# EDGAR Filing Document

**Accession Number:** 0000907254
**File Stem:** 0001228472-26-000001
**Filing Date:** 2026-5
**Character Count:** 8670
**Document Hash:** 855d9410f4b8f450d67f3c80f4896998
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001228472-26-000001.hdr.sgml**: 20260512

**ACCESSION NUMBER**: 0001228472-26-000001

**CONFORMED SUBMISSION TYPE**: 4

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20260508

**FILED AS OF DATE**: 20260512

**DATE AS OF CHANGE**: 20260512

**REPORTING-OWNER**: 

**OWNER DATA:**
- **COMPANY CONFORMED NAME:** Collich John
- **CENTRAL INDEX KEY:** 0001228472

**ORGANIZATION NAME:**

**FILING VALUES:**
- **FORM TYPE:** 4
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-12254
- **FILM NUMBER:** 26970550

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

**FORMER NAME:**
- **FORMER CONFORMED NAME:** COLLICH JOHN F
- **DATE OF NAME CHANGE:** 20030422
**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>Collich John<br><sub>(Last) (First) (Middle)</sub><br>7501 WISCONSIN AVENUE<br>15TH FLOOR<br><sub>(Street)</sub><br>BETHESDA, MD 20814<br><sub>(City) (State) (Zip)</sub> | **3. Date of Earliest Transaction (Month/Day/Year)**<br>2026-05-08 | **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>_Sr. VP, Chief Acq. & Dev. Off._ |
| **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 |
| Series E Preferred Stock |  |  |  |  |  |  |  | 872 | D |  |
| Common Stock |  |  |  |  |  |  |  | 2928<sup>(1)</sup> | I | Wife |
| Common Stock |  |  |  |  |  |  |  | 2260<sup>(2)</sup> | I | IRA |
| Common Stock | 2026-05-08 |  | A |  | 1500<sup>(3)</sup> | A | $0 | 53286.02<sup>(4)</sup> | D |  |
| Common Stock | 2026-05-09 |  | F |  | 98 | D | $35.19 | 53188.02 | D |  |
| Common Stock | 2026-05-09 |  | A |  | 14<sup>(5)</sup> | A | $35.19 | 53202.02 | 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 | $59.41 |  |  |  |  |  |  | 2017-05-05<sup>(6)</sup> | 2027-05-05 | Common Stock | 20000 |  | 20000 | D |  |
| Employee Stock Option | $49.46 |  |  |  |  |  |  | 2018-05-11<sup>(6)</sup> | 2028-05-11 | Common Stock | 20000 |  | 20000 | D |  |
| Employee Stock Option | $55.71 |  |  |  |  |  |  | 2019-05-03<sup>(6)</sup> | 2029-05-03 | Common Stock | 20000 |  | 20000 | D |  |
| Employee Stock Option | $50 |  |  |  |  |  |  | 2020-04-24<sup>(6)</sup> | 2030-04-24 | Common Stock | 20000 |  | 20000 | D |  |
| Employee Stock Option | $43.89 |  |  |  |  |  |  | 2021-05-07<sup>(6)</sup> | 2031-05-07 | Common Stock | 20000 |  | 20000 | D |  |
| Employee Stock Option | $47.90 |  |  |  |  |  |  | 2022-05-13<sup>(6)</sup> | 2032-05-13 | Common Stock | 20000 |  | 20000 | D |  |
| Employee Stock Option | $33.79 |  |  |  |  |  |  | 2023-05-12<sup>(6)</sup> | 2033-05-12 | Common Stock | 20000 |  | 20000 | D |  |
| Performance Shares | $0 |  |  |  |  |  |  | 2029-05-17 | 2029-05-17 | Common Stock | 900 |  | 900 | D |  |
| Performance Shares | $0 |  |  |  |  |  |  | 2030-05-09 | 2030-05-09 | Common Stock | 1200 |  | 1200 | D |  |
| Performance Shares | $0 | 2026-05-08 |  | A |  | 1500<sup>(7)</sup> |  | 2031-05-08 | 2031-05-08 | Common Stock | 1500 | $0 | 1500 | D |  |

---

### Footnotes:

(1) Balance increased by April 30, 2026 Dividend Reinvestment Plan award of 50 shares.

(2) Balance increased by  April 30, 2026 Dividend Reinvestment Plan award of 39 shares.

(3) Represents restricted shares of Common Stock. Such shares vest on the first five anniversaries of May 8, 2026 in equal annual installments, assuming continued employment.

(4) Balance increased by April 30, 2026 Dividend Reinvestment Plan award of 828 shares.

(5) Shares acquired in an exempt transaction as dividend equivalents on filers restricted stock award, which vested on May 9, 2026.

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

(7) The performance share award provides for the grant of restricted shares of Common Stock on each of the five anniversaries of May 8, 2026 in equal annual installments. The number of restricted shares of such grant that vest, if any, is (i) subject to cliff-vesting on May 8, 2031, and (2) achievement of performance criteria relating to the Companys target Funds from Operations available to common stockholders and noncontrolling interests (FFO) measured against an FFO amount included in the budget established by the Board of Directors annually prior to the start of such calendar year.

**Signature:** /s/ Carlos L. Heard, by Power of Attorney  
**Date:** 2026-05-12

### 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.**