<SEC-DOCUMENT>0000907254-25-000010.txt : 20250207
<SEC-HEADER>0000907254-25-000010.hdr.sgml : 20250207
<ACCEPTANCE-DATETIME>20250207102902
ACCESSION NUMBER:		0000907254-25-000010
CONFORMED SUBMISSION TYPE:	5
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20241231
FILED AS OF DATE:		20250207
DATE AS OF CHANGE:		20250207

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			SAUL B FRANCIS II
		CENTRAL INDEX KEY:			0001027551
		STANDARD INDUSTRIAL CLASSIFICATION:	REAL ESTATE [6500]
		ORGANIZATION NAME:           	05 Real Estate & Construction
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			0820

	FILING VALUES:
		FORM TYPE:		5
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-12254
		FILM NUMBER:		25599876

	MAIL ADDRESS:	
		STREET 1:		8401 CONNECTICUT AVE
		CITY:			CHEVY CHASE
		STATE:			MD
		ZIP:			20815

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>5
<SEQUENCE>1
<FILENAME>wk-form5_1738942135.xml
<DESCRIPTION>FORM 5
<TEXT>
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<ownershipDocument>

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    <periodOfReport>2024-12-31</periodOfReport>

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    <form4TransactionsReported>1</form4TransactionsReported>

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

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            <rptOwnerCik>0001027551</rptOwnerCik>
            <rptOwnerName>SAUL B FRANCIS II</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>1</isDirector>
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            <isTenPercentOwner>1</isTenPercentOwner>
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                    <value>I</value>
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                <directOrIndirectOwnership>
                    <value>I</value>
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        <nonDerivativeHolding>
            <securityTitle>
                <value>Common Stock</value>
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                <sharesOwnedFollowingTransaction>
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            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
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                    <value>See footnote</value>
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        <nonDerivativeHolding>
            <securityTitle>
                <value>Common Stock</value>
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            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
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                    <footnoteId id="F8"/>
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            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
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                <natureOfOwnership>
                    <value>401K</value>
                    <footnoteId id="F9"/>
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        <nonDerivativeHolding>
            <securityTitle>
                <value>Common Stock</value>
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                <sharesOwnedFollowingTransaction>
                    <value>141194</value>
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            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
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                <natureOfOwnership>
                    <value>401K</value>
                    <footnoteId id="F11"/>
                </natureOfOwnership>
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        </nonDerivativeHolding>
        <nonDerivativeHolding>
            <securityTitle>
                <value>Common Stock</value>
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            <postTransactionAmounts>
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                    <value>163575.689</value>
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            <ownershipNature>
                <directOrIndirectOwnership>
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                <natureOfOwnership>
                    <value>See footnote</value>
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            <securityTitle>
                <value>Common Stock</value>
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                <directOrIndirectOwnership>
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                <directOrIndirectOwnership>
                    <value>I</value>
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                    <value>See footnote</value>
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            <transactionAmounts>
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                <transactionPricePerShare>
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                <directOrIndirectOwnership>
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                    <value>See footnote</value>
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                    <value>See footnote</value>
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            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>2500</value>
                </sharesOwnedFollowingTransaction>
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            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
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        </derivativeHolding>
        <derivativeHolding>
            <securityTitle>
                <value>Director Stock Option</value>
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            <conversionOrExercisePrice>
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                <value>2017-05-05</value>
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                <value>2027-05-05</value>
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            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Common Stock</value>
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                <underlyingSecurityShares>
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                <sharesOwnedFollowingTransaction>
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            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
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        </derivativeHolding>
        <derivativeHolding>
            <securityTitle>
                <value>Director Stock Option</value>
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            <exerciseDate>
                <value>2018-05-11</value>
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            <expirationDate>
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            <underlyingSecurity>
                <underlyingSecurityTitle>
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                <underlyingSecurityShares>
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                <sharesOwnedFollowingTransaction>
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            <ownershipNature>
                <directOrIndirectOwnership>
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        <derivativeHolding>
            <securityTitle>
                <value>Director Stock Option</value>
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            <expirationDate>
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            <underlyingSecurity>
                <underlyingSecurityTitle>
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                <underlyingSecurityShares>
                    <value>2500</value>
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                <sharesOwnedFollowingTransaction>
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            <ownershipNature>
                <directOrIndirectOwnership>
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        <derivativeHolding>
            <securityTitle>
                <value>Director Stock Option</value>
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                <value>2020-04-24</value>
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                    <value>2500</value>
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                <directOrIndirectOwnership>
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        <derivativeHolding>
            <securityTitle>
                <value>Director Stock Option</value>
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                <value>2031-05-07</value>
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                <underlyingSecurityTitle>
                    <value>Common Stock</value>
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                <sharesOwnedFollowingTransaction>
                    <value>2500</value>
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            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
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        <derivativeHolding>
            <securityTitle>
                <value>Director Stock Option</value>
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            <conversionOrExercisePrice>
                <value>47.90</value>
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                <value>2022-05-13</value>
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                <value>2032-05-13</value>
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            <underlyingSecurity>
                <underlyingSecurityTitle>
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            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>2500</value>
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            <ownershipNature>
                <directOrIndirectOwnership>
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            <securityTitle>
                <value>Director Stock Option</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <value>33.79</value>
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            <exerciseDate>
                <value>2023-05-12</value>
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            <expirationDate>
                <value>2033-05-12</value>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Common Shares</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>2500</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>2500</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </derivativeHolding>
        <derivativeHolding>
            <securityTitle>
                <value>Phantom Stock</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <footnoteId id="F19"/>
            </conversionOrExercisePrice>
            <exerciseDate>
                <footnoteId id="F20"/>
            </exerciseDate>
            <expirationDate>
                <footnoteId id="F20"/>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Common Stock</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>48043.763</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>48043.763</value>
                    <footnoteId id="F21"/>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </derivativeHolding>
        <derivativeHolding>
            <securityTitle>
                <value>Units</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <footnoteId id="F22"/>
            </conversionOrExercisePrice>
            <exerciseDate>
                <footnoteId id="F22"/>
            </exerciseDate>
            <expirationDate>
                <footnoteId id="F22"/>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Common Stock</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>10011903</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>10011903</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </derivativeHolding>
        <derivativeHolding>
            <securityTitle>
                <value>Performance Shares</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <value>0</value>
            </conversionOrExercisePrice>
            <exerciseDate>
                <value>2029-05-17</value>
            </exerciseDate>
            <expirationDate>
                <value>2029-05-17</value>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Common Stock</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>20000</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>20000</value>
                    <footnoteId id="F23"/>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </derivativeHolding>
    </derivativeTable>

    <footnotes>
        <footnote id="F1">These securities are held directly by Van Ness Square Corporation (&quot;Van Ness&quot;).  B. Francis Saul II is the Chairman of the Board and the Chief Executive Officer of Van Ness and, as such, he may be deemed to beneficially own the securities held by Van Ness.</footnote>
        <footnote id="F2">Owned by Westminster Investing L.L.C., of which the reporting person is Chairman of the Board and Chief Executive Officer.</footnote>
        <footnote id="F3">These securities are held directly by Dearborn, L.L.C. (&quot;Dearborn&quot;). B. F. Saul Real Estate Investment Trust (&quot;Saul Trust&quot;) is the sole member of Dearborn and, as such, it may be deemed to beneficially own the securities held by Dearborn. Saul Company is the controlling equity holder of Saul Trust and, as such, it may be deemed to beneficially own the securities held by Saul Trust. B. Francis Saul II is the Chairman of the Board and the Chief Executive Officer of Saul Company and, as such, he may be deemed to beneficially own the securities held by Saul Company.</footnote>
        <footnote id="F4">These securities are held directly by Avenel Executive Park Phase II, L.L.C. (&quot;Avenel&quot;). Saul Trust is the sole member of Avenel and, as such, it may be deemed to beneficially own the securities held by Avenel. Saul Company is the controlling equity holder of Saul Trust and, as such, it may be deemed to beneficially own the securities held by Saul Trust. B. Francis Saul II is the Chairman of the Board and the Chief Executive Officer of Saul Company and, as such, he may be deemed to beneficially own the securities held by Saul Company.</footnote>
        <footnote id="F5">These securities are held directly by SHLP Unit Acquisition Corp. (&quot;SHLP&quot;). Saul Trust is the sole shareholder of SHLP and, as such, it may be deemed to beneficially own the securities held by SHLP. Saul Company is the controlling equity holder of Saul Trust and, as such, it may be deemed to beneficially own the securities held by Saul Trust. B. Francis Saul II is the Chairman of the Board and the Chief Executive Officer of Saul Company and, as such, he may be deemed to beneficially own the securities held by Saul Company.</footnote>
        <footnote id="F6">These securities are held directly by B.F. Saul Property Company (&quot;Saul Property&quot;). B.F. Saul Company (&quot;Saul Company&quot;) is the sole equity holder of Saul Property and, as such, it may be deemed to beneficially own the securities held by Saul Property. B. Francis Saul II is the Chairman of the Board and the Chief Executive Officer of Saul Company and, as such, he may be deemed to beneficially own the securities held by Saul Company.</footnote>
        <footnote id="F7">These securities are held directly by the B.F. Saul Company. B. Francis Saul II is the Chairman of the Board and the Chief Executive Officer of the B.F. Saul Company and, as such, he may be deemed to beneficially own the securities held by the B.F. Saul Company.</footnote>
        <footnote id="F8">Balance increased by July 31, 2024 and October 31, 2024 Dividend Reinvestment Plan award totaling 261 shares.</footnote>
        <footnote id="F9">These securities are held directly by a 401(k) plan of which Patricia E. Saul is a beneficiary. B. Francis Saul II is the spouse of Patricia E. Saul and, as such, he may be deemed to beneficially own the securities held by Patricia E. Saul.</footnote>
        <footnote id="F10">Balance increased by July 31, 2024 and October 31, 2024 Dividend Reinvestment Plan award totaling 5,757 shares.</footnote>
        <footnote id="F11">These securities are held directly by a 401(k) plan of which B. Francis Saul II is a beneficiary.</footnote>
        <footnote id="F12">Balance increased by July 31, 2024 and October 31, 2024 Dividend Reinvestment Plan award totaling 4,879.189 shares.</footnote>
        <footnote id="F13">These securities are held directly by Patricia E. Saul. B. Francis Saul II is the spouse of Patricia E. Saul and, as such, he may be deemed to beneficially own
the securities held by Patricia E. Saul.</footnote>
        <footnote id="F14">Balance increased by July 31, 2024 and October 31, 2024 Dividend Reinvestment Plan award totaling 5,398.064 shares.</footnote>
        <footnote id="F15">These securities are held directly by the Saul Trust. B. Francis Saul II is the Chairman of the Board and the majority equityholder and, as such, he may be deemed to beneficially own the securities held by the Saul Trust.</footnote>
        <footnote id="F16">B. Francis Saul II is the trustee of The Sharon Elizabeth Saul Trust (the SES Trust) and, as such, he may be deemed to beneficially own the securities held by the SES Trust. This transaction reflects the distribution of all shares held by the SES Trust to its beneficiary in accordance with the terms of the trust. No consideration was paid in connection with this distribution, and the reporting person no longer has beneficial ownership or control over the distributed shares.</footnote>
        <footnote id="F17">B. Francis Saul II is the trustee of The Andrew M. Saul Trust (the AMS Trust) and, as such, he may be deemed to beneficially own the securities held by the AMS Trust. This transaction reflects the distribution of all shares held by the AMS Trust to its beneficiary in accordance with the terms of the trust. No consideration was paid in connection with this distribution, and the reporting person no longer has beneficial ownership or control over the distributed shares.</footnote>
        <footnote id="F18">B. Francis Saul II is the trustee of The Patricia English Saul Trust (the PES Trust) and, as such, he may be deemed to beneficially own the securities held by the PES Trust. This transaction reflects the distribution of all shares held by the SES Trust to its beneficiary in accordance with the terms of the trust. No consideration was paid in connection with this distribution, and the reporting person no longer has beneficial ownership or control over the distributed shares.</footnote>
        <footnote id="F19">Shares of phantom stock are convertible into shares of the Issuer's common stock on a one for one basis.</footnote>
        <footnote id="F20">The terms governing the conversion of the phantom stock into shares of the Issuer's common stock are contained in the Issuer's Deferred Compensation Plan, a copy of which has been filed with the Securities and Exchange Commission as part of the Issuer's proxy statement for its 2019 annual meeting.</footnote>
        <footnote id="F21">Balance increased by July 31, 2024 and October 31, 2024 Dividend Reinvestment Plan award totaling 1,433.092 shares.</footnote>
        <footnote id="F22">Represents units of limited partnership interest in Saul Holdings Limited Partnership (&quot;SHLP&quot;), of which the Issuer is the general partner. In general, the units are convertible into shares of the Issuer's common stock on a one-for-one basis provided that, in accordance with the Articles of Incorporation of the Issuer, the right to convert may not be exercised at any time that the B. Francis Saul II, family members of B. Francis Saul II, entities controlled by B. Francis Saul II and other affiliates of B. Francis Saul II  beneficially owns, directly or indirectly, in the aggregate more than 39.9% of the value of the Issuer's outstanding common stock and preferred stock.</footnote>
        <footnote id="F23">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></remarks>

    <ownerSignature>
        <signatureName>/s/ Carlos L. Heard, by Power of Attorney</signatureName>
        <signatureDate>2025-02-07</signatureDate>
    </ownerSignature>
</ownershipDocument>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
