SAUL CENTERS, INC. — Director's Dealing 2012

May 9, 2012

SEC Form 4/A — Form 4/A

Issuer: SAUL CENTERS INC (BFS)
CIK: 0000907254
Period of Report: 2012-04-02

Reporting Person: GROSVENOR GILBERT M (Director)

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Shares	325.7096	Direct

Footnotes

F1: As a member of the board of directors of the Issuer, the Reporting Person has elected to participate in the Issuer's Dividend Reinvestment Plan (the "Plan"). Pursuant to the Plan, dividends on common shares benefically held by the Reporting Person are reinvested to buy additional common shares. From time to time during the Reporting Person's tenure on the Issuer's board of directors, certain common shares that had been issued to the Reporting Person were donated to third parties and were therefore not eligible to participate in the Plan. Various reports filed by the Reporting Person under Section 16 of the Securities Exchange Act of 1934, as amended, erroneously (i) failed to reflect several such donations and (ii) reflected the reinvestment of dividends on such donated common shares. The number of common shares reported on this Form 4/A accurately reflects the number of common shares beneficially held by the Reporting Person as of the date indicated in Box 3 above.