under leases vary from a straight-line basis because of free rent periods or stepped increases, income is recognized on a straight-line basis. Expense recoveries represent a portion of property operating expenses billed to the tenants, including common area maintenance, real estate taxes and other recoverable costs. Upon adoption of ASU 2016-02, we made a policy election not to separate lease and nonlease components and have accounted for each lease component and the related nonlease components together as a single component. Expense recoveries are recognized in the period in which the expenses are incurred. Rental income based on a tenant’s revenue (“percentage rent”) is accrued when a tenant reports sales that exceed a specified breakpoint, pursuant to the terms of their respective leases. Due to the business disruptions and challenges severely affecting the global economy caused by the novel strain of coronavirus (“COVID-19”) pandemic, some lessees have requested rent relief, including rent deferrals and other lease concessions. The lease modification guidance in ASU 2016-02 does not contemplate the rapid execution of concessions for multiple tenants in response to sudden liquidity constraints of lessees. In April 2020, the FASB staff issued a question and answer document that provided guidance allowing the Company to elect to either apply the lease modification accounting framework or not, with such election applied consistently to leases with similar characteristics and similar circumstances. The Company has elected to apply such relief, which, in the case of rent deferrals, results in the accrual of rent due from tenants and defers the payment of that rent to a future date, and will monitor the collectability of rent receivables. Accounts Receivable, Accrued Income, and Allowance for Doubtful Accounts Accounts receivable are primarily comprised of rental and reimbursement billings due from tenants, and straight-line rent receivables representing the cumulative amount of adjustments necessary to present rental income on a straight-line basis. Individual leases are assessed for collectability and, upon the determination that the collection of rents is not probable, accrued rent and accounts receivable are charged off, and the charge off is reflected as an adjustment to rental revenue. Revenue from leases where collection is not probable is recorded on a cash basis until collectability is determined to be probable. We also assess whether operating lease receivables, at the portfolio level, are appropriately valued based upon an analysis of balances outstanding, effects of tenant bankruptcies, historical levels of bad debt and current economic trends. Additionally, because of the uncertainties related to the impact of the COVID-19 pandemic, our assessment also takes into consideration the types of business conducted by tenants and current discussions with the tenants, as well as recent rent collection experience. Evaluating and estimating uncollectable lease payments and related receivables requires a significant amount of judgment by management and is based on the best information available to management at the time of evaluation. For the year-ended December 31, 2022, we increased rental revenue by $461,400 due to payments from tenants of receivables that were previously reserved or charged off. Actual results could differ from these estimates. At December 31, 2022 and December 31, 2021, accounts receivable was comprised of: (In thousands) December 31, 2022 December 31, 2021 Rents currently due $ 8,433 $ 8,484 Deferred rents 1,042 2,872 Straight-line rent 45,815 46,681 Other receivables 2,706 3,704 Reserve for credit losses on operating lease receivables (1,673) (3,082) Total $ 56,323 $ 58,659 Deferred Leasing Costs Deferred leasing costs primarily consist of initial direct costs incurred in connection with successful property leasing and amounts attributed to in place leases associated with acquired properties. Such amounts are capitalized and amortized, using the straight-line method, over the term of the lease or the remaining term of an acquired lease. Initial direct costs primarily consist of leasing commissions, costs paid to external third-party brokers, and internal lease commissions that are incremental to obtaining a lease and would not have been incurred if the lease had not been obtained. Unamortized deferred costs are charged to expense if the applicable lease is terminated prior to expiration of the initial lease term. Collectively, deferred leasing costs totaled $22.4 million and $24.0 million, net of accumulated amortization of approximately $51.3 million and $48.7 million, as of December 31, 2022 and 2021, respectively. Amortization expense, which is included in Depreciation and amortization of deferred leasing costs in the Consolidated Statements of Operations, totaled approximately $4.3 million, $4.7 million, and $5.2 million, for the years ended December 31, 2022, 2021, and 2020, respectively. Cash and Cash Equivalents Cash and cash equivalents include short-term investments. Short-term investments include money market accounts and other investments which generally mature within three months, measured from the acquisition date, and/or are readily convertible to cash. Substantially all of the Company’s cash balances at December 31, 2022 are held in accounts at various banks. From time to time the Company may maintain deposits with financial institutions in amounts in excess of federally insured limits. The Company has not experienced any losses on such deposits and believes it is not exposed to any significant credit risk on those deposits. Deferred Income Deferred income consists of payments received from tenants prior to the time they are earned and recognized by the Company as revenue, including tenant prepayment of rent for future periods, real estate taxes when the taxing jurisdiction has a fiscal year differing from the calendar year reimbursements specified in the lease agreement and tenant construction work provided by the Company. In addition, deferred income includes unamortized balances that represent the fair value of certain below market leases determined as of the date of acquisition. Derivative Financial Instruments The Company may, when appropriate, employ derivative instruments, such as interest-rate swaps, to mitigate the risk of interest rate fluctuations. The Company does not enter into derivative or other financial instruments for trading or speculative purposes. Derivative financial instruments are carried at fair value as either assets or liabilities on the consolidated balance sheets. For those derivative instruments that qualify, the Company may designate the hedging instrument, based upon the exposure being hedged, as a fair value hedge or a cash flow hedge. Derivative instruments that are designated as a hedge are evaluated to ensure they continue to qualify for hedge accounting. The effective portion of any gain or loss on the hedge instruments is reported as a component of accumulated other comprehensive income (loss) and recognized in earnings within the same line item associated with the forecasted transaction in the same period or periods during which the hedged transaction affects earnings. Any ineffective portion of the change in fair value of a derivative instrument is immediately recognized in earnings. For derivative instruments that do not meet the criteria for hedge accounting, or that qualify and are not designated, changes in fair value are immediately recognized in earnings. Income Taxes The Company made an election to be treated, and intends to continue operating so as to qualify, as a REIT under the Code, commencing with its taxable year ended December 31, 1993. A REIT generally will not be subject to federal income taxation, provided that distributions to its stockholders equal or exceed its REIT taxable income and complies with certain other requirements. Therefore, no provision has been made for federal income taxes in the accompanying consolidated financial statements. As of December 31, 2022, the Company had no material unrecognized tax benefits and there exist no potentially significant unrecognized tax benefits which are reasonably expected to occur within the next twelve months. The Company recognizes penalties and interest accrued related to unrecognized tax benefits, if any, as general and administrative expense. No penalties and interest have been accrued in years 2022, 2021, and 2020. The tax basis of the Company’s real estate investments was approximately $1.61 billion and $1.64 billion as of December 31, 2022 and 2021, respectively. With few exceptions, the Company is no longer subject to U.S. federal, state, and local tax examinations by tax authorities for years before 2019. Legal Contingencies The Company is subject to various legal proceedings and claims that arise in the ordinary course of business, which are generally covered by insurance. Upon determination that a loss is probable to occur and can be reasonably estimated, the estimated amount of the loss is recorded in the financial statements. Recently Issued Accounting Standards Recently issued accounting standards or pronouncements have been excluded because they are either not relevant to the Company or they are expected not to have a material impact on the Consolidated Financial Statements of the Company. Reclassifications

Real Estate

Real Estate	12 Months Ended
	Dec. 31, 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. The following table shows the components of construction in progress. December 31, (in thousands) 2022 2021 Twinbrook Quarter $ 227,672 $ 138,069 Hampden House 80,704 56,898 Other 11,307 10,944 Total $ 319,683 $ 205,911 Acquisitions Twinbrook Quarter On November 5, 2019, the Company entered into the Twinbrook Contribution Agreement to acquire from 1592 Rockville Pike, a wholly-owned subsidiary of the Saul Trust, approximately 6.8 acres of land and its leasehold interest in approximately 1.3 acres of contiguous land, together in each case with the improvements located thereon, located at the Twinbrook Metro Station in Rockville, Maryland in exchange for 1,416,071 limited partnership units in the Operating Partnership. The Contributed Property is immediately adjacent to approximately 10.3 acres owned by the Company. Title to the Contributed Property and the units were placed in escrow until certain conditions of the Twinbrook Contribution Agreement were satisfied. The units issued to 1592 Rockville Pike will remain in escrow until the conditions of the Twinbrook Contribution Agreement, as amended, are satisfied. Half of the units held in escrow were released on October 18, 2021. The remaining units held in escrow are scheduled to be released on October 18, 2023. On March 5, 2021, the Company entered into an amendment to the Twinbrook Contribution Agreement in which it and 1592 Rockville Pike agreed to release to the Company from escrow the deed and assignment of the leasehold interest of the Contributed Property, as of that date. The Company also reimbursed 1592 Rockville Pike for certain expenses pursuant to the Twinbrook Contribution Agreement totaling $7.4 million. Acquisition costs totaled $1.2 million. The Company recorded a finance lease right-of-use asset of $19.4 million and corresponding lease liability of $19.4 million related to the leasehold interest assumed in the transaction. The incremental borrowing rate used to calculate the lease liability was 5.63%. On June 29, 2021, the third-party landlord under the ground lease contributed to the Company the fee simple interest in the land underlying the leasehold interest in exchange for 469,740 limited partnership units in the Operating Partnership, representing an aggregate value of $21.5 million. Acquisition costs were paid in cash and totaled $0.7 million. Accordingly, the finance lease right-of-use asset and finance lease liability were extinguished. Amortization expense and interest expense related to the lease totaled $104,000 and $362,800, respectively, for the twelve months ended December 31, 2021. Allocation of Purchase Price of Real Estate Acquired The Company allocates the purchase price of real estate investment properties to various components, such as land, buildings and intangibles related to in-place leases and customer relationships, based on their relative fair values. During 2021, the Company acquired properties that had an aggregate cost of $108.3 million, including acquisition costs. The entire amount was allocated to land. The gross carrying amount of lease intangible assets included in deferred leasing costs as of December 31, 2022 and 2021 was $10.7 million and $11.0 million, respectively, and accumulated amortization was $9.2 million and $9.1 million, respectively. Amortization expense totaled $0.4 million, $0.5 million and $0.6 million, for the years ended December 31, 2022, 2021, and 2020, respectively. The gross carrying amount of below market lease intangible liabilities included in deferred income as of December 31, 2022 and 2021 was $23.3 million and $23.3 million, respectively, and accumulated amortization was $17.3 million and $16.0 million, respectively. Accretion income totaled $1.3 million, $1.4 million, and $1.4 million, for the years ended December 31, 2022, 2021, and 2020, respectively. The gross carrying amount of above market lease intangible assets included in accounts receivable as of December 31, 2022 and 2021 was $0.6 million and $0.6 million, respectively, and accumulated amortization was $194,800 and $161,800, respectively. Amortization expense totaled $32,900, $32,900 and $43,600, for the years ended December 31, 2022, 2021 and 2020, respectively. The remaining weighted-average amortization period as of December 31, 2022 is 4.6 years, 6.3 years, and 4.9 years for lease acquisition costs, above market leases and below market leases, respectively. As of December 31, 2022, scheduled amortization of intangible assets and deferred income related to in place leases is as follows: (In thousands) Lease acquisition costs Above market leases Below market leases 2023 $ 316 $ 33 $ 1,297 2024 199 33 878 2025 153 33 601 2026 131 33 509 2027 121 33 507 Thereafter 593 244 2,237 Total $ 1,513 $ 409 $ 6,029

Noncontrolling Interests - Hold

Noncontrolling Interests - Holders of Convertible Limited Partnership Units in the Operating Partnership	12 Months Ended
	Dec. 31, 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 Saul Centers is the sole general partner of the Operating Partnership, owning a 72.0% common interest as of December 31, 2022. Noncontrolling interest in the Operating Partnership is comprised of limited partnership units owned by the Saul Organization. Noncontrolling interest reflected on the accompanying consolidated balance sheets is increased for earnings allocated to limited partnership interests and distributions reinvested in additional units, and is decreased for limited partner distributions. Noncontrolling interest reflected on the consolidated statements of operations represents earnings allocated to limited partnership interests held by the Saul Organization. The Saul Organization holds a 26.6% limited partnership interest in the Operating Partnership represented by 8,827,873 limited partnership units, as of December 31, 2022. The units are convertible into shares of Saul Centers’ common stock, at the option of the unit holder, on a one-for-one basis provided that, in accordance with the Saul Centers, Inc. Articles of Incorporation, the rights may not be exercised at any time that the Saul Organization beneficially owns, directly or indirectly, in the aggregate more than 39.9% of the value of the outstanding common stock and preferred stock of Saul Centers (the “Equity Securities”). As of December 31, 2022, approximately 411,000 units were eligible for conversion. As of December 31, 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 Saul Organization’s 26.6% limited partnership interest in the Operating Partnership is reflected as Noncontrolling Interests in the accompanying consolidated financial statements. Weighted average fully diluted partnership units and common stock outstanding for the years ended December 31, 2022, 2021, and 2020, were 34.0 million, 33.1 million, and 31.3 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 Expense and Amortization of Deferred Debt Costs	12 Months Ended
	Dec. 31, 2022
Debt Disclosure [Abstract]
Notes Payable, Bank Credit Facility, Interest Expense and Amortization of Deferred Debt Costs	NOTES PAYABLE, BANK CREDIT FACILITY, INTEREST EXPENSE AND AMORTIZATION OF DEFERRED DEBT COSTS At December 31, 2022, the principal amount of outstanding debt totaled $1.2 billion, of which $1.07 billion was fixed rate debt and $164.0 million was variable rate debt. The principal amount of the Company’s outstanding debt totaled $1.2 billion at December 31, 2021, of which $949.0 million was fixed rate debt and $206.0 million was variable rate debt. At December 31, 2022, the Company had a $525.0 million 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 accrued at LIBOR plus an applicable spread, which was 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 SOFR plus 10 basis points plus an applicable spread, which is determined by certain leverage tests. As of December 31, 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 December 31, 2022, based on the value of the Company’s unencumbered properties, approximately $212.1 million was available under the Credit Facility, $264.0 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. Each swap agreement became effective 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 beginning September 30, 2022. The Company has designated the agreements as cash flow hedges for accounting purposes. As of December 31, 2022, the fair value of the interest-rate swaps totaled approximately $4.0 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 Credit Facility. A $0.4 million loss on early extinguishment of debt 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 Credit Facility. A $0.2 million loss on early extinguishment of debt 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 Credit Facility. This transaction was treated as a modification of the original debt agreement. A prepayment penalty of $5.9 million was incurred, which was deferred and will be 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 $3.6 million of the $28.9 million outstanding balance at December 31, 2022), (b) a portion of the Avenel Business Park mortgage (approximately $6.3 million of the $22.9 million outstanding balance at December 31, 2022), (c) a portion of The Waycroft mortgage (approximately $23.6 million of the $152.7 million outstanding balance at December 31, 2022), (d) the Ashbrook Marketplace mortgage (totaling $20.8 million at December 31, 2022), and (e) the mortgage secured by Kentlands Place, Kentlands Square I and Kentlands pad (totaling $28.2 million at December 31, 2022). All other notes payable are non-recourse. On January 5, 2021, the Company repaid in full the remaining principal balance of $6.1 million of the mortgage loan secured by Jamestown Place, which was scheduled to mature in February 2021. On June 11, 2021, the Company repaid in full the remaining principal balance of $5.0 million of the mortgage loan secured by Hunt Club Corners, which was scheduled to mature in August 2021. On November 19, 2021, the Company closed on a $145.0 million construction-to-permanent loan, the proceeds of which will be used to partially fund Phase I of the Twinbrook Quarter development project. The loan matures in 2041, bears interest at a fixed rate of 3.83%, requires interest only payments, which will be funded by the loan, until conversion to permanent. The conversion is expected in the fourth quarter of 2026, and thereafter, monthly principal and interest payments based on a 25-year amortization schedule will be required. The carrying value of the properties collateralizing the mortgage notes payable totaled $1.0 billion and $1.1 billion, as of December 31, 2022 and 2021, respectively. The Company’s Credit Facility requires the Company and its subsidiaries to maintain certain financial covenants, which are summarized below. The Company was in compliance as of December 31, 2022. • limit the amount of debt as a percentage of gross asset value, as defined in the loan agreement, to less than 60% (leverage ratio); • limit the amount of debt so that interest coverage will exceed 2.0 x on a trailing four-quarter basis (interest expense coverage); and • limit the amount of debt so that interest, scheduled principal amortization and preferred dividend coverage exceeds 1.4x on a trailing four-quarter basis (fixed charge coverage). Mortgage notes payable totaling $2.0 million and $41.0 million, respectively, at each of December 31, 2022 and 2021, are guaranteed by members of the Saul Organization. As of December 31, 2022, the scheduled maturities of all debt including scheduled principal amortization for years ended December 31 are as follows: (in thousands) Balloon Scheduled Total 2023 $ 9,225 $ 32,926 $ 42,151 2024 50,117 33,566 83,683 2025 184,363 (a) 31,423 215,786 2026 134,088 28,062 162,150 2027 100,000 (b) 23,454 123,454 Thereafter 440,093 171,366 611,459 Principal amount $ 917,886 $ 320,797 1,238,683 Unamortized deferred debt costs 15,783 Net $ 1,222,900 (a) Includes $164.0 million outstanding under the Credit Facility. Deferred Debt Costs 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 $15.8 million and $11.2 million, net of accumulated amortization of $7.9 million and $7.7 million at December 31, 2022 and 2021, respectively, and are reflected as a reduction of the related debt in the Consolidated Balance Sheets. The components of interest expense are set forth below. (in thousands) Year ended December 31, 2022 2021 2020 Interest incurred $ 53,219 $ 50,552 $ 51,705 Amortization of deferred debt costs 1,985 1,710 1,570 Capitalized interest (11,191) (6,831) (6,616) Interest expense 44,013 45,431 46,659 Less: Interest income 76 7 140 Interest expense, net and amortization of deferred debt costs $ 43,937 $ 45,424 $ 46,519 Deferred debt costs capitalized during the years ended December 31, 2022, 2021 and 2020 totaled $9.9 million, $6.4 million and $1.2 million, respectively.

Lease Agreements

Lease Agreements	12 Months Ended
	Dec. 31, 2022
Leases [Abstract]
Lease Agreements	LEASE AGREEMENTS Lease income includes primarily base rent arising from noncancelable leases. Base rent (including straight-line rent) for the years ended December 31, 2022, 2021, and 2020, amounted to $201.2 million, $197.9 million, and $188.6 million, respectively. Future contractual payments under noncancelable leases for years ended December 31 (which exclude the effect of straight-line rents), are as follows: (in thousands) 2023 $ 168,994 2024 150,313 2025 126,360 2026 101,571 2027 82,878 Thereafter 318,265 $ 948,381 The majority of the leases provide for rental increases based on fixed annual increases or increases in the Consumer Price Index and expense recoveries based on increases in operating expenses. The expense recoveries generally are payable in equal installments throughout the year based on estimates, with adjustments made in the succeeding year. Expense recoveries for the years ended December 31, 2022, 2021, and 2020, amounted to $36.0 million, $34.5 million, and $34.7 million, respectively. In addition, certain retail leases provide for percentage rent based on sales in excess of the minimum specified in the tenant’s lease. Percentage rent amounted to $1.6 million, $1.5 million, and $0.9 million, for the years ended December 31, 2022, 2021, and 2020, respectively.

Long-Term Lease Obligations

Long-Term Lease Obligations	12 Months Ended
	Dec. 31, 2022
Leases [Abstract]
Long-Term Lease Obligations	LONG-TERM LEASE OBLIGATIONS At December 31, 2022 and 2021, no properties were situated upon land subject to noncancelable long- term leases. Flagship Center consists of two developed out parcels that are part of a larger adjacent community shopping center formerly owned by the Saul Organization and sold to an affiliate of a tenant in 1991. The Company has a 90-year ground leasehold interest which commenced in September 1991 with a minimum rent of one dollar per year. Countryside shopping center was acquired in February 2004. Because of certain land use considerations, approximately 3.4% of the underlying land is held under a 99-year ground lease. The lease requires the Company to pay minimum rent of one dollar per year as well as its pro-rata share of the real estate taxes. The Company’s corporate headquarters space is leased by a member of the Saul Organization. The lease commenced in March 2002 and expires in February 2027. The Company and the Saul Organization entered into a Shared Services Agreement whereby each party pays an allocation of total rental payments based on a percentage proportionate to the number of employees employed by each party. The Company’s rent expense for the years ended December 31, 2022, 2021, and 2020 was $824,300, $799,500, and $799,300, respectively. Expenses arising from the lease are included in general and administrative expense (see Note 9 – Related Party Transactions). On January 1, 2019, in conjunction with the adoption of ASU 2016-02, a right of use asset and corresponding lease liability related to our headquarters lease were recorded in other assets other liabilities

Equity and Noncontrolling Inter

Equity and Noncontrolling Interest	12 Months Ended
	Dec. 31, 2022
Noncontrolling Interest [Abstract]
Equity and Noncontrolling Interest	EQUITY AND NONCONTROLLING INTERESTSThe Consolidated Statements of Operations for the years ended December 31, 2022, 2021, and 2020 reflect noncontrolling interests of $15.2 million, $13.3 million, and $9.9 million, respectively, representing income attributable to limited partnership units not held by Saul Centers. At December 31, 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 December 31, 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 anti-dilutive. The treasury stock method was used to measure the effect of the dilution. December 31, (Shares in thousands) 2022 2021 2020 Weighted average common shares outstanding - Basic 23,964 23,655 23,356 Effect of dilutive options 8 7 1 Weighted average common shares outstanding - Diluted 23,972 23,662 23,357 Average share price $ 46.21 $ 43.53 $ 33.84 Non-dilutive options 1,438 1,360 1,439 Years non-dilutive options were issued 2013 through 2022 2013 through 2021 2014 through 2020

Related Party Transactions

Related Party Transactions	12 Months Ended
	Dec. 31, 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 $387,700, $404,300, and $302,000, for 2022, 2021, and 2020, respectively. All amounts deferred by employees and contributed by the Company are fully vested. The Company also participates in a multiemployer nonqualified deferred compensation plan with entities in the Saul Organization which covers those full-time employees who meet the requirements as specified in the plan. According to the plan, which can be modified or discontinued at any time, participating employees defer 2% of their compensation in excess of a specified amount and the Company matches those deferrals up to three times the amount deferred by employees. The Company’s expense, included in general and administrative expense, totaled $337,900, $238,400, and $241,300, for the years ended December 31, 2022, 2021, and 2020, respectively. All amounts deferred by employees and the Company are fully vested. The cumulative unfunded liability under this plan was $3.0 million and $3.2 million, at December 31, 2022 and 2021, respectively, and is included in accounts payable, accrued expenses and other liabilities in the consolidated balance sheets. The Company has entered into a shared services agreement (the “Agreement”) with the Saul Organization that provides for the sharing of certain personnel and ancillary functions such as computer hardware, software, and support services and certain direct and indirect administrative personnel. The method for determining the cost of the shared services is provided for in the Agreement and is based upon head count, estimates of usage or estimates of time incurred, as applicable. Senior management has determined that the final allocations of shared costs are reasonable. The terms of the Agreement and the payments made thereunder are reviewed annually by the Audit Committee of the Board of Directors, which consists entirely of independent directors. Net billings by the Saul Organization for the Company’s share of these ancillary costs and expenses for the years ended December 31, 2022, 2021, and 2020, which included rental expense for the Company’s headquarters lease (see Note 7. Long Term Lease Obligations), totaled $9.6 million, $8.0 million, and $7.4 million, respectively. The amounts are expensed when incurred and are primarily reported as general and administrative expenses or capitalized to specific development projects in these consolidated financial statements. As of December 31, 2022 and 2021, accounts payable, accrued expenses and other liabilities included $1.2 million and $1.1 million, respectively, representing billings due to the Saul Organization for the Company’s share of these ancillary costs and expenses. On March 5, 2021, the Company acquired from 1592 Rockville Pike, approximately 6.8 acres of land and its leasehold interest in approximately 1.3 acres of contiguous land, together in each case with the improvements located thereon, located at the Twinbrook Metro Station in Rockville, Maryland. See Notes 3 and 4. In August 2016, the Company entered into an agreement (the "Ashbrook Contribution Agreement") to acquire from the Saul Trust approximately 13.7 acres of land located at the intersection of Ashburn Village Boulevard and Russell Branch Parkway in Ashburn, Virginia. The transaction closed on May 9, 2018, and the Company issued 176,680 limited partnership units to the Saul Trust. The Company constructed a shopping center, Ashbrook Marketplace. On June 30, 2021, the Company issued 93,674 additional limited partnership units as additional consideration to the Saul Trust in accordance with the Ashbrook Contribution Agreement, as amended. The B. F. Saul Insurance Agency of Maryland, Inc., a subsidiary of the B. F. Saul Company and a member of the Saul Organization, is a general insurance agency that receives commissions and counter-signature fees in connection with the Company’s insurance program. Such commissions and fees amounted to approximately $286,900, $397,900, and $427,700, for the years ended December 31, 2022, 2021, and 2020, respectively.

Stock Option Plan

Stock Option Plan	12 Months Ended
	Dec. 31, 2022
Share-Based Payment Arrangement [Abstract]
Stock Option Plan	STOCK OPTION PLAN Stock Based Employee Compensation, Deferred Compensation and Stock Plan for Directors In 2004, the Company established a stock incentive plan (the “Plan”), as amended. Under the Plan, options were granted at an exercise price not less than the market value of the common stock on the date of grant and expire ten years from the date of grant. Officer options vest ratably over four years following the grant and are charged to expense using the straight-line method over the vesting period. Director options vest immediately and are charged to expense as of the date of grant. The Company uses the fair value method to value and account for employee stock options. The fair value of options granted is determined at the time of each award using the Black-Scholes model, a widely used method for valuing stock-based employee compensation, and the following assumptions: (1) Expected Volatility determined using the most recent trading history of the Company’s common stock (month-end closing prices) corresponding to the average expected term of the options; (2) Average Expected Term of the options is based on prior exercise history, scheduled vesting and the expiration date; (3) Expected Dividend Yield determined by management after considering the Company’s current and historic dividend yield rates, the Company’s yield in relation to other retail REITs and the Company’s market yield at the grant date; and (4) a Risk-free Interest Rate based upon the market yields of US Treasury obligations with maturities corresponding to the average expected term of the options at the grant date. The Company amortizes the value of options granted ratably over the vesting period and includes the amounts as compensation expense in general and administrative expenses. Pursuant to the Plan, the Compensation Committee established a Deferred Compensation Plan for Directors for the benefit of the Company’s directors and their beneficiaries, which replaced a previous Deferred Compensation and Stock Plan for Directors. Annually, directors are given the ability to make an election to defer all or part of their fees and have the option to have their fees paid in cash, in shares of common stock or in a combination of cash and shares of common stock upon separation from the Board. If a director elects to their have fees paid in stock, fees earned during a calendar quarter are aggregated and divided by the closing market price of the Company’s common stock on the first trading day of the following quarter to determine the number of shares to be credited to the director. During the twelve months ended December 31, 2022, 8,322 shares were credited to director's deferred fee accounts and 7,738 shares were issued. As of December 31, 2022, the director's deferred fee accounts comprise 120,824 shares. The Compensation Committee has also approved an annual award of shares of the Company’s common stock as additional compensation to each director serving on the Board of Directors as of the record date for the Annual Meeting of Stockholders. The shares are awarded as of each Annual Meeting of Stockholders, and their issuance may not be deferred. At the annual meeting of the Company’s stockholders in 2004, the stockholders approved the adoption of the 2004 stock plan for the purpose of attracting and retaining executive officers, directors and other key personnel. The 2004 stock plan was subsequently amended by the Company’s stockholders at the 2008 Annual Meeting, further amended at the 2013 Annual Meeting, and further amended at the 2019 Annual Meeting (the “Amended 2004 Plan”). The Amended 2004 Plan, which terminates in 2029, provides for grants of options to purchase up to 3,400,000 shares of common stock. The Amended 2004 Plan authorizes the Compensation Committee of the Board of Directors to grant options at an exercise price which may not be less than the market value of the common stock on the date the option is granted. Effective April 24, 2020, the Compensation Committee granted options to purchase 238,000 shares (29,624 incentive stock options and 208,376 nonqualified stock options) to 20 Company officers and 11 Company Directors (the “2020 Options”), which expire on April 23, 2030. The officers’ 2020 Options vest 25% per year over four years and are subject to early expiration upon termination of employment. The directors’ 2020 Options were immediately exercisable. The exercise price of $50.00 per share was detemined by the Compensation Committee. The exercise price was greater than the closing market price of the Company's common stock on the date of award, which was $28.02. Using the Black-Scholes model, the Company determined the total fair value of the 2020 Options to be $0.2 million, of which $0.2 million and $23,100 were assigned to the officer options and director options, respectively. Because the directors’ options vested immediately, the entire $23,100 was expensed as of the date of grant. The expense for the officers’ options is being recognized as compensation expense monthly during the four years the options vest. Effective May 7, 2021, the Compensation Committee granted options to purchase 250,500 shares (35,572 incentive stock options and 214,928 nonqualified stock options) to 21 Company officers and 11 Company Directors (the “2021 Options”), which expire on May 6, 2031. The officers’ 2021 Options vest 25% per year over four years and are subject to early expiration upon termination of employment. The directors’ 2021 Options were immediately exercisable. The exercise price of $43.89 per share was the closing market price of the Company's common stock on the date of award. Using the Black-Scholes model, the Company determined the total fair value of the 2021 Options to be $1.4 million, of which $1.2 million and $173,800 were assigned to the officer options and director options, respectively. Because the directors’ options vested immediately, the entire $173,800 was expensed as of the date of grant. The expense for the officers’ options is being recognized as compensation expense monthly during the four years the options vest. Effective May 13, 2022, the Compensation Committee granted options to purchase 248,000 shares (25,745 incentive stock options and 222,255 nonqualified stock options) to 19 Company officers and 11 Company Directors (the “2022 Options”), which expire on May 12, 2032. The officers’ 2022 Options vest 25% per year over four years and are subject to early expiration upon termination of employment. The directors’ 2022 Options were immediately exercisable. The exercise price of $47.90 per share was the closing market price of the Company’s common stock on the date of award. Using the Black-Scholes model, the Company determined the total fair value of the 2022 Options to be $1.8 million, of which $1.6 million and $229,350 were assigned to the officer options and director options, respectively. Because the directors’ options vested immediately, the entire $229,350 was expensed as of the date of grant. The expense for the officers’ options is being recognized as compensation expense monthly during the four years the options vest. The following table summarizes the assumptions used in the valuation of the 2020, 2021 and 2022 option grants. During the twelve months ended December 31, 2022, stock option expense totaling $1.3 million was included in general and administrative expense in the Consolidated Statements of Operations. As of December 31, 2022, the estimated future expense related to unvested stock options was $2.1 million. Directors Officers Grant date May 13, 2022 May 7, 2021 April 24, 2020 May 13, 2022 May 7, 2021 April 24, 2020 Exercise price $ 47.90 $ 43.89 $ 50.00 $ 47.90 $ 43.89 $ 50.00 Fair value per option $ 8.34 $ 6.32 $ 0.84 $ 7.66 $ 5.96 $ 0.92 Volatility 30.00 % 29.70 % 25.80 % 27.10 % 27.50 % 24.00 % Expected life (years) 5.0 5.0 5.0 7.0 7.0 7.0 Assumed yield 4.90% 4.96% 3.80% 4.93% 4.97% 3.85% Risk-free rate 2.89% 0.77% 0.36% 2.95% 1.24% 0.51% The table below summarizes the option activity for the years 2022, 2021, and 2020: 2022 2021 2020 Shares Weighted Shares Weighted Shares Weighted Outstanding at January 1 1,601,250 $ 51.73 1,502,670 $ 52.86 1,309,614 $ 53.38 Granted 248,000 47.90 250,500 43.89 238,000 50.00 Exercised (26,875) 44.44 (64,920) 45.07 (10,749) 49.19 Expired/Forfeited (54,000) 52.60 (87,000) 53.60 (34,195) 54.09 Outstanding December 31 1,768,375 51.28 1,601,250 51.73 1,502,670 52.86 Exercisable at December 31 1,237,250 52.76 1,098,500 53.22 971,545 53.01 The intrinsic value of options exercised in 2022, 2021, and 2020, was $0.2 million, $0.4 million and $0.1 million, respectively. There was no intrinsic value of options outstanding and exercisable at year end 2022. The intrinsic value of options outstanding and exercisable at year end 2021 was $4.9 million and $2.3 million, respectively. The date of exercise was the measurement date for shares exercised during the period. The intrinsic value measures the difference between the options’ exercise price and the closing share price quoted by the New

Fair Value of Financial Instrum

Fair Value of Financial Instruments	12 Months Ended
	Dec. 31, 2022
Fair Value Disclosures [Abstract]
Fair Value of Financial Instruments	FAIR VALUE OF FINANCIAL INSTRUMENTSThe carrying values of cash and cash equivalents, accounts receivable, accounts payable and accrued expenses and floating rate debt are reasonable estimates of their fair value. The aggregate fair value of the notes payable with fixed-rate payment terms was determined using Level 2 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, would be approximately $919.2 million and $933.0 million as of December 31, 2022 and 2021, respectively, compared to the principal balance of $1.07 billion and $949.0 million at December 31, 2022 and 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.

Derivatives and Hedging Activit

Derivatives and Hedging Activities	12 Months Ended
	Dec. 31, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivatives and Hedging Activities	DERIVATIVES AND HEDGING ACTIVITIES The Company’s objectives in using interest rate derivatives are to add stability to interest expense and to manage its exposure to interest rate movements. To accomplish these objectives, the Company primarily uses interest rate swaps as part of its interest rate risk management strategy. Interest rate swaps designated as cash flow hedges involve the receipt of variable-rate amounts from a counterparty in exchange for the Company making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount The change in the fair value of derivatives designated and that qualify as cash flow hedges is recorded in accumulated other comprehensive income and is subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings. During 2022, such derivatives were used to hedge the variable cash flows associated with certain variable-rate debt. Amounts reported in accumulated other comprehensive income related to derivatives will be reclassified to interest expense as interest payments are made on the Company’s variable-rate debt. During the next twelve months, the Company estimates that approximately $1.8 million will be reclassified from other comprehensive income and reflected as a decrease to interest expense. 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. The table below details the fair value and location of the interest rate swaps as of December 31, 2022 and 2021. (In thousands) Fair Values of Derivative Instruments December 31, 2022 2021 Derivative Instrument Balance Sheet Location Fair Value Balance Sheet Location Fair Value Interest rate swaps Other Assets $ 3,962 N/A N/A The table below details the location in the financial statements of the gain or loss recognized on interest rate derivatives designated as cash flow hedges for the years ended December 31, 2022, 2021, and 2020. (In thousands) The Effect of Hedge Accounting on Other Comprehensive Income (OCI) Amount of Gain (or Loss) Location of Gain (or Loss) Reclassified from OCI into Income Amount of Gain (or Loss) Reclassified from OCI into Income For the Years Ended December 31, Derivative Instrument 2022 2021 2020 2022 2021 2020 2022 2021 2020 Interest rate swaps $ 4,139 $— $— Interest expense, net and amortization of deferred debt costs N/A N/A $ 177 N/A N/A

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 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.

Distributions

Distributions	12 Months Ended
	Dec. 31, 2022
Equity [Abstract]
Distributions	DISTRIBUTIONS In December 1995, the Company established a Dividend Reinvestment and Stock Purchase Plan (the “Plan”), to allow its stockholders and holders of limited partnership interests an opportunity to buy additional shares of common stock by reinvesting all or a portion of their dividends or distributions. The Plan provides for investing in newly issued shares of common stock at a 3% discount from market price without payment of any brokerage commissions, service charges or other expenses. All expenses of the Plan are paid by the Company. The Operating Partnership also maintains a similar dividend reinvestment plan that mirrors the Plan, which allows holders of limited partnership interests the opportunity to buy either additional limited partnership units or common stock shares of the Company. The Company paid common stock distributions of $2.32 per share in 2022, $2.16 per share in 2021, and $2.12 per share in 2020, Series D preferred stock dividends of $1.53, $1.53 and $1.53, respectively, per depositary share in 2022, 2021, and 2020, and Series E preferred stock dividends of $1.50, $1.50, and $1.50, respectively, per depositary share in 2022, 2021, and 2020. Of the common stock dividends paid, $1.32 per share, $1.49 per share, and $1.43 per share, represented ordinary dividend income in 2022, 2021, and 2020, respectively, and $1.00 per share, $0.67 per share, and $0.69 per share represented return of capital to the shareholders in 2022, 2021, and 2020, respectively. All of the preferred dividends paid represented ordinary dividend income. The following summarizes distributions paid during the years ended December 31, 2022, 2021, and 2020, and includes activity in the Plan as well as limited partnership units issued from the reinvestment of unit distributions: Total Distributions to Dividend Reinvestments (Dollars in thousands, except per share amounts) Preferred Common Limited Common Discounted Limited Partnership Units Issued Average Unit Price Distributions during 2022 4th Quarter $ 2,798 $ 14,159 $ 5,486 13,698 $ 39.70 — $ — 3rd Quarter 2,799 14,156 5,486 10,577 50.80 — — 2nd Quarter 2,798 13,625 5,292 57,819 51.61 12,955 51.55 1st Quarter 2,799 13,583 5,284 61,863 47.66 13,704 48.16 Total 2022 $ 11,194 $ 55,523 $ 21,548 143,957 26,659 Distributions during 2021 4th Quarter $ 2,798 $ 13,037 $ 4,702 63,970 $ 45.46 13,697 $ 45.95 3rd Quarter 2,799 12,999 4,694 65,171 44.44 13,841 44.92 2nd Quarter 2,798 12,488 4,218 68,206 41.87 13,978 42.33 1st Quarter 2,799 12,439 4,207 96,268 29.50 19,493 29.83 Total 2021 $ 11,194 $ 50,963 $ 17,821 293,615 61,009 Distributions during 2020 4th Quarter $ 2,798 $ 12,371 $ 4,195 117,368 $ 24.08 23,370 $ 24.35 3rd Quarter 2,799 12,373 4,188 14,525 28.98 13,108 29.47 2nd Quarter 2,798 12,364 4,188 12,627 32.22 — — 1st Quarter 2,799 12,275 4,180 83,978 48.59 15,101 49.40 Total 2020 $ 11,194 $ 49,383 $ 16,751 228,498 51,579 In December 2022, the Board of Directors of the Company authorized a distribution of $0.59 per common share payable in January 2023 to holders of record on January 17, 2023. As a result, $13.6 million was paid to common shareholders on January 31, 2023. Also, $5.5 million was paid to limited partnership unitholders on January 31, 2023 ($0.59 per Operating Partnership unit). The Board of Directors authorized preferred stock dividends of (a) $0.3750 per Series E depositary share and (b) $0.3828 per Series D depositary share to holders of record on January 3, 2023. As a result, $2.8 million was paid to preferred shareholders on January 17, 2023. These amounts are reflected as a reduction of stockholders’ equity in the case of common stock and preferred stock dividends and noncontrolling interests deductions in the case of limited partner distributions and are included in dividends and distributions payable in the accompanying consolidated financial statements.

Business Segments

Business Segments	12 Months Ended
	Dec. 31, 2022
Segment Reporting [Abstract]
Business Segments	BUSINESS SEGMENTSThe Company has two reportable business segments: Shopping Centers and Mixed-Use Properties. The accounting policies of the segments are the same as those described in the summary of significant accounting policies (see Note 2). The Company evaluates performance based upon income and cash flows from real estate for the combined properties in each segment. All of our properties within each segment generate similar types of revenues and expenses related to tenant rent, reimbursements and operating expenses. Although services are provided to a range of tenants, the types of services provided to them are similar within each segment. The properties in each portfolio have similar economic characteristics and the nature of the products and services provided to our tenants and the method to distribute such services are consistent throughout the portfolio. Certain reclassifications have been made to prior year information to conform to the 2022 presentation. SAUL CENTERS, INC. (In thousands) Shopping Mixed-Use Corporate Consolidated As of or for the year ended December 31, 2022 Centers Properties and Other Totals Real estate rental operations: Revenue $ 172,055 $ 73,805 $ — $ 245,860 Expenses (36,895) (27,627) — (64,522) Income from real estate 135,160 46,178 — 181,338 Interest expense, net and amortization of deferred debt costs — — (43,937) (43,937) General and administrative — — (22,392) (22,392) Depreciation and amortization of deferred leasing costs (28,359) (20,610) — (48,969) Loss on early extinguishment of debt — — (648) (648) Net income (loss) $ 106,801 $ 25,568 $ (66,977) $ 65,392 Capital investment $ 8,412 $ 108,476 $ — $ 116,888 Total assets $ 928,071 $ 885,500 $ 19,731 $ 1,833,302 As of or for the year ended December 31, 2021 Real estate rental operations: Revenue $ 169,681 $ 69,544 $ — $ 239,225 Expenses (35,784) (25,844) — (61,628) Income from real estate 133,897 43,700 — 177,597 Interest expense, net and amortization of deferred debt costs — — (45,424) (45,424) General and administrative — — (20,252) (20,252) Depreciation and amortization of deferred leasing costs (28,843) (21,429) — (50,272) Net income (loss) $ 105,054 $ 22,271 $ (65,676) $ 61,649 Capital investment $ 12,673 $ 43,245 $ — $ 55,918 Total assets $ 946,993 $ 777,709 $ 22,059 $ 1,746,761 As of or for the year ended December 31, 2020 Real estate rental operations: Revenue $ 161,854 $ 63,353 $ — $ 225,207 Expenses (35,198) (23,219) — (58,417) Income from real estate 126,656 40,134 — 166,790 Interest expense, net and amortization of deferred debt costs — — (46,519) (46,519) General and administrative — — (19,107) (19,107) Depreciation and amortization of deferred leasing costs (30,891) (20,235) — (51,126) Gain on sale of property 278 — — 278 Net income (loss) $ 96,043 $ 19,899 $ (65,626) $ 50,316 Capital investment $ 15,207 $ 40,947 $ — $ 56,154 Total assets $ 975,195 $ 643,503 $ 26,874 $ 1,645,572

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2022
Subsequent Events [Abstract]
Subsequent Events	SUBSEQUENT EVENTSThe Company has reviewed operating activities for the period subsequent to December 31, 2022 and prior to the date that financial statements are issued, March 2, 2023, and determined there are no subsequent events that are required to be disclosed.

Real Estate and Accumulated Dep

Real Estate and Accumulated Depreciation	12 Months Ended
	Dec. 31, 2022
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]
Real estate and accumulated depreciation	SAUL CENTERS, INC. Real Estate and Accumulated Depreciation December 31, 2022 (Dollars in Thousands) Costs Buildings Capitalized Basis at Close of Period and Initial Subsequent Land Buildings Construction in Progress Total Accumulated Book Related Debt (2) Date of Date Improvements Shopping Centers Ashbrook Marketplace, Ashburn, VA $ 8,938 $ 25,314 $ 13,258 $ 20,994 $ — $ 34,252 $ 1,965 $ 32,287 $ 20,807 2019 05/18 50 Ashburn Village, Ashburn, VA 11,431 20,755 6,764 25,422 — 32,186 16,475 15,711 23,039 1994 & 2000-6 3/94 40 Ashland Square Phase I, Dumfries, VA 1,178 5,298 1,178 5,298 — 6,476 2,885 3,591 — 2007, 2013 12/04 20 & 50 Beacon Center, Alexandria, VA 24,161 18,514 22,691 19,984 — 42,675 16,754 25,921 54,816 1960 & 1974 1/72 , 11/16 40 & 50 BJ’s Wholesale Club, Alexandria, VA 22,623 — 22,623 — — 22,623 — 22,623 9,345 3/08 — Boca Valley Plaza, Boca Raton, FL 16,720 3,236 5,735 14,221 — 19,956 6,633 13,323 — 2/04 40 Boulevard, Fairfax, VA 4,883 4,753 3,687 5,949 — 9,636 3,907 5,729 9,846 1969, 1999 & 2009 4/94 40 Briggs Chaney MarketPlace, Silver Spring, MD 27,037 5,355 9,789 22,603 — 32,392 11,358 21,034 — 4/04 40 Broadlands Village, Ashburn, VA 5,316 35,915 5,300 35,925 6 41,231 15,774 25,457 28,858 2002-3, 2004 & 2006 3/02 40 & 50 Burtonsville Town Square, Burtonsville, MD 74,212 6,344 28,402 52,138 16 80,556 8,338 72,218 33,439 2010 1/17 20 & 45 Countryside Marketplace, Sterling, VA 28,912 4,314 7,666 25,560 — 33,226 12,981 20,245 — 2/04 40 Cranberry Square, Westminster, MD 31,578 1,922 6,700 26,800 — 33,500 7,556 25,944 13,946 9/11 40 Cruse MarketPlace, Cumming, GA 12,226 790 3,901 9,115 — 13,016 4,444 8,572 — 3/04 40 Flagship Center, Rockville, MD 160 409 169 400 — 569 65 504 — 1972 1/72 — French Market, Oklahoma City, OK 5,781 16,907 1,118 21,570 — 22,688 14,378 8,310 — 1972 & 1998 3/74 50 Germantown, Germantown, MD 2,034 566 2,034 566 — 2,600 479 2,121 — 1990 8/93 40 The Glen, Woodbridge, VA 12,918 8,627 5,300 16,245 — 21,545 11,561 9,984 20,827 1993 & 2005 6/94 40 Great Falls Center, Great Falls, VA 41,750 3,368 14,766 30,352 — 45,118 12,114 33,004 31,313 3/08 40 Hampshire Langley, Takoma, MD 3,159 3,475 1,892 4,732 10 6,634 4,203 2,431 12,231 1960 1/72 40 Hunt Club Corners, Apopka, FL 12,584 4,653 4,822 12,415 — 17,237 6,208 11,029 — 6/06, 12/12 40 Jamestown Place, Altamonte Springs, FL 14,055 2,459 4,455 12,059 — 16,514 5,543 10,971 — 11/05 40 Kentlands Square I, Gaithersburg, MD 14,379 3,365 5,005 11,984 755 17,744 5,165 12,579 20,836 2002 9/02 40 Kentlands Square II, Gaithersburg, MD 76,723 3,323 23,133 56,631 282 80,046 18,095 61,951 29,658 9/11, 9/13 40 Kentlands Place, Gaithersburg, MD 1,425 7,639 1,425 7,639 — 9,064 4,806 4,258 7,321 2005 1/04 50 Lansdowne Town Center, Leesburg, VA 6,545 43,497 6,546 43,427 69 50,042 20,112 29,930 — 2006 11/02 50 Leesburg Pike Plaza, Baileys Crossroads, VA 2,418 6,402 1,132 7,688 — 8,820 6,487 2,333 12,543 1965 2/66 40 Lumberton Plaza, Lumberton, NJ 4,400 11,648 950 15,074 24 16,048 14,060 1,988 — 1975 12/75 40 Metro Pike Center, Rockville, MD 33,123 5,399 26,064 8,476 3,982 38,522 2,607 35,915 — 12/10 40 Shops at Monocacy, Frederick, MD 9,541 15,884 9,260 16,165 — 25,425 7,344 18,081 26,422 2003-4 11/03 50 Northrock, Warrenton, VA 12,686 15,429 12,686 15,423 6 28,115 6,310 21,805 12,652 2009 01/08 50 Olde Forte Village, Ft. Washington, MD 15,933 6,922 5,409 17,446 — 22,855 9,528 13,327 20,136 2003-4 07/03 40 Olney, Olney, MD 4,963 2,998 3,079 4,882 — 7,961 3,633 4,328 12,476 1972 11/75 40 Orchard Park, Dunwoody, GA 19,377 1,616 7,751 13,242 — 20,993 5,286 15,707 — 7/07 40 Palm Springs Center, Altamonte Springs, FL 18,365 2,324 5,739 14,948 2 20,689 6,957 13,732 — 3/05 40 Ravenwood, Baltimore, MD 1,245 4,446 703 4,988 — 5,691 3,641 2,050 11,975 1959 & 2006 1/72 40 11503 Rockville Pike/5541 Nicholson Lane, Rockville, MD 26,561 24 22,113 4,472 — 26,585 1,374 25,211 — 10/10, 12/12 40 1500/1580/1582 Rockville Pike, Rockville, MD 45,351 2,046 38,065 7,050 2,282 47,397 6,712 40,685 — 12/12, 1/14, 4/14 5, 10, 5 Seabreeze Plaza, Palm Harbor, FL 24,526 2,625 8,665 18,486 — 27,151 8,435 18,716 13,302 11/05 40 Market Place at Sea Colony, Bethany Beach, DE 2,920 339 1,147 2,112 — 3,259 792 2,467 — 3/08 40 Seven Corners, Falls Church, VA 4,848 46,510 4,929 46,429 — 51,358 34,249 17,109 87,706 1956 & 1997 7/73 40 Severna Park Marketplace, Severna Park, MD 63,254 1,094 12,700 51,549 99 64,348 14,526 49,822 25,857 9/11 40 Shops at Fairfax, Fairfax, VA 2,708 11,090 992 12,806 — 13,798 9,481 4,317 13,597 1975 & 1999 6/75 50 Smallwood Village Center, Waldorf, MD 17,819 8,461 6,402 19,878 — 26,280 11,167 15,113 — 1/06 40 Southdale, Glen Burnie, MD 18,895 25,810 15,255 29,205 245 44,705 24,221 20,484 — 1962 & 1986 1/72 , 11/16 40 Southside Plaza, Richmond, VA 6,728 11,891 1,878 16,741 — 18,619 13,781 4,838 — 1958 1/72 40 South Dekalb Plaza, Atlanta, GA 2,474 4,985 615 6,814 30 7,459 5,438 2,021 — 1970 2/76 40 Thruway, Winston-Salem, NC 7,848 28,207 7,692 28,345 18 36,055 20,927 15,128 — 1955 & 1965 5/72 40 Village Center, Centreville, VA 16,502 3,356 7,851 12,007 — 19,858 8,524 11,334 25,057 1990 8/93 40 Westview Village, Frederick, MD 6,047 25,658 6,047 25,658 — 31,705 12,147 19,558 — 2009 11/07 , 02/15 50 White Oak, Silver Spring, MD 6,277 6,299 4,649 7,723 204 12,576 6,615 5,961 19,985 1958 & 1967 1/72 40 Other Buildings / Improvements — 183 — 182 1 183 156 27 — Total Shopping Centers 835,537 482,444 420,132 889,818 8,031 1,317,981 456,197 861,784 597,990 Mixed-Use Properties Avenel Business Park, Gaithersburg, MD 21,459 37,788 3,756 55,491 — 59,247 42,385 16,862 22,906 1984, 1986,1990, 1998 & 2000 12/84, 8/85, 2/86, 4/98 & 10/2000 35 & 40 Clarendon Center, Arlington, VA (1) 12,753 187,682 16,287 184,148 — 200,435 60,798 139,637 86,264 2010 7/73, 1/96 & 4/02 50 Park Van Ness, Washington, DC 2,242 91,855 2,242 91,855 — 94,097 18,384 75,713 62,813 2016 7/73, 2/11 50 601 Pennsylvania Ave., Washington, DC 5,479 69,446 5,667 69,258 — 74,925 59,832 15,093 — 1986 7/73 35 The Waycroft, Arlington, VA 52,067 228,070 53,618 226,519 — 280,137 18,241 261,896 152,679 2017 8/14, 12/14, 9/15, 8/16, 50 Washington Square, Alexandria, VA 2,034 58,345 544 59,835 — 60,379 32,638 27,741 52,030 1952 & 2000 7/73 50 Total Mixed-Use Properties 96,034 673,186 82,114 687,106 — 769,220 232,278 536,942 376,692 Development Land Ashland Square Phase II, Manassas, VA 5,292 5,033 7,049 — 3,276 10,325 — 10,325 — 12/04 New Market, New Market, MD 2,088 146 2,234 — — 2,234 — 2,234 — 9/05 Hampden House, Bethesda, MD 39,641 41,063 — — 80,704 80,704 — 80,704 — 10/18, 12/18 Twinbrook, Rockville, MD 110,021 117,651 — — 227,672 227,672 — 227,672 — 12/14, 03/21 Total Development Land 157,042 163,893 9,283 — 311,652 320,935 — 320,935 — Total $ 1,088,613 $ 1,319,523 $ 511,529 $ 1,576,924 $ 319,683 $ 2,408,136 $ 688,475 $ 1,719,661 $ 974,682 (1) Includes the North and South Blocks and Residential (2) Amounts do not include deferred debt and therefore will not match the Consolidated Balance Sheet Depreciation and amortization related to the real estate investments reflected in the statements of operations is calculated over the estimated useful lives of the assets as follows: Base building Generally 35 - 50 years or a shorter period if management determines that the building has a shorter useful life. Building components Up to 20 years Tenant improvements The shorter of the term of the lease or the useful life of the improvements The aggregate remaining net basis of the real estate investments for federal income tax purposes was approximately $1.61 billion at December 31, 2022. Depreciation and amortization are provided on the declining balance and straight-line methods over the estimated useful lives of the assets. The changes in total real estate investments and related accumulated depreciation for each of the years in the three year period ended December 31, 2022 are summarized as follows: (In thousands) 2022 2021 2020 Total real estate investments: Balance, beginning of year $ 2,284,126 $ 2,124,796 $ 2,081,597 Acquisitions — 108,279 — Improvements 130,300 54,177 45,396 Retirements (6,290) (3,126) (2,197) Balance, end of year $ 2,408,136 $ 2,284,126 $ 2,124,796 Total accumulated depreciation: Balance, beginning of year $ 650,113 $ 607,706 $ 563,474 Depreciation expense 44,636 45,487 45,865 Retirements (6,274) (3,080) (1,633) Balance, end of year $ 688,475 $ 650,113 $ 607,706

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2022
Accounting Policies [Abstract]
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. The most significant estimates and assumptions relate to impairment of real estate properties and collectability of operating lease receivables. Actual results could differ from those estimates.
Real Estate Investment Properties	Real Estate Investment Properties Real estate investment properties are stated at historic cost less depreciation. Although the Company intends to own its real estate investment properties over a long term, from time to time it will evaluate its market position, market conditions, and other factors and may elect to sell properties that do not conform to the Company’s investment profile. Management believes that the Company’s real estate assets have generally appreciated in value since their acquisition or development and, accordingly, the aggregate current value exceeds their aggregate net book value and also exceeds the value of the Company’s liabilities as reported in the financial statements. Because the financial statements are prepared in conformity with GAAP, they do not report the current value of the Company’s real estate investment properties. If there is an event or change in circumstance that indicates a potential impairment in the value of a real estate investment property, the Company prepares an analysis to determine whether the carrying value of the real estate investment property exceeds its estimated fair value. The Company considers both quantitative and qualitative factors including recurring operating losses, significant decreases in occupancy, and significant adverse changes in legal factors and business climate. If impairment indicators are present, the Company compares the projected cash flows of the property over its remaining useful life, on an undiscounted basis, to the carrying value of that property. The Company assesses its undiscounted projected cash flows based upon estimated capitalization rates, historic operating results and market conditions that may affect the property. If the carrying value is greater than the undiscounted projected cash flows, the Company would recognize an impairment loss equivalent to an amount required to adjust the carrying amount to its then estimated fair value. The fair value of any property is sensitive to the actual results of any of the aforementioned estimated factors, either individually or taken as a whole. Should the actual results differ from management’s projections, the valuation could be negatively or positively affected. The Company did not recognize an impairment loss on any of its real estate in 2022, 2021, or 2020. Depreciation is calculated using the straight-line method and estimated useful lives of generally between 35 and 50 years for base buildings, or a shorter period if management determines that the building has a shorter useful life, and up to 20 years for certain other improvements that extend the useful lives. Leasehold improvements expenditures are capitalized when certain criteria are met, including when the Company supervises construction and will own the improvements. Tenant improvements are amortized, over the shorter of the lives of the related leases or the useful life of the improvement, using the straight-line method. Depreciation expense, which is included in Depreciation and amortization of deferred leasing costs in the Consolidated Statements of Operations, for the years ended December 31, 2022, 2021, and 2020, was $44.6 million, $45.5 million, and $45.9 million, respectively. Repairs and maintenance expense totaled $15.2 million, $13.5 million, and $11.1 million for 2022, 2021, and 2020, respectively, and is included in property operating expenses in the accompanying consolidated financial statements.
Assets Held for Sale	Assets Held for Sale The Company considers properties to be assets held for sale when all of the following criteria are met: • management commits to a plan to sell a property; • it is unlikely that the disposal plan will be significantly modified or discontinued; • the property is available for immediate sale in its present condition; • actions required to complete the sale of the property have been initiated; • sale of the property is probable and the Company expects the completed sale will occur within one year; and • the property is actively being marketed for sale at a price that is reasonable given its current market value.
Revenue Recognition	Revenue Recognition We lease Shopping Centers and Mixed-Use Properties to lessees in exchange for monthly payments that cover rent, and where applicable, reimbursement for property taxes, insurance, and certain property operating expenses. Our leases were determined to be operating leases and generally range in term from one Some of our leases have termination options and/or extension options. Termination options allow the lessee to terminate the lease prior to the end of the lease term, provided certain conditions are met. Termination options generally require advance notification from the lessee and payment of a termination fee. Termination fees are recognized as revenue over the modified lease term. Extension options are subject to terms and conditions stated in the lease. Rental and interest income are accrued as earned. Recognition of rental income commences when control of the space has been given to the tenant. When rental payments due under leases vary from a straight-line basis because of free rent periods or stepped increases, income is recognized on a straight-line basis. Expense recoveries represent a portion of property operating expenses billed to the tenants, including common area maintenance, real estate taxes and other recoverable costs. Upon adoption of ASU 2016-02, we made a policy election not to separate lease and nonlease components and have accounted for each lease component and the related nonlease components together as a single component. Expense recoveries are recognized in the period in which the expenses are incurred. Rental income based on a tenant’s revenue (“percentage rent”) is accrued when a tenant reports sales that exceed a specified breakpoint, pursuant to the terms of their respective leases. Due to the business disruptions and challenges severely affecting the global economy caused by the novel strain of coronavirus (“COVID-19”) pandemic, some lessees have requested rent relief, including rent deferrals and other lease concessions. The lease modification guidance in ASU 2016-02 does not contemplate the rapid execution of concessions for multiple tenants in response to sudden liquidity constraints of lessees. In April 2020, the FASB staff issued a question and answer document that provided guidance allowing the Company to elect to either apply the lease modification accounting framework or not, with such election applied consistently to leases with similar characteristics and similar circumstances. The Company has elected to apply such relief, which, in the case of rent deferrals, results in the accrual of rent due from tenants and defers the payment of that rent to a future date, and will monitor the collectability of rent receivables.
Accounts Receivable, Accrued Income, and Allowance for Doubtful Accounts	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
Deferred Leasing Costs	Deferred Leasing CostsDeferred leasing costs primarily consist of initial direct costs incurred in connection with successful property leasing and amounts attributed to in place leases associated with acquired properties. Such amounts are capitalized and amortized, using the straight-line method, over the term of the lease or the remaining term of an acquired lease. Initial direct costs primarily consist of leasing commissions, costs paid to external third-party brokers, and internal lease commissions that are incremental to obtaining a lease and would not have been incurred if the lease had not been obtained. Unamortized deferred costs are charged to expense if the applicable lease is terminated prior to expiration of the initial lease term.
Cash and Cash Equivalents	Cash and Cash Equivalents Cash and cash equivalents include short-term investments. Short-term investments include money market accounts and other investments which generally mature within three months, measured from the acquisition date, and/or are readily convertible to cash. Substantially all of the Company’s cash balances at December 31, 2022 are held in accounts at various banks. From time to time the Company may maintain deposits with financial institutions in amounts in excess of federally insured limits. The Company has not experienced any losses on such deposits and believes it is not exposed to any significant credit risk on those deposits.
Deferred Income	Deferred Income Deferred income consists of payments received from tenants prior to the time they are earned and recognized by the Company as revenue, including tenant prepayment of rent for future periods, real estate taxes when the taxing jurisdiction has a fiscal year differing from the calendar year reimbursements specified in the lease agreement and tenant construction work provided by the Company. In addition, deferred income includes unamortized balances that represent the fair value of certain below market leases determined as of the date of acquisition.
Derivative Financial Instruments	Derivative Financial Instruments The Company may, when appropriate, employ derivative instruments, such as interest-rate swaps, to mitigate the risk of interest rate fluctuations. The Company does not enter into derivative or other financial instruments for trading or speculative purposes. Derivative financial instruments are carried at fair value as either assets or liabilities on the consolidated balance sheets. For those derivative instruments that qualify, the Company may designate the hedging instrument, based upon the exposure being hedged, as a fair value hedge or a cash flow hedge. Derivative instruments that are designated as a hedge are evaluated to ensure they continue to qualify for hedge accounting. The effective portion of any gain or loss on the hedge instruments is reported as a component of accumulated other comprehensive income (loss) and recognized in earnings within the same line item associated with the forecasted transaction in the same period or periods during which the hedged transaction affects earnings. Any ineffective portion of the change in fair value of a derivative instrument is immediately recognized in earnings. For derivative instruments that do not meet the criteria for hedge accounting, or that qualify and are not designated, changes in fair value are immediately recognized in earnings.
Income Taxes	Income Taxes The Company made an election to be treated, and intends to continue operating so as to qualify, as a REIT under the Code, commencing with its taxable year ended December 31, 1993. A REIT generally will not be subject to federal income taxation, provided that distributions to its stockholders equal or exceed its REIT taxable income and complies with certain other requirements. Therefore, no provision has been made for federal income taxes in the accompanying consolidated financial statements.
Legal Contingencies	Legal Contingencies The Company is subject to various legal proceedings and claims that arise in the ordinary course of business, which are generally covered by insurance. Upon determination that a loss is probable to occur and can be reasonably estimated, the estimated amount of the loss is recorded in the financial statements.
Recently Issued Accounting Standards	Recently Issued Accounting Standards Recently issued accounting standards or pronouncements have been excluded because they are either not relevant to the Company or they are expected not to have a material impact on the Consolidated Financial Statements of the Company.
Reclassifications	ReclassificationsCertain reclassifications have been made to prior years to conform to the presentation used for the year ended December 31, 2022.

Accounting Policies (Tables)

Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2022
Accounting Policies [Abstract]
Schedule of Accounts, Notes, Loans and Financing Receivable	t December 31, 2022 and December 31, 2021, accounts receivable was comprised of: (In thousands) December 31, 2022 December 31, 2021 Rents currently due $ 8,433 $ 8,484 Deferred rents 1,042 2,872 Straight-line rent 45,815 46,681 Other receivables 2,706 3,704 Reserve for credit losses on operating lease receivables (1,673) (3,082) Total $ 56,323 $ 58,659

Real Estate (Tables)

Real Estate (Tables)	12 Months Ended
	Dec. 31, 2022
Real Estate [Abstract]
Schedule of Construction in Progress	The following table shows the components of construction in progress. December 31, (in thousands) 2022 2021 Twinbrook Quarter $ 227,672 $ 138,069 Hampden House 80,704 56,898 Other 11,307 10,944 Total $ 319,683 $ 205,911
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense	As of December 31, 2022, scheduled amortization of intangible assets and deferred income related to in place leases is as follows: (In thousands) Lease acquisition costs Above market leases Below market leases 2023 $ 316 $ 33 $ 1,297 2024 199 33 878 2025 153 33 601 2026 131 33 509 2027 121 33 507 Thereafter 593 244 2,237 Total $ 1,513 $ 409 $ 6,029

Notes Payable, Bank Credit Fa_2

Notes Payable, Bank Credit Facility, Interest Expense and Amortization of Deferred Debt Costs (Tables)	12 Months Ended
	Dec. 31, 2022
Debt Disclosure [Abstract]
Schedule of Maturities of Long-term Debt	As of December 31, 2022, the scheduled maturities of all debt including scheduled principal amortization for years ended December 31 are as follows: (in thousands) Balloon Scheduled Total 2023 $ 9,225 $ 32,926 $ 42,151 2024 50,117 33,566 83,683 2025 184,363 (a) 31,423 215,786 2026 134,088 28,062 162,150 2027 100,000 (b) 23,454 123,454 Thereafter 440,093 171,366 611,459 Principal amount $ 917,886 $ 320,797 1,238,683 Unamortized deferred debt costs 15,783 Net $ 1,222,900 (a) Includes $164.0 million outstanding under the Credit Facility.
Schedule of Interest Costs Incurred	The components of interest expense are set forth below. (in thousands) Year ended December 31, 2022 2021 2020 Interest incurred $ 53,219 $ 50,552 $ 51,705 Amortization of deferred debt costs 1,985 1,710 1,570 Capitalized interest (11,191) (6,831) (6,616) Interest expense 44,013 45,431 46,659 Less: Interest income 76 7 140 Interest expense, net and amortization of deferred debt costs $ 43,937 $ 45,424 $ 46,519

Lease Agreements (Tables)

Lease Agreements (Tables)	12 Months Ended
	Dec. 31, 2022
Leases [Abstract]
Lessor, Operating Lease, Payment to be Received, Fiscal Year Maturity	Future contractual payments under noncancelable leases for years ended December 31 (which exclude the effect of straight-line rents), are as follows: (in thousands) 2023 $ 168,994 2024 150,313 2025 126,360 2026 101,571 2027 82,878 Thereafter 318,265 $ 948,381

Equity and Noncontrolling Int_2

Equity and Noncontrolling Interest Equity Weighted Average Shares Outstanding (Tables)	12 Months Ended
	Dec. 31, 2022
Noncontrolling Interest [Abstract]
Schedule of Weighted Average Number of Shares	Per share data for net income (basic and diluted) is computed using weighted average shares of common stock. Convertible limited partnership units and employee stock options are the Company’s potentially dilutive securities. For all periods presented, the convertible limited partnership units are anti-dilutive. The treasury stock method was used to measure the effect of the dilution. December 31, (Shares in thousands) 2022 2021 2020 Weighted average common shares outstanding - Basic 23,964 23,655 23,356 Effect of dilutive options 8 7 1 Weighted average common shares outstanding - Diluted 23,972 23,662 23,357 Average share price $ 46.21 $ 43.53 $ 33.84 Non-dilutive options 1,438 1,360 1,439 Years non-dilutive options were issued 2013 through 2022 2013 through 2021 2014 through 2020

Stock Option Plan (Tables)

Stock Option Plan (Tables)	12 Months Ended
	Dec. 31, 2022
Share-Based Payment Arrangement [Abstract]
Stock Options Issued	Directors Officers Grant date May 13, 2022 May 7, 2021 April 24, 2020 May 13, 2022 May 7, 2021 April 24, 2020 Exercise price $ 47.90 $ 43.89 $ 50.00 $ 47.90 $ 43.89 $ 50.00 Fair value per option $ 8.34 $ 6.32 $ 0.84 $ 7.66 $ 5.96 $ 0.92 Volatility 30.00 % 29.70 % 25.80 % 27.10 % 27.50 % 24.00 % Expected life (years) 5.0 5.0 5.0 7.0 7.0 7.0 Assumed yield 4.90% 4.96% 3.80% 4.93% 4.97% 3.85% Risk-free rate 2.89% 0.77% 0.36% 2.95% 1.24% 0.51%
Summary of Option Activity	The table below summarizes the option activity for the years 2022, 2021, and 2020: 2022 2021 2020 Shares Weighted Shares Weighted Shares Weighted Outstanding at January 1 1,601,250 $ 51.73 1,502,670 $ 52.86 1,309,614 $ 53.38 Granted 248,000 47.90 250,500 43.89 238,000 50.00 Exercised (26,875) 44.44 (64,920) 45.07 (10,749) 49.19 Expired/Forfeited (54,000) 52.60 (87,000) 53.60 (34,195) 54.09 Outstanding December 31 1,768,375 51.28 1,601,250 51.73 1,502,670 52.86 Exercisable at December 31 1,237,250 52.76 1,098,500 53.22 971,545 53.01

Derivatives and Hedging Activ_2

Derivatives and Hedging Activities (Tables)	12 Months Ended
	Dec. 31, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value	The table below details the fair value and location of the interest rate swaps as of December 31, 2022 and 2021. (In thousands) Fair Values of Derivative Instruments December 31, 2022 2021 Derivative Instrument Balance Sheet Location Fair Value Balance Sheet Location Fair Value Interest rate swaps Other Assets $ 3,962 N/A N/A
Schedule of Derivative Instruments, Effect on Other Comprehensive Income (Loss)	(In thousands) The Effect of Hedge Accounting on Other Comprehensive Income (OCI) Amount of Gain (or Loss) Location of Gain (or Loss) Reclassified from OCI into Income Amount of Gain (or Loss) Reclassified from OCI into Income For the Years Ended December 31, Derivative Instrument 2022 2021 2020 2022 2021 2020 2022 2021 2020 Interest rate swaps $ 4,139 $— $— Interest expense, net and amortization of deferred debt costs N/A N/A $ 177 N/A N/A

Distributions (Tables)

Distributions (Tables)	12 Months Ended
	Dec. 31, 2022
Equity [Abstract]
Dividends Paid	The following summarizes distributions paid during the years ended December 31, 2022, 2021, and 2020, and includes activity in the Plan as well as limited partnership units issued from the reinvestment of unit distributions: Total Distributions to Dividend Reinvestments (Dollars in thousands, except per share amounts) Preferred Common Limited Common Discounted Limited Partnership Units Issued Average Unit Price Distributions during 2022 4th Quarter $ 2,798 $ 14,159 $ 5,486 13,698 $ 39.70 — $ — 3rd Quarter 2,799 14,156 5,486 10,577 50.80 — — 2nd Quarter 2,798 13,625 5,292 57,819 51.61 12,955 51.55 1st Quarter 2,799 13,583 5,284 61,863 47.66 13,704 48.16 Total 2022 $ 11,194 $ 55,523 $ 21,548 143,957 26,659 Distributions during 2021 4th Quarter $ 2,798 $ 13,037 $ 4,702 63,970 $ 45.46 13,697 $ 45.95 3rd Quarter 2,799 12,999 4,694 65,171 44.44 13,841 44.92 2nd Quarter 2,798 12,488 4,218 68,206 41.87 13,978 42.33 1st Quarter 2,799 12,439 4,207 96,268 29.50 19,493 29.83 Total 2021 $ 11,194 $ 50,963 $ 17,821 293,615 61,009 Distributions during 2020 4th Quarter $ 2,798 $ 12,371 $ 4,195 117,368 $ 24.08 23,370 $ 24.35 3rd Quarter 2,799 12,373 4,188 14,525 28.98 13,108 29.47 2nd Quarter 2,798 12,364 4,188 12,627 32.22 — — 1st Quarter 2,799 12,275 4,180 83,978 48.59 15,101 49.40 Total 2020 $ 11,194 $ 49,383 $ 16,751 228,498 51,579

Business Segments (Tables)

Business Segments (Tables)	12 Months Ended
	Dec. 31, 2022
Segment Reporting [Abstract]
Schedule of Business Segments	SAUL CENTERS, INC. (In thousands) Shopping Mixed-Use Corporate Consolidated As of or for the year ended December 31, 2022 Centers Properties and Other Totals Real estate rental operations: Revenue $ 172,055 $ 73,805 $ — $ 245,860 Expenses (36,895) (27,627) — (64,522) Income from real estate 135,160 46,178 — 181,338 Interest expense, net and amortization of deferred debt costs — — (43,937) (43,937) General and administrative — — (22,392) (22,392) Depreciation and amortization of deferred leasing costs (28,359) (20,610) — (48,969) Loss on early extinguishment of debt — — (648) (648) Net income (loss) $ 106,801 $ 25,568 $ (66,977) $ 65,392 Capital investment $ 8,412 $ 108,476 $ — $ 116,888 Total assets $ 928,071 $ 885,500 $ 19,731 $ 1,833,302 As of or for the year ended December 31, 2021 Real estate rental operations: Revenue $ 169,681 $ 69,544 $ — $ 239,225 Expenses (35,784) (25,844) — (61,628) Income from real estate 133,897 43,700 — 177,597 Interest expense, net and amortization of deferred debt costs — — (45,424) (45,424) General and administrative — — (20,252) (20,252) Depreciation and amortization of deferred leasing costs (28,843) (21,429) — (50,272) Net income (loss) $ 105,054 $ 22,271 $ (65,676) $ 61,649 Capital investment $ 12,673 $ 43,245 $ — $ 55,918 Total assets $ 946,993 $ 777,709 $ 22,059 $ 1,746,761 As of or for the year ended December 31, 2020 Real estate rental operations: Revenue $ 161,854 $ 63,353 $ — $ 225,207 Expenses (35,198) (23,219) — (58,417) Income from real estate 126,656 40,134 — 166,790 Interest expense, net and amortization of deferred debt costs — — (46,519) (46,519) General and administrative — — (19,107) (19,107) Depreciation and amortization of deferred leasing costs (30,891) (20,235) — (51,126) Gain on sale of property 278 — — 278 Net income (loss) $ 96,043 $ 19,899 $ (65,626) $ 50,316 Capital investment $ 15,207 $ 40,947 $ — $ 56,154 Total assets $ 975,195 $ 643,503 $ 26,874 $ 1,645,572

Organization, Basis of Presen_2

Organization, Basis of Presentation - Additional Information (Detail)	12 Months Ended
	Dec. 31, 2022 store property partnership tenant
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items]
Distribution of REIT taxable income (excluding net capital gains) to its stockholders	90%
Number of partnerships | partnership	2
Number of stores | store	33
Saul Holdings Limited Partnership
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items]
Percentage of ownership in operating partnership	72%
Shopping Centers
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items]
Number of real estate properties	50
Mixed-Use Properties
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items]
Number of real estate properties	7
Non-operating Development Properties
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items]
Number of real estate properties	4
Revenue Benchmark
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items]
Number of tenants | tenant	1
Percentage of total revenue	2.50%
Revenue Benchmark | Giant Food
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items]
Number of stores | store	11
Percentage of total revenue	5.10%

Summary of Significant Accoun_3

Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Significant Accounting Policies [Line Items]
Depreciation and amortization of deferred leasing costs	$ 44,636,000	$ 45,487,000	$ 45,865,000
Repairs and maintenance expense	15,200,000	13,500,000	11,100,000
Impairment of real estate	0
Rental revenue, charge offs	4,614
Deferred leasing costs, net	22,388,000	24,005,000
Accumulated amortization deferred leasing cost	(51,300,000)	(48,700,000)
Amortization of other deferred charges	4,300,000	4,700,000	5,200,000
Accrued penalties and interest	0	0	$ 0
Real estate investments for federal income tax	$ 1,610,000,000	$ 1,640,000,000
Minimum
Significant Accounting Policies [Line Items]
Operating lease term of contract	1 year
Minimum | Building
Significant Accounting Policies [Line Items]
Buildings and improvements depreciable lives in years	35 years
Maximum
Significant Accounting Policies [Line Items]
Operating lease term of contract	15 years
Maximum | Building
Significant Accounting Policies [Line Items]
Buildings and improvements depreciable lives in years	50 years
Maximum | Building Improvements
Significant Accounting Policies [Line Items]
Buildings and improvements depreciable lives in years	20 years

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Schedule of Accounts Receivable (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Accounts, Notes, Loans and Financing Receivable [Line Items]
Reserve for credit losses on operating lease receivables	$ (1,673)	$ (3,082)
Total	56,323	58,659
Rents currently due
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable, before allowance for credit loss	8,433	8,484
Deferred rents
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable, before allowance for credit loss	1,042	2,872
Straight-line rent
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable, before allowance for credit loss	45,815	46,681
Other receivables
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable, before allowance for credit loss	$ 2,706	$ 3,704

Real Estate - Schedule of Const

Real Estate - Schedule of Construction in Progress (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Real Estate [Line Items]
Development in process	$ 319,683	$ 205,911
Twinbrook Quarter
Real Estate [Line Items]
Development in process	227,672	138,069
Hampden House
Real Estate [Line Items]
Development in process	80,704	56,898
Other
Real Estate [Line Items]
Development in process	$ 11,307	$ 10,944

Real Estate - Additional Inform

Real Estate - Additional Information (Detail)			12 Months Ended
	Jun. 29, 2021 USD ($) shares	Mar. 15, 2021 USD ($)	Dec. 31, 2022 USD ($) shares	Dec. 31, 2021 USD ($) shares	Dec. 31, 2020 USD ($)	Mar. 05, 2021 USD ($) a	Dec. 31, 2019 USD ($)	Nov. 05, 2019 a
Real Estate Properties [Line Items]
Lessee, operating lease, incremental borrowing rate			5.63%
Finance lease, right-of-use asset, amortization				$ 104,000
Finance lease, interest expense				362,800
Total purchase price			$ 2,408,136,000	2,284,126,000	$ 2,124,796,000		$ 2,081,597,000
Below market lease, carrying amount			23,300,000	23,300,000
Below market lease, accumulated amortization			17,300,000	16,000,000
Accretion income, intangible liabilities			1,300,000	1,400,000	1,400,000
Leasehold Interest Contributed In Contribution Agreement
Real Estate Properties [Line Items]
Asset acquisition, consideration transferred	$ 21,500,000
Payments to acquire businesses, gross	$ 700,000
Lease acquisition costs
Real Estate Properties [Line Items]
Intangible assets gross carrying amount			10,700,000	11,000,000
Intangible assets, accumulated amortization			9,200,000	9,100,000
Amortization expense			$ 400,000	500,000	600,000
Weighted-average amortization period			4 years 7 months 6 days
Above Market Leases
Real Estate Properties [Line Items]
Intangible assets gross carrying amount			$ 600,000	600,000
Intangible assets, accumulated amortization			194,800	161,800
Amortization expense			$ 32,900	32,900	$ 43,600
Weighted-average amortization period			6 years 3 months 18 days
Below Market Leases
Real Estate Properties [Line Items]
Weighted-average amortization period			4 years 10 months 24 days
2018 Acquisitions
Real Estate Properties [Line Items]
Total purchase price				$ 108,300,000
Limited Partner | Leasehold Interest Contributed In Contribution Agreement
Real Estate Properties [Line Items]
Stock issued during period, shares, acquisitions | shares	469,740
Contribution Agreement
Real Estate Properties [Line Items]
Business acquisition, transaction costs						$ 1,200,000
Right-of-use asset obtained in exchange for finance lease liability		$ 19,400,000
Finance lease, liability						$ 19,400,000
Contribution Agreement | BF Saul Real Estate Investment Trust
Real Estate Properties [Line Items]
Area of land | a								10.3
Twinbrook Metro Station
Real Estate Properties [Line Items]
Stock issued during period, shares, acquisitions | shares				469,740,000
Twinbrook Metro Station | Restricted Stock Units (RSUs)
Real Estate Properties [Line Items]
Stock issued during period, shares, acquisitions | shares			1,416,071,000
Twinbrook Metro Station | Contribution Agreement | BF Saul Real Estate Investment Trust
Real Estate Properties [Line Items]
Area of land | a						6.8		6.8
Twinbrook Metro Station Leasehold Interest | Contribution Agreement | BF Saul Real Estate Investment Trust
Real Estate Properties [Line Items]
Area of land | a						1.3		1.3
Twinbrook Quarter
Real Estate Properties [Line Items]
Business acquisition, expenses reimbursed						$ 7,400,000

Real Estate - Amortization of I

Real Estate - Amortization of Intangible Assets and Deferred Income Related to in Place Leases (Detail) $ in Thousands	Dec. 31, 2022 USD ($)
Below market leases
2023	$ 1,297
2024	878
2025	601
2026	509
2027	507
Thereafter	2,237
Total	6,029
Lease acquisition costs
Finite-Lived Intangible Assets [Line Items]
2023	316
2024	199
2025	153
2026	131
2027	121
Thereafter	593
Total	1,513
Above market leases
Finite-Lived Intangible Assets [Line Items]
2023	33
2024	33
2025	33
2026	33
2027	33
Thereafter	244
Total	$ 409

Noncontrolling Interests - Ho_2

Noncontrolling Interests - Holders of Convertible Limited Partnership Units in the Operating Partnership - Additional Information (Detail)	12 Months Ended
	Dec. 31, 2022 shares	Dec. 31, 2021 shares	Dec. 31, 2020 shares
Noncontrolling Interests
Noncontrolling Interest [Line Items]
Limited partnership units (in shares)	8,827,873
Limited partnership units, conversion ratio	1
Outstanding stock percent that should be acquired for rights to be exercised	39.90%
Limited partnership units convertible to shares of common stock, eligible for conversion	411,000
Fully converted partnership units and diluted weighted average shares outstanding	34,000,000	33,100,000	31,300,000
Partners capital account units placed In escrow (in shares)	708,035
Saul Holdings Limited Partnership
Noncontrolling Interest [Line Items]
Percentage of ownership in operating partnership	72%
Saul Holdings Limited Partnership | Noncontrolling Interests
Noncontrolling Interest [Line Items]
Percentage of ownership interest of noncontrolling interest	26.60%
Limited partnership units, conversion ratio	1
Third Party Investor
Noncontrolling Interest [Line Items]
Percentage of ownership interest of noncontrolling interest	1.40%

Notes Payable, Bank Credit Fa_3

Notes Payable, Bank Credit Facility, Interest Expense and Amortization of Deferred Debt Costs - Additional Information (Detail)

12 Months Ended

Sep. 06, 2022 USD ($)

Aug. 24, 2022 USD ($)

Aug. 04, 2022 USD ($)

Jun. 07, 2022 USD ($)

Mar. 11, 2022 USD ($)

Nov. 19, 2021 USD ($)

Jun. 11, 2021 USD ($)

Jan. 05, 2021 USD ($)

Dec. 31, 2022 USD ($)

Dec. 31, 2021 USD ($)

Dec. 31, 2020 USD ($)

Oct. 01, 2030

Oct. 01, 2027

Aug. 23, 2022 USD ($) swap

Feb. 23, 2022 USD ($)

Debt Instrument [Line Items]

Outstanding debt

$ 1,200,000,000

Fixed rate mortgages

961,577,000

$ 941,456,000

Variable rate debt

161,941,000

103,167,000

Long-term debt repayments of principal and balloon payments

1,238,683,000

1,200,000,000

Debt outstanding with fixed-rate

949,000,000

Debt outstanding with variable-rate

206,000,000

Term loan facility payable

99,382,000

99,233,000

Number of interest rate swaps | swap

2

Repayments of secured debt

174,096,000

42,641,000

$ 45,654,000

Loss on early extinguishment of debt

648,000

0

0

Remaining loan balance

320,797,000

Payment for debt extinguishment or debt prepayment cost

593,000

0

0

Unamortized deferred debt costs

15,783,000

11,200,000

Accumulated amortization

7,900,000

7,700,000

Capitalization of debt issuance cost

9,900,000

6,400,000

$ 1,200,000

Interest rate swaps

Debt Instrument [Line Items]

Derivative asset

$ 4,000,000

Revolving Credit Facility | Secured Overnight Financing Rate (SOFR)

Debt Instrument [Line Items]

Interest rate spread on LIBOR

0.10%

Revolving Credit Facility | London Interbank Offered Rate (LIBOR)

Debt Instrument [Line Items]

Interest rate spread on LIBOR

1.40%

Term Facility | London Interbank Offered Rate (LIBOR)

Debt Instrument [Line Items]

Interest rate spread on LIBOR

1.35%

Unsecured Revolving Credit Facility

Debt Instrument [Line Items]

Available borrowing capacity

$ 212,100,000

Term loan facility payable

264,000,000

Letter of Credit

Debt Instrument [Line Items]

Term loan facility payable

185,000

Line of Credit

Debt Instrument [Line Items]

Line of credit facility, maximum borrowing capacity

525,000,000

Line of Credit | Revolving Credit Facility

Debt Instrument [Line Items]

Line of credit facility, maximum borrowing capacity

425,000,000

Line of Credit | Term Facility

Debt Instrument [Line Items]

Line of credit facility, maximum borrowing capacity

100,000,000

Mortgages | Jamestown Place

Debt Instrument [Line Items]

Payment for debt extinguishment or debt prepayment cost

$ 6,100,000

Mortgages | Hunt Club Corners

Debt Instrument [Line Items]

Payment for debt extinguishment or debt prepayment cost

$ 5,000,000

Mortgage Notes Payable

Debt Instrument [Line Items]

Guarantor obligations, maximum exposure

2,000,000

41,000,000

Fixed rate mortgage notes payable

Debt Instrument [Line Items]

Fixed rate mortgages

1,070,000,000

949,000,000

Variable rate loans payable

Debt Instrument [Line Items]

Variable rate debt

$ 164,000,000

Term Loan | Secured Debt

Debt Instrument [Line Items]

Line of credit facility, maximum borrowing capacity

$ 100,000,000

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

Debt Instrument [Line Items]

Derivative, notional amount

50,000,000

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

Debt Instrument [Line Items]

Derivative, notional amount

$ 50,000,000

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

Debt Instrument [Line Items]

Derivative, fixed interest rate

2.91%

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

Debt Instrument [Line Items]

Derivative, fixed interest rate

2.96%

Construction-to-Permanent Loan | Secured Debt

Debt Instrument [Line Items]

Loan amount

$ 133,000,000

Loan fixed interest rate

3.90%

Amortization schedule

25 years

Lansdowne Town Center Mortgage | Mortgages

Debt Instrument [Line Items]

Repayments of secured debt

$ 28,300,000

Orchard Park Mortgage | Mortgages

Debt Instrument [Line Items]

Repayments of secured debt

$ 8,600,000

Village Center Loan | Mortgages

Debt Instrument [Line Items]

Loan amount

$ 25,300,000

Loan fixed interest rate

4.14%

Amortization schedule

25 years

Long-term debt, term

15 years

Loan required periodic principal and interest 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

Great Falls Center Loan | Mortgages

Debt Instrument [Line Items]

Loan amount

$ 31,500,000

Loan fixed interest rate

3.91%

Amortization schedule

25 years

Long-term debt, term

7 years

Loan required periodic principal and interest 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

Beacon Center and Seven Corners Loan | Mortgages

Debt Instrument [Line Items]

Loan amount

$ 143,000,000

Loan fixed interest rate

5.05%

Amortization schedule

25 years

Long-term debt, term

15 years

Loan required periodic principal and interest payment

$ 840,100

Debt instrument, payment at maturity

79,900,000

Repayments of debt

85,300,000

Debt instrument, prepayment penalty

$ 5,900,000

Broadlands Village

Debt Instrument [Line Items]

Guarantor obligations, maximum exposure

$ 3,600,000

Remaining loan balance

28,900,000

Avenel Business Park

Debt Instrument [Line Items]

Guarantor obligations, maximum exposure

6,300,000

Remaining loan balance

22,900,000

Waycroft Construction Loan

Debt Instrument [Line Items]

Guarantor obligations, maximum exposure

23,600,000

Remaining loan balance

152,700,000

Ashbrook Marketplace

Debt Instrument [Line Items]

Remaining loan balance

20,800,000

Kentlands Square I

Debt Instrument [Line Items]

Remaining loan balance

28,200,000

Twinbrook Quarter | 3.80% Fixed Rate Loan Maturing In 2035

Debt Instrument [Line Items]

Loan amount

$ 145,000,000

Amortization schedule

25 years

Twinbrook Quarter | 3.83% Fixed Rate Loan Maturing In 2041

Debt Instrument [Line Items]

Loan fixed interest rate

3.83%

Debt Covenant

Debt Instrument [Line Items]

Notes payable to bank

$ 1,000,000,000

$ 1,100,000,000

Credit agreement leverage ratio

60%

Interest coverage ratio required minimum

2

Required fixed charge coverage ratio

1.4

Notes Payable, Bank Credit Fa_4

Notes Payable, Bank Credit Facility, Interest Expense and Amortization of Deferred Debt Costs - Scheduled Maturities of All Debt, Including Scheduled Principal Amortization (Detail) - USD ($)	Dec. 31, 2022	Dec. 31, 2021
Balloon Payments
2023	$ 9,225,000
2024	50,117,000
2025	184,363,000
2026	134,088,000
2027	100,000,000
Thereafter	440,093,000
Balloon Payments	917,886,000
Scheduled Principal Amortization
2023	32,926,000
2024	33,566,000
2025	31,423,000
2026	28,062,000
2027	23,454,000
Thereafter	171,366,000
Scheduled Principal Amortization	320,797,000
Total
2023	42,151,000
2024	83,683,000
2025	215,786,000
2026	162,150,000
2027	123,454,000
Thereafter	611,459,000
Principal amount	1,238,683,000	$ 1,200,000,000
Unamortized deferred debt costs	15,783,000	$ 11,200,000
Net	1,222,900,000
Line of Credit
Total
Line of credit facility, maximum borrowing capacity	525,000,000
Line of Credit | New Facility
Total
Long-term debt, gross	164,000,000
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 Expense and Amortization of Deferred Debt Costs - Interest Expense and Amortization of Deferred Debt Costs (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Debt Disclosure [Abstract]
Interest incurred	$ 53,219	$ 50,552	$ 51,705
Amortization of deferred debt costs	1,985	1,710	1,570
Capitalized interest	(11,191)	(6,831)	(6,616)
Interest expense	44,013	45,431	46,659
Less: Interest income	76	7	140
Interest expense, net and amortization of deferred debt costs	$ 43,937	$ 45,424	$ 46,519

Lease Agreements - Additional I

Lease Agreements - Additional Information (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Leases [Abstract]
Base rent	$ 201.2	$ 197.9	$ 188.6
Expense recoveries	36	34.5	34.7
Payments for rent	$ 1.6	$ 1.5	$ 0.9

Lease Agreements - Future Contr

Lease Agreements - Future Contractual Payments Under Noncancelable Leases (Detail) $ in Thousands	Dec. 31, 2022 USD ($)
Leases [Abstract]
2023	$ 168,994
2024	150,313
2025	126,360
2026	101,571
2027	82,878
Thereafter	318,265
Total future contractual payments	$ 948,381

Long-Term Lease Obligations - A

Long-Term Lease Obligations - Additional Information (Detail)		12 Months Ended
	Feb. 28, 2022 USD ($)	Dec. 31, 2022 USD ($) property	Dec. 31, 2021 USD ($) property	Dec. 31, 2020 USD ($)
Leases Disclosure [Line Items]
Number of properties subject to noncancelable long-term lease | property		0	0
Rent expense		$ 824,300	$ 799,500	$ 799,300
Operating lease, right-of-use asset, statement of financial position	Other assets	Other assets
Operating lease, liability, statement of financial position	Other Liabilities	Other Liabilities
Lessor, Operating Lease, Term of Contract, Additional Extended Period	60 months
Right-of-use asset	$ 3,800,000	$ 3,200,000
Operating lease liability	$ 3,800,000	$ 3,200,000
Flagship Center
Leases Disclosure [Line Items]
Number of developed parcels | property		2
90-year Ground Leasehold Interest
Leases Disclosure [Line Items]
Ground leasehold interest period		90 years
Minimum annual lease rent over lease term		$ 1
99-year Ground Lease
Leases Disclosure [Line Items]
Ground leasehold interest period		99 years
Minimum annual lease rent over lease term		$ 1
Percent of underlying land held under a 99-year ground lease		3.40%

Equity and Noncontrolling Int_3

Equity and Noncontrolling Interest - Additional Information (Detail) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Class of Stock [Line Items]
Income attributable to noncontrolling interest, before tax	$ 15.2	$ 13.3	$ 9.9
Series D Cumulative Redeemable Preferred Stock
Class of Stock [Line Items]
Depositary shares outstanding	3
Depository shares to cumulative redeemable preferred stock ratio	1%
Percentage of redeemable preferred stock	6.125%
Liquidation preference (in usd per share)	$ 25
Annual dividend on depositary shares (in usd per share)	$ 1.53125
Series E Cumulative Redeemable Preferred Stock
Class of Stock [Line Items]
Depositary shares outstanding	4.4
Depository shares to cumulative redeemable preferred stock ratio	1%
Percentage of redeemable preferred stock	6%
Liquidation preference (in usd per share)	$ 25
Annual dividend on depositary shares (in usd per share)	$ 1.50

Equity and Noncontrolling Int_4

Equity and Noncontrolling Interest - Per Share Data (Details) - $ / shares shares in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Class of Stock [Line Items]
Weighted average common shares outstanding - Basic	23,964	23,655	23,356
Effect of dilutive options (in shares)	8	7	1
Weighted average common shares outstanding - Diluted	23,972	23,662	23,357
Average share price (in usd per share)	$ 46.21	$ 43.53	$ 33.84
Options
Class of Stock [Line Items]
Non-dilutive options (in shares)	1,438	1,360	1,439

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Detail)			1 Months Ended	12 Months Ended
	Jun. 30, 2021 shares	May 09, 2018 shares	Aug. 31, 2016 a	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)	Mar. 05, 2021 a	Nov. 05, 2019 a
Related Party Transaction [Line Items]
Company contribution to a multi employer 401K plan at discretionary amount of employee's cash compensation, maximum percentage				6%	6%	6%
Company contribution to a multi employer 401K plan at discretionary amount of employee's cash compensation, amount				$ 387,700	$ 404,300	$ 302,000
Deferred compensation, employee contribution, percentage				2%
Deferred compensation, employer contribution, percentage				3	3	3
Deferred compensation, company contribution, amount				$ 337,900	$ 238,400	$ 241,300
Deferred compensation, cumulative unfunded liability				3,000,000	3,200,000
Ancillary costs and expenses				9,600,000	8,000,000	7,400,000
Liability due to the Saul Organization for the company's share of these ancillary costs and expenses				1,200,000	1,100,000
Insurance commissions and fees expense				$ 286,900	$ 397,900	$ 427,700
Contribution Agreement | BF Saul Real Estate Investment Trust
Related Party Transaction [Line Items]
Area of land | a								10.3
Twinbrook Metro Station | Contribution Agreement | BF Saul Real Estate Investment Trust
Related Party Transaction [Line Items]
Area of land | a							6.8	6.8
Twinbrook Metro Station Leasehold Interest | Contribution Agreement | BF Saul Real Estate Investment Trust
Related Party Transaction [Line Items]
Area of land | a							1.3	1.3
Ashbrook Marketplace | BF Saul Real Estate Investment Trust
Related Party Transaction [Line Items]
Area of real estate property | a			13.7
Limited partnership units issued (in shares) | shares	93,674	176,680

Stock Option Plan - Additional

Stock Option Plan - Additional Information (Detail)					12 Months Ended
	May 13, 2022 USD ($) person $ / shares shares	May 07, 2021 USD ($) person $ / shares shares	Dec. 31, 2020 shares	Apr. 24, 2020 USD ($) person $ / shares shares	Dec. 31, 2022 USD ($) $ / shares shares	Dec. 31, 2021 USD ($) $ / shares	Dec. 31, 2020 USD ($) $ / shares	Dec. 31, 2004 shares
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Deferred compensation (in shares) | shares			120,824		8,322
Exercise price of options (in usd per share) | $ / shares					$ 47.90	$ 43.89	$ 50
Intrinsic value of options exercised					$ 200,000	$ 400,000	$ 100,000
Intrinsic value of options outstanding					0	4,900,000
Intrinsic value of options exercisable					$ 0	$ 2,300,000
Closing price (in usd per share) | $ / shares					$ 40.68
Allocated share based compensation					$ 1,300,000
Future expense					$ 2,100,000
Weighted average remaining life of options exercisable					4 years 8 months 12 days
Weighted average remaining life of options outstanding					5 years 9 months 18 days
2019 Options
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Exercise price of options (in usd per share) | $ / shares				$ 50
Fair value stock option grant				$ 200,000
2020 Options
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Exercise price of options (in usd per share) | $ / shares		$ 43.89
Closing price (in usd per share) | $ / shares		$ 28.02
Fair value stock option grant		$ 1,400,000
2021 Options
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Exercise price of options (in usd per share) | $ / shares	$ 47.90
Fair value stock option grant	$ 1,800,000
Common Stock
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Shares due to exercise of employee stock options and issuance of directors' deferred stock | shares					7,738
Officer | 2019 Options
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Number of individuals granted options | person				20
Options vested				25%
Fair value stock option grant				$ 200,000
Officer | 2020 Options
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Number of individuals granted options | person		21
Options vested		25%
Fair value stock option grant		$ 1,200,000
Officer | 2021 Options
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Number of individuals granted options | person	19
Options vested	25%
Fair value stock option grant	$ 1,600,000
Director | 2019 Options
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Number of individuals granted options | person				11
Fair value stock option grant				$ 23,100
Director | 2020 Options
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Number of individuals granted options | person		11
Fair value stock option grant		$ 173,800
Director | 2021 Options
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Number of individuals granted options | person	11
Fair value stock option grant	$ 229,350
Stock options
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Expiration period								10 years
Stock options | Amended 2004 Plan
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Authorized shares for a grant | shares								3,400,000
Stock options | 2019 Options
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Options granted to purchase stocks (in shares) | shares				238,000
Stock options | 2020 Options
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Options granted to purchase stocks (in shares) | shares		250,500
Stock options | 2021 Options
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Options granted to purchase stocks (in shares) | shares	248,000
Stock options | Officer
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Option vesting period								4 years
Stock options | Officer | 2019 Options
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Option vesting period				4 years
Stock options | Officer | 2020 Options
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Option vesting period		4 years			4 years
Stock options | Officer | 2021 Options
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Option vesting period	4 years				4 years
Incentive stock option | 2019 Options
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Options granted to purchase stocks (in shares) | shares				29,624
Incentive stock option | 2020 Options
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Options granted to purchase stocks (in shares) | shares		35,572
Incentive stock option | 2021 Options
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Options granted to purchase stocks (in shares) | shares	25,745
Nonqualified stock options | 2019 Options
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Options granted to purchase stocks (in shares) | shares				208,376
Nonqualified stock options | 2020 Options
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Options granted to purchase stocks (in shares) | shares		214,928
Nonqualified stock options | 2021 Options
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Options granted to purchase stocks (in shares) | shares	222,255

Stock Option Plan - Stock Optio

Stock Option Plan - Stock Options Issued (Detail)	12 Months Ended
	Dec. 31, 2022 $ / shares	Dec. 31, 2021 $ / shares	Dec. 31, 2020 $ / shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Exercise price (in usd per share)	$ 44.44	$ 45.07	$ 49.19
Directors | May, 13 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Exercise price (in usd per share)	47.90
Fair value per option (in usd per share)	$ 8.34
Volatility	0.3000
Expected life (years)	5 years
Assumed yield	4.90%
Risk-free rate	2.89%
Directors | May 7, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Exercise price (in usd per share)	$ 43.89
Fair value per option (in usd per share)	$ 6.32
Volatility	0.2970
Expected life (years)	5 years
Assumed yield	4.96%
Risk-free rate	0.77%
Directors | April 24, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Exercise price (in usd per share)	$ 50
Fair value per option (in usd per share)	$ 0.84
Volatility	0.2580
Expected life (years)	5 years
Assumed yield	3.80%
Risk-free rate	0.36%
Officers | May, 13 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Exercise price (in usd per share)	$ 47.90
Fair value per option (in usd per share)	$ 7.66
Volatility	0.2710
Expected life (years)	7 years
Assumed yield	4.93%
Risk-free rate	2.95%
Officers | May 7, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Exercise price (in usd per share)	$ 43.89
Fair value per option (in usd per share)	$ 5.96
Volatility	0.2750
Expected life (years)	7 years
Assumed yield	4.97%
Risk-free rate	1.24%
Officers | April 24, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Exercise price (in usd per share)	$ 50
Fair value per option (in usd per share)	$ 0.92
Volatility	0.2400
Expected life (years)	7 years
Assumed yield	3.85%
Risk-free rate	0.51%

Stock Option Plan - Summary of

Stock Option Plan - Summary of Option Activity (Detail) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Shares
Outstanding at January 1 (in shares)	1,601,250	1,502,670	1,309,614
Granted (in shares)	248,000	250,500	238,000
Exercised (in shares)	(26,875)	(64,920)	(10,749)
Expired/Forfeited (in shares)	(54,000)	(87,000)	(34,195)
Outstanding December 31 (in shares)	1,768,375	1,601,250	1,502,670
Options exercisable (in shares)	1,237,250	1,098,500	971,545
Weighted Average Exercise Price
Outstanding at January 1 (in usd per share)	$ 51.73	$ 52.86	$ 53.38
Granted (in usd per share)	47.90	43.89	50
Exercised (in usd per share)	44.44	45.07	49.19
Expired/Forfeited (in usd per share)	52.60	53.60	54.09
Outstanding December 31 (in usd per share)	51.28	51.73	52.86
Exercisable at December 31 (in usd per share)	$ 52.76	$ 53.22	$ 53.01
Intrinsic value of options exercised	$ 0.2	$ 0.4	$ 0.1
Closing price (in usd per share)	$ 40.68
Weighted average remaining life of options exercisable	4 years 8 months 12 days
Weighted average remaining life of options outstanding	5 years 9 months 18 days

Fair Value of Financial Instr_2

Fair Value of Financial Instruments - Additional Information (Detail) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Fair Value of Financial Instruments [Line Items]
Notes payable, fair value	$ 919,200	$ 933,000
Fixed rate mortgages	961,577	941,456
Fixed rate mortgage notes payable
Fair Value of Financial Instruments [Line Items]
Fixed rate mortgages	$ 1,070,000	$ 949,000

Derivatives and Hedging Activ_3

Derivatives and Hedging Activities (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($)
Fair Value of Financial Instruments [Line Items]
Amount of Gain (or Loss) Reclassified from OCI into Income	$ 177
Interest rate swaps
Fair Value of Financial Instruments [Line Items]
Amount of Gain (or Loss) Reclassified from OCI into Income	$ 1,800

Derivatives and Hedging Activ_4

Derivatives and Hedging Activities - Fair Value and Location of the Interest Rate Swaps, and the Effect of Designating the Interest Rate Swaps as Cash Flow Hedges (Details) $ in Thousands	Dec. 31, 2022 USD ($)
Other Assets | Interest rate swaps
Fair Value of Financial Instruments [Line Items]
Derivative asset, subject to master netting arrangement, before offset	$ 3,962

Derivatives and Hedging Activ_5

Derivatives and Hedging Activities - Derivative Instruments, Effect on Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Fair Value of Financial Instruments [Line Items]
Amount of Gain (or Loss) Reclassified from OCI into Income	$ 177
Interest rate swaps
Fair Value of Financial Instruments [Line Items]
Amount of Gain (or Loss) Recognized in OCI	4,139	$ 0	$ 0
Amount of Gain (or Loss) Reclassified from OCI into Income	$ 1,800

Distributions - Additional Info

Distributions - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands			1 Months Ended	12 Months Ended
	Jan. 18, 2023	Jan. 13, 2023	Dec. 31, 2022	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Dividends [Line Items]
Common stock issued, discount rate				3%
Common stock distributions (in usd per share)				$ 2.32	$ 2.16	$ 2.12
Dividends declared per common share outstanding (in usd per share)			$ 0.59
Distribution to limited partnership unitholders				$ 21,548	$ 17,821	$ 16,751
Subsequent Event
Dividends [Line Items]
Common stock dividend paid		$ 13,600
Distribution to limited partnership unitholders		$ 5,500
Distributions partnership units (in usd per share)		$ 0.59
Preferred stock distributions	$ 2,800
Dividend Income
Dividends [Line Items]
Common stock distributions (in usd per share)				$ 1.32	$ 1.49	$ 1.43
Return on Invested Capital
Dividends [Line Items]
Return of capital (in usd per share)			$ 1	1	0.67	0.69
Depositary Shares each representing 1/100th of a share of 6.125% Series D Cumulative Redeemable Preferred Stock, Par Value $0.01 Per Share
Dividends [Line Items]
Preferred stock dividend (in usd per share)				1.53	1.53	1.53
Depositary Shares each representing 1/100th of a share of 6.125% Series D Cumulative Redeemable Preferred Stock, Par Value $0.01 Per Share | Subsequent Event
Dividends [Line Items]
Dividends declared per preferred share outstanding (in usd per share)		0.3828
Depositary Shares each representing 1/100th of a share of 6.000% Series E Cumulative Redeemable Preferred Stock, Par Value $0.01 Per Share
Dividends [Line Items]
Preferred stock dividend (in usd per share)				$ 1.50	$ 1.50	$ 1.50
Depositary Shares each representing 1/100th of a share of 6.000% Series E Cumulative Redeemable Preferred Stock, Par Value $0.01 Per Share | Subsequent Event
Dividends [Line Items]
Dividends declared per preferred share outstanding (in usd per share)		$ 0.3750

Distributions - Summary of Dist

Distributions - Summary of Distributions Paid Including Activity in Plan as well as Limited Partnership Units Issued from Reinvestment of Unit Distributions (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended												12 Months Ended
	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Dividends [Line Items]
Preferred Stockholders													$ 11,194	$ 11,194	$ 11,194
Common Stockholders													55,523	50,963	49,383
Limited Partnership Unitholders													$ 21,548	$ 17,821	$ 16,751
Common stock shares issued													143,957,000	293,615,000	228,498,000
Limited Partnership Units Issued (in shares)													26,659,000	61,009,000	51,579,000
4th Quarter
Dividends [Line Items]
Preferred Stockholders	$ 2,798				$ 2,798				$ 2,798
Common Stockholders	14,159				13,037				12,371
Limited Partnership Unitholders	$ 5,486				$ 4,702				$ 4,195
Common stock shares issued	13,698,000				63,970,000				117,368,000
Discounted Share Price (in usd per share)	$ 39.70				$ 45.46				$ 24.08				$ 39.70	$ 45.46	$ 24.08
Limited Partnership Units Issued (in shares)	0				13,697,000				23,370,000
Average Unit Price (in usd per share)	$ 0				$ 45.95				$ 24.35				$ 0	$ 45.95	$ 24.35
3rd Quarter
Dividends [Line Items]
Preferred Stockholders		$ 2,799				$ 2,799				$ 2,799
Common Stockholders		14,156				12,999				12,373
Limited Partnership Unitholders		$ 5,486				$ 4,694				$ 4,188
Common stock shares issued		10,577,000				65,171,000				14,525,000
Discounted Share Price (in usd per share)		$ 50.80				$ 44.44				$ 28.98
Limited Partnership Units Issued (in shares)		0				13,841,000				13,108,000
Average Unit Price (in usd per share)		$ 0				$ 44.92				$ 29.47
2nd Quarter
Dividends [Line Items]
Preferred Stockholders			$ 2,798				$ 2,798				$ 2,798
Common Stockholders			13,625				12,488				12,364
Limited Partnership Unitholders			$ 5,292				$ 4,218				$ 4,188
Common stock shares issued			57,819,000				68,206,000				12,627,000
Discounted Share Price (in usd per share)			$ 51.61				$ 41.87				$ 32.22
Limited Partnership Units Issued (in shares)			12,955,000				13,978,000				0
Average Unit Price (in usd per share)			$ 51.55				$ 42.33				$ 0
1st Quarter
Dividends [Line Items]
Preferred Stockholders				$ 2,799				$ 2,799				$ 2,799
Common Stockholders				13,583				12,439				12,275
Limited Partnership Unitholders				$ 5,284				$ 4,207				$ 4,180
Common stock shares issued				61,863,000				96,268,000				83,978,000
Discounted Share Price (in usd per share)				$ 47.66				$ 29.50				$ 48.59
Limited Partnership Units Issued (in shares)				13,704,000				19,493,000				15,101,000
Average Unit Price (in usd per share)				$ 48.16				$ 29.83				$ 49.40

Business Segments - Additional

Business Segments - Additional Information (Detail)	12 Months Ended
	Dec. 31, 2022 segment
Segment Reporting [Abstract]
Number of reportable business segments	2

Business Segments (Detail)

Business Segments (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Segment Reporting Information [Line Items]
Revenue	$ 245,860	$ 239,225	$ 225,207
Expenses	(64,522)	(61,628)	(58,417)
Income from real estate	181,338	177,597	166,790
Interest expense, net and amortization of deferred debt costs	(43,937)	(45,424)	(46,519)
General and administrative	(22,392)	(20,252)	(19,107)
Depreciation and amortization of deferred leasing costs	(48,969)	(50,272)	(51,126)
Loss on early extinguishment of debt	(648)	0	0
Gain on sale of property	0	0	278
Net income (loss)	65,392	61,649	50,316
Capital investment	116,888	55,918	56,154
Total assets	1,833,302	1,746,761	1,645,572
Operating Segments | Shopping Centers
Segment Reporting Information [Line Items]
Revenue	172,055	169,681	161,854
Expenses	(36,895)	(35,784)	(35,198)
Income from real estate	135,160	133,897	126,656
Interest expense, net and amortization of deferred debt costs	0	0	0
General and administrative	0	0	0
Depreciation and amortization of deferred leasing costs	(28,359)	(28,843)	(30,891)
Loss on early extinguishment of debt	0
Gain on sale of property			278
Net income (loss)	106,801	105,054	96,043
Capital investment	8,412	12,673	15,207
Total assets	928,071	946,993	975,195
Operating Segments | Mixed-Use Properties
Segment Reporting Information [Line Items]
Revenue	73,805	69,544	63,353
Expenses	(27,627)	(25,844)	(23,219)
Income from real estate	46,178	43,700	40,134
Interest expense, net and amortization of deferred debt costs	0	0	0
General and administrative	0	0	0
Depreciation and amortization of deferred leasing costs	(20,610)	(21,429)	(20,235)
Loss on early extinguishment of debt	0
Gain on sale of property			0
Net income (loss)	25,568	22,271	19,899
Capital investment	108,476	43,245	40,947
Total assets	885,500	777,709	643,503
Corporate
Segment Reporting Information [Line Items]
Revenue	0	0	0
Expenses	0	0	0
Income from real estate	0	0	0
Interest expense, net and amortization of deferred debt costs	(43,937)	(45,424)	(46,519)
General and administrative	(22,392)	(20,252)	(19,107)
Depreciation and amortization of deferred leasing costs	0	0	0
Loss on early extinguishment of debt	(648)
Gain on sale of property			0
Net income (loss)	(66,977)	(65,676)	(65,626)
Capital investment	0	0	0
Total assets	$ 19,731	$ 22,059	$ 26,874

Real Estate and Accumulated D_2

Real Estate and Accumulated Depreciation (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Real Estate Properties [Line Items]
Initial Basis	$ 1,088,613
Cost capitalized subsequent to acquisition	1,319,523
Land and Land Improvements	511,529
Buildings and Improvements, Gross	1,576,924
Construction in progress	319,683	$ 205,911
Real Estate Investment Property, at Cost, Total	2,408,136	2,284,126	$ 2,124,796	$ 2,081,597
Accumulated Depreciation	688,475	650,113	$ 607,706	$ 563,474
Book Value	1,719,661	1,634,013
Fixed rate mortgages	961,577	$ 941,456
Total, related debt	974,682
Shopping Centers
Real Estate Properties [Line Items]
Initial Basis	835,537
Cost capitalized subsequent to acquisition	482,444
Land and Land Improvements	420,132
Buildings and Improvements, Gross	889,818
Construction in progress	8,031
Real Estate Investment Property, at Cost, Total	1,317,981
Accumulated Depreciation	456,197
Book Value	861,784
Fixed rate mortgages	597,990
Shopping Centers | Ashbrook Marketplace, Ashburn, VA
Real Estate Properties [Line Items]
Initial Basis	8,938
Cost capitalized subsequent to acquisition	25,314
Land and Land Improvements	13,258
Buildings and Improvements, Gross	20,994
Construction in progress	0
Real Estate Investment Property, at Cost, Total	34,252
Accumulated Depreciation	1,965
Book Value	32,287
Fixed rate mortgages	$ 20,807
Buildings and improvements depreciable lives in years	50 years
Shopping Centers | Ashburn Village, Ashburn, VA
Real Estate Properties [Line Items]
Initial Basis	$ 11,431
Cost capitalized subsequent to acquisition	20,755
Land and Land Improvements	6,764
Buildings and Improvements, Gross	25,422
Construction in progress	0
Real Estate Investment Property, at Cost, Total	32,186
Accumulated Depreciation	16,475
Book Value	15,711
Fixed rate mortgages	$ 23,039
Buildings and improvements depreciable lives in years	40 years
Shopping Centers | Ashburn Village, Ashburn, VA | Minimum
Real Estate Properties [Line Items]
Buildings and improvements depreciable lives in years	5 years
Shopping Centers | Ashburn Village, Ashburn, VA | Maximum
Real Estate Properties [Line Items]
Buildings and improvements depreciable lives in years	10 years
Shopping Centers | Ashland Square Phase I, Dumfries, VA
Real Estate Properties [Line Items]
Initial Basis	$ 1,178
Cost capitalized subsequent to acquisition	5,298
Land and Land Improvements	1,178
Buildings and Improvements, Gross	5,298
Construction in progress	0
Real Estate Investment Property, at Cost, Total	6,476
Accumulated Depreciation	2,885
Book Value	3,591
Fixed rate mortgages	$ 0
Shopping Centers | Ashland Square Phase I, Dumfries, VA | Minimum
Real Estate Properties [Line Items]
Buildings and improvements depreciable lives in years	20 years
Shopping Centers | Ashland Square Phase I, Dumfries, VA | Maximum
Real Estate Properties [Line Items]
Buildings and improvements depreciable lives in years	50 years
Shopping Centers | Beacon Center, Alexandria, VA
Real Estate Properties [Line Items]
Initial Basis	$ 24,161
Cost capitalized subsequent to acquisition	18,514
Land and Land Improvements	22,691
Buildings and Improvements, Gross	19,984
Construction in progress	0
Real Estate Investment Property, at Cost, Total	42,675
Accumulated Depreciation	16,754
Book Value	25,921
Fixed rate mortgages	$ 54,816
Shopping Centers | Beacon Center, Alexandria, VA | Minimum
Real Estate Properties [Line Items]
Buildings and improvements depreciable lives in years	40 years
Shopping Centers | Beacon Center, Alexandria, VA | Maximum
Real Estate Properties [Line Items]
Buildings and improvements depreciable lives in years	50 years
Shopping Centers | BJ’s Wholesale Club, Alexandria, VA
Real Estate Properties [Line Items]
Initial Basis	$ 22,623
Cost capitalized subsequent to acquisition	0
Land and Land Improvements	22,623
Buildings and Improvements, Gross	0
Construction in progress	0
Real Estate Investment Property, at Cost, Total	22,623
Accumulated Depreciation	0
Book Value	22,623
Fixed rate mortgages	$ 9,345
Buildings and improvements depreciable lives in years	0 years
Shopping Centers | Boca Valley Plaza, Boca Raton, FL
Real Estate Properties [Line Items]
Initial Basis	$ 16,720
Cost capitalized subsequent to acquisition	3,236
Land and Land Improvements	5,735
Buildings and Improvements, Gross	14,221
Construction in progress	0
Real Estate Investment Property, at Cost, Total	19,956
Accumulated Depreciation	6,633
Book Value	13,323
Fixed rate mortgages	$ 0
Buildings and improvements depreciable lives in years	40 years
Shopping Centers | Boulevard, Fairfax, VA
Real Estate Properties [Line Items]
Initial Basis	$ 4,883
Cost capitalized subsequent to acquisition	4,753
Land and Land Improvements	3,687
Buildings and Improvements, Gross	5,949
Construction in progress	0
Real Estate Investment Property, at Cost, Total	9,636
Accumulated Depreciation	3,907
Book Value	5,729
Fixed rate mortgages	$ 9,846
Buildings and improvements depreciable lives in years	40 years
Shopping Centers | Briggs Chaney MarketPlace, Silver Spring, MD
Real Estate Properties [Line Items]
Initial Basis	$ 27,037
Cost capitalized subsequent to acquisition	5,355
Land and Land Improvements	9,789
Buildings and Improvements, Gross	22,603
Construction in progress	0
Real Estate Investment Property, at Cost, Total	32,392
Accumulated Depreciation	11,358
Book Value	21,034
Fixed rate mortgages	$ 0
Buildings and improvements depreciable lives in years	40 years
Shopping Centers | Broadlands Village, Ashburn, VA
Real Estate Properties [Line Items]
Initial Basis	$ 5,316
Cost capitalized subsequent to acquisition	35,915
Land and Land Improvements	5,300
Buildings and Improvements, Gross	35,925
Construction in progress	6
Real Estate Investment Property, at Cost, Total	41,231
Accumulated Depreciation	15,774
Book Value	25,457
Fixed rate mortgages	$ 28,858
Shopping Centers | Broadlands Village, Ashburn, VA | Minimum
Real Estate Properties [Line Items]
Buildings and improvements depreciable lives in years	40 years
Shopping Centers | Broadlands Village, Ashburn, VA | Maximum
Real Estate Properties [Line Items]
Buildings and improvements depreciable lives in years	50 years
Shopping Centers | Burtonsville Town Square, Burtonsville, MD
Real Estate Properties [Line Items]
Initial Basis	$ 74,212
Cost capitalized subsequent to acquisition	6,344
Land and Land Improvements	28,402
Buildings and Improvements, Gross	52,138
Construction in progress	16
Real Estate Investment Property, at Cost, Total	80,556
Accumulated Depreciation	8,338
Book Value	72,218
Fixed rate mortgages	$ 33,439
Shopping Centers | Burtonsville Town Square, Burtonsville, MD | Minimum
Real Estate Properties [Line Items]
Buildings and improvements depreciable lives in years	20 years
Shopping Centers | Burtonsville Town Square, Burtonsville, MD | Maximum
Real Estate Properties [Line Items]
Buildings and improvements depreciable lives in years	45 years
Shopping Centers | Countryside Marketplace, Sterling, VA
Real Estate Properties [Line Items]
Initial Basis	$ 28,912
Cost capitalized subsequent to acquisition	4,314
Land and Land Improvements	7,666
Buildings and Improvements, Gross	25,560
Construction in progress	0
Real Estate Investment Property, at Cost, Total	33,226
Accumulated Depreciation	12,981
Book Value	20,245
Fixed rate mortgages	$ 0
Buildings and improvements depreciable lives in years	40 years
Shopping Centers | Cranberry Square, Westminster, MD
Real Estate Properties [Line Items]
Initial Basis	$ 31,578
Cost capitalized subsequent to acquisition	1,922
Land and Land Improvements	6,700
Buildings and Improvements, Gross	26,800
Construction in progress	0
Real Estate Investment Property, at Cost, Total	33,500
Accumulated Depreciation	7,556
Book Value	25,944
Fixed rate mortgages	$ 13,946
Buildings and improvements depreciable lives in years	40 years
Shopping Centers | Cruse MarketPlace, Cumming, GA
Real Estate Properties [Line Items]
Initial Basis	$ 12,226
Cost capitalized subsequent to acquisition	790
Land and Land Improvements	3,901
Buildings and Improvements, Gross	9,115
Construction in progress	0
Real Estate Investment Property, at Cost, Total	13,016
Accumulated Depreciation	4,444
Book Value	8,572
Fixed rate mortgages	$ 0
Buildings and improvements depreciable lives in years	40 years
Shopping Centers | Flagship Center, Rockville, MD
Real Estate Properties [Line Items]
Initial Basis	$ 160
Cost capitalized subsequent to acquisition	409
Land and Land Improvements	169
Buildings and Improvements, Gross	400
Construction in progress	0
Real Estate Investment Property, at Cost, Total	569
Accumulated Depreciation	65
Book Value	504
Fixed rate mortgages	$ 0
Buildings and improvements depreciable lives in years	0 years
Shopping Centers | French Market, Oklahoma City, OK
Real Estate Properties [Line Items]
Initial Basis	$ 5,781
Cost capitalized subsequent to acquisition	16,907
Land and Land Improvements	1,118
Buildings and Improvements, Gross	21,570
Construction in progress	0
Real Estate Investment Property, at Cost, Total	22,688
Accumulated Depreciation	14,378
Book Value	8,310
Fixed rate mortgages	$ 0
Buildings and improvements depreciable lives in years	50 years
Shopping Centers | Germantown, Germantown, MD
Real Estate Properties [Line Items]
Initial Basis	$ 2,034
Cost capitalized subsequent to acquisition	566
Land and Land Improvements	2,034
Buildings and Improvements, Gross	566
Construction in progress	0
Real Estate Investment Property, at Cost, Total	2,600
Accumulated Depreciation	479
Book Value	2,121
Fixed rate mortgages	$ 0
Buildings and improvements depreciable lives in years	40 years
Shopping Centers | The Glen, Woodbridge, VA
Real Estate Properties [Line Items]
Initial Basis	$ 12,918
Cost capitalized subsequent to acquisition	8,627
Land and Land Improvements	5,300
Buildings and Improvements, Gross	16,245
Construction in progress	0
Real Estate Investment Property, at Cost, Total	21,545
Accumulated Depreciation	11,561
Book Value	9,984
Fixed rate mortgages	$ 20,827
Buildings and improvements depreciable lives in years	40 years
Shopping Centers | Great Falls Center, Great Falls, VA
Real Estate Properties [Line Items]
Initial Basis	$ 41,750
Cost capitalized subsequent to acquisition	3,368
Land and Land Improvements	14,766
Buildings and Improvements, Gross	30,352
Construction in progress	0
Real Estate Investment Property, at Cost, Total	45,118
Accumulated Depreciation	12,114
Book Value	33,004
Fixed rate mortgages	$ 31,313
Buildings and improvements depreciable lives in years	40 years
Shopping Centers | Hampshire Langley, Takoma, MD
Real Estate Properties [Line Items]
Initial Basis	$ 3,159
Cost capitalized subsequent to acquisition	3,475
Land and Land Improvements	1,892
Buildings and Improvements, Gross	4,732
Construction in progress	10
Real Estate Investment Property, at Cost, Total	6,634
Accumulated Depreciation	4,203
Book Value	2,431
Fixed rate mortgages	$ 12,231
Buildings and improvements depreciable lives in years	40 years
Shopping Centers | Hunt Club Corners, Apopka, FL
Real Estate Properties [Line Items]
Initial Basis	$ 12,584
Cost capitalized subsequent to acquisition	4,653
Land and Land Improvements	4,822
Buildings and Improvements, Gross	12,415
Construction in progress	0
Real Estate Investment Property, at Cost, Total	17,237
Accumulated Depreciation	6,208
Book Value	11,029
Fixed rate mortgages	$ 0
Buildings and improvements depreciable lives in years	40 years
Shopping Centers | Jamestown Place, Altamonte Springs, FL
Real Estate Properties [Line Items]
Initial Basis	$ 14,055
Cost capitalized subsequent to acquisition	2,459
Land and Land Improvements	4,455
Buildings and Improvements, Gross	12,059
Construction in progress	0
Real Estate Investment Property, at Cost, Total	16,514
Accumulated Depreciation	5,543
Book Value	10,971
Fixed rate mortgages	$ 0
Buildings and improvements depreciable lives in years	40 years
Shopping Centers | Kentlands Square I, Gaithersburg, MD
Real Estate Properties [Line Items]
Initial Basis	$ 14,379
Cost capitalized subsequent to acquisition	3,365
Land and Land Improvements	5,005
Buildings and Improvements, Gross	11,984
Construction in progress	755
Real Estate Investment Property, at Cost, Total	17,744
Accumulated Depreciation	5,165
Book Value	12,579
Fixed rate mortgages	$ 20,836
Buildings and improvements depreciable lives in years	40 years
Shopping Centers | Kentlands Square II, Gaithersburg, MD
Real Estate Properties [Line Items]
Initial Basis	$ 76,723
Cost capitalized subsequent to acquisition	3,323
Land and Land Improvements	23,133
Buildings and Improvements, Gross	56,631
Construction in progress	282
Real Estate Investment Property, at Cost, Total	80,046
Accumulated Depreciation	18,095
Book Value	61,951
Fixed rate mortgages	$ 29,658
Buildings and improvements depreciable lives in years	40 years
Shopping Centers | Kentlands Place, Gaithersburg, MD
Real Estate Properties [Line Items]
Initial Basis	$ 1,425
Cost capitalized subsequent to acquisition	7,639
Land and Land Improvements	1,425
Buildings and Improvements, Gross	7,639
Construction in progress	0
Real Estate Investment Property, at Cost, Total	9,064
Accumulated Depreciation	4,806
Book Value	4,258
Fixed rate mortgages	$ 7,321
Buildings and improvements depreciable lives in years	50 years
Shopping Centers | Lansdowne Town Center, Leesburg, VA
Real Estate Properties [Line Items]
Initial Basis	$ 6,545
Cost capitalized subsequent to acquisition	43,497
Land and Land Improvements	6,546
Buildings and Improvements, Gross	43,427
Construction in progress	69
Real Estate Investment Property, at Cost, Total	50,042
Accumulated Depreciation	20,112
Book Value	29,930
Fixed rate mortgages	$ 0
Buildings and improvements depreciable lives in years	50 years
Shopping Centers | Leesburg Pike Plaza, Baileys Crossroads, VA
Real Estate Properties [Line Items]
Initial Basis	$ 2,418
Cost capitalized subsequent to acquisition	6,402
Land and Land Improvements	1,132
Buildings and Improvements, Gross	7,688
Construction in progress	0
Real Estate Investment Property, at Cost, Total	8,820
Accumulated Depreciation	6,487
Book Value	2,333
Fixed rate mortgages	$ 12,543
Buildings and improvements depreciable lives in years	40 years
Shopping Centers | Lumberton Plaza, Lumberton, NJ
Real Estate Properties [Line Items]
Initial Basis	$ 4,400
Cost capitalized subsequent to acquisition	11,648
Land and Land Improvements	950
Buildings and Improvements, Gross	15,074
Construction in progress	24
Real Estate Investment Property, at Cost, Total	16,048
Accumulated Depreciation	14,060
Book Value	1,988
Fixed rate mortgages	$ 0
Buildings and improvements depreciable lives in years	40 years
Shopping Centers | Metro Pike Center, Rockville, MD
Real Estate Properties [Line Items]
Initial Basis	$ 33,123
Cost capitalized subsequent to acquisition	5,399
Land and Land Improvements	26,064
Buildings and Improvements, Gross	8,476
Construction in progress	3,982
Real Estate Investment Property, at Cost, Total	38,522
Accumulated Depreciation	2,607
Book Value	35,915
Fixed rate mortgages	$ 0
Buildings and improvements depreciable lives in years	40 years
Shopping Centers | Shops at Monocacy, Frederick, MD
Real Estate Properties [Line Items]
Initial Basis	$ 9,541
Cost capitalized subsequent to acquisition	15,884
Land and Land Improvements	9,260
Buildings and Improvements, Gross	16,165
Construction in progress	0
Real Estate Investment Property, at Cost, Total	25,425
Accumulated Depreciation	7,344
Book Value	18,081
Fixed rate mortgages	$ 26,422
Buildings and improvements depreciable lives in years	50 years
Shopping Centers | Northrock, Warrenton, VA
Real Estate Properties [Line Items]
Initial Basis	$ 12,686
Cost capitalized subsequent to acquisition	15,429
Land and Land Improvements	12,686
Buildings and Improvements, Gross	15,423
Construction in progress	6
Real Estate Investment Property, at Cost, Total	28,115
Accumulated Depreciation	6,310
Book Value	21,805
Fixed rate mortgages	$ 12,652
Buildings and improvements depreciable lives in years	50 years
Shopping Centers | Olde Forte Village, Ft. Washington, MD
Real Estate Properties [Line Items]
Initial Basis	$ 15,933
Cost capitalized subsequent to acquisition	6,922
Land and Land Improvements	5,409
Buildings and Improvements, Gross	17,446
Construction in progress	0
Real Estate Investment Property, at Cost, Total	22,855
Accumulated Depreciation	9,528
Book Value	13,327
Fixed rate mortgages	$ 20,136
Buildings and improvements depreciable lives in years	40 years
Shopping Centers | Olney, Olney, MD
Real Estate Properties [Line Items]
Initial Basis	$ 4,963
Cost capitalized subsequent to acquisition	2,998
Land and Land Improvements	3,079
Buildings and Improvements, Gross	4,882
Construction in progress	0
Real Estate Investment Property, at Cost, Total	7,961
Accumulated Depreciation	3,633
Book Value	4,328
Fixed rate mortgages	$ 12,476
Buildings and improvements depreciable lives in years	40 years
Shopping Centers | Orchard Park, Dunwoody, GA
Real Estate Properties [Line Items]
Initial Basis	$ 19,377
Cost capitalized subsequent to acquisition	1,616
Land and Land Improvements	7,751
Buildings and Improvements, Gross	13,242
Construction in progress	0
Real Estate Investment Property, at Cost, Total	20,993
Accumulated Depreciation	5,286
Book Value	15,707
Fixed rate mortgages	$ 0
Buildings and improvements depreciable lives in years	40 years
Shopping Centers | Palm Springs Center, Altamonte Springs, FL
Real Estate Properties [Line Items]
Initial Basis	$ 18,365
Cost capitalized subsequent to acquisition	2,324
Land and Land Improvements	5,739
Buildings and Improvements, Gross	14,948
Construction in progress	2
Real Estate Investment Property, at Cost, Total	20,689
Accumulated Depreciation	6,957
Book Value	13,732
Fixed rate mortgages	$ 0
Buildings and improvements depreciable lives in years	40 years
Shopping Centers | Ravenwood, Baltimore, MD
Real Estate Properties [Line Items]
Initial Basis	$ 1,245
Cost capitalized subsequent to acquisition	4,446
Land and Land Improvements	703
Buildings and Improvements, Gross	4,988
Construction in progress	0
Real Estate Investment Property, at Cost, Total	5,691
Accumulated Depreciation	3,641
Book Value	2,050
Fixed rate mortgages	$ 11,975
Buildings and improvements depreciable lives in years	40 years
Shopping Centers | 11503 Rockville Pike/5541 Nicholson Lane, Rockville, MD
Real Estate Properties [Line Items]
Initial Basis	$ 26,561
Cost capitalized subsequent to acquisition	24
Land and Land Improvements	22,113
Buildings and Improvements, Gross	4,472
Construction in progress	0
Real Estate Investment Property, at Cost, Total	26,585
Accumulated Depreciation	1,374
Book Value	25,211
Fixed rate mortgages	$ 0
Buildings and improvements depreciable lives in years	40 years
Shopping Centers | 1500/1580/1582 Rockville Pike, Rockville, MD
Real Estate Properties [Line Items]
Initial Basis	$ 45,351
Cost capitalized subsequent to acquisition	2,046
Land and Land Improvements	38,065
Buildings and Improvements, Gross	7,050
Construction in progress	2,282
Real Estate Investment Property, at Cost, Total	47,397
Accumulated Depreciation	6,712
Book Value	40,685
Fixed rate mortgages	0
Shopping Centers | Seabreeze Plaza, Palm Harbor, FL
Real Estate Properties [Line Items]
Initial Basis	24,526
Cost capitalized subsequent to acquisition	2,625
Land and Land Improvements	8,665
Buildings and Improvements, Gross	18,486
Construction in progress	0
Real Estate Investment Property, at Cost, Total	27,151
Accumulated Depreciation	8,435
Book Value	18,716
Fixed rate mortgages	$ 13,302
Buildings and improvements depreciable lives in years	40 years
Shopping Centers | Market Place at Sea Colony, Bethany Beach, DE
Real Estate Properties [Line Items]
Initial Basis	$ 2,920
Cost capitalized subsequent to acquisition	339
Land and Land Improvements	1,147
Buildings and Improvements, Gross	2,112
Construction in progress	0
Real Estate Investment Property, at Cost, Total	3,259
Accumulated Depreciation	792
Book Value	2,467
Fixed rate mortgages	$ 0
Buildings and improvements depreciable lives in years	40 years
Shopping Centers | Seven Corners, Falls Church, VA
Real Estate Properties [Line Items]
Initial Basis	$ 4,848
Cost capitalized subsequent to acquisition	46,510
Land and Land Improvements	4,929
Buildings and Improvements, Gross	46,429
Construction in progress	0
Real Estate Investment Property, at Cost, Total	51,358
Accumulated Depreciation	34,249
Book Value	17,109
Fixed rate mortgages	$ 87,706
Buildings and improvements depreciable lives in years	40 years
Shopping Centers | Severna Park Marketplace, Severna Park, MD
Real Estate Properties [Line Items]
Initial Basis	$ 63,254
Cost capitalized subsequent to acquisition	1,094
Land and Land Improvements	12,700
Buildings and Improvements, Gross	51,549
Construction in progress	99
Real Estate Investment Property, at Cost, Total	64,348
Accumulated Depreciation	14,526
Book Value	49,822
Fixed rate mortgages	$ 25,857
Buildings and improvements depreciable lives in years	40 years
Shopping Centers | Shops at Fairfax, Fairfax, VA
Real Estate Properties [Line Items]
Initial Basis	$ 2,708
Cost capitalized subsequent to acquisition	11,090
Land and Land Improvements	992
Buildings and Improvements, Gross	12,806
Construction in progress	0
Real Estate Investment Property, at Cost, Total	13,798
Accumulated Depreciation	9,481
Book Value	4,317
Fixed rate mortgages	$ 13,597
Buildings and improvements depreciable lives in years	50 years
Shopping Centers | Smallwood Village Center, Waldorf, MD
Real Estate Properties [Line Items]
Initial Basis	$ 17,819
Cost capitalized subsequent to acquisition	8,461
Land and Land Improvements	6,402
Buildings and Improvements, Gross	19,878
Construction in progress	0
Real Estate Investment Property, at Cost, Total	26,280
Accumulated Depreciation	11,167
Book Value	15,113
Fixed rate mortgages	$ 0
Buildings and improvements depreciable lives in years	40 years
Shopping Centers | Southdale, Glen Burnie, MD
Real Estate Properties [Line Items]
Initial Basis	$ 18,895
Cost capitalized subsequent to acquisition	25,810
Land and Land Improvements	15,255
Buildings and Improvements, Gross	29,205
Construction in progress	245
Real Estate Investment Property, at Cost, Total	44,705
Accumulated Depreciation	24,221
Book Value	20,484
Fixed rate mortgages	$ 0
Buildings and improvements depreciable lives in years	40 years
Shopping Centers | Southside Plaza, Richmond, VA
Real Estate Properties [Line Items]
Initial Basis	$ 6,728
Cost capitalized subsequent to acquisition	11,891
Land and Land Improvements	1,878
Buildings and Improvements, Gross	16,741
Construction in progress	0
Real Estate Investment Property, at Cost, Total	18,619
Accumulated Depreciation	13,781
Book Value	4,838
Fixed rate mortgages	$ 0
Buildings and improvements depreciable lives in years	40 years
Shopping Centers | South Dekalb Plaza, Atlanta, GA
Real Estate Properties [Line Items]
Initial Basis	$ 2,474
Cost capitalized subsequent to acquisition	4,985
Land and Land Improvements	615
Buildings and Improvements, Gross	6,814
Construction in progress	30
Real Estate Investment Property, at Cost, Total	7,459
Accumulated Depreciation	5,438
Book Value	2,021
Fixed rate mortgages	$ 0
Buildings and improvements depreciable lives in years	40 years
Shopping Centers | Thruway, Winston-Salem, NC
Real Estate Properties [Line Items]
Initial Basis	$ 7,848
Cost capitalized subsequent to acquisition	28,207
Land and Land Improvements	7,692
Buildings and Improvements, Gross	28,345
Construction in progress	18
Real Estate Investment Property, at Cost, Total	36,055
Accumulated Depreciation	20,927
Book Value	15,128
Fixed rate mortgages	$ 0
Buildings and improvements depreciable lives in years	40 years
Shopping Centers | Village Center, Centreville, VA
Real Estate Properties [Line Items]
Initial Basis	$ 16,502
Cost capitalized subsequent to acquisition	3,356
Land and Land Improvements	7,851
Buildings and Improvements, Gross	12,007
Construction in progress	0
Real Estate Investment Property, at Cost, Total	19,858
Accumulated Depreciation	8,524
Book Value	11,334
Fixed rate mortgages	$ 25,057
Buildings and improvements depreciable lives in years	40 years
Shopping Centers | Westview Village, Frederick, MD
Real Estate Properties [Line Items]
Initial Basis	$ 6,047
Cost capitalized subsequent to acquisition	25,658
Land and Land Improvements	6,047
Buildings and Improvements, Gross	25,658
Construction in progress	0
Real Estate Investment Property, at Cost, Total	31,705
Accumulated Depreciation	12,147
Book Value	19,558
Fixed rate mortgages	$ 0
Buildings and improvements depreciable lives in years	50 years
Shopping Centers | White Oak, Silver Spring, MD
Real Estate Properties [Line Items]
Initial Basis	$ 6,277
Cost capitalized subsequent to acquisition	6,299
Land and Land Improvements	4,649
Buildings and Improvements, Gross	7,723
Construction in progress	204
Real Estate Investment Property, at Cost, Total	12,576
Accumulated Depreciation	6,615
Book Value	5,961
Fixed rate mortgages	$ 19,985
Buildings and improvements depreciable lives in years	40 years
Shopping Centers | Other Buildings / Improvements
Real Estate Properties [Line Items]
Cost capitalized subsequent to acquisition	$ 183
Buildings and Improvements, Gross	182
Construction in progress	1
Real Estate Investment Property, at Cost, Total	183
Accumulated Depreciation	156
Book Value	27
Fixed rate mortgages	0
Mixed-Use Properties
Real Estate Properties [Line Items]
Initial Basis	96,034
Cost capitalized subsequent to acquisition	673,186
Land and Land Improvements	82,114
Buildings and Improvements, Gross	687,106
Construction in progress	0
Real Estate Investment Property, at Cost, Total	769,220
Accumulated Depreciation	232,278
Book Value	536,942
Fixed rate mortgages	376,692
Mixed-Use Properties | Avenel Business Park, Gaithersburg, MD
Real Estate Properties [Line Items]
Initial Basis	21,459
Cost capitalized subsequent to acquisition	37,788
Land and Land Improvements	3,756
Buildings and Improvements, Gross	55,491
Construction in progress	0
Real Estate Investment Property, at Cost, Total	59,247
Accumulated Depreciation	42,385
Book Value	16,862
Fixed rate mortgages	$ 22,906
Mixed-Use Properties | Avenel Business Park, Gaithersburg, MD | Minimum
Real Estate Properties [Line Items]
Buildings and improvements depreciable lives in years	35 years
Mixed-Use Properties | Avenel Business Park, Gaithersburg, MD | Maximum
Real Estate Properties [Line Items]
Buildings and improvements depreciable lives in years	40 years
Mixed-Use Properties | Clarendon Center, Arlington, VA (1)
Real Estate Properties [Line Items]
Initial Basis	$ 12,753
Cost capitalized subsequent to acquisition	187,682
Land and Land Improvements	16,287
Buildings and Improvements, Gross	184,148
Construction in progress	0
Real Estate Investment Property, at Cost, Total	200,435
Accumulated Depreciation	60,798
Book Value	139,637
Fixed rate mortgages	$ 86,264
Buildings and improvements depreciable lives in years	50 years
Mixed-Use Properties | Park Van Ness, Washington, DC
Real Estate Properties [Line Items]
Initial Basis	$ 2,242
Cost capitalized subsequent to acquisition	91,855
Land and Land Improvements	2,242
Buildings and Improvements, Gross	91,855
Construction in progress	0
Real Estate Investment Property, at Cost, Total	94,097
Accumulated Depreciation	18,384
Book Value	75,713
Fixed rate mortgages	$ 62,813
Buildings and improvements depreciable lives in years	50 years
Mixed-Use Properties | 601 Pennsylvania Ave., Washington, DC
Real Estate Properties [Line Items]
Initial Basis	$ 5,479
Cost capitalized subsequent to acquisition	69,446
Land and Land Improvements	5,667
Buildings and Improvements, Gross	69,258
Construction in progress	0
Real Estate Investment Property, at Cost, Total	74,925
Accumulated Depreciation	59,832
Book Value	15,093
Fixed rate mortgages	$ 0
Buildings and improvements depreciable lives in years	35 years
Mixed-Use Properties | The Waycroft, Arlington, VA
Real Estate Properties [Line Items]
Initial Basis	$ 52,067
Cost capitalized subsequent to acquisition	228,070
Land and Land Improvements	53,618
Buildings and Improvements, Gross	226,519
Construction in progress	0
Real Estate Investment Property, at Cost, Total	280,137
Accumulated Depreciation	18,241
Book Value	261,896
Fixed rate mortgages	$ 152,679
Buildings and improvements depreciable lives in years	50 years
Mixed-Use Properties | Washington Square, Alexandria, VA
Real Estate Properties [Line Items]
Initial Basis	$ 2,034
Cost capitalized subsequent to acquisition	58,345
Land and Land Improvements	544
Buildings and Improvements, Gross	59,835
Construction in progress	0
Real Estate Investment Property, at Cost, Total	60,379
Accumulated Depreciation	32,638
Book Value	27,741
Fixed rate mortgages	$ 52,030
Buildings and improvements depreciable lives in years	50 years
Development Land
Real Estate Properties [Line Items]
Initial Basis	$ 157,042
Cost capitalized subsequent to acquisition	163,893
Land and Land Improvements	9,283
Buildings and Improvements, Gross	0
Construction in progress	311,652
Real Estate Investment Property, at Cost, Total	320,935
Accumulated Depreciation	0
Book Value	320,935
Development land, related debt	0
Development Land | Ashland Square Phase II, Manassas, VA
Real Estate Properties [Line Items]
Initial Basis	5,292
Cost capitalized subsequent to acquisition	5,033
Land and Land Improvements	7,049
Buildings and Improvements, Gross	0
Construction in progress	3,276
Real Estate Investment Property, at Cost, Total	10,325
Accumulated Depreciation	0
Book Value	10,325
Development land, related debt	$ 0
Buildings and improvements depreciable lives in years
Development Land | New Market, New Market, MD
Real Estate Properties [Line Items]
Initial Basis	$ 2,088
Cost capitalized subsequent to acquisition	146
Land and Land Improvements	2,234
Buildings and Improvements, Gross	0
Construction in progress	0
Real Estate Investment Property, at Cost, Total	2,234
Accumulated Depreciation	0
Book Value	2,234
Development land, related debt	$ 0
Buildings and improvements depreciable lives in years
Development Land | Hampden House, Bethesda, MD
Real Estate Properties [Line Items]
Initial Basis	$ 39,641
Cost capitalized subsequent to acquisition	41,063
Land and Land Improvements	0
Buildings and Improvements, Gross	0
Construction in progress	80,704
Real Estate Investment Property, at Cost, Total	80,704
Accumulated Depreciation	0
Book Value	80,704
Development land, related debt	$ 0
Buildings and improvements depreciable lives in years
Development Land | Twinbrook, Rockville, MD
Real Estate Properties [Line Items]
Initial Basis	$ 110,021
Cost capitalized subsequent to acquisition	117,651
Land and Land Improvements	0
Buildings and Improvements, Gross	0
Construction in progress	227,672
Real Estate Investment Property, at Cost, Total	227,672
Accumulated Depreciation	0
Book Value	227,672
Development land, related debt	$ 0
Buildings and improvements depreciable lives in years

Real Estate and Accumulated D_3

Real Estate and Accumulated Depreciation - Estimated Useful Lives of Assets (Detail)	12 Months Ended
	Dec. 31, 2022
Base building | Minimum
Property Plant and Equipment Estimated Useful Lives [Line Items]
Estimated useful life	35 years
Base building | Maximum
Property Plant and Equipment Estimated Useful Lives [Line Items]
Estimated useful life	50 years
Building components | Maximum
Property Plant and Equipment Estimated Useful Lives [Line Items]
Estimated useful life	20 years

Real Estate and Accumulated D_4

Real Estate and Accumulated Depreciation - Additional Information (Detail) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]
Real estate investments for federal income tax	$ 1,610	$ 1,640

Real Estate and Accumulated D_5

Real Estate and Accumulated Depreciation - Changes in Total Real Estate Investments and Related Accumulated Depreciation (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Total real estate investments:
Balance, beginning of year	$ 2,284,126	$ 2,124,796	$ 2,081,597
Acquisitions	0	108,279	0
Improvements	130,300	54,177	45,396
Retirements	(6,290)	(3,126)	(2,197)
Balance, end of year	2,408,136	2,284,126	2,124,796
Total accumulated depreciation:
Balance, beginning of year	650,113	607,706	563,474
Depreciation expense	44,636	45,487	45,865
Retirements	(6,274)	(3,080)	(1,633)
Balance, end of year	$ 688,475	$ 650,113	$ 607,706