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

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940
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(Print or Type Responses)
1. Name and Address of Reporting Person *
Lansdale James Page
  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, SUITE 1500		 3. Date of Earliest Transaction (Month/Day/Year)
05/17/2024
(Street)

BETHESDA, MD 20814		 4. If Amendment, Date Original Filed (Month/Day/Year)
 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)
Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1.Title of Security
(Instr. 3) 		2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction 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 Stock 05/17/2024   A   2,000 (1) A $ 0 2,576 D  

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Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security
(Instr. 3) 		2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (Month/Day/Year) 3A. Deemed Execution Date, if any (Month/Day/Year) 4. Transaction 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
(Month/Day/Year) 		7. Title and Amount of Underlying Securities
(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)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Employee Stock Option $ 51.07             05/08/2015(2) 05/08/2025 Common Stock 30,000   30,000 D  
Employee Stock Option $ 57.74             05/06/2016(2) 05/06/2026 Common Stock 30,000   30,000 D  
Director Stock Option $ 51.07             05/08/2015 05/08/2025 Common Stock 2,500   2,500 D  
Director Stock Option $ 57.74             05/06/2016 05/06/2026 Common Stock 2,500   2,500 D  
Director Stock Option $ 59.41             05/05/2017 05/05/2027 Common Stock 2,500   2,500 D  
Employee Stock Option $ 59.41             05/05/2017(2) 05/05/2027 Common Stock 30,000   30,000 D  
Employee Stock Option $ 49.46             05/11/2018(2) 05/11/2028 Common Stock 30,000   30,000 D  
Director Stock Option $ 49.46             05/11/2018 05/11/2028 Common Stock 2,500   2,500 D  
Employee Stock Option $ 55.71             05/03/2019(2) 05/03/2029 Common Stock 30,000   30,000 D  
Director Stock Option $ 55.71             05/03/2019 05/03/2029 Common Stock 2,500   2,500 D  
Director Stock Option $ 50             04/24/2020 04/24/2030 Common Stock 2,500   2,500 D  
Director Stock Option $ 43.89             05/07/2021 05/07/2031 Common Stock 2,500   2,500 D  
Director Stock Option $ 47.9             05/13/2022 05/13/2032 Common Stock 2,500   2,500 D  
Director Stock Option $ 33.79             05/12/2023 05/12/2033 Common Stock 2,500   2,500 D  

Reporting Owners

Reporting Owner Name / Address Relationships
 Director  10% Owner  Officer  Other
Lansdale James Page
7501 WISCONSIN AVENUE
SUITE 1500
BETHESDA, MD 20814		   X      

Signatures

 /s/ Carlos L. Heard, by Power of Attorney   05/21/2024
**Signature of Reporting Person Date

Explanation of Responses:

* 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).
(1) Represents restricted shares of Common Stock. Such shares vest on the first three anniversaries of May 17, 2024 in equal annual installments, assuming continued service.
(2) The options vest 25% per year over four years from the date of grant.
 
Remarks:
Previous beneficial ownership reports filed pursuant to Section 16(a) by the reporting person referred to the Issuer's Common Stock, par value $0.01 per share as "Common Shares." Going forward, such shares will be referred to as "Common Stock."

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