7Baggers
Quarterly
Annual
    Unit: USD2025-09-30 2025-06-30 2025-03-31 2024-12-31 2024-09-30 2024-06-30 2024-03-31 2023-12-31 2023-09-30 2023-06-30 2023-03-31 2022-12-31 2022-09-30 2022-06-30 2022-03-31 2021-12-31 2021-09-30 2021-06-30 2021-03-31 2020-12-31 2020-09-30 2020-06-30 2020-03-31 2019-12-31 2019-09-30 2019-06-30 2019-03-31 2018-12-31 2018-09-30 2018-06-30 2018-03-31 2017-12-31 2017-09-30 2017-06-30 2017-03-31 2016-12-31 2016-09-30 2016-06-30 2016-03-31 2015-12-31 2015-09-30 2015-06-30 2015-03-31 2014-12-31 2014-09-30 2014-06-30 2014-03-31 2013-12-31 2013-09-30 2013-06-30 2013-03-31 2012-12-31 2012-09-30 2012-06-30 2012-03-31 2011-12-31 2011-09-30 2011-06-30 2011-03-31 2010-12-31 2010-09-30 2010-06-30 2010-03-31 2009-12-31 2009-09-30 2009-06-30 2009-03-31 2008-12-31 2008-09-30 2008-06-30 2008-03-31 2007-12-31 2007-09-30 2007-06-30 2007-03-31 2006-12-31 2006-09-30 2006-06-30 2006-03-31 2005-12-31 2005-09-30 2005-06-30 2005-03-31 2004-12-31 2004-09-30 2004-06-30 2004-03-31 
      
    		                                                                                       
      assets
    		                                                                                       
      real estate investments
    		                                                                                       
      land
    		556,499,000 556,499,000 562,857,000 562,047,000 501,787,000 501,787,000 511,529,000 511,529,000 511,529,000 511,529,000 511,529,000 511,529,000 511,529,000 511,529,000 511,529,000 511,529,000 511,596,000 511,596,000 513,074,000 511,482,000 509,902,000 503,802,000 453,322,000 453,322,000 450,256,000 488,942,000 488,942,000 488,918,000 484,428,000 450,256,000 450,256,000 450,256,000 450,256,000 454,041,000 454,006,000 422,546,000 384,520,000 427,112,000 424,840,000 424,837,000 424,837,000 421,499,000 421,516,000 420,622,000 412,141,000 373,898,000 364,146,000 354,967,000 353,958,000 351,647,000 353,890,000 353,890,000 323,723,000 324,190,000 324,183,000 324,183,000 323,298,000 282,027,000 278,313,000 275,044,000 230,080,000 232,188,000 223,286,000 223,193,000 223,035,000 220,974,000 215,813,000 215,407,000 215,407,000 215,407,000 215,421,000 167,007,000 166,336,000 157,830,000 154,690,000 154,047,000 149,863,000 149,863,000 145,760,000 139,421,000 124,915,000 125,213,000 125,308,000 119,029,000 109,153,000 109,153,000 99,411,000 
      buildings and equipment
    		1,930,091,000 1,924,757,000 1,916,504,000 1,903,907,000 1,608,995,000 1,604,330,000 1,599,887,000 1,595,023,000 1,588,219,000 1,590,762,000 1,583,705,000 1,576,924,000 1,574,872,000 1,573,896,000 1,570,123,000 1,566,686,000 1,563,059,000 1,560,607,000 1,555,731,000 1,543,837,000 1,533,103,000 1,505,909,000 1,300,605,000 1,292,631,000 1,284,315,000 1,280,397,000 1,275,927,000 1,273,275,000 1,268,120,000 1,263,865,000 1,262,320,000 1,261,830,000 1,257,886,000 1,266,394,000 1,263,107,000 1,214,697,000 1,210,467,000 1,206,307,000 1,114,635,000 1,114,357,000 1,110,255,000 1,116,381,000 1,111,035,000 1,109,276,000 1,105,717,000 1,102,390,000 1,097,921,000 1,094,605,000 1,122,786,000 1,117,976,000 1,112,577,000 1,109,911,000 1,101,339,000 1,097,208,000 1,094,078,000 1,092,533,000 1,077,186,000 920,937,000 906,417,000 870,143,000 761,805,000 765,399,000 742,471,000 740,442,000 738,125,000 730,763,000 715,813,000 713,154,000 711,628,000 711,592,000 709,543,000 673,328,000 669,415,000 652,201,000 638,108,000 631,797,000 611,585,000 607,119,000 595,728,000 575,504,000 534,872,000 537,827,000 536,327,000 521,161,000 500,351,000 500,086,000 479,843,000 
      construction in progress
    		371,521,000 356,511,000 337,446,000 326,193,000 653,176,000 615,166,000 557,711,000 514,553,000 467,939,000 410,966,000 365,612,000 319,683,000 285,810,000 260,141,000 225,087,000 205,911,000 191,707,000 184,459,000 151,699,000 69,477,000 74,476,000 101,359,000 345,880,000 335,644,000 317,798,000 249,719,000 216,545,000 185,972,000 161,625,000 139,285,000 108,735,000 91,114,000 80,163,000 72,791,000 66,008,000 63,570,000 60,773,000 7,327,000 92,698,000 83,516,000 69,175,000 53,485,000 39,301,000 30,261,000 21,305,000 16,259,000 11,880,000 9,867,000 7,232,000 6,165,000 3,050,000 2,267,000 1,422,000 1,150,000 1,263,000 1,129,000 12,780,000 39,019,000 50,677,000 78,849,000 170,049,000 155,738,000 165,400,000 147,589,000 126,066,000 112,248,000 112,738,000 98,920,000 83,322,000 67,301,000 52,382,000 49,592,000 45,895,000 46,505,000 55,517,000 56,017,000 72,603,000 62,577,000 50,376,000 47,868,000 57,380,000 50,243,000 45,548,000 42,618,000 57,330,000 41,938,000 38,461,000 
      accumulated depreciation
    		-802,512,000 -789,860,000 -779,214,000 -767,842,000 -758,105,000 -748,750,000 -739,406,000 -729,470,000 -719,163,000 -708,770,000 -698,597,000 -688,475,000 -679,121,000 -671,754,000 -660,855,000 -650,113,000 -639,241,000 -628,418,000 -617,984,000 -607,706,000 -595,785,000 -584,002,000 -572,912,000 -563,474,000 -553,829,000 -544,811,000 -535,269,000 -525,518,000 -516,568,000 -507,084,000 -498,002,000 -488,166,000 -478,284,000 -477,565,000 -467,564,000 -458,279,000 -449,116,000 -440,499,000 -431,463,000 -425,370,000 -416,531,000 -414,694,000 -405,349,000 -396,617,000 -387,765,000 -380,608,000 -372,041,000 -364,663,000 -386,839,000 -378,775,000 -367,918,000 -353,305,000 -346,426,000 -340,579,000 -333,518,000 -326,397,000 -318,117,000 -311,176,000 -303,958,000 -296,786,000 -290,831,000 -288,252,000 -282,271,000 -276,310,000 -270,413,000 -264,530,000 -258,581,000 -252,763,000 -247,994,000 -244,196,000 -238,423,000 -232,669,000 -229,055,000 -223,652,000 -219,455,000 -214,210,000 -210,025,000 -205,122,000 -200,267,000 -195,376,000 -191,699,000 -190,198,000 -185,884,000 -181,420,000 -176,848,000 -172,851,000 -168,705,000 
      total real estate investments
    		2,055,599,000 2,047,907,000 2,037,593,000 2,024,305,000 2,005,853,000 1,972,533,000 1,929,721,000 1,891,635,000                                                                                
      cash and cash equivalents
    		11,788,000 5,303,000 6,492,000 10,299,000 7,197,000 6,863,000 7,079,000 8,407,000 6,586,000 11,473,000 11,812,000 13,279,000 10,291,000 11,167,000 12,313,000 14,594,000 11,917,000 14,857,000 14,554,000 26,856,000 54,305,000 66,457,000 31,935,000 13,905,000 52,269,000 9,262,000 11,456,000 14,578,000 9,771,000 6,425,000 8,979,000 10,908,000 9,385,000 12,395,000 9,671,000 8,322,000 9,836,000 10,981,000 15,352,000 10,003,000 8,922,000 11,714,000 12,120,000 12,128,000 13,022,000 21,829,000 15,351,000 17,297,000 11,696,000 12,945,000 8,482,000 12,133,000 33,498,000 37,251,000 10,994,000 12,323,000 11,447,000 21,103,000 33,106,000 12,968,000 12,735,000 28,829,000 19,432,000 20,607,000 14,297,000 38,213,000 20,261,000 13,006,000 25,137,000 36,964,000 29,007,000 5,765,000 7,043,000 11,535,000 8,427,000 8,061,000 7,514,000 3,045,000 7,754,000 8,007,000 27,344,000 28,585,000 11,668,000 33,561,000 21,785,000 10,066,000 6,100,000 
      accounts receivable and accrued income
    		58,966,000 52,621,000 50,674,000 50,949,000 59,824,000 53,328,000 53,814,000 56,032,000 56,894,000 51,949,000 52,614,000 56,323,000 58,682,000 55,543,000 56,357,000 58,659,000 61,855,000 59,743,000 62,645,000 64,917,000 65,701,000 57,926,000 49,994,000 52,311,000 55,207,000 51,602,000 51,603,000 53,876,000 55,541,000 50,634,000 50,821,000 54,057,000 55,619,000 51,198,000 52,021,000 53,033,000 52,880,000 48,508,000 48,593,000 51,076,000 50,843,000 47,084,000 47,682,000 46,784,000 47,008,000 44,114,000 43,748,000 43,884,000 44,528,000 41,701,000 41,050,000 41,406,000 41,916,000 38,671,000 37,763,000 39,094,000 37,407,000 36,721,000 36,771,000 36,417,000 37,572,000 35,146,000 38,599,000 37,503,000 36,815,000 34,204,000 34,419,000 37,495,000 35,821,000 33,087,000 37,991,000 33,967,000 32,952,000 30,458,000 31,616,000 33,248,000 24,497,000 23,136,000 23,505,000 23,410,000 22,448,000 21,309,000 21,270,000 20,654,000 18,394,000 15,558,000 15,570,000 
      deferred leasing costs
    		26,191,000 26,579,000 26,119,000 25,907,000 25,474,000 25,834,000 23,931,000 23,728,000 23,147,000 22,799,000 22,855,000 22,388,000 22,221,000 22,770,000 23,420,000 24,005,000 24,638,000 25,494,000 26,169,000 26,872,000 27,468,000 27,057,000 27,546,000 24,083,000 24,947,000 25,525,000 26,967,000 28,083,000 28,057,000 27,139,000 26,838,000 27,255,000 27,679,000 28,143,000 27,761,000 25,983,000 26,287,000 26,371,000 26,815,000 26,919,000 26,891,000 27,049,000 26,737,000 26,928,000 26,751,000 26,693,000 25,996,000 26,052,000 25,673,000 24,757,000 25,417,000 26,102,000 25,396,000 26,074,000 25,611,000 25,876,000 25,010,000 17,952,000 18,248,000 17,835,000 14,672,000 14,840,000 15,191,000 15,609,000 16,170,000 16,427,000 16,570,000 16,901,000 16,558,000 17,363,000 18,099,000 16,190,000 16,783,000 16,363,000 16,908,000 18,137,000 19,056,000           
      other assets
    		15,037,000 7,274,000 10,608,000 14,944,000 14,676,000 13,039,000 15,761,000 14,335,000 25,772,000 15,986,000 18,475,000 21,651,000 25,734,000 19,194,000 17,578,000 15,490,000 13,969,000 8,642,000 9,006,000 4,194,000 3,817,000 6,549,000 4,859,000 4,555,000 6,444,000 6,720,000 5,593,000 3,130,000 6,149,000 14,293,000 15,115,000 9,950,000 12,123,000 11,757,000 11,130,000 8,096,000 6,772,000 7,456,000 6,764,000 5,407,000 5,352,000 4,407,000 4,368,000 3,638,000 3,299,000 10,655,000 4,861,000 2,944,000 4,455,000 5,183,000 5,418,000 3,297,000 5,106,000 7,401,000 15,126,000 12,870,000 14,702,000 17,178,000 13,854,000 9,202,000 22,761,000 9,750,000 8,454,000 6,308,000 8,294,000 9,676,000 7,015,000 2,897,000 4,971,000 6,674,000 6,851,000 5,428,000 6,322,000 9,012,000 8,315,000 5,605,000 5,090,000 6,995,000 6,918,000 4,386,000 3,337,000 4,708,000 4,562,000 2,616,000 3,339,000 5,266,000 3,350,000 
      total assets
    		2,167,581,000 2,139,684,000 2,131,486,000 2,126,404,000 2,113,024,000 2,071,597,000 2,030,306,000 1,994,137,000 1,960,923,000 1,906,694,000 1,868,005,000 1,833,302,000 1,810,018,000 1,782,486,000 1,755,552,000 1,746,761,000 1,739,500,000 1,736,980,000 1,734,256,000 1,645,572,000 1,681,374,000 1,686,636,000 1,644,840,000 1,618,340,000 1,646,764,000 1,569,162,000 1,545,828,000 1,527,489,000 1,506,138,000 1,446,482,000 1,429,147,000 1,422,452,000 1,423,728,000 1,420,878,000 1,419,782,000 1,343,025,000 1,311,004,000 1,295,455,000 1,301,635,000 1,304,145,000 1,296,950,000 1,278,043,000 1,270,611,000 1,266,987,000 1,258,528,000 1,227,428,000 1,204,597,000 1,198,675,000 1,199,172,000 1,191,610,000 1,194,332,000 1,207,309,000 1,200,447,000 1,201,070,000 1,185,476,000 1,192,569,000 1,196,525,000 1,031,961,000 1,043,333,000 1,013,888,000 970,464,000 962,090,000 940,385,000 925,574,000 904,715,000 905,451,000 872,200,000 853,873,000 855,640,000 852,039,000 839,756,000 727,443,000 725,023,000 706,867,000 701,575,000 700,537,000 689,739,000 674,629,000 658,195,000 631,469,000 605,262,000 602,407,000 584,800,000 583,396,000 560,129,000 534,782,000 499,559,000 
      liabilities
    		                                                                                       
      mortgage notes payable
    		1,022,235,000 1,030,839,000 1,039,328,000 1,047,832,000 1,027,386,000 966,132,000 927,256,000 935,451,000    961,577,000    941,456,000    827,603,000    821,503,000    880,271,000    897,888,000    783,400,000    802,034,000    808,997,000   814,635,000 820,068,000 825,420,000 826,224,000 802,986,000 789,776,000 827,963,000 833,095,000 818,295,000 823,871,000 826,018,000 732,862,000 722,132,000 601,147,000 579,757,000 583,620,000 572,236,000 576,069,000 569,634,000 606,256,000 569,437,000 567,495,000 567,680,000 565,194,000 554,377,000 524,726,000 528,604,000 520,345,000 483,892,000 487,443,000 490,897,000 487,242,000 490,519,000 471,931,000 461,416,000 464,367,000 450,876,000 453,646,000 429,498,000 389,544,000  
      revolving credit facility payable
    		185,376,000 200,876,000 195,683,000 186,489,000 187,296,000 235,102,000 272,909,000 274,715,000 249,521,000 217,328,000 192,134,000 161,941,000 125,747,000 177,554,000 135,360,000 103,167,000 95,028,000 108,684,000 103,548,000 103,913,000 123,778,000 173,642,000 123,507,000 86,371,000  46,600,000 38,465,000 45,329,000 75,200,000 23,065,000 12,930,000 60,734,000 88,608,000 83,478,000 83,347,000 48,217,000 22,086,000 10,956,000 21,825,000 28,000,000 30,000,000 22,000,000 26,000,000 43,000,000 30,000,000      25,000,000 38,000,000   4,000,000 8,000,000 8,000,000                               
      term loan facility payable
    		138,761,000 99,754,000 99,716,000 99,679,000 99,642,000 99,605,000 99,568,000 99,530,000 99,493,000 99,456,000 99,419,000 99,382,000 99,344,000 99,307,000 99,270,000 99,233,000 99,209,000 74,841,000 74,816,000 74,791,000 74,766,000 74,741,000 74,716,000 74,691,000 74,666,000 74,641,000 74,616,000 74,591,000 74,568,000 74,543,000 74,518,000                                                         
      construction loans payable
    		241,687,000 233,210,000 209,872,000 198,616,000 178,558,000 141,765,000 108,917,000 77,305,000                                                   19,409,000 110,242,000 88,281,000 83,621,000 71,760,000 60,737,000 48,294,000                       
      accounts payable, accrued expenses and other liabilities
    		46,734,000 45,156,000 51,407,000 46,162,000 59,211,000 72,317,000 62,988,000 57,022,000 60,819,000 54,211,000 55,790,000 42,978,000 39,169,000 42,002,000 39,649,000 25,558,000 27,199,000 29,688,000 27,464,000 24,384,000 27,874,000 30,311,000 35,122,000 35,199,000 39,741,000 42,287,000 47,671,000 32,419,000 31,958,000 29,078,000 26,035,000 23,123,000 24,267,000 25,052,000 20,779,000 20,838,000 25,022,000 25,865,000 30,893,000 27,687,000 31,701,000 31,724,000 27,473,000 23,537,000 24,926,000 24,655,000 23,255,000 20,141,000 21,999,000 22,576,000 25,672,000 27,434,000 30,044,000 26,712,000 23,544,000 22,992,000 25,101,000 19,317,000 20,663,000 23,544,000 30,221,000 27,322,000 26,923,000 23,395,000 27,295,000 24,092,000 25,049,000 22,394,000 21,107,000 20,140,000 18,059,000 13,159,000 15,109,000 15,029,000 19,078,000 16,409,000 18,624,000 17,909,000 17,818,000 13,679,000 13,985,000 13,742,000 13,106,000 12,318,000 16,667,000 12,482,000 11,221,000 
      deferred income
    		23,674,000 17,887,000 20,161,000 23,033,000 28,889,000 20,416,000 21,610,000 22,748,000 22,977,000 21,836,000 22,970,000 23,169,000 25,887,000 22,751,000 23,867,000 25,188,000 26,216,000 24,781,000 24,812,000 23,293,000 26,727,000 24,114,000 24,686,000 29,306,000 27,224,000 25,649,000 25,481,000 28,851,000 25,747,000 25,594,000 27,605,000 29,084,000 31,040,000 29,621,000 32,049,000 30,696,000 31,925,000 29,658,000 30,959,000 32,109,000 32,520,000 31,816,000 32,047,000 32,453,000 33,417,000 31,575,000 31,990,000 30,205,000 30,072,000 26,961,000 29,434,000 31,320,000 30,128,000 31,156,000 30,762,000 31,281,000 32,300,000 25,475,000 26,737,000 26,727,000 26,267,000 26,270,000 26,952,000 27,090,000 24,015,000 23,530,000 22,868,000 23,233,000 24,790,000 22,654,000 24,668,000 15,147,000 14,813,000 11,273,000 11,975,000 12,251,000 12,684,000 12,546,000 10,601,000 9,558,000 8,427,000 7,271,000 7,787,000 6,044,000 4,716,000 4,220,000 4,579,000 
      dividends and distributions payable
    		23,909,000 23,688,000 23,583,000 23,469,000 23,358,000 23,240,000 23,127,000 22,937,000 22,482,000 22,473,000 22,462,000 22,453,000 22,445,000 22,437,000 21,722,000 21,672,000 20,543,000 20,499,000 19,510,000 19,448,000 19,373,000 19,358,000 19,350,000 19,291,000 19,634,000 19,313,000 19,224,000 19,153,000 18,722,000 18,599,000 18,158,000 18,520,000 18,143,000 18,081,000 18,005,000 17,953,000 16,739,000 16,684,000 16,570,000 15,380,000 15,329,000 15,290,000 15,253,000 14,352,000 14,434,000 14,398,000 14,308,000 13,135,000 13,082,000 13,022,000 11,844,000 13,490,000 13,394,000 13,335,000 13,279,000 13,219,000 13,162,000 12,506,000 12,464,000 12,415,000 12,343,000 12,302,000 12,260,000 12,220,000 12,179,000 12,872,000 12,868,000 12,864,000 14,722,000 14,803,000 12,998,000 12,887,000 12,876,000 12,115,000 12,061,000 11,558,000 11,492,000 11,418,000 11,379,000 11,319,000 11,247,000 10,748,000 10,464,000 10,424,000 10,371,000 10,322,000 10,260,000 
      total liabilities
    		1,682,376,000 1,651,410,000 1,639,750,000 1,625,280,000 1,604,340,000 1,558,577,000 1,516,375,000 1,489,708,000 1,449,590,000 1,392,650,000 1,352,170,000 1,311,500,000 1,281,701,000 1,252,455,000 1,225,093,000 1,216,274,000 1,209,893,000 1,207,527,000 1,230,394,000 1,218,039,000 1,249,757,000 1,248,350,000 1,198,234,000 1,174,984,000 1,101,327,000 1,132,553,000 1,115,497,000 1,102,269,000 1,089,339,000 1,040,151,000 1,035,790,000 1,029,349,000 1,035,596,000 1,036,417,000 1,040,471,000 969,776,000 940,993,000 929,025,000 943,613,000 950,418,000 948,953,000 932,222,000 927,624,000 927,730,000 919,242,000 890,773,000 884,188,000 883,549,000 890,573,000 888,783,000 894,936,000 900,020,000 901,529,000 904,298,000 889,880,000 899,363,000 904,581,000 790,160,000 801,405,000 774,075,000 736,869,000 733,135,000 710,131,000 699,511,000 681,417,000 681,750,000 645,222,000 625,986,000 628,299,000 622,791,000 610,102,000 573,919,000 571,402,000 558,762,000 559,006,000 562,661,000 564,697,000 555,115,000 540,817,000 516,987,000 495,075,000 496,128,000 482,233,000 482,432,000 461,252,000 438,568,000 405,329,000 
      equity
    		                                                                                       
      preferred stock, 1,000,000 shares authorized:
    		                                                                                       
      series d cumulative redeemable, 30,000 shares issued and outstanding
    		75,000,000 75,000,000 75,000,000 75,000,000 75,000,000 75,000,000 75,000,000 75,000,000 75,000,000 75,000,000 75,000,000 75,000,000 75,000,000 75,000,000 75,000,000 75,000,000 75,000,000 75,000,000 75,000,000 75,000,000 75,000,000 75,000,000 75,000,000 75,000,000 75,000,000 75,000,000 75,000,000                                                             
      series e cumulative redeemable, 44,000 shares issued and outstanding
    		110,000,000 110,000,000 110,000,000 110,000,000 110,000,000 110,000,000 110,000,000 110,000,000 110,000,000 110,000,000 110,000,000 110,000,000 110,000,000 110,000,000 110,000,000 110,000,000 110,000,000 110,000,000 110,000,000 110,000,000 110,000,000 110,000,000 110,000,000                                                                 
      common stock
    		245,000 245,000 243,000 243,000 241,000 241,000 241,000 241,000 241,000 240,000 240,000 240,000 240,000 240,000 239,000 238,000 237,000 236,000 236,000 235,000 234,000 233,000 233,000 232,000 231,000 230,000 229,000 227,000 225,000 223,000 222,000 221,000 220,000 219,000 218,000 217,000 216,000 215,000 213,000 213,000 212,000 211,000 211,000 209,000 209,000 208,000 206,000 206,000 205,000 204,000  201,000 198,000 196,000 195,000 193,000 191,000 188,000 187,000 186,000 184,000  181,000 180,000 179,000 179,000 179,000 179,000 181,000 180,000 179,000 178,000 177,000 176,000  173,000 172,000 170,000 170,000 169,000 168,000 167,000 165,000 164,000 163,000 161,000 160,000 
      additional paid-in capital
    		457,283,000 456,120,000 455,112,000 454,086,000 453,074,000 451,845,000 450,781,000 449,959,000 449,076,000 448,231,000 447,134,000 446,301,000 445,456,000 444,496,000 440,151,000 436,609,000 430,537,000 427,347,000 423,787,000 420,625,000 417,504,000 416,793,000 415,962,000 410,926,000 401,395,000 399,047,000 391,122,000 384,533,000 373,036,000 361,413,000 356,715,000 352,590,000 344,820,000 338,495,000 332,158,000 328,171,000 324,185,000 318,778,000 308,574,000 305,008,000 300,230,000 297,009,000 293,564,000 287,995,000 283,456,000 279,243,000 273,351,000 270,428,000 267,727,000 260,371,000 253,445,000 246,557,000 236,459,000 230,002,000 223,622,000 217,829,000 211,897,000 200,734,000 195,477,000 189,787,000 182,756,000 178,003,000 173,239,000 169,363,000 165,794,000 165,367,000 164,686,000 164,278,000 163,813,000 162,263,000 160,139,000 161,618,000 160,305,000 153,870,000 147,297,000 141,554,000 134,699,000 128,009,000 126,115,000 123,339,000 119,429,000 115,820,000 110,313,000 106,886,000 102,630,000 98,980,000 94,986,000 
      distributions in excess of accumulated earnings
    		-326,978,000 -320,255,000 -313,879,000 -306,541,000 -297,498,000 -294,852,000 -292,213,000 -288,825,000 -285,024,000 -280,850,000 -277,020,000 -273,559,000 -268,451,000 -263,444,000 -259,506,000 -256,448,000 -252,309,000 -249,612,000 -246,559,000 -241,535,000 -235,720,000 -229,918,000 -223,075,000 -221,177,000 -215,334,000 -212,109,000 -210,207,000 -208,593,000 -205,872,000 -204,404,000                                                          
      accumulated other comprehensive income
    		1,076,000 1,268,000 1,891,000 2,966,000 1,029,000 3,434,000 3,278,000 2,014,000 4,724,000 3,131,000 1,402,000 2,852,000 3,063,000                                              21,000                             
      total saul centers, inc. equity
    		316,626,000 322,378,000 328,367,000 335,754,000 341,846,000 345,668,000 347,087,000 348,389,000 393,667,000 395,402,000 396,406,000 400,484,000 404,958,000 405,942,000 405,534,000 405,049,000 442,765,000 442,271,000 441,764,000 364,325,000 367,018,000 372,108,000 378,120,000 374,981,000 475,949,000 366,784,000 360,855,000 355,912,000 347,233,000 336,947,000 334,125,000 334,405,000 329,456,000                                                       
      noncontrolling interests
    		168,579,000 165,896,000 163,369,000 165,370,000 166,838,000 167,352,000 166,844,000 156,040,000 117,666,000 118,642,000 119,429,000 121,318,000 123,359,000 124,089,000 124,925,000 125,438,000 86,842,000 87,182,000 62,098,000 63,208,000 64,599,000 66,178,000 68,486,000 68,375,000 69,488,000   69,308,000    58,698,000    54,744,000    50,399,000    46,721,000                                            
      total equity
    		485,205,000 488,274,000 491,736,000 501,124,000 508,684,000 513,020,000 513,931,000 504,429,000 511,333,000 514,044,000 515,835,000 521,802,000 528,317,000 530,031,000 530,459,000 530,487,000 529,607,000 529,453,000 503,862,000 427,533,000 431,617,000 438,286,000 446,606,000 443,356,000 545,437,000 436,609,000 430,331,000 425,220,000 416,799,000 406,331,000 393,357,000 393,103,000 388,132,000                                                       
      total liabilities and equity
    		2,167,581,000 2,139,684,000 2,131,486,000 2,126,404,000 2,113,024,000 2,071,597,000 2,030,306,000 1,994,137,000 1,960,923,000 1,906,694,000 1,868,005,000 1,833,302,000 1,810,018,000 1,782,486,000 1,755,552,000 1,746,761,000 1,739,500,000 1,736,980,000 1,734,256,000 1,645,572,000 1,681,374,000 1,686,636,000 1,644,840,000 1,618,340,000 1,646,764,000 1,569,162,000 1,545,828,000 1,527,489,000 1,506,138,000 1,446,482,000 1,429,147,000 1,422,452,000 1,423,728,000                                                       
      real estate investments:
    		                                                                                       
      partnership units in escrow
    		        39,650,000 39,650,000 39,650,000 39,650,000 39,650,000 39,650,000 39,650,000 39,650,000 79,300,000 79,300,000 79,300,000                                                                     
      notes payable
    		        943,538,000 951,505,000 959,395,000  969,109,000 888,404,000 905,225,000  794,586,000 801,947,000 814,268,000  835,613,000 791,534,000 798,343,000  846,525,000 853,627,000 873,143,000  861,897,000 869,272,000 876,544,000  873,538,000 810,108,000 816,738,000  778,382,000 784,402,000 790,324,000  807,990,000 813,861,000 818,083,000  814,606,000 820,145,000                                         379,269,000 
      construction loan payable
    		        50,760,000 25,841,000       147,112,000 147,087,000 146,551,000 144,607,000 141,626,000 134,650,000 122,510,000 108,623,000 93,537,000 70,436,000 36,897,000 21,655,000 1,247,000     70,077,000 69,553,000 68,672,000 66,839,000 61,460,000 53,042,000 45,208,000 31,413,000 17,531,000 8,768,000 5,391,000 1,859,000                                           
      finance lease right-of-use asset
    		                  19,362,000                                                                     
      finance lease liability
    		                  19,425,000                                                                     
      prepaid expenses
    		                   5,643,000 8,387,000 1,579,000 3,611,000 5,363,000 9,357,000 1,806,000 4,064,000 5,175,000 9,015,000 1,669,000 4,085,000 5,248,000 8,901,000 1,724,000 3,642,000 5,057,000 8,585,000 1,892,000 3,401,000 4,663,000 8,115,000 1,663,000 3,506,000 4,093,000 6,858,000 1,634,000 3,390,000 4,047,000 7,439,000 1,669,000 4,065,000 3,895,000 6,367,000 1,437,000 3,257,000 3,868,000 5,843,000 1,286,000 2,694,000 3,024,000 4,854,000 1,427,000 2,532,000 3,096,000 4,860,000 1,507,000 2,576,000 2,981,000 4,642,000 1,407,000 2,483,000 2,571,000 4,146,000 1,349,000 2,363,000 2,507,000 3,961,000 1,473,000 2,293,000 2,540,000 3,704,000 1,098,000 1,862,000 2,421,000 3,072,000 2,170,000 21,031,000 
      series c cumulative redeemable, 0 and 42,000 shares issued and outstanding, respectively
    		                                                                                       
      series e cumulative redeemable, 44,000 and 0 shares issued and outstanding, respectively
    		                       110,000,000 110,000,000                                                               
      accumulated other comprehensive loss
    		                        -343,000 -384,000 -289,000 -255,000 -156,000 -285,000 -407,000 -696,000 -925,000 -1,052,000 -1,093,000 -1,299,000 -2,086,000 -2,406,000 -2,313,000 -1,802,000 -2,272,000 -1,856,000 -2,211,000 -1,894,000 -1,595,000 -1,873,000 -1,561,000 -1,392,000 -1,873,000 -1,866,000 -3,180,000 -3,553,000 -3,773,000 -3,536,000 -2,455,000 -2,863,000 -2,674,000   -419,000 -2,525,000                           
      series c cumulative redeemable, 42,000 shares issued and outstanding
    		                        105,000,000 105,000,000 105,000,000                                                             
      noncontrolling interest
    		                         69,825,000 69,476,000  69,566,000 69,384,000 59,232,000  58,676,000 58,636,000 57,106,000  53,582,000 52,699,000 51,812,000  48,929,000 47,974,000 47,161,000  47,889,000 48,299,000 42,160,000 38,448,000 34,383,000 34,767,000 35,639,000 39,586,000 40,018,000 41,133,000 42,491,000 43,378,000 44,674,000 -2,147,000 -941,000 -143,000 18,000 46,000 1,431,000 1,359,000 1,538,000 1,747,000 2,664,000                     
      revenue
    		                                                                                       
      rental revenue
    		                          56,803,000                                                             
      other
    		                          2,947,000 6,689,000 1,494,000 1,431,000 1,440,000 9,339,000 1,338,000                                                       
      total revenue
    		                          59,750,000    56,496,000 227,285,000 56,237,000                                                       
      expenses
    		                                                                                       
      property operating expenses
    		                          8,001,000 28,202,000 6,910,000 6,732,000 7,123,000 27,689,000 7,418,000                                                       
      real estate taxes
    		                          7,148,000 27,376,000 6,937,000 6,778,000 6,845,000 26,997,000 6,834,000                                                       
      interest expense, net and amortization of deferred debt costs
    		                          11,067,000                                                             
      depreciation and amortization of deferred leasing costs
    		                          11,643,000 45,861,000 11,256,000 11,351,000 11,349,000 45,694,000 11,363,000                                                       
      general and administrative
    		                          4,814,000 18,459,000 4,141,000 4,647,000 4,420,000 18,176,000 4,363,000                                                       
      total expenses
    		                          42,673,000                                                             
      net income
    		                          17,077,000 63,059,000 16,702,000 15,902,000 14,947,000 60,668,000 14,385,000                                                       
      income attributable to noncontrolling interests
    		                          -3,630,000 -12,505,000 -3,547,000 -3,359,000 -2,359,000 -12,411,000 -2,902,000                                                       
      net income attributable to saul centers, inc.
    		                          13,447,000 50,554,000 13,155,000 12,543,000 12,588,000 48,257,000 11,483,000                                                       
      extinguishment of issuance costs upon redemption of preferred shares
    		                           -2,328,000   -2,328,000                                                         
      preferred stock dividends
    		                          -2,953,000 -12,262,000 -2,953,000 -2,953,000 -3,403,000  -3,093,000                                                       
      net income available to common stockholders
    		                          10,494,000 35,964,000 10,202,000 9,590,000 6,857,000 35,882,000                                                        
      per share net income available to common stockholders
    		                                                                                       
      basic and diluted
    		                          460  450 430 310  380                                                       
      dividends declared per common share outstanding
    		                          530  520 520 520  510                                                       
      series c cumulative redeemable, 42,000 and 72,000 shares issued and outstanding, respectively
    		                           105,000,000 105,000,000 105,000,000 105,000,000                                                         
      series d cumulative redeemable, 30,000 and 0 shares issued and outstanding, respectively
    		                           75,000,000 75,000,000 75,000,000 75,000,000                                                         
      property revenue
    		                                                                                       
      base rent
    		                           184,684,000 46,189,000 45,943,000 45,867,000 181,141,000 45,385,000                                                       
      expense recoveries
    		                           35,537,000 9,209,000 8,601,000 8,771,000 35,347,000 9,447,000                                                       
      percentage rent
    		                           994,000 119,000 249,000 418,000 1,458,000 67,000                                                       
      total property revenue
    		                           227,904,000 57,011,000 56,224,000                                                          
      property expenses
    		                                                                                       
      benefit from credit losses
    		                           685,000 101,000 143,000 286,000 906,000 52,000                                                       
      total property expenses
    		                           56,263,000 13,948,000 13,653,000                                                          
      property operating income
    		                           171,641,000 43,063,000 42,571,000                                                          
      other revenue
    		                           272,000 48,000 69,000                                                          
      other incomes
    		                                                                                       
      interest expense and amortization of deferred debt costs
    		                           45,040,000 11,022,000 11,237,000 11,526,000 47,225,000 11,821,000                                                       
      acquisition related costs
    		                                                                                       
      total other incomes
    		                           109,360,000 26,419,000 27,235,000                                                          
      operating income
    		                           62,553,000 16,692,000 15,405,000 14,947,000 60,598,000 14,386,000                                                       
      change in fair value of derivatives
    		                           -3,000 10,000 -12,000  70,000 -1,000                                                       
      gains on sale of property
    		                           509,000                                                            
      basic
    		                           1,610    1,640                                                        
      diluted
    		                           1,600    1,630                                                        
      gain on sale of property
    		                             509,000                                                          
      accumulated deficit
    		                              -202,405,000 -197,710,000 -194,659,000 -191,837,000 -189,078,000 -188,584,000 -185,886,000 -182,856,000 -180,264,000 -180,091,000 -179,102,000 -177,517,000 -175,738,000 -173,774,000 -170,673,000 -169,222,000 -173,747,000 -172,564,000 -171,843,000 -170,649,000 -166,710,000 -154,830,000 -153,312,000 -150,351,000 -147,585,000 -144,659,000 -141,472,000 -136,302,000 -132,144,000 -128,926,000 -126,166,000 -128,604,000 -123,925,000 -124,167,000 -123,541,000 -122,920,000 -119,879,000 -118,865,000 -118,925,000 -116,270,000 -114,339,000 -113,017,000 -111,952,000 -111,246,000 -110,440,000 -109,636,000 -115,755,000 -114,859,000 -113,513,000 -112,094,000 -110,894,000 -109,708,000 -107,911,000 -106,086,000 -103,916,000 -102,927,000 -100,916,000 
      operating expenses
    		                                                                                       
      total operating expenses
    		                              41,549,000 166,687,000 41,851,000                                                       
      series c cumulative redeemable, 72,000 shares issued and outstanding
    		                               180,000,000 180,000,000 180,000,000 180,000,000 180,000,000 180,000,000 180,000,000 180,000,000 180,000,000 180,000,000 180,000,000 180,000,000                                             
      predevelopment expenses
    		                                                                                       
      gains on sales of properties
    		                                                                                       
      preferred dividends
    		                               -12,375,000                                                        
      net income attributable to common stockholders
    		                                8,390,000                                                       
      per share net income attributable to common stockholders
    		                                                                                       
      stockholders’ equity
    		                                                                                       
      total saul centers, inc. stockholders’ equity
    		                                 325,825,000 322,205,000  316,429,000 313,731,000 306,210,000  299,068,000 297,847,000 295,826,000  291,397,000 288,356,000 278,249,000  274,216,000 268,060,000 263,757,000   255,639,000 253,105,000 249,828,000 247,270,000 243,948,000 242,869,000 239,956,000 233,577,000 228,909,000 228,823,000 224,704,000 221,760,000 221,954,000 224,314,000                     
      total stockholders’ equity
    		                                 384,461,000 379,311,000  370,011,000 366,430,000 358,022,000  347,997,000 345,821,000 342,987,000  339,286,000 336,655,000 320,409,000  308,599,000 302,827,000 299,396,000   296,772,000 295,596,000 293,206,000 291,944,000 241,801,000 241,928,000 239,813,000 233,595,000 228,955,000 230,254,000 226,063,000 223,298,000 223,701,000 226,978,000 224,920,000 224,397,000 225,501,000 225,307,000 148,779,000 148,530,000 142,800,000  132,091,000 119,116,000 113,320,000 112,772,000 111,414,000 108,703,000 106,279,000 102,567,000 100,964,000 98,877,000 96,214,000 94,230,000 
      total liabilities and stockholders’ equity
    		                                 1,420,878,000 1,419,782,000  1,311,004,000 1,295,455,000 1,301,635,000  1,296,950,000 1,278,043,000 1,270,611,000  1,258,528,000 1,227,428,000 1,204,597,000  1,199,172,000 1,191,610,000 1,194,332,000   1,201,070,000 1,185,476,000 1,192,569,000 1,196,525,000 1,031,961,000 1,043,333,000 1,013,888,000 970,464,000 962,090,000 940,385,000 925,574,000 904,715,000 905,451,000 872,200,000 853,873,000 855,640,000 852,039,000 839,756,000 727,443,000 725,023,000 706,867,000  700,537,000 689,739,000 674,629,000 658,195,000 631,469,000 605,262,000 602,407,000 584,800,000 583,396,000 560,129,000 534,782,000 499,559,000 
      stockholders' equity
    		                                                                                       
      total saul centers, inc. stockholders' equity
    		                                   318,505,000    303,328,000    292,536,000    276,678,000    267,703,000 258,900,000                                   
      total stockholders' equity
    		                                   373,249,000    353,727,000    339,257,000    315,126,000    307,289,000 298,918,000                      137,032,000             
      total liabilities and stockholders' equity
    		                                   1,343,025,000    1,304,145,000    1,266,987,000    1,198,675,000    1,207,309,000 1,200,447,000                      701,575,000             
      deferred debt costs
    		                                       8,737,000 9,091,000 9,455,000 9,695,000 9,874,000 10,192,000 10,564,000 9,345,000 9,675,000 8,244,000 8,342,000 8,301,000 7,713,000 8,106,000 8,267,000 6,719,000 7,090,000 6,969,000 6,914,000 7,211,000 7,192,000 6,767,000 7,025,000 7,291,000 7,537,000 7,466,000 5,969,000 5,576,000 5,875,000 6,148,000 6,440,000 6,402,000 6,264,000 5,186,000 5,266,000 5,086,000 5,328,000 5,595,000 5,845,000 5,916,000 5,875,000 5,930,000 6,177,000 6,093,000 5,011,000 4,982,000 4,509,000 4,498,000 
      series a cumulative redeemable, 16,000 shares issued and outstanding in 2013
    		                                                                                       
      series c cumulative redeemable, 72,000 and 56,000 shares issued and outstanding, respectively
    		                                           180,000,000                                            
      series a cumulative redeemable, 16,000 shares issued and outstanding
    		                                            40,000,000 40,000,000 40,000,000                                         
      series c cumulative redeemable, 56,000 shares issued and outstanding
    		                                            140,000,000 140,000,000 140,000,000                                         
      series a cumulative redeemable, 16,000 and 40,000 shares issued and outstanding, respectively
    		                                               40,000,000 40,000,000 40,000,000 40,000,000                                     
      series b cumulative redeemable, 31,731 shares issued and outstanding in 2012
    		                                                                                       
      series c cumulative redeemable, 56,000 shares issued and outstanding in 2013
    		                                               140,000,000 140,000,000 140,000,000 140,000,000                                     
      20,199,685 and 20,045,452 shares issued and outstanding, respectively
    		                                                  202,000                                     
      series a cumulative redeemable, 40,000 shares issued and outstanding
    		                                                   100,000,000 100,000,000 100,000,000 100,000,000 100,000,000 100,000,000 100,000,000 100,000,000 100,000,000 100,000,000 100,000,000 100,000,000 100,000,000 100,000,000 100,000,000 100,000,000 100,000,000 100,000,000 100,000,000                  
      series b cumulative redeemable, 31,731 shares issued and outstanding
    		                                                   79,328,000 79,328,000 79,328,000 79,328,000 79,328,000 79,328,000 79,328,000 79,328,000 79,328,000 79,328,000 79,328,000 79,328,000 79,328,000 79,328,000 79,328,000 79,328,000  79,328,000 79,328,000                  
      18,239,838 and 18,012,416 shares issued and outstanding, respectively
    		                                                             182,000                          
      revolving credit facility outstanding
    		                                                                 15,000,000 15,000,000     8,000,000   32,000,000 35,000,000 31,000,000 26,000,000 10,500,000 10,500,000        
      minority interests
    		                                                                   2,967,000 2,944,000 3,747,000 4,347,000 4,745,000 5,091,000 5,305,000 5,537,000 5,785,000 5,926,000 6,194,000 4,606,000 3,068,000 1,484,000       
      series b cumulative redeemable, 31,731 shares issued and outstanding as of december 31, 2008
    		                                                                   79,328,000                    
      series a cumulative redeemable, 40,000 shares shares issued and outstanding
    		                                                                      100,000,000                 
      series b cumulative redeemable, 31,731 shares shares issued and outstanding
    		                                                                      79,328,000                 
      series a cumulative redeemable preferred stock, 1,000,000 shares authorized and 40,000 shares issued and outstanding
    		                                                                       100,000,000 100,000,000 100,000,000 100,000,000 100,000,000 100,000,000 100,000,000 100,000,000 100,000,000 100,000,000 100,000,000 100,000,000 100,000,000    
      17,450,329 and 17,341,441 shares issued and outstanding, respectively
    		                                                                          175,000             
      leasing costs
    		                                                                             19,698,000 20,212,000 19,834,000 17,031,000 17,445,000 18,046,000 17,745,000 18,571,000 18,887,000  
      series a cumulative redeemable preferred stock, par value 0.01 per share, 1,000,000 shares authorized and 40,000 shares issued and outstanding
    		                                                                                    100,000,000 100,000,000 100,000,000 
      revolving credit facility
    		                                                                                     22,000,000  
    The information provided in this report is taken from www.sec.gov and many other data providers. While we have conducted our best efforts to ensure that the parsed data is accurate, we cannot guarantee its accuracy. Please use caution and understand that any consequences of its use are your own responsibility.