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Noncontrolling Interest - Holders of Convertible Limited Partnership Units in the Operating Partnership
3 Months Ended
Mar. 31, 2014
Noncontrolling Interest [Abstract]  
Noncontrolling Interest - Holders of Convertible Limited Partnership Units in the Operating Partnership
Noncontrolling Interest - Holders of Convertible Limited Partnership Units in the Operating Partnership
As of March 31, 2014, the Saul Organization holds a 25.6% limited partnership interest in the Operating Partnership represented by approximately 7.1 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 Saul Centers, Inc. Articles of Incorporation, the rights may not be exercised at any time that the Saul Organization beneficially owns, directly or indirectly, in the aggregate more than 39.9% of the value of the outstanding common stock and preferred stock of Saul Centers (the “Equity Securities”). As of March 31, 2014, approximately 887,000 units were convertible into shares of Saul Centers common stock.
The impact of the Saul Organization’s approximately 25.6% limited partnership interest in the Operating Partnership is reflected as Noncontrolling Interest in the accompanying consolidated financial statements. Fully converted partnership units and diluted weighted average shares outstanding for the three months ended March 31, 2014 and 2013, were approximately 27.7 million and 27.1 million, respectively.