Saul Centers, Inc. Saul Centers, Inc. is a self-managed, self-administered equity real estate investment trust headquartered in Bethesda, Maryland. Saul Centers currently operates and manages a real estate portfolio of 34 community and neighborhood shopping center and office properties totaling approximately 6.3 million square feet of leasable area. Over 82% of our cash flow is generated from properties in the metropolitan Washington, DC/Baltimore area. Saul Centers’ primary operating strategy is to focus on continuing its program  of internal growth, renovations, and expansions of community and neighborhood shopping centers, which primarily service the day-to-day necessities and services sub-sector of the overall retail market. The Company plans to supplement its growth through effective development of new office and retail properties and acquisitions of operating properties as appropriate opportunities arise. Based on Property Operating Income PORTFOLIO COMPOSITION 2 68.1% Shopping Centers 31.9% Office 82.7% Metropolitan Washington, DC/ Baltimore Area 17.3% Rest of U.S.