

SAUL CENTERS, INC. Real Estate and Accumulated Depreciation December 31, 2017 (Dollars in Thousands)
			Costs																Buildings
			Capitalized		Basis at Close of Period														and
	Initial Basis		Subsequent to Acquisition		Land		Buildings and Improvements		Total		Accumulated Depreciation		Book Value		Related Debt		Date of Construction	Date Acquired	Improvements Depreciable Lives in Years
Shopping Centers
Ashburn Village, Ashburn, VA	$	11,431	$	20,278	$	6,764	$	24,945	$	31,709	$	12,993	$	18,716	$	28,025	1994 & 2000-6	3/94	40
Ashland Square Phase I, Dumfries, VA	1,178		7,503		1,178		7,503		8,681		1,764		6,917		—		2007, 2013	12/04	20 & 50
Beacon Center, Alexandria, VA	24,161		18,426		22,674		19,913		42,587		14,288		28,299		39,968		1960 & 1974	1/72, 11/16	40 & 50
BJ’s Wholesale Club, Alexandria, VA	22,623		—		22,623		—		22,623		—		22,623		10,877			3/08	—
Boca Valley Plaza, Boca Raton, FL	16,720		1,768		5,735		12,753		18,488		4,424		14,064		9,948			2/04	40
Boulevard, Fairfax, VA	4,883		4,461		3,687		5,657		9,344		2,808		6,536		16,730		1969, 1999 & 2009	4/94	40
Briggs Chaney MarketPlace, Silver Spring, MD	27,037		4,143		9,789		21,391		31,180		7,908		23,272		13,543			4/04	40
Broadlands Village, Ashburn, VA	5,316		27,954		5,300		27,970		33,270		10,933		22,337		16,082		2003, 2004 & 2006	3/02	40 & 50
Burtonsville Town Square, Burtonsville, MD	74,212		342		28,401		46,153		74,554		1,095		73,459		39,140		2010	1/17	20 & 45
Countryside Marketplace, Sterling, VA	28,912		3,752		7,666		24,998		32,664		8,838		23,826		13,529			2/04	40
Cranberry Square, Westminster, MD	31,578		640		6,700		25,518		32,218		4,105		28,113		17,086			9/11	40
Cruse MarketPlace, Cumming, GA	12,226		448		3,901		8,773		12,674		3,057		9,617		—			3/04	40
Flagship Center, Rockville, MD	160		9		169		—		169		—		169		—		1972	1/72	—
French Market, Oklahoma City, OK	5,781		13,829		1,118		18,492		19,610		11,191		8,419		—		1972 & 1998	3/74	50
Germantown, Germantown, MD	2,034		567		2,034		567		2,601		297		2,304		—		1990	8/93	40
The Glen, Woodbridge, VA	12,918		8,098		5,300		15,716		21,016		9,026		11,990		7,696		1993 & 2005	6/94	40
Great Falls Center, Great Falls, VA	41,750		3,178		14,766		30,162		44,928		7,719		37,209		12,577			3/08	40
Hampshire Langley, Takoma, MD	3,159		3,499		1,856		4,802		6,658		3,702		2,956		15,859		1960	1/72	40
Hunt Club Corners, Apopka, FL	12,584		4,034		4,822		11,796		16,618		3,801		12,817		5,649			6/06, 12/12	40
Jamestown Place, Altamonte Springs, FL	14,055		1,603		4,455		11,203		15,658		3,477		12,181		7,325			11/05	40
Kentlands Square I, Gaithersburg, MD	14,379		507		5,006		9,880		14,886		3,713		11,173		6,423		2002	9/02	40
Kentlands Square II, Gaithersburg, MD	76,723		1,602		22,800		55,525		78,325		9,092		69,233		36,507			9/11, 9/13	40
Kentlands Place, Gaithersburg, MD	1,425		7,255		1,425		7,255		8,680		3,744		4,936		—		2005	1/04	50
Lansdowne Town Center, Leesburg, VA	6,545		37,312		6,546		37,311		43,857		13,727		30,130		32,673		2006	11/02	50
Leesburg Pike Plaza, Baileys Crossroads, VA	2,418		6,243		1,132		7,529		8,661		5,934		2,727		15,452		1965	2/66	40
Lumberton Plaza, Lumberton, NJ	4,400		11,220		950		14,670		15,620		12,751		2,869		—		1975	12/75	40
Metro Pike Center, Rockville, MD	33,123		4,095		26,064		11,154		37,218		1,375		35,843		14,135			12/10	40
Shops at Monocacy, Frederick, MD	9,541		13,926		9,260		14,207		23,467		5,565		17,902		12,029		2004	11/03	50
Northrock, Warrenton, VA	12,686		15,414		12,686		15,414		28,100		3,871		24,229		14,950		2009	01/08	50
Olde Forte Village, Ft. Washington, MD	15,933		6,643		5,409		17,167		22,576		7,158		15,418		9,783		2004	07/03	40
Olney, Olney, MD	4,963		1,961		3,079		3,845		6,924		3,318		3,606		11,613		1972	11/75	40
Orchard Park, Dunwoody, GA	19,377		1,014		7,751		12,640		20,391		3,432		16,959		9,999			7/07	40
Palm Springs Center, Altamonte Springs, FL	18,365		1,435		5,739		14,061		19,800		4,606		15,194		8,244			3/05	40
Ravenwood, Baltimore, MD	1,245		4,227		703		4,769		5,472		3,067		2,405		14,537		1959 & 2006	1/72	40
11503 Rockville Pike/5541 Nicholson Lane, Rockville, MD	26,561		24		22,113		4,472		26,585		806		25,779		—			10/10 12/12	40
1500/1580/1582/1584 Rockville Pike, Rockville, MD	51,149		1,553		43,863		8,839		52,702		5,656		47,046		—			12/12, 1/14, 4/14, 12/14	5, 10, 5, 4
Seabreeze Plaza, Palm Harbor, FL	24,526		1,960		8,665		17,821		26,486		5,611		20,875		16,055			11/05	40
Market Place at Sea Colony, Bethany Beach, DE	2,920		203		1,147		1,976		3,123		491		2,632		—			3/08	40
Seven Corners, Falls Church, VA	4,848		44,108		4,913		44,043		48,956		28,790		20,166		64,472		1956 & 1997	7/73	40
Severna Park Marketplace, Severna Park, MD	63,254		232		12,700		50,786		63,486		7,927		55,559		32,016			9/11	40
Shops at Fairfax, Fairfax, VA	2,708		9,924		992		11,640		12,632		7,989		4,643		11,154		1975 & 1999	6/75	50
Smallwood Village Center, Waldorf, MD	17,819		7,975		6,402		19,392		25,794		7,278		18,516		—			1/06	40
Southdale, Glen Burnie, MD	18,895		24,345		15,254		27,986		43,240		21,333		21,907		—		1962 & 1986	1/72	40
Southside Plaza, Richmond, VA	6,728		10,695		1,878		15,545		17,423		12,280		5,143		—		1958	1/72	40
South Dekalb Plaza, Atlanta, GA	2,474		4,359		703		6,130		6,833		4,792		2,041		—		1970	2/76	40
Thruway, Winston-Salem, NC	7,848		24,821		7,693		24,976		32,669		16,735		15,934		37,998		1955 & 1965	5/72	40
Village Center, Centreville, VA	16,502		2,495		7,851		11,146		18,997		6,688		12,309		13,438		1990	8/93	40
Westview Village, Frederick, MD	6,047		25,227		6,047		25,227		31,274		7,511		23,763		—		2009	11/07, 02/15	50
White Oak, Silver Spring, MD	6,277		5,366		4,649		6,994		11,643		6,043		5,600		23,873		1958 & 1967	1/72	40
Other Buildings / Improvements			423				423		423		109		314		—
Total Shopping Centers	832,397		401,096		412,358		821,135		1,233,493		332,818		900,675		639,385

Mixed-Use Properties
Avenel Business Park, Gaithersburg, MD	21,459		30,409		3,756		48,112		51,868		36,469		15,399		28,115		1981-2000	12/84	35 & 40
Clarendon Center, Arlington, VA (1)	12,753		185,904		16,287		182,370		198,657		37,242		161,415		105,817		2010	7/73, 1/96 & 4/02	50
Park Van Ness, Washington, DC	2,242		91,617		2,242		91,617		93,859		4,801		89,058		71,211		2016	7/73 & 2/11	50
601 Pennsylvania Ave., Washington, DC	5,479		67,995		5,667		67,807		73,474		52,194		21,280		—		1986	7/73	35
Washington Square, Alexandria, VA	2,034		56,735		544		58,225		58,769		24,642		34,127		60,000		2000	7/73	50
Total Mixed-Use Properties	43,967		432,660		28,496		448,131		476,627		155,348		321,279		265,143

Development Land
Ashland Square Phase II, Manassas, VA	5,292		1,917		7,028		181		7,209		—		7,209		—			12/04
New Market, New Market, MD	2,088		286		2,374		—		2,374		—		2,374		—			9/05
North Glebe Road, Arlington, VA	52,067		31,430		—		83,497		83,497		—		83,497		—		—	8/14-8/16
Total Development Land	59,447		33,633		9,402		83,678		93,080		—		93,080		—
Total	$	935,811	$	867,389	$	450,256	$	1,352,944	$	1,803,200	$	488,166	$	1,315,034	$	904,528


(1)	Includes the North and South Blocks and Residential

Depreciation and amortization related to the real estate investments reflected in the statements of operations is calculated over the estimated useful lives of the assets as follows:



Base building		Generally 35 - 50 years or a shorter period if management determines that
		the building has a shorter useful life.
Building components		Up to 20 years
Tenant improvements		The shorter of the term of the lease or the useful life
		of the improvements

The aggregate remaining net basis of the real estate investments for federal income tax purposes was approximately $1.3 billion at December 31, 2017. Depreciation and amortization are provided on the declining balance and straight-line methods over the estimated useful lives of the assets.

The changes in total real estate investments and related accumulated depreciation for each of the years in the three year period ended December 31, 2017 are summarized as follows:



(In thousands)	2017			2016			2015
Total real estate investments:
Balance, beginning of year	$	1,700,813		$	1,622,710		$	1,560,159
Acquisitions	77,258			48,123			4,894
Improvements	42,640			35,826			70,067
Retirements	(17,511		)	(5,846		)	(1,981		)
Transfers to assets held for sale	—			—			(10,429		)
Balance, end of year	$	1,803,200		$	1,700,813		$	1,622,710
Total accumulated depreciation:
Balance, beginning of year	$	458,279		$	425,370		$	396,617
Depreciation expense	40,197			38,755			37,698
Retirements	(10,310		)	(5,846		)	(1,911		)
Transfers to assets held for sale	—			$	—		(7,034		)
Balance, end of year	$	488,166		$	458,279		$	425,370