MULROW WILLIAM J 4

What Happened William J. Mulrow, a director of JBG SMITH Properties (JBGS), was granted 18,036 LTIP Units (limited partnership units) on April 30, 2026. These LTIP Units are a derivative award (reported as "A" — grant/award) with no per-share cash price reported. The LTIP Units are convertible—subject to tax-accounting conditions—into an equal number of Operating Partnership Units (OP Units), which in turn are redeemable for one common share per OP Unit (or cash at the issuer's option) after the two-year anniversary of the grant. The LTIP Units are fully vested at grant but are subject to transfer restrictions while Mulrow serves as a trustee, except in limited circumstances.

Key Details

• Transaction date: 2026-04-30; Form 4 filed: 2026-05-01 (appears timely).
• Transaction type/code: A (Grant/Award); reported quantity: 18,036 LTIP Units; price: N/A (derivative award).
• Economic/equity mechanics: LTIP Units convert to OP Units (upon meeting tax-accounting conditions); OP Units redeemable for 1 common share per OP Unit or cash after 2 years.
• Corresponding Class B shares: Mulrow received corresponding Class B shares that have no economic rights and are not exchange-listed.
• Vesting and transfer: LTIP Units are fully vested on grant but may not be sold while Mulrow serves as a trustee except in certain circumstances.
• Shares owned after transaction: not specified in the filing.

Context This filing reports a compensation award (derivative LTIP units), not an open-market purchase or sale. Such awards are commonly used for long-term incentive compensation; they do not immediately change public float because conversion/redemption into common shares is subject to conditions and time-based restrictions. The filing contains footnotes clarifying conversion, redemption timing, and the non-economic Class B shares tied to each LTIP Unit.