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Picture of Saul Centers Headquarters Saul Centers, Inc. (“Saul Centers”) was incorporated on June 10, 1993 as a Maryland corporation and began operations in August 1993. Saul Centers operates as a real estate investment trust under the Internal Revenue Code of 1986. Saul Centers was formed to continue and expand the shopping center business previously owned and conducted by the B.F. Saul Real Estate Investment Trust, the B.F. Saul Company, Chevy Chase Bank, F.S.B. and certain other affiliated entities (collectively, "The Saul Organization"). On August 26, 1993, The Saul Organization transferred to Saul Holdings Limited Partnership, a newly formed Maryland limited partnership and two newly formed subsidiary limited partnerships (Saul Subsidiary I Limited Partnership and Saul Subsidiary II Limited Partnership), shopping center and office properties and the management functions related to the transferred properties. Since its formation, the partnerships have purchased and developed additional properties. The properties currently consist of 36 operating shopping center properties, five predominantly office operating properties and four (non-operating) development and/or redevelopment properties. The subsidiary partnerships own a combined eleven properties and are each 99% owned by Saul Holdings Limited Partnership, which owns the Company's remaining 32 properties. Therefore the Company's three partnerships own all of the Company's real estate properties. Saul Centers is the general partner of Saul Holdings and Saul Subsidiary II, while Saul QRS, Inc. (a wholly owned subsidiary of Saul Centers) is the general partner of Saul Subsidiary I.