FORM 4 Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940

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1. Name and Address of Reporting Person * SCHNEIDER SCOTT V   2. Issuer Name and Ticker or Trading Symbol SAUL CENTERS INC [BFS] 5. Relationship of Reporting Person(s) to Issuer (Check all applicable) _____ Director _____ 10% Owner __X__ Officer (give title below) _____ Other (specify below) Sr. Vice President-CFO (Last) (First) (Middle) 7501 WISCONSIN AVENUE, 15TH FLOOR 3. Date of Earliest Transaction (Month/Day/Year) 09/14/2010 (Street) BETHESDA, MD 20814 4. If Amendment, Date Original Filed(Month/Day/Year) 6. Individual or Joint/Group Filing(Check Applicable Line) _X_ Form filed by One Reporting Person ___ Form filed by More than One Reporting Person (City) (State) (Zip) Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned

1.Title of Security (Instr. 3) 2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code (Instr. 8) 4. Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5) 5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4) 6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4) Code V Amount (A) or (D) Price Common Shares               426.771 (5) I Child-Eric Common Shares               426.771 (2) I Child-Carson Common Shares               455.666 (3) I Child-Clara Common Shares               445.013 (4) I Child-Lindsey Series B Preferred Stock               2,500 D   Common Shares 09/14/2010   M   5,000 A $ 25.78 5,000 D   Common Shares 09/14/2010   S   5,000 D $ 44.05 0 D   Common Shares 09/14/2010   M   1,000 A $ 24.91 8,397.3804 D

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Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)

1. Title of Derivative Security (Instr. 3)

2. Conversion or Exercise Price of Derivative Security

3. Transaction Date (Month/Day/Year)

3A. Deemed Execution Date, if any (Month/Day/Year)

4. Transaction Code (Instr. 8)

5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4, and 5)

6. Date Exercisable and Expiration Date (Month/Day/Year)

7. Title and Amount of Underlying Securities (Instr. 3 and 4)

8. Price of Derivative Security (Instr. 5)

9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)

10. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 4)

11. Nature of Indirect Beneficial Ownership (Instr. 4)

Code

V

(A)

(D)

Date Exercisable

Expiration Date

Title

Amount or Number of Shares

Employee Stock Option

$ 24.91

09/14/2010

M

1,000

05/23/2004(1)

05/23/2013

Common Stock

1,000

$ 24.91

11,000

D

Employee Stock Option

$ 25.78

09/14/2010

M

5,000

04/26/2005(1)

04/26/2014

Common Stock

5,000

$ 25.78

7,500

D

Employee Stock Option

$ 33.22

05/06/2006(1)

05/06/2015

Common Stock

15,000

15,000

D

Employee Stock Option

$ 54.17

04/27/2008(1)

04/27/2017

Common Stock

15,000

15,000

D

Reporting Owners

Reporting Owner Name / Address	Relationships
	Director	10% Owner	Officer	Other
SCHNEIDER SCOTT V 7501 WISCONSIN AVENUE 15TH FLOOR BETHESDA, MD 20814			Sr. Vice President-CFO

Signatures

Scott V. Schneider		09/15/2010
**Signature of Reporting Person		Date

Explanation of Responses:

*	If the form is filed by more than one reporting person, see Instruction 4(b)(v).
**	Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
(1)	The options will vest 25% per year over four years from the date of grant.
(2)	Balance increased by April 30, 2010 and July 31, 2010 Dividend Reinvestment Plan awards of 3.863 shares and 3.690 shares, respectively.
(3)	Balance increased by April 30, 2010 and July 31, 2010 Dividend Reinvestment Plan awards of 4.125 shares and 3.940 shares, respectively.
(4)	Balance increased by April 30, 2010 and July 31, 2010 Dividend Reinvestment Plan awards of 4.028 shares and 3.848 shares, respectively.
(5)	Balance increased by April 30, 2010 and July 31, 2010 Dividend Reinvestment Plan awards of 3.863 shares and 3.690 shares, respectively.

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