Saul Centers (BFS) 10-K 29 Feb 24 2023 FY Annual report Financial data

Cover Page

Cover Page - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Feb. 22, 2024	Jun. 30, 2023
Document Information [Line Items]
Document type	10-K
Document Annual Report	true
Document period end date	Dec. 31, 2023
Current fiscal year end date	--12-31
Document Transition Report	false
Entity File Number	1-12254
Entity registrant name	SAUL CENTERS, INC.
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	52-1833074
Entity Address, Address Line One	7501 Wisconsin Avenue
Entity Address, Address Line Two	Suite 1500E
Entity Address, City or Town	Bethesda
Entity Address, State or Province	MD
Entity Address, Postal Zip Code	20814-6522
City Area Code	301
Local Phone Number	986-6200
Entity well-known seasoned issuer	Yes
Entity voluntary filers	No
Entity current reporting status	Yes
Entity Interactive Data Current	Yes
Entity filer category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity common stock, shares outstanding		23,981,695
Entity public float			$ 484.4
Documents Incorporated by Reference	Registrant incorporates by reference into Part III (Items 10, 11, 12, 13 and 14) of this Annual Report on Form 10-K portions of registrant’s definitive Proxy Statement for the 2024 Annual Meeting of Stockholders to be filed with the Securities Exchange Commission pursuant to Regulation 14A. The definitive Proxy Statement will be filed with the Commission not later than 120 days after the end of the fiscal year covered by this Annual Report on Form 10-K.
Amendment flag	false
Document fiscal year focus	2023
Document fiscal period focus	FY
Entity central index key	0000907254
Common Stock, Par Value $0.01 Per Share
Document Information [Line Items]
Title of 12(b) Security	Common Stock, Par Value $0.01 Per Share
Trading symbol	BFS
Security Exchange Name	NYSE
Depositary Shares each representing 1/100th of a share of 6.125% Series D Cumulative Redeemable Preferred Stock, Par Value $0.01 Per Share
Document Information [Line Items]
Title of 12(b) Security	Depositary Shares each representing 1/100th of a share of 6.125% Series D Cumulative Redeemable Preferred Stock, Par Value $0.01 Per Share
Trading symbol	BFS/PRD
Security Exchange Name	NYSE
Depositary Shares each representing 1/100th of a share of 6.000% Series E Cumulative Redeemable Preferred Stock, Par Value $0.01 Per Share
Document Information [Line Items]
Title of 12(b) Security	Depositary Shares each representing 1/100th of a share of 6.000% Series E Cumulative Redeemable Preferred Stock, Par Value $0.01 Per Share
Trading symbol	BFS/PRE
Security Exchange Name	NYSE

Audit Information

Audit Information	12 Months Ended
	Dec. 31, 2023
Audit Information [Abstract]
Auditor Name	Deloitte & Touche LLP
Auditor Location	McLean, Virginia
Auditor Firm ID	34

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Real estate investments
Land	$ 511,529	$ 511,529
Buildings and equipment	1,595,023	1,574,381
Construction in progress	514,553	322,226
Real estate investments	2,621,105	2,408,136
Accumulated depreciation	(729,470)	(688,475)
Total real estate investments, net	1,891,635	1,719,661
Cash and cash equivalents	8,407	13,279
Accounts receivable and accrued income, net	56,032	56,323
Deferred leasing costs, net	23,728	22,388
Other assets	14,335	21,651
Total assets	1,994,137	1,833,302
Liabilities
Mortgage notes payable, net	935,451	961,577
Revolving credit facility payable, net	274,715	161,941
Term loan facility payable, net	99,530	99,382
Construction loans payable, net	77,305	0
Accounts payable, accrued expenses and other liabilities	57,022	42,978
Deferred income	22,748	23,169
Dividends and distributions payable	22,937	22,453
Total liabilities	1,489,708	1,311,500
Equity
Common stock, $0.01 par value, 40,000,000 shares authorized, 24,082,887 and 24,016,009 shares issued and outstanding, respectively	241	240
Additional paid-in capital	449,959	446,301
Partnership units in escrow	0	39,650
Distributions in excess of accumulated earnings	(288,825)	(273,559)
Accumulated other comprehensive income	2,014	2,852
Total Saul Centers, Inc. equity	348,389	400,484
Noncontrolling interests	156,040	121,318
Total equity	504,429	521,802
Total liabilities and equity	1,994,137	1,833,302
Series D Cumulative Redeemable Preferred Stock
Equity
Preferred stock, 1,000,000 shares authorized, Series D Cumulative Redeemable, 30,000 shares issued and outstanding, Series E Cumulative Redeemable, 44,000 and 0 shares issued and outstanding respectively	75,000	75,000
Series E Cumulative Redeemable Preferred Stock
Equity
Preferred stock, 1,000,000 shares authorized, Series D Cumulative Redeemable, 30,000 shares issued and outstanding, Series E Cumulative Redeemable, 44,000 and 0 shares issued and outstanding respectively	$ 110,000	$ 110,000

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 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	24,082,887	24,016,009
Common stock, shares outstanding	24,082,887	24,016,009
Series D Cumulative Redeemable Preferred Stock
Cumulative redeemable preferred stock, shares issued	30,000	30,000
Cumulative redeemable preferred stock, shares outstanding	30,000	30,000
Series E Cumulative Redeemable Preferred Stock
Cumulative redeemable preferred stock, shares issued	44,000	44,000
Cumulative redeemable preferred stock, shares outstanding	44,000	44,000

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Revenue
Rental revenue	$ 249,057	$ 240,837	$ 234,515
Other	8,150	5,023	4,710
Total revenue	257,207	245,860	239,225
Expenses
Property operating expenses	37,489	35,934	32,881
Real estate taxes	29,650	28,588	28,747
Interest expense, net and amortization of deferred debt costs	49,153	43,937	45,424
Depreciation and amortization of deferred leasing costs	48,430	48,969	50,272
General and administrative	23,459	22,392	20,252
Loss on early extinguishment of debt	0	648	0
Total expenses	188,181	180,468	177,576
Net income (loss)	69,026	65,392	61,649
Income attributable to noncontrolling interests	(16,337)	(15,198)	(13,260)
Net income attributable to Saul Centers, Inc.	52,689	50,194	48,389
Preferred stock dividends	(11,194)	(11,194)	(11,194)
Net income available to common stockholders	$ 41,495	$ 39,000	$ 37,195
Per share net income available to common stockholders
Basic (in usd per share)	$ 1.73	$ 1.63	$ 1.57
Diluted (in usd per share)	$ 1.73	$ 1.63	$ 1.57

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Statement of Comprehensive Income [Abstract]
Net income	$ 69,026	$ 65,392	$ 61,649
Other comprehensive income
Change in unrealized gain on cash flow hedge	(1,220)	3,962	0
Total comprehensive income	67,806	69,354	61,649
Comprehensive income attributable to noncontrolling interests	(15,955)	(16,308)	(13,260)
Total comprehensive income attributable to Saul Centers, Inc.	51,851	53,046	48,389
Preferred stock dividends	(11,194)	(11,194)	(11,194)
Total comprehensive income available to common stockholders	$ 40,657	$ 41,852	$ 37,195

Consolidated Statements of Equi

Consolidated Statements of Equity - USD ($) $ in Thousands	Total	Limited Partner	Twinbrook Metro Station Limited Partner	Twinbrook Metro Station Restricted Stock Units (RSUs)	Ashbrook Marketplace	Dividend paid	Dividend declared	Series D Cumulative Redeemable Preferred Stock Dividend paid	Series D Cumulative Redeemable Preferred Stock Dividend declared	Series E Cumulative Redeemable Preferred Stock Dividend paid	Total Saul Centers, Inc.	Total Saul Centers, Inc. Twinbrook Metro Station Restricted Stock Units (RSUs)	Total Saul Centers, Inc. Dividend paid	Total Saul Centers, Inc. Dividend declared	Total Saul Centers, Inc. Series D Cumulative Redeemable Preferred Stock Dividend paid	Total Saul Centers, Inc. Series D Cumulative Redeemable Preferred Stock Dividend declared	Total Saul Centers, Inc. Series E Cumulative Redeemable Preferred Stock Dividend paid	Preferred Stock	Common Stock	Additional Paid-in Capital	Partnership Units in Escrow	Partnership Units in Escrow Twinbrook Metro Station Restricted Stock Units (RSUs)	Distributions in Excess of Accumulated Earnings	Distributions in Excess of Accumulated Earnings Dividend paid	Distributions in Excess of Accumulated Earnings Dividend declared	Distributions in Excess of Accumulated Earnings Series D Cumulative Redeemable Preferred Stock Dividend paid	Distributions in Excess of Accumulated Earnings Series D Cumulative Redeemable Preferred Stock Dividend declared	Distributions in Excess of Accumulated Earnings Series E Cumulative Redeemable Preferred Stock Dividend paid	Accumulated Other Comprehensive Income	Noncontrolling Interests	Noncontrolling Interests Limited Partner	Noncontrolling Interests Twinbrook Metro Station Limited Partner	Noncontrolling Interests Twinbrook Metro Station Restricted Stock Units (RSUs)	Noncontrolling Interests Ashbrook Marketplace	Noncontrolling Interests Dividend paid	Noncontrolling Interests Dividend declared	Noncontrolling Interests Series D Cumulative Redeemable Preferred Stock Dividend paid
Beginning balance at Dec. 31, 2020	$ 427,533										$ 364,325							$ 185,000	$ 235	$ 420,625	$ 0		$ (241,535)						$ 0	$ 63,208
Issuance of common stock:
Shares issued pursuant to dividend reinvestment plan	11,500	$ 2,398									11,500								3	11,497											$ 2,398
Shares issued due to exercise of employee stock options and issuance of directors' deferred stock	4,487										4,487									4,487
Issuance of partnership units
Stock Issued During Period, Value, Acquisitions			$ 21,500	$ 79,300	$ 4,320							$ 79,300										$ 79,300										$ 21,500		$ 4,320
0 restricted units released from escrow pursuant to the Twinbrook Contribution Agreement				0								(39,650)										(39,650)											$ 39,650
Net income	61,649										48,389												48,389							13,260
Change in unrealized gain on cash flow hedge	0
Preferred stock distributions:
Preferred stock distributions							$ (1,650)	$ (3,445)	$ (1,149)	$ (4,950)				$ (1,650)	$ (3,445)	$ (1,149)	$ (4,950)								$ (1,650)	$ (3,445)	$ (1,149)	$ (4,950)
Common stock distributions						$ (52,139)							$ (38,525)											$ (38,525)											$ (13,614)
Distributions payable common stock and distributions payable partnership units							(18,867)							(13,583)											(13,583)											$ (5,284)
Ending balance at Dec. 31, 2021	530,487										405,049							185,000	238	436,609	39,650		(256,448)						0	125,438
Issuance of common stock:
Shares issued pursuant to dividend reinvestment plan	6,979	1,322									6,979								2	6,977											1,322
Shares issued due to exercise of employee stock options and issuance of directors' deferred stock	2,715										2,715									2,715
Net income	65,392										50,194												50,194							15,198
Change in unrealized gain on cash flow hedge	3,962										2,852																		2,852	1,110
Preferred stock distributions:
Preferred stock distributions							(1,650)	(3,445)	(1,149)	(4,950)				(1,650)	(3,445)	(1,149)	(4,950)								(1,650)	(3,445)	(1,149)	(4,950)
Common stock distributions						(58,204)							(41,940)											(41,940)											(16,264)
Distributions payable common stock and distributions payable partnership units							(19,657)							(14,171)											(14,171)											(5,486)
Ending balance at Dec. 31, 2022	521,802										400,484							185,000	240	446,301	39,650		(273,559)						2,852	121,318
Issuance of common stock:
Shares issued pursuant to dividend reinvestment plan	2,238	$ 1,505									2,238								1	2,237											$ 1,505
Shares issued due to exercise of employee stock options and issuance of directors' deferred stock	1,421										1,421									1,421
0 restricted units released from escrow pursuant to the Twinbrook Contribution Agreement				$ 0								$ (39,650)										$ (39,650)											$ 39,650
Net income	69,026										52,689												52,689							16,337
Change in unrealized gain on cash flow hedge	(1,220)										(838)																		(838)	(382)
Preferred stock distributions:
Preferred stock distributions							(1,650)	$ (3,445)	$ (1,149)	$ (4,950)				(1,650)	$ (3,445)	$ (1,149)	$ (4,950)								(1,650)	$ (3,445)	$ (1,149)	$ (4,950)									$ 0
Common stock distributions						$ (59,011)							$ (42,553)											$ (42,553)											$ (16,458)
Distributions payable common stock and distributions payable partnership units							$ (20,138)							$ (14,208)											$ (14,208)											$ (5,930)
Ending balance at Dec. 31, 2023	$ 504,429										$ 348,389							$ 185,000	$ 241	$ 449,959	$ 0		$ (288,825)						$ 2,014	$ 156,040

Consolidated Statements of Eq_2

Consolidated Statements of Equity (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Shares issued pursuant to dividend reinvestment plan	61,359,000	143,957,000	293,615,000
Shares due to exercise of employee stock options and issuance of directors' deferred stock	5,520,000	31,581,000	70,231,000
Change in unrealized gain on cash flow hedge	$ (1,220)	$ 3,962	$ 0
Total Saul Centers, Inc.
Change in unrealized gain on cash flow hedge	(838)	2,852
Accumulated Other Comprehensive Income
Change in unrealized gain on cash flow hedge	(838)	2,852
Noncontrolling Interests
Change in unrealized gain on cash flow hedge	$ (382)	$ 1,110
Limited Partner
Shares issued pursuant to dividend reinvestment plan	44,500,000	26,659,000	61,009,000
Twinbrook Metro Station
Stock issued during period, shares, acquisitions			469,740,000
Restricted units released pursuant to first escrow release (in shares)	708,035,000
Twinbrook Metro Station | Restricted Stock Units (RSUs)
Stock issued during period, shares, acquisitions	1,416,071,000		1,416,071,000
Restricted units released pursuant to first escrow release (in shares)			708,036,000
Ashbrook Marketplace
Stock issued during period, shares, acquisitions			93,674,000
Dividend declared
Distributions payable common stock and partnership units (in usd per share)	$ 0.59	$ 0.59	$ 0.57
Dividend declared | Series D Cumulative Redeemable Preferred Stock
Distributions payable on preferred stock (in usd per share)	38.28	38.28	38.28
Dividend declared | Series E Cumulative Redeemable Preferred Stock
Distributions payable on preferred stock (in usd per share)	$ 37.50	$ 37.50	$ 37.50

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Cash flows from operating activities:
Net income		$ 69,026	$ 65,392	$ 61,649
Adjustments to reconcile net income to net cash provided by operating activities:
Loss on early extinguishment of debt		0	648	0
Depreciation and amortization of deferred leasing costs		48,430	48,969	50,272
Amortization of deferred debt costs		2,250	1,985	1,710
Non cash compensation costs of stock grants and options		1,421	1,521	1,562
Credit losses (recoveries) on operating lease receivables		534	(88)	812
(Increase) decrease in accounts receivable and accrued income		(243)	2,424	5,446
Additions to deferred leasing costs		(5,607)	(2,716)	(1,814)
(Increase) decrease in other assets		453	4,511	(2,820)
Increase (decrease) in accounts payable, accrued expenses and other liabilities		1,884	524	(285)
Increase (decrease) in deferred income		(421)	(2,019)	1,895
Net cash provided by operating activities		117,727	121,151	118,427
Cash flows from investing activities:
Acquisitions of real estate investments	[1],[2],[3]	0	0	(9,011)
Additions to real estate investments		(26,196)	(15,781)	(21,023)
Additions to development and redevelopment projects		(177,485)	(101,107)	(25,884)
Net cash used in investing activities		(203,681)	(116,888)	(55,918)
Cash flows from financing activities:
Proceeds from mortgage notes payable		15,300	199,750	0
Repayments on mortgage notes payable		(42,332)	(174,096)	(42,641)
Proceeds from term loan facility		0	0	25,000
Proceeds from revolving credit facility		160,000	155,000	46,000
Repayments on revolving credit facility		(48,000)	(97,000)	(44,500)
Proceeds from construction loans payable		82,635	0	10,917
Payments of debt extinguishment costs		0	(593)	0
Additions to deferred debt costs		(404)	(9,869)	(6,393)
Proceeds from the issuance of:
Common stock		2,238	8,173	14,425
Partnership units	[1],[2],[3]	1,505	1,322	2,398
Distributions to:
Distributions to preferred stockholders		(11,194)	(11,194)	(11,194)
Common stockholders		(56,722)	(55,523)	(50,963)
Noncontrolling interests		(21,944)	(21,548)	(17,821)
Net cash provided by (used in) financing activities		81,082	(5,578)	(74,771)
Net decrease in cash and cash equivalents		(4,872)	(1,315)	(12,262)
Cash and cash equivalents, beginning of year		13,279	14,594	26,856
Cash and cash equivalents, end of year		8,407	13,279	14,594
Supplemental disclosure of cash flow information:
Cash paid for interest		46,083	40,725	44,575
Accrued capital expenditures included in accounts payable, accrued expenses, and other liabilities		31,166	19,006	5,906
Series D Cumulative Redeemable Preferred Stock
Distributions to:
Distributions to preferred stockholders		(4,594)	(4,594)	(4,593)
Series E Cumulative Redeemable Preferred Stock
Distributions to:
Distributions to preferred stockholders		$ (6,600)	$ (6,600)	$ (6,600)
[1] The 2021 acquisition of real estate and proceeds from the issuance of partnership units each excludes $79,300 in connection with the contribution of Twinbrook Quarter by the B. F. Saul Real Estate Investment Trust in exchange for limited partnership units. The 2021 acquisition of real estate and proceeds from the issuance of partnership units each excludes $21,500 in connection with the contribution of the Twinbrook Quarter leasehold interest in exchange for limited partnership units. The 2021 acquisition of real estate and proceeds from the issuance of partnership units each excludes $4,320 in connection with the issuance of additional limited partnership units to B. F. Saul Real Estate Investment Trust as additional consideration pursuant to the terms of the 2016 contribution agreement, as amended, related to Ashbrook Marketplace.

Consolidated Statements of Ca_2

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

Organization, Basis of Presenta

Organization, Basis of Presentation	12 Months Ended
	Dec. 31, 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. Saul Centers was formed to continue and expand the shopping center business previously owned and conducted by the B. F. Saul Real Estate Investment Trust (the “Saul Trust”), the B. F. Saul Company and certain other affiliated entities, each of which is controlled by B. Francis Saul II and his family members (collectively, the “Saul Organization”). On August 26, 1993, members of the Saul Organization transferred to Saul Holdings Limited Partnership, a newly formed Maryland limited partnership (the “Operating Partnership”), and two newly formed subsidiary limited partnerships (the “Subsidiary Partnerships,” and collectively with the Operating Partnership, the “Partnerships”), Shopping Centers and Mixed-Used Properties, and the management functions related to the transferred properties. Since its formation, the Company has developed and purchased additional properties. The Company, which conducts all of its activities through its subsidiaries, the Operating Partnership and Subsidiary Partnerships, engages in the ownership, operation, management, leasing, acquisition, renovation, expansion, development and financing of community and neighborhood shopping centers and mixed-used properties, primarily in the Washington, DC/Baltimore metropolitan area. Because the properties are located primarily in the Washington, DC/Baltimore metropolitan area, a disproportionate economic downturn in the local economy would have a greater negative impact on our overall financial performance than on the overall financial performance of a company with a portfolio that is more geographically diverse. A majority of the Shopping Centers are anchored by several major tenants. As of December 31, 2023, 33 of the Shopping Centers were anchored by a grocery store and offer primarily day-to-day necessities and services. One retail tenant, Giant Food (4.9%), a tenant at 11 Shopping Centers, individually accounted for 2.5% or more of the Company’s total revenue for the year ended December 31, 2023. As of December 31, 2023, the Current Portfolio Properties consisted of 50 Shopping Centers, seven Mixed-Use Properties, and four (non-operating) development properties. The accompanying consolidated financial statements of the Company include the accounts of Saul Centers and its subsidiaries, including the Operating Partnership and Subsidiary Partnerships, which are majority owned by Saul Centers. Substantially all assets and liabilities of the Company as of December 31, 2023 and December 31, 2022, are comprised of the assets and liabilities of the Operating Partnership. The debt arrangements which are subject to recourse are described in Note 5. All significant intercompany balances and transactions have been eliminated in consolidation. The Operating Partnership is a variable interest entity (“VIE”) of the Company because the limited partners do not have substantive kick-out or participating rights. The Company is the primary beneficiary of the Operating Partnership because it has the power to direct the activities of the Operating Partnership and the rights to absorb 70.4% of the net income of the Operating Partnership. Because the Operating Partnership is consolidated into the financial statements of the Company, the identification of it as a VIE has no impact on the consolidated financial statements of the Company.

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2023
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. The most significant estimates and assumptions relate to impairment of real estate properties and collectability of operating lease receivables. Actual results could differ from those estimates. Real Estate Investment Properties Real estate investment properties are stated at historic cost less depreciation. Although the Company intends to own its real estate investment properties over a long term, from time to time it will evaluate its market position, market conditions, and other factors and may elect to sell properties that do not conform to the Company’s investment profile. Management believes that the Company’s real estate assets have generally appreciated in value since their acquisition or development and, accordingly, the aggregate current value exceeds their aggregate net book value and also exceeds the value of the Company’s liabilities as reported in the financial statements. Because the financial statements are prepared in conformity with GAAP, they do not report the current value of the Company’s real estate investment properties. If there is an event or change in circumstance that indicates a potential impairment in the value of a real estate investment property, the Company prepares an analysis to determine whether the carrying amount of the real estate investment property exceeds its estimated fair value. The Company considers both quantitative and qualitative factors including recurring operating losses, significant decreases in occupancy, and significant adverse changes in legal factors and business climate. If impairment indicators are present, the Company compares the projected cash flows of the property over its remaining useful life, on an undiscounted basis, to the carrying amount of that property. The Company assesses its undiscounted projected cash flows based upon estimated capitalization rates, historic operating results and market conditions that may affect the property. If the carrying amount is greater than the undiscounted projected cash flows, the Company would recognize an impairment loss equivalent to an amount required to adjust the carrying amount to its then estimated fair value. The fair value of any property is sensitive to the actual results of any of the aforementioned estimated factors, either individually or taken as a whole. Should the actual results differ from management’s projections, the valuation could be negatively or positively affected. The Company did not recognize an impairment loss on any of its real estate in 2023, 2022, or 2021. Depreciation is calculated using the straight-line method and estimated useful lives of generally between 35 and 50 years for base buildings, or a shorter period if management determines that the building has a shorter useful life, and up to 20 years for certain other improvements that extend the useful lives. Leasehold improvements expenditures are capitalized when certain criteria are met, including when the Company supervises construction and will own the improvements. Tenant improvements are amortized, over the shorter of the lives of the related leases or the useful life of the improvement, using the straight-line method. Depreciation expense, which is included in Depreciation and amortization of deferred leasing costs in the Consolidated Statements of Operations, for the years ended December 31, 2023, 2022, and 2021, was $44.2 million, $44.6 million, and $45.5 million, respectively. Repairs and maintenance expense totaled $15.5 million, $15.2 million, and $13.5 million for 2023, 2022, and 2021, respectively, and is included in property operating expenses in the accompanying consolidated financial statements. Assets Held for Sale The Company considers properties to be assets held for sale when all of the following criteria are met: • management commits to a plan to sell a property; • it is unlikely that the disposal plan will be significantly modified or discontinued; • the property is available for immediate sale in its present condition; • actions required to complete the sale of the property have been initiated; • sale of the property is probable and the Company expects the completed sale will occur within one year; and • the property is actively being marketed for sale at a price that is reasonable given its current market value. The Company must make a determination as to the point in time that it is probable that a sale will be consummated, which generally occurs when an executed sales contract has no contingencies and the prospective buyer has significant funds at risk to ensure performance. Upon designation as an asset held for sale, the Company records the carrying amount of each property at the lower of its carrying amount or its estimated fair value, less estimated costs to sell, and ceases depreciation. As of December 31, 2023 and 2022, the Company had no assets designated as held for sale. Revenue Recognition We lease Shopping Centers and Mixed-Use Properties to lessees in exchange for monthly payments that cover rent, and where applicable, reimbursement for property taxes, insurance, and certain property operating expenses. Our leases were determined to be operating leases and generally range in term from one Some of our leases have termination options and/or extension options. Termination options allow the lessee to terminate the lease prior to the end of the lease term, provided certain conditions are met. Termination options generally require advance notification from the lessee and payment of a termination fee. Termination fees are recognized as revenue over the modified lease term. Extension options are subject to terms and conditions stated in the lease. Rental and interest income are accrued as earned. Recognition of rental income commences when control of the space has been given to the tenant. When rental payments due under leases vary from a straight-line basis because of free rent periods or stepped increases, income is recognized on a straight-line basis. Expense recoveries represent a portion of property operating expenses billed to the tenants, including common area maintenance, real estate taxes and other recoverable costs. Upon adoption of Accounting Standards Update (“ASU”) 2016-02, we made a policy election not to separate lease and nonlease components and have accounted for each lease component and the related nonlease components together as a single component. Expense recoveries are recognized in the period in which the expenses are incurred. Rental income based on a tenant’s revenue (“percentage rent”) is accrued when a tenant reports sales that exceed a specified breakpoint, pursuant to the terms of their respective leases. Accounts Receivable, Accrued Income, and Allowance for Doubtful Accounts Accounts receivable are primarily comprised of rental and reimbursement billings due from tenants, and straight-line rent receivables representing the cumulative amount of adjustments necessary to present rental income on a straight-line basis. Individual leases are assessed for collectability and, upon the determination that the collection of rents is not probable, accrued rent and accounts receivable are charged off, and the charge off is reflected as an adjustment to rental revenue. Revenue from leases where collection is not probable is recorded on a cash basis until collectability is determined to be probable. We also assess whether operating lease receivables, at the portfolio level, are appropriately valued based upon an analysis of balances outstanding, effects of tenant bankruptcies, historical levels of bad debt and current economic trends. Evaluating and estimating uncollectable lease payments and related receivables requires a significant amount of judgment by management and is based on the best information available to management at the time of evaluation. Deferred Leasing Costs Deferred leasing costs primarily consist of initial direct costs incurred in connection with successful property leasing and amounts attributed to in place leases associated with acquired properties. Such amounts are capitalized and amortized, using the straight-line method, over the term of the lease or the remaining term of an acquired lease. Initial direct costs primarily consist of leasing commissions, costs paid to external third-party brokers, and internal lease commissions that are incremental to obtaining a lease and would not have been incurred if the lease had not been obtained. Unamortized deferred costs are charged to expense if the applicable lease is terminated prior to expiration of the initial lease term. Collectively, deferred leasing costs totaled $23.7 million and $22.4 million, net of accumulated amortization of approximately $53.7 million and $51.3 million, as of December 31, 2023 and 2022, respectively. Amortization expense, which is included in Depreciation and amortization of deferred leasing costs in the Consolidated Statements of Operations, totaled approximately $4.2 million, $4.3 million, and $4.7 million, for the years ended December 31, 2023, 2022, and 2021, respectively. Cash and Cash Equivalents Cash and cash equivalents include short-term investments. Short-term investments include money market accounts and other investments that generally mature within three months, measured from the acquisition date, and/or are readily convertible to cash. Substantially all of the Company’s cash balances at December 31, 2023 are held in accounts at various banks. From time to time the Company may maintain deposits with financial institutions in amounts in excess of federally insured limits. The Company has not experienced any losses on such deposits and believes it is not exposed to any significant credit risk on those deposits. Deferred Income Deferred income consists of payments received from tenants prior to the time they are earned and recognized by the Company as revenue, including tenant prepayment of rent for future periods, real estate taxes when the taxing jurisdiction has a fiscal year differing from the calendar year reimbursements specified in the lease agreement and tenant construction work provided by the Company. In addition, deferred income includes unamortized balances that represent the fair value of certain below market leases determined as of the date of acquisition. Derivative Financial Instruments The Company may, when appropriate, employ derivative instruments, such as interest-rate swaps, to mitigate the risk of interest rate fluctuations. The Company does not enter into derivative or other financial instruments for trading or speculative purposes. Derivative financial instruments are carried at fair value as either assets or liabilities on the consolidated balance sheets. For those derivative instruments that qualify, the Company may designate the hedging instrument, based upon the exposure being hedged, as a fair value hedge or a cash flow hedge. Derivative instruments that are designated as a hedge are evaluated to ensure they continue to qualify for hedge accounting. The effective portion of any gain or loss on the hedge instruments is reported as a component of accumulated other comprehensive income (loss) and recognized in earnings within the same line item associated with the forecasted transaction in the same period or periods during which the hedged transaction affects earnings. Any ineffective portion of the change in fair value of a derivative instrument is immediately recognized in earnings. For derivative instruments that do not meet the criteria for hedge accounting, or that qualify and are not designated, changes in fair value are immediately recognized in earnings. Income Taxes The Company made an election to be treated, and intends to continue operating so as to qualify, as a REIT under the Code, commencing with its taxable year ended December 31, 1993. A REIT generally will not be subject to federal income taxation, provided that distributions to its stockholders equal or exceed its REIT taxable income and complies with certain other requirements. Therefore, no provision has been made for federal income taxes in the accompanying consolidated financial statements. As of December 31, 2023, the Company had no material unrecognized tax benefits and there exist no potentially significant unrecognized tax benefits which are reasonably expected to occur within the next twelve months. The Company recognizes penalties and interest accrued related to unrecognized tax benefits, if any, as general and administrative expense. No penalties and interest have been accrued in years 2023, 2022, and 2021. The tax basis of the Company’s real estate investments was approximately $1.59 billion and $1.61 billion as of December 31, 2023 and 2022, respectively. With few exceptions, the Company is no longer subject to U.S. federal, state, and local tax examinations by tax authorities for years before 2020. Legal Contingencies The Company is subject to various legal proceedings and claims that arise in the ordinary course of business, which are generally covered by insurance. Upon determination that a loss is probable to occur and can be reasonably estimated, the estimated amount of the loss is recorded in the financial statements. Recently Issued Accounting Standards Recently issued accounting standards or pronouncements have been excluded because they are either not relevant to the Company or they are expected not to have a material impact on the Consolidated Financial Statements of the Company. Reclassifications

Real Estate

Real Estate	12 Months Ended
	Dec. 31, 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. The following table shows the components of construction in progress. December 31, (in thousands) 2023 2022 Twinbrook Quarter $ 355,113 $ 227,672 Hampden House 142,240 80,704 Other 17,200 13,850 Total $ 514,553 $ 322,226 Acquisitions Twinbrook Quarter On November 5, 2019, the Company entered into the Twinbrook Contribution Agreement to acquire from 1592 Rockville Pike, a wholly-owned subsidiary of the Saul Trust, approximately 6.8 acres of land and its leasehold interest in approximately 1.3 acres of contiguous land, together in each case with the improvements located thereon, located at the Twinbrook Metro Station in Rockville, Maryland in exchange for 1,416,071 limited partnership units in the Operating Partnership. The Contributed Property is immediately adjacent to approximately 10.3 acres owned by the Company. Title to the Contributed Property and the units were placed in escrow until certain conditions of the Twinbrook Contribution Agreement were satisfied. The units issued to 1592 Rockville Pike remained in escrow until the conditions of the Twinbrook Contribution Agreement, as amended, were satisfied. Half of the units held in escrow were released on October 18, 2021. The remaining units held in escrow were released on October 18, 2023. On March 5, 2021, the Company entered into an amendment to the Twinbrook Contribution Agreement in which it and 1592 Rockville Pike agreed to release to the Company from escrow the deed and assignment of the leasehold interest of the Contributed Property, as of that date. The Company also reimbursed 1592 Rockville Pike for certain expenses pursuant to the Twinbrook Contribution Agreement totaling $7.4 million. Acquisition costs totaled $1.2 million. The Company recorded a finance lease right-of-use asset of $19.4 million and corresponding lease liability of $19.4 million related to the leasehold interest assumed in the transaction. The incremental borrowing rate used to calculate the lease liability was 5.63%. On June 29, 2021, the third-party landlord under the ground lease contributed to the Company the fee simple interest in the land underlying the leasehold interest in exchange for 469,740 limited partnership units in the Operating Partnership, representing an aggregate value of $21.5 million. Acquisition costs were paid in cash and totaled $0.7 million. Accordingly, the related finance lease right-of-use asset and finance lease liability were extinguished. Amortization expense and interest expense related to the lease totaled $104,000 and $362,800, respectively, for the year ended December 31, 2021. Allocation of Purchase Price of Real Estate Acquired The Company allocates the purchase price of real estate investment properties to various components, such as land, buildings and intangibles related to in-place leases and customer relationships, based on their relative fair values. The gross carrying amount of lease acquisition costs included in deferred leasing costs as of December 31, 2023 and 2022 was $10.6 million and $10.7 million, respectively, and accumulated amortization was $9.4 million and $9.2 million, respectively. Amortization expense totaled $0.3 million, $0.4 million and $0.5 million, for the years ended December 31, 2023, 2022, and 2021, respectively. The gross carrying amount of below market lease intangible liabilities included in deferred income as of December 31, 2023 and 2022 was $23.3 million and $23.3 million, respectively, and accumulated amortization was $18.6 million and $17.3 million, respectively. Accretion income totaled $1.3 million, $1.3 million, and $1.4 million, for the years ended December 31, 2023, 2022, and 2021, respectively. The gross carrying amount of above market lease intangible assets included in accounts receivable as of December 31, 2023 and 2022 was $0.6 million and $0.6 million, respectively, and accumulated amortization was $227,700 and $194,800, respectively. Amortization expense totaled $32,900, $32,900 and $32,900, for the years ended December 31, 2023, 2022 and 2021, respectively. The remaining weighted-average amortization period as of December 31, 2023 is 4.7 years, 5.8 years, and 5.0 years for lease acquisition costs, above market leases and below market leases, respectively. As of December 31, 2023, scheduled amortization of intangible assets and deferred income related to in place leases is as follows: (In thousands) Lease acquisition costs Above market leases Below market leases 2024 $ 198 $ 33 $ 878 2025 153 33 601 2026 131 33 508 2027 119 33 507 2028 117 33 507 Thereafter 476 211 1,730 Total $ 1,194 $ 376 $ 4,731

Noncontrolling Interests - Hold

Noncontrolling Interests - Holders of Convertible Limited Partnership Units in the Operating Partnership	12 Months Ended
	Dec. 31, 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 PARTNERSHIP Saul Centers is the sole general partner of the Operating Partnership, owning a 70.4% common interest as of December 31, 2023. Noncontrolling interest in the Operating Partnership is comprised of limited partnership units owned by the Saul Organization and a third party. Noncontrolling interest reflected on the accompanying consolidated balance sheets is increased for earnings allocated to limited partnership interests and distributions reinvested in additional units, and is decreased for limited partner distributions. Noncontrolling interest reflected on the consolidated statements of operations represents earnings allocated to limited partnership interests. The Saul Organization holds a 28.2% limited partnership interest in the Operating Partnership represented by 9,580,408 limited partnership units, as of December 31, 2023. The units are convertible into shares of Saul Centers’ common stock, at the option of the unit holder, on a one-for-one basis provided that, in accordance with the Saul Centers, Inc. Articles of Incorporation, the rights may not be exercised at any time that the Saul Organization beneficially owns, directly or indirectly, in the aggregate more than 39.9% of the value of the outstanding common stock and preferred stock of Saul Centers (the “Equity Securities”). As of December 31, 2023, approximately 854,000 units were eligible for conversion. As of December 31, 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 Saul Organization’s 28.2% and the third party's 1.4% limited partnership interest in the Operating Partnership is reflected as Noncontrolling Interests in the accompanying consolidated financial statements. Weighted average fully diluted partnership units and common stock outstanding for the years ended December 31, 2023, 2022, and 2021, were 34.1 million, 34.0 million, and 33.1 million, respectively.

Notes Payable, Bank Credit Faci

Notes Payable, Bank Credit Facility, Interest Expense and Amortization of Deferred Debt Costs	12 Months Ended
	Dec. 31, 2023
Debt Disclosure [Abstract]
Notes Payable, Bank Credit Facility, Interest Expense and Amortization of Deferred Debt Costs	NOTES PAYABLE, BANK CREDIT FACILITY, INTEREST EXPENSE AND AMORTIZATION OF DEFERRED DEBT COSTS At December 31, 2023, the principal amount of outstanding debt totaled $1.4 billion, of which $1.13 billion was fixed rate debt and $276.0 million was variable rate debt. The principal amount of the Company’s outstanding debt totaled $1.2 billion at December 31, 2022, of which $1.07 billion was fixed rate debt and $164.0 million was variable rate debt. At December 31, 2023, the Company had a $525.0 million Credit Facility comprised of a $425.0 million revolving credit facility and a $100.0 million term loan. The revolving credit facility matures on August 29, 2025, which may be extended by the Company for one additional year, subject to satisfaction of certain conditions. The term loan matures on February 26, 2027, and may not be extended. Through October 2, 2022, interest accrued at London Interbank Offered Rate (“LIBOR”) plus an applicable spread, which was determined by certain leverage tests. Effective October 3, 2022, in conjunction with the execution of the First Amendment to the Credit Facility, interest accrues at SOFR plus 10 basis points plus an applicable spread, which is determined by certain leverage tests. As of December 31, 2023, the applicable spread for borrowings was 140 basis points related to the revolving credit facility and 135 basis points related to the term loan. Letters of credit may be issued under the Credit Facility. On December 31, 2023, based on the value of the Company’s unencumbered properties, approximately $137.9 million was available under the Credit Facility, $376.0 million was outstanding and approximately $185,000 was committed for letters of credit. On August 23, 2022, the Company entered into two floating-to-fixed interest rate swap agreements to manage the interest rate risk associated with $100.0 million of its variable-rate debt. Each swap agreement became effective October 3, 2022 and each has a $50.0 million notional amount. One agreement terminates on October 1, 2027 and effectively fixes SOFR at 2.96%. The other agreement terminates on October 1, 2030 and effectively fixes SOFR at 2.91%. Because the interest-rate swaps effectively fix SOFR for $100.0 million of variable-rate debt, unless otherwise indicated, $100.0 million of variable-rate debt will be treated as fixed-rate debt for disclosure purposes beginning September 30, 2022. The Company has designated the agreements as cash flow hedges for accounting purposes. As of December 31, 2023 and 2022, the fair value of the interest-rate swaps totaled approximately $2.7 million and $4.0 million, respectively, and is included in Other assets in the Consolidated Balance Sheets. The increase in value from inception of the swaps is reflected in Other Comprehensive Income in the Consolidated Statements of Comprehensive Income. 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. On November 19, 2021, the Company closed on a $145.0 million construction-to-permanent loan, the proceeds of which will be used to partially fund Phase I of the Twinbrook Quarter development project. The loan matures in 2041, bears interest at a fixed rate of 3.83%, and requires interest only payments, which will be funded by the loan, until conversion to permanent. The conversion is expected in the fourth quarter of 2026 and, thereafter, monthly principal and interest payments based on a 25-year amortization schedule will be required. During the second quarter of 2023, the Company commenced drawing on the loan and as of December 31, 2023, the balance of the loan was $72.4 million, net of unamortized deferred debt costs. On February 23, 2022, the Company closed on a $133.0 million construction-to-permanent loan, the proceeds of which will be used to partially fund Hampden House. The loan matures in 2040, bears interest at a fixed rate of 3.90%, and requires interest only payments, which will be funded by the loan, until conversion to permanent. The conversion is expected in the first quarter of 2026, and thereafter, monthly principal and interest payments based on a 25-year amortization schedule will be required. During the fourth quarter of 2023, the Company commenced drawing on the loan and as of December 31, 2023, the balance of the loan was $4.9 million, net of unamortized deferred debt costs. On March 11, 2022, the Company repaid in full the remaining principal balance of $28.3 million of the mortgage loan secured by Lansdowne Town Center, which was scheduled to mature in June 2022. On June 7, 2022, the Company repaid in full the remaining principal balance of $8.6 million of the mortgage loan secured by Orchard Park, which was scheduled to mature in September 2022. On August 4, 2022, the Company closed on a 15-year, non-recourse, $25.3 million mortgage secured by Village Center. The loan matures in 2037, bears interest at a fixed-rate of 4.14%, requires monthly principal and interest payments of $135,200 based on a 25-year amortization schedule and requires a final payment of $13.4 million at maturity. Proceeds were used to repay the remaining balance of approximately $11.2 million on the existing mortgage and reduce the outstanding balance of the Credit Facility. A $0.4 million loss on early extinguishment of debt was recognized. On August 24, 2022, the Company closed on a 7-year, non-recourse, $31.5 million mortgage secured by Great Falls Center. The loan matures in 2029, bears interest at a fixed-rate of 3.91%, requires monthly principal and interest payments of $164,700 based on a 25-year amortization schedule and requires a final payment of $25.7 million at maturity. Proceeds were used to repay the remaining balance of approximately $8.0 million on the existing mortgage and reduce the outstanding balance of the Credit Facility. A $0.2 million loss on early extinguishment of debt was recognized. On September 6, 2022, the Company closed on a 15-year, non-recourse, $143.0 million mortgage secured by Beacon Center and Seven Corners Center. The loan matures in 2037, bears interest at a fixed-rate of 5.05%, requires monthly principal and interest payments of $840,100 based on a 25-year amortization schedule and requires a final payment of $79.9 million at maturity. Proceeds were used to repay the remaining balance of approximately $85.3 million on the existing mortgages and reduce the outstanding balance of the Credit Facility. This transaction was treated as a modification of the original debt agreement. A prepayment penalty of $5.9 million was incurred, which was deferred and will be amortized as interest expense over the life of the loan and is included as a reduction to notes payable, net in the Consolidated Balance Sheets. Saul Centers and certain consolidated subsidiaries of the Operating Partnership have guaranteed the payment obligations of the Operating Partnership under the Credit Facility. The Operating Partnership is the guarantor of (a) a portion of the Avenel Business Park mortgage (approximately $6.3 million of the $21.6 million outstanding balance at December 31, 2023), (b) a portion of The Waycroft mortgage (approximately $23.6 million of the $149.1 million outstanding balance at December 31, 2023), (c) the Ashbrook Marketplace mortgage (totaling $20.2 million at December 31, 2023), and (d) the mortgage secured by Kentlands Place, Kentlands Square I and Kentlands pad (totaling $27.3 million at December 31, 2023). The Company provides a repayment guaranty of 100% of the loan secured by Twinbrook Quarter during construction and lease-up. Such guaranty is expected to be reduced in the future as the development achieves certain metrics. As of December 31, 2023, the loan balance and the amount guaranteed were $74.9 million. The Company also provides the lender with a 100% construction completion guaranty. The Company provides a limited repayment guaranty of $26.6 million during construction and lease-up for the loan secured by Hampden House. Such guaranty is expected to be reduced in the future as the development achieves certain metrics. As of December 31, 2023, the loan balance and the amount guaranteed was $7.7 million. The Company also provides the lender with a 100% construction completion guaranty. All other notes payable are non-recourse. The carrying amount of the properties collateralizing the mortgage notes payable totaled $1.5 billion and $1.0 billion, as of December 31, 2023 and 2022, respectively. The Company’s Credit Facility requires the Company and its subsidiaries to maintain certain financial covenants, which are summarized below. The Company was in compliance as of December 31, 2023. • limit the amount of debt as a percentage of gross asset value, as defined in the loan agreement, to less than 60% (leverage ratio); • limit the amount of debt so that interest coverage will exceed 2.0x on a trailing four-quarter basis (interest expense coverage); and • limit the amount of debt so that interest, scheduled principal amortization and preferred dividend coverage exceeds 1.4x on a trailing four-quarter basis (fixed charge coverage). Mortgage notes payable totaling $2.0 million at each of December 31, 2023 and 2022, are guaranteed by members of the Saul Organization. As of December 31, 2023, the scheduled maturities of all debt including scheduled principal amortization for years ended December 31 are as follows: (in thousands) Balloon Scheduled Total 2024 $ 50,694 $ 33,291 $ 83,985 2025 296,363 (a) 31,723 328,086 2026 134,088 28,756 162,844 2027 100,000 (b) 25,817 125,817 2028 18,785 25,182 43,967 Thereafter 474,022 187,564 661,586 Principal amount $ 1,073,952 $ 332,333 1,406,285 Unamortized deferred debt costs 19,284 Net $ 1,387,001 (a) Includes $276.0 million outstanding under the Credit Facility. Deferred Debt Costs Deferred debt costs consist of fees and costs incurred to obtain long-term financing, construction financing and the Credit Facility. These fees and costs are being amortized on a straight-line basis over the terms of the respective loans or agreements, which approximates the effective interest method. Deferred debt costs totaled $19.3 million and $15.8 million, net of accumulated amortization of $10.6 million and $7.9 million at December 31, 2023 and 2022, respectively, and are reflected as a reduction of the related debt in the Consolidated Balance Sheets. The components of interest expense are set forth below. (in thousands) Year ended December 31, 2023 2022 2021 Interest incurred $ 66,717 $ 53,219 $ 50,552 Amortization of deferred debt costs 2,250 1,985 1,710 Capitalized interest (19,519) (11,191) (6,831) Interest expense 49,448 44,013 45,431 Less: Interest income 295 76 7 Interest expense, net and amortization of deferred debt costs $ 49,153 $ 43,937 $ 45,424 Deferred debt costs capitalized during the years ended December 31, 2023, 2022 and 2021 totaled $0.4 million, $9.9 million and $6.4 million, respectively.

Lease Agreements

Lease Agreements	12 Months Ended
	Dec. 31, 2023
Leases [Abstract]
Lease Agreements	LEASE AGREEMENTS Lease income includes primarily base rent arising from noncancelable leases. Base rent (including straight-line rent) for the years ended December 31, 2023, 2022, and 2021, amounted to $208.3 million, $201.2 million, and $197.9 million, respectively. Future contractual payments under noncancelable leases for years ending December 31 (which exclude the effect of straight-line rents), are as follows: (in thousands) 2024 $ 128,682 2025 178,423 2026 158,968 2027 133,438 2028 114,606 Thereafter 411,452 $ 1,125,569 The majority of the leases provide for rental increases based on fixed annual increases or increases in the Consumer Price Index and expense recoveries based on increases in operating expenses. The expense recoveries generally are payable in equal installments throughout the year based on estimates, with adjustments made in the succeeding year. Expense recoveries for the years ended December 31, 2023, 2022, and 2021, amounted to $37.1 million, $36.0 million, and $34.5 million, respectively. In addition, certain retail leases provide for percentage rent based on sales in excess of the minimum specified in the tenant’s lease. Percentage rent amounted to $1.8 million, $1.6 million, and $1.5 million, for the years ended December 31, 2023, 2022, and 2021, respectively.

Long-Term Lease Obligations

Long-Term Lease Obligations	12 Months Ended
	Dec. 31, 2023
Leases [Abstract]
Long-Term Lease Obligations	LONG-TERM LEASE OBLIGATIONS Flagship Center consists of two developed out parcels that are part of a larger adjacent community shopping center formerly owned by the Saul Organization and sold to an affiliate of a tenant in 1991. The Company has a 90-year ground leasehold interest, which commenced in September 1991, with a minimum rent of one dollar per year. Countryside shopping center was acquired in February 2004. Because of certain land use considerations, approximately 3.4% of the underlying land is held under a 99-year ground lease. The lease requires the Company to pay minimum rent of one dollar per year as well as its pro-rata share of the real estate taxes. The Company’s corporate headquarters space is leased by a member of the Saul Organization. The lease commenced in March 2002 and expires in February 2027. The Company and the Saul Organization entered into a Shared Services Agreement whereby each party pays an allocation of total rental payments based on a percentage proportionate to the number of employees employed by each party. The Company’s rent expense for the years ended December 31, 2023, 2022, and 2021 was $871,300, $824,300, and $799,500, respectively. Expenses arising from the lease are included in general and administrative expense (see Note 9 – Related Party Transactions). On January 1, 2019, in conjunction with the adoption of ASU 2016-02, a right of use asset and corresponding lease liability related to our headquarters lease were recorded in other assets other liabilities

Equity and Noncontrolling Inter

Equity and Noncontrolling Interest	12 Months Ended
	Dec. 31, 2023
Noncontrolling Interest [Abstract]
Equity and Noncontrolling Interest	EQUITY AND NONCONTROLLING INTERESTS The Consolidated Statements of Operations for the years ended December 31, 2023, 2022, and 2021 reflect noncontrolling interests of $16.3 million, $15.2 million, and $13.3 million, respectively, representing income attributable to limited partnership units not held by Saul Centers. At December 31, 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 December 31, 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 that 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. December 31, (Shares in thousands) 2023 2022 2021 Weighted average common shares outstanding - Basic 24,051 23,964 23,655 Effect of dilutive options 2 8 7 Weighted average common shares outstanding - Diluted 24,053 23,972 23,662 Average share price $ 37.47 $ 46.21 $ 43.53 Non-dilutive options 1,668 1,438 1,360 Years non-dilutive options were issued 2013 through 2022 2013 through 2022 2013 through 2021

Related Party Transactions

Related Party Transactions	12 Months Ended
	Dec. 31, 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 Executive 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 Executive 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 $425,300, $387,700, and $404,300, for 2023, 2022, and 2021, respectively. All amounts deferred by employees and contributed by the Company are fully vested. The Company also participates in a multiemployer nonqualified deferred compensation plan with entities in the Saul Organization which covers those full-time employees who meet the requirements as specified in the plan. According to the plan, which can be modified or discontinued at any time, participating employees defer 2% of their compensation in excess of a specified amount and the Company matches those deferrals up to three times the amount deferred by employees. The Company’s expense, included in general and administrative expense, totaled $390,400, $337,900, and $238,400, for the years ended December 31, 2023, 2022, and 2021, respectively. All amounts deferred by employees and the Company are fully vested. The cumulative unfunded liability under this plan was $3.3 million and $3.0 million, at December 31, 2023 and 2022, respectively, and is included in accounts payable, accrued expenses and other liabilities in the consolidated balance sheets. The Company has entered into a shared services agreement (the “Agreement”) with the Saul Organization that provides for the sharing of certain personnel and ancillary functions such as computer hardware, software, and support services and certain direct and indirect administrative personnel. The method for determining the cost of the shared services is provided for in the Agreement and is based upon head count, estimates of usage or estimates of time incurred, as applicable. Senior management has determined that the final allocations of shared costs are reasonable. The terms of the Agreement and the payments made thereunder are reviewed annually by the Audit Committee of the Board of Directors, which consists entirely of independent directors. Net billings by the Saul Organization for the Company’s share of these ancillary costs and expenses for the years ended December 31, 2023, 2022, and 2021, which included rental expense for the Company’s headquarters lease (see Note 7. Long Term Lease Obligations), totaled $10.6 million, $9.6 million, and $8.0 million, respectively. The amounts are expensed when incurred and are primarily reported as general and administrative expenses or capitalized to specific development projects in these consolidated financial statements. As of December 31, 2023 and 2022, accounts payable, accrued expenses and other liabilities included $1.1 million and $1.2 million, respectively, representing billings due to the Saul Organization for the Company’s share of these ancillary costs and expenses. The B. F. Saul Insurance Agency of Maryland, Inc., a subsidiary of the B. F. Saul Company and a member of the Saul Organization, is a general insurance agency that receives commissions and counter-signature fees in connection with the Company’s insurance program. Such commissions and fees amounted to approximately $562,800, $286,900, and $397,900, for the years ended December 31, 2023, 2022, and 2021, respectively.

Stock Option Plan

Stock Option Plan	12 Months Ended
	Dec. 31, 2023
Share-Based Payment Arrangement [Abstract]
Stock Option Plan	STOCK OPTION PLAN Stock Based Employee Compensation, Deferred Compensation and Stock Plan for Directors In 2004, the Company established a stock incentive plan (the “Plan”), as amended. Under the Plan, options were granted at an exercise price not less than the market value of the common stock on the date of grant and expire ten years from the date of grant. Officer options vest ratably over four years following the grant and are charged to expense using the straight-line method over the vesting period. Director options vest immediately and are charged to expense as of the date of grant. The Company uses the fair value method to value and account for employee stock options. The fair value of options granted is determined at the time of each award using the Black-Scholes model, a widely used method for valuing stock-based employee compensation, and the following assumptions: (1) Expected Volatility determined using the most recent trading history of the Company’s common stock (month-end closing prices) corresponding to the average expected term of the options; (2) Average Expected Term of the options is based on prior exercise history, scheduled vesting and the expiration date; (3) Expected Dividend Yield determined by management after considering the Company’s current and historic dividend yield rates, the Company’s yield in relation to other retail REITs and the Company’s market yield at the grant date; and (4) a Risk-free Interest Rate based upon the market yields of US Treasury obligations with maturities corresponding to the average expected term of the options at the grant date. The Company amortizes the value of options granted ratably over the vesting period and includes the amounts as compensation expense in general and administrative expenses. Pursuant to the Plan, the Compensation Committee established a Deferred Compensation Plan for Directors for the benefit of the Company’s directors and their beneficiaries, which replaced a previous Deferred Compensation and Stock Plan for Directors. Annually, directors are given the ability to make an election to defer all or part of their fees and have the option to have their fees paid in cash, in shares of common stock or in a combination of cash and shares of common stock upon separation from the Board of Directors. If a director elects to their have fees paid in stock, fees earned during a calendar quarter are aggregated and divided by the closing market price of the Company’s common stock on the first trading day of the following quarter to determine the number of shares to be credited to the director. During the twelve months ended December 31, 2023, 10,762 shares were credited to director's deferred fee accounts and 8,225 shares were issued. As of December 31, 2023, the director's deferred fee accounts total 123,361 shares. The Compensation Committee has also approved an annual award of shares of the Company’s common stock as additional compensation to each director serving on the Board of Directors as of the record date for the Annual Meeting of Stockholders. The shares are awarded as of each Annual Meeting of Stockholders, and their issuance may not be deferred. At the annual meeting of the Company’s stockholders in 2004, the stockholders approved the adoption of the 2004 stock plan for the purpose of attracting and retaining executive officers, directors and other key personnel. The 2004 stock plan was subsequently amended by the Company’s stockholders at the 2008 Annual Meeting, further amended at the 2013 Annual Meeting, and further amended at the 2019 Annual Meeting (the “Amended 2004 Plan”). The Amended 2004 Plan, which terminates in 2029, provides for grants of options to purchase up to 3,400,000 shares of common stock. The Amended 2004 Plan authorizes the Compensation Committee of the Board of Directors to grant options at an exercise price which may not be less than the market value of the common stock on the date the option is granted. Effective May 7, 2021, the Compensation Committee granted options to purchase 250,500 shares (35,572 incentive stock options and 214,928 nonqualified stock options) to 21 Company officers and 11 Company Directors (the “2021 Options”), which expire on May 6, 2031. The officers’ 2021 Options vest 25% per year over four years and are subject to early expiration upon termination of employment. The directors’ 2021 Options were immediately exercisable. The exercise price of $43.89 per share was the closing market price of the Company's common stock on the date of the award. Using the Black-Scholes model, the Company determined the total fair value of the 2021 Options to be $1.4 million, of which $1.2 million and $173,800 were assigned to the officer options and director options, respectively. Because the directors’ options vested immediately, the entire $173,800 was charged to expense as of the date of grant. The expense for the officers’ options is being recognized as compensation expense monthly during the four years the options vest. Effective May 13, 2022, the Compensation Committee granted options to purchase 248,000 shares (25,745 incentive stock options and 222,255 nonqualified stock options) to 19 Company officers and 11 Company Directors (the “2022 Options”), which expire on May 12, 2032. The officers’ 2022 Options vest 25% per year over four years and are subject to early expiration upon termination of employment. The directors’ 2022 Options were immediately exercisable. The exercise price of $47.90 per share was the closing market price of the Company's common stock on the date of award. Using the Black-Scholes model, the Company determined the total fair value of the 2022 Options to be $1.8 million, of which $1.6 million and $229,350 were assigned to the officer options and director options, respectively. Because the directors’ options vested immediately, the entire $229,350 was charged to expense as of the date of grant. The expense for the officers’ options is being recognized as compensation expense monthly during the four years the options vest. Effective May 12, 2023, the Compensation Committee granted options to purchase 253,500 shares (31,509 incentive stock options and 221,991 nonqualified stock options) to 18 Company officers and 12 Company Directors (the “2023 Options”), which expire on May 11, 2033. The officers’ 2023 Options vest 25% per year over four years and are subject to early expiration upon termination of employment. The directors’ 2023 Options were immediately exercisable. The exercise price of $33.79 per share was the closing market price of the Company’s common stock on the date of award. Using the Black-Scholes model, the Company determined the total fair value of the 2023 Options to be $1.4 million, of which $1.2 million and $195,900 were assigned to the officer options and director options, respectively. Because the directors’ options vested immediately, the entire $195,900 was charged to expense as of the date of grant. The expense for the officers’ options is being recognized as compensation expense monthly during the four years the options vest. The following table summarizes the assumptions used in the valuation of the 2021, 2022 and 2023 option grants. During the twelve months ended December 31, 2023, stock option expense totaling $1.2 million was included in general and administrative expense in the Consolidated Statements of Operations. As of December 31, 2023, the estimated future expense related to unvested stock options was $2.0 million. Directors Officers Grant date May 12, 2023 May 13, 2022 May 7, 2021 May 12, 2023 May 13, 2022 May 7, 2021 Exercise price $ 33.79 $ 47.90 $ 43.89 $ 33.79 $ 47.90 $ 43.89 Fair value per option $ 6.53 $ 8.34 $ 6.32 $ 6.06 $ 7.66 $ 5.96 Volatility 0.319 0.300 0.297 0.288 0.271 0.275 Expected life (years) 5.0 5.0 5.0 7.0 7.0 7.0 Assumed yield 4.94% 4.90% 4.96% 4.96% 4.93% 4.97% Risk-free rate 3.45% 2.89% 0.77% 3.45% 2.95% 1.24% The table below summarizes the option activity for the years 2023, 2022, and 2021: 2023 2022 2021 Shares Weighted Shares Weighted Shares Weighted Outstanding at January 1 1,768,375 $ 51.28 1,601,250 $ 51.73 1,502,670 $ 52.86 Granted 253,500 33.79 248,000 47.90 250,500 43.89 Exercised — — (26,875) 44.44 (64,920) 45.07 Expired/Forfeited (201,875) 46.20 (54,000) 52.60 (87,000) 53.60 Outstanding December 31 1,820,000 49.41 1,768,375 51.28 1,601,250 51.73 Exercisable at December 31 1,177,375 52.52 1,237,250 52.76 1,098,500 53.22 The intrinsic value of stock options outstanding or exercisable measures the price difference between the options' exercise price and the closing share price quoted by the New York Stock Exchange as of the date of measurement. There were no options exercised in 2023. The intrinsic value of options exercised in 2022 and 2021, was $0.2 million and $0.4 million, respectively. The intrinsic value of options outstanding and exercisable at year end 2023 was $1.2 million and $0.2 million, respectively. There was no intrinsic value of options outstanding and exercisable at year end 2022. At December 29, 2023, the final trading day of calendar 2023, the closing price of $39.27 per share was used for the calculation of aggregate intrinsic value of options outstanding and exercisable at that date. The weighted average remaining contractual life of the Company’s exercisable and outstanding options at December 31, 2023 are 4.0 and 5.3 years, respectively.

Fair Value of Financial Instrum

Fair Value of Financial Instruments	12 Months Ended
	Dec. 31, 2023
Fair Value Disclosures [Abstract]
Fair Value of Financial Instruments	FAIR VALUE OF FINANCIAL INSTRUMENTSThe carrying amounts of cash and cash equivalents, accounts receivable, accounts payable and accrued expenses and floating rate debt are reasonable estimates of their fair value. The aggregate fair value of the notes payable with fixed-rate payment terms was determined using Level 2 data in a discounted cash flow approach, which is based upon management’s estimate of borrowing rates and loan terms currently available to the Company for fixed rate financing, would be approximately $957.9 million and $919.2 million as of December 31, 2023 and 2022, respectively, compared to the principal balances of $1.13 billion and $1.07 billion at December 31, 2023 and 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	12 Months Ended
	Dec. 31, 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 interest rate swaps as part of its interest rate risk management strategy. Interest rate swaps designated as cash flow hedges involve the receipt of variable-rate amounts from a counterparty in exchange for the Company making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount The change in the fair value of derivatives designated and that qualify as cash flow hedges is recorded in accumulated other comprehensive income and is subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings. During 2023 and 2022, such derivatives were used to hedge the variable cash flows associated with certain variable-rate debt. Amounts reported in accumulated other comprehensive income related to derivatives will be reclassified to interest expense as interest payments are made on the Company’s variable-rate debt. During the next twelve months, the Company estimates that approximately $1.7 million will be reclassified from other comprehensive income and reflected as a decrease to interest expense. The Company carries its interest-rate swaps at fair value. The Company has determined the majority of the inputs used to value its derivatives fall within Level 2 of the fair value hierarchy with the exception of the impact of counter-party risk, which was determined using Level 3 inputs and is not significant. Derivative instruments are classified within Level 2 of the fair value hierarchy because their values are determined using third-party pricing models that contain inputs that are derived from observable market data. Valuation models require a variety of inputs, including contractual terms, market prices, yield curves, credit spreads, measure of volatility, and correlations of such inputs. The table below details the fair value and location of the interest rate swaps as of December 31, 2023 and 2022. (In thousands) Fair Values of Derivative Instruments December 31, 2023 2022 Derivative Instrument Balance Sheet Location Fair Value Balance Sheet Location Fair Value Interest rate swaps Other Assets $ 2,742 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 years ended December 31, 2023, 2022, and 2021. (In thousands) The Effect of Hedge Accounting on Other Comprehensive Income (OCI) Amount of Gain (or Loss) Location of Gain (or Loss) Reclassified from OCI into Income Amount of Gain (or Loss) Reclassified from OCI into Income For the Years Ended December 31, Derivative Instrument 2023 2022 2021 2023 2022 2021 2023 2022 2021 Interest rate swaps $ 900 $ 4,139 $— Interest expense, net and amortization of deferred debt costs Interest expense, net and amortization of deferred debt costs N/A $ 2,120 $ 177 N/A

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	COMMITMENTS AND CONTINGENCIES Neither the Company nor the Current Portfolio Properties are subject to any material litigation, nor, to management’s knowledge, is any material litigation currently threatened against the Company, other than routine litigation and administrative proceedings arising in the ordinary course of business. Management believes that these items, individually or in the aggregate, will not have a material adverse impact on the Company or the Current Portfolio Properties.

Distributions

Distributions	12 Months Ended
	Dec. 31, 2023
Equity [Abstract]
Distributions	DISTRIBUTIONS In December 1995, the Company established a Dividend Reinvestment and Stock Purchase Plan (the “Plan”), to allow its stockholders and holders of limited partnership interests an opportunity to buy additional shares of common stock by reinvesting all or a portion of their dividends or distributions. The Plan provides for investing in newly issued shares of common stock at a 3% discount from market price without payment of any brokerage commissions, service charges or other expenses. All expenses of the Plan are paid by the Company. The Operating Partnership also maintains a similar dividend reinvestment plan that mirrors the Plan, which allows holders of limited partnership interests the opportunity to buy either additional limited partnership units or common stock shares of the Company. The Company paid common stock distributions of $2.36 per share in 2023, $2.32 per share in 2022, and $2.16 per share in 2021, Series D preferred stock dividends of $1.53, $1.53 and $1.53, respectively, per depositary share in 2023, 2022, and 2021, and Series E preferred stock dividends of $1.50, $1.50, and $1.50, respectively, per depositary share in 2023, 2022, and 2021. Of the common stock dividends paid, $1.75 per share, $1.32 per share, and $1.49 per share, represented ordinary dividend income in 2023, 2022, and 2021, respectively, and $0.61 per share, $1.00 per share, and $0.67 per share represented return of capital to the shareholders in 2023, 2022, and 2021, respectively. All of the preferred dividends paid represented ordinary dividend income. The following summarizes distributions paid during the years ended December 31, 2023, 2022, and 2021, and includes activity in the Plan as well as limited partnership units issued from the reinvestment of unit distributions: Total Distributions to Dividend Reinvestments (Dollars in thousands, except per share amounts) Preferred Common Limited Common Discounted Limited Partnership Units Issued Average Unit Price Distributions during 2023 4th Quarter $ 2,798 $ 14,195 $ 5,486 17,854 $ 33.35 44,500 $ 33.83 3rd Quarter 2,799 14,192 5,486 14,689 37.75 — — 2nd Quarter 2,798 14,164 5,486 15,587 34.92 — — 1st Quarter 2,799 14,171 5,486 13,229 41.06 — — Total 2023 $ 11,194 $ 56,722 $ 21,944 61,359 44,500 Distributions during 2022 4th Quarter $ 2,798 $ 14,159 $ 5,486 13,698 $ 39.70 — $ — 3rd Quarter 2,799 14,156 5,486 10,577 50.80 — — 2nd Quarter 2,798 13,625 5,292 57,819 51.61 12,955 51.55 1st Quarter 2,799 13,583 5,284 61,863 47.66 13,704 48.16 Total 2022 $ 11,194 $ 55,523 $ 21,548 143,957 26,659 Distributions during 2021 4th Quarter $ 2,798 $ 13,037 $ 4,702 63,970 $ 45.46 13,697 $ 45.95 3rd Quarter 2,799 12,999 4,694 65,171 44.44 13,841 44.92 2nd Quarter 2,798 12,488 4,218 68,206 41.87 13,978 42.33 1st Quarter 2,799 12,439 4,207 96,268 29.50 19,493 29.83 Total 2021 $ 11,194 $ 50,963 $ 17,821 293,615 61,009 In December 2023, the Board of Directors of the Company authorized a distribution of $0.59 per common share payable in January 2024 to holders of record on January 16, 2024. As a result, $13.6 million was paid to common shareholders on January 31, 2024. Also, $5.9 million was paid to limited partnership unit holders on January 31, 2024 ($0.59 per Operating Partnership unit). The Board of Directors authorized preferred stock dividends of (a) $0.3750 per Series E depositary share and (b) $0.3828 per Series D depositary share to holders of record on January 2, 2024. As a result, $2.8 million was paid to preferred shareholders on January 16, 2024. These amounts are reflected as a reduction of stockholders’ equity in the case of common stock and preferred stock dividends and noncontrolling interests deductions in the case of limited partner distributions and are included in dividends and distributions payable in the accompanying consolidated financial statements.

Business Segments

Business Segments	12 Months Ended
	Dec. 31, 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 for the combined properties in each segment. All of our properties within each segment generate similar types of revenues and expenses related to tenant rent, reimbursements and operating expenses. Although services are provided to a range of tenants, the types of services provided to them are similar within each segment. The properties in each portfolio have similar economic characteristics and the nature of the products and services provided to our tenants and the method to distribute such services are consistent throughout the portfolio. Certain reclassifications have been made to prior year information to conform to the 2023 presentation. SAUL CENTERS, INC. (In thousands) Shopping Mixed-Use Corporate Consolidated As of or for the year ended December 31, 2023 Centers Properties and Other Totals Real estate rental operations: Revenue $ 179,350 $ 77,857 $ — $ 257,207 Expenses (38,484) (28,655) — (67,139) Income from real estate 140,866 49,202 — 190,068 Interest expense, net and amortization of deferred debt costs — — (49,153) (49,153) Depreciation and amortization of deferred leasing costs (28,526) (19,904) — (48,430) General and administrative — — (23,459) (23,459) Net income (loss) $ 112,340 $ 29,298 $ (72,612) $ 69,026 Capital investment $ 16,491 $ 187,190 $ — $ 203,681 Total assets $ 918,089 $ 1,057,332 $ 18,716 $ 1,994,137 As of or for the year ended December 31, 2022 Real estate rental operations: Revenue $ 172,055 $ 73,805 $ — $ 245,860 Expenses (36,895) (27,627) — (64,522) Income from real estate 135,160 46,178 — 181,338 Interest expense, net and amortization of deferred debt costs — — (43,937) (43,937) Depreciation and amortization of deferred leasing costs (28,359) (20,610) — (48,969) General and administrative — — (22,392) (22,392) Loss on early extinguishment of debt — — (648) (648) Net income (loss) $ 106,801 $ 25,568 $ (66,977) $ 65,392 Capital investment $ 8,412 $ 108,476 $ — $ 116,888 Total assets $ 928,071 $ 885,500 $ 19,731 $ 1,833,302 As of or for the year ended December 31, 2021 Real estate rental operations: Revenue $ 169,681 $ 69,544 $ — $ 239,225 Expenses (35,784) (25,844) — (61,628) Income from real estate 133,897 43,700 — 177,597 Interest expense, net and amortization of deferred debt costs — — (45,424) (45,424) Depreciation and amortization of deferred leasing costs (28,843) (21,429) — (50,272) General and administrative — — (20,252) (20,252) Net income (loss) $ 105,054 $ 22,271 $ (65,676) $ 61,649 Capital investment $ 12,673 $ 43,245 $ — $ 55,918 Total assets $ 946,993 $ 777,709 $ 22,059 $ 1,746,761

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2023
Subsequent Events [Abstract]
Subsequent Events	SUBSEQUENT EVENTS The Company has reviewed all events and transactions for the period subsequent to December 31, 2023, and determined there are no subsequent events required to be disclosed.

Real Estate and Accumulated Dep

Real Estate and Accumulated Depreciation	12 Months Ended
	Dec. 31, 2023
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]
Real estate and accumulated depreciation	SAUL CENTERS, INC. Real Estate and Accumulated Depreciation December 31, 2023 (Dollars in Thousands) Costs Buildings Capitalized Basis at Close of Period and Initial Subsequent Land Buildings Construction in Progress Total Accumulated Book Related Debt (2) Date of Date Improvements Shopping Centers Ashbrook Marketplace, Ashburn, VA $ 8,938 $ 25,443 $ 13,258 $ 21,074 $ 49 $ 34,381 $ 2,745 $ 31,636 $ 20,216 2019 05/18 50 Ashburn Village, Ashburn, VA 11,431 21,000 6,764 25,658 9 32,431 17,147 15,284 21,805 1994 & 2000-6 3/94 40 Ashland Square Phase I, Dumfries, VA 1,178 7,508 1,178 7,508 — 8,686 3,255 5,431 — 2007, 2013 12/04 20 & 50 Beacon Center, Alexandria, VA 24,161 18,514 22,691 19,984 — 42,675 17,210 25,465 53,681 1960 & 1974 1/72 , 11/16 40 & 50 BJ’s Wholesale Club, Alexandria, VA 22,623 — 22,623 — — 22,623 — 22,623 15,099 3/08 — Boca Valley Plaza, Boca Raton, FL 16,720 3,616 5,735 14,473 128 20,336 7,161 13,175 — 2/04 40 Boulevard, Fairfax, VA 4,883 4,731 3,687 5,921 6 9,614 4,040 5,574 9,358 1969, 1999 & 2009 4/94 40 Briggs Chaney MarketPlace, Silver Spring, MD 27,037 5,916 9,789 23,155 9 32,953 12,079 20,874 — 4/04 40 Broadlands Village, Ashburn, VA 5,316 36,806 5,300 36,360 462 42,122 16,713 25,409 27,999 2002-3, 2004 & 2006 3/02 40 & 50 Burtonsville Town Square, Burtonsville, MD 74,212 6,357 28,402 52,149 18 80,569 9,935 70,634 32,178 2010 1/17 20 & 45 Countryside Marketplace, Sterling, VA 28,912 5,134 7,666 26,181 199 34,046 13,764 20,282 — 2/04 40 Cranberry Square, Westminster, MD 31,578 2,047 6,700 26,906 19 33,625 8,332 25,293 13,224 9/11 40 Cruse MarketPlace, Cumming, GA 12,226 954 3,901 9,279 — 13,180 4,700 8,480 — 3/04 40 Flagship Center, Rockville, MD 160 409 169 400 — 569 117 452 — 1972 1/72 — French Market, Oklahoma City, OK 5,781 17,689 1,118 21,450 902 23,470 15,159 8,311 — 1972 & 1998 3/74 50 Germantown, Germantown, MD 2,034 566 2,034 566 — 2,600 489 2,111 — 1990 8/93 40 The Glen, Woodbridge, VA 12,918 8,799 5,300 16,377 40 21,717 12,027 9,690 20,234 1993 & 2005 6/94 40 Great Falls Center, Great Falls, VA 41,750 3,516 14,766 30,414 86 45,266 12,945 32,321 30,547 3/08 40 Hampshire Langley, Takoma, MD 3,159 3,559 1,892 4,816 10 6,718 4,291 2,427 11,569 1960 1/72 40 Hunt Club Corners, Apopka, FL 12,584 4,771 4,822 12,533 — 17,355 6,613 10,742 — 6/06, 12/12 40 Jamestown Place, Altamonte Springs, FL 14,055 2,486 4,455 12,085 1 16,541 5,925 10,616 — 11/05 40 Kentlands Square I, Gaithersburg, MD 14,379 3,730 5,005 13,104 — 18,109 5,561 12,548 18,840 2002 9/02 40 Kentlands Square II, Gaithersburg, MD 76,723 3,555 23,133 56,860 285 80,278 19,561 60,717 30,168 9/11, 9/13 40 Kentlands Place, Gaithersburg, MD 1,425 7,944 1,425 7,700 244 9,369 4,951 4,418 6,406 2005 1/04 50 Lansdowne Town Center, Leesburg, VA 6,545 43,903 6,546 43,593 309 50,448 21,009 29,439 — 2006 11/02 50 Leesburg Pike Plaza, Baileys Crossroads, VA 2,418 7,012 1,132 8,195 103 9,430 6,523 2,907 11,822 1965 2/66 40 Lumberton Plaza, Lumberton, NJ 4,400 11,792 950 15,161 81 16,192 14,170 2,022 — 1975 12/75 40 Metro Pike Center, Rockville, MD 33,123 5,454 26,064 8,470 4,043 38,577 2,903 35,674 — 12/10 40 Shops at Monocacy, Frederick, MD 9,541 16,070 9,260 16,351 — 25,611 7,680 17,931 25,670 2003-4 11/03 50 Northrock, Warrenton, VA 12,686 15,430 12,686 15,422 8 28,116 6,734 21,382 12,135 2009 01/08 50 Olde Forte Village, Ft. Washington, MD 15,933 6,979 5,409 17,468 35 22,912 9,995 12,917 19,563 2003-4 07/03 40 Olney, Olney, MD 4,963 3,026 3,079 4,910 — 7,989 3,744 4,245 12,655 1972 11/75 40 Orchard Park, Dunwoody, GA 19,377 1,642 7,751 13,242 26 21,019 5,692 15,327 — 7/07 40 Palm Springs Center, Altamonte Springs, FL 18,365 2,534 5,739 14,665 495 20,899 7,371 13,528 — 3/05 40 Ravenwood, Baltimore, MD 1,245 4,486 703 5,028 — 5,731 3,717 2,014 11,361 1959 & 2006 1/72 40 11503 Rockville Pike/5541 Nicholson Lane, Rockville, MD 26,561 24 22,113 4,472 — 26,585 1,488 25,097 — 10/10, 12/12 40 1500/1580/1582 Rockville Pike, Rockville, MD 45,351 2,046 38,065 7,050 2,282 47,397 6,950 40,447 — 12/12, 1/14, 4/14 5, 10, 5 4 Seabreeze Plaza, Palm Harbor, FL 24,526 3,553 8,665 18,943 471 28,079 8,991 19,088 12,683 11/05 40 Market Place at Sea Colony, Bethany Beach, DE 2,920 339 1,147 2,112 — 3,259 858 2,401 — 3/08 40 Seven Corners, Falls Church, VA 4,848 46,536 4,929 46,450 5 51,384 35,402 15,982 85,889 1956 & 1997 7/73 40 Severna Park Marketplace, Severna Park, MD 63,254 3,588 12,700 54,035 107 66,842 15,930 50,912 24,458 9/11 40 Shops at Fairfax, Fairfax, VA 2,708 11,109 992 12,825 — 13,817 9,787 4,030 13,094 1975 & 1999 6/75 50 Smallwood Village Center, Waldorf, MD 17,819 8,915 6,402 20,143 189 26,734 11,922 14,812 — 1/06 40 Southdale, Glen Burnie, MD 18,895 26,767 15,255 29,318 1,089 45,662 24,607 21,055 — 1962 & 1986 1/72 , 11/16 40 Southside Plaza, Richmond, VA 6,728 12,284 1,878 17,134 — 19,012 14,019 4,993 — 1958 1/72 40 South Dekalb Plaza, Atlanta, GA 2,474 5,111 615 6,901 69 7,585 5,601 1,984 — 1970 2/76 40 Thruway, Winston-Salem, NC 7,848 31,346 7,692 29,867 1,635 39,194 21,721 17,473 — 1955 & 1965 5/72, 8/16 40 Village Center, Centreville, VA 16,502 3,486 7,851 12,137 — 19,988 8,866 11,122 24,460 1990 8/93 40 Westview Village, Frederick, MD 6,047 25,754 6,047 25,725 29 31,801 12,949 18,852 — 2009 11/07 , 02/15 50 White Oak, Silver Spring, MD 6,277 7,110 4,649 8,512 226 13,387 6,821 6,566 19,031 1958 & 1967 1/72 40 Other Buildings / Improvements — 182 — 182 182 178 4 — Total Shopping Centers 835,537 501,528 420,132 903,264 13,669 1,337,065 480,348 856,717 584,145 Mixed-Use Properties Avenel Business Park, Gaithersburg, MD 21,459 37,762 3,756 55,385 80 59,221 43,412 15,809 21,611 1984, 1986,1990, 1998 & 2000 12/84, 8/85, 2/86, 4/98 & 10/2000 35 & 40 Clarendon Center, Arlington, VA (1) 12,753 188,640 16,287 184,486 620 201,393 65,111 136,282 81,693 2010 7/73, 1/96 & 4/02 50 Park Van Ness, Washington, DC 2,242 91,960 2,242 91,775 185 94,202 20,370 73,832 60,874 2016 7/73, 2/11 50 601 Pennsylvania Ave., Washington, DC 5,479 71,722 5,667 71,041 493 77,201 60,634 16,567 — 1986 7/73 35 The Waycroft, Arlington, VA 52,067 228,794 53,618 227,243 — 280,861 25,188 255,673 149,078 2020 8/14, 12/14, 9/15, 8/16 50 Washington Square, Alexandria, VA 2,034 60,801 544 61,829 462 62,835 34,407 28,428 50,249 1952 & 2000 7/73 50 Total Mixed-Use Properties 96,034 679,679 82,114 691,759 1,840 775,713 249,122 526,591 363,505 Development Land Ashland Square Phase II, Manassas, VA 5,292 3,448 7,049 — 1,691 8,740 — 8,740 — 12/04 New Market, New Market, MD 2,088 146 2,234 — — 2,234 — 2,234 — 9/05 Hampden House, Bethesda, MD 39,641 102,599 — — 142,240 142,240 — 142,240 7,726 10/18, 12/18 Twinbrook, Rockville, MD 110,021 245,092 — — 355,113 355,113 — 355,113 74,909 12/14, 03/21 Total Development Land 157,042 351,285 9,283 — 499,044 508,327 — 508,327 82,635 Total $ 1,088,613 $ 1,532,492 $ 511,529 $ 1,595,023 $ 514,553 $ 2,621,105 $ 729,470 $ 1,891,635 $ 1,030,285 (1) Includes the North and South Blocks and Residential (2) Amounts do not include deferred debt and therefore will not match the Consolidated Balance Sheet Depreciation and amortization related to the real estate investments reflected in the statements of operations is calculated over the estimated useful lives of the assets as follows: Base building Generally 35 - 50 years or a shorter period if management determines that the building has a shorter useful life. Building components Up to 20 years Tenant improvements The shorter of the term of the lease or the useful life of the improvements The aggregate remaining net basis of the real estate investments for federal income tax purposes was approximately $1.59 billion at December 31, 2023. Depreciation and amortization are provided on the declining balance and straight-line methods over the estimated useful lives of the assets. The changes in total real estate investments and related accumulated depreciation for each of the years in the three year period ended December 31, 2023 are summarized as follows: (In thousands) 2023 2022 2021 Total real estate investments: Balance, beginning of year $ 2,408,136 $ 2,284,126 $ 2,124,796 Acquisitions — — 108,279 Improvements 216,154 130,300 54,177 Retirements (3,185) (6,290) (3,126) Balance, end of year $ 2,621,105 $ 2,408,136 $ 2,284,126 Total accumulated depreciation: Balance, beginning of year $ 688,475 $ 650,113 $ 607,706 Depreciation expense 44,163 44,636 45,487 Retirements (3,168) (6,274) (3,080) Balance, end of year $ 729,470 $ 688,475 $ 650,113

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2023
Accounting Policies [Abstract]
Nature of Operations Policy	The Company, which conducts all of its activities through its subsidiaries, the Operating Partnership and Subsidiary Partnerships, engages in the ownership, operation, management, leasing, acquisition, renovation, expansion, development and financing of community and neighborhood shopping centers and mixed-used properties, primarily in the Washington, DC/Baltimore metropolitan area.
Consolidation, Policy	The accompanying consolidated financial statements of the Company include the accounts of Saul Centers and its subsidiaries, including the Operating Partnership and Subsidiary Partnerships, which are majority owned by Saul Centers. Substantially all assets and liabilities of the Company as of December 31, 2023 and December 31, 2022, are comprised of the assets and liabilities of the Operating Partnership. The debt arrangements which are subject to recourse are described in Note 5. All significant intercompany balances and transactions have been eliminated in consolidation.
Consolidation, Variable Interest Entity, Policy	The Operating Partnership is a variable interest entity (“VIE”) of the Company because the limited partners do not have substantive kick-out or participating rights. The Company is the primary beneficiary of the Operating Partnership because it has the power to direct the activities of the Operating Partnership and the rights to absorb 70.4% of the net income of the Operating Partnership. Because the Operating Partnership is consolidated into the financial statements of the Company, the identification of it as a VIE has no impact on the consolidated financial statements of the Company.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. The most significant estimates and assumptions relate to impairment of real estate properties and collectability of operating lease receivables. Actual results could differ from those estimates.
Real Estate Investment Properties	Real Estate Investment Properties Real estate investment properties are stated at historic cost less depreciation. Although the Company intends to own its real estate investment properties over a long term, from time to time it will evaluate its market position, market conditions, and other factors and may elect to sell properties that do not conform to the Company’s investment profile. Management believes that the Company’s real estate assets have generally appreciated in value since their acquisition or development and, accordingly, the aggregate current value exceeds their aggregate net book value and also exceeds the value of the Company’s liabilities as reported in the financial statements. Because the financial statements are prepared in conformity with GAAP, they do not report the current value of the Company’s real estate investment properties. If there is an event or change in circumstance that indicates a potential impairment in the value of a real estate investment property, the Company prepares an analysis to determine whether the carrying amount of the real estate investment property exceeds its estimated fair value. The Company considers both quantitative and qualitative factors including recurring operating losses, significant decreases in occupancy, and significant adverse changes in legal factors and business climate. If impairment indicators are present, the Company compares the projected cash flows of the property over its remaining useful life, on an undiscounted basis, to the carrying amount of that property. The Company assesses its undiscounted projected cash flows based upon estimated capitalization rates, historic operating results and market conditions that may affect the property. If the carrying amount is greater than the undiscounted projected cash flows, the Company would recognize an impairment loss equivalent to an amount required to adjust the carrying amount to its then estimated fair value. The fair value of any property is sensitive to the actual results of any of the aforementioned estimated factors, either individually or taken as a whole. Should the actual results differ from management’s projections, the valuation could be negatively or positively affected. The Company did not recognize an impairment loss on any of its real estate in 2023, 2022, or 2021. Depreciation is calculated using the straight-line method and estimated useful lives of generally between 35 and 50 years for base buildings, or a shorter period if management determines that the building has a shorter useful life, and up to 20 years for certain other improvements that extend the useful lives. Leasehold improvements expenditures are capitalized when certain criteria are met, including when the Company supervises construction and will own the improvements. Tenant improvements are amortized, over the shorter of the lives of the related leases or the useful life of the improvement, using the straight-line method. Depreciation expense, which is included in Depreciation and amortization of deferred leasing costs in the Consolidated Statements of Operations, for the years ended December 31, 2023, 2022, and 2021, was $44.2 million, $44.6 million, and $45.5 million, respectively. Repairs and maintenance expense totaled $15.5 million, $15.2 million, and $13.5 million for 2023, 2022, and 2021, respectively, and is included in property operating expenses in the accompanying consolidated financial statements.
Assets Held for Sale	Assets Held for Sale The Company considers properties to be assets held for sale when all of the following criteria are met: • management commits to a plan to sell a property; • it is unlikely that the disposal plan will be significantly modified or discontinued; • the property is available for immediate sale in its present condition; • actions required to complete the sale of the property have been initiated; • sale of the property is probable and the Company expects the completed sale will occur within one year; and • the property is actively being marketed for sale at a price that is reasonable given its current market value.
Revenue Recognition	Revenue Recognition We lease Shopping Centers and Mixed-Use Properties to lessees in exchange for monthly payments that cover rent, and where applicable, reimbursement for property taxes, insurance, and certain property operating expenses. Our leases were determined to be operating leases and generally range in term from one Some of our leases have termination options and/or extension options. Termination options allow the lessee to terminate the lease prior to the end of the lease term, provided certain conditions are met. Termination options generally require advance notification from the lessee and payment of a termination fee. Termination fees are recognized as revenue over the modified lease term. Extension options are subject to terms and conditions stated in the lease. Rental and interest income are accrued as earned. Recognition of rental income commences when control of the space has been given to the tenant. When rental payments due under leases vary from a straight-line basis because of free rent periods or stepped increases, income is recognized on a straight-line basis. Expense recoveries represent a portion of property operating expenses billed to the tenants, including common area maintenance, real estate taxes and other recoverable costs. Upon adoption of Accounting Standards Update (“ASU”) 2016-02, we made a policy election not to separate lease and nonlease components and have accounted for each lease component and the related nonlease components together as a single component. Expense recoveries are recognized in the period in which the expenses are incurred. Rental income based on a tenant’s revenue (“percentage rent”) is accrued when a tenant reports sales that exceed a specified breakpoint, pursuant to the terms of their respective leases.
Accounts Receivable, Accrued Income, and Allowance for Doubtful Accounts	Accounts Receivable, Accrued Income, and Allowance for Doubtful Accounts Accounts receivable are primarily comprised of rental and reimbursement billings due from tenants, and straight-line rent receivables representing the cumulative amount of adjustments necessary to present rental income on a straight-line basis. Individual leases are assessed for collectability and, upon the determination that the collection of rents is not probable, accrued rent and accounts receivable are charged off, and the charge off is reflected as an adjustment to rental revenue. Revenue from leases where collection is not probable is recorded on a cash basis until collectability is determined to be probable. We also assess whether operating lease receivables, at the portfolio level, are appropriately valued based upon an analysis of balances outstanding, effects of tenant bankruptcies, historical levels of bad debt and current economic trends. Evaluating and estimating uncollectable lease payments and related receivables requires a significant amount of judgment by management and is based on the best information available to management at the time of evaluation.
Deferred Leasing Costs	Deferred Leasing Costs
Cash and Cash Equivalents	Cash and Cash Equivalents Cash and cash equivalents include short-term investments. Short-term investments include money market accounts and other investments that generally mature within three months, measured from the acquisition date, and/or are readily convertible to cash. Substantially all of the Company’s cash balances at December 31, 2023 are held in accounts at various banks. From time to time the Company may maintain deposits with financial institutions in amounts in excess of federally insured limits. The Company has not experienced any losses on such deposits and believes it is not exposed to any significant credit risk on those deposits.
Deferred Income	Deferred Income Deferred income consists of payments received from tenants prior to the time they are earned and recognized by the Company as revenue, including tenant prepayment of rent for future periods, real estate taxes when the taxing jurisdiction has a fiscal year differing from the calendar year reimbursements specified in the lease agreement and tenant construction work provided by the Company. In addition, deferred income includes unamortized balances that represent the fair value of certain below market leases determined as of the date of acquisition.
Derivative Financial Instruments	Derivative Financial Instruments The Company may, when appropriate, employ derivative instruments, such as interest-rate swaps, to mitigate the risk of interest rate fluctuations. The Company does not enter into derivative or other financial instruments for trading or speculative purposes. Derivative financial instruments are carried at fair value as either assets or liabilities on the consolidated balance sheets. For those derivative instruments that qualify, the Company may designate the hedging instrument, based upon the exposure being hedged, as a fair value hedge or a cash flow hedge. Derivative instruments that are designated as a hedge are evaluated to ensure they continue to qualify for hedge accounting. The effective portion of any gain or loss on the hedge instruments is reported as a component of accumulated other comprehensive income (loss) and recognized in earnings within the same line item associated with the forecasted transaction in the same period or periods during which the hedged transaction affects earnings. Any ineffective portion of the change in fair value of a derivative instrument is immediately recognized in earnings. For derivative instruments that do not meet the criteria for hedge accounting, or that qualify and are not designated, changes in fair value are immediately recognized in earnings.
Income Taxes	Income Taxes The Company made an election to be treated, and intends to continue operating so as to qualify, as a REIT under the Code, commencing with its taxable year ended December 31, 1993. A REIT generally will not be subject to federal income taxation, provided that distributions to its stockholders equal or exceed its REIT taxable income and complies with certain other requirements. Therefore, no provision has been made for federal income taxes in the accompanying consolidated financial statements.
Legal Contingencies	Legal Contingencies The Company is subject to various legal proceedings and claims that arise in the ordinary course of business, which are generally covered by insurance. Upon determination that a loss is probable to occur and can be reasonably estimated, the estimated amount of the loss is recorded in the financial statements.
Recently Issued Accounting Standards	Recently Issued Accounting Standards Recently issued accounting standards or pronouncements have been excluded because they are either not relevant to the Company or they are expected not to have a material impact on the Consolidated Financial Statements of the Company.
Reclassifications	Reclassifications

Real Estate (Tables)

Real Estate (Tables)	12 Months Ended
	Dec. 31, 2023
Real Estate [Abstract]
Schedule of Construction in Progress	The following table shows the components of construction in progress. December 31, (in thousands) 2023 2022 Twinbrook Quarter $ 355,113 $ 227,672 Hampden House 142,240 80,704 Other 17,200 13,850 Total $ 514,553 $ 322,226
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense	As of December 31, 2023, scheduled amortization of intangible assets and deferred income related to in place leases is as follows: (In thousands) Lease acquisition costs Above market leases Below market leases 2024 $ 198 $ 33 $ 878 2025 153 33 601 2026 131 33 508 2027 119 33 507 2028 117 33 507 Thereafter 476 211 1,730 Total $ 1,194 $ 376 $ 4,731

Notes Payable, Bank Credit Fa_2

Notes Payable, Bank Credit Facility, Interest Expense and Amortization of Deferred Debt Costs (Tables)	12 Months Ended
	Dec. 31, 2023
Debt Disclosure [Abstract]
Schedule of Maturities of Long-term Debt	As of December 31, 2023, the scheduled maturities of all debt including scheduled principal amortization for years ended December 31 are as follows: (in thousands) Balloon Scheduled Total 2024 $ 50,694 $ 33,291 $ 83,985 2025 296,363 (a) 31,723 328,086 2026 134,088 28,756 162,844 2027 100,000 (b) 25,817 125,817 2028 18,785 25,182 43,967 Thereafter 474,022 187,564 661,586 Principal amount $ 1,073,952 $ 332,333 1,406,285 Unamortized deferred debt costs 19,284 Net $ 1,387,001 (a) Includes $276.0 million outstanding under the Credit Facility.
Schedule of Interest Costs Incurred	The components of interest expense are set forth below. (in thousands) Year ended December 31, 2023 2022 2021 Interest incurred $ 66,717 $ 53,219 $ 50,552 Amortization of deferred debt costs 2,250 1,985 1,710 Capitalized interest (19,519) (11,191) (6,831) Interest expense 49,448 44,013 45,431 Less: Interest income 295 76 7 Interest expense, net and amortization of deferred debt costs $ 49,153 $ 43,937 $ 45,424

Lease Agreements (Tables)

Lease Agreements (Tables)	12 Months Ended
	Dec. 31, 2023
Leases [Abstract]
Lessor, Operating Lease, Payment to be Received, Fiscal Year Maturity	Future contractual payments under noncancelable leases for years ending December 31 (which exclude the effect of straight-line rents), are as follows: (in thousands) 2024 $ 128,682 2025 178,423 2026 158,968 2027 133,438 2028 114,606 Thereafter 411,452 $ 1,125,569

Equity and Noncontrolling Int_2

Equity and Noncontrolling Interest Equity Weighted Average Shares Outstanding (Tables)	12 Months Ended
	Dec. 31, 2023
Noncontrolling Interest [Abstract]
Schedule of Weighted Average Number of Shares	December 31, (Shares in thousands) 2023 2022 2021 Weighted average common shares outstanding - Basic 24,051 23,964 23,655 Effect of dilutive options 2 8 7 Weighted average common shares outstanding - Diluted 24,053 23,972 23,662 Average share price $ 37.47 $ 46.21 $ 43.53 Non-dilutive options 1,668 1,438 1,360 Years non-dilutive options were issued 2013 through 2022 2013 through 2022 2013 through 2021

Stock Option Plan (Tables)

Stock Option Plan (Tables)	12 Months Ended
	Dec. 31, 2023
Share-Based Payment Arrangement [Abstract]
Stock Options Issued	Directors Officers Grant date May 12, 2023 May 13, 2022 May 7, 2021 May 12, 2023 May 13, 2022 May 7, 2021 Exercise price $ 33.79 $ 47.90 $ 43.89 $ 33.79 $ 47.90 $ 43.89 Fair value per option $ 6.53 $ 8.34 $ 6.32 $ 6.06 $ 7.66 $ 5.96 Volatility 0.319 0.300 0.297 0.288 0.271 0.275 Expected life (years) 5.0 5.0 5.0 7.0 7.0 7.0 Assumed yield 4.94% 4.90% 4.96% 4.96% 4.93% 4.97% Risk-free rate 3.45% 2.89% 0.77% 3.45% 2.95% 1.24%
Summary of Option Activity	The table below summarizes the option activity for the years 2023, 2022, and 2021: 2023 2022 2021 Shares Weighted Shares Weighted Shares Weighted Outstanding at January 1 1,768,375 $ 51.28 1,601,250 $ 51.73 1,502,670 $ 52.86 Granted 253,500 33.79 248,000 47.90 250,500 43.89 Exercised — — (26,875) 44.44 (64,920) 45.07 Expired/Forfeited (201,875) 46.20 (54,000) 52.60 (87,000) 53.60 Outstanding December 31 1,820,000 49.41 1,768,375 51.28 1,601,250 51.73 Exercisable at December 31 1,177,375 52.52 1,237,250 52.76 1,098,500 53.22

Derivatives and Hedging Activ_2

Derivatives and Hedging Activities (Tables)	12 Months Ended
	Dec. 31, 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 December 31, 2023 and 2022. (In thousands) Fair Values of Derivative Instruments December 31, 2023 2022 Derivative Instrument Balance Sheet Location Fair Value Balance Sheet Location Fair Value Interest rate swaps Other Assets $ 2,742 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 years ended December 31, 2023, 2022, and 2021.
Schedule of Derivative Instruments, Effect on Other Comprehensive Income (Loss)	(In thousands) The Effect of Hedge Accounting on Other Comprehensive Income (OCI) Amount of Gain (or Loss) Location of Gain (or Loss) Reclassified from OCI into Income Amount of Gain (or Loss) Reclassified from OCI into Income For the Years Ended December 31, Derivative Instrument 2023 2022 2021 2023 2022 2021 2023 2022 2021 Interest rate swaps $ 900 $ 4,139 $— Interest expense, net and amortization of deferred debt costs Interest expense, net and amortization of deferred debt costs N/A $ 2,120 $ 177 N/A

Distributions (Tables)

Distributions (Tables)	12 Months Ended
	Dec. 31, 2023
Equity [Abstract]
Dividends Paid	The following summarizes distributions paid during the years ended December 31, 2023, 2022, and 2021, and includes activity in the Plan as well as limited partnership units issued from the reinvestment of unit distributions: Total Distributions to Dividend Reinvestments (Dollars in thousands, except per share amounts) Preferred Common Limited Common Discounted Limited Partnership Units Issued Average Unit Price Distributions during 2023 4th Quarter $ 2,798 $ 14,195 $ 5,486 17,854 $ 33.35 44,500 $ 33.83 3rd Quarter 2,799 14,192 5,486 14,689 37.75 — — 2nd Quarter 2,798 14,164 5,486 15,587 34.92 — — 1st Quarter 2,799 14,171 5,486 13,229 41.06 — — Total 2023 $ 11,194 $ 56,722 $ 21,944 61,359 44,500 Distributions during 2022 4th Quarter $ 2,798 $ 14,159 $ 5,486 13,698 $ 39.70 — $ — 3rd Quarter 2,799 14,156 5,486 10,577 50.80 — — 2nd Quarter 2,798 13,625 5,292 57,819 51.61 12,955 51.55 1st Quarter 2,799 13,583 5,284 61,863 47.66 13,704 48.16 Total 2022 $ 11,194 $ 55,523 $ 21,548 143,957 26,659 Distributions during 2021 4th Quarter $ 2,798 $ 13,037 $ 4,702 63,970 $ 45.46 13,697 $ 45.95 3rd Quarter 2,799 12,999 4,694 65,171 44.44 13,841 44.92 2nd Quarter 2,798 12,488 4,218 68,206 41.87 13,978 42.33 1st Quarter 2,799 12,439 4,207 96,268 29.50 19,493 29.83 Total 2021 $ 11,194 $ 50,963 $ 17,821 293,615 61,009

Business Segments (Tables)

Business Segments (Tables)	12 Months Ended
	Dec. 31, 2023
Segment Reporting [Abstract]
Schedule of Business Segments	SAUL CENTERS, INC. (In thousands) Shopping Mixed-Use Corporate Consolidated As of or for the year ended December 31, 2023 Centers Properties and Other Totals Real estate rental operations: Revenue $ 179,350 $ 77,857 $ — $ 257,207 Expenses (38,484) (28,655) — (67,139) Income from real estate 140,866 49,202 — 190,068 Interest expense, net and amortization of deferred debt costs — — (49,153) (49,153) Depreciation and amortization of deferred leasing costs (28,526) (19,904) — (48,430) General and administrative — — (23,459) (23,459) Net income (loss) $ 112,340 $ 29,298 $ (72,612) $ 69,026 Capital investment $ 16,491 $ 187,190 $ — $ 203,681 Total assets $ 918,089 $ 1,057,332 $ 18,716 $ 1,994,137 As of or for the year ended December 31, 2022 Real estate rental operations: Revenue $ 172,055 $ 73,805 $ — $ 245,860 Expenses (36,895) (27,627) — (64,522) Income from real estate 135,160 46,178 — 181,338 Interest expense, net and amortization of deferred debt costs — — (43,937) (43,937) Depreciation and amortization of deferred leasing costs (28,359) (20,610) — (48,969) General and administrative — — (22,392) (22,392) Loss on early extinguishment of debt — — (648) (648) Net income (loss) $ 106,801 $ 25,568 $ (66,977) $ 65,392 Capital investment $ 8,412 $ 108,476 $ — $ 116,888 Total assets $ 928,071 $ 885,500 $ 19,731 $ 1,833,302 As of or for the year ended December 31, 2021 Real estate rental operations: Revenue $ 169,681 $ 69,544 $ — $ 239,225 Expenses (35,784) (25,844) — (61,628) Income from real estate 133,897 43,700 — 177,597 Interest expense, net and amortization of deferred debt costs — — (45,424) (45,424) Depreciation and amortization of deferred leasing costs (28,843) (21,429) — (50,272) General and administrative — — (20,252) (20,252) Net income (loss) $ 105,054 $ 22,271 $ (65,676) $ 61,649 Capital investment $ 12,673 $ 43,245 $ — $ 55,918 Total assets $ 946,993 $ 777,709 $ 22,059 $ 1,746,761

Organization, Basis of Presen_2

Organization, Basis of Presentation - Additional Information (Detail)	12 Months Ended
	Dec. 31, 2023 partnership property store tenant
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items]
Distribution of REIT taxable income (excluding net capital gains) to its stockholders	90%
Number of partnerships | partnership	2
Number of stores | store	33
Saul Holdings Limited Partnership
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items]
Percentage of ownership in operating partnership	70.40%
Shopping Centers
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items]
Number of real estate properties	50
Mixed-Use Properties
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items]
Number of real estate properties	7
Non-operating Development Properties
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items]
Number of real estate properties	4
Revenue Benchmark
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items]
Number of tenants | tenant	1
Percentage of total revenue	2.50%
Revenue Benchmark | Giant Food
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items]
Number of stores | store	11
Percentage of total revenue	4.90%

Summary of Significant Accoun_3

Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Significant Accounting Policies [Line Items]
Depreciation and amortization of deferred leasing costs	$ 44,163,000	$ 44,636,000	$ 45,487,000
Repairs and maintenance expense	15,500,000	15,200,000	13,500,000
Deferred leasing costs, net	23,728,000	22,388,000
Accumulated amortization deferred leasing cost	53,700,000	51,300,000
Amortization of other deferred charges	4,200,000	4,300,000	4,700,000
Accrued penalties and interest	0	0	$ 0
Real estate investments for federal income tax	$ 1,590,000,000	$ 1,610,000,000
Minimum
Significant Accounting Policies [Line Items]
Operating lease term of contract	1 year
Minimum | Building
Significant Accounting Policies [Line Items]
Buildings and improvements depreciable lives in years	35 years
Maximum
Significant Accounting Policies [Line Items]
Operating lease term of contract	15 years
Maximum | Building
Significant Accounting Policies [Line Items]
Buildings and improvements depreciable lives in years	50 years
Maximum | Building Improvements
Significant Accounting Policies [Line Items]
Buildings and improvements depreciable lives in years	20 years

Real Estate - Schedule of Const

Real Estate - Schedule of Construction in Progress (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Real Estate [Line Items]
Development in process	$ 514,553	$ 322,226
Twinbrook Quarter
Real Estate [Line Items]
Development in process	355,113	227,672
Hampden House
Real Estate [Line Items]
Development in process	142,240	80,704
Other
Real Estate [Line Items]
Development in process	$ 17,200	$ 13,850

Real Estate - Additional Inform

Real Estate - Additional Information (Detail)			12 Months Ended
	Jun. 29, 2021 USD ($)	Mar. 15, 2021 USD ($)	Dec. 31, 2023 USD ($) shares	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($) shares	Mar. 05, 2021 USD ($)	Nov. 05, 2019 a
Real Estate Properties [Line Items]
Lessee, operating lease, incremental borrowing rate			5.63%
Finance lease, right-of-use asset, amortization					$ 104,000
Finance lease, interest expense					362,800
Below market lease, carrying amount			$ 23,300,000	$ 23,300,000
Below market lease, accumulated amortization			18,600,000	17,300,000
Accretion income, intangible liabilities			1,300,000	1,300,000	1,400,000
Leasehold Interest Contributed In Contribution Agreement
Real Estate Properties [Line Items]
Asset acquisition, consideration transferred	$ 21,500,000
Payments to acquire businesses, gross	$ 700,000
Lease acquisition costs
Real Estate Properties [Line Items]
Intangible assets gross carrying amount			10,600,000	10,700,000
Intangible assets, accumulated amortization			9,400,000	9,200,000
Amortization expense			$ 300,000	400,000	500,000
Weighted-average amortization period			4 years 8 months 12 days
Above Market Leases
Real Estate Properties [Line Items]
Intangible assets gross carrying amount			$ 600,000	600,000
Intangible assets, accumulated amortization			227,700	194,800
Amortization expense			$ 32,900	$ 32,900	$ 32,900
Weighted-average amortization period			5 years 9 months 18 days
Below Market Leases
Real Estate Properties [Line Items]
Weighted-average amortization period			5 years
Contribution Agreement
Real Estate Properties [Line Items]
Business acquisition, transaction costs						$ 1,200,000
Right-of-use asset obtained in exchange for finance lease liability		$ 19,400,000
Finance lease, liability						19,400,000
Contribution Agreement | BF Saul Real Estate Investment Trust
Real Estate Properties [Line Items]
Area of land | a							10.3
Twinbrook Metro Station
Real Estate Properties [Line Items]
Stock issued during period, shares, acquisitions | shares					469,740,000
Twinbrook Metro Station | Restricted Stock Units (RSUs)
Real Estate Properties [Line Items]
Stock issued during period, shares, acquisitions | shares			1,416,071,000		1,416,071,000
Twinbrook Metro Station | Contribution Agreement | BF Saul Real Estate Investment Trust
Real Estate Properties [Line Items]
Area of land | a							6.8
Twinbrook Metro Station Leasehold Interest | Contribution Agreement | BF Saul Real Estate Investment Trust
Real Estate Properties [Line Items]
Area of land | a							1.3
Twinbrook Quarter
Real Estate Properties [Line Items]
Business acquisition, expenses reimbursed						$ 7,400,000

Real Estate - Amortization of I

Real Estate - Amortization of Intangible Assets and Deferred Income Related to in Place Leases (Detail) $ in Thousands	Dec. 31, 2023 USD ($)
Below market leases
2024	$ 878
2025	601
2026	508
2027	507
2028	507
Thereafter	1,730
Total	4,731
Lease acquisition costs
Finite-Lived Intangible Assets [Line Items]
2024	198
2025	153
2026	131
2027	119
2028	117
Thereafter	476
Total	1,194
Above market leases
Finite-Lived Intangible Assets [Line Items]
2024	33
2025	33
2026	33
2027	33
2028	33
Thereafter	211
Total	$ 376

Noncontrolling Interests - Ho_2

Noncontrolling Interests - Holders of Convertible Limited Partnership Units in the Operating Partnership - Additional Information (Detail) - shares		12 Months Ended
	Jun. 29, 2021	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Leasehold Interest Contributed In Contribution Agreement
Noncontrolling Interest [Line Items]
Stock issued during period, shares, acquisitions	469,740
Noncontrolling Interests
Noncontrolling Interest [Line Items]
Limited partnership units (in shares)		9,580,408
Limited partnership units, conversion ratio		1
Outstanding stock percent that should be acquired for rights to be exercised		39.90%
Limited partnership units convertible to shares of common stock, eligible for conversion		854,000
Fully converted partnership units and diluted weighted average shares outstanding		34,100,000	34,000,000	33,100,000
Partners capital account units placed In escrow (in shares)		708,035
Saul Holdings Limited Partnership
Noncontrolling Interest [Line Items]
Percentage of ownership in operating partnership		70.40%
Saul Holdings Limited Partnership | Noncontrolling Interests
Noncontrolling Interest [Line Items]
Percentage of ownership interest of noncontrolling interest		28.20%
Limited partnership units, conversion ratio		1
Third Party Investor
Noncontrolling Interest [Line Items]
Percentage of ownership interest of noncontrolling interest		1.40%

Notes Payable, Bank Credit Fa_3

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

12 Months Ended

Mar. 08, 2023 USD ($)

Sep. 06, 2022 USD ($)

Aug. 24, 2022 USD ($)

Aug. 04, 2022 USD ($)

Jun. 07, 2022 USD ($)

Mar. 11, 2022 USD ($)

Nov. 19, 2021 USD ($)

Dec. 31, 2023 USD ($)

Dec. 31, 2022 USD ($)

Dec. 31, 2021 USD ($)

Oct. 01, 2030

Oct. 01, 2027

Aug. 23, 2022 USD ($) swap

Feb. 23, 2022 USD ($)

Debt Instrument [Line Items]

Outstanding debt

$ 1,400,000,000

Fixed rate mortgages

935,451,000

$ 961,577,000

Variable rate debt

274,715,000

161,941,000

Long-term debt repayments of principal and balloon payments

1,406,285,000

1,200,000,000

Debt outstanding with fixed-rate

1,070,000,000

Debt outstanding with variable-rate

164,000,000

Term loan facility payable, net

99,530,000

99,382,000

Number of interest rate swaps | swap

2

Construction loans payable, net

77,305,000

0

Repayments of secured debt

42,332,000

174,096,000

$ 42,641,000

Loss on early extinguishment of debt

0

648,000

0

Remaining loan balance

332,333,000

Unamortized deferred debt costs

19,284,000

15,800,000

Accumulated amortization

10,600,000

7,900,000

Capitalization of debt issuance cost

400,000

9,900,000

$ 6,400,000

Interest rate swaps

Debt Instrument [Line Items]

Derivative asset

$ 2,700,000

4,000,000

Secured Overnight Financing Rate (SOFR)

Debt Instrument [Line Items]

Interest rate spread on LIBOR

0.10%

Revolving Credit Facility | Secured Overnight Financing Rate (SOFR)

Debt Instrument [Line Items]

Interest rate spread on LIBOR

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]

Available borrowing capacity

$ 137,900,000

Term loan facility payable, net

376,000,000

Letter of Credit

Debt Instrument [Line Items]

Term loan 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

Mortgages

Debt Instrument [Line Items]

Repayments of debt

$ 9,300,000

Mortgage Notes Payable

Debt Instrument [Line Items]

Guarantor obligations, maximum exposure

2,000,000

Fixed rate mortgage notes payable

Debt Instrument [Line Items]

Fixed rate mortgages

1,130,000,000

1,070,000,000

Variable rate loans payable

Debt Instrument [Line Items]

Variable rate debt

276,000,000

Term Loan | Secured Debt

Debt Instrument [Line Items]

Line of credit facility, maximum borrowing capacity

$ 100,000,000

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

Debt Instrument [Line Items]

Derivative, notional amount

50,000,000

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

Debt Instrument [Line Items]

Derivative, notional amount

$ 50,000,000

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

Debt Instrument [Line Items]

Derivative, fixed interest rate

2.91%

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

Debt Instrument [Line Items]

Derivative, fixed interest rate

2.96%

BJ’s Wholesale Club | Mortgages

Debt Instrument [Line Items]

Long-term debt, term

10 years

Loan amount

$ 15,300,000

Loan fixed interest rate

6.07%

Loan required periodic principal and interest payment

$ 99,200

Amortization schedule

25 years

Debt instrument, payment at maturity

$ 11,700,000

Twinbrook Quarter

Debt Instrument [Line Items]

Guarantor obligations, maximum exposure

$ 74,900,000

Guarantor obligations, liquidation proceeds, percentage

100%

Twinbrook Quarter | 3.80% Fixed Rate Loan Maturing In 2035

Debt Instrument [Line Items]

Loan amount

$ 145,000,000

Amortization schedule

25 years

Twinbrook Quarter | 3.83% Fixed Rate Loan Maturing In 2041

Debt Instrument [Line Items]

Loan fixed interest rate

3.83%

Construction-to-Permanent Loan | Secured Debt

Debt Instrument [Line Items]

Loan amount

$ 4,900,000

$ 133,000,000

Loan fixed interest rate

3.90%

Amortization schedule

25 years

Construction-to-Permanent Loan | Construction Loans

Debt Instrument [Line Items]

Construction loans payable, net

$ 72,400,000

Lansdowne Town Center Mortgage | Mortgages

Debt Instrument [Line Items]

Repayments of secured debt

$ 28,300,000

Orchard Park Mortgage | Mortgages

Debt Instrument [Line Items]

Repayments of secured debt

$ 8,600,000

Village Center Loan | Mortgages

Debt Instrument [Line Items]

Long-term debt, term

15 years

Loan amount

$ 25,300,000

Loan fixed interest rate

4.14%

Loan required periodic principal and interest payment

$ 135,200

Amortization schedule

25 years

Debt instrument, payment at maturity

$ 13,400,000

Repayments of debt

11,200,000

Loss on early extinguishment of debt

$ 400,000

Great Falls Center Loan | Mortgages

Debt Instrument [Line Items]

Long-term debt, term

7 years

Loan amount

$ 31,500,000

Loan fixed interest rate

3.91%

Loan required periodic principal and interest payment

$ 164,700

Amortization schedule

25 years

Debt instrument, payment at maturity

$ 25,700,000

Repayments of debt

8,000,000

Loss on early extinguishment of debt

$ 200,000

Beacon Center and Seven Corners Loan | Mortgages

Debt Instrument [Line Items]

Long-term debt, term

15 years

Loan amount

$ 143,000,000

Loan fixed interest rate

5.05%

Loan required periodic principal and interest payment

$ 840,100

Amortization schedule

25 years

Debt instrument, payment at maturity

$ 79,900,000

Repayments of debt

85,300,000

Debt instrument, prepayment penalty

$ 5,900,000

Avenel Business Park

Debt Instrument [Line Items]

Guarantor obligations, maximum exposure

6,300,000

Remaining loan balance

21,600,000

Waycroft Construction Loan

Debt Instrument [Line Items]

Guarantor obligations, maximum exposure

23,600,000

Remaining loan balance

149,100,000

Ashbrook Marketplace

Debt Instrument [Line Items]

Remaining loan balance

20,200,000

Kentlands Square I

Debt Instrument [Line Items]

Remaining loan balance

27,300,000

Hampden House

Debt Instrument [Line Items]

Guarantor obligations, maximum exposure

$ 7,700,000

Guarantor obligations, liquidation proceeds, percentage

100%

Guarantor obligations, current carrying value

$ 26,600,000

Debt Covenant

Debt Instrument [Line Items]

Notes payable to bank

$ 1,500,000,000

$ 1,000,000,000

Credit agreement leverage ratio

60%

Interest coverage ratio required minimum

2

Required fixed charge coverage ratio

1.4

Notes Payable, Bank Credit Fa_4

Notes Payable, Bank Credit Facility, Interest Expense and Amortization of Deferred Debt Costs - Scheduled Maturities of All Debt, Including Scheduled Principal Amortization (Detail) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Balloon Payments
2024	$ 50,694
2025	296,363
2026	134,088
2027	100,000
2028	18,785
Thereafter	474,022
Balloon Payments	1,073,952
Scheduled Principal Amortization
2024	33,291
2025	31,723
2026	28,756
2027	25,817
2028	25,182
Thereafter	187,564
Scheduled Principal Amortization	332,333
Total
2024	83,985
2025	328,086
2026	162,844
2027	125,817
2028	43,967
Thereafter	661,586
Principal amount	1,406,285	$ 1,200,000
Unamortized deferred debt costs	19,284	$ 15,800
Net	1,387,001
Line of Credit
Total
Line of credit facility, maximum borrowing capacity	525,000
Line of Credit | New Facility
Total
Long-term debt, gross	276,000
Term Facility | Line of Credit
Total
Line of credit facility, maximum borrowing capacity	$ 100,000

Notes Payable, Bank Credit Fa_5

Notes Payable, Bank Credit Facility, Interest Expense and Amortization of Deferred Debt Costs - Interest Expense and Amortization of Deferred Debt Costs (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Debt Disclosure [Abstract]
Interest incurred	$ 66,717	$ 53,219	$ 50,552
Amortization of deferred debt costs	2,250	1,985	1,710
Capitalized interest	(19,519)	(11,191)	(6,831)
Interest expense	49,448	44,013	45,431
Less: Interest income	295	76	7
Interest expense, net and amortization of deferred debt costs	$ 49,153	$ 43,937	$ 45,424

Lease Agreements - Additional I

Lease Agreements - Additional Information (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Leases [Abstract]
Base rent	$ 208.3	$ 201.2	$ 197.9
Expense recoveries	37.1	36	34.5
Payments for rent	$ 1.8	$ 1.6	$ 1.5

Lease Agreements - Future Contr

Lease Agreements - Future Contractual Payments Under Noncancelable Leases (Detail) $ in Thousands	Dec. 31, 2023 USD ($)
Leases [Abstract]
2024	$ 128,682
2025	178,423
2026	158,968
2027	133,438
2028	114,606
Thereafter	411,452
Total future contractual payments	$ 1,125,569

Long-Term Lease Obligations - A

Long-Term Lease Obligations - Additional Information (Detail)		12 Months Ended
	Feb. 28, 2022 USD ($)	Dec. 31, 2023 USD ($) property	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Leases Disclosure [Line Items]
Rent expense		$ 871,300	$ 824,300	$ 799,500
Operating lease, right-of-use asset, statement of financial position	Other assets	Other assets
Operating lease, liability, statement of financial position	Other Liabilities	Other Liabilities
Lessor, operating lease, term of contract, additional extended period	60 months
Right-of-use asset	$ 3,800,000	$ 2,500,000
Operating lease liability	$ 3,800,000	$ 2,600,000
Flagship Center
Leases Disclosure [Line Items]
Number of developed parcels | property		2
90-year Ground Leasehold Interest
Leases Disclosure [Line Items]
Ground leasehold interest period		90 years
Minimum annual lease rent over lease term		$ 1
99-year Ground Lease
Leases Disclosure [Line Items]
Ground leasehold interest period		99 years
Minimum annual lease rent over lease term		$ 1
Percent of underlying land held under a 99-year ground lease		3.40%

Equity and Noncontrolling Int_3

Equity and Noncontrolling Interest - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands, shares in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Class of Stock [Line Items]
Income attributable to noncontrolling interest, before tax	$ 16,337	$ 15,198	$ 13,260
Series D Cumulative Redeemable Preferred Stock
Class of Stock [Line Items]
Depositary shares outstanding	3
Depository shares to cumulative redeemable preferred stock ratio	1%
Percentage of redeemable preferred stock	6.125%
Liquidation preference (in usd per share)	$ 25
Annual dividend on depositary shares (in usd per share)	$ 1.53125
Series E Cumulative Redeemable Preferred Stock
Class of Stock [Line Items]
Depositary shares outstanding	4.4
Depository shares to cumulative redeemable preferred stock ratio	1%
Percentage of redeemable preferred stock	6%
Liquidation preference (in usd per share)	$ 25
Annual dividend on depositary shares (in usd per share)	$ 1.50

Equity and Noncontrolling Int_4

Equity and Noncontrolling Interest - Per Share Data (Details) - $ / shares shares in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Class of Stock [Line Items]
Weighted average common shares outstanding - Basic	24,051	23,964	23,655
Effect of dilutive options (in shares)	2	8	7
Weighted average common shares outstanding - Diluted	24,053	23,972	23,662
Average share price (in usd per share)	$ 37.47	$ 46.21	$ 43.53
Options
Class of Stock [Line Items]
Non-dilutive options (in shares)	1,668	1,438	1,360

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Detail)	12 Months Ended
	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Related Party Transaction [Line Items]
Company contribution to a multi employer 401K plan at discretionary amount of employee's cash compensation, maximum percentage	6%	6%	6%
Company contribution to a multi employer 401K plan at discretionary amount of employee's cash compensation, amount	$ 425,300	$ 387,700	$ 404,300
Deferred compensation, employee contribution, percentage	2%
Deferred compensation, employer contribution, percentage	3	3	3
Deferred compensation, company contribution, amount	$ 390,400	$ 337,900	$ 238,400
Deferred compensation, cumulative unfunded liability	3,300,000	3,000,000
Ancillary costs and expenses	10,600,000	9,600,000	8,000,000
Accounts payable, accrued expenses and other liabilities	57,022,000	42,978,000
Insurance commissions and fees expense	562,800	286,900	$ 397,900
Shared Services Agreement | Related Party
Related Party Transaction [Line Items]
Accounts payable, accrued expenses and other liabilities	$ 1,100,000	$ 1,200,000

Stock Option Plan - Additional

Stock Option Plan - Additional Information (Detail)					12 Months Ended
	May 13, 2022 USD ($) person $ / shares shares	May 07, 2021 USD ($) person $ / shares shares	Dec. 31, 2020 shares	Apr. 24, 2020 USD ($) person $ / shares shares	Dec. 31, 2023 USD ($) $ / shares shares	Dec. 31, 2022 USD ($) $ / shares	Dec. 31, 2021 USD ($) $ / shares	Dec. 31, 2004	Dec. 31, 2005 shares
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Deferred compensation (in shares) | shares			123,361		10,762
Exercise price of options (in usd per share) | $ / shares					$ 33.79	$ 47.90	$ 43.89
Intrinsic value of options exercised						$ 200,000	$ 400,000
Intrinsic value of options outstanding					$ 1,200,000	$ 0
Intrinsic value of options exercisable					$ 200,000
Closing price (in usd per share) | $ / shares					$ 39.27
Allocated share based compensation					$ 1,200,000
Future expense					$ 2,000,000
Weighted average remaining life of options exercisable					4 years
Weighted average remaining life of options outstanding					5 years 3 months 18 days
2019 Options
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Exercise price of options (in usd per share) | $ / shares				$ 43.89
Fair value stock option grant				$ 1,400,000
2020 Options
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Exercise price of options (in usd per share) | $ / shares		$ 47.90
Fair value stock option grant		$ 1,800,000
2021 Options
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Exercise price of options (in usd per share) | $ / shares	$ 33.79
Fair value stock option grant	$ 1,400,000
Common Stock
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Shares due to exercise of employee stock options and issuance of directors' deferred stock | shares					8,225
Officer | 2019 Options
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Number of individuals granted options | person				21
Options vested				25%
Fair value stock option grant				$ 1,200,000
Officer | 2020 Options
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Number of individuals granted options | person		19
Options vested		25%
Fair value stock option grant		$ 1,600,000
Officer | 2021 Options
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Number of individuals granted options | person	18
Options vested	25%
Fair value stock option grant	$ 1,200,000
Director | 2019 Options
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Number of individuals granted options | person				11
Fair value stock option grant				$ 173,800
Director | 2020 Options
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Number of individuals granted options | person		11
Fair value stock option grant		$ 229,350
Director | 2021 Options
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Number of individuals granted options | person	12
Fair value stock option grant	$ 195,900
Stock options
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Expiration period								10 years
Stock options | Amended 2004 Plan
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Authorized shares for a grant | shares									3,400,000
Stock options | 2019 Options
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Options granted to purchase stocks (in shares) | shares				250,500
Stock options | 2020 Options
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Options granted to purchase stocks (in shares) | shares		248,000
Stock options | 2021 Options
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Options granted to purchase stocks (in shares) | shares	253,500
Stock options | Officer
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Option vesting period								4 years
Stock options | Officer | 2019 Options
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Option vesting period				4 years
Stock options | Officer | 2020 Options
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Option vesting period		4 years			4 years
Stock options | Officer | 2021 Options
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Option vesting period	4 years				4 years
Incentive stock option | 2019 Options
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Options granted to purchase stocks (in shares) | shares				35,572
Incentive stock option | 2020 Options
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Options granted to purchase stocks (in shares) | shares		25,745
Incentive stock option | 2021 Options
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Options granted to purchase stocks (in shares) | shares	31,509
Nonqualified stock options | 2019 Options
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Options granted to purchase stocks (in shares) | shares				214,928
Nonqualified stock options | 2020 Options
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Options granted to purchase stocks (in shares) | shares		222,255
Nonqualified stock options | 2021 Options
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Options granted to purchase stocks (in shares) | shares	221,991

Stock Option Plan - Stock Optio

Stock Option Plan - Stock Options Issued (Detail)	12 Months Ended
	Dec. 31, 2023 $ / shares	Dec. 31, 2022 $ / shares	Dec. 31, 2021 $ / shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Exercise price (in usd per share)	$ 0	$ 44.44	$ 45.07
Directors | May, 13 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Exercise price (in usd per share)	33.79
Fair value per option (in usd per share)	$ 6.53
Volatility	0.319
Expected life (years)	5 years
Assumed yield	4.94%
Risk-free rate	3.45%
Directors | May 7, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Exercise price (in usd per share)	$ 47.90
Fair value per option (in usd per share)	$ 8.34
Volatility	0.300
Expected life (years)	5 years
Assumed yield	4.90%
Risk-free rate	2.89%
Directors | April 24, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Exercise price (in usd per share)	$ 43.89
Fair value per option (in usd per share)	$ 6.32
Volatility	0.297
Expected life (years)	5 years
Assumed yield	4.96%
Risk-free rate	0.77%
Officers | May, 13 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Exercise price (in usd per share)	$ 33.79
Fair value per option (in usd per share)	$ 6.06
Volatility	0.288
Expected life (years)	7 years
Assumed yield	4.96%
Risk-free rate	3.45%
Officers | May 7, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Exercise price (in usd per share)	$ 47.90
Fair value per option (in usd per share)	$ 7.66
Volatility	0.271
Expected life (years)	7 years
Assumed yield	4.93%
Risk-free rate	2.95%
Officers | April 24, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Exercise price (in usd per share)	$ 43.89
Fair value per option (in usd per share)	$ 5.96
Volatility	0.275
Expected life (years)	7 years
Assumed yield	4.97%
Risk-free rate	1.24%

Stock Option Plan - Summary of

Stock Option Plan - Summary of Option Activity (Detail) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Shares
Outstanding at January 1 (in shares)	1,768,375	1,601,250	1,502,670
Granted (in shares)	253,500	248,000	250,500
Exercised (in shares)	0	(26,875)	(64,920)
Expired/Forfeited (in shares)	(201,875)	(54,000)	(87,000)
Outstanding December 31 (in shares)	1,820,000	1,768,375	1,601,250
Exercisable (in shares)	1,177,375	1,237,250	1,098,500
Weighted Average Exercise Price
Outstanding at January 1 (in usd per share)	$ 51.28	$ 51.73	$ 52.86
Granted (in usd per share)	33.79	47.90	43.89
Exercised (in usd per share)	0	44.44	45.07
Expired/Forfeited (in usd per share)	46.20	52.60	53.60
Outstanding December 31 (in usd per share)	49.41	51.28	51.73
Exercisable (in usd per share)	52.52	$ 52.76	$ 53.22
Intrinsic value of options exercised		$ 0.2	$ 0.4
Closing price (in usd per share)	$ 39.27
Weighted average remaining life of options exercisable	4 years
Weighted average remaining life of options outstanding	5 years 3 months 18 days

Fair Value of Financial Instr_2

Fair Value of Financial Instruments - Additional Information (Detail) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Fair Value of Financial Instruments [Line Items]
Notes payable, fair value	$ 957,900	$ 919,200
Fixed rate mortgages	935,451	961,577
Fixed rate mortgage notes payable
Fair Value of Financial Instruments [Line Items]
Fixed rate mortgages	$ 1,130,000	$ 1,070,000

Derivatives and Hedging Activ_3

Derivatives and Hedging Activities (Details) $ in Millions	12 Months Ended
	Dec. 31, 2023 USD ($)
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Amount of Gain (or Loss) Reclassified from OCI into Income	$ 1.7

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	Dec. 31, 2023	Dec. 31, 2022
Other Assets | Interest rate swaps
Fair Value of Financial Instruments [Line Items]
Derivative asset, subject to master netting arrangement, before offset	$ 2,742	$ 3,962

Derivatives and Hedging Activ_5

Derivatives and Hedging Activities - Derivative Instruments, Effect on Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Fair Value of Financial Instruments [Line Items]
Amount of Gain (or Loss) Reclassified from OCI into Income	$ 1,700
Interest rate swaps
Fair Value of Financial Instruments [Line Items]
Amount of Gain (or Loss) Recognized in OCI	900	$ 4,139	$ 0
Amount of Gain (or Loss) Reclassified from OCI into Income	$ 2,120	$ 177

Distributions - Additional Info

Distributions - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands		1 Months Ended	12 Months Ended
	Jan. 16, 2024	Dec. 31, 2022	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Dividends [Line Items]
Common stock issued, discount rate			3%
Common stock distributions (in usd per share)			$ 2.36	$ 2.32	$ 2.16
Dividends declared per common share outstanding (in usd per share)		$ 0.59
Distribution to limited partnership unitholders			$ 21,944	$ 21,548	$ 17,821
Subsequent Event
Dividends [Line Items]
Common stock dividend paid	$ 13,600
Distribution to limited partnership unitholders	$ 5,900
Distributions partnership units (in usd per share)	$ 0.59
Preferred stock distributions	$ 2,800
Dividend Income
Dividends [Line Items]
Common stock distributions (in usd per share)			$ 1.75	$ 1.32	$ 1.49
Return on Invested Capital
Dividends [Line Items]
Return of capital (in usd per share)		$ 1	0.61	1	0.67
Depositary Shares each representing 1/100th of a share of 6.125% Series D Cumulative Redeemable Preferred Stock, Par Value $0.01 Per Share
Dividends [Line Items]
Preferred stock dividend (in usd per share)			1.53	1.53	1.53
Depositary Shares each representing 1/100th of a share of 6.125% Series D Cumulative Redeemable Preferred Stock, Par Value $0.01 Per Share | Subsequent Event
Dividends [Line Items]
Dividends declared per preferred share outstanding (in usd per share)	$ 0.3828
Depositary Shares each representing 1/100th of a share of 6.000% Series E Cumulative Redeemable Preferred Stock, Par Value $0.01 Per Share
Dividends [Line Items]
Preferred stock dividend (in usd per share)			$ 1.50	$ 1.50	$ 1.50
Depositary Shares each representing 1/100th of a share of 6.000% Series E Cumulative Redeemable Preferred Stock, Par Value $0.01 Per Share | Subsequent Event
Dividends [Line Items]
Dividends declared per preferred share outstanding (in usd per share)	$ 0.3750

Distributions - Summary of Dist

Distributions - Summary of Distributions Paid Including Activity in Plan as well as Limited Partnership Units Issued from Reinvestment of Unit Distributions (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended												12 Months Ended
	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Dividends [Line Items]
Preferred Stockholders													$ 11,194	$ 11,194	$ 11,194
Common Stockholders													56,722	55,523	50,963
Limited Partnership Unitholders													$ 21,944	$ 21,548	$ 17,821
Common stock shares issued													61,359,000	143,957,000	293,615,000
Limited Partnership Units Issued (in shares)													44,500,000	26,659,000	61,009,000
4th Quarter
Dividends [Line Items]
Preferred Stockholders	$ 2,798				$ 2,798				$ 2,798
Common Stockholders	14,195				14,159				13,037
Limited Partnership Unitholders	$ 5,486				$ 5,486				$ 4,702
Common stock shares issued	17,854,000				13,698,000				63,970,000
Discounted Share Price (in usd per share)	$ 33.35				$ 39.70				$ 45.46				$ 33.35	$ 39.70	$ 45.46
Limited Partnership Units Issued (in shares)	44,500,000				0				13,697,000
Average Unit Price (in usd per share)	$ 33.83				$ 0				$ 45.95				$ 33.83	$ 0	$ 45.95
3rd Quarter
Dividends [Line Items]
Preferred Stockholders		$ 2,799				$ 2,799				$ 2,799
Common Stockholders		14,192				14,156				12,999
Limited Partnership Unitholders		$ 5,486				$ 5,486				$ 4,694
Common stock shares issued		14,689,000				10,577,000				65,171,000
Discounted Share Price (in usd per share)		$ 37.75				$ 50.80				$ 44.44
Limited Partnership Units Issued (in shares)		0				0				13,841,000
Average Unit Price (in usd per share)		$ 0				$ 0				$ 44.92
2nd Quarter
Dividends [Line Items]
Preferred Stockholders			$ 2,798				$ 2,798				$ 2,798
Common Stockholders			14,164				13,625				12,488
Limited Partnership Unitholders			$ 5,486				$ 5,292				$ 4,218
Common stock shares issued			15,587,000				57,819,000				68,206,000
Discounted Share Price (in usd per share)			$ 34.92				$ 51.61				$ 41.87
Limited Partnership Units Issued (in shares)			0				12,955,000				13,978,000
Average Unit Price (in usd per share)			$ 0				$ 51.55				$ 42.33
1st Quarter
Dividends [Line Items]
Preferred Stockholders				$ 2,799				$ 2,799				$ 2,799
Common Stockholders				14,171				13,583				12,439
Limited Partnership Unitholders				$ 5,486				$ 5,284				$ 4,207
Common stock shares issued				13,229,000				61,863,000				96,268,000
Discounted Share Price (in usd per share)				$ 41.06				$ 47.66				$ 29.50
Limited Partnership Units Issued (in shares)				0				13,704,000				19,493,000
Average Unit Price (in usd per share)				$ 0				$ 48.16				$ 29.83

Business Segments - Additional

Business Segments - Additional Information (Detail)	12 Months Ended
	Dec. 31, 2023 segment
Segment Reporting [Abstract]
Number of reportable business segments	2

Business Segments (Detail)

Business Segments (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Segment Reporting Information [Line Items]
Revenue	$ 257,207	$ 245,860	$ 239,225
Expenses	(67,139)	(64,522)	(61,628)
Income from real estate	190,068	181,338	177,597
Interest expense, net and amortization of deferred debt costs	(49,153)	(43,937)	(45,424)
Depreciation and amortization of deferred leasing costs	(48,430)	(48,969)	(50,272)
General and administrative	(23,459)	(22,392)	(20,252)
Loss on early extinguishment of debt	0	(648)	0
Net income (loss)	69,026	65,392	61,649
Capital investment	203,681	116,888	55,918
Total assets	1,994,137	1,833,302	1,746,761
Operating Segments | Shopping Centers
Segment Reporting Information [Line Items]
Revenue	179,350	172,055	169,681
Expenses	(38,484)	(36,895)	(35,784)
Income from real estate	140,866	135,160	133,897
Interest expense, net and amortization of deferred debt costs	0	0	0
Depreciation and amortization of deferred leasing costs	(28,526)	(28,359)	(28,843)
General and administrative	0	0	0
Loss on early extinguishment of debt		0
Net income (loss)	112,340	106,801	105,054
Capital investment	16,491	8,412	12,673
Total assets	918,089	928,071	946,993
Operating Segments | Mixed-Use Properties
Segment Reporting Information [Line Items]
Revenue	77,857	73,805	69,544
Expenses	(28,655)	(27,627)	(25,844)
Income from real estate	49,202	46,178	43,700
Interest expense, net and amortization of deferred debt costs	0	0	0
Depreciation and amortization of deferred leasing costs	(19,904)	(20,610)	(21,429)
General and administrative	0	0	0
Loss on early extinguishment of debt		0
Net income (loss)	29,298	25,568	22,271
Capital investment	187,190	108,476	43,245
Total assets	1,057,332	885,500	777,709
Corporate
Segment Reporting Information [Line Items]
Revenue	0	0	0
Expenses	0	0	0
Income from real estate	0	0	0
Interest expense, net and amortization of deferred debt costs	(49,153)	(43,937)	(45,424)
Depreciation and amortization of deferred leasing costs	0	0	0
General and administrative	(23,459)	(22,392)	(20,252)
Loss on early extinguishment of debt		(648)
Net income (loss)	(72,612)	(66,977)	(65,676)
Capital investment	0	0	0
Total assets	$ 18,716	$ 19,731	$ 22,059

Real Estate and Accumulated D_2

Real Estate and Accumulated Depreciation (Detail) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Real Estate Properties [Line Items]
Initial Basis	$ 1,088,613
Cost capitalized subsequent to acquisition	1,532,492
Land and Land Improvements	511,529
Buildings and Improvements, Gross	1,595,023
Construction in progress	514,553	$ 322,226
Real estate investments	2,621,105	2,408,136	$ 2,284,126	$ 2,124,796
Accumulated Depreciation	729,470	688,475	$ 650,113	$ 607,706
Total real estate investments, net	1,891,635	1,719,661
Fixed rate mortgages	935,451	961,577
Development land, related debt	77,305	$ 0
Total, related debt	1,030,285
Shopping Centers
Real Estate Properties [Line Items]
Initial Basis	835,537
Cost capitalized subsequent to acquisition	501,528
Land and Land Improvements	420,132
Buildings and Improvements, Gross	903,264
Construction in progress	13,669
Real estate investments	1,337,065
Accumulated Depreciation	480,348
Total real estate investments, net	856,717
Fixed rate mortgages	584,145
Shopping Centers | Ashbrook Marketplace, Ashburn, VA
Real Estate Properties [Line Items]
Initial Basis	8,938
Cost capitalized subsequent to acquisition	25,443
Land and Land Improvements	13,258
Buildings and Improvements, Gross	21,074
Construction in progress	49
Real estate investments	34,381
Accumulated Depreciation	2,745
Total real estate investments, net	31,636
Fixed rate mortgages	$ 20,216
Buildings and improvements depreciable lives in years	50 years
Shopping Centers | Ashburn Village, Ashburn, VA
Real Estate Properties [Line Items]
Initial Basis	$ 11,431
Cost capitalized subsequent to acquisition	21,000
Land and Land Improvements	6,764
Buildings and Improvements, Gross	25,658
Construction in progress	9
Real estate investments	32,431
Accumulated Depreciation	17,147
Total real estate investments, net	15,284
Fixed rate mortgages	$ 21,805
Buildings and improvements depreciable lives in years	40 years
Shopping Centers | Ashburn Village, Ashburn, VA | Minimum
Real Estate Properties [Line Items]
Buildings and improvements depreciable lives in years	5 years
Shopping Centers | Ashburn Village, Ashburn, VA | Maximum
Real Estate Properties [Line Items]
Buildings and improvements depreciable lives in years	10 years
Shopping Centers | Ashland Square Phase I, Dumfries, VA
Real Estate Properties [Line Items]
Initial Basis	$ 1,178
Cost capitalized subsequent to acquisition	7,508
Land and Land Improvements	1,178
Buildings and Improvements, Gross	7,508
Construction in progress	0
Real estate investments	8,686
Accumulated Depreciation	3,255
Total real estate investments, net	5,431
Fixed rate mortgages	$ 0
Shopping Centers | Ashland Square Phase I, Dumfries, VA | Minimum
Real Estate Properties [Line Items]
Buildings and improvements depreciable lives in years	20 years
Shopping Centers | Ashland Square Phase I, Dumfries, VA | Maximum
Real Estate Properties [Line Items]
Buildings and improvements depreciable lives in years	50 years
Shopping Centers | Beacon Center, Alexandria, VA
Real Estate Properties [Line Items]
Initial Basis	$ 24,161
Cost capitalized subsequent to acquisition	18,514
Land and Land Improvements	22,691
Buildings and Improvements, Gross	19,984
Construction in progress	0
Real estate investments	42,675
Accumulated Depreciation	17,210
Total real estate investments, net	25,465
Fixed rate mortgages	$ 53,681
Shopping Centers | Beacon Center, Alexandria, VA | Minimum
Real Estate Properties [Line Items]
Buildings and improvements depreciable lives in years	40 years
Shopping Centers | Beacon Center, Alexandria, VA | Maximum
Real Estate Properties [Line Items]
Buildings and improvements depreciable lives in years	50 years
Shopping Centers | BJ’s Wholesale Club, Alexandria, VA
Real Estate Properties [Line Items]
Initial Basis	$ 22,623
Cost capitalized subsequent to acquisition	0
Land and Land Improvements	22,623
Buildings and Improvements, Gross	0
Construction in progress	0
Real estate investments	22,623
Accumulated Depreciation	0
Total real estate investments, net	22,623
Fixed rate mortgages	$ 15,099
Buildings and improvements depreciable lives in years	0 years
Shopping Centers | Boca Valley Plaza, Boca Raton, FL
Real Estate Properties [Line Items]
Initial Basis	$ 16,720
Cost capitalized subsequent to acquisition	3,616
Land and Land Improvements	5,735
Buildings and Improvements, Gross	14,473
Construction in progress	128
Real estate investments	20,336
Accumulated Depreciation	7,161
Total real estate investments, net	13,175
Fixed rate mortgages	$ 0
Buildings and improvements depreciable lives in years	40 years
Shopping Centers | Boulevard, Fairfax, VA
Real Estate Properties [Line Items]
Initial Basis	$ 4,883
Cost capitalized subsequent to acquisition	4,731
Land and Land Improvements	3,687
Buildings and Improvements, Gross	5,921
Construction in progress	6
Real estate investments	9,614
Accumulated Depreciation	4,040
Total real estate investments, net	5,574
Fixed rate mortgages	$ 9,358
Buildings and improvements depreciable lives in years	40 years
Shopping Centers | Briggs Chaney MarketPlace, Silver Spring, MD
Real Estate Properties [Line Items]
Initial Basis	$ 27,037
Cost capitalized subsequent to acquisition	5,916
Land and Land Improvements	9,789
Buildings and Improvements, Gross	23,155
Construction in progress	9
Real estate investments	32,953
Accumulated Depreciation	12,079
Total real estate investments, net	20,874
Fixed rate mortgages	$ 0
Buildings and improvements depreciable lives in years	40 years
Shopping Centers | Broadlands Village, Ashburn, VA
Real Estate Properties [Line Items]
Initial Basis	$ 5,316
Cost capitalized subsequent to acquisition	36,806
Land and Land Improvements	5,300
Buildings and Improvements, Gross	36,360
Construction in progress	462
Real estate investments	42,122
Accumulated Depreciation	16,713
Total real estate investments, net	25,409
Fixed rate mortgages	$ 27,999
Shopping Centers | Broadlands Village, Ashburn, VA | Minimum
Real Estate Properties [Line Items]
Buildings and improvements depreciable lives in years	40 years
Shopping Centers | Broadlands Village, Ashburn, VA | Maximum
Real Estate Properties [Line Items]
Buildings and improvements depreciable lives in years	50 years
Shopping Centers | Burtonsville Town Square, Burtonsville, MD
Real Estate Properties [Line Items]
Initial Basis	$ 74,212
Cost capitalized subsequent to acquisition	6,357
Land and Land Improvements	28,402
Buildings and Improvements, Gross	52,149
Construction in progress	18
Real estate investments	80,569
Accumulated Depreciation	9,935
Total real estate investments, net	70,634
Fixed rate mortgages	$ 32,178
Shopping Centers | Burtonsville Town Square, Burtonsville, MD | Minimum
Real Estate Properties [Line Items]
Buildings and improvements depreciable lives in years	20 years
Shopping Centers | Burtonsville Town Square, Burtonsville, MD | Maximum
Real Estate Properties [Line Items]
Buildings and improvements depreciable lives in years	45 years
Shopping Centers | Countryside Marketplace, Sterling, VA
Real Estate Properties [Line Items]
Initial Basis	$ 28,912
Cost capitalized subsequent to acquisition	5,134
Land and Land Improvements	7,666
Buildings and Improvements, Gross	26,181
Construction in progress	199
Real estate investments	34,046
Accumulated Depreciation	13,764
Total real estate investments, net	20,282
Fixed rate mortgages	$ 0
Buildings and improvements depreciable lives in years	40 years
Shopping Centers | Cranberry Square, Westminster, MD
Real Estate Properties [Line Items]
Initial Basis	$ 31,578
Cost capitalized subsequent to acquisition	2,047
Land and Land Improvements	6,700
Buildings and Improvements, Gross	26,906
Construction in progress	19
Real estate investments	33,625
Accumulated Depreciation	8,332
Total real estate investments, net	25,293
Fixed rate mortgages	$ 13,224
Buildings and improvements depreciable lives in years	40 years
Shopping Centers | Cruse MarketPlace, Cumming, GA
Real Estate Properties [Line Items]
Initial Basis	$ 12,226
Cost capitalized subsequent to acquisition	954
Land and Land Improvements	3,901
Buildings and Improvements, Gross	9,279
Construction in progress	0
Real estate investments	13,180
Accumulated Depreciation	4,700
Total real estate investments, net	8,480
Fixed rate mortgages	$ 0
Buildings and improvements depreciable lives in years	40 years
Shopping Centers | Flagship Center, Rockville, MD
Real Estate Properties [Line Items]
Initial Basis	$ 160
Cost capitalized subsequent to acquisition	409
Land and Land Improvements	169
Buildings and Improvements, Gross	400
Construction in progress	0
Real estate investments	569
Accumulated Depreciation	117
Total real estate investments, net	452
Fixed rate mortgages	$ 0
Buildings and improvements depreciable lives in years	0 years
Shopping Centers | French Market, Oklahoma City, OK
Real Estate Properties [Line Items]
Initial Basis	$ 5,781
Cost capitalized subsequent to acquisition	17,689
Land and Land Improvements	1,118
Buildings and Improvements, Gross	21,450
Construction in progress	902
Real estate investments	23,470
Accumulated Depreciation	15,159
Total real estate investments, net	8,311
Fixed rate mortgages	$ 0
Buildings and improvements depreciable lives in years	50 years
Shopping Centers | Germantown, Germantown, MD
Real Estate Properties [Line Items]
Initial Basis	$ 2,034
Cost capitalized subsequent to acquisition	566
Land and Land Improvements	2,034
Buildings and Improvements, Gross	566
Construction in progress	0
Real estate investments	2,600
Accumulated Depreciation	489
Total real estate investments, net	2,111
Fixed rate mortgages	$ 0
Buildings and improvements depreciable lives in years	40 years
Shopping Centers | The Glen, Woodbridge, VA
Real Estate Properties [Line Items]
Initial Basis	$ 12,918
Cost capitalized subsequent to acquisition	8,799
Land and Land Improvements	5,300
Buildings and Improvements, Gross	16,377
Construction in progress	40
Real estate investments	21,717
Accumulated Depreciation	12,027
Total real estate investments, net	9,690
Fixed rate mortgages	$ 20,234
Buildings and improvements depreciable lives in years	40 years
Shopping Centers | Great Falls Center, Great Falls, VA
Real Estate Properties [Line Items]
Initial Basis	$ 41,750
Cost capitalized subsequent to acquisition	3,516
Land and Land Improvements	14,766
Buildings and Improvements, Gross	30,414
Construction in progress	86
Real estate investments	45,266
Accumulated Depreciation	12,945
Total real estate investments, net	32,321
Fixed rate mortgages	$ 30,547
Buildings and improvements depreciable lives in years	40 years
Shopping Centers | Hampshire Langley, Takoma, MD
Real Estate Properties [Line Items]
Initial Basis	$ 3,159
Cost capitalized subsequent to acquisition	3,559
Land and Land Improvements	1,892
Buildings and Improvements, Gross	4,816
Construction in progress	10
Real estate investments	6,718
Accumulated Depreciation	4,291
Total real estate investments, net	2,427
Fixed rate mortgages	$ 11,569
Buildings and improvements depreciable lives in years	40 years
Shopping Centers | Hunt Club Corners, Apopka, FL
Real Estate Properties [Line Items]
Initial Basis	$ 12,584
Cost capitalized subsequent to acquisition	4,771
Land and Land Improvements	4,822
Buildings and Improvements, Gross	12,533
Construction in progress	0
Real estate investments	17,355
Accumulated Depreciation	6,613
Total real estate investments, net	10,742
Fixed rate mortgages	$ 0
Buildings and improvements depreciable lives in years	40 years
Shopping Centers | Jamestown Place, Altamonte Springs, FL
Real Estate Properties [Line Items]
Initial Basis	$ 14,055
Cost capitalized subsequent to acquisition	2,486
Land and Land Improvements	4,455
Buildings and Improvements, Gross	12,085
Construction in progress	1
Real estate investments	16,541
Accumulated Depreciation	5,925
Total real estate investments, net	10,616
Fixed rate mortgages	$ 0
Buildings and improvements depreciable lives in years	40 years
Shopping Centers | Kentlands Square I, Gaithersburg, MD
Real Estate Properties [Line Items]
Initial Basis	$ 14,379
Cost capitalized subsequent to acquisition	3,730
Land and Land Improvements	5,005
Buildings and Improvements, Gross	13,104
Construction in progress	0
Real estate investments	18,109
Accumulated Depreciation	5,561
Total real estate investments, net	12,548
Fixed rate mortgages	$ 18,840
Buildings and improvements depreciable lives in years	40 years
Shopping Centers | Kentlands Square II, Gaithersburg, MD
Real Estate Properties [Line Items]
Initial Basis	$ 76,723
Cost capitalized subsequent to acquisition	3,555
Land and Land Improvements	23,133
Buildings and Improvements, Gross	56,860
Construction in progress	285
Real estate investments	80,278
Accumulated Depreciation	19,561
Total real estate investments, net	60,717
Fixed rate mortgages	$ 30,168
Buildings and improvements depreciable lives in years	40 years
Shopping Centers | Kentlands Place, Gaithersburg, MD
Real Estate Properties [Line Items]
Initial Basis	$ 1,425
Cost capitalized subsequent to acquisition	7,944
Land and Land Improvements	1,425
Buildings and Improvements, Gross	7,700
Construction in progress	244
Real estate investments	9,369
Accumulated Depreciation	4,951
Total real estate investments, net	4,418
Fixed rate mortgages	$ 6,406
Buildings and improvements depreciable lives in years	50 years
Shopping Centers | Lansdowne Town Center, Leesburg, VA
Real Estate Properties [Line Items]
Initial Basis	$ 6,545
Cost capitalized subsequent to acquisition	43,903
Land and Land Improvements	6,546
Buildings and Improvements, Gross	43,593
Construction in progress	309
Real estate investments	50,448
Accumulated Depreciation	21,009
Total real estate investments, net	29,439
Fixed rate mortgages	$ 0
Buildings and improvements depreciable lives in years	50 years
Shopping Centers | Leesburg Pike Plaza, Baileys Crossroads, VA
Real Estate Properties [Line Items]
Initial Basis	$ 2,418
Cost capitalized subsequent to acquisition	7,012
Land and Land Improvements	1,132
Buildings and Improvements, Gross	8,195
Construction in progress	103
Real estate investments	9,430
Accumulated Depreciation	6,523
Total real estate investments, net	2,907
Fixed rate mortgages	$ 11,822
Buildings and improvements depreciable lives in years	40 years
Shopping Centers | Lumberton Plaza, Lumberton, NJ
Real Estate Properties [Line Items]
Initial Basis	$ 4,400
Cost capitalized subsequent to acquisition	11,792
Land and Land Improvements	950
Buildings and Improvements, Gross	15,161
Construction in progress	81
Real estate investments	16,192
Accumulated Depreciation	14,170
Total real estate investments, net	2,022
Fixed rate mortgages	$ 0
Buildings and improvements depreciable lives in years	40 years
Shopping Centers | Metro Pike Center, Rockville, MD
Real Estate Properties [Line Items]
Initial Basis	$ 33,123
Cost capitalized subsequent to acquisition	5,454
Land and Land Improvements	26,064
Buildings and Improvements, Gross	8,470
Construction in progress	4,043
Real estate investments	38,577
Accumulated Depreciation	2,903
Total real estate investments, net	35,674
Fixed rate mortgages	$ 0
Buildings and improvements depreciable lives in years	40 years
Shopping Centers | Shops at Monocacy, Frederick, MD
Real Estate Properties [Line Items]
Initial Basis	$ 9,541
Cost capitalized subsequent to acquisition	16,070
Land and Land Improvements	9,260
Buildings and Improvements, Gross	16,351
Construction in progress	0
Real estate investments	25,611
Accumulated Depreciation	7,680
Total real estate investments, net	17,931
Fixed rate mortgages	$ 25,670
Buildings and improvements depreciable lives in years	50 years
Shopping Centers | Northrock, Warrenton, VA
Real Estate Properties [Line Items]
Initial Basis	$ 12,686
Cost capitalized subsequent to acquisition	15,430
Land and Land Improvements	12,686
Buildings and Improvements, Gross	15,422
Construction in progress	8
Real estate investments	28,116
Accumulated Depreciation	6,734
Total real estate investments, net	21,382
Fixed rate mortgages	$ 12,135
Buildings and improvements depreciable lives in years	50 years
Shopping Centers | Olde Forte Village, Ft. Washington, MD
Real Estate Properties [Line Items]
Initial Basis	$ 15,933
Cost capitalized subsequent to acquisition	6,979
Land and Land Improvements	5,409
Buildings and Improvements, Gross	17,468
Construction in progress	35
Real estate investments	22,912
Accumulated Depreciation	9,995
Total real estate investments, net	12,917
Fixed rate mortgages	$ 19,563
Buildings and improvements depreciable lives in years	40 years
Shopping Centers | Olney, Olney, MD
Real Estate Properties [Line Items]
Initial Basis	$ 4,963
Cost capitalized subsequent to acquisition	3,026
Land and Land Improvements	3,079
Buildings and Improvements, Gross	4,910
Construction in progress	0
Real estate investments	7,989
Accumulated Depreciation	3,744
Total real estate investments, net	4,245
Fixed rate mortgages	$ 12,655
Buildings and improvements depreciable lives in years	40 years
Shopping Centers | Orchard Park, Dunwoody, GA
Real Estate Properties [Line Items]
Initial Basis	$ 19,377
Cost capitalized subsequent to acquisition	1,642
Land and Land Improvements	7,751
Buildings and Improvements, Gross	13,242
Construction in progress	26
Real estate investments	21,019
Accumulated Depreciation	5,692
Total real estate investments, net	15,327
Fixed rate mortgages	$ 0
Buildings and improvements depreciable lives in years	40 years
Shopping Centers | Palm Springs Center, Altamonte Springs, FL
Real Estate Properties [Line Items]
Initial Basis	$ 18,365
Cost capitalized subsequent to acquisition	2,534
Land and Land Improvements	5,739
Buildings and Improvements, Gross	14,665
Construction in progress	495
Real estate investments	20,899
Accumulated Depreciation	7,371
Total real estate investments, net	13,528
Fixed rate mortgages	$ 0
Buildings and improvements depreciable lives in years	40 years
Shopping Centers | Ravenwood, Baltimore, MD
Real Estate Properties [Line Items]
Initial Basis	$ 1,245
Cost capitalized subsequent to acquisition	4,486
Land and Land Improvements	703
Buildings and Improvements, Gross	5,028
Construction in progress	0
Real estate investments	5,731
Accumulated Depreciation	3,717
Total real estate investments, net	2,014
Fixed rate mortgages	$ 11,361
Buildings and improvements depreciable lives in years	40 years
Shopping Centers | 11503 Rockville Pike/5541 Nicholson Lane, Rockville, MD
Real Estate Properties [Line Items]
Initial Basis	$ 26,561
Cost capitalized subsequent to acquisition	24
Land and Land Improvements	22,113
Buildings and Improvements, Gross	4,472
Construction in progress	0
Real estate investments	26,585
Accumulated Depreciation	1,488
Total real estate investments, net	25,097
Fixed rate mortgages	$ 0
Buildings and improvements depreciable lives in years	40 years
Shopping Centers | 1500/1580/1582 Rockville Pike, Rockville, MD
Real Estate Properties [Line Items]
Initial Basis	$ 45,351
Cost capitalized subsequent to acquisition	2,046
Land and Land Improvements	38,065
Buildings and Improvements, Gross	7,050
Construction in progress	2,282
Real estate investments	47,397
Accumulated Depreciation	6,950
Total real estate investments, net	40,447
Fixed rate mortgages	0
Shopping Centers | Seabreeze Plaza, Palm Harbor, FL
Real Estate Properties [Line Items]
Initial Basis	24,526
Cost capitalized subsequent to acquisition	3,553
Land and Land Improvements	8,665
Buildings and Improvements, Gross	18,943
Construction in progress	471
Real estate investments	28,079
Accumulated Depreciation	8,991
Total real estate investments, net	19,088
Fixed rate mortgages	$ 12,683
Buildings and improvements depreciable lives in years	40 years
Shopping Centers | Market Place at Sea Colony, Bethany Beach, DE
Real Estate Properties [Line Items]
Initial Basis	$ 2,920
Cost capitalized subsequent to acquisition	339
Land and Land Improvements	1,147
Buildings and Improvements, Gross	2,112
Construction in progress	0
Real estate investments	3,259
Accumulated Depreciation	858
Total real estate investments, net	2,401
Fixed rate mortgages	$ 0
Buildings and improvements depreciable lives in years	40 years
Shopping Centers | Seven Corners, Falls Church, VA
Real Estate Properties [Line Items]
Initial Basis	$ 4,848
Cost capitalized subsequent to acquisition	46,536
Land and Land Improvements	4,929
Buildings and Improvements, Gross	46,450
Construction in progress	5
Real estate investments	51,384
Accumulated Depreciation	35,402
Total real estate investments, net	15,982
Fixed rate mortgages	$ 85,889
Buildings and improvements depreciable lives in years	40 years
Shopping Centers | Severna Park Marketplace, Severna Park, MD
Real Estate Properties [Line Items]
Initial Basis	$ 63,254
Cost capitalized subsequent to acquisition	3,588
Land and Land Improvements	12,700
Buildings and Improvements, Gross	54,035
Construction in progress	107
Real estate investments	66,842
Accumulated Depreciation	15,930
Total real estate investments, net	50,912
Fixed rate mortgages	$ 24,458
Buildings and improvements depreciable lives in years	40 years
Shopping Centers | Shops at Fairfax, Fairfax, VA
Real Estate Properties [Line Items]
Initial Basis	$ 2,708
Cost capitalized subsequent to acquisition	11,109
Land and Land Improvements	992
Buildings and Improvements, Gross	12,825
Construction in progress	0
Real estate investments	13,817
Accumulated Depreciation	9,787
Total real estate investments, net	4,030
Fixed rate mortgages	$ 13,094
Buildings and improvements depreciable lives in years	50 years
Shopping Centers | Smallwood Village Center, Waldorf, MD
Real Estate Properties [Line Items]
Initial Basis	$ 17,819
Cost capitalized subsequent to acquisition	8,915
Land and Land Improvements	6,402
Buildings and Improvements, Gross	20,143
Construction in progress	189
Real estate investments	26,734
Accumulated Depreciation	11,922
Total real estate investments, net	14,812
Fixed rate mortgages	$ 0
Buildings and improvements depreciable lives in years	40 years
Shopping Centers | Southdale, Glen Burnie, MD
Real Estate Properties [Line Items]
Initial Basis	$ 18,895
Cost capitalized subsequent to acquisition	26,767
Land and Land Improvements	15,255
Buildings and Improvements, Gross	29,318
Construction in progress	1,089
Real estate investments	45,662
Accumulated Depreciation	24,607
Total real estate investments, net	21,055
Fixed rate mortgages	$ 0
Buildings and improvements depreciable lives in years	40 years
Shopping Centers | Southside Plaza, Richmond, VA
Real Estate Properties [Line Items]
Initial Basis	$ 6,728
Cost capitalized subsequent to acquisition	12,284
Land and Land Improvements	1,878
Buildings and Improvements, Gross	17,134
Construction in progress	0
Real estate investments	19,012
Accumulated Depreciation	14,019
Total real estate investments, net	4,993
Fixed rate mortgages	$ 0
Buildings and improvements depreciable lives in years	40 years
Shopping Centers | South Dekalb Plaza, Atlanta, GA
Real Estate Properties [Line Items]
Initial Basis	$ 2,474
Cost capitalized subsequent to acquisition	5,111
Land and Land Improvements	615
Buildings and Improvements, Gross	6,901
Construction in progress	69
Real estate investments	7,585
Accumulated Depreciation	5,601
Total real estate investments, net	1,984
Fixed rate mortgages	$ 0
Buildings and improvements depreciable lives in years	40 years
Shopping Centers | Thruway, Winston-Salem, NC
Real Estate Properties [Line Items]
Initial Basis	$ 7,848
Cost capitalized subsequent to acquisition	31,346
Land and Land Improvements	7,692
Buildings and Improvements, Gross	29,867
Construction in progress	1,635
Real estate investments	39,194
Accumulated Depreciation	21,721
Total real estate investments, net	17,473
Fixed rate mortgages	$ 0
Buildings and improvements depreciable lives in years	40 years
Shopping Centers | Village Center, Centreville, VA
Real Estate Properties [Line Items]
Initial Basis	$ 16,502
Cost capitalized subsequent to acquisition	3,486
Land and Land Improvements	7,851
Buildings and Improvements, Gross	12,137
Construction in progress	0
Real estate investments	19,988
Accumulated Depreciation	8,866
Total real estate investments, net	11,122
Fixed rate mortgages	$ 24,460
Buildings and improvements depreciable lives in years	40 years
Shopping Centers | Westview Village, Frederick, MD
Real Estate Properties [Line Items]
Initial Basis	$ 6,047
Cost capitalized subsequent to acquisition	25,754
Land and Land Improvements	6,047
Buildings and Improvements, Gross	25,725
Construction in progress	29
Real estate investments	31,801
Accumulated Depreciation	12,949
Total real estate investments, net	18,852
Fixed rate mortgages	$ 0
Buildings and improvements depreciable lives in years	50 years
Shopping Centers | White Oak, Silver Spring, MD
Real Estate Properties [Line Items]
Initial Basis	$ 6,277
Cost capitalized subsequent to acquisition	7,110
Land and Land Improvements	4,649
Buildings and Improvements, Gross	8,512
Construction in progress	226
Real estate investments	13,387
Accumulated Depreciation	6,821
Total real estate investments, net	6,566
Fixed rate mortgages	$ 19,031
Buildings and improvements depreciable lives in years	40 years
Shopping Centers | Other Buildings / Improvements
Real Estate Properties [Line Items]
Cost capitalized subsequent to acquisition	$ 182
Buildings and Improvements, Gross	182
Construction in progress
Real estate investments	182
Accumulated Depreciation	178
Total real estate investments, net	4
Fixed rate mortgages	0
Mixed-Use Properties
Real Estate Properties [Line Items]
Initial Basis	96,034
Cost capitalized subsequent to acquisition	679,679
Land and Land Improvements	82,114
Buildings and Improvements, Gross	691,759
Construction in progress	1,840
Real estate investments	775,713
Accumulated Depreciation	249,122
Total real estate investments, net	526,591
Fixed rate mortgages	363,505
Mixed-Use Properties | Avenel Business Park, Gaithersburg, MD
Real Estate Properties [Line Items]
Initial Basis	21,459
Cost capitalized subsequent to acquisition	37,762
Land and Land Improvements	3,756
Buildings and Improvements, Gross	55,385
Construction in progress	80
Real estate investments	59,221
Accumulated Depreciation	43,412
Total real estate investments, net	15,809
Fixed rate mortgages	$ 21,611
Mixed-Use Properties | Avenel Business Park, Gaithersburg, MD | Minimum
Real Estate Properties [Line Items]
Buildings and improvements depreciable lives in years	35 years
Mixed-Use Properties | Avenel Business Park, Gaithersburg, MD | Maximum
Real Estate Properties [Line Items]
Buildings and improvements depreciable lives in years	40 years
Mixed-Use Properties | Clarendon Center, Arlington, VA (1)
Real Estate Properties [Line Items]
Initial Basis	$ 12,753
Cost capitalized subsequent to acquisition	188,640
Land and Land Improvements	16,287
Buildings and Improvements, Gross	184,486
Construction in progress	620
Real estate investments	201,393
Accumulated Depreciation	65,111
Total real estate investments, net	136,282
Fixed rate mortgages	$ 81,693
Buildings and improvements depreciable lives in years	50 years
Mixed-Use Properties | Park Van Ness, Washington, DC
Real Estate Properties [Line Items]
Initial Basis	$ 2,242
Cost capitalized subsequent to acquisition	91,960
Land and Land Improvements	2,242
Buildings and Improvements, Gross	91,775
Construction in progress	185
Real estate investments	94,202
Accumulated Depreciation	20,370
Total real estate investments, net	73,832
Fixed rate mortgages	$ 60,874
Buildings and improvements depreciable lives in years	50 years
Mixed-Use Properties | 601 Pennsylvania Ave., Washington, DC
Real Estate Properties [Line Items]
Initial Basis	$ 5,479
Cost capitalized subsequent to acquisition	71,722
Land and Land Improvements	5,667
Buildings and Improvements, Gross	71,041
Construction in progress	493
Real estate investments	77,201
Accumulated Depreciation	60,634
Total real estate investments, net	16,567
Fixed rate mortgages	$ 0
Buildings and improvements depreciable lives in years	35 years
Mixed-Use Properties | The Waycroft, Arlington, VA
Real Estate Properties [Line Items]
Initial Basis	$ 52,067
Cost capitalized subsequent to acquisition	228,794
Land and Land Improvements	53,618
Buildings and Improvements, Gross	227,243
Construction in progress	0
Real estate investments	280,861
Accumulated Depreciation	25,188
Total real estate investments, net	255,673
Fixed rate mortgages	$ 149,078
Buildings and improvements depreciable lives in years	50 years
Mixed-Use Properties | Washington Square, Alexandria, VA
Real Estate Properties [Line Items]
Initial Basis	$ 2,034
Cost capitalized subsequent to acquisition	60,801
Land and Land Improvements	544
Buildings and Improvements, Gross	61,829
Construction in progress	462
Real estate investments	62,835
Accumulated Depreciation	34,407
Total real estate investments, net	28,428
Fixed rate mortgages	$ 50,249
Buildings and improvements depreciable lives in years	50 years
Development Land
Real Estate Properties [Line Items]
Initial Basis	$ 157,042
Cost capitalized subsequent to acquisition	351,285
Land and Land Improvements	9,283
Buildings and Improvements, Gross	0
Construction in progress	499,044
Real estate investments	508,327
Accumulated Depreciation	0
Total real estate investments, net	508,327
Development land, related debt	82,635
Development Land | Ashland Square Phase II, Manassas, VA
Real Estate Properties [Line Items]
Initial Basis	5,292
Cost capitalized subsequent to acquisition	3,448
Land and Land Improvements	7,049
Buildings and Improvements, Gross	0
Construction in progress	1,691
Real estate investments	8,740
Accumulated Depreciation	0
Total real estate investments, net	8,740
Development land, related debt	0
Development Land | New Market, New Market, MD
Real Estate Properties [Line Items]
Initial Basis	2,088
Cost capitalized subsequent to acquisition	146
Land and Land Improvements	2,234
Buildings and Improvements, Gross	0
Construction in progress	0
Real estate investments	2,234
Accumulated Depreciation	0
Total real estate investments, net	2,234
Development land, related debt	0
Development Land | Hampden House, Bethesda, MD
Real Estate Properties [Line Items]
Initial Basis	39,641
Cost capitalized subsequent to acquisition	102,599
Land and Land Improvements	0
Buildings and Improvements, Gross	0
Construction in progress	142,240
Real estate investments	142,240
Accumulated Depreciation	0
Total real estate investments, net	142,240
Development land, related debt	7,726
Development Land | Twinbrook, Rockville, MD
Real Estate Properties [Line Items]
Initial Basis	110,021
Cost capitalized subsequent to acquisition	245,092
Land and Land Improvements	0
Buildings and Improvements, Gross	0
Construction in progress	355,113
Real estate investments	355,113
Accumulated Depreciation	0
Total real estate investments, net	355,113
Development land, related debt	$ 74,909

Real Estate and Accumulated D_3

Real Estate and Accumulated Depreciation - Estimated Useful Lives of Assets (Detail)	Dec. 31, 2023
Base building | Minimum
Property Plant and Equipment Estimated Useful Lives [Line Items]
Estimated useful life	35 years
Base building | Maximum
Property Plant and Equipment Estimated Useful Lives [Line Items]
Estimated useful life	50 years
Building components | Maximum
Property Plant and Equipment Estimated Useful Lives [Line Items]
Estimated useful life	20 years

Real Estate and Accumulated D_4

Real Estate and Accumulated Depreciation - Additional Information (Detail) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]
Real estate investments for federal income tax	$ 1,590	$ 1,610

Real Estate and Accumulated D_5

Real Estate and Accumulated Depreciation - Changes in Total Real Estate Investments and Related Accumulated Depreciation (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Total real estate investments:
Balance, beginning of year	$ 2,408,136	$ 2,284,126	$ 2,124,796
Acquisitions	0	0	108,279
Improvements	216,154	130,300	54,177
Retirements	(3,185)	(6,290)	(3,126)
Balance, end of year	2,621,105	2,408,136	2,284,126
Total accumulated depreciation:
Balance, beginning of year	688,475	650,113	607,706
Depreciation expense	44,163	44,636	45,487
Retirements	(3,168)	(6,274)	(3,080)
Balance, end of year	$ 729,470	$ 688,475	$ 650,113