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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
1216742	Jr Patrick George Clancy	7501 Wisconsin Avenue Suite 1400 Bethesda MD 20814		Yes	No	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	Disposition	2014-12-09	92	$55.72	2,743	No	4	S	Indirect	401K
Common Shares	Disposition	2014-12-15	2,743	$55.87	0	No	4	S	Indirect	401K

Equity Swap Involved	Form Type	Code	Nature of Ownership	Explanation
No	4	S	Indirect	401K
No	4	S	Indirect	401K

Reported Non-Derivative Holdings

Sec. Name	Remaning Holdings	Nature of Ownership	Explanation
Common Shares	600	Direct

Reported Derivative Holdings

Sec. Name	Sec. Type	Price	Date	Expiration Date	Amount	Remaning Holdings	Nature of Ownership
Common Stock	Phantom Stock	$57.08			2,263	2,263	Direct
Common Stock	Stock Option	$39.29	2012-05-04	2022-05-04	2,500	2,500	Direct
Common Stock	Stock Option	$44.42	2013-05-10	2023-05-10	2,500	2,500	Direct
Common Stock	Stock Option	$47.03	2014-05-09	2024-05-09	2,500	2,500	Direct

Expiration Date	Amount	Remaning Holdings	Nature of Ownership
	2,263	2,263	Direct
2022-05-04	2,500	2,500	Direct
2023-05-10	2,500	2,500	Direct
2024-05-09	2,500	2,500	Direct

Footnotes

Effective April 1, 2009, shares formerly held by the BF Saul Company Employees' Profit Sharing Reinvestment Trust were distributed to the individual 401(k) plan accounts of participants. The number of shares reported represent the reporting person's beneficial ownership interest in the Saul Centers stock fund of the 401(k) plan. The ownership was increased by 10.57 shares due to the reinvestment of the October 31, 2014 dividend. The ownership position was reduced by 92 shares on December 9, 2014 when the participant received a minimum required distribution and on December 14, 2014, the balance of the account was liquidated as required when the participant transferred his 401(k) plan assets to an IRA
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.
1 for 1
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.