Saul Centers (BFS) S-3 Shelf registration

EXHIBIT 12.1

Statement of Computation of Ratio of Earnings to Fixed Charges

and Ratio of Combined Earnings to Fixed Charges and Preferred Stock Dividends

	Years Ended December 31,
	2007			2006			2005			2004			2003
Total revenue	$	150,585		$	137,978		$	127,015		$	112,842		$	97,884
Operating expenses		105,203			97,505			89,990			79,135			70,738
Operating income		45,382			40,473			37,025			33,707			27,146
Gain on sale of property		139			—			—			572			182
Adjusted income before minority interests		45,521			40,473			37,025			34,279			27,328
Fixed Charges
Interest and amortization of deferred debt expense		33,855			32,534			30,207			27,022			26,573
Interest portion of rental expense		218			256			292			325			356
Capitalized Interest		2,889			3,673			3,258			3,227			1,382
Total fixed charges		36,962			36,463			33,757			30,574			28,311
Less: Capitalized Interest		(2,889	)		(3,673	)		(3,258	)		(3,227	)		(1,382	)
Earnings	$	79,594		$	73,263		$	67,524		$	61,626		$	54,257
Fixed charges and preferred stock dividends
Total fixed charges		36,962			36,463			33,757			30,574			28,311
Preferred stock dividends		8,000			8,000			8,000			8,000			1,244
Total fixed charges and preferred stock dividends	$	44,962		$	44,463		$	41,757		$	38,574		$	29,555
Ratio of Earnings to Fixed Charges		2.15X			2.01X			2.00X			2.02X			1.92X
Ratio of Earnings to Combined Fixed Charges and Preferred Dividends		1.77X			1.65X			1.62X			1.60X			1.84X