

SAUL CENTERS, INC. Real Estate and Accumulated Depreciation December 31, 2016 (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		$	20,159	$	6,764	$	24,826	$	—	$	31,590	$	12,247	$	19,343	$	28,822	1994 & 2000-6	3/94	40
Ashland Square Phase I, Dumfries, VA	1,178			7,503		1,178		7,503		—		8,681		1,440		7,241		—		2007, 2013	12/04	20 & 50
Beacon Center, Alexandria, VA	24,161			18,402		22,668		19,895		—		42,563		13,721		28,842		41,753		1960 & 1974	1/72, 11/16	40 & 50
BJ’s Wholesale Club, Alexandria, VA	22,623			—		22,623		—		—		22,623		—		22,623		11,129			3/08	—
Boca Valley Plaza, Boca Raton, FL	16,720			1,616		5,735		12,601		—		18,336		4,279		14,057		10,277			2/04	40
Boulevard, Fairfax, VA	4,883			4,461		3,687		5,657		—		9,344		2,594		6,750		17,207		1969, 1999 & 2009	4/94	40
Briggs Chaney MarketPlace, Silver Spring, MD	27,037			3,806		9,789		21,054		—		30,843		7,249		23,594		14,325			4/04	40
Broadlands Village, Ashburn, VA	5,316			27,392		5,300		27,408		—		32,708		9,954		22,754		17,050		2003, 2004 & 2006	3/02	40 & 50
Countryside Marketplace, Sterling, VA	28,912			3,712		7,666		24,958		—		32,624		8,012		24,612		14,335			2/04	40
Cranberry Square, Westminster, MD	31,578			635		6,700		25,513		—		32,213		3,408		28,805		17,630			9/11	40
Cruse MarketPlace, Cumming, GA	12,226			369		3,901		8,694		—		12,595		2,793		9,802		—			3/04	40
Flagship Center, Rockville, MD	160			9		169		—		—		169		—		169		—		1972	1/72	—
French Market, Oklahoma City, OK	5,781			13,790		1,118		18,453		—		19,571		10,629		8,942		—		1972 & 1998	3/74	50
Germantown, Germantown, MD	2,034			567		2,034		567		—		2,601		241		2,360		—		1990	8/93	40
The Glen, Woodbridge, VA	12,918			7,767		5,300		15,385		—		20,685		8,498		12,187		8,172		1993 & 2005	6/94	40
Great Eastern, District Heights, MD	4,993			10,678		3,785		11,886		—		15,671		8,293		7,378		—		1958 & 1960	1/72	40
Great Falls Center, Great Falls, VA	41,750			3,113		14,766		30,097		—		44,863		6,802		38,061		13,401			3/08	40
Hampshire Langley, Takoma, MD	3,159			3,394		1,856		4,697		—		6,553		3,604		2,949		16,352		1960	1/72	40
Hunt Club Corners, Apopka, FL	12,584			3,831		4,822		11,593		—		16,415		3,343		13,072		5,809			6/06, 12/12	40
Jamestown Place, Altamonte Springs, FL	14,055			1,174		4,455		10,774		—		15,229		3,153		12,076		7,685			11/05	40
Kentlands Square I, Gaithersburg, MD	14,379			328		5,006		9,701		—		14,707		3,460		11,247		6,813		2002	9/02	40
Kentlands Square II, Gaithersburg, MD	76,723			1,327		22,800		55,250		—		78,050		7,503		70,547		37,701			9/11, 9/13	40
Kentlands Place, Gaithersburg, MD	1,425			7,220		1,425		7,220		—		8,645		3,446		5,199		—		2005	1/04	50
Lansdowne Town Center, Leesburg, VA	6,545			36,813		6,546		36,812		—		43,358		12,546		30,812		33,571		2006	11/02	50
Leesburg Pike Plaza, Baileys Crossroads, VA	2,418			6,243		1,132		7,529		—		8,661		5,815		2,846		15,917		1965	2/66	40
Lumberton Plaza, Lumberton, NJ	4,400			11,170		950		14,620		—		15,570		12,431		3,139		—		1975	12/75	40
Metro Pike Center, Rockville, MD	33,123			3,760		26,064		10,819		—		36,883		1,172		35,711		14,482			12/10	40
Shops at Monocacy, Frederick, MD	9,541			13,926		9,260		14,207		—		23,467		5,101		18,366		12,725		2004	11/03	50
Northrock, Warrenton, VA	12,686			15,217		12,686		15,217		—		27,903		3,343		24,560		15,357		2009	01/08	50
Olde Forte Village, Ft. Washington, MD	15,933			6,575		5,409		17,099		—		22,508		6,639		15,869		10,372		2004	07/03	40
Olney, Olney, MD	1,884			1,792		—		3,676		—		3,676		3,259		417		11,446		1972	11/75	40
Orchard Park, Dunwoody, GA	19,377			950		7,751		12,576		—		20,327		3,064		17,263		10,253			7/07	40
Palm Springs Center, Altamonte Springs, FL	18,365			1,393		5,739		14,019		—		19,758		4,128		15,630		8,697			3/05	40
Ravenwood, Baltimore, MD	1,245			4,175		703		4,717		—		5,420		2,922		2,498		14,961		1959 & 2006	1/72	40
11503 Rockville Pike/5541 Nicholson Lane, Rockville, MD	26,561			—		22,113		4,448		—		26,561		695		25,866		—			10/10 12/12	40
1500/1580/1582/1584 Rockville Pike, Rockville, MD	51,149			1,093		43,863		8,379		—		52,242		4,605		47,637		—			12/12, 1/14, 4/14, 12/14	5, 10, 5, 4
Seabreeze Plaza, Palm Harbor, FL	24,526			1,539		8,665		17,400		—		26,065		5,079		20,986		16,543			11/05	40
Market Place at Sea Colony, Bethany Beach, DE	2,920			170		1,147		1,943		—		3,090		429		2,661		—			3/08	40
Seven Corners, Falls Church, VA	4,848			44,062		4,913		43,997		—		48,910		27,710		21,200		66,210		1956 & 1997	7/73	40
Severna Park Marketplace, Severna Park, MD	63,254			92		12,700		50,646		—		63,346		6,651		56,695		33,097			9/11	40
Shops at Fairfax, Fairfax, VA	2,708			9,923		992		11,639		—		12,631		7,627		5,004		11,472		1975 & 1999	6/75	50
Smallwood Village Center, Waldorf, MD	17,819			7,662		6,402		19,079		—		25,481		6,492		18,989		—			1/06	40
Southdale, Glen Burnie, MD	18,895			22,684		15,245		26,334		—		41,579		20,763		20,816		—		1962 & 1986	1/72	40
Southside Plaza, Richmond, VA	6,728			10,647		1,878		15,497		—		17,375		11,910		5,465		—		1958	1/72	40
South Dekalb Plaza, Atlanta, GA	2,474			4,186		703		5,957		—		6,660		4,658		2,002		—		1970	2/76	40
Thruway, Winston-Salem, NC	7,848			23,925		7,692		24,081		—		31,773		15,673		16,100		39,213		1955 & 1965	5/72	40
Village Center, Centreville, VA	16,502			2,354		7,851		11,005		—		18,856		6,346		12,510		13,832		1990	8/93	40
Westview Village, Frederick, MD	6,047			24,230		6,047		24,230		—		30,277		6,422		23,855		—		2009	11/07, 02/15	50
White Oak, Silver Spring, MD	6,277			5,357		4,649		6,985		—		11,634		5,906		5,728		24,504		1958 & 1967	1/72	40
Other Buildings / Improvements				211				211				211		103		108		—
Total Shopping Centers	760,099			401,402		384,647		776,854		—		1,161,501		316,158		845,343		621,113

Mixed-Use Properties
Avenel Business Park, Gaithersburg, MD	21,459			30,504		3,756		48,207		—		51,963		35,261		16,702		28,945		1981-2000	12/84	35 & 40
Clarendon Center, Arlington, VA (1)	12,753			185,436		16,287		181,902		—		198,189		32,314		165,875		109,144		2010	7/73, 1/96 & 4/02	50
Park Van Ness, Washington, DC	2,242		286	90,676		2,242		90,676		—		92,918		1,831		91,087		70,144		2016	7/73 & 2/11	50
601 Pennsylvania Ave., Washington, DC	5,479			66,158		5,667		65,970		—		71,637		49,856		21,781		—		1986	7/73	35
Washington Square, Alexandria, VA	2,034			54,945		544		56,435		—		56,979		22,859		34,120		29,428		2000	7/73	50
Total Mixed-Use Properties	43,967			427,719		28,496		443,190		—		471,686		142,121		329,565		237,661

Development Land
Ashland Square Phase II, Manassas, VA	5,292			1,813		7,029		76		—		7,105		—		7,105		—			12/04
New Market, New Market, MD	2,088			286		2,374		—		—		2,374		—		2,374		—			9/05
North Glebe Road, Arlington, VA	52,067			6,080		—		58,147		—		58,147		—		58,147		—		—	8/14-8/16
Total Development Land	59,447			8,179		9,403		58,223		—		67,626		—		67,626		—
Total	$	863,513		$	837,300	$	422,546	$	1,278,267	$	—	$	1,700,813	$	458,279	$	1,242,534	$	858,774


(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 $1.3 billion at December 31, 2016. 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, 2016 are summarized as follows:



(In thousands)	2016			2015			2014
Total real estate investments:
Balance, beginning of year	$	1,622,710		$	1,560,159		$	1,459,439
Acquisitions	48,123			4,894			70,921
Improvements	35,826			70,067			34,417
Retirements	(5,846		)	(1,981		)	(4,618		)
Transfers to assets held for sale	—			(10,429		)	—
Balance, end of year	$	1,700,813		$	1,622,710		$	1,560,159
Total accumulated depreciation:
Balance, beginning of year	$	425,370		$	396,617		$	364,663
Depreciation expense	38,755			37,698			35,933
Retirements	(5,846		)	(1,911		)	(3,979		)
Transfers to assets held for sale	—			$	(7,034	)	—
Balance, end of year	$	458,279		$	425,370		$	396,617