<PAGE>
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
(Rule 13d-101)
Under the Securities Exchange Act of 1934
(Amendment No. 15)*
Saul Centers, Inc.
--------------------------------------------------------------------------------
(Name of Issuer)
Common Stock, $.01 par value per share
--------------------------------------------------------------------------------
(Title of Class of Securities)
804395 10 1
--------------------------------------------------------------------------------
(CUSIP Number)
Henry Ravenel, Jr.
8401 Connecticut Avenue
Chevy Chase, Maryland 20815
(301) 986-6207
--------------------------------------------------------------------------------
(Name, Address and Telephone Number of Person Authorized
to Receive Notices and Communications)
July 31, 2000
--------------------------------------------------------------------------------
(Date of Event Which Requires Filing of this Statement)
If the filing person has previously filed a statement on Schedule 13G to
report the acquisition that is the subject of this Schedule 13D, and is filing
this schedule because of Rule 13d-1(e), 13d-1(f) or 13d-1(g), check the
following box [_].
*The remainder of this cover page shall be filled out for a reporting
person's initial filing on this form with respect to the subject class of
securities, and for any subsequent amendment containing information which would
alter disclosures provided in a prior cover page.
The information required on the remainder of this cover page shall not be
deemed to be "filed" for the purpose of Section 18 of the Securities Exchange
Act of 1934 ("Act") or otherwise subject to the liabilities of that section of
the Act but shall be subject to all other provisions of the Act (however, see
the Notes).
Page 1 of 20 Pages
<PAGE>
Page 2 of 20 Pages
13D
---------------------------
CUSIP NO. 804395 10 1
---------------------------
------------------------------------------------------------------------------
NAMES OF REPORTING PERSONS
1.
B.Francis Saul II
------------------------------------------------------------------------------
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
2. (a) [_]
(b) [_]
------------------------------------------------------------------------------
SEC USE ONLY
3.
------------------------------------------------------------------------------
SOURCE OF FUNDS
4.
SC, OO
------------------------------------------------------------------------------
CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS [_]
5. REQUIRED PURSUANT TO ITEM 2(d) or 2(e)
------------------------------------------------------------------------------
CITIZENSHIP OR PLACE OF ORGANIZATION
6.
United States of America
------------------------------------------------------------------------------
NUMBER OF SOLE VOTING POWER (See Item 6)
7.
20,483
SHARES -----------------------------------------------------------
SHARED VOTING POWER (See Item 6)
BENEFICIALLY 8.
OWNED BY 4,192,935
-----------------------------------------------------------
EACH SOLE DISPOSITIVE POWER (See Item 6)
9.
REPORTING
20,483
PERSON -----------------------------------------------------------
SHARED DISPOSITIVE POWER (See Item 6)
WITH 10.
4,192,935
------------------------------------------------------------------------------
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
11.
4,213,418
------------------------------------------------------------------------------
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
12.
[_]
------------------------------------------------------------------------------
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
13.
30.9%
------------------------------------------------------------------------------
TYPE OF REPORTING PERSON
14.
IN
------------------------------------------------------------------------------
<PAGE>
Page 3 of 20 Pages
13D
--------------------------
CUSIP NO. 804395 10 1
--------------------------
------------------------------------------------------------------------------
NAMES OF REPORTING PERSONS
1.
Franklin Property Company
------------------------------------------------------------------------------
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
2. (a) [_]
(b) [_]
------------------------------------------------------------------------------
SEC USE ONLY
3.
------------------------------------------------------------------------------
SOURCE OF FUNDS
4.
SC
------------------------------------------------------------------------------
CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT [_]
5. TO ITEM 2(d) OR 2(e)
------------------------------------------------------------------------------
CITIZENSHIP OR PLACE OF ORGANIZATION
6.
Maryland
------------------------------------------------------------------------------
NUMBER OF SOLE VOTING POWER (See Item 6)
7.
170,761
SHARES -----------------------------------------------------------
SHARED VOTING POWER (See Item 6)
BENEFICIALLY 8.
OWNED BY 0
-----------------------------------------------------------
EACH SOLE DISPOSITIVE POWER (See Item 6)
9.
REPORTING
170,761
PERSON -----------------------------------------------------------
SHARED DISPOSITIVE POWER (See Item 6)
WITH 10.
0
------------------------------------------------------------------------------
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
11.
170,761
------------------------------------------------------------------------------
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
12.
[_]
------------------------------------------------------------------------------
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
13.
1.3%
------------------------------------------------------------------------------
TYPE OF REPORTING PERSON
14.
CO
------------------------------------------------------------------------------
<PAGE>
Page 4 of 20 Pages
--------------------------
CUSIP NO. 804395 10 1 13D
--------------------------
------------------------------------------------------------------------------
NAMES OF REPORTING PERSONS
1.
Westminster Investing Corporation
------------------------------------------------------------------------------
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
2. (a) [_]
(b) [_]
------------------------------------------------------------------------------
SEC USE ONLY
3.
------------------------------------------------------------------------------
SOURCE OF FUNDS
4.
SC
------------------------------------------------------------------------------
CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS
5. REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e) [_]
------------------------------------------------------------------------------
CITIZENSHIP OR PLACE OF ORGANIZATION
6. New York
------------------------------------------------------------------------------
NUMBER OF SOLE VOTING POWER (See Item 6)
7.
374,030
SHARES -----------------------------------------------------------
SHARED VOTING POWER (See Item 6)
BENEFICIALLY 8.
OWNED BY 0
-----------------------------------------------------------
EACH SOLE DISPOSITIVE POWER (See Item 6)
9.
REPORTING
374,030
PERSON -----------------------------------------------------------
SHARED DISPOSITIVE POWER (See Item 6)
WITH 10.
0
------------------------------------------------------------------------------
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.
2.7%
------------------------------------------------------------------------------
TYPE OF REPORTING PERSON
14.
CO
------------------------------------------------------------------------------
<PAGE>
Page 5 of 20 Pages
--------------------------
CUSIP NO. 804395 10 1 13D
--------------------------
------------------------------------------------------------------------------
NAMES OF REPORTING PERSONS
1.
Van Ness Square Corporation
------------------------------------------------------------------------------
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
2. (a) [_]
(b) [_]
------------------------------------------------------------------------------
SEC USE ONLY
3.
------------------------------------------------------------------------------
SOURCE OF FUNDS
4.
SC
------------------------------------------------------------------------------
CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS
5. REQUIRED PURSUANT TO ITEM 2(d) OR 2(e) [_]
------------------------------------------------------------------------------
CITIZENSHIP OR PLACE OF ORGANIZATION
6.
Maryland
------------------------------------------------------------------------------
NUMBER OF SOLE VOTING POWER (See Item 6)
7.
81
SHARES -----------------------------------------------------------
SHARED VOTING POWER (See Item 6)
BENEFICIALLY 8.
OWNED BY 0
-----------------------------------------------------------
EACH SOLE DISPOSITIVE POWER (See Item 6)
9.
REPORTING
81
PERSON -----------------------------------------------------------
SHARED DISPOSITIVE POWER (See Item 6)
10.
WITH
0
------------------------------------------------------------------------------
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
11.
81
------------------------------------------------------------------------------
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
------------------------------------------------------------------------------
<PAGE>
Page 6 Of 20 Pages
13D
---------------------------
CUSIP NO. 804395 10 1
---------------------------
------------------------------------------------------------------------------
NAMES OF REPORTING PERSONS
1.
B.F. Saul Real Estate Investment Trust
------------------------------------------------------------------------------
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
2. (a) [_]
(b) [_]
------------------------------------------------------------------------------
SEC USE ONLY
3.
------------------------------------------------------------------------------
SOURCE OF FUNDS
4.
SC, WC
------------------------------------------------------------------------------
CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS [_]
5. REQUIRED PURSUANT TO ITEM 2(d) or 2(e)
------------------------------------------------------------------------------
CITIZENSHIP OR PLACE OF ORGANIZATION
6.
Maryland
------------------------------------------------------------------------------
NUMBER OF SOLE VOTING POWER (See Item 6)
7.
2,577,328
SHARES -----------------------------------------------------------
SHARED VOTING POWER (See Item 6)
BENEFICIALLY 8.
OWNED BY 0
-----------------------------------------------------------
EACH SOLE DISPOSITIVE POWER (See Item 6)
9.
REPORTING
2,577,328
PERSON -----------------------------------------------------------
SHARED DISPOSITIVE POWER (See Item 6)
WITH 10.
0
------------------------------------------------------------------------------
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
11.
2,577,328
------------------------------------------------------------------------------
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
12.
[_]
------------------------------------------------------------------------------
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
13.
18.9%
------------------------------------------------------------------------------
TYPE OF REPORTING PERSON
14.
00
------------------------------------------------------------------------------
<PAGE>
Page 7 of 20 Pages
AMENDMENT NO. 15
----------------
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 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.
_____________________
/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; 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
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; 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.
_______________________
/2/ The business address of each person is 8401 Connecticut Avenue, Chevy
Chase, Maryland 20815 unless otherwise indicated.
<PAGE>
Page 10 of 20 Pages
George M. Rogers, Jr./3/ Secretary and Director; Senior Counsel,
Shaw Pittman
William F. Anhut, Jr. Vice President, Treasurer and Assistant
Secretary; Vice President, B.F. Saul
Company
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
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.;
_____________________
/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 20 Pages
Chairman of the Board, B.F. Saul Company,
Chevy 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; Senior Counsel, 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
Patrick T. Connors Vice President; Senior Vice President, B.
F. Saul Company
_________________________
/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 is The Bessemer Group, Incorporated, 630 Fifth
Avenue, New York, New York 10111.
<PAGE>
Page 12 of 20 Pages
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
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
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.
<PAGE>
Page 13 of 20 Pages
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 the
filing of Amendment Number 14 to this Schedule 13D, Saul Centers has issued
Common Stock pursuant to the DRIP on April 29, 2000 and July 31, 2000. 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>
April 29, 2000 $ 955,351.08 $14.974 63,800.66
July 31, 2000 $ 980,233.33 $15.338 63,908.81
=============
Total: $1,935,584.41 127,709.47
Franklin Property Company
-------------------------
Number of shares
Date of DRIP Reinvestment Amount reinvested Price per share purchased
April 29, 2000 $ 63,296.89 $14.974 4,227.12
July 31, 2000 $ 64,945.54 $15.338 4,234.29
===========
Total: $128,242.43 8,461.41
Van Ness Square Corporation
---------------------------
Number of shares
Date of DRIP Reinvestment Amount reinvested Price per share purchased
April 29, 2000 $ 30.10 $14.974 2.01
July 31, 2000 $ 30.98 $15.338 2.02
===========
Total: $ 61.08 4.03
</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,
<PAGE>
Page 14 of 20 Pages
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>
April 29, 2000 $333,612.18 $14.974 24,150.40
July 31, 2000 $352,110.89 $15.338 24,191.33
===========
Total: $685,723.07 48,341.73
</TABLE>
Beginning in 1999, pursuant to the DRIP, 100 shares of Saul Center Common
Stock are awarded annually as additional compensation to each person serving on
the Board of Directors of Saul Centers as of the record date for the annual
meeting of stockholders. Pursuant to this provision, on April 23, 1999 and April
28, 2000, B. Francis Saul II received 100 shares of Saul Centers Common Stock.
The closing prices of Saul Centers Common Stock on the New York Stock Exchange
on April 23, 1999 and April 28, 2000 were $15.625 and $15.4375, respectively. B.
Francis Saul II has elected to participate in the DRIP with respect to these
shares. The total amount reinvested and the number of shares acquired by B.
Francis Saul II is as follows:
B. Francis Saul II
<TABLE>
<CAPTION>
Number of shares
Date of DRIP Reinvestment Amount reinvested Price per share purchased
<S> <C> <C> <C>
April 29, 2000 $ 41.18 $14.974 2.75
July 31, 2000 $ 81.29 $15.338 5.30
============
Total: $ 122.47 8.05
</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.
<PAGE>
Page 15 of 20 Pages
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 29, 2000 $1,506.83 $14.974 100.63
July 31, 2000 $1,546.07 $15.338 100.80
=========
Total: $3,052.90 201.43
Sharon Elizabeth Saul Trust
B. Francis Saul II, Trustee
---------------------------
Number of shares
Date of DRIP Reinvestment Amount reinvested Price per share purchased
April 29, 2000 $ 904.13 $14.974 60.38
July 31, 2000 $ 927.64 $15.338 60.48
=========
Total: $1,831.77 120.86
B. Francis Saul II, Custodian for
Patricia English Saul, UGMA
---------------------------
Number of shares
Date of DRIP Reinvestment Amount reinvested Price per share purchased
April 29, 2000 $1,506.83 $14.974 100.63
July 31, 2000 $1,546.07 $15.338 100.80
=========
Total: $3,052.90 201.43
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 29, 2000 $1,506.83 $14.974 100.63
July 31, 2000 $1,546.07 $15.338 100.80
=========
Total: $3,052.90 201.43
</TABLE>
<PAGE>
Page 16 of 20 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>
April 29, 2000 $ 1,506.83 $14.974 100.63
July 31, 2000 $ 1,546.07 $15.338 100.80
===========
Total: $ 3,052.90 201.43
</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>
April 29, 2000 $ 1,506.83 $14.974 100.63
July 31, 2000 $ 1,546.07 $15.338 100.80
===========
Total: $ 3,052.90 201.43
</TABLE>
Patricia E. Saul (Mrs.)
-----------------------
<TABLE>
<CAPTION>
Number of shares
Date of DRIP Reinvestment Amount reinvested Price per share purchased
<S> <C> <C> <C>
April 29, 2000 $ 17,328.06 $14.974 1,157.21
July 31, 2000 $ 17,779.35 $15.338 1,159.17
===========
Total: $ 35,107.41 2,316.38
</TABLE>
ITEM 4. Purpose of Transaction.
Item 5 is amended in its entirety to read as follows:
The purpose of the acquisition of shares of Common Stock by the
Corporations, the Plan, the Saul Trust, the Trusts, B. Francis Saul II as
custodian, B. Francis Saul II and Patricia E. Saul is investment. The
Corporations, the Plan, the Saul Trust, the Trusts, B. Francis Saul II as
custodian, B. Francis Saul II and Patricia E. Saul may purchase additional
shares of Common Stock from time to time for the purpose of investment, subject
to ownership limitations set forth in the Saul Centers, Inc. Articles of
Incorporation.
<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 4,213,418* 30.9
Franklin Property Company 170,761 1.3
Westminster Investing Corp. 374,030 2.7
Van Ness Square Corporation 81 0.0
B.F. Saul Real Estate Investment Trust 2,577,328 18.9
* Includes all of the shares of Common Stock acquired by the Corporations, the
Plan, the Saul Trust, the Trusts and Mrs. Patricia E. Saul. B. Francis Saul II
owns 214 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.
B. Francis Saul II, as sole trustee of the Sharon Elizabeth Saul Trust, the
Elizabeth Willoughby Saul Trust and the Andrew M. 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 20,269 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
<PAGE>
Page 18 of 20 Pages
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 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 7,564.97
u/a dated 12/31/70, George M. Rogers, Jr.,
Successor Trustee
--------------------------------------------------------------------------------
Trust FBO Andrew M. Saul II 5,064.97
u/a dated 12/31/70, George M. Rogers, Jr.,
Successor Trustee
--------------------------------------------------------------------------------
Trust FBO Patricia English Saul 7,264.97
u/a dated 12/15/71, George M. Rogers, Jr.,
Successor Trustee
--------------------------------------------------------------------------------
Trust FBO Sharon Elizabeth Saul 3,000
u/a dated 13/31/70, George M. Rogers, Jr.,
Successor Trustee
--------------------------------------------------------------------------------
Patricia E. Saul (Mrs.) 46,747.17
--------------------------------------------------------------------------------
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 senior counsel 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.
c. The only transactions known to the persons filing this statement since
the filing of Amendment No. 14 to this Schedule 13D are the following:
<PAGE>
Page 19 of 20 Pages
Beginning in 1999, pursuant to the DRIP, 100 shares of Saul Center Common
Stock are awarded annually as additional compensation to each person serving on
the Board of Directors of Saul Centers as of the record date for the annual
meeting of stockholders. Pursuant to this provision, on April 29, 2000, B.
Francis Saul II received 100 shares of Saul Centers Common Stock. The closing
price of Saul Centers Common Stock on the New York Stock Exchange on April 29,
2000 was $15.4375.
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
-------------------------------------
August 28, 2000 B. Francis Saul II
FRANKLIN PROPERTY COMPANY
August 28, 2000 By: /s/ Ross E. Heasley
---------------------------------
Ross E. Heasley, Vice President
WESTMINSTER INVESTING CORPORATION
August 28, 2000 By: /s/ B. Francis Saul II
---------------------------------
B. Francis Saul II,
Chairman and President
VAN NESS SQUARE CORPORATION
August 28, 2000 By: /s/ B. Francis Saul II
---------------------------------
B. Francis Saul II,
Chairman
B. F. SAUL REAL ESTATE
INVESTMENT TRUST
August 28, 2000 By: /s/ B. Francis Saul II
---------------------------------
B. Francis Saul II,
Chairman
