X0306 4 2018-05-08 0 0001689796 JBG SMITH Properties JBGS 0000904503 ROTH STEVEN C/O JBG SMITH PROPERTIES 4445 WILLARD AVENUE, SUITE 400 CHEVY CHASE MD 20815 1 0 0 0 Common Shares 2018-05-08 4 M 0 10246 A 1493515 D Common Shares 2751774 I Held by partnership Common Shares 1936 I Held by foundation Common Shares 18649 I Held by spouse Phantom Units 2018-05-08 4 M 0 10246 D Common Shares 10246 0 D On May 8, 2018, Mr. Roth received 10,246 Common Shares of JBG SMITH Properties, par value $0.01 per share ("Common Shares"), in settlement of an equal number of Phantom Units held pursuant to the Vornado Realty Trust Nonqualified Deferred Compensation Plan. These Common Shares are held by Interstate Properties, a New Jersey general partnership of which Mr. Roth is the managing general partner. The filing of this Form 4 shall not be deemed an admission that Mr. Roth is the beneficial owner of these 2,751,774 Common Shares, except to the extent of his pecuniary interest. These Common Shares are held by the Daryl and Steven Roth Foundation, a charitable foundation over which Mr. Roth holds sole voting and investment power. Mr. Roth disclaims any pecuniary interest in these Common Shares. These Common Shares are held by Mr. Roth's spouse. The filing of this Form 4 shall not be deemed an admission that Mr. Roth is the beneficial owner of these Common Shares. 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. The Phantom Units were settled by a distribution to the reporting person of the underlying security from the Vornado Realty Trust Nonqualified Deferred Compensation Plan. /s/ Steven A. Museles, attorney-in-fact 2018-05-10