
<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, 1999 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-31-1999
<PERIOD-START>                             JAN-01-1999
<PERIOD-END>                               MAR-31-1999
<CASH>                                           2,061
<SECURITIES>                                         0
<RECEIVABLES>                                    5,661
<ALLOWANCES>                                         0
<INVENTORY>                                          0
<CURRENT-ASSETS>                                     0
<PP&E>                                         350,449
<DEPRECIATION>                                 104,472
<TOTAL-ASSETS>                                 275,244
<CURRENT-LIABILITIES>                                0
<BONDS>                                        291,781
<PREFERRED-MANDATORY>                                0
<PREFERRED>                                          0
<COMMON>                                           130
<OTHER-SE>                                    (35,884)
<TOTAL-LIABILITY-AND-EQUITY>                   275,244
<SALES>                                              0
<TOTAL-REVENUES>                                17,964
<CGS>                                                0
<TOTAL-COSTS>                                    4,833
<OTHER-EXPENSES>                                 1,534
<LOSS-PROVISION>                                    61
<INTEREST-EXPENSE>                               5,633
<INCOME-PRETAX>                                  5,041
<INCOME-TAX>                                         0
<INCOME-CONTINUING>                              5,041
<DISCONTINUED>                                       0
<EXTRAORDINARY>                                      0
<CHANGES>                                            0
<NET-INCOME>                                     3,120
<EPS-PRIMARY>                                     0.24
<EPS-DILUTED>                                     0.24
        

</TABLE>
