Saul Centers, Inc. (Saul Centers) operates as a real estate investment trust (a REIT). The Company’s principal business activity is the ownership, management and development of income-producing properties. The Company conducts its business through Saul Holdings Limited Partnership (the Operating Partnership) and/or directly or indirectly owned subsidiaries. The Company, which conducts all of its activities through its subsidiaries, the Operating Partnership and Subsidiary Partnerships, engages in the ownership, operation, management, leasing, acquisition, renovation, expansion, development and financing of community and neighborhood shopping centers and mixed-used properties, located primarily in the Washington, DC/Baltimore and Maryland metropolitan area. Shopping Centers and Mixed-Use Properties represent reportable business segments for financial reporting purposes.