
<PAGE>
 
           Saul Centers, Inc
Schedule of Current Portfolio Properties
             March 31, 1999

<TABLE>
<CAPTION>
                                                     Leasable           Year                                          
                                                       Area           Developed       Land                            
                                                     (Square         or Acquired      Area       Percentage Leased    
      Property                Location                 Feet)         (Renovated)     (Acres)     Mar-99     Mar-98    
---------------------------------------------------------------------------------------------------------------------
<S>                          <C>                      <C>       <C>                    <C>         <C>        <C>     
Shopping Centers

     Ashburn Village         Ashburn, VA              108,204               1994       12.7        100%       98%     
                                                                                                                     
     Beacon Center       (a) Alexandria, VA           355,659    1972 (1993/1998)      32.3        100%       97%     
                                                                                                                     
     Belvedere               Baltimore, MD             54,941               1972        4.8         94%      100%     
                                                                                                                     
     Boulevard               Fairfax, VA               56,578               1994        5.0         92%      100%     
                                                                                                                     
     Clarendon               Arlington, VA              6,940               1973        0.5        100%      100%     
                                                                                                                     
     Clarendon Station       Arlington, VA              4,868               1996        0.1        100%       55%     
                                                                                                                     
     Flagship Center         Rockville, MD             21,500         1972, 1989        0.5        100%      100%     
                                                                                                                     
     French Market           Oklahoma City, OK        213,668      1974 (1984/98)      13.8         76%       63%     
                                                                                                                     
     Germantown              Germantown, MD            26,241               1992        2.7         97%      100%     
                                                                                                                     
     Giant                   Baltimore, MD             70,040         1972 (1990)       5.0        100%      100%     
                                                                                                                     
     The Glen                Lake Ridge, VA           112,639               1994       14.7         97%      100%     
                                                                                                                     
     Great Eastern           District Heights, MD     255,448         1972 (1995)      23.9         96%       89%     
                                                                                                                     
     Hampshire Langley       Langley Park, MD         134,425         1972 (1979)       9.9        100%       99%     
                                                                                                                     
     Leesburg Pike           Baileys Crossroads, VA    97,888      1966 (1982/95)       9.4        100%       96%     
                                                                                                                     
     Lexington Mall          Lexington, KY            315,747               1974       30.0         91%       86%     
                                                                                                                     
     Lumberton               Lumberton, NJ            189,898      1975 (1992/96)      23.3         91%       88%     
                                                                                                                     
     Olney                   Olney, MD                 53,765         1975 (1990)       3.7         94%       91%     
                                                                                                                     
     Park Road Center        Washington, DC           106,650         1973 (1993)       1.7        100%      100%     
                                                                                                                     
     Ravenwood               Baltimore, MD             87,750               1972        8.0        100%      100%     
                                                                                                                     
     Seven Corners           Falls Church, VA         567,994       1973 (1994-7)      31.6        100%       93%     
                                                                                                                     
     Shops at Fairfax    (a) Fairfax, VA               60,703    1975 (1993/1998)       6.7        100%       65%     
                                                                                                                     
     Southdale               Glen Burnie, MD          479,749         1972 (1986)      39.6         99%      100%     

<CAPTION>
      Property                           Anchor/Significant Tenants                        
-------------------------------------------------------------------------------------------- 
<S>                           <C>                                                                  
Shopping Centers                                                                             
                                                                                             
     Ashburn Village          Giant Food, Blockbuster                                              
                                                                                                   
     Beacon Center            Lowe's, Giant Food, Office Depot, Outback Steakhouse, Marshalls,     
                              Just For Feet, Hollywood Video, Hancock Fabrics                      
     Belvedere                Food King                                                            
                                                                                                   
     Boulevard                Danker Furniture, Petco, Party City                                  
                                                                                                   
     Clarendon                                                                                     
                                                                                                   
     Clarendon Station                                                                             
                                                                                                   
     Flagship Center                                                                               
                                                                                                   
     French Market            Bed Bath & Beyond, Lakeshore Learning Center, Fleming Food, Furr's   
                              Cafeteria, BridesMart                                                
     Germantown                                                                                    
                                                                                                   
     Giant                    Giant Food                                                           
                                                                                                   
     The Glen                 Safeway Marketplace, CVS Pharmacy                                    
                                                                                                   
     Great Eastern            Giant Food, Pep Boys, Big Lots, Run N' Shoot                         
                                                                                                   
     Hampshire Langley        Safeway, McCrory                                                     
                                                                                                   
     Leesburg Pike            Zany Brainy, CVS Pharmacy, Hollywood Video                           
                                                                                                   
     Lexington Mall           Dillard's, Dawahares of Lexington, Fashion Shops, Rite Aid           
                                                                                                   
     Lumberton                SuperFresh, Rite Aid, Blockbuster, Mandee                            
                                                                                                   
     Olney                    Rite Aid                                                             
                                                                                                   
     Park Road Center                                                                              
                                                                                                   
     Ravenwood                Giant Food                                                           
                                                                                                   
     Seven Corners            Home Depot, Shoppers Club, Best Buy, Michaels,  Barnes & Noble,      
                              Ross Dress For Less, G Street Fabrics                                
     Shops at Fairfax         SuperFresh                                                           
                                                                                                   
     Southdale                Giant Food, Hechinger, Circuit City,  Kids R Us, Michaels, Marshalls,
                              PetSmart, Value City Furniture                                       
</TABLE>                  
<PAGE>
 
           Saul Centers, Inc
Schedule of Current Portfolio Properties
             March 31, 1999

<TABLE>
<CAPTION>
                                                     Leasable           Year                                          
                                                       Area           Developed       Land                            
                                                     (Square         or Acquired      Area       Percentage Leased    
      Property                Location                 Feet)         (Renovated)     (Acres)     Mar-99     Mar-98    
---------------------------------------------------------------------------------------------------------------------
<S>                          <C>                      <C>       <C>                    <C>         <C>        <C>     
Shopping Centers (continued)

     Southside Plaza         Richmond, VA             352,964               1972       32.8         91%        89%   
                                                                                                                     
     South Dekalb Plaza      Atlanta, GA              167,591               1976       14.6         76%        88%   
                                                                                                                     
     Thruway                 Winston-Salem, NC        345,194         1972 (1997)      30.5         94%        89%   
                                                                                                                     
     Village Center          Centreville, VA          142,881               1990       17.2         91%        87%   
                                                                                                                     
     West Park               Oklahoma City, OK         77,810               1975       11.2         46%        66%   
                                                                                                                     
     White Oak               Silver Spring, MD        480,156         1972 (1993)      28.5        100%       100%   
                                                    ---------                         -----       ----       ----    
                          Total Shopping Centers    4,947,891                         414.5         94%        92%   
                                                    ---------                         -----       ----       ----    

Office Properties                                                                                                    
                                                                                                                     
                                                                                                                     
     Avenel I-III            Gaithersburg, MD         285,218         1981/85/89       28.2         99%        92%   
                                                                                                                     
     Avenel IV               Gaithersburg, MD          46,227               1998        3.2        100%         --   
                                                                                                                     
     Avenel V                Gaithersburg, MD          27,535 (b)           1999        2.0         45%         --   
                                                                                                                     
     601 Pennsylvania Ave    Washington, DC           225,153         1973 (1986)       1.0         97%       100%   
                                                                                                                     
     Van Ness Square         Washington, DC           157,697         1973 (1990)       1.2         96%        89%   
                                                    ---------                         -----       ----       ----    
                                                                                                                     
                          Total Office Properties     741,830                          35.6         96%        94%   
                                                    ---------                         -----       ----       ----    
Industrial Property                                                                                                  
                                                                                                                     
                                                    ---------                         -----       ----       ----    
     Crosstown           (c) Tulsa, OK                197,135               1975       21.5          2%         7%   
                                                    ---------                         -----       ----       ----    
Development Property                                                                                                 

                                                    ---------                         -----       ----       ----    
     North Washington    (d) Alexandria, VA                                 1973        2.0                   100%   
                                                    ---------                         -----       ----       ----    

                          Total Portfolio           5,886,856  SF                      471.6        92%        89%   
                                                    =========                         ======      ====       ====

<CAPTION>
      Property                           Anchor/Significant Tenants                        
-------------------------------------------------------------------------------------------- 
<S>                           <C>
Shopping Centers (continued)

     Southside Plaza          CVS Pharmacy, Community Pride Supermarket, Maxway                   
                                                                                                  
     South Dekalb Plaza       Bolton Furniture, MacFrugals, Pep Boys, The Emory Clinic            
                                                                                                  
     Thruway                  Stein Mart, Harris Teeter, Fresh Market, Eckerd Drugs, Houlihan's,  
                              Borders Books, Zany Brainy, Blockbuster, Bocock-Stroud             
     Village Center           Giant Food                                                          
                                                                                                  
     West Park                Homeland Stores, Family Dollar                                      
                                                                                                  
     White Oak                Giant Food, Sears, Rite Aid, Blockbuster                            
                                                                                                  
                                                                                                  

Office Properties                                                                                 
                                                                                                  
                                                                                                  
     Avenel I-III             Quanta Systems, General Services Administration, GeneLogic          
                                                                                                  
     Avenel IV                Boston Biomedica, MicroAge                                          
                                                                                                  
     Avenel V                                                                                     
                                                                                                  
     601 Pennsylvania Ave     General Services Administration, Capital Grille                     
                                                                                                  
     Van Ness Square          United Mine Workers Pension Trust, Office Depot, Pier 1             
</TABLE>


(a)   Property is being redeveloped. Leasable area and percentage leased
      includes space leased and under development.

(b)   An additional 27,000 square feet of space at Avenel was under construction
      as of March 31, 1999.

(c)   Shopping center conversion - currently in approval and pre-development.

(d)   Construction of a 230,000 square foot Class A mixed-use office/retail 
      project is due to be completed the summer of 2000.
