<SEC-DOCUMENT>0000907254-24-000068.txt : 20240521
<SEC-HEADER>0000907254-24-000068.hdr.sgml : 20240521
<ACCEPTANCE-DATETIME>20240521201348
ACCESSION NUMBER:		0000907254-24-000068
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20240517
FILED AS OF DATE:		20240521
DATE AS OF CHANGE:		20240521

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			Friedman Joel Albert
		CENTRAL INDEX KEY:			0001472420
		ORGANIZATION NAME:           	

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-12254
		FILM NUMBER:		24971410

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

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			SAUL CENTERS, INC.
		CENTRAL INDEX KEY:			0000907254
		STANDARD INDUSTRIAL CLASSIFICATION:	REAL ESTATE INVESTMENT TRUSTS [6798]
		ORGANIZATION NAME:           	05 Real Estate & Construction
		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>wk-form4_1716336813.xml
<DESCRIPTION>FORM 4
<TEXT>
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    <periodOfReport>2024-05-17</periodOfReport>

    <notSubjectToSection16>0</notSubjectToSection16>

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

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            <rptOwnerName>Friedman Joel Albert</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>7501 WISCONSIN AVENUE</rptOwnerStreet1>
            <rptOwnerStreet2>15TH FLOOR</rptOwnerStreet2>
            <rptOwnerCity>BETHESDA</rptOwnerCity>
            <rptOwnerState>MD</rptOwnerState>
            <rptOwnerZipCode>20814</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
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        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>1</isOfficer>
            <isTenPercentOwner>0</isTenPercentOwner>
            <isOther>0</isOther>
            <officerTitle>Exec VP, CAO &amp; Treasurer</officerTitle>
        </reportingOwnerRelationship>
    </reportingOwner>

    <aff10b5One>0</aff10b5One>

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            </securityTitle>
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            <expirationDate>
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            <expirationDate>
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            </expirationDate>
            <underlyingSecurity>
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                <value>Employee Stock Option</value>
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            <conversionOrExercisePrice>
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                <value>2017-05-05</value>
                <footnoteId id="F5"/>
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            <expirationDate>
                <value>2027-05-05</value>
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            <underlyingSecurity>
                <underlyingSecurityTitle>
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                <underlyingSecurityShares>
                    <value>10000</value>
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            </underlyingSecurity>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>10000</value>
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            <ownershipNature>
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        </derivativeHolding>
        <derivativeHolding>
            <securityTitle>
                <value>Employee Stock Option</value>
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            <conversionOrExercisePrice>
                <value>49.46</value>
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            <exerciseDate>
                <value>2018-05-11</value>
                <footnoteId id="F5"/>
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            <expirationDate>
                <value>2028-05-11</value>
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            <underlyingSecurity>
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        </derivativeHolding>
        <derivativeHolding>
            <securityTitle>
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            </conversionOrExercisePrice>
            <exerciseDate>
                <value>2019-05-03</value>
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                <value>2029-05-03</value>
            </expirationDate>
            <underlyingSecurity>
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            </expirationDate>
            <underlyingSecurity>
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                <sharesOwnedFollowingTransaction>
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                    <value>D</value>
                </directOrIndirectOwnership>
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            </conversionOrExercisePrice>
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                <value>2024-05-17</value>
            </transactionDate>
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                <transactionFormType>4</transactionFormType>
                <transactionCode>A</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
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                <transactionShares>
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                    <footnoteId id="F6"/>
                </transactionShares>
                <transactionPricePerShare>
                    <value>0</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
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                <value>2029-05-17</value>
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                <value>2029-05-17</value>
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                </underlyingSecurityShares>
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                    <value>2000</value>
                </sharesOwnedFollowingTransaction>
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                    <value>D</value>
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    <footnotes>
        <footnote id="F1">Balance increased by July 31, 2023 Dividend Reinvestment Plan award, October 31, 2023, January 31, 2024 and April 30, 2024 award totaling 815 shares.</footnote>
        <footnote id="F2">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="F3">Represents restricted shares of Common Stock. Such shares vest on the first five anniversaries of May 17, 2024 in equal annual installments, assuming continued employment.</footnote>
        <footnote id="F4">Balance increased by July 31, 2023 Dividend Reinvestment Plan award, October 31, 2023, January 31, 2024 and April 30, 2024 award totaling 8.78 shares</footnote>
        <footnote id="F5">The options vest 25% per year over four years from the date of grant.</footnote>
        <footnote id="F6">The performance share award provides for the grant of restricted shares of Common Stock on each of the five anniversaries of May 17, 2024 in equal annual installments. The number of restricted shares of such grant that vest, if any, is (i) subject to cliff-vesting on May 17, 2029, and (2) achievement of performance criteria relating to the Companys target Funds from Operations available to common stockholders and noncontrolling interests (FFO) measured against an FFO amount included in the budget established by the Board of Directors annually prior to the start of such calendar year.</footnote>
    </footnotes>

    <remarks>Previous beneficial ownership reports filed pursuant to Section 16(a) by the reporting person referred to the Issuer's Common Stock, par value $0.01 per share as &quot;Common Shares.&quot; Going forward, such shares will be referred to as &quot;Common Stock.&quot;</remarks>

    <ownerSignature>
        <signatureName>/s/ Carlos L. Heard, by Power of Attorney</signatureName>
        <signatureDate>2024-05-21</signatureDate>
    </ownerSignature>
</ownershipDocument>
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</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
