BFS - Saul Centers Inc.

Saul Centers, Inc. (Saul Centers) operates as a real estate investment trust (REIT). The Companys principal business activity is the ownership, management and development of income-producing properties. During the year ended December 31, 2009, the Companys properties consisted of 47 operating shopping center properties, five office operating properties and four development properties. The Company established Saul QRS, Inc., a wholly owned subsidiary of Saul Centers, to facilitate the placement of collateralized mortgage debt.