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
                                                                                  
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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 *

CHAPOTON JOHN E 		2. Issuer Name and Ticker or Trading Symbol

SAUL CENTERS INC [ BFS ] 		5. Relationship of Reporting Person(s) to Issuer (Check all applicable)

__ X __ Director                      _____ 10% Owner
_____ Officer (give title below)      _____ Other (specify below)
(Last)          (First)          (Middle)

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

1/3/2017
(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                  5973.51   (1) D    

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
Phantom Stock   (2) $65.96   (3) 1/3/2017     A      93.997         (4)   (4) Common Stock   93.997   $65.96   12575.201   (5) D    
Stock Option   $54.17                    4/27/2007   4/27/2017   Common Stock   2500.0     2500   D    
Stock Option   $50.15                    4/25/2008   4/25/2018   Common Stock   2500.0     2500   D    
Stock Option   $32.68                    4/24/2009   4/24/2019   Common Stock   2500.0     2500   D    
Stock Option   $38.76                    5/7/2010   5/7/2020   Common Stock   2500.0     2500   D    
Stock Option   $41.82                    5/13/2011   5/13/2021   Common Stock   2500.0     2500   D    
Stock Option   $39.29                    5/4/2012   5/4/2022   Common Stock   2500.0     2500   D    
Stock Option   $44.42                    5/10/2013   5/10/2023   Common Stock   2500.0     2500   D    
Stock Option   $47.03                    5/9/2014   5/9/2024   Common Shares   2500.0     2500   D    
Common Shares   $51.07                    5/8/2015   5/8/2025   Common Shares   2500.0     2500   D    
Stock Option   $57.74                    5/6/2016   5/6/2026   Common Shares   2500.0     2500   D    

Explanation of Responses:
( 1)  Balance increased by October 28, 2016 Dividend Reinvestment Plan award of 24.817 shares.
( 2)  Pursuant to the issuer's Deferred Compensation Plan under its 2004 Stock Plan and the Deferred Fee Agreement executed by the reporting person, the reporting person has elected to defer receipt of his director's fees, and receive phantom stock, the amount of which is calculated as the quotient of the dollar value of fees deferred, divided by the fair market value of the issuer's shares on the date the phantom stock is received.
( 3)  1 for 1
( 4)  The conversion of phantom stock into shares of the issuer's common stock is governed pursuant to terms of the issuer's Deferred Compensation Plan under its 2004 Stock Plan, as amended, and the reporting person's Deferred Fee Agreement.
( 5)  Includes 101.752 shares ($57.1815/share) awarded October 28, 2016 as dividend reinvestments on shares of phantom stock held by the reporting person pursuant to the issuer's Deferred Compensation Plan under its 2004 Stock Plan and shares of phantom stock issued under the issuer's Deferred Compensation Stock Plan for Directors.

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



Signatures
Scott V. Schneider, by Power of Attorney 1/5/2017
** 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.
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