
<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 SEPTEMBER 30, 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>                   9-MOS
<FISCAL-YEAR-END>                          DEC-31-1997
<PERIOD-END>                               SEP-30-1997
<CASH>                                             997
<SECURITIES>                                         0
<RECEIVABLES>                                    5,875
<ALLOWANCES>                                         0
<INVENTORY>                                          0
<CURRENT-ASSETS>                                     0
<PP&E>                                         346,253
<DEPRECIATION>                                 102,186
<TOTAL-ASSETS>                                 269,249
<CURRENT-LIABILITIES>                                0
<BONDS>                                        283,370
<PREFERRED-MANDATORY>                                0
<PREFERRED>                                          0
<COMMON>                                           123
<OTHER-SE>                                     (30,428)
<TOTAL-LIABILITY-AND-EQUITY>                   269,249
<SALES>                                              0
<TOTAL-REVENUES>                                50,331
<CGS>                                                0
<TOTAL-COSTS>                                   13,910
<OTHER-EXPENSES>                                 4,565
<LOSS-PROVISION>                                   337
<INTEREST-EXPENSE>                              16,239
<INCOME-PRETAX>                                  7,331
<INCOME-TAX>                                         0
<INCOME-CONTINUING>                              7,331
<DISCONTINUED>                                       0
<EXTRAORDINARY>                                      0
<CHANGES>                                            0
<NET-INCOME>                                     7,331
<EPS-PRIMARY>                                     0.60
<EPS-DILUTED>                                     0.60
        

</TABLE>
