

SAUL CENTERS, INC. Real Estate and Accumulated Depreciation December 31, 2014 (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	$	19,492	$	6,764	$	24,159	$	—	$	30,923	$	10,868	$	20,055	$	30,253	1994 & 2000-6	3/94	40
Ashland Square Phase I, Dumfries, VA	1,178		7,503		1,178		7,503		—		8,681		776		7,905		—		2007, 2013	12/04	20 & 50
Beacon Center, Alexandria, VA	1,493		18,232		—		18,631		1,094		19,725		12,707		7,018		33,140		1960 & 1974	1/72	40 & 50
BJ’s Wholesale Club, Alexandria, VA	22,623		—		22,623		—		—		22,623		—		22,623		11,587			3/08	—
Boca Valley Plaza, Boca Raton, FL	16,720		1,297		5,735		12,282		—		18,017		3,478		14,539		10,881			2/04	40
Boulevard, Fairfax, VA	4,883		4,487		3,687		5,683		—		9,370		2,194		7,176		9,239		1969, 1999 & 2009	4/94	40
Briggs Chaney MarketPlace, Silver Spring, MD	27,037		2,957		9,789		20,205		—		29,994		6,076		23,918		15,761			4/04	40
Broadlands Village, Ashburn, VA	5,316		25,285		5,300		25,301		—		30,601		8,354		22,247		18,826		2002-3, 2004 & 2006	3/02	40 & 50
Countryside Marketplace, Sterling, VA	28,912		3,039		7,666		24,285		—		31,951		6,538		25,413		15,819			2/04	40
Cranberry Square, Westminster, MD	31,578		464		6,700		25,342		—		32,042		2,061		29,981		18,645			9/11	40
Cruse MarketPlace, Cumming, GA	12,226		198		3,920		8,504		—		12,424		2,350		10,074		—			3/04	40
Flagship Center, Rockville, MD	160		9		169		—		—		169		—		169		—		1972	1/72	—
French Market, Oklahoma City, OK	5,781		13,782		1,118		18,445		—		19,563		9,444		10,119		—		1972 & 1998	3/74	50
Germantown, Germantown, MD	3,576		743		2,034		2,285		—		4,319		1,385		2,934		—		1990	8/93	40
750/730 N. Glebe Road, Arlington, VA	42,313		13		40,907		1,419		—		42,326		160		42,166		—			08/14, 12/14	3 & 2
The Glen, Woodbridge, VA	12,918		7,536		5,299		15,155		—		20,454		7,327		13,127		9,045		1993 & 2005	6/94	40
Great Eastern, District Heights, MD	4,993		10,669		3,785		11,877		—		15,662		7,726		7,936		—		1958 & 1960	1/72	40
Great Falls Center, Great Falls, VA	41,750		2,350		14,766		29,334		—		44,100		4,988		39,112		14,909			3/08	40
Hampshire Langley, Takoma, MD	3,159		3,338		1,856		4,641		—		6,497		3,351		3,146		17,281		1960	1/72	40
Hunt Club Corners, Apopka, FL	12,584		3,115		4,822		10,877		—		15,699		2,555		13,144		6,100			6/06, 12/12	40
Jamestown Place, Altamonte Springs, FL	14,055		960		4,455		10,560		—		15,015		2,532		12,483		8,346			11/05	40
Kentlands Square I, Gaithersburg, MD	14,379		177		5,006		9,550		—		14,556		2,958		11,598		7,527		2002	9/02	40
Kentlands Square II, Gaithersburg, MD	76,723		954		22,800		54,877		—		77,677		4,387		73,290		39,932			9/11, 9/13	40
Kentlands Place, Gaithersburg, MD	1,425		7,163		1,425		7,163		—		8,588		2,863		5,725		—		2005	1/04	50
Lansdowne Town Center, Leesburg, VA	6,545		36,313		6,546		36,312		—		42,858		10,174		32,684		35,222		2006	11/02	50
Leesburg Pike Plaza, Baileys Crossroads, VA	2,418		6,173		1,132		7,459		—		8,591		5,582		3,009		16,750		1965	2/66	40
Lumberton Plaza, Lumberton, NJ	4,400		11,160		950		14,610		—		15,560		11,676		3,884		—		1975	12/75	40
Metro Pike Center, Rockville, MD	33,123		2,069		26,064		9,128		—		35,192		771		34,421		15,106			12/10	40
Shops at Monocacy, Frederick, MD	9,541		14,002		9,260		14,283		—		23,543		4,320		19,223		14,014		2003-4	11/03	50
Northrock, Warrenton, VA	12,686		14,981		12,686		14,981		—		27,667		2,283		25,384		14,525		2009	01/08	50
Olde Forte Village, Ft. Washington, MD	15,933		6,499		5,409		17,023		—		22,432		5,583		16,849		11,454		2003-4	07/03	40
Olney, Olney, MD	1,884		1,672		—		3,556		—		3,556		3,180		376		11,119		1972	11/75	40
Orchard Park, Dunwoody, GA	19,377		781		7,751		12,407		—		20,158		2,343		17,815		10,718			7/07	40
Palm Springs Center, Altamonte Springs, FL	18,365		659		5,739		13,285		—		19,024		3,247		15,777		9,535			3/05	40
Ravenwood, Baltimore, MD	1,245		4,097		703		4,639		—		5,342		2,602		2,740		15,735		1959 & 2006	1/72	40
11503 Rockville Pike/5541 Nicholson Lane, Rockville, MD	14,861		11,700		22,113		4,448		—		26,561		473		26,088		—			10/10 12/12	40
1500/1580/1582/1584 Rockville Pike, Rockville, MD	51,156		568		43,863		7,861		—		51,724		1,962		49,762		—			12/12, 1/14, 4/14, 12/14	5, 10, 5, 4
Seabreeze Plaza, Palm Harbor, FL	24,526		1,391		8,665		17,252		—		25,917		4,056		21,861		17,462			11/05	40
Market Place at Sea Colony, Bethany Beach, DE	2,920		81		1,147		1,854		—		3,001		320		2,681		—			3/08	40
Seven Corners, Falls Church, VA	4,848		43,692		4,913		43,627		—		48,540		25,486		23,054		69,397		1956 & 1997	7/73	40
Severna Park Marketplace, Severna Park, MD	63,254		63		12,700		50,617		—		63,317		4,112		59,205		35,125			9/11	40
Shops at Fairfax, Fairfax, VA	2,708		9,898		992		11,614		—		12,606		6,914		5,692		6,160		1975 & 1999	6/75	50
Smallwood Village Center, Waldorf, MD	17,819		7,618		6,402		19,035		—		25,437		5,025		20,412		—			1/06	40
Southdale, Glen Burnie, MD	3,650		20,919		—		23,947		622		24,569		20,467		4,102		—		1962 & 1986	1/72	40
Southside Plaza, Richmond, VA	6,728		9,597		1,878		14,447		—		16,325		11,100		5,225		—		1958	1/72	40
South Dekalb Plaza, Atlanta, GA	2,474		3,899		703		5,670		—		6,373		4,285		2,088		—		1970	2/76	40
Thruway, Winston-Salem, NC	4,778		23,157		5,496		22,334		105		27,935		13,715		14,220		41,441		1955 & 1965	5/72	40
Village Center, Centreville, VA	16,502		1,870		7,851		10,521		—		18,372		5,713		12,659		14,535		1990	8/93	40
Westview Village, Frederick, MD	5,146		22,292		5,153		22,285		—		27,438		4,245		23,193		—		2009	11/07	50
White Oak, Silver Spring, MD	6,277		5,311		4,649		6,939		—		11,588		5,604		5,984		25,639		1958 & 1967	1/72	40
Other Buildings / Improvements			115				115				115		84		31		—
Total Shopping Centers	750,377		394,340		384,569		758,327		1,821		1,144,717		270,400		874,317		631,228

Mixed-Use Properties
Avenel Business Park, Gaithersburg, MD	21,459		27,945		3,756		45,648		—		49,404		31,663		17,741		30,429		1984, 1986, 1990, 1998 & 2000	12/2/1984	35 & 40
Clarendon Center, Arlington, VA (1)	12,753		185,485		16,287		181,951		—		198,238		21,709		176,529		115,291		2010	7/73, 1/96 & 4/02
Crosstown Business Center, Tulsa, OK	3,454		6,358		604		9,208		—		9,812		6,792		3,020		—		1974	10/75	40
601 Pennsylvania Ave., Washington, DC	5,479		62,169		5,667		61,981		—		67,648		46,500		21,148		—		1986	7/73	35
Washington Square, Alexandria, VA	2,034		51,926		544		53,416		—		53,960		19,553		34,407		32,049		1952 & 2000	7/73	50
Total Mixed-Use Properties	45,179		333,883		26,858		352,204		—		379,062		126,217		252,845		177,769

Development Land
Ashland Square Phase II, Manassas, VA	5,292		1,717		7,009		—		—		7,009		—		7,009		—			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		24,755		—		26,997		—		26,997		5,391			07/73 and 02/11
Total Development Land	9,622		2,003		11,625		24,755		—		36,380		—		36,380		5,391
Total	$	805,178	$	730,226	$	423,052	$	1,135,286	$	1,821	$	1,560,159	$	396,617	$	1,163,542	$	814,388


(1)	Includes the North and South Blocks and Residential