<SEC-DOCUMENT>0001123292-18-001101.txt : 20181206
<SEC-HEADER>0001123292-18-001101.hdr.sgml : 20181206
<ACCEPTANCE-DATETIME>20181206175956
ACCESSION NUMBER:		0001123292-18-001101
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20181203
FILED AS OF DATE:		20181206
DATE AS OF CHANGE:		20181206

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:		181221780

	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:		4445 WILLARD AVENUE
		STREET 2:		SUITE 400
		CITY:			CHEVY CHASE
		STATE:			MD
		ZIP:			20815
		BUSINESS PHONE:		240-333-3600

	MAIL ADDRESS:	
		STREET 1:		4445 WILLARD AVENUE
		STREET 2:		SUITE 400
		CITY:			CHEVY CHASE
		STATE:			MD
		ZIP:			20815

	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>2018-12-03</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>2018-12-03</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>S</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>60000</value>
                    <footnoteId id="F4"/>
                </transactionShares>
                <transactionPricePerShare>
                    <value>40.17</value>
                    <footnoteId id="F1"/>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>D</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>4434864</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>By LLCs</value>
                    <footnoteId id="F4"/>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Common Shares</value>
            </securityTitle>
            <transactionDate>
                <value>2018-12-04</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>S</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>41912</value>
                    <footnoteId id="F4"/>
                </transactionShares>
                <transactionPricePerShare>
                    <value>39.63</value>
                    <footnoteId id="F2"/>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>D</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>4392952</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>By LLCs</value>
                    <footnoteId id="F4"/>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Commons Shares</value>
            </securityTitle>
            <transactionDate>
                <value>2018-12-04</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>S</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>58088</value>
                    <footnoteId id="F4"/>
                </transactionShares>
                <transactionPricePerShare>
                    <value>39.96</value>
                    <footnoteId id="F3"/>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>D</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>4334864</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>By LLCs</value>
                    <footnoteId id="F4"/>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
    </nonDerivativeTable>

    <footnotes>
        <footnote id="F1">The price reported in Column 4 reflects a weighted average price of $40.1728. These shares were sold in multiple transactions at prices ranging from $39.91 to $40.325, inclusive. The reporting person undertakes to provide to JBG SMITH Properties (the &quot;Issuer&quot;), any security holder of the Issuer 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 range set forth in this footnote 1.</footnote>
        <footnote id="F2">The price reported in Column 4 reflects a weighted average price of $39.63. These shares were sold in multiple transactions at prices ranging from $39.425 to $39.815, inclusive. The reporting person undertakes to provide to the Issuer, any security holder of the Issuer 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 range set forth in this footnote 2.</footnote>
        <footnote id="F3">The price reported in Column 4 reflects a weighted average price of $39.96. These shares were sold in multiple transactions at prices ranging from $39.82 to $40.525, inclusive.  The reporting person undertakes to provide to the Issuer, any security holder of the Issuer 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 range set forth in this footnote 3.</footnote>
        <footnote id="F4">The Issuer previously issued to ten limited liability companies (the &quot;LLCs&quot;) controlled by the reporting person common shares, par value $0.01 (&quot;Common Shares&quot;), of the Issuer as consideration for the contribution of
certain assets by The JBG Companies and investment funds associated with The JBG Companies to the Issuer or its subsidiaries in connection with a previously completed business combination transaction. 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. The transactions reflected in Column 4 of Table I represent the sale of Common Shares by the LLCs on a pro rata basis.</footnote>
    </footnotes>

    <remarks>An employee of the reporting person serves on the Board of Trustees (the &quot;Board&quot;) of the Issuer 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>2018-12-04</signatureDate>
    </ownerSignature>
</ownershipDocument>
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</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
