UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
(Rule 13d-101)
Under the Securities Exchange Act of 1934
(Amendment No. 19)*
Saul Centers, Inc.
(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)
January 31, 2003
(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 23 Pages
------------------------
CUSIP NO. 804395 10 1 13D
------------------------
--------------------------------------------------------------------------------
1. NAMES OF REPORTING PERSONS
B. Francis Saul II
--------------------------------------------------------------------------------
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 OWNED BY 23,082
EACH
REPORTING PERSON
WITH
--------------------------------------------------------------------------------
8. SHARED VOTING POWER (See Item 6)
5,414,339
--------------------------------------------------------------------------------
9. SOLE DISPOSITIVE POWER (See Item 6)
23,082
--------------------------------------------------------------------------------
10. SHARED DISPOSITIVE POWER (See Item 6)
5,414,339
--------------------------------------------------------------------------------
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
5,437,421
--------------------------------------------------------------------------------
12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES [ ]
--------------------------------------------------------------------------------
13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 35.7%
--------------------------------------------------------------------------------
14. TYPE OF REPORTING PERSON
IN
--------------------------------------------------------------------------------
Page 3 of 23 Pages
------------------------
CUSIP NO. 804395 10 1 13D
------------------------
--------------------------------------------------------------------------------
1. NAMES OF REPORTING PERSONS
B. F. Saul Property Company (formerly Franklin Property Company)
--------------------------------------------------------------------------------
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 208,454
OWNED BY
EACH
REPORTING PERSON
WITH
--------------------------------------------------------------------------------
8. SHARED VOTING POWER (See Item 6)
0
--------------------------------------------------------------------------------
9. SOLE DISPOSITIVE POWER (See Item 6)
208,454
--------------------------------------------------------------------------------
10. SHARED DISPOSITIVE POWER (See Item 6)
0
--------------------------------------------------------------------------------
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
208,454
--------------------------------------------------------------------------------
12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES [ ]
--------------------------------------------------------------------------------
13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 1.4%
--------------------------------------------------------------------------------
14. TYPE OF REPORTING PERSON
CO
--------------------------------------------------------------------------------
Page 4 of 23 Pages
------------------------
CUSIP NO. 804395 10 1 13D
------------------------
--------------------------------------------------------------------------------
1. NAMES OF REPORTING PERSONS
Westminster Investing Corporation
--------------------------------------------------------------------------------
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 23 Pages
------------------------
CUSIP NO. 804395 10 1 13D
------------------------
--------------------------------------------------------------------------------
1. NAMES OF REPORTING PERSONS
Van Ness Square Corporation
--------------------------------------------------------------------------------
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 99
OWNED BY
EACH
REPORTING PERSON
WITH
--------------------------------------------------------------------------------
8. SHARED VOTING POWER (See Item 6)
0
--------------------------------------------------------------------------------
9. SOLE DISPOSITIVE POWER (See Item 6)
99
--------------------------------------------------------------------------------
10. SHARED DISPOSITIVE POWER (See Item 6)
0
--------------------------------------------------------------------------------
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
99
--------------------------------------------------------------------------------
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 23 Pages
------------------------
CUSIP NO. 804395 10 1 13D
------------------------
--------------------------------------------------------------------------------
1. NAMES OF REPORTING PERSONS
B.F. Saul Real Estate Investment Trust
--------------------------------------------------------------------------------
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 3,315,984
OWNED BY
EACH
REPORTING PERSON
WITH
--------------------------------------------------------------------------------
8. SHARED VOTING POWER (See Item 6)
267,770
--------------------------------------------------------------------------------
9. SOLE DISPOSITIVE POWER (See Item 6)
3,315,984
--------------------------------------------------------------------------------
10. SHARED DISPOSITIVE POWER (See Item 6)
267,770
--------------------------------------------------------------------------------
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
3,583,754
--------------------------------------------------------------------------------
12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES [ ]
--------------------------------------------------------------------------------
13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 23.5%
--------------------------------------------------------------------------------
14. TYPE OF REPORTING PERSON
OO
--------------------------------------------------------------------------------
Page 7 of 23 Pages
------------------------
CUSIP NO. 804395 10 1 13D
------------------------
--------------------------------------------------------------------------------
1. NAMES OF REPORTING PERSONS
Dearborn, L.L.C.
--------------------------------------------------------------------------------
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 267,770
OWNED BY
EACH
REPORTING PERSON
WITH
--------------------------------------------------------------------------------
8. SHARED VOTING POWER (See Item 6)
0
--------------------------------------------------------------------------------
9. SOLE DISPOSITIVE POWER (See Item 6)
267,770
--------------------------------------------------------------------------------
10. SHARED DISPOSITIVE POWER (See Item 6)
0
--------------------------------------------------------------------------------
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
267,770
--------------------------------------------------------------------------------
12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES [ ]
--------------------------------------------------------------------------------
13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 1.8%
--------------------------------------------------------------------------------
14. TYPE OF REPORTING PERSON
OO
--------------------------------------------------------------------------------
Page 8 of 23 Pages
AMENDMENT NO. 19
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 "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, a real estate
investment 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 23 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; Vice Chairman, Saul Centers, Inc.; Trustee,
B.F. Saul Real Estate Investment Trust
B. Francis Saul III President and Director; Vice Chair, Chevy Chase Bank,
F.S.B., President and Director, Saul Centers, Inc.;
Senior Vice President and Director, B. F. Saul
Company; Senior Vice President, Secretary 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
Steven N. Corey Senior Vice President - Office Leasing; Senior Vice
President, B. F. Saul Company
Henry C. Parrish III Senior Vice President; Vice President, B. F. Saul
Company; Vice President, B. F. Saul Real Estate
Investment Trust
----------
/1/ The business address of each person is 7501 Wisconsin Avenue, Bethesda,
Maryland 20814.
Page 10 of 23 Pages
Bill D. Tzamaras Vice President and Treasurer; Vice President and
Treasurer, B. F. Saul Company and B. F. Saul Real
Estate Investment Trust; Vice President and Chief
Accounting Officer, Saul Centers, Inc.
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 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
Westminster Investing Corporation
Position with Company and Present
Name/2/ Principal Occupation if Different
------- ---------------------------------
----------
/2/ The business address of each person is 7501 Wisconsin Avenue, Bethesda,
Maryland 20814 unless otherwise indicated.
Page 11 of 23 Pages
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; Senior
Vice President, Secretary and Trustee, B. F. Saul
Real Estate Investment Trust; Vice Chair, Chevy Chase
Bank, F.S.B.; President and Director, 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 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
----------
/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 23 Pages
Company; Senior Vice President, Secretary and
Trustee, B. F. Saul Real Estate Investment Trust;
Vice Chair, Chevy Chase Bank F.S.B.; President and
Director, 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.
Philip D. Caraci Trustee; Vice Chairman, Saul Centers, Inc.; Chairman,
B. F. Saul Property Company
B. Francis Saul III Trustee, Secretary and Senior Vice President; Senior
Vice President and Director, B. F. Saul Company; Vice
Chair, Chevy Chase Bank, F.S.B.; President and
Director, Saul Centers, Inc; President and Director,
B. F. Saul
----------
/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 23 Pages
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
G. Timothy Hanlon General Counsel; Executive Vice President and General
Counsel, Chevy Chase Bank, F.S.B.
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; Vice President and
Chief Accounting Officer, Saul Centers, Inc
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
Mark G. Carrier 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 23 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.
B. Francis Saul III Vice President; Senior Vice President and Director,
B. F. Saul Company; President and Director, B. F.
Saul Property Company; Senior Vice President,
Secretary and Trustee, B. F. Saul Real Estate
Investment Trust; Vice Chair, Chevy Chase Bank,
F.S.B.; President and Director, 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;
Vice President and Chief Accounting Officer, Saul
Centers, Inc
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
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
----------
/9/ The business address of each person is 7501 Wisconsin Avenue, Bethesda,
Maryland 20814.
Page 15 of 23 Pages
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 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 18 to
this Schedule 13D, Saul Centers has issued Common Stock pursuant to the DRIP on
July 31, 2002, October 31, 2002 and January 31, 2003. 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
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 23 Pages
Saul Trust
Number of shares
Date of DRIP Reinvestment Amount reinvested Price per share purchased
------------------------- ----------------- --------------- ----------------
July 31, 2002 $1,208,477.919 $22.9405 52,678.796
October 31, 2002 $1,827,723.632 $23.1830 78,838.961
January 31, 2003 $1,843,531.271 $21.4855 85,803.508
==============
Total: $4,879,732.822 217,321.265
B. F. Saul Property Company
Number of shares
Date of DRIP Reinvestment Amount reinvested Price per share purchased
------------------------- ----------------- --------------- ----------------
July 31, 2002 $ 77,213.892 $22.9405 3,365.833
October 31, 2002 $ 78,526.570 $23.1830 3,387.248
January 31, 2003 $ 79,847.595 $21.4855 3,716.348
============
Total: $235,588.057 10,469.429
Van Ness Square Corporation
Number of shares
Date of DRIP Reinvestment Amount reinvested Price per share purchased
------------------------- ----------------- --------------- ----------------
July 31, 2002 $ 36.544 $22.9405 1.593
October 31, 2002 $ 37.186 $23.1830 1.604
January 31, 2003 $ 37.793 $21.4855 1.759
========
Total: $111.523 4.956
Dearborn, L.L.C.
Number of shares
Date of DRIP Reinvestment Amount reinvested Price per share purchased
------------------------- ----------------- --------------- ----------------
July 31, 2002 $695,502.577 $22.9405 30,317.673
October 31, 2002 $100,871.412 $23.1830 4,351.094
January 31, 2003 $102,568.339 $21.4855 4,773.840
============
Total: $898,942.328 39,442.607
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 four trustees: B. Francis Saul II, Philip
D. Caraci, Alexander R.M. Boyle 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 23 Pages
The Plan participated in the DRIP and reinvested the following amounts for
shares of Common Stock:
Number of shares
Date of DRIP Reinvestment Amount reinvested Price per share purchased
------------------------- ----------------- --------------- ----------------
July 31, 2002 $441,138.199 $22.9405 19,229.668
October 31, 2002 $448,637.764 $23.1830 19,352.015
January 31, 2003 $456.185.056 $21.4855 21,232.229
============
Total: $889,371.363 59,813.912
Beginning in 1999, pursuant to the DRIP, 100 shares of 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. 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
------------------------- ----------------- --------------- ----------------
July 31, 2002 $174.279 $22.9405 7.749
October 31, 2002 $180.804 $23.1830 7.799
January 31, 2003 $136.450 $21.4855 8.556
========
Total: $270.347 24.104
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 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
------------------------- ----------------- --------------- ----------------
July 31, 2002 $1,838.085 $22.9405 80.124
October 31, 2002 $1,869.315 $23.1830 80.633
January 31, 2003 $1,900.650 $21.4855 88.468
==========
Total: $5,608.050 249.225
Page 18 of 23 Pages
Sharon Elizabeth Saul Trust
B. Francis Saul II, Trustee
Number of shares
Date of DRIP Reinvestment Amount reinvested Price per share purchased
------------------------- ----------------- --------------- ----------------
July 31, 2002 $1,102.842 $22.9405 48.074
October 31, 2002 $1,121.594 $23.1830 48.380
January 31, 2003 $1,140.472 $21.4855 53.081
==========
Total: $3,364.908 149.535
Patricia English Saul Trust
B. Francis Saul II, Trustee
Number of shares
Date of DRIP Reinvestment Amount reinvested Price per share purchased
------------------------- ----------------- --------------- ----------------
July 31, 2002 $1,838.085 $22.9405 80.124
October 31, 2002 $1,869.315 $23.1830 80.633
January 31, 2003 $1,900.650 $21.4855 88.468
==========
Total: $5,608.050 249.225
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
------------------------- ----------------- --------------- ----------------
July 31, 2002 $1,838.085 $22.9405 80.124
October 31, 2002 $1,869.315 $23.1830 80.633
January 31, 2003 $1,900.650 $21.4855 88.468
==========
Total: $5,608.050 249.225
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
------------------------- ----------------- --------------- ----------------
July 31, 2002 $1,838.085 $22.9405 80.124
October 31, 2002 $1,869.315 $23.1830 80.633
January 31, 2003 $1,900.650 $21.4855 88.468
==========
Total: $5,608.050 249.225
Page 19 of 23 Pages
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
------------------------- ----------------- --------------- ----------------
July 31, 2002 $1,838.085 $22.9405 80.124
October 31, 2002 $1,869.315 $23.1830 80.633
January 31, 2003 $1,900.650 $21.4855 88.468
==========
Total: $5,608.050 249.225
Patricia E. Saul (Mrs.)
Number of shares
Date of DRIP Reinvestment Amount reinvested Price per share purchased
------------------------- ----------------- --------------- ----------------
July 31, 2002 $21,137.881 $22.9405 921.422
October 31, 2002 $21,497.225 $23.1830 927.284
January 31, 2003 $21,858.975 $21.4855 1,017.378
===========
Total: $64,494.081 2,866.084
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 5,437,421* 35.7
B.F. Saul Property Company 208,454 1.4
Westminster Investing Corp. 374,030 2.5
Van Ness Square Corporation 99 0.0
Dearborn, L.L.C. 267,770 1.8
B.F. Saul Real Estate Investment Trust 3,585,754 23.5
* 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 480 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
Page 20 of 23 Pages
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 22,602 shares held by the Trusts, 57,066
shares held by Mrs. Patricia E. Saul, and certain shares held by the Plan that
exceed his pecuniary interest in the Plan.
The number of Common Shares beneficially owned collectively by the
reporting persons and other affiliates of B. Francis Saul II excludes 5,178,763
units of limited partnership interest in Saul Holdings Limited Partnership, a
Delaware limited partnership (the "Partnership"), which units, in general, are
convertible into shares of Common Stock on a one-for-one basis. However, under
the terms of the limited partnership agreement of the Partnership, at the
current time, these 5,178,763 units may not be converted into shares of Common
Stock because such conversion would cause the reporting persons and other
affiliates of Mr. Saul to beneficially own collectively greater than 24.9% of
the outstanding shares of Common Stock.
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 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 Vice Chairman, Saul Centers, Inc.; Chairman, B. F. Saul
Property Company; Trustee, B. F. Saul Real Estate
Investment Trust
Alexander R. M. Boyle Vice Chairman, Chevy Chase Bank, F.S.B.
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 is 7501 Wisconsin
Avenue, Bethesda, Maryland 20814.
Page 21 of 23 Pages
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 22,602 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 8,462
u/a dated 12/31/70, George M. Rogers, Jr.,
Successor Trustee
------------------------------------------------------------------------
Trust FBO Andrew M. Saul II 5,962
u/a dated 12/31/70, George M. Rogers, Jr.,
Successor Trustee
------------------------------------------------------------------------
Trust FBO Patricia English Saul 8,162
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.) 57,066
------------------------------------------------------------------------
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.
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
Page 22 of 23 Pages
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. 18
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 23 of 23 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
------------------------------------
April 30, 2003 B. Francis Saul II
B. F. SAUL PROPERTY COMPANY
April 30, 2003 By: /s/ Ross E. Heasley
------------------------------------
Ross E. Heasley, Vice President
WESTMINSTER INVESTING CORPORATION
April 30, 2003 By: /s/ B. Francis Saul II
------------------------------------
B. Francis Saul II,
Chairman and President
VAN NESS SQUARE CORPORATION
April 30, 2003 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
April 30, 2003 By: /s/ B. Francis Saul II
------------------------------------
B. Francis Saul II,
Chairman
B. F. SAUL REAL ESTATE
INVESTMENT TRUST
April 30, 2003 By: /s/ B. Francis Saul II
------------------------------------
B. Francis Saul II,
Chairman