SAUL CENTERS, INC., 10-K filed on 2/24/2022
Annual Report
v3.22.0.1
Cover Page - USD ($)
shares in Millions, $ in Millions
 12 Months Ended
Dec. 31, 2021
Feb. 17, 2022
Jun. 30, 2021
Document Information [Line Items]      
Document type 10-K    
Document Annual Report true    
Document period end date Dec. 31, 2021    
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   23.8  
Entity public float     $ 591.9
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 2022 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 2021    
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 $0.01 Per Share    
Trading symbol BFS/PRE    
Security Exchange Name NYSE    
v3.22.0.1
Audit Information
 12 Months Ended
Dec. 31, 2021
Audit Information [Abstract]  
Auditor Name Deloitte & Touche LLP
Auditor Location McLean, Virginia
Auditor Firm ID 34
v3.22.0.1
Consolidated Balance Sheets - USD ($)
$ in Thousands
Dec. 31, 2021
Dec. 31, 2020
Real estate investments    
Land $ 511,529 $ 511,482
Buildings and equipment 1,566,686 1,543,837
Construction in progress 205,911 69,477
Real Estate Investment Property, at Cost, Total 2,284,126 2,124,796
Accumulated depreciation (650,113) (607,706)
Book Value 1,634,013 1,517,090
Cash and cash equivalents 14,594 26,856
Accounts receivable and accrued income, net 58,659 64,917
Deferred leasing costs, net 24,005 26,872
Other assets 15,490 9,837
Total assets 1,746,761 1,645,572
Liabilities    
Mortgage notes payable 941,456 827,603
Term loan facility payable 99,233 74,791
Revolving credit facility payable 103,167 103,913
Construction loan payable 0 144,607
Dividends and distributions payable 21,672 19,448
Accounts payable, accrued expenses and other liabilities 25,558 24,384
Deferred income 25,188 23,293
Total liabilities 1,216,274 1,218,039
Equity    
Common stock, $0.01 par value, 42,000,000 and 40,000,000 shares authorized, respectively, 23,840,471 and 23,476,626 shares issued and outstanding, respectively 238 235
Additional paid-in capital 436,609 420,625
Partnership units in escrow 39,650 0
Distributions in excess of accumulated earnings (256,448) (241,535)
Total Saul Centers, Inc. equity 405,049 364,325
Noncontrolling interests 125,438 63,208
Total equity 530,487 427,533
Total liabilities and equity 1,746,761 1,645,572
Series D Cumulative Redeemable Preferred Stock    
Equity    
Preferred stock, 1,000,000 shares authorized, Series D Cumulative Redeemable, 30,000 shares issued and outstanding, Series E Cumulative Redeemable, 44,000 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
v3.22.0.1
Consolidated Balance Sheets (Parenthetical) - $ / shares
Dec. 31, 2021
Dec. 31, 2020
Preferred stock, shares authorized 1,000,000 1,000,000
Common stock, par value (in usd per share) $ 0.01 $ 0.01
Common stock, shares authorized 42,000,000 40,000,000
Common stock, shares issued 23,840,471 23,476,626
Common stock, shares outstanding 23,840,471 23,476,626
Series D Cumulative Redeemable Preferred Stock    
Cumulative redeemable preferred stock, shares issued 30,000 30,000
Cumulative redeemable preferred stock, shares outstanding 30,000 30,000
Series E Cumulative Redeemable Preferred Stock    
Cumulative redeemable preferred stock, shares issued 44,000 44,000
Cumulative redeemable preferred stock, shares outstanding 44,000 44,000
v3.22.0.1
Consolidated Statements of Operations - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Revenue      
Rental revenue $ 234,515 $ 220,281 $ 223,352
Other 4,710 4,926 8,173
Total revenue 239,225 225,207 231,525
Expenses      
Property operating expenses 32,881 28,857 29,946
Real estate taxes 28,747 29,560 27,987
Interest expense, net and amortization of deferred debt costs 45,424 46,519 41,834
Depreciation and amortization of deferred leasing costs 50,272 51,126 46,333
General and administrative 20,252 19,107 20,793
Total expenses 177,576 175,169 166,893
Change in fair value of derivatives 0 0 (436)
Gain on sale of property 0 278 0
Net income (loss) 61,649 50,316 64,196
Income attributable to noncontrolling interests (13,260) (9,934) (12,473)
Net income attributable to Saul Centers, Inc. 48,389 40,382 51,723
Preferred stock dividends (11,194) (11,194) (12,235)
Extinguishment of issuance costs upon redemption of preferred shares 0 0 (3,235)
Net income available to common stockholders $ 37,195 $ 29,188 $ 36,253
Per share net income available to common stockholders      
Basic (in usd per share) $ 1.57 $ 1.25 $ 1.58
Diluted (in usd per share) $ 1.57 $ 1.25 $ 1.57
v3.22.0.1
Consolidated Statements of Comprehensive Income - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Statement of Comprehensive Income [Abstract]      
Net income $ 61,649 $ 50,316 $ 64,196
Other comprehensive income      
Unrealized gain on cash flow hedge 0 0 93
Total comprehensive income 61,649 50,316 64,289
Comprehensive income attributable to noncontrolling interests (13,260) (9,934) (12,561)
Total comprehensive income attributable to Saul Centers, Inc. 48,389 40,382 51,728
Preferred stock dividends (11,194) (11,194) (12,235)
Extinguishment of issuance costs upon redemption of preferred shares 0 0 (3,235)
Total comprehensive income available to common stockholders $ 37,195 $ 29,188 $ 36,258
v3.22.0.1
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 C Cumulative Preferred Stock
Series C Cumulative Preferred Stock
Dividend paid
Series D Cumulative Redeemable Preferred Stock
Dividend paid
Series D Cumulative Redeemable Preferred Stock
Dividend declared
Series E Cumulative Redeemable Preferred Stock
Series E Cumulative Redeemable Preferred Stock
Dividend paid
Series E Cumulative Redeemable Preferred Stock
Dividend declared
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 C Cumulative Preferred Stock
Total Saul Centers, Inc.
Series C Cumulative Preferred Stock
Dividend paid
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
Total Saul Centers, Inc.
Series E Cumulative Redeemable Preferred Stock
Dividend paid
Total Saul Centers, Inc.
Series E Cumulative Redeemable Preferred Stock
Dividend declared
Preferred Stock
Preferred Stock
Series C Cumulative Preferred Stock
Preferred Stock
Series E Cumulative Redeemable Preferred Stock
Common Stock
Partnership Units in Escrow
Partnership Units in Escrow
Twinbrook Metro Station
Restricted Stock Units (RSUs)
Additional Paid-in Capital
Additional Paid-in Capital
Series C Cumulative Preferred Stock
Additional Paid-in Capital
Series E Cumulative Redeemable Preferred Stock
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 C Cumulative Preferred Stock
Distributions in Excess of Accumulated Earnings
Series C Cumulative Preferred Stock
Dividend paid
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
Distributions in Excess of Accumulated Earnings
Series E Cumulative Redeemable Preferred Stock
Dividend declared
Accumulated Other Comprehensive (Loss)
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
Beginning balance at Dec. 31, 2018 $ 425,220                           $ 355,912                     $ 180,000     $ 227 $ 0   $ 384,533     $ (208,593)                 $ (255) $ 69,308            
Increase (Decrease) in Stockholders' Equity [Roll Forward]                                                                                                      
Issuance of cumulative preferred stock                       $ 106,265                     $ 106,265         $ 110,000           $ (3,735)                                  
Stock redeemed or called during period, value               $ (105,000)                     $ (105,000)               $ (105,000)           $ 3,235         $ (3,235)                          
Issuance of common stock:                                                                                                      
Shares issued pursuant to dividend reinvestment plan 22,498                           22,498                           4     22,494                                      
Shares issued due to exercise of employee stock options and issuance of directors' deferred stock 4,400                           4,400                           1     4,399                                      
Issuance of partnership units 3,180                                                                                       3,180            
Net income 64,196                           51,723                                       51,723                   12,473            
Change in unrealized loss on cash flow hedge 343                           255                                                         255 88            
Preferred stock distributions:                                                                                                      
Preferred stock distributions                 $ (5,736) $ (3,444) $ (1,148)   $ (257) $ (1,650)           $ (5,736) $ (3,444) $ (1,148)   $ (257) $ (1,650)                           $ (5,736) $ (3,444) $ (1,148) $ (257) $ (1,650)                
Common stock distributions             $ (49,056)                     $ (36,562)                                     $ (36,562)                         $ (12,494)  
Distributions payable common stock and distributions payable partnership units             (16,455)                     (12,275)                                     (12,275)                           $ (4,180)
Ending 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            
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            
Preferred stock distributions:                                                                                                      
Preferred stock distributions             (1,650)     $ (3,445) $ (1,149)   $ (4,950)         (1,650)     $ (3,445) $ (1,149)                             (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            
v3.22.0.1
Consolidated Statements of Equity (Parenthetical) - $ / shares
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Shares issued pursuant to dividend reinvestment plan 293,615,000 228,498,000 430,462,000
Shares due to exercise of employee stock options and issuance of directors' deferred stock 70,231,000 16,887,000 61,571,000
Issuance of partnership units (in shares)   51,579,000 60,936,000
Limited Partner      
Shares issued pursuant to dividend reinvestment plan 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, Shares 708,036,000    
Ashbrook Marketplace      
Stock issued during period, shares, acquisitions 93,674,000    
Series C Cumulative Preferred Stock      
Redemption of Series C Cumulative preferred stock (in shares)     42,000,000
Series E Cumulative Redeemable Preferred Stock      
Issuance of Series D Cumulative preferred stock (in shares)     44,000,000
Dividend declared      
Distributions payable common stock and partnership units (in usd per share) $ 0.57 $ 0.53 $ 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
v3.22.0.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Cash flows from operating activities:      
Net income $ 61,649 $ 50,316 $ 64,196
Adjustments to reconcile net income to net cash provided by operating activities:      
Change in fair value of derivatives 0 0 436
Gain on sale of property 0 (278) 0
Depreciation and amortization of deferred leasing costs 50,272 51,126 46,333
Amortization of deferred debt costs 1,710 1,570 1,518
Non cash compensation costs of stock grants and options 1,562 1,438 1,859
Credit losses on operating lease receivables 812 5,212 1,226
(Increase) decrease in accounts receivable and accrued income 5,446 (17,818) 339
Additions to deferred leasing costs (1,814) (8,050) (1,843)
(Increase) decrease in other assets (2,820) 5 706
Increase (decrease) in accounts payable, accrued expenses and other liabilities (331) 875 158
Increase (decrease) in deferred income 1,895 (6,013) 455
Net cash provided by operating activities 118,381 78,383 115,383
Cash flows from investing activities:      
Acquisitions of real estate investments [1],[2],[3] (9,011) 0 0
Additions to real estate investments (18,636) (19,484) (21,891)
Additions to development and redevelopment projects (28,225) (37,060) (113,772)
Proceeds from sale of properties 0 376 0
Net cash used in investing activities (55,872) (56,168) (135,663)
Cash flows from financing activities:      
Proceeds from mortgage notes payable 0 52,100 50,600
Repayments on mortgage notes payable (42,641) (45,654) (109,235)
Proceeds from term loan facility 25,000 0 0
Proceeds from revolving credit facility 46,000 90,000 152,500
Repayments on revolving credit facility (44,500) (73,000) (112,000)
Proceeds from construction loans payable 10,917 35,883 86,868
Additions to deferred debt costs (6,393) (1,206) (1,010)
Proceeds from the issuance of:      
Common stock 14,425 8,264 25,039
Partnership units [1],[2],[3] 2,398 1,677 3,180
Distributions to:      
Distributions to preferred stockholders (11,193) (11,194) (12,390)
Common stockholders (50,963) (49,383) (48,568)
Noncontrolling interests (17,821) (16,751) (16,642)
Net cash provided by (used in) financing activities (74,771) (9,264) 19,607
Net increase (decrease) in cash and cash equivalents (12,262) 12,951 (673)
Cash and cash equivalents, beginning of year 26,856 13,905 14,578
Cash and cash equivalents, end of year 14,594 26,856 13,905
Supplemental disclosure of cash flow information:      
Cash paid for interest 44,575 44,990 40,434
Increase (decrease) in accrued real estate investments and development costs 1,626 (11,690) 303
Series C Cumulative Preferred Stock      
Proceeds from the issuance of:      
Series C preferred stock redemption 0 0 (105,000)
Distributions to:      
Distributions to preferred stockholders 0 0 (7,541)
Series D Cumulative Redeemable Preferred Stock      
Distributions to:      
Distributions to preferred stockholders (4,593) (4,594) (4,592)
Series E Cumulative Redeemable Preferred Stock      
Proceeds from the issuance of:      
Preferred stock 0 0 106,265
Distributions to:      
Distributions to preferred stockholders $ (6,600) $ (6,600) $ (257)
[1] The 2021 acquisition of real estate and proceeds from the issuance of partnership units each excludes $21,500 in connection with the contribution of the Twinbrook Quarter leasehold interest in exchange for limited partnership units. See Notes 3 and 4 to the Consolidated Financial Statements.
[2] The 2021 acquisition of real estate and proceeds from the issuance of partnership units each excludes $4,320 in connection with the issuance of additional limited partnership units to B. F. Saul Real Estate Investment Trust as additional consideration pursuant to the terms of the 2016 contribution agreement, as amended, related to Ashbrook Marketplace. See Note 7 to the Consolidated Financial Statements.
[3] The 2021 acquisition of real estate and proceeds from the issuance of partnership units each excludes $79,300 in connection with the contribution of Twinbrook Quarter by the  
B. F. Saul Real Estate Investment Trust in exchange for limited partnership units, half of which units remain in escrow. See Notes 3 and 4 to the Consolidated Financial Statements.
v3.22.0.1
Consolidated Statements of Cash Flows (Parenthetical)
 12 Months Ended
Dec. 31, 2021
USD ($)
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
v3.22.0.1
Organization, Basis of Presentation
 12 Months Ended
Dec. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Organization, Basis of Presentation ORGANIZATION, BASIS OF PRESENTATION
Saul Centers, Inc. (“Saul Centers”) was incorporated under the Maryland General Corporation Law on June 10, 1993. 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, 2021, 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 (5.3%), 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, 2021.
As of December 31, 2021, 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, 2021 and December 31, 2020, 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 71.9% of the net income of the Operating Partnership. Because the Operating Partnership was already 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.
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Summary of Significant Accounting Policies
 12 Months Ended
Dec. 31, 2021
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 2021, 2020, or 2019.
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, 2021, 2020, and 2019, was $45.5 million, $45.9 million, and $40.5 million, respectively. Repairs and maintenance expense totaled $13.5 million, $11.1 million, and $12.5 million for 2021, 2020, and 2019, respectively, and is included in property operating expenses in the accompanying consolidated financial statements.
As of December 31, 2021, 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, 2021 and 2020, the Company had no assets designated as held for sale.
Revenue Recognition
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. 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.
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, 2021, we reduced rental revenue by $0.8 million due to lease-related reserves and charge offs. Actual results could differ from these estimates.
At December 31, 2021 and December 31, 2020, accounts receivable was comprised of:
(In thousands)December 31, 2021December 31, 2020
Rents currently due$8,484 $13,321 
Deferred rents and payment plans4,141 8,205 
Straight-line rent46,239 44,863 
Other receivables2,877 3,751 
Credit losses on operating lease receivables
(3,082)(5,223)
Total$58,659 $64,917 
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 $24.0 million and $26.9 million, net of accumulated amortization of approximately $48.7 million and $44.5 million, as of December 31, 2021 and 2020, respectively. Amortization expense, which is included in Depreciation and amortization of deferred leasing costs in the Consolidated Statements of Operations, totaled approximately $4.7 million, $5.2 million, and $5.8 million, for the years ended December 31, 2021, 2020, and 2019, 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, 2021 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, 2021, 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 2021, 2020, and 2019. The tax basis of the Company’s real estate investments was approximately $1.64 billion and $1.55 billion as of December 31, 2021 and 2020, 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 2018.
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
In February 2016, the Financial Accounting Standards Board (‘‘FASB’’) issued Accounting Standards Update (‘‘ASU’’) 2016-02, ‘‘Leases’’ (“ASU 2016-02”). ASU 2016-02 amends the existing accounting standards for lease accounting, including requiring lessees to recognize most leases on their balance sheets and making targeted changes to lessor accounting. ASU 2016-02 is effective for annual periods beginning after December 15, 2018, interim periods within those years, and requires a modified retrospective transition approach for all leases existing at the date of initial application, with an option to use certain practical expedients for those existing leases. Upon adoption of ASU 2016-02 effective January 1, 2019, we elected the practical expedient for all leases with respect to lease identification, lease classification, and initial direct costs. 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. There have been no significant changes to our lessor accounting for operating leases as a result of ASU 2016-02.
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 to 15 years.
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.
On January 1, 2019, a right of use asset and corresponding lease liability related to our headquarters lease were recorded in other assets and other liabilities, respectively. The lease commenced in March 2002 and expires on February 28, 2022. Negotiations are ongoing for a renewal of the Company’s office space at the same location. The right of use asset and corresponding lease liability totaled $0.1 million and $0.1 million, respectively, at December 31, 2021.
Due to the business disruptions and challenges severely affecting the global economy caused by the novel strain of coronavirus (“COVID-19”) pandemic, many lessees have requested rent relief, including rent
deferrals and other lease concessions. The lease modification guidance in 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.
In June 2016, the FASB issued ASU 2016-13, "Financial Instruments-Credit Losses" ("ASU 2016-13"). ASU 2016-13 replaces the incurred loss impairment methodology with a methodology that reflects expected credit losses and requires consideration of a broader range of information to support credit loss estimates. ASU 2016-13 is effective for annual periods beginning after December 15, 2019, including interim periods within those years. The adoption of ASU 2016-13 effective January 1, 2020, had no material impact on our consolidated financial statements and related disclosures because the vast majority of the Company's receivables relate to operating leases which are accounted for under ASC 842.
In August 2017, the FASB issued ASU 2017-12, “Derivatives and Hedging” (“ASU 2017-12”). ASU 2017-12 amends financial reporting for hedging activities to better align that reporting with risk management activities. ASU 2017-12 expands and refines hedge accounting for both financial and nonfinancial risk components and aligns the recognition and presentation of the effects of the hedging instrument and the hedged item in the financial statements. Effective with the adoption of ASU 2017-12 on January 1, 2019, changes in the fair value of the Company’s interest rate swap related to changes in the cash flow of the hedged item are reported as a component of interest expense and amortization of deferred debt costs in the Statements of Operations.

Reclassifications
Certain reclassifications have been made to prior years to conform to the presentation used for the year ended December 31, 2021.
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Real Estate
 12 Months Ended
Dec. 31, 2021
Real Estate [Abstract]  
Real Estate REAL ESTATE
Construction in Progress
Construction in progress includes land, preconstruction and development costs of active projects. Preconstruction costs include legal, zoning and permitting costs and other project carrying costs incurred prior to the commencement of construction. Development costs include direct construction costs and indirect costs incurred subsequent to the start of construction such as architectural, engineering, construction management and carrying costs consisting of interest, real estate taxes and insurance. The following table shows the components of construction in progress.
December 31,
(in thousands)20212020
Twinbrook Quarter$138,069 $— 
Hampden House 56,898 50,723 
The Waycroft— 8,651 
Other10,944 10,103 
Total$205,911 $69,477 
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, 2021 and 2020 was $11.0 million and $11.0 million, respectively, and accumulated amortization was $9.1 million and $8.6 million, respectively. Amortization expense totaled $0.5 million, $0.6 million and $0.9 million, for the years ended December 31, 2021, 2020, and 2019, respectively. The gross carrying amount of below market lease intangible liabilities included in deferred income as of December 31, 2021 and 2020 was $23.3 million and $23.7 million, respectively, and accumulated amortization was $16.2 million and $15.0 million, respectively. Accretion income totaled $1.4 million, $1.4 million, and $1.5 million, for the years ended December 31, 2021, 2020, and 2019, respectively. The gross carrying amount of above market lease intangible assets included in accounts receivable as of December 31, 2021 and 2020 was $0.6 million and $0.6 million, respectively, and accumulated amortization was $161,800 and $128,900, respectively. Amortization expense totaled $32,900, $43,600 and $109,600, for the years ended December 31, 2021, 2020 and 2019, respectively. The remaining weighted-average amortization period as of December 31, 2021 is 4.6 years, 6.8 years, and 4.9 years for lease acquisition costs, above market leases and below market leases, respectively.
As of December 31, 2021, scheduled amortization of intangible assets and deferred income related to in place leases is as follows:
(In thousands)Lease acquisition costsAbove market leasesBelow market leases
2022$368 $33 $1,306 
2023317 33 1,297 
2024198 33 878 
2025153 33 601 
2026131 33 509 
Thereafter712 277 2,744 
Total$1,879 $442 $7,335 
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Noncontrolling Interests - Holders of Convertible Limited Partnership Units in the Operating Partnership
 12 Months Ended
Dec. 31, 2021
Noncontrolling Interest [Abstract]  
Noncontrolling Interests - Holders of Convertible Limited Partnership Units in the Operating Partnership NONCONTROLLING INTERESTS - HOLDERS OF CONVERTIBLE LIMITED PARTNERSHIP UNITS IN THE OPERATING PARTNERSHIP
Saul Centers is the sole general partner of the Operating Partnership, owning a 71.9% common interest as of December 31, 2021. 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 26.7% limited partnership interest in the Operating Partnership represented by 8,801,214 limited partnership units, as of December 31, 2021. 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, 2021, approximately 540,000 units were eligible for conversion.
As of December 31, 2021, 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 26.7% 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, 2021, 2020, and 2019, were 33.1 million, 31.3 million, and 30.9 million, respectively.
The 0.7 million limited partnership units remaining in escrow after October 18, 2021, in connection with the Twinbrook Contribution Agreement, are not eligible to receive distributions from the Operating Partnership until such time as they are released from escrow.
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Mortgage Notes Payable, Revolving Credit Facility, Interest Expense and Amortization of Deferred Debt Costs
 12 Months Ended
Dec. 31, 2021
Debt Disclosure [Abstract]  
Mortgage Notes Payable, Revolving Credit Facility, Interest Expense and Amortization of Deferred Debt Costs MORTGAGE NOTES PAYABLE, REVOLVING CREDIT FACILITY, INTEREST EXPENSE AND AMORTIZATION OF DEFERRED DEBT COSTSAt December 31, 2021, the principal amount of outstanding debt totaled $1.2 billion, of which $949.0 million was fixed rate debt and $206.0 million was variable rate debt. The principal amount of the Company’s outstanding debt totaled $1.2 billion at December 31, 2020, of which $980.8 million was fixed rate debt and $179.5 million was variable rate debt.
At December 31, 2021, the Company had a $525.0 million unsecured credit facility, which can be used for working capital, property acquisitions, development projects or letters of credit, of which $425.0 million is a Revolving Line and $100.0 million is a Term Loan. The Revolving Line matures on August 29, 2025, which term may be extended by the Company for one additional year, subject to satisfaction of certain conditions. The Term Loan matures on February 26, 2027, and may not be extended. In general, loan availability under the New Facility is primarily determined by operating income from the Company’s existing unencumbered properties. Interest accrues at a rate of LIBOR plus a spread of 135 basis points to 195 basis points under the Revolving Line, and 130 basis points to 190 basis points under the Term Loan, each as determined by certain leverage tests. As of December 31, 2021, the applicable spread for borrowings is 135 basis points under the Revolving Line and 130 basis points under the Term Loan. Saul Centers and certain consolidated subsidiaries of the Operating Partnership have guaranteed the payment obligations of the Operating Partnership under the New Facility. Letters of credit may be issued under the revolving credit facility. On December 31, 2021, based on the value of the Company’s unencumbered properties, approximately $219.8 million was available under the Revolving Line, $106.0 million was outstanding and approximately $185,000 was committed for letters of credit.
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  $3.7 million of the $29.6 million outstanding balance at December 31, 2021), (b) a portion of the Avenel Business Park mortgage (approximately $6.3 million of the $24.1 million outstanding balance at December 31, 2021), (c) a portion of The Waycroft mortgage (approximately $23.6 million of the $156.1 million outstanding balance at December 31, 2021), (d) the Ashbrook Marketplace mortgage (totaling $21.3 million at December 31, 2021), and (e) the mortgage secured by Kentlands Place, Kentlands Square I and Kentlands pad (totaling $28.9 million at December 31, 2021). All other notes payable are non-recourse. The guarantee on the Kentlands Square II mortgage loan was released on February 5, 2020. The guarantee on the Park Van Ness mortgage was released on October 1, 2021.
On February 10, 2020, the Company repaid in full the remaining principal balance of $9.2 million of the mortgage loan secured by Boca Valley Plaza, which was scheduled to mature on May 10, 2020.
On March 3, 2020, the Company repaid in full the remaining principal balance of $7.1 million of the mortgage loan secured by Palm Springs Center, which was scheduled to mature on June 1, 2020.
On July 14, 2020, the Company closed on a 15-year, $22.1 million mortgage loan secured by Ashbrook Marketplace. The loan matures in 2035, bears interest at a fixed rate of 3.80%, requires monthly principal and interest payments of $114,226 based on a 25-year amortization schedule and requires a final payment of $11.5 million at maturity. The proceeds from the loan were used to pay down the revolving credit facility.
On July 24, 2020, the Company closed on a 15-year, $30.0 million mortgage loan secured by Kentlands Place, Kentlands Square I and Kentlands Pad. The loan matures in 2035, bears interest at a fixed rate of 3.43%, requires monthly principal and interest payments of $149,064 based on a 25-year amortization schedule and requires a final payment of $15.3 million at maturity. The proceeds from the loan were used to pay down the revolving credit facility.
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 $1.1 billion and $1.2 billion, as of December 31, 2021 and 2020, 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, 2021.
•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 $41.0 million at each of December 31, 2021 and 2020, are guaranteed by members of the Saul Organization.
As of December 31, 2021, the scheduled maturities of all debt including scheduled principal amortization for years ended December 31 are as follows:
(in thousands)Balloon
Payments		Scheduled
Principal
Amortization		Total
2022$36,502 $31,033 $67,535 
20239,225 31,498 40,723 
202466,164 30,792 96,956 
2025126,363 (a)27,874 154,237 
2026134,088 24,347 158,435 
Thereafter545,276 91,866 637,142 
Principal amount$917,618 $237,410 1,155,028 
Unamortized deferred debt costs11,172 
Net$1,143,856 
            (a) Includes $106.0 million outstanding under the revolving facility.
Deferred Debt Costs
Deferred debt costs consist of fees and costs incurred to obtain long-term financing, construction financing and the revolving line of credit. These fees and costs are being amortized on a straight-line basis over the terms of the respective loans or agreements, which approximates the effective interest method. Deferred debt costs totaled $11.2 million and $9.3 million, net of accumulated amortization of $7.7 million and $8.7 million at December 31, 2021 and 2020, 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,
 202120202019
Interest incurred$50,552 $51,705 $52,044 
Amortization of deferred debt costs1,710 1,570 1,518 
Capitalized interest(6,831)(6,616)(11,480)
Interest expense45,431 46,659 42,082 
Less: Interest income7 140 248 
Interest expense, net and amortization of deferred debt costs$45,424 $46,519 $41,834 
Deferred debt costs capitalized during the years ending December 31, 2021, 2020 and 2019 totaled $6.4 million, $1.2 million and $1.0 million, respectively.
v3.22.0.1
Lease Agreements
 12 Months Ended
Dec. 31, 2021
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, 2021, 2020, and 2019, amounted to $197.9 million, $188.6 million, and $185.7 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) 
2022$163,383 
2023147,981 
2024124,039 
2025101,482 
202677,584 
Thereafter336,423 
$950,892 
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, 2021, 2020, and 2019, amounted to $34.5 million, $34.7 million, and $36.5 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 $1.5 million, $0.9 million, and $0.9 million, for the years ended December 31, 2021, 2020, and 2019, respectively.
v3.22.0.1
Long-Term Lease Obligations
 12 Months Ended
Dec. 31, 2021
Leases [Abstract]  
Long-Term Lease Obligations LONG-TERM LEASE OBLIGATIONS
At December 31, 2021 and 2020, 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 2022. Negotiations are ongoing for a renewal of the Company’s office space at the same location. 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, 2021, 2020, and 2019 was $799,500, $799,300, and $806,500, respectively. Expenses arising from the lease are included in general and administrative expense (see Note 9 – Related Party Transactions).
v3.22.0.1
Equity and Noncontrolling Interest
 12 Months Ended
Dec. 31, 2021
Noncontrolling Interest [Abstract]  
Equity and Noncontrolling Interest EQUITY AND NONCONTROLLING INTEREST
The Consolidated Statements of Operations for the years ended December 31, 2021, 2020, and 2019 reflect noncontrolling interest of $13.3 million, $9.9 million, and $12.5 million, respectively, representing income attributable to limited partnership units not held by Saul Centers.
At December 31, 2021, the Company had outstanding 3.0 million depositary shares, each representing 1/100th of a share of 6.125% Series D Cumulative Redeemable Preferred Stock (the "Series D Stock"). The depositary shares may be redeemed at the Company’s option, in whole or in part, on or after January 23, 2023, at the $25.00 liquidation preference, plus accrued but unpaid dividends to but not including the redemption date. The depositary shares pay an annual dividend of $1.53125 per share, equivalent to 6.125% of the $25.00 liquidation preference. The Series D Stock has no stated maturity, is not subject to any sinking fund or mandatory redemption and is not convertible into any other securities of the Company except in connection with certain changes in control
or delisting events. Investors in the depositary shares generally have no voting rights, but will have limited voting rights if the Company fails to pay dividends for six or more quarters (whether or not declared or consecutive) and in certain other events.
At December 31, 2021, the Company had outstanding 4.4 million depositary shares, each representing 1/100th of a share of 6.000% Series E Cumulative Redeemable Preferred Stock (the “Series E Stock”). The depositary shares may be redeemed at the Company’s option, in whole or in part, on or after September 17, 2024, at the $25.00 liquidation preference, plus accrued but unpaid dividends to but not including the redemption date. The depositary shares pay an annual dividend of $1.50 per share, equivalent to 6.000% of the $25.00 liquidation preference. The Series E Stock has no stated maturity, is not subject to any sinking fund or mandatory redemption and is not convertible into any other securities of the Company except in connection with certain changes in control or delisting events. Investors in the depositary shares generally have no voting rights, but will have limited voting rights if the Company fails to pay dividends for six or more quarters (whether or not declared or consecutive) and in certain other events.
Per Share Data
Per share data for net income (basic and diluted) is computed using weighted average shares of common stock. Convertible limited partnership units and employee stock options are the Company’s potentially dilutive securities. For all periods presented, the convertible limited partnership units are anti-dilutive. The treasury stock method was used to measure the effect of the dilution.
 
 December 31,
(Shares in thousands)202120202019
Weighted average common shares outstanding - Basic23,655 23,356 23,009 
Effect of dilutive options7 1 44 
Weighted average common shares outstanding - Diluted23,662 23,357 23,053 
Average share price$43.53 $33.84 $53.41 
Non-dilutive options 1,360 1,439 633 
Years non-dilutive options were issued2013 through 20212014 through 20202016, 2017 and 2019
v3.22.0.1
Related Party Transactions
 12 Months Ended
Dec. 31, 2021
Related Party Transactions [Abstract]  
Related Party Transactions RELATED PARTY TRANSACTIONS
The Chairman and Chief Executive Officer, the President and Chief Operating Officer, the Executive Vice President-Chief Legal and Administrative Officer and the Senior Vice President-Chief Accounting Officer and Treasurer of the Company are also officers of various members of the Saul Organization and their management time is shared with the Saul Organization. Their annual compensation is fixed by the Compensation Committee of the Board of Directors, with the exception of the Senior Vice President-Chief Accounting Officer and Treasurer whose share of annual compensation allocated to the Company is determined by the shared services agreement (described below).
The Company participates in a multiemployer 401K plan with entities in the Saul Organization which covers those full-time employees who meet the requirements as specified in the plan. Company contributions, which are included in general and administrative expense or property operating expenses in the consolidated statements of operations, at the discretionary amount of up to 6% of the employee’s cash compensation, subject to certain limits, were $404,300, $302,000, and $322,200, for 2021, 2020, and 2019, 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 $238,400, $241,300, and $345,200, for the years ended December 31, 2021, 2020, and 2019, respectively. All amounts deferred by employees and the Company are fully vested. The cumulative unfunded liability under this plan was $3.2 million and $2.9 million, at December 31, 2021 and 2020, 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, 2021, 2020, and 2019, which included rental expense for the Company’s headquarters lease (see Note 7. Long Term Lease Obligations), totaled $8.0 million, $7.4 million, and $8.4 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, 2021 and 2020, accounts payable, accrued expenses and other liabilities included $1.1 million and $782,700, 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 $397,900, $427,700, and $399,600, for the years ended December 31, 2021, 2020, and 2019, respectively.
v3.22.0.1
Stock Option Plan
 12 Months Ended
Dec. 31, 2021
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, 2021, 9,486 shares were credited to director's deferred fee accounts and 7,874 shares were issued. As of December 31, 2021, the director's deferred fee accounts comprise 120,240 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 May 3, 2019, the Compensation Committee granted options to purchase 260,000 shares (34,651 incentive stock options and 225,349 nonqualified stock options) to 23 Company officers and 11 Company Directors (the “2019 Options”), which expire on May 2, 2029. The officers’ 2019 Options vest 25% per year over four years and are subject to early expiration upon termination of employment. The directors’ 2019 Options were immediately exercisable. The exercise price of $55.71 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 2019 Options to be $1.9 million, of which $1.7 million and $226,600 were assigned to the officer options and director options, respectively. Because the directors’ options vested immediately, the entire $226,600 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 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 determined 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.
The following table summarizes the assumptions used in the valuation of the 2019, 2020 and 2021 option grants. During the twelve months ended December 31, 2021, stock option expense totaling $1.3 million was included in general and administrative expense in the Consolidated Statements of Operations. As of December 31, 2021, the estimated future expense related to unvested stock options was $1.7 million.
  DirectorsOfficers
Grant dateMay 3, 2019April 24, 2020May 7, 2021May 3, 2019April 24, 2020May 7, 2021
Exercise price$55.71 $50.00 $43.89 $55.71 $50.00 $43.89 
Volatility0.236 0.258 0.297 0.206 0.240 0.275 
Expected life (years)5.05.05.07.07.07.0
Assumed yield3.75 %3.80 %4.96 %3.80 %3.85 %4.97 %
Risk-free rate2.33 %0.36 %0.77 %2.43 %0.51 %1.24 %

The table below summarizes the option activity for the years 2021, 2020, and 2019:
 202120202019
 SharesWeighted
Average
Exercise
Price		SharesWeighted
Average
Exercise
Price		SharesWeighted
Average
Exercise
Price
Outstanding at January 11,502,670 $52.86 1,309,614 $53.38 1,114,169 $52.40 
Granted250,500 43.89 238,000 50.00 260,000 55.71 
Exercised(64,920)45.07 (10,749)49.19 (57,055)44.53 
Expired/Forfeited(87,000)53.60 (34,195)54.09 (7,500)56.07 
Outstanding December 311,601,250 51.73 1,502,670 52.86 1,309,614 53.38 
Exercisable at December 311,098,500 53.22 971,545 53.01 763,614 52.43 

The intrinsic value of options exercised in 2021, 2020, and 2019, was $0.4 million, $0.1 million and $0.6 million, respectively. The intrinsic value of options outstanding and exercisable at year end 2021 was $4.9 million and $2.3 million, respectively. Because the closing price was less than the exercise price of all outstanding options, no option had any intrinsic value at December 31, 2020. 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 York Stock Exchange as of the date of measurement. At December 31, 2021, the final trading day of calendar 2021, the closing price of $53.02 per share was used for the calculation of aggregate intrinsic value of options outstanding and exercisable at that date. The weighted average remaining contractual life of the Company’s exercisable and outstanding options at December 31, 2021 are 5.3 and 6.2 years, respectively.
v3.22.0.1
Fair Value of Financial Instruments
 12 Months Ended
Dec. 31, 2021
Fair Value Disclosures [Abstract]  
Fair Value of Financial Instruments FAIR VALUE OF FINANCIAL INSTRUMENTSThe carrying values of cash and cash equivalents, accounts receivable, accounts payable and accrued expenses 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 3 data in a discounted cash flow approach, which is based upon management’s estimate of borrowing rates and loan terms currently available to the Company for fixed rate financing, and assuming long term interest rates of approximately 3.60% and 3.40%, would be approximately $933.0 million and $981.0 million as of December 31, 2021 and 2020, respectively, compared to the principal balance of $949.0 million and $980.8 million at December 31, 2021 and 2020, respectively. A change in any of the significant inputs may lead to a change in the Company’s fair value measurement of its debt.Effective June 30, 2011, the Company determined that one of its interest-rate swap arrangements was a highly effective hedge of the cash flows under one of its variable-rate mortgage loans and designated the swap as a cash flow hedge of that mortgage. The swap was carried at fair value with changes in fair value recognized either in income or comprehensive income depending on the effectiveness of the swap. The swap was terminated on November 21, 2019.
v3.22.0.1
Commitments and Contingencies
 12 Months Ended
Dec. 31, 2021
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies COMMITMENTS AND CONTINGENCIESNeither the Company nor the Current Portfolio Properties are subject to any material litigation, nor, to management’s knowledge, is any material litigation currently threatened against the Company, other than routine litigation and administrative proceedings arising in the ordinary course of business. Management believes that these items, individually or in the aggregate, will not have a material adverse impact on the Company or the Current Portfolio Properties.
v3.22.0.1
Distributions
 12 Months Ended
Dec. 31, 2021
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 $2.16 per share in 2021, $2.12 per share in 2020, and $2.12 per share in 2019, Series C preferred stock dividends of $1.80, per depositary share in 2019, Series D preferred stock dividends of $1.53, $1.53 and $1.53, respectively, per depositary share in 2021, 2020, and 2019, and Series E preferred stock dividends of $1.50, $1.50, and $0.06, respectively, per depositary share in 2021, 2020, and 2019. Of the common stock dividends paid, $1.49 per share, $1.43 per share, and $2.00 per share, represented ordinary dividend income in 2021, 2020, and 2019, respectively, and $0.67 per share, $0.69 per share, and $0.12 per share represented return of capital to the shareholders in 2021, 2020, and 2019, respectively. All of the preferred dividends paid represented ordinary dividend income.
The following summarizes distributions paid during the years ended December 31, 2021, 2020, and 2019, and includes activity in the Plan as well as limited partnership units issued from the reinvestment of unit distributions: 
 Total Distributions toDividend Reinvestments
(Dollars in thousands, except per share amounts)Preferred
Stockholders		Common
Stockholders		Limited
Partnership
Unitholders		Common
Stock Shares
Issued		Discounted
Share Price		Limited Partnership Units IssuedAverage Unit Price
Distributions during 2021
4th Quarter$2,798 $13,037 $4,702 63,970 $45.46 13,697 $45.95 
3rd Quarter2,798 12,999 4,694 65,171 44.44 13,841 44.92 
2nd Quarter2,798 12,488 4,218 68,206 41.87 13,978 42.33 
1st Quarter2,799 12,439 4,207 96,268 29.50 19,493 29.83 
Total 2021
$11,193 $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 Quarter2,798 12,373 4,188 14,525 28.98 13,108 29.47 
2nd Quarter2,799 12,364 4,188 12,627 32.22 — — 
1st Quarter2,799 12,275 4,180 83,978 48.59 15,101 49.40 
Total 2020
$11,194 $49,383 $16,751 228,498 51,579 
Distributions during 2019
4th Quarter$3,531 $12,251 $4,173 104,558 $52.84 13,747 $53.73 
3rd Quarter2,953 12,195 4,166 105,753 53.66 13,406 54.56 
2nd Quarter2,953 12,116 4,155 99,804 51.38 20,041 51.99 
1st Quarter2,953 12,006 4,148 120,347 51.28 13,742 52.16 
Total 2019
$12,390 $48,568 $16,642 430,462 60,936 
In December 2021, the Board of Directors of the Company authorized a distribution of $0.57 per common share payable in January 2022 to holders of record on January 14, 2022. As a result, $10.6 million was paid to common shareholders on January 31, 2022. Also, $5.3 million was paid to limited partnership unitholders on January 31, 2022 ($0.57 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, 2022. As a result, $2.8 million was paid to preferred shareholders on January 18, 2022. 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.
v3.22.0.1
Business Segments
 12 Months Ended
Dec. 31, 2021
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 2021 presentation.
SAUL CENTERS, INC.
Notes to Consolidated Financial Statements
(In thousands)ShoppingMixed-UseCorporateConsolidated
As of or for the year ended December 31, 2021CentersPropertiesand OtherTotals
Real estate rental operations:
Revenue$169,681 $69,544 $— $239,225 
Expenses(35,784)(25,844)— (61,628)
Income from real estate133,897 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$12,639 $43,233 $— $55,872 
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 estate126,656 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 property278 — — 278 
Net income (loss)$96,043 $19,899 $(65,626)$50,316 
Capital investment$15,203 $40,965 $— $56,168 
Total assets$975,195 $643,503 $26,874 $1,645,572 
As of or for the year ended December 31, 2019
Real estate rental operations:
Revenue$167,888 $63,637 $— $231,525 
Expenses(36,119)(21,814)— (57,933)
Income from real estate131,769 41,823 — 173,592 
Interest expense, net and amortization of deferred debt costs— — (41,834)(41,834)
General and administrative— — (20,793)(20,793)
Depreciation and amortization of deferred leasing costs(29,112)(17,221)— (46,333)
Change in fair value of derivatives— — (436)(436)
Net income (loss)$102,657 $24,602 24602000$(63,063)$64,196 
Capital investment$33,968 $101,695 $— $135,663 
Total assets$980,096 $625,183 $13,061 $1,618,340 
v3.22.0.1
Impact of COVID-19
 12 Months Ended
Dec. 31, 2021
Unusual or Infrequent Items, or Both [Abstract]  
Impact of COVID-19 IMPACT OF COVID-19
On March 11, 2020, the World Health Organization declared a novel strain of coronavirus ("COVID-19") a pandemic, and on March 13, 2020, the United States declared a national emergency with respect to COVID-19. As a result, the COVID-19 pandemic is negatively affecting almost every industry directly or indirectly.
The actions taken by federal, state and local governments to mitigate the spread of COVID-19 by ordering closure of nonessential businesses and ordering residents to generally stay at home, and subsequent phased re-openings, have resulted in many of our tenants announcing mandated or temporary closures of their operations and/or requesting adjustments to their lease terms. While most of our tenants have re-opened their businesses, there remains significant uncertainty around the long-term economic impact of the COVID-19 pandemic, which could have a material and adverse effect on or cause disruption to our business or financial condition, results from operations, cash flows and the market value and trading price of our securities.
While the Company’s grocery stores, pharmacies, banks and home improvement stores generally remain open, restaurants, if open, are operating at limited capacity, with many offering only delivery and curbside pick-up, and most health, beauty supply and services, fitness centers, and other non-essential businesses are in various phases of re-opening depending on location. The Company is generally not charging late fees or delinquent interest on past due rent payments and, in many cases, rent deferral agreements are being negotiated to allow tenants temporary relief where needed. As of February 18, 2022, payments by tenants of contractual base rent and operating expense and real estate tax recoveries totaled approximately 99% for the fourth quarter of 2021.
The following table summarizes the Company's consolidated total collections of the first quarter, second quarter, third quarter and fourth quarter rent billings as of January 31, 2022:
RetailOfficeResidentialTotal
2021 First Quarter99 %100 %99 %99 %
2021 Second Quarter99 %100 %99 %99 %
2021 Third Quarter99 %100 %99 %99 %
2021 Fourth Quarter98 %100 %99 %99 %
v3.22.0.1
Subsequent Events
 12 Months Ended
Dec. 31, 2021
Subsequent Events [Abstract]  
Subsequent Events SUBSEQUENT EVENTSThe Company has reviewed operating activities for the period subsequent to December 31, 2021 and prior to the date that financial statements are issued, February 24, 2022, and determined there are no subsequent events that are required to be disclosed.
v3.22.0.1
Real Estate and Accumulated Depreciation
 12 Months Ended
Dec. 31, 2021
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, 2021
(Dollars in Thousands)
CostsBuildings
  CapitalizedBasis at Close of Period     and
Initial
Basis		Subsequent
to
Acquisition		LandBuildings
and
Improvements		Construction in ProgressTotalAccumulated
Depreciation		Book
Value
Related
Debt (2)
Date of
Construction		Date
Acquired		Improvements
Depreciable
Lives in Years
Shopping Centers
Ashbrook Marketplace, Ashburn, VA$8,938 $24,822 $13,258 $20,092 $410 $33,760 $1,187 $32,573 $21,329 201905/1850
Ashburn Village, Ashburn, VA11,431 20,570 6,764 25,237 — 32,001 15,755 16,246 24,186 1994 & 2000-63/9440
Ashland Square Phase I, Dumfries, VA1,178 5,298 1,178 5,298 — 6,476 2,661 3,815 — 2007, 201312/04
20 & 50
Beacon Center, Alexandria, VA24,161 18,514 22,691 19,984 — 42,675 16,297 26,378 32,170 1960 & 19741/72 , 11/16
40 & 50
BJ’s Wholesale Club, Alexandria, VA22,623 — 22,623 — — 22,623 — 22,623 9,692 3/08—
Boca Valley Plaza, Boca Raton, FL16,720 2,630 5,735 13,615 — 19,350 6,159 13,191 — 2/0440
Boulevard, Fairfax, VA4,883 4,753 3,687 5,949 — 9,636 3,686 5,950 14,639 1969, 1999 & 20094/9440
Briggs Chaney MarketPlace, Silver Spring, MD27,037 5,316 9,789 22,564 — 32,353 10,640 21,713 — 4/0440
Broadlands Village, Ashburn, VA5,316 35,941 5,300 35,951 6 41,257 14,808 26,449 29,613 2002-3, 2004 & 20063/02
40 & 50
Burtonsville Town Square, Burtonsville, MD74,212 6,344 28,402 52,138 16 80,556 6,740 73,816 34,558 20101/17
20 & 45
Countryside Marketplace, Sterling, VA28,912 4,297 7,666 25,543 — 33,209 12,193 21,016 — 2/0440
Cranberry Square, Westminster, MD31,578 788 6,700 25,666 — 32,366 6,834 25,532 14,634 9/1140
Cruse MarketPlace, Cumming, GA12,226 767 3,901 9,092 — 12,993 4,185 8,808 — 3/0440
Flagship Center, Rockville, MD160 409 169 400 — 569 13 556 — 19721/72—
French Market, Oklahoma City, OK5,781 16,888 1,118 21,551 — 22,669 13,455 9,214 — 1972 & 19983/7450
Germantown, Germantown, MD2,034 566 2,034 566 — 2,600 467 2,133 — 19908/9340
The Glen, Woodbridge, VA12,918 8,559 5,300 16,177 — 21,477 11,099 10,378 21,393 1993 & 20056/9440
Great Falls Center, Great Falls, VA41,750 3,215 14,766 30,199 — 44,965 11,255 33,710 8,651 3/0840
Hampshire Langley, Takoma, MD3,159 3,444 1,892 4,701 10 6,603 4,106 2,497 12,868 19601/7240
Hunt Club Corners, Apopka, FL12,584 4,644 4,822 12,406 — 17,228 5,742 11,486 — 6/06, 12/1240
Jamestown Place, Altamonte Springs, FL14,055 2,410 4,455 12,010 — 16,465 5,141 11,324 — 11/0540
Kentlands Square I, Gaithersburg, MD14,379 3,234 5,005 11,928 680 17,613 4,819 12,794 21,385 20029/0240
Kentlands Square II, Gaithersburg, MD76,723 3,101 23,133 56,530 161 79,824 16,654 63,170 31,155 9/11, 9/1340
Kentlands Place, Gaithersburg, MD1,425 7,649 1,425 7,649 — 9,074 4,641 4,433 7,514 20051/0450
Lansdowne Town Center, Leesburg, VA6,545 43,461 6,546 43,439 21 50,006 18,994 31,012 28,533 200611/0250
Leesburg Pike Plaza, Baileys Crossroads, VA2,418 6,367 1,132 7,653 — 8,785 6,372 2,413 13,213 19652/6640
Lumberton Plaza, Lumberton, NJ4,400 11,614 950 15,042 22 16,014 13,899 2,115 — 197512/7540
Metro Pike Center, Rockville, MD33,123 5,004 26,064 8,096 3,967 38,127 2,321 35,806 — 12/1040
Shops at Monocacy, Frederick, MD9,541 15,876 9,260 16,157 — 25,417 6,984 18,433 27,143 2003-411/0350
Northrock, Warrenton, VA12,686 15,428 12,686 15,422 6 28,114 5,862 22,252 13,108 200901/0850
Olde Forte Village, Ft. Washington, MD15,933 6,913 5,409 17,437 — 22,846 9,088 13,758 20,682 2003-407/0340
Olney, Olney, MD4,963 2,998 3,079 4,882 — 7,961 3,492 4,469 12,299 197211/7540
Orchard Park, Dunwoody, GA19,377 1,607 7,751 13,233 — 20,984 4,876 16,108 8,812 7/0740
Palm Springs Center, Altamonte Springs, FL18,365 2,034 5,739 14,658 2 20,399 6,532 13,867 — 3/0540
Ravenwood, Baltimore, MD1,245 4,428 703 4,970 — 5,673 3,542 2,131 12,553 1959 & 20061/7240
11503 Rockville Pike/5541 Nicholson Lane, Rockville, MD26,561 24 22,113 4,472 — 26,585 1,260 25,325 — 10/10, 12/1240
1500/1580/1582 Rockville Pike, Rockville, MD45,351 2,046 38,065 7,050 2,282 47,397 6,474 40,923 — 12/12, 1/14, 4/14
5, 10, 5
Seabreeze Plaza, Palm Harbor, FL24,526 2,625 8,665 18,486 — 27,151 7,886 19,265 13,897 11/0540
Market Place at Sea Colony, Bethany Beach, DE2,920 261 1,147 2,034 — 3,181 732 2,449 — 3/0840
Seven Corners, Falls Church, VA4,848 46,301 4,929 46,220 — 51,149 33,039 18,110 56,413 1956 & 19977/7340
Severna Park Marketplace, Severna Park, MD63,254 714 12,700 51,214 54 63,968 13,187 50,781 27,197 9/1140
Shops at Fairfax, Fairfax, VA2,708 11,112 992 12,828 — 13,820 9,242 4,578 9,759 1975 & 19996/7550
Smallwood Village Center, Waldorf, MD17,819 8,289 6,402 19,706 — 26,108 10,406 15,702 — 1/0640
Southdale, Glen Burnie, MD18,895 25,481 15,255 29,051 70 44,376 23,742 20,634 — 1962 & 19861/72 , 11/1640
Southside Plaza, Richmond, VA6,728 11,442 1,878 16,292 — 18,170 13,508 4,662 — 19581/7240
South Dekalb Plaza, Atlanta, GA2,474 4,953 615 6,812 — 7,427 5,218 2,209 — 19702/7640
Thruway, Winston-Salem, NC7,848 27,273 7,692 27,413 16 35,121 20,564 14,557 — 1955 & 19655/7240
Village Center, Centreville, VA16,502 3,304 7,851 11,955 — 19,806 8,145 11,661 11,528 19908/9340
Westview Village, Frederick, MD6,047 25,288 6,047 25,288 — 31,335 11,361 19,974 — 200911/07 , 02/1550
White Oak, Silver Spring, MD6,277 6,134 4,649 7,561 201 12,411 6,472 5,939 20,874 1958 & 19671/7240
Other Buildings / Improvements— 182 — 182 — 182 130 52 — 
Total Shopping Centers835,537 475,318 420,132 882,799 7,924 1,310,855 431,865 878,990 559,798 
Mixed-Use Properties
Avenel Business Park, Gaithersburg, MD21,459 36,528 3,756 54,231 — 57,987 41,110 16,877 24,108 1984, 1986,1990, 1998 & 200012/84, 8/85, 2/86, 4/98 & 10/2000
35 & 40
Clarendon Center, Arlington, VA (1)12,753 187,200 16,287 183,666 — 199,953 56,237 143,716 90,600 20107/73, 1/96 & 4/0250
Park Van Ness, Washington, DC2,242 91,801 2,242 91,801 — 94,043 16,217 77,826 64,661 20167/73, 2/1150
601 Pennsylvania Ave., Washington, DC5,479 71,076 5,667 70,888 — 76,555 61,617 14,938 — 19867/7335
The Waycroft, Arlington, VA52,067 225,901 53,618 224,287 63 277,968 11,446 266,522 156,116 20178/14, 12/14, 9/15, 8/16, 50
Washington Square, Alexandria, VA2,034 57,524 544 59,014 — 59,558 31,621 27,937 53,745 1952 & 20007/7350
Total Mixed-Use Properties96,034 670,030 82,114 683,887 63 766,064 218,248 547,816 389,230 
Development Land
Ashland Square Phase II, Manassas, VA5,292 4,714 7,049 — 2,957 10,006 — 10,006 — 12/04
New Market, New Market, MD2,088 146 2,234 — — 2,234 — 2,234 — 9/05
Hampden House, Bethesda, MD39,641 17,257 — — 56,898 56,898 — 56,898 — 10/18, 12/18
Twinbrook, Rockville, MD110,021 28,048 — — 138,069 138,069 — 138,069 — 12/14, 03/21
Total Development Land157,042 50,165 9,283 — 197,924 207,207 — 207,207 — 
Total$1,088,613 $1,195,513 $511,529 $1,566,686 $205,911 $2,284,126 $650,113 $1,634,013 $949,028 

(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 $1.64 billion at December 31, 2021. 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, 2021 are summarized as follows:
 
(In thousands)202120202019
Total real estate investments:
Balance, beginning of year$2,124,796 $2,081,597 $1,948,165 
Acquisitions108,279 — — 
Improvements54,177 45,396 135,966 
Retirements(3,126)(2,197)(2,534)
Balance, end of year$2,284,126 $2,124,796 $2,081,597 
Total accumulated depreciation:
Balance, beginning of year$607,706 $563,474 $525,518 
Depreciation expense45,487 45,865 40,490 
Retirements(3,080)(1,633)(2,534)
Balance, end of year$650,113 $607,706 $563,474 
v3.22.0.1
Summary of Significant Accounting Policies (Policies)
 12 Months Ended
Dec. 31, 2021
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 2021, 2020, or 2019.
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, 2021, 2020, and 2019, was $45.5 million, $45.9 million, and $40.5 million, respectively. Repairs and maintenance expense totaled $13.5 million, $11.1 million, and $12.5 million for 2021, 2020, and 2019, respectively, and is included in property operating expenses in the accompanying consolidated financial statements.
As of December 31, 2021, we have not identified any impairment triggering events, including the impact of COVID-19 and corresponding tenant requests for rent relief.
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.
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.
Revenue Recognition
Revenue Recognition
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. 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.
Accounts Receivable, Accrued Income, and Allowance for Doubtful Accounts Accounts Receivable, Accrued Income, and Allowance for Doubtful AccountsAccounts 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.
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, 2021 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.
As of December 31, 2021, 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.
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
In February 2016, the Financial Accounting Standards Board (‘‘FASB’’) issued Accounting Standards Update (‘‘ASU’’) 2016-02, ‘‘Leases’’ (“ASU 2016-02”). ASU 2016-02 amends the existing accounting standards for lease accounting, including requiring lessees to recognize most leases on their balance sheets and making targeted changes to lessor accounting. ASU 2016-02 is effective for annual periods beginning after December 15, 2018, interim periods within those years, and requires a modified retrospective transition approach for all leases existing at the date of initial application, with an option to use certain practical expedients for those existing leases. Upon adoption of ASU 2016-02 effective January 1, 2019, we elected the practical expedient for all leases with respect to lease identification, lease classification, and initial direct costs. 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. There have been no significant changes to our lessor accounting for operating leases as a result of ASU 2016-02.
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 to 15 years.
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.
On January 1, 2019, a right of use asset and corresponding lease liability related to our headquarters lease were recorded in other assets and other liabilities, respectively. The lease commenced in March 2002 and expires on February 28, 2022. Negotiations are ongoing for a renewal of the Company’s office space at the same location. The right of use asset and corresponding lease liability totaled $0.1 million and $0.1 million, respectively, at December 31, 2021.
Due to the business disruptions and challenges severely affecting the global economy caused by the novel strain of coronavirus (“COVID-19”) pandemic, many lessees have requested rent relief, including rent
deferrals and other lease concessions. The lease modification guidance in 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.
In June 2016, the FASB issued ASU 2016-13, "Financial Instruments-Credit Losses" ("ASU 2016-13"). ASU 2016-13 replaces the incurred loss impairment methodology with a methodology that reflects expected credit losses and requires consideration of a broader range of information to support credit loss estimates. ASU 2016-13 is effective for annual periods beginning after December 15, 2019, including interim periods within those years. The adoption of ASU 2016-13 effective January 1, 2020, had no material impact on our consolidated financial statements and related disclosures because the vast majority of the Company's receivables relate to operating leases which are accounted for under ASC 842.
In August 2017, the FASB issued ASU 2017-12, “Derivatives and Hedging” (“ASU 2017-12”). ASU 2017-12 amends financial reporting for hedging activities to better align that reporting with risk management activities. ASU 2017-12 expands and refines hedge accounting for both financial and nonfinancial risk components and aligns the recognition and presentation of the effects of the hedging instrument and the hedged item in the financial statements. Effective with the adoption of ASU 2017-12 on January 1, 2019, changes in the fair value of the Company’s interest rate swap related to changes in the cash flow of the hedged item are reported as a component of interest expense and amortization of deferred debt costs in the Statements of Operations.
Reclassifications ReclassificationsCertain reclassifications have been made to prior years to conform to the presentation used for the year ended December 31, 2021.
v3.22.0.1
Accounting Policies (Tables)
 12 Months Ended
Dec. 31, 2021
Accounting Policies [Abstract]  
Schedule of Accounts, Notes, Loans and Financing Receivable
At December 31, 2021 and December 31, 2020, accounts receivable was comprised of:
(In thousands)December 31, 2021December 31, 2020
Rents currently due$8,484 $13,321 
Deferred rents and payment plans4,141 8,205 
Straight-line rent46,239 44,863 
Other receivables2,877 3,751 
Credit losses on operating lease receivables
(3,082)(5,223)
Total$58,659 $64,917 
v3.22.0.1
Real Estate (Tables)
 12 Months Ended
Dec. 31, 2021
Real Estate [Abstract]  
Schedule of Construction in Progress The following table shows the components of construction in progress.
December 31,
(in thousands)20212020
Twinbrook Quarter$138,069 $— 
Hampden House 56,898 50,723 
The Waycroft— 8,651 
Other10,944 10,103 
Total$205,911 $69,477 
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed The entire amount was allocated to land.
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense
As of December 31, 2021, scheduled amortization of intangible assets and deferred income related to in place leases is as follows:
(In thousands)Lease acquisition costsAbove market leasesBelow market leases
2022$368 $33 $1,306 
2023317 33 1,297 
2024198 33 878 
2025153 33 601 
2026131 33 509 
Thereafter712 277 2,744 
Total$1,879 $442 $7,335 
v3.22.0.1
Mortgage Notes Payable, Revolving Credit Facility, Interest Expense and Amortization of Deferred Debt Costs (Tables)
 12 Months Ended
Dec. 31, 2021
Debt Disclosure [Abstract]  
Schedule of Maturities of Long-term Debt
As of December 31, 2021, the scheduled maturities of all debt including scheduled principal amortization for years ended December 31 are as follows:
(in thousands)Balloon
Payments		Scheduled
Principal
Amortization		Total
2022$36,502 $31,033 $67,535 
20239,225 31,498 40,723 
202466,164 30,792 96,956 
2025126,363 (a)27,874 154,237 
2026134,088 24,347 158,435 
Thereafter545,276 91,866 637,142 
Principal amount$917,618 $237,410 1,155,028 
Unamortized deferred debt costs11,172 
Net$1,143,856 
            (a) Includes $106.0 million outstanding under the revolving facility.
Schedule of Interest Costs Incurred
The components of interest expense are set forth below.
(in thousands)Year ended December 31,
 202120202019
Interest incurred$50,552 $51,705 $52,044 
Amortization of deferred debt costs1,710 1,570 1,518 
Capitalized interest(6,831)(6,616)(11,480)
Interest expense45,431 46,659 42,082 
Less: Interest income7 140 248 
Interest expense, net and amortization of deferred debt costs$45,424 $46,519 $41,834 
v3.22.0.1
Lease Agreements (Tables)
 12 Months Ended
Dec. 31, 2021
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) 
2022$163,383 
2023147,981 
2024124,039 
2025101,482 
202677,584 
Thereafter336,423 
$950,892 
v3.22.0.1
Equity and Noncontrolling Interest Equity Weighted Average Shares Outstanding (Tables)
 12 Months Ended
Dec. 31, 2021
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)202120202019
Weighted average common shares outstanding - Basic23,655 23,356 23,009 
Effect of dilutive options7 1 44 
Weighted average common shares outstanding - Diluted23,662 23,357 23,053 
Average share price$43.53 $33.84 $53.41 
Non-dilutive options 1,360 1,439 633 
Years non-dilutive options were issued2013 through 20212014 through 20202016, 2017 and 2019
v3.22.0.1
Stock Option Plan (Tables)
 12 Months Ended
Dec. 31, 2021
Share-based Payment Arrangement [Abstract]  
Stock Options Issued
  DirectorsOfficers
Grant dateMay 3, 2019April 24, 2020May 7, 2021May 3, 2019April 24, 2020May 7, 2021
Exercise price$55.71 $50.00 $43.89 $55.71 $50.00 $43.89 
Volatility0.236 0.258 0.297 0.206 0.240 0.275 
Expected life (years)5.05.05.07.07.07.0
Assumed yield3.75 %3.80 %4.96 %3.80 %3.85 %4.97 %
Risk-free rate2.33 %0.36 %0.77 %2.43 %0.51 %1.24 %
Summary of Option Activity
The table below summarizes the option activity for the years 2021, 2020, and 2019:
 202120202019
 SharesWeighted
Average
Exercise
Price		SharesWeighted
Average
Exercise
Price		SharesWeighted
Average
Exercise
Price
Outstanding at January 11,502,670 $52.86 1,309,614 $53.38 1,114,169 $52.40 
Granted250,500 43.89 238,000 50.00 260,000 55.71 
Exercised(64,920)45.07 (10,749)49.19 (57,055)44.53 
Expired/Forfeited(87,000)53.60 (34,195)54.09 (7,500)56.07 
Outstanding December 311,601,250 51.73 1,502,670 52.86 1,309,614 53.38 
Exercisable at December 311,098,500 53.22 971,545 53.01 763,614 52.43 
v3.22.0.1
Distributions (Tables)
 12 Months Ended
Dec. 31, 2021
Equity [Abstract]  
Dividends Paid
The following summarizes distributions paid during the years ended December 31, 2021, 2020, and 2019, and includes activity in the Plan as well as limited partnership units issued from the reinvestment of unit distributions: 
 Total Distributions toDividend Reinvestments
(Dollars in thousands, except per share amounts)Preferred
Stockholders		Common
Stockholders		Limited
Partnership
Unitholders		Common
Stock Shares
Issued		Discounted
Share Price		Limited Partnership Units IssuedAverage Unit Price
Distributions during 2021
4th Quarter$2,798 $13,037 $4,702 63,970 $45.46 13,697 $45.95 
3rd Quarter2,798 12,999 4,694 65,171 44.44 13,841 44.92 
2nd Quarter2,798 12,488 4,218 68,206 41.87 13,978 42.33 
1st Quarter2,799 12,439 4,207 96,268 29.50 19,493 29.83 
Total 2021
$11,193 $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 Quarter2,798 12,373 4,188 14,525 28.98 13,108 29.47 
2nd Quarter2,799 12,364 4,188 12,627 32.22 — — 
1st Quarter2,799 12,275 4,180 83,978 48.59 15,101 49.40 
Total 2020
$11,194 $49,383 $16,751 228,498 51,579 
Distributions during 2019
4th Quarter$3,531 $12,251 $4,173 104,558 $52.84 13,747 $53.73 
3rd Quarter2,953 12,195 4,166 105,753 53.66 13,406 54.56 
2nd Quarter2,953 12,116 4,155 99,804 51.38 20,041 51.99 
1st Quarter2,953 12,006 4,148 120,347 51.28 13,742 52.16 
Total 2019
$12,390 $48,568 $16,642 430,462 60,936 
v3.22.0.1
Business Segments (Tables)
 12 Months Ended
Dec. 31, 2021
Segment Reporting [Abstract]  
Schedule of Business Segments
SAUL CENTERS, INC.
Notes to Consolidated Financial Statements
(In thousands)ShoppingMixed-UseCorporateConsolidated
As of or for the year ended December 31, 2021CentersPropertiesand OtherTotals
Real estate rental operations:
Revenue$169,681 $69,544 $— $239,225 
Expenses(35,784)(25,844)— (61,628)
Income from real estate133,897 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$12,639 $43,233 $— $55,872 
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 estate126,656 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 property278 — — 278 
Net income (loss)$96,043 $19,899 $(65,626)$50,316 
Capital investment$15,203 $40,965 $— $56,168 
Total assets$975,195 $643,503 $26,874 $1,645,572 
As of or for the year ended December 31, 2019
Real estate rental operations:
Revenue$167,888 $63,637 $— $231,525 
Expenses(36,119)(21,814)— (57,933)
Income from real estate131,769 41,823 — 173,592 
Interest expense, net and amortization of deferred debt costs— — (41,834)(41,834)
General and administrative— — (20,793)(20,793)
Depreciation and amortization of deferred leasing costs(29,112)(17,221)— (46,333)
Change in fair value of derivatives— — (436)(436)
Net income (loss)$102,657 $24,602 24602000$(63,063)$64,196 
Capital investment$33,968 $101,695 $— $135,663 
Total assets$980,096 $625,183 $13,061 $1,618,340 
v3.22.0.1
Impact of COVID-19 (Tables)
 12 Months Ended
Dec. 31, 2021
Unusual or Infrequent Items, or Both [Abstract]  
Schedule of Product Information
The following table summarizes the Company's consolidated total collections of the first quarter, second quarter, third quarter and fourth quarter rent billings as of January 31, 2022:
RetailOfficeResidentialTotal
2021 First Quarter99 %100 %99 %99 %
2021 Second Quarter99 %100 %99 %99 %
2021 Third Quarter99 %100 %99 %99 %
2021 Fourth Quarter98 %100 %99 %99 %
v3.22.0.1
Organization, Basis of Presentation - Additional Information (Detail)
 12 Months Ended
Dec. 31, 2021
property
store
partnership
tenant
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items]  
Distribution of REIT taxable income (excluding net capital gains) to its stockholders 90.00%
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 71.90%
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 5.30%
v3.22.0.1
Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($)
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Jan. 01, 2019
Significant Accounting Policies [Line Items]        
Depreciation and amortization of deferred leasing costs $ 45,487,000 $ 45,865,000 $ 40,490,000  
Repairs and maintenance expense 13,500,000 11,100,000 12,500,000  
Impairment of real estate 0      
Rental revenue, charge offs 800,000      
Deferred leasing costs, net 24,005,000 26,872,000    
Accumulated amortization deferred leasing cost (48,700,000) (44,500,000)    
Amortization of other deferred charges 4,700,000 5,200,000 5,800,000  
Accrued penalties and interest 0 0 $ 0  
Tax basis of the company's real estate investments 1,640,000,000 $ 1,550,000,000    
Right-of-use asset 100,000      
Operating lease liability $ 100,000      
Operating Lease, Liability, Statement of Financial Position [Extensible List] Other Liabilities      
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] Other assets      
Minimum        
Significant Accounting Policies [Line Items]        
Operating lease term of contract       1 year
Minimum | Building        
Significant Accounting Policies [Line Items]        
Estimated useful life 35 years      
Maximum        
Significant Accounting Policies [Line Items]        
Operating lease term of contract       15 years
Maximum | Building        
Significant Accounting Policies [Line Items]        
Estimated useful life 50 years      
Maximum | Building Improvements        
Significant Accounting Policies [Line Items]        
Estimated useful life 20 years      
v3.22.0.1
Summary of Significant Accounting Policies - Schedule of Accounts Receivable (Details) - USD ($)
$ in Thousands
Dec. 31, 2021
Dec. 31, 2020
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Credit losses on operating lease receivables $ (3,082) $ (5,223)
Total 58,659 64,917
Rents currently due    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Accounts receivable, before allowance for credit loss 8,484 13,321
Deferred rents and payment plans    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Accounts receivable, before allowance for credit loss 4,141 8,205
Straight-line rent    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Accounts receivable, before allowance for credit loss 46,239 44,863
Other receivables    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Accounts receivable, before allowance for credit loss $ 2,877 $ 3,751
v3.22.0.1
Real Estate - Schedule of Construction in Progress (Details) - USD ($)
$ in Thousands
Dec. 31, 2021
Dec. 31, 2020
Real Estate [Line Items]    
Development in process $ 205,911 $ 69,477
Twinbrook Quarter    
Real Estate [Line Items]    
Development in process 138,069 0
Hampden House    
Real Estate [Line Items]    
Development in process 56,898 50,723
The Waycroft    
Real Estate [Line Items]    
Development in process 0 8,651
Other    
Real Estate [Line Items]    
Development in process $ 10,944 $ 10,103
v3.22.0.1
Real Estate - Additional Information (Detail)
 12 Months Ended
Jun. 29, 2021
USD ($)
shares
Mar. 15, 2021
USD ($)
Dec. 31, 2021
USD ($)
shares
Dec. 31, 2020
USD ($)
Dec. 31, 2019
USD ($)
Mar. 05, 2021
USD ($)
a
Nov. 05, 2019
a
Dec. 31, 2018
USD ($)
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          
Construction in progress     205,911,000 $ 69,477,000        
Total purchase price     2,284,126,000 2,124,796,000 $ 2,081,597,000     $ 1,948,165,000
Below market lease, carrying amount     23,300,000 23,700,000        
Below market lease, accumulated amortization     16,200,000 15,000,000        
Accretion income, intangible liabilities     1,400,000 1,400,000 1,500,000      
Lease acquisition costs                
Real Estate Properties [Line Items]                
Intangible assets gross carrying amount     11,000,000 11,000,000        
Intangible assets, accumulated amortization     9,100,000 8,600,000        
Amortization expense     $ 500,000 600,000 900,000      
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     161,800 128,900        
Amortization expense     $ 32,900 43,600 $ 109,600      
Weighted-average amortization period     6 years 9 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
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  
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              
Leasehold Interest Contributed In Contribution Agreement | Limited Partner                
Real Estate Properties [Line Items]                
Stock issued during period, shares, acquisitions | shares 469,740              
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    
Construction in progress     $ 138,069,000 0        
7316 Wisconsin Avenue                
Real Estate Properties [Line Items]                
Construction in progress     $ 56,898,000 $ 50,723,000        
v3.22.0.1
Real Estate - Amortization of Intangible Assets and Deferred Income Related to in Place Leases (Detail)
$ in Thousands
Dec. 31, 2021
USD ($)
Below market leases  
2022 $ 1,306
2023 1,297
2024 878
2025 601
2026 509
Thereafter 2,744
Total 7,335
Lease acquisition costs  
Finite-Lived Intangible Assets [Line Items]  
2022 368
2023 317
2024 198
2025 153
2026 131
Thereafter 712
Total 1,879
Above market leases  
Finite-Lived Intangible Assets [Line Items]  
2022 33
2023 33
2024 33
2025 33
2026 33
Thereafter 277
Total $ 442
v3.22.0.1
Noncontrolling Interests - Holders of Convertible Limited Partnership Units in the Operating Partnership - Additional Information (Detail)
 12 Months Ended
Jun. 29, 2021
shares
Dec. 31, 2021
shares
Dec. 31, 2020
shares
Dec. 31, 2019
shares
Leasehold Interest Contributed In Contribution Agreement | Limited Partner        
Noncontrolling Interest [Line Items]        
Stock issued during period, shares, acquisitions 469,740      
Noncontrolling Interests        
Noncontrolling Interest [Line Items]        
Limited partnership units (in shares)   8,801,214    
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   540,000    
Fully converted partnership units and diluted weighted average shares outstanding   33,100,000 31,300,000 30,900,000
Partners capital account units placed In escrow (in shares)   700,000    
Saul Holdings Limited Partnership        
Noncontrolling Interest [Line Items]        
Percentage of ownership in operating partnership   71.90%    
Saul Holdings Limited Partnership | Noncontrolling Interests        
Noncontrolling Interest [Line Items]        
Percentage of ownership interest of noncontrolling interest   26.70%    
Limited partnership units, conversion ratio   1    
Third Party Investor        
Noncontrolling Interest [Line Items]        
Percentage of ownership interest of noncontrolling interest   1.40%    
v3.22.0.1
Mortgage Notes Payable, Revolving Credit Facility, Interest Expense and Amortization of Deferred Debt Costs - Additional Information (Detail) - USD ($)
 12 Months Ended
Dec. 31, 2021
Nov. 19, 2021
Aug. 31, 2021
Jun. 11, 2021
Jan. 05, 2021
Jul. 24, 2020
Jul. 14, 2020
Dec. 31, 2021
Dec. 31, 2020
Mar. 03, 2020
Feb. 10, 2020
Dec. 31, 2019
Debt Instrument [Line Items]                        
Outstanding debt $ 1,200,000,000             $ 1,200,000,000        
Fixed rate mortgages 941,456,000             941,456,000 $ 827,603,000      
Variable rate debt 99,233,000             99,233,000 74,791,000      
Long-term debt repayments of principal and balloon payments 1,155,028,000             1,155,028,000 1,200,000,000      
Debt outstanding with fixed-rate                 980,800,000      
Debt outstanding with variable-rate                 179,500,000      
Revolving credit facility payable 103,167,000             103,167,000 103,913,000      
Remaining loan balance 237,410,000             237,410,000        
Unamortized deferred debt costs 11,172,000             11,172,000 9,300,000      
Accumulated amortization 7,700,000             7,700,000 8,700,000      
Capitalization of debt issuance cost $ 6,400,000             6,400,000 1,200,000     $ 1,000,000
Revolving Credit Facility | London Interbank Offered Rate (LIBOR)                        
Debt Instrument [Line Items]                        
Interest rate spread on LIBOR 1.35%                      
Revolving Credit Facility | Minimum | London Interbank Offered Rate (LIBOR)                        
Debt Instrument [Line Items]                        
Interest rate spread on LIBOR     1.35%                  
Revolving Credit Facility | Maximum | London Interbank Offered Rate (LIBOR)                        
Debt Instrument [Line Items]                        
Interest rate spread on LIBOR     1.95%                  
Term Facility | London Interbank Offered Rate (LIBOR)                        
Debt Instrument [Line Items]                        
Interest rate spread on LIBOR 1.30%                      
Term Facility | Minimum | London Interbank Offered Rate (LIBOR)                        
Debt Instrument [Line Items]                        
Interest rate spread on LIBOR     1.30%                  
Term Facility | Maximum | London Interbank Offered Rate (LIBOR)                        
Debt Instrument [Line Items]                        
Interest rate spread on LIBOR     1.90%                  
Unsecured Revolving Credit Facility                        
Debt Instrument [Line Items]                        
Available borrowing capacity $ 219,800,000             219,800,000        
Revolving credit facility payable 106,000,000             106,000,000        
Letter of Credit                        
Debt Instrument [Line Items]                        
Revolving credit facility payable 185,000             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 41,000,000             41,000,000 41,000,000      
Fixed rate mortgage notes payable                        
Debt Instrument [Line Items]                        
Fixed rate mortgages 949,000,000             949,000,000 980,800,000      
Variable rate loans payable                        
Debt Instrument [Line Items]                        
Variable rate debt 206,000,000             206,000,000        
Broadlands Village                        
Debt Instrument [Line Items]                        
Guarantor obligations, maximum exposure 3,700,000             3,700,000        
Remaining loan balance 29,600,000             29,600,000        
Avenel Business Park                        
Debt Instrument [Line Items]                        
Guarantor obligations, maximum exposure 6,300,000             6,300,000        
Remaining loan balance 24,100,000             24,100,000        
Waycroft Construction Loan                        
Debt Instrument [Line Items]                        
Guarantor obligations, maximum exposure 23,600,000             23,600,000        
Remaining loan balance 156,100,000             156,100,000        
Ashbrook Marketplace                        
Debt Instrument [Line Items]                        
Remaining loan balance 21,300,000             21,300,000        
Ashbrook Marketplace | 3.80% Fixed Rate Loan Maturing In 2035                        
Debt Instrument [Line Items]                        
Loan term             15 years          
Loan amount             $ 22,100,000          
Loan fixed interest rate             3.80%          
Loan required periodic principal and interest payment             $ 114,226          
Amortization schedule             25 years          
Balloon payment to be paid             $ 11,500,000          
Ashbrook Marketplace | 3.43% Fixed Rate Loan Maturing in 2035                        
Debt Instrument [Line Items]                        
Loan term           15 years            
Loan amount           $ 30,000,000            
Loan fixed interest rate           3.43%            
Loan required periodic principal and interest payment           $ 149,064            
Amortization schedule           25 years            
Balloon payment to be paid           $ 15,300,000            
Kentlands Square I                        
Debt Instrument [Line Items]                        
Remaining loan balance 28,900,000             28,900,000        
Boca Valley Plaza                        
Debt Instrument [Line Items]                        
Remaining loan balance                     $ 9,200,000  
Palm Springs Center                        
Debt Instrument [Line Items]                        
Remaining loan balance                   $ 7,100,000    
Debt Covenant                        
Debt Instrument [Line Items]                        
Carrying value of properties collateralized 1,100,000,000             $ 1,100,000,000 $ 1,200,000,000      
Credit agreement leverage ratio               60.00%        
Interest coverage ratio required minimum               2.0        
Required fixed charge coverage ratio               1.4        
New Facility | Line of Credit                        
Debt Instrument [Line Items]                        
Long-term debt, gross $ 106,000,000             $ 106,000,000        
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%                    
v3.22.0.1
Mortgage Notes Payable, Revolving Credit Facility, Interest Expense and Amortization of Deferred Debt Costs - Scheduled Maturities of All Debt, Including Scheduled Principal Amortization (Detail) - USD ($)
$ in Thousands
Dec. 31, 2021
Dec. 31, 2020
Balloon Payments    
2022 $ 36,502  
2023 9,225  
2024 66,164  
2025 126,363  
2026 134,088  
Thereafter 545,276  
Balloon Payments 917,618  
Scheduled Principal Amortization    
2022 31,033  
2023 31,498  
2024 30,792  
2025 27,874  
2026 24,347  
Thereafter 91,866  
Scheduled Principal Amortization 237,410  
Total    
2022 67,535  
2023 40,723  
2024 96,956  
2025 154,237  
2026 158,435  
Thereafter 637,142  
Principal amount 1,155,028 $ 1,200,000
Unamortized deferred debt costs 11,172 $ 9,300
Net $ 1,143,856  
v3.22.0.1
Mortgage Notes Payable, Revolving 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, 2021
Dec. 31, 2020
Dec. 31, 2019
Debt Disclosure [Abstract]      
Interest incurred $ 50,552 $ 51,705 $ 52,044
Amortization of deferred debt costs 1,710 1,570 1,518
Capitalized interest (6,831) (6,616) (11,480)
Interest expense 45,431 46,659 42,082
Less: Interest income 7 140 248
Interest expense, net and amortization of deferred debt costs $ 45,424 $ 46,519 $ 41,834
v3.22.0.1
Lease Agreements - Additional Information (Detail) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Leases [Abstract]      
Base rent $ 197.9 $ 188.6 $ 185.7
Expense recoveries 34.5 34.7 36.5
Payments for rent $ 1.5 $ 0.9 $ 0.9
v3.22.0.1
Lease Agreements - Future Contractual Payments Under Noncancelable Leases (Detail)
$ in Thousands
Dec. 31, 2021
USD ($)
Leases [Abstract]  
2022 $ 163,383
2023 147,981
2024 124,039
2025 101,482
2026 77,584
Thereafter 336,423
Total future contractual payments $ 950,892
v3.22.0.1
Long-Term Lease Obligations - Additional Information (Detail)
 12 Months Ended
Dec. 31, 2021
USD ($)
property
Dec. 31, 2020
USD ($)
property
Dec. 31, 2019
USD ($)
Leases Disclosure [Line Items]      
Number of properties subject to noncancelable long-term lease | property 0 0  
Rent expense $ 799,500 $ 799,300  
Rent expense     $ 806,500
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%    
v3.22.0.1
Equity and Noncontrolling Interest - Additional Information (Detail) - USD ($)
$ / shares in Units, shares in Millions, $ in Millions
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Class of Stock [Line Items]      
Income attributable to noncontrolling interest, before tax $ 13.3 $ 9.9 $ 12.5
Series D Cumulative Redeemable Preferred Stock      
Class of Stock [Line Items]      
Depositary shares outstanding 3.0    
Depository shares to cumulative redeemable preferred stock ratio 1.00%    
Percentage of redeemable preferred stock 6.125%    
Liquidation preference (in usd per share) $ 25.00    
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 1.00%    
Percentage of redeemable preferred stock 6.00%    
Liquidation preference (in usd per share) $ 25.00    
Annual dividend on depositary shares (in usd per share) $ 1.50    
v3.22.0.1
Equity and Noncontrolling Interest - Per Share Data (Details) - $ / shares
shares in Thousands
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Class of Stock [Line Items]      
Weighted average common shares outstanding - Basic 23,655 23,356 23,009
Effect of dilutive options (in shares) 7 1 44
Weighted average common shares outstanding - Diluted 23,662 23,357 23,053
Average share price (in usd per share) $ 43.53 $ 33.84 $ 53.41
Options      
Class of Stock [Line Items]      
Non-dilutive options (in shares) 1,360 1,439 633
v3.22.0.1
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, 2021
USD ($)
Dec. 31, 2020
USD ($)
Dec. 31, 2019
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       6.00% 6.00% 6.00%    
Company contribution to a multi employer 401K plan at discretionary amount of employee's cash compensation, amount       $ 404,300 $ 302,000 $ 322,200    
Deferred compensation, employee contribution, percentage       2.00%        
Deferred compensation, employer contribution, percentage       3 3 3    
Deferred compensation, company contribution, amount       $ 238,400 $ 241,300 $ 345,200    
Deferred compensation, cumulative unfunded liability       3,200,000 2,900,000      
Ancillary costs and expenses       8,000,000 7,400,000 8,400,000    
Liability due to the Saul Organization for the company's share of these ancillary costs and expenses       1,100,000 782,700      
Insurance commissions and fees expense       $ 397,900 $ 427,700 $ 399,600    
BF Saul Real Estate Investment Trust | Contribution Agreement                
Related Party Transaction [Line Items]                
Area of land | a               10.3
BF Saul Real Estate Investment Trust | Ashbrook Marketplace                
Related Party Transaction [Line Items]                
Area of real estate property | a     13.7          
Limited partnership units issued (in shares) | shares 93,674 176,680            
BF Saul Real Estate Investment Trust | Twinbrook Metro Station Leasehold Interest | Contribution Agreement                
Related Party Transaction [Line Items]                
Area of land | a             1.3 1.3
v3.22.0.1
Stock Option Plan - Additional Information (Detail)
 12 Months Ended
May 07, 2021
USD ($)
person
$ / shares
shares
Dec. 31, 2020
USD ($)
shares
Apr. 24, 2020
USD ($)
person
$ / shares
shares
May 03, 2019
USD ($)
person
$ / shares
shares
Dec. 31, 2021
USD ($)
$ / shares
shares
Dec. 31, 2020
USD ($)
$ / shares
Dec. 31, 2019
USD ($)
$ / shares
Dec. 31, 2004
Dec. 31, 2005
shares
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]                  
Deferred compensation (in shares) | shares   120,240     9,486        
Exercise price of options (in usd per share) | $ / shares         $ 43.89 $ 50.00 $ 55.71    
Intrinsic value of options exercised         $ 400,000 $ 100,000 $ 600,000    
Intrinsic value of options exercisable   $ 2,300,000     $ 4,900,000 $ 2,300,000      
Closing price (in usd per share) | $ / shares         $ 53.02        
Allocated share based compensation         $ 1,300,000        
Future expense         $ 1,700,000        
2019 Options                  
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]                  
Exercise price of options (in usd per share) | $ / shares       $ 55.71          
Fair value stock option grant       $ 1,900,000          
2020 Options                  
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]                  
Exercise price of options (in usd per share) | $ / shares     $ 50.00            
Closing price (in usd per share) | $ / shares     $ 28.02            
Fair value stock option grant     $ 200,000            
2021 Options                  
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]                  
Exercise price of options (in usd per share) | $ / shares $ 43.89                
Fair value stock option grant $ 1,400,000                
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         7,874        
Officer | 2019 Options                  
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]                  
Number of individuals granted options | person       23          
Options vested       25.00%          
Fair value stock option grant       $ 1,700,000          
Officer | 2020 Options                  
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]                  
Number of individuals granted options | person     20            
Options vested     25.00%            
Fair value stock option grant     $ 200,000            
Officer | 2021 Options                  
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]                  
Number of individuals granted options | person 21                
Options vested 25.00%                
Fair value stock option grant $ 1,200,000                
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       $ 226,600          
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     $ 23,100            
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 $ 173,800                
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       260,000          
Stock options | 2020 Options                  
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]                  
Options granted to purchase stocks (in shares) | shares     238,000            
Stock options | 2021 Options                  
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]                  
Options granted to purchase stocks (in shares) | shares 250,500                
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       34,651          
Incentive stock option | 2020 Options                  
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]                  
Options granted to purchase stocks (in shares) | shares     29,624            
Incentive stock option | 2021 Options                  
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]                  
Options granted to purchase stocks (in shares) | shares 35,572                
Nonqualified stock options | 2019 Options                  
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]                  
Options granted to purchase stocks (in shares) | shares       225,349          
Nonqualified stock options | 2020 Options                  
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]                  
Options granted to purchase stocks (in shares) | shares     208,376            
Nonqualified stock options | 2021 Options                  
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]                  
Options granted to purchase stocks (in shares) | shares 214,928                
v3.22.0.1
Stock Option Plan - Stock Options Issued (Detail)
 12 Months Ended
Dec. 31, 2021
$ / shares
Dec. 31, 2020
$ / shares
Dec. 31, 2019
$ / shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Exercise price (in usd per share) $ 45.07 $ 49.19 $ 44.53
Directors | May 3, 2019      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Exercise price (in usd per share) $ 55.71    
Volatility 0.236    
Expected life (years) 5 years    
Assumed yield 3.75%    
Risk-free rate 2.33%    
Directors | April 24, 2020      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Exercise price (in usd per share) $ 50.00    
Volatility 0.258    
Expected life (years) 5 years    
Assumed yield 3.80%    
Risk-free rate 0.36%    
Directors | May 7, 2021      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Exercise price (in usd per share) $ 43.89    
Volatility 0.297    
Expected life (years) 5 years    
Assumed yield 4.96%    
Risk-free rate 0.77%    
Officers | May 3, 2019      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Exercise price (in usd per share) $ 55.71    
Volatility 0.206    
Expected life (years) 7 years    
Assumed yield 3.80%    
Risk-free rate 2.43%    
Officers | April 24, 2020      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Exercise price (in usd per share) $ 50.00    
Volatility 0.240    
Expected life (years) 7 years    
Assumed yield 3.85%    
Risk-free rate 0.51%    
Officers | May 7, 2021      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Exercise price (in usd per share) $ 43.89    
Volatility 0.275    
Expected life (years) 7 years    
Assumed yield 4.97%    
Risk-free rate 1.24%    
v3.22.0.1
Stock Option Plan - Summary of Option Activity (Detail) - USD ($)
$ / shares in Units, $ in Millions
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Shares      
Outstanding at January 1 (in shares) 1,502,670 1,309,614 1,114,169
Granted (in shares) 250,500 238,000 260,000
Exercised (in shares) (64,920) (10,749) (57,055)
Expired/Forfeited (in shares) (87,000) (34,195) (7,500)
Outstanding December 31 (in shares) 1,601,250 1,502,670 1,309,614
Options exercisable (in shares) 1,098,500 971,545 763,614
Weighted Average Exercise Price      
Outstanding at January 1 (in usd per share) $ 52.86 $ 53.38 $ 52.40
Granted (in usd per share) 43.89 50.00 55.71
Exercised (in usd per share) 45.07 49.19 44.53
Expired/Forfeited (in usd per share) 53.60 54.09 56.07
Outstanding December 31 (in usd per share) 51.73 52.86 53.38
Exercisable at December 31 (in usd per share) $ 53.22 $ 53.01 $ 52.43
Intrinsic value of options exercised $ 0.4 $ 0.1 $ 0.6
Closing price (in usd per share) $ 53.02    
Weighted average remaining life of options exercisable 5 years 3 months 18 days    
Weighted average remaining life of options outstanding 6 years 2 months 12 days    
v3.22.0.1
Fair Value of Financial Instruments - Additional Information (Detail) - USD ($)
$ in Thousands
Dec. 31, 2021
Dec. 31, 2020
Fair Value of Financial Instruments [Line Items]    
Interest rate 3.60% 3.40%
Notes payable, fair value $ 933,000 $ 981,000
Fixed rate mortgages 941,456 827,603
Fixed rate mortgage notes payable    
Fair Value of Financial Instruments [Line Items]    
Fixed rate mortgages $ 949,000 $ 980,800
v3.22.0.1
Distributions - Additional Information (Detail) - USD ($)
$ / shares in Units, $ in Thousands
 1 Months Ended 12 Months Ended
Jan. 31, 2022
Jan. 18, 2022
Jan. 04, 2022
Dec. 31, 2021
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Dividends [Line Items]              
Common stock issued, discount rate         3.00%    
Common stock distributions (in usd per share)         $ 2.16 $ 2.12 $ 2.12
Dividends declared per common share outstanding (in usd per share)       $ 0.57      
Distribution to limited partnership unitholders         $ 17,821 $ 16,751 $ 16,642
Subsequent Event              
Dividends [Line Items]              
Common stock dividend paid $ 10,600            
Distribution to limited partnership unitholders $ 5,300            
Distributions partnership units (in usd per share) $ 0.57            
Preferred stock distributions   $ 2,800          
Dividend Income              
Dividends [Line Items]              
Common stock distributions (in usd per share)         $ 1.49 $ 1.43 $ 2.00
Return on Invested Capital              
Dividends [Line Items]              
Return of capital (in usd per share)       $ 0.67 0.67 0.69 0.12
Series C Preferred Stock              
Dividends [Line Items]              
Preferred stock dividend (in usd per share)           1.80  
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 $ 0.06
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        
v3.22.0.1
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, 2021
Sep. 30, 2021
Jun. 30, 2021
Mar. 31, 2021
Dec. 31, 2020
Sep. 30, 2020
Jun. 30, 2020
Mar. 31, 2020
Dec. 31, 2019
Sep. 30, 2019
Jun. 30, 2019
Mar. 31, 2019
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Dividends [Line Items]                              
Preferred Stockholders                         $ 11,193 $ 11,194 $ 12,390
Common Stockholders                         50,963 49,383 48,568
Limited Partnership Unitholders                         $ 17,821 $ 16,751 $ 16,642
Common stock shares issued                         293,615,000 228,498,000 430,462,000
Limited Partnership Units Issued (in shares)                         61,009,000 51,579,000 60,936,000
4th Quarter                              
Dividends [Line Items]                              
Preferred Stockholders $ 2,798       $ 2,798       $ 3,531            
Common Stockholders 13,037       12,371       12,251            
Limited Partnership Unitholders $ 4,702       $ 4,195       $ 4,173            
Common stock shares issued 63,970,000       117,368,000       104,558,000            
Discounted Share Price (in usd per share) $ 45.46       $ 24.08       $ 52.84       $ 45.46 $ 24.08 $ 52.84
Limited Partnership Units Issued (in shares) 13,697,000       23,370,000       13,747,000            
Average Unit Price (in usd per share) $ 45.95       $ 24.35       $ 53.73       $ 45.95 $ 24.35 $ 53.73
3rd Quarter                              
Dividends [Line Items]                              
Preferred Stockholders   $ 2,798       $ 2,798       $ 2,953          
Common Stockholders   12,999       12,373       12,195          
Limited Partnership Unitholders   $ 4,694       $ 4,188       $ 4,166          
Common stock shares issued   65,171,000       14,525,000       105,753,000          
Discounted Share Price (in usd per share)   $ 44.44       $ 28.98       $ 53.66          
Limited Partnership Units Issued (in shares)   13,841,000       13,108,000       13,406,000          
Average Unit Price (in usd per share)   $ 44.92       $ 29.47       $ 54.56          
2nd Quarter                              
Dividends [Line Items]                              
Preferred Stockholders     $ 2,798       $ 2,799       $ 2,953        
Common Stockholders     12,488       12,364       12,116        
Limited Partnership Unitholders     $ 4,218       $ 4,188       $ 4,155        
Common stock shares issued     68,206,000       12,627,000       99,804,000        
Discounted Share Price (in usd per share)     $ 41.87       $ 32.22       $ 51.38        
Limited Partnership Units Issued (in shares)     13,978,000       0       20,041,000        
Average Unit Price (in usd per share)     $ 42.33       $ 0       $ 51.99        
1st Quarter                              
Dividends [Line Items]                              
Preferred Stockholders       $ 2,799       $ 2,799       $ 2,953      
Common Stockholders       12,439       12,275       12,006      
Limited Partnership Unitholders       $ 4,207       $ 4,180       $ 4,148      
Common stock shares issued       96,268,000       83,978,000       120,347,000      
Discounted Share Price (in usd per share)       $ 29.50       $ 48.59       $ 51.28      
Limited Partnership Units Issued (in shares)       19,493,000       15,101,000       13,742,000      
Average Unit Price (in usd per share)       $ 29.83       $ 49.40       $ 52.16      
v3.22.0.1
Business Segments - Additional Information (Detail)
 12 Months Ended
Dec. 31, 2021
segment
Segment Reporting [Abstract]  
Number of reportable business segments 2
v3.22.0.1
Business Segments (Detail) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Segment Reporting Information [Line Items]      
Revenue $ 239,225 $ 225,207 $ 231,525
Expenses (61,628) (58,417) (57,933)
Income from real estate 177,597 166,790 173,592
Interest expense, net and amortization of deferred debt costs (45,424) (46,519) (41,834)
General and administrative (20,252) (19,107) (20,793)
Depreciation and amortization of deferred leasing costs (50,272) (51,126) (46,333)
Change in fair value of derivatives 0 0 (436)
Gain on sale of property 0 278 0
Net income (loss) 61,649 50,316 64,196
Capital investment 55,872 56,168 135,663
Total assets 1,746,761 1,645,572 1,618,340
Operating Segments | Shopping Centers      
Segment Reporting Information [Line Items]      
Revenue 169,681 161,854 167,888
Expenses (35,784) (35,198) (36,119)
Income from real estate 133,897 126,656 131,769
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 (28,843) (30,891) (29,112)
Change in fair value of derivatives     0
Gain on sale of property   278  
Net income (loss) 105,054 96,043 102,657
Capital investment 12,639 15,203 33,968
Total assets 946,993 975,195 980,096
Operating Segments | Mixed-Use Properties      
Segment Reporting Information [Line Items]      
Revenue 69,544 63,353 63,637
Expenses (25,844) (23,219) (21,814)
Income from real estate 43,700 40,134 41,823
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 (21,429) (20,235) (17,221)
Change in fair value of derivatives     0
Gain on sale of property   0  
Net income (loss) 22,271 19,899 24,602
Capital investment 43,233 40,965 101,695
Total assets 777,709 643,503 625,183
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 (45,424) (46,519) (41,834)
General and administrative (20,252) (19,107) (20,793)
Depreciation and amortization of deferred leasing costs 0 0 0
Change in fair value of derivatives     (436)
Gain on sale of property   0  
Net income (loss) (65,676) (65,626) (63,063)
Capital investment 0 0 0
Total assets $ 22,059 $ 26,874 $ 13,061
v3.22.0.1
Impact of COVID-19 - Narrative (Details)
 3 Months Ended
Dec. 31, 2021
Sep. 30, 2021
Jun. 30, 2021
Mar. 31, 2021
Tenants        
Subsequent Event [Line Items]        
Consolidated collections, percentage 0.99 0.99 0.99 0.99
v3.22.0.1
Impact of COVID-19 - Consolidated Total Collections (Details) - Tenants
 3 Months Ended
Dec. 31, 2021
Sep. 30, 2021
Jun. 30, 2021
Mar. 31, 2021
Subsequent Event [Line Items]        
Consolidated collections, percentage 0.99 0.99 0.99 0.99
Retail Real Estate        
Subsequent Event [Line Items]        
Consolidated collections, percentage 0.98 0.99 0.99 0.99
Office Real Estate        
Subsequent Event [Line Items]        
Consolidated collections, percentage 1 1 1 1
Residential Real Estate        
Subsequent Event [Line Items]        
Consolidated collections, percentage 0.99 0.99 0.99 0.99
v3.22.0.1
Real Estate and Accumulated Depreciation (Detail) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Real Estate Properties [Line Items]        
Initial Basis $ 1,088,613      
Cost capitalized subsequent to acquisition 1,195,513      
Land and Land Improvements 511,529      
Buildings and Improvements, Gross 1,566,686      
Construction in progress 205,911 $ 69,477    
Real Estate Investment Property, at Cost, Total 2,284,126 2,124,796 $ 2,081,597 $ 1,948,165
Accumulated Depreciation 650,113 607,706 $ 563,474 $ 525,518
Book Value 1,634,013 1,517,090    
Fixed rate mortgages 941,456 827,603    
Development land, related debt 0 $ 144,607    
Total, related debt 949,028      
Shopping Centers        
Real Estate Properties [Line Items]        
Initial Basis 835,537      
Cost capitalized subsequent to acquisition 475,318      
Land and Land Improvements 420,132      
Buildings and Improvements, Gross 882,799      
Construction in progress 7,924      
Real Estate Investment Property, at Cost, Total 1,310,855      
Accumulated Depreciation 431,865      
Book Value 878,990      
Fixed rate mortgages 559,798      
Shopping Centers | Ashbrook Marketplace, Ashburn, VA        
Real Estate Properties [Line Items]        
Initial Basis 8,938      
Cost capitalized subsequent to acquisition 24,822      
Land and Land Improvements 13,258      
Buildings and Improvements, Gross 20,092      
Construction in progress 410      
Real Estate Investment Property, at Cost, Total 33,760      
Accumulated Depreciation 1,187      
Book Value 32,573      
Fixed rate mortgages $ 21,329      
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 20,570      
Land and Land Improvements 6,764      
Buildings and Improvements, Gross 25,237      
Construction in progress 0      
Real Estate Investment Property, at Cost, Total 32,001      
Accumulated Depreciation 15,755      
Book Value 16,246      
Fixed rate mortgages $ 24,186      
Buildings and Improvements Depreciable Lives in Years 40 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 2,661      
Book Value 3,815      
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 16,297      
Book Value 26,378      
Fixed rate mortgages $ 32,170      
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 $ 9,692      
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 2,630      
Land and Land Improvements 5,735      
Buildings and Improvements, Gross 13,615      
Construction in progress 0      
Real Estate Investment Property, at Cost, Total 19,350      
Accumulated Depreciation 6,159      
Book Value 13,191      
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 3,686      
Book Value 5,950      
Fixed rate mortgages $ 14,639      
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 5,316      
Land and Land Improvements 9,789      
Buildings and Improvements, Gross 22,564      
Construction in progress 0      
Real Estate Investment Property, at Cost, Total 32,353      
Accumulated Depreciation 10,640      
Book Value 21,713      
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 35,941      
Land and Land Improvements 5,300      
Buildings and Improvements, Gross 35,951      
Construction in progress 6      
Real Estate Investment Property, at Cost, Total 41,257      
Accumulated Depreciation 14,808      
Book Value 26,449      
Fixed rate mortgages $ 29,613      
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 6,740      
Book Value 73,816      
Fixed rate mortgages $ 34,558      
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 4,297      
Land and Land Improvements 7,666      
Buildings and Improvements, Gross 25,543      
Construction in progress 0      
Real Estate Investment Property, at Cost, Total 33,209      
Accumulated Depreciation 12,193      
Book Value 21,016      
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 788      
Land and Land Improvements 6,700      
Buildings and Improvements, Gross 25,666      
Construction in progress 0      
Real Estate Investment Property, at Cost, Total 32,366      
Accumulated Depreciation 6,834      
Book Value 25,532      
Fixed rate mortgages $ 14,634      
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 767      
Land and Land Improvements 3,901      
Buildings and Improvements, Gross 9,092      
Construction in progress 0      
Real Estate Investment Property, at Cost, Total 12,993      
Accumulated Depreciation 4,185      
Book Value 8,808      
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 13      
Book Value 556      
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 16,888      
Land and Land Improvements 1,118      
Buildings and Improvements, Gross 21,551      
Construction in progress 0      
Real Estate Investment Property, at Cost, Total 22,669      
Accumulated Depreciation 13,455      
Book Value 9,214      
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 467      
Book Value 2,133      
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 8,559      
Land and Land Improvements 5,300      
Buildings and Improvements, Gross 16,177      
Construction in progress 0      
Real Estate Investment Property, at Cost, Total 21,477      
Accumulated Depreciation 11,099      
Book Value 10,378      
Fixed rate mortgages $ 21,393      
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 3,215      
Land and Land Improvements 14,766      
Buildings and Improvements, Gross 30,199      
Construction in progress 0      
Real Estate Investment Property, at Cost, Total 44,965      
Accumulated Depreciation 11,255      
Book Value 33,710      
Fixed rate mortgages $ 8,651      
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 3,444      
Land and Land Improvements 1,892      
Buildings and Improvements, Gross 4,701      
Construction in progress 10      
Real Estate Investment Property, at Cost, Total 6,603      
Accumulated Depreciation 4,106      
Book Value 2,497      
Fixed rate mortgages $ 12,868      
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 4,644      
Land and Land Improvements 4,822      
Buildings and Improvements, Gross 12,406      
Construction in progress 0      
Real Estate Investment Property, at Cost, Total 17,228      
Accumulated Depreciation 5,742      
Book Value 11,486      
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 2,410      
Land and Land Improvements 4,455      
Buildings and Improvements, Gross 12,010      
Construction in progress 0      
Real Estate Investment Property, at Cost, Total 16,465      
Accumulated Depreciation 5,141      
Book Value 11,324      
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 3,234      
Land and Land Improvements 5,005      
Buildings and Improvements, Gross 11,928      
Construction in progress 680      
Real Estate Investment Property, at Cost, Total 17,613      
Accumulated Depreciation 4,819      
Book Value 12,794      
Fixed rate mortgages $ 21,385      
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 3,101      
Land and Land Improvements 23,133      
Buildings and Improvements, Gross 56,530      
Construction in progress 161      
Real Estate Investment Property, at Cost, Total 79,824      
Accumulated Depreciation 16,654      
Book Value 63,170      
Fixed rate mortgages $ 31,155      
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 7,649      
Land and Land Improvements 1,425      
Buildings and Improvements, Gross 7,649      
Construction in progress 0      
Real Estate Investment Property, at Cost, Total 9,074      
Accumulated Depreciation 4,641      
Book Value 4,433      
Fixed rate mortgages $ 7,514      
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 43,461      
Land and Land Improvements 6,546      
Buildings and Improvements, Gross 43,439      
Construction in progress 21      
Real Estate Investment Property, at Cost, Total 50,006      
Accumulated Depreciation 18,994      
Book Value 31,012      
Fixed rate mortgages $ 28,533      
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 6,367      
Land and Land Improvements 1,132      
Buildings and Improvements, Gross 7,653      
Construction in progress 0      
Real Estate Investment Property, at Cost, Total 8,785      
Accumulated Depreciation 6,372      
Book Value 2,413      
Fixed rate mortgages $ 13,213      
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 11,614      
Land and Land Improvements 950      
Buildings and Improvements, Gross 15,042      
Construction in progress 22      
Real Estate Investment Property, at Cost, Total 16,014      
Accumulated Depreciation 13,899      
Book Value 2,115      
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 5,004      
Land and Land Improvements 26,064      
Buildings and Improvements, Gross 8,096      
Construction in progress 3,967      
Real Estate Investment Property, at Cost, Total 38,127      
Accumulated Depreciation 2,321      
Book Value 35,806      
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 15,876      
Land and Land Improvements 9,260      
Buildings and Improvements, Gross 16,157      
Construction in progress 0      
Real Estate Investment Property, at Cost, Total 25,417      
Accumulated Depreciation 6,984      
Book Value 18,433      
Fixed rate mortgages $ 27,143      
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 15,428      
Land and Land Improvements 12,686      
Buildings and Improvements, Gross 15,422      
Construction in progress 6      
Real Estate Investment Property, at Cost, Total 28,114      
Accumulated Depreciation 5,862      
Book Value 22,252      
Fixed rate mortgages $ 13,108      
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 6,913      
Land and Land Improvements 5,409      
Buildings and Improvements, Gross 17,437      
Construction in progress 0      
Real Estate Investment Property, at Cost, Total 22,846      
Accumulated Depreciation 9,088      
Book Value 13,758      
Fixed rate mortgages $ 20,682      
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 3,492      
Book Value 4,469      
Fixed rate mortgages $ 12,299      
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 1,607      
Land and Land Improvements 7,751      
Buildings and Improvements, Gross 13,233      
Construction in progress 0      
Real Estate Investment Property, at Cost, Total 20,984      
Accumulated Depreciation 4,876      
Book Value 16,108      
Fixed rate mortgages $ 8,812      
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 2,034      
Land and Land Improvements 5,739      
Buildings and Improvements, Gross 14,658      
Construction in progress 2      
Real Estate Investment Property, at Cost, Total 20,399      
Accumulated Depreciation 6,532      
Book Value 13,867      
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 4,428      
Land and Land Improvements 703      
Buildings and Improvements, Gross 4,970      
Construction in progress 0      
Real Estate Investment Property, at Cost, Total 5,673      
Accumulated Depreciation 3,542      
Book Value 2,131      
Fixed rate mortgages $ 12,553      
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 1,260      
Book Value 25,325      
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 6,474      
Book Value 40,923      
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 7,886      
Book Value 19,265      
Fixed rate mortgages $ 13,897      
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 261      
Land and Land Improvements 1,147      
Buildings and Improvements, Gross 2,034      
Construction in progress 0      
Real Estate Investment Property, at Cost, Total 3,181      
Accumulated Depreciation 732      
Book Value 2,449      
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 46,301      
Land and Land Improvements 4,929      
Buildings and Improvements, Gross 46,220      
Construction in progress 0      
Real Estate Investment Property, at Cost, Total 51,149      
Accumulated Depreciation 33,039      
Book Value 18,110      
Fixed rate mortgages $ 56,413      
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 714      
Land and Land Improvements 12,700      
Buildings and Improvements, Gross 51,214      
Construction in progress 54      
Real Estate Investment Property, at Cost, Total 63,968      
Accumulated Depreciation 13,187      
Book Value 50,781      
Fixed rate mortgages $ 27,197      
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 11,112      
Land and Land Improvements 992      
Buildings and Improvements, Gross 12,828      
Construction in progress 0      
Real Estate Investment Property, at Cost, Total 13,820      
Accumulated Depreciation 9,242      
Book Value 4,578      
Fixed rate mortgages $ 9,759      
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 8,289      
Land and Land Improvements 6,402      
Buildings and Improvements, Gross 19,706      
Construction in progress 0      
Real Estate Investment Property, at Cost, Total 26,108      
Accumulated Depreciation 10,406      
Book Value 15,702      
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 25,481      
Land and Land Improvements 15,255      
Buildings and Improvements, Gross 29,051      
Construction in progress 70      
Real Estate Investment Property, at Cost, Total 44,376      
Accumulated Depreciation 23,742      
Book Value 20,634      
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 11,442      
Land and Land Improvements 1,878      
Buildings and Improvements, Gross 16,292      
Construction in progress 0      
Real Estate Investment Property, at Cost, Total 18,170      
Accumulated Depreciation 13,508      
Book Value 4,662      
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 4,953      
Land and Land Improvements 615      
Buildings and Improvements, Gross 6,812      
Construction in progress 0      
Real Estate Investment Property, at Cost, Total 7,427      
Accumulated Depreciation 5,218      
Book Value 2,209      
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 27,273      
Land and Land Improvements 7,692      
Buildings and Improvements, Gross 27,413      
Construction in progress 16      
Real Estate Investment Property, at Cost, Total 35,121      
Accumulated Depreciation 20,564      
Book Value 14,557      
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 3,304      
Land and Land Improvements 7,851      
Buildings and Improvements, Gross 11,955      
Construction in progress 0      
Real Estate Investment Property, at Cost, Total 19,806      
Accumulated Depreciation 8,145      
Book Value 11,661      
Fixed rate mortgages $ 11,528      
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 25,288      
Land and Land Improvements 6,047      
Buildings and Improvements, Gross 25,288      
Construction in progress 0      
Real Estate Investment Property, at Cost, Total 31,335      
Accumulated Depreciation 11,361      
Book Value 19,974      
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 6,134      
Land and Land Improvements 4,649      
Buildings and Improvements, Gross 7,561      
Construction in progress 201      
Real Estate Investment Property, at Cost, Total 12,411      
Accumulated Depreciation 6,472      
Book Value 5,939      
Fixed rate mortgages $ 20,874      
Buildings and Improvements Depreciable Lives in Years 40 years      
Shopping Centers | Other Buildings / Improvements        
Real Estate Properties [Line Items]        
Cost capitalized subsequent to acquisition $ 182      
Buildings and Improvements, Gross 182      
Construction in progress 0      
Real Estate Investment Property, at Cost, Total 182      
Accumulated Depreciation 130      
Book Value 52      
Fixed rate mortgages 0      
Mixed-Use Properties        
Real Estate Properties [Line Items]        
Initial Basis 96,034      
Cost capitalized subsequent to acquisition 670,030      
Land and Land Improvements 82,114      
Buildings and Improvements, Gross 683,887      
Construction in progress 63      
Real Estate Investment Property, at Cost, Total 766,064      
Accumulated Depreciation 218,248      
Book Value 547,816      
Fixed rate mortgages 389,230      
Mixed-Use Properties | Avenel Business Park, Gaithersburg, MD        
Real Estate Properties [Line Items]        
Initial Basis 21,459      
Cost capitalized subsequent to acquisition 36,528      
Land and Land Improvements 3,756      
Buildings and Improvements, Gross 54,231      
Construction in progress 0      
Real Estate Investment Property, at Cost, Total 57,987      
Accumulated Depreciation 41,110      
Book Value 16,877      
Fixed rate mortgages $ 24,108      
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 187,200      
Land and Land Improvements 16,287      
Buildings and Improvements, Gross 183,666      
Construction in progress 0      
Real Estate Investment Property, at Cost, Total 199,953      
Accumulated Depreciation 56,237      
Book Value 143,716      
Fixed rate mortgages $ 90,600      
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 91,801      
Land and Land Improvements 2,242      
Buildings and Improvements, Gross 91,801      
Construction in progress 0      
Real Estate Investment Property, at Cost, Total 94,043      
Accumulated Depreciation 16,217      
Book Value 77,826      
Fixed rate mortgages $ 64,661      
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 71,076      
Land and Land Improvements 5,667      
Buildings and Improvements, Gross 70,888      
Construction in progress 0      
Real Estate Investment Property, at Cost, Total 76,555      
Accumulated Depreciation 61,617      
Book Value 14,938      
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 225,901      
Land and Land Improvements 53,618      
Buildings and Improvements, Gross 224,287      
Construction in progress 63      
Real Estate Investment Property, at Cost, Total 277,968      
Accumulated Depreciation 11,446      
Book Value 266,522      
Fixed rate mortgages $ 156,116      
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 57,524      
Land and Land Improvements 544      
Buildings and Improvements, Gross 59,014      
Construction in progress 0      
Real Estate Investment Property, at Cost, Total 59,558      
Accumulated Depreciation 31,621      
Book Value 27,937      
Fixed rate mortgages $ 53,745      
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 50,165      
Land and Land Improvements 9,283      
Buildings and Improvements, Gross 0      
Construction in progress 197,924      
Real Estate Investment Property, at Cost, Total 207,207      
Accumulated Depreciation 0      
Book Value 207,207      
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 4,714      
Land and Land Improvements 7,049      
Buildings and Improvements, Gross 0      
Construction in progress 2,957      
Real Estate Investment Property, at Cost, Total 10,006      
Accumulated Depreciation 0      
Book Value 10,006      
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 17,257      
Land and Land Improvements 0      
Buildings and Improvements, Gross 0      
Construction in progress 56,898      
Real Estate Investment Property, at Cost, Total 56,898      
Accumulated Depreciation 0      
Book Value 56,898      
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 28,048      
Land and Land Improvements 0      
Buildings and Improvements, Gross 0      
Construction in progress 138,069      
Real Estate Investment Property, at Cost, Total 138,069      
Accumulated Depreciation 0      
Book Value 138,069      
Development land, related debt $ 0      
Buildings and Improvements Depreciable Lives in Years      
v3.22.0.1
Real Estate and Accumulated Depreciation - Estimated Useful Lives of Assets (Detail)
 12 Months Ended
Dec. 31, 2021
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
v3.22.0.1
Real Estate and Accumulated Depreciation - Additional Information (Detail) - USD ($)
$ in Millions
Dec. 31, 2021
Dec. 31, 2020
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]    
Real estate investments for federal income tax $ 1,640 $ 1,550
v3.22.0.1
Real Estate and Accumulated Depreciation - Changes in Total Real Estate Investments and Related Accumulated Depreciation (Detail) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Total real estate investments:      
Balance, beginning of year $ 2,124,796 $ 2,081,597 $ 1,948,165
Acquisitions 108,279 0 0
Improvements 54,177 45,396 135,966
Retirements (3,126) (2,197) (2,534)
Balance, end of year 2,284,126 2,124,796 2,081,597
Total accumulated depreciation:      
Balance, beginning of year 607,706 563,474 525,518
Depreciation expense 45,487 45,865 40,490
Retirements (3,080) (1,633) (2,534)
Balance, end of year $ 650,113 $ 607,706 $ 563,474