Cover Page
Cover Page - shares shares in Millions | 9 Months Ended | |
Sep. 30, 2021 | Oct. 31, 2021 | |
Entity Information [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 2021 | |
Document Transition Report | false | |
Entity File Number | 1-12254 | |
Entity Registrant Name | SAUL CENTERS, INC. | |
Entity Incorporation, State or Country Code | MD | |
Entity Tax Identification Number | 52-1833074 | |
Entity Address, Address Line One | 7501 Wisconsin Avenue | |
Entity Address, City or Town | Bethesda | |
Entity Address, State or Province | MD | |
Entity Address, Postal Zip Code | 20814 | |
City Area Code | 301 | |
Local Phone Number | 986-6200 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 23.7 | |
Entity Central Index Key | 0000907254 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false | |
Common Stock | ||
Entity Information [Line Items] | ||
Title of 12(b) Security | Common Stock, Par Value $0.01 Per Share | |
Trading Symbol | BFS | |
Security Exchange Name | NYSE | |
Depositary Shares each representing 1/100th of a share of 6.125% Series D Cumulative Redeemable Preferred Stock, Par Value $0.01 Per Share | ||
Entity Information [Line Items] | ||
Title of 12(b) Security | Depositary Shares each representing 1/100th of a share of 6.125% Series D Cumulative Redeemable Preferred Stock, Par Value $0.01 Per Share | |
Trading Symbol | BFS/PRD | |
Security Exchange Name | NYSE | |
Depositary Shares each representing 1/100th of a share of 6.000% Series E Cumulative Redeemable Preferred Stock, Par Value $0.01 Per Share | ||
Entity Information [Line Items] | ||
Title of 12(b) Security | Depositary Shares each representing 1/100th of a share of 6.000% Series E Cumulative Redeemable Preferred Stock, Par Value $0.01 Per Share | |
Trading Symbol | BFS/PRE | |
Security Exchange Name | NYSE |
Consolidated Balance Sheets (Un
Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Real estate investments | ||
Land | $ 511,596 | $ 511,482 |
Buildings and equipment | 1,563,059 | 1,543,837 |
Construction in progress | 191,707 | 69,477 |
Total purchase price | 2,266,362 | 2,124,796 |
Accumulated depreciation | (639,241) | (607,706) |
Real estate investments, net | 1,627,121 | 1,517,090 |
Cash and cash equivalents | 11,917 | 26,856 |
Accounts receivable and accrued income, net | 61,855 | 64,917 |
Deferred leasing costs, net | 24,638 | 26,872 |
Other assets | 13,969 | 9,837 |
Total assets | 1,739,500 | 1,645,572 |
Liabilities | ||
Notes payable | 794,586 | 827,603 |
Construction loan payable | 147,112 | 144,607 |
Revolving credit facility payable | 95,028 | 103,913 |
Term loan facility payable | 99,209 | 74,791 |
Accounts payable, accrued expenses and other liabilities | 27,199 | 24,384 |
Deferred income | 26,216 | 23,293 |
Dividends and distributions payable | 20,543 | 19,448 |
Total liabilities | 1,209,893 | 1,218,039 |
Equity | ||
Common stock, $0.01 par value, 40,000,000 shares authorized, 23,713,961 and 23,476,626 shares issued and outstanding, respectively | 237 | 235 |
Additional paid-in capital | 430,537 | 420,625 |
Partnership units in escrow | 79,300 | 0 |
Distributions in excess of accumulated earnings | (252,309) | (241,535) |
Total Saul Centers, Inc. equity | 442,765 | 364,325 |
Noncontrolling interests | 86,842 | 63,208 |
Total equity | 529,607 | 427,533 |
Total liabilities and equity | 1,739,500 | 1,645,572 |
Series D Cumulative Redeemable Preferred Stock | ||
Equity | ||
Preferred stock, 1,000,000 shares authorized: Series D Cumulative Redeemable, 30,000 shares issued and outstanding, Series E Cumulative Redeemable, 44,000 shares issued and outstanding | 75,000 | 75,000 |
Series E Cumulative Redeemable Preferred Stock | ||
Equity | ||
Preferred stock, 1,000,000 shares authorized: Series D Cumulative Redeemable, 30,000 shares issued and outstanding, Series E Cumulative Redeemable, 44,000 shares issued and outstanding | $ 110,000 | $ 110,000 |
Consolidated Balance Sheets (_2
Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares | Sep. 30, 2021 | Dec. 31, 2020 |
Preferred stock, shares authorized | 1,000,000 | 1,000,000 |
Common stock, par value (in usd per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 40,000,000 | 40,000,000 |
Common stock, shares issued | 23,713,961 | 23,476,626 |
Common stock, shares outstanding | 23,713,961 | 23,476,626 |
Series D Cumulative Redeemable Preferred Stock | ||
Cumulative redeemable preferred stock, shares issued | 30,000 | 30,000 |
Cumulative redeemable preferred stock, shares outstanding | 30,000 | 30,000 |
Series E Cumulative Redeemable Preferred Stock | ||
Cumulative redeemable preferred stock, shares issued | 44,000 | 44,000 |
Cumulative redeemable preferred stock, shares outstanding | 44,000 | 44,000 |
Consolidated Statements of Oper
Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Revenue | ||||
Rental revenue | $ 59,058 | $ 55,749 | $ 175,634 | $ 163,167 |
Other | 1,198 | 1,011 | 3,351 | 3,756 |
Total revenue | 60,256 | 56,760 | 178,985 | 166,923 |
Expenses | ||||
Property operating expenses | 8,210 | 7,416 | 24,420 | 20,862 |
Real estate taxes | 7,154 | 7,523 | 22,121 | 22,027 |
Interest expense, net and amortization of deferred debt costs | 10,914 | 12,398 | 34,559 | 34,011 |
Depreciation and amortization of lease costs | 12,467 | 13,713 | 37,852 | 37,593 |
General and administrative | 4,626 | 4,107 | 14,234 | 13,790 |
Total expenses | 43,371 | 45,157 | 133,186 | 128,283 |
Net Income | 16,885 | 11,603 | 45,799 | 38,640 |
Noncontrolling interests | ||||
Income attributable to noncontrolling interests | (3,747) | (2,236) | (9,653) | (7,681) |
Net income attributable to Saul Centers, Inc. | 13,138 | 9,367 | 36,146 | 30,959 |
Preferred stock dividends | (2,798) | (2,798) | (8,395) | (8,394) |
Net income available to common stockholders | 10,340 | 6,569 | 27,751 | 22,565 |
Net income available to common stockholders | $ 10,340 | $ 6,569 | $ 27,751 | $ 22,565 |
Per share net income available to common stockholders | ||||
Basic (in usd per share) | $ 0.44 | $ 0.28 | $ 1.17 | $ 0.97 |
Diluted (in usd per share) | $ 0.44 | $ 0.28 | $ 1.17 | $ 0.97 |
Consolidated Statement of Equit
Consolidated Statement of Equity (Unaudited) - USD ($) $ in Thousands | Total | Twinbrook Metro Station | Ashbrook Marketplace | Limited Partner | Limited PartnerTwinbrook Metro Station | Series D Cumulative Redeemable Preferred Stock | Series E Cumulative Redeemable Preferred Stock | Total Saul Centers, Inc. | Total Saul Centers, Inc.Twinbrook Metro Station | Total Saul Centers, Inc.Series D Cumulative Redeemable Preferred Stock | Total Saul Centers, Inc.Series E Cumulative Redeemable Preferred Stock | Preferred Stock | Common Stock | Additional Paid-in Capital | Partnership Units in Escrow | Partnership Units in EscrowTwinbrook Metro Station | Distributions in Excess of Accumulated Earnings | Distributions in Excess of Accumulated EarningsSeries D Cumulative Redeemable Preferred Stock | Distributions in Excess of Accumulated EarningsSeries E Cumulative Redeemable Preferred Stock | Noncontrolling Interests | Noncontrolling InterestsAshbrook Marketplace | Noncontrolling InterestsLimited Partner | Noncontrolling InterestsLimited PartnerTwinbrook Metro Station |
Beginning Balance at Dec. 31, 2019 | $ 443,356 | $ 374,981 | $ 185,000 | $ 232 | $ 410,926 | $ 0 | $ (221,177) | $ 68,375 | |||||||||||||||
Issuance of shares of common stock: | |||||||||||||||||||||||
Issuance of shares pursuant to dividend reinvestment plan | 4,081 | $ 734 | 4,081 | 1 | 4,080 | $ 734 | |||||||||||||||||
Issuance of shares due to exercise of employee stock options and issuance of directors’ deferred shares | 956 | 956 | 956 | ||||||||||||||||||||
Net income | 16,829 | 13,264 | 13,264 | 3,565 | |||||||||||||||||||
Distributions payable preferred stock: | |||||||||||||||||||||||
Preferred stock distributions | $ (1,148) | $ (1,650) | $ (1,148) | $ (1,650) | $ (1,148) | $ (1,650) | |||||||||||||||||
Distributions payable, common stock and partnership units | (16,552) | (12,364) | (12,364) | (4,188) | |||||||||||||||||||
Ending Balance at Mar. 31, 2020 | 446,606 | 378,120 | 185,000 | 233 | 415,962 | 0 | (223,075) | 68,486 | |||||||||||||||
Beginning Balance at Dec. 31, 2019 | 443,356 | 374,981 | 185,000 | 232 | 410,926 | 0 | (221,177) | 68,375 | |||||||||||||||
Issuance of shares of common stock: | |||||||||||||||||||||||
Net income | 38,640 | ||||||||||||||||||||||
Ending Balance at Sep. 30, 2020 | 431,617 | 367,018 | 185,000 | 234 | 417,504 | 0 | (235,720) | 64,599 | |||||||||||||||
Beginning Balance at Mar. 31, 2020 | 446,606 | 378,120 | 185,000 | 233 | 415,962 | 0 | (223,075) | 68,486 | |||||||||||||||
Issuance of shares of common stock: | |||||||||||||||||||||||
Issuance of shares pursuant to dividend reinvestment plan | 407 | 407 | 407 | ||||||||||||||||||||
Issuance of shares due to exercise of employee stock options and issuance of directors’ deferred shares | 424 | 424 | 424 | ||||||||||||||||||||
Net income | 10,208 | 8,328 | 8,328 | 1,880 | |||||||||||||||||||
Distributions payable preferred stock: | |||||||||||||||||||||||
Preferred stock distributions | (1,148) | (1,650) | (1,148) | (1,650) | (1,148) | (1,650) | |||||||||||||||||
Distributions payable, common stock and partnership units | (16,561) | (12,373) | (12,373) | (4,188) | |||||||||||||||||||
Ending Balance at Jun. 30, 2020 | 438,286 | 372,108 | 185,000 | 233 | 416,793 | 0 | (229,918) | 66,178 | |||||||||||||||
Issuance of shares of common stock: | |||||||||||||||||||||||
Issuance of shares pursuant to dividend reinvestment plan | 422 | 422 | 1 | 421 | |||||||||||||||||||
Issuance of shares due to exercise of employee stock options and issuance of directors’ deferred shares | 290 | 290 | 0 | 290 | |||||||||||||||||||
Issuance of partnership units pursuant to dividend reinvestment plan | 380 | 380 | |||||||||||||||||||||
Net income | 11,603 | 9,367 | 9,367 | 2,236 | |||||||||||||||||||
Distributions payable preferred stock: | |||||||||||||||||||||||
Preferred stock distributions | (1,148) | (1,650) | (1,148) | (1,650) | (1,148) | (1,650) | |||||||||||||||||
Distributions payable, common stock and partnership units | (16,566) | (12,371) | (12,371) | (4,195) | |||||||||||||||||||
Ending Balance at Sep. 30, 2020 | 431,617 | 367,018 | 185,000 | 234 | 417,504 | 0 | (235,720) | 64,599 | |||||||||||||||
Beginning Balance at Dec. 31, 2020 | 427,533 | 364,325 | 185,000 | 235 | 420,625 | 0 | (241,535) | 63,208 | |||||||||||||||
Issuance of shares of common stock: | |||||||||||||||||||||||
Issuance of shares pursuant to dividend reinvestment plan | 2,840 | 575 | 2,840 | 1 | 2,839 | 575 | |||||||||||||||||
Issuance of shares due to exercise of employee stock options and issuance of directors’ deferred shares | 323 | 323 | 323 | ||||||||||||||||||||
Stock issued during period, value, acquisitions | $ 79,300 | $ 79,300 | $ 79,300 | ||||||||||||||||||||
Net income | 12,795 | 10,262 | 10,262 | 2,533 | |||||||||||||||||||
Distributions payable preferred stock: | |||||||||||||||||||||||
Preferred stock distributions | (1,148) | (1,650) | (1,148) | (1,650) | (1,148) | (1,650) | |||||||||||||||||
Distributions payable, common stock and partnership units | (16,706) | (12,488) | (12,488) | (4,218) | |||||||||||||||||||
Ending Balance at Mar. 31, 2021 | 503,862 | 441,764 | 185,000 | 236 | 423,787 | 79,300 | (246,559) | 62,098 | |||||||||||||||
Beginning Balance at Dec. 31, 2020 | 427,533 | 364,325 | 185,000 | 235 | 420,625 | 0 | (241,535) | 63,208 | |||||||||||||||
Issuance of shares of common stock: | |||||||||||||||||||||||
Net income | 45,799 | ||||||||||||||||||||||
Ending Balance at Sep. 30, 2021 | 529,607 | 442,765 | 185,000 | 237 | 430,537 | 79,300 | (252,309) | 86,842 | |||||||||||||||
Beginning Balance at Mar. 31, 2021 | 503,862 | 441,764 | 185,000 | 236 | 423,787 | 79,300 | (246,559) | 62,098 | |||||||||||||||
Issuance of shares of common stock: | |||||||||||||||||||||||
Issuance of shares pursuant to dividend reinvestment plan | 2,855 | $ 585 | 2,855 | 2,855 | $ 585 | ||||||||||||||||||
Issuance of shares due to exercise of employee stock options and issuance of directors’ deferred shares | 705 | 705 | 705 | ||||||||||||||||||||
Stock issued during period, value, acquisitions | $ 4,320 | $ 21,500 | $ 4,320 | $ 21,500 | |||||||||||||||||||
Net income | 16,119 | 12,746 | 12,746 | 3,373 | |||||||||||||||||||
Distributions payable preferred stock: | |||||||||||||||||||||||
Preferred stock distributions | (1,149) | (1,650) | (1,149) | (1,650) | (1,149) | (1,650) | |||||||||||||||||
Distributions payable, common stock and partnership units | (17,694) | (13,000) | (13,000) | (4,694) | |||||||||||||||||||
Ending Balance at Jun. 30, 2021 | 529,453 | 442,271 | 185,000 | 236 | 427,347 | 79,300 | (249,612) | 87,182 | |||||||||||||||
Issuance of shares of common stock: | |||||||||||||||||||||||
Issuance of shares pursuant to dividend reinvestment plan | 2,897 | 2,897 | 1 | 2,896 | |||||||||||||||||||
Issuance of shares due to exercise of employee stock options and issuance of directors’ deferred shares | 294 | 294 | 0 | 294 | |||||||||||||||||||
Issuance of partnership units pursuant to dividend reinvestment plan | 615 | 615 | |||||||||||||||||||||
Net income | 16,885 | 13,138 | 13,138 | 3,747 | |||||||||||||||||||
Distributions payable preferred stock: | |||||||||||||||||||||||
Preferred stock distributions | $ (1,148) | $ (1,650) | $ (1,148) | $ (1,650) | $ (1,148) | $ (1,650) | |||||||||||||||||
Distributions payable, common stock and partnership units | (17,739) | (13,037) | (13,037) | (4,702) | |||||||||||||||||||
Ending Balance at Sep. 30, 2021 | $ 529,607 | $ 442,765 | $ 185,000 | $ 237 | $ 430,537 | $ 79,300 | $ (252,309) | $ 86,842 |
Consolidated Statement of Equ_2
Consolidated Statement of Equity (Parenthetical) - $ / shares | 3 Months Ended | |||||
Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | |
Shares pursuant to dividend reinvestment plan | 65,171,000 | 68,206,000 | 96,268 | 14,525,000 | 12,627,000 | 83,978 |
Shares due to exercise of employee stock options and issuance of directors' deferred stock | 743,000 | 6,038,000 | 910 | 984,000 | 3,109,000 | 11,745 |
Issuance of partnership units pursuant to dividend reinvestment plan (in shares) | 13,841,000 | 13,108,000 | ||||
Limited Partner | ||||||
Shares pursuant to dividend reinvestment plan | 13,978,000 | 19,493 | 15,101 | |||
Twinbrook Metro Station | ||||||
Number of partnership units issued in transaction (in shares) | 469,740,000 | 1,416,071 | ||||
Ashbrook Marketplace | ||||||
Number of partnership units issued in transaction (in shares) | 93,674,000 | |||||
Dividend Distributions Payable | ||||||
Distributions payable common stock, per share (in usd per share) | $ 0.55 | $ 0.55 | $ 0.53 | $ 0.53 | $ 0.53 | $ 0.53 |
Distributions partnership units, per unit (in usd per share) | 0.55 | 0.55 | 0.53 | 0.53 | 0.53 | 0.53 |
Series D Cumulative Redeemable Preferred Stock | Dividend Distributions Payable | ||||||
Distributions payable on preferred stock, per share (in usd per share) | 38.28 | 38.28 | 38.28 | 38.28 | 38.28 | 38.28 |
Series E Cumulative Redeemable Preferred Stock | Dividend Distributions Payable | ||||||
Distributions payable on preferred stock, per share (in usd per share) | $ 37.50 | $ 37.50 | $ 37.50 | $ 37.50 | $ 37.50 | $ 37.50 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | ||
Cash flows from operating activities: | |||
Net income | $ 45,799,000 | $ 38,640,000 | |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization of lease costs | 37,852,000 | 37,593,000 | |
Amortization of deferred debt costs | 1,237,000 | 1,163,000 | |
Compensation costs of stock and option grants | 1,197,000 | 1,141,000 | |
Credit losses on operating lease receivables | 802,000 | 4,162,000 | |
(Increase) decrease in accounts receivable and accrued income | 2,260,000 | (17,552,000) | |
Additions to deferred leasing costs | (1,316,000) | (7,383,000) | |
Increase in other assets | (4,124,000) | (2,286,000) | |
Increase in accounts payable, accrued expenses and other liabilities | 2,432,000 | 3,871,000 | |
Increase (decrease) in deferred income | 2,923,000 | (2,579,000) | |
Net cash provided by operating activities | 89,062,000 | 56,770,000 | |
Cash flows from investing activities: | |||
Payments to Acquire Other Real Estate | [1],[2],[3] | (9,011,000) | 0 |
Additions to real estate investments | (14,593,000) | (13,665,000) | |
Additions to development and redevelopment projects | (15,227,000) | (34,698,000) | |
Net cash used in investing activities | (38,831,000) | (48,363,000) | |
Cash flows from financing activities: | |||
Proceeds from notes payable | 0 | 52,100,000 | |
Repayments on notes payable | (33,670,000) | (37,431,000) | |
Repayments on revolving credit facility | (42,500,000) | (53,000,000) | |
Proceeds from construction loan | 2,430,000 | 32,928,000 | |
Additions to deferred debt costs | (3,474,000) | (1,196,000) | |
Proceeds from the issuance of: | |||
Common stock | 8,717,000 | 5,440,000 | |
Partnership units (1) (2) (3) | [1],[2],[3] | 1,775,000 | 1,114,000 |
Distributions to: | |||
Common stockholders | (37,926,000) | (37,012,000) | |
Noncontrolling interests | (13,127,000) | (12,556,000) | |
Net cash provided by (used in) financing activities | (65,170,000) | 31,993,000 | |
Net increase (decrease) in cash and cash equivalents | (14,939,000) | 40,400,000 | |
Cash and cash equivalents, beginning of period | 26,856,000 | 13,905,000 | |
Cash and cash equivalents, end of period | 11,917,000 | 54,305,000 | |
Supplemental disclosure of cash flow information: | |||
Cash paid for interest | 33,738,000 | 32,951,000 | |
Increase (decrease) in accrued real estate investments and development costs | 504,000 | (11,196,000) | |
Secured Debt | |||
Cash flows from financing activities: | |||
Proceeds from revolving credit facility | 25,000,000 | 0 | |
Revolving Credit Facility | |||
Cash flows from financing activities: | |||
Proceeds from revolving credit facility | 36,000,000 | 90,000,000 | |
Twinbrook Quarter | |||
Supplemental disclosure of cash flow information: | |||
Limited partnership units issued | 79,300 | ||
Twinbrook Metro Station Leasehold Interest | |||
Supplemental disclosure of cash flow information: | |||
Limited partnership units issued | 21,500 | ||
Ashbrook Marketplace | |||
Supplemental disclosure of cash flow information: | |||
Limited partnership units issued | 4,320 | ||
Series D Cumulative Redeemable Preferred Stock | |||
Distributions to: | |||
Preferred stockholders | (3,445,000) | (3,444,000) | |
Series E Cumulative Redeemable Preferred Stock | |||
Distributions to: | |||
Preferred stockholders | $ (4,950,000) | $ (4,950,000) | |
[1] | The 2021 acquisition of real estate and proceeds from the issuance of partnership units each excludes $21,500 in connection with the contribution of the Twinbrook Quarter leasehold interest in exchange for limited partnership units. See Notes 3 and 4 to the Consolidated Financial Statements. | ||
[2] | The 2021 acquisition of real estate and proceeds from the issuance of partnership units each excludes $4,320 in connection with the issuance of additional limited partnership units to B. F. Saul Real Estate Investment Trust as additional consideration pursuant to the terms of the 2016 contribution agreement, as amended, related to Ashbrook Marketplace. See Note 7 to the Consolidated Financial Statements. | ||
[3] | The 2021 acquisition of real estate and proceeds from the issuance of partnership units each excludes $79,300 in connection with the contribution of Twinbrook Quarter by the B. F. Saul Real Estate Investment Trust in exchange for limited partnership units that are held in escrow. See Notes 3 and 4 to the Consolidated Financial Statements. |
Organization, Basis of Presenta
Organization, Basis of Presentation | 9 Months Ended |
Sep. 30, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization, Basis of Presentation | Organization, Basis of Presentation Saul Centers, Inc. (“Saul Centers”) was incorporated under the Maryland General Corporation Law on June 10, 1993, and operates as a real estate investment trust (a “REIT”) under the Internal Revenue Code of 1986, as amended (the “Code”). The Company is required to annually distribute at least 90% of its REIT taxable income (excluding net capital gains) to its stockholders and meet certain organizational and other requirements. Saul Centers has made and intends to continue to make regular quarterly distributions to its stockholders. Saul Centers, together with its wholly-owned subsidiaries and the limited partnerships of which Saul Centers or one of its subsidiaries is the sole general partner, are referred to collectively as the “Company.” B. Francis Saul II serves as Chairman of the Board of Directors and Chief Executive Officer of Saul Centers. The Company, which conducts all of its activities through its subsidiaries, Saul Holdings Limited Partnership, a Maryland limited partnership (the “Operating Partnership”) and two subsidiary limited partnerships (the “Subsidiary Partnerships,” and, collectively with the Operating Partnership, the “Partnerships”), engages in the ownership, operation, management, leasing, acquisition, renovation, expansion, development and financing of community and neighborhood shopping centers and mixed-use properties, primarily in the Washington, DC/Baltimore metropolitan area. As of September 30, 2021, the Company’s properties (the “Current Portfolio Properties”) consisted of 50 shopping center properties (the “Shopping Centers”), seven mixed-use properties, which are comprised of office, retail and multi-family residential uses (the “Mixed-Use Properties”) and four (non-operating) development properties. Because the properties are located primarily in the Washington, DC/Baltimore metropolitan area, the Company is subject to a concentration of credit risk related to these properties. A majority of the Shopping Centers are anchored by one or more major tenants. As of September 30, 2021, 33 of the Shopping Centers were anchored by a grocery store and offer primarily day-to-day necessities and services. Giant Food, a tenant at 11 Shopping Centers, individually accounted for 5.3% of the Company's total revenue for the nine months ended September 30, 2021. No other tenant individually accounted for 2.5% or more of the Company’s total revenue, excluding lease termination fees, for the nine months ended September 30, 2021. The accompanying consolidated financial statements of the Company include the accounts of Saul Centers and its subsidiaries, including the Partnerships, which are majority owned by Saul Centers. Substantially all assets and liabilities of the Company as of September 30, 2021 and December 31, 2020, are comprised of the assets and liabilities of the Operating Partnership. Debt arrangements subject to recourse are described in Note 5. All significant intercompany balances and transactions have been eliminated in consolidation. The Operating Partnership is a variable interest entity ("VIE") because the limited partners do not have substantive kick-out or participating rights. The Company is the primary beneficiary of the Operating Partnership because it has the power to direct its activities and the rights to absorb 73.4% of its net income. Because the Operating Partnership is consolidated into the financial statements of the Company, classification of it as a VIE has no impact on the consolidated financial statements of the Company. The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. In the opinion of management, all adjustments necessary for the fair presentation of the financial position and results of operations of the Company for the interim periods have been included. All such adjustments are of a normal recurring nature. These consolidated financial statements and the accompanying notes should be read in conjunction with the audited consolidated financial statements of the Company for the year ended December 31, 2020, which are included in its Annual Report on Form 10-K. Certain information and note disclosures normally included in annual financial statements prepared in accordance with GAAP have been omitted pursuant to those instructions. The results of operations for interim periods are not necessarily indicative of results to be expected for the year. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2021 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Our significant accounting policies disclosed in our Annual Report on Form 10-K for the year ended December 31, 2020 have not changed significantly in amount or composition. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. The most significant estimates and assumptions relate to collectability of operating lease receivables and impairment of real estate properties. Actual results could differ from those estimates. Accounts Receivable, Accrued Income and Allowance for Doubtful Accounts Accounts receivable represents amounts due from tenants, whether current or deferred, in accordance with the terms of their respective leases and base rent recognized on a straight-line basis. Individual leases are assessed for collectability and upon the determination that the collection of rents is not probable, accrued rent and accounts receivable are charged off, which is reflected as an adjustment to rental revenue. Revenue from leases where collection is not probable is recorded on a cash basis until collectability is determined to be probable. Further, we assess whether operating lease receivables, at the portfolio level, are appropriately valued based upon an analysis of balances outstanding, historical bad debt levels and current economic trends. As of September 30, 2021, $4.6 million of rents previously deferred have come due. Of the amounts that have come due, $4.5 million has been paid. At September 30, 2021 and December 31, 2020, accounts receivable was comprised of: (In thousands) September 30, 2021 December 31, 2020 Rents currently due $ 7,576 $ 13,321 Deferred rents 5,388 8,205 Straight-line rent 46,429 44,863 Other receivables 5,974 3,751 Allowance for doubtful accounts (3,512) (5,223) Total $ 61,855 $ 64,917 Reclassifications Certain reclassifications have been made to the prior year financial statements to conform to the presentation used for the nine months ended September 30, 2021. |
Real Estate
Real Estate | 9 Months Ended |
Sep. 30, 2021 | |
Real Estate [Abstract] | |
Real Estate | Real Estate Construction In Progress Construction in progress includes land, preconstruction and development costs of active projects. Preconstruction costs include legal, zoning and permitting costs and other project carrying costs incurred prior to the commencement of construction. Development costs include direct construction costs and indirect costs incurred subsequent to the start of construction such as architectural, engineering, construction management and carrying costs consisting of interest, real estate taxes and insurance. During the nine months ended September 30, 2021, assets totaling $8.7 million were placed in service in conjunction with the substantial completion of The Waycroft. Construction in progress as of September 30, 2021 and December 31, 2020, is composed of the following: (In thousands) September 30, 2021 December 31, 2020 Twinbrook Quarter $ 127,348 $ — Hampden House 53,619 50,723 The Waycroft — 8,651 Ashbrook Marketplace — 153 Other 10,740 9,950 Total $ 191,707 $ 69,477 Leases We lease Shopping Centers and Mixed-Use Properties to lessees in exchange for monthly payments that cover rent, and, where applicable, reimbursement for property taxes, insurance, and certain property operating expenses. Our leases have been determined to be operating leases and generally range in term from one Some of our leases have termination options and/or extension options. Termination options allow the lessee and/or lessor to terminate the lease prior to the end of the lease term, provided certain conditions are met. Termination options generally require advance notification from the lessee and/or lessor and payment of a termination fee. Termination fees are recognized as revenue over the modified lease term. Extension options are subject to terms and conditions stated in the lease. An operating lease right of use asset and corresponding lease liability related to our headquarters lease are reflected in other assets and other liabilities, respectively. The lease expires on February 28, 2022, with one option to renew for an additional five years. The right of use asset and corresponding lease liability totaled $321,900 and $334,500, respectively, at September 30, 2021. Due to the business disruptions and challenges severely affecting the global economy caused by the novel strain of coronavirus (“COVID-19”) pandemic, many lessees have requested rent relief, including rent deferrals and other lease concessions. The lease modification guidance in Accounting Standards Update 2016-02, "Accounting for Leases" Deferred Leasing Costs Deferred leasing costs consist of commissions paid to third-party and internal leasing agents, internal costs such as payroll-related fringe benefits that are direct and incremental to successful commercial leases, amounts attributed to in-place leases associated with acquired properties and lease inducement costs. Effective with the adoption of ASU 2016-02 on January 1, 2019, all costs incurred prior to the execution of a lease are charged to expense and not capitalized. Unamortized deferred leasing costs are charged to expense if the applicable lease is terminated prior to expiration of the initial lease term. Deferred leasing costs are amortized over the term of the lease or remaining term of acquired leases. Collectively, deferred leasing costs totaled $24.6 million and $26.9 million, net of accumulated amortization of $47.7 million and $44.5 million, as of September 30, 2021 and December 31, 2020, respectively. Amortization expense, included in depreciation and amortization of lease costs in the Consolidated Statements of Operations, totaled $3.6 million and $4.0 million for the nine months ended September 30, 2021 and 2020, respectively. Real Estate Investment Properties Depreciation is calculated using the straight-line method and estimated useful lives of generally between 35 and 50 years for base buildings, or a shorter period if management determines that the building has a shorter useful life, and up to 20 years for certain other improvements that extend the useful lives. Leasehold improvement expenditures are capitalized when certain criteria are met, including when the Company supervises construction and will own the improvements. Tenant improvements are amortized, over the shorter of the lives of the related leases or the useful life of the improvements, using the straight-line method. Depreciation expense in the Consolidated Statements of Operations totaled $34.2 million and $33.6 million for the nine months ended September 30, 2021 and 2020, respectively. Repairs and maintenance expense totaled $10.2 million and $8.0 million for the nine months ended September 30, 2021 and 2020, respectively, and is included in property operating expenses in the Consolidated Statements of Operations. As of September 30, 2021, we have not identified any impairment triggering events, including the impact of COVID-19 and corresponding tenant requests for rent relief. Therefore, under applicable GAAP guidance, no impairment charges were recorded. Acquisitions On November 5, 2019, the Company entered into an agreement (the “Twinbrook Contribution Agreement”) to acquire from 1592 Rockville Pike LLC ("1592 Rockville Pike"), a wholly-owned subsidiary of the B. F. Saul Real Estate Investment Trust (the “Trust”), approximately 6.8 acres of land and its leasehold interest in approximately 1.3 acres of contiguous land, together in each case with the improvements located thereon, located at the Twinbrook Metro Station in Rockville, Maryland (the “Contributed Property”). The Contributed Property is immediately adjacent to approximately 10.3 acres owned by the Company. In exchange for the Contributed Property, the Company will issue to 1592 Rockville Pike 1,416,071 limited partnership units in the Operating Partnership. Title to the Contributed Property and the units were placed in escrow until certain conditions of the Twinbrook Contribution Agreement were satisfied. The units issued to 1592 Rockville Pike will remain in escrow until the conditions of the Twinbrook Contribution Agreement, as amended, are satisfied. Half of the units held in escrow were released on the October 18, 2021. The remaining units held in escrow are scheduled to be released on October 18, 2023. On March 5, 2021, the Company entered into an amendment to the Twinbrook Contribution Agreement in which it and 1592 Rockville Pike agreed to release to the Company from escrow the deed and assignment of the leasehold interest of the Contributed Property, as of that date. The Company also reimbursed 1592 Rockville Pike for certain expenses pursuant to the Twinbrook Contribution Agreement totaling $7.4 million. Acquisition costs totaled $1.2 million. The Company recorded a finance lease right-of-use asset of $19.4 million and corresponding lease liability of $19.4 million related to the leasehold interest assumed in the transaction. The incremental borrowing rate used to calculate the lease liability was 5.63%. On June 29, 2021, the third-party landlord under the ground lease contributed to the Company the fee simple interest in the land underlying the leasehold interest in exchange for 469,740 limited partnership units in the Operating Partnership, representing an aggregate value of $21.5 million. Acquisition costs were paid in cash and totaled $0.7 million. Accordingly, the finance lease right-of-use asset and finance lease liability were extinguished. Amortization expense and interest expense related to the lease totaled $104,000 and $362,800, respectively, for the nine months ended September 30, 2021. |
Noncontrolling Interests - Hold
Noncontrolling Interests - Holders of Convertible Limited Partnership Units in the Operating Partnership | 9 Months Ended |
Sep. 30, 2021 | |
Noncontrolling Interest [Abstract] | |
Noncontrolling Interests - Holders of Convertible Limited Partnership Units in the Operating Partnership | Noncontrolling Interests - Holders of Convertible Limited Partnership Units in the Operating PartnershipAs of September 30, 2021, the B. F. Saul Company and certain other affiliated entities, each of which is controlled by B. Francis Saul II and his family members, (collectively, the “Saul Organization”) held an aggregate 25.1% limited partnership interest in the Operating Partnership represented by approximately 8.1 million convertible limited partnership units. These units are convertible into shares of Saul Centers’ common stock, at the option of the unit holder, on a one-for-one basis provided that, in accordance with the Company’s Articles of Incorporation, the rights may not be exercised at any time that the Saul Organization beneficially owns or will own after the exercise, directly or indirectly, in the aggregate more than 39.9% of the value of the outstanding common stock and preferred stock of Saul Centers (the “Equity Securities”). As of September 30, 2021, approximately 1.0 million units could be converted into shares of Saul Centers common stock. As of September 30, 2021, a third party investor holds a 1.5% limited partnership interest in the Operating Partnership represented by 469,740 convertible limited partnership units. At the option of the unit holder, these units are convertible into shares of Saul Centers’ common stock on a one-for-one basis; provided that, in lieu of the delivery of Saul Centers' common stock, Saul Centers may, in its sole discretion, deliver cash in an amount equal to the value of such Saul Centers' common stock. The impact of the aggregate 26.6% limited partnership interest in the Operating Partnership held by parties other than Saul Centers is reflected as Noncontrolling Interests in the accompanying consolidated financial statements. Weighted average fully diluted partnership units and common stock outstanding for the three months ended September 30, 2021 and 2020, was approximately 33.7 million and 31.3 million, respectively, and for the nine months ended September 30, 2021 and 2020, was approximately 32.9 million and 31.2 million, respectively. The 0.7 million limited partnership units remaining in escrow after October 18, 2021, in connection with the Twinbrook Contribution Agreement are not eligible to receive distributions from the Operating Partnership until such time as they are released from escrow. |
Notes Payable, Revolving Credit
Notes Payable, Revolving Credit Facility, Interest and Amortization of Deferred Debt Costs | 9 Months Ended |
Sep. 30, 2021 | |
Debt Disclosure [Abstract] | |
Notes Payable, Revolving Credit Facility, Interest and Amortization of Deferred Debt Costs | Notes Payable, Revolving Credit Facility, Interest and Amortization of Deferred Debt Costs The principal amount of the Company’s outstanding debt totaled approximately $1.1 billion at September 30, 2021, of which approximately $949.5 million was fixed-rate debt and approximately $198.0 million was variable rate debt outstanding under the credit facility. The carrying value of the properties collateralizing the notes payable totaled approximately $1.1 billion as of September 30, 2021. On August 31, 2021, the Company replaced its credit facility. The new credit facility, which can be used for working capital, property acquisitions, development projects or letters of credit, totals $525.0 million (the “New Facility”), of which $425.0 million is a revolving credit facility (the “Revolving Line”) and $100.0 million is a term loan (the “Term Loan”). The Revolving Line matures on August 29, 2025, which term may be extended by the Company for one additional year, subject to satisfaction of certain conditions. The Term Loan matures on February 26, 2027, and may not be extended. In general, loan availability under the New Facility is primarily determined by operating income from the Company’s existing unencumbered properties. Interest accrues at a rate of LIBOR plus a spread of 135 basis points to 195 basis points under the Revolving Line, and 130 basis points to 190 basis points under the Term Loan, each as determined by certain leverage tests. As of September 30, 2021, the applicable spread for borrowings is 140 basis points under the Revolving Line and 135 basis points under the Term Loan. Saul Centers and certain consolidated subsidiaries of the Operating Partnership have guaranteed the payment obligations of the Operating Partnership under the New Facility. Letters of credit may be issued under the revolving credit facility. On September 30, 2021, based on the value of the Company’s unencumbered properties, approximately $228.2 million was available under the Revolving Line, $98.0 million was outstanding and approximately $185,000 was committed for letters of credit. On January 5, 2021, the Company repaid in full the remaining principal balance of $6.1 million of the mortgage loan secured by Jamestown Place, which was scheduled to mature in February 2021. On June 11, 2021, the Company repaid in full the remaining principal balance of $5.0 million of the mortgage loan secured by Hunt Club Corners, which was scheduled to mature in August 2021. Saul Centers and certain consolidated subsidiaries of the Operating Partnership have guaranteed the payment obligations of the Operating Partnership under the credit facility. The Operating Partnership is the guarantor of (a) a portion of the Park Van Ness mortgage (approximately $3.3 million of the $65.1 million outstanding balance at September 30, 2021, which guarantee will be reduced to zero on October 1, 2021), (b) a portion of the Broadlands mortgage (approximately $3.7 million of the $29.9 million outstanding balance at September 30, 2021), (c) a portion of the Avenel Business Park mortgage (approximately $6.3 million of the $24.4 million outstanding balance at September 30, 2021), (d) a portion of The Waycroft mortgage (approximately $23.6 million of the $148.5 million outstanding balance at September 30, 2021), (e) the Ashbrook Marketplace mortgage (totaling $21.5 million at September 30, 2021), and (f) the mortgage secured by Kentlands Place, Kentlands Square I and Kentlands Pad (totaling $29.2 million at September 30, 2021). All other notes payable are non-recourse. At December 31, 2020, the principal amount of the Company’s outstanding debt totaled approximately $1.2 billion, of which $980.8 million was fixed rate debt and $179.5 million was variable rate debt, including $104.5 million outstanding under an unsecured revolving credit facility. The carrying value of the properties collateralizing the notes payable totaled approximately $1.2 billion as of December 31, 2020. At September 30, 2021, the scheduled maturities of debt, including scheduled principal amortization, for years ending December 31, were as follows: (In thousands) Balloon Scheduled Total October 1 through December 31, 2021 $ — $ 7,679 $ 7,679 2022 36,502 31,016 67,518 2023 9,225 31,479 40,704 2024 66,164 30,876 97,040 2025 118,363 (a) 27,860 146,223 2026 134,088 24,333 158,421 Thereafter 537,673 92,253 629,926 Principal amount $ 902,015 $ 245,496 1,147,511 Unamortized deferred debt costs 11,576 Net $ 1,135,935 (a) Includes $98.0 million outstanding under the Revolving Line. Deferred debt costs consist of fees and costs incurred to obtain long-term financing, construction financing and the credit facility. These fees and costs are being amortized on a straight-line basis over the terms of the respective loans or agreements, which approximates the effective interest method. Deferred debt costs totaled $11.6 million and $9.3 million, net of accumulated amortization of $7.2 million and $8.7 million, at September 30, 2021 and December 31, 2020, respectively, and are reflected as a reduction of the related debt in the Consolidated Balance Sheets. Interest expense, net and amortization of deferred debt costs for the three and nine months ended September 30, 2021 and 2020, were as follows: Three Months Ended September 30, Nine Months Ended September 30, (In thousands) 2021 2020 2021 2020 Interest incurred $ 12,481 $ 12,933 $ 38,062 $ 38,788 Amortization of deferred debt costs 425 402 1,237 1,163 Capitalized interest (1,991) (909) (4,734) (5,813) Interest expense 10,915 12,426 34,565 34,138 Less: Interest income 1 28 6 127 Interest expense, net and amortization of deferred debt costs $ 10,914 $ 12,398 $ 34,559 $ 34,011 |
Equity
Equity | 9 Months Ended |
Sep. 30, 2021 | |
Equity [Abstract] | |
Equity | Equity The consolidated statements of operations for the nine months ended September 30, 2021 and 2020, reflect noncontrolling interests of $9.7 million and $7.7 million, respectively, representing income attributable to limited partnership units not held by Saul Centers. At September 30, 2021, the Company had outstanding 3.0 million depositary shares, each representing 1/100th of a share of 6.125% Series D Cumulative Redeemable Preferred Stock (the "Series D Stock"). The depositary shares may be redeemed at the Company’s option, in whole or in part, on or after January 23, 2023, at the $25.00 liquidation preference, plus accrued but unpaid dividends to but not including the redemption date. The depositary shares pay an annual dividend of $1.53125 per share, equivalent to 6.125% of the $25.00 liquidation preference. The Series D Stock has no stated maturity, is not subject to any sinking fund or mandatory redemption and is not convertible into any other securities of the Company except in connection with certain changes in control or delisting events. Investors in the depositary shares generally have no voting rights, but will have limited voting rights if the Company fails to pay dividends for six or more quarters (whether or not declared or consecutive) and in certain other events. At September 30, 2021, the Company had outstanding 4.4 million depositary shares, each representing 1/100th of a share of 6.000% Series E Cumulative Redeemable Preferred Stock (the “Series E Stock”). The depositary shares may be redeemed at the Company’s option, in whole or in part, on or after September 17, 2024, at the $25.00 liquidation preference, plus accrued but unpaid dividends to but not including the redemption date. The depositary shares pay an annual dividend of $1.50 per share, equivalent to 6.000% of the $25.00 liquidation preference. The Series E Stock has no stated maturity, is not subject to any sinking fund or mandatory redemption and is not convertible into any other securities of the Company except in connection with certain changes in control or delisting events. Investors in the depositary shares generally have no voting rights, but will have limited voting rights if the Company fails to pay dividends for six or more quarters (whether or not declared or consecutive) and in certain other events. Per Share Data Per share data for net income (basic and diluted) is computed using weighted average shares of common stock. Convertible limited partnership units and employee stock options are the Company’s potentially dilutive securities. For all periods presented, the convertible limited partnership units are non-dilutive. The following table sets forth, for the indicated periods, weighted averages of the number of common shares outstanding, basic and dilutive, the effect of dilutive options and the number of options which are not dilutive because the average price of the Company's common stock was less than the exercise prices. The treasury stock method was used to measure the effect of the dilution. Three months ended September 30, Nine months ended September 30, (In thousands) 2021 2020 2021 2020 Weighted average common stock outstanding-Basic 23,692 23,353 23,619 23,329 Effect of dilutive options 4 — 2 1 Weighted average common stock outstanding-Diluted 23,696 23,353 23,621 23,330 Non-dilutive options 1,350 1,516 1,474 1,418 Years non-dilutive options were issued 2014 through 2020 2011 through 2020 2011 and 2014 through 2020 2014 through 2020 |
Related Party Transactions
Related Party Transactions | 9 Months Ended |
Sep. 30, 2021 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Related Party Transactions The Chairman and Chief Executive Officer, the President and Chief Operating Officer, the Executive Vice President-Chief Legal and Administrative Officer and the Senior Vice President-Chief Accounting Officer and Treasurer of the Company are also officers of various members of the Saul Organization and their management time is shared with the Saul Organization. Their annual compensation is fixed by the Compensation Committee of the Board of Directors, with the exception of the Senior Vice President-Chief Accounting Officer and Treasurer whose share of annual compensation allocated to the Company is determined by the shared services agreement (described below). The Company participates in a multiemployer 401K plan with entities in the Saul Organization which covers those full-time employees who meet the requirements as specified in the plan. Company contributions, which are included in general and administrative expense or property operating expenses in the Consolidated Statements of Operations, at the discretionary amount of up to 6% of the employee’s cash compensation, subject to certain limits, were $328,500 and $255,200 for the nine months ended September 30, 2021 and 2020, respectively. All amounts contributed by employees and the Company are fully vested. The Company also participates in a multiemployer nonqualified deferred compensation plan with entities in the Saul Organization which covers those full-time employees who meet the requirements as specified in the plan. According to the plan, which can be modified or discontinued at any time, participating employees defer 2% of their compensation in excess of a specified amount. For the nine months ended September 30, 2021 and 2020, the Company credited to employee accounts $120,800 and $164,800, respectively, which is the sum of accrued earnings and up to three times the amount deferred by employees and is included in general and administrative expense. All amounts contributed by employees and credited by the Company are fully vested. The cumulative unfunded liability under this plan was $3.0 million and $2.9 million, at September 30, 2021 and December 31, 2020, respectively, and is included in accounts payable, accrued expenses and other liabilities in the Consolidated Balance Sheets. The Company and the Saul Organization are parties to a shared services agreement (the “Agreement”) that provides for the sharing of certain personnel and ancillary functions such as computer hardware, software, and support services and certain direct and indirect administrative personnel. The method for determining the cost of the shared services is provided for in the Agreement and is based upon head count, estimates of usage or estimates of time incurred, as applicable. The terms of the Agreement and the payments made thereunder are deemed reasonable by management and are reviewed annually by the Audit Committee of the Board of Directors, which consists entirely of independent directors. Net billings by the Saul Organization for the Company’s share of these ancillary costs and expenses for the nine months ended September 30, 2021 and 2020, which included rental expense for the Company’s headquarters lease, totaled approximately $5.9 million and $6.0 million, respectively. The amounts are generally expensed as incurred and are primarily reported as general and administrative expenses in the Consolidated Statements of Operations. As of September 30, 2021 and December 31, 2020, accounts payable, accrued expenses and other liabilities included approximately $883,900 and $782,700, respectively, representing amounts due to the Saul Organization for the Company’s share of these ancillary costs and expenses. On March 5, 2021, the Company acquired from 1592 Rockville Pike, approximately 6.8 acres of land and its leasehold interest in approximately 1.3 acres of contiguous land, together in each case with the improvements located thereon, located at the Twinbrook Metro Station in Rockville, Maryland. See Notes 3 and 4. In August 2016, the Company entered into an agreement (the "Ashbrook Contribution Agreement") to acquire from the Trust approximately 13.7 acres of land located at the intersection of Ashburn Village Boulevard and Russell Branch Parkway in Ashburn, Virginia. The transaction closed on May 9, 2018, and the Company issued 176,680 limited partnership units to the Trust. The Company constructed a shopping center, Ashbrook Marketplace. On June 30, 2021, the Company issued 93,674 additional limited partnership units as additional consideration to the Trust in accordance with the Ashbrook Contribution Agreement, as amended. The Company subleases its corporate headquarters space from a member of the Saul Organization. The lease commenced in March 2002, expires in 2022, and provides for base rent increases of 3% per year, with payment of a pro-rata share of operating expenses over a base year amount. The Agreement requires each party to pay an allocation of total rental payments based on a percentage proportionate to the number of employees employed by each party. The Company’s rent expense for its headquarters location was $611,200 and $609,200 for the nine months ended September 30, 2021 and 2020, respectively, and is included in general and administrative expense. The B. F. Saul Insurance Agency, Inc., a subsidiary of the B. F. Saul Company and a member of the Saul Organization, is a general insurance agency that receives commissions and fees in connection with the Company’s insurance program. Such commissions and fees amounted to $280,700 and $320,300 for the nine months ended September 30, 2021 and 2020, respectively. |
Stock-based Employee Compensati
Stock-based Employee Compensation, Stock Option Plans, and Deferred Compensation Plan for Directors | 9 Months Ended |
Sep. 30, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Stock-based Employee Compensation, Stock Option Plans, and Deferred Compensation Plan for Directors | Stock-based Employee Compensation, Stock Option Plans, and Deferred Compensation Plan for Directors In 2004, the Company established a stock incentive plan (the "Plan"), as amended. Under the Plan, options are granted at an exercise price not less than the market value of the common stock on the date of grant and expire ten years from the date of grant. Officer options vest ratably over four years following the grant and are charged to expense using the straight-line method over the vesting period. Director options vest immediately and are charged to expense as of the date of grant. The Company uses the fair value method to value and account for employee stock options. The fair value of options granted is determined at the time of the grant using the Black-Scholes model, a widely used method for valuing stock-based employee compensation, and the following assumptions: (1) Expected Volatility determined using the most recent trading history of the Company’s common stock (month-end closing prices) corresponding to the average expected term of the options; (2) Average Expected Term of the options based on prior exercise history, scheduled vesting and the expiration date; (3) Expected Dividend Yield determined by management after considering the Company’s current and historic dividend yield, the Company’s yield in relation to other retail REITs and the Company’s market yield at the grant date; and (4) a Risk-free Interest Rate based upon the market yields of US Treasury obligations with maturities corresponding to the average expected term of the options at the grant date. The Company amortizes the value of options granted ratably over the vesting period and includes the amounts as compensation expense in general and administrative expenses. Pursuant to the Plan, the Compensation Committee established a Deferred Compensation Plan for Directors for the benefit of the Company’s directors and their beneficiaries, which replaced a previous Deferred Compensation and Stock Plan for Directors. Annually, directors are given the ability to make an election to defer all or part of their fees and have the option to have their fees paid in cash, in shares of common stock or in a combination of cash and shares of common stock upon separation from the Board. If a director elects to have their fees paid in stock, fees earned during a calendar quarter are aggregated and divided by the closing market price of the Company’s common stock on the first trading day of the following quarter to determine the number of shares to be credited to the director. During the nine months ended September 30, 2021, 7,429 shares were credited to director's deferred fee accounts and 7,874 shares were issued. As of September 30, 2021, the director's deferred fee accounts comprise 118,183 shares. Effective May 7, 2021, the Company granted 250,500 options to its directors and certain officers. The following table summarizes the assumptions used in the valuation of the 2021 and 2020 option grants. During the nine months ended September 30, 2021, stock option expense totaling $1.0 million was included in general and administrative expense in the Consolidated Statements of Operations. As of September 30, 2021, the estimated future expense related to unvested stock options was $2.0 million. Directors Officers Grant date April 24, 2020 May 7, 2021 April 24, 2020 May 7, 2021 Exercise price $ 50.00 $ 43.89 $ 50.00 $ 43.89 Volatility 0.258 0.297 0.240 0.275 Expected life (years) 5.0 5.0 7.0 7.0 Assumed yield 3.80 % 4.96 % 3.85 % 4.97 % Risk-free rate 0.36 % 0.77 % 0.51 % 1.24 % The table below summarizes the option activity for the nine months ended September 30, 2021: Number of Weighted Aggregate Outstanding at January 1 1,502,670 $ 52.86 $ — Granted 250,500 43.89 — Exercised (3,000) 41.82 3,450 Expired/Forfeited (87,000) 53.60 — Outstanding at September 30 1,663,170 51.49 171,250 Exercisable at September 30 1,137,295 52.89 133,340 |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 9 Months Ended |
Sep. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments | Fair Value of Financial InstrumentsThe carrying values of cash and cash equivalents, accounts receivable, accounts payable and accrued expenses are reasonable estimates of their fair value. The aggregate fair value of the notes payable with fixed-rate payment terms was determined using Level 3 data in a discounted cash flow approach, which is based upon management’s estimate of borrowing rates and loan terms currently available to the Company for fixed-rate financing and, assuming long-term market interest rates of approximately 3.60% and 3.40%, would be approximately $937.3 million and $981.0 million, respectively, compared to the principal balance of $949.5 million and $980.8 million at September 30, 2021 and December 31, 2020, respectively. A change in any of the significant inputs may lead to a change in the Company’s fair value measurement of its debt. |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and ContingenciesNeither the Company nor the current portfolio properties are subject to any material litigation, nor, to management’s knowledge, is any material litigation currently threatened against the Company, other than routine litigation and administrative proceedings arising in the ordinary course of business. Management believes that these items, individually or in the aggregate, will not have a material adverse impact on the Company or the current portfolio properties. |
Business Segments
Business Segments | 9 Months Ended |
Sep. 30, 2021 | |
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 of 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 variety 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 2021 presentation. (In thousands) Shopping Mixed-Use Corporate Consolidated Three months ended September 30, 2021 Real estate rental operations: Revenue $ 42,485 $ 17,771 $ — $ 60,256 Expenses (8,640) (6,724) — (15,364) Income from real estate 33,845 11,047 — 44,892 Interest expense, net and amortization of deferred debt costs — — (10,914) (10,914) Depreciation and amortization of lease costs (7,203) (5,264) — (12,467) General and administrative — — (4,626) (4,626) Net income (loss) $ 26,642 $ 5,783 $ (15,540) $ 16,885 Capital investment $ 2,629 $ 8,722 $ — $ 11,351 Total assets $ 960,247 $ 766,761 $ 12,492 $ 1,739,500 Three months ended September 30, 2020 Real estate rental operations: Revenue $ 40,336 $ 16,424 $ — $ 56,760 Expenses (8,755) (6,184) — (14,939) Income from real estate 31,581 10,240 — 41,821 Interest expense, net and amortization of deferred debt costs — — (12,398) (12,398) Depreciation and amortization of lease costs (8,169) (5,544) — (13,713) General and administrative — — (4,107) (4,107) Net income (loss) $ 23,412 $ 4,696 $ (16,505) $ 11,603 Capital investment $ 2,733 $ 6,703 $ — $ 9,436 Total assets $ 982,381 $ 643,395 $ 55,598 $ 1,681,374 (In thousands) Shopping Mixed-Use Corporate Consolidated Nine Months Ended September 30, 2021 Real estate rental operations: Revenue $ 126,935 $ 52,050 $ — $ 178,985 Expenses (27,087) (19,454) — (46,541) Income from real estate 99,848 32,596 — 132,444 Interest expense, net and amortization of deferred debt costs — — (34,559) (34,559) Depreciation and amortization of deferred leasing costs (21,639) (16,213) — (37,852) General and administrative — — (14,234) (14,234) Net income (loss) $ 78,209 $ 16,383 $ (48,793) $ 45,799 Capital investment $ 8,200 $ 30,631 $ — $ 38,831 Total assets $ 960,247 $ 766,761 $ 12,492 $ 1,739,500 Nine Months Ended September 30, 2020 Real estate rental operations: Revenue $ 120,236 $ 46,687 $ — $ 166,923 Expenses (26,041) (16,848) — (42,889) Income from real estate 94,195 29,839 — 124,034 Interest expense, net and amortization of deferred debt costs — — (34,011) (34,011) Depreciation and amortization of deferred leasing costs (22,812) (14,781) — (37,593) General and administrative — — (13,790) (13,790) Net income (loss) $ 71,383 $ 15,058 $ (47,801) $ 38,640 Capital investment $ 11,622 $ 36,741 $ — $ 48,363 Total assets $ 982,381 $ 643,395 $ 55,598 $ 1,681,374 |
Impact of COVID-19
Impact of COVID-19 | 9 Months Ended |
Sep. 30, 2021 | |
Unusual or Infrequent Items, or Both [Abstract] | |
Impact of COVID-19 | Impact of COVID-19 On March 11, 2020, the World Health Organization declared a novel strain of coronavirus ("COVID-19") a pandemic, and on March 13, 2020, the United States declared a national emergency with respect to COVID-19. As a result, the COVID-19 pandemic is negatively affecting almost every industry directly or indirectly. The actions taken by federal, state and local governments to mitigate the spread of COVID-19 by ordering closure of nonessential businesses and ordering residents to generally stay at home, and subsequent phased re-openings, resulted in many of our tenants announcing mandated or temporary closures of their operations and/or requesting adjustments to their lease terms. While most of our tenants have re-opened their businesses, there remains significant uncertainty around the long-term economic impact of the COVID-19 pandemic, which could have a material and adverse effect on or cause disruption to our business or financial condition, results from operations, cash flows and the market value and trading price of our securities. |
Subsequent Events
Subsequent Events | 9 Months Ended |
Sep. 30, 2021 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent EventsThe Company has reviewed operating activities for the period subsequent to September 30, 2021, and determined there are no subsequent events required to be disclosed. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2021 | |
Accounting Policies [Abstract] | |
Nature of Operations | The Company, which conducts all of its activities through its subsidiaries, Saul Holdings Limited Partnership, a Maryland limited partnership (the “Operating Partnership”) and two subsidiary limited partnerships (the “Subsidiary Partnerships,” and, collectively with the Operating Partnership, the “Partnerships”), engages in the ownership, operation, management, leasing, acquisition, renovation, expansion, development and financing of community and neighborhood shopping centers and mixed-use properties, primarily in the Washington, DC/Baltimore metropolitan area. As of September 30, 2021, the Company’s properties (the “Current Portfolio Properties”) consisted of 50 shopping center properties (the “Shopping Centers”), seven mixed-use properties, which are comprised of office, retail and multi-family residential uses (the “Mixed-Use Properties”) and four (non-operating) development properties. |
Principles of Consolidation | The accompanying consolidated financial statements of the Company include the accounts of Saul Centers and its subsidiaries, including the Partnerships, which are majority owned by Saul Centers. Substantially all assets and liabilities of the Company as of September 30, 2021 and December 31, 2020, are comprised of the assets and liabilities of the Operating Partnership. Debt arrangements subject to recourse are described in Note 5. All significant intercompany balances and transactions have been eliminated in consolidation. |
Consolidation, Variable Interest Entity | The Operating Partnership is a variable interest entity ("VIE") because the limited partners do not have substantive kick-out or participating rights. The Company is the primary beneficiary of the Operating Partnership because it has the power to direct its activities and the rights to absorb 73.4% of its net income. Because the Operating Partnership is consolidated into the financial statements of the Company, classification of it as a VIE has no impact on the consolidated financial statements of the Company. |
Basis of Presentation | The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. In the opinion of management, all adjustments necessary for the fair presentation of the financial position and results of operations of the Company for the interim periods have been included. All such adjustments are of a normal recurring nature. These consolidated financial statements and the accompanying notes should be read in conjunction with the audited consolidated financial statements of the Company for the year ended December 31, 2020, which are included in its Annual Report on Form 10-K. Certain information and note disclosures normally included in annual financial statements prepared in accordance with GAAP have been omitted pursuant to those instructions. The results of operations for interim periods are not necessarily indicative of results to be expected for the year. |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. The most significant estimates and assumptions relate to collectability of operating lease receivables and impairment of real estate properties. Actual results could differ from those estimates. |
Accounts Receivable, Accrued Income and Allowance for Doubtful Accounts | Accounts Receivable, Accrued Income and Allowance for Doubtful AccountsAccounts receivable represents amounts due from tenants, whether current or deferred, in accordance with the terms of their respective leases and base rent recognized on a straight-line basis. Individual leases are assessed for collectability and upon the determination that the collection of rents is not probable, accrued rent and accounts receivable are charged off, which is reflected as an adjustment to rental revenue. Revenue from leases where collection is not probable is recorded on a cash basis until collectability is determined to be probable. Further, we assess whether operating lease receivables, at the portfolio level, are appropriately valued based upon an analysis of balances outstanding, historical bad debt levels and current economic trends. |
Reclassifications | Reclassifications Certain reclassifications have been made to the prior year financial statements to conform to the presentation used for the nine months ended September 30, 2021. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies - (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Accounting Policies [Abstract] | |
Schedule of Accounts Receivable | At September 30, 2021 and December 31, 2020, accounts receivable was comprised of: (In thousands) September 30, 2021 December 31, 2020 Rents currently due $ 7,576 $ 13,321 Deferred rents 5,388 8,205 Straight-line rent 46,429 44,863 Other receivables 5,974 3,751 Allowance for doubtful accounts (3,512) (5,223) Total $ 61,855 $ 64,917 |
Real Estate - (Tables)
Real Estate - (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Real Estate [Abstract] | |
Schedule of Construction in Progress | Construction in progress as of September 30, 2021 and December 31, 2020, is composed of the following: (In thousands) September 30, 2021 December 31, 2020 Twinbrook Quarter $ 127,348 $ — Hampden House 53,619 50,723 The Waycroft — 8,651 Ashbrook Marketplace — 153 Other 10,740 9,950 Total $ 191,707 $ 69,477 |
Notes Payable, Revolving Cred_2
Notes Payable, Revolving Credit Facility, Interest and Amortization of Deferred Debt Costs (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Debt Disclosure [Abstract] | |
Scheduled Maturities of Debt, Including Scheduled Principal Amortization | At September 30, 2021, the scheduled maturities of debt, including scheduled principal amortization, for years ending December 31, were as follows: (In thousands) Balloon Scheduled Total October 1 through December 31, 2021 $ — $ 7,679 $ 7,679 2022 36,502 31,016 67,518 2023 9,225 31,479 40,704 2024 66,164 30,876 97,040 2025 118,363 (a) 27,860 146,223 2026 134,088 24,333 158,421 Thereafter 537,673 92,253 629,926 Principal amount $ 902,015 $ 245,496 1,147,511 Unamortized deferred debt costs 11,576 Net $ 1,135,935 (a) Includes $98.0 million outstanding under the Revolving Line. |
Interest Expense and Amortization of Deferred Debt Costs | Interest expense, net and amortization of deferred debt costs for the three and nine months ended September 30, 2021 and 2020, were as follows: Three Months Ended September 30, Nine Months Ended September 30, (In thousands) 2021 2020 2021 2020 Interest incurred $ 12,481 $ 12,933 $ 38,062 $ 38,788 Amortization of deferred debt costs 425 402 1,237 1,163 Capitalized interest (1,991) (909) (4,734) (5,813) Interest expense 10,915 12,426 34,565 34,138 Less: Interest income 1 28 6 127 Interest expense, net and amortization of deferred debt costs $ 10,914 $ 12,398 $ 34,559 $ 34,011 |
Equity (Tables)
Equity (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Equity [Abstract] | |
Schedule of Weighted Average Number of Shares | The following table sets forth, for the indicated periods, weighted averages of the number of common shares outstanding, basic and dilutive, the effect of dilutive options and the number of options which are not dilutive because the average price of the Company's common stock was less than the exercise prices. The treasury stock method was used to measure the effect of the dilution. Three months ended September 30, Nine months ended September 30, (In thousands) 2021 2020 2021 2020 Weighted average common stock outstanding-Basic 23,692 23,353 23,619 23,329 Effect of dilutive options 4 — 2 1 Weighted average common stock outstanding-Diluted 23,696 23,353 23,621 23,330 Non-dilutive options 1,350 1,516 1,474 1,418 Years non-dilutive options were issued 2014 through 2020 2011 through 2020 2011 and 2014 through 2020 2014 through 2020 |
Stock-based Employee Compensa_2
Stock-based Employee Compensation, Stock Option Plans, and Deferred Compensation Plan for Directors (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Disclosure of Share-based Compensation Arrangements by Share-based Payment Award | Directors Officers Grant date April 24, 2020 May 7, 2021 April 24, 2020 May 7, 2021 Exercise price $ 50.00 $ 43.89 $ 50.00 $ 43.89 Volatility 0.258 0.297 0.240 0.275 Expected life (years) 5.0 5.0 7.0 7.0 Assumed yield 3.80 % 4.96 % 3.85 % 4.97 % Risk-free rate 0.36 % 0.77 % 0.51 % 1.24 % |
Summary of Option Activity | The table below summarizes the option activity for the nine months ended September 30, 2021: Number of Weighted Aggregate Outstanding at January 1 1,502,670 $ 52.86 $ — Granted 250,500 43.89 — Exercised (3,000) 41.82 3,450 Expired/Forfeited (87,000) 53.60 — Outstanding at September 30 1,663,170 51.49 171,250 Exercisable at September 30 1,137,295 52.89 133,340 |
Business Segments (Tables)
Business Segments (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Segment Reporting [Abstract] | |
Business Segments | (In thousands) Shopping Mixed-Use Corporate Consolidated Three months ended September 30, 2021 Real estate rental operations: Revenue $ 42,485 $ 17,771 $ — $ 60,256 Expenses (8,640) (6,724) — (15,364) Income from real estate 33,845 11,047 — 44,892 Interest expense, net and amortization of deferred debt costs — — (10,914) (10,914) Depreciation and amortization of lease costs (7,203) (5,264) — (12,467) General and administrative — — (4,626) (4,626) Net income (loss) $ 26,642 $ 5,783 $ (15,540) $ 16,885 Capital investment $ 2,629 $ 8,722 $ — $ 11,351 Total assets $ 960,247 $ 766,761 $ 12,492 $ 1,739,500 Three months ended September 30, 2020 Real estate rental operations: Revenue $ 40,336 $ 16,424 $ — $ 56,760 Expenses (8,755) (6,184) — (14,939) Income from real estate 31,581 10,240 — 41,821 Interest expense, net and amortization of deferred debt costs — — (12,398) (12,398) Depreciation and amortization of lease costs (8,169) (5,544) — (13,713) General and administrative — — (4,107) (4,107) Net income (loss) $ 23,412 $ 4,696 $ (16,505) $ 11,603 Capital investment $ 2,733 $ 6,703 $ — $ 9,436 Total assets $ 982,381 $ 643,395 $ 55,598 $ 1,681,374 (In thousands) Shopping Mixed-Use Corporate Consolidated Nine Months Ended September 30, 2021 Real estate rental operations: Revenue $ 126,935 $ 52,050 $ — $ 178,985 Expenses (27,087) (19,454) — (46,541) Income from real estate 99,848 32,596 — 132,444 Interest expense, net and amortization of deferred debt costs — — (34,559) (34,559) Depreciation and amortization of deferred leasing costs (21,639) (16,213) — (37,852) General and administrative — — (14,234) (14,234) Net income (loss) $ 78,209 $ 16,383 $ (48,793) $ 45,799 Capital investment $ 8,200 $ 30,631 $ — $ 38,831 Total assets $ 960,247 $ 766,761 $ 12,492 $ 1,739,500 Nine Months Ended September 30, 2020 Real estate rental operations: Revenue $ 120,236 $ 46,687 $ — $ 166,923 Expenses (26,041) (16,848) — (42,889) Income from real estate 94,195 29,839 — 124,034 Interest expense, net and amortization of deferred debt costs — — (34,011) (34,011) Depreciation and amortization of deferred leasing costs (22,812) (14,781) — (37,593) General and administrative — — (13,790) (13,790) Net income (loss) $ 71,383 $ 15,058 $ (47,801) $ 38,640 Capital investment $ 11,622 $ 36,741 $ — $ 48,363 Total assets $ 982,381 $ 643,395 $ 55,598 $ 1,681,374 |
Organization, Formation and Str
Organization, Formation and Structure (Details) | 9 Months Ended |
Sep. 30, 2021propertystore | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items] | |
Number of shopping centers | store | 33 |
Saul Holdings Limited Partnership | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items] | |
Percentage of ownership in operating partnership | 73.40% |
Giant Food | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items] | |
Number of shopping centers | store | 11 |
Giant Food | Revenue | Customer Concentration Risk | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items] | |
Percentage of total revenue | 5.30% |
No Individual Tenant | Revenue | Customer Concentration Risk | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items] | |
Percentage of total revenue | 2.50% |
Shopping Centers | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items] | |
Number of real estate properties | 50 |
Mixed-Use Properties | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items] | |
Number of real estate properties | 7 |
Non-operating Development Properties | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items] | |
Number of real estate properties | 4 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Narrative (Details) $ in Millions | Sep. 30, 2021USD ($) |
Accounting Policies [Abstract] | |
Accrued rent | $ 4.6 |
Deferred rent receivables, net | $ 4.5 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Schedule of Accounts Receivable (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Allowance for doubtful accounts | $ (3,512) | $ (5,223) |
Total | 61,855 | 64,917 |
Rents currently due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accounts receivable, before allowance for doubtful accounts | 7,576 | 13,321 |
Deferred rents | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accounts receivable, before allowance for doubtful accounts | 5,388 | 8,205 |
Straight-line rent | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accounts receivable, before allowance for doubtful accounts | 46,429 | 44,863 |
Other receivables | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accounts receivable, before allowance for doubtful accounts | $ 5,974 | $ 3,751 |
Real Estate Transactions - Narr
Real Estate Transactions - Narrative (Details) | Sep. 30, 2021USD ($)shares | Jun. 29, 2021USD ($)shares | Nov. 05, 2019ashares | Sep. 30, 2021USD ($) | Sep. 30, 2020USD ($) | Mar. 05, 2021USD ($)a | Dec. 31, 2020USD ($) | Jan. 01, 2019leaseExtensionOption |
Real Estate [Line Items] | ||||||||
Assets placed in service | $ 2,266,362,000 | $ 2,266,362,000 | $ 2,124,796,000 | |||||
Lease renewal term | 5 years | |||||||
Right-of-use asset | 321,900 | 321,900 | ||||||
Operating lease liability | 334,500 | 334,500 | ||||||
Deferred leasing costs, net | 24,638,000 | 24,638,000 | 26,872,000 | |||||
Accumulated amortization deferred leasing cost | $ 47,700,000 | 47,700,000 | $ 44,500,000 | |||||
Depreciation expense | 34,200,000 | $ 33,600,000 | ||||||
Repairs and maintenance expense | 10,200,000 | 8,000,000 | ||||||
Impairment of real estate | $ 0 | |||||||
Business acquisition, expenses reimbursed | $ 7,400,000 | |||||||
Operating lease, incremental borrowing rate | 5.63% | |||||||
Finance lease, right-of-use asset, amortization | $ 104,000 | |||||||
Finance lease, interest expense | $ 362,800 | |||||||
Contribution Agreement | ||||||||
Real Estate [Line Items] | ||||||||
Right-of-use asset | 19,400,000 | |||||||
Operating lease liability | 19,400,000 | |||||||
Number of partnership units issued in transaction (in shares) | shares | 1,416,071 | |||||||
Business acquisition, transaction costs | $ 1,200,000 | |||||||
Leasehold Interest Contributed In Contribution Agreement | ||||||||
Real Estate [Line Items] | ||||||||
Number of partnership units issued in transaction (in shares) | shares | 469,740 | |||||||
Asset acquisition consideration transferred | $ 21,500,000 | |||||||
Payments to acquire businesses, gross | $ 700,000 | |||||||
Leasehold Interest Contributed In Contribution Agreement | Limited Partner | ||||||||
Real Estate [Line Items] | ||||||||
Number of partnership units issued in transaction (in shares) | shares | 469,740 | |||||||
BF Saul Real Estate Investment Trust | Contribution Agreement | ||||||||
Real Estate [Line Items] | ||||||||
Area of land | a | 10.3 | |||||||
Minimum | ||||||||
Real Estate [Line Items] | ||||||||
Operating lease term of contract | 1 year | 1 year | ||||||
Maximum | ||||||||
Real Estate [Line Items] | ||||||||
Operating lease term of contract | 15 years | 15 years | ||||||
Building | Minimum | ||||||||
Real Estate [Line Items] | ||||||||
Estimated useful life | 35 years | |||||||
Building | Maximum | ||||||||
Real Estate [Line Items] | ||||||||
Estimated useful life | 50 years | |||||||
Building Improvements | Maximum | ||||||||
Real Estate [Line Items] | ||||||||
Estimated useful life | 20 years | |||||||
Lease Acquisition Costs | ||||||||
Real Estate [Line Items] | ||||||||
Amortization of intangible assets | $ 3,600,000 | $ 4,000,000 | ||||||
The Waycroft and Ashbrook Marketplace | ||||||||
Real Estate [Line Items] | ||||||||
Assets placed in service | $ 8,700,000 | $ 8,700,000 | ||||||
Corporate Headquarters | ||||||||
Real Estate [Line Items] | ||||||||
Number of options to extend lease | leaseExtensionOption | 1 | |||||||
Twinbrook Metro Station | BF Saul Real Estate Investment Trust | Contribution Agreement | ||||||||
Real Estate [Line Items] | ||||||||
Area of land | a | 6.8 | 6.8 | ||||||
Twinbrook Metro Station Leasehold Interest | BF Saul Real Estate Investment Trust | Contribution Agreement | ||||||||
Real Estate [Line Items] | ||||||||
Area of land | a | 1.3 | 1.3 |
Real Estate - Schedule of Const
Real Estate - Schedule of Construction in Progress (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Real Estate [Line Items] | ||
Construction in progress | $ 191,707 | $ 69,477 |
Twinbrook Quarter | ||
Real Estate [Line Items] | ||
Construction in progress | 127,348 | 0 |
Hampden House | ||
Real Estate [Line Items] | ||
Construction in progress | 53,619 | 50,723 |
The Waycroft | ||
Real Estate [Line Items] | ||
Construction in progress | 0 | 8,651 |
Ashbrook Marketplace | ||
Real Estate [Line Items] | ||
Construction in progress | 0 | 153 |
Other | ||
Real Estate [Line Items] | ||
Construction in progress | $ 10,740 | $ 9,950 |
Noncontrolling Interests - Ho_2
Noncontrolling Interests - Holders of Convertible Limited Partnership Units in the Operating Partnership (Details) | Sep. 30, 2021shares | Sep. 30, 2021shares | Sep. 30, 2020shares | Sep. 30, 2021shares | Sep. 30, 2020shares |
Noncontrolling Interest [Line Items] | |||||
Limited partnership units (in shares) | 8,100,000 | 8,100,000 | 8,100,000 | ||
Leasehold Interest Contributed In Contribution Agreement | |||||
Noncontrolling Interest [Line Items] | |||||
Number of partnership units issued in transaction (in shares) | 469,740 | ||||
Saul Holdings Limited Partnership | |||||
Noncontrolling Interest [Line Items] | |||||
Percentage of ownership interest of noncontrolling interest | 25.10% | 25.10% | 25.10% | ||
Third Party Investor | |||||
Noncontrolling Interest [Line Items] | |||||
Percentage of ownership interest of noncontrolling interest | 1.50% | 1.50% | 1.50% | ||
Noncontrolling Interests | |||||
Noncontrolling Interest [Line Items] | |||||
Limited partnership units, conversion ratio | 1 | 1 | 1 | ||
Outstanding stock percent that should be acquired for rights to be exercised | 39.90% | 39.90% | 39.90% | ||
Limited partnership units convertible into shares of common stock, eligible for conversion | 1,000,000 | 1,000,000 | 1,000,000 | ||
Fully converted partnership units and diluted weighted average shares outstanding | 33,700,000 | 31,300,000 | 32,900,000 | 31,200,000 | |
Partners capital account units placed In escrow | 700,000 | ||||
Noncontrolling Interests | Saul Holdings Limited Partnership | |||||
Noncontrolling Interest [Line Items] | |||||
Percentage of ownership interest of noncontrolling interest | 26.60% | 26.60% | 26.60% | ||
Limited partnership units, conversion ratio | 1 | 1 | 1 |
Notes Payable, Revolving Cred_3
Notes Payable, Revolving Credit Facility, Interest and Amortization of Deferred Debt Costs - Narrative (Details) - USD ($) | Sep. 30, 2021 | Aug. 31, 2021 | Jun. 11, 2021 | Jan. 05, 2021 | Oct. 01, 2021 | Dec. 31, 2020 |
Debt Instrument [Line Items] | ||||||
Principal amount | $ 1,147,511,000 | $ 1,200,000,000 | ||||
Debt outstanding with fixed-rate | 949,500,000 | 980,800,000 | ||||
Debt outstanding with variable-rate | 198,000,000 | 179,500,000 | ||||
Carrying value of properties collateralizing mortgage notes | 1,100,000,000 | 1,200,000,000 | ||||
Outstanding line of credit | 95,028,000 | 103,913,000 | ||||
Notes payable | 794,586,000 | 827,603,000 | ||||
Principal amount | 1,135,935,000 | |||||
Unamortized deferred debt costs | 11,576,000 | 9,300,000 | ||||
Debt issuance costs amortization | $ 7,200,000 | 8,700,000 | ||||
Line of Credit | ||||||
Debt Instrument [Line Items] | ||||||
Line of credit facility, maximum borrowing capacity | $ 525,000,000 | |||||
Mortgages | Jamestown Place | ||||||
Debt Instrument [Line Items] | ||||||
Payment for debt extinguishment or debt prepayment cost | $ 6,100,000 | |||||
Mortgages | Hunt Club Corners | ||||||
Debt Instrument [Line Items] | ||||||
Payment for debt extinguishment or debt prepayment cost | $ 5,000,000 | |||||
Revolving Credit Facility | LIBOR | ||||||
Debt Instrument [Line Items] | ||||||
Interest rate spread on LIBOR | 1.40% | |||||
Revolving Credit Facility | LIBOR | Minimum | ||||||
Debt Instrument [Line Items] | ||||||
Interest rate spread on LIBOR | 1.35% | |||||
Revolving Credit Facility | LIBOR | Maximum | ||||||
Debt Instrument [Line Items] | ||||||
Interest rate spread on LIBOR | 1.95% | |||||
Revolving Credit Facility | Line of Credit | ||||||
Debt Instrument [Line Items] | ||||||
Line of credit facility, maximum borrowing capacity | $ 425,000,000 | |||||
Term Facility | LIBOR | ||||||
Debt Instrument [Line Items] | ||||||
Interest rate spread on LIBOR | 1.35% | |||||
Term Facility | LIBOR | Minimum | ||||||
Debt Instrument [Line Items] | ||||||
Interest rate spread on LIBOR | 1.30% | |||||
Term Facility | LIBOR | Maximum | ||||||
Debt Instrument [Line Items] | ||||||
Interest rate spread on LIBOR | 1.90% | |||||
Term Facility | Line of Credit | ||||||
Debt Instrument [Line Items] | ||||||
Line of credit facility, maximum borrowing capacity | $ 100,000,000 | |||||
Unsecured Revolving Credit Facility | ||||||
Debt Instrument [Line Items] | ||||||
Line of credit facility, remaining borrowing capacity | $ 228,200,000 | |||||
Outstanding line of credit | 98,000,000 | $ 104,500,000 | ||||
Letter of Credit | ||||||
Debt Instrument [Line Items] | ||||||
Outstanding line of credit | 185,000 | |||||
Park Van Ness Loan | ||||||
Debt Instrument [Line Items] | ||||||
Guarantor obligations, maximum exposure | 3,300,000 | |||||
Notes payable | 65,100,000 | |||||
Park Van Ness Loan | Subsequent Event | ||||||
Debt Instrument [Line Items] | ||||||
Guarantor obligations, maximum exposure | $ 0 | |||||
Broadlands Village Mortgage | ||||||
Debt Instrument [Line Items] | ||||||
Guarantor obligations, maximum exposure | 3,700,000 | |||||
Principal amount | 29,900,000 | |||||
Avenel Business Park | ||||||
Debt Instrument [Line Items] | ||||||
Guarantor obligations, maximum exposure | 6,300,000 | |||||
Avenel Business Park | Mortgages | ||||||
Debt Instrument [Line Items] | ||||||
Principal amount | 24,400,000 | |||||
The Waycroft Mortgage | ||||||
Debt Instrument [Line Items] | ||||||
Guarantor obligations, maximum exposure | 23,600,000 | |||||
The Waycroft Mortgage | Mortgages | ||||||
Debt Instrument [Line Items] | ||||||
Principal amount | 148,500,000 | |||||
Ashbrook Marketplace Mortgage | Mortgages | ||||||
Debt Instrument [Line Items] | ||||||
Principal amount | 21,500,000 | |||||
Kentlands Place Mortgage | Mortgages | ||||||
Debt Instrument [Line Items] | ||||||
Principal amount | $ 29,200,000 |
Notes Payable, Revolving Cred_4
Notes Payable, Revolving Credit Facility, Interest and Amortization of Deferred Debt Costs - Scheduled Maturities of Debt, Including Scheduled Principal Amortization (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Balloon Payments | ||
October 1 through December 31, 2021 | $ 0 | |
2022 | 36,502 | |
2023 | 9,225 | |
2024 | 66,164 | |
2025 | 118,363 | |
2026 | 134,088 | |
Thereafter | 537,673 | |
Principal amount | 902,015 | |
Scheduled Principal Amortization | ||
October 1 through December 31, 2021 | 7,679 | |
2022 | 31,016 | |
2022 | 31,479 | |
2023 | 30,876 | |
2024 | 27,860 | |
2025 | 24,333 | |
Thereafter | 92,253 | |
Principal amount | 245,496 | |
Total | ||
October 1 through December 31, 2021 | 7,679 | |
2022 | 67,518 | |
2023 | 40,704 | |
2024 | 97,040 | |
2025 | 146,223 | |
2026 | 158,421 | |
Thereafter | 629,926 | |
Principal amount | 1,147,511 | $ 1,200,000 |
Unamortized deferred debt costs | 11,576 | 9,300 |
Net | 1,135,935 | |
Outstanding line of credit | 95,028 | 103,913 |
Unsecured Revolving Credit Facility | ||
Total | ||
Outstanding line of credit | $ 98,000 | $ 104,500 |
Notes Payable, Revolving Cred_5
Notes Payable, Revolving Credit Facility, Interest and Amortization of Deferred Debt Costs - Interest Expense and Amortization of Deferred Debt Costs (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Debt Disclosure [Abstract] | ||||
Interest incurred | $ 12,481 | $ 12,933 | $ 38,062 | $ 38,788 |
Amortization of deferred debt costs | 425 | 402 | 1,237 | 1,163 |
Capitalized interest | (1,991) | (909) | (4,734) | (5,813) |
Interest expense | 10,915 | 12,426 | 34,565 | 34,138 |
Less: Interest income | 1 | 28 | 6 | 127 |
Interest expense, net and amortization of deferred debt costs | $ 10,914 | $ 12,398 | $ 34,559 | $ 34,011 |
Equity - Narrative (Details)
Equity - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands, shares in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Class of Stock [Line Items] | ||||
Income attributable to noncontrolling interests | $ (3,747) | $ (2,236) | $ (9,653) | $ (7,681) |
Series D Cumulative Redeemable Preferred Stock | ||||
Class of Stock [Line Items] | ||||
Depositary shares outstanding | 3 | 3 | ||
Depository shares to cumulative redeemable preferred stock ratio | 1.00% | |||
Percentage of redeemable preferred stock | 6.125% | |||
Cumulative redeemable preferred stock liquidation preference (in usd per share) | $ 25 | $ 25 | ||
Annual dividend on depositary shares (in usd per share) | $ 1.53125 | |||
Series E Cumulative Redeemable Preferred Stock | ||||
Class of Stock [Line Items] | ||||
Depositary shares outstanding | 4.4 | 4.4 | ||
Depository shares to cumulative redeemable preferred stock ratio | 1.00% | |||
Percentage of redeemable preferred stock | 6.00% | |||
Cumulative redeemable preferred stock liquidation preference (in usd per share) | $ 25 | $ 25 | ||
Annual dividend on depositary shares (in usd per share) | $ 1.50 |
Equity - Per Share Data (Detail
Equity - Per Share Data (Details) - shares shares in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Class of Stock [Line Items] | ||||
Weighted average common stock outstanding-Basic (in shares) | 23,692 | 23,353 | 23,619 | 23,329 |
Effect of dilutive options (in shares) | 4 | 0 | 2 | 1 |
Weighted average common stock outstanding-Diluted (in shares) | 23,696 | 23,353 | 23,621 | 23,330 |
Non-dilutive options | ||||
Class of Stock [Line Items] | ||||
Non-dilutive options (in shares) | 1,350 | 1,516 | 1,474 | 1,418 |
Related Party Transactions (Det
Related Party Transactions (Details) | Jun. 30, 2021shares | May 09, 2018shares | Aug. 31, 2016a | Sep. 30, 2021USD ($) | Sep. 30, 2020USD ($) | Mar. 05, 2021a | Dec. 31, 2020USD ($) | Nov. 05, 2019a |
Related Party Transaction [Line Items] | ||||||||
Company contribution to a multi employer 401K plan at discretionary amount of employee's cash compensation, maximum percentage | 6.00% | |||||||
Company contribution to a multi employer 401K plan at discretionary amount of employee's cash compensation, amount | $ 328,500 | $ 255,200 | ||||||
Deferred compensation, employee contribution | 2.00% | |||||||
Deferred compensation, company contribution | $ 120,800 | $ 164,800 | ||||||
Deferred compensation, company contribution percentage | 3 | 3 | ||||||
Deferred compensation, cumulative unfunded liability | $ 3,000,000 | $ 2,900,000 | ||||||
Ancillary costs and expenses | 5,900,000 | $ 6,000,000 | ||||||
Liability due to The Saul Organization for the Company's share of these ancillary costs and expenses | $ 883,900 | $ 782,700 | ||||||
Percentage of annual increase in base rent | 3.00% | |||||||
Rent expense | $ 611,200 | 609,200 | ||||||
Insurance commissions and fees expense | $ 280,700 | $ 320,300 | ||||||
BF Saul Real Estate Investment Trust | Contribution Agreement | ||||||||
Related Party Transaction [Line Items] | ||||||||
Area of land | a | 10.3 | |||||||
Twinbrook Metro Station | BF Saul Real Estate Investment Trust | Contribution Agreement | ||||||||
Related Party Transaction [Line Items] | ||||||||
Area of land | a | 6.8 | 6.8 | ||||||
Twinbrook Metro Station Leasehold Interest | BF Saul Real Estate Investment Trust | Contribution Agreement | ||||||||
Related Party Transaction [Line Items] | ||||||||
Area of land | a | 1.3 | 1.3 | ||||||
Ashbrook Marketplace | BF Saul Real Estate Investment Trust | ||||||||
Related Party Transaction [Line Items] | ||||||||
Area of real estate acquired | a | 13.7 | |||||||
Limited partnership units issued for purchase (in shares) | shares | 93,674 | 176,680 |
Stock-based Employee Compensa_3
Stock-based Employee Compensation, Stock Option Plans, and Deferred Compensation Plan for Directors - Narrative (Details) - USD ($) | Jun. 30, 2021 | May 07, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Sep. 30, 2021 | Sep. 30, 2020 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Deferred compensation (in shares) | 118,183 | 7,429 | ||||||||
Shares due to exercise of employee stock options and issuance of directors' deferred stock | 743,000 | 6,038,000 | 910 | 984,000 | 3,109,000 | 11,745 | ||||
Granted (in shares) | 250,500 | |||||||||
Stock option expense | $ 1,000,000 | |||||||||
Future expense | $ 2,000,000 | 2,000,000 | ||||||||
Exercised | $ 3,450 | $ 85,268 | ||||||||
Closing share price (in usd per share) | $ 44.06 | $ 44.06 | ||||||||
Share-based compensation arrangement by share-based payment award, options, grants since inception | 1,397,625 | 1,397,625 | ||||||||
Weighted average remaining contractual life of the Company's outstanding options | 6 years 3 months 18 days | |||||||||
Weighted average remaining contractual life of the Company's exercisable options | 5 years 3 months 18 days | |||||||||
Common Stock | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Shares due to exercise of employee stock options and issuance of directors' deferred stock | 7,874 | |||||||||
Directors | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Granted (in shares) | 250,500 | |||||||||
Employee Stock Option | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Expiration period | 10 years | |||||||||
Employee Stock Option | Officers | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Award vesting period | 4 years |
Stock-based Employee Compensa_4
Stock-based Employee Compensation, Stock Option Plans, and Deferred Compensation Plan for Directors - Stock Options Issued (Details) | May 07, 2021$ / shares | Apr. 24, 2020$ / shares | Sep. 30, 2021$ / shares |
Share Based Compensation Arrangements By Share Based Payment Award Options [Line Items] | |||
Exercise price (in usd per share) | $ 41.82 | ||
Directors | |||
Share Based Compensation Arrangements By Share Based Payment Award Options [Line Items] | |||
Exercise price (in usd per share) | $ 43.89 | $ 50 | |
Volatility | 0.297 | 0.258 | |
Expected life (years) | 5 years | 5 years | |
Assumed yield | 4.96% | 3.80% | |
Risk-free rate | 0.77% | 0.36% | |
Officers | |||
Share Based Compensation Arrangements By Share Based Payment Award Options [Line Items] | |||
Exercise price (in usd per share) | $ 43.89 | $ 50 | |
Volatility | 0.275 | 0.240 | |
Expected life (years) | 7 years | 7 years | |
Assumed yield | 4.97% | 3.85% | |
Risk-free rate | 1.24% | 0.51% |
Stock-based Employee Compensa_5
Stock-based Employee Compensation, Stock Option Plans, and Deferred Compensation Plan for Directors - Summary of Option Activity (Details) - USD ($) | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Number of Shares | ||
Outstanding at beginning of period (in shares) | 1,502,670 | |
Granted (in shares) | 250,500 | |
Exercised (in shares) | (3,000) | |
Expired/Forfeited (in shares) | (87,000) | |
Outstanding at end of period (in shares) | 1,663,170 | |
Exercisable at end of period (in shares) | 1,137,295 | |
Weighted Average Exercise Price per share | ||
Outstanding at beginning of period (in usd per share) | $ 52.86 | |
Granted (in usd per share) | 43.89 | |
Exercised (in usd per share) | 41.82 | |
Expired/Forfeited (in usd per share) | 53.60 | |
Outstanding at end of period (in usd per share) | 51.49 | |
Exercisable at end of period (in usd per share) | $ 52.89 | |
Aggregate Intrinsic Value | ||
Outstanding at beginning of period | $ 0 | |
Granted | 0 | |
Exercised | 3,450 | $ 85,268 |
Expired/Forfeited | 0 | |
Outstanding at end of period | 171,250 | |
Exercisable at end of period | $ 133,340 |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments - Narrative (Details) - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 |
Fair Value Disclosures [Abstract] | ||
Notes payable, fixed interest rate | 3.60% | 3.40% |
Notes payable, aggregate fair value | $ 937.3 | $ 981 |
Notes payable, principal balance | $ 949.5 | $ 980.8 |
Business Segments - Narrative (
Business Segments - Narrative (Details) | 9 Months Ended |
Sep. 30, 2021segment | |
Segment Reporting [Abstract] | |
Number of reportable business segments | 2 |
Business Segments - Schedule of
Business Segments - Schedule of Segment Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||||||
Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | |
Real estate rental operations: | |||||||||
Revenue | $ 60,256 | $ 56,760 | $ 178,985 | $ 166,923 | |||||
Expenses | (15,364) | (14,939) | (46,541) | (42,889) | |||||
Income from real estate | 44,892 | 41,821 | 132,444 | 124,034 | |||||
Interest expense, net and amortization of deferred debt costs | (10,914) | (12,398) | (34,559) | (34,011) | |||||
Depreciation and amortization of lease costs | (12,467) | (13,713) | (37,852) | (37,593) | |||||
General and administrative | (4,626) | (4,107) | (14,234) | (13,790) | |||||
Net Income | 16,885 | $ 16,119 | $ 12,795 | 11,603 | $ 10,208 | $ 16,829 | 45,799 | 38,640 | |
Capital investment | 11,351 | 9,436 | 38,831 | 48,363 | |||||
Total assets | 1,739,500 | 1,681,374 | 1,739,500 | 1,681,374 | $ 1,645,572 | ||||
Operating Segments | Shopping Centers | |||||||||
Real estate rental operations: | |||||||||
Revenue | 42,485 | 40,336 | 126,935 | 120,236 | |||||
Expenses | (8,640) | (8,755) | (27,087) | (26,041) | |||||
Income from real estate | 33,845 | 31,581 | 99,848 | 94,195 | |||||
Interest expense, net and amortization of deferred debt costs | 0 | 0 | 0 | 0 | |||||
Depreciation and amortization of lease costs | (7,203) | (8,169) | (21,639) | (22,812) | |||||
General and administrative | 0 | 0 | 0 | 0 | |||||
Net Income | 26,642 | 23,412 | 78,209 | 71,383 | |||||
Capital investment | 2,629 | 2,733 | 8,200 | 11,622 | |||||
Total assets | 960,247 | 982,381 | 960,247 | 982,381 | |||||
Operating Segments | Mixed-Use Properties | |||||||||
Real estate rental operations: | |||||||||
Revenue | 17,771 | 16,424 | 52,050 | 46,687 | |||||
Expenses | (6,724) | (6,184) | (19,454) | (16,848) | |||||
Income from real estate | 11,047 | 10,240 | 32,596 | 29,839 | |||||
Interest expense, net and amortization of deferred debt costs | 0 | 0 | 0 | 0 | |||||
Depreciation and amortization of lease costs | (5,264) | (5,544) | (16,213) | (14,781) | |||||
General and administrative | 0 | 0 | 0 | 0 | |||||
Net Income | 5,783 | 4,696 | 16,383 | 15,058 | |||||
Capital investment | 8,722 | 6,703 | 30,631 | 36,741 | |||||
Total assets | 766,761 | 643,395 | 766,761 | 643,395 | |||||
Corporate and Other | |||||||||
Real estate rental operations: | |||||||||
Revenue | 0 | 0 | 0 | 0 | |||||
Expenses | 0 | 0 | 0 | 0 | |||||
Income from real estate | 0 | 0 | 0 | 0 | |||||
Interest expense, net and amortization of deferred debt costs | (10,914) | (12,398) | (34,559) | (34,011) | |||||
Depreciation and amortization of lease costs | 0 | 0 | 0 | 0 | |||||
General and administrative | (4,626) | (4,107) | (14,234) | (13,790) | |||||
Net Income | (15,540) | (16,505) | (48,793) | (47,801) | |||||
Capital investment | 0 | 0 | 0 | 0 | |||||
Total assets | $ 12,492 | $ 55,598 | $ 12,492 | $ 55,598 |
Impact of COVID-19 - Narrative
Impact of COVID-19 - Narrative (Details) $ in Millions | Sep. 30, 2021USD ($) |
Unusual or Infrequent Items, or Both [Abstract] | |
Accrued rent | $ 4.6 |
Deferred rent receivables, net | $ 4.5 |