Business Segments

12 Months Ended

Dec. 31, 2023

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 2023 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, 2023	Centers		Properties		and Other		Totals
Real estate rental operations:
Revenue	$	179,350	$	77,857	$	—	$	257,207
Expenses	(38,484)		(28,655)		—		(67,139)
Income from real estate	140,866		49,202		—		190,068
Interest expense, net and amortization of deferred debt costs	—		—		(49,153)		(49,153)
Depreciation and amortization of deferred leasing costs	(28,526)		(19,904)		—		(48,430)
General and administrative	—		—		(23,459)		(23,459)
Net income (loss)	$	112,340	$	29,298	$	(72,612)	$	69,026
Capital investment	$	16,491	$	187,190	$	—	$	203,681
Total assets	$	918,089	$	1,057,332	$	18,716	$	1,994,137
As of or for the year ended December 31, 2022
Real estate rental operations:
Revenue	$	172,055	$	73,805	$	—	$	245,860
Expenses	(36,895)		(27,627)		—		(64,522)
Income from real estate	135,160		46,178		—		181,338
Interest expense, net and amortization of deferred debt costs	—		—		(43,937)		(43,937)
Depreciation and amortization of deferred leasing costs	(28,359)		(20,610)		—		(48,969)
General and administrative	—		—		(22,392)		(22,392)
Loss on early extinguishment of debt	—		—		(648)		(648)
Net income (loss)	$	106,801	$	25,568	$	(66,977)	$	65,392
Capital investment	$	8,412	$	108,476	$	—	$	116,888
Total assets	$	928,071	$	885,500	$	19,731	$	1,833,302
As of or for the year ended December 31, 2021
Real estate rental operations:
Revenue	$	169,681	$	69,544	$	—	$	239,225
Expenses	(35,784)		(25,844)		—		(61,628)
Income from real estate	133,897		43,700		—		177,597
Interest expense, net and amortization of deferred debt costs	—		—		(45,424)		(45,424)
Depreciation and amortization of deferred leasing costs	(28,843)		(21,429)		—		(50,272)
General and administrative	—		—		(20,252)		(20,252)
Net income (loss)	$	105,054	$	22,271	$	(65,676)	$	61,649
Capital investment	$	12,673	$	43,245	$	—	$	55,918
Total assets	$	946,993	$	777,709	$	22,059	$	1,746,761