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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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. Vice Pres-Retail Devel. (Last) (First) (Middle) 7501 WISCONSIN AVENUE, 15TH FLOOR 3. Date of Earliest Transaction (Month/Day/Year) 05/06/2005 (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               1,802.211 (3) D   Common Shares               1,153.074 (2) I Wife Common Shares               206.771 (4) I Child-Alex Common Shares               670.513 (5) I Child-Alex Common Shares               206.771 (6) I Child-Eric Common Shares               630.041 (7) I Child-Eric

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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

$ 24.91

05/23/2004(1)

05/23/2013

Common Stock

30,000

30,000

D

Employee Stock Option

$ 25.78

04/26/2004(1)

04/26/2014

Common Stock

15,000

15,000

D

Employee Stock Option

$ 33.22

05/06/2005

A

15,000

05/06/2005(1)

05/06/2015

Common Stock

15,000

$ 33.22

15,000

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. Vice Pres-Retail Devel.

Signatures

Scott V. Schneider, by Power of Attorney		05/10/2005
**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 option will vest 25% per year over four years from the date of grant.
(2)	Balance increased by January 31, 2005 and April 29, 2005 Dividend Reinvestment Plan awards of 13.553 shares and 13.675 shares, respectively.
(3)	Balance increased by January 31, 2005 and April 29, 2005 Dividend Reinvestment Plan awards of 21.182 shares and 21.373 shares, respectively.
(4)	Balance increased by January 31, 2005 and April 29, 2005 Dividend Reinvestment Plan awards of 2.430 shares and 2.452 shares, respectively.
(5)	Balance increased by January 31, 2005 and April 29, 2005 Dividend Reinvestment Plan awards of 7.881 shares and 7.952 shares, respectively.
(6)	Balance increased by January 31, 2005 and April 29, 2005 Dividend Reinvestment Plan awards of 2.430 shares and 2.452 shares, respectively.
(7)	Balance increased by January 31, 2005 and April 29, 2005 Dividend Reinvestment Plan awards of 7.405 shares and 7.472 shares, respectively.

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