
<PAGE>
                                                                      EXHIBIT 99

                               SAUL CENTERS, INC.
                   SCHEDULE OF CURRENT PORTFOLIO PROPERTIES
                              SEPTEMBER 30, 1997
<TABLE> 
<CAPTION> 
                                             Leasable       Year
                                               Area       Developed      Land
                                             (Square     or Acquired     Area     Percentage Leased
     Property             Location             Feet)     (Renovated)    (Acres)  Sep-1997   Sep-1996   Anchor/Significant Tenants
------------------    ------------------    ---------    -----------    -------  --------   --------  ----------------------------
<S>                   <C>                   <C>          <C>            <C>      <C>        <C>        <C>  
                                         
SHOPPING CENTERS                         
----------------                         
                                         
    Ashburn Village   Asburn, VA              108,204         1994         12.7     95%       100%    Giant Food, Blockbuster
                                                                      
    Beacon Center     Alexandria, VA          290,845      1972(1993)      32.3     69%        73%    Giant Food, Office Depot,
                                                                                                      Outback Steakhouse, Marshalls,
                                                                                                      Sneaker Stadium, Hollywood 
                                                                                                      Video
                                                                                                
    Belvedere         Baltimore, MD            54,941         1972          4.8    100%       100%    Giant Food, Rite Aid
                                                                      
    Boulevard         Fairfax, VA              56,578         1994          5.0     91%       100%    Danker Furniture, Petco
                                                                      
    Clarendon         Arlington, VA             6,940         1973          0.5    100%       100%
                                                                      
    Clarendon Station Arlington, VA             4,868         1996          0.1    100%       100%
                                                                      
    Crosstown         Tulsa, OK               197,135         1975         26.4     21%        37%                   
                                                                      
    Flagship Center   Rockville, MD            21,500      1972, 1989       0.5    100%       100%                             
                                                                                                                   
                                                                      
    French Market     Oklahoma City, OK       213,658      1974(1984)      13.8     88%        94%    Fleming Food, Furr's Cafeteria
                                                                      
    Germantown        Germantown, MD           26,241         1992          2.7     92%        75%
                                                                      
    Giant             Baltimore, MD            70,040      1972(1990)       5.0    100%       100%    Giant Food
                                                                      
    The Glen          Lake Ridge, VA          112,639         1994         14.7    100%       100%    Safeway Marketplace, CVS 
                                                                                                      Pharmacy
                                                                         
    Great Eastern     District Heights, MD    255,448      1972(1995)      23.9     89%        90%    Giant Food, Caldor, Pep Boys
                                                                         
    Hampshire Langley Langley Park, MD        134,425      1972(1979)       9.9    100%        96%    Safeway, McCrory
                      
    Leesburg Pike     Baileys Crossroads, VA   97,888      1966(1982/95)    9.4    100%       100%    Zany Brainy, CVS Pharmacy, 
                                                                                                      Hollywood Video
                                                                         
    Lexington Mall    Lexington, KY           315,551         1974         30.0     89%        98%    McAlpin's, Dawahares of 
                                                                                                      Lexington, Rite Aid
                                                                         
    Lumberton         Lumberton, NJ           189,729      1975(1992/96)   23.3     88%        80%    Super Fresh, Rite Aid, 
                                                                                                      Blockbuster, Mandee
                                                                         
    North Washington  Alexandria, VA           41,500         1973          2.0    100%       100%    Mastercraft Interiors
                                                                         
    Olney             Olney, MD                53,765      1975(1990)       3.7     95%        86%
                                                                         
    Park Road Center  Washington, DC          106,650      1973(1993)       1.7    100%       100%    Woolworth
                                                                         
    Ravenwood         Baltimore, MD            87,750         1972          8.0    100%       100%    Giant Food
</TABLE> 

<PAGE>
 
                                                                      EXHIBIT 99

                              SAUL CENTERS, INC.
                   SCHEDULE OF CURRENT PORTFOLIO PROPERTIES
                              SEPTEMBER 30, 1997
<TABLE> 
<CAPTION> 
                                             Leasable       Year
                                               Area       Developed      Land
                                             (Square     or Acquired     Area    Percentage Leased
     Property             Location             Feet)     (Renovated)    (Acres)  Sep-1997   Sep-1996   Anchor/Significant Tenants
------------------    ------------------    ---------    -----------    -------  --------   --------  ----------------------------
<S>                  <C>                    <C>          <C>            <C>      <C>        <C>        <C>   
                                         
SHOPPING CENTERS (CONTINUED)
----------------------------             

 Seven Corners        Falls Church, VA        545,061    1973(1994-7)     31.6      94%       88%     Home Depot, Shoppers Club, 
                                                                                                      Best Buy, Michaels, Barnes & 
                                                                                                      Noble, Ross Dress For Less, 
                                                                                                      Centex Life Solutions
 
 Shops at Fairfax     Fairfax, VA              64,580    1975(1992-3)      6.7      65%       43%     Office Depot, Hollywood Video
 
 Southdale            Glen Burnie, MD         475,099    1972(1986)       39.6     100%       99%     Giant Food, Hechinger, Circuit
                                                                                                      City, Kids R Us, Michaels, 
                                                                                                      Marshalls, Petsmart, Value 
                                                                                                      City Furniture
                                                      
 Southside Plaza      Richmond, VA            352,516       1972          32.8      91%       95%     CVS Pharmacy, Nick's 
                                                                                                      Supermarket
                                                                     
 Sunshine City        Atlanta, GA             195,653       1976          14.6      88%       98%     Bolton Furniture, MacFrugals, 
                                                                                                      Pep Boys, The Emory Clinic
                                                                     
 Thruway              Winston-Salem, NC       339,564       1972          30.5      96%       96%     Steinmart, Reading China & 
                                                                                                      Glass, Harris Teeter, Fresh 
                                                                                                      Market, Blockbuster, Piece 
                                                                                                      Goods Shop, Bocock-Stroud, 
                                                                                                      Houlihan's
                                                                    
 Village Center       Centreville, VA         142,881       1990          17.2      86%       84%     Giant Food
                                                                    
 West Park            Oklahoma City, OK       107,895       1975          11.2      71%       76%     Homeland Stores, Treasury Drug
                                                                    
 White Oak            Silver Spring, MD       480,156    1972(1993)       28.5     100%       99%     Giant Food, Sears, Rite Aid, 
                                                                                                      Blockbuster
                                            ---------                    -----    -----     ----- 

                    Total Shopping Centers  5,149,700                    442.9      89%       90%
                                            ---------                    -----    -----     -----  
<CAPTION> 

COMMERCIAL PROPERTIES
---------------------
<S>                  <C>                    <C>          <C>         <C>      <C>        <C>      <C>   
 Avenel                 Gaithersburg, MD        284,557    1981/85/89    28.2      94%       98%     ONCOR, Inc.,           
                                                                                                     Quanta Systems, General
                                                                                                     Services Administration

                                                                    
 601 Pennsylvania Ave   Washington, DC          225,153    1973(1986)     1.0     100%       99%     General Services 
                                                                                                     Administration, Capital Grille
                                                                     
 Van Ness Square        Washington, DC          161,058    1973(1990)     1.2      84%       74%     United Mine Workers Pension 
                                                                                                     Trust, Office Depot, Pier 1
                                              ---------                ------    -----     -----  
                                                                    
                 Total Commercial Properties    670,768                  30.4      94%       93%
                                              ---------                ------    -----     -----  
                                                                    
                          TOTAL PORTFOLIO     5,820,468 SF              473.3      90%       90%
                                              =========                 =====    =====     =====
</TABLE> 


