Saul Centers Inc - Annual Statement of Changes in Beneficial Ownership (5)

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

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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(f) of the Investment Company Act of 1940

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 (MM/DD/YYYY) 1/31/2008
(Street) BETHESDA, MD 20814 (City) (State) (Zip)	4. If Amendment, Date Original Filed (MM/DD/YYYY)	6. Individual or Joint/Group Filing (Check Applicable Line) _ X _ Form Filed by One Reporting Person ___ Form Filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1.Title of Security (Instr. 3)	2. Trans. Date	2A. Deemed Execution Date, if any	3. Trans. Code (Instr. 8)	4. Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
1.Title of Security (Instr. 3)	2. Trans. Date	2A. Deemed Execution Date, if any	3. Trans. Code (Instr. 8)	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Common Shares							382.527 ⁽²⁾	I	Child-Eric
Common Shares							382.587 ⁽³⁾	I	Child-Carson
Common Shares							408.426 ⁽⁴⁾	I	Child-Clara
Common Shares							398.877 ⁽⁵⁾	I	Child-Lindsey
Common Shares							7253.829 ⁽⁶⁾	D

*Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned ( e.g.* , puts, calls, warrants, options, convertible securities)**
1. Title of Derivate Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Trans. Date	3A. Deemed Execution Date, if any	4. Trans. 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 (MM/DD/YYYY)		7. Title and Amount of Securities Underlying Derivative Security (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)
1. Title of Derivate Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Trans. Date	3A. Deemed Execution Date, if any	4. Trans. Code (Instr. 8)	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)			11. Nature of Indirect Beneficial Ownership (Instr. 4)
Employee Stock Option	$24.91						5/23/2004 ⁽¹⁾	5/23/2013	Common Stock	20500		20500	D
Employee Stock Option	$25.78						4/26/2005 ⁽¹⁾	4/26/2014	Common Stock	15000		15000	D
Employee Stock Option	$33.22						5/6/2006 ⁽¹⁾	5/6/2015	Common Stock	15000		15000	D
Employee Stock Option	$54.17						4/27/2008 ⁽¹⁾	4/27/2017	Common Stock	15000		15000	D

Explanation of Responses:
( 1)	The options will vest 25% per year over four years from the date of grant.
( 2)	Balance increased by April 30, 2007, July 31, 2007, October 31, 2007, and January 31, 2008 Dividend Reinvestment Plan awards of 3.142 shares, 3.901 shares, 3.361 shares, and 3.594 shares, respectively.
( 3)	Balance increased by April 30, 2007, July 31, 2007, October 31, 2007, and January 31, 2008 Dividend Reinvestment Plan awards of 3.142 shares, 3.901 shares, 3.361 shares, and 3.594 shares, respectively
( 4)	Balance increased by April 30, 2007, July 31, 2007, October 31, 2007, and January 31, 2008 Dividend Reinvestment Plan awards of 3.355 shares, 4.165 shares, 3.589 shares, and 3.837 shares, respectively.
( 5)	Balance increased by April 30, 2007, July 31, 2007, October 31, 2007, and January 31, 2008 Dividend Reinvestment Plan awards of 3.277 shares, 4.068 shares, 3.505 shares, and 3.747 shares, respectively.
( 6)	Balance increased by April 30, 2007, July 31, 2007, October 31, 2007, and January 31, 2008 Dividend Reinvestment Plan awards of 59.586 shares, 73.979 shares, 63.739 shares, and 68.149 shares, respectively.

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

Signatures
Scott V. Schneider		2/13/2008
^** Signature of Reporting Person		Date

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*	If the form is filed by more than one reporting person, see Instruction 4(b)(v).
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