JBG SMITH (JBGS) Insider Conversion: 4,775 Shares Reported

Rhea-AI Filing Summary

Angela Valdes, Chief Accounting Officer of JBG SMITH Properties (JBGS), reported transactions on 08/15/2025 converting LTIP Units to OP Units and exchanging OP Units into common shares. The filing shows 4,775 common shares acquired through conversion/exchange and indicates no sale or monetization occurred. The report lists 102,808 common shares underlying derivative LTIP/OP interests as beneficially owned following the transactions. Each OP Unit is redeemable for one common share (or cash at the issuer's option).

Positive

• No sale or monetization occurred; the reporting person retained shares resulting from the conversion
• Conversion of LTIP Units into OP Units and common shares aligns insider compensation with shareholders
• Clear disclosure of the redemption feature: each OP Unit is redeemable for one common share or cash at issuer's option

Negative

• None.

Insights

Corporate Governance Expert

TL;DR: Insider converted compensation units into shares, increasing direct economic exposure without any sale.

The Form 4 discloses an internal conversion of LTIP Units into OP Units and an exchange into common shares by the Chief Accounting Officer. The filing explicitly states no sale or monetization occurred, which indicates retention rather than disposition of equity compensation. The report clarifies redemption mechanics: OP Units are redeemable for one common share or cash at the issuer's option. This is a routine insider conversion tied to compensation vesting and tax conditions, not a market transaction.

Securities Analyst

TL;DR: Small share issuance to an officer from vested units; immaterial to capital structure but increases insider alignment.

The transaction size reported is 4,775 common shares acquired via conversion/exchange on 08/15/2025, and the filing shows 102,808 common shares beneficially owned in relation to LTIP/OP interests. The disclosure is explicit that the activity is a conversion of compensation units and not a market sale, suggesting the officer retained economic exposure. From an investor-impact perspective, the transaction appears routine and not materially dilutive.

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

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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^*

Valdes Angela

(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 Accounting 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)		4,775	A	(2)	4,775	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)			4,775	(3)	(3)	Common Shares	4,775	(3)	102,808	D
OP Units	(2)(3)	08/15/2025		C(1)		4,775		(2)(3)	(2)(3)	Common Shares	4,775	(2)(3)	4,775	D
OP Units	(2)	08/15/2025		C(1)			4,775	(2)	(2)	Common Shares	4,775	(2)	0	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
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).
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FAQ

What did Angela Valdes (JBGS) report on 08/15/2025?

She reported conversion of LTIP Units into OP Units and an exchange of OP Units into 4,775 common shares; the filing states no sale occurred.

How many common shares are associated with the reported derivative interests?

The filing shows 102,808 common shares beneficially owned in relation to LTIP/OP derivative interests following the transactions.

Were any shares sold or monetized in this Form 4?

No. The filer explicitly states that no sale or monetization of securities has occurred.

What is an OP Unit and how does it convert to common shares for JBGS?

Each OP Unit is redeemable, once vested, for one common share or the cash value of a common share at the issuer's option, per the filing.

Does this Form 4 indicate a change in control or a large disposition?

No. The Form 4 documents a compensation-related conversion and exchange; it does not disclose a disposition or change in control.