EXHIBIT 99

                       [LETTERHEAD OF SAUL CENTERS, INC.]

                            DIVIDEND REINVESTMENT AND
                               STOCK PURCHASE PLAN
                               AUTHORIZATION FORM

     STEP # 1: If you wish to enroll your stock dividend, partnership
distribution, or both in the Plan, you must check one or both of the boxes below
and then proceed to Steps 2 and 3, as appropriate. By checking one or both
boxes, you also consent to the authorization statement in the paragraph below.
If you do not wish to enroll any dividends or distributions in the Plan, do not
check either box and discard this Authorization Form.

     [_] Common Stock holders: I hereby enroll in the Plan the dividends on my
shares of Common Stock as designated below in Step # 2.

     [_] Partnership Interest holders: I hereby enroll in the Plan the cash
distributions on my Partnership Interest as designated below in Step # 3.

     Pursuant to the Dividend Reinvestment and Stock Purchase Plan of Saul
Centers, Inc. (the "Plan"), I hereby authorize Saul Centers, Inc. (the
"Company") to appoint Continental Stock Transfer & Trust Company as my agent to
receive any cash dividends and/or cash partnership distributions that hereafter
become payable to me on the shares of Common Stock and/or the Partnership
Interest as specifically designated below. I further authorize Continental Stock
Transfer & Trust Company to apply such dividends and/or partnership
distributions to the purchase of full shares and fractional interests in shares
of the Company's Common Stock, as set forth below. Capitalized terms not
otherwise defined in this form shall have the same meaning as in the Plan.

     STEP # 2: If you have elected to enroll your Common Stock, please select
one of the following boxes:

     [_] Full Dividend Reinvestment. I authorize the automatic investment of all
the cash dividends on all the shares of Common Stock registered in my name to
purchase Common Stock.

     [_] Partial Dividend Reinvestment. I authorize the automatic investment of
all the cash dividends on the following shares of Common Stock registered in my
name to purchase Common Stock:



     STEP #3: If you have elected to enroll your Partnership Interest, please
select one of the following boxes:

     [_] Full Distribution Investment. I authorize the automatic investment of
all the cash distributions on the Partnership Interest registered in my name to
purchase Common Stock / Partnership Units (select either stock or units by
circling).

     [_] Partial Distribution Investment. I authorize the automatic investment
________% of the cash distributions on the Partnership Interest registered in my
name to purchase Common Stock / Partnership Units (select either stock or units
by circling).

     I understand that, if I select one or both of the investment options, all
cash dividends paid on the whole or fractional shares of Common Stock purchased
pursuant to the Plan will be reinvested automatically to purchase additional
Common Stock or Partnership Units.

     I further understand that the purchases authorized above will be made under
the terms and conditions of the Plan and that I may revoke this authorization at
any time by notifying Continental Stock Transfer & Trust Company, in writing, of
my desire to terminate my participation.

RETURN THIS FORM ONLY IF YOU
WISH TO PARTICIPATE IN THE PLAN

_________________________________                  _____________________________
Please Print Name (s) as Shown on                  Signature (s)
Stock Certificate or on Exhibit A to the Agreement of Limited Partnership of
Saul Holdings Limited Partnership


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Address                                            Signature (s)


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City          State        Zip           Date          Social Security or
                                                       Tax Identification Number


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Telephone Number