<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. 14)*
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)
------------------------------------------------------------------
(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>
SCHEDULE 13D
CUSIP NO. 804395 10 1 PAGE 2 OF 20 PAGES
----------------- --------- --------
- ------------------------------------------------------------------------------
NAMES OF REPORTING PERSONS
1 I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (entities only).
B. Francis Saul II
- ------------------------------------------------------------------------------
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (See Instructions)
2 (a) [_]
(b) [x]
- ------------------------------------------------------------------------------
SEC USE ONLY
3
- ------------------------------------------------------------------------------
SOURCE OF FUNDS (See Instructions)
4
SC, 00
- ------------------------------------------------------------------------------
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 19,851
SHARES -----------------------------------------------------------
SHARED VOTING POWER
BENEFICIALLY 8
4,005,500
OWNED BY
-----------------------------------------------------------
EACH SOLE DISPOSITIVE POWER
9
REPORTING 19,851
PERSON -----------------------------------------------------------
SHARED DISPOSITIVE POWER
WITH 10
4,005,500
- ------------------------------------------------------------------------------
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
11
4,025,351
- ------------------------------------------------------------------------------
CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
12 [_]
- ------------------------------------------------------------------------------
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
13
30.1%
- ------------------------------------------------------------------------------
TYPE OF REPORTING PERSON (See Instructions)
14
IN
- ------------------------------------------------------------------------------
<PAGE>
SCHEDULE 13D
CUSIP NO. 804395 10 1 PAGE 3 OF 20 PAGES
----------------- ---------- ---------
- ------------------------------------------------------------------------------
NAMES OF REPORTING PERSONS
1 I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (entities only).
Franklin Property Company
- ------------------------------------------------------------------------------
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (See Instructions)
2 (a) [_]
(b) [x]
- ------------------------------------------------------------------------------
SEC USE ONLY
3
- ------------------------------------------------------------------------------
SOURCE OF FUNDS (See Instructions)
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
162,300
SHARES -----------------------------------------------------------
SHARED VOTING POWER
BENEFICIALLY 8
OWNED BY
-----------------------------------------------------------
EACH SOLE DISPOSITIVE POWER
9
REPORTING 162,300
PERSON -----------------------------------------------------------
SHARED DISPOSITIVE POWER
WITH 10
- ------------------------------------------------------------------------------
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
11
162,300
- ------------------------------------------------------------------------------
CHECK 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 (See Instructions)
14
CO
- ------------------------------------------------------------------------------
<PAGE>
SCHEDULE 13D
CUSIP NO. 804395 10 1 Page 4 of 20 Pages
----------------- --------- ---------
- ------------------------------------------------------------------------------
NAMES OF REPORTING PERSONS
1 I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (entities only).
Westminster Investing Corporation
- ------------------------------------------------------------------------------
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (See Instructions)
2 (a) [_]
(b) [x]
- ------------------------------------------------------------------------------
SEC USE ONLY
3
- ------------------------------------------------------------------------------
SOURCE OF FUNDS (See Instructions)
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 IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
12 [_]
- ------------------------------------------------------------------------------
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
13
2.8%
- ------------------------------------------------------------------------------
TYPE OF REPORTING PERSON (See Instructions)
14
CO
- ------------------------------------------------------------------------------
<PAGE>
SCHEDULE 13D
CUSIP NO. 804395 10 1 Page 5 of 20 Pages
----------------- -------- --------
- ------------------------------------------------------------------------------
NAMES OF REPORTING PERSONS
1 I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (entities only).
Van Ness Square Corporation
- ------------------------------------------------------------------------------
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (See Instructions)
2 (a) [_]
(b) [x]
- ------------------------------------------------------------------------------
SEC USE ONLY
3
- ------------------------------------------------------------------------------
SOURCE OF FUNDS (See Instructions)
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
77
SHARES -----------------------------------------------------------
SHARED VOTING POWER
BENEFICIALLY 8
OWNED BY
-----------------------------------------------------------
EACH SOLE DISPOSITIVE POWER
9
REPORTING 77
PERSON -----------------------------------------------------------
SHARED DISPOSITIVE POWER
WITH 10
- ------------------------------------------------------------------------------
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
11
- ------------------------------------------------------------------------------
CHECK 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 (See Instructions)
14
CO
- ------------------------------------------------------------------------------
<PAGE>
SCHEDULE 13D
CUSIP NO. 804395 10 1 Page 6 of 20 Pages
----------------- ---------- --------
- ------------------------------------------------------------------------------
NAMES OF REPORTING PERSONS
1 I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (entities only).
B.F. Saul Real Estate Investment Trust
- ------------------------------------------------------------------------------
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (See Instructions)
2 (a) [_]
(b) [x]
- ------------------------------------------------------------------------------
SEC USE ONLY
3
- ------------------------------------------------------------------------------
SOURCE OF FUNDS (See Instructions)
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
2,449,618
SHARES -----------------------------------------------------------
SHARED VOTING POWER
BENEFICIALLY 8
OWNED BY
-----------------------------------------------------------
EACH SOLE DISPOSITIVE POWER
9
REPORTING
2,449,618
PERSON -----------------------------------------------------------
SHARED DISPOSITIVE POWER
WITH 10
- ------------------------------------------------------------------------------
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
11
2,449,618
- ------------------------------------------------------------------------------
CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
12 [_]
- ------------------------------------------------------------------------------
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
13
18.3%
- ------------------------------------------------------------------------------
TYPE OF REPORTING PERSON (See Instructions)
14
00
- ------------------------------------------------------------------------------
<PAGE>
Page 7 of 20 Pages
AMENDMENT NO. 14
----------------
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 address 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 13 to this Schedule 13D, Saul Centers has issued
Common Stock pursuant to the DRIP on July 30, 1999, October 29, 1999 and January
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>
July 30, 1999 $ 881,338.39 $14.793 59,578.07
October 29, 1999 $ 904,573.92 $13.762 65,729.83
January 31, 2000 $ 930,208.48 $14.429 64,467.98
============= ==========
Total: $2,716,120.79 189,775.88
</TABLE>
Franklin Property Company
- -------------------------
<TABLE>
<CAPTION>
Number of shares
Date of DRIP Reinvestment Amount reinvested Price per share purchased
<S> <C> <C> <C>
July 30, 1999 $ 58,393.30 $14.793 3,947.36
October 29, 1999 $ 59,932.68 $13.762 4,354.94
January 31, 2000 $ 61,631.16 $14.429 4,271.34
=========== =========
Total: $179,957.14 12,573.64
</TABLE>
Van Ness Square Corporation
---------------------------
<TABLE>
<CAPTION>
Number of shares
Date of DRIP Reinvestment Amount reinvested Price per share purchased
<S> <C> <C> <C>
July 30, 1999 $27.81 $14.793 1.88
October 29, 1999 $28.49 $13.762 2.07
January 31, 2000 $29.29 $14.429 2.03
====== ====
Total: $85.59 5.98
</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
<PAGE>
Page 14 of 20 Pages
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>
July 30, 1999 $ 333,612.18 $14.793 22,552.03
October 29, 1999 $ 342,407.37 $13.762 24,880.64
January 31, 2000 $ 352,110.89 $14.429 24,403.00
============= =========
Total: $1,028,130.44 71,835.67
</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, 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 23,
1999 was $15.625. After receipt of the shares, B. Francis Saul II elected to
participate in the DRIP. 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>
October 29, 1999 $38.95 $13.762 2.83
January 31, 2000 $40.11 $14.429 2.78
====== ====
Total: $79.06 5.61
</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>
July 30, 1999 $1,390.10 $14.793 93.97
October 29, 1999 $1,423.60 $13.762 103.67
January 31, 2000 $1,467.14 $14.429 101.68
========= ======
Total: $4,280.84 299.32
</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>
July 30, 1999 $ 834.03 $14.793 56.38
October 29, 1999 $ 856.00 $13.762 62.20
January 31, 2000 $ 880.31 $14.429 61.01
========= ======
Total: $2,570.34 179.59
</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>
July 30, 1999 $1,390.10 $14.793 93.97
October 29, 1999 $1,423.60 $13.762 103.67
January 31, 2000 $1,467.14 $14.429 101.68
========= ======
Total: $4,280.84 299.32
</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>
July 30, 1999 $1,390.10 $14.793 93.97
October 29, 1999 $1,423.60 $13.762 103.67
January 31, 2000 $1,467.14 $14.429 101.68
========= ======
Total: $4,280.84 299.32
</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>
July 30, 1999 $1,390.10 $14.793 93.97
October 29, 1999 $1,423.60 $13.762 103.67
January 31, 2000 $1,467.14 $14.429 101.68
========= ======
Total: $4,280.84 299.32
</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>
July 30, 1999 $1,390.10 $14.793 93.97
October 29, 1999 $1,423.60 $13.762 103.67
January 31, 2000 $1,467.14 $14.429 101.68
========= ======
Total: $4,280.84 299.32
</TABLE>
Patricia E. Saul (Mrs.)
- -----------------------
<TABLE>
<CAPTION>
Number of shares
Date of DRIP Reinvestment Amount reinvested Price per share purchased
<S> <C> <C> <C>
July 30, 1999 $15,985.61 $14.793 1,080.62
October 29, 1999 $16,407.06 $13.762 1,192.20
January 31, 2000 $16,871.97 $14.429 1,169.31
========== ========
Total: $49,264.64 3,442.13
</TABLE>
ITEM 4. Purpose of Transaction.
Item 4 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
<PAGE>
Page 17 of 20 Pages
Stock from time to time for the purpose of investment, subject to ownership
limitations set forth in the Saul Centers, Inc. Articles of Incorporation.
ITEM 5. Interest in Securities of the Issuer.
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 4,025,351* 30.1
Franklin Property Company 162,300 1.2
Westminster Investing Corp. 374,030 2.8
Van Ness Square Corporation 77 0.0
B.F. Saul Real Estate Investment Trust 2,449,618 18.3
* 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 106 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.
</TABLE>
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, the
Elizabeth Willoughby Saul Trust and the Andrew M. Saul Trust, and as custodian
for Patricia English Saul
<PAGE>
Page 18 of 20 Pages
under the Uniform Gift to Minors Act, has the sole power to vote and the sole
power to direct the disposition of 19,745 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 7,363.55
u/a dated 12/31/70, George M. Rogers, Jr.,
Successor Trustee
- ---------------------------------------------------------------------------------------------------------------
Trust FBO Andrew M. Saul II 4,863.55
u/a dated 12/31/70, George M. Rogers, Jr.,
Successor Trustee
- ---------------------------------------------------------------------------------------------------------------
Trust FBO Patricia English Saul 7,063.55
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.) 44,430.80
- ---------------------------------------------------------------------------------------------------------------
</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 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.
<PAGE>
Page 19 of 20 Pages
c. The only transactions known to the persons filing this statement since
the filing of Amendment No. 13 to this Schedule 13D are the following:
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, 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 23,
1999 was $15.625. This transaction was inadvertently omitted from Amendment No.
13 to this Schedule 13D filed on June 18, 1999.
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.
<TABLE>
<CAPTION>
<S> <C>
/s/ B. Francis Saul II
---------------------------------------------------
March 6, 2000 B. Francis Saul II
FRANKLIN PROPERTY COMPANY
March 6, 2000 By: /s/ Ross E. Heasley
----------------------------------------------
Ross E. Heasley, Vice President
WESTMINSTER INVESTING CORPORATION
March 6, 2000 By: /s/ B. Francis Saul II
----------------------------------------------
B. Francis Saul II,
Chairman and President
VAN NESS SQUARE CORPORATION
March 6, 2000 By: /s/ B. Francis Saul II
----------------------------------------------
B. Francis Saul II,
Chairman
B. F. SAUL REAL ESTATE
INVESTMENT TRUST
March 6, 2000 By: /s/ B. Francis Saul II
----------------------------------------------
B. Francis Saul II,
Chairman
</TABLE>
