Ownership Submission
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

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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(Print or Type Responses)
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 (Month/Day/Year)
11/13/2013
(Street)

BETHESDA, MD 20814		 4. If Amendment, Date Original Filed(Month/Day/Year)
 6. Individual or Joint/Group Filing(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 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               21,244.059 (4) D  
Common Shares               483.841 (3) I Wife
Series A Preferred Stock 11/13/2013   P   1,000 A $ 22.49 1,660 (2) D  
Series A Preferred Stock 11/13/2013   P   1,000 A $ 22.49 2,442.716 (2) (5) I Wife

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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 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 $ 25.78             04/26/2005(1) 04/26/2014 Common Stock 3,750   3,750 D  
Employee Stock Option $ 33.22             05/06/2006(1) 05/06/2015 Common Stock 3,000   3,000 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  
Employee Stock Option $ 39.29             05/04/2012(6) 05/04/2022 Common Stock 15,000   15,000 D  
Employee Stock Option $ 44.42             05/10/2013(6) 05/10/2023 Common Stock 20,000   20,000 D  

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   11/14/2013
**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 vest 25% per year over four years from the date of grant.
(2) The reported securities were called for redemption by the Issuer at a price equal to their liquidation preference plus accumulated but unpaid dividends.
(3) Balance increased by October 31, 2013 Dividend Reinvestment Plan award of 3.765 shares.
(4) Balance increased by October 31, 2013 Dividend Reinvestment Plan award of 165.291 shares.
(5) Balance increased by October 31, 2013 Dividend Reinvestment Plan award of 18.454 shares.
(6) The options vest 25% per year over four years from the date of grant.

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