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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): August 1, 2024
 
SAUL CENTERS, INC.
(Exact name of registrant as specified in its charter)
Maryland1-1225452-1833074
(State or Other Jurisdiction of Incorporation)
(Commission File Number)
(IRS Employer Identification Number)
7501 Wisconsin Avenue, Bethesda, Maryland 20814
(Address of principal executive office) (Zip Code)
Registrant’s telephone number, including area code (301) 986-6200
Not Applicable
(Former name or former address, if changed since last report)
_______________________________

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each class:
Trading symbol:
Name of exchange on which registered:
Common Stock, Par Value $0.01 Per ShareBFSNew York Stock Exchange
Depositary Shares each representing 1/100th of a share of 6.125% Series D Cumulative Redeemable Preferred Stock, Par Value $0.01 Per ShareBFS/PRDNew York Stock Exchange
Depositary Shares each representing 1/100th of a share of 6.000% Series E Cumulative Redeemable Preferred Stock, Par Value $0.01 Per ShareBFS/PRENew York Stock Exchange
    Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).
    Emerging growth company ☐
    If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.    ☐


Item 2.02. Results of Operations and Financial Condition.  
On August 1, 2024, Saul Centers, Inc. (the “Company”) issued a press release to report its financial results for the quarter ended June 30, 2024. A copy of the press release is furnished as Exhibit 99.1 hereto.
The information in this Item 2.02 and in Exhibit 99.1 is furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended. The information in this this Item 2.02 and in Exhibit 99.1 shall not be deemed to be incorporated by reference into any filing of the Company whether made before or after the date hereof, regardless of any general incorporation language in such filing.


Item 9.01. Financial Statements and Exhibits.
(d) Exhibits

104    Cover Page Interactive Data File (the Cover Page Interactive Data File is embedded within the Inline XBRL document).

2

SIGNATURES
    Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

                        SAUL CENTERS, INC.
                        By:    /s/ Carlos L. Heard
                            Carlos L. Heard
Senior Vice President and Chief Financial Officer
                                                                                        
Dated: August 1, 2024    

3

Exhibit 99.1
SAUL CENTERS, INC.
7501 Wisconsin Avenue, Suite 1500E, Bethesda, Maryland 20814-6522
(301) 986-6200
Saul Centers, Inc. Reports Second Quarter 2024 Earnings
August 1, 2024, Bethesda, MD.
Saul Centers, Inc. (NYSE: BFS), an equity real estate investment trust (“REIT”), announced operating results for the quarter ended June 30, 2024 (“2024 Quarter”). Total revenue for the 2024 Quarter increased to $66.9 million from $63.7 million for the quarter ended June 30, 2023 (“2023 Quarter”). Net income increased to $19.5 million for the 2024 Quarter from $17.2 million for the 2023 Quarter primarily due to (a) higher lease termination fees of $1.6 million, (b) higher commercial base rent of $0.8 million and (c) higher residential base rent of $0.3 million, partially offset by (d) a lease termination fee paid to a tenant of $0.3 million. Net income available to common stockholders increased to $11.6 million, or $0.48 per basic and diluted share, for the 2024 Quarter from $10.4 million, or $0.43 per basic and diluted share, for the 2023 Quarter.
Same property revenue increased $3.2 million, or 5.1%, and same property operating income increased $2.4 million, or 5.1%, for the 2024 Quarter compared to the 2023 Quarter. The $3.2 million increase in same property revenue for the 2024 Quarter compared to the 2023 Quarter was primarily due to (a) higher termination fees of $1.6 million, (b) higher commercial base rent of $0.8 million and (c) higher expense recoveries of $0.8 million. Shopping Center same property operating income for the 2024 Quarter totaled $36.8 million, an increase of $2.3 million compared to the 2023 Quarter. Shopping Center same property operating income increased primarily due to (a) higher termination fees of $2.1 million and (b) higher base rent of $0.4 million, partially offset by (c) a lease termination fee paid to a tenant of $0.3 million. Mixed-Use same property operating income totaled $12.9 million, an increase of $0.1 million compared to the 2023 Quarter. Mixed-Use same property operating income increased primarily due to (a) higher commercial base rent of $0.4 million and (b) higher residential base rent of $0.3 million partially offset by (c) lower termination fees of $0.5 million. No properties were excluded from same property results. Reconciliations of (a) total revenue to same property revenue and (b) net income to same property operating income are attached to this press release.
Same property revenue and same property operating income are non-GAAP financial measures of performance and improve the comparability of these measures by excluding the results of properties that were not in operation for the entirety of the comparable reporting periods. We define same property revenue as total revenue minus the revenue of properties not in operation for the entirety of the comparable reporting periods. We define same property operating income as net income plus (a) interest expense, net and amortization of deferred debt costs, (b) depreciation and amortization of deferred leasing costs, (c) general and administrative expenses, (d) change in fair value of derivatives, and (e) loss on early extinguishment of debt minus (f) gains on sale and disposition of property and (g) the results of properties not in operation for the entirety of the comparable periods.
Funds from operations (“FFO”) available to common stockholders and noncontrolling interests (after deducting preferred stock dividends) increased to $28.5 million, or $0.83 per basic and diluted share, in the 2024 Quarter compared to $26.5 million, or $0.79 and $0.78 per basic and diluted share, respectively, in the 2023 Quarter. FFO is a non-GAAP supplemental earnings measure that the Company considers meaningful in measuring its operating performance. A reconciliation of net income to FFO is attached to this press release. The increase in FFO available to common stockholders and noncontrolling interests was primarily the result of (a) higher termination fees of $1.6 million, (b) higher commercial base rent of $0.8 million and (c) higher residential base rent of $0.3 million partially offset by (d) higher general and administrative expense of $0.4 million and (e) a lease termination fee paid to a tenant of $0.3 million.
As of June 30, 2024, 95.8% of the commercial portfolio was leased compared to 94.0% as of June 30, 2023. As of June 30, 2024, the residential portfolio was 99.4% leased compared to 99.2% as of June 30, 2023.
For the six months ended June 30, 2024 (“2024 Period”), total revenue increased to $133.6 million from $126.8 million for the six months ended June 30, 2023 (“2023 Period”). Net income increased to $37.8 million for the 2024 Period from $34.9 million for the 2023 Period. The increase in net income was primarily due to (a) higher other property revenue of $2.4 million and (b) higher commercial base rent of $2.2 million partially offset by (c) higher general and administrative expenses of $0.9 million, (d) higher interest expense, net and amortization of deferred debt costs of $0.6 million, and (e) a lease termination fee paid to a tenant of $0.3 million. Net income available to common stockholders increased to $22.5 million, or $0.93 per basic and diluted share, for the 2024 Period compared to $21.1 million, or $0.88 per basic and diluted share, for the 2023 Period.
Same property revenue increased $6.9 million, or 5.4%, and same property operating income increased $4.2 million, or 4.4%, for the 2024 Period compared to the 2023 Period. Shopping Center same property operating income increased by $3.3 million to $72.8 million primarily due to (a) higher termination fees of $2.3 million and (b) higher base rent of $1.5 million, partially offset by (c) a lease termination fee paid to a tenant of $0.3 million. Mixed-Use same property operating income increased by $0.9 million to $25.4 million primarily due to (a) higher commercial base rent of $0.7 million and (b) higher residential base rent of $0.6 million partially offset by (c) lower termination fees of $0.5 million. No properties were excluded from same property results.

www.SaulCenters.com
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FFO available to common stockholders and noncontrolling interests, after deducting preferred stock dividends, increased to $56.0 million, or $1.63 per basic and diluted share, in the 2024 Period from $53.4 million, or $1.60 and $1.57 per basic and diluted share, respectively in the 2023 Period. FFO available to common stockholders and noncontrolling interests increased primarily due to (a) higher other property revenue of $2.4 million and (b) higher commercial base rent of $2.2 million partially offset by (c) higher general and administrative expenses of $0.9 million, (d) higher interest expense, net and amortization of deferred debt costs of $0.6 million and (e) a lease termination fee paid to a tenant of $0.3 million.
Saul Centers, Inc. is a self-managed, self-administered equity REIT headquartered in Bethesda, Maryland, which currently operates and manages a real estate portfolio of 61 properties, which includes (a) 50 community and neighborhood shopping centers and seven mixed-use properties with approximately 9.8 million square feet of leasable area and (b) four non-operating land and development properties. Over 85% of the Saul Centers’ property operating income is generated by properties in the metropolitan
Washington, D.C./Baltimore area.

Contact:    Carlos L. Heard
    (301) 986-7737

Safe Harbor Statement
Certain matters discussed within this press release may be deemed to be forward-looking statements within the meaning of the federal securities laws. For these statements, we claim the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. Although the Company believes the expectations reflected in the forward-looking statements are based on reasonable assumptions, it can give no assurance that its expectations will be attained. These factors include, but are not limited to, the risk factors described in our Annual Report on (i) Form 10-K for the year ended December 31, 2023 and (ii) our Quarterly Report on Form 10-Q for the quarter ended June 30, 2024 and include the following: (i) the ability of our tenants to pay rent, (ii) our reliance on shopping center “anchor” tenants and other significant tenants, (iii) our substantial relationships with members of the B. F. Saul Company and certain other affiliated entities, each of which is controlled by B. Francis Saul II and his family members, (iv) risks of financing, such as increases in interest rates, restrictions imposed by our debt, our ability to meet existing financial covenants and our ability to consummate planned and additional financings on acceptable terms, (v) our development activities, (vi) our access to additional capital, (vii) our ability to successfully complete additional acquisitions, developments or redevelopments, or if they are consummated, whether such acquisitions, developments or redevelopments perform as expected, (viii) adverse trends in the retail, office and residential real estate sectors, (ix) risks relating to cybersecurity, including disruption to our business and operations and exposure to liabilities from tenants, employees, capital providers, and other third parties, (x) risks generally incident to the ownership of real property, including adverse changes in economic conditions, changes in the investment climate for real estate, changes in real estate taxes and other operating expenses, adverse changes in governmental rules and fiscal policies, the relative illiquidity of real estate and environmental risks, and (xi) risks related to our status as a REIT for federal income tax purposes, such as the existence of complex regulations relating to our status as a REIT, the effect of future changes to REIT requirements as a result of new legislation and the adverse consequences of the failure to qualify as a REIT. Given these uncertainties, readers are cautioned not to place undue reliance on any forward-looking statements that we make, including those in this press release. Except as may be required by law, we make no promise to update any of the forward-looking statements as a result of new information, future events or otherwise. You should carefully review the risks and risk factors included in (i) our Annual Report on Form 10-K for the year ended December 31, 2023 and (ii) our Quarterly Report on Form 10-Q for the quarter ended June 30, 2024.

www.SaulCenters.com
5


Saul Centers, Inc.
Consolidated Balance Sheets
(Unaudited)
(Dollars in thousands, except per share amounts)June 30,
2024		December 31,
2023
Assets
Real estate investments
Land$501,787 $511,529 
Buildings and equipment1,604,330 1,595,023 
Construction in progress615,166 514,553 
2,721,283 2,621,105 
Accumulated depreciation(748,750)(729,470)
Total real estate investments, net1,972,533 1,891,635 
Cash and cash equivalents6,863 8,407 
Accounts receivable and accrued income, net53,328 56,032 
Deferred leasing costs, net25,834 23,728 
Other assets13,039 14,335 
Total assets$2,071,597 $1,994,137 
Liabilities
Mortgage notes payable, net$966,132 $935,451 
Revolving credit facility payable, net235,102 274,715 
Term loan facility payable, net99,605 99,530 
Construction loans payable, net141,765 77,305 
Accounts payable, accrued expenses and other liabilities72,317 57,022 
Deferred income20,416 22,748 
Dividends and distributions payable23,240 22,937 
Total liabilities1,558,577 1,489,708 
Equity
Preferred stock, 1,000,000 shares authorized:
Series D Cumulative Redeemable, 30,000 shares issued and outstanding
75,000 75,000 
Series E Cumulative Redeemable, 44,000 shares issued and outstanding
110,000 110,000 
Common stock, $0.01 par value, 50,000,000 and 40,000,000 shares authorized, respectively, 24,256,492 and 24,082,887 shares issued and outstanding, respectively
241 241 
Additional paid-in capital451,845 449,959 
Distributions in excess of accumulated net income(294,852)(288,825)
Accumulated other comprehensive income3,434 2,014 
Total Saul Centers, Inc. equity345,668 348,389 
Noncontrolling interests167,352 156,040 
Total equity513,020 504,429 
Total liabilities and equity$2,071,597 $1,994,137 

www.SaulCenters.com
6


Saul Centers, Inc.
Consolidated Statements of Operations
(In thousands, except per share amounts)
Three Months Ended June 30,Six Months Ended June 30,
2024202320242023
Revenue(unaudited)(unaudited)
Rental revenue$63,695 $62,002 $128,994 $123,830 
Other3,248 1,707 4,641 2,928 
Total revenue66,943 63,709 133,635 126,758 
Expenses
Property operating expenses9,656 8,997 20,201 17,783 
Real estate taxes7,608 7,453 15,232 14,948 
Interest expense, net and amortization of deferred debt costs12,267 12,278 24,715 24,099 
Depreciation and amortization of deferred leasing costs12,001 12,114 24,030 24,130 
General and administrative6,102 5,678 11,885 10,946 
Total expenses47,634 46,520 96,063 91,906 
Gain on disposition of property181 — 181 — 
Net Income19,490 17,189 37,753 34,852 
Noncontrolling interests
Income attributable to noncontrolling interests(5,042)(4,027)(9,675)(8,188)
Net income attributable to Saul Centers, Inc.14,448 13,162 28,078 26,664 
Preferred stock dividends(2,799)(2,799)(5,597)(5,597)
Net income available to common stockholders$11,649 $10,363 $22,481 $21,067 
Per share net income available to common stockholders
Basic and diluted$0.48 $0.43 $0.93 $0.88 


www.SaulCenters.com
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Reconciliation of net income to FFO available to common stockholders and
noncontrolling interests (1)
Three Months Ended June 30,Six Months Ended June 30,
(In thousands, except per share amounts)2024202320242023
Net income$19,490 $17,189 $37,753 $34,852 
Subtract:
Gain on disposition of property(181)— (181)— 
Add:
Real estate depreciation and amortization12,001 12,114 24,030 24,130 
FFO31,310 29,303 61,602 58,982 
Subtract:
Preferred stock dividends(2,799)(2,799)(5,597)(5,597)
FFO available to common stockholders and noncontrolling interests$28,511 $26,504 $56,005 $53,385 
Weighted average shares and units:
Basic34,498 33,340 34,423 33,332 
Diluted (2)
34,502 34,049 34,427 34,040 
Basic FFO per share available to common stockholders and noncontrolling interests$0.83 $0.79 $1.63 $1.60 
Diluted FFO per share available to common stockholders and noncontrolling interests$0.83 $0.78 $1.63 $1.57 


(1)    The National Association of Real Estate Investment Trusts (“Nareit”) developed FFO as a relative non-GAAP financial measure of performance of an equity REIT in order to recognize that income-producing real estate historically has not depreciated on the basis determined under GAAP. FFO is defined by NAREIT as net income, computed in accordance with GAAP, plus real estate depreciation and amortization, and excluding impairment charges on real estate assets and gains or losses from real estate dispositions. FFO does not represent cash generated from operating activities in accordance with GAAP and is not necessarily indicative of cash available to fund cash needs, which is disclosed in the Company’s Consolidated Statements of Cash Flows for the applicable periods. There are no material legal or functional restrictions on the use of FFO. FFO should not be considered as an alternative to net income, its most directly comparable GAAP measure, as an indicator of the Company’s operating performance, or as an alternative to cash flows as a measure of liquidity. Management considers FFO a meaningful supplemental measure of operating performance because it primarily excludes the assumption that the value of the real estate assets diminishes predictably over time (i.e. depreciation), which is contrary to what the Company believes occurs with its assets, and because industry analysts have accepted it as a performance measure. FFO may not be comparable to similarly titled measures employed by other REITs.
(2)    Beginning March 5, 2021, fully diluted shares and units includes 1,416,071 limited partnership units that were held in escrow related to the contribution of Twinbrook Quarter. Half of the units held in escrow were released on October 18, 2021. The remaining units held in escrow were released on October 18, 2023.

www.SaulCenters.com
8


Reconciliation of revenue to same property revenue (1)
(in thousands)Three Months Ended June 30,Six Months Ended June 30,
2024202320242023
(unaudited)(unaudited)
Total revenue$66,943 $63,709 $133,635 $126,758 
Less: Acquisitions, dispositions and development properties— — — — 
Total same property revenue$66,943 $63,709 $133,635 $126,758 
Shopping Centers$46,765 $43,974 $93,698 $88,199 
Mixed-Use properties20,178 19,735 39,937 38,559 
Total same property revenue$66,943 $63,709 $133,635 $126,758 
Total Shopping Center revenue$46,765 $43,974 $93,698 $88,199 
Less: Shopping Center acquisitions, dispositions and development properties— — — — 
Total same Shopping Center revenue$46,765 $43,974 $93,698 $88,199 
Total Mixed-Use property revenue$20,178 $19,735 $39,937 $38,559 
Less: Mixed-Use acquisitions, dispositions and development properties— — — — 
Total same Mixed-Use property revenue$20,178 $19,735 $39,937 $38,559 

(1)     Same property revenue is a non-GAAP financial measure of performance that management believes improves the comparability of reporting periods by excluding the results of properties that were not in operation for the entirety of the comparable reporting periods. Same property revenue adjusts property revenue by subtracting the revenue of properties not in operation for the entirety of the comparable reporting periods. Same property revenue is a measure of the operating performance of the Company’s properties but does not measure the Company’s performance as a whole. Same property revenue should not be considered as an alternative to total revenue, its most directly comparable GAAP measure, as an indicator of the Company’s operating performance. Management considers same property revenue a meaningful supplemental measure of operating performance because it is not affected by the cost of the Company’s funding, the impact of depreciation and amortization expenses, gains or losses from the acquisition and sale of operating real estate assets, general and administrative expenses or other gains and losses that relate to ownership of the Company’s properties. Management believes the exclusion of these items from same property revenue is useful because the resulting measure captures the actual revenue generated by operating the Company’s properties. Other REITs may use different methodologies for calculating same property revenue. Accordingly, the Company’s same property revenue may not be comparable to those of other REITs.


Mixed-Use same property revenue is composed of the following:
Three Months Ended June 30,Six Months Ended June 30,
(In thousands)2024202320242023
Office mixed-use properties (1)$10,062 $9,856 $19,815 $19,001 
Residential mixed-use properties (residential activity) (2)8,968 8,737 17,806 17,270 
Residential mixed-use properties (retail activity) (3)1,148 1,142 2,316 2,288 
Total Mixed-Use same property revenue$20,178 $19,735 $39,937 $38,559 
(1)Includes Avenel Business Park, Clarendon Center – North and South Blocks, 601 Pennsylvania Avenue and Washington Square
(2)Includes Clarendon South Block, The Waycroft and Park Van Ness
(3)Includes The Waycroft and Park Van Ness


www.SaulCenters.com
9


Reconciliation of net income to same property operating income (1)
Three Months Ended June 30,Six Months Ended June 30,
(In thousands)2024202320242023
(unaudited)(unaudited)
Net income$19,490 $17,189 $37,753 $34,852 
Add: Interest expense, net and amortization of deferred debt costs12,267 12,278 24,715 24,099 
Add: Depreciation and amortization of deferred leasing costs12,001 12,114 24,030 24,130 
Add: General and administrative6,102 5,678 11,885 10,946 
Less: Gain on disposition of property(181)— (181)— 
Property operating income49,679 47,259 98,202 94,027 
Less: Acquisitions, dispositions and development properties— — — — 
Total same property operating income$49,679 $47,259 $98,202 $94,027 
Shopping Centers$36,812 $34,512 $72,781 $69,477 
Mixed-Use properties12,867 12,747 25,421 24,550 
Total same property operating income$49,679 $47,259 $98,202 $94,027 
Shopping Center operating income$36,812 $34,512 $72,781 $69,477 
Less: Shopping Center acquisitions, dispositions and development properties— — — — 
Total same Shopping Center operating income$36,812 $34,512 $72,781 $69,477 
Mixed-Use property operating income$12,867 $12,747 $25,421 $24,550 
Less: Mixed-Use acquisitions, dispositions and development properties— — — — 
Total same Mixed-Use property operating income$12,867 $12,747 $25,421 $24,550 


(1) Same property operating income is a non-GAAP financial measure of performance that management believes improves the comparability of reporting periods by excluding the results of properties that were not in operation for the entirety of the comparable reporting periods. Same property operating income adjusts property operating income by subtracting the results of properties that were not in operation for the entirety of the comparable periods. Same property operating income is a measure of the operating performance of the Company’s properties but does not measure the Company’s performance as a whole. Same property operating income should not be considered as an alternative to property operating income, its most directly comparable GAAP measure, as an indicator of the Company’s operating performance. Management considers same property operating income a meaningful supplemental measure of operating performance because it is not affected by the cost of the Company’s funding, the impact of depreciation and amortization expenses, gains or losses from the acquisition and sale of operating real estate assets, general and administrative expenses or other gains and losses that relate to ownership of the Company’s properties. Management believes the exclusion of these items from property operating income is useful because the resulting measure captures the actual revenue generated and actual expenses incurred by operating the Company’s properties. Other REITs may use different methodologies for calculating same property operating income. Accordingly, same property operating income may not be comparable to those of other REITs.

Mixed-Use same property operating income is composed of the following:
Three Months Ended June 30,Six Months Ended June 30,
(In thousands)2024202320242023
Office mixed-use properties (1)$6,577 $6,469 $12,797 $12,177 
Residential mixed-use properties (residential activity) (2)5,451 5,438 10,923 10,726 
Residential mixed-use properties (retail activity) (3)839 840 1,701 1,647 
Total Mixed-Use same property operating income$12,867 $12,747 $25,421 $25,421 $24,550 
(1)Includes Avenel Business Park, Clarendon Center – North and South Blocks, 601 Pennsylvania Avenue and Washington Square
(2)Includes Clarendon South Block, The Waycroft and Park Van Ness
(3)Includes The Waycroft and Park Van Ness

www.SaulCenters.com
10

v3.24.2.u1
Cover Page Document
Aug. 01, 2024
Document Information [Line Items]  
Entity Central Index Key 0000907254
Document Type 8-K
Document Period End Date Aug. 01, 2024
Entity Registrant Name SAUL CENTERS, INC.
Entity Incorporation, State or Country Code MD
Entity File Number 1-12254
Entity Tax Identification Number 52-1833074
Entity Address, Address Line One 7501 Wisconsin Avenue
Entity Address, City or Town Bethesda
Entity Address, State or Province MD
Entity Address, Postal Zip Code 20814
City Area Code 301
Local Phone Number 986-6200
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Entity Emerging Growth Company false
Amendment Flag false
Common Stock, Par Value $0.01 Per Share  
Document Information [Line Items]  
Title of 12(b) Security Common Stock, Par Value $0.01 Per Share
Security Exchange Name NYSE
Trading Symbol BFS
Depositary Shares each representing 1/100th of a share of 6.125% Series D Cumulative Redeemable Preferred Stock, Par Value $0.01 Per Share  
Document Information [Line Items]  
Title of 12(b) Security Depositary Shares each representing 1/100th of a share of 6.125% Series D Cumulative Redeemable Preferred Stock, Par Value $0.01 Per Share
Security Exchange Name NYSE
Trading Symbol BFS/PRD
Series E Preferred Stock [Member]  
Document Information [Line Items]  
Title of 12(b) Security Depositary Shares each representing 1/100th of a share of 6.000% Series E Cumulative Redeemable Preferred Stock, Par Value $0.01 Per Share
Security Exchange Name NYSE
Trading Symbol BFS/PRE
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