Cover Page
Cover Page - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Feb. 23, 2023 | Jun. 30, 2022 | |
Document Information [Line Items] | |||
Document type | 10-K | ||
Document Annual Report | true | ||
Document period end date | Dec. 31, 2022 | ||
Current fiscal year end date | --12-31 | ||
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, Address Line Two | Suite 1500E | ||
Entity Address, City or Town | Bethesda | ||
Entity Address, State or Province | MD | ||
Entity Address, Postal Zip Code | 20814-6522 | ||
City Area Code | 301 | ||
Local Phone Number | 986-6200 | ||
Entity well-known seasoned issuer | Yes | ||
Entity voluntary filers | No | ||
Entity current reporting status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity filer category | Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
ICFR Auditor Attestation Flag | true | ||
Entity Shell Company | false | ||
Entity common stock, shares outstanding | 23,913,630 | ||
Entity public float | $ 619.1 | ||
Documents Incorporated by Reference | Registrant incorporates by reference into Part III (Items 10, 11, 12, 13 and 14) of this Annual Report on Form 10-K portions of registrant’s definitive Proxy Statement for the 2023 Annual Meeting of Stockholders to be filed with the Securities Exchange Commission pursuant to Regulation 14A. The definitive Proxy Statement will be filed with the Commission not later than 120 days after the end of the fiscal year covered by this Annual Report on Form 10-K. | ||
Amendment flag | false | ||
Document fiscal year focus | 2022 | ||
Document fiscal period focus | FY | ||
Entity central index key | 0000907254 | ||
Common Stock, Par Value $0.01 Per Share | |||
Document 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 | |||
Document 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 | |||
Document 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 $0.01 Per Share | ||
Trading symbol | BFS/PRE | ||
Security Exchange Name | NYSE |
Audit Information
Audit Information | 12 Months Ended |
Dec. 31, 2022 | |
Audit Information [Abstract] | |
Auditor Name | Deloitte & Touche LLP |
Auditor Location | McLean, Virginia |
Auditor Firm ID | 34 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Real estate investments | ||
Land | $ 511,529 | $ 511,529 |
Buildings and equipment | 1,576,924 | 1,566,686 |
Construction in progress | 319,683 | 205,911 |
Real Estate Investment Property, at Cost, Total | 2,408,136 | 2,284,126 |
Accumulated depreciation | (688,475) | (650,113) |
Book Value | 1,719,661 | 1,634,013 |
Cash and cash equivalents | 13,279 | 14,594 |
Accounts receivable and accrued income, net | 56,323 | 58,659 |
Deferred leasing costs, net | 22,388 | 24,005 |
Other assets | 21,651 | 15,490 |
Total assets | 1,833,302 | 1,746,761 |
Liabilities | ||
Mortgage notes payable | 961,577 | 941,456 |
Revolving credit facility payable | 161,941 | 103,167 |
Term loan facility payable | 99,382 | 99,233 |
Accounts payable, accrued expenses and other liabilities | 42,978 | 25,558 |
Deferred income | 23,169 | 25,188 |
Dividends and distributions payable | 22,453 | 21,672 |
Total liabilities | 1,311,500 | 1,216,274 |
Equity | ||
Common stock, $0.01 par value, 40,000,000 shares authorized, 24,016,009 and 23,840,471 shares issued and outstanding, respectively | 240 | 238 |
Additional paid-in capital | 446,301 | 436,609 |
Partnership units in escrow | 39,650 | 39,650 |
Distributions in excess of accumulated earnings | (273,559) | (256,448) |
Accumulated other comprehensive income | 2,852 | 0 |
Total Saul Centers, Inc. equity | 400,484 | 405,049 |
Noncontrolling interests | 121,318 | 125,438 |
Total equity | 521,802 | 530,487 |
Total liabilities and equity | 1,833,302 | 1,746,761 |
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 and 0 shares issued and outstanding respectively | 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 and 0 shares issued and outstanding respectively | $ 110,000 | $ 110,000 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 2022 | Dec. 31, 2021 |
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 | 24,016,009 | 23,840,471 |
Common stock, shares outstanding | 24,016,009 | 23,840,471 |
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 - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Revenue | |||
Rental revenue | $ 240,837 | $ 234,515 | $ 220,281 |
Other | 5,023 | 4,710 | 4,926 |
Total revenue | 245,860 | 239,225 | 225,207 |
Expenses | |||
Property operating expenses | 35,934 | 32,881 | 28,857 |
Real estate taxes | 28,588 | 28,747 | 29,560 |
Interest expense, net and amortization of deferred debt costs | 43,937 | 45,424 | 46,519 |
Depreciation and amortization of deferred leasing costs | 48,969 | 50,272 | 51,126 |
General and administrative | 22,392 | 20,252 | 19,107 |
Loss on early extinguishment of debt | 648 | 0 | 0 |
Total expenses | 180,468 | 177,576 | 175,169 |
Gain on sale of property | 0 | 0 | 278 |
Net income (loss) | 65,392 | 61,649 | 50,316 |
Income attributable to noncontrolling interests | (15,198) | (13,260) | (9,934) |
Net income attributable to Saul Centers, Inc. | 50,194 | 48,389 | 40,382 |
Preferred stock dividends | (11,194) | (11,194) | (11,194) |
Net income available to common stockholders | $ 39,000 | $ 37,195 | $ 29,188 |
Per share net income available to common stockholders | |||
Basic (in usd per share) | $ 1.63 | $ 1.57 | $ 1.25 |
Diluted (in usd per share) | $ 1.63 | $ 1.57 | $ 1.25 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Statement of Comprehensive Income [Abstract] | |||
Net income | $ 65,392 | $ 61,649 | $ 50,316 |
Other comprehensive income | |||
Change in unrealized gain on cash flow hedge | 3,962 | 0 | 0 |
Total comprehensive income | 69,354 | 61,649 | 50,316 |
Comprehensive income attributable to noncontrolling interests | (16,308) | (13,260) | (9,934) |
Total comprehensive income attributable to Saul Centers, Inc. | 53,046 | 48,389 | 40,382 |
Preferred stock dividends | (11,194) | (11,194) | (11,194) |
Total comprehensive income available to common stockholders | $ 41,852 | $ 37,195 | $ 29,188 |
Consolidated Statements of Equi
Consolidated Statements of Equity - USD ($) $ in Thousands | Total | Twinbrook Metro Station Restricted Stock Units (RSUs) | Ashbrook Marketplace | Limited Partner | Limited Partner Twinbrook Metro Station | Dividend paid | Dividend declared | Series D Cumulative Redeemable Preferred Stock Dividend paid | Series D Cumulative Redeemable Preferred Stock Dividend declared | Series E Cumulative Redeemable Preferred Stock Dividend paid | Total Saul Centers, Inc. | Total Saul Centers, Inc. Twinbrook Metro Station Restricted Stock Units (RSUs) | Total Saul Centers, Inc. Dividend paid | Total Saul Centers, Inc. Dividend declared | Total Saul Centers, Inc. Series D Cumulative Redeemable Preferred Stock Dividend paid | Total Saul Centers, Inc. Series D Cumulative Redeemable Preferred Stock Dividend declared | Total Saul Centers, Inc. Series E Cumulative Redeemable Preferred Stock Dividend paid | Preferred Stock | Common Stock | Partnership Units in Escrow | Partnership Units in Escrow Twinbrook Metro Station Restricted Stock Units (RSUs) | Additional Paid-in Capital | Distributions in Excess of Accumulated Earnings | Distributions in Excess of Accumulated Earnings Dividend paid | Distributions in Excess of Accumulated Earnings Dividend declared | Distributions in Excess of Accumulated Earnings Series D Cumulative Redeemable Preferred Stock Dividend paid | Distributions in Excess of Accumulated Earnings Series D Cumulative Redeemable Preferred Stock Dividend declared | Distributions in Excess of Accumulated Earnings Series E Cumulative Redeemable Preferred Stock Dividend paid | Accumulated Other Comprehensive Income | Noncontrolling Interests | Noncontrolling Interests Twinbrook Metro Station Restricted Stock Units (RSUs) | Noncontrolling Interests Ashbrook Marketplace | Noncontrolling Interests Limited Partner | Noncontrolling Interests Limited Partner Twinbrook Metro Station | Noncontrolling Interests Dividend paid | Noncontrolling Interests Dividend declared | Noncontrolling Interests Series D Cumulative Redeemable Preferred Stock Dividend paid |
Beginning balance at Dec. 31, 2019 | $ 443,356 | $ 374,981 | $ 185,000 | $ 232 | $ 0 | $ 410,926 | $ (221,177) | $ 0 | $ 68,375 | ||||||||||||||||||||||||||||
Issuance of common stock: | |||||||||||||||||||||||||||||||||||||
Shares issued pursuant to dividend reinvestment plan | 7,735 | 7,735 | 3 | 7,732 | |||||||||||||||||||||||||||||||||
Shares issued due to exercise of employee stock options and issuance of directors' deferred stock | 1,967 | 1,967 | 1,967 | ||||||||||||||||||||||||||||||||||
Issuance of partnership units | 1,677 | 1,677 | |||||||||||||||||||||||||||||||||||
Net income | 50,316 | 40,382 | 40,382 | 9,934 | |||||||||||||||||||||||||||||||||
Change in unrealized gain on cash flow hedge | 0 | ||||||||||||||||||||||||||||||||||||
Preferred stock distributions: | |||||||||||||||||||||||||||||||||||||
Preferred stock distributions | $ (1,650) | $ (3,446) | $ (1,148) | $ (4,950) | $ (1,650) | $ (3,446) | $ (1,148) | $ (4,950) | $ (1,650) | $ (3,446) | $ (1,148) | $ (4,950) | |||||||||||||||||||||||||
Common stock distributions | $ (49,679) | $ (37,108) | $ (37,108) | $ (12,571) | |||||||||||||||||||||||||||||||||
Distributions payable common stock and distributions payable partnership units | (16,645) | (12,438) | (12,438) | $ (4,207) | |||||||||||||||||||||||||||||||||
Ending balance at Dec. 31, 2020 | 427,533 | 364,325 | 185,000 | 235 | 0 | 420,625 | (241,535) | 0 | 63,208 | ||||||||||||||||||||||||||||
Issuance of common stock: | |||||||||||||||||||||||||||||||||||||
Shares issued pursuant to dividend reinvestment plan | 11,500 | $ 2,398 | 11,500 | 3 | 11,497 | $ 2,398 | |||||||||||||||||||||||||||||||
Shares issued due to exercise of employee stock options and issuance of directors' deferred stock | 4,487 | 4,487 | 4,487 | ||||||||||||||||||||||||||||||||||
Stock Issued During Period, Value, Acquisitions | $ 79,300 | $ 4,320 | $ 21,500 | $ 79,300 | $ 79,300 | $ 4,320 | $ 21,500 | ||||||||||||||||||||||||||||||
708,036 restricted units released from escrow pursuant to the Twinbrook Contribution Agreement | $ 0 | $ (39,650) | $ (39,650) | $ 39,650 | |||||||||||||||||||||||||||||||||
Net income | 61,649 | 48,389 | 48,389 | 13,260 | |||||||||||||||||||||||||||||||||
Change in unrealized gain on cash flow hedge | 0 | ||||||||||||||||||||||||||||||||||||
Preferred stock distributions: | |||||||||||||||||||||||||||||||||||||
Preferred stock distributions | (1,650) | (3,445) | (1,149) | (4,950) | (1,650) | (3,445) | (1,149) | (4,950) | (1,650) | (3,445) | (1,149) | (4,950) | |||||||||||||||||||||||||
Common stock distributions | (52,139) | (38,525) | (38,525) | (13,614) | |||||||||||||||||||||||||||||||||
Distributions payable common stock and distributions payable partnership units | (18,867) | (13,583) | (13,583) | (5,284) | |||||||||||||||||||||||||||||||||
Ending balance at Dec. 31, 2021 | 530,487 | 405,049 | 185,000 | 238 | 39,650 | 436,609 | (256,448) | 0 | 125,438 | ||||||||||||||||||||||||||||
Issuance of common stock: | |||||||||||||||||||||||||||||||||||||
Shares issued pursuant to dividend reinvestment plan | 6,979 | $ 1,322 | 6,979 | 2 | 6,977 | $ 1,322 | |||||||||||||||||||||||||||||||
Shares issued due to exercise of employee stock options and issuance of directors' deferred stock | 2,715 | 2,715 | 2,715 | ||||||||||||||||||||||||||||||||||
Net income | 65,392 | 50,194 | 50,194 | 15,198 | |||||||||||||||||||||||||||||||||
Change in unrealized gain on cash flow hedge | 3,962 | 2,852 | 2,852 | 1,110 | |||||||||||||||||||||||||||||||||
Preferred stock distributions: | |||||||||||||||||||||||||||||||||||||
Preferred stock distributions | (1,650) | $ (3,445) | $ (1,149) | $ (4,950) | (1,650) | $ (3,445) | $ (1,149) | $ (4,950) | (1,650) | $ (3,445) | $ (1,149) | $ (4,950) | $ 0 | ||||||||||||||||||||||||
Common stock distributions | $ (58,204) | $ (41,940) | $ (41,940) | $ (16,264) | |||||||||||||||||||||||||||||||||
Distributions payable common stock and distributions payable partnership units | $ (19,657) | $ (14,171) | $ (14,171) | $ (5,486) | |||||||||||||||||||||||||||||||||
Ending balance at Dec. 31, 2022 | $ 521,802 | $ 400,484 | $ 185,000 | $ 240 | $ 39,650 | $ 446,301 | $ (273,559) | $ 2,852 | $ 121,318 |
Consolidated Statements of Eq_2
Consolidated Statements of Equity (Parenthetical) - $ / shares | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Shares issued pursuant to dividend reinvestment plan | 143,957,000 | 293,615,000 | 228,498,000 |
Shares due to exercise of employee stock options and issuance of directors' deferred stock | 31,581,000 | 70,231,000 | 16,887,000 |
Issuance of partnership units (in shares) | 51,579,000 | ||
Limited Partner | |||
Shares issued pursuant to dividend reinvestment plan | 26,659,000 | 61,009,000 | |
Twinbrook Metro Station | |||
Stock issued during period, shares, acquisitions | 469,740,000 | ||
Twinbrook Metro Station | Restricted Stock Units (RSUs) | |||
Stock issued during period, shares, acquisitions | 1,416,071,000 | ||
Restricted units released pursuant to first escrow release (in shares) | 708,036,000 | ||
Ashbrook Marketplace | |||
Stock issued during period, shares, acquisitions | 93,674,000 | ||
Dividend declared | |||
Distributions payable common stock and partnership units (in usd per share) | $ 0.59 | $ 0.57 | $ 0.53 |
Dividend declared | Series D Cumulative Redeemable Preferred Stock | |||
Distributions payable on preferred stock (in usd per share) | 38.28 | 38.28 | 38.28 |
Dividend declared | Series E Cumulative Redeemable Preferred Stock | |||
Distributions payable on preferred stock (in usd per share) | $ 37.50 | $ 37.50 | $ 37.50 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | ||
Cash flows from operating activities: | ||||
Net income | $ 65,392 | $ 61,649 | $ 50,316 | |
Adjustments to reconcile net income to net cash provided by operating activities: | ||||
Loss on early extinguishment of debt | 648 | 0 | 0 | |
Gain on sale of property | 0 | 0 | (278) | |
Depreciation and amortization of deferred leasing costs | 48,969 | 50,272 | 51,126 | |
Amortization of deferred debt costs | 1,985 | 1,710 | 1,570 | |
Non cash compensation costs of stock grants and options | 1,521 | 1,562 | 1,438 | |
Credit losses (recoveries) on operating lease receivables | (88) | 812 | 5,212 | |
(Increase) decrease in accounts receivable and accrued income | 2,424 | 5,446 | (17,818) | |
Additions to deferred leasing costs | (2,716) | (1,814) | (8,050) | |
(Increase) decrease in other assets | 4,511 | (2,820) | 5 | |
Increase (decrease) in accounts payable, accrued expenses and other liabilities | 524 | (285) | 861 | |
Increase (decrease) in deferred income | (2,019) | 1,895 | (6,013) | |
Net cash provided by operating activities | 121,151 | 118,427 | 78,369 | |
Cash flows from investing activities: | ||||
Acquisitions of real estate investments | [1],[2],[3] | 0 | (9,011) | 0 |
Additions to real estate investments | (15,781) | (21,023) | (20,547) | |
Additions to development and redevelopment projects | (101,107) | (25,884) | (35,983) | |
Proceeds from sale of properties | 0 | 0 | 376 | |
Net cash used in investing activities | (116,888) | (55,918) | (56,154) | |
Cash flows from financing activities: | ||||
Proceeds from mortgage notes payable | 199,750 | 0 | 52,100 | |
Repayments on mortgage notes payable | (174,096) | (42,641) | (45,654) | |
Proceeds from term loan facility | 0 | 25,000 | 0 | |
Proceeds from revolving credit facility | 155,000 | 46,000 | 90,000 | |
Repayments on revolving credit facility | (97,000) | (44,500) | (73,000) | |
Proceeds from construction loans payable | 0 | 10,917 | 35,883 | |
Payments of debt extinguishment costs | (593) | 0 | 0 | |
Additions to deferred debt costs | (9,869) | (6,393) | (1,206) | |
Proceeds from the issuance of: | ||||
Common stock | 8,173 | 14,425 | 8,264 | |
Partnership units | [1],[2],[3] | 1,322 | 2,398 | 1,677 |
Distributions to: | ||||
Distributions to preferred stockholders | (11,194) | (11,194) | (11,194) | |
Common stockholders | (55,523) | (50,963) | (49,383) | |
Noncontrolling interests | (21,548) | (17,821) | (16,751) | |
Net cash used in financing activities | (5,578) | (74,771) | (9,264) | |
Net increase (decrease) in cash and cash equivalents | (1,315) | (12,262) | 12,951 | |
Cash and cash equivalents, beginning of year | 14,594 | 26,856 | 13,905 | |
Cash and cash equivalents, end of year | 13,279 | 14,594 | 26,856 | |
Supplemental disclosure of cash flow information: | ||||
Cash paid for interest | 40,725 | 44,575 | 44,990 | |
Accrued capital expenditures included in accounts payable, accrued expenses, and other liabilities | 19,006 | 5,906 | 4,327 | |
Series D Cumulative Redeemable Preferred Stock | ||||
Distributions to: | ||||
Distributions to preferred stockholders | (4,594) | (4,593) | (4,594) | |
Series E Cumulative Redeemable Preferred Stock | ||||
Distributions to: | ||||
Distributions to preferred stockholders | $ (6,600) | $ (6,600) | $ (6,600) | |
[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.[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.[3]The 2021 acquisition of real estate and proceeds from the issuance of partnership units each excludes $79,300 in connection with the contribution of Twinbrook Quarter by the B. F. Saul Real Estate Investment Trust in exchange for limited partnership units, half of which units remain in escrow. |
Consolidated Statements of Ca_2
Consolidated Statements of Cash Flows (Parenthetical) | 12 Months Ended |
Dec. 31, 2021 USD ($) | |
Twinbrook Quarter | |
Limited partnership units issued | $ 79,300 |
Twinbrook Metro Station Leasehold Interest | |
Limited partnership units issued | 21,500 |
Ashbrook Marketplace | |
Limited partnership units issued | $ 4,320 |
Organization, Basis of Presenta
Organization, Basis of Presentation | 12 Months Ended |
Dec. 31, 2022 | |
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. Saul Centers 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. Saul Centers was formed to continue and expand the shopping center business previously owned and conducted by the B. F. Saul Real Estate Investment Trust (the "Saul Trust"), 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”). On August 26, 1993, members of the Saul Organization transferred to Saul Holdings Limited Partnership, a newly formed Maryland limited partnership (the “Operating Partnership”), and two newly formed subsidiary limited partnerships (the “Subsidiary Partnerships,” and collectively with the Operating Partnership, the “Partnerships”), Shopping Centers and Mixed-Used Properties, and the management functions related to the transferred properties. Since its formation, the Company has developed and purchased additional properties. The Company, which conducts all of its activities through its subsidiaries, the Operating Partnership and Subsidiary Partnerships, engages in the ownership, operation, management, leasing, acquisition, renovation, expansion, development and financing of community and neighborhood shopping centers and mixed-used properties, primarily in the Washington, DC/Baltimore metropolitan area. Because the properties are located primarily in the Washington, DC/Baltimore metropolitan area, a disproportionate economic downturn in the local economy would have a greater negative impact on our overall financial performance than on the overall financial performance of a company with a portfolio that is more geographically diverse. A majority of the Shopping Centers are anchored by several major tenants. As of December 31, 2022, 33 of the Shopping Centers were anchored by a grocery store and offer primarily day-to-day necessities and services. One retail tenant, Giant Food (5.1%), a tenant at 11 Shopping Centers, individually accounted for 2.5% or more of the Company’s total revenue for the year ended December 31, 2022. As of December 31, 2022, the Current Portfolio Properties consisted of 50 Shopping Centers, seven Mixed-Use Properties, and four (non-operating) development properties. The accompanying consolidated financial statements of the Company include the accounts of Saul Centers and its subsidiaries, including the Operating Partnership and Subsidiary Partnerships, which are majority owned by Saul Centers. Substantially all assets and liabilities of the Company as of December 31, 2022 and December 31, 2021, are comprised of the assets and liabilities of the Operating Partnership. The debt arrangements which are 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") of the Company 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 the activities of the Operating Partnership and the rights to absorb 72.0% of the net income of the Operating Partnership. Because the Operating Partnership is consolidated into the financial statements of the Company, the identification of it as a VIE has no impact on the consolidated financial statements of the Company. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES 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 impairment of real estate properties and collectability of operating lease receivables. Actual results could differ from those estimates. Real Estate Investment Properties Real estate investment properties are stated at historic cost less depreciation. Although the Company intends to own its real estate investment properties over a long term, from time to time it will evaluate its market position, market conditions, and other factors and may elect to sell properties that do not conform to the Company’s investment profile. Management believes that the Company’s real estate assets have generally appreciated in value since their acquisition or development and, accordingly, the aggregate current value exceeds their aggregate net book value and also exceeds the value of the Company’s liabilities as reported in the financial statements. Because the financial statements are prepared in conformity with GAAP, they do not report the current value of the Company’s real estate investment properties. If there is an event or change in circumstance that indicates a potential impairment in the value of a real estate investment property, the Company prepares an analysis to determine whether the carrying value of the real estate investment property exceeds its estimated fair value. The Company considers both quantitative and qualitative factors including recurring operating losses, significant decreases in occupancy, and significant adverse changes in legal factors and business climate. If impairment indicators are present, the Company compares the projected cash flows of the property over its remaining useful life, on an undiscounted basis, to the carrying value of that property. The Company assesses its undiscounted projected cash flows based upon estimated capitalization rates, historic operating results and market conditions that may affect the property. If the carrying value is greater than the undiscounted projected cash flows, the Company would recognize an impairment loss equivalent to an amount required to adjust the carrying amount to its then estimated fair value. The fair value of any property is sensitive to the actual results of any of the aforementioned estimated factors, either individually or taken as a whole. Should the actual results differ from management’s projections, the valuation could be negatively or positively affected. The Company did not recognize an impairment loss on any of its real estate in 2022, 2021, or 2020. 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 improvements 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 improvement, using the straight-line method. Depreciation expense, which is included in Depreciation and amortization of deferred leasing costs in the Consolidated Statements of Operations, for the years ended December 31, 2022, 2021, and 2020, was $44.6 million, $45.5 million, and $45.9 million, respectively. Repairs and maintenance expense totaled $15.2 million, $13.5 million, and $11.1 million for 2022, 2021, and 2020, respectively, and is included in property operating expenses in the accompanying consolidated financial statements. As of December 31, 2022, we have not identified any impairment triggering events, including the impact of COVID-19 and corresponding tenant requests for rent relief. Accordingly, under applicable GAAP guidance, no impairment charges were recorded. Assets Held for Sale The Company considers properties to be assets held for sale when all of the following criteria are met: • management commits to a plan to sell a property; • it is unlikely that the disposal plan will be significantly modified or discontinued; • the property is available for immediate sale in its present condition; • actions required to complete the sale of the property have been initiated; • sale of the property is probable and the Company expects the completed sale will occur within one year; and • the property is actively being marketed for sale at a price that is reasonable given its current market value. The Company must make a determination as to the point in time that it is probable that a sale will be consummated, which generally occurs when an executed sales contract has no contingencies and the prospective buyer has significant funds at risk to ensure performance. Upon designation as an asset held for sale, the Company records the carrying value of each property at the lower of its carrying value or its estimated fair value, less estimated costs to sell, and ceases depreciation. As of December 31, 2022 and 2021, the Company had no assets designated as held for sale. Revenue Recognition 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 were 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 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 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. Rental and interest income are accrued as earned. Recognition of rental income commences when control of the space has been given to the tenant. When rental payments due under leases vary from a straight-line basis because of free rent periods or stepped increases, income is recognized on a straight-line basis. Expense recoveries represent a portion of property operating expenses billed to the tenants, including common area maintenance, real estate taxes and other recoverable costs. Upon adoption of ASU 2016-02, we made a policy election not to separate lease and nonlease components and have accounted for each lease component and the related nonlease components together as a single component. Expense recoveries are recognized in the period in which the expenses are incurred. Rental income based on a tenant’s revenue (“percentage rent”) is accrued when a tenant reports sales that exceed a specified breakpoint, pursuant to the terms of their respective leases. Due to the business disruptions and challenges severely affecting the global economy caused by the novel strain of coronavirus (“COVID-19”) pandemic, some lessees have requested rent relief, including rent deferrals and other lease concessions. The lease modification guidance in ASU 2016-02 does not contemplate the rapid execution of concessions for multiple tenants in response to sudden liquidity constraints of lessees. In April 2020, the FASB staff issued a question and answer document that provided guidance allowing the Company to elect to either apply the lease modification accounting framework or not, with such election applied consistently to leases with similar characteristics and similar circumstances. The Company has elected to apply such relief, which, in the case of rent deferrals, results in the accrual of rent due from tenants and defers the payment of that rent to a future date, and will monitor the collectability of rent receivables. Accounts Receivable, Accrued Income, and Allowance for Doubtful Accounts Accounts receivable are primarily comprised of rental and reimbursement billings due from tenants, and straight-line rent receivables representing the cumulative amount of adjustments necessary to present rental income 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, and the charge off 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. We also assess whether operating lease receivables, at the portfolio level, are appropriately valued based upon an analysis of balances outstanding, effects of tenant bankruptcies, historical levels of bad debt and current economic trends. Additionally, because of the uncertainties related to the impact of the COVID-19 pandemic, our assessment also takes into consideration the types of business conducted by tenants and current discussions with the tenants, as well as recent rent collection experience. Evaluating and estimating uncollectable lease payments and related receivables requires a significant amount of judgment by management and is based on the best information available to management at the time of evaluation. For the year-ended December 31, 2022, we increased rental revenue by $461,400 due to payments from tenants of receivables that were previously reserved or charged off. Actual results could differ from these estimates. At December 31, 2022 and December 31, 2021, accounts receivable was comprised of: (In thousands) December 31, 2022 December 31, 2021 Rents currently due $ 8,433 $ 8,484 Deferred rents 1,042 2,872 Straight-line rent 45,815 46,681 Other receivables 2,706 3,704 Reserve for credit losses on operating lease receivables (1,673) (3,082) Total $ 56,323 $ 58,659 Deferred Leasing Costs Deferred leasing costs primarily consist of initial direct costs incurred in connection with successful property leasing and amounts attributed to in place leases associated with acquired properties. Such amounts are capitalized and amortized, using the straight-line method, over the term of the lease or the remaining term of an acquired lease. Initial direct costs primarily consist of leasing commissions, costs paid to external third-party brokers, and internal lease commissions that are incremental to obtaining a lease and would not have been incurred if the lease had not been obtained. Unamortized deferred costs are charged to expense if the applicable lease is terminated prior to expiration of the initial lease term. Collectively, deferred leasing costs totaled $22.4 million and $24.0 million, net of accumulated amortization of approximately $51.3 million and $48.7 million, as of December 31, 2022 and 2021, respectively. Amortization expense, which is included in Depreciation and amortization of deferred leasing costs in the Consolidated Statements of Operations, totaled approximately $4.3 million, $4.7 million, and $5.2 million, for the years ended December 31, 2022, 2021, and 2020, respectively. Cash and Cash Equivalents Cash and cash equivalents include short-term investments. Short-term investments include money market accounts and other investments which generally mature within three months, measured from the acquisition date, and/or are readily convertible to cash. Substantially all of the Company’s cash balances at December 31, 2022 are held in accounts at various banks. From time to time the Company may maintain deposits with financial institutions in amounts in excess of federally insured limits. The Company has not experienced any losses on such deposits and believes it is not exposed to any significant credit risk on those deposits. Deferred Income Deferred income consists of payments received from tenants prior to the time they are earned and recognized by the Company as revenue, including tenant prepayment of rent for future periods, real estate taxes when the taxing jurisdiction has a fiscal year differing from the calendar year reimbursements specified in the lease agreement and tenant construction work provided by the Company. In addition, deferred income includes unamortized balances that represent the fair value of certain below market leases determined as of the date of acquisition. Derivative Financial Instruments The Company may, when appropriate, employ derivative instruments, such as interest-rate swaps, to mitigate the risk of interest rate fluctuations. The Company does not enter into derivative or other financial instruments for trading or speculative purposes. Derivative financial instruments are carried at fair value as either assets or liabilities on the consolidated balance sheets. For those derivative instruments that qualify, the Company may designate the hedging instrument, based upon the exposure being hedged, as a fair value hedge or a cash flow hedge. Derivative instruments that are designated as a hedge are evaluated to ensure they continue to qualify for hedge accounting. The effective portion of any gain or loss on the hedge instruments is reported as a component of accumulated other comprehensive income (loss) and recognized in earnings within the same line item associated with the forecasted transaction in the same period or periods during which the hedged transaction affects earnings. Any ineffective portion of the change in fair value of a derivative instrument is immediately recognized in earnings. For derivative instruments that do not meet the criteria for hedge accounting, or that qualify and are not designated, changes in fair value are immediately recognized in earnings. Income Taxes The Company made an election to be treated, and intends to continue operating so as to qualify, as a REIT under the Code, commencing with its taxable year ended December 31, 1993. A REIT generally will not be subject to federal income taxation, provided that distributions to its stockholders equal or exceed its REIT taxable income and complies with certain other requirements. Therefore, no provision has been made for federal income taxes in the accompanying consolidated financial statements. As of December 31, 2022, the Company had no material unrecognized tax benefits and there exist no potentially significant unrecognized tax benefits which are reasonably expected to occur within the next twelve months. The Company recognizes penalties and interest accrued related to unrecognized tax benefits, if any, as general and administrative expense. No penalties and interest have been accrued in years 2022, 2021, and 2020. The tax basis of the Company’s real estate investments was approximately $1.61 billion and $1.64 billion as of December 31, 2022 and 2021, respectively. With few exceptions, the Company is no longer subject to U.S. federal, state, and local tax examinations by tax authorities for years before 2019. Legal Contingencies The Company is subject to various legal proceedings and claims that arise in the ordinary course of business, which are generally covered by insurance. Upon determination that a loss is probable to occur and can be reasonably estimated, the estimated amount of the loss is recorded in the financial statements. Recently Issued Accounting Standards Recently issued accounting standards or pronouncements have been excluded because they are either not relevant to the Company or they are expected not to have a material impact on the Consolidated Financial Statements of the Company. Reclassifications |
Real Estate
Real Estate | 12 Months Ended |
Dec. 31, 2022 | |
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. The following table shows the components of construction in progress. December 31, (in thousands) 2022 2021 Twinbrook Quarter $ 227,672 $ 138,069 Hampden House 80,704 56,898 Other 11,307 10,944 Total $ 319,683 $ 205,911 Acquisitions Twinbrook Quarter On November 5, 2019, the Company entered into the Twinbrook Contribution Agreement to acquire from 1592 Rockville Pike, a wholly-owned subsidiary of the Saul 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 in exchange for 1,416,071 limited partnership units in the Operating Partnership. The Contributed Property is immediately adjacent to approximately 10.3 acres owned by the Company. 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 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 twelve months ended December 31, 2021. Allocation of Purchase Price of Real Estate Acquired The Company allocates the purchase price of real estate investment properties to various components, such as land, buildings and intangibles related to in-place leases and customer relationships, based on their relative fair values. During 2021, the Company acquired properties that had an aggregate cost of $108.3 million, including acquisition costs. The entire amount was allocated to land. The gross carrying amount of lease intangible assets included in deferred leasing costs as of December 31, 2022 and 2021 was $10.7 million and $11.0 million, respectively, and accumulated amortization was $9.2 million and $9.1 million, respectively. Amortization expense totaled $0.4 million, $0.5 million and $0.6 million, for the years ended December 31, 2022, 2021, and 2020, respectively. The gross carrying amount of below market lease intangible liabilities included in deferred income as of December 31, 2022 and 2021 was $23.3 million and $23.3 million, respectively, and accumulated amortization was $17.3 million and $16.0 million, respectively. Accretion income totaled $1.3 million, $1.4 million, and $1.4 million, for the years ended December 31, 2022, 2021, and 2020, respectively. The gross carrying amount of above market lease intangible assets included in accounts receivable as of December 31, 2022 and 2021 was $0.6 million and $0.6 million, respectively, and accumulated amortization was $194,800 and $161,800, respectively. Amortization expense totaled $32,900, $32,900 and $43,600, for the years ended December 31, 2022, 2021 and 2020, respectively. The remaining weighted-average amortization period as of December 31, 2022 is 4.6 years, 6.3 years, and 4.9 years for lease acquisition costs, above market leases and below market leases, respectively. As of December 31, 2022, scheduled amortization of intangible assets and deferred income related to in place leases is as follows: (In thousands) Lease acquisition costs Above market leases Below market leases 2023 $ 316 $ 33 $ 1,297 2024 199 33 878 2025 153 33 601 2026 131 33 509 2027 121 33 507 Thereafter 593 244 2,237 Total $ 1,513 $ 409 $ 6,029 |
Noncontrolling Interests - Hold
Noncontrolling Interests - Holders of Convertible Limited Partnership Units in the Operating Partnership | 12 Months Ended |
Dec. 31, 2022 | |
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 PARTNERSHIP Saul Centers is the sole general partner of the Operating Partnership, owning a 72.0% common interest as of December 31, 2022. Noncontrolling interest in the Operating Partnership is comprised of limited partnership units owned by the Saul Organization. Noncontrolling interest reflected on the accompanying consolidated balance sheets is increased for earnings allocated to limited partnership interests and distributions reinvested in additional units, and is decreased for limited partner distributions. Noncontrolling interest reflected on the consolidated statements of operations represents earnings allocated to limited partnership interests held by the Saul Organization. The Saul Organization holds a 26.6% limited partnership interest in the Operating Partnership represented by 8,827,873 limited partnership units, as of December 31, 2022. The 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 Saul Centers, Inc. Articles of Incorporation, the rights may not be exercised at any time that the Saul Organization beneficially owns, 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 December 31, 2022, approximately 411,000 units were eligible for conversion. As of December 31, 2022, a third party investor holds a 1.4% 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 Saul Organization’s 26.6% limited partnership interest in the Operating Partnership is reflected as Noncontrolling Interests in the accompanying consolidated financial statements. Weighted average fully diluted partnership units and common stock outstanding for the years ended December 31, 2022, 2021, and 2020, were 34.0 million, 33.1 million, and 31.3 million, respectively. The Company previously issued 708,035 limited partnership units related to the contribution of Twinbrook Quarter that are held in escrow and will be released on October 18, 2023. Until such time as the units are released from escrow, they are not eligible to receive distributions from the Operating Partnership. |
Notes Payable, Bank Credit Faci
Notes Payable, Bank Credit Facility, Interest Expense and Amortization of Deferred Debt Costs | 12 Months Ended |
Dec. 31, 2022 | |
Debt Disclosure [Abstract] | |
Notes Payable, Bank Credit Facility, Interest Expense and Amortization of Deferred Debt Costs | NOTES PAYABLE, BANK CREDIT FACILITY, INTEREST EXPENSE AND AMORTIZATION OF DEFERRED DEBT COSTS At December 31, 2022, the principal amount of outstanding debt totaled $1.2 billion, of which $1.07 billion was fixed rate debt and $164.0 million was variable rate debt. The principal amount of the Company’s outstanding debt totaled $1.2 billion at December 31, 2021, of which $949.0 million was fixed rate debt and $206.0 million was variable rate debt. At December 31, 2022, the Company had a $525.0 million Credit Facility comprised of a $425.0 million revolving credit facility and a $100.0 million term loan. The revolving credit facility matures on August 29, 2025, which 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. Through October 2, 2022, interest accrued at LIBOR plus an applicable spread, which was determined by certain leverage tests. Effective October 3, 2022, in conjunction with the execution of the First Amendment to the Credit Facility, interest accrues at SOFR plus 10 basis points plus an applicable spread, which is determined by certain leverage tests. As of December 31, 2022, the applicable spread for borrowings was 140 basis points related to the revolving credit facility and 135 basis points related to the term loan. Letters of credit may be issued under the Credit Facility. On December 31, 2022, based on the value of the Company’s unencumbered properties, approximately $212.1 million was available under the Credit Facility, $264.0 million was outstanding and approximately $185,000 was committed for letters of credit. On August 23, 2022, the Company entered into two floating-to-fixed interest rate swap agreements to manage the interest rate risk associated with $100.0 million of its variable-rate debt. Each swap agreement became effective October 3, 2022 and each has a $50.0 million notional amount. One agreement terminates on October 1, 2027 and effectively fixes SOFR at 2.96%. The other agreement terminates on October 1, 2030 and effectively fixes SOFR at 2.91%. Because the interest-rate swaps effectively fix SOFR for $100.0 million of variable-rate debt, unless otherwise indicated, $100.0 million of variable-rate debt will be treated as fixed-rate debt for disclosure purposes beginning September 30, 2022. The Company has designated the agreements as cash flow hedges for accounting purposes. As of December 31, 2022, the fair value of the interest-rate swaps totaled approximately $4.0 million, which is included in Other assets in the Consolidated Balance Sheets. The increase in value from inception of the swaps is reflected in Other Comprehensive Income in the Consolidated Statements of Comprehensive Income. On February 23, 2022, the Company closed on a $133.0 million construction-to-permanent loan, the proceeds of which will be used to partially fund Hampden House. The loan matures in 2040, bears interest at a fixed rate of 3.90%, and requires interest only payments, which will be funded by the loan, until conversion to permanent. The conversion is expected in the first quarter of 2026, and thereafter, monthly principal and interest payments based on a 25-year amortization schedule will be required. On March 11, 2022, the Company repaid in full the remaining principal balance of $28.3 million of the mortgage loan secured by Lansdowne Town Center, which was scheduled to mature in June 2022. On June 7, 2022, the Company repaid in full the remaining principal balance of $8.6 million of the mortgage loan secured by Orchard Park, which was scheduled to mature in September 2022. On August 4, 2022, the Company closed on a 15-year, non-recourse, $25.3 million mortgage secured by Village Center. The loan matures in 2037, bears interest at a fixed-rate of 4.14%, requires monthly principal and interest payments of $135,200 based on a 25-year amortization schedule and requires a final payment of $13.4 million at maturity. Proceeds were used to repay the remaining balance of approximately $11.2 million on the existing mortgage and reduce the outstanding balance of the Credit Facility. A $0.4 million loss on early extinguishment of debt was recognized. On August 24, 2022, the Company closed on a 7-year, non-recourse, $31.5 million mortgage secured by Great Falls Center. The loan matures in 2029, bears interest at a fixed-rate of 3.91%, requires monthly principal and interest payments of $164,700 based on a 25-year amortization schedule and requires a final payment of $25.7 million at maturity. Proceeds were used to repay the remaining balance of approximately $8.0 million on the existing mortgage and reduce the outstanding balance of the Credit Facility. A $0.2 million loss on early extinguishment of debt was recognized. On September 6, 2022, the Company closed on a 15-year, non-recourse, $143.0 million mortgage secured by Beacon Center and Seven Corners Center. The loan matures in 2037, bears interest at a fixed-rate of 5.05%, requires monthly principal and interest payments of $840,100 based on a 25-year amortization schedule and requires a final payment of $79.9 million at maturity. Proceeds were used to repay the remaining balance of approximately $85.3 million on the existing mortgages and reduce the outstanding balance of the Credit Facility. This transaction was treated as a modification of the original debt agreement. A prepayment penalty of $5.9 million was incurred, which was deferred and will be amortized as interest expense over the life of the loan and is included as a reduction to notes payable, net in the Consolidated Balance Sheets. 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 Broadlands mortgage (approximately $3.6 million of the $28.9 million outstanding balance at December 31, 2022), (b) a portion of the Avenel Business Park mortgage (approximately $6.3 million of the $22.9 million outstanding balance at December 31, 2022), (c) a portion of The Waycroft mortgage (approximately $23.6 million of the $152.7 million outstanding balance at December 31, 2022), (d) the Ashbrook Marketplace mortgage (totaling $20.8 million at December 31, 2022), and (e) the mortgage secured by Kentlands Place, Kentlands Square I and Kentlands pad (totaling $28.2 million at December 31, 2022). All other notes payable are non-recourse. 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. On November 19, 2021, the Company closed on a $145.0 million construction-to-permanent loan, the proceeds of which will be used to partially fund Phase I of the Twinbrook Quarter development project. The loan matures in 2041, bears interest at a fixed rate of 3.83%, requires interest only payments, which will be funded by the loan, until conversion to permanent. The conversion is expected in the fourth quarter of 2026, and thereafter, monthly principal and interest payments based on a 25-year amortization schedule will be required. The carrying value of the properties collateralizing the mortgage notes payable totaled $1.0 billion and $1.1 billion, as of December 31, 2022 and 2021, respectively. The Company’s Credit Facility requires the Company and its subsidiaries to maintain certain financial covenants, which are summarized below. The Company was in compliance as of December 31, 2022. • limit the amount of debt as a percentage of gross asset value, as defined in the loan agreement, to less than 60% (leverage ratio); • limit the amount of debt so that interest coverage will exceed 2.0 x on a trailing four-quarter basis (interest expense coverage); and • limit the amount of debt so that interest, scheduled principal amortization and preferred dividend coverage exceeds 1.4x on a trailing four-quarter basis (fixed charge coverage). Mortgage notes payable totaling $2.0 million and $41.0 million, respectively, at each of December 31, 2022 and 2021, are guaranteed by members of the Saul Organization. As of December 31, 2022, the scheduled maturities of all debt including scheduled principal amortization for years ended December 31 are as follows: (in thousands) Balloon Scheduled Total 2023 $ 9,225 $ 32,926 $ 42,151 2024 50,117 33,566 83,683 2025 184,363 (a) 31,423 215,786 2026 134,088 28,062 162,150 2027 100,000 (b) 23,454 123,454 Thereafter 440,093 171,366 611,459 Principal amount $ 917,886 $ 320,797 1,238,683 Unamortized deferred debt costs 15,783 Net $ 1,222,900 (a) Includes $164.0 million outstanding under the Credit Facility. Deferred Debt Costs 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 $15.8 million and $11.2 million, net of accumulated amortization of $7.9 million and $7.7 million at December 31, 2022 and 2021, respectively, and are reflected as a reduction of the related debt in the Consolidated Balance Sheets. The components of interest expense are set forth below. (in thousands) Year ended December 31, 2022 2021 2020 Interest incurred $ 53,219 $ 50,552 $ 51,705 Amortization of deferred debt costs 1,985 1,710 1,570 Capitalized interest (11,191) (6,831) (6,616) Interest expense 44,013 45,431 46,659 Less: Interest income 76 7 140 Interest expense, net and amortization of deferred debt costs $ 43,937 $ 45,424 $ 46,519 Deferred debt costs capitalized during the years ended December 31, 2022, 2021 and 2020 totaled $9.9 million, $6.4 million and $1.2 million, respectively. |
Lease Agreements
Lease Agreements | 12 Months Ended |
Dec. 31, 2022 | |
Leases [Abstract] | |
Lease Agreements | LEASE AGREEMENTS Lease income includes primarily base rent arising from noncancelable leases. Base rent (including straight-line rent) for the years ended December 31, 2022, 2021, and 2020, amounted to $201.2 million, $197.9 million, and $188.6 million, respectively. Future contractual payments under noncancelable leases for years ended December 31 (which exclude the effect of straight-line rents), are as follows: (in thousands) 2023 $ 168,994 2024 150,313 2025 126,360 2026 101,571 2027 82,878 Thereafter 318,265 $ 948,381 The majority of the leases provide for rental increases based on fixed annual increases or increases in the Consumer Price Index and expense recoveries based on increases in operating expenses. The expense recoveries generally are payable in equal installments throughout the year based on estimates, with adjustments made in the succeeding year. Expense recoveries for the years ended December 31, 2022, 2021, and 2020, amounted to $36.0 million, $34.5 million, and $34.7 million, respectively. In addition, certain retail leases provide for percentage rent based on sales in excess of the minimum specified in the tenant’s lease. Percentage rent amounted to $1.6 million, $1.5 million, and $0.9 million, for the years ended December 31, 2022, 2021, and 2020, respectively. |
Long-Term Lease Obligations
Long-Term Lease Obligations | 12 Months Ended |
Dec. 31, 2022 | |
Leases [Abstract] | |
Long-Term Lease Obligations | LONG-TERM LEASE OBLIGATIONS At December 31, 2022 and 2021, no properties were situated upon land subject to noncancelable long- term leases. Flagship Center consists of two developed out parcels that are part of a larger adjacent community shopping center formerly owned by the Saul Organization and sold to an affiliate of a tenant in 1991. The Company has a 90-year ground leasehold interest which commenced in September 1991 with a minimum rent of one dollar per year. Countryside shopping center was acquired in February 2004. Because of certain land use considerations, approximately 3.4% of the underlying land is held under a 99-year ground lease. The lease requires the Company to pay minimum rent of one dollar per year as well as its pro-rata share of the real estate taxes. The Company’s corporate headquarters space is leased by a member of the Saul Organization. The lease commenced in March 2002 and expires in February 2027. The Company and the Saul Organization entered into a Shared Services Agreement whereby each party pays 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 the years ended December 31, 2022, 2021, and 2020 was $824,300, $799,500, and $799,300, respectively. Expenses arising from the lease are included in general and administrative expense (see Note 9 – Related Party Transactions). On January 1, 2019, in conjunction with the adoption of ASU 2016-02, a right of use asset and corresponding lease liability related to our headquarters lease were recorded in other assets other liabilities |
Equity and Noncontrolling Inter
Equity and Noncontrolling Interest | 12 Months Ended |
Dec. 31, 2022 | |
Noncontrolling Interest [Abstract] | |
Equity and Noncontrolling Interest | EQUITY AND NONCONTROLLING INTERESTSThe Consolidated Statements of Operations for the years ended December 31, 2022, 2021, and 2020 reflect noncontrolling interests of $15.2 million, $13.3 million, and $9.9 million, respectively, representing income attributable to limited partnership units not held by Saul Centers. At December 31, 2022, 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 December 31, 2022, 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 anti-dilutive. The treasury stock method was used to measure the effect of the dilution. December 31, (Shares in thousands) 2022 2021 2020 Weighted average common shares outstanding - Basic 23,964 23,655 23,356 Effect of dilutive options 8 7 1 Weighted average common shares outstanding - Diluted 23,972 23,662 23,357 Average share price $ 46.21 $ 43.53 $ 33.84 Non-dilutive options 1,438 1,360 1,439 Years non-dilutive options were issued 2013 through 2022 2013 through 2021 2014 through 2020 |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2022 | |
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 $387,700, $404,300, and $302,000, for 2022, 2021, and 2020, respectively. All amounts deferred by employees and contributed by 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 and the Company matches those deferrals up to three times the amount deferred by employees. The Company’s expense, included in general and administrative expense, totaled $337,900, $238,400, and $241,300, for the years ended December 31, 2022, 2021, and 2020, respectively. All amounts deferred by employees and the Company are fully vested. The cumulative unfunded liability under this plan was $3.0 million and $3.2 million, at December 31, 2022 and 2021, respectively, and is included in accounts payable, accrued expenses and other liabilities in the consolidated balance sheets. The Company has entered into a shared services agreement (the “Agreement”) with the Saul Organization 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. Senior management has determined that the final allocations of shared costs are reasonable. The terms of the Agreement and the payments made thereunder 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 years ended December 31, 2022, 2021, and 2020, which included rental expense for the Company’s headquarters lease (see Note 7. Long Term Lease Obligations), totaled $9.6 million, $8.0 million, and $7.4 million, respectively. The amounts are expensed when incurred and are primarily reported as general and administrative expenses or capitalized to specific development projects in these consolidated financial statements. As of December 31, 2022 and 2021, accounts payable, accrued expenses and other liabilities included $1.2 million and $1.1 million, respectively, representing billings 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 Saul 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 Saul 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 Saul Trust in accordance with the Ashbrook Contribution Agreement, as amended. The B. F. Saul Insurance Agency of Maryland, 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 counter-signature fees in connection with the Company’s insurance program. Such commissions and fees amounted to approximately $286,900, $397,900, and $427,700, for the years ended December 31, 2022, 2021, and 2020, respectively. |
Stock Option Plan
Stock Option Plan | 12 Months Ended |
Dec. 31, 2022 | |
Share-Based Payment Arrangement [Abstract] | |
Stock Option Plan | STOCK OPTION PLAN Stock Based Employee Compensation, Deferred Compensation and Stock Plan for Directors In 2004, the Company established a stock incentive plan (the “Plan”), as amended. Under the Plan, options were 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 each award 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 is 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 rates, 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 their have 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 twelve months ended December 31, 2022, 8,322 shares were credited to director's deferred fee accounts and 7,738 shares were issued. As of December 31, 2022, the director's deferred fee accounts comprise 120,824 shares. The Compensation Committee has also approved an annual award of shares of the Company’s common stock as additional compensation to each director serving on the Board of Directors as of the record date for the Annual Meeting of Stockholders. The shares are awarded as of each Annual Meeting of Stockholders, and their issuance may not be deferred. At the annual meeting of the Company’s stockholders in 2004, the stockholders approved the adoption of the 2004 stock plan for the purpose of attracting and retaining executive officers, directors and other key personnel. The 2004 stock plan was subsequently amended by the Company’s stockholders at the 2008 Annual Meeting, further amended at the 2013 Annual Meeting, and further amended at the 2019 Annual Meeting (the “Amended 2004 Plan”). The Amended 2004 Plan, which terminates in 2029, provides for grants of options to purchase up to 3,400,000 shares of common stock. The Amended 2004 Plan authorizes the Compensation Committee of the Board of Directors to grant options at an exercise price which may not be less than the market value of the common stock on the date the option is granted. Effective April 24, 2020, the Compensation Committee granted options to purchase 238,000 shares (29,624 incentive stock options and 208,376 nonqualified stock options) to 20 Company officers and 11 Company Directors (the “2020 Options”), which expire on April 23, 2030. The officers’ 2020 Options vest 25% per year over four years and are subject to early expiration upon termination of employment. The directors’ 2020 Options were immediately exercisable. The exercise price of $50.00 per share was detemined by the Compensation Committee. The exercise price was greater than the closing market price of the Company's common stock on the date of award, which was $28.02. Using the Black-Scholes model, the Company determined the total fair value of the 2020 Options to be $0.2 million, of which $0.2 million and $23,100 were assigned to the officer options and director options, respectively. Because the directors’ options vested immediately, the entire $23,100 was expensed as of the date of grant. The expense for the officers’ options is being recognized as compensation expense monthly during the four years the options vest. Effective May 7, 2021, the Compensation Committee granted options to purchase 250,500 shares (35,572 incentive stock options and 214,928 nonqualified stock options) to 21 Company officers and 11 Company Directors (the “2021 Options”), which expire on May 6, 2031. The officers’ 2021 Options vest 25% per year over four years and are subject to early expiration upon termination of employment. The directors’ 2021 Options were immediately exercisable. The exercise price of $43.89 per share was the closing market price of the Company's common stock on the date of award. Using the Black-Scholes model, the Company determined the total fair value of the 2021 Options to be $1.4 million, of which $1.2 million and $173,800 were assigned to the officer options and director options, respectively. Because the directors’ options vested immediately, the entire $173,800 was expensed as of the date of grant. The expense for the officers’ options is being recognized as compensation expense monthly during the four years the options vest. Effective May 13, 2022, the Compensation Committee granted options to purchase 248,000 shares (25,745 incentive stock options and 222,255 nonqualified stock options) to 19 Company officers and 11 Company Directors (the “2022 Options”), which expire on May 12, 2032. The officers’ 2022 Options vest 25% per year over four years and are subject to early expiration upon termination of employment. The directors’ 2022 Options were immediately exercisable. The exercise price of $47.90 per share was the closing market price of the Company’s common stock on the date of award. Using the Black-Scholes model, the Company determined the total fair value of the 2022 Options to be $1.8 million, of which $1.6 million and $229,350 were assigned to the officer options and director options, respectively. Because the directors’ options vested immediately, the entire $229,350 was expensed as of the date of grant. The expense for the officers’ options is being recognized as compensation expense monthly during the four years the options vest. The following table summarizes the assumptions used in the valuation of the 2020, 2021 and 2022 option grants. During the twelve months ended December 31, 2022, stock option expense totaling $1.3 million was included in general and administrative expense in the Consolidated Statements of Operations. As of December 31, 2022, the estimated future expense related to unvested stock options was $2.1 million. Directors Officers Grant date May 13, 2022 May 7, 2021 April 24, 2020 May 13, 2022 May 7, 2021 April 24, 2020 Exercise price $ 47.90 $ 43.89 $ 50.00 $ 47.90 $ 43.89 $ 50.00 Fair value per option $ 8.34 $ 6.32 $ 0.84 $ 7.66 $ 5.96 $ 0.92 Volatility 30.00 % 29.70 % 25.80 % 27.10 % 27.50 % 24.00 % Expected life (years) 5.0 5.0 5.0 7.0 7.0 7.0 Assumed yield 4.90% 4.96% 3.80% 4.93% 4.97% 3.85% Risk-free rate 2.89% 0.77% 0.36% 2.95% 1.24% 0.51% The table below summarizes the option activity for the years 2022, 2021, and 2020: 2022 2021 2020 Shares Weighted Shares Weighted Shares Weighted Outstanding at January 1 1,601,250 $ 51.73 1,502,670 $ 52.86 1,309,614 $ 53.38 Granted 248,000 47.90 250,500 43.89 238,000 50.00 Exercised (26,875) 44.44 (64,920) 45.07 (10,749) 49.19 Expired/Forfeited (54,000) 52.60 (87,000) 53.60 (34,195) 54.09 Outstanding December 31 1,768,375 51.28 1,601,250 51.73 1,502,670 52.86 Exercisable at December 31 1,237,250 52.76 1,098,500 53.22 971,545 53.01 The intrinsic value of options exercised in 2022, 2021, and 2020, was $0.2 million, $0.4 million and $0.1 million, respectively. There was no intrinsic value of options outstanding and exercisable at year end 2022. The intrinsic value of options outstanding and exercisable at year end 2021 was $4.9 million and $2.3 million, respectively. The date of exercise was the measurement date for shares exercised during the period. The intrinsic value measures the difference between the options’ exercise price and the closing share price quoted by the New |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 12 Months Ended |
Dec. 31, 2022 | |
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 and floating rate debt are reasonable estimates of their fair value. The aggregate fair value of the notes payable with fixed-rate payment terms was determined using Level 2 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, would be approximately $919.2 million and $933.0 million as of December 31, 2022 and 2021, respectively, compared to the principal balance of $1.07 billion and $949.0 million at December 31, 2022 and 2021, respectively. A change in any of the significant inputs may lead to a change in the Company’s fair value measurement of its debt. |
Derivatives and Hedging Activit
Derivatives and Hedging Activities | 12 Months Ended |
Dec. 31, 2022 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivatives and Hedging Activities | DERIVATIVES AND HEDGING ACTIVITIES The Company’s objectives in using interest rate derivatives are to add stability to interest expense and to manage its exposure to interest rate movements. To accomplish these objectives, the Company primarily uses interest rate swaps as part of its interest rate risk management strategy. Interest rate swaps designated as cash flow hedges involve the receipt of variable-rate amounts from a counterparty in exchange for the Company making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount The change in the fair value of derivatives designated and that qualify as cash flow hedges is recorded in accumulated other comprehensive income and is subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings. During 2022, such derivatives were used to hedge the variable cash flows associated with certain variable-rate debt. Amounts reported in accumulated other comprehensive income related to derivatives will be reclassified to interest expense as interest payments are made on the Company’s variable-rate debt. During the next twelve months, the Company estimates that approximately $1.8 million will be reclassified from other comprehensive income and reflected as a decrease to interest expense. The Company carries its interest-rate swaps at fair value. The Company has determined the majority of the inputs used to value its derivatives fall within Level 2 of the fair value hierarchy with the exception of the impact of counter-party risk, which was determined using Level 3 inputs and is not significant. Derivative instruments are classified within Level 2 of the fair value hierarchy because their values are determined using third-party pricing models that contain inputs that are derived from observable market data. Valuation models require a variety of inputs, including contractual terms, market prices, yield curves, credit spreads, measure of volatility, and correlations of such inputs. The table below details the fair value and location of the interest rate swaps as of December 31, 2022 and 2021. (In thousands) Fair Values of Derivative Instruments December 31, 2022 2021 Derivative Instrument Balance Sheet Location Fair Value Balance Sheet Location Fair Value Interest rate swaps Other Assets $ 3,962 N/A N/A The table below details the location in the financial statements of the gain or loss recognized on interest rate derivatives designated as cash flow hedges for the years ended December 31, 2022, 2021, and 2020. (In thousands) The Effect of Hedge Accounting on Other Comprehensive Income (OCI) Amount of Gain (or Loss) Location of Gain (or Loss) Reclassified from OCI into Income Amount of Gain (or Loss) Reclassified from OCI into Income For the Years Ended December 31, Derivative Instrument 2022 2021 2020 2022 2021 2020 2022 2021 2020 Interest rate swaps $ 4,139 $— $— Interest expense, net and amortization of deferred debt costs N/A N/A $ 177 N/A N/A |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2022 | |
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. |
Distributions
Distributions | 12 Months Ended |
Dec. 31, 2022 | |
Equity [Abstract] | |
Distributions | DISTRIBUTIONS In December 1995, the Company established a Dividend Reinvestment and Stock Purchase Plan (the “Plan”), to allow its stockholders and holders of limited partnership interests an opportunity to buy additional shares of common stock by reinvesting all or a portion of their dividends or distributions. The Plan provides for investing in newly issued shares of common stock at a 3% discount from market price without payment of any brokerage commissions, service charges or other expenses. All expenses of the Plan are paid by the Company. The Operating Partnership also maintains a similar dividend reinvestment plan that mirrors the Plan, which allows holders of limited partnership interests the opportunity to buy either additional limited partnership units or common stock shares of the Company. The Company paid common stock distributions of $2.32 per share in 2022, $2.16 per share in 2021, and $2.12 per share in 2020, Series D preferred stock dividends of $1.53, $1.53 and $1.53, respectively, per depositary share in 2022, 2021, and 2020, and Series E preferred stock dividends of $1.50, $1.50, and $1.50, respectively, per depositary share in 2022, 2021, and 2020. Of the common stock dividends paid, $1.32 per share, $1.49 per share, and $1.43 per share, represented ordinary dividend income in 2022, 2021, and 2020, respectively, and $1.00 per share, $0.67 per share, and $0.69 per share represented return of capital to the shareholders in 2022, 2021, and 2020, respectively. All of the preferred dividends paid represented ordinary dividend income. The following summarizes distributions paid during the years ended December 31, 2022, 2021, and 2020, and includes activity in the Plan as well as limited partnership units issued from the reinvestment of unit distributions: Total Distributions to Dividend Reinvestments (Dollars in thousands, except per share amounts) Preferred Common Limited Common Discounted Limited Partnership Units Issued Average Unit Price Distributions during 2022 4th Quarter $ 2,798 $ 14,159 $ 5,486 13,698 $ 39.70 — $ — 3rd Quarter 2,799 14,156 5,486 10,577 50.80 — — 2nd Quarter 2,798 13,625 5,292 57,819 51.61 12,955 51.55 1st Quarter 2,799 13,583 5,284 61,863 47.66 13,704 48.16 Total 2022 $ 11,194 $ 55,523 $ 21,548 143,957 26,659 Distributions during 2021 4th Quarter $ 2,798 $ 13,037 $ 4,702 63,970 $ 45.46 13,697 $ 45.95 3rd Quarter 2,799 12,999 4,694 65,171 44.44 13,841 44.92 2nd Quarter 2,798 12,488 4,218 68,206 41.87 13,978 42.33 1st Quarter 2,799 12,439 4,207 96,268 29.50 19,493 29.83 Total 2021 $ 11,194 $ 50,963 $ 17,821 293,615 61,009 Distributions during 2020 4th Quarter $ 2,798 $ 12,371 $ 4,195 117,368 $ 24.08 23,370 $ 24.35 3rd Quarter 2,799 12,373 4,188 14,525 28.98 13,108 29.47 2nd Quarter 2,798 12,364 4,188 12,627 32.22 — — 1st Quarter 2,799 12,275 4,180 83,978 48.59 15,101 49.40 Total 2020 $ 11,194 $ 49,383 $ 16,751 228,498 51,579 In December 2022, the Board of Directors of the Company authorized a distribution of $0.59 per common share payable in January 2023 to holders of record on January 17, 2023. As a result, $13.6 million was paid to common shareholders on January 31, 2023. Also, $5.5 million was paid to limited partnership unitholders on January 31, 2023 ($0.59 per Operating Partnership unit). The Board of Directors authorized preferred stock dividends of (a) $0.3750 per Series E depositary share and (b) $0.3828 per Series D depositary share to holders of record on January 3, 2023. As a result, $2.8 million was paid to preferred shareholders on January 17, 2023. These amounts are reflected as a reduction of stockholders’ equity in the case of common stock and preferred stock dividends and noncontrolling interests deductions in the case of limited partner distributions and are included in dividends and distributions payable in the accompanying consolidated financial statements. |
Business Segments
Business Segments | 12 Months Ended |
Dec. 31, 2022 | |
Segment Reporting [Abstract] | |
Business Segments | BUSINESS SEGMENTSThe Company has two reportable business segments: Shopping Centers and Mixed-Use Properties. The accounting policies of the segments are the same as those described in the summary of significant accounting policies (see Note 2). The Company evaluates performance based upon income and cash flows from real estate for the combined properties in each segment. All of our properties within each segment generate similar types of revenues and expenses related to tenant rent, reimbursements and operating expenses. Although services are provided to a range of tenants, the types of services provided to them are similar within each segment. The properties in each portfolio have similar economic characteristics and the nature of the products and services provided to our tenants and the method to distribute such services are consistent throughout the portfolio. Certain reclassifications have been made to prior year information to conform to the 2022 presentation. SAUL CENTERS, INC. (In thousands) Shopping Mixed-Use Corporate Consolidated As of or for the year ended December 31, 2022 Centers Properties and Other Totals Real estate rental operations: Revenue $ 172,055 $ 73,805 $ — $ 245,860 Expenses (36,895) (27,627) — (64,522) Income from real estate 135,160 46,178 — 181,338 Interest expense, net and amortization of deferred debt costs — — (43,937) (43,937) General and administrative — — (22,392) (22,392) Depreciation and amortization of deferred leasing costs (28,359) (20,610) — (48,969) Loss on early extinguishment of debt — — (648) (648) Net income (loss) $ 106,801 $ 25,568 $ (66,977) $ 65,392 Capital investment $ 8,412 $ 108,476 $ — $ 116,888 Total assets $ 928,071 $ 885,500 $ 19,731 $ 1,833,302 As of or for the year ended December 31, 2021 Real estate rental operations: Revenue $ 169,681 $ 69,544 $ — $ 239,225 Expenses (35,784) (25,844) — (61,628) Income from real estate 133,897 43,700 — 177,597 Interest expense, net and amortization of deferred debt costs — — (45,424) (45,424) General and administrative — — (20,252) (20,252) Depreciation and amortization of deferred leasing costs (28,843) (21,429) — (50,272) Net income (loss) $ 105,054 $ 22,271 $ (65,676) $ 61,649 Capital investment $ 12,673 $ 43,245 $ — $ 55,918 Total assets $ 946,993 $ 777,709 $ 22,059 $ 1,746,761 As of or for the year ended December 31, 2020 Real estate rental operations: Revenue $ 161,854 $ 63,353 $ — $ 225,207 Expenses (35,198) (23,219) — (58,417) Income from real estate 126,656 40,134 — 166,790 Interest expense, net and amortization of deferred debt costs — — (46,519) (46,519) General and administrative — — (19,107) (19,107) Depreciation and amortization of deferred leasing costs (30,891) (20,235) — (51,126) Gain on sale of property 278 — — 278 Net income (loss) $ 96,043 $ 19,899 $ (65,626) $ 50,316 Capital investment $ 15,207 $ 40,947 $ — $ 56,154 Total assets $ 975,195 $ 643,503 $ 26,874 $ 1,645,572 |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2022 | |
Subsequent Events [Abstract] | |
Subsequent Events | SUBSEQUENT EVENTSThe Company has reviewed operating activities for the period subsequent to December 31, 2022 and prior to the date that financial statements are issued, March 2, 2023, and determined there are no subsequent events that are required to be disclosed. |
Real Estate and Accumulated Dep
Real Estate and Accumulated Depreciation | 12 Months Ended |
Dec. 31, 2022 | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract] | |
Real estate and accumulated depreciation | SAUL CENTERS, INC. Real Estate and Accumulated Depreciation December 31, 2022 (Dollars in Thousands) Costs Buildings Capitalized Basis at Close of Period and Initial Subsequent Land Buildings Construction in Progress Total Accumulated Book Related Debt (2) Date of Date Improvements Shopping Centers Ashbrook Marketplace, Ashburn, VA $ 8,938 $ 25,314 $ 13,258 $ 20,994 $ — $ 34,252 $ 1,965 $ 32,287 $ 20,807 2019 05/18 50 Ashburn Village, Ashburn, VA 11,431 20,755 6,764 25,422 — 32,186 16,475 15,711 23,039 1994 & 2000-6 3/94 40 Ashland Square Phase I, Dumfries, VA 1,178 5,298 1,178 5,298 — 6,476 2,885 3,591 — 2007, 2013 12/04 20 & 50 Beacon Center, Alexandria, VA 24,161 18,514 22,691 19,984 — 42,675 16,754 25,921 54,816 1960 & 1974 1/72 , 11/16 40 & 50 BJ’s Wholesale Club, Alexandria, VA 22,623 — 22,623 — — 22,623 — 22,623 9,345 3/08 — Boca Valley Plaza, Boca Raton, FL 16,720 3,236 5,735 14,221 — 19,956 6,633 13,323 — 2/04 40 Boulevard, Fairfax, VA 4,883 4,753 3,687 5,949 — 9,636 3,907 5,729 9,846 1969, 1999 & 2009 4/94 40 Briggs Chaney MarketPlace, Silver Spring, MD 27,037 5,355 9,789 22,603 — 32,392 11,358 21,034 — 4/04 40 Broadlands Village, Ashburn, VA 5,316 35,915 5,300 35,925 6 41,231 15,774 25,457 28,858 2002-3, 2004 & 2006 3/02 40 & 50 Burtonsville Town Square, Burtonsville, MD 74,212 6,344 28,402 52,138 16 80,556 8,338 72,218 33,439 2010 1/17 20 & 45 Countryside Marketplace, Sterling, VA 28,912 4,314 7,666 25,560 — 33,226 12,981 20,245 — 2/04 40 Cranberry Square, Westminster, MD 31,578 1,922 6,700 26,800 — 33,500 7,556 25,944 13,946 9/11 40 Cruse MarketPlace, Cumming, GA 12,226 790 3,901 9,115 — 13,016 4,444 8,572 — 3/04 40 Flagship Center, Rockville, MD 160 409 169 400 — 569 65 504 — 1972 1/72 — French Market, Oklahoma City, OK 5,781 16,907 1,118 21,570 — 22,688 14,378 8,310 — 1972 & 1998 3/74 50 Germantown, Germantown, MD 2,034 566 2,034 566 — 2,600 479 2,121 — 1990 8/93 40 The Glen, Woodbridge, VA 12,918 8,627 5,300 16,245 — 21,545 11,561 9,984 20,827 1993 & 2005 6/94 40 Great Falls Center, Great Falls, VA 41,750 3,368 14,766 30,352 — 45,118 12,114 33,004 31,313 3/08 40 Hampshire Langley, Takoma, MD 3,159 3,475 1,892 4,732 10 6,634 4,203 2,431 12,231 1960 1/72 40 Hunt Club Corners, Apopka, FL 12,584 4,653 4,822 12,415 — 17,237 6,208 11,029 — 6/06, 12/12 40 Jamestown Place, Altamonte Springs, FL 14,055 2,459 4,455 12,059 — 16,514 5,543 10,971 — 11/05 40 Kentlands Square I, Gaithersburg, MD 14,379 3,365 5,005 11,984 755 17,744 5,165 12,579 20,836 2002 9/02 40 Kentlands Square II, Gaithersburg, MD 76,723 3,323 23,133 56,631 282 80,046 18,095 61,951 29,658 9/11, 9/13 40 Kentlands Place, Gaithersburg, MD 1,425 7,639 1,425 7,639 — 9,064 4,806 4,258 7,321 2005 1/04 50 Lansdowne Town Center, Leesburg, VA 6,545 43,497 6,546 43,427 69 50,042 20,112 29,930 — 2006 11/02 50 Leesburg Pike Plaza, Baileys Crossroads, VA 2,418 6,402 1,132 7,688 — 8,820 6,487 2,333 12,543 1965 2/66 40 Lumberton Plaza, Lumberton, NJ 4,400 11,648 950 15,074 24 16,048 14,060 1,988 — 1975 12/75 40 Metro Pike Center, Rockville, MD 33,123 5,399 26,064 8,476 3,982 38,522 2,607 35,915 — 12/10 40 Shops at Monocacy, Frederick, MD 9,541 15,884 9,260 16,165 — 25,425 7,344 18,081 26,422 2003-4 11/03 50 Northrock, Warrenton, VA 12,686 15,429 12,686 15,423 6 28,115 6,310 21,805 12,652 2009 01/08 50 Olde Forte Village, Ft. Washington, MD 15,933 6,922 5,409 17,446 — 22,855 9,528 13,327 20,136 2003-4 07/03 40 Olney, Olney, MD 4,963 2,998 3,079 4,882 — 7,961 3,633 4,328 12,476 1972 11/75 40 Orchard Park, Dunwoody, GA 19,377 1,616 7,751 13,242 — 20,993 5,286 15,707 — 7/07 40 Palm Springs Center, Altamonte Springs, FL 18,365 2,324 5,739 14,948 2 20,689 6,957 13,732 — 3/05 40 Ravenwood, Baltimore, MD 1,245 4,446 703 4,988 — 5,691 3,641 2,050 11,975 1959 & 2006 1/72 40 11503 Rockville Pike/5541 Nicholson Lane, Rockville, MD 26,561 24 22,113 4,472 — 26,585 1,374 25,211 — 10/10, 12/12 40 1500/1580/1582 Rockville Pike, Rockville, MD 45,351 2,046 38,065 7,050 2,282 47,397 6,712 40,685 — 12/12, 1/14, 4/14 5, 10, 5 Seabreeze Plaza, Palm Harbor, FL 24,526 2,625 8,665 18,486 — 27,151 8,435 18,716 13,302 11/05 40 Market Place at Sea Colony, Bethany Beach, DE 2,920 339 1,147 2,112 — 3,259 792 2,467 — 3/08 40 Seven Corners, Falls Church, VA 4,848 46,510 4,929 46,429 — 51,358 34,249 17,109 87,706 1956 & 1997 7/73 40 Severna Park Marketplace, Severna Park, MD 63,254 1,094 12,700 51,549 99 64,348 14,526 49,822 25,857 9/11 40 Shops at Fairfax, Fairfax, VA 2,708 11,090 992 12,806 — 13,798 9,481 4,317 13,597 1975 & 1999 6/75 50 Smallwood Village Center, Waldorf, MD 17,819 8,461 6,402 19,878 — 26,280 11,167 15,113 — 1/06 40 Southdale, Glen Burnie, MD 18,895 25,810 15,255 29,205 245 44,705 24,221 20,484 — 1962 & 1986 1/72 , 11/16 40 Southside Plaza, Richmond, VA 6,728 11,891 1,878 16,741 — 18,619 13,781 4,838 — 1958 1/72 40 South Dekalb Plaza, Atlanta, GA 2,474 4,985 615 6,814 30 7,459 5,438 2,021 — 1970 2/76 40 Thruway, Winston-Salem, NC 7,848 28,207 7,692 28,345 18 36,055 20,927 15,128 — 1955 & 1965 5/72 40 Village Center, Centreville, VA 16,502 3,356 7,851 12,007 — 19,858 8,524 11,334 25,057 1990 8/93 40 Westview Village, Frederick, MD 6,047 25,658 6,047 25,658 — 31,705 12,147 19,558 — 2009 11/07 , 02/15 50 White Oak, Silver Spring, MD 6,277 6,299 4,649 7,723 204 12,576 6,615 5,961 19,985 1958 & 1967 1/72 40 Other Buildings / Improvements — 183 — 182 1 183 156 27 — Total Shopping Centers 835,537 482,444 420,132 889,818 8,031 1,317,981 456,197 861,784 597,990 Mixed-Use Properties Avenel Business Park, Gaithersburg, MD 21,459 37,788 3,756 55,491 — 59,247 42,385 16,862 22,906 1984, 1986,1990, 1998 & 2000 12/84, 8/85, 2/86, 4/98 & 10/2000 35 & 40 Clarendon Center, Arlington, VA (1) 12,753 187,682 16,287 184,148 — 200,435 60,798 139,637 86,264 2010 7/73, 1/96 & 4/02 50 Park Van Ness, Washington, DC 2,242 91,855 2,242 91,855 — 94,097 18,384 75,713 62,813 2016 7/73, 2/11 50 601 Pennsylvania Ave., Washington, DC 5,479 69,446 5,667 69,258 — 74,925 59,832 15,093 — 1986 7/73 35 The Waycroft, Arlington, VA 52,067 228,070 53,618 226,519 — 280,137 18,241 261,896 152,679 2017 8/14, 12/14, 9/15, 8/16, 50 Washington Square, Alexandria, VA 2,034 58,345 544 59,835 — 60,379 32,638 27,741 52,030 1952 & 2000 7/73 50 Total Mixed-Use Properties 96,034 673,186 82,114 687,106 — 769,220 232,278 536,942 376,692 Development Land Ashland Square Phase II, Manassas, VA 5,292 5,033 7,049 — 3,276 10,325 — 10,325 — 12/04 New Market, New Market, MD 2,088 146 2,234 — — 2,234 — 2,234 — 9/05 Hampden House, Bethesda, MD 39,641 41,063 — — 80,704 80,704 — 80,704 — 10/18, 12/18 Twinbrook, Rockville, MD 110,021 117,651 — — 227,672 227,672 — 227,672 — 12/14, 03/21 Total Development Land 157,042 163,893 9,283 — 311,652 320,935 — 320,935 — Total $ 1,088,613 $ 1,319,523 $ 511,529 $ 1,576,924 $ 319,683 $ 2,408,136 $ 688,475 $ 1,719,661 $ 974,682 (1) Includes the North and South Blocks and Residential (2) Amounts do not include deferred debt and therefore will not match the Consolidated Balance Sheet Depreciation and amortization related to the real estate investments reflected in the statements of operations is calculated over the estimated useful lives of the assets as follows: Base building Generally 35 - 50 years or a shorter period if management determines that the building has a shorter useful life. Building components Up to 20 years Tenant improvements The shorter of the term of the lease or the useful life of the improvements The aggregate remaining net basis of the real estate investments for federal income tax purposes was approximately $1.61 billion at December 31, 2022. Depreciation and amortization are provided on the declining balance and straight-line methods over the estimated useful lives of the assets. The changes in total real estate investments and related accumulated depreciation for each of the years in the three year period ended December 31, 2022 are summarized as follows: (In thousands) 2022 2021 2020 Total real estate investments: Balance, beginning of year $ 2,284,126 $ 2,124,796 $ 2,081,597 Acquisitions — 108,279 — Improvements 130,300 54,177 45,396 Retirements (6,290) (3,126) (2,197) Balance, end of year $ 2,408,136 $ 2,284,126 $ 2,124,796 Total accumulated depreciation: Balance, beginning of year $ 650,113 $ 607,706 $ 563,474 Depreciation expense 44,636 45,487 45,865 Retirements (6,274) (3,080) (1,633) Balance, end of year $ 688,475 $ 650,113 $ 607,706 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
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 impairment of real estate properties and collectability of operating lease receivables. Actual results could differ from those estimates. |
Real Estate Investment Properties | Real Estate Investment Properties Real estate investment properties are stated at historic cost less depreciation. Although the Company intends to own its real estate investment properties over a long term, from time to time it will evaluate its market position, market conditions, and other factors and may elect to sell properties that do not conform to the Company’s investment profile. Management believes that the Company’s real estate assets have generally appreciated in value since their acquisition or development and, accordingly, the aggregate current value exceeds their aggregate net book value and also exceeds the value of the Company’s liabilities as reported in the financial statements. Because the financial statements are prepared in conformity with GAAP, they do not report the current value of the Company’s real estate investment properties. If there is an event or change in circumstance that indicates a potential impairment in the value of a real estate investment property, the Company prepares an analysis to determine whether the carrying value of the real estate investment property exceeds its estimated fair value. The Company considers both quantitative and qualitative factors including recurring operating losses, significant decreases in occupancy, and significant adverse changes in legal factors and business climate. If impairment indicators are present, the Company compares the projected cash flows of the property over its remaining useful life, on an undiscounted basis, to the carrying value of that property. The Company assesses its undiscounted projected cash flows based upon estimated capitalization rates, historic operating results and market conditions that may affect the property. If the carrying value is greater than the undiscounted projected cash flows, the Company would recognize an impairment loss equivalent to an amount required to adjust the carrying amount to its then estimated fair value. The fair value of any property is sensitive to the actual results of any of the aforementioned estimated factors, either individually or taken as a whole. Should the actual results differ from management’s projections, the valuation could be negatively or positively affected. The Company did not recognize an impairment loss on any of its real estate in 2022, 2021, or 2020. 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 improvements 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 improvement, using the straight-line method. Depreciation expense, which is included in Depreciation and amortization of deferred leasing costs in the Consolidated Statements of Operations, for the years ended December 31, 2022, 2021, and 2020, was $44.6 million, $45.5 million, and $45.9 million, respectively. Repairs and maintenance expense totaled $15.2 million, $13.5 million, and $11.1 million for 2022, 2021, and 2020, respectively, and is included in property operating expenses in the accompanying consolidated financial statements. |
Assets Held for Sale | Assets Held for Sale The Company considers properties to be assets held for sale when all of the following criteria are met: • management commits to a plan to sell a property; • it is unlikely that the disposal plan will be significantly modified or discontinued; • the property is available for immediate sale in its present condition; • actions required to complete the sale of the property have been initiated; • sale of the property is probable and the Company expects the completed sale will occur within one year; and • the property is actively being marketed for sale at a price that is reasonable given its current market value. |
Revenue Recognition | Revenue Recognition 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 were 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 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 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. Rental and interest income are accrued as earned. Recognition of rental income commences when control of the space has been given to the tenant. When rental payments due under leases vary from a straight-line basis because of free rent periods or stepped increases, income is recognized on a straight-line basis. Expense recoveries represent a portion of property operating expenses billed to the tenants, including common area maintenance, real estate taxes and other recoverable costs. Upon adoption of ASU 2016-02, we made a policy election not to separate lease and nonlease components and have accounted for each lease component and the related nonlease components together as a single component. Expense recoveries are recognized in the period in which the expenses are incurred. Rental income based on a tenant’s revenue (“percentage rent”) is accrued when a tenant reports sales that exceed a specified breakpoint, pursuant to the terms of their respective leases. Due to the business disruptions and challenges severely affecting the global economy caused by the novel strain of coronavirus (“COVID-19”) pandemic, some lessees have requested rent relief, including rent deferrals and other lease concessions. The lease modification guidance in ASU 2016-02 does not contemplate the rapid execution of concessions for multiple tenants in response to sudden liquidity constraints of lessees. In April 2020, the FASB staff issued a question and answer document that provided guidance allowing the Company to elect to either apply the lease modification accounting framework or not, with such election applied consistently to leases with similar characteristics and similar circumstances. The Company has elected to apply such relief, which, in the case of rent deferrals, results in the accrual of rent due from tenants and defers the payment of that rent to a future date, and will monitor the collectability of rent receivables. |
Accounts Receivable, Accrued Income, and Allowance for Doubtful Accounts | Accounts Receivable, Accrued Income, and Allowance for Doubtful Accounts Accounts receivable are primarily comprised of rental and reimbursement billings due from tenants, and straight-line rent receivables representing the cumulative amount of adjustments necessary to present rental income on a straight-line basis. Individual leases are assessed for collectability and, upon the determination that the |
Deferred Leasing Costs | Deferred Leasing CostsDeferred leasing costs primarily consist of initial direct costs incurred in connection with successful property leasing and amounts attributed to in place leases associated with acquired properties. Such amounts are capitalized and amortized, using the straight-line method, over the term of the lease or the remaining term of an acquired lease. Initial direct costs primarily consist of leasing commissions, costs paid to external third-party brokers, and internal lease commissions that are incremental to obtaining a lease and would not have been incurred if the lease had not been obtained. Unamortized deferred costs are charged to expense if the applicable lease is terminated prior to expiration of the initial lease term. |
Cash and Cash Equivalents | Cash and Cash Equivalents Cash and cash equivalents include short-term investments. Short-term investments include money market accounts and other investments which generally mature within three months, measured from the acquisition date, and/or are readily convertible to cash. Substantially all of the Company’s cash balances at December 31, 2022 are held in accounts at various banks. From time to time the Company may maintain deposits with financial institutions in amounts in excess of federally insured limits. The Company has not experienced any losses on such deposits and believes it is not exposed to any significant credit risk on those deposits. |
Deferred Income | Deferred Income Deferred income consists of payments received from tenants prior to the time they are earned and recognized by the Company as revenue, including tenant prepayment of rent for future periods, real estate taxes when the taxing jurisdiction has a fiscal year differing from the calendar year reimbursements specified in the lease agreement and tenant construction work provided by the Company. In addition, deferred income includes unamortized balances that represent the fair value of certain below market leases determined as of the date of acquisition. |
Derivative Financial Instruments | Derivative Financial Instruments The Company may, when appropriate, employ derivative instruments, such as interest-rate swaps, to mitigate the risk of interest rate fluctuations. The Company does not enter into derivative or other financial instruments for trading or speculative purposes. Derivative financial instruments are carried at fair value as either assets or liabilities on the consolidated balance sheets. For those derivative instruments that qualify, the Company may designate the hedging instrument, based upon the exposure being hedged, as a fair value hedge or a cash flow hedge. Derivative instruments that are designated as a hedge are evaluated to ensure they continue to qualify for hedge accounting. The effective portion of any gain or loss on the hedge instruments is reported as a component of accumulated other comprehensive income (loss) and recognized in earnings within the same line item associated with the forecasted transaction in the same period or periods during which the hedged transaction affects earnings. Any ineffective portion of the change in fair value of a derivative instrument is immediately recognized in earnings. For derivative instruments that do not meet the criteria for hedge accounting, or that qualify and are not designated, changes in fair value are immediately recognized in earnings. |
Income Taxes | Income Taxes The Company made an election to be treated, and intends to continue operating so as to qualify, as a REIT under the Code, commencing with its taxable year ended December 31, 1993. A REIT generally will not be subject to federal income taxation, provided that distributions to its stockholders equal or exceed its REIT taxable income and complies with certain other requirements. Therefore, no provision has been made for federal income taxes in the accompanying consolidated financial statements. |
Legal Contingencies | Legal Contingencies The Company is subject to various legal proceedings and claims that arise in the ordinary course of business, which are generally covered by insurance. Upon determination that a loss is probable to occur and can be reasonably estimated, the estimated amount of the loss is recorded in the financial statements. |
Recently Issued Accounting Standards | Recently Issued Accounting Standards Recently issued accounting standards or pronouncements have been excluded because they are either not relevant to the Company or they are expected not to have a material impact on the Consolidated Financial Statements of the Company. |
Reclassifications | ReclassificationsCertain reclassifications have been made to prior years to conform to the presentation used for the year ended December 31, 2022. |
Accounting Policies (Tables)
Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
Schedule of Accounts, Notes, Loans and Financing Receivable | t December 31, 2022 and December 31, 2021, accounts receivable was comprised of: (In thousands) December 31, 2022 December 31, 2021 Rents currently due $ 8,433 $ 8,484 Deferred rents 1,042 2,872 Straight-line rent 45,815 46,681 Other receivables 2,706 3,704 Reserve for credit losses on operating lease receivables (1,673) (3,082) Total $ 56,323 $ 58,659 |
Real Estate (Tables)
Real Estate (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Real Estate [Abstract] | |
Schedule of Construction in Progress | The following table shows the components of construction in progress. December 31, (in thousands) 2022 2021 Twinbrook Quarter $ 227,672 $ 138,069 Hampden House 80,704 56,898 Other 11,307 10,944 Total $ 319,683 $ 205,911 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense | As of December 31, 2022, scheduled amortization of intangible assets and deferred income related to in place leases is as follows: (In thousands) Lease acquisition costs Above market leases Below market leases 2023 $ 316 $ 33 $ 1,297 2024 199 33 878 2025 153 33 601 2026 131 33 509 2027 121 33 507 Thereafter 593 244 2,237 Total $ 1,513 $ 409 $ 6,029 |
Notes Payable, Bank Credit Fa_2
Notes Payable, Bank Credit Facility, Interest Expense and Amortization of Deferred Debt Costs (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Debt Disclosure [Abstract] | |
Schedule of Maturities of Long-term Debt | As of December 31, 2022, the scheduled maturities of all debt including scheduled principal amortization for years ended December 31 are as follows: (in thousands) Balloon Scheduled Total 2023 $ 9,225 $ 32,926 $ 42,151 2024 50,117 33,566 83,683 2025 184,363 (a) 31,423 215,786 2026 134,088 28,062 162,150 2027 100,000 (b) 23,454 123,454 Thereafter 440,093 171,366 611,459 Principal amount $ 917,886 $ 320,797 1,238,683 Unamortized deferred debt costs 15,783 Net $ 1,222,900 (a) Includes $164.0 million outstanding under the Credit Facility. |
Schedule of Interest Costs Incurred | The components of interest expense are set forth below. (in thousands) Year ended December 31, 2022 2021 2020 Interest incurred $ 53,219 $ 50,552 $ 51,705 Amortization of deferred debt costs 1,985 1,710 1,570 Capitalized interest (11,191) (6,831) (6,616) Interest expense 44,013 45,431 46,659 Less: Interest income 76 7 140 Interest expense, net and amortization of deferred debt costs $ 43,937 $ 45,424 $ 46,519 |
Lease Agreements (Tables)
Lease Agreements (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Leases [Abstract] | |
Lessor, Operating Lease, Payment to be Received, Fiscal Year Maturity | Future contractual payments under noncancelable leases for years ended December 31 (which exclude the effect of straight-line rents), are as follows: (in thousands) 2023 $ 168,994 2024 150,313 2025 126,360 2026 101,571 2027 82,878 Thereafter 318,265 $ 948,381 |
Equity and Noncontrolling Int_2
Equity and Noncontrolling Interest Equity Weighted Average Shares Outstanding (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Noncontrolling Interest [Abstract] | |
Schedule of Weighted Average Number of Shares | 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 anti-dilutive. The treasury stock method was used to measure the effect of the dilution. December 31, (Shares in thousands) 2022 2021 2020 Weighted average common shares outstanding - Basic 23,964 23,655 23,356 Effect of dilutive options 8 7 1 Weighted average common shares outstanding - Diluted 23,972 23,662 23,357 Average share price $ 46.21 $ 43.53 $ 33.84 Non-dilutive options 1,438 1,360 1,439 Years non-dilutive options were issued 2013 through 2022 2013 through 2021 2014 through 2020 |
Stock Option Plan (Tables)
Stock Option Plan (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Share-Based Payment Arrangement [Abstract] | |
Stock Options Issued | Directors Officers Grant date May 13, 2022 May 7, 2021 April 24, 2020 May 13, 2022 May 7, 2021 April 24, 2020 Exercise price $ 47.90 $ 43.89 $ 50.00 $ 47.90 $ 43.89 $ 50.00 Fair value per option $ 8.34 $ 6.32 $ 0.84 $ 7.66 $ 5.96 $ 0.92 Volatility 30.00 % 29.70 % 25.80 % 27.10 % 27.50 % 24.00 % Expected life (years) 5.0 5.0 5.0 7.0 7.0 7.0 Assumed yield 4.90% 4.96% 3.80% 4.93% 4.97% 3.85% Risk-free rate 2.89% 0.77% 0.36% 2.95% 1.24% 0.51% |
Summary of Option Activity | The table below summarizes the option activity for the years 2022, 2021, and 2020: 2022 2021 2020 Shares Weighted Shares Weighted Shares Weighted Outstanding at January 1 1,601,250 $ 51.73 1,502,670 $ 52.86 1,309,614 $ 53.38 Granted 248,000 47.90 250,500 43.89 238,000 50.00 Exercised (26,875) 44.44 (64,920) 45.07 (10,749) 49.19 Expired/Forfeited (54,000) 52.60 (87,000) 53.60 (34,195) 54.09 Outstanding December 31 1,768,375 51.28 1,601,250 51.73 1,502,670 52.86 Exercisable at December 31 1,237,250 52.76 1,098,500 53.22 971,545 53.01 |
Derivatives and Hedging Activ_2
Derivatives and Hedging Activities (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value | The table below details the fair value and location of the interest rate swaps as of December 31, 2022 and 2021. (In thousands) Fair Values of Derivative Instruments December 31, 2022 2021 Derivative Instrument Balance Sheet Location Fair Value Balance Sheet Location Fair Value Interest rate swaps Other Assets $ 3,962 N/A N/A |
Schedule of Derivative Instruments, Effect on Other Comprehensive Income (Loss) | (In thousands) The Effect of Hedge Accounting on Other Comprehensive Income (OCI) Amount of Gain (or Loss) Location of Gain (or Loss) Reclassified from OCI into Income Amount of Gain (or Loss) Reclassified from OCI into Income For the Years Ended December 31, Derivative Instrument 2022 2021 2020 2022 2021 2020 2022 2021 2020 Interest rate swaps $ 4,139 $— $— Interest expense, net and amortization of deferred debt costs N/A N/A $ 177 N/A N/A |
Distributions (Tables)
Distributions (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Equity [Abstract] | |
Dividends Paid | The following summarizes distributions paid during the years ended December 31, 2022, 2021, and 2020, and includes activity in the Plan as well as limited partnership units issued from the reinvestment of unit distributions: Total Distributions to Dividend Reinvestments (Dollars in thousands, except per share amounts) Preferred Common Limited Common Discounted Limited Partnership Units Issued Average Unit Price Distributions during 2022 4th Quarter $ 2,798 $ 14,159 $ 5,486 13,698 $ 39.70 — $ — 3rd Quarter 2,799 14,156 5,486 10,577 50.80 — — 2nd Quarter 2,798 13,625 5,292 57,819 51.61 12,955 51.55 1st Quarter 2,799 13,583 5,284 61,863 47.66 13,704 48.16 Total 2022 $ 11,194 $ 55,523 $ 21,548 143,957 26,659 Distributions during 2021 4th Quarter $ 2,798 $ 13,037 $ 4,702 63,970 $ 45.46 13,697 $ 45.95 3rd Quarter 2,799 12,999 4,694 65,171 44.44 13,841 44.92 2nd Quarter 2,798 12,488 4,218 68,206 41.87 13,978 42.33 1st Quarter 2,799 12,439 4,207 96,268 29.50 19,493 29.83 Total 2021 $ 11,194 $ 50,963 $ 17,821 293,615 61,009 Distributions during 2020 4th Quarter $ 2,798 $ 12,371 $ 4,195 117,368 $ 24.08 23,370 $ 24.35 3rd Quarter 2,799 12,373 4,188 14,525 28.98 13,108 29.47 2nd Quarter 2,798 12,364 4,188 12,627 32.22 — — 1st Quarter 2,799 12,275 4,180 83,978 48.59 15,101 49.40 Total 2020 $ 11,194 $ 49,383 $ 16,751 228,498 51,579 |
Business Segments (Tables)
Business Segments (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Segment Reporting [Abstract] | |
Schedule of Business Segments | SAUL CENTERS, INC. (In thousands) Shopping Mixed-Use Corporate Consolidated As of or for the year ended December 31, 2022 Centers Properties and Other Totals Real estate rental operations: Revenue $ 172,055 $ 73,805 $ — $ 245,860 Expenses (36,895) (27,627) — (64,522) Income from real estate 135,160 46,178 — 181,338 Interest expense, net and amortization of deferred debt costs — — (43,937) (43,937) General and administrative — — (22,392) (22,392) Depreciation and amortization of deferred leasing costs (28,359) (20,610) — (48,969) Loss on early extinguishment of debt — — (648) (648) Net income (loss) $ 106,801 $ 25,568 $ (66,977) $ 65,392 Capital investment $ 8,412 $ 108,476 $ — $ 116,888 Total assets $ 928,071 $ 885,500 $ 19,731 $ 1,833,302 As of or for the year ended December 31, 2021 Real estate rental operations: Revenue $ 169,681 $ 69,544 $ — $ 239,225 Expenses (35,784) (25,844) — (61,628) Income from real estate 133,897 43,700 — 177,597 Interest expense, net and amortization of deferred debt costs — — (45,424) (45,424) General and administrative — — (20,252) (20,252) Depreciation and amortization of deferred leasing costs (28,843) (21,429) — (50,272) Net income (loss) $ 105,054 $ 22,271 $ (65,676) $ 61,649 Capital investment $ 12,673 $ 43,245 $ — $ 55,918 Total assets $ 946,993 $ 777,709 $ 22,059 $ 1,746,761 As of or for the year ended December 31, 2020 Real estate rental operations: Revenue $ 161,854 $ 63,353 $ — $ 225,207 Expenses (35,198) (23,219) — (58,417) Income from real estate 126,656 40,134 — 166,790 Interest expense, net and amortization of deferred debt costs — — (46,519) (46,519) General and administrative — — (19,107) (19,107) Depreciation and amortization of deferred leasing costs (30,891) (20,235) — (51,126) Gain on sale of property 278 — — 278 Net income (loss) $ 96,043 $ 19,899 $ (65,626) $ 50,316 Capital investment $ 15,207 $ 40,947 $ — $ 56,154 Total assets $ 975,195 $ 643,503 $ 26,874 $ 1,645,572 |
Organization, Basis of Presen_2
Organization, Basis of Presentation - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2022 store property partnership tenant | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items] | |
Distribution of REIT taxable income (excluding net capital gains) to its stockholders | 90% |
Number of partnerships | partnership | 2 |
Number of stores | store | 33 |
Saul Holdings Limited Partnership | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items] | |
Percentage of ownership in operating partnership | 72% |
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 |
Revenue Benchmark | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items] | |
Number of tenants | tenant | 1 |
Percentage of total revenue | 2.50% |
Revenue Benchmark | Giant Food | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items] | |
Number of stores | store | 11 |
Percentage of total revenue | 5.10% |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Significant Accounting Policies [Line Items] | |||
Depreciation and amortization of deferred leasing costs | $ 44,636,000 | $ 45,487,000 | $ 45,865,000 |
Repairs and maintenance expense | 15,200,000 | 13,500,000 | 11,100,000 |
Impairment of real estate | 0 | ||
Rental revenue, charge offs | 4,614 | ||
Deferred leasing costs, net | 22,388,000 | 24,005,000 | |
Accumulated amortization deferred leasing cost | (51,300,000) | (48,700,000) | |
Amortization of other deferred charges | 4,300,000 | 4,700,000 | 5,200,000 |
Accrued penalties and interest | 0 | 0 | $ 0 |
Real estate investments for federal income tax | $ 1,610,000,000 | $ 1,640,000,000 | |
Minimum | |||
Significant Accounting Policies [Line Items] | |||
Operating lease term of contract | 1 year | ||
Minimum | Building | |||
Significant Accounting Policies [Line Items] | |||
Buildings and improvements depreciable lives in years | 35 years | ||
Maximum | |||
Significant Accounting Policies [Line Items] | |||
Operating lease term of contract | 15 years | ||
Maximum | Building | |||
Significant Accounting Policies [Line Items] | |||
Buildings and improvements depreciable lives in years | 50 years | ||
Maximum | Building Improvements | |||
Significant Accounting Policies [Line Items] | |||
Buildings and improvements depreciable lives in years | 20 years |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Schedule of Accounts Receivable (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Reserve for credit losses on operating lease receivables | $ (1,673) | $ (3,082) |
Total | 56,323 | 58,659 |
Rents currently due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accounts receivable, before allowance for credit loss | 8,433 | 8,484 |
Deferred rents | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accounts receivable, before allowance for credit loss | 1,042 | 2,872 |
Straight-line rent | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accounts receivable, before allowance for credit loss | 45,815 | 46,681 |
Other receivables | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accounts receivable, before allowance for credit loss | $ 2,706 | $ 3,704 |
Real Estate - Schedule of Const
Real Estate - Schedule of Construction in Progress (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Real Estate [Line Items] | ||
Development in process | $ 319,683 | $ 205,911 |
Twinbrook Quarter | ||
Real Estate [Line Items] | ||
Development in process | 227,672 | 138,069 |
Hampden House | ||
Real Estate [Line Items] | ||
Development in process | 80,704 | 56,898 |
Other | ||
Real Estate [Line Items] | ||
Development in process | $ 11,307 | $ 10,944 |
Real Estate - Additional Inform
Real Estate - Additional Information (Detail) | 12 Months Ended | |||||||
Jun. 29, 2021 USD ($) shares | Mar. 15, 2021 USD ($) | Dec. 31, 2022 USD ($) shares | Dec. 31, 2021 USD ($) shares | Dec. 31, 2020 USD ($) | Mar. 05, 2021 USD ($) a | Dec. 31, 2019 USD ($) | Nov. 05, 2019 a | |
Real Estate Properties [Line Items] | ||||||||
Lessee, operating lease, incremental borrowing rate | 5.63% | |||||||
Finance lease, right-of-use asset, amortization | $ 104,000 | |||||||
Finance lease, interest expense | 362,800 | |||||||
Total purchase price | $ 2,408,136,000 | 2,284,126,000 | $ 2,124,796,000 | $ 2,081,597,000 | ||||
Below market lease, carrying amount | 23,300,000 | 23,300,000 | ||||||
Below market lease, accumulated amortization | 17,300,000 | 16,000,000 | ||||||
Accretion income, intangible liabilities | 1,300,000 | 1,400,000 | 1,400,000 | |||||
Leasehold Interest Contributed In Contribution Agreement | ||||||||
Real Estate Properties [Line Items] | ||||||||
Asset acquisition, consideration transferred | $ 21,500,000 | |||||||
Payments to acquire businesses, gross | $ 700,000 | |||||||
Lease acquisition costs | ||||||||
Real Estate Properties [Line Items] | ||||||||
Intangible assets gross carrying amount | 10,700,000 | 11,000,000 | ||||||
Intangible assets, accumulated amortization | 9,200,000 | 9,100,000 | ||||||
Amortization expense | $ 400,000 | 500,000 | 600,000 | |||||
Weighted-average amortization period | 4 years 7 months 6 days | |||||||
Above Market Leases | ||||||||
Real Estate Properties [Line Items] | ||||||||
Intangible assets gross carrying amount | $ 600,000 | 600,000 | ||||||
Intangible assets, accumulated amortization | 194,800 | 161,800 | ||||||
Amortization expense | $ 32,900 | 32,900 | $ 43,600 | |||||
Weighted-average amortization period | 6 years 3 months 18 days | |||||||
Below Market Leases | ||||||||
Real Estate Properties [Line Items] | ||||||||
Weighted-average amortization period | 4 years 10 months 24 days | |||||||
2018 Acquisitions | ||||||||
Real Estate Properties [Line Items] | ||||||||
Total purchase price | $ 108,300,000 | |||||||
Limited Partner | Leasehold Interest Contributed In Contribution Agreement | ||||||||
Real Estate Properties [Line Items] | ||||||||
Stock issued during period, shares, acquisitions | shares | 469,740 | |||||||
Contribution Agreement | ||||||||
Real Estate Properties [Line Items] | ||||||||
Business acquisition, transaction costs | $ 1,200,000 | |||||||
Right-of-use asset obtained in exchange for finance lease liability | $ 19,400,000 | |||||||
Finance lease, liability | $ 19,400,000 | |||||||
Contribution Agreement | BF Saul Real Estate Investment Trust | ||||||||
Real Estate Properties [Line Items] | ||||||||
Area of land | a | 10.3 | |||||||
Twinbrook Metro Station | ||||||||
Real Estate Properties [Line Items] | ||||||||
Stock issued during period, shares, acquisitions | shares | 469,740,000 | |||||||
Twinbrook Metro Station | Restricted Stock Units (RSUs) | ||||||||
Real Estate Properties [Line Items] | ||||||||
Stock issued during period, shares, acquisitions | shares | 1,416,071,000 | |||||||
Twinbrook Metro Station | Contribution Agreement | BF Saul Real Estate Investment Trust | ||||||||
Real Estate Properties [Line Items] | ||||||||
Area of land | a | 6.8 | 6.8 | ||||||
Twinbrook Metro Station Leasehold Interest | Contribution Agreement | BF Saul Real Estate Investment Trust | ||||||||
Real Estate Properties [Line Items] | ||||||||
Area of land | a | 1.3 | 1.3 | ||||||
Twinbrook Quarter | ||||||||
Real Estate Properties [Line Items] | ||||||||
Business acquisition, expenses reimbursed | $ 7,400,000 |
Real Estate - Amortization of I
Real Estate - Amortization of Intangible Assets and Deferred Income Related to in Place Leases (Detail) $ in Thousands | Dec. 31, 2022 USD ($) |
Below market leases | |
2023 | $ 1,297 |
2024 | 878 |
2025 | 601 |
2026 | 509 |
2027 | 507 |
Thereafter | 2,237 |
Total | 6,029 |
Lease acquisition costs | |
Finite-Lived Intangible Assets [Line Items] | |
2023 | 316 |
2024 | 199 |
2025 | 153 |
2026 | 131 |
2027 | 121 |
Thereafter | 593 |
Total | 1,513 |
Above market leases | |
Finite-Lived Intangible Assets [Line Items] | |
2023 | 33 |
2024 | 33 |
2025 | 33 |
2026 | 33 |
2027 | 33 |
Thereafter | 244 |
Total | $ 409 |
Noncontrolling Interests - Ho_2
Noncontrolling Interests - Holders of Convertible Limited Partnership Units in the Operating Partnership - Additional Information (Detail) | 12 Months Ended | ||
Dec. 31, 2022 shares | Dec. 31, 2021 shares | Dec. 31, 2020 shares | |
Noncontrolling Interests | |||
Noncontrolling Interest [Line Items] | |||
Limited partnership units (in shares) | 8,827,873 | ||
Limited partnership units, conversion ratio | 1 | ||
Outstanding stock percent that should be acquired for rights to be exercised | 39.90% | ||
Limited partnership units convertible to shares of common stock, eligible for conversion | 411,000 | ||
Fully converted partnership units and diluted weighted average shares outstanding | 34,000,000 | 33,100,000 | 31,300,000 |
Partners capital account units placed In escrow (in shares) | 708,035 | ||
Saul Holdings Limited Partnership | |||
Noncontrolling Interest [Line Items] | |||
Percentage of ownership in operating partnership | 72% | ||
Saul Holdings Limited Partnership | Noncontrolling Interests | |||
Noncontrolling Interest [Line Items] | |||
Percentage of ownership interest of noncontrolling interest | 26.60% | ||
Limited partnership units, conversion ratio | 1 | ||
Third Party Investor | |||
Noncontrolling Interest [Line Items] | |||
Percentage of ownership interest of noncontrolling interest | 1.40% |
Notes Payable, Bank Credit Fa_3
Notes Payable, Bank Credit Facility, Interest Expense and Amortization of Deferred Debt Costs - Additional Information (Detail) | 12 Months Ended | ||||||||||||||
Sep. 06, 2022 USD ($) | Aug. 24, 2022 USD ($) | Aug. 04, 2022 USD ($) | Jun. 07, 2022 USD ($) | Mar. 11, 2022 USD ($) | Nov. 19, 2021 USD ($) | Jun. 11, 2021 USD ($) | Jan. 05, 2021 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | Oct. 01, 2030 | Oct. 01, 2027 | Aug. 23, 2022 USD ($) swap | Feb. 23, 2022 USD ($) | |
Debt Instrument [Line Items] | |||||||||||||||
Outstanding debt | $ 1,200,000,000 | ||||||||||||||
Fixed rate mortgages | 961,577,000 | $ 941,456,000 | |||||||||||||
Variable rate debt | 161,941,000 | 103,167,000 | |||||||||||||
Long-term debt repayments of principal and balloon payments | 1,238,683,000 | 1,200,000,000 | |||||||||||||
Debt outstanding with fixed-rate | 949,000,000 | ||||||||||||||
Debt outstanding with variable-rate | 206,000,000 | ||||||||||||||
Term loan facility payable | 99,382,000 | 99,233,000 | |||||||||||||
Number of interest rate swaps | swap | 2 | ||||||||||||||
Repayments of secured debt | 174,096,000 | 42,641,000 | $ 45,654,000 | ||||||||||||
Loss on early extinguishment of debt | 648,000 | 0 | 0 | ||||||||||||
Remaining loan balance | 320,797,000 | ||||||||||||||
Payment for debt extinguishment or debt prepayment cost | 593,000 | 0 | 0 | ||||||||||||
Unamortized deferred debt costs | 15,783,000 | 11,200,000 | |||||||||||||
Accumulated amortization | 7,900,000 | 7,700,000 | |||||||||||||
Capitalization of debt issuance cost | 9,900,000 | 6,400,000 | $ 1,200,000 | ||||||||||||
Interest rate swaps | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Derivative asset | $ 4,000,000 | ||||||||||||||
Revolving Credit Facility | Secured Overnight Financing Rate (SOFR) | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Interest rate spread on LIBOR | 0.10% | ||||||||||||||
Revolving Credit Facility | London Interbank Offered Rate (LIBOR) | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Interest rate spread on LIBOR | 1.40% | ||||||||||||||
Term Facility | London Interbank Offered Rate (LIBOR) | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Interest rate spread on LIBOR | 1.35% | ||||||||||||||
Unsecured Revolving Credit Facility | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Available borrowing capacity | $ 212,100,000 | ||||||||||||||
Term loan facility payable | 264,000,000 | ||||||||||||||
Letter of Credit | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Term loan facility payable | 185,000 | ||||||||||||||
Line of Credit | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Line of credit facility, maximum borrowing capacity | 525,000,000 | ||||||||||||||
Line of Credit | Revolving Credit Facility | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Line of credit facility, maximum borrowing capacity | 425,000,000 | ||||||||||||||
Line of Credit | Term Facility | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Line of credit facility, maximum borrowing capacity | 100,000,000 | ||||||||||||||
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 | ||||||||||||||
Mortgage Notes Payable | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Guarantor obligations, maximum exposure | 2,000,000 | 41,000,000 | |||||||||||||
Fixed rate mortgage notes payable | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Fixed rate mortgages | 1,070,000,000 | 949,000,000 | |||||||||||||
Variable rate loans payable | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Variable rate debt | $ 164,000,000 | ||||||||||||||
Term Loan | Secured Debt | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Line of credit facility, maximum borrowing capacity | $ 100,000,000 | ||||||||||||||
Term Loan | Secured Debt | Agreement Ending October 1, 2030 | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Derivative, notional amount | 50,000,000 | ||||||||||||||
Term Loan | Secured Debt | Agreement Ending October 1, 2027 | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Derivative, notional amount | $ 50,000,000 | ||||||||||||||
Term Loan | Secured Debt | Secured Overnight Financing Rate (SOFR) | Agreement Ending October 1, 2030 | Scenario, Forecast | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Derivative, fixed interest rate | 2.91% | ||||||||||||||
Term Loan | Secured Debt | Secured Overnight Financing Rate (SOFR) | Agreement Ending October 1, 2027 | Scenario, Forecast | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Derivative, fixed interest rate | 2.96% | ||||||||||||||
Construction-to-Permanent Loan | Secured Debt | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Loan amount | $ 133,000,000 | ||||||||||||||
Loan fixed interest rate | 3.90% | ||||||||||||||
Amortization schedule | 25 years | ||||||||||||||
Lansdowne Town Center Mortgage | Mortgages | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Repayments of secured debt | $ 28,300,000 | ||||||||||||||
Orchard Park Mortgage | Mortgages | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Repayments of secured debt | $ 8,600,000 | ||||||||||||||
Village Center Loan | Mortgages | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Loan amount | $ 25,300,000 | ||||||||||||||
Loan fixed interest rate | 4.14% | ||||||||||||||
Amortization schedule | 25 years | ||||||||||||||
Long-term debt, term | 15 years | ||||||||||||||
Loan required periodic principal and interest payment | $ 135,200 | ||||||||||||||
Debt instrument, payment at maturity | 13,400,000 | ||||||||||||||
Repayments of debt | 11,200,000 | ||||||||||||||
Loss on early extinguishment of debt | $ 400,000 | ||||||||||||||
Great Falls Center Loan | Mortgages | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Loan amount | $ 31,500,000 | ||||||||||||||
Loan fixed interest rate | 3.91% | ||||||||||||||
Amortization schedule | 25 years | ||||||||||||||
Long-term debt, term | 7 years | ||||||||||||||
Loan required periodic principal and interest payment | $ 164,700 | ||||||||||||||
Debt instrument, payment at maturity | 25,700,000 | ||||||||||||||
Repayments of debt | 8,000,000 | ||||||||||||||
Loss on early extinguishment of debt | $ 200,000 | ||||||||||||||
Beacon Center and Seven Corners Loan | Mortgages | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Loan amount | $ 143,000,000 | ||||||||||||||
Loan fixed interest rate | 5.05% | ||||||||||||||
Amortization schedule | 25 years | ||||||||||||||
Long-term debt, term | 15 years | ||||||||||||||
Loan required periodic principal and interest payment | $ 840,100 | ||||||||||||||
Debt instrument, payment at maturity | 79,900,000 | ||||||||||||||
Repayments of debt | 85,300,000 | ||||||||||||||
Debt instrument, prepayment penalty | $ 5,900,000 | ||||||||||||||
Broadlands Village | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Guarantor obligations, maximum exposure | $ 3,600,000 | ||||||||||||||
Remaining loan balance | 28,900,000 | ||||||||||||||
Avenel Business Park | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Guarantor obligations, maximum exposure | 6,300,000 | ||||||||||||||
Remaining loan balance | 22,900,000 | ||||||||||||||
Waycroft Construction Loan | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Guarantor obligations, maximum exposure | 23,600,000 | ||||||||||||||
Remaining loan balance | 152,700,000 | ||||||||||||||
Ashbrook Marketplace | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Remaining loan balance | 20,800,000 | ||||||||||||||
Kentlands Square I | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Remaining loan balance | 28,200,000 | ||||||||||||||
Twinbrook Quarter | 3.80% Fixed Rate Loan Maturing In 2035 | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Loan amount | $ 145,000,000 | ||||||||||||||
Amortization schedule | 25 years | ||||||||||||||
Twinbrook Quarter | 3.83% Fixed Rate Loan Maturing In 2041 | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Loan fixed interest rate | 3.83% | ||||||||||||||
Debt Covenant | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Notes payable to bank | $ 1,000,000,000 | $ 1,100,000,000 | |||||||||||||
Credit agreement leverage ratio | 60% | ||||||||||||||
Interest coverage ratio required minimum | 2 | ||||||||||||||
Required fixed charge coverage ratio | 1.4 |
Notes Payable, Bank Credit Fa_4
Notes Payable, Bank Credit Facility, Interest Expense and Amortization of Deferred Debt Costs - Scheduled Maturities of All Debt, Including Scheduled Principal Amortization (Detail) - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 |
Balloon Payments | ||
2023 | $ 9,225,000 | |
2024 | 50,117,000 | |
2025 | 184,363,000 | |
2026 | 134,088,000 | |
2027 | 100,000,000 | |
Thereafter | 440,093,000 | |
Balloon Payments | 917,886,000 | |
Scheduled Principal Amortization | ||
2023 | 32,926,000 | |
2024 | 33,566,000 | |
2025 | 31,423,000 | |
2026 | 28,062,000 | |
2027 | 23,454,000 | |
Thereafter | 171,366,000 | |
Scheduled Principal Amortization | 320,797,000 | |
Total | ||
2023 | 42,151,000 | |
2024 | 83,683,000 | |
2025 | 215,786,000 | |
2026 | 162,150,000 | |
2027 | 123,454,000 | |
Thereafter | 611,459,000 | |
Principal amount | 1,238,683,000 | $ 1,200,000,000 |
Unamortized deferred debt costs | 15,783,000 | $ 11,200,000 |
Net | 1,222,900,000 | |
Line of Credit | ||
Total | ||
Line of credit facility, maximum borrowing capacity | 525,000,000 | |
Line of Credit | New Facility | ||
Total | ||
Long-term debt, gross | 164,000,000 | |
Term Facility | Line of Credit | ||
Total | ||
Line of credit facility, maximum borrowing capacity | $ 100,000,000 |
Notes Payable, Bank Credit Fa_5
Notes Payable, Bank Credit Facility, Interest Expense and Amortization of Deferred Debt Costs - Interest Expense and Amortization of Deferred Debt Costs (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Debt Disclosure [Abstract] | |||
Interest incurred | $ 53,219 | $ 50,552 | $ 51,705 |
Amortization of deferred debt costs | 1,985 | 1,710 | 1,570 |
Capitalized interest | (11,191) | (6,831) | (6,616) |
Interest expense | 44,013 | 45,431 | 46,659 |
Less: Interest income | 76 | 7 | 140 |
Interest expense, net and amortization of deferred debt costs | $ 43,937 | $ 45,424 | $ 46,519 |
Lease Agreements - Additional I
Lease Agreements - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Leases [Abstract] | |||
Base rent | $ 201.2 | $ 197.9 | $ 188.6 |
Expense recoveries | 36 | 34.5 | 34.7 |
Payments for rent | $ 1.6 | $ 1.5 | $ 0.9 |
Lease Agreements - Future Contr
Lease Agreements - Future Contractual Payments Under Noncancelable Leases (Detail) $ in Thousands | Dec. 31, 2022 USD ($) |
Leases [Abstract] | |
2023 | $ 168,994 |
2024 | 150,313 |
2025 | 126,360 |
2026 | 101,571 |
2027 | 82,878 |
Thereafter | 318,265 |
Total future contractual payments | $ 948,381 |
Long-Term Lease Obligations - A
Long-Term Lease Obligations - Additional Information (Detail) | 12 Months Ended | |||
Feb. 28, 2022 USD ($) | Dec. 31, 2022 USD ($) property | Dec. 31, 2021 USD ($) property | Dec. 31, 2020 USD ($) | |
Leases Disclosure [Line Items] | ||||
Number of properties subject to noncancelable long-term lease | property | 0 | 0 | ||
Rent expense | $ 824,300 | $ 799,500 | $ 799,300 | |
Operating lease, right-of-use asset, statement of financial position | Other assets | Other assets | ||
Operating lease, liability, statement of financial position | Other Liabilities | Other Liabilities | ||
Lessor, Operating Lease, Term of Contract, Additional Extended Period | 60 months | |||
Right-of-use asset | $ 3,800,000 | $ 3,200,000 | ||
Operating lease liability | $ 3,800,000 | $ 3,200,000 | ||
Flagship Center | ||||
Leases Disclosure [Line Items] | ||||
Number of developed parcels | property | 2 | |||
90-year Ground Leasehold Interest | ||||
Leases Disclosure [Line Items] | ||||
Ground leasehold interest period | 90 years | |||
Minimum annual lease rent over lease term | $ 1 | |||
99-year Ground Lease | ||||
Leases Disclosure [Line Items] | ||||
Ground leasehold interest period | 99 years | |||
Minimum annual lease rent over lease term | $ 1 | |||
Percent of underlying land held under a 99-year ground lease | 3.40% |
Equity and Noncontrolling Int_3
Equity and Noncontrolling Interest - Additional Information (Detail) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Class of Stock [Line Items] | |||
Income attributable to noncontrolling interest, before tax | $ 15.2 | $ 13.3 | $ 9.9 |
Series D Cumulative Redeemable Preferred Stock | |||
Class of Stock [Line Items] | |||
Depositary shares outstanding | 3 | ||
Depository shares to cumulative redeemable preferred stock ratio | 1% | ||
Percentage of redeemable preferred stock | 6.125% | ||
Liquidation preference (in usd per share) | $ 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 | ||
Depository shares to cumulative redeemable preferred stock ratio | 1% | ||
Percentage of redeemable preferred stock | 6% | ||
Liquidation preference (in usd per share) | $ 25 | ||
Annual dividend on depositary shares (in usd per share) | $ 1.50 |
Equity and Noncontrolling Int_4
Equity and Noncontrolling Interest - Per Share Data (Details) - $ / shares shares in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Class of Stock [Line Items] | |||
Weighted average common shares outstanding - Basic | 23,964 | 23,655 | 23,356 |
Effect of dilutive options (in shares) | 8 | 7 | 1 |
Weighted average common shares outstanding - Diluted | 23,972 | 23,662 | 23,357 |
Average share price (in usd per share) | $ 46.21 | $ 43.53 | $ 33.84 |
Options | |||
Class of Stock [Line Items] | |||
Non-dilutive options (in shares) | 1,438 | 1,360 | 1,439 |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Detail) | 1 Months Ended | 12 Months Ended | ||||||
Jun. 30, 2021 shares | May 09, 2018 shares | Aug. 31, 2016 a | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | Mar. 05, 2021 a | Nov. 05, 2019 a | |
Related Party Transaction [Line Items] | ||||||||
Company contribution to a multi employer 401K plan at discretionary amount of employee's cash compensation, maximum percentage | 6% | 6% | 6% | |||||
Company contribution to a multi employer 401K plan at discretionary amount of employee's cash compensation, amount | $ 387,700 | $ 404,300 | $ 302,000 | |||||
Deferred compensation, employee contribution, percentage | 2% | |||||||
Deferred compensation, employer contribution, percentage | 3 | 3 | 3 | |||||
Deferred compensation, company contribution, amount | $ 337,900 | $ 238,400 | $ 241,300 | |||||
Deferred compensation, cumulative unfunded liability | 3,000,000 | 3,200,000 | ||||||
Ancillary costs and expenses | 9,600,000 | 8,000,000 | 7,400,000 | |||||
Liability due to the Saul Organization for the company's share of these ancillary costs and expenses | 1,200,000 | 1,100,000 | ||||||
Insurance commissions and fees expense | $ 286,900 | $ 397,900 | $ 427,700 | |||||
Contribution Agreement | BF Saul Real Estate Investment Trust | ||||||||
Related Party Transaction [Line Items] | ||||||||
Area of land | a | 10.3 | |||||||
Twinbrook Metro Station | Contribution Agreement | BF Saul Real Estate Investment Trust | ||||||||
Related Party Transaction [Line Items] | ||||||||
Area of land | a | 6.8 | 6.8 | ||||||
Twinbrook Metro Station Leasehold Interest | Contribution Agreement | BF Saul Real Estate Investment Trust | ||||||||
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 property | a | 13.7 | |||||||
Limited partnership units issued (in shares) | shares | 93,674 | 176,680 |
Stock Option Plan - Additional
Stock Option Plan - Additional Information (Detail) | 12 Months Ended | |||||||
May 13, 2022 USD ($) person $ / shares shares | May 07, 2021 USD ($) person $ / shares shares | Dec. 31, 2020 shares | Apr. 24, 2020 USD ($) person $ / shares shares | Dec. 31, 2022 USD ($) $ / shares shares | Dec. 31, 2021 USD ($) $ / shares | Dec. 31, 2020 USD ($) $ / shares | Dec. 31, 2004 shares | |
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | ||||||||
Deferred compensation (in shares) | shares | 120,824 | 8,322 | ||||||
Exercise price of options (in usd per share) | $ / shares | $ 47.90 | $ 43.89 | $ 50 | |||||
Intrinsic value of options exercised | $ 200,000 | $ 400,000 | $ 100,000 | |||||
Intrinsic value of options outstanding | 0 | 4,900,000 | ||||||
Intrinsic value of options exercisable | $ 0 | $ 2,300,000 | ||||||
Closing price (in usd per share) | $ / shares | $ 40.68 | |||||||
Allocated share based compensation | $ 1,300,000 | |||||||
Future expense | $ 2,100,000 | |||||||
Weighted average remaining life of options exercisable | 4 years 8 months 12 days | |||||||
Weighted average remaining life of options outstanding | 5 years 9 months 18 days | |||||||
2019 Options | ||||||||
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | ||||||||
Exercise price of options (in usd per share) | $ / shares | $ 50 | |||||||
Fair value stock option grant | $ 200,000 | |||||||
2020 Options | ||||||||
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | ||||||||
Exercise price of options (in usd per share) | $ / shares | $ 43.89 | |||||||
Closing price (in usd per share) | $ / shares | $ 28.02 | |||||||
Fair value stock option grant | $ 1,400,000 | |||||||
2021 Options | ||||||||
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | ||||||||
Exercise price of options (in usd per share) | $ / shares | $ 47.90 | |||||||
Fair value stock option grant | $ 1,800,000 | |||||||
Common Stock | ||||||||
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | ||||||||
Shares due to exercise of employee stock options and issuance of directors' deferred stock | shares | 7,738 | |||||||
Officer | 2019 Options | ||||||||
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | ||||||||
Number of individuals granted options | person | 20 | |||||||
Options vested | 25% | |||||||
Fair value stock option grant | $ 200,000 | |||||||
Officer | 2020 Options | ||||||||
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | ||||||||
Number of individuals granted options | person | 21 | |||||||
Options vested | 25% | |||||||
Fair value stock option grant | $ 1,200,000 | |||||||
Officer | 2021 Options | ||||||||
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | ||||||||
Number of individuals granted options | person | 19 | |||||||
Options vested | 25% | |||||||
Fair value stock option grant | $ 1,600,000 | |||||||
Director | 2019 Options | ||||||||
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | ||||||||
Number of individuals granted options | person | 11 | |||||||
Fair value stock option grant | $ 23,100 | |||||||
Director | 2020 Options | ||||||||
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | ||||||||
Number of individuals granted options | person | 11 | |||||||
Fair value stock option grant | $ 173,800 | |||||||
Director | 2021 Options | ||||||||
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | ||||||||
Number of individuals granted options | person | 11 | |||||||
Fair value stock option grant | $ 229,350 | |||||||
Stock options | ||||||||
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | ||||||||
Expiration period | 10 years | |||||||
Stock options | Amended 2004 Plan | ||||||||
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | ||||||||
Authorized shares for a grant | shares | 3,400,000 | |||||||
Stock options | 2019 Options | ||||||||
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | ||||||||
Options granted to purchase stocks (in shares) | shares | 238,000 | |||||||
Stock options | 2020 Options | ||||||||
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | ||||||||
Options granted to purchase stocks (in shares) | shares | 250,500 | |||||||
Stock options | 2021 Options | ||||||||
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | ||||||||
Options granted to purchase stocks (in shares) | shares | 248,000 | |||||||
Stock options | Officer | ||||||||
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | ||||||||
Option vesting period | 4 years | |||||||
Stock options | Officer | 2019 Options | ||||||||
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | ||||||||
Option vesting period | 4 years | |||||||
Stock options | Officer | 2020 Options | ||||||||
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | ||||||||
Option vesting period | 4 years | 4 years | ||||||
Stock options | Officer | 2021 Options | ||||||||
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | ||||||||
Option vesting period | 4 years | 4 years | ||||||
Incentive stock option | 2019 Options | ||||||||
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | ||||||||
Options granted to purchase stocks (in shares) | shares | 29,624 | |||||||
Incentive stock option | 2020 Options | ||||||||
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | ||||||||
Options granted to purchase stocks (in shares) | shares | 35,572 | |||||||
Incentive stock option | 2021 Options | ||||||||
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | ||||||||
Options granted to purchase stocks (in shares) | shares | 25,745 | |||||||
Nonqualified stock options | 2019 Options | ||||||||
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | ||||||||
Options granted to purchase stocks (in shares) | shares | 208,376 | |||||||
Nonqualified stock options | 2020 Options | ||||||||
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | ||||||||
Options granted to purchase stocks (in shares) | shares | 214,928 | |||||||
Nonqualified stock options | 2021 Options | ||||||||
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | ||||||||
Options granted to purchase stocks (in shares) | shares | 222,255 |
Stock Option Plan - Stock Optio
Stock Option Plan - Stock Options Issued (Detail) | 12 Months Ended | ||
Dec. 31, 2022 $ / shares | Dec. 31, 2021 $ / shares | Dec. 31, 2020 $ / shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Exercise price (in usd per share) | $ 44.44 | $ 45.07 | $ 49.19 |
Directors | May, 13 2022 | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Exercise price (in usd per share) | 47.90 | ||
Fair value per option (in usd per share) | $ 8.34 | ||
Volatility | 0.3000 | ||
Expected life (years) | 5 years | ||
Assumed yield | 4.90% | ||
Risk-free rate | 2.89% | ||
Directors | May 7, 2021 | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Exercise price (in usd per share) | $ 43.89 | ||
Fair value per option (in usd per share) | $ 6.32 | ||
Volatility | 0.2970 | ||
Expected life (years) | 5 years | ||
Assumed yield | 4.96% | ||
Risk-free rate | 0.77% | ||
Directors | April 24, 2020 | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Exercise price (in usd per share) | $ 50 | ||
Fair value per option (in usd per share) | $ 0.84 | ||
Volatility | 0.2580 | ||
Expected life (years) | 5 years | ||
Assumed yield | 3.80% | ||
Risk-free rate | 0.36% | ||
Officers | May, 13 2022 | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Exercise price (in usd per share) | $ 47.90 | ||
Fair value per option (in usd per share) | $ 7.66 | ||
Volatility | 0.2710 | ||
Expected life (years) | 7 years | ||
Assumed yield | 4.93% | ||
Risk-free rate | 2.95% | ||
Officers | May 7, 2021 | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Exercise price (in usd per share) | $ 43.89 | ||
Fair value per option (in usd per share) | $ 5.96 | ||
Volatility | 0.2750 | ||
Expected life (years) | 7 years | ||
Assumed yield | 4.97% | ||
Risk-free rate | 1.24% | ||
Officers | April 24, 2020 | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Exercise price (in usd per share) | $ 50 | ||
Fair value per option (in usd per share) | $ 0.92 | ||
Volatility | 0.2400 | ||
Expected life (years) | 7 years | ||
Assumed yield | 3.85% | ||
Risk-free rate | 0.51% |
Stock Option Plan - Summary of
Stock Option Plan - Summary of Option Activity (Detail) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Shares | |||
Outstanding at January 1 (in shares) | 1,601,250 | 1,502,670 | 1,309,614 |
Granted (in shares) | 248,000 | 250,500 | 238,000 |
Exercised (in shares) | (26,875) | (64,920) | (10,749) |
Expired/Forfeited (in shares) | (54,000) | (87,000) | (34,195) |
Outstanding December 31 (in shares) | 1,768,375 | 1,601,250 | 1,502,670 |
Options exercisable (in shares) | 1,237,250 | 1,098,500 | 971,545 |
Weighted Average Exercise Price | |||
Outstanding at January 1 (in usd per share) | $ 51.73 | $ 52.86 | $ 53.38 |
Granted (in usd per share) | 47.90 | 43.89 | 50 |
Exercised (in usd per share) | 44.44 | 45.07 | 49.19 |
Expired/Forfeited (in usd per share) | 52.60 | 53.60 | 54.09 |
Outstanding December 31 (in usd per share) | 51.28 | 51.73 | 52.86 |
Exercisable at December 31 (in usd per share) | $ 52.76 | $ 53.22 | $ 53.01 |
Intrinsic value of options exercised | $ 0.2 | $ 0.4 | $ 0.1 |
Closing price (in usd per share) | $ 40.68 | ||
Weighted average remaining life of options exercisable | 4 years 8 months 12 days | ||
Weighted average remaining life of options outstanding | 5 years 9 months 18 days |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments - Additional Information (Detail) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Fair Value of Financial Instruments [Line Items] | ||
Notes payable, fair value | $ 919,200 | $ 933,000 |
Fixed rate mortgages | 961,577 | 941,456 |
Fixed rate mortgage notes payable | ||
Fair Value of Financial Instruments [Line Items] | ||
Fixed rate mortgages | $ 1,070,000 | $ 949,000 |
Derivatives and Hedging Activ_3
Derivatives and Hedging Activities (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2022 USD ($) | |
Fair Value of Financial Instruments [Line Items] | |
Amount of Gain (or Loss) Reclassified from OCI into Income | $ 177 |
Interest rate swaps | |
Fair Value of Financial Instruments [Line Items] | |
Amount of Gain (or Loss) Reclassified from OCI into Income | $ 1,800 |
Derivatives and Hedging Activ_4
Derivatives and Hedging Activities - Fair Value and Location of the Interest Rate Swaps, and the Effect of Designating the Interest Rate Swaps as Cash Flow Hedges (Details) $ in Thousands | Dec. 31, 2022 USD ($) |
Other Assets | Interest rate swaps | |
Fair Value of Financial Instruments [Line Items] | |
Derivative asset, subject to master netting arrangement, before offset | $ 3,962 |
Derivatives and Hedging Activ_5
Derivatives and Hedging Activities - Derivative Instruments, Effect on Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Fair Value of Financial Instruments [Line Items] | |||
Amount of Gain (or Loss) Reclassified from OCI into Income | $ 177 | ||
Interest rate swaps | |||
Fair Value of Financial Instruments [Line Items] | |||
Amount of Gain (or Loss) Recognized in OCI | 4,139 | $ 0 | $ 0 |
Amount of Gain (or Loss) Reclassified from OCI into Income | $ 1,800 |
Distributions - Additional Info
Distributions - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 12 Months Ended | ||||
Jan. 18, 2023 | Jan. 13, 2023 | Dec. 31, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Dividends [Line Items] | ||||||
Common stock issued, discount rate | 3% | |||||
Common stock distributions (in usd per share) | $ 2.32 | $ 2.16 | $ 2.12 | |||
Dividends declared per common share outstanding (in usd per share) | $ 0.59 | |||||
Distribution to limited partnership unitholders | $ 21,548 | $ 17,821 | $ 16,751 | |||
Subsequent Event | ||||||
Dividends [Line Items] | ||||||
Common stock dividend paid | $ 13,600 | |||||
Distribution to limited partnership unitholders | $ 5,500 | |||||
Distributions partnership units (in usd per share) | $ 0.59 | |||||
Preferred stock distributions | $ 2,800 | |||||
Dividend Income | ||||||
Dividends [Line Items] | ||||||
Common stock distributions (in usd per share) | $ 1.32 | $ 1.49 | $ 1.43 | |||
Return on Invested Capital | ||||||
Dividends [Line Items] | ||||||
Return of capital (in usd per share) | $ 1 | 1 | 0.67 | 0.69 | ||
Depositary Shares each representing 1/100th of a share of 6.125% Series D Cumulative Redeemable Preferred Stock, Par Value $0.01 Per Share | ||||||
Dividends [Line Items] | ||||||
Preferred stock dividend (in usd per share) | 1.53 | 1.53 | 1.53 | |||
Depositary Shares each representing 1/100th of a share of 6.125% Series D Cumulative Redeemable Preferred Stock, Par Value $0.01 Per Share | Subsequent Event | ||||||
Dividends [Line Items] | ||||||
Dividends declared per preferred share outstanding (in usd per share) | 0.3828 | |||||
Depositary Shares each representing 1/100th of a share of 6.000% Series E Cumulative Redeemable Preferred Stock, Par Value $0.01 Per Share | ||||||
Dividends [Line Items] | ||||||
Preferred stock dividend (in usd per share) | $ 1.50 | $ 1.50 | $ 1.50 | |||
Depositary Shares each representing 1/100th of a share of 6.000% Series E Cumulative Redeemable Preferred Stock, Par Value $0.01 Per Share | Subsequent Event | ||||||
Dividends [Line Items] | ||||||
Dividends declared per preferred share outstanding (in usd per share) | $ 0.3750 |
Distributions - Summary of Dist
Distributions - Summary of Distributions Paid Including Activity in Plan as well as Limited Partnership Units Issued from Reinvestment of Unit Distributions (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||
Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Dividends [Line Items] | |||||||||||||||
Preferred Stockholders | $ 11,194 | $ 11,194 | $ 11,194 | ||||||||||||
Common Stockholders | 55,523 | 50,963 | 49,383 | ||||||||||||
Limited Partnership Unitholders | $ 21,548 | $ 17,821 | $ 16,751 | ||||||||||||
Common stock shares issued | 143,957,000 | 293,615,000 | 228,498,000 | ||||||||||||
Limited Partnership Units Issued (in shares) | 26,659,000 | 61,009,000 | 51,579,000 | ||||||||||||
4th Quarter | |||||||||||||||
Dividends [Line Items] | |||||||||||||||
Preferred Stockholders | $ 2,798 | $ 2,798 | $ 2,798 | ||||||||||||
Common Stockholders | 14,159 | 13,037 | 12,371 | ||||||||||||
Limited Partnership Unitholders | $ 5,486 | $ 4,702 | $ 4,195 | ||||||||||||
Common stock shares issued | 13,698,000 | 63,970,000 | 117,368,000 | ||||||||||||
Discounted Share Price (in usd per share) | $ 39.70 | $ 45.46 | $ 24.08 | $ 39.70 | $ 45.46 | $ 24.08 | |||||||||
Limited Partnership Units Issued (in shares) | 0 | 13,697,000 | 23,370,000 | ||||||||||||
Average Unit Price (in usd per share) | $ 0 | $ 45.95 | $ 24.35 | $ 0 | $ 45.95 | $ 24.35 | |||||||||
3rd Quarter | |||||||||||||||
Dividends [Line Items] | |||||||||||||||
Preferred Stockholders | $ 2,799 | $ 2,799 | $ 2,799 | ||||||||||||
Common Stockholders | 14,156 | 12,999 | 12,373 | ||||||||||||
Limited Partnership Unitholders | $ 5,486 | $ 4,694 | $ 4,188 | ||||||||||||
Common stock shares issued | 10,577,000 | 65,171,000 | 14,525,000 | ||||||||||||
Discounted Share Price (in usd per share) | $ 50.80 | $ 44.44 | $ 28.98 | ||||||||||||
Limited Partnership Units Issued (in shares) | 0 | 13,841,000 | 13,108,000 | ||||||||||||
Average Unit Price (in usd per share) | $ 0 | $ 44.92 | $ 29.47 | ||||||||||||
2nd Quarter | |||||||||||||||
Dividends [Line Items] | |||||||||||||||
Preferred Stockholders | $ 2,798 | $ 2,798 | $ 2,798 | ||||||||||||
Common Stockholders | 13,625 | 12,488 | 12,364 | ||||||||||||
Limited Partnership Unitholders | $ 5,292 | $ 4,218 | $ 4,188 | ||||||||||||
Common stock shares issued | 57,819,000 | 68,206,000 | 12,627,000 | ||||||||||||
Discounted Share Price (in usd per share) | $ 51.61 | $ 41.87 | $ 32.22 | ||||||||||||
Limited Partnership Units Issued (in shares) | 12,955,000 | 13,978,000 | 0 | ||||||||||||
Average Unit Price (in usd per share) | $ 51.55 | $ 42.33 | $ 0 | ||||||||||||
1st Quarter | |||||||||||||||
Dividends [Line Items] | |||||||||||||||
Preferred Stockholders | $ 2,799 | $ 2,799 | $ 2,799 | ||||||||||||
Common Stockholders | 13,583 | 12,439 | 12,275 | ||||||||||||
Limited Partnership Unitholders | $ 5,284 | $ 4,207 | $ 4,180 | ||||||||||||
Common stock shares issued | 61,863,000 | 96,268,000 | 83,978,000 | ||||||||||||
Discounted Share Price (in usd per share) | $ 47.66 | $ 29.50 | $ 48.59 | ||||||||||||
Limited Partnership Units Issued (in shares) | 13,704,000 | 19,493,000 | 15,101,000 | ||||||||||||
Average Unit Price (in usd per share) | $ 48.16 | $ 29.83 | $ 49.40 |
Business Segments - Additional
Business Segments - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2022 segment | |
Segment Reporting [Abstract] | |
Number of reportable business segments | 2 |
Business Segments (Detail)
Business Segments (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Segment Reporting Information [Line Items] | |||
Revenue | $ 245,860 | $ 239,225 | $ 225,207 |
Expenses | (64,522) | (61,628) | (58,417) |
Income from real estate | 181,338 | 177,597 | 166,790 |
Interest expense, net and amortization of deferred debt costs | (43,937) | (45,424) | (46,519) |
General and administrative | (22,392) | (20,252) | (19,107) |
Depreciation and amortization of deferred leasing costs | (48,969) | (50,272) | (51,126) |
Loss on early extinguishment of debt | (648) | 0 | 0 |
Gain on sale of property | 0 | 0 | 278 |
Net income (loss) | 65,392 | 61,649 | 50,316 |
Capital investment | 116,888 | 55,918 | 56,154 |
Total assets | 1,833,302 | 1,746,761 | 1,645,572 |
Operating Segments | Shopping Centers | |||
Segment Reporting Information [Line Items] | |||
Revenue | 172,055 | 169,681 | 161,854 |
Expenses | (36,895) | (35,784) | (35,198) |
Income from real estate | 135,160 | 133,897 | 126,656 |
Interest expense, net and amortization of deferred debt costs | 0 | 0 | 0 |
General and administrative | 0 | 0 | 0 |
Depreciation and amortization of deferred leasing costs | (28,359) | (28,843) | (30,891) |
Loss on early extinguishment of debt | 0 | ||
Gain on sale of property | 278 | ||
Net income (loss) | 106,801 | 105,054 | 96,043 |
Capital investment | 8,412 | 12,673 | 15,207 |
Total assets | 928,071 | 946,993 | 975,195 |
Operating Segments | Mixed-Use Properties | |||
Segment Reporting Information [Line Items] | |||
Revenue | 73,805 | 69,544 | 63,353 |
Expenses | (27,627) | (25,844) | (23,219) |
Income from real estate | 46,178 | 43,700 | 40,134 |
Interest expense, net and amortization of deferred debt costs | 0 | 0 | 0 |
General and administrative | 0 | 0 | 0 |
Depreciation and amortization of deferred leasing costs | (20,610) | (21,429) | (20,235) |
Loss on early extinguishment of debt | 0 | ||
Gain on sale of property | 0 | ||
Net income (loss) | 25,568 | 22,271 | 19,899 |
Capital investment | 108,476 | 43,245 | 40,947 |
Total assets | 885,500 | 777,709 | 643,503 |
Corporate | |||
Segment Reporting Information [Line Items] | |||
Revenue | 0 | 0 | 0 |
Expenses | 0 | 0 | 0 |
Income from real estate | 0 | 0 | 0 |
Interest expense, net and amortization of deferred debt costs | (43,937) | (45,424) | (46,519) |
General and administrative | (22,392) | (20,252) | (19,107) |
Depreciation and amortization of deferred leasing costs | 0 | 0 | 0 |
Loss on early extinguishment of debt | (648) | ||
Gain on sale of property | 0 | ||
Net income (loss) | (66,977) | (65,676) | (65,626) |
Capital investment | 0 | 0 | 0 |
Total assets | $ 19,731 | $ 22,059 | $ 26,874 |
Real Estate and Accumulated D_2
Real Estate and Accumulated Depreciation (Detail) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Real Estate Properties [Line Items] | ||||
Initial Basis | $ 1,088,613 | |||
Cost capitalized subsequent to acquisition | 1,319,523 | |||
Land and Land Improvements | 511,529 | |||
Buildings and Improvements, Gross | 1,576,924 | |||
Construction in progress | 319,683 | $ 205,911 | ||
Real Estate Investment Property, at Cost, Total | 2,408,136 | 2,284,126 | $ 2,124,796 | $ 2,081,597 |
Accumulated Depreciation | 688,475 | 650,113 | $ 607,706 | $ 563,474 |
Book Value | 1,719,661 | 1,634,013 | ||
Fixed rate mortgages | 961,577 | $ 941,456 | ||
Total, related debt | 974,682 | |||
Shopping Centers | ||||
Real Estate Properties [Line Items] | ||||
Initial Basis | 835,537 | |||
Cost capitalized subsequent to acquisition | 482,444 | |||
Land and Land Improvements | 420,132 | |||
Buildings and Improvements, Gross | 889,818 | |||
Construction in progress | 8,031 | |||
Real Estate Investment Property, at Cost, Total | 1,317,981 | |||
Accumulated Depreciation | 456,197 | |||
Book Value | 861,784 | |||
Fixed rate mortgages | 597,990 | |||
Shopping Centers | Ashbrook Marketplace, Ashburn, VA | ||||
Real Estate Properties [Line Items] | ||||
Initial Basis | 8,938 | |||
Cost capitalized subsequent to acquisition | 25,314 | |||
Land and Land Improvements | 13,258 | |||
Buildings and Improvements, Gross | 20,994 | |||
Construction in progress | 0 | |||
Real Estate Investment Property, at Cost, Total | 34,252 | |||
Accumulated Depreciation | 1,965 | |||
Book Value | 32,287 | |||
Fixed rate mortgages | $ 20,807 | |||
Buildings and improvements depreciable lives in years | 50 years | |||
Shopping Centers | Ashburn Village, Ashburn, VA | ||||
Real Estate Properties [Line Items] | ||||
Initial Basis | $ 11,431 | |||
Cost capitalized subsequent to acquisition | 20,755 | |||
Land and Land Improvements | 6,764 | |||
Buildings and Improvements, Gross | 25,422 | |||
Construction in progress | 0 | |||
Real Estate Investment Property, at Cost, Total | 32,186 | |||
Accumulated Depreciation | 16,475 | |||
Book Value | 15,711 | |||
Fixed rate mortgages | $ 23,039 | |||
Buildings and improvements depreciable lives in years | 40 years | |||
Shopping Centers | Ashburn Village, Ashburn, VA | Minimum | ||||
Real Estate Properties [Line Items] | ||||
Buildings and improvements depreciable lives in years | 5 years | |||
Shopping Centers | Ashburn Village, Ashburn, VA | Maximum | ||||
Real Estate Properties [Line Items] | ||||
Buildings and improvements depreciable lives in years | 10 years | |||
Shopping Centers | Ashland Square Phase I, Dumfries, VA | ||||
Real Estate Properties [Line Items] | ||||
Initial Basis | $ 1,178 | |||
Cost capitalized subsequent to acquisition | 5,298 | |||
Land and Land Improvements | 1,178 | |||
Buildings and Improvements, Gross | 5,298 | |||
Construction in progress | 0 | |||
Real Estate Investment Property, at Cost, Total | 6,476 | |||
Accumulated Depreciation | 2,885 | |||
Book Value | 3,591 | |||
Fixed rate mortgages | $ 0 | |||
Shopping Centers | Ashland Square Phase I, Dumfries, VA | Minimum | ||||
Real Estate Properties [Line Items] | ||||
Buildings and improvements depreciable lives in years | 20 years | |||
Shopping Centers | Ashland Square Phase I, Dumfries, VA | Maximum | ||||
Real Estate Properties [Line Items] | ||||
Buildings and improvements depreciable lives in years | 50 years | |||
Shopping Centers | Beacon Center, Alexandria, VA | ||||
Real Estate Properties [Line Items] | ||||
Initial Basis | $ 24,161 | |||
Cost capitalized subsequent to acquisition | 18,514 | |||
Land and Land Improvements | 22,691 | |||
Buildings and Improvements, Gross | 19,984 | |||
Construction in progress | 0 | |||
Real Estate Investment Property, at Cost, Total | 42,675 | |||
Accumulated Depreciation | 16,754 | |||
Book Value | 25,921 | |||
Fixed rate mortgages | $ 54,816 | |||
Shopping Centers | Beacon Center, Alexandria, VA | Minimum | ||||
Real Estate Properties [Line Items] | ||||
Buildings and improvements depreciable lives in years | 40 years | |||
Shopping Centers | Beacon Center, Alexandria, VA | Maximum | ||||
Real Estate Properties [Line Items] | ||||
Buildings and improvements depreciable lives in years | 50 years | |||
Shopping Centers | BJ’s Wholesale Club, Alexandria, VA | ||||
Real Estate Properties [Line Items] | ||||
Initial Basis | $ 22,623 | |||
Cost capitalized subsequent to acquisition | 0 | |||
Land and Land Improvements | 22,623 | |||
Buildings and Improvements, Gross | 0 | |||
Construction in progress | 0 | |||
Real Estate Investment Property, at Cost, Total | 22,623 | |||
Accumulated Depreciation | 0 | |||
Book Value | 22,623 | |||
Fixed rate mortgages | $ 9,345 | |||
Buildings and improvements depreciable lives in years | 0 years | |||
Shopping Centers | Boca Valley Plaza, Boca Raton, FL | ||||
Real Estate Properties [Line Items] | ||||
Initial Basis | $ 16,720 | |||
Cost capitalized subsequent to acquisition | 3,236 | |||
Land and Land Improvements | 5,735 | |||
Buildings and Improvements, Gross | 14,221 | |||
Construction in progress | 0 | |||
Real Estate Investment Property, at Cost, Total | 19,956 | |||
Accumulated Depreciation | 6,633 | |||
Book Value | 13,323 | |||
Fixed rate mortgages | $ 0 | |||
Buildings and improvements depreciable lives in years | 40 years | |||
Shopping Centers | Boulevard, Fairfax, VA | ||||
Real Estate Properties [Line Items] | ||||
Initial Basis | $ 4,883 | |||
Cost capitalized subsequent to acquisition | 4,753 | |||
Land and Land Improvements | 3,687 | |||
Buildings and Improvements, Gross | 5,949 | |||
Construction in progress | 0 | |||
Real Estate Investment Property, at Cost, Total | 9,636 | |||
Accumulated Depreciation | 3,907 | |||
Book Value | 5,729 | |||
Fixed rate mortgages | $ 9,846 | |||
Buildings and improvements depreciable lives in years | 40 years | |||
Shopping Centers | Briggs Chaney MarketPlace, Silver Spring, MD | ||||
Real Estate Properties [Line Items] | ||||
Initial Basis | $ 27,037 | |||
Cost capitalized subsequent to acquisition | 5,355 | |||
Land and Land Improvements | 9,789 | |||
Buildings and Improvements, Gross | 22,603 | |||
Construction in progress | 0 | |||
Real Estate Investment Property, at Cost, Total | 32,392 | |||
Accumulated Depreciation | 11,358 | |||
Book Value | 21,034 | |||
Fixed rate mortgages | $ 0 | |||
Buildings and improvements depreciable lives in years | 40 years | |||
Shopping Centers | Broadlands Village, Ashburn, VA | ||||
Real Estate Properties [Line Items] | ||||
Initial Basis | $ 5,316 | |||
Cost capitalized subsequent to acquisition | 35,915 | |||
Land and Land Improvements | 5,300 | |||
Buildings and Improvements, Gross | 35,925 | |||
Construction in progress | 6 | |||
Real Estate Investment Property, at Cost, Total | 41,231 | |||
Accumulated Depreciation | 15,774 | |||
Book Value | 25,457 | |||
Fixed rate mortgages | $ 28,858 | |||
Shopping Centers | Broadlands Village, Ashburn, VA | Minimum | ||||
Real Estate Properties [Line Items] | ||||
Buildings and improvements depreciable lives in years | 40 years | |||
Shopping Centers | Broadlands Village, Ashburn, VA | Maximum | ||||
Real Estate Properties [Line Items] | ||||
Buildings and improvements depreciable lives in years | 50 years | |||
Shopping Centers | Burtonsville Town Square, Burtonsville, MD | ||||
Real Estate Properties [Line Items] | ||||
Initial Basis | $ 74,212 | |||
Cost capitalized subsequent to acquisition | 6,344 | |||
Land and Land Improvements | 28,402 | |||
Buildings and Improvements, Gross | 52,138 | |||
Construction in progress | 16 | |||
Real Estate Investment Property, at Cost, Total | 80,556 | |||
Accumulated Depreciation | 8,338 | |||
Book Value | 72,218 | |||
Fixed rate mortgages | $ 33,439 | |||
Shopping Centers | Burtonsville Town Square, Burtonsville, MD | Minimum | ||||
Real Estate Properties [Line Items] | ||||
Buildings and improvements depreciable lives in years | 20 years | |||
Shopping Centers | Burtonsville Town Square, Burtonsville, MD | Maximum | ||||
Real Estate Properties [Line Items] | ||||
Buildings and improvements depreciable lives in years | 45 years | |||
Shopping Centers | Countryside Marketplace, Sterling, VA | ||||
Real Estate Properties [Line Items] | ||||
Initial Basis | $ 28,912 | |||
Cost capitalized subsequent to acquisition | 4,314 | |||
Land and Land Improvements | 7,666 | |||
Buildings and Improvements, Gross | 25,560 | |||
Construction in progress | 0 | |||
Real Estate Investment Property, at Cost, Total | 33,226 | |||
Accumulated Depreciation | 12,981 | |||
Book Value | 20,245 | |||
Fixed rate mortgages | $ 0 | |||
Buildings and improvements depreciable lives in years | 40 years | |||
Shopping Centers | Cranberry Square, Westminster, MD | ||||
Real Estate Properties [Line Items] | ||||
Initial Basis | $ 31,578 | |||
Cost capitalized subsequent to acquisition | 1,922 | |||
Land and Land Improvements | 6,700 | |||
Buildings and Improvements, Gross | 26,800 | |||
Construction in progress | 0 | |||
Real Estate Investment Property, at Cost, Total | 33,500 | |||
Accumulated Depreciation | 7,556 | |||
Book Value | 25,944 | |||
Fixed rate mortgages | $ 13,946 | |||
Buildings and improvements depreciable lives in years | 40 years | |||
Shopping Centers | Cruse MarketPlace, Cumming, GA | ||||
Real Estate Properties [Line Items] | ||||
Initial Basis | $ 12,226 | |||
Cost capitalized subsequent to acquisition | 790 | |||
Land and Land Improvements | 3,901 | |||
Buildings and Improvements, Gross | 9,115 | |||
Construction in progress | 0 | |||
Real Estate Investment Property, at Cost, Total | 13,016 | |||
Accumulated Depreciation | 4,444 | |||
Book Value | 8,572 | |||
Fixed rate mortgages | $ 0 | |||
Buildings and improvements depreciable lives in years | 40 years | |||
Shopping Centers | Flagship Center, Rockville, MD | ||||
Real Estate Properties [Line Items] | ||||
Initial Basis | $ 160 | |||
Cost capitalized subsequent to acquisition | 409 | |||
Land and Land Improvements | 169 | |||
Buildings and Improvements, Gross | 400 | |||
Construction in progress | 0 | |||
Real Estate Investment Property, at Cost, Total | 569 | |||
Accumulated Depreciation | 65 | |||
Book Value | 504 | |||
Fixed rate mortgages | $ 0 | |||
Buildings and improvements depreciable lives in years | 0 years | |||
Shopping Centers | French Market, Oklahoma City, OK | ||||
Real Estate Properties [Line Items] | ||||
Initial Basis | $ 5,781 | |||
Cost capitalized subsequent to acquisition | 16,907 | |||
Land and Land Improvements | 1,118 | |||
Buildings and Improvements, Gross | 21,570 | |||
Construction in progress | 0 | |||
Real Estate Investment Property, at Cost, Total | 22,688 | |||
Accumulated Depreciation | 14,378 | |||
Book Value | 8,310 | |||
Fixed rate mortgages | $ 0 | |||
Buildings and improvements depreciable lives in years | 50 years | |||
Shopping Centers | Germantown, Germantown, MD | ||||
Real Estate Properties [Line Items] | ||||
Initial Basis | $ 2,034 | |||
Cost capitalized subsequent to acquisition | 566 | |||
Land and Land Improvements | 2,034 | |||
Buildings and Improvements, Gross | 566 | |||
Construction in progress | 0 | |||
Real Estate Investment Property, at Cost, Total | 2,600 | |||
Accumulated Depreciation | 479 | |||
Book Value | 2,121 | |||
Fixed rate mortgages | $ 0 | |||
Buildings and improvements depreciable lives in years | 40 years | |||
Shopping Centers | The Glen, Woodbridge, VA | ||||
Real Estate Properties [Line Items] | ||||
Initial Basis | $ 12,918 | |||
Cost capitalized subsequent to acquisition | 8,627 | |||
Land and Land Improvements | 5,300 | |||
Buildings and Improvements, Gross | 16,245 | |||
Construction in progress | 0 | |||
Real Estate Investment Property, at Cost, Total | 21,545 | |||
Accumulated Depreciation | 11,561 | |||
Book Value | 9,984 | |||
Fixed rate mortgages | $ 20,827 | |||
Buildings and improvements depreciable lives in years | 40 years | |||
Shopping Centers | Great Falls Center, Great Falls, VA | ||||
Real Estate Properties [Line Items] | ||||
Initial Basis | $ 41,750 | |||
Cost capitalized subsequent to acquisition | 3,368 | |||
Land and Land Improvements | 14,766 | |||
Buildings and Improvements, Gross | 30,352 | |||
Construction in progress | 0 | |||
Real Estate Investment Property, at Cost, Total | 45,118 | |||
Accumulated Depreciation | 12,114 | |||
Book Value | 33,004 | |||
Fixed rate mortgages | $ 31,313 | |||
Buildings and improvements depreciable lives in years | 40 years | |||
Shopping Centers | Hampshire Langley, Takoma, MD | ||||
Real Estate Properties [Line Items] | ||||
Initial Basis | $ 3,159 | |||
Cost capitalized subsequent to acquisition | 3,475 | |||
Land and Land Improvements | 1,892 | |||
Buildings and Improvements, Gross | 4,732 | |||
Construction in progress | 10 | |||
Real Estate Investment Property, at Cost, Total | 6,634 | |||
Accumulated Depreciation | 4,203 | |||
Book Value | 2,431 | |||
Fixed rate mortgages | $ 12,231 | |||
Buildings and improvements depreciable lives in years | 40 years | |||
Shopping Centers | Hunt Club Corners, Apopka, FL | ||||
Real Estate Properties [Line Items] | ||||
Initial Basis | $ 12,584 | |||
Cost capitalized subsequent to acquisition | 4,653 | |||
Land and Land Improvements | 4,822 | |||
Buildings and Improvements, Gross | 12,415 | |||
Construction in progress | 0 | |||
Real Estate Investment Property, at Cost, Total | 17,237 | |||
Accumulated Depreciation | 6,208 | |||
Book Value | 11,029 | |||
Fixed rate mortgages | $ 0 | |||
Buildings and improvements depreciable lives in years | 40 years | |||
Shopping Centers | Jamestown Place, Altamonte Springs, FL | ||||
Real Estate Properties [Line Items] | ||||
Initial Basis | $ 14,055 | |||
Cost capitalized subsequent to acquisition | 2,459 | |||
Land and Land Improvements | 4,455 | |||
Buildings and Improvements, Gross | 12,059 | |||
Construction in progress | 0 | |||
Real Estate Investment Property, at Cost, Total | 16,514 | |||
Accumulated Depreciation | 5,543 | |||
Book Value | 10,971 | |||
Fixed rate mortgages | $ 0 | |||
Buildings and improvements depreciable lives in years | 40 years | |||
Shopping Centers | Kentlands Square I, Gaithersburg, MD | ||||
Real Estate Properties [Line Items] | ||||
Initial Basis | $ 14,379 | |||
Cost capitalized subsequent to acquisition | 3,365 | |||
Land and Land Improvements | 5,005 | |||
Buildings and Improvements, Gross | 11,984 | |||
Construction in progress | 755 | |||
Real Estate Investment Property, at Cost, Total | 17,744 | |||
Accumulated Depreciation | 5,165 | |||
Book Value | 12,579 | |||
Fixed rate mortgages | $ 20,836 | |||
Buildings and improvements depreciable lives in years | 40 years | |||
Shopping Centers | Kentlands Square II, Gaithersburg, MD | ||||
Real Estate Properties [Line Items] | ||||
Initial Basis | $ 76,723 | |||
Cost capitalized subsequent to acquisition | 3,323 | |||
Land and Land Improvements | 23,133 | |||
Buildings and Improvements, Gross | 56,631 | |||
Construction in progress | 282 | |||
Real Estate Investment Property, at Cost, Total | 80,046 | |||
Accumulated Depreciation | 18,095 | |||
Book Value | 61,951 | |||
Fixed rate mortgages | $ 29,658 | |||
Buildings and improvements depreciable lives in years | 40 years | |||
Shopping Centers | Kentlands Place, Gaithersburg, MD | ||||
Real Estate Properties [Line Items] | ||||
Initial Basis | $ 1,425 | |||
Cost capitalized subsequent to acquisition | 7,639 | |||
Land and Land Improvements | 1,425 | |||
Buildings and Improvements, Gross | 7,639 | |||
Construction in progress | 0 | |||
Real Estate Investment Property, at Cost, Total | 9,064 | |||
Accumulated Depreciation | 4,806 | |||
Book Value | 4,258 | |||
Fixed rate mortgages | $ 7,321 | |||
Buildings and improvements depreciable lives in years | 50 years | |||
Shopping Centers | Lansdowne Town Center, Leesburg, VA | ||||
Real Estate Properties [Line Items] | ||||
Initial Basis | $ 6,545 | |||
Cost capitalized subsequent to acquisition | 43,497 | |||
Land and Land Improvements | 6,546 | |||
Buildings and Improvements, Gross | 43,427 | |||
Construction in progress | 69 | |||
Real Estate Investment Property, at Cost, Total | 50,042 | |||
Accumulated Depreciation | 20,112 | |||
Book Value | 29,930 | |||
Fixed rate mortgages | $ 0 | |||
Buildings and improvements depreciable lives in years | 50 years | |||
Shopping Centers | Leesburg Pike Plaza, Baileys Crossroads, VA | ||||
Real Estate Properties [Line Items] | ||||
Initial Basis | $ 2,418 | |||
Cost capitalized subsequent to acquisition | 6,402 | |||
Land and Land Improvements | 1,132 | |||
Buildings and Improvements, Gross | 7,688 | |||
Construction in progress | 0 | |||
Real Estate Investment Property, at Cost, Total | 8,820 | |||
Accumulated Depreciation | 6,487 | |||
Book Value | 2,333 | |||
Fixed rate mortgages | $ 12,543 | |||
Buildings and improvements depreciable lives in years | 40 years | |||
Shopping Centers | Lumberton Plaza, Lumberton, NJ | ||||
Real Estate Properties [Line Items] | ||||
Initial Basis | $ 4,400 | |||
Cost capitalized subsequent to acquisition | 11,648 | |||
Land and Land Improvements | 950 | |||
Buildings and Improvements, Gross | 15,074 | |||
Construction in progress | 24 | |||
Real Estate Investment Property, at Cost, Total | 16,048 | |||
Accumulated Depreciation | 14,060 | |||
Book Value | 1,988 | |||
Fixed rate mortgages | $ 0 | |||
Buildings and improvements depreciable lives in years | 40 years | |||
Shopping Centers | Metro Pike Center, Rockville, MD | ||||
Real Estate Properties [Line Items] | ||||
Initial Basis | $ 33,123 | |||
Cost capitalized subsequent to acquisition | 5,399 | |||
Land and Land Improvements | 26,064 | |||
Buildings and Improvements, Gross | 8,476 | |||
Construction in progress | 3,982 | |||
Real Estate Investment Property, at Cost, Total | 38,522 | |||
Accumulated Depreciation | 2,607 | |||
Book Value | 35,915 | |||
Fixed rate mortgages | $ 0 | |||
Buildings and improvements depreciable lives in years | 40 years | |||
Shopping Centers | Shops at Monocacy, Frederick, MD | ||||
Real Estate Properties [Line Items] | ||||
Initial Basis | $ 9,541 | |||
Cost capitalized subsequent to acquisition | 15,884 | |||
Land and Land Improvements | 9,260 | |||
Buildings and Improvements, Gross | 16,165 | |||
Construction in progress | 0 | |||
Real Estate Investment Property, at Cost, Total | 25,425 | |||
Accumulated Depreciation | 7,344 | |||
Book Value | 18,081 | |||
Fixed rate mortgages | $ 26,422 | |||
Buildings and improvements depreciable lives in years | 50 years | |||
Shopping Centers | Northrock, Warrenton, VA | ||||
Real Estate Properties [Line Items] | ||||
Initial Basis | $ 12,686 | |||
Cost capitalized subsequent to acquisition | 15,429 | |||
Land and Land Improvements | 12,686 | |||
Buildings and Improvements, Gross | 15,423 | |||
Construction in progress | 6 | |||
Real Estate Investment Property, at Cost, Total | 28,115 | |||
Accumulated Depreciation | 6,310 | |||
Book Value | 21,805 | |||
Fixed rate mortgages | $ 12,652 | |||
Buildings and improvements depreciable lives in years | 50 years | |||
Shopping Centers | Olde Forte Village, Ft. Washington, MD | ||||
Real Estate Properties [Line Items] | ||||
Initial Basis | $ 15,933 | |||
Cost capitalized subsequent to acquisition | 6,922 | |||
Land and Land Improvements | 5,409 | |||
Buildings and Improvements, Gross | 17,446 | |||
Construction in progress | 0 | |||
Real Estate Investment Property, at Cost, Total | 22,855 | |||
Accumulated Depreciation | 9,528 | |||
Book Value | 13,327 | |||
Fixed rate mortgages | $ 20,136 | |||
Buildings and improvements depreciable lives in years | 40 years | |||
Shopping Centers | Olney, Olney, MD | ||||
Real Estate Properties [Line Items] | ||||
Initial Basis | $ 4,963 | |||
Cost capitalized subsequent to acquisition | 2,998 | |||
Land and Land Improvements | 3,079 | |||
Buildings and Improvements, Gross | 4,882 | |||
Construction in progress | 0 | |||
Real Estate Investment Property, at Cost, Total | 7,961 | |||
Accumulated Depreciation | 3,633 | |||
Book Value | 4,328 | |||
Fixed rate mortgages | $ 12,476 | |||
Buildings and improvements depreciable lives in years | 40 years | |||
Shopping Centers | Orchard Park, Dunwoody, GA | ||||
Real Estate Properties [Line Items] | ||||
Initial Basis | $ 19,377 | |||
Cost capitalized subsequent to acquisition | 1,616 | |||
Land and Land Improvements | 7,751 | |||
Buildings and Improvements, Gross | 13,242 | |||
Construction in progress | 0 | |||
Real Estate Investment Property, at Cost, Total | 20,993 | |||
Accumulated Depreciation | 5,286 | |||
Book Value | 15,707 | |||
Fixed rate mortgages | $ 0 | |||
Buildings and improvements depreciable lives in years | 40 years | |||
Shopping Centers | Palm Springs Center, Altamonte Springs, FL | ||||
Real Estate Properties [Line Items] | ||||
Initial Basis | $ 18,365 | |||
Cost capitalized subsequent to acquisition | 2,324 | |||
Land and Land Improvements | 5,739 | |||
Buildings and Improvements, Gross | 14,948 | |||
Construction in progress | 2 | |||
Real Estate Investment Property, at Cost, Total | 20,689 | |||
Accumulated Depreciation | 6,957 | |||
Book Value | 13,732 | |||
Fixed rate mortgages | $ 0 | |||
Buildings and improvements depreciable lives in years | 40 years | |||
Shopping Centers | Ravenwood, Baltimore, MD | ||||
Real Estate Properties [Line Items] | ||||
Initial Basis | $ 1,245 | |||
Cost capitalized subsequent to acquisition | 4,446 | |||
Land and Land Improvements | 703 | |||
Buildings and Improvements, Gross | 4,988 | |||
Construction in progress | 0 | |||
Real Estate Investment Property, at Cost, Total | 5,691 | |||
Accumulated Depreciation | 3,641 | |||
Book Value | 2,050 | |||
Fixed rate mortgages | $ 11,975 | |||
Buildings and improvements depreciable lives in years | 40 years | |||
Shopping Centers | 11503 Rockville Pike/5541 Nicholson Lane, Rockville, MD | ||||
Real Estate Properties [Line Items] | ||||
Initial Basis | $ 26,561 | |||
Cost capitalized subsequent to acquisition | 24 | |||
Land and Land Improvements | 22,113 | |||
Buildings and Improvements, Gross | 4,472 | |||
Construction in progress | 0 | |||
Real Estate Investment Property, at Cost, Total | 26,585 | |||
Accumulated Depreciation | 1,374 | |||
Book Value | 25,211 | |||
Fixed rate mortgages | $ 0 | |||
Buildings and improvements depreciable lives in years | 40 years | |||
Shopping Centers | 1500/1580/1582 Rockville Pike, Rockville, MD | ||||
Real Estate Properties [Line Items] | ||||
Initial Basis | $ 45,351 | |||
Cost capitalized subsequent to acquisition | 2,046 | |||
Land and Land Improvements | 38,065 | |||
Buildings and Improvements, Gross | 7,050 | |||
Construction in progress | 2,282 | |||
Real Estate Investment Property, at Cost, Total | 47,397 | |||
Accumulated Depreciation | 6,712 | |||
Book Value | 40,685 | |||
Fixed rate mortgages | 0 | |||
Shopping Centers | Seabreeze Plaza, Palm Harbor, FL | ||||
Real Estate Properties [Line Items] | ||||
Initial Basis | 24,526 | |||
Cost capitalized subsequent to acquisition | 2,625 | |||
Land and Land Improvements | 8,665 | |||
Buildings and Improvements, Gross | 18,486 | |||
Construction in progress | 0 | |||
Real Estate Investment Property, at Cost, Total | 27,151 | |||
Accumulated Depreciation | 8,435 | |||
Book Value | 18,716 | |||
Fixed rate mortgages | $ 13,302 | |||
Buildings and improvements depreciable lives in years | 40 years | |||
Shopping Centers | Market Place at Sea Colony, Bethany Beach, DE | ||||
Real Estate Properties [Line Items] | ||||
Initial Basis | $ 2,920 | |||
Cost capitalized subsequent to acquisition | 339 | |||
Land and Land Improvements | 1,147 | |||
Buildings and Improvements, Gross | 2,112 | |||
Construction in progress | 0 | |||
Real Estate Investment Property, at Cost, Total | 3,259 | |||
Accumulated Depreciation | 792 | |||
Book Value | 2,467 | |||
Fixed rate mortgages | $ 0 | |||
Buildings and improvements depreciable lives in years | 40 years | |||
Shopping Centers | Seven Corners, Falls Church, VA | ||||
Real Estate Properties [Line Items] | ||||
Initial Basis | $ 4,848 | |||
Cost capitalized subsequent to acquisition | 46,510 | |||
Land and Land Improvements | 4,929 | |||
Buildings and Improvements, Gross | 46,429 | |||
Construction in progress | 0 | |||
Real Estate Investment Property, at Cost, Total | 51,358 | |||
Accumulated Depreciation | 34,249 | |||
Book Value | 17,109 | |||
Fixed rate mortgages | $ 87,706 | |||
Buildings and improvements depreciable lives in years | 40 years | |||
Shopping Centers | Severna Park Marketplace, Severna Park, MD | ||||
Real Estate Properties [Line Items] | ||||
Initial Basis | $ 63,254 | |||
Cost capitalized subsequent to acquisition | 1,094 | |||
Land and Land Improvements | 12,700 | |||
Buildings and Improvements, Gross | 51,549 | |||
Construction in progress | 99 | |||
Real Estate Investment Property, at Cost, Total | 64,348 | |||
Accumulated Depreciation | 14,526 | |||
Book Value | 49,822 | |||
Fixed rate mortgages | $ 25,857 | |||
Buildings and improvements depreciable lives in years | 40 years | |||
Shopping Centers | Shops at Fairfax, Fairfax, VA | ||||
Real Estate Properties [Line Items] | ||||
Initial Basis | $ 2,708 | |||
Cost capitalized subsequent to acquisition | 11,090 | |||
Land and Land Improvements | 992 | |||
Buildings and Improvements, Gross | 12,806 | |||
Construction in progress | 0 | |||
Real Estate Investment Property, at Cost, Total | 13,798 | |||
Accumulated Depreciation | 9,481 | |||
Book Value | 4,317 | |||
Fixed rate mortgages | $ 13,597 | |||
Buildings and improvements depreciable lives in years | 50 years | |||
Shopping Centers | Smallwood Village Center, Waldorf, MD | ||||
Real Estate Properties [Line Items] | ||||
Initial Basis | $ 17,819 | |||
Cost capitalized subsequent to acquisition | 8,461 | |||
Land and Land Improvements | 6,402 | |||
Buildings and Improvements, Gross | 19,878 | |||
Construction in progress | 0 | |||
Real Estate Investment Property, at Cost, Total | 26,280 | |||
Accumulated Depreciation | 11,167 | |||
Book Value | 15,113 | |||
Fixed rate mortgages | $ 0 | |||
Buildings and improvements depreciable lives in years | 40 years | |||
Shopping Centers | Southdale, Glen Burnie, MD | ||||
Real Estate Properties [Line Items] | ||||
Initial Basis | $ 18,895 | |||
Cost capitalized subsequent to acquisition | 25,810 | |||
Land and Land Improvements | 15,255 | |||
Buildings and Improvements, Gross | 29,205 | |||
Construction in progress | 245 | |||
Real Estate Investment Property, at Cost, Total | 44,705 | |||
Accumulated Depreciation | 24,221 | |||
Book Value | 20,484 | |||
Fixed rate mortgages | $ 0 | |||
Buildings and improvements depreciable lives in years | 40 years | |||
Shopping Centers | Southside Plaza, Richmond, VA | ||||
Real Estate Properties [Line Items] | ||||
Initial Basis | $ 6,728 | |||
Cost capitalized subsequent to acquisition | 11,891 | |||
Land and Land Improvements | 1,878 | |||
Buildings and Improvements, Gross | 16,741 | |||
Construction in progress | 0 | |||
Real Estate Investment Property, at Cost, Total | 18,619 | |||
Accumulated Depreciation | 13,781 | |||
Book Value | 4,838 | |||
Fixed rate mortgages | $ 0 | |||
Buildings and improvements depreciable lives in years | 40 years | |||
Shopping Centers | South Dekalb Plaza, Atlanta, GA | ||||
Real Estate Properties [Line Items] | ||||
Initial Basis | $ 2,474 | |||
Cost capitalized subsequent to acquisition | 4,985 | |||
Land and Land Improvements | 615 | |||
Buildings and Improvements, Gross | 6,814 | |||
Construction in progress | 30 | |||
Real Estate Investment Property, at Cost, Total | 7,459 | |||
Accumulated Depreciation | 5,438 | |||
Book Value | 2,021 | |||
Fixed rate mortgages | $ 0 | |||
Buildings and improvements depreciable lives in years | 40 years | |||
Shopping Centers | Thruway, Winston-Salem, NC | ||||
Real Estate Properties [Line Items] | ||||
Initial Basis | $ 7,848 | |||
Cost capitalized subsequent to acquisition | 28,207 | |||
Land and Land Improvements | 7,692 | |||
Buildings and Improvements, Gross | 28,345 | |||
Construction in progress | 18 | |||
Real Estate Investment Property, at Cost, Total | 36,055 | |||
Accumulated Depreciation | 20,927 | |||
Book Value | 15,128 | |||
Fixed rate mortgages | $ 0 | |||
Buildings and improvements depreciable lives in years | 40 years | |||
Shopping Centers | Village Center, Centreville, VA | ||||
Real Estate Properties [Line Items] | ||||
Initial Basis | $ 16,502 | |||
Cost capitalized subsequent to acquisition | 3,356 | |||
Land and Land Improvements | 7,851 | |||
Buildings and Improvements, Gross | 12,007 | |||
Construction in progress | 0 | |||
Real Estate Investment Property, at Cost, Total | 19,858 | |||
Accumulated Depreciation | 8,524 | |||
Book Value | 11,334 | |||
Fixed rate mortgages | $ 25,057 | |||
Buildings and improvements depreciable lives in years | 40 years | |||
Shopping Centers | Westview Village, Frederick, MD | ||||
Real Estate Properties [Line Items] | ||||
Initial Basis | $ 6,047 | |||
Cost capitalized subsequent to acquisition | 25,658 | |||
Land and Land Improvements | 6,047 | |||
Buildings and Improvements, Gross | 25,658 | |||
Construction in progress | 0 | |||
Real Estate Investment Property, at Cost, Total | 31,705 | |||
Accumulated Depreciation | 12,147 | |||
Book Value | 19,558 | |||
Fixed rate mortgages | $ 0 | |||
Buildings and improvements depreciable lives in years | 50 years | |||
Shopping Centers | White Oak, Silver Spring, MD | ||||
Real Estate Properties [Line Items] | ||||
Initial Basis | $ 6,277 | |||
Cost capitalized subsequent to acquisition | 6,299 | |||
Land and Land Improvements | 4,649 | |||
Buildings and Improvements, Gross | 7,723 | |||
Construction in progress | 204 | |||
Real Estate Investment Property, at Cost, Total | 12,576 | |||
Accumulated Depreciation | 6,615 | |||
Book Value | 5,961 | |||
Fixed rate mortgages | $ 19,985 | |||
Buildings and improvements depreciable lives in years | 40 years | |||
Shopping Centers | Other Buildings / Improvements | ||||
Real Estate Properties [Line Items] | ||||
Cost capitalized subsequent to acquisition | $ 183 | |||
Buildings and Improvements, Gross | 182 | |||
Construction in progress | 1 | |||
Real Estate Investment Property, at Cost, Total | 183 | |||
Accumulated Depreciation | 156 | |||
Book Value | 27 | |||
Fixed rate mortgages | 0 | |||
Mixed-Use Properties | ||||
Real Estate Properties [Line Items] | ||||
Initial Basis | 96,034 | |||
Cost capitalized subsequent to acquisition | 673,186 | |||
Land and Land Improvements | 82,114 | |||
Buildings and Improvements, Gross | 687,106 | |||
Construction in progress | 0 | |||
Real Estate Investment Property, at Cost, Total | 769,220 | |||
Accumulated Depreciation | 232,278 | |||
Book Value | 536,942 | |||
Fixed rate mortgages | 376,692 | |||
Mixed-Use Properties | Avenel Business Park, Gaithersburg, MD | ||||
Real Estate Properties [Line Items] | ||||
Initial Basis | 21,459 | |||
Cost capitalized subsequent to acquisition | 37,788 | |||
Land and Land Improvements | 3,756 | |||
Buildings and Improvements, Gross | 55,491 | |||
Construction in progress | 0 | |||
Real Estate Investment Property, at Cost, Total | 59,247 | |||
Accumulated Depreciation | 42,385 | |||
Book Value | 16,862 | |||
Fixed rate mortgages | $ 22,906 | |||
Mixed-Use Properties | Avenel Business Park, Gaithersburg, MD | Minimum | ||||
Real Estate Properties [Line Items] | ||||
Buildings and improvements depreciable lives in years | 35 years | |||
Mixed-Use Properties | Avenel Business Park, Gaithersburg, MD | Maximum | ||||
Real Estate Properties [Line Items] | ||||
Buildings and improvements depreciable lives in years | 40 years | |||
Mixed-Use Properties | Clarendon Center, Arlington, VA (1) | ||||
Real Estate Properties [Line Items] | ||||
Initial Basis | $ 12,753 | |||
Cost capitalized subsequent to acquisition | 187,682 | |||
Land and Land Improvements | 16,287 | |||
Buildings and Improvements, Gross | 184,148 | |||
Construction in progress | 0 | |||
Real Estate Investment Property, at Cost, Total | 200,435 | |||
Accumulated Depreciation | 60,798 | |||
Book Value | 139,637 | |||
Fixed rate mortgages | $ 86,264 | |||
Buildings and improvements depreciable lives in years | 50 years | |||
Mixed-Use Properties | Park Van Ness, Washington, DC | ||||
Real Estate Properties [Line Items] | ||||
Initial Basis | $ 2,242 | |||
Cost capitalized subsequent to acquisition | 91,855 | |||
Land and Land Improvements | 2,242 | |||
Buildings and Improvements, Gross | 91,855 | |||
Construction in progress | 0 | |||
Real Estate Investment Property, at Cost, Total | 94,097 | |||
Accumulated Depreciation | 18,384 | |||
Book Value | 75,713 | |||
Fixed rate mortgages | $ 62,813 | |||
Buildings and improvements depreciable lives in years | 50 years | |||
Mixed-Use Properties | 601 Pennsylvania Ave., Washington, DC | ||||
Real Estate Properties [Line Items] | ||||
Initial Basis | $ 5,479 | |||
Cost capitalized subsequent to acquisition | 69,446 | |||
Land and Land Improvements | 5,667 | |||
Buildings and Improvements, Gross | 69,258 | |||
Construction in progress | 0 | |||
Real Estate Investment Property, at Cost, Total | 74,925 | |||
Accumulated Depreciation | 59,832 | |||
Book Value | 15,093 | |||
Fixed rate mortgages | $ 0 | |||
Buildings and improvements depreciable lives in years | 35 years | |||
Mixed-Use Properties | The Waycroft, Arlington, VA | ||||
Real Estate Properties [Line Items] | ||||
Initial Basis | $ 52,067 | |||
Cost capitalized subsequent to acquisition | 228,070 | |||
Land and Land Improvements | 53,618 | |||
Buildings and Improvements, Gross | 226,519 | |||
Construction in progress | 0 | |||
Real Estate Investment Property, at Cost, Total | 280,137 | |||
Accumulated Depreciation | 18,241 | |||
Book Value | 261,896 | |||
Fixed rate mortgages | $ 152,679 | |||
Buildings and improvements depreciable lives in years | 50 years | |||
Mixed-Use Properties | Washington Square, Alexandria, VA | ||||
Real Estate Properties [Line Items] | ||||
Initial Basis | $ 2,034 | |||
Cost capitalized subsequent to acquisition | 58,345 | |||
Land and Land Improvements | 544 | |||
Buildings and Improvements, Gross | 59,835 | |||
Construction in progress | 0 | |||
Real Estate Investment Property, at Cost, Total | 60,379 | |||
Accumulated Depreciation | 32,638 | |||
Book Value | 27,741 | |||
Fixed rate mortgages | $ 52,030 | |||
Buildings and improvements depreciable lives in years | 50 years | |||
Development Land | ||||
Real Estate Properties [Line Items] | ||||
Initial Basis | $ 157,042 | |||
Cost capitalized subsequent to acquisition | 163,893 | |||
Land and Land Improvements | 9,283 | |||
Buildings and Improvements, Gross | 0 | |||
Construction in progress | 311,652 | |||
Real Estate Investment Property, at Cost, Total | 320,935 | |||
Accumulated Depreciation | 0 | |||
Book Value | 320,935 | |||
Development land, related debt | 0 | |||
Development Land | Ashland Square Phase II, Manassas, VA | ||||
Real Estate Properties [Line Items] | ||||
Initial Basis | 5,292 | |||
Cost capitalized subsequent to acquisition | 5,033 | |||
Land and Land Improvements | 7,049 | |||
Buildings and Improvements, Gross | 0 | |||
Construction in progress | 3,276 | |||
Real Estate Investment Property, at Cost, Total | 10,325 | |||
Accumulated Depreciation | 0 | |||
Book Value | 10,325 | |||
Development land, related debt | $ 0 | |||
Buildings and improvements depreciable lives in years | ||||
Development Land | New Market, New Market, MD | ||||
Real Estate Properties [Line Items] | ||||
Initial Basis | $ 2,088 | |||
Cost capitalized subsequent to acquisition | 146 | |||
Land and Land Improvements | 2,234 | |||
Buildings and Improvements, Gross | 0 | |||
Construction in progress | 0 | |||
Real Estate Investment Property, at Cost, Total | 2,234 | |||
Accumulated Depreciation | 0 | |||
Book Value | 2,234 | |||
Development land, related debt | $ 0 | |||
Buildings and improvements depreciable lives in years | ||||
Development Land | Hampden House, Bethesda, MD | ||||
Real Estate Properties [Line Items] | ||||
Initial Basis | $ 39,641 | |||
Cost capitalized subsequent to acquisition | 41,063 | |||
Land and Land Improvements | 0 | |||
Buildings and Improvements, Gross | 0 | |||
Construction in progress | 80,704 | |||
Real Estate Investment Property, at Cost, Total | 80,704 | |||
Accumulated Depreciation | 0 | |||
Book Value | 80,704 | |||
Development land, related debt | $ 0 | |||
Buildings and improvements depreciable lives in years | ||||
Development Land | Twinbrook, Rockville, MD | ||||
Real Estate Properties [Line Items] | ||||
Initial Basis | $ 110,021 | |||
Cost capitalized subsequent to acquisition | 117,651 | |||
Land and Land Improvements | 0 | |||
Buildings and Improvements, Gross | 0 | |||
Construction in progress | 227,672 | |||
Real Estate Investment Property, at Cost, Total | 227,672 | |||
Accumulated Depreciation | 0 | |||
Book Value | 227,672 | |||
Development land, related debt | $ 0 | |||
Buildings and improvements depreciable lives in years |
Real Estate and Accumulated D_3
Real Estate and Accumulated Depreciation - Estimated Useful Lives of Assets (Detail) | 12 Months Ended |
Dec. 31, 2022 | |
Base building | Minimum | |
Property Plant and Equipment Estimated Useful Lives [Line Items] | |
Estimated useful life | 35 years |
Base building | Maximum | |
Property Plant and Equipment Estimated Useful Lives [Line Items] | |
Estimated useful life | 50 years |
Building components | Maximum | |
Property Plant and Equipment Estimated Useful Lives [Line Items] | |
Estimated useful life | 20 years |
Real Estate and Accumulated D_4
Real Estate and Accumulated Depreciation - Additional Information (Detail) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract] | ||
Real estate investments for federal income tax | $ 1,610 | $ 1,640 |
Real Estate and Accumulated D_5
Real Estate and Accumulated Depreciation - Changes in Total Real Estate Investments and Related Accumulated Depreciation (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Total real estate investments: | |||
Balance, beginning of year | $ 2,284,126 | $ 2,124,796 | $ 2,081,597 |
Acquisitions | 0 | 108,279 | 0 |
Improvements | 130,300 | 54,177 | 45,396 |
Retirements | (6,290) | (3,126) | (2,197) |
Balance, end of year | 2,408,136 | 2,284,126 | 2,124,796 |
Total accumulated depreciation: | |||
Balance, beginning of year | 650,113 | 607,706 | 563,474 |
Depreciation expense | 44,636 | 45,487 | 45,865 |
Retirements | (6,274) | (3,080) | (1,633) |
Balance, end of year | $ 688,475 | $ 650,113 | $ 607,706 |