<PAGE>
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No. 11)*
---------
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, Maryland 20815 (301) 986-6207
--------------------------------------------------------
(Name, Address and Telephone Number of Person Authorized
to Receive Notices and Communications)
February 20, 1997
--------------------------------------------------------
(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 Page
<PAGE>
SCHEDULE 13D
CUSIP No. 804395 10 1 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, OO
- -------------------------------------------------------------------------------
(5) Check 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 (7) Sole Voting Power
SHARES 7,749
BENEFICIALLY --------------------------------------------------
OWNED BY (8) Shared Voting Power
EACH 2,962,025
REPORTING --------------------------------------------------
PERSON (9) Sole Dispositive Power
WITH 7,749
--------------------------------------------------
(10) Shared Dispositive Power
2,962,025
- -------------------------------------------------------------------------------
(11) Aggregate Amount Beneficially Owned by Each Reporting Person
2,969,774
- -------------------------------------------------------------------------------
(12) Check Box if the Aggregate Amount in Row (11) Excludes Certain Shares* / /
- -------------------------------------------------------------------------------
(13) Percent of Class Represented by Amount in Row (11)
24.4%
- -------------------------------------------------------------------------------
(14) Type of Reporting Person*
IN
- -------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION.
<PAGE>
SCHEDULE 13D
CUSIP No. 804395 10 1 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 if Disclosure of Legal Proceedings is Required Pursuant to
Items 2(d) or 2(e) / /
- -------------------------------------------------------------------------------
(6) Citizenship or Place of Organization
Maryland
- -------------------------------------------------------------------------------
NUMBER OF (7) Sole Voting Power
SHARES 120,362
BENEFICIALLY --------------------------------------------------
OWNED BY (8) Shared Voting Power
EACH
REPORTING --------------------------------------------------
PERSON (9) Sole Dispositive Power
WITH 120,362
--------------------------------------------------
(10) Shared Dispositive Power
- -------------------------------------------------------------------------------
(11) Aggregate Amount Beneficially Owned by Each Reporting Person
120,362
- -------------------------------------------------------------------------------
(12) Check Box 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
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION.
<PAGE>
SCHEDULE 13D
CUSIP No. 804395 10 1 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 if Disclosure of Legal Proceedings is Required Pursuant to
Items 2(d) or 2(e) / /
- -------------------------------------------------------------------------------
(6) Citizenship or Place of Organization
New York
- -------------------------------------------------------------------------------
NUMBER OF (7) Sole Voting Power
SHARES 374,030
BENEFICIALLY --------------------------------------------------
OWNED BY (8) Shared Voting Power
EACH
REPORTING --------------------------------------------------
PERSON (9) Sole Dispositive Power
WITH 374,030
--------------------------------------------------
(10) Shared Dispositive Power
- -------------------------------------------------------------------------------
(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)
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
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION.
<PAGE>
SCHEDULE 13D
CUSIP No. 804395 10 1 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 if Disclosure of Legal Proceedings is Required Pursuant to
Items 2(d) or 2(e) / /
- -------------------------------------------------------------------------------
(6) Citizenship or Place of Organization
Maryland
- -------------------------------------------------------------------------------
NUMBER OF (7) Sole Voting Power
SHARES 57
BENEFICIALLY --------------------------------------------------
OWNED BY (8) Shared Voting Power
EACH
REPORTING --------------------------------------------------
PERSON (9) Sole Dispositive Power
WITH 57
--------------------------------------------------
(10) Shared Dispositive Power
- -------------------------------------------------------------------------------
(11) Aggregate Amount Beneficially Owned by Each Reporting Person
57
- -------------------------------------------------------------------------------
(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
- -------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION.
<PAGE>
SCHEDULE 13D
CUSIP No. 804395 10 1 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 if Disclosure of Legal Proceedings is Required Pursuant to
Items 2(d) or 2(e) / /
- -------------------------------------------------------------------------------
(6) Citizenship or Place of Organization
Maryland
- -------------------------------------------------------------------------------
NUMBER OF (7) Sole Voting Power
SHARES 1,723,674
BENEFICIALLY --------------------------------------------------
OWNED BY (8) Shared Voting Power
EACH
REPORTING --------------------------------------------------
PERSON (9) Sole Dispositive Power
WITH 1,723,674
--------------------------------------------------
(10) Shared Dispositive Power
- -------------------------------------------------------------------------------
(11) Aggregate Amount Beneficially Owned by Each Reporting Person
1,723,674
- -------------------------------------------------------------------------------
(12) Check Box if the Aggregate Amount in Row (11) Excludes Certain Shares* / /
- -------------------------------------------------------------------------------
(13) Percent of Class Represented by Amount in Row (11)
14.1%
- -------------------------------------------------------------------------------
(14) Type of Reporting Person*
OO
- -------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION.
<PAGE>
Page 7 of 21
AMENDMENT NO. 11
TO
SCHEDULE 13D
ITEM 1. SECURITY AND ISSUER.
No change.
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) 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
Information about the directors and executive officers of each of the
Corporations and the Saul Trust is set forth in the following tables. B.
Francis Saul II is ultimately in control of each of the Corporations and the
Saul Trust.
FRANKLIN PROPERTY COMPANY
<TABLE>
<CAPTION>
POSITION WITH COMPANY AND PRESENT
NAME(1) PRINCIPAL OCCUPATION IF DIFFERENT
- -------------------------------------------------------- --------------------------------------------------------
<S> <C>
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; 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
</TABLE>
- ------------------------
(1) The business address of each person is 8401 Connecticut Avenue, Chevy Chase,
Maryland 20815.
<PAGE>
Page 9 of 21
<TABLE>
<S> <C>
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
</TABLE>
WESTMINSTER INVESTING CORPORATION
<TABLE>
<CAPTION>
POSITION WITH COMPANY AND PRESENT
NAME(2) PRINCIPAL OCCUPATION IF DIFFERENT
- -------------------------------------------------------- --------------------------------------------------------
<S> <C>
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, Jr.(3) Secretary and Director; Partner, Shaw, Pittman, Potts &
Trowbridge
William F. Anhut, Jr. Vice President and Treasurer
</TABLE>
- ------------------------
(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
VAN NESS SQUARE CORPORATION
<TABLE>
<CAPTION>
POSITION WITH COMPANY AND PRESENT
NAME(4) PRINCIPAL OCCUPATION IF DIFFERENT
- -------------------------------------------------------- --------------------------------------------------------
<S> <C>
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
</TABLE>
B. F. Saul Real Estate Investment Trust
<TABLE>
<CAPTION>
POSITION WITH COMPANY AND PRESENT
NAME(5) PRINCIPAL OCCUPATION IF DIFFERENT
- ------------------------------------------------------ ----------------------------------------------------------
<S> <C>
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; President and Chairman of the Board of Trustees,
National Geographic Society
George M. Rogers, Jr.(7) Trustee; Partner, Shaw, Pittman, Potts & Trowbridge
</TABLE>
- ------------------------
(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
<TABLE>
<S> <C>
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.; Senior
Vice President and Chief Financial Officer,
B. F. Saul Company
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.
</TABLE>
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
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 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. 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. Since
October 30, 1996, the date of Amendment Number 10 to this Schedule 13D, Saul
Centers has issued Common Stock pursuant to the DRIP on October 31, 1996 and
January 31, 1997. 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
SAUL TRUST
<TABLE>
<CAPTION>
NUMBER
PRICE PER OF SHARES
DATE OF DRIP REINVESTMENT AMOUNT REINVESTED SHARE PURCHASED
- ---------------------------------------------------------------- ----------------- -------------- ------------
<S> <C> <C> <C>
October 31, 1996................................................ $ 564,574.428 $ 14.186 39,798.000
January 31, 1997................................................ $ 580,085.220 $ 16.005 36,244.000
----------------- ------------
----------------- ------------
Total:.......................................................... $ 1,144,659.648 76,042.000
</TABLE>
FRANKLIN PROPERTY COMPANY
<TABLE>
<CAPTION>
PRICE PER NUMBER OF SHARES
DATE OF DRIP REINVESTMENT AMOUNT REINVESTED SHARE PURCHASED
- ------------------------------------------------------------ ----------------- -------------- ----------------
<S> <C> <C> <C>
October 31, 1996............................................ $ 44,598.826 $ 14.186 3,143.862
January 31, 1997............................................ $ 45,824.924 $ 16.005 2,863.163
----------------- ----------------
----------------- ----------------
Total:...................................................... $ 90,423.750 5,726.326
</TABLE>
VAN NESS SQUARE CORPORATION
<TABLE>
<CAPTION>
PRICE PER NUMBER OF SHARES
DATE OF DRIP REINVESTMENT AMOUNT REINVESTED SHARE PURCHASED
- ------------------------------------------------------------ ----------------- -------------- -------------------
<S> <C> <C> <C>
October 31, 1996............................................ $ 21.236 $ 14.186 1.497
January 31, 1997............................................ $ 21.815 $ 16.005 1.363
------------- ------------
------------- ------------
Total:...................................................... $ 43.051 2.860
</TABLE>
In addition, from December 30, 1996 to March 31, 1997, the Saul Trust
purchased a total of 200,000 shares of Common Stock on the open market. The
total purchase price was $3,282,600 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 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.
<PAGE>
Page 14 of 21 Pages
The Plan participated in the DRIP and reinvested the following amounts for
shares of Saul Centers Common Stock:
<TABLE>
<CAPTION>
PRICE PER NUMBER OF SHARES
DATE OF DRIP REINVESTMENT AMOUNT REINVESTED SHARE PURCHASED
- ------------------------------------------------------------ ----------------- -------------- ----------------
<S> <C> <C> <C>
October 31, 1996............................................ $ 254,801.839 $ 14.186 17,961.500
January 31, 1997............................................ $ 261,806.813 $ 16.005 16,357.814
----------------- ----------------
----------------- ----------------
Total:................................................. $ 516,608.652 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>
<CAPTION>
PRICE PER NUMBER OF SHARES
DATE OF DRIP REINVESTMENT AMOUNT REINVESTED SHARE PURCHASED
- ------------------------------------------------------------ ----------------- -------------- -----------------
<S> <C> <C> <C>
October 31, 1996............................................ $ 1,061.666 $ 14.186 74.839
January 31, 1997............................................ $ 1,090.853 $ 16.005 68.157
----------------- --------
----------------- --------
Total:................................................. $ 2,152.519 142.996
</TABLE>
Sharon Elizabeth Saul Trust
B. Francis Saul II, Trustee
- ---------------------------
<TABLE>
<CAPTION>
PRICE PER NUMBER OF SHARES
DATE OF DRIP REINVESTMENT AMOUNT REINVESTED SHARE PURCHASED
- ------------------------------------------------------------ ----------------- -------------- -----------------
<S> <C> <C> <C>
October 31, 1996........................................... $ 636.994 $ 14.186 44.903
January 31, 1997........................................... $ 654.524 $ 16.005 40.895
----------------- ------
----------------- ------
Total:................................................. $ 1,291.518 85.798
</TABLE>
<PAGE>
Page 15 of 21 Pages
B. Francis Saul II, Custodian for
Patricia English Saul, UGMA
- ---------------------------------
<TABLE>
<CAPTION>
PRICE PER NUMBER OF SHARES
DATE OF DRIP REINVESTMENT AMOUNT REINVESTED SHARE PURCHASED
- ------------------------------------------------------------ ----------------- -------------- -----------------
<S> <C> <C> <C>
October 31, 1996............................................ $ 1,061.666 $ 14.186 74.839
January 31, 1997............................................ $ 1,090.853 $ 16.005 68.157
----------------- -------
----------------- -------
Total:................................................. $ 2,152.519 142.996
</TABLE>
Trust FBO Elizabeth W. Saul
u/a dated 12/30/76, George M. Rogers, Jr.,
Successor Trustee
- ------------------------------------------
<TABLE>
<CAPTION>
PRICE PER NUMBER OF SHARES
DATE OF DRIP REINVESTMENT AMOUNT REINVESTED SHARE PURCHASED
- ------------------------------------------------------------ ----------------- -------------- -----------------
<S> <C> <C> <C>
October 31, 1996............................................ $ 1,061.666 $ 14.186 74.839
January 31, 1997............................................ $ 1,090.853 $ 16.005 68.157
----------------- -------
----------------- -------
Total:................................................. $ 2,152.519 142.996
</TABLE>
Trust FBO Andrew M. Saul II
u/a dated 12/30/70, George M. Rogers, Jr.,
Successor Trustee
<TABLE>
<CAPTION>
PRICE PER NUMBER OF SHARES
DATE OF DRIP REINVESTMENT AMOUNT REINVESTED SHARE PURCHASED
- ------------------------------------------------------------ ----------------- -------------- -----------------
<S> <C> <C> <C>
October 31, 1996............................................ $ 1,061.666 $ 14.186 74.839
January 31, 1997............................................ $ 1,090.853 $ 16.005 68.157
----------------- ------
----------------- ------
Total:................................................. $ 2,152.519 142.996
</TABLE>
<PAGE>
Page 16 of 21 Pages
Trust FBO Patricia English Saul
u/a dated 12/15/71, George M. Rogers, Jr.,
Successor Trustee
<TABLE>
<CAPTION>
PRICE PER NUMBER OF SHARES
DATE OF DRIP REINVESTMENT AMOUNT REINVESTED SHARE PURCHASED
- ------------------------------------------------------------ ----------------- -------------- -----------------
<S> <C> <C> <C>
October 31, 1996............................................ $ 1,061.666 $ 14.186 74.839
January 31, 1997............................................ $ 1,090.853 $ 16.005 68.157
----------------- -----------------
----------------- -----------------
Total:................................................. $ 2,152.519 142.996
</TABLE>
Patricia E. Saul (Mrs.)
<TABLE>
<CAPTION>
PRICE PER NUMBER OF SHARES
DATE OF DRIP REINVESTMENT AMOUNT REINVESTED SHARE PURCHASED
- ------------------------------------------------------------ ----------------- -------------- ----------------
<S> <C> <C> <C>
October 31, 1996............................................ $ 12,209.252 $ 14.186 860.655
January 31, 1997............................................ $ 12,544.911 $ 16.005 783.812
----------------- ---------
----------------- ---------
Total:................................................. $ 24,754.163 1,644.467
</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.
ITEM 4. PURPOSE OF TRANSACTION.
No change.
<PAGE>
Page 17 of 21 Pages
ITEM 5. INTEREST IN SECURITIES OF THE ISSUER.
Item 2 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:
<TABLE>
<CAPTION>
NUMBER OF SHARES
BENEFICIALLY PERCENTAGE
REPORTING PERSON OWNED OF CLASS
- -------------------------------------------------------------- ----------------- -------------
<S> <C> <C>
B. Francis Saul II............................................ 2,969,774* 24.4%*
Franklin Property Company..................................... 120,362 1.0
Westminster Investing Corp.................................... 374,030 3.1
Van Ness Square Corporation................................... 57 0.0
B.F. Saul Real Estate Investment Trust........................ 1,723,674 14.1
</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:
<TABLE>
<CAPTION>
NAME PRINCIPAL OCCUPATION
- -------------------------------------------------------- --------------------------------------------------------
<S> <C>
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
</TABLE>
The business address of each of the foregoing individuals is 8401
Connecticut Avenue, Chevy Chase, Maryland 20815.
<PAGE>
Page 18 of 21 Pages
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 7,749 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:
<TABLE>
<CAPTION>
OWNER NUMBER OF SHARES
- ----------------------------------------------------------------------------------------------- -----------------
<S> <C>
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 2,865
Trust FBO Andrew M. Saul II
u/a dated 12/30/70, George M. Rogers, Jr.,
Successor Trustee 2,865
Trust FBO Patricia English Saul
u/a dated 12/15/71, George M. Rogers, Jr.,
Successor Trustee 2,865
Patricia E. Saul (Mrs.) 32,950
</TABLE>
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.
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
<PAGE>
Page 19 of 21 Pages
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:
<TABLE>
<CAPTION>
DATE OF PURCHASE NUMBER OF SHARES TOTAL COST
---------------- ----------------- ------------
<S> <C> <C>
12/30/96 3,600 $ 56,700.00
12/31/96 24,000 375,250.00
1/02/97 6,600 104,850.00
1/03/97 2,000 31,750.00
1/06/97 5,600 89,087.50
1/07/97 7,600 122,100.00
1/08/97 7,600 123,375.00
1/09/97 2,900 47,737.50
1/10/97 5,000 83,125.00
1/13/97 6,900 115,637.50
1/14/97 8,900 154,562.50
1/15/97 6,900 113,962.50
1/16/97 8,900 148,337.50
1/17/97 3,500 58,625.00
2/27/97 4,500 75,625.00
2/28/97 4,500 76,562.50
3/03/97 1,300 22,175.00
3/04/97 4,600 79,175.00
3/05/97 4,600 78,725.00
3/06/97 4,600 77,875.00
3/07/97 4,500 77,412.50
3/10/97 3,900 65,700.00
3/11/97 5,000 83,375.00
3/12/97 5,000 82,750.00
3/13/97 5,000 83,000.00
3/14/97 2,100 34,650.00
3/17/97 5,000 82,750.00
3/18/97 5,000 83,537.50
3/19/97 5,000 82,250.00
3/20/97 5,000 82,125.00
</TABLE>
<PAGE>
Page 20 of 21 Pages
<TABLE>
<S> <C> <C>
3/21/97 5,000 81,250.00
3/24/97 6,100 99,125.00
3/25/97 6,100 99,125.00
3/26/97 6,100 97,975.00
3/27/97 6,100 96,837.50
3/31/97 1,000 15,500.00
======= ============
Total: 200,000 $ 3,282,600
</TABLE>
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.
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.
/s/ B. Francis Saul II
--------------------------------------
April 11, 1997 B. Francis Saul II
FRANKLIN PROPERTY COMPANY
April 11, 1997 By: /s/ Ross E. Heasley
--------------------------------------
Ross E. Heasley, Vice President
WESTMINSTER INVESTING CORPORATION
April 11, 1997 By: /s/ B. Francis Saul II
--------------------------------------
B. Francis Saul II,
Chairman and President
VAN NESS SQUARE CORPORATION
April 11, 1997 By: /s/ B. Francis Saul II
--------------------------------------
B. Francis Saul II,
Chairman
B. F. SAUL REAL ESTATE
INVESTMENT TRUST
April 11, 1997 By: /s/ B. Francis Saul II
--------------------------------------
B. Francis Saul II, Chairman
