

SAUL CENTERS, INC. Real Estate and Accumulated Depreciation December 31, 2018 (Dollars in Thousands)
			Costs																		Buildings
			Capitalized		Basis at Close of Period																and
	Initial Basis		Subsequent to Acquisition		Land		Buildings and Improvements		Construction in Progress		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	$	20,391	$	6,764	$	24,957	$	101	$	31,822	$	13,437	$	18,385	$	27,167	1994 & 2000-6	3/94	40
Ashland Square Phase I, Dumfries, VA	1,178		7,508		1,178		5,297		2,211		8,686		1,991		6,695		—		2007, 2013	12/04	20 & 50
Beacon Center, Alexandria, VA	24,161		18,466		22,674		19,934		19		42,627		14,814		27,813		38,120		1960 & 1974	1/72, 11/16	40 & 50
BJ’s Wholesale Club, Alexandria, VA	22,623		—		22,623		—		—		22,623		—		22,623		10,609			3/08	—
Boca Valley Plaza, Boca Raton, FL	16,720		1,756		5,735		12,741		—		18,476		4,837		13,639		9,601			2/04	40
Boulevard, Fairfax, VA	4,883		4,676		3,687		5,872		—		9,559		3,023		6,536		16,236		1969, 1999 & 2009	4/94	40
Briggs Chaney MarketPlace, Silver Spring, MD	27,037		4,169		9,789		21,417		—		31,206		8,606		22,600		12,714			4/04	40
Broadlands Village, Ashburn, VA	5,316		29,223		5,300		29,226		13		34,539		11,929		22,610		31,941		2003, 2004 & 2006	3/02	40 & 50
Burtonsville Town Square, Burtonsville, MD	74,212		4,800		28,401		49,472		1,139		79,012		2,324		76,688		38,076		2010	1/17	20 & 45
Countryside Marketplace, Sterling, VA	28,912		3,811		7,666		25,045		12		32,723		9,666		23,057		12,676			2/04	40
Cranberry Square, Westminster, MD	31,578		640		6,700		25,518		—		32,218		4,802		27,416		16,515			9/11	40
Cruse MarketPlace, Cumming, GA	12,226		521		3,901		8,846		—		12,747		3,335		9,412		—			3/04	40
Flagship Center, Rockville, MD	160		9		169		—		—		169		—		169		—		1972	1/72	—
French Market, Oklahoma City, OK	5,781		14,174		1,118		18,834		3		19,955		11,846		8,109		—		1972 & 1998	3/74	50
Germantown, Germantown, MD	2,034		567		2,034		567		—		2,601		353		2,248		—		1990	8/93	40
The Glen, Woodbridge, VA	12,918		8,192		5,300		15,810		—		21,110		9,582		11,528		22,900		1993 & 2005	6/94	40
Great Falls Center, Great Falls, VA	41,750		3,192		14,766		30,174		2		44,942		8,612		36,330		11,702			3/08	40
Hampshire Langley, Takoma, MD	3,159		3,527		1,856		4,635		195		6,686		3,805		2,881		15,345		1960	1/72	40
Hunt Club Corners, Apopka, FL	12,584		4,226		4,822		11,988		—		16,810		4,299		12,511		5,480			6/06, 12/12	40
Jamestown Place, Altamonte Springs, FL	14,055		1,861		4,455		11,461		—		15,916		3,848		12,068		6,943			11/05	40
Kentlands Square I, Gaithersburg, MD	14,379		665		5,006		9,701		337		15,044		3,966		11,078		—		2002	9/02	40
Kentlands Square II, Gaithersburg, MD	76,723		1,628		22,800		55,184		367		78,351		10,651		67,700		35,258			9/11, 9/13	40
Kentlands Place, Gaithersburg, MD	1,425		7,298		1,425		7,298		—		8,723		3,988		4,735		—		2005	1/04	50
Lansdowne Town Center, Leesburg, VA	6,545		38,528		6,546		37,702		825		45,073		15,011		30,062		31,723		2006	11/02	50
Leesburg Pike Plaza, Baileys Crossroads, VA	2,418		6,262		1,132		7,548		—		8,680		6,054		2,626		14,952		1965	2/66	40
Lumberton Plaza, Lumberton, NJ	4,400		11,305		950		14,754		1		15,705		13,062		2,643		—		1975	12/75	40
Metro Pike Center, Rockville, MD	33,123		4,235		26,064		7,411		3,883		37,358		1,587		35,771		—			12/10	40
Shops at Monocacy, Frederick, MD	9,541		13,957		9,260		14,238		—		23,498		5,999		17,499		11,295		2004	11/03	50
Northrock, Warrenton, VA	12,686		15,414		12,686		15,408		6		28,100		4,406		23,694		14,526		2009	01/08	50
Olde Forte Village, Ft. Washington, MD	15,933		6,669		5,409		17,193		—		22,602		7,672		14,930		9,159		2004	07/03	40
Olney, Olney, MD	4,963		2,106		3,079		3,990		—		7,069		3,390		3,679		11,781		1972	11/75	40
Orchard Park, Dunwoody, GA	19,377		1,029		7,751		12,655		—		20,406		3,802		16,604		9,728			7/07	40
Palm Springs Center, Altamonte Springs, FL	18,365		1,938		5,739		14,564		—		20,303		5,088		15,215		7,766			3/05	40
Ravenwood, Baltimore, MD	1,245		4,193		703		4,735		—		5,438		3,171		2,267		14,086		1959 & 2006	1/72	40
11503 Rockville Pike/5541 Nicholson Lane, Rockville, MD	26,561		24		22,113		4,472		—		26,585		918		25,667		—			10/10 12/12	40
1500/1580/1582/1584 Rockville Pike, Rockville, MD	51,149		2,238		43,863		7,483		2,041		53,387		6,121		47,266		—			12/12, 1/14, 4/14, 12/14	5, 10, 5, 4
Seabreeze Plaza, Palm Harbor, FL	24,526		2,315		8,665		18,176		—		26,841		6,169		20,672		15,547			11/05	40
Market Place at Sea Colony, Bethany Beach, DE	2,920		209		1,147		1,982		—		3,129		556		2,573		—			3/08	40
Seven Corners, Falls Church, VA	4,848		44,101		4,913		43,971		65		48,949		29,867		19,082		62,630		1956 & 1997	7/73	40
Severna Park Marketplace, Severna Park, MD	63,254		512		12,700		51,066		—		63,766		9,233		54,533		30,888			9/11	40
Shops at Fairfax, Fairfax, VA	2,708		9,969		992		11,685		—		12,677		8,343		4,334		10,824		1975 & 1999	6/75	50
Smallwood Village Center, Waldorf, MD	17,819		8,218		6,402		19,629		6		26,037		8,087		17,950		—			1/06	40
Southdale, Glen Burnie, MD	18,895		24,825		15,254		28,465		1		43,720		21,947		21,773		—		1962 & 1986	1/72	40
Southside Plaza, Richmond, VA	6,728		10,998		1,878		15,848		—		17,726		12,466		5,260		—		1958	1/72	40
South Dekalb Plaza, Atlanta, GA	2,474		4,417		703		6,188		—		6,891		4,942		1,949		—		1970	2/76	40
Thruway, Winston-Salem, NC	7,848		25,568		7,693		25,679		44		33,416		17,777		15,639		36,711		1955 & 1965	5/72	40
Village Center, Centreville, VA	16,502		2,501		7,851		11,152		—		19,003		6,995		12,008		13,014		1990	8/93	40
Westview Village, Frederick, MD	6,047		25,265		6,047		25,262		3		31,312		8,590		22,722		—		2009	11/07, 02/15	50
White Oak, Silver Spring, MD	6,277		5,387		4,649		6,837		178		11,664		6,169		5,495		23,198		1958 & 1967	1/72	40
Other Buildings / Improvements			179				179		—		179		99		80		—
Total Shopping Centers	832,397		413,662		412,358		822,249		11,452		1,246,059		357,235		888,824		629,111

Mixed-Use Properties
Avenel Business Park, Gaithersburg, MD	21,459		31,401		3,756		49,104		—		52,860		37,712		15,148		27,222		1981-2000	12/84	35 & 40
Clarendon Center, Arlington, VA (1)	12,753		186,038		16,287		182,504		—		198,791		41,919		156,872		102,310		2010	7/73, 1/96 & 4/02	50
Park Van Ness, Washington, DC	2,242		91,690		2,242		91,690		—		93,932		7,778		86,154		69,691		2016	7/73 & 2/11	50
601 Pennsylvania Ave., Washington, DC	5,479		68,712		5,667		68,524		—		74,191		54,652		19,539		—		1986	7/73	35
Washington Square, Alexandria, VA	2,034		56,734		544		58,224		—		58,768		26,127		32,641		58,523		2000	7/73	50
7316 Wisconsin Avenue	39,641		934		38,662		980		933		40,575		95		40,480		—		1969	9/18 & 12/18	2
Total Mixed-Use Properties	83,608		435,509		67,158		451,026		933		519,117		168,283		350,834		257,746

Development Land
Ashbrook Marketplace, Ashburn, VA	8,938		2,186		—		—		11,124		11,124		—		11,124		—			5/18
Ashland Square Phase II, Manassas, VA	5,292		2,023		7,028		—		287		7,315		—		7,315		—			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		110,109		—		—		162,176		162,176		—		162,176		23,332		—	8/14-8/16
Total Development Land	68,385		114,604		9,402		—		173,587		182,989		—		182,989		23,332
Total	$	984,390	$	963,775	$	488,918	$	1,273,275	$	185,972	$	1,948,165	$	525,518	$	1,422,647	$	910,189


(1)	Includes the North and South Blocks and Residential