Saul Centers Mortgage-Backed Bond

In September 1999, Klaff Realty, LP, in a joint venture with the Lubert-Adler Real Estate Fund II, acquired an S&P rated BB-mortgage-backed security from Nomura Securities International, a liquidating broker dealer.

The bond is secured by nine neighborhood and community retail centers totaling more than 1.9 million square feet primarily located in the Baltimore-Washington, D.C. area.