SHUMAN D ELLEN 4

What Happened D. Ellen Shuman, a director of JBG SMITH Properties (JBGS), received a grant of 18,036 LTIP Units on 2026-04-30 (transaction code A — award). No purchase price or total dollar value was reported. The LTIP Units are a class of operating partnership units that are convertible, subject to certain tax-allocation conditions, into OP Units that are redeemable for one common share of the issuer (or cash) at the issuer’s option after a two-year anniversary. The LTIP Units are fully vested at grant but generally may not be sold while Shuman serves as a trustee. The filing also notes corresponding Class B shares were issued that carry no economic rights.

Key Details

• Transaction date: 2026-04-30; Form 4 filed: 2026-05-01 (appears timely).
• Security: 18,036 LTIP Units (derivative award); price/value: N/A (not disclosed).
• Conversion/restriction: LTIP Units convertible to OP Units (then redeemable for common shares or cash) after two years; fully vested but restricted from sale while serving as trustee.
• Related shares: Corresponding Class B shares issued; these have no economic rights and are not exchange-listed.
• Shares owned after transaction: not specified in the filing.
• Transaction type: Award/grant (compensation), not a market purchase or sale.

Context: This was a compensation award of partnership units rather than an open‑market buy or sale. Because the units are convertible and subject to holding/conversion conditions, the grant does not immediately change circulating common shares and does not by itself signal buying or selling intent.