<SEC-DOCUMENT>0000907254-24-000065.txt : 20240521
<SEC-HEADER>0000907254-24-000065.hdr.sgml : 20240521
<ACCEPTANCE-DATETIME>20240521201303
ACCESSION NUMBER:		0000907254-24-000065
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:			CARACI PHILIP D
		CENTRAL INDEX KEY:			0001228461
		ORGANIZATION NAME:           	

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-12254
		FILM NUMBER:		24971406

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_1716336773.xml
<DESCRIPTION>FORM 4
<TEXT>
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    <schemaVersion>X0508</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2024-05-17</periodOfReport>

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

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            <rptOwnerName>CARACI PHILIP D</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>1</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>0</isTenPercentOwner>
            <isOther>0</isOther>
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    </reportingOwner>

    <aff10b5One>0</aff10b5One>

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                <value>Common Stock</value>
            </securityTitle>
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                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
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            <conversionOrExercisePrice>
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                <value>2015-05-08</value>
            </exerciseDate>
            <expirationDate>
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            </expirationDate>
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                <underlyingSecurityTitle>
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        <derivativeHolding>
            <securityTitle>
                <value>Stock Option</value>
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            <conversionOrExercisePrice>
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            </conversionOrExercisePrice>
            <exerciseDate>
                <value>2018-05-11</value>
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            <expirationDate>
                <value>2028-05-11</value>
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            <expirationDate>
                <value>2029-05-03</value>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
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                </underlyingSecurityTitle>
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                </underlyingSecurityShares>
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            <conversionOrExercisePrice>
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            </conversionOrExercisePrice>
            <exerciseDate>
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            <expirationDate>
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            <underlyingSecurity>
                <underlyingSecurityTitle>
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                <underlyingSecurityShares>
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            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
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            <expirationDate>
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            <expirationDate>
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            <securityTitle>
                <value>Stock Option</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <value>33.79</value>
            </conversionOrExercisePrice>
            <exerciseDate>
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            </exerciseDate>
            <expirationDate>
                <value>2033-05-12</value>
            </expirationDate>
            <underlyingSecurity>
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                </directOrIndirectOwnership>
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        </derivativeHolding>
        <derivativeHolding>
            <securityTitle>
                <value>Phantom Stock</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <footnoteId id="F3"/>
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            <exerciseDate>
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                <footnoteId id="F4"/>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
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                </underlyingSecurityTitle>
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                </underlyingSecurityShares>
            </underlyingSecurity>
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                <sharesOwnedFollowingTransaction>
                    <value>34158.446</value>
                    <footnoteId id="F5"/>
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                <directOrIndirectOwnership>
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        </derivativeHolding>
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    <footnotes>
        <footnote id="F1">Self-Trust. Reporting person is a Trustee</footnote>
        <footnote id="F2">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="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 the phantom stock into shares of the Issuer's common stock is governed by the Deferred Compensation Plan and the reporting person's Deferred Fee Election Agreement.</footnote>
        <footnote id="F5">Balance increased by July 31, 2023 Dividend Reinvestment Plan award, October 31, 2023, January 31, 2024 award and April 30, 2024 award totaling 2,157.175 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>
