ESTES SCOTT A 4

4 · JBG SMITH Properties · Filed May 1, 2026

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Updated May 1, 2026

JBG SMITH (JBGS) Director Scott A. Estes Receives Award

What Happened

Scott A. Estes, a director of JBG SMITH Properties (JBGS), received an award of 18,875 LTIP Units on April 30, 2026. The grant is reported as an award/acquisition (Form 4 code A). No cash price was paid (price listed as N/A).

Key Details

Transaction date: 2026-04-30; Form 4 filed 2026-05-01 (filing appears timely).
Award: 18,875 LTIP Units (derivative units); no purchase price reported (N/A).
Shares owned after transaction: Not specified in the filing.
Footnotes:
- The LTIP Units are a class of operating partnership units convertible, at the holder’s option (subject to tax-related conditions), into an equal number of Operating Partnership Units (OP Units).
- OP Units are redeemable for one common share of the issuer (or cash at the issuer’s option) after the two-year anniversary of the LTIP Units issuance.
- LTIP Units are fully vested on the grant date but generally may not be sold while the reporting person serves as a trustee, except in limited circumstances.
- Upon grant, the reporting person also received corresponding Class B shares that have no economic rights and are not exchange-listed.

Context

This transaction is an equity award (not an open-market purchase or sale). For retail investors, awards signal compensation or retention arrangements rather than immediate insider buying or selling. The LTIP Units are derivative instruments that can convert to OP Units and ultimately common shares after conversion/redemption conditions are met (not immediate share issuance).

Form 4

Period: 2026-04-30

Director

Transactions

Award
LTIP Units
[F1][F2][F3]
2026-04-30+18,875→ 119,727 total
→ Common Shares (18,875 underlying)

Footnotes (3)

[F1]The reporting person received a grant of limited partnership units of JBG SMITH Properties LP, JBG SMITH Properties' (the "Issuer's") operating partnership (the "OP"), designated as LTIP Units ("LTIP Units") pursuant to the JBG SMITH Properties 2017 Omnibus Share Plan, as amended. These LTIP Units are a class of units in the OP that 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 Operating Partnership Units ("OP Units") in the OP. The resulting OP Units are redeemable by the holder for one common share of the Issuer, par value $0.01 (a "Common Share") per OP Unit or the cash value of a Common Share, at the Issuer's option, after the two-year anniversary of the LTIP Units issuance. The LTIP Units will be fully vested on the date of grant but may not be sold while the reporting person serves as a trustee, except in certain circumstances.
[F2]Upon this grant of LTIP Units, the reporting person received corresponding Class B shares of the Issuer, which have no economic rights and are not listed on a stock exchange.
[F3]For each of the LTIP Units beneficially owned by the reporting person, the reporting person holds a corresponding Class B share, which has no economic rights and is not listed on a stock exchange.

Signature

/s/ Steven A. Museles, attorney-in-fact|2026-05-01

1 file