Saul Centers (BFS) 10-Q 2 May 24 2024 Q1 Quarterly report Financial data

Cover Page

Cover Page - shares	3 Months Ended
	Mar. 31, 2024	Apr. 29, 2024
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2024
Document Transition Report	false
Entity File Number	1-12254
Entity Registrant Name	SAUL CENTERS, INC.
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	52-1833074
Entity Address, Address Line One	7501 Wisconsin Avenue
Entity Address, City or Town	Bethesda
Entity Address, State or Province	MD
Entity Address, Postal Zip Code	20814
City Area Code	301
Local Phone Number	986-6200
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		23,981,695
Entity Central Index Key	0000907254
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1
Amendment Flag	false
Common Stock
Entity Information [Line Items]
Title of each class:	Common Stock, Par Value $0.01 Per Share
Trading symbol:	BFS
Name of exchange on which registered:	NYSE
Depositary Shares each representing 1/100th of a share of 6.125% Series D Cumulative Redeemable Preferred Stock, Par Value $0.01 Per Share
Entity Information [Line Items]
Title of each class:	Depositary Shares each representing 1/100th of a share of 6.125% Series D Cumulative Redeemable Preferred Stock, Par Value $0.01 Per Share
Trading symbol:	BFS/PRD
Name of exchange on which registered:	NYSE
Depositary Shares each representing 1/100th of a share of 6.000% Series E Cumulative Redeemable Preferred Stock, Par Value $0.01 Per Share
Entity Information [Line Items]
Title of each class:	Depositary Shares each representing 1/100th of a share of 6.000% Series E Cumulative Redeemable Preferred Stock, Par Value $0.01 Per Share
Trading symbol:	BFS/PRE
Name of exchange on which registered:	NYSE

Consolidated Balance Sheets (Un

Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Real estate investments
Land	$ 511,529	$ 511,529
Buildings and equipment	1,599,887	1,595,023
Construction in progress	557,711	514,553
Real estate investments	2,669,127	2,621,105
Accumulated depreciation	(739,406)	(729,470)
Total real estate investments, net	1,929,721	1,891,635
Cash and cash equivalents	7,079	8,407
Accounts receivable and accrued income, net	53,814	56,032
Deferred leasing costs, net	23,931	23,728
Other assets	15,761	14,335
Total assets	2,030,306	1,994,137
Liabilities
Mortgage notes payable, net	927,256	935,451
Revolving credit facility payable, net	272,909	274,715
Term loan facility payable, net	99,568	99,530
Construction loans payable, net	108,917	77,305
Accounts payable, accrued expenses and other liabilities	62,988	57,022
Deferred income	21,610	22,748
Dividends and distributions payable	23,127	22,937
Total liabilities	1,516,375	1,489,708
Equity
Common stock, $0.01 par value, 40,000,000 shares authorized, 24,099,077 and 24,082,887 shares issued and outstanding, respectively	241	241
Additional paid-in capital	450,781	449,959
Distributions in excess of accumulated earnings	(292,213)	(288,825)
Accumulated other comprehensive income	3,278	2,014
Total Saul Centers, Inc. equity	347,087	348,389
Noncontrolling interests	166,844	156,040
Total equity	513,931	504,429
Total liabilities and equity	2,030,306	1,994,137
Series D Cumulative Redeemable, 30,000 shares issued and outstanding
Equity
Preferred stock, 1,000,000 shares authorized:	75,000	75,000
Series E Cumulative Redeemable, 44,000 shares issued and outstanding
Equity
Preferred stock, 1,000,000 shares authorized:	$ 110,000	$ 110,000

Consolidated Balance Sheets (_2

Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares	Mar. 31, 2024	Dec. 31, 2023
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	24,099,077	24,082,887
Common stock, shares outstanding	24,099,077	24,082,887
Series D Cumulative Redeemable, 30,000 shares issued and outstanding
Cumulative redeemable preferred stock, shares issued	30,000	30,000
Cumulative redeemable preferred stock, shares outstanding	30,000	30,000
Series E Cumulative Redeemable, 44,000 shares issued and outstanding
Cumulative redeemable preferred stock, shares issued	44,000	44,000
Cumulative redeemable preferred stock, shares outstanding	44,000	44,000

Consolidated Statements of Oper

Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Revenue
Rental revenue	$ 65,299	$ 61,829
Other	1,393	1,220
Total revenue	66,692	63,049
Expenses
Property operating expenses	10,545	8,785
Real estate taxes	7,623	7,495
Interest expense, net and amortization of deferred debt costs	12,448	11,821
Depreciation and amortization of deferred leasing costs	12,029	12,017
General and administrative	5,784	5,268
Total expenses	48,429	45,386
Net income	18,263	17,663
Noncontrolling interests
Income attributable to noncontrolling interests	(4,633)	(4,161)
Net income attributable to Saul Centers, Inc.	13,630	13,502
Preferred stock dividends	(2,798)	(2,798)
Net income available to common stockholders	$ 10,832	$ 10,704
Per share net income available to common stockholders
Basic (in USD per share)	$ 0.45	$ 0.45
Diluted (in USD per share)	$ 0.45	$ 0.45

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Statement of Comprehensive Income [Abstract]
Net income	$ 18,263	$ 17,663
Other comprehensive income
Change in unrealized gain on cash flow hedge	1,804	(2,014)
Total comprehensive income	20,067	15,649
Comprehensive income attributable to noncontrolling interests	(5,173)	(3,597)
Total comprehensive income attributable to Saul Centers, Inc.	14,894	12,052
Preferred stock dividends	(2,798)	(2,798)
Total comprehensive income available to common stockholders	$ 12,096	$ 9,254

Consolidated Statement of Equit

Consolidated Statement of Equity (Unaudited) - USD ($) $ in Thousands	Total	Limited Partner	Series D Cumulative Redeemable, 30,000 shares issued and outstanding	Series E Cumulative Redeemable, 44,000 shares issued and outstanding	Total Saul Centers, Inc.	Total Saul Centers, Inc. Series D Cumulative Redeemable, 30,000 shares issued and outstanding	Total Saul Centers, Inc. Series E Cumulative Redeemable, 44,000 shares issued and outstanding	Preferred Stock	Common Stock	Additional Paid-in Capital	Partnership Units in Escrow	Distributions in Excess of Accumulated Earnings	Distributions in Excess of Accumulated Earnings Series D Cumulative Redeemable, 30,000 shares issued and outstanding	Distributions in Excess of Accumulated Earnings Series E Cumulative Redeemable, 44,000 shares issued and outstanding	Accumulated Other Comprehensive Income	Noncontrolling Interests	Noncontrolling Interests Limited Partner
Beginning Balance at Dec. 31, 2022	$ 521,802				$ 400,484			$ 185,000	$ 240	$ 446,301	$ 39,650	$ (273,559)			$ 2,852	$ 121,318
Issuance of shares of common stock:
Issuance of shares pursuant to dividend reinvestment plan	543				543					543
Shares due to share grants, exercise of stock options and issuance of directors’ deferred stock	290				290					290
Net income	17,663				13,502							13,502				4,161
Change in unrealized gain on cash flow hedge	(2,014)				(1,450)										(1,450)	(564)
Distributions payable preferred stock:
Preferred stock distributions			$ (1,148)	$ (1,650)		$ (1,148)	$ (1,650)						$ (1,148)	$ (1,650)
Distributions payable, common stock and partnership units	(19,651)				(14,165)							(14,165)				(5,486)
Ending Balance at Mar. 31, 2023	515,835				396,406			185,000	240	447,134	39,650	(277,020)			1,402	119,429
Beginning Balance at Dec. 31, 2023	504,429				348,389			185,000	241	449,959	0	(288,825)			2,014	156,040
Issuance of shares of common stock:
Issuance of shares pursuant to dividend reinvestment plan	603	$ 11,741			603					603							$ 11,741
Shares due to share grants, exercise of stock options and issuance of directors’ deferred stock	219				219					219
Net income	18,263				13,630							13,630				4,633
Change in unrealized gain on cash flow hedge	1,804				1,264										1,264	540
Distributions payable preferred stock:
Preferred stock distributions			$ (1,148)	$ (1,650)		$ (1,148)	$ (1,650)						$ (1,148)	$ (1,650)
Distributions payable, common stock and partnership units	(20,330)				(14,220)							(14,220)				(6,110)
Ending Balance at Mar. 31, 2024	$ 513,931				$ 347,087			$ 185,000	$ 241	$ 450,781	$ 0	$ (292,213)			$ 3,278	$ 166,844

Consolidated Statement of Equ_2

Consolidated Statement of Equity (Unaudited) (Parenthetical) - $ / shares	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Shares pursuant to dividend reinvestment plan	16,007	13,227
Shares due to exercise of employee stock options and issuance of directors' deferred stock	183	699
Limited Partner
Issuance of partnership units pursuant to dividend reinvestment plan (in shares)	306,512
Dividend Distributions Payable
Distributions payable common stock, per share (in usd per share)	$ 0.59	$ 0.59
Distributions partnership units, per unit (in usd per share)	0.59	0.59
Series D Cumulative Redeemable, 30,000 shares issued and outstanding | Dividend Distributions Payable
Distributions payable on preferred stock, per share (in usd per share)	38.28	38.28
Series E Cumulative Redeemable, 44,000 shares issued and outstanding | Dividend Distributions Payable
Distributions payable on preferred stock, per share (in usd per share)	$ 37.50	$ 37.50

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Cash flows from operating activities:
Net income	$ 18,263	$ 17,663
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization of deferred leasing costs	12,029	12,017
Amortization of deferred debt costs	564	559
Non-cash compensation costs of stock and option grants	219	290
Credit losses (recoveries) on operating lease receivables, net	342	(96)
Decrease in accounts receivable and accrued income	1,876	3,805
Additions to deferred leasing costs	(1,262)	(1,519)
Decrease in other assets	377	1,083
Increase in accounts payable, accrued expenses and other liabilities	2,558	2,495
Decrease in deferred income	(1,138)	(199)
Net cash provided by operating activities	33,828	36,098
Cash flows from investing activities:
Additions to real estate investments	(5,832)	(5,019)
Additions to development and redevelopment projects	(39,737)	(38,137)
Net cash used in investing activities	(45,569)	(43,156)
Cash flows from financing activities:
Proceeds from mortgage notes payable	0	15,300
Repayments on mortgage notes payable	(8,527)	(17,419)
Proceeds from revolving credit facility	27,000	41,000
Repayments on revolving credit facility	(29,000)	(11,000)
Proceeds from construction loans payable	31,533	0
Additions to deferred debt costs	0	(378)
Proceeds from the issuance of:
Common stock	603	543
Partnership units	11,741	0
Distributions to:
Common stockholders	(14,208)	(14,171)
Noncontrolling interests	(5,930)	(5,486)
Net cash provided by financing activities	10,413	5,591
Net decrease in cash and cash equivalents	(1,328)	(1,467)
Cash and cash equivalents, beginning of period	8,407	13,279
Cash and cash equivalents, end of period	7,079	11,812
Supplemental disclosure of cash flow information:
Cash paid for interest	11,960	11,002
Accrued capital expenditures included in accounts payable, accrued expenses, and other liabilities	34,573	29,323
Series D Cumulative Redeemable, 30,000 shares issued and outstanding
Distributions to:
Preferred stockholders	(1,149)	(1,148)
Series E Cumulative Redeemable, 44,000 shares issued and outstanding
Distributions to:
Preferred stockholders	$ (1,650)	$ (1,650)

Organization, Basis of Presenta

Organization, Basis of Presentation	3 Months Ended
	Mar. 31, 2024
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 (the “Board”) and Chief Executive Officer of Saul Centers. The Company, which conducts all of its activities through its subsidiaries, Saul Holdings Limited Partnership, a Maryland limited partnership (the “Operating Partnership”) and two subsidiary limited partnerships (the “Subsidiary Partnerships,” and, collectively with the Operating Partnership, the “Partnerships”), engages in the ownership, operation, management, leasing, acquisition, renovation, expansion, development and financing of community and neighborhood shopping centers and mixed-use properties, primarily in the Washington, DC/Baltimore metropolitan area. As of March 31, 2024, the Company’s properties (the “Current Portfolio Properties”) consisted of 50 shopping center properties (the “Shopping Centers”), seven mixed-use properties, which are comprised of office, retail and multi-family residential uses (the “Mixed-Use Properties”) and four (non-operating) land and development properties. Because the properties are located primarily in the Washington, DC/Baltimore metropolitan area, the Company is subject to a concentration of credit risk related to these properties. The Shopping Centers, a majority of which are anchored by one or more major tenants and 34 of which are anchored by a grocery store, offer primarily day-to-day necessities and services. Giant Food, a tenant at 11 Shopping Centers, individually accounted for 4.9% of the Company's total revenue for the three months ended March 31, 2024. No other tenant individually accounted for 2.5% or more of the Company’s total revenue, excluding lease termination fees, for the three months ended March 31, 2024. The accompanying consolidated financial statements of the Company include the accounts of Saul Centers and its subsidiaries, including the Partnerships, which are majority owned by Saul Centers. Substantially all assets and liabilities of the Company as of March 31, 2024 and December 31, 2023, are comprised of the assets and liabilities of the Operating Partnership. Debt arrangements subject to recourse are described in Note 5. All significant intercompany balances and transactions have been eliminated in consolidation. The Operating Partnership is a variable interest entity (“VIE”) because the limited partners do not have substantive kick-out or participating rights. The Company is the primary beneficiary of the Operating Partnership because it has the power to direct its activities and the rights to absorb 69.8% of its net income. Because the Operating Partnership is consolidated into the financial statements of the Company, classification of it as a VIE has no impact on the consolidated financial statements of the Company. The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. In the opinion of management, all adjustments necessary for the fair presentation of the financial position and results of operations of the Company for the interim periods have been included. All such adjustments are of a normal recurring nature. These consolidated financial statements and the accompanying notes should be read in conjunction with the audited consolidated financial statements of the Company for the year ended December 31, 2023, which are included in its Annual Report on Form 10-K. Certain information and note disclosures normally included in annual financial statements prepared in accordance with GAAP have been omitted pursuant to those instructions. The results of operations for interim periods are not necessarily indicative of results to be expected for the year.

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2024
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Our significant accounting policies disclosed in our Annual Report on Form 10-K for the year ended December 31, 2023 have not changed significantly in number or composition. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. The most significant estimates and assumptions relate to collectability of operating lease receivables and impairment of real estate properties. Actual results could differ from those estimates. Accounts Receivable, Accrued Income and Allowance for Doubtful Accounts Accounts receivable are primarily comprised of rental and reimbursement billings due from tenants, and straight-line rent receivables representing the cumulative amount of adjustments necessary to present rental income on a straight-line basis. Individual leases are assessed for collectability and, upon the determination that the collection of rents is not probable, accrued rent and accounts receivable are charged off, and the charge off is reflected as an adjustment to rental revenue. Revenue from leases where collection is not probable is recorded on a cash basis until collectability is determined to be probable. Further, we assess whether operating lease receivables, at the portfolio level, are appropriately valued based upon an analysis of balances outstanding, historical bad debt levels and current economic trends. Evaluating and estimating uncollectable lease payments and related receivables requires significant judgement by management and is based on the best information available to management at the time of evaluation. Recently Issued Accounting Pronouncements In November 2023, the Financial Accounting Standards Board issued Accounting Standards Update (“ASU”) 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segments Disclosures” (“ASU 2023-07”). ASU 2023-07 enhances disclosures of significant segment expenses and other segment items regularly provided to the chief operating decision maker, extends certain annual disclosures to interim periods and permits more than one measure of segment profit (loss) to be reported under certain conditions. The amendments are effective for fiscal years beginning after December 15, 2024, and interim periods within fiscal years beginning after December 15, 2025. Retrospective adoption to all periods presented is required. The Company does not expect the adoption ASU 2023-07 will impact our consolidated financial statements and we are evaluating the impact it will have on our related disclosures. Reclassifications Certain reclassifications have been made to the prior year financial statements to conform to the presentation used as of and for the three months ended March 31, 2024.

Real Estate

Real Estate	3 Months Ended
	Mar. 31, 2024
Real Estate [Abstract]
Real Estate	Real Estate Construction In Progress Construction in progress includes land, preconstruction and development costs of active projects. Preconstruction costs include legal, zoning and permitting costs and other project carrying costs incurred prior to the commencement of construction. Development costs include direct construction costs and indirect costs incurred subsequent to the start of construction such as architectural, engineering, construction management and carrying costs consisting of interest, real estate taxes and insurance. Construction in progress as of March 31, 2024 and December 31, 2023, is composed of the following: (In thousands) March 31, 2024 December 31, 2023 Twinbrook Quarter (1) $ 378,793 $ 355,113 Hampden House (2) 163,903 142,240 Other 15,015 17,200 Total $ 557,711 $ 514,553 (1) Includes capitalized interest of $29.1 million and $25.5 million, as of March 31, 2024 and December 31, 2023, respectively. (2) Includes capitalized interest of $15.7 million and $14.1 million, as of March 31, 2024 and December 31, 2023, respectively. Leases We lease Shopping Centers and Mixed-Use Properties to lessees in exchange for monthly rental payments and, where applicable, reimbursement for property taxes, insurance, and certain property operating expenses. Our leases have been determined to be operating leases and generally range in term from one Some of our leases have termination options and/or extension options. Termination options allow the lessee and/or lessor to terminate the lease prior to the end of the lease term, provided certain conditions are met. Termination options generally require advance notification from the lessee and/or lessor and payment of a termination fee. Termination fees are recognized as revenue over the modified lease term. Extension options are subject to terms and conditions stated in the lease. An operating lease right of use asset and corresponding lease liability related to our headquarters sublease are reflected in other assets and other liabilities, respectively. The sublease expires on February 28, 2027. The right of use asset and corresponding lease liability totaled $2.3 million and $2.4 million, respectively, at March 31, 2024. Deferred Leasing Costs Deferred leasing costs primarily consist of initial direct costs incurred in connection with successful property leasing and amounts attributed to in-place leases associated with acquired properties. Such amounts are capitalized and amortized, using the straight-line method, over the term of the lease or the remaining term of an acquired lease. Initial direct costs primarily consist of leasing commissions, which are incremental costs paid to third-party brokers and lease commissions paid to certain employees when obtaining a lease that 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 $23.9 million and $23.7 million, net of accumulated amortization of $54.2 million and $53.7 million, as of March 31, 2024 and December 31, 2023, respectively. Amortization expense, included in depreciation and amortization of deferred leasing costs in the Consolidated Statements of Operations, totaled $1.0 million and $1.0 million for the three months ended March 31, 2024 and 2023, respectively. Real Estate Investment Properties Depreciation is calculated using the straight-line method and estimated useful lives of generally between 35 and 50 years for base buildings, or a shorter period if management determines that the building has a shorter useful life, and up to 20 years for certain other improvements that extend the useful lives. Leasehold improvement expenditures are capitalized when certain criteria are met, including when the Company supervises construction and will own the improvements. Tenant improvements are amortized, over the shorter of the lives of the related leases or the useful life of the improvements, using the straight-line method. Depreciation expense in the Consolidated Statements of Operations totaled $11.0 million and $11.0 million for the three months ended March 31, 2024 and 2023, respectively. Repairs and maintenance expense totaled $5.0 million and $3.3 million for the three months ended March 31, 2024 and 2023, respectively, and is included in property operating expenses in the Consolidated Statements of Operations. The Company did not recognize an impairment loss on any of its real estate during the three months ended March 31, 2024 or 2023.

Noncontrolling Interests - Hold

Noncontrolling Interests - Holders of Convertible Limited Partnership Units in the Operating Partnership	3 Months Ended
	Mar. 31, 2024
Noncontrolling Interest [Abstract]
Noncontrolling Interests - Holders of Convertible Limited Partnership Units in the Operating Partnership	Noncontrolling Interests - Holders of Convertible Limited Partnership Units in the Operating Partnership As of March 31, 2024, the B. F. Saul Company and certain other affiliated entities, each of which is controlled by B. Francis Saul II and his family members, (collectively, the “Saul Organization”) held an aggregate 28.8% limited partnership interest in the Operating Partnership represented by approximately 9.9 million convertible limited partnership units. These units are convertible into shares of Saul Centers’ common stock, at the option of the unit holder, on a one-for-one basis provided that, in accordance with the Company’s Articles of Incorporation, the rights may not be exercised at any time that the Saul Organization beneficially owns or will own after the exercise, directly or indirectly, in the aggregate more than 39.9% of the value of the outstanding common stock and preferred stock of Saul Centers, excluding shares credited to directors' deferred fee accounts (See Note 8). As of March 31, 2024, approximately 659,000 units could be converted into shares of Saul Centers common stock. As of March 31, 2024, a third party investor holds a 1.4% limited partnership interest in the Operating Partnership represented by 469,740 convertible limited partnership units. At the option of the unit holder, these units are convertible into shares of Saul Centers’ common stock on a one-for-one basis; provided that, in lieu of the delivery of Saul Centers’ common stock, Saul Centers may, in its sole discretion, deliver cash in an amount equal to the value of such Saul Centers’ common stock. The impact of the aggregate 30.2% limited partnership interest in the Operating Partnership held by parties other than Saul Centers is reflected as Noncontrolling Interests in the accompanying consolidated financial statements. Weighted average fully diluted partnership units and common stock outstanding for the three months ended March 31, 2024 and 2023, was approximately 34.4 million and 34.0 million, respectively.

Notes Payable, Bank Credit Faci

Notes Payable, Bank Credit Facility, Interest and Amortization of Deferred Debt Costs	3 Months Ended
	Mar. 31, 2024
Debt Disclosure [Abstract]
Notes Payable, Bank Credit Facility, Interest and Amortization of Deferred Debt Costs	Notes Payable, Bank Credit Facility, Interest and Amortization of Deferred Debt Costs At March 31, 2024, the Company had a $525.0 million senior unsecured credit facility (the “Credit Facility”) comprised of a $425.0 million revolving credit facility and a $100.0 million term loan. The revolving credit facility matures on August 29, 2025, and may be extended by the Company for one On August 23, 2022, the Company entered into two floating-to-fixed interest rate swap agreements to manage the interest rate risk associated with $100.0 million of its variable-rate debt. The effective date of each swap agreement is October 3, 2022 and each has a $50.0 million notional amount. One agreement terminates on October 1, 2027 and effectively fixes SOFR at 2.96%. The other agreement terminates on October 1, 2030 and effectively fixes SOFR at 2.91%. Because the interest-rate swaps effectively fix SOFR for $100.0 million of variable-rate debt, unless otherwise indicated, $100.0 million of variable-rate debt is being treated as fixed-rate debt for disclosure purposes beginning September 30, 2022. The Company has designated the agreements as cash flow hedges for accounting purposes. As of March 31, 2024, the fair value of the interest-rate swaps totaled approximately $4.5 million, which is included in Other assets in the Consolidated Balance Sheets. The change in value during the period is reflected in Other Comprehensive Income in the Consolidated Statements of Comprehensive Income. During the second quarter of 2023, the Company commenced drawing on its $145.0 million construction-to-permanent loan related to the residential and retail portions of Phase I of the Twinbrook Quarter development project. As of March 31, 2024, the balance of the loan was $90.3 million, net of unamortized deferred debt costs. During the fourth quarter of 2023, the Company commenced drawing on its $133.0 million loan related to the Hampden House development project. As of March 31, 2024, the balance of the loan was $18.6 million, net of unamortized deferred debt costs. Saul Centers and certain consolidated subsidiaries of the Operating Partnership have guaranteed the payment obligations of the Operating Partnership under the Credit Facility. The Operating Partnership is the guarantor of (a) the mortgage secured by Kentlands Place, Kentlands Square I and Kentlands pad (totaling $27.1 million at March 31, 2024), (b) a portion of The Waycroft mortgage (approximately $23.6 million of the $148.1 million outstanding balance at March 31, 2024, (c) the Ashbrook Marketplace mortgage (totaling $20.1 million at March 31, 2024), and (d) a portion of the Avenel Business Park mortgage (approximately $6.3 million of the $21.3 million outstanding balance at March 31, 2024). 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 March 31, 2024, the loan balance and the amount guaranteed were $92.8 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 March 31, 2024, the loan balance and the amount guaranteed was $21.4 million. The Company also provides the lender with a 100% construction completion guaranty. All other notes payable are non-recourse. The principal amount of the Company’s outstanding debt totaled approximately $1.43 billion at March 31, 2024, of which approximately $1.15 billion was fixed-rate debt and approximately $274.0 million was unhedged variable rate debt outstanding under the Credit Facility. The carrying amount of the properties collateralizing the notes payable totaled approximately $1.56 billion as of March 31, 2024. At December 31, 2023, the principal amount of the Company’s outstanding debt totaled approximately $1.41 billion, of which $1.13 billion was fixed rate debt and $276.0 million was unhedged variable rate debt outstanding under the Credit Facility. The carrying amount of the properties collateralizing the notes payable totaled approximately $1.52 billion as of December 31, 2023. At March 31, 2024, the future principal payments of debt, including scheduled maturities and amortization, for years ending December 31, were as follows: (In thousands) Principal Payments April 1 through December 31, 2024 $ 75,457 2025 326,086 (a) 2026 163,051 2027 126,589 (b) 2028 44,770 2029 52,627 Thereafter 638,711 Principal amount 1,427,291 Unamortized deferred debt costs 18,641 Net $ 1,408,650 (a) Includes $274.0 million outstanding under the Credit Facility. (b) Includes $100.0 million outstanding under the Credit Facility. Deferred debt costs consist of fees and costs incurred to obtain long-term financing, construction financing and the Credit Facility. These fees and costs are being amortized on a straight-line basis over the terms of the respective loans or agreements, which approximates the effective interest method. Deferred debt costs totaling $18.6 million and $19.3 million, net of accumulated amortization of $11.3 million and $10.6 million, at March 31, 2024 and December 31, 2023, respectively, are reflected as a reduction of the related debt in the Consolidated Balance Sheets. Interest expense, net and amortization of deferred debt costs for the three months ended March 31, 2024 and 2023, were as follows: Three Months Ended March 31, (In thousands) 2024 2023 Interest incurred $ 18,084 $ 15,513 Amortization of deferred debt costs 564 559 Capitalized interest (6,168) (4,142) Interest expense 12,480 11,930 Less: Interest income 32 109 Interest expense, net and amortization of deferred debt costs $ 12,448 $ 11,821

Equity

Equity	3 Months Ended
	Mar. 31, 2024
Equity [Abstract]
Equity	Equity The consolidated statements of operations for the three months ended March 31, 2024 and 2023, reflect noncontrolling interests of $4.6 million and $4.2 million, respectively, representing income attributable to limited partnership units not held by Saul Centers. At March 31, 2024, 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 up 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 March 31, 2024, 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 up to, but not including, the redemption date. The depositary shares pay an annual dividend of $1.50 per share, equivalent to 6.000% of the $25.00 liquidation preference. The Series E Stock has no stated maturity, is not subject to any sinking fund or mandatory redemption and is not convertible into any other securities of the Company except in connection with certain changes in control or delisting events. Investors in the depositary shares generally have no voting rights, but will have limited voting rights if the Company fails to pay dividends for six or more quarters (whether or not declared or consecutive) and in certain other events. Per Share Data Per share data for net income (basic and diluted) is computed using weighted average shares of common stock. Convertible limited partnership units and employee stock options are the Company’s potentially dilutive securities. For all periods presented, the convertible limited partnership units are non-dilutive. The following table sets forth, for the indicated periods, weighted averages of the number of common shares outstanding, basic and diluted, the effect of dilutive options and the number of options which are not dilutive because the average price of the Company’s common stock was less than the exercise prices. The treasury stock method was used to measure the effect of the dilution. Average Shares/Options Outstanding Three Months Ended March 31, (In thousands) 2024 2023 Weighted average common stock outstanding-Basic 24,094 24,026 Effect of dilutive options 3 — Weighted average common stock outstanding-Diluted 24,097 24,026 Non-dilutive options 1,365 1,768 Years non-dilutive options were issued 2014 through 2022 2013 through 2022

Related Party Transactions

Related Party Transactions	3 Months Ended
	Mar. 31, 2024
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, 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 $118,000 and $111,800 for the three months ended March 31, 2024 and 2023, respectively. All amounts contributed by employees and the Company are fully vested. The Company also participates in a multiemployer nonqualified deferred compensation plan with entities in the Saul Organization which covers those full-time employees who meet the requirements as specified in the plan. According to the plan, which can be modified or discontinued at any time, participating employees defer 2% of their compensation in excess of a specified amount. For the three months ended March 31, 2024 and 2023, the Company credited to employee accounts $49,300 and $63,000, respectively, which is the sum of accrued earnings and up to three times the amount deferred by employees and is included in general and administrative expense. All amounts contributed by employees and credited by the Company are fully vested. The cumulative unfunded liability under this plan was $3.2 million and $3.3 million, at March 31, 2024 and December 31, 2023, respectively, and is included in accounts payable, accrued expenses and other liabilities in the Consolidated Balance Sheets. The Company and the Saul Organization are parties to a shared services agreement (the “Agreement”) that provides for the sharing of certain personnel and ancillary functions such as computer hardware, software, and support services and certain direct and indirect administrative personnel. The method for determining the cost of the shared services is provided for in the Agreement and is based upon head count, estimates of usage or estimates of time incurred, as applicable. The terms of the Agreement and the payments made thereunder are deemed reasonable by management and are reviewed annually by the Audit Committee of the Board, 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 three months ended March 31, 2024 and 2023, which included rental expense for the Company’s headquarters sublease, totaled approximately $3.0 million and $2.7 million, respectively. The amounts are generally expensed as incurred and are primarily reported as general and administrative expenses in the Consolidated Statements of Operations. As of March 31, 2024 and December 31, 2023, accounts payable, accrued expenses and other liabilities included approximately $0.9 million and $1.1 million, respectively, representing amounts due to the Saul Organization for the Company’s share of these ancillary costs and expenses. The Company subleases its corporate headquarters space from a member of the Saul Organization. The sublease commenced in March 2002, expires in 2027, and provides for base rent increases of 3% per year, with payment of a pro-rata share of operating expenses over a base year amount. The Agreement requires each party to pay an allocation of total rental payments based on a percentage proportionate to the number of employees employed by each party. The Company’s rent expense for its headquarters location was $216,200 and $219,400 for the three months ended March 31, 2024 and 2023, respectively, and is included in general and administrative expense. The B. F. Saul Insurance Agency, Inc., a subsidiary of the B. F. Saul Company and a member of the Saul Organization, is a general insurance agency that receives commissions and fees in connection with the Company’s insurance program. Such commissions and fees amounted to $82,000 and $222,100 for the three months ended March 31, 2024 and 2023, respectively.

Stock-based Employee Compensati

Stock-based Employee Compensation, Stock Option Plans, and Deferred Compensation Plan for Directors	3 Months Ended
	Mar. 31, 2024
Share-Based Payment Arrangement [Abstract]
Stock-based Employee Compensation, Stock Option Plans, and Deferred Compensation Plan for Directors	Stock-based Employee Compensation, Stock Option Plans, and Deferred Compensation Plan for Directors In 2004, the Company established a stock incentive plan (the “Plan”), as amended. Under the Plan, options are granted at an exercise price not less than the market value of the common stock on the date of grant and expire ten years from the date of grant. Officer options vest ratably over four years following the grant and are charged to expense using the straight-line method over the vesting period. Director options vest immediately and are charged to expense as of the date of grant. The Company uses the fair value method to value and account for employee stock options. The fair value of options granted is determined at the time of the grant using the Black-Scholes model, a widely used method for valuing stock-based employee compensation, and the following assumptions: (1) Expected Volatility determined using the most recent trading history of the Company’s common stock (month-end closing prices) corresponding to the average expected term of the options; (2) Average Expected Term of the options based on prior exercise history, scheduled vesting and the expiration date; (3) Expected Dividend Yield determined by management after considering the Company’s current and historic dividend yield, the Company’s yield in relation to other retail REITs and the Company’s market yield at the grant date; and (4) a Risk-free Interest Rate based upon the market yields of US Treasury obligations with maturities corresponding to the average expected term of the options at the grant date. The Company amortizes the value of options granted ratably over the vesting period and includes the amounts as compensation expense in general and administrative expenses. Pursuant to the Plan, the Compensation Committee established a Deferred Compensation Plan for Directors for the benefit of the Company’s directors and their beneficiaries. Annually, directors are given the ability to make an election to defer all or part of their fees and have the option to have their fees paid in cash, in shares of common stock or in a combination of cash and shares of common stock upon separation from the Board. If a director elects to have their fees paid in stock, fees earned during a calendar quarter are aggregated and divided by the closing market price of the Company’s common stock on the first trading day of the following quarter to determine the number of shares to be credited to the director. During the three months ended March 31, 2024, 1,991 shares were credited to director’s deferred fee accounts and 7,970 shares were issued. As of March 31, 2024, the director's deferred fee accounts comprise 117,382 shares. During the three months ended March 31, 2024, stock option expense totaling $0.2 million was included in general and administrative expense in the Consolidated Statement of Operations. As of March 31, 2024, the estimated future expense related to unvested stock options was $1.7 million. The table below summarizes the option activity for the three months ended March 31, 2024: Number of Weighted Aggregate Outstanding at January 1 1,820,000 $ 49.41 $ 1,197,380 Granted — — — Exercised — — — Expired/Forfeited (240,625) 52.41 — Outstanding at March 31 1,579,375 48.95 1,008,150 Exercisable at March 31 997,375 52.15 141,000

Fair Value of Financial Instrum

Fair Value of Financial Instruments	3 Months Ended
	Mar. 31, 2024
Fair Value Disclosures [Abstract]
Fair Value of Financial Instruments	Fair Value of Financial InstrumentsThe carrying amount of cash and cash equivalents, accounts receivable, accounts payable and accrued expenses are reasonable estimates of their fair value. The aggregate fair value of the notes payable with fixed-rate payment terms was determined using Level 2 data in a discounted cash flow approach, which is based upon management’s estimate of borrowing rates and loan terms currently available to the Company for fixed-rate financing, would be approximately $947.8 million and $957.9 million, respectively, compared to the principal balance of $1.15 billion and $1.13 billion at March 31, 2024 and December 31, 2023, 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	3 Months Ended
	Mar. 31, 2024
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 mitigate the volatility of interest expense and to manage its exposure to interest rate movements. To accomplish these objectives, the Company primarily uses floating-to-fixed interest rate swaps as part of its interest rate risk management strategy. Interest rate swaps designated as cash flow hedges involve the receipt of variable-rate amounts from a counterparty in exchange for the Company making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount. The change in the fair value of derivatives designated and qualifying as cash flow hedges is recorded in accumulated other comprehensive income and is subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings. Such derivatives were used to hedge the variable cash flows associated with certain variable-rate debt. Amounts reported in accumulated other comprehensive income related to derivatives will be reclassified to interest expense as interest payments are made on the Company’s variable-rate debt. During the next twelve months, the Company estimates that approximately $2.0 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, measures of volatility, and correlations of such inputs. As of March 31, 2024, the fair value of the interest-rate swaps was approximately $4.5 million and is included in Other assets in the Consolidated Balance Sheets. The change in value during the period is reflected in Other Comprehensive Income in the Consolidated Statements of Comprehensive Income. The table below details the fair value and location of the interest rate swaps as of March 31, 2024 and December 31, 2023. (In thousands) Fair Values of Derivative Instruments March 31, 2024 December 31, 2023 Derivative Instrument Balance Sheet Location Fair Value Balance Sheet Location Fair Value Interest rate swaps Other Assets $ 4,546 Other Assets $ 2,742 The table below details the location in the financial statements of the gain or loss recognized on interest rate derivatives designated as cash flow hedges for the three months ended March 31, 2024 and 2023. (In thousands) The Effect of Hedge Accounting on Other Comprehensive Income (OCI) Three Months Ended March 31, 2024 2023 Amount of gain (loss) recognized in OCI $ 2,411 $ (1,618) Location of gain (loss) reclassified from OCI into income Interest expense, net and amortization of deferred debt costs Interest expense, net and amortization of deferred debt costs Amount of (gain) loss reclassified from OCI into income $ (608) $ (396)

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2024
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.

Business Segments

Business Segments	3 Months Ended
	Mar. 31, 2024
Segment Reporting [Abstract]
Business Segments	Business Segments The Company has two reportable business segments: Shopping Centers and Mixed-Use Properties. The accounting policies of the segments are the same as those described in the summary of significant accounting policies (see Note 2). The Company evaluates performance based upon income and cash flows from real estate of the combined properties in each segment. All of our properties within each segment generate similar types of revenues and expenses related to tenant rent, reimbursements and operating expenses. Although services are provided to a variety of tenants, the types of services provided to them are similar within each segment. The properties in each portfolio have similar economic characteristics and the nature of the products and services provided to our tenants and the method to distribute such services are consistent throughout the portfolio. Certain reclassifications have been made to prior year information to conform to the 2024 presentation. Financial Information By Segment (In thousands) Shopping Mixed-Use Corporate Consolidated Three Months Ended March 31, 2024 Real estate rental operations: Revenue $ 46,932 $ 19,760 $ — $ 66,692 Expenses (10,963) (7,205) — (18,168) Income from real estate 35,969 12,555 — 48,524 Interest expense, net and amortization of deferred debt costs — — (12,448) (12,448) Depreciation and amortization of deferred leasing costs (7,074) (4,955) — (12,029) General and administrative — — (5,784) (5,784) Net income (loss) $ 28,895 $ 7,600 $ (18,232) $ 18,263 Capital investment $ 4,141 $ 41,428 $ — $ 45,569 Total assets $ 910,897 $ 1,101,586 $ 17,823 $ 2,030,306 Three Months Ended March 31, 2023 Real estate rental operations: Revenue $ 44,225 $ 18,824 $ — $ 63,049 Expenses (9,260) (7,020) — (16,280) Income from real estate 34,965 11,804 — 46,769 Interest expense, net and amortization of deferred debt costs — — (11,821) (11,821) Depreciation and amortization of deferred leasing costs (7,128) (4,889) — (12,017) General and administrative — — (5,268) (5,268) Net income (loss) $ 27,837 $ 6,915 $ (17,089) $ 17,663 Capital investment $ 1,667 $ 41,489 $ — $ 43,156 Total assets $ 716,710 $ 1,133,155 $ 18,140 $ 1,868,005

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2024
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events The Company has reviewed all events and transactions for the period subsequent to March 31, 2024, and determined there are no subsequent events required to be disclosed.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2024
Accounting Policies [Abstract]
Nature of Operations	The Company, which conducts all of its activities through its subsidiaries, Saul Holdings Limited Partnership, a Maryland limited partnership (the “Operating Partnership”) and two subsidiary limited partnerships (the “Subsidiary Partnerships,” and, collectively with the Operating Partnership, the “Partnerships”), engages in the ownership, operation, management, leasing, acquisition, renovation, expansion, development and financing of community and neighborhood shopping centers and mixed-use properties, primarily in the Washington, DC/Baltimore metropolitan area. As of March 31, 2024, the Company’s properties (the “Current Portfolio Properties”) consisted of 50 shopping center properties (the “Shopping Centers”), seven mixed-use properties, which are comprised of office, retail and multi-family residential uses (the “Mixed-Use Properties”) and four (non-operating) land and development properties.
Principles of Consolidation	The accompanying consolidated financial statements of the Company include the accounts of Saul Centers and its subsidiaries, including the Partnerships, which are majority owned by Saul Centers. Substantially all assets and liabilities of the Company as of March 31, 2024 and December 31, 2023, are comprised of the assets and liabilities of the Operating Partnership. Debt arrangements subject to recourse are described in Note 5. All significant intercompany balances and transactions have been eliminated in consolidation.
Consolidation, Variable Interest Entity	The Operating Partnership is a variable interest entity (“VIE”) because the limited partners do not have substantive kick-out or participating rights. The Company is the primary beneficiary of the Operating Partnership because it has the power to direct its activities and the rights to absorb 69.8% of its net income. Because the Operating Partnership is consolidated into the financial statements of the Company, classification of it as a VIE has no impact on the consolidated financial statements of the Company.
Basis of Presentation	The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. In the opinion of management, all adjustments necessary for the fair presentation of the financial position and results of operations of the Company for the interim periods have been included. All such adjustments are of a normal recurring nature. These consolidated financial statements and the accompanying notes should be read in conjunction with the audited consolidated financial statements of the Company for the year ended December 31, 2023, which are included in its Annual Report on Form 10-K. Certain information and note disclosures normally included in annual financial statements prepared in accordance with GAAP have been omitted pursuant to those instructions. The results of operations for interim periods are not necessarily indicative of results to be expected for the year.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. The most significant estimates and assumptions relate to collectability of operating lease receivables and impairment of real estate properties. Actual results could differ from those estimates.
Accounts Receivable, Accrued Income and Allowance for Doubtful Accounts	Accounts Receivable, Accrued Income and Allowance for Doubtful Accounts
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements In November 2023, the Financial Accounting Standards Board issued Accounting Standards Update (“ASU”) 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segments Disclosures” (“ASU 2023-07”). ASU 2023-07 enhances disclosures of significant segment expenses and other segment items regularly provided to the chief operating decision maker, extends certain annual disclosures to interim periods and permits more than one measure of segment profit (loss) to be reported under certain conditions. The amendments are effective for fiscal years beginning after December 15, 2024, and interim periods within fiscal years beginning after December 15, 2025. Retrospective adoption to all periods presented is required. The Company does not expect the adoption ASU 2023-07 will impact our consolidated financial statements and we are evaluating the impact it will have on our related disclosures.
Reclassifications	Reclassifications Certain reclassifications have been made to the prior year financial statements to conform to the presentation used as of and for the three months ended March 31, 2024.

Real Estate (Tables)

Real Estate (Tables)	3 Months Ended
	Mar. 31, 2024
Real Estate [Abstract]
Schedule of Construction in Progress	Construction in progress as of March 31, 2024 and December 31, 2023, is composed of the following: (In thousands) March 31, 2024 December 31, 2023 Twinbrook Quarter (1) $ 378,793 $ 355,113 Hampden House (2) 163,903 142,240 Other 15,015 17,200 Total $ 557,711 $ 514,553 (1) Includes capitalized interest of $29.1 million and $25.5 million, as of March 31, 2024 and December 31, 2023, respectively. (2) Includes capitalized interest of $15.7 million and $14.1 million, as of March 31, 2024 and December 31, 2023, respectively.

Notes Payable, Bank Credit Fa_2

Notes Payable, Bank Credit Facility, Interest and Amortization of Deferred Debt Costs (Tables)	3 Months Ended
	Mar. 31, 2024
Debt Disclosure [Abstract]
Scheduled Maturities of Debt, Including Scheduled Principal Amortization	At March 31, 2024, the future principal payments of debt, including scheduled maturities and amortization, for years ending December 31, were as follows: (In thousands) Principal Payments April 1 through December 31, 2024 $ 75,457 2025 326,086 (a) 2026 163,051 2027 126,589 (b) 2028 44,770 2029 52,627 Thereafter 638,711 Principal amount 1,427,291 Unamortized deferred debt costs 18,641 Net $ 1,408,650 (a) Includes $274.0 million outstanding under the Credit Facility. (b) Includes $100.0 million outstanding under the Credit Facility.
Interest Expense and Amortization of Deferred Debt Costs	Interest expense, net and amortization of deferred debt costs for the three months ended March 31, 2024 and 2023, were as follows: Three Months Ended March 31, (In thousands) 2024 2023 Interest incurred $ 18,084 $ 15,513 Amortization of deferred debt costs 564 559 Capitalized interest (6,168) (4,142) Interest expense 12,480 11,930 Less: Interest income 32 109 Interest expense, net and amortization of deferred debt costs $ 12,448 $ 11,821

Equity (Tables)

Equity (Tables)	3 Months Ended
	Mar. 31, 2024
Equity [Abstract]
Schedule of Weighted Average Number of Shares	The following table sets forth, for the indicated periods, weighted averages of the number of common shares outstanding, basic and diluted, the effect of dilutive options and the number of options which are not dilutive because the average price of the Company’s common stock was less than the exercise prices. The treasury stock method was used to measure the effect of the dilution. Average Shares/Options Outstanding Three Months Ended March 31, (In thousands) 2024 2023 Weighted average common stock outstanding-Basic 24,094 24,026 Effect of dilutive options 3 — Weighted average common stock outstanding-Diluted 24,097 24,026 Non-dilutive options 1,365 1,768 Years non-dilutive options were issued 2014 through 2022 2013 through 2022

Stock-based Employee Compensa_2

Stock-based Employee Compensation, Stock Option Plans, and Deferred Compensation Plan for Directors (Tables)	3 Months Ended
	Mar. 31, 2024
Share-Based Payment Arrangement [Abstract]
Summary of Option Activity	The table below summarizes the option activity for the three months ended March 31, 2024: Number of Weighted Aggregate Outstanding at January 1 1,820,000 $ 49.41 $ 1,197,380 Granted — — — Exercised — — — Expired/Forfeited (240,625) 52.41 — Outstanding at March 31 1,579,375 48.95 1,008,150 Exercisable at March 31 997,375 52.15 141,000

Derivatives and Hedging Activ_2

Derivatives and Hedging Activities (Tables)	3 Months Ended
	Mar. 31, 2024
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 March 31, 2024 and December 31, 2023. (In thousands) Fair Values of Derivative Instruments March 31, 2024 December 31, 2023 Derivative Instrument Balance Sheet Location Fair Value Balance Sheet Location Fair Value Interest rate swaps Other Assets $ 4,546 Other Assets $ 2,742
Reclassification out of Accumulated Other Comprehensive Income	The table below details the location in the financial statements of the gain or loss recognized on interest rate derivatives designated as cash flow hedges for the three months ended March 31, 2024 and 2023. (In thousands) The Effect of Hedge Accounting on Other Comprehensive Income (OCI) Three Months Ended March 31, 2024 2023 Amount of gain (loss) recognized in OCI $ 2,411 $ (1,618) Location of gain (loss) reclassified from OCI into income Interest expense, net and amortization of deferred debt costs Interest expense, net and amortization of deferred debt costs Amount of (gain) loss reclassified from OCI into income $ (608) $ (396)

Business Segments (Tables)

Business Segments (Tables)	3 Months Ended
	Mar. 31, 2024
Segment Reporting [Abstract]
Business Segments	Financial Information By Segment (In thousands) Shopping Mixed-Use Corporate Consolidated Three Months Ended March 31, 2024 Real estate rental operations: Revenue $ 46,932 $ 19,760 $ — $ 66,692 Expenses (10,963) (7,205) — (18,168) Income from real estate 35,969 12,555 — 48,524 Interest expense, net and amortization of deferred debt costs — — (12,448) (12,448) Depreciation and amortization of deferred leasing costs (7,074) (4,955) — (12,029) General and administrative — — (5,784) (5,784) Net income (loss) $ 28,895 $ 7,600 $ (18,232) $ 18,263 Capital investment $ 4,141 $ 41,428 $ — $ 45,569 Total assets $ 910,897 $ 1,101,586 $ 17,823 $ 2,030,306 Three Months Ended March 31, 2023 Real estate rental operations: Revenue $ 44,225 $ 18,824 $ — $ 63,049 Expenses (9,260) (7,020) — (16,280) Income from real estate 34,965 11,804 — 46,769 Interest expense, net and amortization of deferred debt costs — — (11,821) (11,821) Depreciation and amortization of deferred leasing costs (7,128) (4,889) — (12,017) General and administrative — — (5,268) (5,268) Net income (loss) $ 27,837 $ 6,915 $ (17,089) $ 17,663 Capital investment $ 1,667 $ 41,489 $ — $ 43,156 Total assets $ 716,710 $ 1,133,155 $ 18,140 $ 1,868,005

Organization, Formation and Str

Organization, Formation and Structure (Details)	3 Months Ended
	Mar. 31, 2024 property subsidiary store
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items]
Percentage of taxable income distribution of shareholders	90%
Number of subsidiaries | subsidiary	2
Number of shopping centers | store	34
Saul Holdings Limited Partnership
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items]
Percentage of ownership in operating partnership (as a percent)	69.80%
Giant Food
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items]
Number of shopping centers | store	11
Giant Food | Revenue | Customer Concentration Risk
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items]
Percentage of total revenue (as a percent)	4.90%
No Individual Tenant | Revenue | Customer Concentration Risk
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items]
Percentage of total revenue (as a percent)	2.50%
Shopping Centers
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items]
Number of real estate properties	50
Mixed-Use Properties
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items]
Number of real estate properties	7
Non-operating Development Properties
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items]
Number of real estate properties	4

Real Estate - Schedule of Const

Real Estate - Schedule of Construction in Progress (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Real Estate [Line Items]
Construction in progress	$ 557,711	$ 514,553
Twinbrook Quarter
Real Estate [Line Items]
Construction in progress	378,793	355,113
Accumulated capitalized interest costs	29,100	25,500
Hampden House
Real Estate [Line Items]
Construction in progress	163,903	142,240
Accumulated capitalized interest costs	15,700	14,100
Other
Real Estate [Line Items]
Construction in progress	$ 15,015	$ 17,200

Real Estate Transactions - Narr

Real Estate Transactions - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Real Estate [Line Items]
Right-of-use asset	$ 2,300
Operating lease liability	2,400
Deferred leasing costs, net	23,931		$ 23,728
Accumulated amortization deferred leasing cost	54,200		$ 53,700
Depreciation expense	11,000	$ 11,000
Repairs and maintenance expense	$ 5,000	3,300
Minimum
Real Estate [Line Items]
Operating lease term of contract	1 year
Maximum
Real Estate [Line Items]
Operating lease term of contract	15 years
Building | Minimum
Real Estate [Line Items]
Estimated useful life	35 years
Building | Maximum
Real Estate [Line Items]
Estimated useful life	50 years
Building Improvements | Maximum
Real Estate [Line Items]
Estimated useful life	20 years
Lease Acquisition Costs
Real Estate [Line Items]
Amortization of intangible assets	$ 1,000	$ 1,000

Noncontrolling Interests - Ho_2

Noncontrolling Interests - Holders of Convertible Limited Partnership Units in the Operating Partnership (Details) - shares		3 Months Ended
	Sep. 30, 2023	Mar. 31, 2024	Mar. 31, 2023
Noncontrolling Interest [Line Items]
Limited partnership units (in shares)		9,900,000
Leasehold Interest Contributed In Contribution Agreement
Noncontrolling Interest [Line Items]
Number of partnership units issued in transaction (in shares)	469,740
Noncontrolling Interests
Noncontrolling Interest [Line Items]
Limited partnership units, conversion ratio		1
Outstanding stock percent that should be acquired for rights to be exercised (as a percent)		39.90%
Limited partnership units convertible into shares of common stock, eligible for conversion (in shares)		659,000
Fully converted partnership units and diluted weighted average shares outstanding		34,400,000	34,000,000
Saul Holdings Limited Partnership
Noncontrolling Interest [Line Items]
Percentage of ownership interest of noncontrolling interest (as a percent)		28.80%
Saul Holdings Limited Partnership | Noncontrolling Interests
Noncontrolling Interest [Line Items]
Percentage of ownership interest of noncontrolling interest (as a percent)		30.20%
Limited partnership units, conversion ratio		1
Third Party Investor
Noncontrolling Interest [Line Items]
Percentage of ownership interest of noncontrolling interest (as a percent)		1.40%

Notes Payable, Bank Credit Fa_3

Notes Payable, Bank Credit Facility, Interest and Amortization of Deferred Debt Costs - Narrative (Details)	3 Months Ended
	Mar. 31, 2024 USD ($)	Oct. 01, 2030	Oct. 01, 2027	Dec. 31, 2023 USD ($)	Jun. 30, 2023 USD ($)	Aug. 23, 2022 USD ($) swap
Debt Instrument [Line Items]
Revolving credit facility payable, net	$ 272,909,000			$ 274,715,000
Number of interest rate swaps | swap						2
Construction loans payable, net	108,917,000			77,305,000
Long-term debt	1,408,650,000
Principal amount	1,427,291,000			1,410,000,000
Debt outstanding with fixed-rate	1,150,000,000			1,130,000,000
Debt outstanding with variable-rate	274,000,000			276,000,000
Carrying value of properties collateralizing mortgage notes	1,560,000,000			1,520,000,000
Unamortized deferred debt costs	18,641,000			19,300,000
Debt issuance costs amortization	11,300,000			10,600,000
Interest rate swaps
Debt Instrument [Line Items]
Derivative asset	4,500,000
Avenel Business Park
Debt Instrument [Line Items]
Guarantor obligations, maximum exposure	$ 6,300,000
Twinbrook Quarter
Debt Instrument [Line Items]
Guarantor Obligations, Liquidation Proceeds, Percentage	100%
Twinbrook Quarter
Debt Instrument [Line Items]
Long-term debt				92,800,000
Hampden House
Debt Instrument [Line Items]
Guarantor obligations, maximum exposure				21,400,000
Guarantor Obligations, Liquidation Proceeds, Percentage	100%
Guarantor Obligations, Current Carrying Value	$ 26,600,000
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]
Line of credit facility, remaining borrowing capacity	$ 127,600,000
Revolving credit facility payable, net	374,000,000
Line of Credit
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity	525,000,000
Line of Credit | Revolving Credit Facility
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity	425,000,000
Line of Credit | Term Facility
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity	$ 100,000,000
Line of credit facility, extension term	1 year
Line of Credit | Unsecured Revolving Credit Facility
Debt Instrument [Line Items]
Revolving credit facility payable, net	$ 274,000,000
Secured Debt | Term Loan
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity						$ 100,000,000
Secured Debt | Term Loan | Agreement Ending October 1, 2030
Debt Instrument [Line Items]
Derivative, notional amount						50,000,000
Secured Debt | Term Loan | Agreement Ending October 1, 2027
Debt Instrument [Line Items]
Derivative, notional amount						$ 50,000,000
Secured Debt | Construction-to-Permanent Loan
Debt Instrument [Line Items]
Debt instrument, face amount	18,600,000			133,000,000
Secured Debt | Secured Overnight Financing Rate (SOFR) | Term Loan | Agreement Ending October 1, 2030 | Forecast
Debt Instrument [Line Items]
Derivative, fixed interest rate (as a percent)		2.91%
Secured Debt | Secured Overnight Financing Rate (SOFR) | Term Loan | Agreement Ending October 1, 2027 | Forecast
Debt Instrument [Line Items]
Derivative, fixed interest rate (as a percent)			2.96%
Construction Loans | Construction-to-Permanent Loan
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity					$ 145,000,000
Construction loans payable, net	90,300,000
Mortgages | Avenel Business Park
Debt Instrument [Line Items]
Long-term debt	21,300,000
Mortgages | The Waycroft Mortgage
Debt Instrument [Line Items]
Guarantor obligations, maximum exposure	23,600,000
Long-term debt	$ 148,100,000
Mortgages | Ashbrook Marketplace Mortgage
Debt Instrument [Line Items]
Long-term debt				20,100,000
Mortgages | Kentlands Place Mortgage
Debt Instrument [Line Items]
Long-term debt				$ 27,100,000

Notes Payable, Bank Credit Fa_4

Notes Payable, Bank Credit Facility, Interest and Amortization of Deferred Debt Costs - Scheduled Maturities of Debt, Including Scheduled Principal Amortization (Details) - USD ($)	Mar. 31, 2024	Dec. 31, 2023
Principal Payments
April 1 through December 31, 2024	$ 75,457,000
2025	326,086,000
2026	163,051,000
2027	126,589,000
2028	44,770,000
2029	52,627,000
Thereafter	638,711,000
Principal amount	1,427,291,000	$ 1,410,000,000
Unamortized deferred debt costs	18,641,000	19,300,000
Net	1,408,650,000
Outstanding line of credit	272,909,000	$ 274,715,000
Line of Credit
Principal Payments
Line of credit facility, maximum borrowing capacity	525,000,000
Unsecured Revolving Credit Facility
Principal Payments
Outstanding line of credit	374,000,000
Unsecured Revolving Credit Facility | Line of Credit
Principal Payments
Outstanding line of credit	274,000,000
Term Facility | Line of Credit
Principal Payments
Line of credit facility, maximum borrowing capacity	$ 100,000,000

Notes Payable, Bank Credit Fa_5

Notes Payable, Bank Credit Facility, Interest and Amortization of Deferred Debt Costs - Interest Expense and Amortization of Deferred Debt Costs (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Debt Disclosure [Abstract]
Interest incurred	$ 18,084	$ 15,513
Amortization of deferred debt costs	564	559
Capitalized interest	(6,168)	(4,142)
Interest expense	12,480	11,930
Less: Interest income	32	109
Interest expense, net and amortization of deferred debt costs	$ 12,448	$ 11,821

Equity - Narrative (Details)

Equity - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands, shares in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Class of Stock [Line Items]
Income attributable to noncontrolling interests	$ 4,633	$ 4,161
Series D Cumulative Redeemable, 30,000 shares issued and outstanding
Class of Stock [Line Items]
Depositary shares outstanding (in shares)	3
Percentage of redeemable preferred stock (as a percent)	6.125%
Cumulative redeemable preferred stock liquidation preference (in usd per share)	$ 25
Annual dividend on depositary shares (in usd per share)	$ 1.53125
Depository shares to cumulative redeemable preferred stock ratio	1%
Series E Cumulative Redeemable, 44,000 shares issued and outstanding
Class of Stock [Line Items]
Depositary shares outstanding (in shares)	4.4
Percentage of redeemable preferred stock (as a percent)	6%
Cumulative redeemable preferred stock liquidation preference (in usd per share)	$ 25
Annual dividend on depositary shares (in usd per share)	$ 1.50
Depository shares to cumulative redeemable preferred stock ratio	1%

Equity - Per Share Data (Detail

Equity - Per Share Data (Details) - shares shares in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Class of Stock [Line Items]
Weighted average common stock outstanding-Basic	24,094	24,026
Effect of dilutive options	3	0
Weighted average common stock outstanding-Diluted	24,097	24,026
Non-dilutive options
Class of Stock [Line Items]
Non-dilutive options	1,365	1,768

Related Party Transactions (Det

Related Party Transactions (Details)	3 Months Ended
	Mar. 31, 2024 USD ($)	Mar. 31, 2023 USD ($)	Dec. 31, 2023 USD ($)
Related Party Transaction [Line Items]
Company contribution to a multi employer 401K plan at discretionary amount of employee's cash compensation, maximum percentage (as a percent)	6%
Company contribution to a multi employer 401K plan at discretionary amount of employee's cash compensation, amount	$ 118,000	$ 111,800
Deferred compensation, employee contribution (as a percent)	2%
Deferred compensation, company contribution	$ 49,300	$ 63,000
Deferred compensation, company contribution percentage	3	3
Deferred compensation, cumulative unfunded liability	$ 3,200,000		$ 3,300,000
Accounts payable, accrued expenses and other liabilities	$ 62,988,000		57,022,000
Related Party
Related Party Transaction [Line Items]
Percentage of annual increase in base rent (as a percent)	3%
Rent expense	$ 216,200	$ 219,400
Insurance commissions and fees expense	82,000	222,100
Shared Services Agreement | Related Party
Related Party Transaction [Line Items]
Ancillary costs and expenses	3,000,000	$ 2,700,000
Accounts payable, accrued expenses and other liabilities	$ 900,000		$ 1,100,000

Stock-based Employee Compensa_3

Stock-based Employee Compensation, Stock Option Plans, and Deferred Compensation Plan for Directors - Narrative (Details) - USD ($)		3 Months Ended
	Jun. 30, 2023	Mar. 31, 2024	Mar. 31, 2023	Sep. 29, 2023
Schedule Of Share Based Compensation Arrangements By Share Based Payment Award Options [Line Items]
Deferred compensation (in shares)	117,382	1,991
Shares due to exercise of employee stock options and issuance of directors' deferred stock		183	699
Share-based payment arrangement, expense		$ 200,000
Future expense		$ 1,700,000
Exercised (in shares)		0	0
Exercised		$ 0
Closing share price (in usd per share)				$ 38.49
Share-based compensation arrangement by share-based payment award, options, grants since inception (in shares)				1,400,000
Weighted average remaining contractual life of the Company's outstanding options		5 years 3 months 18 days
Weighted average remaining contractual life of the Company's exercisable options		3 years 10 months 24 days
Granted (in shares)		0
Common Stock
Schedule Of Share Based Compensation Arrangements By Share Based Payment Award Options [Line Items]
Shares due to exercise of employee stock options and issuance of directors' deferred stock		7,970
Employee Stock Option
Schedule Of Share Based Compensation Arrangements By Share Based Payment Award Options [Line Items]
Expiration period		10 years
Employee Stock Option | Officer
Schedule Of Share Based Compensation Arrangements By Share Based Payment Award Options [Line Items]
Award vesting period		4 years

Stock-based Employee Compensa_4

Stock-based Employee Compensation, Stock Option Plans, and Deferred Compensation Plan for Directors - Summary of Option Activity (Details) - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Number of Shares
Outstanding at beginning of period (in shares)	1,820,000
Granted (in shares)	0
Exercised (in shares)	0	0
Expired/Forfeited (in shares)	(240,625)
Outstanding at end of period (in shares)	1,579,375
Exercisable at end of period (in shares)	997,375
Weighted Average Exercise Price per share
Outstanding at beginning of period (in usd per share)	$ 49.41
Granted (in usd per share)	0
Exercised (in usd per share)	0
Expired/Forfeited (in usd per share)	52.41
Outstanding at end of period (in usd per share)	48.95
Exercisable at end of period (in usd per share)	$ 52.15
Aggregate Intrinsic Value
Outstanding at beginning of period	$ 1,197,380
Granted	0
Exercised	0
Expired/Forfeited	0
Outstanding at end of period	1,008,150
Exercisable at end of period	$ 141,000

Fair Value of Financial Instr_2

Fair Value of Financial Instruments - Narrative (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Fair Value Disclosures [Abstract]
Notes payable, aggregate fair value	$ 947.8	$ 957.9
Notes payable, principal balance	$ 1,150	$ 1,130

Derivatives and Hedging Activ_3

Derivatives and Hedging Activities - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Fair Value of Financial Instruments [Line Items]
Amount of (gain) loss reclassified from OCI into income	$ (608)	$ (396)
Interest rate swaps
Fair Value of Financial Instruments [Line Items]
Amount of (gain) loss reclassified from OCI into income	2,000
Derivative asset	$ 4,500

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	Mar. 31, 2024	Dec. 31, 2023
Interest rate swaps | Other Assets
Fair Value of Financial Instruments [Line Items]
Fair Value	$ 4,546	$ 2,742

Derivatives and Hedging Activ_5

Derivatives and Hedging Activities - Derivative Instruments, Effect on Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Amount of gain (loss) recognized in OCI	$ 2,411	$ (1,618)
Amount of (gain) loss reclassified from OCI into income	$ (608)	$ (396)

Business Segments - Narrative (

Business Segments - Narrative (Details)	3 Months Ended
	Mar. 31, 2024 segment
Segment Reporting [Abstract]
Number of reportable business segments	2

Business Segments - Schedule of

Business Segments - Schedule of Segment Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Real estate rental operations:
Revenue	$ 66,692	$ 63,049
Expenses	(18,168)	(16,280)
Income from real estate	48,524	46,769
Interest expense, net and amortization of deferred debt costs	(12,448)	(11,821)
Depreciation and amortization of deferred leasing costs	(12,029)	(12,017)
General and administrative	(5,784)	(5,268)
Net Income	18,263	17,663
Capital investment	45,569	43,156
Total assets	2,030,306	1,868,005	$ 1,994,137
Operating Segments | Shopping Centers
Real estate rental operations:
Revenue	46,932	44,225
Expenses	(10,963)	(9,260)
Income from real estate	35,969	34,965
Interest expense, net and amortization of deferred debt costs	0	0
Depreciation and amortization of deferred leasing costs	(7,074)	(7,128)
General and administrative	0	0
Net Income	28,895	27,837
Capital investment	4,141	1,667
Total assets	910,897	716,710
Operating Segments | Mixed-Use Properties
Real estate rental operations:
Revenue	19,760	18,824
Expenses	(7,205)	(7,020)
Income from real estate	12,555	11,804
Interest expense, net and amortization of deferred debt costs	0	0
Depreciation and amortization of deferred leasing costs	(4,955)	(4,889)
General and administrative	0	0
Net Income	7,600	6,915
Capital investment	41,428	41,489
Total assets	1,101,586	1,133,155
Corporate and Other
Real estate rental operations:
Revenue	0	0
Expenses	0	0
Income from real estate	0	0
Interest expense, net and amortization of deferred debt costs	(12,448)	(11,821)
Depreciation and amortization of deferred leasing costs	0	0
General and administrative	(5,784)	(5,268)
Net Income	(18,232)	(17,089)
Capital investment	0	0
Total assets	$ 17,823	$ 18,140