Saul Centers, Inc.

Earnings to Fixed Charges
(in thousands, except ratios)
				Nine Months Ended				Years Ended December 31,
				9/30/2014				2013				2012				2011				2010				2009
Ratio of Earnings to Fixed Charges
	Total revenue			$	155,828			$	197,897			$	190,092			$	173,878			$	163,108			$	160,539
	Operating expenses			116,213				162,628				154,996				142,442				120,300				115,177
	Operating income			39,615				35,269				35,096				31,436				42,808				45,362
	Non-Operating Items:
		Loss on early extinguishment of debt		—				(497		)		—				—				(5,405		)		(2,210		)
		Change in fair value of derivatives		(6		)		(7		)		36				(1,332		)		—				—
		Gain on casualty settlements		—				77				219				245				2,475				329
	Income from continuing operations			39,609				34,842				35,351				30,349				39,878				43,481
	Fixed Charges
		Interest and amortization of deferred debt expense		34,537				46,589				49,544				45,324				34,799				34,689
		Capitalized Interest		430				170				42				1,896				7,196				5,989
			Total fixed charges	34,967				46,759				49,586				47,220				41,995				40,678
	Less: Capitalized Interest			(430		)		(170		)		(42		)		(1,896		)		(7,196		)		(5,989		)
	Earnings			$	74,146			$	81,431			$	84,895			$	75,673			$	74,677			$	78,170
	Fixed charges and preferred dividends:
		Total fixed charges		$	34,967			$	46,759			$	49,586			$	47,220			$	41,995			$	40,678
		Preferred stock dividends		9,619				13,983				15,140				15,140				15,140				15,140
			Total fixed charges and preferred dividends	$	44,586			$	60,742			$	64,726			$	62,360			$	57,135			$	55,818
		Ratio of earnings to fixed charges		2.12			X	1.74			X	1.71			X	1.60			X	1.78			X	1.92			X
		Ratio of earnings to combined fixed charges and preferred dividends		1.66			X	1.34			X	1.31			X	1.21			X	1.31			X	1.40			X