Ownership Submission
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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(Print or Type Responses)
1. Name and Address of Reporting Person *
COLLICH JOHN F
   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 Pres-Retail Devel.
(Last)
(First)
(Middle)
7501 WISCONSIN AVENUE, 15TH FLOOR		 3. Date of Earliest Transaction (Month/Day/Year)
05/13/2011
(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               1,461.422 (3) I Wife
Common Shares               17,471.396 (4) D  
Series A Preferred Stock               1,814.244 (2) I Wife
Series A Preferred Stock               832.32 (5) 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             05/23/2004(1) 05/23/2013 Common Stock 6,473   6,473 D  
Employee Stock Option $ 24.91             05/23/2004 05/23/2013 Common Stock 2,185   2,185 D  
Employee Stock Option $ 25.78             04/26/2005(1) 04/26/2014 Common Stock 3,750   3,750 D  
Employee Stock Option $ 33.22             05/06/2006(1) 05/06/2015 Common Stock 3,000   3,000 D  
Employee Stock Option $ 54.17             04/27/2008(1) 04/27/2017 Common Stock 15,000   15,000 D  
Employee Stock Option $ 41.82 05/13/2011   A   15,000   05/13/2011(1) 05/13/2021 Common Stock 15,000 $ 41.82 15,000 D  

Reporting Owners

Reporting Owner Name / Address Relationships
 Director  10% Owner  Officer  Other
COLLICH JOHN F
7501 WISCONSIN AVENUE
15TH FLOOR
BETHESDA, MD 20814		       Sr. Vice Pres-Retail Devel.  

Signatures

 Scott V. Schneider, by Power of Attorney   05/17/2011
**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 29, 2011 Dividend Reinvestment Plan award of 35.573 shares.
(3) Balance increased by April 29, 2011 Divident Reinvestment Plan award of 12.278 shares.
(4) Balance increased by April 29, 2011 Dividend Reinvestment Plan award of 146.781 shares.
(5) Balance increased by April 29, 2011 Dividend Reinvestment Plan award of 16.320 shares.

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