Saul Centers (BFS) 10-Q 3 Aug 23 2023 Q2 Quarterly report Financial data

Cover Page

Cover Page - shares	6 Months Ended
	Jun. 30, 2023	Jul. 31, 2023
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2023
Document Transition Report	false
Entity File Number	1-12254
Entity Registrant Name	SAUL CENTERS, INC.
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	52-1833074
Entity Address, Address Line One	7501 Wisconsin Avenue
Entity Address, City or Town	Bethesda
Entity Address, State or Province	MD
Entity Address, Postal Zip Code	20814
City Area Code	301
Local Phone Number	986-6200
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		23,942,456
Entity Central Index Key	0000907254
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q2
Amendment Flag	false
Common Stock
Entity Information [Line Items]
Title of each class:	Common Stock, Par Value $0.01 Per Share
Trading symbol:	BFS
Name of exchange on which registered:	NYSE
Depositary Shares each representing 1/100th of a share of 6.125% Series D Cumulative Redeemable Preferred Stock, Par Value $0.01 Per Share
Entity Information [Line Items]
Title of each class:	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
Name of exchange on which registered:	NYSE
Depositary Shares each representing 1/100th of a share of 6.000% Series E Cumulative Redeemable Preferred Stock, Par Value $0.01 Per Share
Entity Information [Line Items]
Title of each class:	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
Name of exchange on which registered:	NYSE

Consolidated Balance Sheets (Un

Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Real estate investments
Land	$ 511,529	$ 511,529
Buildings and equipment	1,590,762	1,576,924
Construction in progress	410,966	319,683
Total purchase price	2,513,257	2,408,136
Accumulated depreciation	(708,770)	(688,475)
Real estate investments, net	1,804,487	1,719,661
Cash and cash equivalents	11,473	13,279
Accounts receivable and accrued income, net	51,949	56,323
Deferred leasing costs, net	22,799	22,388
Other assets	15,986	21,651
Total assets	1,906,694	1,833,302
Liabilities
Notes payable, net	951,505	961,577
Revolving credit facility payable, net	217,328	161,941
Term loan facility payable, net	99,456	99,382
Construction loan payable, net	25,841	0
Accounts payable, accrued expenses and other liabilities	54,211	42,978
Deferred income	21,836	23,169
Dividends and distributions payable	22,473	22,453
Total liabilities	1,392,650	1,311,500
Equity
Common stock, $0.01 par value, 40,000,000 shares authorized, 24,048,626 and 24,016,009 shares issued and outstanding, respectively	240	240
Additional paid-in capital	448,231	446,301
Partnership units in escrow	39,650	39,650
Distributions in excess of accumulated earnings	(280,850)	(273,559)
Accumulated other comprehensive income	3,131	2,852
Total Saul Centers, Inc. equity	395,402	400,484
Noncontrolling interests	118,642	121,318
Total equity	514,044	521,802
Total liabilities and equity	1,906,694	1,833,302
Series D Cumulative Redeemable, 30,000 shares issued and outstanding
Equity
Preferred stock, 1,000,000 shares authorized:	75,000	75,000
Series E Cumulative Redeemable, 44,000 shares issued and outstanding
Equity
Preferred stock, 1,000,000 shares authorized:	$ 110,000	$ 110,000

Consolidated Balance Sheets (_2

Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares	Jun. 30, 2023	Dec. 31, 2022
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	24,048,626	24,016,009
Common stock, shares outstanding	24,048,626	24,016,009
Series D Cumulative Redeemable, 30,000 shares issued and outstanding
Cumulative redeemable preferred stock, shares issued	30,000	30,000
Cumulative redeemable preferred stock, shares outstanding	30,000	30,000
Series E Cumulative Redeemable, 44,000 shares issued and outstanding
Cumulative redeemable preferred stock, shares issued	44,000	44,000
Cumulative redeemable preferred stock, shares outstanding	44,000	44,000

Consolidated Statements of Oper

Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Revenue
Rental revenue	$ 62,002	$ 59,134	$ 123,830	$ 119,814
Other	1,707	1,159	2,928	2,623
Total revenue	63,709	60,293	126,758	122,437
Expenses
Property operating expenses	8,997	7,641	17,783	17,179
Real estate taxes	7,453	7,156	14,948	14,574
Interest expense, net and amortization of deferred debt costs	12,278	10,457	24,099	21,059
Depreciation and amortization of deferred leasing costs	12,114	12,377	24,130	24,704
General and administrative	5,678	5,665	10,946	10,433
Total expenses	46,520	43,296	91,906	87,949
Net income	17,189	16,997	34,852	34,488
Noncontrolling interests
Income attributable to noncontrolling interests	(4,027)	(3,981)	(8,188)	(8,107)
Net income attributable to Saul Centers, Inc.	13,162	13,016	26,664	26,381
Preferred stock dividends	(2,799)	(2,799)	(5,597)	(5,597)
Net income available to common stockholders, Basic	10,363	10,217	21,067	20,784
Net income available to common stockholders, Diluted	$ 10,363	$ 10,217	$ 21,067	$ 20,784
Per share net income available to common stockholders
Basic (in USD per share)	$ 0.43	$ 0.43	$ 0.88	$ 0.87
Diluted (in USD per share)	$ 0.43	$ 0.43	$ 0.88	$ 0.87

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Statement of Comprehensive Income [Abstract]
Net income	$ 17,189	$ 16,997	$ 34,852	$ 34,488
Other comprehensive income
Change in unrealized gain on cash flow hedge	2,401	0	387	0
Total comprehensive income	19,590	16,997	35,239	34,488
Comprehensive income attributable to noncontrolling interests	(4,699)	(3,981)	(8,296)	(8,107)
Total comprehensive income attributable to Saul Centers, Inc.	14,891	13,016	26,943	26,381
Preferred stock dividends	(2,799)	(2,799)	(5,597)	(5,597)
Total comprehensive income available to common stockholders	$ 12,092	$ 10,217	$ 21,346	$ 20,784

Consolidated Statement of Equit

Consolidated Statement of Equity (Unaudited) - USD ($) $ in Thousands	Total	Limited Partner	Series D Cumulative Redeemable, 30,000 shares issued and outstanding	Series E Cumulative Redeemable, 44,000 shares issued and outstanding	Total Saul Centers, Inc.	Total Saul Centers, Inc. Series D Cumulative Redeemable, 30,000 shares issued and outstanding	Total Saul Centers, Inc. Series E Cumulative Redeemable, 44,000 shares issued and outstanding	Preferred Stock	Common Stock	Additional Paid-in Capital	Partnership Units in Escrow	Distributions in Excess of Accumulated Earnings	Distributions in Excess of Accumulated Earnings Series D Cumulative Redeemable, 30,000 shares issued and outstanding	Distributions in Excess of Accumulated Earnings Series E Cumulative Redeemable, 44,000 shares issued and outstanding	Accumulated Other Comprehensive Income	Noncontrolling Interests	Noncontrolling Interests Limited Partner
Beginning Balance at Dec. 31, 2021	$ 530,487				$ 405,049			$ 185,000	$ 238	$ 436,609	$ 39,650	$ (256,448)			$ 0	$ 125,438
Issuance of shares of common stock:
Issuance of shares pursuant to dividend reinvestment plan	2,949	$ 653			2,949				1	2,948							$ 653
Shares due to share grants, exercise of stock options and issuance of directors’ deferred stock	594				594					594
Net income	17,491				13,365							13,365				4,126
Distributions payable preferred stock:
Preferred stock distributions			$ (1,148)	$ (1,650)		$ (1,148)	$ (1,650)						$ (1,148)	$ (1,650)
Distributions payable, common stock and partnership units	(18,917)				(13,625)							(13,625)				(5,292)
Ending Balance at Mar. 31, 2022	530,459				405,534			185,000	239	440,151	39,650	(259,506)			0	124,925
Beginning Balance at Dec. 31, 2021	530,487				405,049			185,000	238	436,609	39,650	(256,448)			0	125,438
Issuance of shares of common stock:
Net income	34,488
Ending Balance at Jun. 30, 2022	530,031				405,942			185,000	240	444,496	39,650	(263,444)			0	124,089
Beginning Balance at Mar. 31, 2022	530,459				405,534			185,000	239	440,151	39,650	(259,506)			0	124,925
Issuance of shares of common stock:
Issuance of shares pursuant to dividend reinvestment plan	2,949	$ 669			2,949				1	2,948							$ 669
Shares due to share grants, exercise of stock options and issuance of directors’ deferred stock	1,397				1,397					1,397
Net income	16,997				13,016							13,016				3,981
Distributions payable preferred stock:
Preferred stock distributions			(1,148)	(1,650)		(1,148)	(1,650)						(1,148)	(1,650)
Distributions payable, common stock and partnership units	(19,642)				(14,156)							(14,156)				(5,486)
Ending Balance at Jun. 30, 2022	530,031				405,942			185,000	240	444,496	39,650	(263,444)			0	124,089
Beginning Balance at Dec. 31, 2022	521,802				400,484			185,000	240	446,301	39,650	(273,559)			2,852	121,318
Issuance of shares of common stock:
Issuance of shares pursuant to dividend reinvestment plan	543				543					543
Shares due to share grants, exercise of stock options and issuance of directors’ deferred stock	290				290					290
Net income	17,663				13,502							13,502				4,161
Change in unrealized gain/loss on cash flow hedge	(2,014)				(1,450)										(1,450)	(564)
Distributions payable preferred stock:
Preferred stock distributions			(1,148)	(1,650)		(1,148)	(1,650)						(1,148)	(1,650)
Distributions payable, common stock and partnership units	(19,651)				(14,165)							(14,165)				(5,486)
Ending Balance at Mar. 31, 2023	515,835				396,406			185,000	240	447,134	39,650	(277,020)			1,402	119,429
Beginning Balance at Dec. 31, 2022	521,802				400,484			185,000	240	446,301	39,650	(273,559)			2,852	121,318
Issuance of shares of common stock:
Net income	34,852
Ending Balance at Jun. 30, 2023	514,044				395,402			185,000	240	448,231	39,650	(280,850)			3,131	118,642
Beginning Balance at Mar. 31, 2023	515,835				396,406			185,000	240	447,134	39,650	(277,020)			1,402	119,429
Issuance of shares of common stock:
Issuance of shares pursuant to dividend reinvestment plan	544				544				0	544
Shares due to share grants, exercise of stock options and issuance of directors’ deferred stock	553				553					553
Net income	17,189				13,162							13,162				4,027
Change in unrealized gain/loss on cash flow hedge	2,401				1,729										1,729	672
Distributions payable preferred stock:
Preferred stock distributions			$ (1,149)	$ (1,650)		$ (1,149)	$ (1,650)						$ (1,149)	$ (1,650)
Distributions payable, common stock and partnership units	(19,679)				(14,193)							(14,193)				(5,486)
Ending Balance at Jun. 30, 2023	$ 514,044				$ 395,402			$ 185,000	$ 240	$ 448,231	$ 39,650	$ (280,850)			$ 3,131	$ 118,642

Consolidated Statement of Equ_2

Consolidated Statement of Equity (Unaudited) (Parenthetical) - $ / shares	3 Months Ended
	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2022	Mar. 31, 2022
Shares pursuant to dividend reinvestment plan	15,588,000	13,227		61,861
Shares due to exercise of employee stock options and issuance of directors' deferred stock	3,104,000	699	19,618,000	8,007
Limited Partner
Shares pursuant to dividend reinvestment plan			57,821,000
Issuance of partnership units pursuant to dividend reinvestment plan (in shares)			12,955,000	13,704
Dividend Distributions Payable
Distributions payable common stock, per share (in usd per share)	$ 0.59	$ 0.59	$ 0.59	$ 0.57
Distributions partnership units, per unit (in usd per share)	0.59	0.59	0.59	0.57
Series D Cumulative Redeemable, 30,000 shares issued and outstanding | Dividend Distributions Payable
Distributions payable on preferred stock, per share (in usd per share)	38.28	38.28	38.28	38.28
Series E Cumulative Redeemable, 44,000 shares issued and outstanding | Dividend Distributions Payable
Distributions payable on preferred stock, per share (in usd per share)	$ 37.50	$ 37.50	$ 37.50	$ 37.50

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Cash flows from operating activities:
Net income	$ 34,852	$ 34,488
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization of deferred leasing costs	24,130	24,704
Amortization of deferred debt costs	1,122	941
Compensation costs of stock and option grants	843	908
Credit losses (recoveries) on operating lease receivables, net	(27)	48
Decrease in accounts receivable and accrued income	4,401	3,068
Additions to deferred leasing costs	(2,486)	(903)
Decrease in other assets	3,315	1,013
Increase in accounts payable, accrued expenses and other liabilities	3,875	4,654
Decrease in deferred income	(1,333)	(2,437)
Net cash provided by operating activities	68,692	66,484
Cash flows from investing activities:
Additions to real estate investments	(14,109)	(7,014)
Additions to development and redevelopment projects	(85,257)	(44,900)
Net cash used in investing activities	(99,366)	(51,914)
Cash flows from financing activities:
Proceeds from notes payable	15,300	0
Repayments on notes payable	(25,614)	(53,531)
Proceeds from revolving credit facility	78,000	82,000
Repayments on revolving credit facility	(23,000)	(8,000)
Proceeds from construction loan	28,421	0
Additions to deferred debt costs	(421)	(3,388)
Proceeds from the issuance of:
Common stock	1,087	6,981
Partnership units	0	1,322
Distributions to:
Common stockholders	(28,336)	(27,208)
Noncontrolling interests	(10,972)	(10,576)
Net cash provided by (used in) financing activities	28,868	(17,997)
Net decrease in cash and cash equivalents	(1,806)	(3,427)
Cash and cash equivalents, beginning of period	13,279	14,594
Cash and cash equivalents, end of period	11,473	11,167
Supplemental disclosure of cash flow information:
Cash paid for interest	22,676	19,689
Accrued capital expenditures included in accounts payable, accrued expenses, and other liabilities	26,364	16,220
Series D Cumulative Redeemable, 30,000 shares issued and outstanding
Distributions to:
Preferred stockholders	(2,297)	(2,297)
Series E Cumulative Redeemable, 44,000 shares issued and outstanding
Distributions to:
Preferred stockholders	$ (3,300)	$ (3,300)

Organization, Basis of Presenta

Organization, Basis of Presentation	6 Months Ended
	Jun. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization, Basis of Presentation	Organization, Basis of Presentation Saul Centers, Inc. (“Saul Centers”) was incorporated under the Maryland General Corporation Law on June 10, 1993, and operates as a real estate investment trust (a “REIT”) under the Internal Revenue Code of 1986, as amended (the “Code”). The Company is required to annually distribute at least 90% of its REIT taxable income (excluding net capital gains) to its stockholders and meet certain organizational and other requirements. Saul Centers has made and intends to continue to make regular quarterly distributions to its stockholders. Saul Centers, together with its wholly-owned subsidiaries and the limited partnerships of which Saul Centers or one of its subsidiaries is the sole general partner, are referred to collectively as the “Company.” B. Francis Saul II serves as Chairman of the Board of Directors and Chief Executive Officer of Saul Centers. The Company, which conducts all of its activities through its subsidiaries, Saul Holdings Limited Partnership, a Maryland limited partnership (the “Operating Partnership”) and two subsidiary limited partnerships (the “Subsidiary Partnerships,” and, collectively with the Operating Partnership, the “Partnerships”), engages in the ownership, operation, management, leasing, acquisition, renovation, expansion, development and financing of community and neighborhood shopping centers and mixed-use properties, primarily in the Washington, D.C./Baltimore metropolitan area. As of June 30, 2023, the Company’s properties (the “Current Portfolio Properties”) consisted of 50 shopping center properties (the “Shopping Centers”), seven mixed-use properties, which are comprised of office, retail and multi-family residential uses (the “Mixed-Use Properties”) and four (non-operating) land and development properties. Because the properties are located primarily in the Washington, D.C./Baltimore metropolitan area, the Company is subject to a concentration of credit risk related to these properties. The Shopping Centers, a majority of which are anchored by one or more major tenants and 33 of which are anchored by a grocery store, offer primarily day-to-day necessities and services. Giant Food, a tenant at 11 Shopping Centers, individually accounted for 5.0% of the Company's total revenue for the six months ended June 30, 2023. No other tenant individually accounted for 2.5% or more of the Company’s total revenue, excluding lease termination fees, for the six months ended June 30, 2023. The accompanying consolidated financial statements of the Company include the accounts of Saul Centers and its subsidiaries, including the Partnerships, which are majority owned by Saul Centers. Substantially all assets and liabilities of the Company as of June 30, 2023 and December 31, 2022, are comprised of the assets and liabilities of the Operating Partnership. Debt arrangements subject to recourse are described in Note 5. All significant intercompany balances and transactions have been eliminated in consolidation. The Operating Partnership is a variable interest entity (“VIE”) because the limited partners do not have substantive kick-out or participating rights. The Company is the primary beneficiary of the Operating Partnership because it has the power to direct its activities and the rights to absorb 72.0% of its net income. Because the Operating Partnership is consolidated into the financial statements of the Company, classification of it as a VIE has no impact on the consolidated financial statements of the Company. The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. In the opinion of management, all adjustments necessary for the fair presentation of the financial position and results of operations of the Company for the interim periods have been included. All such adjustments are of a normal recurring nature. These consolidated financial statements and the accompanying notes should be read in conjunction with the audited consolidated financial statements of the Company for the year ended December 31, 2022, which are included in its Annual Report on Form 10-K. Certain information and note disclosures normally included in annual financial statements prepared in accordance with GAAP have been omitted pursuant to those instructions. The results of operations for interim periods are not necessarily indicative of results to be expected for the year.

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2023
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Our significant accounting policies disclosed in our Annual Report on Form 10-K for the year ended December 31, 2022 have not changed significantly in number or composition. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. The most significant estimates and assumptions relate to collectability of operating lease receivables and impairment of real estate properties. Actual results could differ from those estimates. Accounts Receivable, Accrued Income and Allowance for Doubtful Accounts Accounts receivable are primarily comprised of rental and reimbursement billings due from tenants, and straight-line rent receivables representing the cumulative amount of adjustments necessary to present rental income on a straight-line basis. Individual leases are assessed for collectability and, upon the determination that the collection of rents is not probable, accrued rent and accounts receivable are charged off, and the charge off is reflected as an adjustment to rental revenue. Revenue from leases where collection is not probable is recorded on a cash basis until collectability is determined to be probable. Further, we assess whether operating lease receivables, at the portfolio level, are appropriately valued based upon an analysis of balances outstanding, historical bad debt levels and current economic trends. As of June 30, 2023, of the $9.4 million of rents previously deferred, $0.3 million has been written off and $0.6 million has not yet come due. The amount that has not yet come due is included in Accounts receivable and accrued income, net in the Consolidated Balance Sheets. Reclassifications Certain reclassifications have been made to the prior year financial statements to conform to the presentation used as of and for the six months ended June 30, 2023.

Real Estate

Real Estate	6 Months Ended
	Jun. 30, 2023
Real Estate [Abstract]
Real Estate	Real Estate Construction In Progress Construction in progress includes land, preconstruction and development costs of active projects. Preconstruction costs include legal, zoning and permitting costs and other project carrying costs incurred prior to the commencement of construction. Development costs include direct construction costs and indirect costs incurred subsequent to the start of construction such as architectural, engineering, construction management and carrying costs consisting of interest, real estate taxes and insurance. Construction in progress as of June 30, 2023 and December 31, 2022, is composed of the following: (In thousands) June 30, 2023 December 31, 2022 Twinbrook Quarter $ 297,104 $ 227,672 Hampden House 105,192 80,704 Other 8,670 11,307 Total $ 410,966 $ 319,683 Leases We lease Shopping Centers and Mixed-Use Properties to lessees in exchange for monthly payments that cover rent, and, where applicable, reimbursement for property taxes, insurance, and certain property operating expenses. Our leases have been determined to be operating leases and generally range in term from one Some of our leases have termination options and/or extension options. Termination options allow the lessee and/or lessor to terminate the lease prior to the end of the lease term, provided certain conditions are met. Termination options generally require advance notification from the lessee and/or lessor and payment of a termination fee. Termination fees are recognized as revenue over the modified lease term. Extension options are subject to terms and conditions stated in the lease. An operating lease right of use asset and corresponding lease liability related to our headquarters sublease are reflected in other assets and other liabilities, respectively. The sublease expires on February 28, 2027. The right of use asset and corresponding lease liability totaled $2.8 million and $2.9 million, respectively, at June 30, 2023. Due to the business disruptions and challenges affecting the global economy caused by the novel strain of coronavirus (“COVID-19”) pandemic, many lessees requested rent relief, including rent deferrals and other lease concessions. The lease modification guidance in Accounting Standards Update 2016-02, “Accounting for Leases” does not contemplate the rapid execution of concessions for multiple tenants in response to sudden liquidity constraints of lessees. In April 2020, the staff of the Financial Accounting Standards Board issued a question and answer document that provided guidance allowing the Company to elect to either apply the lease modification accounting framework or not, with such election applied consistently to leases with similar characteristics and similar circumstances. The Company elected to apply such relief, which, in the case of rent deferrals, results in the accrual of rent due from tenants. The Company will continue to monitor the collectability of rent receivables. Deferred Leasing Costs Deferred leasing costs primarily consist of initial direct costs incurred in connection with successful property leasing and amounts attributed to in-place leases associated with acquired properties. Such amounts are capitalized and amortized, using the straight-line method, over the term of the lease or the remaining term of an acquired lease. Initial direct costs primarily consist of leasing commissions, which are costs paid to third-party brokers and lease commissions paid to certain employees that are incremental to obtaining a lease and would not have been incurred if the lease had not been obtained. Unamortized deferred costs are charged to expense if the applicable lease is terminated prior to expiration of the initial lease term. Collectively, deferred leasing costs totaled $22.8 million and $22.4 million, net of accumulated amortization of $52.7 million and $51.3 million, as of June 30, 2023 and December 31, 2022, respectively. Amortization expense, included in depreciation and amortization of deferred leasing costs in the Consolidated Statements of Operations, totaled $2.1 million and $2.1 million for the six months ended June 30, 2023 and 2022, respectively. Real Estate Investment Properties Depreciation is calculated using the straight-line method and estimated useful lives of generally between 35 and 50 years for base buildings, or a shorter period if management determines that the building has a shorter useful life, and up to 20 years for certain other improvements that extend the useful lives. Leasehold improvement expenditures are capitalized when certain criteria are met, including when the Company supervises construction and will own the improvements. Tenant improvements are amortized, over the shorter of the lives of the related leases or the useful life of the improvements, using the straight-line method. Depreciation expense in the Consolidated Statements of Operations totaled $22.0 million and $22.6 million for the six months ended June 30, 2023 and 2022, respectively. Repairs and maintenance expense totaled $7.1 million and $7.4 million for the six months ended June 30, 2023 and 2022, respectively, and is included in property operating expenses in the Consolidated Statements of Operations. As of June 30, 2023, we have not identified any impairment triggering events, including the impact of COVID-19 and corresponding tenant requests for rent relief. Therefore, under applicable GAAP guidance, no impairment charges were recorded.

Noncontrolling Interests - Hold

Noncontrolling Interests - Holders of Convertible Limited Partnership Units in the Operating Partnership	6 Months Ended
	Jun. 30, 2023
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 PartnershipAs of June 30, 2023, the B. F. Saul Company and certain other affiliated entities, each of which is controlled by B. Francis Saul II and his family members, (collectively, the “Saul Organization”) held an aggregate 26.6% limited partnership interest in the Operating Partnership represented by approximately 8.8 million convertible limited partnership units. These units are convertible into shares of Saul Centers’ common stock, at the option of the unit holder, on a one-for-one basis provided that, in accordance with the Company’s Articles of Incorporation, the rights may not be exercised at any time that the Saul Organization beneficially owns or will own after the exercise, directly or indirectly, in the aggregate more than 39.9% of the value of the outstanding common stock and preferred stock of Saul Centers (the “Equity Securities”). As of June 30, 2023, approximately 828,000 units could be converted into shares of Saul Centers common stock. As of June 30, 2023, a third party investor holds a 1.4% limited partnership interest in the Operating Partnership represented by 469,740 convertible limited partnership units. At the option of the unit holder, these units are convertible into shares of Saul Centers’ common stock on a one-for-one basis; provided that, in lieu of the delivery of Saul Centers’ common stock, Saul Centers may, in its sole discretion, deliver cash in an amount equal to the value of such Saul Centers’ common stock. The impact of the aggregate 28.0% limited partnership interest in the Operating Partnership held by parties other than Saul Centers is reflected as Noncontrolling Interests in the accompanying consolidated financial statements. Weighted average fully diluted partnership units and common stock outstanding for the three months ended June 30, 2023 and 2022, was approximately 34.0 million and 34.0 million, respectively and for the six months ended June 30, 2023 and 2022, was approximately 34.0 million and 33.9 million, respectively. The Company previously issued 708,035 limited partnership units related to the contribution of Twinbrook Quarter that are held in escrow and will be released on October 18, 2023. Until such time as the units are released from escrow, they are not eligible to receive distributions from the Operating Partnership.

Notes Payable, Bank Credit Faci

Notes Payable, Bank Credit Facility, Interest and Amortization of Deferred Debt Costs	6 Months Ended
	Jun. 30, 2023
Debt Disclosure [Abstract]
Notes Payable, Bank Credit Facility, Interest and Amortization of Deferred Debt Costs	Notes Payable, Bank Credit Facility, Interest and Amortization of Deferred Debt Costs At June 30, 2023, the Company had a $525.0 million senior unsecured credit facility (the “Credit Facility”) comprised of a $425.0 million revolving credit facility and a $100.0 million term loan. The revolving credit facility matures on August 29, 2025, and may be extended by the Company for one On August 23, 2022, the Company entered into two floating-to-fixed interest rate swap agreements to manage the interest rate risk associated with $100.0 million of its variable-rate debt. The effective date of each swap agreement is October 3, 2022 and each has a $50.0 million notional amount. One agreement terminates on October 1, 2027 and effectively fixes SOFR at 2.96%. The other agreement terminates on October 1, 2030 and effectively fixes SOFR at 2.91%. Because the interest-rate swaps effectively fix SOFR for $100.0 million of variable-rate debt, unless otherwise indicated, $100.0 million of variable-rate debt is being 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 June 30, 2023, the fair value of the interest-rate swaps totaled approximately $4.3 million, which is included in Other assets in the Consolidated Balance Sheets. The increase in value from inception of the swaps is reflected in Other Comprehensive Income in the Consolidated Statements of Comprehensive Income. On March 8, 2023, the Company closed on a 10-year, non-recourse, $15.3 million mortgage secured by BJ’s Wholesale Club in Alexandria, Virginia. The loan matures in 2033, bears interest at a fixed-rate of 6.07%, requires monthly principal and interest payments of $99,200 based on a 25-year amortization schedule and requires a final principal payment of $11.7 million at maturity. Proceeds were used to repay the remaining balance of approximately $9.3 million on the existing mortgage and reduce the outstanding balance of the Credit Facility. During the second quarter of 2023, the Company commenced drawing on its $145.0 million construction-to-permanent loan related to the residential and retail portions of Phase I of the Twinbrook Quarter development project. As of June 30, 2023, the outstanding balance on the loan was $25.8 million, net of unamortized deferred debt costs. 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) the construction-to-permanent loan secured by Twinbrook Quarter Phase I (approximately $28.4 million at June 30, 2023), (b) the mortgage secured by Kentlands Place, Kentlands Square I and Kentlands Pad (totaling $27.7 million at June 30, 2023), (c) a portion of the mortgage secured by The Waycroft (approximately $23.6 million of the $150.9 million outstanding balance at June 30, 2023), (d) the mortgage secured by Ashbrook Marketplace (approximately $20.5 million at June 30, 2023) and (e) a portion of the mortgage secured by Avenel Business Park (approximately $6.3 million of the $22.3 million outstanding balance at June 30, 2023). All other notes payable are non-recourse. The principal amount of the Company’s outstanding debt totaled approximately $1.31 billion at June 30, 2023, of which approximately $1.09 billion was fixed-rate debt and approximately $219.0 million was unhedged variable rate debt outstanding under the Credit Facility. The carrying amount of the properties collateralizing the notes payable totaled approximately $1.33 billion as of June 30, 2023. At December 31, 2022, the principal amount of the Company’s outstanding debt totaled approximately $1.24 billion, of which $1.07 billion was fixed rate debt and $164.0 million was unhedged variable rate debt outstanding under the Credit Facility. The carrying amount of the properties collateralizing the notes payable totaled approximately $1.04 billion as of December 31, 2022. At June 30, 2023, the future principal payments of debt, including scheduled maturities and amortization, for years ending December 31, were as follows: (In thousands) Principal Payments July 1 through December 31, 2023 $ 16,728 2024 83,973 2025 271,086 (a) 2026 162,468 2027 123,792 (b) 2028 41,863 Thereafter 611,879 Principal amount 1,311,789 Unamortized deferred debt costs 17,659 Net $ 1,294,130 (a) Includes $219.0 million outstanding under the Credit Facility. (b) Includes $100.0 million outstanding under the Credit Facility. Deferred debt costs consist of fees and costs incurred to obtain long-term financing, construction financing and the Credit Facility. These fees and costs are being amortized on a straight-line basis over the terms of the respective loans or agreements, which approximates the effective interest method. Deferred debt costs totaling $17.7 million and $15.8 million, net of accumulated amortization of $9.1 million and $7.9 million, at June 30, 2023 and December 31, 2022, respectively, and are reflected as a reduction of the related debt in the Consolidated Balance Sheets. At June 30, 2023, deferred debt costs totaling $2.9 million related to the Hampden House construction-to-permanent loan, which has no outstanding balance, are included in Other Assets in the Consolidated Balance Sheets. At December 31, 2022, deferred debt costs totaling $2.7 million and $3.0 million, related to the Twinbrook Quarter and Hampden House construction-to-permanent loans, respectively, which had no outstanding balance, were included in Other Assets in the Consolidated Balance Sheets. Interest expense, net and amortization of deferred debt costs for the three and six months ended June 30, 2023 and 2022, were as follows: Three Months Ended June 30, Six Months Ended June 30, (In thousands) 2023 2022 2023 2022 Interest incurred $ 16,267 $ 12,468 $ 31,780 $ 24,781 Amortization of deferred debt costs 564 465 1,122 941 Capitalized interest (4,472) (2,474) (8,614) (4,661) Interest expense 12,359 10,459 24,288 21,061 Less: Interest income 81 2 189 2 Interest expense, net and amortization of deferred debt costs $ 12,278 $ 10,457 $ 24,099 $ 21,059

Equity

Equity	6 Months Ended
	Jun. 30, 2023
Equity [Abstract]
Equity	Equity The consolidated statements of operations for the six months ended June 30, 2023 and 2022, reflect noncontrolling interests of $8.2 million and $8.1 million, respectively, representing income attributable to limited partnership units not held by Saul Centers. At June 30, 2023, 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 are redeemable at the Company's option, in whole or in part, at the $25.00 liquidation preference, plus accrued but unpaid dividends to but not including the redemption date. The depositary shares pay an annual dividend of $1.53125 per share, equivalent to 6.125% of the $25.00 liquidation preference. The Series D Stock has no stated maturity, is not subject to any sinking fund or mandatory redemption and is not convertible into any other securities of the Company except in connection with certain changes in control or delisting events. Investors in the depositary shares generally have no voting rights, but will have limited voting rights if the Company fails to pay dividends for six or more quarters (whether or not declared or consecutive) and in certain other events. At June 30, 2023, the Company had outstanding 4.4 million depositary shares, each representing 1/100th of a share of 6.000% Series E Cumulative Redeemable Preferred Stock (the “Series E Stock”). The depositary shares may be redeemed at the Company’s option, in whole or in part, on or after September 17, 2024, at the $25.00 liquidation preference, plus accrued but unpaid dividends to but not including the redemption date. The depositary shares pay an annual dividend of $1.50 per share, equivalent to 6.000% of the $25.00 liquidation preference. The Series E Stock has no stated maturity, is not subject to any sinking fund or mandatory redemption and is not convertible into any other securities of the Company except in connection with certain changes in control or delisting events. Investors in the depositary shares generally have no voting rights, but will have limited voting rights if the Company fails to pay dividends for six or more quarters (whether or not declared or consecutive) and in certain other events. Per Share Data Per share data for net income (basic and diluted) is computed using weighted average shares of common stock. Convertible limited partnership units and employee stock options are the Company’s potentially dilutive securities. For all periods presented, the convertible limited partnership units are non-dilutive. The following table sets forth, for the indicated periods, weighted averages of the number of common shares outstanding, basic and diluted, the effect of dilutive options and the number of options which are not dilutive because the average price of the Company’s common stock was less than the exercise prices. The treasury stock method was used to measure the effect of the dilution. Average Shares/Options Outstanding Three Months Ended June 30, Six Months Ended June 30, (In thousands) 2023 2022 2023 2022 Weighted average common stock outstanding-Basic 24,043 23,963 24,034 23,924 Effect of dilutive options 1 16 1 15 Weighted average common stock outstanding-Diluted 24,044 23,979 24,035 23,939 Non-dilutive options 1,672 1,212 1,708 1,221 Years non-dilutive options were issued 2014 through 2022 2015 through 2020 2013 through 2022 2015 through 2020

Related Party Transactions

Related Party Transactions	6 Months Ended
	Jun. 30, 2023
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 $231,400 and $227,800 for the six months ended June 30, 2023 and 2022, respectively. All amounts contributed by employees and the Company are fully vested. The Company also participates in a multiemployer nonqualified deferred compensation plan with entities in the Saul Organization which covers those full-time employees who meet the requirements as specified in the plan. According to the plan, which can be modified or discontinued at any time, participating employees defer 2% of their compensation in excess of a specified amount. For the six months ended June 30, 2023 and 2022, the Company credited to employee accounts $132,400 and $111,600, respectively, which is the sum of accrued earnings and up to three times the amount deferred by employees and is included in general and administrative expense. All amounts contributed by employees and credited by the Company are fully vested. The cumulative unfunded liability under this plan was $3.0 million and $3.0 million, at June 30, 2023 and December 31, 2022, respectively, and is included in accounts payable, accrued expenses and other liabilities in the Consolidated Balance Sheets. The Company and the Saul Organization are parties to a shared services agreement (the “Agreement”) that provides for the sharing of certain personnel and ancillary functions such as computer hardware, software, and support services and certain direct and indirect administrative personnel. The method for determining the cost of the shared services is provided for in the Agreement and is based upon head count, estimates of usage or estimates of time incurred, as applicable. The terms of the Agreement and the payments made thereunder are deemed reasonable by management and are reviewed annually by the Audit Committee of the Board of Directors, which consists entirely of independent directors. Net billings by the Saul Organization for the Company’s share of these ancillary costs and expenses for the six months ended June 30, 2023 and 2022, which included rental expense for the Company’s headquarters sublease, totaled approximately $5.4 million and $4.6 million, respectively. The amounts are generally expensed as incurred and are primarily reported as general and administrative expenses in the Consolidated Statements of Operations. As of June 30, 2023 and December 31, 2022, accounts payable, accrued expenses and other liabilities included approximately $0.9 million and $1.2 million, respectively, representing amounts due to the Saul Organization for the Company’s share of these ancillary costs and expenses. The Company subleases its corporate headquarters space from a member of the Saul Organization. The sublease commenced in March 2002, expires in 2027, and provides for base rent increases of 3% per year, with payment of a pro-rata share of operating expenses over a base year amount. The Agreement requires each party to pay an allocation of total rental payments based on a percentage proportionate to the number of employees employed by each party. The Company’s rent expense for its headquarters location was $436,000 and $394,000 for the six months ended June 30, 2023 and 2022, respectively, and is included in general and administrative expense. The B. F. Saul Insurance Agency, Inc., a subsidiary of the B. F. Saul Company and a member of the Saul Organization, is a general insurance agency that receives commissions and fees in connection with the Company’s insurance program. Such commissions and fees amounted to $315,500 and $137,500 for the six months ended June 30, 2023 and 2022, respectively.

Stock-based Employee Compensati

Stock-based Employee Compensation, Stock Option Plans, and Deferred Compensation Plan for Directors	6 Months Ended
	Jun. 30, 2023
Share-Based Payment Arrangement [Abstract]
Stock-based Employee Compensation, Stock Option Plans, and Deferred Compensation Plan for Directors	Stock-based Employee Compensation, Stock Option Plans, and Deferred Compensation Plan for Directors In 2004, the Company established a stock incentive plan (the “Plan”), as amended. Under the Plan, options are granted at an exercise price not less than the market value of the common stock on the date of grant and expire ten years from the date of grant. Officer options vest ratably over four years following the grant and are charged to expense using the straight-line method over the vesting period. Director options vest immediately and are charged to expense as of the date of grant. The Company uses the fair value method to value and account for employee stock options. The fair value of options granted is determined at the time of the grant using the Black-Scholes model, a widely used method for valuing stock-based employee compensation, and the following assumptions: (1) Expected Volatility determined using the most recent trading history of the Company’s common stock (month-end closing prices) corresponding to the average expected term of the options; (2) Average Expected Term of the options based on prior exercise history, scheduled vesting and the expiration date; (3) Expected Dividend Yield determined by management after considering the Company’s current and historic dividend yield, the Company’s yield in relation to other retail REITs and the Company’s market yield at the grant date; and (4) a Risk-free Interest Rate based upon the market yields of US Treasury obligations with maturities corresponding to the average expected term of the options at the grant date. The Company amortizes the value of options granted ratably over the vesting period and includes the amounts as compensation expense in general and administrative expenses. Pursuant to the Plan, the Compensation Committee established a Deferred Compensation Plan for Directors for the benefit of the Company’s directors and their beneficiaries, which replaced a previous Deferred Compensation and Stock Plan for Directors. Annually, directors are given the ability to make an election to defer all or part of their fees and have the option to have their fees paid in cash, in shares of common stock or in a combination of cash and shares of common stock upon separation from the Board. If a director elects to have their fees paid in stock, fees earned during a calendar quarter are aggregated and divided by the closing market price of the Company’s common stock on the first trading day of the following quarter to determine the number of shares to be credited to the director. During the six months ended June 30, 2023, 5,028 shares were credited to director’s deferred fee accounts and 6,865 shares were issued. As of June 30, 2023, the director's deferred fee accounts comprise 118,987 shares. Effective May 12, 2023, the Company granted 253,500 options to its directors and certain officers. The following table summarizes the assumptions used in the valuation of the 2023 and 2022 option grants. Directors Officers Grant date May 12, 2023 May 13, 2022 May 12, 2023 May 13, 2022 Exercise price per share $ 33.79 $ 47.90 $ 33.79 $ 47.90 Fair value per option $ 6.53 $ 8.34 $ 6.06 $ 7.66 Volatility 0.319 0.300 0.288 0.271 Expected life (years) 5.0 5.0 7.0 7.0 Assumed yield 4.94% 4.90% 4.96% 4.93% Risk-free rate 3.45% 2.89% 3.45% 2.95% During the six months ended June 30, 2023, stock option expense totaling $0.7 million was included in general and administrative expense in the Consolidated Statement of Operations. As of June 30, 2023, the estimated future expense related to unvested stock options was $2.8 million. The table below summarizes the option activity for the six months ended June 30, 2023: Number of Weighted Aggregate Outstanding at January 1 1,768,375 $ 51.28 $ — Granted 253,500 33.79 770,640 Exercised — — — Expired/Forfeited (96,875) 49.24 — Outstanding at June 30 1,925,000 49.08 770,640 Exercisable at June 30 1,247,375 52.28 91,200

Fair Value of Financial Instrum

Fair Value of Financial Instruments	6 Months Ended
	Jun. 30, 2023
Fair Value Disclosures [Abstract]
Fair Value of Financial Instruments	Fair Value of Financial InstrumentsThe carrying amount of cash and cash equivalents, accounts receivable, accounts payable and accrued expenses are reasonable estimates of their fair value. The aggregate fair value of the notes payable with fixed-rate payment terms was determined using Level 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 $926.3 million and $919.2 million, respectively, compared to the principal balance of $1.09 billion and $1.07 billion at June 30, 2023 and December 31, 2022, 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	6 Months Ended
	Jun. 30, 2023
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 floating-to-fixed 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. 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 $2.3 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. As of June 30, 2023, the fair value of the interest-rate swaps was approximately $4.3 million and is included in Other assets in the Consolidated Balance Sheets. The change in value during the period is reflected in Other Comprehensive Income in the Consolidated Statements of Comprehensive Income. The table below details the fair value and location of the interest rate swaps as of June 30, 2023 and December 31, 2022. (In thousands) Fair Values of Derivative Instruments June 30, 2023 December 31, 2022 Derivative Instrument Balance Sheet Location Fair Value Balance Sheet Location Fair Value Interest rate swaps Other Assets $ 4,349 Other Assets $ 3,962 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 three and six months ended June 30, 2023 and 2022. (In thousands) The Effect of Hedge Accounting on Other Comprehensive Income (OCI) Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Amount of gain (loss) recognized in OCI $ 2,919 $ — $ 1,302 $ — Location of gain (loss) reclassified from OCI into income Interest expense, net and amortization of deferred debt costs N/A Interest expense, net and amortization of deferred debt costs N/A Amount of (gain) loss reclassified from OCI into income $ (518) $ — $ (915) $ —

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and ContingenciesNeither the Company nor the Current Portfolio Properties are subject to any material litigation, nor, to management’s knowledge, is any material litigation currently threatened against the Company, other than routine litigation and administrative proceedings arising in the ordinary course of business. Management believes that these items, individually or in the aggregate, will not have a material adverse impact on the Company or the Current Portfolio Properties.

Business Segments

Business Segments	6 Months Ended
	Jun. 30, 2023
Segment Reporting [Abstract]
Business Segments	Business Segments The Company has two reportable business segments: Shopping Centers and Mixed-Use Properties. The accounting policies of the segments are the same as those described in the summary of significant accounting policies (see Note 2). The Company evaluates performance based upon income and cash flows from real estate of the combined properties in each segment. All of our properties within each segment generate similar types of revenues and expenses related to tenant rent, reimbursements and operating expenses. Although services are provided to a variety of tenants, the types of services provided to them are similar within each segment. The properties in each portfolio have similar economic characteristics and the nature of the products and services provided to our tenants and the method to distribute such services are consistent throughout the portfolio. Certain reclassifications have been made to prior year information to conform to the 2023 presentation. Financial Information By Segment (In thousands) Shopping Mixed-Use Corporate Consolidated Three Months Ended June 30, 2023 Real estate rental operations: Revenue $ 43,974 $ 19,735 $ — $ 63,709 Expenses (9,462) (6,988) — (16,450) Income from real estate 34,512 12,747 — 47,259 Interest expense, net and amortization of deferred debt costs — — (12,278) (12,278) Depreciation and amortization of deferred leasing costs (7,066) (5,048) — (12,114) General and administrative — — (5,678) (5,678) Net income (loss) $ 27,446 $ 7,699 $ (17,956) $ 17,189 Capital investment $ 4,221 $ 51,989 $ — $ 56,210 Total assets $ 915,274 $ 972,258 $ 19,162 $ 1,906,694 Three Months Ended June 30, 2022 Real estate rental operations: Revenue $ 42,038 $ 18,255 $ — $ 60,293 Expenses (8,184) (6,613) — (14,797) Income from real estate 33,854 11,642 — 45,496 Interest expense, net and amortization of deferred debt costs — — (10,457) (10,457) Depreciation and amortization of deferred leasing costs (7,086) (5,291) — (12,377) General and administrative — — (5,665) (5,665) Net income (loss) $ 26,768 $ 6,351 $ (16,122) $ 16,997 Capital investment $ 2,427 $ 32,619 $ — $ 35,046 Total assets $ 937,509 $ 831,078 $ 13,899 $ 1,782,486 (In thousands) Shopping Mixed-Use Corporate Consolidated Six Months Ended June 30, 2023 Real estate rental operations: Revenue $ 88,199 $ 38,559 $ — $ 126,758 Expenses (18,722) (14,009) — (32,731) Income from real estate 69,477 24,550 — 94,027 Interest expense, net and amortization of deferred debt costs — — (24,099) (24,099) Depreciation and amortization of deferred leasing costs (14,193) (9,937) — (24,130) General and administrative — — (10,946) (10,946) Net income (loss) $ 55,284 $ 14,613 $ (35,045) $ 34,852 Capital investment $ 5,888 $ 93,478 $ — $ 99,366 Total assets $ 915,274 $ 972,258 $ 19,162 $ 1,906,694 Six Months Ended June 30, 2022 Real estate rental operations: Revenue $ 86,137 $ 36,300 $ — $ 122,437 Expenses (18,276) (13,477) — (31,753) Income from real estate 67,861 22,823 — 90,684 Interest expense, net and amortization of deferred debt costs — — (21,059) (21,059) Depreciation and amortization of deferred leasing costs (14,227) (10,477) — (24,704) General and administrative — — (10,433) (10,433) Net income (loss) $ 53,634 $ 12,346 $ (31,492) $ 34,488 Capital investment $ 3,959 $ 47,955 $ — $ 51,914 Total assets $ 937,509 $ 831,078 $ 13,899 $ 1,782,486

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2023
Subsequent Events [Abstract]
Subsequent Events	Subsequent EventsThe Company has reviewed operating activities for the period subsequent to June 30, 2023, and determined there are no subsequent events required to be disclosed.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2023
Accounting Policies [Abstract]
Nature of Operations	The Company, which conducts all of its activities through its subsidiaries, Saul Holdings Limited Partnership, a Maryland limited partnership (the “Operating Partnership”) and two subsidiary limited partnerships (the “Subsidiary Partnerships,” and, collectively with the Operating Partnership, the “Partnerships”), engages in the ownership, operation, management, leasing, acquisition, renovation, expansion, development and financing of community and neighborhood shopping centers and mixed-use properties, primarily in the Washington, D.C./Baltimore metropolitan area. As of June 30, 2023, the Company’s properties (the “Current Portfolio Properties”) consisted of 50 shopping center properties (the “Shopping Centers”), seven mixed-use properties, which are comprised of office, retail and multi-family residential uses (the “Mixed-Use Properties”) and four (non-operating) land and development properties.
Principles of Consolidation	The accompanying consolidated financial statements of the Company include the accounts of Saul Centers and its subsidiaries, including the Partnerships, which are majority owned by Saul Centers. Substantially all assets and liabilities of the Company as of June 30, 2023 and December 31, 2022, are comprised of the assets and liabilities of the Operating Partnership. Debt arrangements subject to recourse are described in Note 5. All significant intercompany balances and transactions have been eliminated in consolidation.
Consolidation, Variable Interest Entity	The Operating Partnership is a variable interest entity (“VIE”) because the limited partners do not have substantive kick-out or participating rights. The Company is the primary beneficiary of the Operating Partnership because it has the power to direct its activities and the rights to absorb 72.0% of its net income. Because the Operating Partnership is consolidated into the financial statements of the Company, classification of it as a VIE has no impact on the consolidated financial statements of the Company.
Basis of Presentation	The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. In the opinion of management, all adjustments necessary for the fair presentation of the financial position and results of operations of the Company for the interim periods have been included. All such adjustments are of a normal recurring nature. These consolidated financial statements and the accompanying notes should be read in conjunction with the audited consolidated financial statements of the Company for the year ended December 31, 2022, which are included in its Annual Report on Form 10-K. Certain information and note disclosures normally included in annual financial statements prepared in accordance with GAAP have been omitted pursuant to those instructions. The results of operations for interim periods are not necessarily indicative of results to be expected for the year.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. The most significant estimates and assumptions relate to collectability of operating lease receivables and impairment of real estate properties. Actual results could differ from those estimates.
Accounts Receivable, Accrued Income and Allowance for Doubtful Accounts	Accounts Receivable, Accrued Income and Allowance for Doubtful AccountsAccounts receivable are primarily comprised of rental and reimbursement billings due from tenants, and straight-line rent receivables representing the cumulative amount of adjustments necessary to present rental income on a straight-line basis. Individual leases are assessed for collectability and, upon the determination that the collection of rents is not probable, accrued rent and accounts receivable are charged off, and the charge off is reflected as an adjustment to rental revenue. Revenue from leases where collection is not probable is recorded on a cash basis until collectability is determined to be probable. Further, we assess whether operating lease receivables, at the portfolio level, are appropriately valued based upon an analysis of balances outstanding, historical bad debt levels and current economic trends.
Reclassifications	Reclassifications Certain reclassifications have been made to the prior year financial statements to conform to the presentation used as of and for the six months ended June 30, 2023.

Real Estate (Tables)

Real Estate (Tables)	6 Months Ended
	Jun. 30, 2023
Real Estate [Abstract]
Schedule of Construction in Progress	Construction in progress as of June 30, 2023 and December 31, 2022, is composed of the following: (In thousands) June 30, 2023 December 31, 2022 Twinbrook Quarter $ 297,104 $ 227,672 Hampden House 105,192 80,704 Other 8,670 11,307 Total $ 410,966 $ 319,683

Notes Payable, Bank Credit Fa_2

Notes Payable, Bank Credit Facility, Interest and Amortization of Deferred Debt Costs (Tables)	6 Months Ended
	Jun. 30, 2023
Debt Disclosure [Abstract]
Scheduled Maturities of Debt, Including Scheduled Principal Amortization	At June 30, 2023, the future principal payments of debt, including scheduled maturities and amortization, for years ending December 31, were as follows: (In thousands) Principal Payments July 1 through December 31, 2023 $ 16,728 2024 83,973 2025 271,086 (a) 2026 162,468 2027 123,792 (b) 2028 41,863 Thereafter 611,879 Principal amount 1,311,789 Unamortized deferred debt costs 17,659 Net $ 1,294,130 (a) Includes $219.0 million outstanding under the Credit Facility. (b) Includes $100.0 million outstanding under the Credit Facility.
Interest Expense and Amortization of Deferred Debt Costs	Interest expense, net and amortization of deferred debt costs for the three and six months ended June 30, 2023 and 2022, were as follows: Three Months Ended June 30, Six Months Ended June 30, (In thousands) 2023 2022 2023 2022 Interest incurred $ 16,267 $ 12,468 $ 31,780 $ 24,781 Amortization of deferred debt costs 564 465 1,122 941 Capitalized interest (4,472) (2,474) (8,614) (4,661) Interest expense 12,359 10,459 24,288 21,061 Less: Interest income 81 2 189 2 Interest expense, net and amortization of deferred debt costs $ 12,278 $ 10,457 $ 24,099 $ 21,059

Equity (Tables)

Equity (Tables)	6 Months Ended
	Jun. 30, 2023
Equity [Abstract]
Schedule of Weighted Average Number of Shares	The following table sets forth, for the indicated periods, weighted averages of the number of common shares outstanding, basic and diluted, the effect of dilutive options and the number of options which are not dilutive because the average price of the Company’s common stock was less than the exercise prices. The treasury stock method was used to measure the effect of the dilution. Average Shares/Options Outstanding Three Months Ended June 30, Six Months Ended June 30, (In thousands) 2023 2022 2023 2022 Weighted average common stock outstanding-Basic 24,043 23,963 24,034 23,924 Effect of dilutive options 1 16 1 15 Weighted average common stock outstanding-Diluted 24,044 23,979 24,035 23,939 Non-dilutive options 1,672 1,212 1,708 1,221 Years non-dilutive options were issued 2014 through 2022 2015 through 2020 2013 through 2022 2015 through 2020

Stock-based Employee Compensa_2

Stock-based Employee Compensation, Stock Option Plans, and Deferred Compensation Plan for Directors (Tables)	6 Months Ended
	Jun. 30, 2023
Share-Based Payment Arrangement [Abstract]
Stock Options Issued	The following table summarizes the assumptions used in the valuation of the 2023 and 2022 option grants. Directors Officers Grant date May 12, 2023 May 13, 2022 May 12, 2023 May 13, 2022 Exercise price per share $ 33.79 $ 47.90 $ 33.79 $ 47.90 Fair value per option $ 6.53 $ 8.34 $ 6.06 $ 7.66 Volatility 0.319 0.300 0.288 0.271 Expected life (years) 5.0 5.0 7.0 7.0 Assumed yield 4.94% 4.90% 4.96% 4.93% Risk-free rate 3.45% 2.89% 3.45% 2.95%
Summary of Option Activity	The table below summarizes the option activity for the six months ended June 30, 2023: Number of Weighted Aggregate Outstanding at January 1 1,768,375 $ 51.28 $ — Granted 253,500 33.79 770,640 Exercised — — — Expired/Forfeited (96,875) 49.24 — Outstanding at June 30 1,925,000 49.08 770,640 Exercisable at June 30 1,247,375 52.28 91,200

Derivatives and Hedging Activ_2

Derivatives and Hedging Activities (Tables)	6 Months Ended
	Jun. 30, 2023
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 June 30, 2023 and December 31, 2022. (In thousands) Fair Values of Derivative Instruments June 30, 2023 December 31, 2022 Derivative Instrument Balance Sheet Location Fair Value Balance Sheet Location Fair Value Interest rate swaps Other Assets $ 4,349 Other Assets $ 3,962
Schedule of Derivative Instruments, Effect on Other Comprehensive Income (Loss)	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 three and six months ended June 30, 2023 and 2022. (In thousands) The Effect of Hedge Accounting on Other Comprehensive Income (OCI) Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Amount of gain (loss) recognized in OCI $ 2,919 $ — $ 1,302 $ — Location of gain (loss) reclassified from OCI into income Interest expense, net and amortization of deferred debt costs N/A Interest expense, net and amortization of deferred debt costs N/A Amount of (gain) loss reclassified from OCI into income $ (518) $ — $ (915) $ —

Business Segments (Tables)

Business Segments (Tables)	6 Months Ended
	Jun. 30, 2023
Segment Reporting [Abstract]
Business Segments	Financial Information By Segment (In thousands) Shopping Mixed-Use Corporate Consolidated Three Months Ended June 30, 2023 Real estate rental operations: Revenue $ 43,974 $ 19,735 $ — $ 63,709 Expenses (9,462) (6,988) — (16,450) Income from real estate 34,512 12,747 — 47,259 Interest expense, net and amortization of deferred debt costs — — (12,278) (12,278) Depreciation and amortization of deferred leasing costs (7,066) (5,048) — (12,114) General and administrative — — (5,678) (5,678) Net income (loss) $ 27,446 $ 7,699 $ (17,956) $ 17,189 Capital investment $ 4,221 $ 51,989 $ — $ 56,210 Total assets $ 915,274 $ 972,258 $ 19,162 $ 1,906,694 Three Months Ended June 30, 2022 Real estate rental operations: Revenue $ 42,038 $ 18,255 $ — $ 60,293 Expenses (8,184) (6,613) — (14,797) Income from real estate 33,854 11,642 — 45,496 Interest expense, net and amortization of deferred debt costs — — (10,457) (10,457) Depreciation and amortization of deferred leasing costs (7,086) (5,291) — (12,377) General and administrative — — (5,665) (5,665) Net income (loss) $ 26,768 $ 6,351 $ (16,122) $ 16,997 Capital investment $ 2,427 $ 32,619 $ — $ 35,046 Total assets $ 937,509 $ 831,078 $ 13,899 $ 1,782,486 (In thousands) Shopping Mixed-Use Corporate Consolidated Six Months Ended June 30, 2023 Real estate rental operations: Revenue $ 88,199 $ 38,559 $ — $ 126,758 Expenses (18,722) (14,009) — (32,731) Income from real estate 69,477 24,550 — 94,027 Interest expense, net and amortization of deferred debt costs — — (24,099) (24,099) Depreciation and amortization of deferred leasing costs (14,193) (9,937) — (24,130) General and administrative — — (10,946) (10,946) Net income (loss) $ 55,284 $ 14,613 $ (35,045) $ 34,852 Capital investment $ 5,888 $ 93,478 $ — $ 99,366 Total assets $ 915,274 $ 972,258 $ 19,162 $ 1,906,694 Six Months Ended June 30, 2022 Real estate rental operations: Revenue $ 86,137 $ 36,300 $ — $ 122,437 Expenses (18,276) (13,477) — (31,753) Income from real estate 67,861 22,823 — 90,684 Interest expense, net and amortization of deferred debt costs — — (21,059) (21,059) Depreciation and amortization of deferred leasing costs (14,227) (10,477) — (24,704) General and administrative — — (10,433) (10,433) Net income (loss) $ 53,634 $ 12,346 $ (31,492) $ 34,488 Capital investment $ 3,959 $ 47,955 $ — $ 51,914 Total assets $ 937,509 $ 831,078 $ 13,899 $ 1,782,486

Organization, Formation and Str

Organization, Formation and Structure (Details)	6 Months Ended
	Jun. 30, 2023 property subsidiary store
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items]
Percentage of taxable income distribution of shareholders	90%
Number of subsidiaries | subsidiary	2
Number of shopping centers | store	33
Saul Holdings Limited Partnership
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items]
Percentage of ownership in operating partnership (as a percent)	72%
Giant Food
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items]
Number of shopping centers | store	11
Giant Food | Revenue | Customer Concentration Risk
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items]
Percentage of total revenue (as a percent)	5%
No Individual Tenant | Revenue | Customer Concentration Risk
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items]
Percentage of total revenue (as a percent)	2.50%
Shopping Centers
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items]
Number of real estate properties	50
Mixed-Use Properties
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items]
Number of real estate properties	7
Non-operating Development Properties
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items]
Number of real estate properties	4

Summary of Significant Accoun_3

Summary of Significant Accounting Policies - Narrative (Details) $ in Millions	Jun. 30, 2023 USD ($)
Accounting Policies [Abstract]
Accrued rent	$ 9.4
Accrued rent, write off	0.3
Accrued rent, amount not yet come due	$ 0.6

Real Estate - Schedule of Const

Real Estate - Schedule of Construction in Progress (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Real Estate [Line Items]
Construction in progress	$ 410,966	$ 319,683
Twinbrook Quarter
Real Estate [Line Items]
Construction in progress	297,104	227,672
Hampden House
Real Estate [Line Items]
Construction in progress	105,192	80,704
Other
Real Estate [Line Items]
Construction in progress	$ 8,670	$ 11,307

Real Estate Transactions - Narr

Real Estate Transactions - Narrative (Details) - USD ($)	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Real Estate [Line Items]
Right-of-use asset	$ 2,800,000
Operating lease liability	2,900,000
Deferred leasing costs, net	22,799,000		$ 22,388,000
Accumulated amortization deferred leasing cost	52,700,000		$ 51,300,000
Depreciation expense	22,000,000	$ 22,600,000
Repairs and maintenance expense	7,100,000	7,400,000
Impairment of real estate	$ 0
Minimum
Real Estate [Line Items]
Operating lease term of contract	1 year
Maximum
Real Estate [Line Items]
Operating lease term of contract	15 years
Building | Minimum
Real Estate [Line Items]
Estimated useful life	35 years
Building | Maximum
Real Estate [Line Items]
Estimated useful life	50 years
Building Improvements | Maximum
Real Estate [Line Items]
Estimated useful life	20 years
Lease Acquisition Costs
Real Estate [Line Items]
Amortization of intangible assets	$ 2,100,000	$ 2,100,000

Noncontrolling Interests - Ho_2

Noncontrolling Interests - Holders of Convertible Limited Partnership Units in the Operating Partnership (Details) - shares		3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Noncontrolling Interest [Line Items]
Limited partnership units (in shares)		8,800,000		8,800,000
Leasehold Interest Contributed In Contribution Agreement
Noncontrolling Interest [Line Items]
Number of partnership units issued in transaction (in shares)	469,740
Noncontrolling Interests
Noncontrolling Interest [Line Items]
Limited partnership units, conversion ratio		1		1
Outstanding stock percent that should be acquired for rights to be exercised (as a percent)		39.90%		39.90%
Limited partnership units convertible into shares of common stock, eligible for conversion (in shares)		828,000		828,000
Fully converted partnership units and diluted weighted average shares outstanding		34,000,000	34,000,000	34,000,000	33,900,000
Partners capital account units placed In escrow (in shares)				708,035
Saul Holdings Limited Partnership
Noncontrolling Interest [Line Items]
Percentage of ownership interest of noncontrolling interest (as a percent)		26.60%		26.60%
Saul Holdings Limited Partnership | Noncontrolling Interests
Noncontrolling Interest [Line Items]
Percentage of ownership interest of noncontrolling interest (as a percent)		28%		28%
Limited partnership units, conversion ratio		1		1
Third Party Investor
Noncontrolling Interest [Line Items]
Percentage of ownership interest of noncontrolling interest (as a percent)		1.40%		1.40%

Notes Payable, Bank Credit Fa_3

Notes Payable, Bank Credit Facility, Interest and Amortization of Deferred Debt Costs - Narrative (Details)			6 Months Ended
	Mar. 08, 2023 USD ($)	Oct. 03, 2022	Jun. 30, 2023 USD ($)	Oct. 01, 2030	Oct. 01, 2027	Dec. 31, 2022 USD ($)	Aug. 23, 2022 USD ($) swap
Debt Instrument [Line Items]
Revolving credit facility payable, net			$ 217,328,000			$ 161,941,000
Number of interest rate swaps | swap							2
Construction loan payable, net			25,841,000			0
Long-term debt			1,294,130,000
Principal amount			1,311,789,000			1,240,000,000
Debt outstanding with fixed-rate			1,090,000,000			1,070,000,000
Debt outstanding with variable-rate			219,000,000			164,000,000
Carrying value of properties collateralizing mortgage notes			1,330,000,000			1,040,000,000
Unamortized deferred debt costs			17,659,000			15,800,000
Debt issuance costs amortization			9,100,000			7,900,000
Interest rate swaps
Debt Instrument [Line Items]
Derivative asset			4,300,000
Twinbrook Quarter
Debt Instrument [Line Items]
Long-term debt			28,400,000
Unamortized deferred debt costs						2,700,000
Avenel Business Park
Debt Instrument [Line Items]
Guarantor obligations, maximum exposure			6,300,000
Hampden House
Debt Instrument [Line Items]
Unamortized deferred debt costs			$ 2,900,000			$ 3,000,000
Revolving Credit Facility | Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Interest rate spread on LIBOR		0.10%	1.40%
Term Facility | Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Interest rate spread on LIBOR			1.35%
Unsecured Revolving Credit Facility
Debt Instrument [Line Items]
Line of credit facility, remaining borrowing capacity			$ 165,300,000
Revolving credit facility payable, net			319,000,000
Letter of Credit
Debt Instrument [Line Items]
Revolving credit facility payable, net			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
Line of credit facility, extension term			1 year
Line of Credit | Unsecured Revolving Credit Facility
Debt Instrument [Line Items]
Revolving credit facility payable, net			$ 219,000,000
Secured Debt | Term Loan
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity							$ 100,000,000
Secured Debt | Term Loan | Agreement Ending October 1, 2030
Debt Instrument [Line Items]
Derivative, notional amount							50,000,000
Secured Debt | Term Loan | Agreement Ending October 1, 2027
Debt Instrument [Line Items]
Derivative, notional amount							$ 50,000,000
Secured Debt | Secured Overnight Financing Rate (SOFR) | Term Loan | Agreement Ending October 1, 2030 | Forecast
Debt Instrument [Line Items]
Derivative, fixed interest rate (as a percent)				2.91%
Secured Debt | Secured Overnight Financing Rate (SOFR) | Term Loan | Agreement Ending October 1, 2027 | Forecast
Debt Instrument [Line Items]
Derivative, fixed interest rate (as a percent)					2.96%
Mortgages
Debt Instrument [Line Items]
Repayments of debt	$ 9,300,000
Mortgages | BJ’s Wholesale Club
Debt Instrument [Line Items]
Long-term debt, term	10 years
Debt instrument, face amount	$ 15,300,000
Debt instrument, interest rate, stated percentage	6.07%
Debt instrument, periodic payment	$ 99,200
Amortization period	25 years
Debt instrument, payment at maturity	$ 11,700,000
Mortgages | Kentlands Place Mortgage
Debt Instrument [Line Items]
Long-term debt			27,700,000
Mortgages | The Waycroft Mortgage
Debt Instrument [Line Items]
Long-term debt			150,900,000
Guarantor obligations, maximum exposure			23,600,000
Mortgages | Ashbrook Marketplace Mortgage
Debt Instrument [Line Items]
Long-term debt			20,500,000
Mortgages | Avenel Business Park
Debt Instrument [Line Items]
Long-term debt			22,300,000
Construction Loans | Construction-to-Permanent Loan
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity			145,000,000
Construction loan payable, net			$ 25,800,000

Notes Payable, Bank Credit Fa_4

Notes Payable, Bank Credit Facility, Interest and Amortization of Deferred Debt Costs - Scheduled Maturities of Debt, Including Scheduled Principal Amortization (Details) - USD ($)	Jun. 30, 2023	Dec. 31, 2022
Principal Payments
July 1 through December 31, 2023	$ 16,728,000
2024	83,973,000
2025	271,086,000
2026	162,468,000
2027	123,792,000
2028	41,863,000
Thereafter	611,879,000
Principal amount	1,311,789,000	$ 1,240,000,000
Unamortized deferred debt costs	17,659,000	15,800,000
Net	1,294,130,000
Outstanding line of credit	217,328,000	$ 161,941,000
Line of Credit
Principal Payments
Line of credit facility, maximum borrowing capacity	525,000,000
Unsecured Revolving Credit Facility
Principal Payments
Outstanding line of credit	319,000,000
Unsecured Revolving Credit Facility | Line of Credit
Principal Payments
Outstanding line of credit	219,000,000
Term Facility | Line of Credit
Principal Payments
Line of credit facility, maximum borrowing capacity	$ 100,000,000

Notes Payable, Bank Credit Fa_5

Notes Payable, Bank Credit Facility, Interest and Amortization of Deferred Debt Costs - Interest Expense and Amortization of Deferred Debt Costs (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Debt Disclosure [Abstract]
Interest incurred	$ 16,267	$ 12,468	$ 31,780	$ 24,781
Amortization of deferred debt costs	564	465	1,122	941
Capitalized interest	(4,472)	(2,474)	(8,614)	(4,661)
Interest expense	12,359	10,459	24,288	21,061
Less: Interest income	81	2	189	2
Interest expense, net and amortization of deferred debt costs	$ 12,278	$ 10,457	$ 24,099	$ 21,059

Equity - Narrative (Details)

Equity - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands, shares in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Class of Stock [Line Items]
Income attributable to noncontrolling interests	$ 4,027	$ 3,981	$ 8,188	$ 8,107
Series D Cumulative Redeemable, 30,000 shares issued and outstanding
Class of Stock [Line Items]
Depositary shares outstanding (in shares)	3		3
Percentage of redeemable preferred stock (as a percent)			6.125%
Cumulative redeemable preferred stock liquidation preference (in usd per share)	$ 25		$ 25
Annual dividend on depositary shares (in usd per share)			$ 1.53125
Depository shares to cumulative redeemable preferred stock ratio			1%
Series E Cumulative Redeemable, 44,000 shares issued and outstanding
Class of Stock [Line Items]
Depositary shares outstanding (in shares)	4.4		4.4
Percentage of redeemable preferred stock (as a percent)			6%
Cumulative redeemable preferred stock liquidation preference (in usd per share)	$ 25		$ 25
Annual dividend on depositary shares (in usd per share)			$ 1.50
Depository shares to cumulative redeemable preferred stock ratio			1%

Equity - Per Share Data (Detail

Equity - Per Share Data (Details) - shares shares in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Class of Stock [Line Items]
Weighted average common stock outstanding-Basic	24,043	23,963	24,034	23,924
Effect of dilutive options	1	16	1	15
Weighted average common stock outstanding-Diluted	24,044	23,979	24,035	23,939
Non-dilutive options
Class of Stock [Line Items]
Non-dilutive options	1,672	1,212	1,708	1,221

Related Party Transactions (Det

Related Party Transactions (Details)	6 Months Ended
	Jun. 30, 2023 USD ($)	Jun. 30, 2022 USD ($)	Dec. 31, 2022 USD ($)
Related Party Transaction [Line Items]
Company contribution to a multi employer 401K plan at discretionary amount of employee's cash compensation, maximum percentage (as a percent)	6%
Company contribution to a multi employer 401K plan at discretionary amount of employee's cash compensation, amount	$ 231,400	$ 227,800
Deferred compensation, employee contribution (as a percent)	2%
Deferred compensation, company contribution	$ 132,400	$ 111,600
Deferred compensation, company contribution percentage	3	3
Deferred compensation, cumulative unfunded liability	$ 3,000,000		$ 3,000,000
Accounts payable, accrued expenses and other liabilities	$ 54,211,000		42,978,000
Related Party
Related Party Transaction [Line Items]
Percentage of annual increase in base rent (as a percent)	3%
Rent expense	$ 436,000	$ 394,000
Insurance commissions and fees expense	315,500	137,500
Related Party | Shared Services Agreement
Related Party Transaction [Line Items]
Ancillary costs and expenses	5,400,000	$ 4,600,000
Accounts payable, accrued expenses and other liabilities	$ 900,000		$ 1,200,000

Stock-based Employee Compensa_3

Stock-based Employee Compensation, Stock Option Plans, and Deferred Compensation Plan for Directors - Narrative (Details) - USD ($)			3 Months Ended				6 Months Ended
	Jun. 30, 2023	May 12, 2023	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2023	Jun. 30, 2022
Schedule Of Share Based Compensation Arrangements By Share Based Payment Award Options [Line Items]
Deferred compensation (in shares)	118,987						5,028
Shares due to exercise of employee stock options and issuance of directors' deferred stock			3,104,000	699	19,618,000	8,007
Share-based payment arrangement, expense							$ 700,000
Future expense	$ 2,800,000		$ 2,800,000				2,800,000
Exercised							$ 0	$ 237,724
Closing share price (in usd per share)	$ 36.83		$ 36.83				$ 36.83
Share-based compensation arrangement by share-based payment award, options, grants since inception (in shares)	1,700,000		1,700,000				1,700,000
Weighted average remaining contractual life of the Company's outstanding options							6 years
Weighted average remaining contractual life of the Company's exercisable options							4 years 7 months 6 days
Granted (in shares)							253,500
Common Stock
Schedule Of Share Based Compensation Arrangements By Share Based Payment Award Options [Line Items]
Shares due to exercise of employee stock options and issuance of directors' deferred stock							6,865
Director And Certain Officers
Schedule Of Share Based Compensation Arrangements By Share Based Payment Award Options [Line Items]
Granted (in shares)		253,500
Employee Stock Option
Schedule Of Share Based Compensation Arrangements By Share Based Payment Award Options [Line Items]
Expiration period							10 years
Employee Stock Option | Officers
Schedule Of Share Based Compensation Arrangements By Share Based Payment Award Options [Line Items]
Award vesting period							4 years

Stock-based Employee Compensa_4

Stock-based Employee Compensation, Stock Option Plans, and Deferred Compensation Plan for Directors - Stock Options Issued (Details)	6 Months Ended
	Jun. 30, 2023 $ / shares
Share Based Compensation Arrangements By Share Based Payment Award Options [Line Items]
Exercise price (in usd per share)	$ 0
Directors | May 12, 2023
Share Based Compensation Arrangements By Share Based Payment Award Options [Line Items]
Exercise price (in usd per share)	33.79
Fair value (in usd per share)	$ 6.53
Volatility	31.90%
Expected life (years)	5 years
Assumed yield	4.94%
Risk-free rate	3.45%
Directors | May 13, 2022
Share Based Compensation Arrangements By Share Based Payment Award Options [Line Items]
Exercise price (in usd per share)	$ 47.90
Fair value (in usd per share)	$ 8.34
Volatility	30%
Expected life (years)	5 years
Assumed yield	4.90%
Risk-free rate	2.89%
Officers | May 12, 2023
Share Based Compensation Arrangements By Share Based Payment Award Options [Line Items]
Exercise price (in usd per share)	$ 33.79
Fair value (in usd per share)	$ 6.06
Volatility	28.80%
Expected life (years)	7 years
Assumed yield	4.96%
Risk-free rate	3.45%
Officers | May 13, 2022
Share Based Compensation Arrangements By Share Based Payment Award Options [Line Items]
Exercise price (in usd per share)	$ 47.90
Fair value (in usd per share)	$ 7.66
Volatility	27.10%
Expected life (years)	7 years
Assumed yield	4.93%
Risk-free rate	2.95%

Stock-based Employee Compensa_5

Stock-based Employee Compensation, Stock Option Plans, and Deferred Compensation Plan for Directors - Summary of Option Activity (Details) - USD ($)	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Number of Shares
Outstanding at beginning of period (in shares)	1,768,375
Granted (in shares)	253,500
Exercised (in shares)	0
Expired/Forfeited (in shares)	(96,875)
Outstanding at end of period (in shares)	1,925,000
Exercisable at end of period (in shares)	1,247,375
Weighted Average Exercise Price per share
Outstanding at beginning of period (in usd per share)	$ 51.28
Granted (in usd per share)	33.79
Exercised (in usd per share)	0
Expired/Forfeited (in usd per share)	49.24
Outstanding at end of period (in usd per share)	49.08
Exercisable at end of period (in usd per share)	$ 52.28
Aggregate Intrinsic Value
Outstanding at beginning of period	$ 0
Granted	770,640
Exercised	0	$ 237,724
Expired/Forfeited	0
Outstanding at end of period	770,640
Exercisable at end of period	$ 91,200

Fair Value of Financial Instr_2

Fair Value of Financial Instruments - Narrative (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Fair Value Disclosures [Abstract]
Notes payable, aggregate fair value	$ 926.3	$ 919.2
Notes payable, principal balance	$ 1,090	$ 1,070

Derivatives and Hedging Activ_3

Derivatives and Hedging Activities - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Fair Value of Financial Instruments [Line Items]
Amount of (gain) loss reclassified from OCI into income	$ (518)	$ 0	$ (915)	$ 0
Interest rate swaps
Fair Value of Financial Instruments [Line Items]
Amount of (gain) loss reclassified from OCI into income			2,300
Derivative asset	$ 4,300		$ 4,300

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) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Interest rate swaps | Other Assets
Fair Value of Financial Instruments [Line Items]
Fair Value	$ 4,349	$ 3,962

Derivatives and Hedging Activ_5

Derivatives and Hedging Activities - Derivative Instruments, Effect on Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Amount of gain (loss) recognized in OCI	$ 2,919	$ 0	$ 1,302	$ 0
Amount of (gain) loss reclassified from OCI into income	$ (518)	$ 0	$ (915)	$ 0

Business Segments - Narrative (

Business Segments - Narrative (Details)	6 Months Ended
	Jun. 30, 2023 segment
Segment Reporting [Abstract]
Number of reportable business segments	2

Business Segments - Schedule of

Business Segments - Schedule of Segment Information (Details) - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Real estate rental operations:
Revenue	$ 63,709		$ 60,293		$ 126,758	$ 122,437
Expenses	(16,450)		(14,797)		(32,731)	(31,753)
Income from real estate	47,259		45,496		94,027	90,684
Interest expense, net and amortization of deferred debt costs	(12,278)		(10,457)		(24,099)	(21,059)
Depreciation and amortization of deferred leasing costs	(12,114)		(12,377)		(24,130)	(24,704)
General and administrative	(5,678)		(5,665)		(10,946)	(10,433)
Net Income	17,189	$ 17,663	16,997	$ 17,491	34,852	34,488
Capital investment	56,210		35,046		99,366	51,914
Total assets	1,906,694		1,782,486		1,906,694	1,782,486	$ 1,833,302
Operating Segments | Shopping Centers
Real estate rental operations:
Revenue	43,974		42,038		88,199	86,137
Expenses	(9,462)		(8,184)		(18,722)	(18,276)
Income from real estate	34,512		33,854		69,477	67,861
Interest expense, net and amortization of deferred debt costs	0		0		0	0
Depreciation and amortization of deferred leasing costs	(7,066)		(7,086)		(14,193)	(14,227)
General and administrative	0		0		0	0
Net Income	27,446		26,768		55,284	53,634
Capital investment	4,221		2,427		5,888	3,959
Total assets	915,274		937,509		915,274	937,509
Operating Segments | Mixed-Use Properties
Real estate rental operations:
Revenue	19,735		18,255		38,559	36,300
Expenses	(6,988)		(6,613)		(14,009)	(13,477)
Income from real estate	12,747		11,642		24,550	22,823
Interest expense, net and amortization of deferred debt costs	0		0		0	0
Depreciation and amortization of deferred leasing costs	(5,048)		(5,291)		(9,937)	(10,477)
General and administrative	0		0		0	0
Net Income	7,699		6,351		14,613	12,346
Capital investment	51,989		32,619		93,478	47,955
Total assets	972,258		831,078		972,258	831,078
Corporate and Other
Real estate rental operations:
Revenue	0		0		0	0
Expenses	0		0		0	0
Income from real estate	0		0		0	0
Interest expense, net and amortization of deferred debt costs	(12,278)		(10,457)		(24,099)	(21,059)
Depreciation and amortization of deferred leasing costs	0		0		0	0
General and administrative	(5,678)		(5,665)		(10,946)	(10,433)
Net Income	(17,956)		(16,122)		(35,045)	(31,492)
Capital investment	0		0		0	0
Total assets	$ 19,162		$ 13,899		$ 19,162	$ 13,899