SAUL CENTERS, INC. — Director's Dealing 2010

May 25, 2010

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: SAUL CENTERS INC (BFS)
CIK: 0000907254
Period of Report: 2010-05-07

Reporting Person: Sullivan Mark III (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2010-05-07	Common Shares	A	200	$38.76	Acquired	1800	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2010-05-07	Stock Option	$38.76	A	2500	Acquired	2020-05-07	Common Stock (2500)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Shares	2500	Indirect
Common Shares	1463.092	Direct
Common Shares	8510.323	Direct

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Stock Option	$32.68	2019-04-24	Common Stock (2500)	2500	Direct

Footnotes

F1: Mr. Sullivan is co-trustee of the trust. The beneficiaries of the trust are his brother and his brother's children. Mr. Sullivan disclaims any beneficial ownership in the shares held by the trust.

F2: Self-Direct

F3: SEP IRA

F4: IRA

F5: Adjusted by <18.121> shares to correct beginning balance on 5/5/2008 Form 4 report.

F6: Adjusted by <105.401> shares to correct beginning balance on 5/5/2008 Form 4 report.