SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 10-K \ A
Amendment No. 1
(Mark One)
X ANNUAL REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES
--- EXCHANGE ACT OF 1934
For the fiscal year ended December 31, 2001
--- TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the transition period from ____________ to ________________
Commission File number 1-12254
SAUL CENTERS, INC.
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(Exact name of registrant as specified in its charter)
Maryland 52-1833074
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(State or other jurisdiction of (I.R.S. Employer Identification No.)
incorporation or organization)
7501 Wisconsin Avenue, Suite 1500, Bethesda, Maryland 20814-6522
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (301) 986-6200
Securities registered pursuant to Section 12(b) of the Act:
Name of each exchange
Title of each class on which registered
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Common Stock, Par Value $0.01 Per Share New York Stock Exchange
Securities registered pursuant to Section 12(g) of the Act:
N/A
Indicate by check mark whether registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports), and (2) has been subject to such
filing requirements for the past 90 days.
Yes X No
--- ---
Indicate by check mark if disclosure of delinquent filers pursuant to
Item 405 of Regulation S-K is not contained herein, and will not be contained,
to the best of registrant's knowledge, in the definitive proxy or information
statements incorporated by reference in Part III of this Form 10-K or any
amendment to this Form 10-K. X
---
The number of shares of Common Stock, $0.01 par value, outstanding as
of June 20, 2002 was 14,830,586.
Explanatory Note
The Form 10-K of Saul Centers, Inc. (the "Company") for the year ended fiscal
year December 31, 2001 (the "Form 10-K") is being amended to file the correct
version of Schedule III, "Real Estate and Accumulated Depreciation." During the
EDGAR conversion process, Schedule III was inadvertently replaced with the
version of Schedule III filed with the Company's Form 10-K for the year ended
December 31, 2000. The Schedule III filed herewith replaces pages F-19 and F-20
in the Form 10-K. In addition, the Schedule III filed herewith is the document
subjected to the independent auditor's auditing procedures referred to in the
Report of Independent Public Accountants on page F-18 and also filed herewith.
2
SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed on
its behalf by the undersigned, thereunto duly authorized.
SAUL CENTERS, INC
(Registrant)
Date: June 21, 2002 /s/ B. Francis Saul II
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B. Francis Saul II
Chairman of the Board of Directors
& Chief Executive Officer
(Principal Executive Officer)
Date: June 21, 2002 /s/ Scott V. Schneider
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Scott V. Schneider,
Senior Vice President,
Treasurer and Secretary
(Principal Financial and Accounting
Officer)
3
REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS
To the Board of Directors of Saul Centers, Inc.:
We have audited in accordance with auditing standards generally accepted in the
United States, the consolidated financial statements of Saul Centers, Inc. (the
"Company") included in this Form 10-K and have issued our report thereon dated
February 13, 2002. Our audit was made for the purpose of forming an opinion on
the basic financial statements taken as a whole. Schedule III, "Real Estate and
Accumulated Depreciation" is the responsibility of the Company's management and
is presented for purposes of complying with the Securities and Exchange
Commission's rules and are not part of the basic financial statements. The
schedule has been subjected to the auditing procedures applied in our audit of
the basic financial statements and, in our opinion, fairly states in all
material respects the financial data required to be set forth therein in
relation to the basic financial statements taken as a whole.
Vienna, Virginia
February 13, 2002
F - 18
Schedule III
SAUL CENTERS, INC.
Real Estate and Accumulated Depreciation
December 31, 2001
(Dollars in Thousands)
Costs Basis at Close of Period
Capitalized -----------------------------
Subsequent Buildings
Initial to and
Basis Acquisition Land Improvements
--------- ------------ --------- -------------
Shopping Centers
Ashburn Village, Ashburn, VA $ 11,431 $ 10,640 $ 6,072 $ 15,999
Beacon Center, Alexandria, VA 1,493 14,880 -- 15,279
Belvedere, Baltimore, MD 932 841 263 1,510
Boulevard, Fairfax, VA 4,883 1,410 3,687 2,606
Clarendon, Arlington, VA 385 397 635 147
Clarendon Station, Arlington, VA 834 37 425 446
Flagship Center, Rockville, MD 160 9 169 --
French Market, Oklahoma City, OK 5,781 9,912 1,118 14,575
Germantown, Germantown, MD 3,576 304 2,034 1,846
Giant, Baltimore, MD 998 359 422 935
The Glen, Lake Ridge, VA 12,918 509 5,300 8,127
Great Eastern, District Heights., MD 3,472 9,351 2,263 10,560
Hampshire Langley, Langley Park, MD 3,159 2,470 1,856 3,773
Leesburg Pike, Baileys Crossroads, VA 2,418 5,123 1,132 6,409
Lexington Mall, Lexington, KY 4,868 6,015 2,111 8,772
Lumberton Plaza, Lumberton, NJ 4,400 8,908 950 12,358
Olney, Olney, MD 1,884 1,407 -- 3,291
Ravenwood, Baltimore, MD 1,245 1,657 703 2,199
Seven Corners, Falls Church, VA 4,848 39,259 4,913 39,194
Shops at Fairfax, Fairfax, VA 2,708 10,240 992 11,956
Southdale, Glen Burnie, MD 3,650 15,361 -- 18,389
Southside Plaza, Richmond, VA 6,728 4,257 1,878 9,107
South Dekalb Plaza, Atlanta, GA 2,474 2,743 703 4,514
Thruway, Winston-Salem, NC 4,778 13,524 5,464 12,733
Village Center, Centreville, VA 16,502 743 7,851 9,394
West Park, Oklahoma City, OK 1,883 619 485 2,017
White Oak, Silver Spring, MD 6,277 3,705 4,787 5,195
--------- --------- -------- ---------
Total Shopping Centers 114,685 164,680 56,213 221,331
--------- --------- -------- ---------
Office Properties
Avenel Business Park, Gaithersburg, MD 21,459 18,911 3,851 36,519
Crosstown Business Center, Tulsa, OK 3,454 5,018 604 7,868
601 Pennsylvania Ave., Washington DC 5,479 46,963 5,667 46,775
Van Ness Square, Washington, DC 812 27,171 831 27,152
Washington Square, Alexandria VA 2,034 42,980 544 44,470
--------- --------- -------- ---------
Total Office Properties 33,238 141,043 11,497 162,784
--------- --------- -------- ---------
Total $ 147,923 $ 305,723 $ 67,710 $ 384,115
========= ========= ======== =========
Basis at Close of Period
--------------------------------
Leasehold Accumulated Book
Interests Total Depreciation Value
----------- --------- ------------- -------
Shopping Centers
Ashburn Village, Ashburn, VA $ -- $ 22,071 $ 2,001 $ 20,070
Beacon Center, Alexandria, VA 1,094 16,373 6,241 10,132
Belvedere, Baltimore, MD -- 1,773 873 900
Boulevard, Fairfax, VA -- 6,293 369 5,924
Clarendon, Arlington, VA -- 782 40 742
Clarendon Station, Arlington, VA -- 871 75 796
Flagship Center, Rockville, MD -- 169 -- 169
French Market, Oklahoma City, OK -- 15,693 4,035 11,658
Germantown, Germantown, MD -- 3,880 568 3,312
Giant, Baltimore, MD -- 1,357 626 731
The Glen, Lake Ridge, VA -- 13,427 1,638 11,789
Great Eastern, District Heights., MD -- 12,823 3,250 9,573
Hampshire Langley, Langley Park, MD -- 5,629 2,151 3,478
Leesburg Pike, Baileys Crossroads, VA -- 7,541 3,601 3,940
Lexington Mall, Lexington, KY -- 10,883 4,764 6,119
Lumberton Plaza, Lumberton, NJ -- 13,308 6,592 6,716
Olney, Olney, MD -- 3,291 1,839 1,452
Ravenwood, Baltimore, MD -- 2,902 768 2,134
Seven Corners, Falls Church, VA -- 44,107 12,865 31,242
Shops at Fairfax, Fairfax, VA -- 12,948 2,880 10,068
Southdale, Glen Burnie, MD 622 9,011 11,653 7,358
Southside Plaza, Richmond, VA -- 10,985 5,848 5,137
South Dekalb Plaza, Atlanta, GA -- 5,217 2,629 2,588
Thruway, Winston-Salem, NC 105 18,302 5,292 13,010
Village Center, Centreville, VA -- 17,245 2,361 14,884
West Park, Oklahoma City, OK -- 2,502 1,052 1,450
White Oak, Silver Spring, MD -- 9,982 3,258 6,724
--------- --------- -------- ---------
Total Shopping Centers 1,821 279,365 87,269 192,096
--------- --------- -------- ---------
Office Properties
Avenel Business Park, Gaithersburg, MD -- 40,370 13,725 26,645
--
Crosstown Business Center, Tulsa, OK -- 8,472 2,361 6,111
601 Pennsylvania Ave., Washington DC -- 52,442 20,467 31,975
Van Ness Square, Washington, DC -- 27,983 12,520 15,463
Washington Square, Alexandria VA -- 45,014 586 44,428
--------- --------- -------- ---------
Total Office Properties -- 174,281 49,659 124,622
--------- --------- -------- ---------
Total $ 1,821 $ 453,646 $136,928 $ 316,718
========= ========= ======== =========
Buildings
and
Improvements
Related Date of Date Depreciable
Debt Construction Acquired Lives in Years
--------- --------------- ---------- ---------------
Shopping Centers
Ashburn Village, Ashburn, VA $ 19,183 1994 & 2000 3/94 40
Beacon Center, Alexandria, VA 4,415 1960 & 1974 1/72 40 & 50
Belvedere, Baltimore, MD 2,595 1958 1/72 40
Boulevard, Fairfax, VA 5,591 1969 4/94 40
Clarendon, Arlington, VA 191 1949 7/73 33
Clarendon Station, Arlington, VA -- 1949 1/96 40
Flagship Center, Rockville, MD 327 1972 1/72 --
French Market, Oklahoma City, OK 1,305 1972 3/74 50
Germantown, Germantown, MD 720 1990 8/93 40
Giant, Baltimore, MD 2,633 1959 1/72 40
The Glen, Lake Ridge, VA 10,028 1993 6/94 40
Great Eastern, District Heights., MD 11,283 1958 & 1960 1/72 40
Hampshire Langley, Langley Park, MD 10,333 1960 1/72 40
Leesburg Pike, Baileys Crossroads, VA 11,390 1965 2/65 40
Lexington Mall, Lexington, KY 4,845 1971 & 1974 3/74 50
Lumberton Plaza, Lumberton, NJ 8,035 1975 12/75 40
Olney, Olney, MD 1,584 1972 11/75 40
Ravenwood, Baltimore, MD 6,662 1959 1/72 40
Seven Corners, Falls Church, VA 45,099 1956 7/73 33
Shops at Fairfax, Fairfax, VA 8,345 1975 6/75 50
Southdale, Glen Burnie, MD 4,979 1962 & 1987 1/72 40
Southside Plaza, Richmond, VA 9,986 1958 1/72 40
South Dekalb Plaza, Atlanta, GA 1,566 1970 2/76 40
Thruway, Winston-Salem, NC 25,796 1955 & 1965 5/72 40
Village Center, Centreville, VA 8,962 1990 8/93 40
West Park, Oklahoma City, OK 67 1974 9/75 50
White Oak, Silver Spring, MD 23,829 1958 & 1967 1/72 40
---------
Total Shopping Centers 229,749
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Office Properties
Avenel Business Park, Gaithersburg, MD 32,783 1984, 1986, 12/84, 3/85 35 & 40
1990, 1998 2/86, 4/98
& 2000 & 10/2000
Crosstown Business Center, Tulsa, OK -- 1974 10/75 40
601 Pennsylvania Ave., Washington DC 35,583 1986 7/73 35
Van Ness Square, Washington, DC 15,363 1990 7/73 35
Washington Square, Alexandria VA 38,342 1952 & 2001 7/73 40
---------
Total Office Properties 122,071
---------
Total $ 351,820
=========
F - 19
Schedule III
SAUL CENTERS, INC.
Real Estate and Accumulated Depreciation
December 31, 2001
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 33 - 50 years
Building components 20 years
Tenantimprovements The greater 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 $347,401,000 at December 31, 2001.
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,
2001 are summarized as follows.
(In thousands) 2001 2000 1999
------------------------------ ------------ ------------ ------------
Total real estate investments:
Balance, beginning of year $ 391,861 $ 368,382 $ 348,061
Improvements 61,785 23,479 21,943
Sales -- -- 1,192
Retirements -- -- 430
------------ ------------ ------------
Balance, end of year $ 453,646 $ 391,861 $ 368,382
============ ============ ============
Total accumulated depreciation:
Balance, beginning of year $ 124,180 $ 112,272 $ 101,910
Depreciation expense 12,748 11,908 10,714
Sales -- -- 42
Retirements -- -- 310
------------ ------------ ------------
Balance, end of year $ 136,928 $ 124,180 $ 112,272
============ ============ ============
F - 20