Statement of Changes in Beneficial Ownership (4)

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) 4/24/2020
(Street) BETHESDA, MD 20814 (City) (State) (Zip)	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

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)
1.Title of Security (Instr. 3)	2. Trans. Date	2A. Deemed Execution Date, if any	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Common Shares								11186.43 ⁽¹⁾	I ⁽²⁾	401K
Common Shares								697.357 ⁽³⁾	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 Security	3. Trans. Date	3A. Deemed Execution Date, if any	4. 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 Date		7. 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)
1. Title of Derivate Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Trans. Date	3A. Deemed Execution Date, if any	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)			11. Nature of Indirect Beneficial Ownership (Instr. 4)
Employee Stock Option	$44.42							5/10/2013 ⁽⁴⁾	5/10/2023	Common Stock	10000.0		10000	D
Employee Stock Option	$47.03							5/9/2014 ⁽⁴⁾	5/9/2024	Common Stock	10000.0		10000	D
Employee Stock Option	$51.07							5/8/2015 ⁽⁴⁾	5/8/2025	Common Stock	10000.0		10000	D
Employee Stock Option	$57.74							5/6/2016 ⁽⁴⁾	5/6/2026	Common Stock	10000.0		10000	D
Employee Stock Option	$59.41							5/5/2017 ⁽⁴⁾	5/5/2027	Common Stock	10000.0		10000	D
Employee Stock Option	$49.46							5/11/2018 ⁽⁴⁾	5/11/2028	Common Stock	10000.0		10000	D
Employee Stock Option	$55.71							5/3/2019 ⁽⁴⁾	5/3/2029	Common Stock	10000.0		10000	D
Employee Stock Option	$50.0	4/24/2020		A		10000		4/24/2020 ⁽⁴⁾	4/24/2030	Common Stock	10000.0	$50	10000	D

Explanation of Responses:
(1)	Balance increased by October 31, 2019 Dividend Reinvestment Plan award and January 31, 2020 award of 110.585 shares and 121.460 shares, respectively.
(2)	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.
(3)	Balance increased by October 31, 2019 Dividend Reinvestment Plan award and January 31, 2020 award of 6.863 shares and 7.538 shares, respectively.
(4)	The options vest 25% per year over four years from the date of grant.

Reporting Owners
Reporting Owner Name / Address	Relationships
Reporting Owner Name / Address	Director	10% Owner	Officer	Other
SHERREN CHARLES W JR 7501 WISCONSIN AVENUE 15TH FLOOR BETHESDA, MD 20814			Sr. VP- Property Management