<SUBMISSION>
<ACCESSION-NUMBER>0001181431-05-020655
<TYPE>4
<PUBLIC-DOCUMENT-COUNT>2
<PERIOD>20050401
<FILING-DATE>20050405
<DATE-OF-FILING-DATE-CHANGE>20050405
<ISSUER>
<COMPANY-DATA>
<CONFORMED-NAME>SAUL CENTERS INC
<CIK>0000907254
<ASSIGNED-SIC>6798
<IRS-NUMBER>521833074
<STATE-OF-INCORPORATION>MD
<FISCAL-YEAR-END>1231
</COMPANY-DATA>
<BUSINESS-ADDRESS>
<STREET1>8401 CONNECTICUT AVE
<CITY>CHEVY CHASE
<STATE>MD
<ZIP>20815
<PHONE>3019866207
</BUSINESS-ADDRESS>
<MAIL-ADDRESS>
<STREET1>8401 CONNECTICUT AVE
<CITY>CHEVY CHASE
<STATE>MD
<ZIP>20815
</MAIL-ADDRESS>
</ISSUER>
<REPORTING-OWNER>
<OWNER-DATA>
<CONFORMED-NAME>KAY DAVID B
<CIK>0001228463
</OWNER-DATA>
<FILING-VALUES>
<FORM-TYPE>4
<ACT>34
<FILE-NUMBER>001-12254
<FILM-NUMBER>05733233
</FILING-VALUES>
<BUSINESS-ADDRESS>
<STREET1>SAUL CENTERS INC
<STREET2>7501 WISCONSIN AVE.
<CITY>BETHESDA
<STATE>MD
<ZIP>20814
</BUSINESS-ADDRESS>
</REPORTING-OWNER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>rrd74551.xml
<DESCRIPTION>DEFERRED COMPENSATION
<TEXT>
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<ownershipDocument>

    <schemaVersion>X0202</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2005-04-01</periodOfReport>

    <notSubjectToSection16>0</notSubjectToSection16>

    <issuer>
        <issuerCik>0000907254</issuerCik>
        <issuerName>SAUL CENTERS INC</issuerName>
        <issuerTradingSymbol>BFS</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001228463</rptOwnerCik>
            <rptOwnerName>KAY DAVID B</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>7501 WISCONSIN AVENUE</rptOwnerStreet1>
            <rptOwnerStreet2>15TH FLOOR</rptOwnerStreet2>
            <rptOwnerCity>BETHESDA</rptOwnerCity>
            <rptOwnerState>MD</rptOwnerState>
            <rptOwnerZipCode>20814</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>1</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>0</isTenPercentOwner>
            <isOther>0</isOther>
        </reportingOwnerRelationship>
    </reportingOwner>

    <nonDerivativeTable>
        <nonDerivativeHolding>
            <securityTitle>
                <value>Common Stock</value>
            </securityTitle>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>2519.932</value>
                    <footnoteId id="F1"/>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </nonDerivativeHolding>
    </nonDerivativeTable>

    <derivativeTable>
        <derivativeHolding>
            <securityTitle>
                <value>Stock Option</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <value>25.78</value>
            </conversionOrExercisePrice>
            <exerciseDate>
                <value>2004-04-26</value>
            </exerciseDate>
            <expirationDate>
                <value>2014-04-26</value>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Common Stock</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>2500</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>2500</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </derivativeHolding>
        <derivativeTransaction>
            <securityTitle>
                <value>Phantom  Stock</value>
                <footnoteId id="F5"/>
            </securityTitle>
            <conversionOrExercisePrice>
                <footnoteId id="F2"/>
            </conversionOrExercisePrice>
            <transactionDate>
                <value>2005-04-01</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>A</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>290.095</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>31.80</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <exerciseDate>
                <footnoteId id="F3"/>
            </exerciseDate>
            <expirationDate>
                <footnoteId id="F3"/>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Common Stock</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>290.095</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>2838.151</value>
                    <footnoteId id="F4"/>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </derivativeTransaction>
    </derivativeTable>

    <footnotes>
        <footnote id="F1">Balance increased by January 31, 2005 Dividend Reinvestment Plan award of 29.974 shares.</footnote>
        <footnote id="F2">1 for 1</footnote>
        <footnote id="F3">Under the terms of the reporting person's Deferred Fee Agreement, payment of shares of the issuer's common stock commences at such time as the reporting person ceases to be a director of the issuer.  Payment will be a lump sum upon termination of directorship.</footnote>
        <footnote id="F4">Includes 30.308 shares ($32.3980/share) awarded January 31, 2005 as dividend reinvestments on shares of phantom stock held by the reporting person pursuant to the issuer's Deferred Compensation Plan under its 2004 Stock Plan and shares of phantom stock issued under the issuer's Deferred Compensation and Stock Plan for Directors.</footnote>
        <footnote id="F5">Pursuant to the issuer's Deferred Compensation Plan under its 2004 Stock Plan and the Deferred Fee Agreement executed by the reporting person, the reporting person has elected to defer receipt of his director's fees, and receive phantom stock, the amount of which is calculated as the quotient of the dollar value of fees deferred, divided by the fair market value of the issuer's shares on the date the phantom stock is received.</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>Scott V. Schneider, by Power of Attorney</signatureName>
        <signatureDate>2005-04-05</signatureDate>
    </ownerSignature>
</ownershipDocument>
</XML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-24.
<SEQUENCE>2
<FILENAME>rrd63577_71594.htm
<DESCRIPTION>POWER OF ATTORNEY
<TEXT>
<HTML>
<HEAD>
<TITLE>
rrd63577_71594.html
</TITLE>
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<BODY>
<PRE>
POWER OF ATTORNEY<p><br>KNOW ALL BY THESE PRESENTS, that the undersigned hereby constitutes and appoints <br>Scott V Schneider, the undersigned?s true and lawful attorney-in-fact to:<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;execute for and on behalf of the undersigned, in the undersigned?s capacity as a <br>director of Saul Centers, Inc. (the ?Company?), Forms 3, 4 and 5 in accordance with Section <br>16(a) of the Securities and Exchange Act of 1934 and the rules thereunder;<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;do and perform any and all acts for and on behalf of the undersigned which may <br>be necessary or desirable to complete and execute any such Form 3, 4, or 5, complete and <br>execute any amendment or amendments thereto, and timely file such form with the United States <br>Securities and Exchange Commission and any stock exchange or similarly authority; and<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;take any other action of any type whatsoever in connection with the foregoing <br>which, in the opinion of such attorney-in-fact, may be of benefit to, in the best interest of, or <br>legally required by, the undersigned, it being understood that the documents executed by such <br>attorney-in-fact on behalf of the undersigned pursuant to this Power of Attorney shall be in such <br>form and shall contain such terms and conditions as such attorney-in-fact may approve in such <br>attorney-in-fact?s discretion.<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The undersigned hereby grants to such attorney-in-fact full power and authority to do and <br>perform any and every act and thing whatsoever requisite, necessary, or proper to be done in the <br>exercise of any of the rights and powers herein granted, as fully to all intents and purposes as the <br>undersigned might or could do if personally present, with full power of substitution or <br>revocation, hereby ratifying and confirming all that such attorney-in-fact, or such attorney-in-<br>fact?s substitute or substitutes, shall lawfully do or cause to be done by virtue of this power of <br>attorney and the rights and powers herein granted.  The undersigned acknowledges that the <br>foregoing attorney-in-fact, in serving in such capacity at the request of the undersigned, is not <br>assuming, nor is the Company assuming, any of the undersigned?s responsibilities to comply <br>with Section 16 of the Securities Exchange Act of 1934.<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Power of Attorney shall remain in full force and effect until the undersigned is no <br>longer required to file Forms 3, 4, and 5 with respect to the undersigned?s holdings of and <br>transactions in securities issued by the Company, unless earlier revoked by the undersigned in a <br>signed writing delivered to the foregoing attorneys-in-fact.<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IN WITNESS WHEREOF, the undersigned has caused this Power of Attorney to be <br>executed as of this 2nd day of December, 2004.<p><p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Signature:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/s/ David B. Kay<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Name:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;David B. Kay<br>
</PRE>
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</SUBMISSION>
