Forman Alan S 4

What Happened

• Alan S. Forman, a trustee/director of JBG SMITH Properties (JBGS), received a grant of 18,036 LTIP Units on 2026-04-30 under the JBG SMITH Properties 2017 Omnibus Share Plan. The grant is reported as an award (transaction code A); no purchase price or cash exchange was involved.
• The LTIP Units are convertible, at the holder’s option (subject to tax-related conditions), into an equal number of Operating Partnership Units (OP Units). After conversion, each OP Unit is redeemable for one common share of the issuer or the cash value of a common share at the issuer’s option, but redemption is only available after the two-year anniversary of the LTIP Units issuance. The LTIP Units are fully vested on the grant date but generally may not be sold while Mr. Forman serves as a trustee.

Key Details

• Transaction date: 2026-04-30; Form 4 filed 2026-05-01.
• Award: 18,036 LTIP Units; Price: N/A (grant).
• Corresponding Class B shares: Mr. Forman received corresponding Class B shares equal to his LTIP Units; those Class B shares have no economic rights and are not exchange-listed.
• Vesting/transfer restrictions: LTIP Units fully vested at grant but non-transferable while serving as trustee except in certain circumstances.
• Special note: Yale may be entitled to receive certain equity awards granted to Mr. Forman while he was employed by Yale, potentially affecting ultimate ownership.
• Shares owned after transaction: Not specified in the filing.

Context

• This is an award/grant (not a market purchase or sale). For retail investors, grants signal compensation or retention incentives rather than direct insider buying or selling; LTIP Units are a derivative award that can convert into OP Units and ultimately common shares after conditions/time requirements are met. The filing appears timely (filed the business day after the grant).