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Business Segments
 12 Months Ended
Dec. 31, 2016
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 2016 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, 2016
Centers
 
Properties
 
and Other
 
Totals
Real estate rental operations:
 
 
 
 
 
 
 
Revenue
$
160,179

 
$
56,840

 
$
51

 
$
217,070

Expenses
(34,931
)
 
(18,770
)
 
—

 
(53,701
)
Income from real estate
125,248

 
38,070

 
51

 
163,369

Interest expense and amortization of deferred debt costs
—

 
—

 
(45,683
)
 
(45,683
)
General and administrative
—

 
—

 
(17,496
)
 
(17,496
)
Subtotal
125,248

 
38,070

 
(63,128
)
 
100,190

Depreciation and amortization of deferred leasing costs
(29,964
)
 
(14,453
)
 
—

 
(44,417
)
Acquisition related costs
(60
)
 
—

 
—

 
(60
)
Change in fair value of derivatives
—

 
—

 
(6
)
 
(6
)
Gain on sale of property
—

 
1,013

 
—

 
1,013

Net income (loss)
$
95,224

 
$
24,630

 
$
(63,134
)
 
$
56,720

Capital investment
$
64,044

 
$
27,001

 
$
—

 
$
91,045

Total assets
$
976,545

 
$
358,419

 
$
8,061

 
$
1,343,025

 
 
 
 
 
 
 
 
As of or for the year ended December 31, 2015
 
 
 
 
 
 
 
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
$
931,256

 
$
354,254

 
$
9,898

 
$
1,295,408

 
 
 
 
 
 
 
 
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, 2014
Centers
 
Properties
 
and Other
 
Totals
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
$
939,267

 
$
305,579

 
$
12,267

 
$
1,257,113