<PAGE>
Saul Centers, Inc.
Schedule of Current Portfolio Properties
September 30, 2000
<TABLE>
<CAPTION>
Leasable Year
Area Developed Land
(Square or Acquired Area
Property Location Feet) (Renovated) (Acres)
======================== ============= ========= ============= =======
<S> <C> <C> <C> <C>
Shopping Centers
Ashburn Village Ashburn, VA 108,204 1994 12.7
Ashburn Village II Ashburn, VA 40,177 1999/2000 6.6
Ashburn Village III (a) Ashburn, VA - 2000 7.1
Beacon Center Alexandria, VA 355,659 1972 (1993/99) 32.3
Belvedere Baltimore, MD 54,941 1972 4.8
Boulevard Fairfax, VA 56,350 1994 (1999) 5.0
Clarendon Arlington, VA 6,940 1973 0.5
Clarendon Station Arlington, VA 4,868 1996 0.1
Flagship Center Rockville, MD 21,500 1972, 1989 0.5
French Market Oklahoma City, OK 247,393 1974 (1984/98) 13.8
Germantown Germantown, MD 26,241 1992 2.7
Giant Baltimore, MD 70,040 1972 (1990) 5.0
The Glen Lake Ridge, VA 112,639 1994 14.7
Great Eastern District Heights, MD 254,398 1972 (1995) 23.9
Hampshire Langley Langley Park, MD 131,700 1972 (1979) 9.9
Leesburg Pike Baileys Crossroads, VA 97,880 1966 (1982/95) 9.4
Lexington Mall Lexington, KY 315,707 1974 30.0
Lumberton Lumberton, NJ 189,898 1975 (1992/96) 23.3
Olney Olney, MD 53,765 1975 (1990) 3.7
Ravenwood Baltimore, MD 87,750 1972 8.0
Seven Corners Falls Church, VA 560,998 1973 (1994-7) 31.6
Shops at Fairfax Fairfax, VA 68,743 1975 (1993/99) 6.7
Southdale Glen Burnie, MD 483,895 1972 (1986) 39.6
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Percentage Leased
Property Sep-2000 Sep-1999 Anchor / Significant Tenants
======================== ======== ======== ================================================================
<S> <C> <C> <C>
Shopping Centers
Ashburn Village 100% 100% Giant Food, Blockbuster
Ashburn Village II 92% n/a
Ashburn Village III n/a n/a
Beacon Center 95% 100% Lowe's, Giant Food, Office Depot, Outback Steakhouse, Marshalls,
Hollywood Video, Hancock Fabrics
Belvedere 100% 86% Food King, McCrory
Boulevard 100% 100% Danker Furniture, Petco, Party City
Clarendon 100% 100%
Clarendon Station 100% 100%
Flagship Center 100% 100%
French Market 86% 79% Burlington Coat Factory, Bed Bath & Beyond, Famous Footwear,
Lakeshore Learning Center, BridesMart, Staples
Germantown 97% 97%
Giant 100% 100% Giant Food
The Glen 100% 97% Safeway Marketplace, CVS Pharmacy
Great Eastern 100% 98% Giant Food, Pep Boys, Big Lots, Run N' Shoot
Hampshire Langley 100% 100% Safeway, McCrory, Blockbuster
Leesburg Pike 100% 100% Zany Brainy, CVS Pharmacy, Kinko's, Hollywood Video
Lexington Mall 81% 86% Dillard's, Dawahares of Lexington, Rite Aid
Lumberton 82% 91% SuperFresh, Rite Aid, Blockbuster, Ace Hardware
Olney 93% 99% Rite Aid
Ravenwood 98% 100% Giant Food, Hollywood Video
Seven Corners 100% 100% Home Depot, Shoppers Club, Best Buy, Michaels, Barnes & Noble, Ross
Dress For Less, G Street Fabrics, Champs
Shops at Fairfax 100% 100% SuperFresh, Blockbuster
Southdale 100% 96% Giant Food, Circuit City, Kids R Us, Michaels, Marshalls, PetSmart,
Value City Furniture
</TABLE>
Exhibit
<PAGE>
<TABLE>
<CAPTION>
Leasable Year
Area Developed Land
(Square or Acquired Area
Property Location Feet) (Renovated) (Acres)
======================== ============= ========= ============= =======
<S> <C> <C> <C> <C>
Shopping Centers
Southside Plaza Richmond, VA 348,164 1972 32.8
South Dekalb Plaza Atlanta, GA 180,429 1976 14.6
Thruway Winston-Salem, NC 345,454 1972 (1997) 30.5
Village Center Centreville, VA 143,109 1990 17.2
West Park Oklahoma City, OK 76,610 1975 11.2
White Oak Silver Spring, MD 480,156 1972 (1993) 28.5
----------- -------
Total Shopping Centers 4,923,608 426.7
----------- -------
Office Properties
-----------------
Avenel Business Park Gaithersburg, MD 358,620 1981/85/89/98/99 33.4
601 Pennsylvania Ave Washington, DC 225,223 1973 (1986) 1.0
Van Ness Square Washington, DC 156,182 1973 (1990) 1.2
Washington Square Alexandria, VA 235,000 1975 (2000) 2.0
----------- -------
Total Office Properties 975,025 35.6
----------- -------
Industrial Property
-------------------
(b)
Crosstown Business Center Tulsa, OK 197,135 1975 (2000) 22.4
----------- -------
Total Portfolio 6,095,768 SF 484.7
=========== =======
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Percentage Leased
Property Sep-2000 Sep-1999 Anchor / Significant Tenants
======================== ======== ======== ============================================================
<S> <C> <C> <C>
Shopping Centers
Southside Plaza 78% 90% CVS Pharmacy, Community Pride Supermarket, Maxway
South Dekalb Plaza 100% 81% MacFrugals, Pep Boys, The Emory Clinic
Thruway 93% 95% Bed, Bath & Beyond, Stein Mart, Harris Teeter, Fresh Market, Eckerd
Drugs, Houlihan's, Borders Books, Zany Brainy, Blockbuster
Village Center 100% 97% Giant Food, Tuesday Morning
West Park 58% 58% Homeland Stores, Family Dollar
White Oak 98% 100% Giant Food, Sears, Rite Aid, Blockbuster
-------- -------
93.9% 94.6%
-------- -------
Office Properties
-----------------
Avenel Business Park 100% 94% Quanta Systems, General Services Administration, GeneLogic, Ventana
Medical, Paragea Communications, Boston Biomedica
601 Pennsylvania Ave 100% 100% General Services Administration, Alltel, American Arbitration, Capital
Grille
Van Ness Square 95% 96% United Mine Workers Pension Trust, Office Depot, Pier 1
Washington Square 49% n/a Vanderweil Engineering, World Wide Retail Exchange, American
Management Systems, Rite Aid, Trader Joe's, Blockbuster
-------- -------
98.9% (c) 96.3%
-------- -------
Industrial Property
-------------------
Crosstown Business Center 28% 9% Compass Group, Roxtec
-------- -------
92.3% (c) 91.9%
======== =======
</TABLE>
(a) Undeveloped land acquired August 2000. Construction is scheduled to commence
November 2000.
(b) Currently operational, but under development to convert former shopping
center to office park/warehouse use.
(c) Washington Square, currently under construction and not yet operational, is
excluded from this average.
Exhibit
