<PAGE>
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No. 12)*
---------
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)
--------------------------------------------------------
(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 20
<PAGE>
SCHEDULE 13D
CUSIP No. 804395 10 1 Page 2 of 20 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 10,816.575
BENEFICIALLY --------------------------------------------------
OWNED BY (8) Shared Voting Power
EACH 3,101,143
REPORTING --------------------------------------------------
PERSON (9) Sole Dispositive Power
WITH 10,816.575
--------------------------------------------------
(10) Shared Dispositive Power
3,101,143
- -------------------------------------------------------------------------------
(11) Aggregate Amount Beneficially Owned by Each Reporting Person
3,111,959
- -------------------------------------------------------------------------------
(12) Check Box if the Aggregate Amount in Row (11) Excludes Certain Shares* / /
- -------------------------------------------------------------------------------
(13) Percent of Class Represented by Amount in Row (11)
25.3%
- -------------------------------------------------------------------------------
(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 20 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 126,296
BENEFICIALLY --------------------------------------------------
OWNED BY (8) Shared Voting Power
EACH
REPORTING --------------------------------------------------
PERSON (9) Sole Dispositive Power
WITH 126,296
--------------------------------------------------
(10) Shared Dispositive Power
- -------------------------------------------------------------------------------
(11) Aggregate Amount Beneficially Owned by Each Reporting Person
126,296
- -------------------------------------------------------------------------------
(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 20 Pages
- -------------------------------------------------------------------------------
(1) Name of Reporting Person
S.S. or I.R.S. Identification No. of Above Person
Westminster Investing 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
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)
3.0%
- -------------------------------------------------------------------------------
(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 5 of 20 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 60
BENEFICIALLY --------------------------------------------------
OWNED BY (8) Shared Voting Power
EACH
REPORTING --------------------------------------------------
PERSON (9) Sole Dispositive Power
WITH 60
--------------------------------------------------
(10) Shared Dispositive Power
- -------------------------------------------------------------------------------
(11) Aggregate Amount Beneficially Owned by Each Reporting Person
60
- -------------------------------------------------------------------------------
(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 20 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 1,810,104
BENEFICIALLY --------------------------------------------------
OWNED BY (8) Shared Voting Power
EACH
REPORTING --------------------------------------------------
PERSON (9) Sole Dispositive Power
WITH 1,810,104
--------------------------------------------------
(10) Shared Dispositive Power
- -------------------------------------------------------------------------------
(11) Aggregate Amount Beneficially Owned by Each Reporting Person
1,810,104
- -------------------------------------------------------------------------------
(12) Check Box if the Aggregate Amount in Row (11) Excludes Certain Shares* / /
- -------------------------------------------------------------------------------
(13) Percent of Class Represented by Amount in Row (11)
14.7%
- -------------------------------------------------------------------------------
(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 20 Pages
AMENDMENT NO. 12
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 20 pages
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
- --------------------------
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
B. Francis Saul III Senior Vice President; Director, Saul Centers,
Inc.; Senior Vice President and Director,
B. F. Saul Company; Vice President and Trustee,
B. F. Saul Real Estate Investment Trust; Director,
Chevy Chase Bank, F.S.B.
Ross E. Heasley Vice President and Director; Vice President,
B. F. Saul Company; Vice President, B. F. Saul
Real Estate Investment Trust; Vice President and
Assistant Secretary, Saul Centers, Inc.
Laurence Millspaugh Vice President; Vice President, B. F. Saul
Company; Vice President, B. F. Saul Real Estate
Investment Trust
Patricia E. Clark Secretary and Director; Assistant Vice President
and Secretary, B. F. Saul Company
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.
- ------------------------
(1) The business address of each person is 8401 Connecticut Avenue,
Chevy Chase, Maryland 20815.
<PAGE>
Page 9 of 20 pages
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
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; Senior
Vice President and Director, B. F. Saul Company;
Senior Vice President, Franklin Property Company;
Vice President and Trustee, B. F. Saul Real Estate
Investment Trust; Director, Saul Centers, Inc;
Director, Chevy Chase Bank, F.S.B.
George M. Rogers, Jr.(3) Secretary and Director; Partner, Shaw, Pittman,
Potts & Trowbridge
(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 20 pages
William F. Anhut, Jr. Vice President and Treasurer
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; Senior Vice President and Director,
B. F. Saul Company; Senior Vice President,
Franklin Property Company; Vice President and
Trustee, B. F. Saul Real Estate Investment Trust;
Director, Saul Centers Inc.; Director, Chevy Chase
Bank, F.S.B.
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. Grosvenor(6) Trustee; President and Chairman of the Board of
Trustees, National Geographic Society
- ------------------------
(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.
<PAGE>
Page 11 of 20 pages
George M. Rogers, Jr.(7) Trustee; Partner, Shaw, Pittman, Potts & Trowbridge
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
B. Francis Saul III Trustee; Senior Vice President and Director,
B. F. Saul Company; Director, Saul Centers, Inc;
Senior Vice President, Franklin Property Company;
Vice President and Director, B. F. Saul Real
Estate Investment Trust; Director, Chevy Chase
Bank. F.S.B.
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.
- ------------------------
(7) Mr. Rogers' business address is Shaw, Pittman, Potts & Trowbridge,
2300 N Street, N.W., Washington, D.C. 20037
(8) Mr. Whitmore's business address is The Bessemer Group, Incorporated,
630 Fifth Avenue, New York, New York 10111.
<PAGE>
Page 12 of 20 pages
Laurence Millspaugh Vice President; Vice President, B. F. Saul Company;
Vice President, Franklin Property Company
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.
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
April 1, 1997, the date of Amendment Number 11 to this Schedule 13D, Saul
Centers has
<PAGE>
Page 13 of 20 pages
issued Common Stock pursuant to the DRIP on April 30, 1997 and July 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
follow:
Saul Trust
- -----------
<TABLE>
<CAPTION>
Number of shares
Date of DRIP Reinvestment Amount reinvested Price per share purchased
- ------------------------- ----------------- --------------- ----------------
<S> <C> <C> <C>
April 30, 1997 $672,774.18 $15.156 44,389.000
July 31, 1997 $690,085.89 $16.975 40,653.000
----------- ----------
----------- ----------
Total: $1,362,860.07 85,042.00
Franklin Property Company
- -------------------------
Number of shares
Date of DRIP Reinvestment Amount reinvested Price per share purchased
- ------------------------- ----------------- --------------- ----------------
April 30, 1997 $46,941.55 $15.156 3,097.226
July 31, 1997 $48,149.47 $16.975 2,836.493
----------- ----------
----------- ----------
Total: 95,091.02 5,933.719
Van Ness Square Corporation
- ---------------------------
Number of shares
Date of DRIP Reinvestment Amount reinvested Price per share purchased
- ------------------------- ----------------- --------------- ----------------
April 30, 1997 $22.35 $15.156 1.475
July 31, 1997 $22.92 $16.975 1.350
----------- ----------
----------- ----------
Total: $45.27 2.825
</TABLE>
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 20 pages
The Plan participated in the DRIP and reinvested the following amounts
for shares of Saul Centers Common Stock:
<TABLE>
<CAPTION>
Number of shares
Date of DRIP Reinvestment Amount reinvested Price per share purchased
- ------------------------- ----------------- --------------- ----------------
<S> <C> <C> <C>
April 30, 1997 $268,186.37 $15.156 17,695.063
July 31, 1997 $275,087.44 $16.975 16,205.446
----------- ----------
----------- ----------
Total: $275,087.44 33,900.509
</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>
Number of shares
Date of DRIP Reinvestment Amount reinvested Price per share purchased
- ------------------------- ----------------- --------------- ----------------
<S> <C> <C> <C>
April 30, 1997 $1,117.44 $15.156 73.729
July 31, 1997 $1,146.20 $16.975 67.523
--------- -------
--------- -------
Total: $2,263.64 141.252
Sharon Elizabeth Saul Trust
B. Francis Saul II, Trustee
- -----------------------------
Number of shares
Date of DRIP Reinvestment Amount reinvested Price per share purchased
- ------------------------- ----------------- --------------- ----------------
April 30, 1997 $670.47 $15.156 44.238
July 31, 1997 $687.72 $16.975 40.514
--------- -------
--------- -------
Total: $1,358.19 84.752
</TABLE>
<PAGE>
Page 15 of 20 pages
B. Francis Saul II, Custodian for
Patricia English Saul, UGMA
- ----------------------------------
<TABLE>
<CAPTION>
Number of shares
Date of DRIP Reinvestment Amount reinvested Price per share purchased
- ------------------------- ----------------- --------------- ----------------
<S> <C> <C> <C>
April 30, 1997 $ 1,117.44 $15.156 73.729
July 31, 1997 $ 1,146.20 $16.975 67.523
----------- -------
----------- -------
Total: $2,263.64 141.252
Trust FBO Elizabeth W. Saul
u/a dated 12/30/76, George M. Rogers, Jr.,
Successor Trustee
- --------------------------------------------
Number of shares
Date of DRIP Reinvestment Amount reinvested Price per share purchased
- ------------------------- ----------------- --------------- ----------------
April 30, 1997 $1,117.44 $15.156 73.729
July 31, 1997 $1,146.20 $16.975 67.523
--------- -------
--------- --------
Total: $2,263.64 141.252
Trust FBO Andrew M. Saul II
u/a dated 12/30/70, George M. Rogers, Jr.,
Successor Trustee
- ---------------------------------------------
Number of shares
Date of DRIP Reinvestment Amount reinvested Price per share purchased
- ------------------------- ----------------- --------------- ----------------
<S> <C> <C> <C>
April 30, 1997 $1,117.44 $15.156 73.729
July 31, 1997 $1,146.20 $16.975 67.523
---------- -------
---------- -------
Total: $2,263.64 141.252
</TABLE>
<PAGE>
Page 16 of 20 pages
Trust FBO Patricia English Saul
u/a dated 12/15/71, George M. Rogers, Jr.,
Successor Trustee
- --------------------------------------------
<TABLE>
<CAPTION>
Number of shares
Date of DRIP Reinvestment Amount reinvested Price per share purchased
- ------------------------- ----------------- --------------- ----------------
<S> <C> <C> <C>
April 30, 1997 $1,117.44 $15.156 73.729
July 31, 1997 $1,146.20 $16.975 67.523
--------- -------
--------- -------
Total: $ 2,263.64 141.252
Patricia E. Saul (Mrs.)
- -----------------------
Number of shares
Date of DRIP Reinvestment Amount reinvested Price per share purchased
- ------------------------- ----------------- --------------- ----------------
April 30, 1997 $12,850.60 $15.156 847.889
July 31, 1997 $13,181.27 $16.975 776.511
---------- --------
---------- --------
Total: $26,031.87 1,624.400
</TABLE>
In addition, on September 3, 1997, B. Francis Saul II as Trustee FBO
Elizabeth W. Saul purchased 2,500 shares of Common Stock on the open market.
The total purchase price was $43,750.00 and the source of funds used was
other (trust funds). On September 23, 1997, George M. Rogers, Jr. as Trustee
FBO Andrew M. Saul II purchased 500 shares of Common Stock on the open
market. The total purchase price was $9,250 and the source of funds was
other (trust funds). Westminster Investing Corporation, which holds
374,030 shares of Saul Centers Common Stock, and NationsBank, (formerly
Security Trust Co., N.A.), Trustee FBO B. 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. During
September, NationsBank, N.A., Trustee FBO B. Francis Saul III and Andrew M.
Saul II purchased a total of 9,500 shares of Common Stock on the open
market. The total purchase price was $182,250 and the source of funds used
was other (trust funds). Finally, on September 4, 1997, NationsBank, N.A.,
as Trustee u/w with Andrew M. Saul FBO Elizabeth W. Saul purchased 1,000
shares of Common Stock on the open market. The total purchase price was
$17,000 and the source of funds was other (trust funds).
ITEM 4. Purpose of Transaction.
No change.
<PAGE>
Page 17 of 20 pages
ITEM 5. Interest in Securities of the Issuer.
Item 5 is amended in its entirety to read as follows:
a. The number and percentage of Common Shares beneficially owned by the
reporting persons are set forth in the following table:
Number of Shares Percentage
Reporting Person Beneficially Owned Of Class
---------------- ------------------- ------------
B. Francis Saul II 3,111,959 25.3%
Franklin Property Company 126,296 1.0
Westminster Investing Corp. 374,030 3.0
Van Ness Square Corporation 60 0.0
B.F. Saul Real Estate 1,810,104 14.7
Investment Trust
* 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:
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.
<PAGE>
Page 18 of 20 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 10,816.575 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
----- -----------------
NationsBank, NA, Trustee FBO Francis
Saul III & Andrew M. Saul II u/a w/B. Francis
Saul II dated 12/30/76 24,500
Nations Bank, NA, Trustee u/w Andrew M. Saul FBO
Elizabeth W. Saul 1,000
Trust FBO Elizabeth W. Saul
u/a dated 12/30/70, George M. Rogers, Jr.,
Successor Trustee 3,006
Trust FBO Andrew M. Saul II
u/a dated 12/30/70, George M. Rogers, Jr.,
Successor Trustee 3,006
Trust FBO Patricia English Saul
u/a dated 12/15/71, George M. Rogers, Jr.,
Successor Trustee 3,006
Patricia E. Saul (Mrs.) 34,575
The information with respect to the trustees of these Trusts and with
respect to Mrs. Saul required by Item 2 is as follows.
NationsBank, 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 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 NationsBank, N.A., nor Mr. Rogers, nor Mrs. Saul, nor any of the Plan
trustees has, during the past five years from the date of this Amendment,
been convicted in a criminal proceeding (excluding traffic violations or
similar misdemeanors) or been party to a civil proceeding of a judicial or
administrative body of
<PAGE>
Page 19 of 20 pages
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:
B. Francis Saul II, Trustee FBO Elizabeth W. Saul acquired 2,500 shares
of Common Stock on the open market on September 3, 1997, at a total cost of
$43,750.00. B. Francis Saul II, Trustee FBO Andrew M. Saul II purchased 500
shares of Common Stock on the open market on September 23, 1997 at a total
cost of $9,250.00. NationsBank, N.A., Trustee FBO B. Francis Saul III and
Andrew M. Saul II purchased 5,000 shares of Common Stock on the open market
on September 24, 1997 at a total cost of $95,625.00 and 4,500 shares of
Common Stock on the open market on September 25, 1997 at a total cost of
$86,625.00.
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 20 of 20 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
--------------------------------
October 27, 1997 B. Francis Saul II
FRANKLIN PROPERTY COMPANY
October 27, 1997 By: /s/ Ross E. Heasley
----------------------------
Ross E. Heasley, Vice President
WESTMINSTER INVESTING CORPORATION
October 27, 1997 By: /s/ B. Francis Saul II
----------------------------
B. Francis Saul II,
Chairman and President
VAN NESS SQUARE CORPORATION
October 27, 1997 By: /s/ B. Francis Saul II
----------------------------
B. Francis Saul II,
Chairman
B. F. SAUL REAL ESTATE
INVESTMENT TRUST
October 27, 1997 By: /s/ B. Francis Saul II
----------------------------
B. Francis Saul II,
Chairman
