Saul Centers, Inc.
US ˙ NYSE ˙ US8043951016

Introduction

This page provides a comprehensive analysis of the known insider trading history of Christopher Netter. Insiders are officers, directors, or significant investors in a company. It is illegal for insiders to make trades in their companies based on specific, non-public information. This does not mean it is illegal for them to make any trades in their own companies. However, they must report all trades to the SEC via a Form 4. Despite these restrictions, academic research suggests that insiders - in general - tend to outperform the market in their own companies.

Average Trade Profitability

The average trade profitability is the average return of all the open market purchases made by the insider in the last three years. To calculate this, we examine every open-market, unplanned purchase made by the insider, excluding all trades that were marked as part of a 10b5-1 trading plan. We then calculate the average performance of those trades over 3, 6, and 12 months, averaging each of those durations to generate a final performance metric for each trade. Finally, we average all of the performance metrics to calculate a performance metric for the insider. This list only includes insiders that have made at least three trades in the last two years.

If this insiders trade profitability is "N/A", then the insider either has not made any open-market purchases in the last three years, or the trades they’ve made are too recent to calculate a reliable performance metric.

Update Frequency: Daily

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Companies with Reported Insider Positions

The SEC filings indicate Christopher Netter has reported holdings or trades in the following companies:

Security Title Latest Reported Holdings
US:BFS / Saul Centers, Inc. Exec. Vice Pres-Retail Leasing 25,000
How to Interpret the Charts

The following charts show the stock performance of securities subsequent to each open-market, non-planned trade made by Christopher Netter. Non-planned trade are trades that were not made as part of a 10b5-1 trading plan. The stock performance is charted as cumulative percent change in share price. For example, if an insider trade was made on January 1, 2019, the chart will show the daily percent change of the security to the present day. If the share price were to go from $10 to $15 during this time, the cumulative percent change in share price would be 50%. A change in price from $10 to $20 would be 100%, and a change in price of $10 to $5 would be -50%.

Ultimately, we are trying to determine how closely the insider’s trades correlate to excess returns (positive or negative) in the share price in order to see if the insider is timing their trades to profit from insider information. Consider the situation where an insider was doing this. In this situation, we would expect either (a) positive returns after purchases, or (b) negative returns after sales. In the case of (a), the PURCHASE chart would show a series of upwardly sloping curves, indicating positive returns after each purchase transaction. In the case of (b), the SALE chart would show a series of downward sloping curves, indicating negative returns after each sale transaction.

However, this alone is not enough to draw conclusions. If, for example, the share price of the company was in a non-cyclical climb over many years, then we would expect all the post-purchase plots to be upwardly sloping. Likewise, non-cyclical declines over many years would result in downward sloping post-trade plots. Neither of these charts would suggest insider trading activity.

The strongest indicator would be a situation where the share price was extremely cyclical, and there were both positive signals in the PURCHASE chart and negative plots on the SALE chart. This situation would be highly suggestive of an insider that was timing trades to their financial advantage.

Insider Purchases BFS / Saul Centers, Inc. - Short Term Profit Analysis

In this section, we analyze the profitability of every unplanned, open-market insider purchase made in BFS / Saul Centers, Inc.. This analysis helps to understand if the insider consistently generates abnormal returns, and is worth following. This analysis is for one-year following each trade, and the results are theoretical.

The following table shows the most recent open market purchases that were not part of an automatic trading plan.

Trade Date Ticker Insider Reported
Shares		 Reported
Price		 Adjusted
Shares		 Adjusted
Price		 Cost Basis Days to
Max		 Price at
Max		 Max
Profit ($)		 Max Return (%)
There are no known unplanned open-market trades for this insider and security combination

Adjusted Price is the split-adjusted price. Adjusted Shares is the split-adjusted shares.

BFS / Saul Centers, Inc. Insider Trades
Insider Sales BFS / Saul Centers, Inc. - Short Term Loss Analysis

In this section, we analyze the short-term loss avoidance of every unplanned, open-market insider sale made in BFS / Saul Centers, Inc.. A consistent pattern of loss avoidance may suggest that future sale transactions may predict declines in price. This analysis is for one-year following each trade, and the results are theoretical.

The following table shows the most recent open market sales that were not part of an automatic trading plan.

Trade Date Ticker Insider Reported
Shares		 Reported
Price		 Adjusted
Shares		 Adjusted
Price		 Cost Basis Days to
Min		 Price at
Min		 Max Loss
Avoided ($)		 Max Loss
Avoided (%)
2019-06-17 BFS NETTER CHRISTOPHER 5,000 57.0000 5,000 57.0000 285,000 277 25.6100 -156,950 -55.07
2018-08-20 BFS NETTER CHRISTOPHER 7,500 59.3000 7,500 59.3000 444,750
2017-10-09 BFS NETTER CHRISTOPHER 2,500 63.3600 2,500 63.3600 158,400
2017-10-06 BFS NETTER CHRISTOPHER 1,300 63.1500 1,300 63.1500 82,095
2017-10-05 BFS NETTER CHRISTOPHER 200 63.8000 200 63.8000 12,760
2017-10-04 BFS NETTER CHRISTOPHER 1,000 63.4700 1,000 63.4700 63,470
2016-09-23 BFS NETTER CHRISTOPHER 2,500 67.7000 2,500 67.7000 169,250
2016-09-22 BFS NETTER CHRISTOPHER 5,000 67.0400 5,000 67.0400 335,200
2016-09-07 BFS NETTER CHRISTOPHER 5,539 68.5300 5,539 68.5300 379,609
2016-06-08 BFS NETTER CHRISTOPHER 4,515 58.1400 4,515 58.1400 262,502
2016-06-07 BFS NETTER CHRISTOPHER 2,885 58.1000 2,885 58.1000 167,618
2016-06-03 BFS NETTER CHRISTOPHER 4,571 58.0000 4,571 58.0000 265,118
2016-05-16 BFS NETTER CHRISTOPHER 5,000 57.0500 5,000 57.0500 285,250
2016-05-13 BFS NETTER CHRISTOPHER 2,500 56.7406 2,500 56.7406 141,852
2016-05-10 BFS NETTER CHRISTOPHER 9,986 56.4967 9,986 56.4967 564,176
2015-01-07 BFS NETTER CHRISTOPHER 2,001 58.2097 2,001 58.2097 116,478
2014-12-31 BFS NETTER CHRISTOPHER 1,028 58.5000 1,028 58.5000 60,138
2014-12-23 BFS NETTER CHRISTOPHER 2,500 57.5000 2,500 57.5000 143,750
2014-12-18 BFS NETTER CHRISTOPHER 5,000 56.4028 5,000 56.4028 282,014
2014-12-17 BFS NETTER CHRISTOPHER 1,500 56.0000 1,500 56.0000 84,000
2014-12-12 BFS NETTER CHRISTOPHER 3,514 56.0276 3,514 56.0276 196,881
2014-03-14 BFS NETTER CHRISTOPHER 15,000 46.5558 15,000 46.5558 698,337
2011-01-05 BFS NETTER CHRISTOPHER 3,750 47.1730 3,750 47.1730 176,899
2011-01-04 BFS NETTER CHRISTOPHER 3,750 47.5160 3,750 47.5160 178,185
2010-04-08 BFS NETTER CHRISTOPHER 4,000 41.4200 4,000 41.4200 165,680
2008-09-23 BFS NETTER CHRISTOPHER 3,500 50.0000 3,500 50.0000 175,000
2006-11-22 BFS NETTER CHRISTOPHER 7,500 55.9300 7,500 55.9300 419,475
2006-11-22 BFS NETTER CHRISTOPHER 3,750 55.9300 3,750 55.9300 209,738
2006-03-16 BFS NETTER CHRISTOPHER 2,200 43.8000 2,200 43.8000 96,360
2006-03-16 BFS NETTER CHRISTOPHER 1,400 43.8100 1,400 43.8100 61,334
2006-03-16 BFS NETTER CHRISTOPHER 700 43.8500 700 43.8500 30,695
2006-03-16 BFS NETTER CHRISTOPHER 900 43.8800 900 43.8800 39,492
2006-03-16 BFS NETTER CHRISTOPHER 700 43.9100 700 43.9100 30,737
2006-03-16 BFS NETTER CHRISTOPHER 1,500 43.9200 1,500 43.9200 65,880
2006-03-16 BFS NETTER CHRISTOPHER 100 44.0900 100 44.0900 4,409
2006-03-16 BFS NETTER CHRISTOPHER 2,000 43.8000 2,000 43.8000 87,600
2006-03-16 BFS NETTER CHRISTOPHER 550 43.8500 550 43.8500 24,118
2006-03-16 BFS NETTER CHRISTOPHER 1,000 43.9000 1,000 43.9000 43,900
2006-03-16 BFS NETTER CHRISTOPHER 200 44.0900 200 44.0900 8,818

Adjusted Price is the split-adjusted price. Adjusted Shares is the split-adjusted shares.

BFS / Saul Centers, Inc. Insider Trades
Insider Trading History

This table shows the complete list of insider trades made by Christopher Netter as disclosed to the Securities Exchange Commission (SEC).

File Date Tran Date Form Ticker Security Code 10b5-1 Shares Remaining Shares Percent
Change		 Share
Price		 Tran
Value		 Remaining
Value
2022-05-17 2022-05-13 4 BFS SAUL CENTERS, INC.
Employee Stock Option 		A - Award 25,000 25,000
2021-05-11 2021-05-07 4 BFS SAUL CENTERS, INC.
Employee Stock Option 		A - Award 25,000 25,000 43.89 1,097,250 1,097,250
2021-04-08 2021-03-22 4 BFS SAUL CENTERS, INC.
Common Shares 		A - Award -145 1,561 -8.50 39.22 -5,687 61,226
2020-04-28 2020-04-24 4 BFS SAUL CENTERS, INC.
Employee Stock Option 		A - Award 20,000 20,000 50.00 1,000,000 1,000,000
2020-03-19 2020-03-18 4 BFS SAUL CENTERS, INC.
Series E Preferred Stock 		P - Purchase 650 650 12.95 8,418 8,418
2019-06-19 2019-06-17 4 BFS SAUL CENTERS INC
Employee Stock Option 		M - Exercise -5,000 15,000 -25.00 57.00 -285,000 855,000
2019-06-19 2019-06-17 4 BFS SAUL CENTERS INC
Common Shares 		S - Sale -5,000 276 -94.78 57.00 -285,000 15,712
2019-06-19 2019-06-17 4 BFS SAUL CENTERS INC
Common Shares 		M - Exercise 5,000 5,276 1,813.95 47.03 235,150 248,113
2019-05-07 2019-05-03 4 BFS SAUL CENTERS INC
Employee Stock Option 		A - Award 20,000 20,000 55.71 1,114,200 1,114,200
2018-08-21 2018-08-20 4 BFS SAUL CENTERS INC
Employee Stock Option 		M - Exercise -7,500 0 -100.00 44.42 -333,150
2018-08-21 2018-08-20 4 BFS SAUL CENTERS INC
Common Shares 		S - Sale -7,500 265 -96.59 59.30 -444,750 15,688
2018-08-21 2018-08-20 4 BFS SAUL CENTERS INC
Common Shares 		M - Exercise 7,500 7,765 2,834.92 44.42 333,150 344,902
2018-05-14 2018-05-11 4 BFS SAUL CENTERS INC
Employee Stock Option 		A - Award 20,000 20,000 49.46 989,200 989,200
2017-10-10 2017-10-09 4 BFS SAUL CENTERS INC
Employee Stock Option 		M - Exercise -2,500 7,500 -25.00 44.42 -111,050 333,150
2017-10-10 2017-10-09 4 BFS SAUL CENTERS INC
Common Shares 		S - Sale -2,500 257 -90.68 63.36 -158,400 16,279
2017-10-10 2017-10-09 4 BFS SAUL CENTERS INC
Common Shares 		M - Exercise 2,500 2,757 973.03 44.42 111,050 122,463
2017-10-10 2017-10-06 4 BFS SAUL CENTERS INC
Employee Stock Option 		M - Exercise -1,300 10,000 -11.50 44.42 -57,746 444,200
2017-10-10 2017-10-06 4 BFS SAUL CENTERS INC
Common Shares 		S - Sale -1,300 257 -83.50 63.15 -82,095 16,225
2017-10-10 2017-10-06 4 BFS SAUL CENTERS INC
Common Shares 		M - Exercise 1,300 1,557 505.97 44.42 57,746 69,159
2017-10-10 2017-10-05 4 BFS SAUL CENTERS INC
Employee Stock Option 		M - Exercise -200 11,300 -1.74 44.42 -8,884 501,946
2017-10-10 2017-10-05 4 BFS SAUL CENTERS INC
Common Shares 		S - Sale -200 257 -43.77 63.80 -12,760 16,392
2017-10-10 2017-10-05 4 BFS SAUL CENTERS INC
Common Shares 		M - Exercise 200 457 77.84 44.42 8,884 20,297
2017-10-05 2017-10-04 4 BFS SAUL CENTERS INC
Employee Stock Option 		M - Exercise -1,000 11,500 -8.00 44.42 -44,420 510,830
2017-10-05 2017-10-04 4 BFS SAUL CENTERS INC
Common Shares 		S - Sale -1,000 257 -79.56 63.47 -63,470 16,307
2017-10-05 2017-10-04 4 BFS SAUL CENTERS INC
Common Shares 		M - Exercise 1,000 1,257 389.21 44.42 44,420 55,833
2017-05-09 2017-05-05 4 BFS SAUL CENTERS INC
Employee Stock Option 		A - Award 20,000 20,000 59.41 1,188,200 1,188,200
2016-09-26 2016-09-23 4 BFS SAUL CENTERS INC
Employee Stock Option 		M - Exercise -2,500 12,500 -16.67 44.42 -111,050 555,250
2016-09-26 2016-09-23 4 BFS SAUL CENTERS INC
Common Shares 		S - Sale -2,500 248 -90.96 67.70 -169,250 16,817
2016-09-26 2016-09-23 4 BFS SAUL CENTERS INC
Common Shares 		M - Exercise 2,500 2,748 1,006.44 44.42 111,050 122,084
2016-09-26 2016-09-22 4 BFS SAUL CENTERS INC
Employee Stock Option 		M - Exercise -5,000 15,000 -25.00 44.42 -222,100 666,300
2016-09-26 2016-09-22 4 BFS SAUL CENTERS INC
Common Shares 		S - Sale -5,000 248 -95.27 67.04 -335,200 16,653
2016-09-26 2016-09-22 4 BFS SAUL CENTERS INC
Common Shares 		M - Exercise 5,000 5,248 2,012.88 44.42 222,100 233,134
2016-09-08 2016-09-07 4 BFS SAUL CENTERS INC
Common Shares 		S - Sale -5,539 1,378 -80.08 68.53 -379,609 94,408
2016-06-09 2016-06-08 4 BFS SAUL CENTERS INC
Employee Stock Option 		M - Exercise -4,515 0 -100.00 54.17 -244,578
2016-06-09 2016-06-08 4 BFS SAUL CENTERS INC
Common Shares 		S - Sale -4,515 247 -94.82 58.14 -262,502 14,340
2016-06-09 2016-06-08 4 BFS SAUL CENTERS INC
Common Shares 		M - Exercise 4,515 4,762 1,830.60 54.17 244,578 257,938
2016-06-09 2016-06-07 4 BFS SAUL CENTERS INC
Employee Stock Option 		M - Exercise -2,885 4,515 -38.99 54.17 -156,280 244,578
2016-06-09 2016-06-07 4 BFS SAUL CENTERS INC
Common Shares 		S - Sale -2,885 247 -92.12 58.10 -167,618 14,330
2016-06-09 2016-06-07 4 BFS SAUL CENTERS INC
Common Shares 		M - Exercise 2,885 3,132 1,169.72 54.17 156,280 169,641
2016-06-06 2016-06-03 4 BFS SAUL CENTERS INC
Employee Stock Option 		M - Exercise -4,571 7,400 -38.18 54.17 -247,611 400,858
2016-06-06 2016-06-03 4 BFS SAUL CENTERS INC
Common Shares 		S - Sale -4,571 247 -94.88 58.00 -265,118 14,305
2016-06-06 2016-06-03 4 BFS SAUL CENTERS INC
Common Shares 		M - Exercise 4,571 4,818 1,853.31 54.17 247,611 260,972
2016-05-17 2016-05-16 4 BFS SAUL CENTERS INC
Employee Stock Option 		M - Exercise -5,000 0 -100.00 39.29 -196,450
2016-05-17 2016-05-16 4 BFS SAUL CENTERS INC
Common Shares 		S - Sale -5,000 247 -95.30 57.05 -285,250 14,071
2016-05-17 2016-05-16 4 BFS SAUL CENTERS INC
Common Shares 		M - Exercise 5,000 5,247 2,027.25 39.29 196,450 206,140
2016-05-17 2016-05-13 4 BFS SAUL CENTERS INC
Employee Stock Option 		M - Exercise -2,500 5,000 -33.33 39.29 -98,225 196,450
2016-05-17 2016-05-13 4 BFS SAUL CENTERS INC
Common Shares 		S - Sale -2,500 247 -91.02 56.74 -141,852 13,995
2016-05-17 2016-05-13 4 BFS SAUL CENTERS INC
Common Shares 		M - Exercise 2,500 2,747 1,013.62 39.29 98,225 107,915
2016-05-11 2016-05-10 4 BFS SAUL CENTERS INC
Employee Stock Option 		M - Exercise -9,986 0 -100.00 41.82 -417,615
2016-05-11 2016-05-10 4 BFS SAUL CENTERS INC
Common Shares 		S - Sale -9,986 247 -97.59 56.50 -564,176 13,934
2016-05-11 2016-05-10 4 BFS SAUL CENTERS INC
Common Shares 		M - Exercise 9,986 10,233 4,048.82 41.82 417,615 427,929
2016-05-10 2016-05-06 4 BFS SAUL CENTERS INC
Employee Stock Option 		A - Award 20,000 20,000 57.74 1,154,800 1,154,800
2015-05-12 2015-05-08 4 BFS SAUL CENTERS INC
Employee Stock Option 		A - Award 20,000 20,000 51.07 1,021,400 1,021,400
2015-01-08 2015-01-07 4 BFS SAUL CENTERS INC
Employee Stock Option 		M - Exercise -2,001 11,971 -14.32 54.17 -108,394 648,469
2015-01-08 2015-01-07 4 BFS SAUL CENTERS INC
Common Shares 		S - Sale -2,001 235 -89.50 58.21 -116,478 13,663
2015-01-08 2015-01-07 4 BFS SAUL CENTERS INC
Common Shares 		M - Exercise 2,001 2,236 852.50 54.17 108,394 121,109
2015-01-05 2014-12-31 4 BFS SAUL CENTERS INC
Employee Stock Option 		M - Exercise -1,028 13,972 -6.85 54.17 -55,687 756,863
2015-01-05 2014-12-31 4 BFS SAUL CENTERS INC
Common Shares 		S - Sale -1,028 235 -81.41 58.50 -60,138 13,731
2015-01-05 2014-12-31 4 BFS SAUL CENTERS INC
Common Shares 		M - Exercise 1,028 1,263 437.96 54.17 55,687 68,402
2014-12-29 2014-12-23 4 BFS SAUL CENTERS INC
Employee Stock Option 		M - Exercise -1,566 7,500 -17.27 39.29 -61,528 294,675
2014-12-29 2014-12-23 4 BFS SAUL CENTERS INC
Employee Stock Option 		M - Exercise -934 9,986 -8.55 41.82 -39,060 417,615
2014-12-29 2014-12-23 4 BFS SAUL CENTERS INC
Common Shares 		S - Sale -2,500 235 -91.42 57.50 -143,750 13,497
2014-12-29 2014-12-23 4 BFS SAUL CENTERS INC
Common Shares 		M - Exercise 934 2,735 51.87 41.82 39,060 114,366
2014-12-29 2014-12-23 4 BFS SAUL CENTERS INC
Common Shares 		M - Exercise 1,566 1,801 667.17 39.29 61,528 70,750
2014-12-18 2014-12-18 4 BFS SAUL CENTERS INC
Employee Stock Option 		M - Exercise -5,000 9,066 -35.55 39.29 -196,450 356,203
2014-12-18 2014-12-18 4 BFS SAUL CENTERS INC
Common Shares 		S - Sale -5,000 235 -95.52 56.40 -282,014 13,239
2014-12-18 2014-12-18 4 BFS SAUL CENTERS INC
Common Shares 		M - Exercise 5,000 5,235 2,130.18 39.29 196,450 205,672
2014-12-18 2014-12-17 4 BFS SAUL CENTERS INC
Employee Stock Option 		M - Exercise -934 14,066 -6.23 39.29 -36,697 552,653
2014-12-18 2014-12-17 4 BFS SAUL CENTERS INC
Employee Stock Option 		M - Exercise -566 10,920 -4.93 41.82 -23,670 456,674
2014-12-18 2014-12-17 4 BFS SAUL CENTERS INC
Common Shares 		S - Sale -1,500 235 -86.47 56.00 -84,000 13,144
2014-12-18 2014-12-17 4 BFS SAUL CENTERS INC
Common Shares 		M - Exercise 934 1,735 116.64 39.29 36,697 68,157
2014-12-18 2014-12-17 4 BFS SAUL CENTERS INC
Common Shares 		M - Exercise 566 801 241.14 41.82 23,670 33,486
2014-12-16 2014-12-12 4 BFS SAUL CENTERS INC
Employee Stock Option 		M - Exercise -3,514 11,486 -23.43 41.82 -146,955 480,345
2014-12-16 2014-12-12 4 BFS SAUL CENTERS INC
Common Shares 		S - Sale -3,514 235 -93.74 56.03 -196,881 13,151
2014-12-16 2014-12-12 4 BFS SAUL CENTERS INC
Common Shares 		M - Exercise 3,514 3,749 1,497.09 41.82 146,955 156,772
2014-05-13 2014-05-09 4 BFS SAUL CENTERS INC
Employee Stock Option 		A - Award 20,000 20,000 47.03 940,600 940,600
2014-03-17 2014-03-14 4 BFS SAUL CENTERS INC
Employee Stock Option 		M - Exercise -15,000 0 -100.00 33.22 -498,300
2014-03-17 2014-03-14 4 BFS SAUL CENTERS INC
Common Shares 		S - Sale -15,000 227 -98.51 46.56 -698,337 10,573
2014-03-17 2014-03-14 4 BFS SAUL CENTERS INC
Common Shares 		M - Exercise 15,000 15,227 6,605.17 33.22 498,300 505,844
2013-05-14 2013-05-10 4 BFS SAUL CENTERS INC
Employee Stock Option 		A - Award 20,000 20,000 44.42 888,400 888,400
2012-05-08 2012-05-04 4 BFS SAUL CENTERS INC
Employee Stock Option 		A - Award 15,000 15,000 39.29 589,350 589,350
2011-05-17 2011-05-13 4 BFS SAUL CENTERS INC
Employee Stock Option 		A - Award 15,000 15,000 41.82 627,300 627,300
2011-01-06 2011-01-05 4 BFS SAUL CENTERS INC
Employee Stock Option 		M - Exercise -3,750 0 -100.00 25.78 -96,675
2011-01-06 2011-01-05 4 BFS SAUL CENTERS INC
Common Shares 		S - Sale -3,750 0 -100.00 47.17 -176,899
2011-01-06 2011-01-05 4 BFS SAUL CENTERS INC
Common Shares 		M - Exercise -3,750 3,750 -50.00 25.78 -96,675 96,675
2011-01-06 2011-01-04 4 BFS SAUL CENTERS INC
Employee Stock Option 		M - Exercise -3,750 3,750 -50.00 25.78 -96,675 96,675
2011-01-06 2011-01-04 4 BFS SAUL CENTERS INC
Common Shares 		S - Sale -3,750 0 -100.00 47.52 -178,185
2011-01-06 2011-01-04 4 BFS SAUL CENTERS INC
Common Shares 		M - Exercise 3,750 3,750 25.78 96,675 96,675
2010-04-12 2010-04-08 4 BFS SAUL CENTERS INC
Employee Stock Option 		M - Exercise -4,000 0 -100.00 24.91 -99,640
2010-04-12 2010-04-08 4 BFS SAUL CENTERS INC
Common Shares 		S - Sale -4,000 0 -100.00 41.42 -165,680
2010-04-12 2010-04-08 4 BFS SAUL CENTERS INC
Common Shares 		M - Exercise 4,000 4,000 24.91 99,640 99,640
2008-09-24 2008-09-23 4 BFS SAUL CENTERS INC
Employee Stock Option 		M - Exercise -3,500 4,000 -46.67 24.91 -87,185 99,640
2008-09-24 2008-09-23 4 BFS SAUL CENTERS INC
Common Shares 		S - Sale -3,500 0 -100.00 50.00 -175,000
2008-09-24 2008-09-23 4 BFS SAUL CENTERS INC
Common Shares 		M - Exercise 3,500 3,500 24.91 87,185 87,185
2007-05-01 2007-04-27 4 BFS SAUL CENTERS INC
Employee Stock Option 		A - Award 15,000 15,000 54.17 812,550 812,550
2006-11-27 2006-11-22 4 BFS SAUL CENTERS INC
Employee Stock Option 		M - Exercise -3,750 7,500 -33.33 25.78 -96,675 193,350
2006-11-27 2006-11-22 4 BFS SAUL CENTERS INC
Employee Stock Option 		M - Exercise -7,500 7,500 -50.00 24.91 -186,825 186,825
2006-11-27 2006-11-22 4 BFS SAUL CENTERS INC
Common Shares 		S - Sale -3,750 0 -100.00 55.93 -209,738
2006-11-27 2006-11-22 4 BFS SAUL CENTERS INC
Common Shares 		M - Exercise 3,750 3,750 25.78 96,675 96,675
2006-11-27 2006-11-22 4 BFS SAUL CENTERS INC
Common Shares 		S - Sale -7,500 0 -100.00 55.93 -419,475
2006-11-27 2006-11-22 4 BFS SAUL CENTERS INC
Common Shares 		M - Exercise 7,500 7,500 24.91 186,825 186,825
2006-03-20 2006-03-16 4 BFS SAUL CENTERS INC
Employee Stock Option 		M - Exercise -3,750 11,250 -25.00 25.78 -96,675 290,025
2006-03-20 2006-03-16 4 BFS SAUL CENTERS INC
Employee Stock Option 		M - Exercise -7,500 15,000 -33.33 24.91 -186,825 373,650
2006-03-20 2006-03-16 4 BFS SAUL CENTERS INC
Common Shares 		S - Sale -200 0 -100.00 44.09 -8,818
2006-03-20 2006-03-16 4 BFS SAUL CENTERS INC
Common Shares 		S - Sale -1,000 200 -83.33 43.90 -43,900 8,780
2006-03-20 2006-03-16 4 BFS SAUL CENTERS INC
Common Shares 		S - Sale -550 1,200 -31.43 43.85 -24,118 52,620
2006-03-20 2006-03-16 4 BFS SAUL CENTERS INC
Common Shares 		S - Sale -2,000 1,750 -53.33 43.80 -87,600 76,650
2006-03-20 2006-03-16 4 BFS SAUL CENTERS INC
Common Shares 		M - Exercise -3,750 3,750 -50.00 25.78 -96,675 96,675
2006-03-20 2006-03-16 4 BFS SAUL CENTERS INC
Common Shares 		S - Sale -100 0 -100.00 44.09 -4,409
2006-03-20 2006-03-16 4 BFS SAUL CENTERS INC
Common Shares 		S - Sale -1,500 100 -93.75 43.92 -65,880 4,392
2006-03-20 2006-03-16 4 BFS SAUL CENTERS INC
Common Shares 		S - Sale -700 1,600 -30.43 43.91 -30,737 70,256
2006-03-20 2006-03-16 4 BFS SAUL CENTERS INC
Common Shares 		S - Sale -900 2,300 -28.12 43.88 -39,492 100,924
2006-03-20 2006-03-16 4 BFS SAUL CENTERS INC
Common Shares 		S - Sale -700 3,200 -17.95 43.85 -30,695 140,320
2006-03-20 2006-03-16 4 BFS SAUL CENTERS INC
Common Shares 		S - Sale -1,400 3,900 -26.42 43.81 -61,334 170,859
2006-03-20 2006-03-16 4 BFS SAUL CENTERS INC
Common Shares 		S - Sale -2,200 5,300 -29.33 43.80 -96,360 232,140
2006-03-20 2006-03-16 4 BFS SAUL CENTERS INC
Common Shares 		M - Exercise -7,500 7,500 -50.00 24.91 -186,825 186,825
2005-05-10 2005-05-06 4 BFS SAUL CENTERS INC
Employee Stock Option 		A - Award 15,000 15,000 33.22 498,300 498,300
P
Open market or private purchase of non-derivative or derivative security
S
Open market or private sale of non-derivative or derivative security
A
Grant, award, or other acquisition of securities from the company (such as an option)
C
Conversion of derivative
D
Sale or transfer of securities back to the company
F
Payment of exercise price or tax liability using portion of securities received from the company
G
Gift of securities by or to the insider
K
Equity swaps and similar hedging transactions
M
Exercise or conversion of derivative security received from the company (such as an option)
V
A transaction voluntarily reported on Form 4
J
Other (accompanied by a footnote describing the transaction)