JBG SMITH Properties — Director's Dealing 2025

Nov 17, 2025

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: JBG SMITH Properties (JBGS)
CIK: 0001689796
Period of Report: 2025-11-17

Reporting Person: Stewart Robert Alexander (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2025-11-17	Common Shares	C	200000	—	Acquired	200000	Indirect

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2025-11-17	OP Units	$	C	200000	Disposed		Common Shares (200000)	Indirect

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Shares	30000	Indirect
Common Shares	20548	Direct

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
OP Units	$		Common Shares (75000)	75000	Indirect
OP Units	$		Common Shares (14118)	14118	Direct

Footnotes

F1: Each Operating Partnership Unit ("OP Unit") in JBG SMITH Properties LP, the operating partnership of JBG SMITH Properties (the "Issuer"), is redeemable, once vested, by the holder for one common share of the Issuer, par value $0.01 (a "Common Share"), or the cash value of a Common Share, at the Issuer's option. This transaction represents solely a redemption of OP Units for Common Shares. No sale or monetization of securities has occurred. Upon the conversion of the OP Units, each of Mr. Stewart's corresponding Class B Shares were automatically redeemed and cancelled by the Issuer for no consideration. Class B Shares of the Issuer have no economic rights and are not listed on a stock exchange.

F2: Mr. Stewart is the sole trustee and beneficiary of the Robert Alexander Stewart Revocable Trust.