

SAUL CENTERS, INC. Real Estate and Accumulated Depreciation December 31, 2019 (Dollars in Thousands)
			Costs																		Buildings
			Capitalized		Basis at Close of Period																and
	Initial Basis		Subsequent to Acquisition		Land		Buildings and Improvements		Construction in Progress		Total		Accumulated Depreciation		Book Value		Related Debt		Date of Construction	Date Acquired	Improvements Depreciable Lives in Years
Shopping Centers
Ashbrook Marketplace, Ashburn, VA	$	8,938	$	16,261	$	3,066	$	3,005	$	19,128	$	25,199	$	8	$	25,191	$	—	2019	5/18	40
Ashburn Village, Ashburn, VA	11,431		20,514		6,764		25,077		104		31,945		14,234		17,711		26,245		1994 & 2000-6	3/94	40
Ashland Square Phase I, Dumfries, VA	1,178		7,508		1,178		5,298		2,210		8,686		2,215		6,471		—		2007, 2013	12/04	20 & 50
Beacon Center, Alexandria, VA	24,161		18,477		22,674		19,946		18		42,638		15,335		27,303		36,206		1960 & 1974	1/72, 11/16	40 & 50
BJ’s Wholesale Club, Alexandria, VA	22,623		—		22,623		—		—		22,623		—		22,623		10,323			3/08	—
Boca Valley Plaza, Boca Raton, FL	16,720		2,064		5,735		13,049		—		18,784		5,252		13,532		9,234			2/04	40
Boulevard, Fairfax, VA	4,883		4,709		3,687		5,905		—		9,592		3,243		6,349		15,723		1969, 1999 & 2009	4/94	40
Briggs Chaney MarketPlace, Silver Spring, MD	27,037		4,703		9,789		21,951		—		31,740		9,333		22,407		—			4/04	40
Broadlands Village, Ashburn, VA	5,316		34,586		5,300		34,589		13		39,902		12,872		27,030		31,221		2003, 2004 & 2006	3/02	40 & 50
Burtonsville Town Square, Burtonsville, MD	74,212		5,612		28,401		50,915		508		79,824		3,728		76,096		36,975		2010	1/17	20 & 45
Countryside Marketplace, Sterling, VA	28,912		4,143		7,666		25,389		—		33,055		10,518		22,537		—			2/04	40
Cranberry Square, Westminster, MD	31,578		739		6,700		25,617		—		32,317		5,497		26,820		15,917			9/11	40
Cruse MarketPlace, Cumming, GA	12,226		689		3,901		9,014		—		12,915		3,626		9,289		—			3/04	40
Flagship Center, Rockville, MD	160		9		169		—		—		169		—		169		—		1972	1/72	—
French Market, Oklahoma City, OK	5,781		14,269		1,118		18,929		3		20,050		12,490		7,560		—		1972 & 1998	3/74	50
Germantown, Germantown, MD	2,034		567		2,034		567		—		2,601		409		2,192		—		1990	8/93	40
The Glen, Woodbridge, VA	12,918		8,351		5,300		15,942		27		21,269		10,138		11,131		22,448		1993 & 2005	6/94	40
Great Falls Center, Great Falls, VA	41,750		3,203		14,766		30,187		—		44,953		9,497		35,456		10,774			3/08	40
Hampshire Langley, Takoma, MD	3,159		3,549		1,856		4,635		217		6,708		3,908		2,800		14,810		1960	1/72	40
Hunt Club Corners, Apopka, FL	12,584		4,409		4,822		12,171		—		16,993		4,788		12,205		5,300			6/06, 12/12	40
Jamestown Place, Altamonte Springs, FL	14,055		1,950		4,455		11,550		—		16,005		4,291		11,714		6,539			11/05	40
Kentlands Square I, Gaithersburg, MD	14,379		840		5,006		9,711		502		15,219		4,220		10,999		—		2002	9/02	40
Kentlands Square II, Gaithersburg, MD	76,723		2,733		22,800		56,270		386		79,456		12,147		67,309		33,952			9/11, 9/13	40
Kentlands Place, Gaithersburg, MD	1,425		7,373		1,425		7,373		—		8,798		4,241		4,557		—		2005	1/04	50
Lansdowne Town Center, Leesburg, VA	6,545		43,003		6,546		37,843		5,159		49,548		16,291		33,257		30,719		2006	11/02	50
Leesburg Pike Plaza, Baileys Crossroads, VA	2,418		6,292		1,132		7,578		—		8,710		6,159		2,551		14,414		1965	2/66	40
Lumberton Plaza, Lumberton, NJ	4,400		11,612		950		15,041		21		16,012		13,379		2,633		—		1975	12/75	40
Metro Pike Center, Rockville, MD	33,123		4,605		26,064		7,729		3,935		37,728		1,822		35,906		—			12/10	40
Shops at Monocacy, Frederick, MD	9,541		13,994		9,260		14,275		—		23,535		6,338		17,197		28,500		2004	11/03	50
Northrock, Warrenton, VA	12,686		15,429		12,686		15,423		6		28,115		4,907		23,208		14,085		2009	01/08	50
Olde Forte Village, Ft. Washington, MD	15,933		6,721		5,409		17,245		—		22,654		8,180		14,474		21,702		2004	07/03	40
Olney, Olney, MD	4,963		2,550		3,079		4,434		—		7,513		3,358		4,155		11,952		1972	11/75	40
Orchard Park, Dunwoody, GA	19,377		1,461		7,751		13,087		—		20,838		4,053		16,785		9,441			7/07	40
Palm Springs Center, Altamonte Springs, FL	18,365		2,007		5,739		14,633		—		20,372		5,593		14,779		7,262			3/05	40
Ravenwood, Baltimore, MD	1,245		4,256		703		4,798		—		5,501		3,308		2,193		13,606		1959 & 2006	1/72	40
11503 Rockville Pike/5541 Nicholson Lane, Rockville, MD	26,561		24		22,113		4,472		—		26,585		1,032		25,553		—			10/10 12/12	40
1500/1580/1582/1584 Rockville Pike, Rockville, MD	51,149		2,714		43,863		7,490		2,510		53,863		6,439		47,424		—			12/12, 1/14, 4/14, 12/14	5, 10, 5, 4
Seabreeze Plaza, Palm Harbor, FL	24,526		2,502		8,665		18,363		—		27,028		6,746		20,282		15,019			11/05	40
Market Place at Sea Colony, Bethany Beach, DE	2,920		246		1,147		2,019		—		3,166		615		2,551		—			3/08	40
Seven Corners, Falls Church, VA	4,848		44,612		4,913		44,522		25		49,460		30,937		18,523		60,677		1956 & 1997	7/73	40
Severna Park Marketplace, Severna Park, MD	63,254		526		12,700		51,080		—		63,780		10,544		53,236		29,710			9/11	40
Shops at Fairfax, Fairfax, VA	2,708		9,971		992		11,687		—		12,679		8,676		4,003		10,482		1975 & 1999	6/75	50
Smallwood Village Center, Waldorf, MD	17,819		8,332		6,402		19,743		6		26,151		8,903		17,248		—			1/06	40
Southdale, Glen Burnie, MD	18,895		25,100		15,254		28,740		1		43,995		22,440		21,555		—		1962 & 1986	1/72	40
Southside Plaza, Richmond, VA	6,728		11,338		1,878		16,188		—		18,066		12,798		5,268		—		1958	1/72	40
South Dekalb Plaza, Atlanta, GA	2,474		4,449		703		6,220		—		6,923		5,088		1,835		—		1970	2/76	40
Thruway, Winston-Salem, NC	7,848		26,336		7,693		26,447		44		34,184		18,682		15,502		—		1955 & 1965	5/72	40
Village Center, Centreville, VA	16,502		2,636		7,851		11,287		—		19,138		7,380		11,758		12,555		1990	8/93	40
Westview Village, Frederick, MD	6,047		25,225		6,047		25,216		9		31,272		9,483		21,789		—		2009	11/07, 02/15	50
White Oak, Silver Spring, MD	6,277		5,771		4,649		7,212		187		12,048		6,169		5,879		22,475		1958 & 1967	1/72	40
Other Buildings / Improvements	—		182		—		182		—		182		72		110		—
Total Shopping Centers	841,335		449,152		415,424		840,044		35,019		1,290,487		381,382		909,105		578,266
Mixed-Use Properties
Avenel Business Park, Gaithersburg, MD	21,459		32,976		3,756		50,679		—		54,435		39,261		15,174		26,260		1981-2000	12/84	35 & 40
Clarendon Center, Arlington, VA (1)	12,753		186,210		16,287		182,676		—		198,963		46,856		152,107		98,611		2010	7/73, 1/96 & 4/02	50
Park Van Ness, Washington, DC	2,242		91,699		2,242		91,699		—		93,941		10,757		83,184		68,095		2016	7/73 & 2/11	50
601 Pennsylvania Ave., Washington, DC	5,479		69,129		5,667		68,941		—		74,608		57,038		17,570		—		1986	7/73	35
Washington Square, Alexandria, VA	2,034		57,102		544		58,592		—		59,136		28,180		30,956		56,990		2000	7/73	50
Total Mixed-Use Properties	43,967		437,116		28,496		452,587		—		481,083		182,092		298,991		249,956

Development Land
Ashland Square Phase II, Manassas, VA	5,292		2,280		7,028		—		544		7,572		—		7,572		—			12/04
New Market, New Market, MD	2,088		286		2,374		—		—		2,374		—		2,374		—			9/05
The Waycroft, Arlington, VA	52,067		203,376		—		—		255,443		255,443		—		255,443		110,199		—	8/14-8/16
7316 Wisconsin Avenue, Bethesda, MD	39,641		4,997		—		—		44,638		44,638		—		44,638		—		1969	9/18 & 12/18
Total Development Land	99,088		210,939		9,402		—		300,625		310,027		—		310,027		110,199
Total	$	984,390	$	1,097,207	$	453,322	$	1,292,631	$	335,644	$	2,081,597	$	563,474	$	1,518,123	$	938,421