VORNADO REALTY TRUST — Director's Dealing 2017

Jul 19, 2017

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: JBG SMITH Properties (JBGS)
CIK: 0001689796
Period of Report: 2017-07-17

Reporting Person: VORNADO REALTY TRUST (10% Owner)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2017-07-17	Common Shares, $0.01 par value (the ''Common Shares'')	J	94734489	—	Acquired	94735489	Direct
2017-07-17	Common Shares	J	94735489	—	Disposed	0	Direct

Footnotes

F1: On July 17, 2017, JBG SMITH Properties (the "Issuer"), a wholly-owned subsidiary of Vornado Realty Trust ("Vornado"), issued 94,734,489 Common Shares to Vornado as consideration for the contribution by Vornado of 94,735,489 common limited partnership units in JBG SMITH Properties LP to the Issuer in connection with the spin-off (the "Spin-Off") of the Issuer from Vornado. Immediately following such issuance by the Issuer, Vornado distributed 100% of the outstanding Common Shares to holders of record as of the close of business on July 7, 2017 of Vornado common shares, on a pro rata basis based on a ratio of one Common Share for every two Vornado common shares.

F2: Includes 1,000 Common Shares previously reflected as directly held by Vornado.