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

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES
                                                                                  
OMB APPROVAL
OMB Number: 3235-0287
Estimated average burden
hours per response... 0.5
                      
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 *

COLLICH JOHN F 		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. VP-Acquisitions & Dev.
(Last)          (First)          (Middle)

7501 WISCONSIN AVENUE, 15TH FLOOR 		3. Date of Earliest Transaction (MM/DD/YYYY)

12/8/2016
(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)
Code V Amount (A) or (D) Price
Common Shares                  1758.498   (1) I   Wife  
Common Shares                  24205.107   (2) (3) D    
Series C Preferred Stock                  1000   D    
Series C Preferred Stock   12/8/2016     A    100   A $25.20   4100   I   Wife  
Series C Preferred Stock   12/9/2016     A    618   A $25.20   4718   I   Wife  

Table II - Derivative Securities 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 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 Following Reported Transaction(s) (Instr. 4) 10. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 4) 11. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Employee Stock Option   $41.82                    5/13/2011   (4) 5/13/2021   Common Stock   7650.0     7650   D    
Employee Stock Option   $39.29                    5/4/2012   (4) 5/4/2022   Common Stock   3750.0     3750   D    
Employee Stock Option   $44.42                    5/10/2013   (4) 5/10/2023   Common Stock   10000.0     10000   D    
Employee Stock Option   $47.03                    5/9/2014   (4) 5/9/2024   Common Stock   15000.0     15000   D    
Employee Stock Option   $51.07                    5/8/2015   (4) 5/8/2025   Common Stock   20000.0     20000   D    
Employee Stock Option   $57.74                    5/6/2016   (4) 5/6/2026   Common Stock   20000.0     20000   D    

Explanation of Responses:
( 1)  Balance increased by July 29, 2016 Dividend Reinvestment Plan award and October 31, 2016 award of 12.269 shares and 14.183 shares, respectively.
( 2)  Balance increased by July 29, 2016 Dividend Reinvestment Plan award and October 31, 2016 award of 170.68 shares and 197.331 shares, respectively.
( 3)  In the previously filed Form 4 on 7/11/16, the Indirect Ownership shares in the Wife's account were inadvertently included with the Direct Ownership. The balance is correct as stated in the current Form 4.
( 4)  The options vest 25% per year over four years from the date of grant.

Reporting Owners
Reporting Owner Name / Address
Relationships
Director 10% Owner Officer Other
COLLICH JOHN F
7501 WISCONSIN AVENUE
15TH FLOOR
BETHESDA, MD 20814

Sr. VP-Acquisitions & Dev.

Signatures
Scott V. Schneider, by Power of Attorney 12/12/2016
** 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).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
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.
Saul Centers (NYSE:BFS)
Historical Stock Chart
From Jun 2024 to Jul 2024 Click Here for more Saul Centers Charts.
Saul Centers (NYSE:BFS)
Historical Stock Chart
From Jul 2023 to Jul 2024 Click Here for more Saul Centers Charts.