
<PAGE>

          Saul Centers, Inc.
Schedule of Current Portfolio Properties
          September 30, 1999

<TABLE>
<CAPTION>



                                                Leasable         Year
                                                  Area       Developed     Land
                                                (Square     or Acquired    Area    Percentage  Leased
    Property                Location             Feet)      (Renovated)   (Acres)  Sep-1999  Sep-1998  Anchor/Significant Tenants
 -------------           --------------        ---------  --------------  -------  --------  -------- ---------------------------

Shopping Centers
----------------
<S>                      <C>                   <C>       <C>             <C>      <C>       <C>      <C>
 Ashburn Village         Ashburn, VA            108,204           1994     12.7    100%      98%     Giant Food, Blockbuster

 Beacon Center           Alexandria, VA         355,659  1972 (1993/98)    32.3    100%     100%     Lowe's, Giant Food, Office
                                                                                                     Depot, Outback Steakhouse,
                                                                                                     Marshalls, Just For Feet,
                                                                                                     Hollywood Video, Hancock
                                                                                                     Fabrics

 Belvedere               Baltimore, MD           54,941           1972     4.8      86%     100%     Food King, McCrory

 Boulevard               Fairfax, VA             56,350           1994     5.0     100%      71%     Danker Furniture, Petco,
                                                                                                     Party City
 Clarendon               Arlington, VA            6,940           1973     0.5     100%     100%

 Clarendon Station       Arlington, VA            4,868           1996     0.1     100%      78%

 Flagship Center         Rockville, MD           21,500     1972, 1989     0.5     100%     100%

 French Market           Oklahoma City, OK      213,545  1974 (1984/98)    13.8     79%      63%     Bed Bath & Beyond, Lakeshore
                                                                                                     Learning Center, Fleming Food,
                                                                                                     Furr's Cafeteria, BridesMart,
                                                                                                     Staples
 Germantown              Germantown, MD          26,241           1992      2.7     97%     100%

 Giant                   Baltimore, MD           70,040     1972 (1990)     5.0    100%     100%     Giant Food

 The Glen                Lake Ridge, VA         112,639           1994     14.7     97%      97%     Safeway Marketplace, CVS
                                                                                                     Pharmacy

 Great Eastern           District Heights, MD   255,448     1972 (1995)    23.9     98%      52%     Giant Food, Pep Boys,
                                                                                                     Big Lots, Run N' Shoot

 Hampshire Langley       Langley Park, MD       134,425     1972 (1979)     9.9    100%      99%     Safeway, McCrory

 Leesburg Pike           Baileys Crossroads, VA  97,880  1966 (1982/95)     9.4    100%     100%     Zany Brainy, CVS Pharmacy,
                                                                                                     Hollywood Video

 Lexington Mall          Lexington, KY          315,747           1974      30.0    86%      91%     Dillard's, Dawahares of
                                                                                                     Lexington, Fashion Shops,
                                                                                                     Rite Aid

 Lumberton               Lumberton, NJ          189,898  1975 (1992/96)     23.3    91%      88%     SuperFresh, Rite Aid,
                                                                                                     Blockbuster, Mandee

 Olney                   Olney, MD               53,765     1975 (1990)      3.7    99%      94%     Rite Aid

 Park Road Center        Washington, DC         106,650     1973 (1993)      1.7    97%     100%

 Ravenwood               Baltimore, MD           87,750           1972       8.0   100%     100%     Giant Food, Hollywood Video

 Seven Corners           Falls Church, VA       560,998   1973 (1994-7)     31.6   100%      98%     Home Depot, Shoppers Club,
                                                                                                     Best Buy, Michaels, Barnes &
                                                                                                     Noble, Ross Dress For Less, G
                                                                                                     Street Fabr ics, Champs

 Shops at Fairfax/(a)/   Fairfax, VA             68,463  1975 (1993/98)       6.7  100%      98%     SuperFresh, Blockbuster

 Southdale               Glen Burnie, MD        483,874     1972 (1986)      39.6   96%     100%     Giant Food, Hechinger, Circuit
                                                                                                     City, Kids R Us, Michaels,
                                                                                                     Marshalls, PetSmart, Value
                                                                                                     City Furnit
</TABLE>

                                    Exhibit
<PAGE>

          Saul Centers, Inc.
Schedule of Current Portfolio Properties
          September 30, 1999

<TABLE>
<CAPTION>
                                                Leasable         Year
                                                    Area       Developed     Land
                                                  (Square     or Acquired    Area     Percentage Leased
    Property                Location               Feet)      (Renovated)   (Acres)  Sep-1999  Sep-1998  Anchor/Significant Tenants
 -------------           --------------          ---------  --------------  -------  --------  --------  --------------------------

Shopping Centers (continued)
----------------------------
<S>                      <C>                        <C>     <C>             <C>      <C>       <C>       <C>
 Southside Plaza         Richmond, VA              352,964        1972         32.8    90%        90%    CVS Pharmacy, Community
                                                                                                         Pride Supermarket, Maxway

 South Dekalb Plaza      Atlanta, GA               176,762        1976         14.6    81%        97%    MacFrugals, Pep Boys,
                                                                                                         The Emory Clinic

 Thruway                 Winston-Salem, NC         345,534  1972 (1997)        30.5    95%        95%    Bed, Bath & Beyond, Stein
                                                                                                         Mart, Harris Teeter, Fresh
                                                                                                         Market, Eckerd Drugs,
                                                                                                         Houlihan's, Borders Books,
                                                                                                         Zany Brainy,  Blockbuster

 Village Center          Centreville, VA           142,881        1990         17.2    97%        91%    Giant Food, Tuesday Morning

 West Park               Oklahoma City, OK          77,810        1975         11.2    58%        90%    Homeland Stores, Family
                                                                                                         Dollar

 White Oak               Silver Spring, MD         480,156  1972 (1993)        28.5   100%       100%    Giant Food, Sears, Rite
                                                ----------                 --------  -----     ------    Aid, Blockbuster
                         Total Shopping          4,961,932                    414.5    95%        93%
                         Centers                -----------                 -------  -----      -----


Office Properties
-----------------
 Avenel I-III            Gaithersburg, MD          284,705  1981/85/89         28.2    95%        95%    Quanta Systems, General
                                                                                                         Services Administration,
                                                                                                         GeneL ogic

 Avenel IV               Gaithersburg, MD           46,227        1998          3.2   100%         -     Boston Biomedica, MicroAge

 Avenel V                Gaithersburg, MD           27,667        1999          2.0    78%         -

 601 Pennsylvania Ave    Washington, DC            225,223  1973 (1986)         1.0   100%       100%    General Services
                                                                                                         Administration, Capital
                                                                                                         Grille

 Van Ness Square         Washington, DC            156,182  1973 (1990)         1.2    96%        93%    United Mine Workers
                                                                                                         Pension Trust, Office
                                                                                                         Depot, Pier 1

                         Total Office              740,004                     35.6    96%        96%
                         Properties               --------                   ------  -----      -----


Industrial Property
-------------------
 Crosstown/(b)/          Tulsa, OK                 197,135        1975          21.5     9%         2%
                                                 ----------                   ------  ------     -----
Development Property
---------------------
 North Washington/(c)/   Alexandria, VA                           1973           2.0   100%


                         Total Portfolio         5,899,071 SF                  471.6    92%        90%
                                                 =========                    ======  =====      =====
</TABLE>

(a)  Property is being redeveloped. Leasable area and percentage leased includes
     space leased and under development.
(b)  Currently under construction to convert former shopping center to
     warehouse use.
(c)  Construction of a 230,000 square foot class A mixed-use office/retail
     project is due to be completed summer 2000.

                                    Exhibit
