<SUBMISSION>
<ACCESSION-NUMBER>0001181431-05-055634
<TYPE>4
<PUBLIC-DOCUMENT-COUNT>2
<PERIOD>20051003
<FILING-DATE>20051005
<DATE-OF-FILING-DATE-CHANGE>20051005
<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>SAUL B FRANCIS II
<CIK>0001027551
<ASSIGNED-SIC>6500
<STATE-OF-INCORPORATION>MD
<FISCAL-YEAR-END>0820
</OWNER-DATA>
<FILING-VALUES>
<FORM-TYPE>4
<ACT>34
<FILE-NUMBER>001-12254
<FILM-NUMBER>051125366
</FILING-VALUES>
<BUSINESS-ADDRESS>
<PHONE>3019867000
</BUSINESS-ADDRESS>
<MAIL-ADDRESS>
<STREET1>8401 CONNECTICUT AVE
<CITY>CHEVY CHASE
<STATE>MD
<ZIP>20815
</MAIL-ADDRESS>
</REPORTING-OWNER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>rrd93662.xml
<DESCRIPTION>DEFERRED COMP/DRIP
<TEXT>
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    <periodOfReport>2005-10-03</periodOfReport>

    <notSubjectToSection16>0</notSubjectToSection16>

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

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001027551</rptOwnerCik>
            <rptOwnerName>SAUL B FRANCIS II</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>1</isOfficer>
            <isTenPercentOwner>1</isTenPercentOwner>
            <isOther>0</isOther>
            <officerTitle>Chief Executive Officer</officerTitle>
        </reportingOwnerRelationship>
    </reportingOwner>

    <nonDerivativeTable>
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                <value>Common Shares</value>
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                    <footnoteId id="F17"/>
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            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
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                <value>Common Shares</value>
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                <directOrIndirectOwnership>
                    <value>I</value>
                    <footnoteId id="F1"/>
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                <natureOfOwnership>
                    <value>See footnote</value>
                    <footnoteId id="F1"/>
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                <directOrIndirectOwnership>
                    <value>I</value>
                    <footnoteId id="F3"/>
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                    <value>See footnote</value>
                    <footnoteId id="F3"/>
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        <nonDerivativeHolding>
            <securityTitle>
                <value>Common Shares</value>
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                <directOrIndirectOwnership>
                    <value>I</value>
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                    <value>See footnote</value>
                    <footnoteId id="F4"/>
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        <nonDerivativeHolding>
            <securityTitle>
                <value>Common Shares</value>
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            <postTransactionAmounts>
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            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                    <footnoteId id="F5"/>
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                <natureOfOwnership>
                    <value>See footnote</value>
                    <footnoteId id="F5"/>
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        </nonDerivativeHolding>
        <nonDerivativeHolding>
            <securityTitle>
                <value>Common Shares</value>
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            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
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                <natureOfOwnership>
                    <value>See footnote</value>
                    <footnoteId id="F6"/>
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        </nonDerivativeHolding>
        <nonDerivativeHolding>
            <securityTitle>
                <value>Common Shares</value>
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            <postTransactionAmounts>
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                <directOrIndirectOwnership>
                    <value>I</value>
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                <natureOfOwnership>
                    <value>See footnote</value>
                    <footnoteId id="F7"/>
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        </nonDerivativeHolding>
        <nonDerivativeHolding>
            <securityTitle>
                <value>Common Shares</value>
            </securityTitle>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
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                    <footnoteId id="F22"/>
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            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                    <footnoteId id="F8"/>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>See footnote</value>
                    <footnoteId id="F8"/>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeHolding>
        <nonDerivativeHolding>
            <securityTitle>
                <value>Common Shares</value>
            </securityTitle>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>212442.670</value>
                    <footnoteId id="F23"/>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                    <footnoteId id="F9"/>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>See footnote</value>
                    <footnoteId id="F9"/>
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        </nonDerivativeHolding>
        <nonDerivativeHolding>
            <securityTitle>
                <value>Common Shares</value>
            </securityTitle>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
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                    <footnoteId id="F24"/>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                    <footnoteId id="F12"/>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>See footnote</value>
                    <footnoteId id="F12"/>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeHolding>
        <nonDerivativeHolding>
            <securityTitle>
                <value>Common Shares</value>
            </securityTitle>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>127.375</value>
                    <footnoteId id="F25"/>
                </sharesOwnedFollowingTransaction>
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            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                    <footnoteId id="F15"/>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>See footnote</value>
                    <footnoteId id="F15"/>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeHolding>
        <nonDerivativeHolding>
            <securityTitle>
                <value>Common Shares</value>
            </securityTitle>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>385431.458</value>
                    <footnoteId id="F26"/>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                    <footnoteId id="F16"/>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>See footnote</value>
                    <footnoteId id="F16"/>
                </natureOfOwnership>
            </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>
        <derivativeHolding>
            <securityTitle>
                <value>Stock Option</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <value>33.22</value>
            </conversionOrExercisePrice>
            <exerciseDate>
                <value>2005-05-06</value>
            </exerciseDate>
            <expirationDate>
                <value>2015-05-06</value>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Common Stock</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>2500</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>2500</value>
                </sharesOwnedFollowingTransaction>
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            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </derivativeHolding>
        <derivativeTransaction>
            <securityTitle>
                <value>Phantom Stock</value>
                <footnoteId id="F13"/>
            </securityTitle>
            <conversionOrExercisePrice>
                <footnoteId id="F10"/>
            </conversionOrExercisePrice>
            <transactionDate>
                <value>2005-10-03</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>A</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>173.816</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>35.67</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <exerciseDate>
                <footnoteId id="F11"/>
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            <expirationDate>
                <footnoteId id="F11"/>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Common Stock</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>173.816</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>13207.537</value>
                    <footnoteId id="F14"/>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </derivativeTransaction>
    </derivativeTable>

    <footnotes>
        <footnote id="F1">Owned by the Elizabeth Willoughby Saul Trust, of which the reporting person is sole beneficiary. Ms. Saul is the daughter of the reporting person. The reporting person disclaims beneficial ownership of these shares.</footnote>
        <footnote id="F2">Owned by The Sharon Elizabeth Saul Trust, of which the reporting person is sole beneficiary. Ms. Saul is the daughter of the reporting person. The reporting person disclaims beneficial ownership of these shares.</footnote>
        <footnote id="F3">Owned by the Patricia English Saul Trust, of which the reporting person is sole beneficiary. Ms. Saul is the daughter of the reporting person. The reporting person disclaims beneficial ownership of these shares.</footnote>
        <footnote id="F4">Owned by Patricia E. Saul, the reporting person's spouse.</footnote>
        <footnote id="F5">Owned by The B.F. Saul Company Employees' Profit Sharing Reinvestment Trust (the &quot;Pension Trust&quot;, a profit sharing retirement plan for the benefit of the employees of B.F. Saul Company and other participating employers.  The Pension Trust is administered by four trustees, one of which is the reporting person.  The reporting person disclaims benefical ownership of the securities in the Pension Trust that exceed his pecuniary interest in the Pension Trust.</footnote>
        <footnote id="F6">Owned by B.F. Saul Property Company, which is a  wholly-owned subsidiary of B.F. Saul Company, of which the reporting person is Chairman of the Board and Chief Executive Officer.</footnote>
        <footnote id="F7">Owned by Dearborn, L.L.C., the sole member of which is B.F. Saul Real Estate Investment Trust, of which the reporting person is Chairman of the Board and the majority owner.</footnote>
        <footnote id="F8">Owned by Van Ness Square Corporation, of which the reporting person is Chairman of the Board and Chief Executive Officer.</footnote>
        <footnote id="F9">Owned by B.F. Saul Company, of which the reporting person is Chairman of the Board and Chief Executive Officer.</footnote>
        <footnote id="F10">1 for 1</footnote>
        <footnote id="F11">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="F12">Owned by B.F. Saul Real Estate Investment Trust, of which the reporting person is Chairman of the Board and the majority owner.</footnote>
        <footnote id="F13">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>
        <footnote id="F14">Includes 140.654 shares ($36.6660/share) awarded July 29, 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="F15">Owned by Avenel Executive Park, PH II  L.L.C., the sole member of which is B.F. Saul Real Estate Investment Trust, of which the reporting person is Chairman of the Board and the majority owner.</footnote>
        <footnote id="F16">Owned by Westminster Investing Corporation, of which the reporting person is Chairman of the Board and Chief Executive Officer.</footnote>
        <footnote id="F17">Balance increased by July 29, 2005 Dividend Reinvestment Plan award of 11.630 shares.</footnote>
        <footnote id="F18">Balance increased by July 29, 2005 Dividend Reinvestment Plan award of 706.184 shares.</footnote>
        <footnote id="F19">Balance increased by July 29, 2005 Dividend Reinvestment Plan award of 14,737.748 shares.</footnote>
        <footnote id="F20">Balance increased by July 29, 2005 Dividend Reinvestment Plan award of 2,607.689 shares.</footnote>
        <footnote id="F21">Balance increased by July 29, 2005 Dividend Reinvestment Plan award of 3,540.844 shares.</footnote>
        <footnote id="F22">Balance increased by July 29, 2005 Dividend Reinvestment Plan award of 76.386 shares.</footnote>
        <footnote id="F23">Balance increased by July 29, 2005 Dividend Reinvestment Plan award of 2,292.588 shares.</footnote>
        <footnote id="F24">Balance increased by July 29, 2005 Dividend Reinvestment Plan award of 44,658.465 shares.</footnote>
        <footnote id="F25">Balance increased by July 29, 2005 Dividend Reinvestment Plan award of 1.375 shares.</footnote>
        <footnote id="F26">Balance increased by July 29, 2005 Dividend Reinvestment Plan award of 4,159.407 shares.</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>Scott V. Schneider, by Power of Attorney</signatureName>
        <signatureDate>2005-10-05</signatureDate>
    </ownerSignature>
</ownershipDocument>
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<DOCUMENT>
<TYPE>EX-24.
<SEQUENCE>2
<FILENAME>rrd80845_90929.htm
<DESCRIPTION>POWER OF ATTORNEY
<TEXT>
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<HEAD>
<TITLE>
rrd80845_90929.html
</TITLE>
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<PRE>
POWER OF ATTORNEY


KNOW ALL BY THESE PRESENTS, that the undersigned hereby constitutes and appoints
Scott V Schneider, the undersigned?s true and lawful attorney-in-fact to:

	(1)	execute for and on behalf of the undersigned, in the undersigned?s capacity as a
director of Saul Centers, Inc. (the ?Company?), Forms 3, 4 and 5 in accordance with Section
16(a) of the Securities and Exchange Act of 1934 and the rules thereunder;

	(2) 	do and perform any and all acts for and on behalf of the undersigned which may
be necessary or desirable to complete and execute any such Form 3, 4, or 5, complete and
execute any amendment or amendments thereto, and timely file such form with the United States
Securities and Exchange Commission and any stock exchange or similarly authority; and

	(3) 	take any other action of any type whatsoever in connection with the foregoing
which, in the opinion of such attorney-in-fact, may be of benefit to, in the best interest of, or
legally required by, the undersigned, it being understood that the documents executed by such
attorney-in-fact on behalf of the undersigned pursuant to this Power of Attorney shall be in such
form and shall contain such terms and conditions as such attorney-in-fact may approve in such
attorney-in-fact?s discretion.

	The undersigned hereby grants to such attorney-in-fact full power and authority to do and
perform any and every act and thing whatsoever requisite, necessary, or proper to be done in the
exercise of any of the rights and powers herein granted, as fully to all intents and purposes as the
undersigned might or could do if personally present, with full power of substitution or
revocation, hereby ratifying and confirming all that such attorney-in-fact, or such attorney-in-
fact?s substitute or substitutes, shall lawfully do or cause to be done by virtue of this power of
attorney and the rights and powers herein granted.  The undersigned acknowledges that the
foregoing attorney-in-fact, in serving in such capacity at the request of the undersigned, is not
assuming, nor is the Company assuming, any of the undersigned?s responsibilities to comply
with Section 16 of the Securities Exchange Act of 1934.

	This Power of Attorney shall remain in full force and effect until the undersigned is no
longer required to file Forms 3, 4, and 5 with respect to the undersigned?s holdings of and
transactions in securities issued by the Company, unless earlier revoked by the undersigned in a
signed writing delivered to the foregoing attorneys-in-fact.

	IN WITNESS WHEREOF, the undersigned has caused this Power of Attorney to be
executed as of this 2nd day of December, 2004.



						Signature:	/s/ B. Francis Saul II
						Name:		B. Francis Saul II

</PRE>
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