<SEC-DOCUMENT>0001104659-18-048082.txt : 20180730
<SEC-HEADER>0001104659-18-048082.hdr.sgml : 20180730
<ACCEPTANCE-DATETIME>20180730163037
ACCESSION NUMBER:		0001104659-18-048082
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		4
CONFORMED PERIOD OF REPORT:	20180730
ITEM INFORMATION:		Other Events
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20180730
DATE AS OF CHANGE:		20180730

FILER:

	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

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-37994
		FILM NUMBER:		18978002

	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>8-K
<SEQUENCE>1
<FILENAME>a18-17913_28k.htm
<DESCRIPTION>8-K
<TEXT>


<html>
<head>




  </head>
<body link=blue lang="EN-US">
<div style="font-family:Times New Roman;">
<div style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:none;border-top:solid windowtext 3.0pt;padding:1.0pt 0in 1.0pt 0in;">
<p style="border:none;margin:0in 0in .0001pt;padding:0in;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
</div>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="5" face="Times New Roman" style="font-size:18.0pt;font-weight:bold;">UNITED STATES</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="5" face="Times New Roman" style="font-size:18.0pt;font-weight:bold;">SECURITIES AND EXCHANGE COMMISSION</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Washington, D.C. 20549</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="5" face="Times New Roman" style="font-size:18.0pt;font-weight:bold;">FORM&nbsp;8-K</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">CURRENT REPORT</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">PURSUANT TO SECTION&nbsp;13 OR 15(d)&nbsp;OF THE<br> SECURITIES EXCHANGE ACT OF 1934</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Date of Report (Date of earliest event reported):</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">July&nbsp;30, 2018</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman"><img width="165" height="112" src="g179132bai001.jpg"></font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="5" face="Times New Roman" style="font-size:18.0pt;font-weight:bold;">JBG SMITH PROPERTIES</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Exact name of Registrant as specified in its charter)</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<div align="center">
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;">
<tr>
<td width="32%" valign="top" style="padding:0in 0in 0in 0in;width:32.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Maryland</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="32%" valign="top" style="padding:0in 0in 0in 0in;width:32.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">No.&nbsp;001-37994</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="32%" valign="top" style="padding:0in 0in 0in 0in;width:32.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">81-4307010</font></b></p>    </td>   </tr>
<tr>
<td width="32%" valign="top" style="padding:0in 0in 0in 0in;width:32.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(State or other   jurisdiction of<br>   incorporation or organization)</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="32%" valign="top" style="padding:0in 0in 0in 0in;width:32.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Commission file number)</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="32%" valign="top" style="padding:0in 0in 0in 0in;width:32.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(I.R.S. Employer<br>   Identification No.)</font></p>    </td>   </tr>  </table>
</div>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<div align="center">
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;">
<tr>
<td width="32%" valign="top" style="padding:0in 0in 0in 0in;width:32.0%;">
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">4445   Willard Avenue, Suite&nbsp;400</font></b><br>    <b>Chevy Chase, MD</b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="32%" valign="top" style="padding:0in 0in 0in 0in;width:32.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="32%" valign="bottom" style="padding:0in 0in 0in 0in;width:32.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">20815</font></b></p>    </td>   </tr>
<tr>
<td width="32%" valign="top" style="padding:0in 0in 0in 0in;width:32.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Address of principal   executive offices)</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="32%" valign="top" style="padding:0in 0in 0in 0in;width:32.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="32%" valign="top" style="padding:0in 0in 0in 0in;width:32.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Zip Code)</font></p>    </td>   </tr>  </table>
</div>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Registrant&#146;s telephone number, including area code: </font><b>(240)&nbsp;333-3600</b>&nbsp;&nbsp;</p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Former name or former address, if changed since last report:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<div align="center" style="margin:0in 0in .0001pt;text-align:center;"><hr size="1" width="25%" noshade align="center" style="color:black;"></div>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 6.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Check the appropriate box below if the Form&nbsp;8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instructions A.2.):</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .15in;"><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font>&nbsp;Written communications pursuant to Rule&nbsp;425 under the Securities Act (17 CFR 230.425) Soliciting </p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .15in;"><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font>&nbsp;material pursuant to Rule&nbsp;14a-12 under the Exchange Act (17 CFR 240.14a-12)</p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .15in;"><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font>&nbsp;Pre-commencement communications pursuant to Rule&nbsp;14d-2(b)&nbsp;under the Exchange Act (17 CFR 240.14d-2(b)) </p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .15in;"><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font>&nbsp;Pre-commencement communications pursuant to Rule&nbsp;13e-4(c)&nbsp;under the Exchange Act (17 CFR 240.13e-4(c))</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 6.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Indicate by check mark whether the registrant is an emerging growth company as defined in Rule&nbsp;405 of the Securities Act of 1933 (&#167;230.405 of this chapter) or Rule&nbsp;12b-2 of the Securities Exchange Act of 1934 (&#167;240.12b-2 of this chapter).</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 6.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Emerging growth company&#160; </font><font face="Wingdings" style="position:relative;top:1.5pt;">o</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 6.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section&nbsp;13(a)&nbsp;of the Exchange Act&#160;&#160; </font><font face="Wingdings" style="position:relative;top:1.5pt;">o</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<div style="border-bottom:solid windowtext 3.0pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;padding:1.0pt 0in 1.0pt 0in;">
<p style="border:none;margin:0in 0in .0001pt;padding:0in;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
</div>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
</div>
<!-- SEQ.=1,FOLIO='',FILE='C:\JMS\105348\18-17913-2\task8988942\17913-2-ba.htm',USER='105348',CD='Jul 31 01:00 2018' -->

<br clear="all" style="page-break-before:always;">
<div style="font-family:Times New Roman;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Item 8.01</font></b>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <b>Other Events.</b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">On July&nbsp;30, 2018, JBG SMITH Properties (the &#147;Company&#148;) filed with the Securities and Exchange Commission a prospectus supplement (the &#147;Prospectus Supplement&#148;) to its prospectus dated July&nbsp;2, 2018, which was included in its automatic shelf registration statement on Form&nbsp;S-3 (File No.&nbsp;333-226023) (the &#147;Registration Statement&#148;). The Prospectus Supplement solely relates to 19,780,141 shares of the Company&#146;s common shares of beneficial interest (the &#147;Common Shares&#148;) that may be issued from time to time if, and to the extent that, the holders of an equal number of common limited partnership units (&#147;OP Units&#148;) in our operating partnership, JBG SMITH Properties LP (the &#147;Operating Partnership&#148;) present such OP Units for redemption, and the Company, in its sole and absolute discretion, </font>elects to assume and satisfy the redemption right by issuing our common shares to such holder instead of paying a cash amount, with the issuance of such common shares on a one-for-one basis subject to the terms and conditions of the partnership agreement of the Operating Partnership.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">An opinion of the Company&#146;s counsel, Hogan Lovells US LLP, regarding the legality of the Common Shares covered by the Prospectus Supplement described above is filed as Exhibit&nbsp;5.1 hereto.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Item 9.01</font></b>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <b>Financial Statements and Exhibits.</b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;">
<tr>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.34%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)&nbsp;Exhibits</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.92%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="88%" valign="top" style="padding:0in 0in 0in 0in;width:88.74%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.34%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.92%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="88%" valign="top" style="padding:0in 0in 0in 0in;width:88.74%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.34%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.92%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="88%" valign="top" style="padding:0in 0in 0in 0in;width:88.74%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="a18-17913_2ex5d1.htm#Exhibit5_1_074105" title="Click to goto ">Opinion of Hogan Lovells US LLP regarding the legality   of the Common Shares.</a></font></p>    </td>   </tr>
<tr>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.34%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.92%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="88%" valign="top" style="padding:0in 0in 0in 0in;width:88.74%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.34%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.1</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.92%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="88%" valign="top" style="padding:0in 0in 0in 0in;width:88.74%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="a18-17913_2ex5d1.htm#Exhibit5_1_074105" title="Click to goto ">Consent of Hogan Lovells US LLP (included in   Exhibit&nbsp;5.1).</a></font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">2<a name="PB_2_073836_5715"></a></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
</div>
<!-- SEQ.=1,FOLIO='2',FILE='C:\JMS\105348\18-17913-2\task8988942\17913-2-ba.htm',USER='105348',CD='Jul 31 01:00 2018' -->

<br clear="all" style="page-break-before:always;">
<div style="font-family:Times New Roman;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">SIGNATURES</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 5.0pt;text-indent:31.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;">
<tr>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="50%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">JBG SMITH PROPERTIES</font></b></p>    </td>   </tr>
<tr>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="50%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="50%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.66%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By:</font></p>    </td>
<td width="43%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:43.34%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ Steven A. Museles</font></p>    </td>   </tr>
<tr>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.66%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Name:</font></p>    </td>
<td width="43%" valign="top" style="padding:0in 0in 0in 0in;width:43.34%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Steven A. Museles</font></p>    </td>   </tr>
<tr>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.66%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Title:</font></p>    </td>
<td width="43%" valign="top" style="padding:0in 0in 0in 0in;width:43.34%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Chief Legal Officer and Corporate Secretary</font></p>    </td>   </tr>
<tr>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.66%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="43%" valign="top" style="padding:0in 0in 0in 0in;width:43.34%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">July&nbsp;30,   2018</font></p>    </td>
<td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.66%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="43%" valign="top" style="padding:0in 0in 0in 0in;width:43.34%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">3<a name="PB_3_073943_7056"></a></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
</div>
<!-- SEQ.=1,FOLIO='3',FILE='C:\JMS\105348\18-17913-2\task8988942\17913-2-ba.htm',USER='105348',CD='Jul 31 01:00 2018' -->

</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-5.1
<SEQUENCE>2
<FILENAME>a18-17913_2ex5d1.htm
<DESCRIPTION>EX-5.1
<TEXT>


<html>
<head>




  </head>
<body link=blue lang="EN-US">
<div>
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Exhibit 5.1<a name="Exhibit5_1_074105"></a></font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;">
<tr>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><img width="95" height="97" src="g179132kgi001.jpg"></font></p>    </td>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Hogan Lovells US   LLP</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Columbia Square</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">555 Thirteenth   Street, NW</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Washington, DC   20004</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">T&nbsp; +1 202 637 5600</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">F&nbsp; +1 202 637 5910</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">www.hoganlovells.com</font></p>    </td>   </tr>  </table>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">July&nbsp;30, 2018</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Board of Trustees</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">JBG SMITH Properties</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4445 Willard Avenue</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Suite&nbsp;400</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Chevy Chase, MD 20815</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Ladies and Gentlemen:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We are acting as counsel to JBG SMITH Properties, a Maryland real estate investment trust (the &#147;<b>Company</b>&#148;), in connection with the offering of 19,780,141 common shares of beneficial interest, par value $0.01 per share, of the Company (the &#147;<b>Redemption Shares</b>&#148;). The offering of the Redemption Shares by the Company is being made pursuant to a prospectus supplement dated July&nbsp;30, 2018 (the &#147;<b>Prospectus Supplement</b>&#148;) and the accompanying prospectus dated July&nbsp;2, 2018 (together with Prospectus Supplement, collectively, the &#147;<b>Prospectus</b>&#148;) that form part of the Company&#146;s effective registration statement on Form&nbsp;S-3, as amended (No.&nbsp;333-226023) (the &#147;<b>Registration Statement</b>&#148;). The Redemption Shares may be issued from time to time by the Company to the extent that certain holders of 19,780,141 common limited partnership units (the &#147;<b>OP Units</b>&#148;) in JBG SMITH Properties LP, a Delaware limited partnership (the &#147;<b>Operating Partnership</b>&#148;), in accordance with the terms of the First Amended and Restated Limited Partnership Agreement of the Operating Partnership, dated as of July&nbsp;17, 2017, as amended (the &#147;<b>Partnership Agreement</b>&#148;), tender the OP Units to the Operating Partnership for redemption and the Company exercises its contractual right to acquire such tendered OP Units in exchange for the Redemption Shares. This opinion letter is furnished to you at your request to enable you to fulfill the requirements of Item&nbsp;601(b)(5)&nbsp;of Regulation&nbsp;S-K, 17 C.F.R. &#167; 229.601(b)(5), in connection with the Registration Statement.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">For purposes of this opinion letter, we have examined copies of such agreements, instruments and documents as we have deemed an appropriate basis on which to render the opinions hereinafter expressed. In our examination of the aforesaid documents, we have assumed the genuineness of all signatures, the legal capacity of all natural persons, the accuracy and completeness of all documents submitted to us, the authenticity of all original documents, and the conformity to authentic original documents of all documents submitted to us as copies (including pdfs). We also have assumed that the Redemption Shares will not be issued in violation of the ownership limit contained in the Company&#146;s Articles of Amendment and Restatement of Declaration of Trust, as amended. As to all matters of fact, we have relied on the representations and statements of fact made in the documents so reviewed, and we have not independently established the facts so relied on. This opinion letter is given, and all statements herein are made, in the context of the foregoing.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
</div>
<!-- SEQ.=1,FOLIO='',FILE='C:\JMS\109754\18-17913-2\task8987080\17913-2-kg.htm',USER='109754',CD='Jul 28 09:08 2018' -->

<br clear="all" style="page-break-before:always;">
<div style="font-family:Times New Roman;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">This opinion letter is based as to matters of law solely on the applicable provisions of Title 8 of the Corporations and Associations Article&nbsp;of the Annotated Code of Maryland, as amended, and</font>  </font>applicable provisions of the Maryland General Corporation Law, as amended, currently in effect. We express no opinion herein as to any other statutes, rules, or regulations.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Based upon, subject to and limited by the foregoing, we are of the opinion that the Redemption Shares, if and when issued and delivered in accordance with the terms of the Partnership Agreement upon redemption of OP Units as contemplated thereby and assuming that the issuance of the Redemption Shares was duly authorized, the Redemption Shares will be validly issued, fully paid and nonassessable.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">This opinion letter has been prepared for your use in connection with the filing by the Company of a Current Report on Form&nbsp;8-K relating to the offer and sale of the Redemption Shares in exchange for the OP Units, which Form&nbsp;8-K will be incorporated by reference into the Registration Statement, and speaks as of the date hereof. We assume no obligation to advise of any changes in the foregoing subsequent to the delivery of this letter.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We hereby consent to the filing of this opinion letter as Exhibit&nbsp;5.1 to the above-described Form&nbsp;8-K and to the reference to this firm under the caption &#147;Legal Matters&#148; in the Prospectus Supplement. In giving this consent, we do not thereby admit that we are an &#147;expert&#148; within the meaning of the Securities Act of 1933, as amended.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;">
<tr>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Very truly yours,</font></p>    </td>   </tr>
<tr>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ Hogan Lovells   US LLP</font></p>    </td>   </tr>
<tr>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">HOGAN LOVELLS US   LLP</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">2<a name="PB_2_074605_2166"></a></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
</div>
<!-- SEQ.=1,FOLIO='2',FILE='C:\JMS\109754\18-17913-2\task8987080\17913-2-kg.htm',USER='109754',CD='Jul 28 09:08 2018' -->

</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>3
<FILENAME>g179132bai001.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 g179132bai001.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  H'!PD'!@H)" D+"PH,#QD0#PX.
M#QX6%Q(9)" F)2,@(R(H+3DP*"HV*R(C,D0R-CL]0$! )C!&2T4^2CD_0#W_
MVP!# 0L+"P\-#QT0$!T]*2,I/3T]/3T]/3T]/3T]/3T]/3T]/3T]/3T]/3T]
M/3T]/3T]/3T]/3T]/3T]/3T]/3T]/3W_P  1" !P *4# 2(  A$! Q$!_\0
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MZZ1_^A"O%Z^BR3_=WZO\D>;C_P"(O0]*^$/W=5^L?_LU>DUYM\(?NZK]8_\
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L'_D7]-_Z]8O_ $ 45/8VOV+3[:U#;Q!$L>[&,X &?THKRJC3DVCLBK)(_]D!

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>4
<FILENAME>g179132kgi001.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 g179132kgi001.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  H'!PD'!@H)" D+"PH,#QD0#PX.
M#QX6%Q(9)" F)2,@(R(H+3DP*"HV*R(C,D0R-CL]0$! )C!&2T4^2CD_0#W_
MVP!# 0L+"P\-#QT0$!T]*2,I/3T]/3T]/3T]/3T]/3T]/3T]/3T]/3T]/3T]
M/3T]/3T]/3T]/3T]/3T]/3T]/3T]/3W_P  1" !A %\# 2(  A$! Q$!_\0
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M5,94C!7=V-.R-2BJ5QJ/V73VNY;2Y"J"7C 7>H'<C./UIND:M%K5DMW;PSI
MXRCRJ!OYQQ@GTKE=&:BYVT6@[E^BBBL@"BBB@ HHHH *W?#?W+CZK_6L*MWP
MW]RX^J_UKU<F_P!\A\_R9,_A*6N_\A1_]U:X/XC$C0+4@$D7T7 []:[S7?\
MD*/_ +JUQ'CBUNM1T^VM;*SGGD2YCF8HHVA1G/)/6KNEF;;_ )F+[);U?4;A
MM&O5.E7B@P."Q*8'R]?O5@:?KLFA_#O1OLJ*]Y=-Y$ ?[H8L>3]*ZG5)GN-"
MN!%:W+23Q-&L6P;P2".1G@5R?_"/ZA=>#=)MTM)8]0TN43>7+A1)\Q) .?I3
MPWLG3Y:B27,NOD_/:X.]S:O=0U#P[?:=_:%ZMY:WDHMY/W(0QN>C CJ/8TY[
M_4-3\1ZCI]G="SBL(E)/E!VD=AD9ST45'K-K<>);S2XEL[BWM[:X%S.\X"].
MB#DY.:H7DDT&N:A/+I.K32RN8A/82@(\0Z*?<<^]%.G"23:7/9]N^FFVUP9<
M\/:YJ^K^%;J_V6\UZ&9(8D0JNX'')SSZ]J;)K-UINNZ7:R:M;Z@EW(89XE15
M,38X(V]L]C5*[#:MX-N=.\-6=Q8S6KJLMG(-DF#SUSSG]:??VEU/=:#-9Z'+
M;VME,&E 5!)T'\(/3WSS6BI4G*7,DDW+32ZTT_X%OO"[+&K:OK%GXQL]+M9H
M)(KQ&90\6/*Z]^^,9JUI^I7]IXNDT74+I;M)+87$4HB$94YP5(%5-1@O+CQY
MIFI1Z?=FTMX621]@X)SCC/N*DEANC\08]2%A=FT2T-N9-@^]GTST]ZAQ@X*+
M2^#ROS=/F!U5;OAO[EQ]5_K6%6[X;^Y<?5?ZUEDW^^0^?Y,<_A*6N_\ (4?_
M '5KD?$VO7F@113Q6<,\$DBQ9:4JP9L]L=.*Z[7?^0H_^ZM<)\1/^0%:?]?\
M7]:J4(SS&4)JZ<F'V3IK5IVMT-VD<<Q^\L;;E'T/%2TC,%4LQ 4#))Z"N9?4
MI-7\;2:1'/+%9VEOYDGE-M,KG&.?0 ]J\^G1=5R:T25V-NQT]9D>EW-K/</9
MZ@\<<\AE:*2(.%8]=IX('M6#%<WLOB75/#@OK@*L'GV<V_\ >1G X+=QD]Z3
M0]4N9O"%Y'>3W!U6"8V[YD^;S2<)@]A_@:ZXX2I3C>,D[VZ7T>SU%<Z:PTX6
M<MQ,\SSW-RP,LC #.!@  <  58N#.L#FV1'FQ\BR-M4GW-<;JFJW=GXGT_P_
M#<WKPM&)+F2/YYI#@G"GL..WK6CI,VJQ>*7@$%ZVC21[D>Z'S1/CH#UQ_C2J
M82=O:RDMK^J7]:+L%^@Q/%=Y)X8NM62PAW6LLB2Q&8XPO&0<<UT-C<&\L+>Y
MV[3-$LFW.<9&<5P]I_R37Q!_UWN/_0A5O4M4GTO3_#SRBZ726MQ]J>V!W [1
MMR1R!6]7!PFW"FK/F:^25[?Y"4CM*W?#?W+CZK_6N)\.W,5VMU+9ZD;ZR9E,
M.Y]SQ<?,I[]>F:[;PW]RX^J_UIY73=/'QB_/\@D[Q*6N_P#(4?\ W5KC/%VE
M:CK=M!:V44'EQS).9))=IRN?EQCWZUWVJZ9=75\TL* H5 R6 JG_ &)??\\E
M_P"^Q3KT,3#&3JTZ;>KMHP335CC=87Q-J&G2VMI:V%L9E*-(UP7(!ZX^44Z;
M1+BQUV'6-,BBEE:W%O=0.^S> !AE/J,=Z[#^Q+[_ )Y+_P!]BC^Q+[_GDO\
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-110 4444 %%%% '_V0$!

end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
