Morgan Stanley discloses 5.0% JBG SMITH (NYSE: JBGS) holding

Rhea-AI Filing Summary

Morgan Stanley filed a beneficial ownership report showing it holds 2,983,482 JBG SMITH Properties common shares, representing 5.0% of the class.

The firm reports 2,971,304 shares with shared voting power and 2,983,482 shares with shared dispositive power, with no sole voting or dispositive authority. The position is certified as acquired and held in the ordinary course of business and not for the purpose of changing or influencing control of JBG SMITH.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

JBG SMITH Properties

(Name of Issuer)

Common Shares

(Title of Class of Securities)

46590V100

(CUSIP Number)

12/31/2025

(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 2,971,304.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 2,983,482.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

2,983,482.00

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)

5.0 %

12

Type of Reporting Person (See Instructions)

HC, 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: Morgan Stanley
(b)	Address or principal business office or, if none, residence: 1585 Broadway, New York, NY 10036
(c)	Citizenship: 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: 5.0 %
(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.
	Not Applicable
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:	02/11/2026

FAQ

What stake does Morgan Stanley report in JBG SMITH (JBGS)?

Morgan Stanley reports beneficial ownership of 2,983,482 JBG SMITH common shares, representing 5.0% of the outstanding class. This level of ownership requires public disclosure as a significant shareholder under U.S. securities regulations governing large positions in public companies.

How much voting power does Morgan Stanley have in JBG SMITH shares?

Morgan Stanley reports shared voting power over 2,971,304 JBG SMITH common shares and no sole voting power. Shared voting power means voting decisions are made together with other parties rather than independently controlling how those shares are voted.

What dispositive power does Morgan Stanley report over JBGS shares?

Morgan Stanley reports shared dispositive power over 2,983,482 JBG SMITH common shares and no sole dispositive power. Dispositive power refers to the ability to sell or otherwise dispose of the shares, which here is exercised jointly with others.

Is Morgan Stanley’s JBGS position intended to influence control of the company?

Morgan Stanley certifies the JBG SMITH shares were acquired and are held in the ordinary course of business and not for the purpose of changing or influencing control, nor in connection with any transaction designed to have that control-changing effect.

Why did Morgan Stanley need to file a beneficial ownership statement for JBGS?

Morgan Stanley crossed the 5.0% beneficial ownership threshold in JBG SMITH common shares, triggering a disclosure requirement. U.S. rules require investors with more than five percent of a registered class of equity securities to publicly report their holdings and related voting and dispositive powers.

What type of investor is Morgan Stanley in relation to JBG SMITH?

Morgan Stanley identifies itself as a parent holding company or control person of various operating units that beneficially own JBG SMITH shares. The filing aggregates positions from these reporting units while excluding other Morgan Stanley units that are disaggregated under SEC guidance.