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Business Segments
 12 Months Ended
Dec. 31, 2019
Segment Reporting [Abstract]  
Business Segments
BUSINESS SEGMENTS
The Company has two reportable business segments: Shopping Centers and Mixed-Use Properties. The accounting policies of the segments are the same as those described in the summary of significant accounting policies (see Note 2). The Company evaluates performance based upon income and cash flows from real estate for the combined properties in each segment. All of our properties within each segment generate similar types of revenues and expenses related to tenant rent, reimbursements and operating expenses. Although services are provided to a range of tenants, the types of services provided to them are similar within each segment. The properties in each portfolio have similar economic characteristics and the nature of the products and services provided to our tenants and the method to distribute such services are consistent throughout the portfolio. Certain reclassifications have been made to prior year information to conform to the 2019 presentation.
SAUL CENTERS, INC.
Notes to Consolidated Financial Statements
(In thousands)
Shopping
 
Mixed-Use
 
Corporate
 
Consolidated
As of or for the year ended December 31, 2019
Centers
 
Properties
 
and Other
 
Totals
Real estate rental operations:
 
 
 
 
 
 
 
Revenue
$
167,888

 
$
63,637

 
$
—

 
$
231,525

Expenses
(36,119
)
 
(21,814
)
 
—

 
(57,933
)
Income from real estate
131,769

 
41,823

 
—

 
173,592

Interest expense, net and amortization of deferred debt costs
—

 
—

 
(41,834
)
 
(41,834
)
General and administrative
—

 
—

 
(20,793
)
 
(20,793
)
Depreciation and amortization of deferred leasing costs
(29,112
)
 
(17,221
)
 
—

 
(46,333
)
Change in fair value of derivatives
—

 
—

 
(436
)
 
(436
)
Net income (loss)
$
102,657

 
$
24,602

 
$
(63,063
)
 
$
64,196

Capital investment
$
33,968

 
$
101,695

 
$
—

 
$
135,663

Total assets
$
980,096

 
$
625,183

 
$
13,061

 
$
1,618,340

 
 
 
 
 
 
 
 
As of or for the year ended December 31, 2018
 
 
 
 
 
 
 
Real estate rental operations:
 
 
 
 
 
 
 
Revenue
$
164,344

 
$
62,875

 
$
—

 
$
227,219

Expenses
(34,643
)
 
(20,935
)
 
—

 
(55,578
)
Income from real estate
129,701

 
41,940

 
—

 
171,641

Interest expense, net and amortization of deferred debt costs
—

 
—

 
(44,768
)
 
(44,768
)
General and administrative
—

 
—

 
(18,459
)
 
(18,459
)
Depreciation and amortization of deferred leasing costs
(29,251
)
 
(16,610
)
 
—

 
(45,861
)
Change in fair value of derivatives
—

 
—

 
(3
)
 
(3
)
Gain on sale of property
509

 
—

 
—

 
509

Net income (loss)
$
100,959

 
$
25,330

 
$
(63,230
)
 
$
63,059

Capital investment
$
13,485

 
$
115,165

 
$
—

 
$
128,650

Total assets
$
971,321

 
$
537,500

 
$
18,668

 
$
1,527,489

 
 
 
 
 
 
 
 
As of or for the year ended December 31, 2017
 
 
 
 
 
 
 
Real estate rental operations:
 
 
 
 
 
 
 
Revenue
$
165,232

 
$
61,067

 
$
—

 
$
226,299

Expenses
(34,054
)
 
(20,632
)
 
—

 
(54,686
)
Income from real estate
131,178

 
40,435

 
—

 
171,613

Interest expense, net and amortization of deferred debt costs
—

 
—

 
(47,145
)
 
(47,145
)
General and administrative
—

 
—

 
(18,176
)
 
(18,176
)
Depreciation and amortization of deferred leasing costs
(29,977
)
 
(15,717
)
 
—

 
(45,694
)
Change in fair value of derivatives
—

 
—

 
70

 
70

Net income (loss)
$
101,201

 
$
24,718

 
$
(65,251
)
 
$
60,668

Capital investment
$
90,896

 
$
29,098

 
$
—

 
$
119,994

Total assets
$
974,061

 
$
438,283

 
$
10,108

 
$
1,422,452