<SEC-DOCUMENT>0000907254-24-000060.txt : 20240521
<SEC-HEADER>0000907254-24-000060.hdr.sgml : 20240521
<ACCEPTANCE-DATETIME>20240521201203
ACCESSION NUMBER:		0000907254-24-000060
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:			CHAPOTON JOHN E
		CENTRAL INDEX KEY:			0001144844
		ORGANIZATION NAME:           	

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-12254
		FILM NUMBER:		24971401

	MAIL ADDRESS:	
		STREET 1:		BROWN INVESTMENT ADVISORY INCORPORATED
		STREET 2:		1717 H STREET, NW, FIFTH FLOOR
		CITY:			WASHINGTON
		STATE:			DC
		ZIP:			20006

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_1716336709.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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            <rptOwnerName>CHAPOTON JOHN E</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>

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                <transactionCode>A</transactionCode>
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            <expirationDate>
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            </exerciseDate>
            <expirationDate>
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            <underlyingSecurity>
                <underlyingSecurityTitle>
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            <exerciseDate>
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            </exerciseDate>
            <expirationDate>
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            <underlyingSecurity>
                <underlyingSecurityTitle>
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                    <value>2500</value>
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            <conversionOrExercisePrice>
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            </conversionOrExercisePrice>
            <exerciseDate>
                <value>2020-04-24</value>
            </exerciseDate>
            <expirationDate>
                <value>2030-04-24</value>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
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                </underlyingSecurityTitle>
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        <derivativeHolding>
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            </securityTitle>
            <conversionOrExercisePrice>
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            </conversionOrExercisePrice>
            <exerciseDate>
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            <expirationDate>
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            <exerciseDate>
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            </exerciseDate>
            <expirationDate>
                <value>2032-05-13</value>
            </expirationDate>
            <underlyingSecurity>
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                </underlyingSecurityShares>
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            <expirationDate>
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            <underlyingSecurity>
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                </sharesOwnedFollowingTransaction>
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                    <value>D</value>
                </directOrIndirectOwnership>
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        </derivativeHolding>
        <derivativeHolding>
            <securityTitle>
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                <footnoteId id="F2"/>
            </securityTitle>
            <conversionOrExercisePrice>
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            <exerciseDate>
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                <footnoteId id="F5"/>
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            <expirationDate>
                <footnoteId id="F4"/>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Common Stock</value>
                    <footnoteId id="F6"/>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>24045.973</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>24045.973</value>
                    <footnoteId id="F7"/>
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            <ownershipNature>
                <directOrIndirectOwnership>
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        </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">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="F6">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="F7">Includes 397.408 shares awarded April 30, 2024 as dividend reinvestments on shares of phantom stock held by the reporting person pursuant to the Deferred
Compensation Plan.</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>
