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. As of December 31, 2011, the Company was the owner, developer and operator of a real estate portfolio consisting of 58 operating properties totaling approximately 9,543,000 square feet of gross leasable area (GLA) and two development parcels. The portfolio consists of 51 neighborhood and community Shopping Centers, and seven predominantly Mixed-Use Properties totaling approximately 7,932,000 and 1,611,000 square feet of GLA, respectively. On September 23, 2011, the Company purchased Kentlands Square II, three Giant Food-anchored shopping centers, Severna Park MarketPlace and Cranberry Square. On December 6, 2012, the Company acquired 53,000 square feet of retail space located on the east side of Rockville Pike.