CALDWELL PHYLLIS R 4

What Happened
Phyllis R. Caldwell, a director (trustee) of JBG SMITH Properties (JBGS), was granted 15,435 LTIP Units of the company’s operating partnership on 2026-04-30. These are derivative compensation awards (no cash paid) and have no per-unit price listed. The LTIP Units are fully vested at grant but are subject to transfer restrictions while Caldwell serves as a trustee.

Key Details

• Transaction date: 2026-04-30; Form 4 filed 2026-05-01 (timely filing). Accession: 0001104659-26-054233.
• Award: 15,435 LTIP Units (reported as an acquisition/award; code A). Price: N/A.
• Derivative mechanics: LTIP Units are convertible, at the holder’s option and subject to certain tax-allocation conditions, into an equal number of Operating Partnership Units (OP Units). Resulting OP Units are redeemable for one common share each (or the cash value) after the two-year anniversary of the LTIP issuance, at the issuer’s option.
• Vesting/transfer: LTIP Units are fully vested on grant but may not be sold while the reporting person serves as a trustee, except in limited circumstances.
• Corresponding Class B shares were issued alongside the LTIP Units; those Class B shares have no economic rights and are not exchange-listed.
• Shares owned after the transaction: not specified in the information provided.

Context
This was a compensation award (not an open-market purchase or sale). Awards like LTIP Units are common for executive/director compensation and do not by themselves indicate immediate buying or selling pressure. Because these are convertible/derivative units with transfer restrictions and a two-year conversion/redemption horizon, they represent delayed economic interest rather than immediately tradable stock.