Kevin Reynolds - Dec 31, 2021 Form 5 Insider Report for JBG SMITH Properties (JBGS)

Role: Chief Development Officer
Signature: /s/ Steven A. Museles, attorney-in-fact
Stock symbol: JBGS
Transactions as of: Dec 31, 2021
Transactions value $: $0
Form type: 5
Date filed: 2/11/2022, 03:50 PM
Previous filing: Aug 2, 2021
Next filing: Jan 5, 2022

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Underlying Class	Amount	Exercise Price	Ownership	Footnotes
transaction	JBGS	OP Units	Gift	$0	-360K	-100%	$0.00^*	0	Oct 6, 2021	Common Shares	360K		By Kevin Reynolds Revocable Trust	F1, F2, F3
transaction	JBGS	OP Units	Gift	$0	+360K		$0.00	360K	Oct 6, 2021	Common Shares	360K		By Kevin Reynolds 2021 Inter Vivos Irrevocable Trust	F1, F2, F4, F5
transaction	JBGS	LTIP Units	Gift	$0	-20K	-5.45%	$0.00	347K	Nov 1, 2021	Common Shares	20K		Direct	F6, F7, F8
transaction	JBGS	LTIP Units	Gift	$0	+20K		$0.00	20K	Nov 1, 2021	Common Shares	20K		By Kevin Reynolds 2021 Inter Vivos Irrevocable Trust	F5, F6, F7

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id	Content
F1	Each Operating Partnership Unit ("OP Unit") in JBG SMITH Properties LP (the "OP"), the operating partnership of JBG SMITH Properties (the "Issuer"), is redeemable by the holder for one common share of the Issuer, par value $0.01 (a "Common Share"), or the cash value of a Common Share, at the Issuer's option.
F2	This transaction involved a gift of OP Units by Mr. Reynolds to his spouse, who shares Mr. Reynolds's household.
F3	On January 16, 2020, the reporting person transferred 360,253 OP Units to the Kevin Reynolds Revocable Trust, of which the reporting person is the sole trustee and beneficiary.
F4	As of December 31, 2021, 39,886 of these OP Units are unvested and will vest subject to the reporting person's continued service through each vesting date. These OP Units will vest in equal monthly installments through July 1, 2022. The remaining 320,367 OP Units are vested.
F5	Mr. Reynold's spouse is the primary beneficiary of the Kevin Reynolds 2021 Inter Vivos Irrevocable Trust. The trustee of the Kevin Reynolds 2021 Inter Vivos Irrevocable Trust is a third party.
F6	These limited partnership units in the OP designated as LTIP Units ("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.
F7	This transaction involved a gift of LTIP Units by Mr. Reynolds to his spouse, who shares Mr. Reynolds's household.
F8	As previously disclosed, the total number of LTIPs has been revised to reflect that certain LTIPs, originally granted in November 2018, were forfeited during 2021 based on performance conditions set forth in the award agreement.