Ownership Submission
FORM 5
Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
Form 3 Holdings Reported
Form 4 Transactions Reported
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

ANNUAL 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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1. Name and Address of Reporting Person *
SCHNEIDER SCOTT V
 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 President-CFO
(Last)
(First)
(Middle)

7501 WISCONSIN AVENUE, 15TH FLOOR		 3. Statement for Issuer's Fiscal Year Ended (Month/Day/Year)
12/31/2011
(Street)


BETHESDA, MD 20814		 4. If Amendment, Date Original Filed(Month/Day/Year)
 6. Individual or Joint/Group Reporting
(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 at end of Issuer's Fiscal Year
(Instr. 3 and 4)		 6. Ownership Form: Direct (D) or Indirect (I)
(Instr. 4)		 7. Nature of Indirect Beneficial Ownership
(Instr. 4)
Amount (A) or (D) Price
Common Shares             450.899 (2) I Child-Eric
Common Shares             450.899 (3) I Child-Carson
Common Shares             481.428 (4) I Child-Clara
Common Shares             470.172 (5) I Child-Lindsey
Series B Preferred Stock             2,500 D  
Common Shares             8,397.38 D  

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly. Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB control number. SEC 2270 (9-02)

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 at End of Issuer's Fiscal Year
(Instr. 4)		 10. Ownership Form of Derivative Security: Direct (D) or Indirect (I)
(Instr. 4)		 11. Nature of Indirect Beneficial Ownership
(Instr. 4)
(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
6,000
  6,000
D
 
Employee Stock Option $ 25.78           04/26/2005(1) 04/26/2014 Common Stock
7,500
  7,500
D
 
Employee Stock Option $ 33.22           05/06/2006(1) 05/06/2015 Common Stock
15,000
  15,000
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(1) 05/13/2021 Common Stock
15,000
  15,000
D
 

Reporting Owners

Reporting Owner Name / Address Relationships
Director 10% Owner Officer Other
SCHNEIDER SCOTT V
7501 WISCONSIN AVENUE
15TH FLOOR
BETHESDA, MD 20814		       Sr. Vice President-CFO  

Signatures

Scott V. Schneider 02/14/2012
**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 July 29, 2011, October 31, 2011 and January 31, 2012 Dividend Reinvestment Plan awards of 4.113 shares, 4.566 shares and 4.664 shares, respectively.
(3) Balance increased by July 29, 2011, October 31, 2011 and January 31, 2012 Dividend Reinvestment Plan awards of 4.113 shares, 4.566 shares and 4.664 shares, respectively.
(4) Balance increased by July 29, 2011, October 31, 2011 and January 31, 2012 Dividend Reinvestment Plan awards of 4.391 shares, 4.875 shares and 4.980 shares, respectively.
(5) Balance increased by July 29, 2011, October 31, 2011 and January 31, 2012 Dividend Reinvestment Plan awards of 4.289 shares, 4.761 shares and 4.864 shares, respectively.

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