X0202 4 2006-07-03 0 0000907254 SAUL CENTERS INC BFS 0001228462 GROSVENOR GILBERT M 7501 WISCONSIN AVENUE 15TH FLOOR BETHESDA MD 20814 1 0 0 0 Common Shares 492.718 D Stock Option 25.78 2004-04-26 2014-04-26 Common Stock 2500 2500 D Stock Option 33.22 2005-05-06 2015-05-06 Common Stock 2500 2500 D Phantom Stock 41.89 2006-07-03 4 A 0 205.298 41.89 A Common Stock 205.298 28263.641 D Stock Option 40.35 2006-05-01 2016-05-01 Common Stock 2500 2500 D 1 for 1 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. 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. Includes 294.000 shares ($39.66/share) awarded April 28, 2006 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 Stock Plan for Directors. Balance increased by April 30, 2006 Dividend Reinvestment Plan award of 2.019 shares. Scott V. Schneider, by Power of Attorney 2006-07-06