<SEC-DOCUMENT>0000907254-24-000056.txt : 20240521
<SEC-HEADER>0000907254-24-000056.hdr.sgml : 20240521
<ACCEPTANCE-DATETIME>20240521201052
ACCESSION NUMBER:		0000907254-24-000056
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:			CLANCY GEORGE PATRICK JR
		CENTRAL INDEX KEY:			0001216742
		ORGANIZATION NAME:           	

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-12254
		FILM NUMBER:		24971396

	MAIL ADDRESS:	
		STREET 1:		1100 H ST NW
		CITY:			WASHINGTON
		STATE:			DC
		ZIP:			20080

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_1716336640.xml
<DESCRIPTION>FORM 4
<TEXT>
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    <documentType>4</documentType>

    <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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        <reportingOwnerId>
            <rptOwnerCik>0001216742</rptOwnerCik>
            <rptOwnerName>CLANCY GEORGE PATRICK JR</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>7501 WISCONSIN AVENUE</rptOwnerStreet1>
            <rptOwnerStreet2>SUITE 1500</rptOwnerStreet2>
            <rptOwnerCity>BETHESDA</rptOwnerCity>
            <rptOwnerState>MD</rptOwnerState>
            <rptOwnerZipCode>20814</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>1</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>0</isTenPercentOwner>
            <isOther>0</isOther>
        </reportingOwnerRelationship>
    </reportingOwner>

    <aff10b5One>0</aff10b5One>

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                <value>Common Stock</value>
            </securityTitle>
            <transactionDate>
                <value>2024-05-17</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>A</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
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            <transactionAmounts>
                <transactionShares>
                    <value>2000</value>
                    <footnoteId id="F1"/>
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                <transactionPricePerShare>
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                <transactionAcquiredDisposedCode>
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            <expirationDate>
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            <conversionOrExercisePrice>
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            <exerciseDate>
                <value>2017-05-05</value>
            </exerciseDate>
            <expirationDate>
                <value>2027-05-05</value>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
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            <exerciseDate>
                <value>2018-05-11</value>
            </exerciseDate>
            <expirationDate>
                <value>2028-05-11</value>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
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                </underlyingSecurityTitle>
                <underlyingSecurityShares>
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                </underlyingSecurityShares>
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        <derivativeHolding>
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            </securityTitle>
            <conversionOrExercisePrice>
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            </conversionOrExercisePrice>
            <exerciseDate>
                <value>2019-05-03</value>
            </exerciseDate>
            <expirationDate>
                <value>2029-05-03</value>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Common Stock</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>2500</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
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                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
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        </derivativeHolding>
        <derivativeHolding>
            <securityTitle>
                <value>Director Stock Option</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <value>50</value>
            </conversionOrExercisePrice>
            <exerciseDate>
                <value>2020-04-24</value>
            </exerciseDate>
            <expirationDate>
                <value>2030-04-24</value>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
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                </underlyingSecurityTitle>
                <underlyingSecurityShares>
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                </underlyingSecurityShares>
            </underlyingSecurity>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
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                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
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        <derivativeHolding>
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            </securityTitle>
            <conversionOrExercisePrice>
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            </conversionOrExercisePrice>
            <exerciseDate>
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            </exerciseDate>
            <expirationDate>
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            <underlyingSecurity>
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        </derivativeHolding>
        <derivativeHolding>
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                <value>Director Stock Option</value>
            </securityTitle>
            <conversionOrExercisePrice>
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            </conversionOrExercisePrice>
            <exerciseDate>
                <value>2022-05-13</value>
            </exerciseDate>
            <expirationDate>
                <value>2032-05-13</value>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Common Stock</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
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                </underlyingSecurityShares>
            </underlyingSecurity>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
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                </sharesOwnedFollowingTransaction>
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                    <value>D</value>
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        </derivativeHolding>
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            <securityTitle>
                <value>Director Stock Option</value>
            </securityTitle>
            <conversionOrExercisePrice>
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            </conversionOrExercisePrice>
            <exerciseDate>
                <value>2023-05-09</value>
            </exerciseDate>
            <expirationDate>
                <value>2033-05-12</value>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Common Stock</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
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                </underlyingSecurityShares>
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                <sharesOwnedFollowingTransaction>
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                </sharesOwnedFollowingTransaction>
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            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </derivativeHolding>
        <derivativeHolding>
            <securityTitle>
                <value>Phantom Stock</value>
                <footnoteId id="F2"/>
            </securityTitle>
            <conversionOrExercisePrice>
                <footnoteId id="F3"/>
            </conversionOrExercisePrice>
            <exerciseDate>
                <footnoteId id="F4"/>
            </exerciseDate>
            <expirationDate>
                <footnoteId id="F4"/>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Common Stock</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>5118.662</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>5118.662</value>
                    <footnoteId id="F5"/>
                </sharesOwnedFollowingTransaction>
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            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </derivativeHolding>
    </derivativeTable>

    <footnotes>
        <footnote id="F1">Represents restricted shares of Common Stock. Such shares vest on the first three anniversaries of May 17, 2024 in equal annual installments, assuming continued service.</footnote>
        <footnote id="F2">Pursuant to the issuer's Deferred Compensation Plan under its 2004 Stock Plan and the Deferred Fee Agreement executed by the reporting person, the reporting person has elected to defer receipt of his director's fees, and receive phantom stock, the amount of which is calculated as the quotient of the dollar value of fees deferred, divided by the fair market value of the issuer's shares on the date the phantom stock is received.</footnote>
        <footnote id="F3">Phantom shares are issuable pursuant to the Issuer's Deferred Compensation Plan for Directors under its 2004 Stock Plan, as amended (the &quot;Deferred
Compensation Plan&quot;). Each share of phantom stock is the economic equivalent of one share of common stock. The shares of phantom stock become payable,
in cash or common stock, at the election of the reporting person, upon the reporting person's termination of service.</footnote>
        <footnote id="F4">The conversion of phantom stock into shares of the issuer's common stock is governed pursuant to terms of the issuer's Deferred Compensation Plan under its 2004 Stock Plan, as amended, and the reporting person's Deferred Fee Agreement.</footnote>
        <footnote id="F5">Balance increased by April 30, 2024 Dividend Reinvestment Plan award of 84.596 shares.</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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</DOCUMENT>
</SEC-DOCUMENT>
