XML 67 R4.htm IDEA: XBRL DOCUMENT v2.4.1.9
Consolidated Statements of Operations (USD $)
In Thousands, except Per Share data, unless otherwise specified
12 Months Ended
Dec. 31, 2014
Dec. 31, 2013
Dec. 31, 2012
Revenue      
Base rent $ 164,599us-gaap_OperatingLeasesIncomeStatementMinimumLeaseRevenue $ 159,898us-gaap_OperatingLeasesIncomeStatementMinimumLeaseRevenue $ 152,777us-gaap_OperatingLeasesIncomeStatementMinimumLeaseRevenue
Expense recoveries 32,132us-gaap_TenantReimbursements 30,949us-gaap_TenantReimbursements 30,391us-gaap_TenantReimbursements
Percentage rent 1,492us-gaap_PercentageRent 1,575us-gaap_PercentageRent 1,545us-gaap_PercentageRent
Other 8,869us-gaap_OtherRealEstateRevenue 5,475us-gaap_OtherRealEstateRevenue 5,379us-gaap_OtherRealEstateRevenue
Total revenue 207,092us-gaap_Revenues 197,897us-gaap_Revenues 190,092us-gaap_Revenues
Operating expenses      
Property operating expenses 26,479us-gaap_DirectCostsOfLeasedAndRentedPropertyOrEquipment 24,559us-gaap_DirectCostsOfLeasedAndRentedPropertyOrEquipment 23,794us-gaap_DirectCostsOfLeasedAndRentedPropertyOrEquipment
Provision for credit losses 680us-gaap_ProvisionForLoanAndLeaseLosses 968us-gaap_ProvisionForLoanAndLeaseLosses 1,151us-gaap_ProvisionForLoanAndLeaseLosses
Real estate taxes 22,354us-gaap_RealEstateTaxExpense 22,415us-gaap_RealEstateTaxExpense 22,325us-gaap_RealEstateTaxExpense
Interest expense and amortization of deferred debt costs 46,034bfs_NoncashInterestExpenseAccretionAndAmortizationOfDeferredFinanceFees 46,589bfs_NoncashInterestExpenseAccretionAndAmortizationOfDeferredFinanceFees 49,544bfs_NoncashInterestExpenseAccretionAndAmortizationOfDeferredFinanceFees
Depreciation and amortization of deferred leasing costs 41,203us-gaap_CostOfServicesDepreciationAndAmortization 49,130us-gaap_CostOfServicesDepreciationAndAmortization 40,112us-gaap_CostOfServicesDepreciationAndAmortization
General and administrative 16,961us-gaap_GeneralAndAdministrativeExpense 14,951us-gaap_GeneralAndAdministrativeExpense 14,274us-gaap_GeneralAndAdministrativeExpense
Acquisition related costs 949us-gaap_AcquisitionCosts 106us-gaap_AcquisitionCosts 1,129us-gaap_AcquisitionCosts
Predevelopment expenses 503bfs_OtherOperatingExpenses 3,910bfs_OtherOperatingExpenses 2,667bfs_OtherOperatingExpenses
Total operating expenses 155,163us-gaap_CostsAndExpenses 162,628us-gaap_CostsAndExpenses 154,996us-gaap_CostsAndExpenses
Operating income 51,929us-gaap_OperatingIncomeLoss 35,269us-gaap_OperatingIncomeLoss 35,096us-gaap_OperatingIncomeLoss
Change in fair value of derivatives (10)us-gaap_DerivativeInstrumentsNotDesignatedAsHedgingInstrumentsGainLossNet (7)us-gaap_DerivativeInstrumentsNotDesignatedAsHedgingInstrumentsGainLossNet 36us-gaap_DerivativeInstrumentsNotDesignatedAsHedgingInstrumentsGainLossNet
Loss on early extinguishment of debt 0us-gaap_GainsLossesOnExtinguishmentOfDebt (497)us-gaap_GainsLossesOnExtinguishmentOfDebt 0us-gaap_GainsLossesOnExtinguishmentOfDebt
Gain on sales of properties 6,069us-gaap_GainLossOnSaleOfPropertiesNetOfApplicableIncomeTaxes 0us-gaap_GainLossOnSaleOfPropertiesNetOfApplicableIncomeTaxes 0us-gaap_GainLossOnSaleOfPropertiesNetOfApplicableIncomeTaxes
Gain on casualty settlement 0bfs_GainLossfromInsuranceSettlementandOther 77bfs_GainLossfromInsuranceSettlementandOther 219bfs_GainLossfromInsuranceSettlementandOther
Income from continuing operations 57,988us-gaap_IncomeLossFromContinuingOperations 34,842us-gaap_IncomeLossFromContinuingOperations 35,351us-gaap_IncomeLossFromContinuingOperations
Discontinued operations      
Loss from operations of properties sold 0us-gaap_DiscontinuedOperationIncomeLossFromDiscontinuedOperationDuringPhaseOutPeriodNetOfTax 0us-gaap_DiscontinuedOperationIncomeLossFromDiscontinuedOperationDuringPhaseOutPeriodNetOfTax (81)us-gaap_DiscontinuedOperationIncomeLossFromDiscontinuedOperationDuringPhaseOutPeriodNetOfTax
Gain on sales of properties 0us-gaap_DiscontinuedOperationGainLossOnDisposalOfDiscontinuedOperationNetOfTax 0us-gaap_DiscontinuedOperationGainLossOnDisposalOfDiscontinuedOperationNetOfTax 4,510us-gaap_DiscontinuedOperationGainLossOnDisposalOfDiscontinuedOperationNetOfTax
Income from discontinued operations 0us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTax 0us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTax 4,429us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTax
Net Income 57,988us-gaap_ProfitLoss 34,842us-gaap_ProfitLoss 39,780us-gaap_ProfitLoss
Noncontrolling interests      
Income from continuing operations attributable to noncontrolling interests (11,045)us-gaap_IncomeLossFromContinuingOperationsAttributableToNoncontrollingEntity (3,970)us-gaap_IncomeLossFromContinuingOperationsAttributableToNoncontrollingEntity (5,693)us-gaap_IncomeLossFromContinuingOperationsAttributableToNoncontrollingEntity
Income from discontinued operations attributable to noncontrolling interests 0us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTaxAttributableToNoncontrollingInterest 0us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTaxAttributableToNoncontrollingInterest (713)us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTaxAttributableToNoncontrollingInterest
Income attributable to noncontrolling interests (11,045)us-gaap_NetIncomeLossAttributableToNoncontrollingInterest (3,970)us-gaap_NetIncomeLossAttributableToNoncontrollingInterest (6,406)us-gaap_NetIncomeLossAttributableToNoncontrollingInterest
Net income attributable to Saul Centers, Inc. 46,943us-gaap_NetIncomeLoss 30,872us-gaap_NetIncomeLoss 33,374us-gaap_NetIncomeLoss
Preferred stock redemption (1,480)bfs_PreferredStockRedemptionIncomeStatementImpact (5,228)bfs_PreferredStockRedemptionIncomeStatementImpact 0bfs_PreferredStockRedemptionIncomeStatementImpact
Preferred dividends (13,361)us-gaap_PreferredStockDividendsIncomeStatementImpact (13,983)us-gaap_PreferredStockDividendsIncomeStatementImpact (15,140)us-gaap_PreferredStockDividendsIncomeStatementImpact
Net income available to common stockholders $ 32,102us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic $ 11,661us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic $ 18,234us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic
Basic:      
Continuing operations (in dollars per share) $ 1.55us-gaap_IncomeLossFromContinuingOperationsPerBasicShare $ 0.57us-gaap_IncomeLossFromContinuingOperationsPerBasicShare $ 0.70us-gaap_IncomeLossFromContinuingOperationsPerBasicShare
Discontinued operations (in dollars per share) $ 0.00us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicShare $ 0.00us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicShare $ 0.23us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicShare
Basic (in dollars per share) $ 1.55us-gaap_EarningsPerShareBasic $ 0.57us-gaap_EarningsPerShareBasic $ 0.93us-gaap_EarningsPerShareBasic
Diluted:      
Continuing operations (in dollars per share) $ 1.54us-gaap_IncomeLossFromContinuingOperationsPerDilutedShare $ 0.57us-gaap_IncomeLossFromContinuingOperationsPerDilutedShare $ 0.70us-gaap_IncomeLossFromContinuingOperationsPerDilutedShare
Discontinued operations (in dollars per share) $ 0.00us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTaxPerDilutedShare $ 0.00us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTaxPerDilutedShare $ 0.23us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTaxPerDilutedShare
Diluted (in dollars per share) $ 1.54us-gaap_EarningsPerShareDiluted $ 0.57us-gaap_EarningsPerShareDiluted $ 0.93us-gaap_EarningsPerShareDiluted