<SEC-DOCUMENT>0000907254-26-000018.txt : 20260312
<SEC-HEADER>0000907254-26-000018.hdr.sgml : 20260312
<ACCEPTANCE-DATETIME>20260312172445
ACCESSION NUMBER:		0000907254-26-000018
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20260311
FILED AS OF DATE:		20260312
DATE AS OF CHANGE:		20260312

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:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-12254
		FILM NUMBER:		26749093

	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
		EIN:				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_1773350682.xml
<DESCRIPTION>FORM 4
<TEXT>
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    <notSubjectToSection16>0</notSubjectToSection16>

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

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            <rptOwnerStreet2>15TH FLOOR</rptOwnerStreet2>
            <rptOwnerCity>BETHESDA</rptOwnerCity>
            <rptOwnerState>MD</rptOwnerState>
            <rptOwnerZipCode>20814</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
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            <isTenPercentOwner>1</isTenPercentOwner>
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                <value>Common Stock</value>
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                <sharesOwnedFollowingTransaction>
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            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
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                    <value>401K</value>
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        <nonDerivativeHolding>
            <securityTitle>
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                <sharesOwnedFollowingTransaction>
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            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
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                    <value>401K</value>
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            <securityTitle>
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                <directOrIndirectOwnership>
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                    <value>See footnote</value>
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                <value>2029-05-17</value>
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            <underlyingSecurity>
                <underlyingSecurityTitle>
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                <sharesOwnedFollowingTransaction>
                    <value>12000</value>
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                <directOrIndirectOwnership>
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                <value>Performance Shares</value>
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                <value>0</value>
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                <value>2026-03-11</value>
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                <transactionFormType>4</transactionFormType>
                <transactionCode>M</transactionCode>
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                <transactionShares>
                    <value>4000</value>
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                <transactionPricePerShare>
                    <value>0</value>
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                <transactionAcquiredDisposedCode>
                    <value>D</value>
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            <exerciseDate>
                <value>2030-05-09</value>
            </exerciseDate>
            <expirationDate>
                <value>2030-05-09</value>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Common Stock</value>
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                    <value>4000</value>
                </underlyingSecurityShares>
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            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>16000</value>
                </sharesOwnedFollowingTransaction>
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            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </derivativeTransaction>
    </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">These securities are held directly by Westminster Investing L.L.C. (&quot;Westminster&quot;).  B. Francis Saul II is the Chairman of the Board and the Chief Executive Officer of Westminster and, as such, he may be deemed to beneficially own the securities held by Westminster.</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">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="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">These securities are held directly by a 401(k) plan of which B. Francis Saul II is a beneficiary.</footnote>
        <footnote id="F11">Balance increased by July 31, 2025 Dividend Reinvestment Plan award, October 31, 2025 award and January 31, 2026 award totaling 10,110.625 shares</footnote>
        <footnote id="F12">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="F13">Represents restricted shares of Common Stock. Fifty percent (50%) of the shares vest on May 17, 2029, and the remaining fifty percent (50%) vest on May 9, 2030, subject to the reporting persons continued employment through the applicable vesting dates.</footnote>
        <footnote id="F14">Balance increased by July 31, 2025 Dividend Reinvestment Plan award, October 31, 2025 award and January 31, 2026 award totaling 10,483.331 shares</footnote>
        <footnote id="F15">Represents additional restricted shares of Common Stock earned based on the achievement of performance criteria with respect to a performance period commencing on January 1, 2025 and ending on December 31, 2025. Fifty percent (50%) of the shares vest on May 17, 2029, and the remaining fifty percent (50%) vest on May 9, 2030, subject to the reporting persons continued employment through the applicable vesting dates.</footnote>
        <footnote id="F16">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="F17">Shares of phantom stock are convertible into shares of the Issuer's common stock on a one for one basis.</footnote>
        <footnote id="F18">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="F19">Includes 2,969.588 shares awarded July, 31, 2025, October 31, 2025 and January 31, 2026 as dividend reinvestments on shares of phantom stock held by the reporting person pursuant to the Deferred
Compensation Plan.</footnote>
    </footnotes>

    <remarks></remarks>

    <ownerSignature>
        <signatureName>/s/ Carlos L. Heard, by Power of Attorney</signatureName>
        <signatureDate>2026-03-12</signatureDate>
    </ownerSignature>
</ownershipDocument>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
