Real Estate and Accumulated Depreciation

12 Months Ended

Dec. 31, 2023

SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]

Real estate and accumulated depreciation

SAUL CENTERS, INC. Real Estate and Accumulated Depreciation December 31, 2023 (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	$	25,443	$	13,258	$	21,074	$	49	$	34,381	$	2,745	$	31,636	$	20,216	2019	05/18	50
Ashburn Village, Ashburn, VA	11,431		21,000		6,764		25,658		9		32,431		17,147		15,284		21,805		1994 & 2000-6	3/94	40
Ashland Square Phase I, Dumfries, VA	1,178		7,508		1,178		7,508		—		8,686		3,255		5,431		—		2007, 2013	12/04	20 & 50
Beacon Center, Alexandria, VA	24,161		18,514		22,691		19,984		—		42,675		17,210		25,465		53,681		1960 & 1974	1/72 , 11/16	40 & 50
BJ’s Wholesale Club, Alexandria, VA	22,623		—		22,623		—		—		22,623		—		22,623		15,099			3/08	—
Boca Valley Plaza, Boca Raton, FL	16,720		3,616		5,735		14,473		128		20,336		7,161		13,175		—			2/04	40
Boulevard, Fairfax, VA	4,883		4,731		3,687		5,921		6		9,614		4,040		5,574		9,358		1969, 1999 & 2009	4/94	40
Briggs Chaney MarketPlace, Silver Spring, MD	27,037		5,916		9,789		23,155		9		32,953		12,079		20,874		—			4/04	40
Broadlands Village, Ashburn, VA	5,316		36,806		5,300		36,360		462		42,122		16,713		25,409		27,999		2002-3, 2004 & 2006	3/02	40 & 50
Burtonsville Town Square, Burtonsville, MD	74,212		6,357		28,402		52,149		18		80,569		9,935		70,634		32,178		2010	1/17	20 & 45
Countryside Marketplace, Sterling, VA	28,912		5,134		7,666		26,181		199		34,046		13,764		20,282		—			2/04	40
Cranberry Square, Westminster, MD	31,578		2,047		6,700		26,906		19		33,625		8,332		25,293		13,224			9/11	40
Cruse MarketPlace, Cumming, GA	12,226		954		3,901		9,279		—		13,180		4,700		8,480		—			3/04	40
Flagship Center, Rockville, MD	160		409		169		400		—		569		117		452		—		1972	1/72	—
French Market, Oklahoma City, OK	5,781		17,689		1,118		21,450		902		23,470		15,159		8,311		—		1972 & 1998	3/74	50
Germantown, Germantown, MD	2,034		566		2,034		566		—		2,600		489		2,111		—		1990	8/93	40
The Glen, Woodbridge, VA	12,918		8,799		5,300		16,377		40		21,717		12,027		9,690		20,234		1993 & 2005	6/94	40
Great Falls Center, Great Falls, VA	41,750		3,516		14,766		30,414		86		45,266		12,945		32,321		30,547			3/08	40
Hampshire Langley, Takoma, MD	3,159		3,559		1,892		4,816		10		6,718		4,291		2,427		11,569		1960	1/72	40
Hunt Club Corners, Apopka, FL	12,584		4,771		4,822		12,533		—		17,355		6,613		10,742		—			6/06, 12/12	40
Jamestown Place, Altamonte Springs, FL	14,055		2,486		4,455		12,085		1		16,541		5,925		10,616		—			11/05	40
Kentlands Square I, Gaithersburg, MD	14,379		3,730		5,005		13,104		—		18,109		5,561		12,548		18,840		2002	9/02	40
Kentlands Square II, Gaithersburg, MD	76,723		3,555		23,133		56,860		285		80,278		19,561		60,717		30,168			9/11, 9/13	40
Kentlands Place, Gaithersburg, MD	1,425		7,944		1,425		7,700		244		9,369		4,951		4,418		6,406		2005	1/04	50
Lansdowne Town Center, Leesburg, VA	6,545		43,903		6,546		43,593		309		50,448		21,009		29,439		—		2006	11/02	50
Leesburg Pike Plaza, Baileys Crossroads, VA	2,418		7,012		1,132		8,195		103		9,430		6,523		2,907		11,822		1965	2/66	40
Lumberton Plaza, Lumberton, NJ	4,400		11,792		950		15,161		81		16,192		14,170		2,022		—		1975	12/75	40
Metro Pike Center, Rockville, MD	33,123		5,454		26,064		8,470		4,043		38,577		2,903		35,674		—			12/10	40
Shops at Monocacy, Frederick, MD	9,541		16,070		9,260		16,351		—		25,611		7,680		17,931		25,670		2003-4	11/03	50
Northrock, Warrenton, VA	12,686		15,430		12,686		15,422		8		28,116		6,734		21,382		12,135		2009	01/08	50
Olde Forte Village, Ft. Washington, MD	15,933		6,979		5,409		17,468		35		22,912		9,995		12,917		19,563		2003-4	07/03	40
Olney, Olney, MD	4,963		3,026		3,079		4,910		—		7,989		3,744		4,245		12,655		1972	11/75	40
Orchard Park, Dunwoody, GA	19,377		1,642		7,751		13,242		26		21,019		5,692		15,327		—			7/07	40
Palm Springs Center, Altamonte Springs, FL	18,365		2,534		5,739		14,665		495		20,899		7,371		13,528		—			3/05	40
Ravenwood, Baltimore, MD	1,245		4,486		703		5,028		—		5,731		3,717		2,014		11,361		1959 & 2006	1/72	40
11503 Rockville Pike/5541 Nicholson Lane, Rockville, MD	26,561		24		22,113		4,472		—		26,585		1,488		25,097		—			10/10, 12/12	40
1500/1580/1582 Rockville Pike, Rockville, MD	45,351		2,046		38,065		7,050		2,282		47,397		6,950		40,447		—			12/12, 1/14, 4/14	5, 10, 5 4
Seabreeze Plaza, Palm Harbor, FL	24,526		3,553		8,665		18,943		471		28,079		8,991		19,088		12,683			11/05	40
Market Place at Sea Colony, Bethany Beach, DE	2,920		339		1,147		2,112		—		3,259		858		2,401		—			3/08	40
Seven Corners, Falls Church, VA	4,848		46,536		4,929		46,450		5		51,384		35,402		15,982		85,889		1956 & 1997	7/73	40
Severna Park Marketplace, Severna Park, MD	63,254		3,588		12,700		54,035		107		66,842		15,930		50,912		24,458			9/11	40
Shops at Fairfax, Fairfax, VA	2,708		11,109		992		12,825		—		13,817		9,787		4,030		13,094		1975 & 1999	6/75	50
Smallwood Village Center, Waldorf, MD	17,819		8,915		6,402		20,143		189		26,734		11,922		14,812		—			1/06	40
Southdale, Glen Burnie, MD	18,895		26,767		15,255		29,318		1,089		45,662		24,607		21,055		—		1962 & 1986	1/72 , 11/16	40
Southside Plaza, Richmond, VA	6,728		12,284		1,878		17,134		—		19,012		14,019		4,993		—		1958	1/72	40
South Dekalb Plaza, Atlanta, GA	2,474		5,111		615		6,901		69		7,585		5,601		1,984		—		1970	2/76	40
Thruway, Winston-Salem, NC	7,848		31,346		7,692		29,867		1,635		39,194		21,721		17,473		—		1955 & 1965	5/72, 8/16	40
Village Center, Centreville, VA	16,502		3,486		7,851		12,137		—		19,988		8,866		11,122		24,460		1990	8/93	40
Westview Village, Frederick, MD	6,047		25,754		6,047		25,725		29		31,801		12,949		18,852		—		2009	11/07 , 02/15	50
White Oak, Silver Spring, MD	6,277		7,110		4,649		8,512		226		13,387		6,821		6,566		19,031		1958 & 1967	1/72	40
Other Buildings / Improvements	—		182		—		182				182		178		4		—
Total Shopping Centers	835,537		501,528		420,132		903,264		13,669		1,337,065		480,348		856,717		584,145
Mixed-Use Properties
Avenel Business Park, Gaithersburg, MD	21,459		37,762		3,756		55,385		80		59,221		43,412		15,809		21,611		1984, 1986,1990, 1998 & 2000	12/84, 8/85, 2/86, 4/98 & 10/2000	35 & 40
Clarendon Center, Arlington, VA (1)	12,753		188,640		16,287		184,486		620		201,393		65,111		136,282		81,693		2010	7/73, 1/96 & 4/02	50
Park Van Ness, Washington, DC	2,242		91,960		2,242		91,775		185		94,202		20,370		73,832		60,874		2016	7/73, 2/11	50
601 Pennsylvania Ave., Washington, DC	5,479		71,722		5,667		71,041		493		77,201		60,634		16,567		—		1986	7/73	35
The Waycroft, Arlington, VA	52,067		228,794		53,618		227,243		—		280,861		25,188		255,673		149,078		2020	8/14, 12/14, 9/15, 8/16	50
Washington Square, Alexandria, VA	2,034		60,801		544		61,829		462		62,835		34,407		28,428		50,249		1952 & 2000	7/73	50
Total Mixed-Use Properties	96,034		679,679		82,114		691,759		1,840		775,713		249,122		526,591		363,505
Development Land
Ashland Square Phase II, Manassas, VA	5,292		3,448		7,049		—		1,691		8,740		—		8,740		—			12/04
New Market, New Market, MD	2,088		146		2,234		—		—		2,234		—		2,234		—			9/05
Hampden House, Bethesda, MD	39,641		102,599		—		—		142,240		142,240		—		142,240		7,726			10/18, 12/18
Twinbrook, Rockville, MD	110,021		245,092		—		—		355,113		355,113		—		355,113		74,909			12/14, 03/21
Total Development Land	157,042		351,285		9,283		—		499,044		508,327		—		508,327		82,635
Total	$	1,088,613	$	1,532,492	$	511,529	$	1,595,023	$	514,553	$	2,621,105	$	729,470	$	1,891,635	$	1,030,285

(1)Includes the North and South Blocks and Residential

(2)Amounts do not include deferred debt and therefore will not match the Consolidated Balance Sheet

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 $1.59 billion at December 31, 2023. 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, 2023 are summarized as follows:

(In thousands)	2023		2022		2021
Total real estate investments:
Balance, beginning of year	$	2,408,136	$	2,284,126	$	2,124,796
Acquisitions	—		—		108,279
Improvements	216,154		130,300		54,177
Retirements	(3,185)		(6,290)		(3,126)
Balance, end of year	$	2,621,105	$	2,408,136	$	2,284,126
Total accumulated depreciation:
Balance, beginning of year	$	688,475	$	650,113	$	607,706
Depreciation expense	44,163		44,636		45,487
Retirements	(3,168)		(6,274)		(3,080)
Balance, end of year	$	729,470	$	688,475	$	650,113