UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
(Rule 13d-101)
Under the Securities Exchange Act of 1934
(Amendment No. 18)*
Saul Centers, Inc.
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(Name of Issuer)
Common Stock, $.01 par value per share
--------------------------------------------------------------------------------
(Title of Class of Securities)
804395 10 1
--------------------------------------------------------------------------------
(CUSIP Number)
William F Anhut, Jr.
7501 Wisconsin Avenue, Suite 1500
Bethesda, Maryland 20814
(301) 986-6108
--------------------------------------------------------------------------------
(Name, Address and Telephone Number of Person Authorized
to Receive Notices and Communications)
April 30, 2002
--------------------------------------------------------------------------------
(Date of Event Which Requires Filing of this Statement)
If the filing person has previously filed a statement on Schedule 13G to
report the acquisition that is the subject of this Schedule 13D, and is filing
this schedule because of Rule 13d-1(e), 13d-1(f) or 13d-1(g), check the
following box [_].
*The remainder of this cover page shall be filled out for a reporting
person's initial filing on this form with respect to the subject class of
securities, and for any subsequent amendment containing information which would
alter disclosures provided in a prior cover page.
The information required on the remainder of this cover page shall not be
deemed to be "filed" for the purpose of Section 18 of the Securities Exchange
Act of 1934 ("Act") or otherwise subject to the liabilities of that section of
the Act but shall be subject to all other provisions of the Act (however, see
the Notes).
Page 1 of 22 Pages
Page 2 of 22 Pages
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CUSIP NO. 804395 10 1 13D
--------------------------------
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1. NAMES OF REPORTING PERSONS
B. Francis Saul II
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2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a) [_]
(b) [_]
--------------------------------------------------------------------------------
3. SEC USE ONLY
--------------------------------------------------------------------------------
4. SOURCE OF FUNDS
SC, OO
--------------------------------------------------------------------------------
5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS [_]
REQUIRED PURSUANT TO ITEM 2(d) OR 2(e)
--------------------------------------------------------------------------------
6. CITIZENSHIP OR PLACE OF ORGANIZATION
United States of America
--------------------------------------------------------------------------------
NUMBER OF SHARES 7. SOLE VOTING POWER (See Item 6)
BENEFICIALLY 22,410
OWNED BY
EACH
REPORTING PERSON
WITH
--------------------------------------------------------------------------------
8. SHARED VOTING POWER (See Item 6)
5,084,420
--------------------------------------------------------------------------------
9. SOLE DISPOSITIVE POWER (See Item 6)
22,410
--------------------------------------------------------------------------------
10. SHARED DISPOSITIVE POWER (See Item 6)
5,084,420
--------------------------------------------------------------------------------
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
5,106,830
--------------------------------------------------------------------------------
12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES [_]
--------------------------------------------------------------------------------
13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 34.4%
--------------------------------------------------------------------------------
14. TYPE OF REPORTING PERSON
IN
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Page 3 of 22 Pages
--------------------------------
CUSIP NO. 804395 10 1 13D
--------------------------------
--------------------------------------------------------------------------------
1. NAMES OF REPORTING PERSONS
B. F. Saul Property Company (formerly Franklin Property Company)
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2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a) [_]
(b) [_]
--------------------------------------------------------------------------------
3. SEC USE ONLY
--------------------------------------------------------------------------------
4. SOURCE OF FUNDS
SC
--------------------------------------------------------------------------------
5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS [_]
REQUIRED PURSUANT TO ITEM 2(d) OR 2(e)
--------------------------------------------------------------------------------
6. CITIZENSHIP OR PLACE OF ORGANIZATION
Maryland
--------------------------------------------------------------------------------
NUMBER OF SHARES 7. SOLE VOTING POWER (See Item 6)
BENEFICIALLY 197,984
OWNED BY
EACH
REPORTING PERSON
WITH
--------------------------------------------------------------------------------
8. SHARED VOTING POWER (See Item 6)
0
--------------------------------------------------------------------------------
9. SOLE DISPOSITIVE POWER (See Item 6)
197,984
--------------------------------------------------------------------------------
10. SHARED DISPOSITIVE POWER (See Item 6)
0
--------------------------------------------------------------------------------
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
197,984
--------------------------------------------------------------------------------
12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES [_]
--------------------------------------------------------------------------------
13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 1.3%
--------------------------------------------------------------------------------
14. TYPE OF REPORTING PERSON
CO
--------------------------------------------------------------------------------
Page 4 of 22 Pages
-------------------------------
CUSIP NO. 804395 10 1 13D
-------------------------------
--------------------------------------------------------------------------------
1. NAMES OF REPORTING PERSONS
Westminster Investing Corporation
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2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a) [_]
(b) [_]
--------------------------------------------------------------------------------
3. SEC USE ONLY
--------------------------------------------------------------------------------
4. SOURCE OF FUNDS
SC
--------------------------------------------------------------------------------
5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS [_]
REQUIRED PURSUANT TO ITEM 2(d) OR 2(e)
--------------------------------------------------------------------------------
6. CITIZENSHIP OR PLACE OF ORGANIZATION
New York
--------------------------------------------------------------------------------
NUMBER OF SHARES 7. SOLE VOTING POWER (See Item 6)
BENEFICIALLY 374,030
OWNED BY
EACH
REPORTING PERSON
WITH
--------------------------------------------------------------------------------
8. SHARED VOTING POWER (See Item 6)
0
--------------------------------------------------------------------------------
9. SOLE DISPOSITIVE POWER (See Item 6)
374,030
--------------------------------------------------------------------------------
10. SHARED DISPOSITIVE POWER (See Item 6)
0
--------------------------------------------------------------------------------
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
374,030
--------------------------------------------------------------------------------
12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES
[_]
--------------------------------------------------------------------------------
13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 2.5%
--------------------------------------------------------------------------------
14. TYPE OF REPORTING PERSON
CO
--------------------------------------------------------------------------------
Page 5 of 22 Pages
-------------------------------
CUSIP NO. 804395 10 1 13D
-------------------------------
--------------------------------------------------------------------------------
1. NAMES OF REPORTING PERSONS
Van Ness Square Corporation
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2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a) [_]
(b) [_]
--------------------------------------------------------------------------------
3. SEC USE ONLY
--------------------------------------------------------------------------------
4. SOURCE OF FUNDS
SC
--------------------------------------------------------------------------------
5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS [_]
REQUIRED PURSUANT TO ITEM 2(d) OR 2(e)
--------------------------------------------------------------------------------
6. CITIZENSHIP OR PLACE OF ORGANIZATION
Maryland
--------------------------------------------------------------------------------
NUMBER OF SHARES 7. SOLE VOTING POWER (See Item 6)
BENEFICIALLY 94
OWNED BY
EACH
REPORTING PERSON
WITH
--------------------------------------------------------------------------------
8. SHARED VOTING POWER (See Item 6)
0
--------------------------------------------------------------------------------
9. SOLE DISPOSITIVE POWER (See Item 6)
94
--------------------------------------------------------------------------------
10. SHARED DISPOSITIVE POWER (See Item 6)
0
--------------------------------------------------------------------------------
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
94
--------------------------------------------------------------------------------
12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES
[_]
--------------------------------------------------------------------------------
13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 0%
--------------------------------------------------------------------------------
14. TYPE OF REPORTING PERSON
CO
--------------------------------------------------------------------------------
Page 6 of 22 Pages
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CUSIP NO. 804395 10 1 13D
-------------------------------
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1. NAMES OF REPORTING PERSONS
B.F. Saul Real Estate Investment Trust
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2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a) [_]
(b) [_]
--------------------------------------------------------------------------------
3. SEC USE ONLY
--------------------------------------------------------------------------------
4. SOURCE OF FUNDS
SC, WC
--------------------------------------------------------------------------------
5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS [_]
REQUIRED PURSUANT TO ITEM 2(d) OR 2(e)
--------------------------------------------------------------------------------
6. CITIZENSHIP OR PLACE OF ORGANIZATION
Maryland
--------------------------------------------------------------------------------
NUMBER OF SHARES 7. SOLE VOTING POWER (See Item 6)
BENEFICIALLY 3,098,661
OWNED BY
EACH
REPORTING PERSON
WITH
--------------------------------------------------------------------------------
8. SHARED VOTING POWER (See Item 6)
228,327
--------------------------------------------------------------------------------
9. SOLE DISPOSITIVE POWER (See Item 6)
3,098,661
--------------------------------------------------------------------------------
10. SHARED DISPOSITIVE POWER (See Item 6)
228,327
--------------------------------------------------------------------------------
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
3,326,988
--------------------------------------------------------------------------------
12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES
[_]
--------------------------------------------------------------------------------
13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 22.4%%
--------------------------------------------------------------------------------
14. TYPE OF REPORTING PERSON
OO
--------------------------------------------------------------------------------
Page 7 of 22 Pages
--------------------------------
CUSIP NO. 804395 10 1 13D
--------------------------------
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1. NAMES OF REPORTING PERSONS
Dearborn, L.L.C.
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2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a) [_]
(b) [_]
--------------------------------------------------------------------------------
3. SEC USE ONLY
--------------------------------------------------------------------------------
4. SOURCE OF FUNDS
SC
--------------------------------------------------------------------------------
5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS [_]
REQUIRED PURSUANT TO ITEM 2(d) OR 2(e)
--------------------------------------------------------------------------------
6. CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
--------------------------------------------------------------------------------
NUMBER OF SHARES 7. SOLE VOTING POWER (See Item 6)
BENEFICIALLY 228,327
OWNED BY
EACH
REPORTING PERSON
WITH
--------------------------------------------------------------------------------
8. SHARED VOTING POWER (See Item 6)
0
--------------------------------------------------------------------------------
9. SOLE DISPOSITIVE POWER (See Item 6)
228,327
--------------------------------------------------------------------------------
10. SHARED DISPOSITIVE POWER (See Item 6)
0
--------------------------------------------------------------------------------
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
228,327
--------------------------------------------------------------------------------
12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES [_]
--------------------------------------------------------------------------------
13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 1.5%
--------------------------------------------------------------------------------
14. TYPE OF REPORTING PERSON
OO
--------------------------------------------------------------------------------
Page 8 of 22 Pages
AMENDMENT NO. 18
TO
SCHEDULE 13D
ITEM 1. Security and Issuer.
This statement on Schedule 13D, as amended from time to time (the "Schedule
13D") is being filed with respect to the Common Stock, par value $.01 per share
(the "Saul Centers Common Stock") of Saul Centers, Inc., a Maryland corporation
("Saul Centers"), whose principal executive offices are located at 7501
Wisconsin Avenue, Suite 1500, Bethesda, Maryland 20814.
ITEM 2. Identity and Background.
Item 2 is amended in its entirety to read as follows:
This statement is filed by (1) B. Francis Saul II, (2) B. F. Saul Property
Company (formerly Franklin Property Company), (3) Westminster Investing
Corporation, (4) Van Ness Square Corporation, (5) B. F. Saul Real Estate
Investment Trust (the "Saul Trust"), and (6) Dearborn, L.L.C., all or some of
whom may be considered a group for the purposes of Rule 13d-1. B.F. Saul
Property Company, Westminster Investing Corporation, Van Ness Square
Corporation, the Saul Trust, and Dearborn, L.L.C are hereinafter referred to
collectively as the "Saul Entities."
B. Francis Saul II is Chairman of the Board, a Director and Chief
Executive Officer of (i) Saul Centers, (ii) B. F. Saul Company (the "Saul
Company"), (iii) the Saul Trust, and (iv) Chevy Chase Bank, F.S.B. ("Chevy
Chase"). The business address for Mr. Saul, Saul Centers, Saul Company and Chevy
Chase is 7501 Wisconsin Avenue, Bethesda, Maryland 20814. The principal business
of each of the foregoing entities (except for Chevy Chase, which is a federally
chartered savings bank) is the development, ownership and management of real
estate, directly or through subsidiary entities. The Saul Trust, an
unincorporated business trust organized and existing under Maryland law, is a
majority owned subsidiary of the Saul Company. Chevy Chase is a majority owned
subsidiary of the Saul Trust.
B. F. Saul Property Company, a Maryland corporation, and a wholly owned
subsidiary of the Saul Company, is a company principally engaged in real estate
management.
Westminster Investing Corporation, a New York corporation, is a company
formerly engaged in the ownership and development of real estate and currently
principally engaged in the ownership of equity interests in affiliated entities.
Van Ness Square Corporation, a Maryland corporation, is a company formerly
engaged in the ownership and development of real estate and currently
principally engaged in the ownership of equity interests in affiliated entities.
Page 9 of 22 Pages
Dearborn, L.L.C., a Delaware limited liability company, is a company
engaged in the ownership and development of real estate and the ownership of
equity interests in affiliated entities. The Saul Trust is the sole member of
Dearborn, L.L.C.
The address of the principal business and principal office of each of the
Saul Entities is 7501 Wisconsin Avenue, Bethesda, Maryland 20814.
Information about the directors and/or executive officers of each of the
Saul Entities is set forth in the following tables. B. Francis Saul II is
ultimately in control of each of the Saul Entities.
B. F. Saul Property Company
Position with Company and Present
Name/1/ Principal Occupation if Different
Philip D. Caraci Chairman; President and Director, Saul Centers,
Inc.; Executive Vice President, B. F.
Saul Company; Senior Vice President and Secretary,
B.F. Saul Real Estate Investment Trust
B. Francis Saul III President and Director; Vice Chair, Chevy Chase
Bank, F.S.B. and Saul Centers, Inc.; Senior Vice
President and Director, B. F. Saul Company; Vice
President and Trustee, B. F. Saul Real Estate
Investment Trust
Ross E. Heasley Vice President and Director; Vice President, B. F.
Saul Company; Vice President, B. F. Saul Real
Estate Investment Trust; Vice President and
Assistant Secretary, Saul Centers, Inc.
Laurence Millspaugh Senior Vice President - Acquisition and
Development; Senior Vice President - Acquisition
and Development, B. F. Saul Company; Vice
President, B. F. Saul Real Estate Investment Trust
Patricia E. Clark Secretary and Director; Assistant Vice President
and Secretary, B. F. Saul Company
Steven N. Corey Senior Vice President - Office Leasing; Senior
Vice President, B. F. Saul Company
-----------------------
/1/ The business address of each person is 7501 Wisconsin Avenue, Bethesda,
Maryland 20814.
Page 10 of 22 Pages
Henry C. Parrish III Senior Vice President; Vice President, B. F. Saul
Company; Vice President, B. F. Saul Real Estate
Investment Trust
Bill D. Tzamaras Vice President and Treasurer; Vice President and
Treasurer, B. F. Saul Company and B. F. Saul Real
Estate Investment Trust
Mark G. Carrier Vice President; Senior Vice President, B. F. Saul
Company; Vice President, B. F. Saul Real Estate
Investment Trust
James P. Sprouse Vice President; Vice President, B. F. Saul
Company; Assistant Vice President, B. F. Saul Real
Estate Investment Trust
Merle F. Sustersich Vice President; Vice President, B. F. Saul
Company; Vice President, B.F. Saul Real Estate
Investment Trust
Bryon S. Barlow Vice President - Office Management; Vice
President, B. F. Saul Company
Enio P. Guerra Vice President; Vice President, B. F. Saul Company
Barbara C. Phillips Vice President; Vice President, B. F. Saul Company
Barbara L. Reifsnider Vice President; Vice President, B. F. Saul Company
Alison B. Rubin Vice President; Vice President, B. F. Saul Company
Kenneth F. Kovach Vice President; Vice President, B. F. Saul Company
Donald A. Hachey Vice President; Vice President, B. F. Saul Company
Mark A. Hardy Vice President; Vice President, B. F. Saul Company
William May Vice President; Vice President, B. F. Saul Company
David B. Newcome Vice President; Vice President, B. F. Saul Company
Daniel A. Rigaux Vice President; Vice President, B. F. Saul Company
Page 11 of 22 Pages
Westminster Investing Corporation
Position with Company and Present
Name/2/ Principal Occupation if Different
B. Francis Saul II Chairman of the Board and President;
Chairman of the Board and Chief
Executive Officer, Saul Centers, Inc.;
Chairman of the Board, B. F. Saul
Company, B. F. Saul Real Estate
Investment Trust, Chevy Chase Bank,
F.S.B.
B. Francis Saul III Executive Vice President and Director;
Senior Vice President and Director, B.
F. Saul Company; President and
Director, B. F. Saul Property Company;
Vice President and Trustee, B. F. Saul
Real Estate Investment Trust; Vice
Chair, Chevy Chase Bank, F.S.B. and
Saul Centers, Inc
George M. Rogers, Jr./3/ Director; Senior Counsel, Shaw Pittman
LLP
Ross E. Heasley Vice President and Treasurer; Vice
President, B. F. Saul Company; Vice
President, B. F. Saul Real Estate
Investment Trust; Vice President and
Assistant Secretary, Saul Centers,
Inc.
Merle F. Sustersich Secretary; Vice President, B. F. Saul
Company; Vice President, B.F. Saul
Real Estate Investment Trust
Patrick T. Connors Vice President; Senior Vice President,
B. F. Saul Company
Van Ness Square Corporation
Position with Company and Present
Name/4/ Principal Occupation if Different
B. Francis Saul II Chairman; Chairman of the Board and
Chief Executive Officer, Saul Centers,
Inc.; Chairman of
------------------------
/2/ The business address of each person is 7501 Wisconsin Avenue, Bethesda,
Maryland 20814 unless otherwise indicated.
/3/ Mr. Rogers' business address is Shaw Pittman LLP, 2300 N Street, N.W.,
Washington, D.C. 20037.
/4/ The business address of each person is 7501 Wisconsin Avenue, Bethesda,
Maryland 20814 unless otherwise indicated.
Page 12 of 22 Pages
the Board, B. F. Saul Company, B. F.
Saul Real Estate Investment Trust,
Chevy Chase Bank, F.S.B.
B. Francis Saul III President, Secretary and Director;
Executive Vice President and Director,
Westminster Investing Corporation;
Senior Vice President and Director, B.
F. Saul Company; President, B. F. Saul
Property Company; Vice President and
Trustee, B. F. Saul Real Estate
Investment Trust; Vice Chair, Chevy
Chase Bank F.S.B. and Saul Centers,
Inc.
William F. Anhut, Jr. Vice President, Treasurer and
Director; Vice President, Saul
Centers, Inc.
B. F. Saul Real Estate Investment Trust
Position with Company and Present
Name/5/ Principal Occupation if Different
B. Francis Saul II Trustee and Chairman; Chairman of the
Board and Chief Executive Officer,
Saul Centers, Inc.; Chairman of the
Board, B. F. Saul Company, Chevy Chase
Bank, F.S.B.
Gilbert M. Grosvenor/6/ Trustee; Chairman of the Board of
Trustees, National Geographic Society
George M. Rogers, Jr./7/ Trustee; Senior Counsel, Shaw Pittman
LLP
Garland J. Bloom Trustee; Real Estate Consultant
John R. Whitmore/8/ Trustee; Senior Advisor to The
Bessemer Group, Inc.
B. Francis Saul III Trustee and Vice President; Senior
Vice President and Director, B. F.
Saul Company; Vice Chair,
------------------------
/5/ The business address of each person is 7501 Wisconsin Avenue, Bethesda,
Maryland 20814 unless otherwise indicated.
/6/ Mr. Grosvenor's business address is National Geographic Society, 17th and
M Streets, N.W., Washington, D.C. 20009.
/7/ Mr. Rogers' business address is Shaw Pittman LLP, 2300 N Street, N.W.,
Washington, D.C. 20037
/8/ Mr. Whitmore's business address is The Bessemer Group, Incorporated, 630
Fifth Avenue, New York, New York 10111.
Page 13 of 22 Pages
Chevy Chase Bank, F.S.B. and Saul Centers,
Inc; President and Director, B. F. Saul
Property Company; Vice President and
Director, B. F. Saul Real Estate
Investment Trust
Philip D. Caraci Senior Vice President and Secretary;
President and Director, Saul Centers,
Inc.; Executive Vice President, B. F. Saul
Company; Chairman, B. F. Saul Property
Company
Stephen R. Halpin, Jr. Vice President and Chief Financial
Officer; Executive Vice President and
Chief Financial Officer, Chevy Chase Bank,
F.S.B.; Senior Vice President and Chief
Financial Officer, B. F. Saul Company
Patrick T. Connors Vice President; Senior Vice President, B.
F. Saul Company
Ross E. Heasley Vice President; Vice President, B. F. Saul
Company; Vice President and Assistant
Secretary, Saul Centers, Inc.; Vice
President and Director, B. F. Saul
Property Company
Bill D. Tzamaras Vice President and Treasurer; Vice
President and Treasurer, B. F. Saul
Company
Henry Ravenel, Jr. Vice President; Vice President, B. F. Saul
Company and Saul Centers, Inc.
Laurence Millspaugh Vice President; Senior Vice President, B.
F. Saul Company; Vice President, B. F.
Saul Property Company
Steven N. Corey Vice President; Senior Vice President, B.
F. Saul Company
Henry C. Parrish III Vice President; Senior Vice President, B.
F. Saul Company
John A. Spain Vice President; Vice President, B. F. Saul
Company
Merle F. Sustersich Vice President; Vice President, B. F. Saul
Company
Page 14 of 22 Pages
Dearborn, L.L.C.
Position with Company and Present
Name/9/ Principal Occupation if Different
B. Francis Saul II Chairman; Chairman of the Board and Chief
Executive Officer, Saul Centers, Inc.;
Chairman of the Board, B. F. Saul Company,
B. F. Saul Real Estate Investment Trust,
Chevy Chase Bank, F.S.B.
Philip D. Caraci President; President and Director, Saul
Centers, Inc.; Executive Vice President,
B. F. Saul Company; Chairman, B. F. Saul
Property Company, Senior Vice President
and Secretary, B. F. Saul Real Estate
Investment Trust
B. Francis Saul III Vice President; Senior Vice President and
Director, B. F. Saul Company; President
and Director, B. F. Saul Property Company;
Vice President and Trustee, B. F. Saul
Real Estate Investment Trust; Vice Chair,
Chevy Chase Bank, F.S.B. and Saul Centers,
Inc
Ross E. Heasley Vice President; Vice President, B. F. Saul
Company; Vice President, B. F. Saul Real
Estate Investment Trust; Vice President
and Assistant Secretary, Saul Centers,
Inc.
Bill D. Tzamaras Vice President and Treasurer; Vice
President and Treasurer, B. F. Saul
Company , B. F. Saul Property Company and
B. F. Saul Real Estate Investment Trust
Patrick T. Connors Vice President; Senior Vice President, B.
F. Saul Company; Vice President, B. F.
Saul Real Estate Investment Trust
Henry C. Parrish III Vice President; Vice President, B. F. Saul
Company, B. F. Saul Property Company and
B. F. Saul Real Estate Investment Trust
------------------------
/9/ The business address of each person is 7501 Wisconsin Avenue, Bethesda,
Maryland 20814.
Page 15 of 22 Pages
Merle F. Sustersich Secretary; Vice President, B. F. Saul
Company, B. F. Saul Property Company and
B.F. Saul Real Estate Investment Trust
None of the persons filing this statement has been convicted in a
criminal proceeding (excluding traffic violations or similar misdemeanors)
during the last five years from the date of this Amendment. To the best of the
knowledge and belief of the Saul Entities, none of the directors and/or
executive officers of the Saul Entities has been convicted in a criminal
proceeding (excluding traffic violations or similar misdemeanors) during the
last five years from the date of this Amendment.
None of the persons filing this statement was a party to a civil
proceeding of a judicial or administrative body of competent jurisdiction and as
a result of such proceeding was or is subject to a judgment, decree or final
order enjoining future violations of, or prohibiting or mandating activities
subject to, federal or state securities laws or finding any violation with
respect to such laws during the last five years from the date of this Amendment.
To the best of the knowledge and belief of the Saul Entities, none of the
directors and/or executive officers of the Saul Entities was a party to a civil
proceeding of a judicial or administrative body of competent jurisdiction and as
a result of such proceeding was or is subject to a judgment, decree or final
order enjoining future violations of, or prohibiting or mandating activities
subject to, federal or state securities laws or finding any violations with
respect to such laws during the last five years from the date of this Amendment.
All individuals named in this Schedule 13D are citizens of the United
States of America.
ITEM 3. Source and Amount of Funds or Other Consideration.
Item 3 is amended in its entirety to read as follows:
Saul Centers instituted a Dividend Reinvestment and Stock Purchase Plan
in December 1995 (the "DRIP") through which holders of Saul Centers Common Stock
and holders of limited partnership interests in Saul Holdings Limited
Partnership may choose to have some or all of their cash dividends or cash
distributions automatically reinvested in shares of Common Stock. Since the
filing of Amendment Number 17 to this Schedule 13D, Saul Centers has issued
Common Stock pursuant to the DRIP on January 31 and April 30, 2002. The Saul
Trust, B. F. Saul Property Company, Van Ness Square Corporation and Dearborn,
L.L.C. all participated in the DRIP and, consequently, were issued additional
shares of Saul Centers Common Stock in lieu of receiving cash payments. The
total amount reinvested and the number of shares acquired by such entities are
as follows:
Page 16 of 22 Pages
Saul Trust
Number of shares
Date of DRIP Reinvestment Amount reinvested Price per share purchased
January 31, 2002 $ 1,165,974.343 $20.3894 57,185.319
April 30, 2002 $ 1,188,276.630 $22.9405 51,798.201
===============
Total: $ 2,354,250.973 108,983.520
B. F. Saul Property Company
Number of shares
Date of DRIP Reinvestment Amount reinvested Price per share purchased
January 31, 2002 $ 74,498.178 $20.3894 3,653.770
April 30, 2002 $ 75,923.168 $22.9405 3,309.569
============
Total: $150,421.346 6,963.339
Van Ness Square Corporation
Number of shares
Date of DRIP Reinvestment Amount reinvested Price per share purchased
January 31, 2002 $ 24.831 $20.3894 1.218
April 30, 2002 $ 35.948 $22.9405 1.567
========
Total: $ 60.779 2.785
Dearborn, L.L.C.
Number of shares
Date of DRIP Reinvestment Amount reinvested Price per share purchased
January 31, 2002 $ 956,359.954 $20.3894 46,904.762
April 30, 2002 $ 694,906.721 $22.9405 30,291.699
==============
Total: $1,651,266.675 77,196.461
B. F. Saul Company Employees' Profit Sharing Retirement Trust
The B. F. Saul Company Employees' Profit Sharing Retirement Trust (the
"Plan") is a profit sharing retirement plan for the benefit of the employees of
the Saul Company, its subsidiaries and other participating companies that
invests its assets for the benefit of the employees of such companies. The Plan
is intended to qualify under Section 401(a) of the Internal Revenue Code and is
subject to the Employee Retirement Income Security Act of 1974, as amended
("ERISA"). The Plan is administered by five trustees: B. Francis Saul II, Philip
D. Caraci, Alexander R.M. Boyle, Patricia E. Clark and Stephen R. Halpin, Jr.
Because B. Francis Saul II shares the power to vote and to dispose of the shares
of common stock acquired by the Plan, the acquisition of such shares is being
reported in this Schedule 13D. B. Francis Saul II disclaims beneficial ownership
of the shares held by the Plan that exceed his pecuniary interest in the Plan.
Page 17 of 21 Pages
The Plan participated in the DRIP and reinvested the following amounts
for shares of Saul Centers Common Stock:
Number of shares
Date of DRIP Reinvestment Amount reinvested Price per share purchased
January 31, 2002 $ 425,622.853 $20.3894 20,874.712
April 30, 2002 $ 433,763.975 $22.9405 18,908.218
=============
Total: $ 859,386.828 39,782.930
Beginning in 1999, pursuant to the DRIP, 100 shares of Saul Center Common
Stock are awarded annually as additional compensation to each person serving on
the Board of Directors of Saul Centers as of the record date for the annual
meeting of stockholders. Since the filing of Amendment 17 to this Schedule 13D,
B. Francis Saul II received 100 shares of Saul Centers Common Stock on April 26,
2002 in connection with the 2002 annual meeting of stockholders. The closing
price of Saul Centers Common Stock on the New York Stock Exchange on April 26,
2002 was $22.81. B. Francis Saul II has elected to participate in the DRIP with
respect to these shares. The total amount reinvested and the number of shares
acquired by B. Francis Saul II is as follows:
B. Francis Saul II
Number of shares
Date of DRIP Reinvestment Amount reinvested Price per share purchased
January 31, 2002 $ 133.897 $20.3894 6.567
April 30, 2002 $ 136.450 $22.9405 5.948
=========
Total: $ 270.347 12.515
In addition, various trusts established for the benefit of the children
of B. Francis Saul II (the "Trusts"), and Mrs. Patricia E. Saul, the wife of B.
Francis Saul II, have participated in the DRIP. The additional shares of Saul
Centers Common Stock issued pursuant to the DRIP to these entities and
individuals are being reported in this Schedule 13D because B. Francis Saul II,
either as sole trustee of some of the Trusts, or by reason of his possible
influence over the other trustees and beneficiaries and over his wife, has or
might be deemed to have sole or shared voting and dispositive power over such
shares. Mr. Saul disclaims beneficial ownership of all shares held by the Trusts
and Mrs. Patricia E. Saul.
The amounts reinvested and the number of shares issued pursuant to the
DRIP are listed below:
Elizabeth Willoughby Saul Trust
B. Francis Saul II, Trustee
Number of shares
Date of DRIP Reinvestment Amount reinvested Price per share purchased
January 31, 2002 $ 1,773.429 $20.3894 86.978
April 30, 2002 $ 1,807.344 $22.9405 78.784
===========
Total: $ 3,580.773 165.762
Page 18 of __ Pages
Sharon Elizabeth Saul Trust
B. Francis Saul II, Trustee
Number of shares
Date of DRIP Reinvestment Amount reinvested Price per share purchased
January 31, 2002 $ 1,064.062 $20.3894 52.187
April 30, 2002 $ 1,084.420 $22.9405 47.271
===========
Total: $ 2,148.482 99.458
Patricia English Saul Trust
B. Francis Saul II, Trustee
Number of shares
Date of DRIP Reinvestment Amount reinvested Price per share purchased
January 31, 2002 $ 1,773.429 $20.3894 86.978
April 30, 2002 $ 1,807.344 $22.9405 78.784
===========
Total: $ 3,580.773 165.762
Trust FBO Elizabeth W. Saul
u/a dated 12/30/76, George M. Rogers, Jr.,
Successor Trustee
Number of shares
Date of DRIP Reinvestment Amount reinvested Price per share purchased
January 31, 2002 $ 1,773.429 $20.3894 86.978
April 30, 2002 $ 1,807.344 $22.9405 78.784
===========
Total: $ 3,580.773 165.762
Trust FBO Andrew M. Saul II
u/a dated 12/30/70, George M. Rogers, Jr.,
Successor Trustee
Number of shares
Date of DRIP Reinvestment Amount reinvested Price per share purchased
January 31, 2002 $ 1,773.429 $20.3894 86.978
April 30, 2002 $ 1,807.344 $22.9405 78.784
===========
Total: $ 3,580.773 165.762
Trust FBO Patricia English Saul
u/a dated 12/15/71, George M. Rogers, Jr.,
Successor Trustee
Number of shares
Date of DRIP Reinvestment Amount reinvested Price per share purchased
January 31, 2002 $ 1,773.429 $20.3894 86.978
April 30, 2002 $ 1,807.344 $22.9405 78.784
===========
Total: $ 3,580.773 165.762
Page 19 of 22 Pages
Patricia E. Saul (Mrs.)
Number of shares
Date of DRIP Reinvestment Amount reinvested Price per share purchased
January 31, 2002 $20,394.416 $20.3894 1,000.246
April 30, 2002 $20,784.529 $22.9405 906.019
===========
$58,667.190 1,906.265
Total:
ITEM 4. Purpose of Transaction.
Item 4 is amended in its entirety to read as follows:
The purpose of the acquisition of shares of Common Stock by the Saul
Entities, the Plan, the Trusts, B. Francis Saul II and Patricia E. Saul is
investment. The Saul Entities, the Plan, the Trusts, B. Francis Saul II and
Patricia E. Saul may purchase additional shares of Common Stock from time to
time for the purpose of investment, subject to ownership limitations set forth
in the Saul Centers, Inc. Articles of Incorporation.
ITEM 5. Interest in Securities of the Issuer.
Item 5 is amended in its entirety to read as follows:
a. The number and percentage of Common Shares beneficially owned by the
reporting persons are set forth in the following table:
Number of Shares Percentage
Reporting Person Beneficially Owned Of Class (%)
---------------- ------------------ ----------
B. Francis Saul II 5,106,830* 34.4
B.F. Saul Property Company 197,984 1.3
Westminster Investing Corp. 374,030 2.5
Van Ness Square Corporation 94 0.0
Dearborn, L.L.C. 228,327 1.5
B.F. Saul Real Estate Investment Trust 3,326,988 22.4
* Includes all of the shares of Common Stock acquired by the Saul Entities, the
Plan, the Trusts and Mrs. Patricia E. Saul. B. Francis Saul II owns 456 shares
of Common Stock directly. Pursuant to Rule 13d-1 under the Securities Exchange
Act of 1934, as amended, the shares of Common Stock described above are
considered to be beneficially owned by Mr. Saul because he has or may be deemed
to have sole or shared voting and/or investment power in respect thereof. Mr.
Saul disclaims beneficial ownership of 21,954 shares held by the Trusts, 54,200
shares held by Mrs. Patricia E. Saul, and certain shares held by the Plan that
exceed his pecuniary interest in the Plan.
b. The Saul Entities have the sole power to vote or to direct the vote
and to dispose or to direct the disposition of the shares of Common Stock
directly owned by each. The Saul Trust shares the power to vote or to direct the
vote and to dispose or to direct the disposition of shares of Common Stock owned
by Dearborn, L.L.C. B. Francis Saul II shares the power to vote or to direct the
vote and to dispose or to direct the disposition of shares of Common Stock owned
by the Saul Entities and the Plan with the other directors, trustees or general
partners of the Saul Entities, and the other trustees of the Plan, respectively.
The information required by Item 2 with respect to the other directors, trustees
and general
Page 20 of 22 Pages
partners of the Saul Entities is set forth in Item 2 above. The information
required by Item 2 with respect to the other Plan trustees is set forth in the
following table:
Name Principal Occupation
---- --------------------
Philip D. Caraci Director and President, Saul Centers, Inc.;
Executive Vice President, B. F. Saul Company;
Chairman, B. F. Saul Property Company; Senior Vice
President, B. F. Saul Real Estate Investment Trust
Alexander R. M. Boyle Vice Chairman, Chevy Chase Bank, F.S.B.
Patricia E. Clark Assistant Vice President and Secretary, B. F. Saul
Company
Stephen R. Halpin, Jr. Executive Vice President and Chief Financial
Officer, Chevy Chase Bank, F.S.B.; Vice President
and Chief Financial Officer, B. F. Saul Real Estate
Investment Trust
The business address of Messrs. Caraci, Boyle and Halpin and Ms. Clark is 7501
Wisconsin Avenue, Bethesda, Maryland 20814.
B. Francis Saul II, as sole trustee of the Sharon Elizabeth Saul Trust,
the Elizabeth Willoughby Saul Trust, the Andrew M. Saul Trust, and the Patricia
English Saul Trust, has the sole power to vote and the sole power to direct the
disposition of 21,954 shares of Common Stock held by these trusts. As noted in
Item 3, because of his possible influence over the trustees and beneficiaries of
the Trusts named below and over his wife, Mrs. Patricia E. Saul, Mr. Saul might
be deemed to have shared voting or dispositive power over the shares of Common
Stock owned by such Trusts and by Mrs. Saul as indicated by the following table:
------------------------------------------------------------------------------------------
Owner Number of Shares
----- ----------------
------------------------------------------------------------------------------------------
Bank of America, N.A., Trustee FBO Francis 24,500
Saul III & Andrew M. Saul II u/a w/B. Francis
Saul II dated 12/30/76
------------------------------------------------------------------------------------------
Bank of America, N.A., Trustee u/w Andrew M. Saul FBO 1,000
Elizabeth W. Saul
------------------------------------------------------------------------------------------
Trust FBO Elizabeth W. Saul 8,213
u/a dated 12/31/70, George M. Rogers, Jr.,
Successor Trustee
------------------------------------------------------------------------------------------
Trust FBO Andrew M. Saul II 5,713
u/a dated 12/31/70, George M. Rogers, Jr.,
Successor Trustee
------------------------------------------------------------------------------------------
Trust FBO Patricia English Saul 7,913
u/a dated 12/15/71, George M. Rogers, Jr.,
Successor Trustee
------------------------------------------------------------------------------------------
Trust FBO Sharon Elizabeth Saul 3,000
u/a dated 12/31/70, George M. Rogers, Jr.,
Successor Trustee
------------------------------------------------------------------------------------------
Patricia E. Saul (Mrs.) 54,200
------------------------------------------------------------------------------------------
Because Mr. Saul is not the beneficial owner of the shares held by the
Trusts listed above, these shares are not included in Mr. Saul's holdings in
Item 5(a) above. However, because Mr. Saul has an indirect pecuniary interest in
the shares held by his wife, Mrs. Patricia E. Saul, these shares are included in
Mr. Saul's holdings in Item 5(a) above.
Page 21 of 22 Pages
The information with respect to the trustees of these Trusts and with
respect to Mrs. Saul required by Item 2 is as follows.
Bank of America, N.A. is a national banking association with its principal
business address and the address of its principal office at 1501 Pennsylvania
Avenue, N.W., Washington, D.C. 20013.
George M. Rogers, Jr. is an attorney at law, whose principal occupation is
as a senior counsel in the law firm of Shaw Pittman LLP, 2300 N Street, N.W.,
Washington, D.C. 20037, which is also Mr. Rogers' business address.
Patricia E. Saul is the wife of B. Francis Saul II. She resides at One
Quincy Street, Chevy Chase, Maryland 20815. Her principal occupation is that of
housewife.
To the best of the information and belief of the persons filing this
statement, during the past five years from the date of this Amendment, neither
Bank of America, N.A., nor Mr. Rogers, nor Mrs. Saul, nor any of the Plan
trustees has, during the past five years from the date of this Amendment, been
convicted in a criminal proceeding (excluding traffic violations or similar
misdemeanors) or been party to a civil proceeding of a judicial or
administrative body of competent jurisdiction as a result of which proceeding
any of them was or is subject to a judgment, decree or final order enjoining
future violations of, or prohibiting or mandating activities subject to, federal
or state securities laws or finding any violation with respect to such laws. Mr.
Rogers, Mrs. Saul and the Plan trustees are citizens of the United States of
America.
c. Other than as described in Item 3 above, there have been no transactions
known to the persons filing this statement since the filing of Amendment No. 17
to this Schedule 13D.
d. Beneficiaries of the Plan, beneficiaries of the Trusts, and Mrs.
Patricia E. Saul have the right to receive dividends from, and the proceeds from
the sale of, the shares of Common Stock acquired by the Plan, the Trusts, and
Mrs. Saul, respectively. The interest of no such beneficiary, or Mrs. Patricia
E. Saul, relates to more than five percent of the Common Stock.
e. Not applicable.
ITEM 6. Contracts, Arrangements, Understandings or Relationships With Respect
to Securities of the Issuer.
None.
ITEM 7. Material to be Filed as Exhibits.
None.
Page 22 of 22 Pages
SIGNATURES
After reasonable inquiry and to the best of my knowledge and belief, I
certify that the information set forth in this statement is true, complete and
correct.
/s/ B. Francis Saul II
--------------------------------------------
August 5, 2002 B. Francis Saul II
B. F. SAUL PROPERTY COMPANY
August 5, 2002 By: /s/ Ross E. Heasley
----------------------------------------
Ross E. Heasley, Vice President
WESTMINSTER INVESTING CORPORATION
August 5, 2002 By: /s/ B. Francis Saul II
----------------------------------------
B. Francis Saul II,
Chairman and President
VAN NESS SQUARE CORPORATION
August 5, 2002 By: /s/ B. Francis Saul II
----------------------------------------
B. Francis Saul II,
Chairman
DEARBORN, L.L.C.
By: B.F. SAUL REAL ESTATE INVESTMENT TRUST,
its sole member
August 5, 2002 By: /s/ B. Francis Saul II
----------------------------------------
B. Francis Saul II,
Chairman
B. F. SAUL REAL ESTATE
INVESTMENT TRUST
August 5, 2002 By: /s/ B. Francis Saul II
----------------------------------------
B. Francis Saul II,
Chairman