

SAUL CENTERS, INC. Real Estate and Accumulated Depreciation December 31, 2013 (Dollars in Thousands)
			Costs																		Buildings
			Capitalized		Basis at Close of Period																and
	Initial Basis		Subsequent to Acquisition		Land		Buildings and Improvements		Leasehold Interests		Total		Accumulated Depreciation		Book Value		Related Debt		Date of Construction	Date Acquired	Improvements Depreciable Lives in Years
Shopping Centers
Ashburn Village, Ashburn, VA	$	11,431	$	19,433	$	6,764	$	24,100	$	—	$	30,864	$	10,217	$	20,647	$	30,894	1994 & 2000-6	3/94	40
Ashland Square Phase I, Dumfries, VA	1,178		7,503		1,178		7,503		—		8,681		444		8,237		—		2007, 2013	12/04	20
Beacon Center, Alexandria, VA	1,493		18,283		—		18,682		1,094		19,776		12,195		7,581		34,391		1960 & 1974	1/72	40 & 50
BJ’s Wholesale Club, Alexandria, VA	22,623		—		22,623		—		—		22,623		—		22,623		11,795			3/08	—
Boca Valley Plaza, Boca Raton, FL	16,720		1,289		5,735		12,274		—		18,009		3,085		14,924		11,159			2/04	40
Boulevard, Fairfax, VA	4,883		4,746		3,687		5,942		—		9,629		2,153		7,476		6,451		1969, 1999 & 2009	4/94	40
Briggs Chaney MarketPlace, Silver Spring, MD	27,037		2,926		9,789		20,174		—		29,963		5,468		24,495		16,419			4/04	40
Broadlands Village, Ashburn, VA	5,316		25,118		5,300		25,134		—		30,434		7,598		22,836		19,639		2002-3, 2004 & 2006	3/02	40 & 50
Countryside Marketplace, Sterling, VA	28,912		2,753		7,666		23,999		—		31,665		5,826		25,839		16,501			2/04	40
Cranberry Square, Westminster, MD	31,578		217		6,700		25,095		—		31,795		1,408		30,387		19,118			9/11	40
Cruse MarketPlace, Cumming, GA	12,226		175		3,920		8,481		—		12,401		2,116		10,285		—			3/04	40
Flagship Center, Rockville, MD	160		9		169		—		—		169				169		—		1972	1/72	—
French Market, Oklahoma City, OK	5,781		12,521		1,118		17,184		—		18,302		9,257		9,045		—		1972 & 1998	3/74	50
Germantown, Germantown, MD	3,576		742		2,034		2,284		—		4,318		1,325		2,993		—		1990	8/93	40
Giant, Milford Mill, MD	998		558		422		1,134		—		1,556		1,010		546		—		1959	1/72	40
The Glen, Woodbridge, VA	12,918		7,528		5,299		15,147		—		20,446		6,716		13,730		9,444		1993 & 2005	6/94	40
Great Eastern, District Heights, MD	4,993		10,667		3,785		11,875		—		15,660		7,412		8,248		—		1958 & 1960	1/72	40
Great Falls Center, Great Falls, VA	41,750		2,292		14,766		29,276		—		44,042		4,134		39,908		15,598			3/08	40
Hampshire Langley, Takoma, MD	3,159		3,327		1,856		4,630		—		6,486		3,232		3,254		17,718		1960	1/72	40
Hunt Club Corners, Apopka, FL	12,584		2,681		4,822		10,443		—		15,265		2,195		13,070		6,233			6/06, 12/12	40
Jamestown Place, Altamonte Springs, FL	14,055		744		4,455		10,344		—		14,799		2,223		12,576		8,649			11/05	40
Kentlands Square I, Gaithersburg, MD	14,379		103		5,006		9,476		—		14,482		2,716		11,766		7,853		2002	9/02	40
Kentlands Square II, Gaithersburg, MD	72,473		5		20,500		51,978		—		72,478		2,924		69,554		40,974			9/11	40
Kentlands Place, Gaithersburg, MD	1,425		7,134		1,425		7,134		—		8,559		2,550		6,009		—		2005	1/04	50
Lansdowne Town Center, Leesburg, VA	6,545		36,016		6,546		36,015		—		42,561		8,968		33,593		35,981		2006	11/02	50
Leesburg Pike, Baileys Crossroads, VA	2,418		6,161		1,132		7,447		—		8,579		5,464		3,115		17,123		1965	2/66	40
Lumberton Plaza, Lumberton, NJ	4,400		11,205		950		14,655		—		15,605		11,276		4,329		—		1975	12/75	40
Metro Pike Center, Rockville, MD	33,123		1,316		26,064		8,375		—		34,439		570		33,869		15,394			12/10	40
Shops at Monocacy, Frederick, MD	9,541		13,797		9,260		14,078		—		23,338		3,871		19,467		14,610		2003-4	11/03	50
Northrock, Warrenton, VA	12,686		14,702		12,686		14,702		—		27,388		1,795		25,593		14,802		2009	01/08	50
Olde Forte Village, Ft. Washington, MD	15,933		6,499		5,409		17,023		—		22,432		5,044		17,388		11,950		2003-4	07/03	40
Olney, Olney, MD	1,884		1,672		—		3,556		—		3,556		3,067		489		—		1972	11/75	40
Orchard Park, Dunwoody, GA	19,377		413		7,751		12,039		—		19,790		2,000		17,790		10,930			7/07	40
Palm Springs Center, Altamonte Springs, FL	18,365		383		5,739		13,009		—		18,748		2,880		15,868		9,921			3/05	40
Ravenwood, Baltimore, MD	1,245		4,107		703		4,649		—		5,352		2,453		2,899		16,088		1959 & 2006	1/72	40
11503 Rockville Pike/5541 Nicholson Lane, Rockville, MD	14,861		11,700		22,113		4,448		—		26,561		361		26,200		—			10/10 12/12	40
1500 Rockville Pike, Rockville, MD	22,547		135		18,723		3,959		—		22,682		818		21,864		—			12/12	5
Seabreeze Plaza, Palm Harbor, FL	24,526		1,298		8,665		17,159		—		25,824		3,555		22,269		17,894			11/05	40
Sea Colony (Market Place at), Bethany Beach, DE	2,920		26		1,146		1,800		—		2,946		270		2,676		—			3/08	40
Seven Corners, Falls Church, VA	4,848		43,649		4,913		43,584		—		48,497		24,366		24,131		70,856		1956 & 1997	7/73	40
Severna Park Marketplace, Severna Park, MD	63,254		55		12,700		50,609		—		63,309		2,844		60,465		36,075			9/11	40
Shops at Fairfax, Fairfax, VA	2,708		9,606		992		11,322		—		12,314		6,375		5,939		9,677		1975 & 1999	6/75	50
Smallwood Village Center, Waldorf, MD	17,819		7,575		6,402		18,992		—		25,394		4,286		21,108		—			1/06	40
Southdale, Glen Burnie, MD	3,650		20,754		—		23,782		622		24,404		20,233		4,171		—		1962 & 1986	1/72	40
Southside Plaza, Richmond, VA	6,728		9,148		1,878		13,998		—		15,876		10,661		5,215		—		1958	1/72	40
South Dekalb Plaza, Atlanta, GA	2,474		3,899		703		5,670		—		6,373		4,050		2,323		—		1970	2/76	40
Thruway, Winston-Salem, NC	4,778		23,108		5,496		22,285		105		27,886		12,943		14,943		42,462		1955 & 1965	5/72	40
Village Center, Centreville, VA	16,502		1,854		7,851		10,505		—		18,356		5,393		12,963		14,849		1990	8/93	40
Westview Village, Frederick, MD	5,146		22,143		5,153		22,136		—		27,289		3,141		24,148		—		2009	11/07	50
White Oak, Silver Spring, MD	6,277		5,351		4,649		6,979		—		11,628		5,616		6,012		26,153		1958 & 1967	1/72	40
Other Buildings / Improvements			127				127				127		77		50		—
Total Shopping Centers	680,453		387,645		318,943		747,334		1,821		1,068,098		248,601		819,497		637,601

Mixed-Use Properties
Avenel Business Park, Gaithersburg, MD	21,459		26,441		3,756		44,144		—		47,900		30,861		17,039		31,093		1984, 1986, 1990, 1998 & 2000	12/2/1984	35 & 40
Clarendon Center, Arlington, VA (1)	12,753		185,418		16,287		181,884		—		198,171		15,871		182,300		118,128		2010	7/73, 1/96 & 4/02
Crosstown Business Center, Tulsa, OK	3,454		6,329		604		9,179		—		9,783		6,599		3,184		—		1974	10/75	40
601 Pennsylvania Ave., Washington, DC	5,479		59,651		5,667		59,463		—		65,130		44,670		20,460		—		1986	7/73	35
Washington Square, Alexandria, VA	2,034		51,067		544		52,557		—		53,101		18,061		35,040		33,246		1952 & 2000	7/73	50
Total Mixed-Use Properties	45,179		328,906		26,858		347,227		—		374,085		116,062		258,023		182,467

Development Land
Ashland Square Phase II, Manassas, VA	5,292		1,688		6,980		—		—		6,980		—		6,980		—			12/04
New Market, New Market, MD	2,088		286		2,374		—		—		2,374		—		2,374		—			9/05
Park Van Ness, Washington, DC	2,242		—		2,242		5,660		—		7,902		—		7,902		—			07/73 and 02/11
Total Development Land	9,622		1,974		11,596		5,660		—		17,256		—		17,256		—
Total	$	735,254	$	718,525	$	357,397	$	1,100,221	$	1,821	$	1,459,439	$	364,663	$	1,094,776	$	820,068


(1)	Includes the North and South Blocks and Residential