8-K

                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                    FORM 8-K

                                 CURRENT REPORT
                     PURSUANT TO SECTION 13 OR 15(d) OF THE
                         SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported):  November 1, 2002

                               Saul Centers, Inc.
             (Exact name of registrant as specified in its charter)


          Maryland                      1-12254                52-1833074
(State or Other Jurisdiction    (Commission File Number)      (IRS Employer
      of Incorporation)                                   Identification Number)


  7501 Wisconsin Avenue, Suite 1500, Bethesda, Maryland          20814-6522
- ---------------------------------------------------------     -----------------
        (Address of Principal Executive Offices)                 (Zip Code)

                                 (301) 986-6200
              -----------------------------------------------------
              (Registrant's telephone number, including area code)

                                 Not Applicable
          -------------------------------------------------------------
          (Former name or former address, if changed since last report)



Item 7.  Financial Statements and Exhibits.

(c)      Exhibits

         The exhibits listed in the following index relate to the Registration
Statement on Form S-3 (No. 333-85254), of the registrant and are filed herewith
for incorporation by reference in such Registration Statement.


         Exhibit No.              Description

            99                    Form of Authorization Form



                                   SIGNATURES

         Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.

                                   SAUL CENTERS, INC.

                                   By: /s/ Scott V. Schneider
                                       ----------------------
                                       Scott V. Schneider
                                       Senior Vice President and Chief Financial
                                       Officer

Dated:  November 1, 2002



                                  EXHIBIT INDEX

     Exhibit No.        Description

         99             Form of Authorization Form

EX-99

                                                                      EXHIBIT 99

                       [LETTERHEAD OF SAUL CENTERS, INC.]

                            DIVIDEND REINVESTMENT AND
                               STOCK PURCHASE PLAN
                               AUTHORIZATION FORM

     STEP # 1: If you wish to enroll your stock dividend, partnership
distribution, or both in the Plan, you must check one or both of the boxes below
and then proceed to Steps 2 and 3, as appropriate. By checking one or both
boxes, you also consent to the authorization statement in the paragraph below.
If you do not wish to enroll any dividends or distributions in the Plan, do not
check either box and discard this Authorization Form.

     [_] Common Stock holders: I hereby enroll in the Plan the dividends on my
shares of Common Stock as designated below in Step # 2.

     [_] Partnership Interest holders: I hereby enroll in the Plan the cash
distributions on my Partnership Interest as designated below in Step # 3.

     Pursuant to the Dividend Reinvestment and Stock Purchase Plan of Saul
Centers, Inc. (the "Plan"), I hereby authorize Saul Centers, Inc. (the
"Company") to appoint Continental Stock Transfer & Trust Company as my agent to
receive any cash dividends and/or cash partnership distributions that hereafter
become payable to me on the shares of Common Stock and/or the Partnership
Interest as specifically designated below. I further authorize Continental Stock
Transfer & Trust Company to apply such dividends and/or partnership
distributions to the purchase of full shares and fractional interests in shares
of the Company's Common Stock, as set forth below. Capitalized terms not
otherwise defined in this form shall have the same meaning as in the Plan.

     STEP # 2: If you have elected to enroll your Common Stock, please select
one of the following boxes:

     [_] Full Dividend Reinvestment. I authorize the automatic investment of all
the cash dividends on all the shares of Common Stock registered in my name to
purchase Common Stock.

     [_] Partial Dividend Reinvestment. I authorize the automatic investment of
all the cash dividends on the following shares of Common Stock registered in my
name to purchase Common Stock:



     STEP #3: If you have elected to enroll your Partnership Interest, please
select one of the following boxes:

     [_] Full Distribution Investment. I authorize the automatic investment of
all the cash distributions on the Partnership Interest registered in my name to
purchase Common Stock / Partnership Units (select either stock or units by
circling).

     [_] Partial Distribution Investment. I authorize the automatic investment
________% of the cash distributions on the Partnership Interest registered in my
name to purchase Common Stock / Partnership Units (select either stock or units
by circling).

     I understand that, if I select one or both of the investment options, all
cash dividends paid on the whole or fractional shares of Common Stock purchased
pursuant to the Plan will be reinvested automatically to purchase additional
Common Stock or Partnership Units.

     I further understand that the purchases authorized above will be made under
the terms and conditions of the Plan and that I may revoke this authorization at
any time by notifying Continental Stock Transfer & Trust Company, in writing, of
my desire to terminate my participation.

RETURN THIS FORM ONLY IF YOU
WISH TO PARTICIPATE IN THE PLAN

_________________________________                  _____________________________
Please Print Name (s) as Shown on                  Signature (s)
Stock Certificate or on Exhibit A to the Agreement of Limited Partnership of
Saul Holdings Limited Partnership


_________________________________                  _____________________________
Address                                            Signature (s)


_________________________________    ______________    _________________________
City          State        Zip           Date          Social Security or
                                                       Tax Identification Number


_________________________________
Telephone Number