

SAUL CENTERS, INC. Real Estate and Accumulated Depreciation December 31, 2015 (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	$	19,713	$	6,764	$	24,380	$	—	$	31,144	$	11,578	$	19,566	$	29,564	1994 & 2000-6	3/94	40
Ashland Square Phase I, Dumfries, VA	1,178		7,503		1,178		7,503		—		8,681		1,108		7,573		—		2007, 2013	12/04	20 & 50
Beacon Center, Alexandria, VA	1,493		18,172		—		18,571		1,094		19,665		13,156		6,509		31,844		1960 & 1974	1/72	40 & 50
BJ’s Wholesale Club, Alexandria, VA	22,623		—		22,623		—		—		22,623		—		22,623		11,365			3/08	—
Boca Valley Plaza, Boca Raton, FL	16,720		1,434		5,735		12,419		—		18,154		3,877		14,277		10,587			2/04	40
Boulevard, Fairfax, VA	4,883		4,461		3,687		5,657		—		9,344		2,379		6,965		17,666		1969, 1999 & 2009	4/94	40
Briggs Chaney MarketPlace, Silver Spring, MD	27,037		3,497		9,789		20,745		—		30,534		6,684		23,850		15,064			4/04	40
Broadlands Village, Ashburn, VA	5,316		26,745		5,300		26,761		—		32,061		9,101		22,960		17,964		2002-3, 2004 & 2006	3/02	40 & 50
Countryside Marketplace, Sterling, VA	28,912		3,286		7,666		24,532		—		32,198		7,278		24,920		15,098			2/04	40
Cranberry Square, Westminster, MD	31,578		512		6,700		25,390		—		32,090		2,736		29,354		18,150			9/11	40
Cruse MarketPlace, Cumming, GA	12,226		239		3,901		8,564		—		12,465		2,531		9,934		—			3/04	40
Flagship Center, Rockville, MD	160		9		169		—		—		169		—		169		—		1972	1/72	—
French Market, Oklahoma City, OK	5,781		13,858		1,118		18,521		—		19,639		10,080		9,559		—		1972 & 1998	3/74	50
Germantown, Germantown, MD	3,576		990		2,034		2,532		—		4,566		2,154		2,412		—		1990	8/93	40
750/730/726 N. Glebe Road, Arlington, VA	46,312		1,994		44,831		3,475		—		48,306		697		47,609		—			08/14, 12/14, 09/15	3 & 2
The Glen, Woodbridge, VA	12,918		7,734		5,300		15,352		—		20,652		7,899		12,753		8,622		1993 & 2005	6/94	40
Great Eastern, District Heights, MD	4,993		10,678		3,785		11,886		—		15,671		8,023		7,648		—		1958 & 1960	1/72	40
Great Falls Center, Great Falls, VA	41,750		2,986		14,766		29,970		—		44,736		5,876		38,860		14,177			3/08	40
Hampshire Langley, Takoma, MD	3,159		3,350		1,856		4,653		—		6,509		3,484		3,025		16,826		1960	1/72	40
Hunt Club Corners, Apopka, FL	12,584		3,165		4,822		10,927		—		15,749		2,931		12,818		5,959			6/06, 12/12	40
Jamestown Place, Altamonte Springs, FL	14,055		1,161		4,455		10,761		—		15,216		2,829		12,387		8,025			11/05	40
Kentlands Square I, Gaithersburg, MD	14,379		328		5,006		9,701		—		14,707		3,206		11,501		7,180		2002	9/02	40
Kentlands Square II, Gaithersburg, MD	76,723		1,188		22,800		55,111		—		77,911		5,925		71,986		38,842			9/11, 9/13	40
Kentlands Place, Gaithersburg, MD	1,425		7,202		1,425		7,202		—		8,627		3,176		5,451		—		2005	1/04	50
Lansdowne Town Center, Leesburg, VA	6,545		36,364		6,546		36,363		—		42,909		11,352		31,557		34,420		2006	11/02	50
Leesburg Pike Plaza, Baileys Crossroads, VA	2,418		6,173		1,132		7,459		—		8,591		5,700		2,891		16,348		1965	2/66	40
Lumberton Plaza, Lumberton, NJ	4,400		11,170		950		14,620		—		15,570		12,109		3,461		—		1975	12/75	40
Metro Pike Center, Rockville, MD	33,123		3,090		26,064		10,149		—		36,213		973		35,240		14,801			12/10	40
Shops at Monocacy, Frederick, MD	9,541		13,926		9,260		14,207		—		23,467		4,635		18,832		13,387		2003-4	11/03	50
Northrock, Warrenton, VA	12,686		15,167		12,686		15,167		—		27,853		2,813		25,040		15,748		2009	01/08	50
Olde Forte Village, Ft. Washington, MD	15,933		6,514		5,409		17,038		—		22,447		6,112		16,335		10,928		2003-4	07/03	40
Olney, Olney, MD	1,884		1,706		—		3,590		—		3,590		3,275		315		11,282		1972	11/75	40
Orchard Park, Dunwoody, GA	19,377		814		7,751		12,440		—		20,191		2,703		17,488		10,492			7/07	40
Palm Springs Center, Altamonte Springs, FL	18,365		1,375		5,739		14,001		—		19,740		3,648		16,092		9,127			3/05	40
Ravenwood, Baltimore, MD	1,245		4,097		703		4,639		—		5,342		2,771		2,571		15,360		1959 & 2006	1/72	40
11503 Rockville Pike/5541 Nicholson Lane, Rockville, MD	26,561		—		22,113		4,448		—		26,561		584		25,977		—			10/10 12/12	40
1500/1580/1582/1584 Rockville Pike, Rockville, MD	51,149		906		43,863		8,192		—		52,055		3,281		48,774		—			12/12, 1/14, 4/14, 12/14	5, 10, 5, 4
Seabreeze Plaza, Palm Harbor, FL	24,526		1,525		8,665		17,386		—		26,051		4,566		21,485		17,011			11/05	40
Market Place at Sea Colony, Bethany Beach, DE	2,920		106		1,147		1,879		—		3,026		373		2,653		—			3/08	40
Seven Corners, Falls Church, VA	4,848		43,692		4,913		43,627		—		48,540		26,614		21,926		67,850		1956 & 1997	7/73	40
Severna Park Marketplace, Severna Park, MD	63,254		86		12,700		50,640		—		63,340		5,381		57,959		34,133			9/11	40
Shops at Fairfax, Fairfax, VA	2,708		9,924		992		11,640		—		12,632		7,259		5,373		11,778		1975 & 1999	6/75	50
Smallwood Village Center, Waldorf, MD	17,819		7,619		6,402		19,036		—		25,438		5,763		19,675		—			1/06	40
Southdale, Glen Burnie, MD	3,650		21,366		—		24,394		622		25,016		20,890		4,126		—		1962 & 1986	1/72	40
Southside Plaza, Richmond, VA	6,728		10,357		1,878		15,207		—		17,085		11,595		5,490		—		1958	1/72	40
South Dekalb Plaza, Atlanta, GA	2,474		4,130		703		5,901		—		6,604		4,491		2,113		—		1970	2/76	40
Thruway, Winston-Salem, NC	4,778		23,579		5,496		22,756		105		28,357		14,760		13,597		40,360		1955 & 1965	5/72	40
Village Center, Centreville, VA	16,502		1,971		7,851		10,622		—		18,473		6,003		12,470		14,197		1990	8/93	40
Westview Village, Frederick, MD	6,047		22,499		6,047		22,499		—		28,546		5,310		23,236		—		2009	11/07, 02/15	50
White Oak, Silver Spring, MD	6,277		5,357		4,649		6,985		—		11,634		5,758		5,876		25,088		1958 & 1967	1/72	40
Other Buildings / Improvements			221				221				221		95		126		—
Total Shopping Centers	766,970		393,939		389,369		769,719		1,821		1,160,909		295,522		865,387		629,243

Mixed-Use Properties
Avenel Business Park, Gaithersburg, MD	21,459		28,896		3,756		46,599		—		50,355		33,503		16,852		29,714		1981-2000	12/2/1984	35 & 40
Clarendon Center, Arlington, VA (1)	12,753		185,129		16,287		181,595		—		197,882		27,412		170,470		112,299		2010	7/73, 1/96 & 4/02	50
601 Pennsylvania Ave., Washington, DC	5,479		65,773		5,667		65,585		—		71,252		47,842		23,410		—		1986	7/73	35
Washington Square, Alexandria, VA	2,034		53,631		544		55,121		—		55,665		21,091		34,574		30,778		1952 & 2000	7/73	50
Total Mixed-Use Properties	41,725		333,429		26,254		348,900		—		375,154		129,848		245,306		172,791

Development Land
Ashland Square Phase II, Manassas, VA	5,292		1,736		7,028		—		—		7,028		—		7,028		—			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		75,003		2,242		75,003		—		77,245		—		77,245		45,208			07/73 and 02/11
Total Development Land	9,622		77,025		11,644		75,003		—		86,647		—		86,647		45,208
Total	$	818,317	$	804,393	$	427,267	$	1,193,622	$	1,821	$	1,622,710	$	425,370	$	1,197,340	$	847,242


(1)	Includes the North and South Blocks and Residential

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 $1.1 billion at December 31, 2015. 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, 2015 are summarized as follows:



(In thousands)	2015			2014			2013
Total real estate investments:
Balance, beginning of year	$	1,560,159		$	1,459,439		$	1,466,068
Acquisitions	4,894			70,921			5,124
Improvements	70,067			34,417			21,991
Retirements	(1,981		)	(4,618		)	(33,744		)
Transfers to assets held for sale	(10,429		)	—			—
Balance, end of year	$	1,622,710		$	1,560,159		$	1,459,439
Total accumulated depreciation:
Balance, beginning of year	$	396,617		$	364,663		$	353,305
Depreciation expense	37,698			35,933			43,204
Retirements	(1,911		)	(3,979		)	(31,846		)
Transfers to assets held for sale	(7,034		)	$	—		—
Balance, end of year	$	425,370		$	396,617		$	364,663