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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No. 13)*
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 Avenue
Chevy Chase, MD 20815 (301) 986-6207
________________________________________________________________________________
(Name, Address and Telephone Number of Person Authorized to Receive Notices and
Communications)
April 30, 1999
_______________________________________________________________
(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 the 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).
<PAGE>
SCHEDULE 13D
- ----------------------------------- -----------------------------------
CUSIP NO. 804395 10 1 PAGE 2 OF 21 PAGES
- ----------------------------------- -----------------------------------
- --------------------------------------------------------------------------------
NAME OF REPORTING PERSON
1 S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
B. Francis Saul II
- --------------------------------------------------------------------------------
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
2 (a) [_]
(b) [X]
- --------------------------------------------------------------------------------
SEC USE ONLY
3
- --------------------------------------------------------------------------------
SOURCE OF FUNDS*
4
SC, OO
- --------------------------------------------------------------------------------
CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) or 2(e) [_]
5
- --------------------------------------------------------------------------------
CITIZENSHIP OR PLACE OF ORGANIZATION
6
United States of America
- --------------------------------------------------------------------------------
SOLE VOTING POWER
7
NUMBER OF 19,067
SHARES -------------------------------------------------------------
SHARED VOTING POWER
BENEFICIALLY 8
3,726,867
OWNED BY
-------------------------------------------------------------
EACH SOLE DISPOSITIVE POWER
9
REPORTING 19,067
PERSON -------------------------------------------------------------
SHARED DISPOSITIVE POWER
WITH 10
3,727,066
- --------------------------------------------------------------------------------
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
11
3,746,134
- --------------------------------------------------------------------------------
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* [_]
12
- ------------------------------------------------------------------------------
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
13
28.8%
- ------------------------------------------------------------------------------
TYPE OF REPORTING PERSON*
14
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
- ----------------------- ---------------------
- ------------------------------------------------------------------------------
NAME OF REPORTING PERSON
1 S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Franklin Property Company
- ------------------------------------------------------------------------------
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
2 (a) [_]
(b) [X]
- ------------------------------------------------------------------------------
SEC USE ONLY
3
- ------------------------------------------------------------------------------
SOURCE OF FUNDS*
4
SC
- ------------------------------------------------------------------------------
CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) or 2(e) [_]
5
- ------------------------------------------------------------------------------
CITIZENSHIP OR PLACE OF ORGANIZATION
6
Maryland
- ------------------------------------------------------------------------------
SOLE VOTING POWER
7
NUMBER OF 149,726
SHARES -----------------------------------------------------------
SHARED VOTING POWER
BENEFICIALLY 8
OWNED BY
-----------------------------------------------------------
EACH SOLE DISPOSITIVE POWER
9
REPORTING 149,726
PERSON -----------------------------------------------------------
SHARED DISPOSITIVE POWER
WITH 10
- ------------------------------------------------------------------------------
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
11
149,726
- ------------------------------------------------------------------------------
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
12
[_]
- ------------------------------------------------------------------------------
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
13
1.2%
- ------------------------------------------------------------------------------
TYPE OF REPORTING PERSON*
14
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
- ----------------------- ---------------------
- ------------------------------------------------------------------------------
NAME OF REPORTING PERSON
1 S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Westminster Investing Corporation
- ------------------------------------------------------------------------------
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
2 (a) [_]
(b) [X]
- ------------------------------------------------------------------------------
SEC USE ONLY
3
- ------------------------------------------------------------------------------
SOURCE OF FUNDS*
4
SC
- ------------------------------------------------------------------------------
CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) or 2(e) [_]
5
- ------------------------------------------------------------------------------
CITIZENSHIP OR PLACE OF ORGANIZATION
6
New York
- ------------------------------------------------------------------------------
SOLE VOTING POWER
7
NUMBER OF 374,030
SHARES -----------------------------------------------------------
SHARED VOTING POWER
BENEFICIALLY 8
OWNED BY
-----------------------------------------------------------
EACH SOLE DISPOSITIVE POWER
9
REPORTING 374,030
PERSON -----------------------------------------------------------
SHARED DISPOSITIVE POWER
WITH 10
- ------------------------------------------------------------------------------
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
11
374,030
- ------------------------------------------------------------------------------
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
12
[_]
- ------------------------------------------------------------------------------
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
13
2.9%
- ------------------------------------------------------------------------------
TYPE OF REPORTING PERSON*
14
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
- ----------------------- ---------------------
- ------------------------------------------------------------------------------
NAME OF REPORTING PERSON
1 S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Van Ness Square Corporation
- ------------------------------------------------------------------------------
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
2 (a) [_]
(b) [X]
- ------------------------------------------------------------------------------
SEC USE ONLY
3
- ------------------------------------------------------------------------------
SOURCE OF FUNDS*
4
SC
- ------------------------------------------------------------------------------
CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) or 2(e) [_]
5
- ------------------------------------------------------------------------------
CITIZENSHIP OR PLACE OF ORGANIZATION
6
- ------------------------------------------------------------------------------
SOLE VOTING POWER
7
NUMBER OF 71
SHARES -----------------------------------------------------------
SHARED VOTING POWER
BENEFICIALLY 8
OWNED BY
-----------------------------------------------------------
EACH SOLE DISPOSITIVE POWER
9
REPORTING 71
PERSON -----------------------------------------------------------
SHARED DISPOSITIVE POWER
WITH 10
- ------------------------------------------------------------------------------
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
11
71
- ------------------------------------------------------------------------------
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
12
[_]
- ------------------------------------------------------------------------------
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
13
0%
- ------------------------------------------------------------------------------
TYPE OF REPORTING PERSON*
14
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
- -------------------------- --------------------------
- ------------------------------------------------------------------------------
NAME OF REPORTING PERSON
1 S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
B.F. Saul Real Estate Investment Trust
- ------------------------------------------------------------------------------
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
2 (a) [_]
(b) [X]
- ------------------------------------------------------------------------------
SEC USE ONLY
3
- ------------------------------------------------------------------------------
SOURCE OF FUNDS*
4
SC, WC
- ------------------------------------------------------------------------------
CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) or 2(e) [_]
5
- ------------------------------------------------------------------------------
CITIZENSHIP OR PLACE OF ORGANIZATION
6
Maryland
- ------------------------------------------------------------------------------
SOLE VOTING POWER
7
NUMBER OF 2,259,842
SHARES -----------------------------------------------------------
SHARED VOTING POWER
BENEFICIALLY 8
OWNED BY
-----------------------------------------------------------
EACH SOLE DISPOSITIVE POWER
9
REPORTING
2,259,842
PERSON -----------------------------------------------------------
SHARED DISPOSITIVE POWER
WITH 10
- ------------------------------------------------------------------------------
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
11
2,259,842
- ------------------------------------------------------------------------------
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
12
[_]
- ------------------------------------------------------------------------------
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
13
17.4%
- ------------------------------------------------------------------------------
TYPE OF REPORTING PERSON*
14
00
- ------------------------------------------------------------------------------
*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 Pages
AMENDMENT NO. 13
----------------
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 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
- -------------------------
<TABLE>
<CAPTION>
Position with Company and Present
Name/1/ Principal Occupation if Different
- ---- ---------------------------------
<S> <C>
Philip D. Caraci Chairman; President and Director, Saul Centers, Inc.;
Executive Vice President, B. F. Saul Company; Senior
Vice President and Secretary, B.F. Saul Real Estate
Investment Trust
B. Francis Saul III President and Director; Vice Chair, 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;
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.
</TABLE>
- ----------------------------
/1/ The business address of each person is 8401 Connecticut Avenue, Chevy Chase,
Maryland 20815.
<PAGE>
Page 9 of 21 Pages
<TABLE>
<S> <C>
Mark G. Carrier Vice President; Vice President, B. F. Saul Company; Vice
President, B. F. Saul Real Estate Investment Trust
James P. Sprouse Vice President; Vice President, B. F. Saul Company; Assistant
Vice President, B. F. Saul Real Estate Investment Trust
Ernest R. Pivonka Vice President; Vice President, B. F. Saul Company
Merle F. Sustersich Vice President; Vice President, B. F. Saul Company; Vice
President, B.F. Saul Real Estate Investment Trust
Bryon S. Barlow Vice President; Vice President, B. F. Saul Company
Enio P. Guerra Vice President; Vice President, B. F. Saul Company
Barbara C. Phillips Vice President; Vice President, B. F. Saul Company
Barbara L. Reifsnider Vice President; Vice President, B. F. Saul Company
Alison B. Rubin Vice President; Vice President, B. F. Saul Company
Kenneth Kovach Vice President; Vice President, B.F. Saul Company
<CAPTION>
Westminster Investing Corporation
- ---------------------------------
<S> <C>
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; President
and Director, Franklin Property Company; Vice President
and Trustee, B. F. Saul Real Estate Investment Trust;
Vice Chair, Saul Centers, Inc; Director, Chevy Chase
Bank, F.S.B.
</TABLE>
- ---------------------
/2/ The business address of each person is 8401 Connecticut Avenue, Chevy Chase,
Maryland 20815 unless otherwise indicated.
<PAGE>
Page 10 of 21 Pages
<TABLE>
<S> <C>
George M. Rogers, Jr./3/ Secretary and Director; Partner, Shaw Pittman
William F. Anhut, Jr. Vice President, Treasurer and Assistant Secretary; Vice
President, B.F. Saul Company
<CAPTION>
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; Vice Chair, Saul Centers,
Inc.; Director, Chevy Chase Bank, F.S.B.
William F. Anhut, Jr. Vice President, Treasurer and Director; Vice President,
Treasurer and Assistant Secretary, Westminster
Investing Corporation
<CAPTION>
B. F. Saul Real Estate Investment Trust
- ---------------------------------------
<S> <C>
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
</TABLE>
- ------------------------------
/3/ Mr. Rogers' business address is Shaw Pittman, 2300 N Street, N.W.,
Washington, D.C. 20037.
/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.
<PAGE>
Page 11 of 21 Pages
<TABLE>
<S> <C>
Chase Bank, F.S.B.;
Chairman of the Board and President, Westminster
Investing Corporation; Director and Chairman, Van Ness
Square Corporation
Gilbert M. Grosvenor/6/ Trustee; Chairman of the Board of Trustees, National
Geographic Society
George M. Rogers, Jr./7/ Trustee; Partner, Shaw Pittman; Director, B.F. Saul
Company
Garland J. Bloom Trustee; Real Estate Consultant
John R. Whitmore/8/ Trustee; Senior Advisor to The Bessemer Group, Inc.;
Director, B.F. Saul Company
B. Francis Saul III Trustee; Senior Vice President and Director, B. F. Saul
Company; Vice Chair, Saul Centers, Inc; 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; Chairman, 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; Vice President, B. F. Saul Company; Vice
President and Assistant Secretary, Saul Centers, Inc.;
Vice President and Director, Franklin Property Company
</TABLE>
- ----------------------------------
/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, 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 21 Pages
<TABLE>
<S> <C>
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.
Laurence Millspaugh Vice President; Vice President, B. F. Saul Company; Vice
President, Franklin Property Company
</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.
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.
<PAGE>
Page 13 of 21 Pages
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 the
filing of Amendment Number 12 to this Schedule 13D, Saul Centers has issued
Common Stock pursuant to the DRIP on October 31, 1997, January 30, 1998, April
30, 1998, July 31, 1998, October 30, 1998, January 29, 1999 and April 30, 1999.
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:
Saul Trust
- ----------
<TABLE>
<CAPTION>
Number of shares
Date of DRIP Reinvestment Amount reinvested Price per share purchased
<S> <C> <C> <C>
October 31, 1997 $705,928.03 $17.096 41,292.00
January 30, 1998 $733,354.88 $16.196 45,280.00
April 30, 1998 $778,703.55 $17.399 44,755.65
July 31, 1998 $796,158.32 $16.005 49,744.35
October 30, 1998 $815,558.63 $15.399 52,961.79
January 29, 1999 $836,213.74 $14.065 59,453.52
April 30, 1999 $859,400.61 $15.278 56,250.86
=========== =========
Total $5,525,317.76 349,738.17
</TABLE>
Franklin Property Company
- -------------------------
<TABLE>
<CAPTION>
Number of shares
Date of DRIP Reinvestment Amount reinvested Price per share purchased
<S> <C> <C> <C>
October 31, 1997 $49,255.71 $17.096 2,881.13
January 30, 1998 $50,379.33 $16.187 3,112.33
April 30, 1998 $51,593.15 $17.399 2,965.29
July 31, 1998 $52,749.60 $16.005 3,295.82
October 30, 1998 $54,034.98 $15.399 3,508.99
January 29, 1999 $55,403.50 $14.065 3,939.10
April 30, 1999 $56,939.75 $15.278 3,726.91
========== ========
Total: $370,356.02 23,429.57
</TABLE>
Van Ness Square Corporation
---------------------------
<TABLE>
<CAPTION>
Number of shares
Date of DRIP Reinvestment Amount reinvested Price per share purchased
<S> <C> <C> <C>
October 31, 1997 $23.46 $17.096 1.372
January 30, 1998 $23.99 $16.187 1.482
April 30, 1998 $24.56 $17.399 1.412
July 31, 1998 $25.11 $16.005 1.569
October 30, 1998 $25.73 $15.399 1.671
January 29, 1999 $26.39 $14.065 1.876
April 30, 1999 $27.10 $15.278 1.774
====== =====
</TABLE>
<PAGE>
Page 14 of 21 Pages
<TABLE>
<S> <C> <C>
Total: $176.34 11.156
</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.
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>
October 31, 1997 $281,407.56 $17.096 16,460.433
January 30, 1998 $287,827.13 $16.187 17,781.376
April 30, 1998 $294,761.87 $17.399 16,941.311
July 31, 1998 $303,368.98 $16.005 18,829.677
October 30, 1998 $308,712.56 $15.399 20,047.572
January 29, 1999 $316,531.11 $14.065 22,504.878
April 30, 1999 $325,308.01 $15.278 21,292.578
=========== ==========
Total: $2,117,917.22 133,857.825
</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>
October 31, 1997 $1,172.53 $17.096 68.585
January 30, 1998 $1,199.28 $16.187 74.089
April 30, 1998 $1,228.18 $17.399 70.589
July 31, 1998 $1,255.70 $16.005 78.457
October 30, 1998 $1,286.29 $15.399 83.531
</TABLE>
<PAGE>
Page 15 of 21 Pages
<TABLE>
<S> <C> <C> <C>
January 29, 1999 $1,318.88 $14.065 93.770
April 30, 1999 $1,355.45 $15.278 88.719
========= ======
Total: $8,816.31 557.740
</TABLE>
Sharon Elizabeth 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>
October 31, 1997 $703.52 $17.096 41.151
January 30, 1998 $719.58 $16.187 44.454
April 30, 1998 $736.91 $17.399 42.354
July 31, 1998 $753.42 $16.005 47.074
October 30, 1998 $771.78 $15.399 50.119
January 29, 1999 $791.33 $14.065 56.262
April 30, 1999 $813.26 $15.278 53.231
======= ======
Total: $5,289.80 334.645
</TABLE>
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>
October 31, 1997 $1,172.53 $17.096 68.585
January 30, 1998 $1,199.28 $16.187 74.089
April 30, 1998 $1,228.18 $17.399 70.589
July 31, 1998 $1,255.70 $16.005 78.457
October 30, 1998 $1,286.29 $15.399 83.531
January 29, 1999 $1,318.88 $14.065 93.770
April 30, 1999 $1,355.45 $15.278 88.719
========= ======
Total: $8,816.31 557.740
</TABLE>
Trust FBO Elizabeth W. Saul
u/a dated 12/30/76, 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>
October 31, 1997 $1,172.53 $17.096 68.585
January 30, 1998 $1,199.28 $16.187 74.089
April 30, 1998 $1,228.18 $17.399 70.589
July 31, 1998 $1,255.70 $16.005 78.457
October 30, 1998 $1,286.29 $15.399 83.531
January 29, 1999 $1,318.88 $14.065 93.770
April 30, 1999 $1,355.45 $15.278 88.719
========= ======
Total: $8,816.31 557.740
</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>
<CAPTION>
Number of shares
Date of DRIP Reinvestment Amount reinvested Price per share purchased
<S> <C> <C> <C>
October 31, 1997 $1,172.53 $17.096 68.585
January 30, 1998 $1,199.28 $16.187 74.089
April 30, 1998 $1,228.18 $17.399 70.589
July 31, 1998 $1,255.70 $16.005 78.457
October 30, 1998 $1,286.29 $15.399 83.531
January 29, 1999 $1,318.88 $14.065 93.770
April 30, 1999 $1,355.45 $15.278 88.719
========= ======
Total: $8,816.31 557.740
</TABLE>
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>
October 31, 1997 $1,172.53 $17.096 68.585
January 30, 1998 $1,199.28 $16.187 74.089
April 30, 1998 $1,228.18 $17.399 70.589
July 31, 1998 $1,255.70 $16.005 78.457
October 30, 1998 $1,286.29 $15.399 83.531
January 29, 1999 $1,318.88 $14.065 93.770
April 30, 1999 $1,355.45 $15.278 88.719
========= ======
Total: $8,816.31 557.740
</TABLE>
Patricia E. Saul (Mrs.)
- -----------------------
<TABLE>
<CAPTION>
Number of shares
Date of DRIP Reinvestment Amount reinvested Price per share purchased
<S> <C> <C> <C>
October 31, 1997 $13,484.11 $17.096 788.729
January 30, 1998 $13,791.97 $16.187 852.024
April 30, 1998 $14,124.00 $17.399 811.771
July 31, 1998 $14,440.60 $16.005 902.256
October 30, 1998 $14,792.48 $15.399 960.613
January 29, 1999 $15,167.12 $14.065 1,078.359
April 30, 1999 $15,587.69 $15.278 1,020.270
========== =========
Total: $101,387.97 6,414.022
</TABLE>
<PAGE>
Page 17 of 21 Pages
ITEM 4. Purpose of Transaction.
No change.
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:
<TABLE>
<CAPTION>
Number of Shares Percentage
Reporting Person Beneficially Owned Of Class
---------------- ------------------ --------
<S> <C> <C>
B. Francis Saul II 3,746,934* 28.8
Franklin Property Company 149,726 1.2
Westminster Investing Corp. 374,030 2.9
Van Ness Square Corporation 71 0.0
B.F. Saul Real Estate Investment Trust 2,259,842 17.4
</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.
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
<PAGE>
Page 18 of 21 Pages
Minors Act, has the sole power to vote and the sole power to direct the
disposition of 15,967.00 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>
NationsBank, NA, Trustee FBO Francis 24,500
Saul III & Andrew M. Saul II u/a w/B. Francis
Saul II dated 12/30/76
- ----------------------------------------------------------------------------------------------------------------
Nations Bank, NA, Trustee u/w Andrew M. Saul FBO 1,000
Elizabeth W. Saul
- ----------------------------------------------------------------------------------------------------------------
Trust FBO Elizabeth W. Saul 7,064.231
u/a dated 12/30/70, George M. Rogers, Jr.,
Successor Trustee
- ----------------------------------------------------------------------------------------------------------------
Trust FBO Andrew M. Saul II 4,564.231
u/a dated 12/30/70, George M. Rogers, Jr.,
Successor Trustee
- ----------------------------------------------------------------------------------------------------------------
Trust FBO Patricia English Saul 6,764.231
u/a dated 12/15/71, George M. Rogers, Jr.,
Successor Trustee
- ----------------------------------------------------------------------------------------------------------------
Patricia E. Saul (Mrs.) 40,988.671
- ----------------------------------------------------------------------------------------------------------------
</TABLE>
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, 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
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.
<PAGE>
Page 19 of 21 Pages
c. The only transactions known to the persons filing this statement since
the filing of Amendment No. 12 to this Schedule 13D are the following:
The Saul Trust acquired shares of Common Stock in the open market on the
dates, in the amounts and for the total cost indicated in the following table:
<TABLE>
<CAPTION>
Date of Purchase Number of Shares Total Cost
- ---------------- ---------------- ----------
<S> <C> <C>
01/09/98 3,000 $51,562.50
01/09/98 7,000 $124,250.00
01/09/98 1,000 $16,687.50
01/12/98 100 $1,768.75
01/12/98 100 $1,781.25
01/12/98 8,300 $148,362.50
01/13/98 8,500 $151,937.50
01/14/98 5,000 $88,750.00
01/14/98 2,800 $49,525.00
01/14/98 700 $12,293.75
01/15/98 6,500 $114,156.25
01/15/98 2,000 $35,000.00
01/16/98 8,500 $146,625.00
01/20/98 4,200 $73,500.00
01/20/98 4,000 $70,750.00
01/21/98 4,000 $71,000.00
01/21/98 500 $8,906.25
01/21/98 500 $8,937.50
01/22/98 4,000 $72,000.00
01/22/98 1,000 $17,937.50
01/23/98 5,100 $93,712.50
01/23/98 100 $1,818.75
01/23/98 2,000 $36,125.00
01/23/98 1,000 $18,000.00
01/26/98 2,000 $36,500.00
01/26/98 500 $9,093.75
01/26/98 3,500 $63,437.50
01/26/98 300 $5,418.75
01/27/98 1,000 $18,187.50
01/27/98 1,200 $21,675.00
01/27/98 4,000 $72,000.00
01/27/98 2,000 $35,875.00
01/28/98 100 $1,768.75
01/28/98 4,400 $78,100.00
01/28/98 1,100 $19,387.50
----- ----------
100,000 $1,776,833.25
</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.
<PAGE>
Page 20 of 21 Pages
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
------------------------------------------
June 18, 1999 B. Francis Saul II
FRANKLIN PROPERTY COMPANY
June 18, 1999 By: /s/ Ross E. Heasley
--------------------------------------
Ross E. Heasley, Vice President
WESTMINSTER INVESTING CORPORATION
June 18, 1999 By: /s/ B. Francis Saul II
--------------------------------------
B. Francis Saul II,
Chairman and President
VAN NESS SQUARE CORPORATION
June 18, 1999 By: /s/ B. Francis Saul II
--------------------------------------
B. Francis Saul II,
Chairman
B. F. SAUL REAL ESTATE
INVESTMENT TRUST
June 18, 1999 By: /s/ B. Francis Saul II
--------------------------------------
B. Francis Saul II,
Chairman
