Schedule 13D/A -- Amendment No. 35

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

SCHEDULE 13D

(Rule 13d-101)

Under the Securities Exchange Act of 1934

(Amendment No. 35)*

 

 

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)

October 29, 2010

(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 27 Pages


 

    Page 2 of 27 Pages

 

13D

 

 

CUSIP No. 804395 10 1

 

  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

beneficially

owned by

each

reporting

person

with

     7.    

Sole voting power (See Item 5)

 

    162,298

     8.   

Shared voting power (See Item 5)

 

    9,979,549

     9.   

Sole dispositive power (See Item 5)

 

    162,298

   10.   

Shared dispositive power (See Item 5)

 

    9,979,549

11.

 

Aggregate amount beneficially owned by each reporting person

 

    10,141,847

12.

 

Check box if the aggregate amount in Row (11) excludes certain shares  ¨

 

13.

 

Percent of class represented by amount in Row (11)

 

    46.6%

14.

 

Type of reporting person

 

    IN


 

    Page 3 of 27 Pages

 

13D

 

 

CUSIP No. 804395 10 1

 

  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

beneficially

owned by

each

reporting

person

with

     7.    

Sole voting power (See Item 5)

 

    291,624

     8.   

Shared voting power (See Item 5)

 

    0

     9.   

Sole dispositive power (See Item 5)

 

    291,624

   10.   

Shared dispositive power (See Item 5)

 

    0

11.

 

Aggregate amount beneficially owned by each reporting person

 

    291,624

12.

 

Check box if the aggregate amount in Row (11) excludes certain shares  ¨

 

13.

 

Percent of class represented by amount in Row (11)

 

    1.6%

14.

 

Type of reporting person

 

    CO


 

    Page 4 of 27 Pages

 

13D

 

 

CUSIP No. 804395 10 1

 

  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

beneficially

owned by

each

reporting

person

with

     7.    

Sole voting power (See Item 5)

 

    403,726

     8.   

Shared voting power (See Item 5)

 

    0

     9.   

Sole dispositive power (See Item 5)

 

    403,726

   10.   

Shared dispositive power (See Item 5)

 

    0

11.

 

Aggregate amount beneficially owned by each reporting person

 

    403,726

12.

 

Check box if the aggregate amount in Row (11) excludes certain shares  ¨

 

13.

 

Percent of class represented by amount in Row (11)

 

    2.2%

14.

 

Type of reporting person

 

    CO


 

    Page 5 of 27 Pages

 

13D

 

 

CUSIP No. 804395 10 1

 

  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

beneficially

owned by

each

reporting

person

with

     7.    

Sole voting power (See Item 5)

 

    35,062

     8.   

Shared voting power (See Item 5)

 

    0

     9.   

Sole dispositive power (See Item 5)

 

    35,062

   10.   

Shared dispositive power (See Item 5)

 

    0

11.

 

Aggregate amount beneficially owned by each reporting person

 

    35,062

12.

 

Check box if the aggregate amount in Row (11) excludes certain shares  ¨

 

13.

 

Percent of class represented by amount in Row (11)

 

    0.2%

14.

 

Type of reporting person

 

    CO


 

    Page 6 of 27 Pages

 

13D

 

 

CUSIP No. 804395 10 1

 

  1.   

Names of reporting persons

 

    B.F. Saul Company

  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

 

    District of Columbia

Number of

shares

beneficially

owned by

each

reporting

person

with

     7.    

Sole voting power (See Item 5)

 

    236,617

     8.   

Shared voting power (See Item 5)

 

    9,218,612

     9.   

Sole dispositive power (See Item 5)

 

    236,617

   10.   

Shared dispositive power (See Item 5)

 

    9,218,612

11.

 

Aggregate amount beneficially owned by each reporting person

 

    9,455,229

12.

 

Check box if the aggregate amount in Row (11) excludes certain shares  ¨

 

13.

 

Percent of class represented by amount in Row (11)

 

    43.6%

14.

 

Type of reporting person

 

    CO


 

    Page 7 of 27 Pages

 

13D

 

 

CUSIP No. 804395 10 1

 

  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

beneficially

owned by

each

reporting

person

with

     7.    

Sole voting power (See Item 5)

 

    7,609,222

     8.   

Shared voting power (See Item 5)

 

    1,317,766

     9.   

Sole dispositive power (See Item 5)

 

    7,609,222

   10.   

Shared dispositive power (See Item 5)

 

    1,317,766

11.

 

Aggregate amount beneficially owned by each reporting person

 

    8,926,988

12.

 

Check box if the aggregate amount in Row (11) excludes certain shares  ¨

 

13.

 

Percent of class represented by amount in Row (11)

 

    41.1%

14.

 

Type of reporting person

 

    OO


 

    Page 8 of 27 Pages

 

13D

 

 

CUSIP No. 804395 10 1

 

  1.   

Names of reporting persons

 

    Avenel Executive Park Phase II, 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

 

    Maryland

Number of

shares

beneficially

owned by

each

reporting

person

with

     7.    

Sole voting power (See Item 5)

 

    1,238

     8.   

Shared voting power (See Item 5)

 

    0

     9.   

Sole dispositive power (See Item 5)

 

    1,238

   10.   

Shared dispositive power (See Item 5)

 

    0

11.

 

Aggregate amount beneficially owned by each reporting person

 

    1,238

12.

 

Check box if the aggregate amount in Row (11) excludes certain shares  ¨

 

13.

 

Percent of class represented by amount in Row (11)

 

    0.0%

14.

 

Type of reporting person

 

    OO


 

    Page 9 of 27 Pages

 

13D

 

 

CUSIP No. 804395 10 1

 

  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

beneficially

owned by

each

reporting

person

with

     7.    

Sole voting power (See Item 5)

 

    1,316,528

     8.   

Shared voting power (See Item 5)

 

    0

     9.   

Sole dispositive power (See Item 5)

 

    1,316,528

   10.   

Shared dispositive power (See Item 5)

 

    0

11.

 

Aggregate amount beneficially owned by each reporting person

 

    1,316,528

12.

 

Check box if the aggregate amount in Row (11) excludes certain shares  ¨

 

13.

 

Percent of class represented by amount in Row (11)

 

    6.9%

14.

 

Type of reporting person

 

    OO


 

    Page 10 of 27 Pages

 

AMENDMENT NO. 35

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 Company (the “Saul Company”), (6) B. F. Saul Real Estate Investment Trust (the “Saul Trust”), (7) Avenel Executive Park Phase II, L.L.C. and (8) 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 Company, the Saul Trust, Avenel Executive Park Phase II, L.L.C. 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) the Saul Company, and (iii) the Saul Trust. The business address for Mr. Saul, Saul Centers, Saul Company and the Saul Trust is 7501 Wisconsin Avenue, Bethesda, Maryland 20814. The principal business of each of the foregoing entities is the development, ownership and management of real estate, directly or through subsidiary entities. The Saul Company is a corporation organized and existing under the laws of the District of Columbia. The Saul Trust, a real estate investment trust organized and existing under Maryland law, is a majority owned subsidiary of the Saul Company.

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 11 of 27 Pages

 

Avenel Executive Park Phase II, L.L.C., a Maryland limited liability company, is a company engaged in the ownership of equity interests in affiliated entities. The Saul Trust is the sole member of Avenel Executive Park Phase II, L.L.C.

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

 

Name1

  

Position with Company and Present Principal Occupation if Different

B. Francis Saul III

   Chairman of the Board and President; President and Director, Saul Centers, Inc.

Ross E. Heasley

   Vice President and Director; Vice President and Assistant Secretary, Saul Centers, Inc.

Thomas H. McCormick

   Director; Senior Vice President and General Counsel, Saul Centers, Inc.

Jessica L. Parker

   Secretary and Director

Patrick T. Connors

   Senior Vice President

Steven N. Corey

   Senior Vice President – Office Leasing

Henry C. Parrish III

   Senior Vice President

Mark G. Carrier

   Senior Vice President

Joel A. Friedman

   Treasurer and Senior Vice President; Vice President and Chief Accounting Officer, Saul Centers, Inc.

Bryon S. Barlow

   Senior Vice President – Office Management

 

 

1

The business address of each person is 7501 Wisconsin Avenue, Bethesda, Maryland 20814.


 

    Page 12 of 27 Pages

 

Enio P. Guerra

   Vice President

Barbara I. Reifsnider

   Vice President

Alison B. Rubin

   Vice President

Kenneth F. Kovach

   Senior Vice President

Donald A. Hachey

   Vice President; Vice President, Saul Centers, Inc.

Mark A. Hardy

   Vice President

Terry G. Landers

   Vice President

J. Page Lansdale

   Vice President; Senior Vice President, Saul Centers, Inc.

Tanya Marhefka

   Vice President

Mary Lou Mayer

   Vice President; Vice President, Saul Centers, Inc.

M. Scott Campbell

   Vice President

John A. Spain

   Vice President

Derrick A. Wade

   Vice President
Westminster Investing Corporation   

Name2

  

Position with Company and Present Principal Occupation if Different

B. Francis Saul II

   Chairman of the Board, President and Chief Executive Officer; Chairman of the Board and Chief Executive Officer, Saul Centers, Inc.

B. Francis Saul III

   Executive Vice President and Director; President and Director, Saul Centers, Inc.

George M. Rogers, Jr.3

   Director; Senior Counsel, Pillsbury Winthrop Shaw Pittman LLP

 

 

2

The business address of each person is 7501 Wisconsin Avenue, Bethesda, Maryland 20814 unless otherwise indicated.

3

Mr. Rogers’ business address is Pillsbury Winthrop Shaw Pittman LLP, 2300 N Street, N.W., Washington, D.C. 20037.


 

    Page 13 of 27 Pages

 

Thomas H. McCormick

   Executive Vice President and General Counsel; Senior Vice President and General Counsel, Saul Centers, Inc.

Jessica L. Parker

   Vice President and Secretary

Jane Stunkel

   Vice President and Treasurer
Van Ness Square Corporation   

Name4

  

Position with Company and Present Principal Occupation if Different

B. Francis Saul II

   Chief Executive Officer; Chairman of the Board and Chief Executive Officer, Saul Centers, Inc.

B. Francis Saul III

   President, Secretary and Director; President and Director, Saul Centers, Inc.

William F. Anhut, Jr.

   Vice President, Treasurer and Director; Vice President, Saul Centers, Inc.
B. F. Saul Company   

Name5

  

Position with Company and Present Principal Occupation if Different

B. Francis Saul II

   Chairman of the Board and Chief Executive Officer; Chairman of the Board and Chief Executive Officer, Saul Centers, Inc.

B. Francis Saul III

   President and Director; President and Director, Saul Centers, Inc.

Thomas H. McCormick

   General Counsel, Senior Vice President, Chief Financial Officer and Director; Senior Vice President and General Counsel, Saul Centers, Inc.

George M. Rogers, Jr.6

   Director; Senior Counsel, Pillsbury Winthrop Shaw Pittman LLP

 

 

4

The business address of each person is 7501 Wisconsin Avenue, Bethesda, Maryland 20814 unless otherwise indicated.

5

The business address of each person is 7501 Wisconsin Avenue, Bethesda, Maryland 20814.

6

Mr. Rogers’ business address is Pillsbury Winthrop Shaw Pittman LLP, 2300 N Street, N.W., Washington, D.C. 20037.


 

    Page 14 of 27 Pages

 

John R. Whitmore7    Director; Financial Consultant; Director, Saul Centers, Inc.
Kashiyo Enokido    Executive Vice President
Mark G. Carrier    Senior Vice President
Patrick T. Connors    Senior Vice President
Steven N. Corey    Senior Vice President – Office Leasing
J. Page Lansdale    Senior Vice President; Senior Vice President, Saul Centers, Inc.
Robert M. Wulff    Senior Vice President; Senior Vice President, Saul Centers, Inc.
Jessica L. Parker    Assistant Vice President and Secretary
Kimberley J. Anderson    Vice President
Scott G. Armstrong    Vice President
Bryon S. Barlow    Senior Vice President – Office Management
Steven W. Brand    Vice President
M. Scott Campbell    Vice President
Joan E. Cerimele    Vice President
Christopher H. Connolly    Vice President
Vicki Crowe    Vice President
Ronald Davis    Vice President
Clyde R. Dismukes    Vice President
Deborah D. Gault    Vice President
Timothy S. Gillen    Vice President
Robin F. Gonzales    Vice President
Enio P. Guerra    Vice President

 

 

7

Mr. Whitmore’s business address is 630 Fifth Avenue, Suite 2045, New York, New York 10111.


 

    Page 15 of 27 Pages

 

Donald A. Hachey    Vice President; Vice President, Saul Centers, Inc.
J. Craig Hamilton    Vice President
Mark A. Hardy    Vice President
Fadwa Hasan    Vice President
Burke F. Hayes    Senior Vice President
Ross E. Heasley    Vice President; Vice President and Assistant Secretary, Saul Centers, Inc.
Ted Koutris    Senior Vice President
Kenneth F. Kovach    Senior Vice President
Terry G. Landers    Vice President
Maria S. LeFrancois    Vice President
Mary Lou Mayer    Vice President; Vice President, Saul Centers, Inc.
David J. Makarsky    Vice President
Tanya Marhefka    Vice President
Bryan S. Megary    Vice President
Henry C. Parrish III    Senior Vice President
David T. Pearson    Vice President
Victoria Perkins    Senior Vice President
Barbara C. Phillips    Vice President; Vice President, Saul Centers, Inc.
Barbara I. Reifsnider    Vice President
Mark L. Rigsby    Vice President
Alison B. Rubin    Vice President
Sandra A. Seely    Vice President
Joel A. Friedman    Senior Vice President and Treasurer; Vice President and Chief Accounting Officer, Saul Centers, Inc.
Diana Shipley    Vice President


 

    Page 16 of 27 Pages

 

John A. Spain    Vice President
Merle F. Sustersich    Senior Vice President
Mike Swasey    Vice President
Derrick A. Wade    Vice President

B. F. Saul Real Estate Investment Trust

 

Name8

  

Position with Company and Present Principal Occupation if Different

B. Francis Saul II    Trustee, Chairman and Chief Executive Officer; Chairman of the Board and Chief Executive Officer, Saul Centers, Inc.
Gilbert M. Grosvenor9    Trustee; Chairman of the Board of Trustees, National Geographic Society; Director, Saul Centers, Inc.
George M. Rogers, Jr.10    Trustee; Senior Counsel, Pillsbury Winthrop Shaw Pittman LLP.
John R. Whitmore11    Trustee; Financial Consultant; Director, Saul Centers, Inc.
Philip D. Caraci    Trustee; Vice Chairman, Saul Centers, Inc.
B. Francis Saul III    Trustee, Senior Vice President and Secretary; President and Director, Saul Centers, Inc.
Thomas H. McCormick    Vice President, General Counsel and Chief Financial Officer; Senior Vice President and General Counsel, Saul Centers, Inc.

 

 

8

The business address of each person is 7501 Wisconsin Avenue, Bethesda, Maryland 20814 unless otherwise indicated.

9

Mr. Grosvenor’s business address is National Geographic Society, 17th and M Streets, N.W., Washington, D.C. 20009.

10

Mr. Rogers’ business address is Pillsbury Winthrop Shaw Pittman LLP, 2300 N Street, N.W., Washington, D.C. 20037

11

Mr. Whitmore’s business address is 630 Fifth Avenue, New York, New York 10111.


 

    Page 17 of 27 Pages

 

Joel A. Friedman    Vice President, Treasurer and Chief Accounting Officer; Vice President and Chief Accounting Officer, Saul Centers, Inc.
Bryon S. Barlow    Vice President
Patrick T. Connors    Vice President
Ross E. Heasley    Vice President; Vice President and Assistant Secretary, Saul Centers, Inc.
Mark G. Carrier    Vice President
Steven N. Corey    Vice President
Donald A. Hachey    Vice President; Vice President, Saul Centers, Inc.
J. Page Lansdale    Vice President; Senior Vice President, Saul Centers, Inc.
Henry C. Parrish III    Vice President
Mark L. Rigsby    Vice President
Victoria Perkins    Vice President
John A. Spain    Vice President
Merle F. Sustersich    Vice President
Robert M. Wulff    Vice President; Senior Vice President, Saul Centers, Inc.

Avenel Executive Park Phase II, L.L.C.

 

Name12

  

Position with Company and Present Principal Occupation if Different

B. Francis Saul III    President; President and Director, Saul Centers, Inc.
Ross E. Heasley    Vice President; Vice President and Assistant Secretary, Saul Centers, Inc.
Patrick T. Connors    Vice President
J. Page Lansdale    Vice President; Senior Vice President, Saul Centers, Inc.

 

 

12

The business address of each person is 7501 Wisconsin Avenue, Bethesda, Maryland 20814.


 

    Page 18 of 27 Pages

 

Joel A. Friedman    Vice President and Treasurer; Vice President and Chief Accounting Officer, Saul Centers, Inc.
Merle F. Sustersich    Secretary

Dearborn, L.L.C.

 

Name13

  

Position with Company and Present Principal Occupation if Different

B. Francis Saul II    Chief Executive Officer; Chairman of the Board and Chief Executive Officer, Saul Centers, Inc.
B. Francis Saul III    President; President and Director, Saul Centers, Inc.
Ross E. Heasley    Vice President; Vice President and Assistant Secretary, Saul Centers, Inc.
Joel A. Friedman    Vice President and Treasurer; Vice President and Chief Accounting Officer, Saul Centers, Inc.
Patrick T. Connors    Vice President
J. Page Lansdale    Vice President; Senior Vice President, Saul Centers, Inc.
Henry C. Parrish III    Vice President
Merle F. Sustersich    Secretary

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.

 

 

13

The business address of each person is 7501 Wisconsin Avenue, Bethesda, Maryland 20814.


 

    Page 19 of 27 Pages

 

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:

A Deferred Compensation and Stock Plan for Directors (the “Directors Plan”) was established by Saul Centers for the benefit of its directors and their beneficiaries. Pursuant to the Directors Plan, B. Francis Saul II has elected to defer all of his director’s fees into a stock deferred fee account. Fees earned during a calendar quarter are aggregated and divided by the Common Stock’s closing market price on the first trading day of the following quarter to determine the number of shares to be allocated to Mr. Saul. Upon the occurrence of events specified in the Directors Plan, amounts credited to the stock deferred fee account shall be paid by the delivery by Saul Centers of certificates representing a like number of shares of Common Stock. Under the terms of the Directors Plan, Mr. Saul is not eligible to vote or dispose of the shares of Common Stock until they are issued. Because Mr. Saul does not have the current ability to vote or dispose of the shares of Common Stock, they have not historically been reported on the Schedule 13D. However, although unlikely at this time, some of the events that would cause the delivery of the Common Stock to Mr. Saul could, in theory, take place within 60 days.

On the date of Amendment No. 35, Mr. Saul had deferred fees that would entitle him to delivery of 19,958 shares of Common Stock.

Amounts held in the stock deferred fee account receive dividends on the same basis as shares of Common Stock, with dividends being reinvested on terms identical to Saul Centers’ DRIP. Since the date of Amendment No. 34, the following dividend reinvestments were made pursuant to Mr. Saul’s stock deferred fee account:

 

Date of Reinvestment    Amount reinvested      Price per share      Number of shares  

October 29, 2010

   $ 7,122.53       $ 41.14         173.118   

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


 

    Page 20 of 27 Pages

 

of Common Stock. Since the filing of Amendment Number 34 to this Schedule 13D, Saul Centers has issued Common Stock pursuant to the DRIP on October 29, 2010. The Saul Trust, B.F. Saul Property Company, Avenel Executive Park Phase II, L.L.C., Dearborn, L.L.C. and the Saul Company participated in the DRIP on October 29, 2010 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:

Saul Trust

 

Date of DRIP Reinvestment    Amount reinvested      Price per share     

Number of shares

purchased

 

October 29, 2010

   $ 2,715,549.78       $ 41.14         66,003.465   

B. F. Saul Property Company

 

Date of DRIP Reinvestment    Amount reinvested      Price per share     

Number of shares

purchased

 

October 29, 2010

   $ 184,177.28       $ 41.14         4,476.565   

Avenel Executive Park Phase II, L.L.C.

 

Date of DRIP Reinvestment    Amount reinvested      Price per share     

Number of shares

purchased

 

October 29, 2010

   $ 4,316.56       $ 41.14         104.917   

Dearborn, L.L.C.

 

Date of DRIP Reinvestment    Amount reinvested      Price per share     

Number of shares

purchased

 

October 29, 2010

   $ 791,858.26       $ 41.14         19,246.683   

Saul Company

 

Date of DRIP Reinvestment    Amount reinvested      Price per share     

Number of shares

purchased

 

October 29, 2010

   $ 84,443.19       $ 41.14         2,052.456   

Under Saul Centers’ 2004 Stock Plan, the Board of Directors has approved an annual award of 200 shares of Common Stock 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. In addition, under the 2004 Stock Plan, Mr. Saul receives an annual grant of an option to purchase 2,500 shares. Options to purchase 17,500 shares are exercisable within 60 days of this Amendment. The total amount reinvested and the number of shares acquired by B. Francis Saul II is as follows:


 

    Page 21 of 27 Pages

 

B. Francis Saul II

 

Date of DRIP Reinvestment    Amount reinvested      Price per share     

Number of shares

purchased

 

October 29, 2010

   $ 874.52       $ 41.14         21.255   

In addition, Mrs. Patricia E. Saul, the wife of B. Francis Saul II, has participated in the DRIP. The additional shares of Common Stock issued pursuant to the DRIP to Mrs. Patricia E. Saul are being reported in this Schedule 13D because B. Francis Saul II, by reason of his possible influence 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 Mrs. Patricia E. Saul.

The amounts reinvested and the number of shares issued pursuant to the DRIP are listed below:

Patricia E. Saul (Mrs.)

 

Date of DRIP Reinvestment    Amount reinvested      Price per share     

Number of shares

purchased

 

October 29, 2010

   $ 29,029.82       $ 41.14         705.592   

 

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 Trusts (as defined in Item 5(b) below), B. Francis Saul II and Patricia E. Saul is investment. The Saul Entities, 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 Articles of Incorporation, as amended, of Saul Centers.

 

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:

 

Reporting Person

  

Number of Shares

Beneficially Owned

   

Percentage

Of Class (%)

 

B. Francis Saul II

     10,141,847 (1)      46.6   

B. F. Saul Company

     9,455,229 (2)      43.6   

B. F. Saul Real Estate Investment Trust

     8,926,988 (3)      41.1   

Westminster Investing Corporation

     403,726        2.2   

Avenel Executive Park Phase II, L.L.C.

     1,238        0.0   

Dearborn, L.L.C.

     1,316,528 (4)      6.9   

B. F. Saul Property Company

     291,624        1.6   

Van Ness Square Corporation

     35,062        0.2   


 

    Page 22 of 27 Pages

 

(1) Includes all of the shares of Common Stock beneficially owned by the Saul Entities, the Trusts and Mrs. Patricia E. Saul. B. Francis Saul II owns 2,450 shares of Common Stock directly and owns options to purchase 17,500 shares of Common Stock that are exercisable within 60 days, as well as 19,958 shares of phantom stock pursuant to the Directors Plan, which may be exchanged for shares of Common Stock under certain circumstances. In addition, units equivalent to 99,376 shares of Common Stock are held in the individual 401(k) account of B. Francis Saul II. 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 23,014 shares held by the Trusts, 81,344 shares held by Mrs. Patricia E. Saul and units equivalent to 4,188 shares of Common Stock held in the individual 401(k) account Mrs. Patricia E. Saul.
(2) Includes all of the shares of Common Stock beneficially owned by B. F. Saul Property Company, the Saul Trust, Avenel Executive Park Phase II, L.L.C. and Dearborn, L.L.C. B. F. Saul Company owns 236,617 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 the Saul Company because it has or may be deemed to have sole or shared voting and/or investment power in respect thereof.
(3) Includes all of the shares of Common Stock beneficially owned by Avenel Executive Park Phase II, L.L.C. and Dearborn, L.L.C. The Saul Trust owns 5,058,356 shares of Common Stock directly and holds units of limited partnership interest in Saul Holdings Limited Partnership convertible into 2,550,866 shares of Common Stock that are exercisable within 60 days. 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 the Saul Trust because it has or may be deemed to have sole or shared voting and/or investment power in respect thereof.
(4) Dearborn, L.L.C. owns 402,979 shares of Common Stock directly and holds units of limited partnership in Saul Holdings Limited Partnership convertible into 913,549 shares of Common Stock that are exercisable within 60 days.

The reporting persons beneficially own a total of 5,416,415 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, units may not be converted if doing so would cause the reporting persons and other affiliates of Mr. Saul to beneficially own collectively greater than 39.9% of the aggregate value of Saul Centers’ outstanding equity stock, as calculated pursuant to Saul Centers’ Articles of Incorporation. As a result, 1,952,000 units of limited partnership interest in the Partnership held by the reporting persons are excluded from the totals reported in the preceding table. Fluctuations in the price of the Common Stock and Saul Centers’ preferred stock will cause the number of units that are convertible at any given time to increase or decrease. The Saul Trust and Dearborn, L.L.C. report beneficial ownership of the units of limited partnership interest disclosed in footnotes 3 and 4, respectively.

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


 

    Page 23 of 27 Pages

 

Company 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 Trust, B. F. Saul Property Company, Avenel Executive Park Phase II, L.L.C. and Dearborn, L.L.C. 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 Avenel Executive Park Phase II, L.L.C. and 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 with the other directors, trustees or general partners of the Saul Entities. 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.

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 (collectively, the “Trusts”), has the sole power to vote and the sole power to direct the disposition of 23,014 shares of Common Stock held by these Trusts. 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

 

George M. Rogers, Jr., Trustee FBO Francis

Saul III & Andrew M. Saul II u/a w/B. Francis

Saul II dated 12/30/76

    24,500   

Bank of America, N.A., Trustee u/w Andrew M. Saul FBO

Elizabeth W. Saul

    1,000   

Trust FBO Elizabeth W. Saul

u/a dated 12/31/70, George M. Rogers, Jr.,

Successor Trustee

    8,621   

Trust FBO Andrew M. Saul II

u/a dated 12/31/70, George M. Rogers, Jr.,

Successor Trustee

    6,121   

Trust FBO Patricia English Saul

u/a dated 12/15/71, George M. Rogers, Jr.,

Successor Trustee

    8,321   

Trust FBO Sharon Elizabeth Saul

u/a dated 12/31/70, George M. Rogers, Jr.,

Successor Trustee

    3,000   
Patricia E. Saul (Mrs.)     81,344   
Patricia E. Saul (Mrs.) (401(k) account)     4,188   

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.


 

    Page 24 of 27 Pages

 

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 Pillsbury Winthrop 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 has 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 and Mrs. Saul are citizens of the United States of America.

c. Other than as described in Items 3 and 5a above, the following are the only transactions known to the persons filing this statement since the filing of Amendment No. 34 to this Schedule 13D:

The Saul Trust acquired shares of Common Stock in the open market on the dates, in the amounts and for the total cost indicated in the following table:

 

Date of Purchase

   Number of Shares      Price per Share      Total Cost  

August 20, 2010

     5,555       $ 40.73       $ 226,231.82   

August 23, 2010

     8,000       $ 41.41       $ 331,256.00   

August 24, 2010

     8,000       $ 41.13       $ 329,043.20   

August 25, 2010

     877       $ 41.21       $ 36,140.73   

August 26, 2010

     5,000       $ 42.34       $ 211,702.50   

August 27, 2010

     3,109       $ 41.95       $ 130,421.62   

August 30, 2010

     5,000       $ 42.41       $ 212,058.50   

August 31, 2010

     8,000       $ 41.36       $ 330,899.20   

September 1, 2010

     1,631       $ 41.84       $ 68.239.74   

September 2, 2010

     3,500       $ 42.71       $ 149,499.00   

September 7, 2010

     3,217       $ 43.25       $ 139,138.47   

September 8, 2010

     3,200       $ 43.46       $ 139,073.60   

September 9, 2010

     8,000       $ 43.24       $ 345,956.00   

September 10, 2010

     5,000       $ 43.56       $ 217,790.00   

September 13, 2010

     1,700       $ 44.03       $ 74,855.08   

September 15, 2010

     5,000       $ 44.09       $ 220,453.00   

September 16, 2010

     5,100       $ 42.91       $ 218,865.99   

September 17, 2010

     7,203       $ 42.81       $ 308,364.75   

September 20, 2010

     1,600       $ 43.87       $ 70,186.08   


 

    Page 25 of 27 Pages

 

September 29, 2010

     8,000       $ 41.85       $ 334,782.40   

September 30, 2010

     10,000       $ 41.79       $ 417,874.00   

October 1, 2010

     2,232       $ 41.89       $ 93,487.77   

October 4. 2010

     500       $ 42.05       $ 21,025.00   

October 6, 2010

     6,000       $ 43.52       $ 261,128.40   

October 7, 2010

     5,000       $ 43.54       $ 217,721.00   

October 8, 2010

     6,500       $ 43.29       $ 281,389.55   

The price per share and total cost columns include a $0.05 per share broker commission charge.

d. 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 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.

Exhibit 1. Joint Filing Agreement dated as of September 6, 2005, incorporated by reference to Exhibit 1 to Amendment No. 23 to the Schedule 13D, filed with the Securities and Exchange Commission on September 8, 2005.


 

    Page 26 of 27 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

November 8, 2010     B. Francis Saul II
    B. F. SAUL COMPANY
November 8, 2010     By:  

/s/ B. Francis Saul II

     

B. Francis Saul II,

Chairman and Chief Executive Officer

    B. F. SAUL PROPERTY COMPANY
November 8, 2010     By:  

/s/ B. Francis Saul III

     

B. Francis Saul III,

Chairman and President

    WESTMINSTER INVESTING CORPORATION
November 8, 2010     By:  

/s/ B. Francis Saul II

     

B. Francis Saul II,

Chairman, President and Chief Executive Officer

    VAN NESS SQUARE CORPORATION
November 8, 2010     By:  

/s/ B. Francis Saul II

     

B. Francis Saul II,

Chief Executive Officer

    AVENEL EXECUTIVE PARK PHASE II, L.L.C.
    By:   B.F. SAUL REAL ESTATE INVESTMENT TRUST, its sole member
November 8, 2010     By:  

/s/ B. Francis Saul II

     

B. Francis Saul II,

Chairman and Chief Executive Officer


 

    Page 27 of 27 Pages

 

    DEARBORN, L.L.C.
    By:   B.F. SAUL REAL ESTATE INVESTMENT TRUST, its sole member
November 8, 2010     By:  

/s/ B. Francis Saul II

     

B. Francis Saul II,

Chairman and Chief Executive Officer

    B. F. SAUL REAL ESTATE INVESTMENT TRUST
November 8, 2010     By:  

/s/ B. Francis Saul II

     

B. Francis Saul II,

Chairman and Chief Executive Officer