BFS-D Saul Centers Inc

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 * Hachey Donald A	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) Senior Vice Pres.-Construction
(Last)          (First)          (Middle) 7501 WISCONSIN AVE, SUITE 1500	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

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)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Employee Stock Option	$47.03							5/9/2014 (1)	5/9/2024	Common Stock	1250.0		1250	D
Employee Stock Option	$51.07							5/8/2015 (1)	5/8/2025	Common Stock	2500.0		2500	D
Employee Stock Option	$57.74							5/6/2016 (1)	5/6/2026	Common Stock	5000.0		5000	D
Employee Stock Option	$59.41							5/5/2017 (1)	5/5/2027	Common Stock	5000.0		5000	D
Employee Stock Option	$49.46							5/11/2018 (1)	5/11/2028	Common Stock	5000.0		5000	D
Employee Stock Option	$55.71							5/3/2019 (1)	5/3/2029	Common Stock	5000.0		5000	D
Employee Stock Option	$50.0							4/24/2020 (1)	4/24/2030	Common Stock	7500.0		7500	D
Employee Stock Option	$43.89							5/7/2021 (1)	5/7/2031	Common Stock	10000.0		10000	D
Employee Stock Option	$47.9							5/13/2022 (1)	5/13/2032	Common Stock	10000.0		10000	D
Employee Stock Option	$33.79	5/12/2023		A		15000		5/12/2023 (1)	5/12/2033	Common Stock	15000.0	$0	15000	D

Explanation of Responses:
(1)	The options vest 25% per year over four years from the date of grant.

Reporting Owners
Reporting Owner Name / Address	Relationships
	Director	10% Owner	Officer	Other
Hachey Donald A 7501 WISCONSIN AVE SUITE 1500 BETHESDA, MD 20814			Senior Vice Pres.-Construction

Signatures
/s/ Carlos L. Heard, by Power of Attorney		5/16/2023
**Signature of Reporting Person		Date

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.
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