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 or Section 30(h) 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) 12/31/2015
(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							549.74 ⁽¹⁾	I	Daughter
Common Shares							536.89 ⁽²⁾	I	Daughter-2
Series C Preferred Stock							3000	D
Common Shares							8405.82	I ⁽³⁾	401K
Common Shares							8398.30	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	$54.17						4/27/2008 ⁽⁴⁾	4/27/2017	Common Stock	9100.0		9100	D
Employee Stock Option	$54.17						4/27/2008 ⁽⁴⁾	4/27/2017	Common Stock	9100.0		9100	D
Employee Stock Option	$41.82						5/13/2011 ⁽⁴⁾	5/13/2021	Common Stock	15000.0		15000	D
Employee Stock Option	$39.29						5/4/2012 ⁽⁴⁾	5/4/2022	Common Stock	15000.0		15000	D
Employee Stock Option	$44.42						5/10/2013 ⁽⁴⁾	5/10/2023	Common Stock	20000.0		20000	D
Employee Stock Option	$47.03						5/9/2014 ⁽⁴⁾	5/9/2024	Common Shares	20000.0		20000	D
Employee Stock Option	$51.07						5/8/2015 ⁽⁴⁾	5/8/2025	Common Shares	20000.0		20000	D

Explanation of Responses:
( 1)	Balance increased by July 31, 2015 Dividend Reinvestment Plan, October 30, 2015 award and January 29, 2016 award of 4.584 shares, 4.173 and 4.759 shares, respectively.
( 2)	Balance increased by July 31, 2015 Dividend Reinvestment Plan, October 30, 2015 award and January 29, 2016 award of 4.476 shares, 4.075 and 4.648 shares, respectively.
( 3)	Effective April 1, 2009, shares formerly held by the B.F. Saul Company Employees' Profit Sharing Reinvestment Trust were distributed to the individual 401(k) plan accounts of participants. The number of shares reported represents the reporting person's beneficial ownership interest in the Saul Centers stock fund of the 401(k) plan.
( 4)	The options vest 25% per year over four years from the date of grant.

Remarks:
The reporting person no longer has a reportable beneficial interest in 1,004.442 shares of common stock held by 2 sons and included in the reporting person's prior ownership reports.

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		2/9/2016
^** Signature of Reporting Person		Date

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
*	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).
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