<SEC-DOCUMENT>0001123292-17-001323.txt : 20170720
<SEC-HEADER>0001123292-17-001323.hdr.sgml : 20170720
<ACCEPTANCE-DATETIME>20170720164944
ACCESSION NUMBER:		0001123292-17-001323
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20170718
FILED AS OF DATE:		20170720
DATE AS OF CHANGE:		20170720

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			YALE UNIVERSITY
		CENTRAL INDEX KEY:			0000938582
		FISCAL YEAR END:			0630

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-37994
		FILM NUMBER:		17974731

	BUSINESS ADDRESS:	
		STREET 1:		YALE UNIVERSITY INVESTMENTS OFFICE
		STREET 2:		55 WHITNEY AVENUE 5TH FLOOR
		CITY:			NEW HAVEN
		STATE:			CT
		ZIP:			06510-1300
		BUSINESS PHONE:		2034325761

	MAIL ADDRESS:	
		STREET 1:		YALE UNIVERSITY INVESTMENTS OFFICE
		STREET 2:		55 WHITNEY AVENUE 5TH FLOOR
		CITY:			NEW HAVEN
		STATE:			CT
		ZIP:			06510-1300

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			JBG SMITH Properties
		CENTRAL INDEX KEY:			0001689796
		STANDARD INDUSTRIAL CLASSIFICATION:	REAL ESTATE INVESTMENT TRUSTS [6798]
		IRS NUMBER:				814307010
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	BUSINESS ADDRESS:	
		STREET 1:		210 ROUTE 4 EAST
		STREET 2:		5TH FLOOR
		CITY:			PARAMUS
		STATE:			NJ
		ZIP:			07652
		BUSINESS PHONE:		2015871000

	MAIL ADDRESS:	
		STREET 1:		210 ROUTE 4 EAST
		STREET 2:		5TH FLOOR
		CITY:			PARAMUS
		STATE:			NJ
		ZIP:			07652

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Vornado DC Spinco
		DATE OF NAME CHANGE:	20161109
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>edgar.xml
<DESCRIPTION>PRIMARY DOCUMENT
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0306</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2017-07-18</periodOfReport>

    <issuer>
        <issuerCik>0001689796</issuerCik>
        <issuerName>JBG SMITH Properties</issuerName>
        <issuerTradingSymbol>JBGS</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0000938582</rptOwnerCik>
            <rptOwnerName>YALE UNIVERSITY</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>C/O JBG SMITH PROPERTIES</rptOwnerStreet1>
            <rptOwnerStreet2>4445 WILLARD AVENUE, SUITE 400</rptOwnerStreet2>
            <rptOwnerCity>CHEVY CHASE</rptOwnerCity>
            <rptOwnerState>MD</rptOwnerState>
            <rptOwnerZipCode>20815</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>1</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>0</isTenPercentOwner>
            <isOther>0</isOther>
        </reportingOwnerRelationship>
    </reportingOwner>

    <nonDerivativeTable>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Common Shares</value>
            </securityTitle>
            <transactionDate>
                <value>2017-07-18</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>J</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>5145068</value>
                </transactionShares>
                <transactionPricePerShare>
                    <footnoteId id="F1"/>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>5145068</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>By LLCs</value>
                    <footnoteId id="F1"/>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
    </nonDerivativeTable>

    <derivativeTable>
        <derivativeTransaction>
            <securityTitle>
                <value>LTIP Units</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <footnoteId id="F2"/>
                <footnoteId id="F3"/>
            </conversionOrExercisePrice>
            <transactionDate>
                <value>2017-07-18</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>A</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>6738</value>
                </transactionShares>
                <transactionPricePerShare>
                    <footnoteId id="F2"/>
                    <footnoteId id="F3"/>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <exerciseDate>
                <footnoteId id="F2"/>
                <footnoteId id="F3"/>
            </exerciseDate>
            <expirationDate>
                <footnoteId id="F2"/>
                <footnoteId id="F3"/>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Common Shares</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>6738</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>6738</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>By employee</value>
                    <footnoteId id="F2"/>
                    <footnoteId id="F3"/>
                </natureOfOwnership>
            </ownershipNature>
        </derivativeTransaction>
    </derivativeTable>

    <footnotes>
        <footnote id="F1">These common shares, par value $0.01 (&quot;Common Shares&quot;), of JBG Smith Properties (the &quot;Issuer&quot;) were issued to ten limited liability companies (the &quot;LLCs&quot;) controlled by the reporting person, as consideration for the contribution of certain assets by The JBG Companies (&quot;JBG&quot;) and investment funds associated with JBG (the &quot;Funds&quot;) to the Issuer or its subsidiaries, proportionately with each LLC's equity interest in such Funds.  The reporting person is, directly or indirectly, the sole or majority owner of the membership interests of each of the LLCs.  The reporting person disclaims beneficial ownership of the Common Shares except to the extent of its pecuniary interest therein.</footnote>
        <footnote id="F2">Represents a grant of limited partnership units of JBG Smith Properties LP, the Issuer's operating partnership (the &quot;OP&quot;), designated as LTIP Units (&quot;LTIP Units&quot;), issued pursuant to the JBG SMITH Properties 2017 Omnibus Share Plan, received by an employee of the reporting person who serves as a member of the Issuer's Board of Trustees (the &quot;Board&quot;) in such employee's capacity as a trustee.  The LTIP Units are a class of units in the OP that are convertible at the option of the holder,  conditioned upon minimum allocations to the capital accounts of the LTIP Units for federal income tax purposes, into an equal number of common units of the OP (&quot;OP Units&quot;).  OP Units are redeemable by the holder for one Common Share per OP Unit or the cash value of a Common Share, at the Issuer's option, after the two year anniversary of the LTIP issuance. [footnote continued]</footnote>
        <footnote id="F3">[Continued from footnote] The LTIP Units were fully vested on the date of grant but may not be sold while the holder serves as a trustee, except in certain circumstances.   Pursuant to an arrangement between the reporting person and such employee, the reporting person is entitled to receive, as of or prior to the time such employee ceases to serve as a trustee of the Issuer, all LTIP Units and other equity awards acquired by the employee while employed by the reporting person.</footnote>
    </footnotes>

    <remarks>Remarks: An employee of the reporting person serves on the Board and may be viewed as serving on the Board as the deputy of the reporting person. As a result, the reporting person may itself be deemed a trustee of the Issuer for purposes of Section 16 of the Securities Exchange Act of 1934.  This Form 4 shall not be deemed an admission that the reporting person is required to file beneficial ownership reports under Section 16(a) or that the employee is serving on the Board as the deputy of the reporting person or in any capacity other than his personal capacity.</remarks>

    <ownerSignature>
        <signatureName>Yale University
By: /s/ David F. Swensen,
Chief Investment  Officer</signatureName>
        <signatureDate>2017-07-20</signatureDate>
    </ownerSignature>
</ownershipDocument>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
