XML 45 R30.htm IDEA: XBRL DOCUMENT
v3.7.0.1

Mortgage Notes Payable, Revolving Credit Facility, Interest Expense and Amortization of Deferred Debt Costs (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2016
Debt Disclosure [Abstract] |
Summary of notes payable | The following is a summary of notes payable as of December 31, 2016 and 2015.
Notes Payable | December 31, |  | Interest |  | Scheduled
(Dollars in thousands) | 2016 |  |  |  | 2015 |  | Rate * |  | Maturity *
Fixed rate mortgages: | $ | 29,428 |  |  | (a) |  | $ | 30,778 |  |  | 6.01 | % |  | Feb-2018
| 32,036 |  |  | (b) |  | 33,766 |  |  | 5.88 | % |  | Jan-2019
| 10,372 |  |  | (c) |  | 10,928 |  |  | 5.76 | % |  | May-2019
| 14,335 |  |  | (d) |  | 15,098 |  |  | 5.62 | % |  | Jul-2019
| 14,325 |  |  | (e) |  | 15,064 |  |  | 5.79 | % |  | Sep-2019
| 12,725 |  |  | (f) |  | 13,387 |  |  | 5.22 | % |  | Jan-2020
| 10,277 |  |  | (g) |  | 10,587 |  |  | 5.60 | % |  | May-2020
| 8,697 |  |  | (h) |  | 9,127 |  |  | 5.30 | % |  | Jun-2020
| 39,213 |  |  | (i) |  | 40,360 |  |  | 5.83 | % |  | Jul-2020
| 7,685 |  |  | (j) |  | 8,025 |  |  | 5.81 | % |  | Feb-2021
| 5,808 |  |  | (k) |  | 5,959 |  |  | 6.01 | % |  | Aug-2021
| 33,571 |  |  | (l) |  | 34,420 |  |  | 5.62 | % |  | Jun-2022
| 10,253 |  |  | (m) |  | 10,492 |  |  | 6.08 | % |  | Sep-2022
| 11,129 |  |  | (n) |  | 11,365 |  |  | 6.43 | % |  | Apr-2023
| 13,401 |  |  | (o) |  | 14,177 |  |  | 6.28 | % |  | Feb-2024
| 15,917 |  |  | (p) |  | 16,348 |  |  | 7.35 | % |  | Jun-2024
| 13,832 |  |  | (q) |  | 14,197 |  |  | 7.60 | % |  | Jun-2024
| 24,504 |  |  | (r) |  | 25,088 |  |  | 7.02 | % |  | Jul-2024
| 28,945 |  |  | (s) |  | 29,714 |  |  | 7.45 | % |  | Jul-2024
| 28,822 |  |  | (t) |  | 29,564 |  |  | 7.30 | % |  | Jan-2025
| 14,961 |  |  | (u) |  | 15,360 |  |  | 6.18 | % |  | Jan-2026
| 109,144 |  |  | (v) |  | 112,299 |  |  | 5.31 | % |  | Apr-2026
| 33,097 |  |  | (w) |  | 34,133 |  |  | 4.30 | % |  | Oct-2026
| 37,701 |  |  | (x) |  | 38,842 |  |  | 4.53 | % |  | Nov-2026
| 17,630 |  |  | (y) |  | 18,150 |  |  | 4.70 | % |  | Dec-2026
| 66,210 |  |  | (z) |  | 67,850 |  |  | 5.84 | % |  | May-2027
| 16,352 |  |  | (aa) |  | 16,826 |  |  | 4.04 | % |  | Apr-2028
| 41,753 |  |  | (bb) |  | 31,844 |  |  | 3.51 | % |  | Jun-2028
| 16,543 |  |  | (cc) |  | 17,011 |  |  | 3.99 | % |  | Sep-2028
| 28,679 |  |  | (dd) |  | 29,444 |  |  | 3.69 | % |  | Mar-2030
| 15,357 |  |  | (ee) |  | 15,748 |  |  | 3.99 | % |  | Apr-2030
| 70,144 |  |  | (ff) |  | 45,208 |  |  | 4.88 | % |  | Sep-2032
| 11,446 |  |  | (gg) |  | 11,282 |  |  | 8.00 | % |  | Apr-2034
Total fixed rate | 844,292 |  |  |  |  | 832,441 |  |  | 5.48 | % |  | 8.5 Years
Variable rate loans: |  |  |  |  |  |  |  |  |
| 49,000 |  |  | (hh) |  | 28,000 |  |  | LIBOR + 1.45 | % |  | Jun-2018
| 14,482 |  |  | (ii) |  | 14,801 |  |  | LIBOR + 1.65 | % |  | Feb-2018
Total variable rate | $ | 63,482 |  |  |  |  | $ | 42,801 |  |  | 2.22 | % |  | 1.3 Years
Total notes payable | $ | 907,774 |  |  |  |  | $ | 875,242 |  |  | 5.25 | % |  | 8.0 Years
* | Interest rate and scheduled maturity data presented as of December 31, 2016. Totals computed using weighted averages. Amounts shown are principal amounts and have not been reduced by any deferred debt issuance costs.
(a) | The loan is collateralized by Washington Square and requires equal monthly principal and interest payments of $264,000 based upon a 27.5-year amortization schedule and a final payment of $28.0 million at loan maturity. Principal of $1.4 million was amortized during 2016.
(b) | The loan is collateralized by three shopping centers, Broadlands Village, The Glen and Kentlands Square I, and requires equal monthly principal and interest payments of $306,000 based upon a 25-year amortization schedule and a final payment of $28.4 million at loan maturity. Principal of $1.7 million was amortized during 2016.
(c) | The loan is collateralized by Olde Forte Village and requires equal monthly principal and interest payments of $98,000 based upon a 25-year amortization schedule and a final payment of $9.0 million at loan maturity. Principal of $556,000 was amortized during 2016.
(d) | The loan is collateralized by Countryside and requires equal monthly principal and interest payments of $133,000 based upon a 25-year amortization schedule and a final payment of $12.3 million at loan maturity. Principal of $763,000 was amortized during 2016.
(e) | The loan is collateralized by Briggs Chaney MarketPlace and requires equal monthly principal and interest payments of $133,000 based upon a 25-year amortization schedule and a final payment of $12.2 million at loan maturity. Principal of $739,000 was amortized during 2016.
(f) | The loan is collateralized by Shops at Monocacy and requires equal monthly principal and interest payments of $112,000 based upon a 25-year amortization schedule and a final payment of $10.6 million at loan maturity. Principal of $662,000 was amortized during 2016.
(g) | The loan is collateralized by Boca Valley Plaza and requires equal monthly principal and interest payments of $75,000 based upon a 30-year amortization schedule and a final payment of $9.1 million at loan maturity. Principal of $310,000 was amortized during 2016.
(h) | The loan is collateralized by Palm Springs Center and requires equal monthly principal and interest payments of $75,000 based upon a 25-year amortization schedule and a final payment of $7.1 million at loan maturity. Principal of $430,000 was amortized during 2016.
(i) | The loan and a corresponding interest-rate swap closed on June 29, 2010 and are collateralized by Thruway. On a combined basis, the loan and the interest-rate swap require equal monthly principal and interest payments of $289,000 based upon a 25-year amortization schedule and a final payment of $34.8 million at loan maturity. Principal of $1,147,000 was amortized during 2016.
(j) | The loan is collateralized by Jamestown Place and requires equal monthly principal and interest payments of $66,000 based upon a 25-year amortization schedule and a final payment of $6.1 million at loan maturity. Principal of $340,000 was amortized during 2016.
(k) | The loan is collateralized by Hunt Club Corners and requires equal monthly principal and interest payments of $42,000 based upon a 30-year amortization schedule and a final payment of $5.0 million, at loan maturity. Principal of $151,000 was amortized during 2016.
(l) | The loan is collateralized by Lansdowne Town Center and requires monthly principal and interest payments of $230,000 based on a 30-year amortization schedule and a final payment of $28.2 million at loan maturity. Principal of $849,000 was amortized during 2016.
(m) | The loan is collateralized by Orchard Park and requires equal monthly principal and interest payments of $73,000 based upon a 30-year amortization schedule and a final payment of $8.6 million at loan maturity. Principal of $239,000 was amortized during 2016.
(n) | The loan is collateralized by BJ’s Wholesale and requires equal monthly principal and interest payments of $80,000 based upon a 30-year amortization schedule and a final payment of $9.3 million at loan maturity. Principal of $236,000 was amortized during 2016.
(o) | The loan is collateralized by Great Falls shopping center. The loan consists of three notes which require equal monthly principal and interest payments of $138,000 based upon a weighted average 26-year amortization schedule and a final payment of $6.3 million at maturity. Principal of $776,000 was amortized during 2016.
(p) | The loan is collateralized by Leesburg Pike and requires equal monthly principal and interest payments of $135,000 based upon a 25-year amortization schedule and a final payment of $11.5 million at loan maturity. Principal of $431,000 was amortized during 2016.
(q) | The loan is collateralized by Village Center and requires equal monthly principal and interest payments of $119,000 based upon a 25-year amortization schedule and a final payment of $10.1 million at loan maturity. Principal of $365,000 was amortized during 2016.
(r) | The loan is collateralized by White Oak and requires equal monthly principal and interest payments of $193,000 based upon a 24.4 year weighted amortization schedule and a final payment of $18.5 million at loan maturity. The loan was previously collateralized by Van Ness Square. During 2012, the Company substituted White Oak as the collateral and borrowed an additional $10.5 million. Principal of $584,000 was amortized during 2016.
(s) | The loan is collateralized by Avenel Business Park and requires equal monthly principal and interest payments of $246,000 based upon a 25-year amortization schedule and a final payment of $20.9 million at loan maturity. Principal of $769,000 was amortized during 2016.
(t) | The loan is collateralized by Ashburn Village and requires equal monthly principal and interest payments of $240,000 based upon a 25-year amortization schedule and a final payment of $20.5 million at loan maturity. Principal of $742,000 was amortized during 2016.
(u) | The loan is collateralized by Ravenwood and requires equal monthly principal and interest payments of $111,000 based upon a 25-year amortization schedule and a final payment of $10.1 million at loan maturity. Principal of $399,000 was amortized during 2016.
(v) | The loan is collateralized by Clarendon Center and requires equal monthly principal and interest payments of $753,000 based upon a 25-year amortization schedule and a final payment of $70.5 million at loan maturity. Principal of $3.2 million was amortized during 2016.
(w) | The loan is collateralized by Severna Park MarketPlace and requires equal monthly principal and interest payments of $207,000 based upon a 25-year amortization schedule and a final payment of $20.3 million at loan maturity. Principal of $1,036,000 was amortized during 2016.
(x) | The loan is collateralized by Kentlands Square II and requires equal monthly principal and interest payments of $240,000 based upon a 25-year amortization schedule and a final payment of $23.1 million at loan maturity. Principal of $1,141,000 was amortized during 2016.
(y) | The loan is collateralized by Cranberry Square and requires equal monthly principal and interest payments of $113,000 based upon a 25-year amortization schedule and a final payment of $10.9 million at loan maturity. Principal of $520,000 was amortized during 2016.
(z) | The loan in the original amount of $73.0 million closed in May 2012, is collateralized by Seven Corners and requires equal monthly principal and interest payments of $463,200 based upon a 25-year amortization schedule and a final payment of $42.3 million at loan maturity. Principal of $1.6 million was amortized during 2016.
(aa) | The loan is collateralized by Hampshire Langley and requires equal monthly principal and interest payments of $95,400 based upon a 25 -year amortization schedule and a final payment of $9.5 million at loan maturity. Principal of $474,000 was amortized in 2016.
(bb) | The loan is collateralized by Beacon Center and requires equal monthly principal and interest payments of $268,500 based upon a 20-year amortization schedule and a final payment of $17.1 million at loan maturity. Principal of $1.3 million was amortized in 2016.
(cc) | The loan is collateralized by Seabreeze Plaza and requires equal monthly principal and interest payments of $94,900 based upon a 25-year amortization schedule and a final payment of $9.5 million at loan maturity. Principal of $468,000 was amortized in 2016.
(dd) | The loan is collateralized by Shops at Fairfax and Boulevard shopping centers and requires equal monthly principal and interest payments totaling $153,300 based upon a 25-year amortization schedule and a final payment of $15.5 million at maturity. Principal of $765,000 was amortized in 2016.
(ee) The loan is collateralized by Northrock and requires equal monthly principal and interest payments totaling $84,400 based upon a 25-year amortization schedule and a final payment of $8.4 million at maturity. Principal of $391,000 was amortized in 2016.
(ff) | The loan is a $71.6 million construction-to-permanent facility that is collateralized by and will finance a portion of the construction costs of Park Van Ness. During the construction period, interest will be funded by the loan. After conversion to a permanent loan, monthly principal and interest payments totaling $413,500 will be required based upon a 25-year amortization schedule. A final payment of $39.6 million will be due at maturity.
(gg) | The Company entered into a sale-leaseback transaction with its Olney property and is accounting for that transaction as a secured financing. The arrangement requires monthly payments of $60,400 which increase by 1.5% on May 1, 2015, and every May 1 thereafter. The arrangement provides for a final payment of $14.7 million and has an implicit interest rate of 8.0%. Negative amortization in 2016 totaled $164,000.
(hh) | The loan is a $275.0 million unsecured revolving credit facility. Interest accrues at a rate equal to the sum of one-month LIBOR plus a spread of 145 basis points. The line may be extended at the Company’s option for one year with payment of a fee of 0.15%. Monthly payments, if required, are interest only and vary depending upon the amount outstanding and the applicable interest rate for any given month.
(ii) | The loan is collateralized by Metro Pike Center and requires monthly principal and interest payments of approximately $48,000 and a final payment of $14.2 million at loan maturity. Principal of $319,000 was amortized during 2016.
Scheduled maturities of all debt, including scheduled principal amortization | As of December 31, 2016, the scheduled maturities of all debt including scheduled principal amortization for years ended December 31 are as follows:
(in thousands) | Balloon Payments |  | Scheduled Principal Amortization |  | Total
2017 | $ | — |  |  | $ | 26,418 |  |  | $ | 26,418 |
2018 | 90,865 |  | (a) | 26,394 |  |  | 117,259 |
2019 | 60,793 |  |  | 25,037 |  |  | 85,830 |
2020 | 61,163 |  |  | 22,331 |  |  | 83,494 |
2021 | 11,011 |  |  | 21,859 |  |  | 32,870 |
Thereafter | 452,142 |  |  | 109,761 |  |  | 561,903 |
Principal amount | $ | 675,974 |  |  | $ | 231,800 |  |  | 907,774 |
Unamortized deferred debt costs |  |  |  |  | 7,485 |
Net |  |  |  |  | $ | 900,289 |
(a) Includes $49.0 million outstanding under the line of credit.
Components of interest expense | The components of interest expense are set forth below.
(in thousands) | Year ended December 31,
| 2016 |  | 2015 |  | 2014
Interest incurred | $ | 46,867 |  |  | $ | 45,898 |  |  | $ | 45,396 |
Amortization of deferred debt costs | 1,343 |  |  | 1,433 |  |  | 1,327 |
Capitalized interest | (2,527 | ) |  | (2,166 | ) |  | (689 | )
Total | $ | 45,683 |  |  | $ | 45,165 |  |  | $ | 46,034 |

X
- Definition Schedule of Interest Costs Incurred + References No definition available. + Details
Name: | bfs_ScheduleOfInterestCostsIncurredTableTableTextBlock
Namespace Prefix: | bfs_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_DebtDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.22) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 470 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6479336&loc=d3e64711-112823 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08.(e),(f)) -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 835 -SubTopic 30 -Section 55 -Paragraph 8 -URI http://asc.fasb.org/extlink&oid=64930739&loc=d3e28878-108400 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 8 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21538-112644 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21506-112644 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 835 -SubTopic 30 -Section 45 -Paragraph 1A -URI http://asc.fasb.org/extlink&oid=64930785&loc=d3e28541-108399 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 835 -SubTopic 30 -Section 45 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=64930785&loc=d3e28551-108399 Reference 10: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 7 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21521-112644 + Details
Name: | us-gaap_ScheduleOfDebtInstrumentsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the combined aggregate amount of maturities and sinking fund requirements for all long-term borrowings for each of the five years following the date of the latest balance sheet date presented. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6802200&loc=d3e1835-112601 + Details
Name: | us-gaap_ScheduleOfMaturitiesOfLongTermDebtTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration