Morgan Stanley Drops Below 5% Ownership in JBG SMITH (JBGS)

Rhea-AI Filing Summary

Morgan Stanley and its affiliate Morgan Stanley Capital Services LLC filed Amendment No. 1 to Schedule 13G for JBG SMITH Properties (JBGS) reflecting ownership as of 30 Jun 2025. The filing shows the banking group now beneficially owns 3,633,354 common shares, or 4.9 % of the outstanding class, held entirely with shared voting power (3,617,450 shares) and shared dispositive power (3,633,354 shares); sole power is zero. The subsidiary reports a nearly identical position of 3,600,548 shares (4.9 %).

Because beneficial ownership has fallen below the 5 % threshold, the cover pages state that both Morgan Stanley entities have “ceased to be the beneficial owner of more than five percent” of JBGS stock. The amendment is therefore a mandatory disclosure of the reduced stake rather than an acquisition. Signatures were executed by authorized signatory Christopher O’Hara on 07 Aug 2025.

Positive

• None.

Negative

• Morgan Stanley reduced its beneficial ownership below the 5 % threshold, signalling a decrease in institutional stake that could weigh on investor sentiment.

Insights

Securities Analyst

TL;DR – Stake cut to 4.9 %; Morgan Stanley no longer 5 % holder.

The amendment confirms Morgan Stanley’s aggregate position in JBGS dropped below the Schedule 13D/G 5 % reporting threshold, now at 3.63 m shares. While the firm still has material exposure, relinquishing 5 % status removes certain filing obligations and may indicate incremental selling or equity swap expirations. Voting and dispositive powers remain shared, suggesting the position sits in trading or prime-brokerage desks rather than a strategic portfolio. For investors, a large institutional holder’s reduction can pressure sentiment but does not necessarily signal a change in issuer fundamentals. Impact assessment: modestly negative due to perceived decreased institutional support.

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)

06/30/2025

(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)

SCHEDULE 13G

CUSIP No. 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 3,617,450.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 3,633,354.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

3,633,354.00

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)

4.9 %

12

Type of Reporting Person (See Instructions)

HC, CO

Comment for Type of Reporting Person: As of the date hereof, Morgan Stanley has ceased to be the beneficial owner of more than five percent of the class of securities.

SCHEDULE 13G

CUSIP No. 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 3,600,548.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 3,600,548.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

3,600,548.00

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)

4.9 %

12

Type of Reporting Person (See Instructions)

BD, CO

Comment for Type of Reporting Person: As of the date hereof, Morgan Stanley Capital Services LLC has ceased to be the beneficial owner of more than five percent of the class of securities.

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: 4.9 %
(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.
	Ownership of 5 percent or less of a class
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:	Christopher O'Hara
Name/Title:	Authorized Signatory, Morgan Stanley
Date:	08/07/2025

Morgan Stanley Capital Services LLC

Signature:	Christopher O'Hara
Name/Title:	Authorized Signatory, Morgan Stanley Capital Services LLC
Date:	08/07/2025

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

How many JBG SMITH (JBGS) shares does Morgan Stanley now own?

Morgan Stanley reports 3,633,354 common shares beneficially owned.

What percentage of JBGS does Morgan Stanley currently hold?

The filing shows ownership of 4.9 % of the outstanding common shares.

Why was this Schedule 13G/A filed?

Because Morgan Stanley’s stake fell below the 5 % threshold, triggering an amendment to disclose the reduced position.

When was the event that required the filing?

The relevant event date is 30 June 2025.

Who signed the Schedule 13G/A on behalf of Morgan Stanley?

Christopher O’Hara signed as Authorized Signatory on 07 Aug 2025.

Does Morgan Stanley have sole voting or dispositive power over the shares?

No; it reports 0 shares with sole power and all shares with shared voting and dispositive power.