Robert Alexander Stewart - 17 Mar 2025 Form 4 Insider Report for JBG SMITH Properties (JBGS)

Role: Director
Signature: /s/ Steven A. Museles, attorney-in-fact
Issuer symbol: JBGS
Transactions as of: 17 Mar 2025
Net transactions value: $0
Form type: 4
Filing time: 19 Mar 2025, 16:05:09 UTC
Previous filing: 29 Apr 2024
Next filing: 28 Apr 2025
SEC: View on sec.gov

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	JBGS	Common Shares	Conversion of derivative security		+20,548			20,548	17 Mar 2025	Direct	F1, F2
holding	JBGS	Common Shares						30,000	17 Mar 2025	The Robert Alexander Stewart Revocable Trust	F3

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	LTIP Units	Conversion of derivative security		-20,548	-9.9%		186,736	17 Mar 2025	Common Shares	20,548		Direct	F1, F4
transaction	JBGS	OP Units	Conversion of derivative security		+20,548	+146%		34,666	17 Mar 2025	Common Shares	20,548		Direct	F1, F2, F4
transaction	JBGS	OP Units	Conversion of derivative security		-20,548	-59%		14,118	17 Mar 2025	Common Shares	20,548		Direct	F1, F2, F5
holding	JBGS	OP Units						756,631	17 Mar 2025	Common Shares	756,631		Nomad Capital, LLC	F2, F6
holding	JBGS	OP Units						75,000	17 Mar 2025	Common Shares	75,000		Held by spouse	F2, F7

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

Explanation of Responses:

Id	Content
F1	The reported transactions represent solely a conversion of limited partnership units in JBG SMITH Properties LP (the "OP"), the operating partnership of JBG SMITH Properties (the "Issuer"), designated as LTIP Units ("LTIP Units") into Operating Partnership Units ("OP Units") in the OP, and an exchange of OP Units into common shares of the Issuer, par value $0.01 ("Common Shares"). No sale or monetization of securities has occurred.
F2	Each OP Unit is redeemable, once vested, by the holder for one Common Share, or the cash value of a Common Share, at the Issuer's option.
F3	Mr. Stewart is the sole trustee and beneficiary of the Robert Alexander Stewart Revocable Trust.
F4	Limited partnership units in the OP designated as 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.
F5	The reporting person received these 14,118 OP Units on June 30, 2023 as a pro rata distribution from JBG Properties, Inc. of which the reporting person is a stockholder. Prior to the distribution, the reporting person disclaimed beneficial ownership of the OP Units held by JBG Properties, Inc.
F6	815 OP Units were inadvertently omitted from the reporting person's prior Section 16 filings; the reporting person has held such OP Units indirectly since the spin-off of the Issuer in 2017. In February 2024, the reporting person transferred 755,816 OP Units from The Robert Alexander Stewart Revocable Trust to Nomad Capital, LLC.
F7	These OP Units are held by Mr. Stewart's spouse, who shares Mr. Stewart's household. The filing of this Form 4 shall not be deemed an admission that Mr. Stewart is the beneficial owner of these OP Units.