JBG SMITH Properties — Director's Dealing 2018

Dec 6, 2018

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: JBG SMITH Properties (JBGS)
CIK: 0001689796
Period of Report: 2018-12-03

Reporting Person: YALE UNIVERSITY (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2018-12-03	Common Shares	S	60000	$40.17	Disposed	4434864	Indirect
2018-12-04	Common Shares	S	41912	$39.63	Disposed	4392952	Indirect
2018-12-04	Commons Shares	S	58088	$39.96	Disposed	4334864	Indirect

Footnotes

F1: The price reported in Column 4 reflects a weighted average price of $40.1728. These shares were sold in multiple transactions at prices ranging from $39.91 to $40.325, inclusive. The reporting person undertakes to provide to JBG SMITH Properties (the "Issuer"), any security holder of the Issuer or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote 1.

F2: The price reported in Column 4 reflects a weighted average price of $39.63. These shares were sold in multiple transactions at prices ranging from $39.425 to $39.815, inclusive. The reporting person undertakes to provide to the Issuer, any security holder of the Issuer or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote 2.

F3: The price reported in Column 4 reflects a weighted average price of $39.96. These shares were sold in multiple transactions at prices ranging from $39.82 to $40.525, inclusive. The reporting person undertakes to provide to the Issuer, any security holder of the Issuer or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote 3.

F4: The Issuer previously issued to ten limited liability companies (the "LLCs") controlled by the reporting person common shares, par value $0.01 ("Common Shares"), of the Issuer as consideration for the contribution of
certain assets by The JBG Companies and investment funds associated with The JBG Companies to the Issuer or its subsidiaries in connection with a previously completed business combination transaction. The reporting
person is, directly or indirectly, the sole or majority owner of the membership interests of each of the LLCs. The reporting person disclaims beneficial ownership of the Common Shares except to the extent of its pecuniary
interest therein. The transactions reflected in Column 4 of Table I represent the sale of Common Shares by the LLCs on a pro rata basis.