# EDGAR Filing Document

**Accession Number:** 0001849267
**File Stem:** 0000907254-25-000110
**Filing Date:** 2025-11
**Character Count:** 6669
**Document Hash:** 22dd2e3ff92adbe62fb6621ee44364e6
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000907254-25-000110.hdr.sgml**: 20251113

**ACCESSION NUMBER**: 0000907254-25-000110

**CONFORMED SUBMISSION TYPE**: 4

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20251111

**FILED AS OF DATE**: 20251113

**DATE AS OF CHANGE**: 20251113

**REPORTING-OWNER**: 

**OWNER DATA:**
- **COMPANY CONFORMED NAME:** Heard Carlos Lawrence
- **CENTRAL INDEX KEY:** 0001849267

**ORGANIZATION NAME:**

**FILING VALUES:**
- **FORM TYPE:** 4
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-12254
- **FILM NUMBER:** 251479447

**MAIL ADDRESS:**
- **STREET 1:** 7501 WISCONSIN AVENUE
- **STREET 2:** SUITE 1500
- **CITY:** BETHESDA
- **STATE:** MD
- **ZIP:** 20814
**ISSUER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** SAUL CENTERS, INC.
- **CENTRAL INDEX KEY:** 0000907254
- **STANDARD INDUSTRIAL CLASSIFICATION:** REAL ESTATE INVESTMENT TRUSTS [6798]
- **ORGANIZATION NAME:** 05 Real Estate & Construction
- **EIN:** 521833074
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 1231

**BUSINESS ADDRESS:**
- **STREET 1:** 7501 WISCONSIN AVENUE
- **STREET 2:** SUITE 1500
- **CITY:** BETHESDA
- **STATE:** MD
- **ZIP:** 20814
- **BUSINESS PHONE:** 301-986-7737

**MAIL ADDRESS:**
- **STREET 1:** 7501 WISCONSIN AVENUE
- **STREET 2:** SUITE 1500
- **CITY:** BETHESDA
- **STATE:** MD
- **ZIP:** 20814

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** SAUL CENTERS INC
- **DATE OF NAME CHANGE:** 19930617

### UNITED STATES SECURITIES AND EXCHANGE COMMISSION
**Washington, D.C. 20549**

## FORM 4

### STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

[ ] Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

[ ] Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

---

| | | |
|:---|:---|:---|
| **1. Name and Address of Reporting Person**<sup>*</sup><br>Heard Carlos Lawrence<br><sub>(Last) (First) (Middle)</sub><br>7501 WISCONSIN AVENUE<br>SUITE 1500E<br><sub>(Street)</sub><br>BETHESDA, MD 20814<br><sub>(City) (State) (Zip)</sub> | **3. Date of Earliest Transaction (Month/Day/Year)**<br>2025-11-11 | **5. Relationship of Reporting Person(s) to Issuer**<br>(Check all applicable)<br>[ ] Director [ ] 10% Owner<br>[X] Officer (give title below) [ ] Other (specify below)<br>_Senior Vice President & CFO_ |
| **2. Issuer Name and Ticker or Trading Symbol**<br>SAUL CENTERS, INC. [ BFS ] | **4. If Amendment, Date of Original Filed (Month/Day/Year)**<br>  | **6. Individual or Joint/Group Filing (Check Applicable Line)**<br>[X] Form filed by One Reporting Person<br>[ ] Form filed by More than One Reporting Person |

---

## Table I - Non-Derivative Securities

---

|  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 1. Title of Security | 2. Transaction Date | 2A. Deemed Execution Date | 3. Transaction Code (V) | 3. Transaction Code (V) | 4. Securities Acquired (A) or Disposed of (D) | 4. Securities Acquired (A) or Disposed of (D) | 4. Securities Acquired (A) or Disposed of (D) | 5. Amount of Securities Beneficially Owned | 6. Ownership Form | 7. Nature of Indirect Beneficial Ownership |
| 1. Title of Security | 2. Transaction Date | 2A. Deemed Execution Date | Code | V | Amount | (A) or (D) | Price | 5. Amount of Securities Beneficially Owned | 6. Ownership Form | 7. Nature of Indirect Beneficial Ownership |
| Common Stock |  |  |  |  |  |  |  | 4725.176<sup>(1)</sup> | D |  |
| Series D Preferred Stock | 2025-11-11 |  | P |  | 450 | A | $20.85 | 1150 | D |  |
| Series D Preferred Stock | 2025-11-12 |  | P |  | 450 | A | $20.70 | 1600 | D |  |
| Series D Preferred Stock | 2025-11-13 |  | P |  | 450 | A | $20.60 | 2050 | D |  |

---

## Table II - Derivative Securities

---

|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 1. Title of Derivative Security | 2. Conversion or Exercise Price | 3. Transaction Date | 3A. Deemed Execution Date | 4. Transaction Code (V) | 4. Transaction Code (V) | 5. Number of Derivative Securities Acquired (A) or Disposed of (D) | 5. Number of Derivative Securities Acquired (A) or Disposed of (D) | 6. Date Exercisable and Expiration Date | 6. Date Exercisable and Expiration Date | 7. Title and Amount of Underlying Securities | 7. Title and Amount of Underlying Securities | 8. Price of Derivative Security | 9. Number of Derivative Securities Beneficially Owned | 10. Ownership Form | 11. Nature of Indirect Beneficial Ownership |
| 1. Title of Derivative Security | 2. Conversion or Exercise Price | 3. Transaction Date | 3A. Deemed Execution Date | Code | V | (A) | (D) | Date Exercisable | Expiration Date | Title | Amount or Number of Shares | 8. Price of Derivative Security | 9. Number of Derivative Securities Beneficially Owned | 10. Ownership Form | 11. Nature of Indirect Beneficial Ownership |
| Employee Stock Option | $43.89 |  |  |  |  |  |  | 2021-05-07<sup>(2)</sup> | 2031-05-07 | Common Stock | 10000 |  | 10000 | D |  |
| Employee Stock Option | $47.90 |  |  |  |  |  |  | 2022-05-13<sup>(2)</sup> | 2032-05-13 | Common Stock | 15000 |  | 15000 | D |  |
| Employee Stock Option | $33.79 |  |  |  |  |  |  | 2023-05-12<sup>(2)</sup> | 2033-05-12 | Common Stock | 15000 |  | 15000 | D |  |
| Performance Shares | $0 |  |  |  |  |  |  | 2029-05-17 | 2029-05-17 | Common Stock | 1600 |  | 1600 | D |  |
| Performance Shares | $0 |  |  |  |  |  |  | 2030-05-09 | 2030-05-09 | Common Stock | 2000 |  | 2000 | D |  |

---

### Footnotes:

(1) Balance increased by October 31, 2025 Dividend Reinvestment Plan award of 5.924 shares.

(2) The options vest 25% per year over four years from the date of grant.

**Signature:** Carlos L. Heard  
**Date:** 2025-11-13

### Remarks:

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 Number.**