FORM 4
☐ Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).         
 UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES
                                                                                  
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Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934 or Section 30(h) of the Investment Company Act of 1940
                      

1. Name and Address of Reporting Person *

SHERREN CHARLES W JR		 2. Issuer Name and Ticker or Trading Symbol

SAUL CENTERS, INC. [ BFS ] 		5. Relationship of Reporting Person(s) to Issuer (Check all applicable)

_____ Director                    _____ 10% Owner
__X__ Officer (give title below)    _____ Other (specify below)
Sr. VP- Property Management
(Last)          (First)          (Middle)

7501 WISCONSIN AVENUE, 15TH FLOOR		 3. Date of Earliest Transaction (MM/DD/YYYY)

5/12/2023
(Street)

BETHESDA, MD 20814		 4. If Amendment, Date Original Filed (MM/DD/YYYY)

 
 6. Individual or Joint/Group Filing (Check Applicable Line)

_X _ Form filed by One Reporting Person
___ Form filed by More than One Reporting Person
(City)        (State)        (Zip)
Rule 10b5-1(c) Transaction Indication
☐ Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1.Title of Security
(Instr. 3) 		2. Trans. Date 2A. Deemed Execution Date, if any 3. Trans. Code
(Instr. 8) 		4. Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5) 		5. Amount of Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 3 and 4) 		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V Amount (A) or (D) Price
Common Shares         13604 I (1)401K 
Common Shares         844.326 (2)D  

Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivate Security
(Instr. 3)		2. Conversion or Exercise Price of Derivative Security3. Trans. Date3A. Deemed Execution Date, if any4. Trans. Code
(Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date7. Title and Amount of Securities Underlying Derivative Security
(Instr. 3 and 4)		8. Price of Derivative Security
(Instr. 5)		9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)10. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 4)11. Nature of Indirect Beneficial Ownership (Instr. 4)
CodeV(A)(D)Date ExercisableExpiration DateTitleAmount or Number of Shares
Employee Stock Option $47.03           5/9/2014 (3)5/9/2024 Common Stock 10000.0  10000 D  
Employee Stock Option $51.07           5/8/2015 (3)5/8/2025 Common Stock 10000.0  10000 D  
Employee Stock Option $57.74           5/6/2016 (3)5/6/2026 Common Stock 10000.0  10000 D  
Employee Stock Option $59.41           5/5/2017 (3)5/5/2027 Common Stock 10000.0  10000 D  
Employee Stock Option $49.46           5/11/2018 (3)5/11/2028 Common Stock 10000.0  10000 D  
Employee Stock Option $55.71           5/3/2019 (3)5/3/2029 Common Stock 10000.0  10000 D  
Employee Stock Option $50.0           4/24/2020 (3)4/24/2030 Common Stock 10000.0  10000 D  
Employee Stock Option $43.89           5/7/2021 (3)5/7/2031 Common Stock 10000.0  10000 D  
Employee Stock Option $47.9           5/13/2022 (3)5/13/2032 Common Stock 10000.0  10000 D  
Employee Stock Option $33.79 5/12/2023  A   10000    5/12/2023 (3)5/12/2033 Common Stock 10000.0 $0 10000 D  
Explanation of Responses:
(1) Effective April 1, 2009, shares formerly held by the B.F. Saul Company Employees' Profit Sharing Reinvestment Trust were distributed to the individual 401(k) plan accounts of participants. The number of shares reported represents the reporting person's beneficial ownership interest in the Saul Centers stock fund of the 401(k) plan.
(2) Balance increased by July 29, 2022 Dividend Reinvestment Plan award, October 31, 2022 award, January 31, 2023 award and April 28, 2023 award of 9.260 shares, 11.986 shares, 11.763 shares, and 14.029 shares, respectively.
(3) The options vest 25% per year over four years from the date of grant.

Reporting Owners
Reporting Owner Name / Address
Relationships
Director10% OwnerOfficerOther
SHERREN CHARLES W JR
7501 WISCONSIN AVENUE
15TH FLOOR
BETHESDA, MD 20814

Sr. VP- Property Management
Signatures
/s/ Carlos L. Heard, by Power of Attorney5/16/2023
**Signature of Reporting PersonDate
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
*If the form is filed by more than one reporting person, see Instruction 4(b)(v).
**Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note:File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB control number.
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