X0306 4 2017-08-16 0 0001689796 JBG SMITH Properties JBGS 0001578708 Theriot Stephen W. C/O JBG SMITH PROPERTIES 4445 WILLARD AVENUE, SUITE 400 CHEVY CHASE MD 20815 0 1 0 0 CFO and Treasurer Phantom Units 2017-08-16 4 A 0 9010 34.25 A Common Shares 9010 10960 D The Phantom Units have a conversion or exercise price of 1 for 1 and represent compensation deferred by the reporting person into interests held through the Vornado Realty Trust Nonqualified Deferred Compensation Plan that are valued with respect to the common shares of JBG SMITH Properties, par value $0.01 per share ("Common Shares"). The Phantom Units become payable in cash or Common Shares to the reporting person commencing upon a distribution at a future date from the Vornado Realty Trust Nonqualified Deferred Compensation Plan. The price reported in Column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $34.15 to $34.31, inclusive. The reporting person undertakes to provide to JBG SMITH Properties, any security holder of JBG SMITH Properties, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the ranges set forth in footnote (2) to this Form 4. /s/ Steven Museles, attorney-in-fact 2017-08-18