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
                                                                                  
 OMB APPROVAL
OMB Number: 3235-0287
Estimated average burden
hours per response... 0.5
                      
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)

5/13/2022
(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)
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 5/13/2022  A  200 A$47.90 49216 D (2) 

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 (3) (4)           (5) (5)Common Stock 29878.284  29878.284 D  
Stock Option $44.42           5/10/2013 5/10/2023 Common Stock 2500.0  2500 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  A   2500    5/13/2022 5/13/2032 Common Stock 2500.0 $0 2500 D  
Explanation of Responses:
(1) Self-Trust. Reporting person is a Trustee
(2) Self-IRA
(3) Pursuant to the issuer's Deferred Compensation Plan under its 2004 Stock Plan and the Deferred Fee Agreement executed by the reporting person, the reporting person has elected to defer receipt of his director's fees, and receive phantom stock, the amount of which is calculated as the quotient of the dollar value of fees deferred, divided by the fair market value of the issuer's shares on the date the phantom stock is received.
(4) 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.
(5) The conversion of phantom stock into shares of the issuer's common stock is governed pursuant to terms of the issuer's Deferred Compensation Plan under its 2004 Stock Plan, as amended, and the reporting person's Deferred Fee Agreement.

Reporting Owners
Reporting Owner Name / Address
Relationships
Director10% OwnerOfficerOther
CARACI PHILIP D
7501 WISCONSIN AVENUE
15TH FLOOR
BETHESDA, MD 20814		X
Signatures
Carlos L. Heard, by Power of Attorney5/17/2022
**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.
Saul Centers (NYSE:BFS-D)
Historical Stock Chart
From Jun 2024 to Jul 2024 Click Here for more Saul Centers Charts.
Saul Centers (NYSE:BFS-D)
Historical Stock Chart
From Jul 2023 to Jul 2024 Click Here for more Saul Centers Charts.