-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
 MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen
 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 Do3uI62xpcAUlKSFywFdCWQ90MhJO0hXML04dxyi/FKNjm2dOZ0uhfhaCJZVmNKf
 8HCvg9/YMVgQ9a6TRwlA6g==

<SEC-DOCUMENT>0001193125-04-042327.txt : 20040315
<SEC-HEADER>0001193125-04-042327.hdr.sgml : 20040315
<ACCEPTANCE-DATETIME>20040315164632
ACCESSION NUMBER:		0001193125-04-042327
CONFORMED SUBMISSION TYPE:	10-K
PUBLIC DOCUMENT COUNT:		6
CONFORMED PERIOD OF REPORT:	20031231
FILED AS OF DATE:		20040315

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			SAUL CENTERS INC
		CENTRAL INDEX KEY:			0000907254
		STANDARD INDUSTRIAL CLASSIFICATION:	REAL ESTATE INVESTMENT TRUSTS [6798]
		IRS NUMBER:				521833074
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		10-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-12254
		FILM NUMBER:		04670085

	BUSINESS ADDRESS:	
		STREET 1:		8401 CONNECTICUT AVE
		CITY:			CHEVY CHASE
		STATE:			MD
		ZIP:			20815
		BUSINESS PHONE:		3019866207

	MAIL ADDRESS:	
		STREET 1:		8401 CONNECTICUT AVE
		CITY:			CHEVY CHASE
		STATE:			MD
		ZIP:			20815
</SEC-HEADER>
<DOCUMENT>
<TYPE>10-K
<SEQUENCE>1
<FILENAME>d10k.htm
<DESCRIPTION>FORM 10-K
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10
<SEQUENCE>3
<FILENAME>dex10.htm
<DESCRIPTION>EXHIBIT 10A
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-21
<SEQUENCE>4
<FILENAME>dex21.htm
<DESCRIPTION>EXHIBIT 21
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-23
<SEQUENCE>5
<FILENAME>dex23.htm
<DESCRIPTION>EXHIBIT 23
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-31
<SEQUENCE>6
<FILENAME>dex31.htm
<DESCRIPTION>EXHIBIT 31
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-32
<SEQUENCE>7
<FILENAME>dex32.htm
<DESCRIPTION>EXHIBIT 32
</DOCUMENT>
</SUBMISSION>