0% of the Company's 2004 annual revenues.6% compared
to net income available to common stockholders of $8,591,000 or $0.01 per share increase (2.27

Weighted average common stock
outstanding:
Common stock 16,613 16,090
Effect of dilutive options 94 33
Diluted weighted average
common stock 16,707 16,123


Six Months Ended June 30,
2005 2004
Revenue (Unaudited)
Base rent $48,641 $44,027
Expense Recoveries 9,680 7,912
Percentage Rent 1,011 704
Other 1,727 1,586
Total revenue 61,059 54,229

Operating Expenses
Property operating expenses 7,256 5,762
Provision for credit losses 133 168
Real estate taxes 5,340 4,879
Interest expense and deferred
debt amortization 15,024 12,900
Depreciation and amortization 11,147 9,985
General and administrative 4,568 3,877
Total operating expenses 43,468 37,571
Operating Income 17,591 16,658
Minority Interests (4,110) (4,067)
Net Income 13,481 12,591
Preferred Dividends (4,000) (4,000)
Net Income Available to Common
Stockholders $9,481 $8,591

Per Share Net Income Available
to Common Stockholders:
Basic and diluted $0., You don't have to
possess the Force and have a buddy named Chewbacca to get the new exclusive
Star Wars: Episode III Revenge of the Sith merchandise -- you simply need to
be at Wal-Mart by 12:01 a. The same property comparisons exclude the
results of operations of properties not in operation for each of the
comparable reporting periods. Same property operating
income in the office portfolio grew 3.6% for the 2005 quarter, due primarily
to the completion of re-tenanting of space at 601 Pennsylvania Avenue, which
was being prepared for new occupancy during a portion of early 2004.
Funds From Operations (FFO) available to common shareholders (after
deducting preferred stock dividends) increased 11. On a diluted per share basis, FFO available to common
shareholders increased 7.7% to $0.

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9% to $12,484 ,000 in the 2005
second quarter compared to $11,676,000 for the same quarter in 2004.29 $0.7% to $8,639,000 compared to $8,329,000 for the
comparable 2004 quarter.1%.
Condensed Consolidated Statements of Operations
(In thousands, except per share amounts)

Three Months Ended March 31,
2005 2004
Revenue (Unaudited)
Base rent $24,132 $21,276
Expense Recoveries 4,980 3,894
Percentage Rent 504 444
Other 691 727
Total revenue 30,307 26,341

Operating Expenses
Property operating expenses 3,773 2,892
Provision for credit losses 54 69
Real estate taxes 2,583 2,391
Interest expense and
deferred debt amortization 7,409 6,266
Depreciation and amortization 5,615 4,638
General and administrative 2,234 1,756
Total operating expenses 21,668 18,012
Operating Income 8,639 8,329
Minority Interests (2,029) (2,024)
Net Income 6,610 6,305
Preferred Dividends (2,000) (2,000)
Net Income Available to Common
Stockholders $4,610 $4,305

Per Share Net Income Available
to Common Stockholders :
Basic and diluted $0.

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FFO may not be comparable to similarly titled measures employed by other
REITs . Only a limited
number are available.2% of the portfolio was leased,
compared to the prior year level of 94. The comparative decrease in the
2005 same property leasing percentage is largely attributable to the early
departure of the two tenants at Great Eastern Plaza and Southside Plaza.

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57 per share in 2005
compared to $0.40 per
share on its common stock, a $0. Saul Centers currently
operates and manages a real estate portfolio of 42 community and neighborhood
shopping center and office properties totaling approximately 7.52

Reconciliation of Net Income to
Same Property Operating Income
Net Income $6,610 $6,305
Add: Interest expense and
deferred debt
amortization 7,409 6,266
Add: Depreciation and
amortization 5,615 4,638
Add: General and
administrative 2,234 1,756
Less: Interest income (140) (88)
Add: Minority Interests 2,029 2,024
Property operating income 23,757 20,901
Less: Acquisitions +
developments (2,692) (479)
Total same property
operating income $21,065 $20,422

Total Shopping Centers $14,417 $14,007
Total Office Properties 6,648 6,415
Total same property
operating income $21,065 $20,422

(1) FFO is a widely accepted non-GAAP financial measure of operating
performance of real estate investment trusts ("REITs").

Shopping sites for Science Fiction and Fantasy costumes.

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54

Weighted average common stock
outstanding:
Common stock 16,540 16,019
Effect of dilutive options 92 31
Diluted weighted average
common stock 16,632 16,050

Saul Centers, Inc. Online merchandise sales are available
at http://www. While these spaces
represent approximately 2.
FFO may not be comparable to similarly titled measures employed by other
REITs.

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27 per share (basic + diluted) for the 2004 quarter.
Overall same property revenues for the total portfolio increased 3.
Funds From Operations (FFO) available to common shareholders (after
deducting preferred stock dividends) increased 6.6% to $0.57 $0. This final installment in the series debuts in
theaters on May 19.
In addition, for Star Wars: Episode III Revenge of the Sith, Wal-Mart will
be offering other exclusive toys.com ., Saul Centers, Inc.3 million
square feet of leaseable area. FFO should not
be considered as an alternative to net income, its most directly comparable
GAAP measure, as an indicator of the Company's operating performance, or as an
alternative to cash flows as a measure of liquidity.

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29 per share (basic + diluted) for the 2005 quarter, a per
share increase of 7. Operating
income before minority interests and preferred stock dividends increased 5.6%
to $17,591,000 compared to $16,658,000 for the comparable 2004 period.

Saul Centers is a self-managed, self-administered equity real estate
investment trust headquartered in Bethesda , Maryland. Beginning a minute past midnight on April 2, Wal-Mart stores nationwide
will offer a wide variety of Star Wars products including several Hasbro items
exclusive only to Wal-Mart.
The 400 stores participating in the "48 Hours of the Force" event will
have fans completely immersed in the Star Wars fantasy with decorated tents
set up outside from 8 a.

1% to $30,307,000 compared to $26,341,000 for the 2004
quarter.28 $0.

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Condensed Consolidated Statements of Operations
(In thousands, except per share amounts)


Three Months Ended June 30,
2005 2004
Revenue (Unaudited)
Base rent $24,509 $22,751
Expense Recoveries 4,700 4,018
Percentage Rent 507 260
Other 1,036 859
Total revenue 30,752 27,888

Operating Expenses
Property operating expenses 3,483 2,870
Provision for credit losses 79 99
Real estate taxes 2,757 2,488
Interest expense and deferred
debt amortization 7,615 6,634
Depreciation and amortization 5,532 5,347
General and administrative 2,334 2,121
Total operating expenses 21,800 19,559
Operating Income 8,952 8,329
Minority Interests (2,081) (2,043)
Net Income 6,871 6,286
Preferred Dividends (2,000) (2,000)
Net Income Available to Common
Stockholders $4,871 $4,286

Per Share Net Income Available
to Common Stockholders:
Basic and diluted $0.57 $0.
Supplemental Information
(In thousands, except per share amounts)

Three Months Ended Six Months Ended
June 30, June 30,
2005 2004 2005 2004
Reconciliation of Net Income to
Funds From Operations (FFO)(1) (Unaudited) (Unaudited)
Net Income $6,871 $6,286 $13,481 $12,591
Add: Real property
depreciation +
amortization 5,532 5,347 11,147 9,985
Add: Minority Interests 2,081 2,043 4,110 4,067
FFO 14,484 13 ,676 28,738 26,643
Less: Preferred dividends (2,000) (2,000) (4,000) (4 ,000)
FFO available to common
shareholders $12,484 $11 ,676 $24,738 $22,643

Weighted average shares
outstanding:
Diluted weighted average
common stock 16,707 16,123 16,632 16,050
Convertible limited
partnership units 5,201 5,193 5,201 5,191
Diluted + converted weighted
average shares 21,908 21,316 21,833 21,241

Per Share Amounts:
FFO available to common
shareholders $0.m.com . The
$1,287,000 increase in FFO available to common shareholders in the 2005
quarter resulted from the combination of (1) increased operating income from
retail acquisition and development properties and (2) successful leasing
efforts in the core portfolio, primarily at Thruway, Southdale and 601
Pennsylvania Avenue.56 $0. FFO does not represent cash generated from operating activities in
accordance with GAAP and is not necessarily indicative of cash available to
fund cash needs, which is disclosed in the Consolidated Statements of Cash
Flows in the Company's SEC reports for the applicable periods.

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Total revenues for the quarter ended June 30,
2005 increased 10.8%.0% a year earlier.

In addition, on April 2 + 3, approximately 400 Wal-Mart Supercenters
across the country will be hosting the ultimate "48 Hours of the Force " Star
Wars fan celebration event. though 4 p. After preferred stock dividends and minority
interests , the Company reported net income available to common stockholders of
$4,610,000 or $0.3% for
the 2005 first quarter compared to the same quarter in 2004 and same property
operating income increased 3. Saul Centers currently
operates and manages a real estate portfolio of 41 community and neighborhood
shopping center and office properties totaling approximately 7.27

Weighted average common stock
outstanding :
Common stock 16,468 15,947
Effect of dilutive options 89 27
Diluted weighted average
common stock 16,557 15,974

Saul Centers, Inc. FFO is defined by the
National Association of Real Estate Investment Trusts as net income, computed
in accordance with GAAP, plus minority interests, extraordinary items and real
estate depreciation and amortization, excluding gains or losses from property
sales.

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, Saul Centers, Inc. The comparative
decrease in the 2005 leasing percentage is attributable to the 113,000 square
foot vacancy at Great Eastern Plaza. FFO , a
widely accepted non-GAAP financial measure of operating performance for real
estate investment trusts, is defined as net income, plus minority interests,
extraordinary items and real estate depreciation and amortization, excluding
gains and losses from property sales. Fully diluted per share FFO available to
common shareholders increased 5.com . Same center property operating income in the
shopping center portfolio increased 2.9% for the 2005 first quarter, compared
to the prior year's quarter , despite the departure of two tenants, whose
spaces combined total 152,000 square feet, and the resulting loss of revenues
relating to these tenants during the entire 2005 quarter.

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Operating income before minority interests and preferred stock
dividends increased 7.54 per
share (basic + diluted) for the 2004 period.6% to $1.55 $1. There will be Star Wars music being
played and photo opportunities for kids with a Darth Vader character standee. To find the nearest
location featuring this tent event, log onto http://www. The
company's securities are listed on the New York and Pacific stock exchanges
under the symbol WMT.walmart. Total revenues for the quarter ended March
31, 2005 increased 15. On a same property basis, 92.56 per share in 2005 compared to $0. This
grocery anchored neighborhood shopping center located in Altamonte Springs
near Orlando is the Company's second Florida center .

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7% and
the office portfolio grew 2.13 $1.walmart. Property operating income is calculated as
total property revenue less property operating expenses, provision for credit
losses and real estate taxes.2%.

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5%. The loss of rental revenues from these
spaces at Great Eastern Plaza and Southside Plaza was more than overcome by
increased rental revenue from redevelopment of a portion of Thruway and
improved operations at the balance of the Company's shopping center portfolio. The $808,000 increase in FFO available
to common shareholders in the 2005 quarter resulted from the combination of
(1) increased operating income from retail acquisition and development
properties and (2) successful leasing efforts in the core portfolio, primarily
at Thruway and Avenel Business Park. On a diluted per share basis, FFO
available to common shareholders increased 3.55 per share for the 2004 quarter . With this item, customers receive a
certificate that they mail in to get the four Star Wars action figures: Luke
Skywalker, Princess Leia, R2-D2, and Chewbacca. (NYSE: WMT) operates Wal-Mart Stores , Supercenters,
Neighborhood Markets and SAM'S CLUB locations in the United States. Over 80% of the Company's cash flow is
generated from properties in the metropolitan Washington, DC/Baltimore area .

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(NYSE: BFS), an equity real estate investment trust, announced its second
quarter 2005 operating results. While these spaces represent approximately
2. Net
income available to common stockholders was $9,481,000 or $.2% of the
portfolio was leased, compared to 94. FFO available to common
shareholders for the 2005 six month period increased 9.4 million
square feet of leaseable area.Wal-Mart Stores Nationwide Offer Line of Star Wars Merchandise; Select Stores
Offer Events

BENTONVILLE, Ark.
There is a different collectable card for each day.0% of the Company's 2004 annual
revenues.

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5% to $8,952,000 compared to $8,329,000 for the
comparable 2004 quarter.4% compared to net income available to common stockholders
of $4,286,000 or $0. The same property comparisons exclude the
results of operations of properties not in operation for each of the
comparable reporting periods. Property operating income is calculated as
total property revenue less property operating expenses, provision for credit
losses and real estate taxes.
Same property operating income in the office portfolio grew 2.
For the six month period ended June 30, 2005 , total revenues increased
12.m.

Wal-Mart Stores, Inc.7% to $12,254,000 in the
2005 first quarter compared to $10,967,000 for the same quarter in 2004.
In March 2005, the Company acquired the 126,000 square foot Albertsons
anchored, Palm Springs Center for a purchase price of $17. Management considers FFO
a supplemental measure of operating performance and along with cash flow from
operating activities, financing activities and investing activities, it
provides investors with an indication of the ability of the Company to incur
and service debt, to make capital expenditures and to fund other cash needs.

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6%) over the prior
quarter's dividend.
Wal-Mart customers are invited to join in on the Star Wars fun and excitement
and come dressed up as their favorite characters.

"
For more details on this exciting Star Wars merchandise or the nearest "48
Hours of the Force " event participating Wal-Mart store, visit
http://www.
Internationally, the company operates in Argentina, Brazil, Canada, China,
Germany, Japan, Mexico, Puerto Rico, South Korea and the United Kingdom.walmartfacts.4% of the portfolio was leased, compared to 94.

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During the second
quarter, the Company leased the 39,000 square feet of space at Southside
Plaza, and subsequent to the end of the quarter, also leased the 113,000
square feet at Great Eastern Plaza.
On July 29, 2005 , Saul Centers paid a quarterly dividend of $0.

Saul Centers, Inc . on April 2 and be one of the first in your
Galaxy! Wal-Mart stores across the country are celebrating one of the biggest
events in Star Wars history -- the launch of Episode III: Revenge of the Sith
toys and games -- with an action-packed Star Wars weekend for fans of all
ages. This celebration includes interactive toy + game
demonstrations from Hasbro, product sampling, Star Wars character appearances,
and, while supplies last, free Star Wars force detection collectable cards.
(NYSE: BFS), an equity real estate investment trust, announced its first
quarter 2005 operating results .5 million.
Condensed Consolidated Balance Sheets
($ in thousands)

March 31, December 31,
2005 2004
Assets (Unaudited)
Real estate investments
Land $125,308 $119,029
Buildings 536,327 521,161
Construction in progress 45,548 42,618
707,183 682,808
Accumulated depreciation (185,884) (181,420)
521,299 501,388
Cash and cash equivalents 11,668 33,561
Accounts receivable and
accrued income, net 21,270 20,654
Lease acquisition costs, net 18,046 17,745
Prepaid expenses 1,862 2,421
Deferred debt costs, net 6,093 5,011
Other assets 4,562 2,616
Total assets $584,800 $583,396

Liabilities
Mortgage notes payable $450,876 $453,646
Dividends and distributions
payable 10,464 10,424
Accounts payable, accrued
expenses and other
liabilities 13,106 12,318
Deferred income 7,787 6,044
Total liabilities 482,233 482,432

Stockholders' Equity
Preferred stock 100,000 100,000
Common stock 165 164
Additional paid in capital 110,313 106,886
Accumulated deficit (107,911) (106,086)
Total stockholders' equity 102,567 100,964

Total liabilities and
stockholders' equity $584,800 $583 ,396

Saul Centers, Inc.

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9% for
the 2005 second quarter compared to the same quarter in 2004 and same property
operating income increased 2.
The shopping center portfolio same center operating income increased 2.m.
Only available on April 2 at these same 400 stores while quantities last,
is an exclusive Hasbro "Early Bird" special that every Star Wars fan will want
to add to his or her collection. FFO, a widely accepted non-GAAP financial measure of
operating performance for real estate investment trusts, is defined as net
income, plus minority interests, extraordinary items and real estate
depreciation and amortization, excluding gains and losses from property sales.

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7% for the 2005 second quarter, compared
to the prior year's quarter , despite the departure of two tenants, one each in
Southside Plaza and Great Eastern Plaza, whose spaces combined total 152,000
square feet, and the resulting loss of revenues relating to these tenants
during the entire 2005 quarter. Overall same property revenues
for the total portfolio increased 4. Over 80% of the Company's cash flow is
generated from properties in the metropolitan Washington , DC/Baltimore area.

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0% of the Company's total gross leaseable area, the combined rent payments
were less than 1.9%.07 per share for the 2004 period.07

Reconciliation of Net Income to
Same Property Operating Income:
Net Income $6,871 $6,286 $13 ,481 $12,591
Add: Interest expense and
deferred debt
amortization 7,615 6,634 15,024 12,900
Add: Depreciation and
amortization 5,532 5,347 11,147 9,985
Add: General and
administrative 2,334 2,121 4,568 3,877
Less: Interest income (157) (18) (297) (106)
Add: Minority Interests 2,081 2,043 4,110 4,067
Property operating income 24,276 22 ,413 48,033 43,314
Less: Acquisitions +
developments (1,753) (448) (5,689) (2,119)
Total same property
operating income $22,523 $21,965 $42,344 $41,195

Total Shopping Centers $15 ,790 $15,373 $28,962 $28,188
Total Office Properties 6,733 6,592 13 ,382 13,007
Total same property
operating income $22,523 $21,965 $42,344 $41,195


(1) FFO is a widely accepted non-GAAP financial measure of operating
performance of real estate investment trusts ("REITs"). Those available beginning April 2 also
include Star Wars Diecast Vehicles and Star Wars Figure Carry Case with two
bonus figures .7% compared to net income available to common stockholders
of $4,305,000 or $0.52 for
the 2004 quarter. The property is 100%
leased and includes tenants complementing Albertsons, such as Office Depot,
Mimi's Cafe and Toojay's Deli.

Saul Centers, Inc.

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As of June 30, 2005, on an overall and same property basis, 93.3% to $24,738,000 from
$22,643 ,000 during the 2004 period.13 per share in 2005 compared to
$1. FFO does not represent cash generated from operating activities in
accordance with GAAP and is not necessarily indicative of cash available to
fund cash needs, which is disclosed in the Consolidated Statements of Cash
Flows in the Company 's SEC reports for the applicable periods. Management considers FFO
a supplemental measure of operating performance and along with cash flow from
operating activities, financing activities and investing activities, it
provides investors with an indication of the ability of the Company to incur
and service debt, to make capital expenditures and to fund other cash needs. More information about Wal -Mart can be found by
visiting http://www.

Saul Centers Inc. Reports First Quarter 2005 Earnings

28 per share (basic + diluted) for the 2005 quarter, a per
share increase of 3.

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After preferred stock dividends and minority
interests, the Company reported net income available to common stockholders of
$4,871,000 or $0. "And with all of the
other great Star Wars toys and additional merchandise that we have available,
we know Wal-Mart will be the one location where Star Wars fans can come to get
everything they want in one place.
Overall same property revenues for the total portfolio increased 4.0% of the Company's total gross leaseable area, the
combined rent payments were less than 1.
Supplemental Information
(In thousands , except per share amounts)

Three Months Ended March 31,
2005 2004
(1) (Unaudited)
Reconciliation of Net Income to
Funds From Operations (FFO)
Net Income $6,610 $6,305
Add: Real property
depreciation +
amortization 5,615 4,638
Add: Minority Interests 2,029 2,024
FFO 14,254 12,967
Less: Preferred dividends (2,000) (2,000)
FFO available to common
shareholders $12,254 $10,967

Weighted average shares outstanding:
Diluted weighted average
common stock 16,557 15,974
Convertible limited
partnership units 5,201 5,190
Diluted + converted weighted
average shares 21,758 21,164

Per Share Amounts:
FFO available to common shareholders $0.

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Saul Centers Inc. Reports Second Quarter 2005 Earnings

1% for the 2005
quarter primarily due to the lease-up of space at Avenel Business Park.57 per share
(basic + diluted) for the 2005 period, a per share increase of 5.0% for the 2005 six month period compared
to the same period in 2004 and same property operating income increased 2.
Condensed Consolidated Balance Sheets
($ in thousands)

June 30, December 31,
2005 2004
Assets (Unaudited )
Real estate investments
Land $125,213 $119,029
Buildings 537,827 521,161
Construction in progress 50,243 42,618
713 ,283 682,808
Accumulated depreciation (190,198) (181,420)
523,085 501,388
Cash and cash equivalents 28,585 33,561
Accounts receivable and accrued
income , net 21,309 20,654
Lease acquisition costs, net 17,445 17,745
Prepaid expenses 1,098 2,421
Deferred debt costs, net 6,177 5,011
Other assets 4,708 2,616
Total assets $602 ,407 $583,396

Liabilities
Mortgage notes payable $464,367 $453,646
Dividends and distributions
payable 10,748 10,424
Accounts payable, accrued
expenses and other liabilities 13,742 12,318
Deferred income 7,271 6 ,044
Total liabilities 496,128 482,432

Stockholders ' Equity
Preferred stock 100,000 100,000
Common stock 167 164
Additional paid in capital 115,820 106,886
Accumulated deficit (109,708) (106,086 )
Total stockholders' equity 106,279 100,964

Total liabilities and
stockholders' equity $602,407 $583,396

Saul Centers, Inc.

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Same center property operating income in the
shopping center portfolio increased 2. The space was re-leased in July 2005.

Wal-Mart's Your Headquarters for Star Wars: Episode III Revenge of the Sith - Featuring Exclusive Merchandise and '48 Hours of the Force ' Ultimate Star Wars Pa

"The exclusive Star Wars toys are sure to be a hit with collectors and
Star Wars fans of all ages," said Scott McCall, vice president and divisional
merchandise manager , Toy Division, Wal-Mart Stores, Inc.walmart. Operating income before minority interests and preferred stock
dividends increased 3. The loss of rental revenues from these tenants at Great Eastern
Plaza and Southside Plaza was more than overcome by increased rental revenue
from redevelopments of portions of Thruway and Southdale and operations at the
balance of the Company's shopping center portfolio .

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BETHESDA, Md.3% to $30,752,000 compared to $27,888,000 for the 2004
quarter.6% to $61,059,000 compared to $54,229,000 for the 2004 period. FFO is defined by the
National Association of Real Estate Investment Trusts as net income, computed
in accordance with GAAP, plus minority interests , extraordinary items and real
estate depreciation and amortization, excluding gains or losses from property
sales. FFO should not
be considered as an alternative to net income, its most directly comparable
GAAP measure, as an indicator of the Company's operating performance, or as an
alternative to cash flows as a measure of liquidity.com . This mail-in figure promotion
was done back in 1977 for the original Star Wars movie and Wal-Mart and Hasbro
are bringing it back to celebrate the last movie in the saga. BETHESDA, Md.27 per share (basic + diluted) for the 2004 quarter.
As of March 31, 2005, 92.2%
a year earlier.

Saul Centers is a self-managed, self-administered equity real estate
investment trust headquartered in Bethesda, Maryland.

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