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 *

CARACI PHILIP D		 2. Issuer Name and Ticker or Trading Symbol

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

__X__ Director                    _____ 10% Owner
_____ Officer (give title below)    _____ Other (specify below)
(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         20564 I Wife's-Trust 
Common Shares         2602 I Wife's IRA 
Common Shares         53187 I (1)Self-Trust 
Common Shares 5/12/2023  A  200 A$0 49416 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
Phantom Stock  (2)           (3) (3)Common Stock 32001.271  32001.271 (4)D  
Stock Option $47.03           5/9/2014 5/9/2024 Common Stock 2500.0  2500 D  
Stock Option $51.07           5/8/2015 5/8/2025 Common Stock 2500.0  2500 D  
Stock Option $57.74           5/6/2016 5/6/2026 Common Stock 2500.0  2500 D  
Stock Option $59.41           5/5/2017 5/5/2027 Common Stock 2500.0  2500 D  
Stock Option $49.46           5/11/2018 5/11/2028 Common Stock 2500.0  2500 D  
Stock Option $55.71           5/3/2019 5/3/2029 Common Stock 2500.0  2500 D  
Stock Option $50.0           4/24/2020 4/24/2030 Common Stock 2500.0  2500 D  
Stock Option $43.89           5/7/2021 5/7/2031 Common Stock 2500.0  2500 D  
Stock Option $47.9           5/13/2022 5/13/2032 Common Stock 2500.0  2500 D  
Stock Option $33.79 5/12/2023  A   2500    5/12/2023 5/12/2033 Common Stock 2500.0 $0 2500 D  
Explanation of Responses:
(1) Self-Trust. Reporting person is a Trustee
(2) Phantom shares are issuable pursuant to the Issuer's Deferred Compensation Plan for Directors under its 2004 Stock Plan, as amended (the "Deferred Compensation Plan"). Each share of phantom stock is the economic equivalent of one share of common stock. The shares of phantom stock become payable, in cash or common stock, at the election of the reporting person, upon the reporting person's termination of service.
(3) The conversion of the phantom stock into shares of the Issuer's common stock is governed by the Deferred Compensation Plan and the reporting person's Deferred Fee Election Agreement.
(4) Includes a combined 1,782.794 shares awarded as as dividend reinvestments on shares of phantom stock held by the reporting person pursuant to the issuer's Deferred Compensation Plan under its 2004 Stock Plan and shares of phantom stock issued under the issuer's Deferred Compensation Stock Plan for Directors July 29, 2022, October 31, 2022, January 31, 2023 and April 28, 2023.

Reporting Owners
Reporting Owner Name / Address
Relationships
Director10% OwnerOfficerOther
CARACI PHILIP D
7501 WISCONSIN AVENUE
15TH FLOOR
BETHESDA, MD 20814		X
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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