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Filing Details

Issuer

Cik	Name	Symbol	Sector (SIC)	IRS No
907254	Saul Centers Inc	BFS	Real Estate Investment Trusts (6798)	521833074

Insiders

Cik	Name	Reported Address	Insider Title	Director	Officer	Large Shareholder	Other
1228467	Iii Francis B Saul	7501 Wisconsin Avenue 15Th Floor Bethesda MD 20814	President	Yes	Yes	No	No

Reported Non-Derivative Transactions

Sec. Name	Acquisiton - Disposition	Date	Amount	Price	Remaning Holdings	Equity Swap Involved	Form Type	Code	Nature of Ownership	Explanation
Common Shares	Acquisiton	2010-12-09	80,000	$24.91	84,176	No	4	M	Direct
Common Shares	Disposition	2010-12-09	59,978	$45.00	24,198	No	4	S	Direct

Equity Swap Involved	Form Type	Code	Nature of Ownership	Explanation
No	4	M	Direct
No	4	S	Direct

Reported Derivative Transactions

Sec. Name	Sec. Type	Acquisiton - Disposition	Date	Amount	Price	Amount - 2	Price - 2
Common Stock	Employee Stock Option	Disposition	2010-12-09	80,000	$24.91	80,000	$24.91

Remaning Holdings	Exercise Date	Expiration Date	Equity Swap Involved	Transaction Form Type	Transaction Code	Nature of Ownership
0	2004-05-23	2013-05-23	No	4	M	Direct

Reported Non-Derivative Holdings

Sec. Name	Remaning Holdings	Nature of Ownership	Explanation
Common Shares	12,000	Indirect	Beneficiary of Trust
Common Shares	3,564	Indirect	401K

Reported Derivative Holdings

Sec. Name	Sec. Type	Price	Date	Expiration Date	Amount	Remaning Holdings	Nature of Ownership
Common Stock	Employee Stock Option	$25.78	2005-04-26	2014-04-26	40,000	40,000	Direct
Common Stock	Stock Option	$25.78	2004-04-26	2014-04-26	2,500	2,500	Direct
Common Stock	Employee Stock Option	$33.22	2006-05-06	2015-05-06	40,000	40,000	Direct
Common Stock	Phantom Stock	$42.42			19,706	19,706	Direct
Common Stock	Stock Option	$33.22	2005-05-06	2015-05-06	2,500	2,500	Direct
Common Stock	Stock Option	$40.35	2006-05-01	2016-05-01	2,500	2,500	Direct
Common Stock	Employee Stock Option	$54.17	2008-04-27	2017-04-27	40,000	40,000	Direct
Common Stock	Stock Option	$54.17	2007-04-27	2017-04-27	2,500	2,500	Direct
Common Stock	Stock Option	$50.15	2008-04-25	2018-04-25	2,500	2,500	Direct
Common Stock	Stock Option	$32.68	2009-04-24	2019-04-24	2,500	2,500	Direct
Common Stock	Stock Option	$38.76	2010-05-07	2020-05-07	2,500	2,500	Direct

Expiration Date	Amount	Remaning Holdings	Nature of Ownership
2014-04-26	40,000	40,000	Direct
2014-04-26	2,500	2,500	Direct
2015-05-06	40,000	40,000	Direct
	19,706	19,706	Direct
2015-05-06	2,500	2,500	Direct
2016-05-01	2,500	2,500	Direct
2017-04-27	40,000	40,000	Direct
2017-04-27	2,500	2,500	Direct
2018-04-25	2,500	2,500	Direct
2019-04-24	2,500	2,500	Direct
2020-05-07	2,500	2,500	Direct

Footnotes

The option will vest 25% per year over four years from the date of grant.
1 for 1
Pursuant to the issuer's Deferred Compensation Plan under its 2004 Stock Plan and the Deferred Fee Agreement executed by the reporting person, the reporting person has elected to defer receipt of his director's fees, and receive phantom stock, the amount of which is calculated as the quotient of the dollar value of fees deferred, divided by the fair market value of the issuer's shares on the date the phantom stock is received.
Effective April 1, 2009, shares formerly held by the B.F. Saul Company Employees' Profit Sharing Reinvestment Trust were distributed to the individual 401(k) plan accounts of participants. The number of shares reported represents the reporting person's beneficial ownership interest in the Saul Centers stock fund of the 401(k) plan.
The conversion of phantom stock into shares of the issuer's common stock is governed pursuant to terms of the issuer's Deferred Compensation Plan under its 2004 Stock Plan, as amended, and the reporting person's Deferred Fee Agreement.
Includes 170.932 shares ($41.1426/share) awarded October 29, 2010 as dividend reinvestments on shares of phantom stock held by the reporting person pursuant to the issuer's Deferred Compensation Plan under its 2004 Stock Plan and shares of phantom stock issued under the issuer's Deferred Compensation Stock Plan for Directors.
Balance increased by October 29, 2010 Dividend Reinvestment Plan award of 36.225 shares.