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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
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 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 DL056wVLXxj5eQQKu9TczVP0LP2FvkxipSpe7tkMSU30sJyHvqHHgvRkAkAcxRlN
 /Z6Lsv/sJV1EhlJyYgJt5w==

<SEC-DOCUMENT>0001181431-03-018069.txt : 20030808
<SEC-HEADER>0001181431-03-018069.hdr.sgml : 20030808
<ACCEPTANCE-DATETIME>20030808163059
ACCESSION NUMBER:		0001181431-03-018069
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20030807
FILED AS OF DATE:		20030808

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			SCHNEIDER SCOTT V
		CENTRAL INDEX KEY:			0001228478

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-12254
		FILM NUMBER:		03832183

	BUSINESS ADDRESS:	
		STREET 1:		SAUL CENTERS INC
		STREET 2:		7501 WISCONSIN AVE.
		CITY:			BETHESDA
		STATE:			MD
		ZIP:			20814

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			SAUL CENTERS INC
		CENTRAL INDEX KEY:			0000907254
		STANDARD INDUSTRIAL CLASSIFICATION:	REAL ESTATE INVESTMENT TRUSTS [6798]
		IRS NUMBER:				521833074
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	BUSINESS ADDRESS:	
		STREET 1:		8401 CONNECTICUT AVE
		CITY:			CHEVY CHASE
		STATE:			MD
		ZIP:			20815
		BUSINESS PHONE:		3019866207

	MAIL ADDRESS:	
		STREET 1:		8401 CONNECTICUT AVE
		CITY:			CHEVY CHASE
		STATE:			MD
		ZIP:			20815
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>rrd15633.xml
<DESCRIPTION>PURCHASE OF SHARES
<TEXT>
<XML>
<?xml version="1.0"?><ownershipDocument>
    <schemaVersion>X0201</schemaVersion>

    <documentType>4</documentType><periodOfReport>2003-08-07</periodOfReport><notSubjectToSection16>0</notSubjectToSection16>
    <issuer>
        <issuerCik>0000907254</issuerCik>
        <issuerName>SAUL CENTERS INC</issuerName>
        <issuerTradingSymbol>BFS</issuerTradingSymbol></issuer><reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001228478</rptOwnerCik>
            <rptOwnerName>SCHNEIDER SCOTT V</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>0</isDirector><isOfficer>1</isOfficer><isTenPercentOwner>0</isTenPercentOwner><isOther>0</isOther><officerTitle>Sr. Vice President-Finance</officerTitle></reportingOwnerRelationship></reportingOwner><nonDerivativeTable><nonDerivativeTransaction><securityTitle><value>Common Shares</value></securityTitle><transactionDate><value>2003-08-07</value></transactionDate><transactionCoding><transactionFormType>4</transactionFormType><transactionCode>M</transactionCode><equitySwapInvolved>0</equitySwapInvolved></transactionCoding><transactionAmounts><transactionShares><value>2500</value></transactionShares><transactionPricePerShare><value>20.00</value></transactionPricePerShare><transactionAcquiredDisposedCode><value>A</value></transactionAcquiredDisposedCode></transactionAmounts><postTransactionAmounts><sharesOwnedFollowingTransaction><value>2500</value></sharesOwnedFollowingTransaction></postTransactionAmounts><ownershipNature><directOrIndirectOwnership><value>D</value></directOrIndirectOwnership><natureO
fOwnership><value>Self</value></natureOfOwnership></ownershipNature></nonDerivativeTransaction><nonDerivativeHolding><securityTitle><value>Comon Shares</value></securityTitle><postTransactionAmounts><sharesOwnedFollowingTransaction><value>302.015</value></sharesOwnedFollowingTransaction></postTransactionAmounts><ownershipNature><directOrIndirectOwnership><value>I</value></directOrIndirectOwnership><natureOfOwnership><value>Child-Eric</value></natureOfOwnership></ownershipNature></nonDerivativeHolding><nonDerivativeHolding><securityTitle><value>Comon Shares</value></securityTitle><postTransactionAmounts><sharesOwnedFollowingTransaction><value>302.015</value></sharesOwnedFollowingTransaction></postTransactionAmounts><ownershipNature><directOrIndirectOwnership><value>I</value></directOrIndirectOwnership><natureOfOwnership><value>Child-Carson</value></natureOfOwnership></ownershipNature></nonDerivativeHolding><nonDerivativeHolding><securityTitle><value>Comon Shares</value></securityTitle><postTransactionAmounts>
<sharesOwnedFollowingTransaction><value>322.463</value></sharesOwnedFollowingTransaction></postTransactionAmounts><ownershipNature><directOrIndirectOwnership><value>I</value></directOrIndirectOwnership><natureOfOwnership><value>Child-Clara</value></natureOfOwnership></ownershipNature></nonDerivativeHolding><nonDerivativeHolding><securityTitle><value>Comon Shares</value></securityTitle><postTransactionAmounts><sharesOwnedFollowingTransaction><value>314.924</value></sharesOwnedFollowingTransaction></postTransactionAmounts><ownershipNature><directOrIndirectOwnership><value>I</value></directOrIndirectOwnership><natureOfOwnership><value>Child-Lindsey</value></natureOfOwnership></ownershipNature></nonDerivativeHolding></nonDerivativeTable><derivativeTable><derivativeTransaction><securityTitle><value>Employee Stock Option</value></securityTitle><conversionOrExercisePrice><value>20.00</value></conversionOrExercisePrice><transactionDate><value>2003-08-07</value></transactionDate><transactionCoding><transactionFormTyp
e>4</transactionFormType><transactionCode>M</transactionCode><equitySwapInvolved>0</equitySwapInvolved></transactionCoding><transactionAmounts><transactionShares><value>2500</value></transactionShares><transactionPricePerShare><value>20.00</value></transactionPricePerShare><transactionAcquiredDisposedCode><value>D</value></transactionAcquiredDisposedCode></transactionAmounts><exerciseDate><value>1993-09-23</value></exerciseDate><expirationDate><value>2003-09-23</value></expirationDate><underlyingSecurity><underlyingSecurityTitle><value>Common Stock</value></underlyingSecurityTitle><underlyingSecurityShares><value>2500</value></underlyingSecurityShares></underlyingSecurity><postTransactionAmounts><sharesOwnedFollowingTransaction><value>0.00</value></sharesOwnedFollowingTransaction></postTransactionAmounts><ownershipNature><directOrIndirectOwnership><value>D</value></directOrIndirectOwnership></ownershipNature></derivativeTransaction><derivativeHolding><securityTitle><value>Employee Stock Option</value></secur
ityTitle><conversionOrExercisePrice><value>24.91</value></conversionOrExercisePrice><exerciseDate><value>2004-05-23</value></exerciseDate><expirationDate><value>2013-05-23</value></expirationDate><underlyingSecurity><underlyingSecurityTitle><value>Common Stock</value></underlyingSecurityTitle><underlyingSecurityShares><value>30000</value></underlyingSecurityShares></underlyingSecurity><postTransactionAmounts><sharesOwnedFollowingTransaction><value>30000</value></sharesOwnedFollowingTransaction></postTransactionAmounts><ownershipNature><directOrIndirectOwnership><value>D</value></directOrIndirectOwnership></ownershipNature></derivativeHolding></derivativeTable><ownerSignature><signatureName>Scott V. Schneider</signatureName><signatureDate>2003-08-08</signatureDate></ownerSignature></ownershipDocument>



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</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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