<PAGE>
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No. 10 )*
--
Saul Centers, Inc.
--------------------------------------------------------
(Name of Issuer)
Common Stock, $0.01 Par Value
--------------------------------------------------------
(Title of Class of Securities)
804395 10 1
--------------------------------------------------------
(CUSIP Number)
Henry Ravenel, Jr., 8401 Connecticut Ave.
Chevy Chase, MD 20815 (301) 986-6207
--------------------------------------------------------
(Name, Address and Telephone Number of Person Authorized
to Receive Notices and Communications)
July 31, 1996
--------------------------------------------------------
(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 which is the subject of this Schedule 13D, and is
filing this schedule because of Rule 13d-1(b)(3) or (4), check the following
box / /.
Check the following box if a fee is being paid with this statement / /. (A
fee is not required only if the reporting person: (1) has a previous statement
on file reporting beneficial ownership of more than five percent of the class
of securities described in Item 1; and (2) has filed no amendment subsequent
thereto reporting beneficial ownership of five percent or less of such class.
(See Rule 13d-7.)
NOTE: Six copies of this statement, including all exhibits, should be filed
with the Commission. See Rule 13d-1(a) for other parties to whom copies are to
be sent.
*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).
(Continued on following page(s))
Page 1 of 21 Pages
--
<PAGE>
CUSIP No. 804395 10 1 SCHEDULE 13D Page 2 of 21 Pages
----------- --- ---
- -------------------------------------------------------------------------------
(1) NAME OF REPORTING PERSON S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE
PERSON
B. FRANCIS SAUL II
- -------------------------------------------------------------------------------
(2) CHECK THE APPROPRIATE BOX IF A MEMBER (a) / /
OF A GROUP* (b) /x/
- -------------------------------------------------------------------------------
(3) SEC USE ONLY
- -------------------------------------------------------------------------------
(4) SOURCE OF FUNDS*
SC, 00
- -------------------------------------------------------------------------------
(5) CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(D) OR 2(E) / /
- -------------------------------------------------------------------------------
(6) CITIZENSHIP OR PLACE OF ORGANIZATION
UNITED STATES OF AMERICA
- -------------------------------------------------------------------------------
NUMBER OF SHARES (7) SOLE VOTING
BENEFICIALLY OWNED POWER
BY EACH REPORTING 7,077
PERSON WITH --------------------------------------------------
(8) SHARED VOTING
POWER
2,643,880
--------------------------------------------------
(9) SOLE DISPOSITIVE
POWER
7,077
--------------------------------------------------
(10) SHARED DISPOSITIVE
POWER
2,643,880
- -------------------------------------------------------------------------------
(11) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
2,650,957
- -------------------------------------------------------------------------------
(12) CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* / /
- -------------------------------------------------------------------------------
(13) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
22.0%
- -------------------------------------------------------------------------------
(14) TYPE OF REPORTING PERSON*
IN
- -------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7 2 OF 7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION.
<PAGE>
CUSIP No. 804395 10 1 SCHEDULE 13D Page 3 of 21 Pages
----------- --- ---
- -------------------------------------------------------------------------------
(1) NAME OF REPORTING PERSON S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE
PERSON
FRANKLIN PROPERTY COMPANY
- -------------------------------------------------------------------------------
(2) CHECK THE APPROPRIATE BOX IF A MEMBER (a) / /
OF A GROUP* (b) /x/
- -------------------------------------------------------------------------------
(3) SEC USE ONLY
- -------------------------------------------------------------------------------
(4) SOURCE OF FUNDS*
SC
- -------------------------------------------------------------------------------
(5) CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(D) OR 2(E) / /
- -------------------------------------------------------------------------------
(6) CITIZENSHIP OR PLACE OF ORGANIZATION
MARYLAND
- -------------------------------------------------------------------------------
NUMBER OF SHARES (7) SOLE VOTING
BENEFICIALLY OWNED POWER
BY EACH REPORTING 114,355
PERSON WITH --------------------------------------------------
(8) SHARED VOTING
POWER
--------------------------------------------------
(9) SOLE DISPOSITIVE
POWER
114,355
--------------------------------------------------
(10) SHARED DISPOSITIVE
POWER
- -------------------------------------------------------------------------------
(11) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
114,355
- -------------------------------------------------------------------------------
(12) CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* / /
- -------------------------------------------------------------------------------
(13) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
1.0%
- -------------------------------------------------------------------------------
(14) TYPE OF REPORTING PERSON*
CO
- -------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7 2 OF 7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION.
<PAGE>
CUSIP No. 804395 10 1 SCHEDULE 13D Page 4 of 21 Pages
----------- --- ---
- -------------------------------------------------------------------------------
(1) NAME OF REPORTING PERSON S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE
PERSON
WESTMINSTER INVESTING COMPANY
- -------------------------------------------------------------------------------
(2) CHECK THE APPROPRIATE BOX IF A MEMBER (a) / /
OF A GROUP* (b) /x/
- -------------------------------------------------------------------------------
(3) SEC USE ONLY
- -------------------------------------------------------------------------------
(4) SOURCE OF FUNDS*
SC
- -------------------------------------------------------------------------------
(5) CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(D) OR 2(E) /x/
- -------------------------------------------------------------------------------
(6) CITIZENSHIP OR PLACE OF ORGANIZATION
NEW YORK
- -------------------------------------------------------------------------------
NUMBER OF SHARES (7) SOLE VOTING
BENEFICIALLY OWNED POWER
BY EACH REPORTING 374,030
PERSON WITH --------------------------------------------------
(8) SHARED VOTING
POWER
--------------------------------------------------
(9) SOLE DISPOSITIVE
POWER
374,030
--------------------------------------------------
(10) SHARED DISPOSITIVE
POWER
- -------------------------------------------------------------------------------
(11) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
374,030
- -------------------------------------------------------------------------------
(12) CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* / /
- -------------------------------------------------------------------------------
(13) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
3.1%
- -------------------------------------------------------------------------------
(14) TYPE OF REPORTING PERSON*
CO
- -------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7 2 OF 7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION.
<PAGE>
CUSIP No. 804395 10 1 SCHEDULE 13D Page 5 of 21 Pages
----------- --- ---
- -------------------------------------------------------------------------------
(1) NAME OF REPORTING PERSON S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE
PERSON
VAN NESS SQUARE CORPORATION
- -------------------------------------------------------------------------------
(2) CHECK THE APPROPRIATE BOX IF A MEMBER (a) / /
OF A GROUP* (b) /x/
- -------------------------------------------------------------------------------
(3) SEC USE ONLY
- -------------------------------------------------------------------------------
(4) SOURCE OF FUNDS*
SC
- -------------------------------------------------------------------------------
(5) CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(D) OR 2(E) /x/
- -------------------------------------------------------------------------------
(6) CITIZENSHIP OR PLACE OF ORGANIZATION
MARYLAND
- -------------------------------------------------------------------------------
NUMBER OF SHARES (7) SOLE VOTING
BENEFICIALLY OWNED POWER
BY EACH REPORTING 54
PERSON WITH --------------------------------------------------
(8) SHARED VOTING
POWER
--------------------------------------------------
(9) SOLE DISPOSITIVE
POWER
54
--------------------------------------------------
(10) SHARED DISPOSITIVE
POWER
- -------------------------------------------------------------------------------
(11) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
54
- -------------------------------------------------------------------------------
(12) CHECK 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
- -------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7 2 OF 7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION.
<PAGE>
CUSIP No. 804395 10 1 SCHEDULE 13D Page 6 of 21 Pages
----------- --- ---
- -------------------------------------------------------------------------------
(1) NAME OF REPORTING PERSON S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE
PERSON
B.F. SAUL REAL ESTATE INVESTMENT TRUST
- -------------------------------------------------------------------------------
(2) CHECK THE APPROPRIATE BOX IF A MEMBER (a) / /
OF A GROUP* (b) /x/
- -------------------------------------------------------------------------------
(3) SEC USE ONLY
- -------------------------------------------------------------------------------
(4) SOURCE OF FUNDS*
SC, WC
- -------------------------------------------------------------------------------
(5) CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(D) OR 2(E) / /
- -------------------------------------------------------------------------------
(6) CITIZENSHIP OR PLACE OF ORGANIZATION
MARYLAND
- -------------------------------------------------------------------------------
NUMBER OF SHARES (7) SOLE VOTING
BENEFICIALLY OWNED POWER
BY EACH REPORTING 1,447,632
PERSON WITH --------------------------------------------------
(8) SHARED VOTING
POWER
--------------------------------------------------
(9) SOLE DISPOSITIVE
POWER
1,447,632
--------------------------------------------------
(10) SHARED DISPOSITIVE
POWER
- -------------------------------------------------------------------------------
(11) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,447,632
- -------------------------------------------------------------------------------
(12) CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* / /
- -------------------------------------------------------------------------------
(13) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
12.0%
- -------------------------------------------------------------------------------
(14) TYPE OF REPORTING PERSON*
00
- -------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7 2 OF 7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION.
<PAGE>
Page 7 of 21 Pages
AMENDMENT NO. 10
----------------
TO
--
SCHEDULE 13D
------------
ITEM 1. SECURITY AND ISSUER.
This statement relates to shares of common stock of Saul Centers, Inc.
(the "Common Stock"). The name of the issuer and the address of the
principal executive offices of the issuer of the Common Stock is Saul
Centers, Inc. ("Saul Centers" or the "Issuer"), 8401 Connecticut Avenue,
Chevy Chase, Maryland 20815.
ITEM 2. IDENTITY AND BACKGROUND.
This statement is filed by (1) B. Francis Saul II, (2) Franklin Property
Company, (3) Westminster Investing Corporation, (4) Van Ness Square
Corporation and (5) B. F. Saul Real Estate Investment Trust, all or some of
whom may be considered a group for the purposes of Rule 13d-1. Franklin
Property Company, Westminster Investing Corporation, and Van Ness Square
Corporation are hereinafter referred to collectively as the "Corporations."
B. Francis Saul II is Chairman of the Board, a Director and Chief
Executive Officer of (i) the Issuer, (ii) B. F. Saul Company (the "Saul
Company"), (iii) B. F. Saul Real Estate Investment Trust (the "Saul Trust"),
and (iv) Chevy Chase Bank, F.S.B. ("Chevy Chase"). Mr. Saul's business
address and that of each of the foregoing entities is 8401 Connecticut
Avenue, Chevy Chase, Maryland 20815 (except Chevy Chase which is located at
7926 Jones Branch Drive, McLean, Virginia 22102). 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.
Franklin 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.
The address of the principal business and principal office of each of the
Corporations is 8401 Connecticut Avenue, Chevy Chase, Maryland 20815.
<PAGE>
Page 8 of 21 Pages
Information about the directors and executive officers of each of the
Corporations and the Saul Trust is set forth in the table appearing on the
following pages. B. Francis Saul II is ultimately in control of each of the
Corporations and the Saul Trust.
FRANKLIN PROPERTY COMPANY
- -------------------------
Position with Company and Present
Name(1) Principal Occupation if Different
- ----- ---------------------------------
Philip D. Caraci President and Director; President and Director, Saul
Centers, Inc.; Executive Vice President, B.F.
Saul Company; Senior Vice President, B.F. Saul Real
Estate Investment Trust
Ross E. Heasley Vice President and Director; Senior Vice President, B.
F. Saul Company; Vice President, B. F. Saul Real Estate
Investment Trust; Vice President and Assistant
Secretary, Saul Centers, Inc.
Patricia E. Clark Secretary and Director; Assistant Vice President and
Secretary, B. F. Saul Company
Henry C. Parrish III Senior Vice President; Vice President, B. F. Saul
Company; Assistant Vice President, B. F. Saul Real
Estate Investment Trust
William K. Albright Vice President and Treasurer; Vice President and
Treasurer, B. F. Saul Company and B. F. Saul Real
Estate Investment Trust; Vice President and Assistant
Treasurer, Saul Centers, Inc.
Mark G. Carrier Vice President; Vice President, B. F. Saul Company;
Assistant Vice President, B. F. Saul Real Estate
Investment Trust
J. Roger Ellison Vice President; Vice President, B.F. Saul Company
- -----------
(1) The business address of each person is 8401 Connecticut Avenue,
Chevy Chase, Maryland 20815.
<PAGE>
Page 9 of 21 Pages
James P. Sprouse Vice President; Vice President, B. F. Saul Company;
Assistant Vice President, B. F. Saul Real Estate
Investment Trust
Ernest R. Pivonka Vice President; Vice President, B. F. Saul Company
Merle F. Sustersich Vice President; Vice President, B. F. Saul Company
Bryon S. Barlow Vice President; Vice President, B. F. Saul Company
WESTMINSTER INVESTING CORPORATION
- ---------------------------------
Position with Company and Present
Name(2) Principal Occupation if Different
- ----- ---------------------------------
B. Francis Saul II Director, 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
George M. Rogers, Secretary and Director; Partner, Shaw, Pittman, Potts &
Jr.(3) Trowbridge
William F. Anhut, Jr. Vice President and Treasurer
- -----------
(2) The business address of each person is 8401 Connecticut Avenue,
Chevy Chase, Maryland 20815 unless otherwise indicated.
(3) Mr. Rogers' business address is Shaw, Pittman, Potts & Trowbridge,
2300 N Street, N.W., Washington, D.C. 20037.
<PAGE>
Page 10 of 21 Pages
VAN NESS SQUARE CORPORATION
- ---------------------------
Position with Company and Present
Name(4) Principal Occupation if Different
- ----- ---------------------------------
B. Francis Saul II Director and 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
William F. Anhut, Jr. Vice President, Treasurer and Director; Vice President
and Treasurer, Westminster Investing Corporation
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. Trustee; President and Chairman of the Board of
Grosvenor(6) Trustees, National Geographic Society
George M. Rogers, Trustee; Partner, Shaw, Pittman, Potts & Trowbridge
Jr.(7)
- -----------
(4) The business address of each person is 8401 Connecticut Avenue,
Chevy Chase, Maryland 20815 unless otherwise indicated.
(5) The business address of each person is 8401 Connecticut Avenue,
Chevy Chase, Maryland 20815 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, Potts & Trowbridge,
2300 N Street, N.W., Washington, D.C. 20037
<PAGE>
Page 11 of 21 Pages
Garland J. Bloom Trustee; Real Estate Consultant
John R. Whitmore(8) Trustee; Director, President and Chief Executive
Officer, The Bessemer Group, Incorporated and its
Bessemer Trust Company subsidiaries
Philip D. Caraci Senior Vice President and Secretary; President and
Director, Saul Centers, Inc.; Executive Vice President,
B. F. Saul Company; President and Director, Franklin
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.
Ross E. Heasley Vice President; Senior Vice President, B. F. Saul
Company; Vice President and Assistant Secretary, Saul
Centers, Inc.; Vice President and Director, Franklin
Property Company
Henry Ravenel, Jr. Vice President; Vice President, B. F. Saul Company and
Saul Centers, Inc.
William K. Albright Vice President and Treasurer; Vice President and
Treasurer, B. F. Saul Company and Franklin Property
Company; Vice President and Assistant Treasurer, Saul
Centers, Inc.
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 Corporations, none of the directors and
executive officers of the Corporations 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 Trust, none of the trustees or executive
officers of the Saul Trust has been convicted in a criminal proceeding
(excluding traffic violations or similar misdemeanors) during the last five
years from the date of this Amendment.
- -----------
(8) Mr. Whitmore's business address is The Bessemer Group, Incorporated, 630
Fifth Avenue, New York, New York 10111.
<PAGE>
Page 12 of 21 Pages
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.
Except as noted in the next sentence, to the best of the knowledge and
belief of the Corporations, none of the directors and executive officers of
the Corporations 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. In
January 1992, B. Francis Saul III, who is a director and officer of
Westminster Investing Corporation and Van Ness Square Corporation, without
admitting or denying any of the allegations in the underlying complaint,
consented to the entry of a final judgment permanently restraining and
enjoining him from, directly or indirectly, engaging in transactions, acts,
practices, or courses of business which constitute or would constitute
violations of Section 10(b) of the Securities Exchange Act of 1934 and Rule
10b-5 promulgated thereunder.
To the best of the knowledge and belief of the Saul Trust, none of the
trustees and executive officers of the Saul Trust 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. As of the
date of this Amendment, Saul Centers has issued Common Stock pursuant to the
DRIP on January 31, 1996, April 30, 1996 and July 31, 1996. The Saul Trust,
Franklin Property Company and Van Ness Square Corporation 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>
Page 13 of 21 Pages
SAUL TRUST
- ----------
<TABLE>
Number of shares
Date of DRIP Reinvestment Amount reinvested Price per share purchased
- ------------------------- ----------------- --------------- ----------------
<S> <C> <C> <C>
January 31, 1996 $497,205.114 $14.186 35,049.000
April 30, 1996 $510,866.328 $13.944 36,637.000
July 31, 1996 $525,156.060 $12.610 41,646.000
-------------- ------------
-------------- ------------
Total: $1,533,227.502 113,332.000
</TABLE>
FRANKLIN PROPERTY COMPANY
- -------------------------
<TABLE>
Number of shares
Date of DRIP Reinvestment Amount reinvested Price per share purchased
- ------------------------- ----------------- --------------- ----------------
<S> <C> <C> <C>
January 31, 1996 $40,957.805 $14.186 2,887.199
April 30, 1996 $42,083.815 $13.944 3,018.059
July 31, 1996 $43,260.850 $12.610 3,430.678
-------------- ------------
-------------- ------------
Total: $126,302.470 9,335.936
</TABLE>
VAN NESS SQUARE CORPORATION
- ---------------------------
<TABLE>
Number of shares
Date of DRIP Reinvestment Amount reinvested Price per share purchased
- ------------------------- ----------------- --------------- ----------------
<S> <C> <C> <C>
January 31, 1996 $19.506 $14.186 1.375
April 30, 1996 $20.038 $13.944 1.437
July 31, 1996 $20.605 $12.610 1.634
-------------- ------------
-------------- ------------
Total: $60.149 4.446
</TABLE>
In addition, from September 18 to October 1, 1996, the Saul Trust
purchased a total of 59,400 shares of Common Stock on the open market. The
total purchase price was $810,342.50 and the source of funds used in making
the purchases was working capital.
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
<PAGE>
Page 14 of 21 Pages
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.
The Plan participated in the DRIP and reinvested the following amounts
for shares of Saul Centers Common Stock:
<TABLE>
Number of shares
Date of DRIP Reinvestment Amount reinvested Price per share purchased
- ------------------------- ----------------- --------------- ----------------
<S> <C> <C> <C>
January 31, 1996 $234,014.185 $14.186 16,496.136
April 30, 1996 $240,433.101 $13.944 17,242.764
July 31, 1996 $247,157.778 $12.610 19,600.141
-------------- ------------
-------------- ------------
Total: $721,605.064 53,339.041
</TABLE>
In addition, various trusts established for the benefit of the children
of B. Francis Saul II (the "Trusts"), a fund created under the Uniform Gift
to Minors Act of which B. Francis Saul II is custodian 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, as
custodian, 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. 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
- -------------------------------
<TABLE>
Number of shares
Date of DRIP Reinvestment Amount reinvested Price per share purchased
- ------------------------- ----------------- --------------- ----------------
<S> <C> <C> <C>
January 31, 1996 $975.004 $14.186 68.73
April 30, 1996 $1,001.807 $13.944 71.845
July 31, 1996 $1,029.821 $12.610 81.667
-------------- ------------
-------------- ------------
Total: $3,006.632 222.242
</TABLE>
<PAGE>
Page 15 of 21 Pages
SHARON ELIZABETH SAUL TRUST
B. FRANCIS SAUL II, TRUSTEE
- ---------------------------
<TABLE>
Number of shares
Date of DRIP Reinvestment Amount reinvested Price per share purchased
- ------------------------- ----------------- --------------- ----------------
<S> <C> <C> <C>
January 31, 1996 $585.002 $14.186 41.238
April 30, 1996 $601.084 $13.944 43.107
July 31, 1996 $617.890 $12.610 49
-------------- ------------
-------------- ------------
Total: $1,803.976 133.345
</TABLE>
B. FRANCIS SAUL II, CUSTODIAN FOR
PATRICIA ENGLISH SAUL, UGMA
- ---------------------------------
<TABLE>
Number of shares
Date of DRIP Reinvestment Amount reinvested Price per share purchased
- ------------------------- ----------------- --------------- ----------------
<S> <C> <C> <C>
January 31, 1996 $975.004 $14.186 68.73
April 30, 1996 $1,001.807 $13.944 71.845
July 31, 1996 $1,029.821 $12.610 81.667
-------------- ------------
-------------- ------------
Total: $3,006.632 222.242
</TABLE>
TRUST FBO ELIZABETH W. SAUL
U/A DATED 12/30/76, GEORGE M. ROGERS, JR.,
SUCCESSOR TRUSTEE
- ------------------------------------------
<TABLE>
Number of shares
Date of DRIP Reinvestment Amount reinvested Price per share purchased
- ------------------------- ----------------- --------------- ----------------
<S> <C> <C> <C>
January 31, 1996 $975.004 $14.186 68.73
April 30, 1996 $1,001.807 $13.944 71.845
July 31, 1996 $1,029.821 $12.610 81.667
-------------- ------------
-------------- ------------
Total: $3,006.632 222.242
</TABLE>
<PAGE>
Page 16 of 21 Pages
TRUST FBO ANDREW M. SAUL II
U/A DATED 12/30/70, GEORGE M. ROGERS, JR.,
SUCCESSOR TRUSTEE
- ------------------------------------------
<TABLE>
Number of shares
Date of DRIP Reinvestment Amount reinvested Price per share purchased
- ------------------------- ----------------- --------------- ----------------
<S> <C> <C> <C>
January 31, 1996 $975.004 $14.186 68.73
April 30, 1996 $1,001.807 $13.944 71.845
July 31, 1996 $1,029.821 $12.610 81.667
-------------- ------------
-------------- ------------
Total: $3,006.632 222.242
</TABLE>
TRUST FBO PATRICIA ENGLISH SAUL
U/A DATED 12/15/71, GEORGE M. ROGERS, JR.,
SUCCESSOR TRUSTEE
- ------------------------------------------
<TABLE>
Number of shares
Date of DRIP Reinvestment Amount reinvested Price per share purchased
- ------------------------- ----------------- --------------- ----------------
<S> <C> <C> <C>
January 31, 1996 $975.004 $14.186 68.73
April 30, 1996 $1,001.807 $13.944 71.845
July 31, 1996 $1,029.821 $12.610 81.667
-------------- ------------
-------------- ------------
Total: $3,006.632 222.242
</TABLE>
PATRICIA E. SAUL (MRS.)
- ----------------------
<TABLE>
Number of shares
Date of DRIP Reinvestment Amount reinvested Price per share purchased
- ------------------------- ----------------- --------------- ----------------
<S> <C> <C> <C>
January 31, 1996 $11,212.501 $14.186 790.392
April 30, 1996 $11,520.756 $13.944 826.216
July 31, 1996 $11,842.984 $12.61 939.174
-------------- ------------
-------------- ------------
Total: $34,576.241 2,555.782
</TABLE>
Westminster Investing Corporation, which holds 374,030 shares of Saul
Centers Common Stock, and Security Trust Co., N.A., Trustee FBO Francis Saul
III and Andrew M. Saul II u/a with B. Francis Saul II dated 12/30/76, which
holds 15,000 shares of Saul Centers Common Stock, did not participate in the
DRIP.
<PAGE>
Page 17 of 21 Pages
ITEM 4. PURPOSE OF TRANSACTION.
The purpose of the acquisition of shares of Common Stock by the
Corporations, the Plan, the Saul Trust, the Trusts, B. Francis Saul II as
custodian, and Patricia E. Saul is investment. The Corporations, the Plan,
the Saul Trust, the Trusts, B. Francis Saul II as custodian 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.
a. The number and percentage of Common Shares beneficially owned by the
reporting persons are set forth in the following table:
<TABLE>
Number of Shares
Reporting Person Beneficially Owned Percentage Of Class
---------------- ------------------ -------------------
<S> <C> <C>
B. Francis Saul II 2,650,957* 22.0%*
Franklin Property Company 114,355 1.0
Westminster Investing Corp. 374,030 3.1
Van Ness Square Corporation 54 0.0
B.F. Saul Real Estate Investment Trust 1,447,632 12.0
</TABLE>
* Includes all of the shares of Common Stock acquired by the Corporations,
the Plan, the Saul Trust, the Trusts, B. Francis Saul II as custodian and
Mrs. Patricia E. Saul. B. Francis Saul II owns no 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.
b. The Corporations and the Saul Trust 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. 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 Corporations, the Saul Trust and the Plan
with the other directors of the Corporations, the other trustees of the Saul
Trust and the other trustees of the Plan, respectively. The information
required by Item 2 with respect to the other directors of the Corporations
and the other trustees of the Saul Trust 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:
<PAGE>
Page 18 of 21 Pages
Name Principal Occupation
- ----- --------------------
Philip D. Caraci Director and President, Saul Centers, Inc.; Executive
Vice President, B. F. Saul 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 each of the foregoing individuals is 8401
Connecticut Avenue, Chevy Chase, Maryland 20815.
B. Francis Saul II, as sole trustee of the Sharon Elizabeth Saul Trust
and the Elizabeth Willoughby Saul Trust, and as custodian for Patricia
English Saul under the Uniform Gift to Minors Act, has the sole power to vote
and the sole power to direct the disposition of 7,077 shares of Common Stock.
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
----- ----------------
Security Trust Co., NA, Trustee FBO
Francis Saul III & Andrew M. Saul II u/a w/B.
Francis Saul II dated 12/30/76 15,000
Trust FBO Elizabeth W. Saul
u/a dated 12/30/70,
George M. Rogers, Jr.,
Successor Trustee 2,722
Trust FBO Andrew M. Saul II
u/a dated 12/30/70,
George M. Rogers, Jr.,
Successor Trustee 2,722
Trust FBO Patricia English Saul
u/a dated 12/15/71,
George M. Rogers, Jr.,
Successor Trustee 2,722
Patricia E. Saul (Mrs.) 31,305
The information with respect to the trustees of these Trusts and with
respect to Mrs. Saul required by Item 2 is as follows.
Security Trust Company, N.A. is a national banking association with its
principal business address and the address of its principal office at 1500
Pennsylvania Avenue, N.W., Washington, D.C. 20013.
<PAGE>
Page 19 of 21 Pages
George M. Rogers, Jr. is an attorney at law, whose principal occupation
is as a partner in the law firm of Shaw, Pittman, Potts & Trowbridge, 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 Security Trust Company, 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. The only transactions known to the persons filing this statement
during the past 60 days from the date of this Amendment are the following:
The Saul Trust acquired shares of Common Stock on 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 Total Cost
---------------- ---------------- ----------
9/18/96 6,100 $82,964.00
9/19/96 6,100 82,964.00
9/20/96 6,100 83,726.50
9/23/96 6,900 92,981.50
9/24/96 6,900 93,844.00
9/25/96 6,900 94,706.50
9/26/96 6,900 94,706.50
9/27/96 4,900 67,256.50
9/30/96 6,100 82,964.00
10/1/96 1,800 24,709.00
10/1/96 700 9,520.00
------ ----------
------ ----------
Total: 59,400 $810,342.50
d. Beneficiaries of the Plan, beneficiaries of the Trusts, Patricia
English Saul 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, Mr. Saul (as custodian for Patricia English Saul),
and Mrs. Saul, respectively. The interest of no such beneficiary, Patricia
English Saul, or Mrs. Patricia E. Saul, relates to more than five percent of
the Common Stock.
<PAGE>
Page 20 of 21 Pages
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>
Page 21 of 21 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.
October 30, 1996 /s/ B. Francis Saul II
------------------------------------
B. Francis Saul II
FRANKLIN PROPERTY COMPANY
October 30, 1996 By: /s/ Ross E. Heasley
------------------------------------
Ross E. Heasley, Vice President
WESTMINSTER INVESTING CORPORATION
October 30, 1996 By: /s/ B. Francis Saul II
------------------------------------
B. Francis Saul II,
Chairman and President
VAN NESS SQUARE CORPORATION
October 30, 1996 By: /s/ B. Francis Saul II
------------------------------------
B. Francis Saul II,
Chairman
B.F. SAUL REAL ESTATE INVESTMENT TRUST
October 30, 1996 By: /s/ B. Francis Saul II
------------------------------------
B. Francis Saul II,
Chairman
