Edgar Filing: SAUL CENTERS INC

Amendment 24 to Schedule 13D

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

SCHEDULE 13D

(Rule 13d-101)

Under the Securities Exchange Act of 1934

(Amendment No. 24)*

Saul Centers, Inc.

(Name of Issuer)

Common Stock, $.01 par value per share

(Title of Class of Securities)

804395 10 1

(CUSIP Number)

William F Anhut, Jr.

7501 Wisconsin Avenue, Suite 1500

Bethesda, Maryland 20814

(301) 986-6108

(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)

September 22, 2006

(Date of Event Which Requires Filing of this Statement)

If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of Rule 13d-1(e), 13d-1(f) or 13d-1(g), check the following box ¨.

The remainder of this cover page shall be filled out for a reporting person’s initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter disclosures provided in a prior cover page.

The information required on the remainder of this cover page shall not be deemed to be “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934 (“Act”) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

Page 2 of 27 Pages


CUSIP NO. 804395 10 1		13D


1.	NAMES OF REPORTING PERSONS

	B. Francis Saul II
2.	CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
	(a) ¨
	(b) ¨
3.	SEC USE ONLY

4.	SOURCE OF FUNDS

	SC, OO
5.	CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e)	¨


6.	CITIZENSHIP OR PLACE OF ORGANIZATION

	United States of America


NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH		7. SOLE VOTING POWER (See Item 6)

		31,844
		8. SHARED VOTING POWER (See Item 6)

		7,095,807
		9. SOLE DISPOSITIVE POWER (See Item 6)

		31,844
		10. SHARED DISPOSITIVE POWER (See Item 6)

		7,095,807


11.	AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

	7,127,651
12.	CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES	¨

13.	PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)

	41.9%
14.	TYPE OF REPORTING PERSON

	IN

Page 3 of 27 Pages


CUSIP NO. 804395 10 1		13D


1.	NAMES OF REPORTING PERSONS

	B. F. Saul Property Company (formerly Franklin Property Company)
2.	CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
	(a) ¨
	(b) ¨
3.	SEC USE ONLY

4.	SOURCE OF FUNDS

	SC
5.	CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e)	¨


6.	CITIZENSHIP OR PLACE OF ORGANIZATION

	Maryland


NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH		7. SOLE VOTING POWER (See Item 6)

		249,722
		8. SHARED VOTING POWER (See Item 6)

		0
		9. SOLE DISPOSITIVE POWER (See Item 6)

		249,722
		10. SHARED DISPOSITIVE POWER (See Item 6)

		0


11.	AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

	249,722
12.	CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES	¨

13.	PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)

	1.5%
14.	TYPE OF REPORTING PERSON

	CO

Page 4 of 27 Pages


CUSIP NO. 804395 10 1		13D


1.	NAMES OF REPORTING PERSONS

	Westminster Investing Corporation
2.	CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
	(a) ¨
	(b) ¨
3.	SEC USE ONLY

4.	SOURCE OF FUNDS

	SC
5.	CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e)	¨


6.	CITIZENSHIP OR PLACE OF ORGANIZATION

	New York


NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH		7. SOLE VOTING POWER (See Item 6)

		397,039
		8. SHARED VOTING POWER (See Item 6)

		0
		9. SOLE DISPOSITIVE POWER (See Item 6)

		397,039
		10. SHARED DISPOSITIVE POWER (See Item 6)

		0


11.	AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

	397,039
12.	CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES	¨

13.	PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)

	2.3%
14.	TYPE OF REPORTING PERSON

	CO

Page 5 of 27 Pages


CUSIP NO. 804395 10 1		13D


1.	NAMES OF REPORTING PERSONS

	Van Ness Square Corporation
2.	CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
	(a) ¨
	(b) ¨
3.	SEC USE ONLY

4.	SOURCE OF FUNDS

	SC
5.	CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e)	¨


6.	CITIZENSHIP OR PLACE OF ORGANIZATION

	Maryland


NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH		7. SOLE VOTING POWER (See Item 6)

		13,636
		8. SHARED VOTING POWER (See Item 6)

		0
		9. SOLE DISPOSITIVE POWER (See Item 6)

		13,636
		10. SHARED DISPOSITIVE POWER (See Item 6)

		0


11.	AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

	13,636
12.	CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES	¨

13.	PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)

	0.1%
14.	TYPE OF REPORTING PERSON

	CO

Page 6 of 27 Pages


CUSIP NO. 804395 10 1		13D


1.	NAMES OF REPORTING PERSONS

	B.F. Saul Company
2.	CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
	(a) ¨
	(b) ¨
3.	SEC USE ONLY

4.	SOURCE OF FUNDS

	SC, WC
5.	CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e)	¨


6.	CITIZENSHIP OR PLACE OF ORGANIZATION

	District of Columbia


NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH		7. SOLE VOTING POWER (See Item 6)

		217,405
		8. SHARED VOTING POWER (See Item 6)

		4,970,350
		9. SOLE DISPOSITIVE POWER (See Item 6)

		217,405
		10. SHARED DISPOSITIVE POWER (See Item 6)

		4,970,350


11.	AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

	5,187,765
12.	CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES	¨

13.	PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)

	30.5%
14.	TYPE OF REPORTING PERSON

	CO

Page 7 of 27 Pages


CUSIP NO. 804395 10 1		13D


1.	NAMES OF REPORTING PERSONS

	B.F. Saul Real Estate Investment Trust
2.	CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
	(a) ¨
	(b) ¨
3.	SEC USE ONLY

4.	SOURCE OF FUNDS

	SC, WC
5.	CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e)	¨


6.	CITIZENSHIP OR PLACE OF ORGANIZATION

	Maryland


NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH		7. SOLE VOTING POWER (See Item 6)

		4,364,905
		8. SHARED VOTING POWER (See Item 6)

		355,733
		9. SOLE DISPOSITIVE POWER (See Item 6)

		4,364,905
		10. SHARED DISPOSITIVE POWER (See Item 6)

		355,733


11.	AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

	4,720,638
12.	CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES	¨

13.	PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)

	27.8%
14.	TYPE OF REPORTING PERSON

	OO

Page 8 of 27 Pages


CUSIP NO. 804395 10 1		13D


1.	NAMES OF REPORTING PERSONS

	Avenel Executive Park Phase II, L.L.C.
2.	CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
	(a) ¨
	(b) ¨
3.	SEC USE ONLY

4.	SOURCE OF FUNDS

	SC
5.	CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e)	¨


6.	CITIZENSHIP OR PLACE OF ORGANIZATION

	Maryland


NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH		7. SOLE VOTING POWER (See Item 6)

		251
		8. SHARED VOTING POWER (See Item 6)

		0
		9. SOLE DISPOSITIVE POWER (See Item 6)

		251
		10. SHARED DISPOSITIVE POWER (See Item 6)

		0


11.	AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

	251
12.	CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES	¨

13.	PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)

	0%
14.	TYPE OF REPORTING PERSON

	OO

Page 9 of 27 Pages


CUSIP NO. 804395 10 1		13D


1.	NAMES OF REPORTING PERSONS

	Dearborn, L.L.C.
2.	CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
	(a) ¨
	(b) ¨
3.	SEC USE ONLY

4.	SOURCE OF FUNDS

	SC
5.	CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e)	¨


6.	CITIZENSHIP OR PLACE OF ORGANIZATION

	Delaware


NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH		7. SOLE VOTING POWER (See Item 6)

		355,482
		8. SHARED VOTING POWER (See Item 6)

		0
		9. SOLE DISPOSITIVE POWER (See Item 6)

		355,482
		10. SHARED DISPOSITIVE POWER (See Item 6)

		0


11.	AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

	355,482
12.	CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES	¨

13.	PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)

	2.1%
14.	TYPE OF REPORTING PERSON

	OO

Page 10 of 27 Pages

AMENDMENT NO. 24

SCHEDULE 13D

ITEM 1. Security and Issuer.

This statement on Schedule 13D, as amended from time to time (the “Schedule 13D”) is being filed with respect to the Common Stock, par value $.01 per share (the “Common Stock”) of Saul Centers, Inc., a Maryland corporation (“Saul Centers”), whose principal executive offices are located at 7501 Wisconsin Avenue, Suite 1500, Bethesda, Maryland 20814.

ITEM 2. Identity and Background.

Item 2 is amended in its entirety to read as follows:

This statement is filed by (1) B. Francis Saul II, (2) B. F. Saul Property Company (formerly Franklin Property Company), (3) Westminster Investing Corporation, (4) Van Ness Square Corporation, (5) B. F. Saul Company (the “Saul Company”), (6) B. F. Saul Real Estate Investment Trust (the “Saul Trust”), (7) Avenel Executive Park Phase II, L.L.C. and (8) Dearborn, L.L.C., all or some of whom may be considered a group for the purposes of Rule 13d-1. B.F. Saul Property Company, Westminster Investing Corporation, Van Ness Square Corporation, the Saul Company, the Saul Trust, Avenel Executive Park Phase II, L.L.C. and Dearborn, L.L.C are hereinafter referred to collectively as the “Saul Entities.”

B. Francis Saul II is Chairman of the Board, a Director and Chief Executive Officer of (i) Saul Centers, (ii) the Saul Company, (iii) the Saul Trust, and (iv) Chevy Chase Bank, F.S.B. (“Chevy Chase”). The business address for Mr. Saul, Saul Centers, Saul Company, the Saul Trust and Chevy Chase is 7501 Wisconsin Avenue, Bethesda, Maryland 20814. The principal business of each of the foregoing entities (except for Chevy Chase, which is a federally chartered savings bank) is the development, ownership and management of real estate, directly or through subsidiary entities. The Saul Company is a corporation organized and existing under the laws of the District of Columbia. The Saul Trust, a real estate investment trust organized and existing under Maryland law, is a majority owned subsidiary of the Saul Company. Chevy Chase is a majority owned subsidiary of the Saul Trust.

B. F. Saul Property Company, a Maryland corporation, and a wholly owned subsidiary of the Saul Company, is a company principally engaged in real estate management.

Westminster Investing Corporation, a New York corporation, is a company formerly engaged in the ownership and development of real estate and currently principally engaged in the ownership of equity interests in affiliated entities.

Page 11 of 27 Pages

Van Ness Square Corporation, a Maryland corporation, is a company formerly engaged in the ownership and development of real estate and currently principally engaged in the ownership of equity interests in affiliated entities.

Avenel Executive Park Phase II, L.L.C., a Maryland limited liability company, is a company engaged in the ownership of equity interests in affiliated entities. The Saul Trust is the sole member of Avenel Executive Park Phase II, L.L.C.

Dearborn, L.L.C., a Delaware limited liability company, is a company engaged in the ownership and development of real estate and the ownership of equity interests in affiliated entities. The Saul Trust is the sole member of Dearborn, L.L.C.

The address of the principal business and principal office of each of the Saul Entities is 7501 Wisconsin Avenue, Bethesda, Maryland 20814.

Information about the directors and/or executive officers of each of the Saul Entities is set forth in the following tables. B. Francis Saul II is ultimately in control of each of the Saul Entities.

B. F. Saul Property Company


Name¹		Position with Company and Present Principal Occupation if Different
B. Francis Saul III		Chairman of the Board and President; Vice Chairman, Chevy Chase Bank, F.S.B., President and Director, Saul Centers, Inc.

Ross E. Heasley		Vice President and Director; Vice President and Assistant Secretary, Saul Centers, Inc.

Thomas H. McCormick		Senior Vice President and Director; Executive Vice President and General Counsel, Chevy Chase Bank, F.S.B.; Senior Vice President and General Counsel, Saul Centers, Inc.

Jessica L. Parker		Secretary and Director; Group Vice President, Chevy Chase Bank, F.S.B.

Steven N. Corey		Senior Vice President – Office Leasing

Henry C. Parrish III		Senior Vice President

Mark G. Carrier		Senior Vice President

¹	The business address of each person is 7501 Wisconsin Avenue, Bethesda, Maryland 20814.

Page 12 of 27 Pages


Kenneth D. Shoop		Treasurer and Vice President

James P. Sprouse		Vice President

Merle F. Sustersich		Vice President

Bryon S. Barlow		Vice President – Office Management

Enio P. Guerra		Vice President

Barbara I. Reifsnider		Vice President

Alison B. Rubin		Vice President

Kenneth F. Kovach		Vice President

Donald A. Hachey		Vice President

Mark A. Hardy		Vice President

Mary Lou Mayer		Vice President

David B. Newcome		Vice President

Daniel A. Rigaux		Vice President

Westminster Investing Corporation

Name²		Position with Company and Present Principal Occupation if Different
B. Francis Saul II		Chairman of the Board and President; Chairman of the Board and Chief Executive Officer, Saul Centers, Inc. and Chevy Chase Bank, F.S.B.

B. Francis Saul III		Executive Vice President and Director; Vice Chairman, Chevy Chase Bank, F.S.B.; President and Director, Saul Centers, Inc.

George M. Rogers, Jr.³		Director; Senior Counsel, Pillsbury Winthrop Shaw Pittman LLP.; Director, Chevy Chase Bank, F.S.B.

²	The business address of each person is 7501 Wisconsin Avenue, Bethesda, Maryland 20814 unless otherwise indicated.

³	Mr. Rogers’ business address is Pillsbury Winthrop Shaw Pittman LLP, 2300 N Street, N.W., Washington, D.C. 20037.

Page 13 of 27 Pages


Ross E. Heasley		Treasurer; Vice President and Assistant Secretary, Saul Centers, Inc.

Merle F. Sustersich		Secretary

Patrick T. Connors		Vice President

Van Ness Square Corporation

Name⁴		Position with Company and Present Principal Occupation if Different
B. Francis Saul II		Chairman; Chairman of the Board and Chief Executive Officer, Saul Centers, Inc. and Chevy Chase Bank, F.S.B.

B. Francis Saul III		President, Secretary and Director; Vice Chairman, Chevy Chase Bank, F.S.B.; President and Director, Saul Centers, Inc.

William F. Anhut, Jr.		Vice President, Treasurer and Director; Vice President, Saul Centers, Inc.

B. F. Saul Company

Name⁵		Position with Company and Present Principal Occupation if Different
B. Francis Saul II		Chairman of the Board and President; Chairman of the Board and Chief Executive Officer, Saul Centers, Inc. and Chevy Chase Bank, F.S.B.

B. Francis Saul III		Executive Vice President and Director; Vice Chairman, Chevy Chase Bank, F.S.B.

Thomas H. McCormick		General Counsel, Senior Vice President and Director; Executive Vice President and General Counsel, Chevy Chase Bank, F.S.B.; Senior Vice President and General Counsel, Saul Centers, Inc.

George M. Rogers, Jr.⁶		Director; Senior Counsel, Pillsbury Winthrop Shaw Pittman LLP; Director, Chevy Chase Bank, F.S.B.

⁴	The business address of each person is 7501 Wisconsin Avenue, Bethesda, Maryland 20814 unless otherwise indicated.

⁵	The business address of each person is 7501 Wisconsin Avenue, Bethesda, Maryland 20814.

Page 14 of 27 Pages


John R. Whitmore⁷		Director; Senior Advisor to The Bessemer Group, Inc.; Director, Saul Centers, Inc.; Director, Chevy Chase Bank, F.S.B.

Stephen R. Halpin, Jr.		Senior Vice President and Chief Financial Officer; Executive Vice President and Chief Financial Officer, Chevy Chase Bank, F.S.B.

Mark G. Carrier		Senior Vice President

Patrick T. Connors		Senior Vice President

Steven N. Corey		Senior Vice President – Office Leasing

William Hoy		Senior Vice President – Construction

Jessica L. Parker		Assistant Vice President and Secretary; Group Vice President, Chevy Chase Bank, F.S.B.

Robert Adler		Vice President

Scott G. Armstrong		Vice President

Bryon S. Barlow		Vice President – Office Management

Steven W. Brand		Vice President

Joan E. Cerimele		Vice President

Steve Coe		Vice President

Tricia Culpepper		Vice President; Vice President, Saul Centers, Inc.

Clyde R. Dismukes		Vice President

Deborah D. Gault		Vice President

Enio P. Guerra		Vice President

Donald A. Hachey		Vice President

Craig J. Hamilton		Vice President

⁶	Mr. Rogers’ business address is Pillsbury Winthrop Shaw Pittman LLP, 2300 N Street, N.W., Washington, D.C. 20037.

⁷	Mr. Whitmore’s business address is The Bessemer Group, Incorporated, 630 Fifth Avenue, New York, New York 10111.

Page 15 of 27 Pages


Mark A. Hardy		Vice President

Burke F. Hayes		Vice President

Ross E. Heasley		Vice President; Vice President and Assistant Secretary, Saul Centers, Inc.

Kenneth F. Kovach		Vice President

David J. Makarsky		Vice President

David B. Newcome		Vice President

Henry C. Parrish III		Vice President

Victoria A. Perkins		Vice President

Barbara C. Phillips		Vice President; Vice President, Saul Centers, Inc.

Henry Ravenel, Jr.		Vice President

Barbara I. Reifsnider		Vice President

Daniel A. Rigaux		Vice President

Mark L. Rigsby		Vice President

Alison B. Rubin		Vice President

Sandra A. Seely		Vice President

Kenneth D. Shoop		Vice President and Treasurer; Vice President and Chief Accounting Officer, Saul Centers, Inc.

John A. Spain		Vice President

James P. Sprouse		Vice President

Merle F. Sustersich		Vice President

Page 16 of 27 Pages


B. F. Saul Real Estate Investment Trust

Name⁸		Position with Company and Present Principal Occupation if Different
B. Francis Saul II		Trustee and Chairman; Chairman of the Board and Chief Executive Officer, Saul Centers, Inc. and Chevy Chase Bank, F.S.B.

Gilbert M. Grosvenor⁹		Trustee; Chairman of the Board of Trustees, National Geographic Society; Director, Saul Centers, Inc.; Director, Chevy Chase Bank, F.S.B.

George M. Rogers, Jr.¹⁰		Trustee; Senior Counsel, Pillsbury Winthrop Shaw Pittman LLP.; Director, Chevy Chase Bank, F.S.B.

John R. Whitmore¹¹		Trustee; Senior Advisor to The Bessemer Group, Inc.; Director, Saul Centers, Inc.; Director, Chevy Chase Bank, F.S.B.

Philip D. Caraci		Trustee; Vice Chairman, Saul Centers, Inc.

B. Francis Saul III		Trustee, Senior Vice President and Secretary; Vice Chairman, Chevy Chase Bank, F.S.B.; President and Director, Saul Centers, Inc.

Stephen R. Halpin, Jr.		Vice President and Chief Financial Officer; Executive Vice President and Chief Financial Officer, Chevy Chase Bank, F.S.B.

Thomas H. McCormick		Vice President and General Counsel; Executive Vice President and General Counsel, Chevy Chase Bank, F.S.B.; Senior Vice President and General Counsel, Saul Centers, Inc.

Kenneth D. Shoop		Vice President, Treasurer and Chief Accounting Officer; Vice President and Chief Accounting Officer, Saul Centers, Inc.

Bryon S. Barlow		Vice President

Patrick T. Connors		Vice President

Ross E. Heasley		Vice President; Vice President and Assistant Secretary, Saul Centers, Inc.

⁸	The business address of each person is 7501 Wisconsin Avenue, Bethesda, Maryland 20814 unless otherwise indicated.

⁹	Mr. Grosvenor’s business address is National Geographic Society, 17th and M Streets, N.W., Washington, D.C. 20009.

¹⁰	Mr. Rogers’ business address is Pillsbury Winthrop Shaw Pittman LLP, 2300 N Street, N.W., Washington, D.C. 20037

¹¹	Mr. Whitmore’s business address is The Bessemer Group, Incorporated, 630 Fifth Avenue, New York, New York 10111.

Page 17 of 27 Pages


Henry Ravenel, Jr.		Vice President

Mark G. Carrier		Vice President

Steven N. Corey		Vice President

William S. Hoy		Vice President

Henry C. Parrish III		Vice President

John A. Spain		Vice President

Merle F. Sustersich		Vice President

Avenel Executive Park Phase II, L.L.C.
Name¹²		Position with Company and Present Principal Occupation if Different
B. Francis Saul III		President; Vice Chairman, Chevy Chase Bank, F.S.B.; President and Director, Saul Centers, Inc.

Kenneth D. Shoop		Vice President and Treasurer; Vice President and Chief Accounting Officer, Saul Centers, Inc.

Ross E. Heasley		Vice President; Vice President and Assistant Secretary, Saul Centers, Inc.

Patrick T. Connors		Vice President

William S. Hoy		Vice President

Merle F. Sustersich		Secretary

Dearborn, L.L.C.
Name¹³		Position with Company and Present Principal Occupation if Different
B. Francis Saul II		Chief Executive Officer; Chairman of the Board and Chief Executive Officer, Saul Centers, Inc. and Chevy Chase Bank, F.S.B.

¹²	The business address of each person is 7501 Wisconsin Avenue, Bethesda, Maryland 20814.

¹³	The business address of each person is 7501 Wisconsin Avenue, Bethesda, Maryland 20814.

Page 18 of 27 Pages


B. Francis Saul III		President; Vice Chairman, Chevy Chase Bank, F.S.B.; President and Director, Saul Centers, Inc.

Ross E. Heasley		Vice President; Vice President and Assistant Secretary, Saul Centers, Inc.

Kenneth D. Shoop		Vice President and Treasurer; Vice President and Chief Accounting Officer, Saul Centers, Inc.

Patrick T. Connors		Vice President

William S. Hoy		Vice President

Henry C. Parrish III		Vice President

Merle F. Sustersich		Secretary

None of the persons filing this statement has been convicted in a criminal proceeding (excluding traffic violations or similar misdemeanors) during the last five years from the date of this Amendment. To the best of the knowledge and belief of the Saul Entities, none of the directors and/or executive officers of the Saul Entities has been convicted in a criminal proceeding (excluding traffic violations or similar misdemeanors) during the last five years from the date of this Amendment.

None of the persons filing this statement was a party to a civil proceeding of a judicial or administrative body of competent jurisdiction and as a result of such proceeding was or is subject to a judgment, decree or final order enjoining future violations of, or prohibiting or mandating activities subject to, federal or state securities laws or finding any violation with respect to such laws during the last five years from the date of this Amendment.

To the best of the knowledge and belief of the Saul Entities, none of the directors and/or executive officers of the Saul Entities was a party to a civil proceeding of a judicial or administrative body of competent jurisdiction and as a result of such proceeding was or is subject to a judgment, decree or final order enjoining future violations of, or prohibiting or mandating activities subject to, federal or state securities laws or finding any violations with respect to such laws during the last five years from the date of this Amendment.

All individuals named in this Schedule 13D are citizens of the United States of America.

ITEM 3. Source and Amount of Funds or Other Consideration.

Item 3 is amended in its entirety to read as follows:

Saul Centers instituted a Dividend Reinvestment and Stock Purchase Plan in December 1995 (the “DRIP”) through which holders of Common Stock and holders of

Page 19 of 27 Pages

limited partnership interests in Saul Holdings Limited Partnership may choose to have some or all of their cash dividends or cash distributions automatically reinvested in shares of Common Stock. Since the filing of Amendment Number 23 to this Schedule 13D, Saul Centers has issued Common Stock pursuant to the DRIP on October 31, 2005, January 31, 2006, April 30, 2006 and July 29, 2006. The Saul Trust, B. F. Saul Property Company, Van Ness Square Corporation, Westminster Investing Corporation, Avenel Executive Park Phase II, L.L.C., Dearborn, L.L.C. and Saul Company all participated in the DRIP and, consequently, were issued additional shares of Common Stock in lieu of receiving cash payments. The total amount reinvested and the number of shares acquired by such entities are as follows:

Saul Trust


Date of DRIP Reinvestment	Amount reinvested		Price per share		Number of shares purchased
October 31, 2005	$	1,738,076.19	$	33.950	51,195.175
July 29, 2006	$	2,845,951.91	$	38.703	73,533.109

B. F. Saul Property Company

Date of DRIP Reinvestment	Amount reinvested		Price per share		Number of shares purchased
October 31, 2005	$	101,489.42	$	33.950	2,989.379
July 29, 2006	$	197,025.48	$	38.703	5,090.703

Van Ness Square Corporation

Date of DRIP Reinvestment	Amount reinvested		Price per share		Number of shares purchased
October 31, 2005	$	2,972.90	$	33.950	87.567
January 31, 2006	$	3,009.66	$	35.890	83.858
April 30, 2006	$	3,044.89	$	39.663	76.769
July 29, 2006	$	244,196.85	$	38.703	6,309.507

Westminster Investing Corporation

Date of DRIP Reinvestment	Amount reinvested		Price per share		Number of shares purchased
October 31, 2005	$	161,881.20	$	33.950	4,768.224
July 29, 2006	$	264,705.18	$	38.703	6,839.397

Avenel Executive Park Phase II, L.L.C.

Date of DRIP Reinvestment	Amount reinvested		Price per share		Number of shares purchased
October 31, 2005	$	53.07	$	33.950	1.563
January 31, 2006	$	53.73	$	35.890	1.497
April 30, 2006	$	54.36	$	39.663	1.371
July 29, 2006	$	4,661.07	$	38.703	120.419

Page 20 of 27 Pages



Dearborn, L.L.C.

Date of DRIP Reinvestment	Amount reinvested		Price per share		Number of shares purchased
October 31, 2005	$	137,807.19	$	33.950	4,059.122
July 29, 2006	$	902,193.33	$	38.703	23,310.682

Saul Company

Date of DRIP Reinvestment	Amount reinvested		Price per share		Number of shares purchased
October 31, 2005	$	89,225.93	$	33.950	2,628.157
July 29, 2006	$	90,329.75	$	38.703	2,333.921

B. F. Saul Company Employees’ Profit Sharing Retirement Trust

The B. F. Saul Company Employees’ Profit Sharing Retirement Trust (the “Plan”) is a profit sharing retirement plan for the benefit of the employees of the Saul Company, its subsidiaries and other participating companies that invests its assets for the benefit of the employees of such companies. The Plan is intended to qualify under Section 401(a) of the Internal Revenue Code and is subject to the Employee Retirement Income Security Act of 1974, as amended (“ERISA”). The Plan is administered by four trustees: B. Francis Saul II, Alexander R.M. Boyle, Stephen R. Halpin, Jr. and Thomas H. McCormick. Because B. Francis Saul II shares the power to vote and to dispose of the shares of Common Stock acquired by the Plan, the acquisition of such shares is being reported in this Schedule 13D. B. Francis Saul II disclaims beneficial ownership of the shares held by the Plan that exceed his pecuniary interest in the Plan.

The Plan participated in the DRIP and reinvested the following amounts for shares of Common Stock:


Date of DRIP Reinvestment	Amount reinvested		Price per share		Number of shares purchased
October 31, 2005	$	573,582.84	$	33.950	16,894.929
January 31, 2006	$	580,678.70	$	35.890	16,179.401
April 30, 2006	$	587,474.06	$	39.663	14,811.528
July 29, 2006	$	593,694.92	$	38.703	15,339.765

Beginning in 1999, pursuant to a Deferred Compensation Plan for Directors, 100 shares of Common Stock were awarded annually as additional compensation to each person serving on the Board of Directors of Saul Centers as of the record date for the annual meeting of stockholders. In April 2004, the shareholders of Saul Centers approved the adoption of the 2004 Stock Plan and, as a result, the Board of Directors of Saul Centers terminated the Deferred Compensation Plan for Directors. In its place, pursuant to the 2004 Stock Plan, in 2004 and each following year the Board of Directors approved an annual award of 200 shares of Common Stock to each person serving on the Board of Directors of Saul Centers as of the

Page 21 of 27 Pages

record date for the annual meeting of stockholders. B. Francis Saul II has elected to participate in the DRIP with respect to these shares. In addition, under the 2004 Stock Plan, Mr. Saul receives an annual grant of an option to purchase 2,500 shares. Options to purchase 7,500 shares are exercisable within 60 days of this Amendment. The total amount reinvested and the number of shares acquired by B. Francis Saul II is as follows:

B. Francis Saul II


Date of DRIP Reinvestment	Amount reinvested		Price per share		Number of shares purchased
October 31, 2005	$	452.66	$	33.950	13.333
January 31, 2006	$	458.24	$	35.890	12.768
April 30, 2006	$	463.62	$	39.663	11.689
July 29, 2006	$	552.52	$	38.703	14.276

In addition, Mrs. Patricia E. Saul, the wife of B. Francis Saul II, has participated in the DRIP. The additional shares of Common Stock issued pursuant to the DRIP to Mrs. Patricia E. Saul are being reported in this Schedule 13D because B. Francis Saul II, by reason of his possible influence over his wife, has or might be deemed to have sole or shared voting and dispositive power over such shares. Mr. Saul disclaims beneficial ownership of all shares held by Mrs. Patricia E. Saul.

The amounts reinvested and the number of shares issued pursuant to the DRIP are listed below:

Patricia E. Saul (Mrs.)


Date of DRIP Reinvestment	Amount reinvested		Price per share		Number of shares purchased
October 31, 2005	$	27,484.19	$	33.950	809.549
January 31, 2006	$	27,824.19	$	35.890	775.263
April 30, 2006	$	28,149.58	$	39.663	709.719
July 29, 2006	$	28,447.87	$	38.703	735.030

ITEM 4. Purpose of Transaction.

Item 4 is amended in its entirety to read as follows:

The purpose of the acquisition of shares of Common Stock by the Saul Entities, the Plan, the Trusts (as defined in Item 5(b) below), B. Francis Saul II and Patricia E. Saul is investment. The Saul Entities, the Plan, the Trusts, B. Francis Saul II and Patricia E. Saul may purchase additional shares of Common Stock from time to time for the purpose of investment, subject to ownership limitations set forth in the Articles of Incorporation, as amended, of Saul Centers.

Page 22 of 27 Pages

ITEM 5. Interest in Securities of the Issuer.

Item 5 is amended in its entirety to read as follows:

a. The number and percentage of Common Shares beneficially owned by the reporting persons are set forth in the following table:


Reporting Person	Number of Shares Beneficially Owned		Percentage Of Class (%)
B. Francis Saul II	7,127,651	(1)	41.9
B. F. Saul Company	5,187,765	(2)	30.5
B. F. Saul Real Estate Investment Trust	4,720,638	(3)	27.8
Westminster Investing Corp.	397,039		2.3
Avenel Executive Park Phase II, L.L.C.	251		0.0
Dearborn, L.L.C.	355,482		2.1
B. F. Saul Property Company	249,722		1.5
Van Ness Square Corporation	13,636		0.1

(1)

Includes all of the shares of Common Stock acquired by the Saul Entities, the Plan, the Trusts and Mrs. Patricia E. Saul. B. Francis Saul II owns 1,330 shares of Common Stock directly and owns options to purchase 7,500 shares of Common Stock that are exercisable within 60 days. Pursuant to Rule 13d-1 under the Securities Exchange Act of 1934, as amended, the shares of Common Stock described above are considered to be beneficially owned by Mr. Saul because he has or may be deemed to have sole or shared voting and/or investment power in respect thereof. Mr. Saul disclaims beneficial ownership of 23,014 shares held by the Trusts, 68,468 shares held by Mrs. Patricia E. Saul, and certain shares held by the Plan that exceed his pecuniary interest in the Plan.

(2)

Includes all of the shares of Common Stock acquired by B. F. Saul Property Company, the Saul Trust, Avenel Executive Park Phase II, L.L.C. and Dearborn, L.L.C. B. F. Saul Company owns 217,405 shares of Common Stock directly. Pursuant to Rule 13d-1 under the Securities Exchange Act of 1934, as amended, the shares of Common Stock described above are considered to be beneficially owned by the Saul Company because it has or may be deemed to have sole or shared voting and/or investment power in respect thereof.

(3)

Includes all of the shares of Common Stock acquired by Avenel Executive Park Phase II, L.L.C. and Dearborn, L.L.C. The Saul Trust owns 4,364,905 shares of Common Stock directly. Pursuant to Rule 13d-1 under the Securities Exchange Act of 1934, as amended, the shares of Common Stock described above are considered to be beneficially owned by the Saul Trust because it has or may be deemed to have sole or shared voting and/or investment power in respect thereof.

The number of Common Shares beneficially owned collectively by the reporting persons and other affiliates of B. Francis Saul II excludes 5,416,415 units of limited partnership interest in Saul Holdings Limited Partnership, a Delaware limited partnership (the “Partnership”), which units, in general, are convertible into shares of Common Stock on a one-for-one basis. However, under the terms of the limited partnership agreement of the Partnership, at the current time, these 5,416,415 units may not be converted into shares of Common Stock because such conversion would cause the reporting persons and other affiliates of Mr. Saul to beneficially own collectively greater than 24.9% of the outstanding shares of Common Stock.

b. The Saul Entities have the sole power to vote or to direct the vote and to dispose or to direct the disposition of the shares of Common Stock directly owned by each. The Saul Company shares the power to vote or to direct the vote and to dispose or to direct the disposition of shares of Common Stock owned by the Saul Trust, B. F. Saul Property Company, Avenel Executive Park Phase II, L.L.C. and Dearborn, L.L.C. The Saul Trust shares the power to vote or to direct the vote and to dispose or to direct the disposition of

Page 23 of 27 Pages

shares of Common Stock owned by Avenel Executive Park Phase II, L.L.C. and Dearborn, L.L.C. B. Francis Saul II shares the power to vote or to direct the vote and to dispose or to direct the disposition of shares of Common Stock owned by the Saul Entities and the Plan with the other directors, trustees or general partners of the Saul Entities, and the other trustees of the Plan, respectively. The information required by Item 2 with respect to the other directors, trustees and general partners of the Saul Entities is set forth in Item 2 above. The information required by Item 2 with respect to the other Plan trustees is set forth in the following table:


Name		Principal Occupation
Alexander R. M. Boyle		Vice Chairman, Chevy Chase Bank, F.S.B.

Stephen R. Halpin, Jr.		Executive Vice President and Chief Financial Officer, Chevy Chase Bank, F.S.B.; Vice President and Chief Financial Officer, B. F. Saul Real Estate Investment Trust; Vice President and Chief Financial Officer, B. F. Saul Company

Thomas H. McCormick		Executive Vice President and General Counsel, Chevy Chase Bank, F.S.B.; Senior Vice President and General Counsel, Saul Centers, Inc.

The business address of Messrs. Boyle, Halpin and McCormick is 7501 Wisconsin Avenue, Bethesda, Maryland 20814.

B. Francis Saul II, as sole trustee of the Sharon Elizabeth Saul Trust, the Elizabeth Willoughby Saul Trust, the Andrew M. Saul Trust, and the Patricia English Saul Trust (collectively, the “Trusts”), has the sole power to vote and the sole power to direct the disposition of 23,014 shares of Common Stock held by these Trusts. Because of his possible influence over the trustees and beneficiaries of the trusts named below and over his wife, Mrs. Patricia E. Saul, Mr. Saul might be deemed to have shared voting or dispositive power over the shares of Common Stock owned by such trusts and by Mrs. Saul as indicated by the following table:


Owner		Number of Shares
Bank of America, N.A., Trustee FBO Francis Saul III & Andrew M. Saul II u/a w/B. Francis Saul II dated 12/30/76		24,500

Bank of America, N.A., Trustee u/w Andrew M. Saul FBO Elizabeth W. Saul		1,000

Trust FBO Elizabeth W. Saul u/a dated 12/31/70, George M. Rogers, Jr., Successor Trustee		8,621

Trust FBO Andrew M. Saul II u/a dated 12/31/70, George M. Rogers, Jr., Successor Trustee		6,121

Trust FBO Patricia English Saul u/a dated 12/15/71, George M. Rogers, Jr., Successor Trustee		8,321

Trust FBO Sharon Elizabeth Saul u/a dated 12/31/70, George M. Rogers, Jr., Successor Trustee		3,000

Patricia E. Saul (Mrs.)		68,468

Page 24 of 27 Pages

Because Mr. Saul is not the beneficial owner of the shares held by the trusts listed above, these shares are not included in Mr. Saul’s holdings in Item 5(a) above. However, because Mr. Saul has an indirect pecuniary interest in the shares held by his wife, Mrs. Patricia E. Saul, these shares are included in Mr. Saul’s holdings in Item 5(a) above.

The information with respect to the trustees of these trusts and with respect to Mrs. Saul required by Item 2 is as follows.

Bank of America, N.A. is a national banking association with its principal business address and the address of its principal office at 1501 Pennsylvania Avenue, N.W., Washington, D.C. 20013.

George M. Rogers, Jr. is an attorney at law, whose principal occupation is as a senior counsel in the law firm of Pillsbury Winthrop Shaw Pittman LLP, 2300 N Street, N.W., Washington, D.C. 20037, which is also Mr. Rogers’ business address.

Patricia E. Saul is the wife of B. Francis Saul II. She resides at One Quincy Street, Chevy Chase, Maryland 20815. Her principal occupation is that of housewife.

To the best of the information and belief of the persons filing this statement, during the past five years from the date of this Amendment, neither Bank of America, N.A., nor Mr. Rogers, nor Mrs. Saul, nor any of the Plan trustees has been convicted in a criminal proceeding (excluding traffic violations or similar misdemeanors) or been party to a civil proceeding of a judicial or administrative body of competent jurisdiction as a result of which proceeding any of them was or is subject to a judgment, decree or final order enjoining future violations of, or prohibiting or mandating activities subject to, federal or state securities laws or finding any violation with respect to such laws. Mr. Rogers, Mrs. Saul and the Plan trustees are citizens of the United States of America.

c. Other than as described in Item 3 above, the following are the only transactions known to the persons filing this statement since the filing of Amendment No. 23 to this Schedule 13D.

The Saul Trust acquired shares of Common Stock in the open market on the dates, in the amounts and for the total cost indicated in the following table:


Date of Purchase	Number of Shares	Price per Share		Total Cost
June 12, 2006	1,000	$	37.48	$	37,480.00
June 13, 2006	2,800	$	37.54	$	105,106.12
June 14, 2006	6,100	$	36.86	$	224,872.84
June 16, 2006	1,000	$	37.85	$	37,850.00
June 19, 2006	7,000	$	37.54	$	262,798.90
June 20, 2006	3,000	$	37.17	$	111,500.10
June 21, 2006	1,900	$	37.43	$	71,120.99
June 22, 2006	2,300	$	37.68	$	86,655.95
June 23, 2006	3,200	$	37.46	$	119,881.92
June 27, 2006	5,200	$	37.74	$	196,228.24
June 28, 2006	1,300	$	37.22	$	48,388.99
June 29, 2006	1,000	$	37.85	$	37,850.00
August 11, 2006	3,600	$	38.93	$	140,154.84
September 12, 2006	5,000	$	43.90	$	219,520.00
September 13, 2006	1,800	$	44.67	$	80,402.04
September 14, 2006	6,600	$	44.26	$	292,143.72
September 15, 2006	4,300	$	44.40	$	190,923.01
September 18, 2006	6,000	$	44.46	$	266,746.20
September 19, 2006	4,700	$	44.16	$	207,565.16
September 21, 2006	7,800	$	45.04	$	351,333.06
September 22, 2006	5,800	$	43.61	$	252,949.02
September 26, 2006	5,800	$	45.03	$	261,165.88
September 27, 2006	4,600	$	45.13	$	207,580.06
September 28, 2006	3,900	$	45.14	$	176,042.88
September 29, 2006	6,200	$	45.15	$	279,938.06

Page 25 of 27 Pages

In addition, under the 2004 Stock Plan, B. Francis Saul II received 200 shares of Common Stock on May 1, 2006 and was granted an immediately exercisable option to purchase 2,500 shares. The closing price of the Common Stock on the New York Stock Exchange on May 1 2006 was $40.35 per share.

d. Beneficiaries of the Plan, beneficiaries of the Trusts, and Mrs. Patricia E. Saul have the right to receive dividends from, and the proceeds from the sale of, the shares of Common Stock acquired by the Plan, the Trusts, and Mrs. Saul, respectively. The interest of no such beneficiary, or Mrs. Patricia E. Saul, relates to more than five percent of the Common Stock.

e. Not applicable.

ITEM 6. Contracts, Arrangements, Understandings or Relationships With Respect to Securities of the Issuer.

None.

ITEM 7. Material to be Filed as Exhibits.

Exhibit 1. Joint Filing Agreement dated as of September 6, 2005, incorporated by reference to Exhibit 1 to Amendment No. 23 to the Schedule 13D, filed with the Securities and Exchange Commission on September 8, 2005.

Page 26 of 27 Pages

SIGNATURES

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.


	/s/ B. Francis Saul II
September 29, 2006	B. Francis Saul II

	B. F. SAUL COMPANY

September 29, 2006	By:	/s/ B. Francis Saul II
		B. Francis Saul II, President

	B. F. SAUL PROPERTY COMPANY

September 29, 2006	By:	/s/ Ross E. Heasley
		Ross E. Heasley, Vice President

	WESTMINSTER INVESTING CORPORATION

September 29, 2006	By:	/s/ B. Francis Saul II
		B. Francis Saul II, Chairman and President

	VAN NESS SQUARE CORPORATION

September 29, 2006	By:	/s/ B. Francis Saul II
		B. Francis Saul II, Chairman

	AVENEL EXECUTIVE PARK PHASE II, L.L.C.

	By:	B.F. SAUL REAL ESTATE INVESTMENT TRUST, its sole member

September 29, 2006	By:	/s/ B. Francis Saul II
		B. Francis Saul II, Chairman

Page 27 of 27 Pages


	DEARBORN, L.L.C.

	By:	B.F. SAUL REAL ESTATE INVESTMENT TRUST, its sole member

September 29, 2006	By:	/s/ B. Francis Saul II
		B. Francis Saul II, Chairman

	B. F. SAUL REAL ESTATE INVESTMENT TRUST

September 29, 2006	By:	/s/ B. Francis Saul II
		B. Francis Saul II, Chairman