JBG SMITH Insider Conversion: 24,524 Units Exchanged into Shares

Rhea-AI Filing Summary

Madhumita Moina Banerjee, identified as an officer (Chief Financial Officer), reported transactions in JBG SMITH Properties (JBGS) on 08/15/2025 converting limited partnership LTIP Units into Operating Partnership Units and exchanging OP Units into Common Shares. The filing shows a conversion/exchange resulting in 24,524 Common Shares from LTIP/OP unit activity and lists larger post-transaction holdings of underlying Common Shares tied to LTIP Units (24,524 reported and 242,805 indicated under LTIP-derived holdings) and OP Units (172,683 and 148,159 shown). The filer states no sale or monetization occurred; OP Units are redeemable for one Common Share or cash at the issuer's option.

Insights

Securities/Equity Analyst

TL;DR: Insider converted LTIP/OP units into 24,524 common shares on 08/15/2025; transaction was a conversion, not a sale.

The Form 4 documents a non-sale conversion of LTIP Units into OP Units and an exchange of OP Units into Common Shares, producing 24,524 Common Shares from the reported conversion on 08/15/2025. The filing confirms the OP Units are redeemable for one Common Share or cash, which preserves optionality for the holder and means no immediate change in market disposition of shares. Disclosure is routine for equity compensation vesting/conversion events and does not show an open-market disposition.

Corporate Governance Expert

TL;DR: Officer-level insider converted partnership units to equity; disclosure clarifies there was no monetization.

The statement clarifies the nature of the transfer: LTIP Units converted into OP Units and those OP Units were exchanged into Common Shares. The submission is consistent with standard reporting for vested compensation and conversion rights. The signature by an attorney-in-fact is present, and the form identifies the reporting person as the Chief Financial Officer, meeting Section 16 reporting requirements.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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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^*

Banerjee Madhumita Moina

(Last) (First) (Middle)

C/O JBG SMITH PROPERTIES

4747 BETHESDA AVENUE, SUITE 200

(Street)

BETHESDA MD 20814

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
JBG SMITH Properties [ JBGS ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	Chief Financial Officer

3. Date of Earliest Transaction (Month/Day/Year)
08/15/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Shares	08/15/2025		C(1)		24,524	A	(2)	24,524	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
LTIP Units	(3)	08/15/2025		C(1)			24,524	(3)	(3)	Common Shares	24,524	(3)	242,805	D
OP Units	(2)(3)	08/15/2025		C(1)		24,524		(2)(3)	(2)(3)	Common Shares	24,524	(2)(3)	172,683	D
OP Units	(2)	08/15/2025		C(1)			24,524	(2)	(2)	Common Shares	24,524	(2)	148,159	D

Explanation of Responses:

1. 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.

2. 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.

3. 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.

	/s/ Steven A. Museles, attorney-in-fact	08/15/2025
	** Signature of Reporting Person	Date
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