
SAUL CENTERS, INC. Real Estate and Accumulated Depreciation December 31, 2022 (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 (2)		Date of Construction	Date Acquired	Improvements Depreciable Lives in Years
Shopping Centers
Ashbrook Marketplace, Ashburn, VA	$	8,938	$	25,314	$	13,258	$	20,994	$	—	$	34,252	$	1,965	$	32,287	$	20,807	2019	05/18	50
Ashburn Village, Ashburn, VA	11,431		20,755		6,764		25,422		—		32,186		16,475		15,711		23,039		1994 & 2000-6	3/94	40
Ashland Square Phase I, Dumfries, VA	1,178		5,298		1,178		5,298		—		6,476		2,885		3,591		—		2007, 2013	12/04	20 & 50
Beacon Center, Alexandria, VA	24,161		18,514		22,691		19,984		—		42,675		16,754		25,921		54,816		1960 & 1974	1/72 , 11/16	40 & 50
BJ’s Wholesale Club, Alexandria, VA	22,623		—		22,623		—		—		22,623		—		22,623		9,345			3/08	—
Boca Valley Plaza, Boca Raton, FL	16,720		3,236		5,735		14,221		—		19,956		6,633		13,323		—			2/04	40
Boulevard, Fairfax, VA	4,883		4,753		3,687		5,949		—		9,636		3,907		5,729		9,846		1969, 1999 & 2009	4/94	40
Briggs Chaney MarketPlace, Silver Spring, MD	27,037		5,355		9,789		22,603		—		32,392		11,358		21,034		—			4/04	40
Broadlands Village, Ashburn, VA	5,316		35,915		5,300		35,925		6		41,231		15,774		25,457		28,858		2002-3, 2004 & 2006	3/02	40 & 50
Burtonsville Town Square, Burtonsville, MD	74,212		6,344		28,402		52,138		16		80,556		8,338		72,218		33,439		2010	1/17	20 & 45
Countryside Marketplace, Sterling, VA	28,912		4,314		7,666		25,560		—		33,226		12,981		20,245		—			2/04	40
Cranberry Square, Westminster, MD	31,578		1,922		6,700		26,800		—		33,500		7,556		25,944		13,946			9/11	40
Cruse MarketPlace, Cumming, GA	12,226		790		3,901		9,115		—		13,016		4,444		8,572		—			3/04	40
Flagship Center, Rockville, MD	160		409		169		400		—		569		65		504		—		1972	1/72	—
French Market, Oklahoma City, OK	5,781		16,907		1,118		21,570		—		22,688		14,378		8,310		—		1972 & 1998	3/74	50
Germantown, Germantown, MD	2,034		566		2,034		566		—		2,600		479		2,121		—		1990	8/93	40
The Glen, Woodbridge, VA	12,918		8,627		5,300		16,245		—		21,545		11,561		9,984		20,827		1993 & 2005	6/94	40
Great Falls Center, Great Falls, VA	41,750		3,368		14,766		30,352		—		45,118		12,114		33,004		31,313			3/08	40
Hampshire Langley, Takoma, MD	3,159		3,475		1,892		4,732		10		6,634		4,203		2,431		12,231		1960	1/72	40
Hunt Club Corners, Apopka, FL	12,584		4,653		4,822		12,415		—		17,237		6,208		11,029		—			6/06, 12/12	40
Jamestown Place, Altamonte Springs, FL	14,055		2,459		4,455		12,059		—		16,514		5,543		10,971		—			11/05	40
Kentlands Square I, Gaithersburg, MD	14,379		3,365		5,005		11,984		755		17,744		5,165		12,579		20,836		2002	9/02	40
Kentlands Square II, Gaithersburg, MD	76,723		3,323		23,133		56,631		282		80,046		18,095		61,951		29,658			9/11, 9/13	40
Kentlands Place, Gaithersburg, MD	1,425		7,639		1,425		7,639		—		9,064		4,806		4,258		7,321		2005	1/04	50
Lansdowne Town Center, Leesburg, VA	6,545		43,497		6,546		43,427		69		50,042		20,112		29,930		—		2006	11/02	50
Leesburg Pike Plaza, Baileys Crossroads, VA	2,418		6,402		1,132		7,688		—		8,820		6,487		2,333		12,543		1965	2/66	40
Lumberton Plaza, Lumberton, NJ	4,400		11,648		950		15,074		24		16,048		14,060		1,988		—		1975	12/75	40
Metro Pike Center, Rockville, MD	33,123		5,399		26,064		8,476		3,982		38,522		2,607		35,915		—			12/10	40
Shops at Monocacy, Frederick, MD	9,541		15,884		9,260		16,165		—		25,425		7,344		18,081		26,422		2003-4	11/03	50
Northrock, Warrenton, VA	12,686		15,429		12,686		15,423		6		28,115		6,310		21,805		12,652		2009	01/08	50
Olde Forte Village, Ft. Washington, MD	15,933		6,922		5,409		17,446		—		22,855		9,528		13,327		20,136		2003-4	07/03	40
Olney, Olney, MD	4,963		2,998		3,079		4,882		—		7,961		3,633		4,328		12,476		1972	11/75	40
Orchard Park, Dunwoody, GA	19,377		1,616		7,751		13,242		—		20,993		5,286		15,707		—			7/07	40
Palm Springs Center, Altamonte Springs, FL	18,365		2,324		5,739		14,948		2		20,689		6,957		13,732		—			3/05	40
Ravenwood, Baltimore, MD	1,245		4,446		703		4,988		—		5,691		3,641		2,050		11,975		1959 & 2006	1/72	40
11503 Rockville Pike/5541 Nicholson Lane, Rockville, MD	26,561		24		22,113		4,472		—		26,585		1,374		25,211		—			10/10, 12/12	40
1500/1580/1582 Rockville Pike, Rockville, MD	45,351		2,046		38,065		7,050		2,282		47,397		6,712		40,685		—			12/12, 1/14, 4/14	5, 10, 5
Seabreeze Plaza, Palm Harbor, FL	24,526		2,625		8,665		18,486		—		27,151		8,435		18,716		13,302			11/05	40
Market Place at Sea Colony, Bethany Beach, DE	2,920		339		1,147		2,112		—		3,259		792		2,467		—			3/08	40
Seven Corners, Falls Church, VA	4,848		46,510		4,929		46,429		—		51,358		34,249		17,109		87,706		1956 & 1997	7/73	40
Severna Park Marketplace, Severna Park, MD	63,254		1,094		12,700		51,549		99		64,348		14,526		49,822		25,857			9/11	40
Shops at Fairfax, Fairfax, VA	2,708		11,090		992		12,806		—		13,798		9,481		4,317		13,597		1975 & 1999	6/75	50
Smallwood Village Center, Waldorf, MD	17,819		8,461		6,402		19,878		—		26,280		11,167		15,113		—			1/06	40
Southdale, Glen Burnie, MD	18,895		25,810		15,255		29,205		245		44,705		24,221		20,484		—		1962 & 1986	1/72 , 11/16	40
Southside Plaza, Richmond, VA	6,728		11,891		1,878		16,741		—		18,619		13,781		4,838		—		1958	1/72	40
South Dekalb Plaza, Atlanta, GA	2,474		4,985		615		6,814		30		7,459		5,438		2,021		—		1970	2/76	40
Thruway, Winston-Salem, NC	7,848		28,207		7,692		28,345		18		36,055		20,927		15,128		—		1955 & 1965	5/72	40
Village Center, Centreville, VA	16,502		3,356		7,851		12,007		—		19,858		8,524		11,334		25,057		1990	8/93	40
Westview Village, Frederick, MD	6,047		25,658		6,047		25,658		—		31,705		12,147		19,558		—		2009	11/07 , 02/15	50
White Oak, Silver Spring, MD	6,277		6,299		4,649		7,723		204		12,576		6,615		5,961		19,985		1958 & 1967	1/72	40
Other Buildings / Improvements	—		183		—		182		1		183		156		27		—
Total Shopping Centers	835,537		482,444		420,132		889,818		8,031		1,317,981		456,197		861,784		597,990

Mixed-Use Properties
Avenel Business Park, Gaithersburg, MD	21,459		37,788		3,756		55,491		—		59,247		42,385		16,862		22,906		1984, 1986,1990, 1998 & 2000	12/84, 8/85, 2/86, 4/98 & 10/2000	35 & 40
Clarendon Center, Arlington, VA (1)	12,753		187,682		16,287		184,148		—		200,435		60,798		139,637		86,264		2010	7/73, 1/96 & 4/02	50
Park Van Ness, Washington, DC	2,242		91,855		2,242		91,855		—		94,097		18,384		75,713		62,813		2016	7/73, 2/11	50
601 Pennsylvania Ave., Washington, DC	5,479		69,446		5,667		69,258		—		74,925		59,832		15,093		—		1986	7/73	35
The Waycroft, Arlington, VA	52,067		228,070		53,618		226,519		—		280,137		18,241		261,896		152,679		2017	8/14, 12/14, 9/15, 8/16,	50
Washington Square, Alexandria, VA	2,034		58,345		544		59,835		—		60,379		32,638		27,741		52,030		1952 & 2000	7/73	50

Total Mixed-Use Properties	96,034		673,186		82,114		687,106		—		769,220		232,278		536,942		376,692

Development Land

Ashland Square Phase II, Manassas, VA	5,292		5,033		7,049		—		3,276		10,325		—		10,325		—			12/04
New Market, New Market, MD	2,088		146		2,234		—		—		2,234		—		2,234		—			9/05
Hampden House, Bethesda, MD	39,641		41,063		—		—		80,704		80,704		—		80,704		—			10/18, 12/18
Twinbrook, Rockville, MD	110,021		117,651		—		—		227,672		227,672		—		227,672		—			12/14, 03/21
Total Development Land	157,042		163,893		9,283		—		311,652		320,935		—		320,935		—
Total	$	1,088,613	$	1,319,523	$	511,529	$	1,576,924	$	319,683	$	2,408,136	$	688,475	$	1,719,661	$	974,682