X0306 4 2018-05-29 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 2018-05-29 4 A 0 135 37.0668 A Common Shares 135 11335 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. /s/ Steven A. Museles, attorney-in-fact 2018-05-30