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Business Segments
 12 Months Ended
Dec. 31, 2015
Segment Reporting [Abstract]  
Business Segments
BUSINESS SEGMENTS
The 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 2015 presentation.
SAUL CENTERS, INC.
Notes to Consolidated Financial Statements
(In thousands)
Shopping
 
Mixed-Use
 
Corporate
 
Consolidated
As of or for the year ended December 31, 2015
Centers
 
Properties
 
and Other
 
Totals
Real estate rental operations:
 
 
 
 
 
 
 
Revenue
$
156,110

 
$
52,916

 
$
51

 
$
209,077

Expenses
(33,877
)
 
(17,266
)
 
—

 
(51,143
)
Income from real estate
122,233

 
35,650

 
51

 
157,934

Interest expense and amortization of deferred debt costs
—

 
—

 
(45,165
)
 
(45,165
)
General and administrative
—

 
—

 
(16,353
)
 
(16,353
)
Subtotal
122,233

 
35,650

 
(61,467
)
 
96,416

Depreciation and amortization of deferred leasing costs
(30,171
)
 
(13,099
)
 
—

 
(43,270
)
Acquisition related costs
(84
)
 
—

 
—

 
(84
)
Predevelopment expenses
(57
)
 
(75
)
 
—

 
(132
)
Change in fair value of derivatives
—

 
—

 
(10
)
 
(10
)
Gain on sale of property
11

 
—

 
—

 
11

Net income (loss)
$
91,932

 
$
22,476

 
$
(61,477
)
 
$
52,931

Capital investment
$
17,159

 
$
52,460

 
$
—

 
$
69,619

Total assets
$
936,542

 
$
356,400

 
$
11,203

 
$
1,304,145

 
 
 
 
 
 
 
 
As of or for the year ended December 31, 2014
 
 
 
 
 
 
 
Real estate rental operations:
 
 
 
 
 
 
 
Revenue
$
154,385

 
$
52,632

 
$
75

 
$
207,092

Expenses
(33,781
)
 
(15,732
)
 
—

 
(49,513
)
Income from real estate
120,604

 
36,900

 
75

 
157,579

Interest expense and amortization of deferred debt costs
—

 
—

 
(46,034
)
 
(46,034
)
General and administrative
—

 
—

 
(16,961
)
 
(16,961
)
Subtotal
120,604

 
36,900

 
(62,920
)
 
94,584

Depreciation and amortization of deferred leasing costs
(28,082
)
 
(13,121
)
 
—

 
(41,203
)
Acquisition related costs
(949
)
 
—

 
—

 
(949
)
Predevelopment expenses
—

 
(503
)
 
—

 
(503
)
Change in fair value of derivatives
—

 
—

 
(10
)
 
(10
)
Gain on sale of property
6,069

 
—

 
—

 
6,069

Net income (loss)
$
97,642

 
$
23,276

 
$
(62,930
)
 
$
57,988

Capital investment
$
66,508

 
$
23,760

 
$
—

 
$
90,268

Total assets
$
946,819

 
$
307,901

 
$
12,267

 
$
1,266,987

 
 
 
 
 
 
 
 
SAUL CENTERS, INC.
Notes to Consolidated Financial Statements (continued)
(In thousands)
Shopping
 
Mixed-Use
 
Corporate
 
Consolidated
As of or for the year ended December 31, 2013
Centers
 
Properties
 
and Other
 
Totals
Real estate rental operations:
 
 
 
 
 
 
 
Revenue
$
145,219

 
$
52,609

 
$
69

 
$
197,897

Expenses
(30,729
)
 
(17,213
)
 
—

 
(47,942
)
Income from real estate
114,490

 
35,396

 
69

 
149,955

Interest expense and amortization of deferred debt costs
—

 
—

 
(46,589
)
 
(46,589
)
General and administrative
—

 
—

 
(14,951
)
 
(14,951
)
Subtotal
114,490

 
35,396

 
(61,471
)
 
88,415

Depreciation and amortization of deferred leasing costs
(27,340
)
 
(21,790
)
 
—

 
(49,130
)
Acquisition related costs
(106
)
 
—

 
—

 
(106
)
Predevelopment expenses
—

 
(3,910
)
 
—

 
(3,910
)
Loss on early extinguishment of debt
—

 
—

 
(497
)
 
(497
)
Gain on casualty settlement
77

 
—

 
—

 
77

Change in fair value of derivatives
—

 
—

 
(7
)
 
(7
)
Net income (loss)
$
87,121

 
$
9,696

 
$
(61,975
)
 
$
34,842

Capital investment
$
18,232

 
$
8,207

 
$
—

 
$
26,439

Total assets
$
888,109

 
$
293,512

 
$
17,054

 
$
1,198,675