JBG SMITH Properties — Director's Dealing 2025

Mar 19, 2025

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: JBG SMITH Properties (JBGS)
CIK: 0001689796
Period of Report: 2025-03-17

Reporting Person: Stewart Robert Alexander (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2025-03-17	Common Shares	C	20548	—	Acquired	20548	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2025-03-17	LTIP Units	$	C	20548	Disposed		Common Shares (20548)	Direct
2025-03-17	OP Units	$	C	20548	Acquired		Common Shares (20548)	Direct
2025-03-17	OP Units	$	C	20548	Disposed		Common Shares (20548)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Shares	30000	Indirect

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
OP Units	$		Common Shares (756631)	756631	Indirect
OP Units	$		Common Shares (75000)	75000	Indirect

Footnotes

F1: The reported transactions represent solely a conversion of limited partnership units in JBG SMITH Properties LP (the "OP"), the operating partnership of JBG SMITH Properties (the "Issuer"), designated as LTIP Units ("LTIP Units") into Operating Partnership Units ("OP Units") in the OP, and an exchange of OP Units into common shares of the Issuer, par value $0.01 ("Common Shares"). No sale or monetization of securities has occurred.

F2: Each OP Unit is redeemable, once vested, by the holder for one Common Share, or the cash value of a Common Share, at the Issuer's option.

F3: Mr. Stewart is the sole trustee and beneficiary of the Robert Alexander Stewart Revocable Trust.

F4: Limited partnership units in the OP designated as LTIP Units are a class of units in the OP that, if vested, are convertible at the option of the holder, conditioned upon minimum allocations to the capital accounts of the LTIP Units for federal income tax purposes, into an equal number of OP Units.

F5: The reporting person received these 14,118 OP Units on June 30, 2023 as a pro rata distribution from JBG Properties, Inc. of which the reporting person is a stockholder. Prior to the distribution, the reporting person disclaimed beneficial ownership of the OP Units held by JBG Properties, Inc.

F6: 815 OP Units were inadvertently omitted from the reporting person's prior Section 16 filings; the reporting person has held such OP Units indirectly since the spin-off of the Issuer in 2017. In February 2024, the reporting person transferred 755,816 OP Units from The Robert Alexander Stewart Revocable Trust to Nomad Capital, LLC.

F7: These OP Units are held by Mr. Stewart's spouse, who shares Mr. Stewart's household. The filing of this Form 4 shall not be deemed an admission that Mr. Stewart is the beneficial owner of these OP Units.