<SEC-DOCUMENT>0000907254-23-000059.txt : 20230516
<SEC-HEADER>0000907254-23-000059.hdr.sgml : 20230516
<ACCEPTANCE-DATETIME>20230516184107
ACCESSION NUMBER:		0000907254-23-000059
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20230512
FILED AS OF DATE:		20230516
DATE AS OF CHANGE:		20230516

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			NETTER CHRISTOPHER
		CENTRAL INDEX KEY:			0001228473

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-12254
		FILM NUMBER:		23929186

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			SAUL CENTERS, INC.
		CENTRAL INDEX KEY:			0000907254
		STANDARD INDUSTRIAL CLASSIFICATION:	REAL ESTATE INVESTMENT TRUSTS [6798]
		IRS NUMBER:				521833074
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	BUSINESS ADDRESS:	
		STREET 1:		7501 WISCONSIN AVENUE
		STREET 2:		SUITE 1500
		CITY:			BETHESDA
		STATE:			MD
		ZIP:			20814
		BUSINESS PHONE:		301-986-7737

	MAIL ADDRESS:	
		STREET 1:		7501 WISCONSIN AVENUE
		STREET 2:		SUITE 1500
		CITY:			BETHESDA
		STATE:			MD
		ZIP:			20814

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	SAUL CENTERS INC
		DATE OF NAME CHANGE:	19930617
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>wf-form4_168427685277605.xml
<DESCRIPTION>FORM 4
<TEXT>
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    <periodOfReport>2023-05-12</periodOfReport>

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    <issuer>
        <issuerCik>0000907254</issuerCik>
        <issuerName>SAUL CENTERS, INC.</issuerName>
        <issuerTradingSymbol>BFS</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001228473</rptOwnerCik>
            <rptOwnerName>NETTER CHRISTOPHER</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>7501 WISCONSIN AVENUE</rptOwnerStreet1>
            <rptOwnerStreet2>15TH FLOOR</rptOwnerStreet2>
            <rptOwnerCity>BETHESDA</rptOwnerCity>
            <rptOwnerState>MD</rptOwnerState>
            <rptOwnerZipCode>20814</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>1</isOfficer>
            <isTenPercentOwner>0</isTenPercentOwner>
            <isOther>0</isOther>
            <officerTitle>Exec. Vice Pres-Retail Leasing</officerTitle>
            <otherText></otherText>
        </reportingOwnerRelationship>
    </reportingOwner>

    <aff10b5One>0</aff10b5One>

    <nonDerivativeTable>
        <nonDerivativeHolding>
            <securityTitle>
                <value>Series E Preferred Stock</value>
            </securityTitle>
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                <sharesOwnedFollowingTransaction>
                    <value>650</value>
                </sharesOwnedFollowingTransaction>
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                    <value>D</value>
                </directOrIndirectOwnership>
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        </nonDerivativeHolding>
        <nonDerivativeHolding>
            <securityTitle>
                <value>Common Shares</value>
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            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>736.665</value>
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                </sharesOwnedFollowingTransaction>
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            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
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                <natureOfOwnership>
                    <value>Wife-IRA</value>
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        <nonDerivativeHolding>
            <securityTitle>
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                <natureOfOwnership>
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            </ownershipNature>
        </nonDerivativeHolding>
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    <derivativeTable>
        <derivativeHolding>
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            <expirationDate>
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                <value>Employee Stock Option</value>
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            <conversionOrExercisePrice>
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            <exerciseDate>
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            <expirationDate>
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            <underlyingSecurity>
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            <expirationDate>
                <value>2026-05-06</value>
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            <underlyingSecurity>
                <underlyingSecurityTitle>
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                <underlyingSecurityShares>
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        <derivativeHolding>
            <securityTitle>
                <value>Employee Stock Option</value>
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            <conversionOrExercisePrice>
                <value>59.41</value>
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            <exerciseDate>
                <value>2017-05-05</value>
                <footnoteId id="F4"/>
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            <expirationDate>
                <value>2027-05-05</value>
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            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Common Stock</value>
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                <underlyingSecurityShares>
                    <value>20000.0</value>
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                <sharesOwnedFollowingTransaction>
                    <value>20000</value>
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        <derivativeHolding>
            <securityTitle>
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            <conversionOrExercisePrice>
                <value>49.46</value>
            </conversionOrExercisePrice>
            <exerciseDate>
                <value>2018-05-11</value>
                <footnoteId id="F4"/>
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            <expirationDate>
                <value>2028-05-11</value>
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            <underlyingSecurity>
                <underlyingSecurityTitle>
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                    <value>20000.0</value>
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                <sharesOwnedFollowingTransaction>
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            <expirationDate>
                <value>2029-05-03</value>
            </expirationDate>
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                <underlyingSecurityTitle>
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                <sharesOwnedFollowingTransaction>
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        </derivativeHolding>
        <derivativeHolding>
            <securityTitle>
                <value>Employee Stock Option</value>
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            <conversionOrExercisePrice>
                <value>50.0</value>
            </conversionOrExercisePrice>
            <exerciseDate>
                <value>2020-04-24</value>
                <footnoteId id="F4"/>
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            <expirationDate>
                <value>2030-04-24</value>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Common Stock</value>
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                <underlyingSecurityShares>
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        </derivativeHolding>
        <derivativeHolding>
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            <conversionOrExercisePrice>
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            </conversionOrExercisePrice>
            <exerciseDate>
                <value>2021-05-07</value>
                <footnoteId id="F4"/>
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            <expirationDate>
                <value>2031-05-07</value>
            </expirationDate>
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                <underlyingSecurityTitle>
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                <sharesOwnedFollowingTransaction>
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                    <value>D</value>
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        </derivativeHolding>
        <derivativeHolding>
            <securityTitle>
                <value>Employee Stock Option</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <value>47.9</value>
            </conversionOrExercisePrice>
            <exerciseDate>
                <value>2022-05-13</value>
                <footnoteId id="F4"/>
            </exerciseDate>
            <expirationDate>
                <value>2032-05-13</value>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Common Stock</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
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            </underlyingSecurity>
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                <sharesOwnedFollowingTransaction>
                    <value>25000</value>
                </sharesOwnedFollowingTransaction>
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                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
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        </derivativeHolding>
        <derivativeTransaction>
            <securityTitle>
                <value>Employee Stock Option</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <value>33.79</value>
            </conversionOrExercisePrice>
            <transactionDate>
                <value>2023-05-12</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>A</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>25000</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>0</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <exerciseDate>
                <value>2023-05-12</value>
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            <expirationDate>
                <value>2033-05-12</value>
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                <sharesOwnedFollowingTransaction>
                    <value>25000</value>
                </sharesOwnedFollowingTransaction>
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                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
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        </derivativeTransaction>
    </derivativeTable>

    <footnotes>
        <footnote id="F1">Balance increased by July 29, 2022 Dividend Reinvestment Plan award, October 31, 2022, January 31, 2023 award and April 28, 2023 award of 8.079 shares, 10.458 shares, 10.263 shares and 12.240 shares, respectively.</footnote>
        <footnote id="F2">Balance increased by July 29, 2022 Dividend Reinvestment Plan award, October 31, 2022, January 31, 2023 award and April 28, 2023 award of 3.774 shares, 4.885 shares, 4.794 shares and 5.718 shares, respectively.</footnote>
        <footnote id="F3">Effective April 1, 2009, shares formerly held by the B.F. Saul Company Employees' Profit Sharing Reinvestment Trust were distributed to the individual 401(k) plan accounts of participants.  The number of shares reported represents the reporting person's beneficial ownership interest in the Saul Centers stock fund of the 401(k) plan.</footnote>
        <footnote id="F4">The options vest 25% per year over four years from the date of grant.</footnote>
    </footnotes>

    <remarks></remarks>

    <ownerSignature>
        <signatureName>/s/ Carlos L. Heard, by Power of Attorney</signatureName>
        <signatureDate>2023-05-16</signatureDate>
    </ownerSignature>
</ownershipDocument>
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</DOCUMENT>
</SEC-DOCUMENT>
