Morgan Stanley units hold ~6% of JBG SMITH (JBGS) common shares

Rhea-AI Filing Summary

JBG SMITH Properties ownership disclosure: two Morgan Stanley reporting entities amended a Schedule 13G to report shared voting and dispositive power in common shares of JBG SMITH Properties (CUSIP 46590V100) as of 03/31/2026. The filing lists 3,624,825 and 3,544,150 shares for the respective reporting units, representing 6.1% and 6.0% of the class. The filing is signed by an authorized signatory for each entity and attaches a joint filing agreement and Item 7 exhibit.

Insights

Corporate Governance Analyst

Morgan Stanley reports passive ownership via reporting units with shared voting/dispositive power.

The amendment clarifies the allocation of voting and dispositive power across two MS entities: Morgan Stanley (3,624,825 shares, 6.1%) and Morgan Stanley Capital Services LLC (3,544,150 shares, 6.0%) as of 03/31/2026. The filing cites the Release that disaggregates certain MS operating units.

Subsequent disclosures or exhibits (Item 7) identify the subsidiary classification; the joint filing agreement is attached. Timing and cash‑flow treatment are not stated in the excerpt.

Regulatory Compliance Specialist

This is a routine beneficial‑ownership amendment under Schedule 13G/A, focused on allocation among reporting units.

The submission follows guidance in Release No. 34-39538 and includes Exhibit 99.2 for Item 7 subsidiary detail. Signatures certify accuracy under applicable rules.

Because this is a passive disclosure amendment, it does not signal an acquisition or disposition action in the excerpt; further detail appears in attached exhibits.

Key Figures

Report date: 03/31/2026 Shares - Morgan Stanley reporting unit: 3,624,825 shares Percent of class - Morgan Stanley: 6.1% +3 more

6 metrics

Report date 03/31/2026 Beneficial ownership as of this date

Shares - Morgan Stanley reporting unit 3,624,825 shares Shared voting/dispositive power reported

Percent of class - Morgan Stanley 6.1% Percent of class reported on Item 4(b)

Shares - Morgan Stanley Capital Services LLC 3,544,150 shares Shared voting/dispositive power reported

Percent of class - MS Capital Services 6.0% Percent of class reported on Item 4(b)

CUSIP 46590V100 JBG SMITH Properties common shares

Key Terms

Schedule 13G/A, shared dispositive power, Release No. 34-39538, Joint Filing Agreement

4 terms

Schedule 13G/A regulatory

"Item 1. Name of issuer: JBG SMITH Properties (form_type: SCHEDULE 13G/A)"

A Schedule 13G/A is an amended public filing with the U.S. securities regulator that updates a previous Schedule 13G, disclosing when an individual or group holds a substantial (typically over 5%) stake in a company and is claiming a passive, non‑controlling intent. Investors monitor these updates because rising or falling holdings can signal changing confidence, potential future moves, or shifts in voting power — like watching a public ledger where large shareholders quietly adjust their positions.

shared dispositive power regulatory

"Shared Dispositive Power 3,624,825.00"

Release No. 34-39538 regulatory

"In Accordance with the Release No. 34-39538 (January 12, 1998)"

Joint Filing Agreement legal

"Exhibit 99.1 Joint Filing Agreement"

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 1)

JBG SMITH Properties

(Name of Issuer)

Common Shares

(Title of Class of Securities)

46590V100

(CUSIP Number)

03/31/2026

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

schemaVersion:

SCHEDULE 13G

CUSIP Number(s): 46590V100

1

Names of Reporting Persons

Morgan Stanley

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 3,614,122.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 3,624,825.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

3,624,825.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

6.1 %

12

Type of Reporting Person (See Instructions)

HC, CO

SCHEDULE 13G

CUSIP Number(s): 46590V100

1

Names of Reporting Persons

Morgan Stanley Capital Services LLC

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 3,544,150.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 3,544,150.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

3,544,150.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

6.0 %

12

Type of Reporting Person (See Instructions)

BD, CO

SCHEDULE 13G

Item 1.
(a)	Name of issuer: JBG SMITH Properties
(b)	Address of issuer's principal executive offices: 4747 BETHESDA AVENUE, SUITE 200, BETHESDA, MD, 20814
Item 2.
(a)	Name of person filing: 1: Morgan Stanley 2: Morgan Stanley Capital Services LLC
(b)	Address or principal business office or, if none, residence: 1: 1585 Broadway, New York, NY 10036 ;2: 1585 Broadway, New York, NY 10036
(c)	Citizenship: 1: Delaware 2: Delaware
(d)	Title of class of securities: Common Shares
(e)	CUSIP No.: 46590V100
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: See the response(s) to Item 9 on the attached cover page(s).
(b)	Percent of class: 6.1 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: See the response(s) to Item 5 on the attached cover page(s).
	(ii) Shared power to vote or to direct the vote: See the response(s) to Item 6 on the attached cover page(s).
	(iii) Sole power to dispose or to direct the disposition of: See the response(s) to Item 7 on the attached cover page(s).
	(iv) Shared power to dispose or to direct the disposition of: See the response(s) to Item 8 on the attached cover page(s).
Item 5.	Ownership of 5 Percent or Less of a Class.
	Not Applicable
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	If a parent holding company has filed this schedule, pursuant to Rule 13d-1(b)(ii)(G), so indicate under Item 3(g) and attach an exhibit stating the identity and the Item 3 classification of the relevant subsidiary. If a parent holding company has filed this schedule pursuant to Rule 13d-1(c) or Rule 13d-1(d), attach an exhibit stating the identification of the relevant subsidiary. See Exhibit 99.2
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11. * In Accordance with the Securities and Exchange Commission Release No. 34-39538 (January 12, 1998) (the "Release"), this filing reflects the securities beneficially owned, or that may be deemed to be beneficially owned, by certain operating units (collectively, the "MS Reporting Units") of Morgan Stanley and its subsidiaries and affiliates (collectively, "MS"). This filing does not reflect securities, if any, beneficially owned by any operating units of MS whose ownership of securities is disaggregated from that of the MS Reporting Units in accordance with the Release.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Morgan Stanley

Signature:	Claire Gordon
Name/Title:	Authorized Signatory, Morgan Stanley
Date:	05/12/2026

Morgan Stanley Capital Services LLC

Signature:	Claire Gordon
Name/Title:	Authorized Signatory, Morgan Stanley Capital Services LLC
Date:	05/12/2026

Exhibit Information

EXHIBIT NO. EXHIBITS ------------------ ------------------------------------ 99.1 Joint Filing Agreement 99.2 Item 7 Information * Attention. Intentional misstatements or omissions of fact constitute federal criminal violations (see 18 U.S.C. 1001).

FAQ

What ownership does Morgan Stanley report in JBGS?

Morgan Stanley reports beneficial ownership of 3,624,825 shares representing 6.1% of JBG SMITH Properties common stock as shown in the amendment dated 03/31/2026. The filing attributes shared voting and dispositive power to the reporting unit.

What does Morgan Stanley Capital Services LLC report in JBGS?

Morgan Stanley Capital Services LLC reports beneficial ownership of 3,544,150 shares, representing 6.0% of the class as of 03/31/2026. The entity reports shared voting and shared dispositive power in the cover responses.

What exhibits are attached to this Schedule 13G/A for JBGS?

The amendment attaches Exhibit 99.1 (Joint Filing Agreement) and Exhibit 99.2 (Item 7 subsidiary information). Exhibit 99.2 is referenced for identification/classification of the subsidiary reporting units.

Who signed the Schedule 13G/A amendment for JBGS?

An authorized signatory, Claire Gordon, signed for both Morgan Stanley and Morgan Stanley Capital Services LLC, with signature dates of 05/12/2026 on the amendment covering the holdings as of 03/31/2026.

Does this filing indicate Morgan Stanley is an active buyer or seller of JBGS shares?

This Schedule 13G/A amendment reports beneficial ownership allocation and shared powers; it does not state any purchase or sale transactions in the provided excerpt. The filing follows passive disclosure conventions under the cited Release.