saul centers, inc. (nyse: bfs) is a self-managed, self-administered equity real estate investment trust, formed in 1993 and headquartered in bethesda, maryland. saul centers operates and manages a real estate portfolio of 59 community and neighborhood shopping center and office properties totaling approximately 9.3 million square feet of leaseable area. approximately 85 percent of our cash flow is generated from properties in the metropolitan washington, d.c./baltimore area. saul centers’ primary operating strategy is to continue its program of internal growth, renovations, and expansions of community and neighborhood shopping centers that primarily service the day-to-day necessities and services subsector of the overall retail market. saul centers plans to supplement its internal growth strategy through selective development of new properties and acquisitions of operating properties as appropriate opportunities arise.