
<TABLE> <S> <C>

<PAGE>
<ARTICLE> 5
<LEGEND>
This schedule contains summary financial information extracted from financial
statements, schedules and other disclosure contained in Form 10-Q for the period
ended March 31, 1997 of Saul Centers, Inc. and is qualified in its entirety by
reference to such financial statements, schedules and other disclosure.
</LEGEND>
<MULTIPLIER> 1,000
       
<S>                             <C>
<PERIOD-TYPE>                   3-MOS
<FISCAL-YEAR-END>                          DEC-31-1997
<PERIOD-END>                               MAR-31-1997
<CASH>                                           1,994
<SECURITIES>                                         0
<RECEIVABLES>                                    6,203
<ALLOWANCES>                                         0
<INVENTORY>                                          0
<CURRENT-ASSETS>                                     0
<PP&E>                                         330,815
<DEPRECIATION>                                  97,368
<TOTAL-ASSETS>                                 264,192
<CURRENT-LIABILITIES>                                0
<BONDS>                                        273,161
<PREFERRED-MANDATORY>                                0
<PREFERRED>                                          0
<COMMON>                                           122
<OTHER-SE>                                     (28,128)
<TOTAL-LIABILITY-AND-EQUITY>                   264,192
<SALES>                                              0
<TOTAL-REVENUES>                                16,562
<CGS>                                                0
<TOTAL-COSTS>                                    4,598
<OTHER-EXPENSES>                                 1,514
<LOSS-PROVISION>                                    43
<INTEREST-EXPENSE>                               5,365
<INCOME-PRETAX>                                  2,167
<INCOME-TAX>                                         0
<INCOME-CONTINUING>                              2,167
<DISCONTINUED>                                       0
<EXTRAORDINARY>                                      0
<CHANGES>                                            0
<NET-INCOME>                                     2,167
<EPS-PRIMARY>                                     0.18
<EPS-DILUTED>                                     0.18
        


</TABLE>
