UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington D.C. 20549
SCHEDULE 13D
(Rule 13d-101)
Under the Securities Exchange Act of 1934
(Amendment No. 17)*
Saul Centers, Inc.
-------------------------------------------------
(Name of Issuer)
Common Stock, $.01 par value per share
-------------------------------------------------
(Title of Class of Securities)
804395 10 1
-------------------------------------------------
(CUSIP Number)
William F Anhut, Jr.
8401 Connecticut Avenue
Chevy Chase, Maryland 20815
(301) 986-6108
-------------------------------------------------
(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications
October 31, 2001
-------------------------------------------------
(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 22 Pages
Page 2 of 22 Pages
------------------------
CUSIP NO. 804395 10 1 13D
------------------------
--------------------------------------------------------------------------------
1. NAMES OF REPORTING PERSONS
B. Francis Saul II
--------------------------------------------------------------------------------
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a) [_]
(b) [_]
--------------------------------------------------------------------------------
3. SEC USE ONLY
--------------------------------------------------------------------------------
4. SOURCE OF FUNDS
SC, OO
--------------------------------------------------------------------------------
5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS [_]
REQUIRED PURSUANT TO ITEM 2(d) OR 2(e)
--------------------------------------------------------------------------------
6. CITIZENSHIP OR PLACE OF ORGANIZATION
United States of America
--------------------------------------------------------------------------------
NUMBER OF SHARES 7. SOLE VOTING POWER (See Item 6)
BENEFICIALLY 21,866
OWNED BY
EACH
REPORTING PERSON
WITH
--------------------------------------------------------------------------------
8. SHARED VOTING POWER (See Item 6)
4,849,584
--------------------------------------------------------------------------------
9. SOLE DISPOSITIVE POWER (See Item 6)
21,866
--------------------------------------------------------------------------------
10. SHARED DISPOSITIVE POWER (See Item 6)
4,849,584
--------------------------------------------------------------------------------
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
4,871,450
--------------------------------------------------------------------------------
12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES [_]
--------------------------------------------------------------------------------
13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 33.5%
--------------------------------------------------------------------------------
14. TYPE OF REPORTING PERSON
IN
--------------------------------------------------------------------------------
Page 3 of 22 Pages
------------------------
CUSIP NO. 804395 10 1 13D
------------------------
--------------------------------------------------------------------------------
1. NAMES OF REPORTING PERSONS
B. F. Saul Property Company (formerly Franklin Property Company)
--------------------------------------------------------------------------------
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a) [_]
(b) [_]
--------------------------------------------------------------------------------
3. SEC USE ONLY
--------------------------------------------------------------------------------
4. SOURCE OF FUNDS
SC
--------------------------------------------------------------------------------
5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS [_]
REQUIRED PURSUANT TO ITEM 2(d) OR 2(e)
--------------------------------------------------------------------------------
6. CITIZENSHIP OR PLACE OF ORGANIZATION
Maryland
--------------------------------------------------------------------------------
NUMBER OF SHARES 7. SOLE VOTING POWER (See Item 6)
BENEFICIALLY 191,021
OWNED BY
EACH
REPORTING PERSON
WITH
--------------------------------------------------------------------------------
8. SHARED VOTING POWER (See Item 6)
0
--------------------------------------------------------------------------------
9. SOLE DISPOSITIVE POWER (See Item 6)
191,021
--------------------------------------------------------------------------------
10. SHARED DISPOSITIVE POWER (See Item 6)
0
--------------------------------------------------------------------------------
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
191,021
--------------------------------------------------------------------------------
12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES [_]
--------------------------------------------------------------------------------
13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 1.3%
--------------------------------------------------------------------------------
14. TYPE OF REPORTING PERSON
CO
--------------------------------------------------------------------------------
Page 4 of 22 Pages
------------------------
CUSIP NO. 804395 10 1 13D
------------------------
--------------------------------------------------------------------------------
1. NAMES OF REPORTING PERSONS
Westminster Investing Corporation
--------------------------------------------------------------------------------
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a) [_]
(b) [_]
--------------------------------------------------------------------------------
3. SEC USE ONLY
--------------------------------------------------------------------------------
4. SOURCE OF FUNDS
SC
--------------------------------------------------------------------------------
5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS [_]
REQUIRED PURSUANT TO ITEM 2(d) OR 2(e)
--------------------------------------------------------------------------------
6. CITIZENSHIP OR PLACE OF ORGANIZATION
New York
--------------------------------------------------------------------------------
NUMBER OF SHARES 7. SOLE VOTING POWER (See Item 6)
BENEFICIALLY 374,030
OWNED BY
EACH
REPORTING PERSON
WITH
--------------------------------------------------------------------------------
8. SHARED VOTING POWER (See Item 6)
0
--------------------------------------------------------------------------------
9. SOLE DISPOSITIVE POWER (See Item 6)
374,030
--------------------------------------------------------------------------------
10. SHARED DISPOSITIVE POWER (See Item 6)
0
--------------------------------------------------------------------------------
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
374,030
--------------------------------------------------------------------------------
12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES [_]
--------------------------------------------------------------------------------
13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 2.6%
--------------------------------------------------------------------------------
14. TYPE OF REPORTING PERSON
CO
--------------------------------------------------------------------------------
Page 5 of 22 Pages
-------------------------
CUSIP NO. 804395 10 1 13D
-------------------------
--------------------------------------------------------------------------------
1. NAMES OF REPORTING PERSONS
Van Ness Square Corporation
--------------------------------------------------------------------------------
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a) [_]
(b) [_]
--------------------------------------------------------------------------------
3. SEC USE ONLY
--------------------------------------------------------------------------------
4. SOURCE OF FUNDS
SC
--------------------------------------------------------------------------------
5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS [_]
REQUIRED PURSUANT TO ITEM 2(d) OR 2(e)
--------------------------------------------------------------------------------
6. CITIZENSHIP OR PLACE OF ORGANIZATION
Maryland
--------------------------------------------------------------------------------
NUMBER OF SHARES 7. SOLE VOTING POWER (See Item 6)
BENEFICIALLY 91
OWNED BY
EACH
REPORTING PERSON
WITH
--------------------------------------------------------------------------------
8. SHARED VOTING POWER (See Item 6)
0
--------------------------------------------------------------------------------
9. SOLE DISPOSITIVE POWER (See Item 6)
91
--------------------------------------------------------------------------------
10. SHARED DISPOSITIVE POWER (See Item 6)
0
--------------------------------------------------------------------------------
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
91
--------------------------------------------------------------------------------
12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES [_]
--------------------------------------------------------------------------------
13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 0%
--------------------------------------------------------------------------------
14. TYPE OF REPORTING PERSON
CO
--------------------------------------------------------------------------------
Page 6 of 22 Pages
-------------------------
CUSIP NO. 804395 10 1 13D
-------------------------
--------------------------------------------------------------------------------
1. NAMES OF REPORTING PERSONS
B.F. Saul Real Estate Investment Trust
--------------------------------------------------------------------------------
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a) [_]
(b) [_]
--------------------------------------------------------------------------------
3. SEC USE ONLY
--------------------------------------------------------------------------------
4. SOURCE OF FUNDS
SC, WC
--------------------------------------------------------------------------------
5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS [_]
REQUIRED PURSUANT TO ITEM 2(d) OR 2(e)
--------------------------------------------------------------------------------
6. CITIZENSHIP OR PLACE OF ORGANIZATION
Maryland
--------------------------------------------------------------------------------
NUMBER OF SHARES 7. SOLE VOTING POWER (See Item 6)
BENEFICIALLY 2,989,678
OWNED BY
EACH
REPORTING PERSON
WITH
--------------------------------------------------------------------------------
8. SHARED VOTING POWER (See Item 6)
151,131
--------------------------------------------------------------------------------
9. SOLE DISPOSITIVE POWER (See Item 6)
2,989,678
--------------------------------------------------------------------------------
10. SHARED DISPOSITIVE POWER (See Item 6)
151,131
--------------------------------------------------------------------------------
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
3,140,809
--------------------------------------------------------------------------------
12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES [_]
--------------------------------------------------------------------------------
13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 21.6%
--------------------------------------------------------------------------------
14. TYPE OF REPORTING PERSON
OO
--------------------------------------------------------------------------------
Page 7 of 22 Pages
-------------------------
CUSIP NO. 804395 10 1 13D
-------------------------
--------------------------------------------------------------------------------
1. NAMES OF REPORTING PERSONS
Dearborn, L.L.C.
--------------------------------------------------------------------------------
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a) [_]
(b) [_]
--------------------------------------------------------------------------------
3. SEC USE ONLY
--------------------------------------------------------------------------------
4. SOURCE OF FUNDS
SC
--------------------------------------------------------------------------------
5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS [_]
REQUIRED PURSUANT TO ITEM 2(d) OR 2(e)
--------------------------------------------------------------------------------
6. CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
--------------------------------------------------------------------------------
NUMBER OF SHARES 7. SOLE VOTING POWER (See Item 6)
BENEFICIALLY 151,131
OWNED BY
EACH
REPORTING PERSON
WITH
--------------------------------------------------------------------------------
8. SHARED VOTING POWER (See Item 6)
0
--------------------------------------------------------------------------------
9. SOLE DISPOSITIVE POWER (See Item 6)
151,131
--------------------------------------------------------------------------------
10. SHARED DISPOSITIVE POWER (See Item 6)
0
--------------------------------------------------------------------------------
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
151,131
--------------------------------------------------------------------------------
12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES [_]
--------------------------------------------------------------------------------
13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 1.0%
--------------------------------------------------------------------------------
14. TYPE OF REPORTING PERSON
OO
--------------------------------------------------------------------------------
Page 8 of 22 Pages
AMENDMENT NO. 17
----------------
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) B. F. Saul Property
Company (formerly Franklin Property Company), (3) Westminster Investing
Corporation, (4) Van Ness Square Corporation, (5) B. F. Saul Real Estate
Investment Trust (the "Saul Trust"), and (6) Dearborn, L.L.C., all or some of
whom may be considered a group for the purposes of Rule 13d-1. B.F. Saul
Property Company, Westminster Investing Corporation, Van Ness Square
Corporation, the Saul Trust, and Dearborn, L.L.C are hereinafter referred to
collectively as the "Saul Entities."
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)
the Saul Trust, and (iv) Chevy Chase Bank, F.S.B. ("Chevy Chase"). The business
address for Mr. Saul and Chevy Chase is 7501 Wisconsin Avenue, Bethesda,
Maryland 20814, and the business address for Saul Company and Saul Trust is 8401
Connecticut Avenue, Chevy Chase, Maryland 20815. 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.
B. F. Saul 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.
Page 9 of 22 Pages
Dearborn, L.L.C., a Delaware limited liability company, is a company
engaged in the ownership and development of real estate and the ownership of
equity interests in affiliated entities. The Saul Trust is the sole general
partner of Dearborn, L.L.C.
The address of the principal business and principal office of each of the
Saul Entities is 8401 Connecticut Avenue, Chevy Chase, Maryland 20815.
Information about the directors and/or executive officers of each of the
Saul Entities is set forth in the following tables. B. Francis Saul II is
ultimately in control of each of the Saul Entities.
B. F. Saul 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
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
----------
/1/ The business address of each person is 8401 Connecticut Avenue, Chevy
Chase, Maryland 20815.
Page 10 of 22 Pages
Bill D. Tzamaras Vice President and Treasurer; Vice
President and Treasurer, B. F. Saul
Company and B. F. Saul Real Estate
Investment Trust
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 F. 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, B. F. Saul
Property
----------
/2/ The business address of each person is 8401 Connecticut Avenue, Chevy
Chase, Maryland 20815 unless otherwise indicated.
Page 11 of 22 Pages
Company; Vice President and Trustee,
B. F. Saul Real Estate Investment
Trust; Vice Chair, Saul Centers, Inc
George M. Rogers, Jr./3/ Director; Senior Counsel, Shaw
Pittman LLP
Ross E. Heasley Vice President and Treasurer; Vice
President, B. F. Saul Company; Vice
President, B. F. Saul Real Estate
Investment Trust; Vice President and
Assistant Secretary, Saul Centers,
Inc.
Merle F. Sustersich Secretary; Vice President, B. F.
Saul Company; Vice President, B.F.
Saul Real Estate Investment Trust
Patrick T. Connors Vice President; Senior 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, B. F. Saul
Property Company; Vice President and
Trustee, B. F. Saul Real Estate
Investment Trust; Vice Chair, Saul
Centers, Inc.
William F. Anhut, Jr. Vice President, Treasurer and
Director; Vice President, Saul
Centers, Inc.
---------
/3/ Mr. Rogers' business address is Shaw Pittman LLP, 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.
Page 12 of 22 Pages
B. F. Saul Real Estate Investment Trust
---------------------------------------
Position with Company and Present
Name/5/ Principal Occupation if Different
---- ---------------------------------
B. Francis Saul II Trustee and Chairman; Chairman of
the Board and Chief Executive
Officer, Saul Centers, Inc.;
Chairman of the Board, B. F. Saul
Company, Chevy Chase Bank, F.S.B.
Gilbert M. Grosvenor/6/ Trustee; Chairman of the Board of
Trustees, National Geographic
Society
George M. Rogers, Jr./7/ Trustee; Senior Counsel, Shaw
Pittman LLP
Garland J. Bloom Trustee; Real Estate Consultant
John R. Whitmore/8/ Trustee; Senior Advisor to The
Bessemer Group, Inc.
B. Francis Saul III Trustee and Vice President; Senior
Vice President and Director, B. F.
Saul Company; Vice Chair, Saul
Centers, Inc; President, B. F. Saul
Property Company; Vice President and
Director, B. F. Saul Real Estate
Investment Trust
Philip D. Caraci Senior Vice President and Secretary;
President and Director, Saul
Centers, Inc.; Executive Vice
President, B. F. Saul Company;
Chairman, B. F. Saul 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
-----------
/5/ The business address of each person is 8401 Connecticut Avenue, Chevy
Chase, Maryland 20815 unless otherwise indicated.
/6/ Mr. Grosvenor's business address is National Geographic Society, 17th and M
Streets, N.W., Washington, D.C. 20009.
/7/ Mr. Rogers' business address is Shaw Pittman LLP, 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 13 of 22 Pages
Patrick T. Connors Vice President; Senior Vice
President, 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,
B. F. Saul Property Company
Henry Ravenel, Jr. Vice President; Vice President, B.
F. Saul Company and Saul Centers,
Inc.
Laurence Millspaugh Vice President; Vice President, B.
F. Saul Company; Vice President, B.
F. Saul Property Company
Steven N. Corey Vice President; Vice President, B.
F. Saul Company
Henry C. Parrish III Vice President; Senior Vice
President, B. F. Saul Company
John A. Spain Vice President; Vice President, B.
F. Saul Company
Merle F. Sustersich Vice President; Vice President, B.
F. Saul Company
Dearborn, L.L.C.
----------------
Position with Company and Present
Name/9/ Principal Occupation if Different
---- ---------------------------------
B. Francis Saul II 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.
Philip D. Caraci President; 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 Vice President; Senior Vice
President and Director, B. F. Saul
Company; President and Director, B.
F. Saul Property Company; Vice
President and
---------
/9/ The business address of each person is 8401 Connecticut Avenue, Chevy
Chase, Maryland 20815.
Page 14 of 22 Pages
Trustee, B. F. Saul Real Estate
Investment Trust; Vice Chair, Saul
Centers, Inc
Ross E. Heasley Vice President; Vice President, B.
F. Saul Company; Vice President, B.
F. Saul Real Estate Investment
Trust; Vice President and Assistant
Secretary, Saul Centers, Inc.
Bill D. Tzamaras Vice President and Treasurer; Vice
President and Treasurer, B. F. Saul
Company and B. F. Saul Real Estate
Investment Trust
Merle F. Sustersich Vice President; Vice President, B.
F. Saul Company; Vice President,
B.F. Saul Real Estate Investment
Trust
Patrick T. Connors Vice President; Senior Vice
President, B. F. Saul Company
Henry C. Parrish III Vice President; Vice President, B.
F. Saul Company; Vice President, B.
F. Saul Real Estate Investment Trust
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 Saul Entities, none of the directors and/or executive officers
of the Saul Entities 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 Saul Entities, none of the
directors and/or executive officers of the Saul Entities 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.
Page 15 of 22 Pages
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 16 to this Schedule 13D, Saul Centers has issued
Common Stock pursuant to the DRIP on April 30, July 31 and October 31, 2001. The
Saul Trust, B. F. Saul Property Company, Van Ness Square Corporation and
Dearborn, L.L.C. 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
----------
Number of shares
Date of DRIP Reinvestment Amount reinvested Price per share purchased
April 30, 2001 $1,094,115.66 $17.945 60,970.502
July 31, 2001 $1,117,894.16 $18.042 61,960.656
October 31, 2001 $1,142,058.80 $18.624 61,321.886
=============
Total: $3,354,068.62 184,253.044
B. F. Saul Property Company
---------------------------
Number of shares
Date of DRIP Reinvestment Amount reinvested Price per share purchased
April 30, 2001 $ 69,906,88 $17.945 3,895.619
July 31, 2001 $ 71,426.17 $18.042 3,958.883
October 31, 2001 $ 72,970,14 $18.624 3,918.070
===========
Total: $214,404.17 11,772.572
Van Ness Square Corporation
---------------------------
Number of shares
Date of DRIP Reinvestment Amount reinvested Price per share purchased
April 30, 2001 $ 33.29 $17.945 1.855
July 31, 2001 $ 34.01 $18.042 1.885
October 31, 2001 $ 34.73 $18.624 1.865
=======
Total: $102.03 5.605
Page 16 of 22 Pages
Dearborn, L.L.C.
----------------
Number of shares
Date of DRIP Reinvestment Amount reinvested Price per share purchased
April 30, 2001 $897,429.45 $17.945 50,010.000
July 31, 2001 $916,931.03 $18.042 50,822.028
October 31, 2001 $936,759.17 $18.624 50,298.495
===========
Total: $2,751,119.65 151,130.523
B. F. Saul Company Employees' Profit Sharing Retirement Trust
-------------------------------------------------------------
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. B. Francis Saul II disclaims beneficial ownership
of the shares held by the Plan that exceed his pecuniary interest in the Plan.
The Plan participated in the DRIP and reinvested the following amounts for
shares of Saul Centers Common Stock:
Number of shares
Date of DRIP Reinvestment Amount reinvested Price per share purchased
April 30, 2001 $399,391.83 $17.945 22,256.441
July 31, 2001 $408,071.85 $18.042 22,617.883
October 31, 2001 $416,892.80 $18.624 22,384.708
===========
Total: $1,224,356.48 67,259.032
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 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
------------------
Number of shares
Date of DRIP Reinvestment Amount reinvested Price per share purchased
April 30, 2001 $87.46 $17.945 4.874
July 31, 2001 $128.37 $18.042 7.115
October 31, 2001 $131.15 $18.624 7.042
=======
Total: $346.98 19.031
Page 17 of 22 Pages
In addition, various trusts established for the benefit of the children of
B. Francis Saul II (the "Trusts"), 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, 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. Mr. Saul disclaims beneficial ownership of all shares held by the Trusts
and Mrs. Patricia E. Saul.
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
---------------------------
Number of shares
Date of DRIP Reinvestment Amount reinvested Price per share purchased
April 30, 2001 $1,664.13 $17.945 92.735
July 31, 2001 $1,700.30 $18.042 94.241
October 31, 2001 $1,737.06 $18.624 93.270
=========
Total: $5,101.49 280.246
Sharon Elizabeth Saul Trust
B. Francis Saul II, Trustee
---------------------------
Number of shares
Date of DRIP Reinvestment Amount reinvested Price per share purchased
April 30, 2001 $998.48 $17.945 55.641
July 31, 2001 $1,020.18 $18.042 56.545
October 31, 2001 $1,042.24 $18.624 55.962
=========
Total: $3,060.90 168.148
Patricia English Saul Trust
B. Francis Saul II, Trustee
---------------------------
Number of shares
Date of DRIP Reinvestment Amount reinvested Price per share purchased
April 30, 2001 $1,664.13 $17.945 92.735
July 31, 2001 $1,700.30 $18.042 94.241
October 31, 2001 $1,737.06 $18.624 93.270
=========
Total: $5,101.49 280.246
Page 18 of 22 Pages
Trust FBO Elizabeth W. Saul
u/a dated 12/30/76, George M. Rogers, Jr.,
Successor Trustee
-----------------
Number of shares
Date of DRIP Reinvestment Amount reinvested Price per share purchased
April 30, 2001 $1,664.13 $17.945 92.735
July 31, 2001 $1,700.30 $18.042 94.241
October 31, 2001 $1,737.06 $18.624 93.269
=========
Total: $5,101.49 280.245
Trust FBO Andrew M. Saul II
u/a dated 12/30/70, George M. Rogers, Jr.,
Successor Trustee
-----------------
Number of shares
Date of DRIP Reinvestment Amount reinvested Price per share purchased
April 30, 2001 $1,664.13 $17.945 92.735
July 31, 2001 $1,700.30 $18.042 94.241
October 31, 2001 $1,737.06 $18.624 93.269
=========
Total: $5,101.49 280.245
Trust FBO Patricia English Saul
u/a dated 12/15/71, George M. Rogers, Jr.,
Successor Trustee
-----------------
Number of shares
Date of DRIP Reinvestment Amount reinvested Price per share purchased
April 30, 2001 $1,664.13 $17.945 92.735
July 31, 2001 $1,700.30 $18.042 94.241
October 31, 2001 $1,737.06 $18.624 93.269
=========
Total: $5,101.49 280.245
Patricia E. Saul (Mrs.)
-----------------------
Number of shares
Date of DRIP Reinvestment Amount reinvested Price per share purchased
April 30, 2001 $19,137.53 $17.945 1,066.455
July 31, 2001 $19,553.45 $18.042 1,083.774
October 31, 2001 $19,976.12 $18.624 1,072.601
==========
Total: $58,667.10 3,222.83
Page 19 of 22 Pages
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 Saul
Entities, the Plan, the Trusts, B. Francis Saul II and Patricia E. Saul is
investment. The Saul Entities, the Plan, the Trusts, 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.
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 4,871,450* 33.5
B.F. Saul Property Company 191,021 1.3
Westminster Investing Corp. 374,030 2.6
Van Ness Square Corporation 91 0.0
Dearborn, L.L.C. 151,131 1.0
B.F. Saul Real Estate Investment Trust 3,140,809 21.6
* Includes all of the shares of Common Stock acquired by the Saul Entities, the
Plan, the Trusts and Mrs. Patricia E. Saul. B. Francis Saul II owns 343 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. Mr.
Saul disclaims beneficial ownership of 21,523 shares held by the Trusts, 52,293
shares held by Mrs. Patricia E. Saul, and certain shares held by the Plan that
exceed his pecuniary interest in the Plan.
b. The Saul Entities 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. The Saul Trust 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
Dearborn, L.L.C. 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 Saul Entities and the Plan with the other directors, trustees or general
partners of the Saul Entities, and the other trustees of the Plan, respectively.
The information required by Item 2 with respect to the other directors, trustees
and general partners of the Saul Entities 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:
Page 20 of 22 Pages
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 Mr. Caraci and Ms. Clark is 8401 Connecticut Avenue,
Chevy Chase, Maryland 20815. The business address of Messrs. Boyle and Halpin is
7501 Wisconsin Avenue, Bethesda, MD 20814.
B. Francis Saul II, as sole trustee of the Sharon Elizabeth Saul Trust, the
Elizabeth Willoughby Saul Trust, the Andrew M. Saul Trust, and the Patricia
English Saul Trust, has the sole power to vote and the sole power to direct the
disposition of 21,523 shares of Common Stock held by these trusts. As noted in
Item 3, because of his possible influence over the trustees and beneficiaries of
the Trusts named below and over his wife, Mrs. Patricia E. Saul, Mr. Saul might
be deemed to have shared voting or dispositive power over the shares of Common
Stock owned by such Trusts and by Mrs. Saul as indicated by the following table:
----------------------------------------------------------------------------------------------
Owner Number of Shares
----- ----------------
----------------------------------------------------------------------------------------------
Bank of America, N.A., Trustee FBO Francis 24,500
Saul III & Andrew M. Saul II u/a w/B. Francis
Saul II dated 12/30/76
----------------------------------------------------------------------------------------------
Bank of America, N.A., Trustee u/w Andrew M. Saul FBO 1,000
Elizabeth W. Saul
----------------------------------------------------------------------------------------------
Trust FBO Elizabeth W. Saul 8,047
u/a dated 12/31/70, George M. Rogers, Jr.,
Successor Trustee
----------------------------------------------------------------------------------------------
Trust FBO Andrew M. Saul II 5,547
u/a dated 12/31/70, George M. Rogers, Jr.,
Successor Trustee
----------------------------------------------------------------------------------------------
Trust FBO Patricia English Saul 7,747
u/a dated 12/15/71, George M. Rogers, Jr.,
Successor Trustee
----------------------------------------------------------------------------------------------
Trust FBO Sharon Elizabeth Saul 3,000
u/a dated 12/31/70, George M. Rogers, Jr.,
Successor Trustee
----------------------------------------------------------------------------------------------
Patricia E. Saul (Mrs.) 52,293
----------------------------------------------------------------------------------------------
Because Mr. Saul is not the beneficial owner of the shares held by the
Trusts listed above, these shares are not included in Mr. Saul's holdings in
Item 5(a) above. However, because Mr. Saul has an indirect pecuniary interest in
the shares held by his wife, Mrs. Patricia E. Saul, these shares are included in
Mr. Saul's holdings in Item 5(a) above.
The information with respect to the trustees of these Trusts and with
respect to Mrs. Saul required by Item 2 is as follows.
Page 21 of 22 Pages
Bank of America, 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 LLP, 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
Bank of America, 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. Other than as described in Item 3 above, there have been no transactions
known to the persons filing this statement since the filing of Amendment No. 16
to this Schedule 13D.
d. Beneficiaries of the Plan, beneficiaries of the Trusts, 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, and
Mrs. Saul, respectively. The interest of no such beneficiary, 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 22 of 22 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
-------------------------------------
February 20, 2002 B. Francis Saul II
B. F. SAUL PROPERTY COMPANY
February 20, 2002 By: /s/ Ross E. Heasley
----------------------------------
Ross E. Heasley, Vice President
WESTMINSTER INVESTING CORPORATION
February 20, 2002 By: /s/ B. Francis Saul II
----------------------------------
B. Francis Saul II,
Chairman and President
VAN NESS SQUARE CORPORATION
February 20, 2002 By: /s/ B. Francis Saul II
----------------------------------
B. Francis Saul II,
Chairman
DEARBORN, L.L.C.
By: B.F. SAUL REAL ESTATE INVESTMENT
TRUST, its sole general partner
February 20, 2002 By: /s/ B. Francis Saul II
----------------------------------
B. Francis Saul II,
Chairman
B. F. SAUL REAL ESTATE INVESTMENT
TRUST
February 20, 2002 By: /s/ B. Francis Saul II
----------------------------------
B. Francis Saul II,
Chairman