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 ^* SCHNEIDER SCOTT V	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) Executive Vice President-CFO
(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								639.288 ⁽¹⁾	I	Daughter
Common Shares								624.341 ⁽²⁾	I	Daughter-2
Series D Preferred Stock								2000	I	Wife's IRA
Common Shares								7339.476 ⁽³⁾	I ⁽⁴⁾	401K
Common Shares								9398.34	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 ⁽⁵⁾	5/10/2023	Common Stock	3500.0		3500	D
Employee Stock Option	$47.03							5/9/2014 ⁽⁵⁾	5/9/2024	Common Stock	20000.0		20000	D
Employee Stock Option	$51.07							5/8/2015 ⁽⁵⁾	5/8/2025	Common Stock	20000.0		20000	D
Employee Stock Option	$57.74							5/6/2016 ⁽⁵⁾	5/6/2026	Common Stock	20000.0		20000	D
Employee Stock Option	$59.41							5/5/2017 ⁽⁵⁾	5/5/2027	Common Stock	20000.0		20000	D
Employee Stock Option	$49.46							5/11/2018 ⁽⁵⁾	5/11/2028	Common Stock	20000.0		20000	D
Employee Stock Option	$55.71							5/3/2019 ⁽⁵⁾	5/3/2029	Common Stock	20000.0		20000	D
Employee Stock Option	$50.0	4/24/2020		A		20000		4/24/2020 ⁽⁵⁾	4/24/2030	Common Stock	20000.0	$50	20000	D

Explanation of Responses:
(1)	Balance increased by October 31, 2019 Dividend Reinvestment Plan award and January 31, 2020 award of 6.280 shares and 6.898 shares, respectively.
(2)	Balance increased by October 31, 2019 Dividend Reinvestment Plan award and January 31, 2020 award of 6.133 shares and 6.736 shares, respectively.
(3)	Balance increased by October 31, 2019 Dividend Reinvestment Plan award and January 31, 2020 award of 72.556 shares and 79.691 shares, respectively.
(4)	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.
(5)	The options vest 25% per year over four years from the date of grant.

Remarks:
The reporting person no longer has a reportable beneficial interest in 1,004.442 shares of common stock held by 2 sons and included in the reporting person's prior ownership reports.

Reporting Owners
Reporting Owner Name / Address	Relationships
Reporting Owner Name / Address	Director	10% Owner	Officer	Other
SCHNEIDER SCOTT V 7501 WISCONSIN AVENUE 15TH FLOOR BETHESDA, MD 20814			Executive Vice President-CFO