Director at JBG SMITH (NYSE: JBGS) awarded 18,875 LTIP units

Rhea-AI Filing Summary

ESTES SCOTT A reported acquisition or exercise transactions in this Form 4 filing.

JBG SMITH Properties director Scott A. Estes received an equity grant of 18,875 LTIP Units as compensation. These limited partnership units in JBG SMITH Properties LP are convertible, after certain tax allocation conditions, into an equal number of Operating Partnership Units.

Each resulting Operating Partnership Unit is redeemable after the two-year anniversary of issuance for either one common share of JBG SMITH Properties or the cash value of a common share, at the company’s option. Following this grant, Estes holds 119,727 LTIP Units. The LTIP Units are fully vested on the grant date but generally cannot be sold while he serves as a trustee. He also holds corresponding Class B shares with no economic rights.

Insights

REIT governance and compensation analyst

Director receives routine LTIP grant tied to operating partnership equity.

The filing shows director Scott A. Estes received a grant of 18,875 LTIP Units, bringing his total LTIP holdings to 119,727. These awards function as long-term, equity-linked compensation in the operating partnership rather than cash pay.

The LTIP Units can convert into Operating Partnership Units and, after a two-year anniversary, be redeemed for one common share or cash per unit at the issuer’s option. Because this is a grant (code A) rather than an open-market trade and represents compensation, it is generally viewed as a routine alignment mechanism rather than a directional signal on the stock.

Insider Trade Summary

1 transaction reported

Mixed 1 txn

Insider ESTES SCOTT A

Role null

Type	Security	Shares	Price	Value
Grant/Award	LTIP Units	18,875	$0.00	--

Holdings After Transaction: LTIP Units — 119,727 shares (Direct, null)

Footnotes (1)

1. The reporting person received a grant of limited partnership units of JBG SMITH Properties LP, JBG SMITH Properties' (the "Issuer's") operating partnership (the "OP"), designated as LTIP Units ("LTIP Units") pursuant to the JBG SMITH Properties 2017 Omnibus Share Plan, as amended. These LTIP Units are a class of units in the OP that 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 Operating Partnership Units ("OP Units") in the OP. The resulting OP Units are redeemable by the holder for one common share of the Issuer, par value $0.01 (a "Common Share") per OP Unit or the cash value of a Common Share, at the Issuer's option, after the two-year anniversary of the LTIP Units issuance. The LTIP Units will be fully vested on the date of grant but may not be sold while the reporting person serves as a trustee, except in certain circumstances. Upon this grant of LTIP Units, the reporting person received corresponding Class B shares of the Issuer, which have no economic rights and are not listed on a stock exchange. For each of the LTIP Units beneficially owned by the reporting person, the reporting person holds a corresponding Class B share, which has no economic rights and is not listed on a stock exchange.

Key Figures

LTIP Units granted: 18,875 LTIP Units LTIP Units after grant: 119,727 LTIP Units Grant price: $0.00 per LTIP Unit +1 more

4 metrics

LTIP Units granted 18,875 LTIP Units Grant to director on April 30, 2026 (price $0.00)

LTIP Units after grant 119,727 LTIP Units Total LTIP holdings following the reported transaction

Grant price $0.00 per LTIP Unit Equity award under 2017 Omnibus Share Plan

Redemption terms 1 OP Unit → 1 common share or cash Redeemable after two-year anniversary of LTIP issuance

Key Terms

LTIP Units, Operating Partnership Units, JBG SMITH Properties 2017 Omnibus Share Plan, Class B shares, +1 more

5 terms

LTIP Units financial

"designated as LTIP Units ("LTIP Units") pursuant to the JBG SMITH Properties 2017 Omnibus Share Plan"

LTIP units are awards given to executives and employees as part of a long-term incentive plan; they act like deferred bonuses that convert into company shares or cash only if the business meets set performance or time requirements. Investors care because LTIP units tie management pay to future results, can increase the number of outstanding shares (dilution) when they vest, and create ongoing compensation expense that can affect earnings and shareholder value.

Operating Partnership Units financial

"convertible at the option of the holder ... into an equal number of Operating Partnership Units ("OP Units")"

Operating partnership units are ownership stakes in a limited partnership that typically sits under a real estate investment trust or similar corporate structure; each unit represents a claim on the partnership’s cash flow and assets and is often convertible into the parent company’s common shares. For investors, these units matter because they convey economic interest and potential voting influence, can be used to compensate managers, and may dilute or change the value of common shares — think of them as second-layer shares that interact with the main stock like shares in a holding company.

JBG SMITH Properties 2017 Omnibus Share Plan financial

"LTIP Units ... pursuant to the JBG SMITH Properties 2017 Omnibus Share Plan, as amended"

Class B shares financial

"the reporting person received corresponding Class B shares of the Issuer, which have no economic rights"

Class B shares are one type of a company’s stock that carries a specific set of rights — often different voting power or dividend rules compared with other classes. For investors, that affects influence over company decisions and potential income: owning Class B might mean fewer or more votes per share or different claim on profits, like having a different seat at a decision table or a different slice of the payout pie.

redeemable financial

"OP Units are redeemable by the holder for one common share ... or the cash value of a Common Share"

Form 4 Insider Transactions: What Each Field Means →

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

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

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^*

ESTES SCOTT A

(Last) (First) (Middle)

C/O JBG SMITH PROPERTIES

4747 BETHESDA AVENUE, SUITE 200

(Street)

BETHESDA MARYLAND 20814

(City) (State) (Zip)

UNITED STATES

(Country)

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

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

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

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
04/30/2026

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

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

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

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

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	(1)(2)	04/30/2026		A		18,875		(1)	(1)	Common Shares	18,875	(1)	119,727(3)	D

Explanation of Responses:

1. The reporting person received a grant of limited partnership units of JBG SMITH Properties LP, JBG SMITH Properties' (the "Issuer's") operating partnership (the "OP"), designated as LTIP Units ("LTIP Units") pursuant to the JBG SMITH Properties 2017 Omnibus Share Plan, as amended. These LTIP Units are a class of units in the OP that 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 Operating Partnership Units ("OP Units") in the OP. The resulting OP Units are redeemable by the holder for one common share of the Issuer, par value $0.01 (a "Common Share") per OP Unit or the cash value of a Common Share, at the Issuer's option, after the two-year anniversary of the LTIP Units issuance. The LTIP Units will be fully vested on the date of grant but may not be sold while the reporting person serves as a trustee, except in certain circumstances.

2. Upon this grant of LTIP Units, the reporting person received corresponding Class B shares of the Issuer, which have no economic rights and are not listed on a stock exchange.

3. For each of the LTIP Units beneficially owned by the reporting person, the reporting person holds a corresponding Class B share, which has no economic rights and is not listed on a stock exchange.

	/s/ Steven A. Museles, attorney-in-fact	05/01/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 4: SEC 1474 (03-26)

FAQ

What did JBG SMITH (JBGS) director Scott A. Estes report in this Form 4?

Scott A. Estes reported receiving a grant of 18,875 LTIP Units in JBG SMITH Properties LP. These equity-linked units are part of his long-term compensation and increase his total LTIP holdings to 119,727 units after the transaction.

What are LTIP Units reported in the JBG SMITH (JBGS) Form 4?

LTIP Units are limited partnership units in JBG SMITH Properties LP granted under the company’s 2017 Omnibus Share Plan. They can convert into Operating Partnership Units and later be redeemed for either one common share or the cash value of a common share per unit.

When can the LTIP Units granted to the JBG SMITH (JBGS) director be redeemed?

After the two-year anniversary of the LTIP Units’ issuance, each resulting Operating Partnership Unit is redeemable for one common share of JBG SMITH Properties or the cash value of a common share, at the issuer’s option, subject to the plan’s terms.

Are the LTIP Units granted to the JBG SMITH (JBGS) director vested?

The filing states the LTIP Units are fully vested on the date of grant. However, they generally may not be sold while the reporting person serves as a trustee, except in certain specified circumstances under the plan and partnership agreement.

What are the Class B shares mentioned in the JBG SMITH (JBGS) Form 4 footnotes?

For each LTIP Unit, the director holds a corresponding Class B share of JBG SMITH Properties. These Class B shares have no economic rights and are not listed on any stock exchange, functioning mainly to mirror LTIP Unit holdings.

Does this JBG SMITH (JBGS) Form 4 show any open-market buying or selling?

No. The reported transaction is a grant/award acquisition of LTIP Units at a price of $0.00 per unit. The filing does not show any open-market purchases or sales of JBG SMITH common shares by the director.