Director at JBG SMITH Properties (JBGS) receives 17,197 LTIP Units grant

Rhea-AI Filing Summary

JBG SMITH Properties director Alisa Michelle Mall received an equity grant of 17,197 LTIP Units. These units are issued at no cash cost and are fully vested on the grant date. Each LTIP Unit can convert into one Operating Partnership Unit and then be redeemable for one Common Share or cash, generally after the two-year anniversary of issuance. Following this grant, she holds 82,085 LTIP Units directly.

Insider Trade Summary

1 transaction reported

Mixed 1 txn

Insider Mall Alisa Michelle

Role null

Type	Security	Shares	Price	Value
Grant/Award	LTIP Units	17,197	$0.00	--

Holdings After Transaction: LTIP Units — 82,085 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: 17,197 units LTIP Units after grant: 82,085 units Grant price: $0.00 per LTIP Unit +1 more

4 metrics

LTIP Units granted 17,197 units Equity grant on April 30, 2026

LTIP Units after grant 82,085 units Total beneficially owned following transaction

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

Underlying common shares 17,197 shares Each LTIP Unit linked to one Common Share via OP Units

Key Terms

LTIP Units, Operating Partnership Units, Common Share, 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.

Common Share financial

"redeemable by the holder for one common share of the Issuer, par value $0.01 (a "Common Share")"

A common share is a type of ownership in a company that gives the holder a claim to a portion of the company’s profits and assets. It often comes with voting rights, allowing shareholders to participate in decisions about the company’s direction. For investors, owning common shares can mean potential for growth and income, but also involves a higher level of risk compared to other types of investments.

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.

2017 Omnibus Share Plan financial

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

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^*

Mall Alisa Michelle

(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		17,197		(1)	(1)	Common Shares	17,197	(1)	82,085(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 Properties (JBGS) director Alisa Mall receive in this Form 4?

She received a grant of 17,197 LTIP Units as equity compensation. These limited partnership units in the operating partnership are fully vested on the grant date and can ultimately convert into Operating Partnership Units and then be redeemable for one Common Share or cash.

How can the LTIP Units reported for JBGS be converted into common shares?

Each LTIP Unit is convertible into one Operating Partnership Unit once required tax allocation conditions are met. Each resulting Operating Partnership Unit is then redeemable for either one JBGS Common Share or the cash value of a Common Share, at the company’s option, after a two-year anniversary.

When can the LTIP Units reported in the JBGS Form 4 be redeemed?

The resulting Operating Partnership Units are redeemable after the two-year anniversary of the LTIP Units’ issuance. At that time, the holder may receive either one Common Share per unit or cash equal to a Common Share’s value, at the issuer’s option, according to the disclosure.

Are the LTIP Units granted to the JBGS director immediately vested and tradable?

The LTIP Units are fully vested on the grant date but face transfer limits. They may not be sold while the reporting person serves as a trustee, except in certain circumstances detailed in the plan, limiting immediate liquidity despite full vesting of the award.

What are the Class B shares mentioned in the JBGS Form 4 footnotes?

Upon the LTIP Unit grant, the reporting person received corresponding Class B shares. For each LTIP Unit, one Class B share is held. These Class B shares have no economic rights, are not listed on an exchange, and primarily exist to mirror LTIP Unit holdings.

How many LTIP Units does the JBGS director hold after this reported grant?

After receiving 17,197 additional LTIP Units, the director’s total beneficially owned LTIP Units increased to 82,085. This figure reflects direct ownership reported following the transaction and indicates the size of her equity-linked position in the operating partnership structure.