ESTES SCOTT A 4

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).