-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, HYRDsULsAvLOt4yPrs/9bN30xar2pq8KAHdOj7XNYSJAktjoFzqxyuMF/Vxy7Vy9 hLD/hcM5LLc2wzV3uSupAw== 0000928385-01-500362.txt : 20010416 0000928385-01-500362.hdr.sgml : 20010416 ACCESSION NUMBER: 0000928385-01-500362 CONFORMED SUBMISSION TYPE: SC 13D/A PUBLIC DOCUMENT COUNT: 1 FILED AS OF DATE: 20010413 GROUP MEMBERS: B. F. SAUL REAL ESTATE INVESTMENT TRUST GROUP MEMBERS: B. FRANCIS SAUL II GROUP MEMBERS: FRANKLIN PROPERTY COMPANY GROUP MEMBERS: SAUL B F REAL ESTATE INVESTMENT TRUST GROUP MEMBERS: VAN NESS SQUARE CORPORATION GROUP MEMBERS: WESTMINSTER INVESTING CORPORAT SUBJECT COMPANY: COMPANY DATA: COMPANY CONFORMED NAME: SAUL CENTERS INC CENTRAL INDEX KEY: 0000907254 STANDARD INDUSTRIAL CLASSIFICATION: REAL ESTATE INVESTMENT TRUSTS [6798] IRS NUMBER: 521833074 STATE OF INCORPORATION: MD FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 13D/A SEC ACT: SEC FILE NUMBER: 005-47215 FILM NUMBER: 1602113 BUSINESS ADDRESS: STREET 1: 8401 CONNECTICUT AVE CITY: CHEVY CHASE STATE: MD ZIP: 20815 BUSINESS PHONE: 3019866207 MAIL ADDRESS: STREET 1: 8401 CONNECTICUT AVE CITY: CHEVY CHASE STATE: MD ZIP: 20815 FILED BY: COMPANY DATA: COMPANY CONFORMED NAME: SAUL B F REAL ESTATE INVESTMENT TRUST CENTRAL INDEX KEY: 0000086902 STANDARD INDUSTRIAL CLASSIFICATION: SAVINGS INSTITUTION, FEDERALLY CHARTERED [6035] IRS NUMBER: 526053341 STATE OF INCORPORATION: MD FISCAL YEAR END: 0930 FILING VALUES: FORM TYPE: SC 13D/A BUSINESS ADDRESS: STREET 1: 8401 CONNECTICUT AVE CITY: CHEVY CHASE STATE: MD ZIP: 20815 BUSINESS PHONE: 3019866000 SC 13D/A 1 dsc13da.txt SCHEDULE 13D UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 SCHEDULE 13D (Rule 13d-101) Under the Securities Exchange Act of 1934 (Amendment No. 16)* Saul Centers, Inc. ------------------------------------------------------------------ (Name of Issuer) Common Stock, $.01 par value per share ------------------------------------------------------------------ (Title of Class of Securities) 804395 10 1 ------------------------------------------------------------------ (CUSIP Number) Henry Ravenel, Jr. 8401 Connecticut Avenue Chevy Chase, Maryland 20815 (301) 986-6207 ------------------------------------------------------------------ (Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications) January 31, 2001 ------------------------------------------------------------------ (Date of Event Which Requires Filing of this Statement) If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of Rule 13d-1(e), 13d-1(f) or 13d-1(g), check the following box [_]. *The remainder of this cover page shall be filled out for a reporting person's initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter disclosures provided in a prior cover page. The information required on the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes). Page 1 of 21 Pages Page 2 of 21 Pages SCHEDULE 13D CUSIP NO. 804395 10 1 ----------------- - ------------------------------------------------------------------------------ 1 NAMES OF REPORTING PERSONS B. Francis Saul II - ------------------------------------------------------------------------------ CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP 2 (a) [_] (b) [_] - ------------------------------------------------------------------------------ SEC USE ONLY 3 - ------------------------------------------------------------------------------ SOURCE OF FUNDS 4 SC, OO - ------------------------------------------------------------------------------ CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) or 2(e) [_] 5 - ------------------------------------------------------------------------------ CITIZENSHIP OR PLACE OF ORGANIZATION 6 United States of America - ------------------------------------------------------------------------------ SOLE VOTING POWER (See Item 6) 7 NUMBER OF 21,019 SHARES ----------------------------------------------------------- SHARED VOTING POWER (See Item 6) BENEFICIALLY 8 4,455,442 OWNED BY ----------------------------------------------------------- EACH SOLE DISPOSITIVE POWER (See Item 6) 9 REPORTING 21,019 PERSON ----------------------------------------------------------- SHARED DISPOSITIVE POWER (See Item 6) WITH 10 4,455,442 - ------------------------------------------------------------------------------ AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 11 4,476,461 - ------------------------------------------------------------------------------ CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES 12 [_] - ------------------------------------------------------------------------------ PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 13 32.0% - ------------------------------------------------------------------------------ TYPE OF REPORTING PERSON 14 IN - ------------------------------------------------------------------------------ Page 3 of 21 Pages SCHEDULE 13D CUSIP NO. 804395 10 1 ----------------- - ------------------------------------------------------------------------------ 1 NAMES OF REPORTING PERSONS Franklin Property Company - ------------------------------------------------------------------------------ CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP 2 (a) [_] (b) [_] - ------------------------------------------------------------------------------ SEC USE ONLY 3 - ------------------------------------------------------------------------------ SOURCE OF FUNDS 4 SC - ------------------------------------------------------------------------------ CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) or 2(e) [_] 5 - ------------------------------------------------------------------------------ CITIZENSHIP OR PLACE OF ORGANIZATION 6 Maryland - ------------------------------------------------------------------------------ SOLE VOTING POWER (See Item 6) 7 NUMBER OF 179,248 SHARES ----------------------------------------------------------- SHARED VOTING POWER (See Item 6) BENEFICIALLY 8 0 OWNED BY ----------------------------------------------------------- EACH SOLE DISPOSITIVE POWER (See Item 6) 9 REPORTING 179,248 PERSON ----------------------------------------------------------- SHARED DISPOSITIVE POWER (See Item 6) WITH 10 0 - ------------------------------------------------------------------------------ AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 11 179,248 - ------------------------------------------------------------------------------ CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES 12 [_] - ------------------------------------------------------------------------------ PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 13 1.3% - ------------------------------------------------------------------------------ TYPE OF REPORTING PERSON 14 CO - ------------------------------------------------------------------------------ Page 4 of 21 Pages 13D - -------------------------- CUSIP NO. 804395 10 1 - -------------------------- - ------------------------------------------------------------------------------ 1 NAMES OF REPORTING PERSONS Westminster Investing Corporation - ------------------------------------------------------------------------------ CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP 2 (a) [_] (b) [_] - ------------------------------------------------------------------------------ SEC USE ONLY 3 - ------------------------------------------------------------------------------ SOURCE OF FUNDS 4 SC - ------------------------------------------------------------------------------ CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e) [_] 5 - ------------------------------------------------------------------------------ CITIZENSHIP OR PLACE OF ORGANIZATION 6 New York - ------------------------------------------------------------------------------ SOLE VOTING POWER (See Item 6) 7 NUMBER OF 374,030 SHARES ----------------------------------------------------------- SHARED VOTING POWER (See Item 6) BENEFICIALLY 8 0 OWNED BY ----------------------------------------------------------- EACH SOLE DISPOSITIVE POWER (See Item 6) 9 REPORTING 374,030 PERSON ----------------------------------------------------------- SHARED DISPOSITIVE POWER (See Item 6) WITH 10 0 - ------------------------------------------------------------------------------ AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 11 374,030 - ------------------------------------------------------------------------------ CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES 12 [_] - ------------------------------------------------------------------------------ PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 13 2.7% - ------------------------------------------------------------------------------ TYPE OF REPORTING PERSON 14 CO - ------------------------------------------------------------------------------ Page 5 of 21 Pages 13D - -------------------------- CUSIP NO. 804395 10 1 - -------------------------- - ------------------------------------------------------------------------------ 1 NAMES OF REPORTING PERSONS Van Ness Square Corporation - ------------------------------------------------------------------------------ CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP 2 (a) [_] (b) [_] - ------------------------------------------------------------------------------ SEC USE ONLY 3 - ------------------------------------------------------------------------------ SOURCE OF FUNDS 4 SC - ------------------------------------------------------------------------------ CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e) [_] 5 - ------------------------------------------------------------------------------ CITIZENSHIP OR PLACE OF ORGANIZATION 6 Maryland - ------------------------------------------------------------------------------ SOLE VOTING POWER (See Item 6) 7 NUMBER OF 85 SHARES ----------------------------------------------------------- SHARED VOTING POWER (See Item 6) BENEFICIALLY 8 0 OWNED BY ----------------------------------------------------------- EACH SOLE DISPOSITIVE POWER (See Item 6) 9 REPORTING 85 PERSON ----------------------------------------------------------- SHARED DISPOSITIVE POWER (See Item 6) WITH 10 0 - ------------------------------------------------------------------------------ AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 11 85 - ------------------------------------------------------------------------------ CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES 12 [_] - ------------------------------------------------------------------------------ PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 13 0% - ------------------------------------------------------------------------------ TYPE OF REPORTING PERSON 14 CO - ------------------------------------------------------------------------------ Page 6 of 21 Pages 13D - -------------------------- CUSIP NO. 804395 10 1 - -------------------------- - ------------------------------------------------------------------------------ 1 NAMES OF REPORTING PERSONS B.F. Saul Real Estate Investment Trust - ------------------------------------------------------------------------------ CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP 2 (a) [_] (b) [_] - ------------------------------------------------------------------------------ SEC USE ONLY 3 - ------------------------------------------------------------------------------ SOURCE OF FUNDS 4 SC, WC - ------------------------------------------------------------------------------ CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e) [_] 5 - ------------------------------------------------------------------------------ CITIZENSHIP OR PLACE OF ORGANIZATION 6 Maryland - ------------------------------------------------------------------------------ SOLE VOTING POWER (See Item 6) 7 NUMBER OF 2,805,425 SHARES ----------------------------------------------------------- SHARED VOTING POWER (See Item 6) BENEFICIALLY 8 0 OWNED BY ----------------------------------------------------------- EACH SOLE DISPOSITIVE POWER (See Item 6) 9 REPORTING 2,805,425 PERSON ----------------------------------------------------------- SHARED DISPOSITIVE POWER (See Item 6) WITH 10 0 - ------------------------------------------------------------------------------ AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 11 2,805,425 - ------------------------------------------------------------------------------ CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES 12 [_] - ------------------------------------------------------------------------------ PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 13 20.0% - ------------------------------------------------------------------------------ TYPE OF REPORTING PERSON 14 OO - ------------------------------------------------------------------------------ Page 7 of 21 Pages AMENDMENT NO. 16 ---------------- TO -- SCHEDULE 13D ------------ ITEM 1. Security and Issuer. No change. ITEM 2. Identity and Background. Item 2 is amended in its entirety to read as follows: This statement is filed by (1) B. Francis Saul II, (2) Franklin Property Company, (3) Westminster Investing Corporation, (4) Van Ness Square Corporation and (5) B. F. Saul Real Estate Investment Trust, all or some of whom may be considered a group for the purposes of Rule 13d-1. Franklin Property Company, Westminster Investing Corporation, and Van Ness Square Corporation are hereinafter referred to collectively as the "Corporations." B. Francis Saul II is Chairman of the Board, a Director and Chief Executive Officer of (i) the Issuer, (ii) B. F. Saul Company (the "Saul Company"), (iii) B. F. Saul Real Estate Investment Trust (the "Saul Trust"), and (iv) Chevy Chase Bank, F.S.B. ("Chevy Chase"). Mr. Saul's business address and that of each of the foregoing entities is 8401 Connecticut Avenue, Chevy Chase, Maryland 20815 (except Chevy Chase which is located at 7926 Jones Branch Drive, McLean, Virginia 22102). The principal business of each of the foregoing entities (except for Chevy Chase, which is a federally chartered savings bank) is the development, ownership and management of real estate, directly or through subsidiary entities. The Saul Trust, an unincorporated business trust organized and existing under Maryland law, is a majority owned subsidiary of the Saul Company. Chevy Chase is a majority owned subsidiary of the Saul Trust. Franklin Property Company, a Maryland corporation, and a wholly owned subsidiary of the Saul Company, is a company principally engaged in real estate management. Westminster Investing Corporation, a New York corporation, is a company formerly engaged in the ownership and development of real estate and currently principally engaged in the ownership of equity interests in affiliated entities. Van Ness Square Corporation, a Maryland corporation, is a company formerly engaged in the ownership and development of real estate and currently principally engaged in the ownership of equity interests in affiliated entities. The address of the principal business and principal office of each of the Corporations is 8401 Connecticut Avenue, Chevy Chase, Maryland 20815. Page 8 of 21 Pages Information about the directors and executive officers of each of the Corporations and the Saul Trust is set forth in the following tables. B. Francis Saul II is ultimately in control of each of the Corporations and the Saul Trust. Franklin Property Company - ------------------------- Position with Company and Present Name/1/ Principal Occupation if Different - ------- --------------------------------- Philip D. Caraci Chairman; President and Director, Saul Centers, Inc.; Executive Vice President, B. F. Saul Company; Senior Vice President and Secretary, B.F. Saul Real Estate Investment Trust B. Francis Saul III President and Director; Vice Chair, Saul Centers, Inc.; Senior Vice President and Director, B. F. Saul Company; Vice President and Trustee, B. F. Saul Real Estate Investment Trust; Director, Chevy Chase Bank, F.S.B. Ross E. Heasley Vice President and Director; Vice President, B. F. Saul Company; Vice President, B. F. Saul Real Estate Investment Trust; Vice President and Assistant Secretary, Saul Centers, Inc. Laurence Millspaugh Vice President; Vice President, B. F. Saul Company; Vice President, B. F. Saul Real Estate Investment Trust Patricia E. Clark Secretary and Director; Assistant Vice President and Secretary, B. F. Saul Company Henry C. Parrish III Senior Vice President; Vice President, B. F. Saul Company; Vice President, B. F. Saul Real Estate Investment Trust William K. Albright Vice President and Treasurer; Vice President and Treasurer, B. F. Saul Company and B. F. Saul Real Estate Investment Trust; Vice President and Assistant Treasurer, Saul Centers, Inc. _________________ /1/ The business address of each person is 8401 Connecticut Avenue, Chevy Chase, Maryland 20815. Page 9 of 21 Pages Mark G. Carrier Vice President; Vice President, B. F. Saul Company; Vice President, B. F. Saul Real Estate Investment Trust James P. Sprouse Vice President; Vice President, B. F. Saul Company; Assistant Vice President, B. F. Saul Real Estate Investment Trust Ernest R. Pivonka Vice President; Vice President, B. F. Saul Company Merle F. Sustersich Vice President; Vice President, B. F. Saul Company; Vice President, B.F. Saul Real Estate Investment Trust Bryon S. Barlow Vice President; Vice President, B. F. Saul Company Enio P. Guerra Vice President; Vice President, B. F. Saul Company Barbara C. Phillips Vice President; Vice President, B. F. Saul Company Barbara L. Reifsnider Vice President; Vice President, B. F. Saul Company Alison B. Rubin Vice President; Vice President, B. F. Saul Company Kenneth Kovach Vice President; Vice President, B.F. Saul Company Bill Tzamaras Vice President; Vice President, B.F. Saul Company Westminster Investing Corporation - --------------------------------- Position with Company and Present Name/2/ Principal Occupation if Different - ------- --------------------------------- B. Francis Saul II Director, Chairman of the Board and President; Chairman of the Board and Chief Executive Officer, Saul Centers, Inc.; Chairman of the Board, B. F. Saul Company, B. F. Saul Real Estate Investment Trust, Chevy Chase Bank, F.S.B. B. Francis Saul III Executive Vice President and Director; Senior Vice President and Director, B. F. Saul Company; President and Director, Franklin Property Company; Vice President and Trustee, B. F. Saul Real Estate ________________ /2/ The business address of each person is 8401 Connecticut Avenue, Chevy Chase, Maryland 20815 unless otherwise indicated. Page 10 of 21 Pages Investment Trust; Vice Chair, Saul Centers, Inc; Director, Chevy Chase Bank, F.S.B. George M. Rogers, Jr./3/ Secretary and Director; Senior Counsel, Shaw Pittman William F. Anhut, Jr. Vice President, Treasurer and Assistant Secretary; Vice President, B.F. Saul Company Van Ness Square Corporation - --------------------------- Position with Company and Present Name/4/ Principal Occupation if Different - ------- --------------------------------- B. Francis Saul II Director and Chairman; Chairman of the Board and Chief Executive officer, Saul Centers, Inc.; Chairman of the Board, B. F. Saul Company, B. F. Saul Real Estate Investment Trust, Chevy Chase Bank, F.S.B. B. Francis Saul III President, Secretary and Director; Executive Vice President and Director, Westminster Investing Corporation; Senior Vice President and Director, B. F. Saul Company; Senior Vice President, Franklin Property Company; Vice President and Trustee, B. F. Saul Real Estate Investment Trust; Vice Chair, Saul Centers, Inc.; Director, Chevy Chase Bank, F.S.B. William F. Anhut, Jr. Vice President, Treasurer and Director; Vice President, Treasurer and Assistant Secretary, Westminster Investing Corporation B. F. Saul Real Estate Investment Trust - --------------------------------------- Position with Company and Present Name/5/ Principal Occupation if Different - ------- --------------------------------- _________________ /3/ Mr. Rogers' business address is Shaw Pittman, 2300 N Street, N.W., Washington, D.C. 20037. /4/ The business address of each person is 8401 Connecticut Avenue, Chevy Chase, Maryland 20815 unless otherwise indicated. Page 11 of 21 Pages B. Francis Saul II Trustee and Chairman; Chairman of the Board and Chief Executive Officer, Saul Centers, Inc.; Chairman of the Board, B. F. Saul Company, Chevy Chase Bank, F.S.B.; Chairman of the Board and President, Westminster Investing Corporation; Director and Chairman, Van Ness Square Corporation Gilbert M. Grosvenor/6/ Trustee; Chairman of the Board of Trustees, National Geographic Society George M. Rogers, Jr./7/ Trustee; Senior Counsel, Shaw Pittman; Director, B.F. Saul Company Garland J. Bloom Trustee; Real Estate Consultant John R. Whitmore/8/ Trustee; Senior Advisor to The Bessemer Group, Inc.; Director, B.F. Saul Company B. Francis Saul III Trustee; Senior Vice President and Director, B. F. Saul Company; Vice Chair, Saul Centers, Inc; President, Franklin Property Company; Vice President and Director, B. F. Saul Real Estate Investment Trust; Director, Chevy Chase Bank. F.S.B. Philip D. Caraci Senior Vice President and Secretary; President and Director, Saul Centers, Inc.; Executive Vice President, B. F. Saul Company; Chairman, Franklin Property Company Stephen R. Halpin, Jr. Vice President and Chief Financial Officer; Executive Vice President and Chief Financial Officer, Chevy Chase Bank, F.S.B.; Senior Vice President and Chief Financial Officer, B. F. Saul Company ________________________________________________________________________________ /5/ The business address of each person is 8401 Connecticut Avenue, Chevy Chase, Maryland 20815 unless otherwise indicated. /6/ Mr. Grosvenor's business address is National Geographic Society, 17th and M Streets, N.W., Washington, D.C. 20009. /7/ Mr. Rogers' business address is Shaw Pittman, 2300 N Street, N.W., Washington, D.C. 20037 /8/ Mr. Whitmore's business address is The Bessemer Group, Incorporated, 630 Fifth Avenue, New York, New York 10111. Page 12 of 21 Pages Patrick T. Connors Vice President; Senior Vice President, B. F. Saul Company Ross E. Heasley Vice President; Vice President, B. F. Saul Company; Vice President and Assistant Secretary, Saul Centers, Inc.; Vice President and Director, Franklin Property Company Henry Ravenel, Jr. Vice President; Vice President, B. F. Saul Company and Saul Centers, Inc. William K. Albright Vice President and Treasurer; Vice President and Treasurer, B. F. Saul Company and Franklin Property Company; Vice President and Assistant Treasurer, Saul Centers, Inc. Laurence Millspaugh Vice President; Vice President, B. F. Saul Company; Vice President, Franklin Property Company None of the persons filing this statement has been convicted in a criminal proceeding (excluding traffic violations or similar misdemeanors) during the last five years from the date of this Amendment. To the best of the knowledge and belief of the Corporations, none of the directors and executive officers of the Corporations has been convicted in a criminal proceeding (excluding traffic violations or similar misdemeanors) during the last five years from the date of this Amendment. To the best of the knowledge and belief of the Saul Trust, none of the trustees or executive officers of the Saul Trust has been convicted in a criminal proceeding (excluding traffic violations or similar misdemeanors) during the last five years from the date of this Amendment. None of the persons filing this statement was a party to a civil proceeding of a judicial or administrative body of competent jurisdiction and as a result of such proceeding was or is subject to a judgment, decree or final order enjoining future violations of, or prohibiting or mandating activities subject to, federal or state securities laws or finding any violation with respect to such laws during the last five years from the date of this Amendment. To the best of the knowledge and belief of the Corporations, none of the directors and executive officers of the Corporations was a party to a civil proceeding of a judicial or administrative body of competent jurisdiction and as a result of such proceeding was or is subject to a judgment, decree or final order enjoining future violations of, or prohibiting or mandating activities subject to, federal or state securities laws or finding any violations with respect to such laws during the last five years from the date of this Amendment. To the best of the knowledge and belief of the Saul Trust, none of the trustees and executive officers of the Saul Trust was a party to a civil proceeding of a judicial or administrative body of competent jurisdiction and as a result of such proceeding was or is subject to a judgment, decree or final order enjoining future Page 13 of 21 Pages violations of, or prohibiting or mandating activities subject to, federal or state securities laws or finding any violations with respect to such laws during the last five years from the date of this Amendment. All individuals named in this Schedule 13D are citizens of the United States of America. ITEM 3. Source and Amount of Funds or Other Consideration. Item 3 is amended in its entirety to read as follows: Saul Centers instituted a Dividend Reinvestment and Stock Purchase Plan in December 1995 (the "DRIP") through which holders of Saul Centers Common Stock and holders of limited partnership interests in Saul Holdings Limited Partnership may choose to have some or all of their cash dividends or cash distributions automatically reinvested in shares of Common Stock. Since the filing of Amendment Number 15 to this Schedule 13D, Saul Centers has issued Common Stock pursuant to the DRIP on October 31, 2000 and January 31, 2001. The Saul Trust, Franklin Property Company and Van Ness Square Corporation all participated in the DRIP and, consequently, were issued additional shares of Saul Centers Common Stock in lieu of receiving cash payments. The total amount reinvested and the number of shares acquired by such entities are as follows:
Saul Trust - ---------- Number of shares Date of DRIP Reinvestment Amount reinvested Price per share purchased October 31, 2000 $ 1,005,157,73 $14.853 67,673.72 January 31, 2001 $ 1,031,550.49 $17.072 60,423.53 ============== Total: $ 2,036,780.49 128,097.25
Franklin Property Company - ------------------------- Number of shares Date of DRIP Reinvestment Amount reinvested Price per share purchased October 31, 2000 $ 66,596.92 $14.853 4,483.74 January 31, 2001 $ 68,345.57 $17.072 4,003.37 =========== Total: $134,942.49 8,487.11
Van Ness Square Corporation - --------------------------- Number of shares Date of DRIP Reinvestment Amount reinvested Price per share purchased October 31, 2000 $ 31.71 $14.853 2.14 January 31, 2001 $ 32.54 $17.072 1.91 ======= Total: $ 64.25 4.05
Page 14 of 21 Pages The B. F. Saul Company Employees' Profit Sharing Retirement Trust (the "Plan") is a profit sharing retirement plan for the benefit of the employees of the Saul Company, its subsidiaries and other participating companies that invests its assets for the benefit of the employees of such companies. The Plan is intended to qualify under Section 401(a) of the Internal Revenue Code and is subject to the Employee Retirement Income Security Act of 1974, as amended ("ERISA"). The Plan is administered by five trustees: B. Francis Saul II, Philip D. Caraci, Alexander R.M. Boyle, Patricia E. Clark and Stephen R. Halpin, Jr. Because B. Francis Saul II shares the power to vote and to dispose of the shares of common stock acquired by the Plan, the acquisition of such shares is being reported in this Schedule 13D. The Plan participated in the DRIP and reinvested the following amounts for shares of Saul Centers Common Stock:
Number of shares Date of DRIP Reinvestment Amount reinvested Price per share purchased October 31, 2000 $ 380,481.30 $14.853 25,616.46 January 31, 2001 $ 390,471.72 $17.072 22,872.06 ============ Total: $ 770,953.02 48,488.52
Beginning in 1999, pursuant to the DRIP, 100 shares of Saul Center Common Stock are awarded annually as additional compensation to each person serving on the Board of Directors of Saul Centers as of the record date for the annual meeting of stockholders. Pursuant to this provision, on April 23, 1999 and April 28, 2000, B. Francis Saul II received 100 shares of Saul Centers Common Stock. The closing prices of Saul Centers Common Stock on the New York Stock Exchange on April 23, 1999 and April 28, 2000 were $15.625 and $15.4375, respectively. B. Francis Saul II has elected to participate in the DRIP with respect to these shares. The total amount reinvested and the number of shares acquired by B. Francis Saul II is as follows: B. Francis Saul II
Number of shares Date of DRIP Reinvestment Amount reinvested Price per share purchased October 31, 2000 $ 78.84 $14.853 5.61 January 31, 2001 $ 85.51 $17.072 5.01 ======= Total: $164.35 10.62
In addition, various trusts established for the benefit of the children of B. Francis Saul II (the "Trusts"), a fund created under the Uniform Gift to Minors Act of which B. Francis Saul II is custodian, and Mrs. Patricia E. Saul, the wife of B. Francis Saul II, have participated in the DRIP. The additional shares of Saul Centers Common Stock issued pursuant to the DRIP to these entities and individuals are being reported in this Schedule 13D because B. Francis Saul II, either as sole trustee of some of the Trusts, as custodian, or by reason of his possible influence over the other trustees and beneficiaries and over his wife, has or might be deemed to have sole or shared voting and dispositive power over such shares. Page 15 of 21 Pages The amounts reinvested and the number of shares issued pursuant to the DRIP are listed below:
Elizabeth Willoughby Saul Trust B. Francis Saul II, Trustee - --------------------------- Number of shares Date of DRIP Reinvestment Amount reinvested Price per share purchased October 31, 2000 $ 1,585.33 $14.853 106.74 January 31, 2001 $ 1,626.96 $17.072 95.30 ========== Total: $ 3,212.29 202.04
Sharon Elizabeth Saul Trust B. Francis Saul II, Trustee - --------------------------- Number of shares Date of DRIP Reinvestment Amount reinvested Price per share purchased October 31, 2000 $ 951.20 $14.853 64.04 January 31, 2001 $ 976.18 $17.072 57.18 ========= Total: $1,927.38 121.22
B. Francis Saul II, Custodian for Patricia English Saul, UGMA - --------------------------- Number of shares Date of DRIP Reinvestment Amount reinvested Price per share purchased October 31, 2000 $ 1,585.33 $14.853 106.74 January 31, 2001 $ 1,626.96 $17.072 95.30 ========== Total: $ 3,212.29 202.04
Trust FBO Elizabeth W. Saul u/a dated 12/30/76, George M. Rogers, Jr., Successor Trustee - ----------------- Number of shares Date of DRIP Reinvestment Amount reinvested Price per share purchased October 31, 2000 $ 1,585.33 $14.853 106.74 January 31, 2001 $ 1,626.96 $17.072 95.30 ========== Total: $ 3,212.29 202.04
Page 16 of 21 Pages
Trust FBO Andrew M. Saul II u/a dated 12/30/70, George M. Rogers, Jr., Successor Trustee - ----------------- Number of shares Date of DRIP Reinvestment Amount reinvested Price per share purchased October 31, 2000 $ 1,585.33 $14.853 106.74 January 31, 2001 $ 1,626.96 $17.072 95.30 ========== Total: $ 3,212.29 202.04
Trust FBO Patricia English Saul u/a dated 12/15/71, George M. Rogers, Jr., Successor Trustee - ----------------- Number of shares Date of DRIP Reinvestment Amount reinvested Price per share purchased October 31, 2000 $ 1,585.33 $14.853 106.74 January 31, 2001 $ 1,626.96 $17.072 95.30 ========== Total: $ 3,212.29 202.04
Patricia E. Saul (Mrs.) - ----------------------- Number of shares Date of DRIP Reinvestment Amount reinvested Price per share purchased October 31, 2000 $ 18,231.40 $14.853 1,227.46 January 31, 2001 $ 18,710.09 $17.072 1,095.95 =========== Total: $ 36,941.49 2,323.41
ITEM 4. Purpose of Transaction. Item 5 is amended in its entirety to read as follows: The purpose of the acquisition of shares of Common Stock by the Corporations, the Plan, the Saul Trust, the Trusts, B. Francis Saul II as custodian, B. Francis Saul II and Patricia E. Saul is investment. The Corporations, the Plan, the Saul Trust, the Trusts, B. Francis Saul II as custodian, B. Francis Saul II and Patricia E. Saul may purchase additional shares of Common Stock from time to time for the purpose of investment, subject to ownership limitations set forth in the Saul Centers, Inc. Articles of Incorporation. Page 17 of 21 Page ITEM 5. Interest in Securities of the Issuer. Item 5 is amended in its entirety to read as follows: a. The number and percentage of Common Shares beneficially owned by the reporting persons are set forth in the following table:
Number of Shares Percentage Reporting Person Beneficially Owned Of Class (%) ---------------- ------------------ ------------ B. Francis Saul II 4,476,461* 32.0 Franklin Property Company 179,248 1.3 Westminster Investing Corp. 374,030 2.7 Van Ness Square Corporation 85 0.0 B.F. Saul Real Estate Investment Trust 2,805,425 20.0
* Includes all of the shares of Common Stock acquired by the Corporations, the Plan, the Saul Trust, the Trusts and Mrs. Patricia E. Saul. B. Francis Saul II owns 214 shares of Common Stock directly. Pursuant to Rule 13d-1 under the Securities Exchange Act of 1934, as amended, the shares of Common Stock described above are considered to be beneficially owned by Mr. Saul because he has or may be deemed to have sole or shared voting and/or investment power in respect thereof. b. The Corporations and the Saul Trust have the sole power to vote or to direct the vote and to dispose or to direct the disposition of the shares of Common Stock directly owned by each. B. Francis Saul II shares the power to vote or to direct the vote and to dispose or to direct the disposition of shares of Common Stock owned by the Corporations, the Saul Trust and the Plan with the other directors of the Corporations, the other trustees of the Saul Trust and the other trustees of the Plan, respectively. The information required by Item 2 with respect to the other directors of the Corporations and the other trustees of the Saul Trust is set forth in Item 2 above. The information required by Item 2 with respect to the other Plan trustees is set forth in the following table: Name Principal Occupation ---- -------------------- Philip D. Caraci Director and President, Saul Centers, Inc.; Executive Vice President, B. F. Saul Company; Senior Vice President, B. F. Saul Real Estate Investment Trust Alexander R. M. Boyle Vice Chairman, Chevy Chase Bank, F.S.B. Patricia E. Clark Assistant Vice President and Secretary, B. F. Saul Company Stephen R. Halpin, Jr. Executive Vice President and Chief Financial Officer, Chevy Chase Bank, F.S.B.; Vice President and Chief Financial Officer, B. F. Saul Real Estate Investment Trust The business address of each of the foregoing individuals is 8401 Connecticut Avenue, Chevy Chase, Maryland 20815. B. Francis Saul II, as sole trustee of the Sharon Elizabeth Saul Trust, the Elizabeth Willoughby Saul Trust and the Andrew M. Saul Trust, and as custodian for Patricia English Saul under the Uniform Gift to Minors Act, has the sole power to vote and the sole power to direct the disposition of 20.794 shares of Common Stock. As noted in Item 3, because of his possible influence over the trustees and beneficiaries of the Trusts named below and over his wife, Mrs. Patricia E. Saul, Mr. Saul might be deemed to have shared voting or dispositive power over the Page 18 of 21 Pages shares of Common Stock owned by such Trusts and by Mrs. Saul as indicated by the following table:
- ---------------------------------------------------------------------------------------------- Owner Number of Shares - ---------------------------------------------------------------------------------------------- NationsBank, NA, Trustee FBO Francis 24,500 Saul III & Andrew M. Saul II u/a w/B. Francis Saul II dated 12/30/76 - ---------------------------------------------------------------------------------------------- Nations Bank, NA, Trustee u/w Andrew M. Saul 1,000 FBO Elizabeth W. Saul - ---------------------------------------------------------------------------------------------- Trust FBO Elizabeth W. Saul 7,767 u/a dated 12/31/70, George M. Rogers, Jr., Successor Trustee - ---------------------------------------------------------------------------------------------- Trust FBO Andrew M. Saul II 5,267 u/a dated 12/31/70, George M. Rogers, Jr., Successor Trustee - ---------------------------------------------------------------------------------------------- Trust FBO Patricia English Saul 7,467 u/a dated 12/15/71, George M. Rogers, Jr., Successor Trustee - ---------------------------------------------------------------------------------------------- Trust FBO Sharon Elizabeth Saul 3,000 u/a dated 13/31/70, George M. Rogers, Jr., Successor Trustee - ---------------------------------------------------------------------------------------------- Patricia E. Saul (Mrs.) 49,071 - ----------------------------------------------------------------------------------------------
The information with respect to the trustees of these Trusts and with respect to Mrs. Saul required by Item 2 is as follows. NationsBank, N.A. is a national banking association with its principal business address and the address of its principal office at 1501 Pennsylvania Avenue, N.W., Washington, D.C. 20013. George M. Rogers, Jr. is an attorney at law, whose principal occupation is as a senior counsel in the law firm of Shaw Pittman, 2300 N Street, N.W., Washington, D.C. 20037, which is also Mr. Rogers' business address. Patricia E. Saul is the wife of B. Francis Saul II. She resides at One Quincy Street, Chevy Chase, Maryland 20815. Her principal occupation is that of housewife. To the best of the information and belief of the persons filing this statement, during the past five years from the date of this Amendment, neither NationsBank, N.A., nor Mr. Rogers, nor Mrs. Saul, nor any of the Plan trustees has, during the past five years from the date of this Amendment, been convicted in a criminal proceeding (excluding traffic violations or similar misdemeanors) or been party to a civil proceeding of a judicial or administrative body of competent jurisdiction as a result of which proceeding any of them was or is subject to a judgment, decree or final order enjoining future violations of, or prohibiting or mandating activities subject to, federal or state securities laws or finding any violation with respect to such laws. Mr. Rogers, Mrs. Saul and the Plan trustees are citizens of the United States of America. Page 19 of 21 Pages c. The only transactions known to the persons filing this statement since the filing of Amendment No. 15 to this Schedule 13D are the following: The Saul Trust acquired shares of Common Stock in the open market on the dates, in the amounts and for the total cost indicated in the following table:
Date of Purchase Number of Shares Price Per Share Total Cost ---------------- ---------------- --------------- ------------- 11/21/00 2,350 $15.94 $ 37,459.00 11/22/00 2,350 $16.00 $ 37,600.00 11/24/00 2,350 $16.03 $ 37,670.50 11/28/00 2,200 $16.31 $ 35,882.00 11/30/00 2,200 $16.31 $ 35,882.00 12/1/00 2,200 $16.25 $ 35,750.00 12/4/00 200 $16.13 $ 3,226.00 12/5/00 1,700 $16.31 $ 27,727.00 12/6/00 1,700 $16.31 $ 27,727.00 12/8/00 1,700 $16.75 $ 28,475.00 12/11/00 1,800 $16.75 $ 30,150.00 12/12/00 1,800 $17.06 $ 30,708.00 12/13/00 1,800 $17.13 $ 30,834.00 12/14/00 1,800 $17.34 $ 31,212.00 12/15/00 1,800 $17.31 $ 31,158.00 12/18/00 100 $17.56 $ 1,756.00 12/19/00 2,000 $18.13 $ 36,260.00 12/20/00 2,000 $17.81 $ 35,620.00 12/21/00 2,000 $17.81 $ 35,620.00 12/22/00 2,000 $17.88 $ 35,760.00 12/26/00 1,700 $17.75 $ 30,175.00 12/28/00 2,300 $18.19 $ 41,837.00 12/29/00 2,300 $18.56 $ 42,688.00 1/3/01 2,900 $18.27 $ 52,983.00 1/4/01 2,900 $18.44 $ 53,476.00 2/12/01 13,700 $18.51 $ 253,587.00 2/13/01 13,700 $18.60 $ 254,820.00 2/14/01 10,000 $18.87 $ 188,700.00 2/15/01 10,000 $18.97 $ 189,700.00 2/16/01 4,450 $18.89 $ 84,060,50 TOTAL 100,000 $1,798,503.00
d. Beneficiaries of the Plan, beneficiaries of the Trusts, Patricia English Saul and Mrs. Patricia E. Saul have the right to receive dividends from, and the proceeds from the sale of, the shares of Common Stock acquired by the Plan, the Trusts, Mr. Saul (as custodian for Patricia English Saul), and Mrs. Saul, respectively. The interest of no such beneficiary, Patricia English Saul, or Mrs. Patricia E. Saul, relates to more than five percent of the Common Stock. Page 20 of 21 Pages e. Not applicable. ITEM 6. Contracts, Arrangements, Understandings or Relationships With Respect to Securities of the Issuer. None. ITEM 7. Material to be Filed as Exhibits. None. Page 21 of 21 Pages SIGNATURES After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct. /s/ B. Francis Saul II ----------------------------------- April 13, 2001 B. Francis Saul II FRANKLIN PROPERTY COMPANY April 13, 2001 By: /s/ Ross E. Heasley ------------------------------- Ross E. Heasley, Vice President WESTMINSTER INVESTING CORPORATION April 13, 2001 By: /s/ B. Francis Saul II ------------------------------- B. Francis Saul II, Chairman and President VAN NESS SQUARE CORPORATION April 13, 2001 By: /s/ B. Francis Saul II ------------------------------- B. Francis Saul II, Chairman B. F. SAUL REAL ESTATE INVESTMENT TRUST April 13, 2001 By: /s/ B. Francis Saul II ------------------------------ B. Francis Saul II, Chairman -----END PRIVACY-ENHANCED MESSAGE-----