<SEC-DOCUMENT>0001104659-21-037702.txt : 20210317
<SEC-HEADER>0001104659-21-037702.hdr.sgml : 20210317
<ACCEPTANCE-DATETIME>20210317161639
ACCESSION NUMBER:		0001104659-21-037702
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20210315
FILED AS OF DATE:		20210317
DATE AS OF CHANGE:		20210317

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			MUSELES STEVEN A
		CENTRAL INDEX KEY:			0001256324

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-37994
		FILM NUMBER:		21750739

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:		4747 BETHESDA AVENUE
		STREET 2:		SUITE 200
		CITY:			BETHESDA
		STATE:			MD
		ZIP:			20814
		BUSINESS PHONE:		240-333-3600

	MAIL ADDRESS:	
		STREET 1:		4747 BETHESDA AVENUE
		STREET 2:		SUITE 200
		CITY:			BETHESDA
		STATE:			MD
		ZIP:			20814

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Vornado DC Spinco
		DATE OF NAME CHANGE:	20161109
</SEC-HEADER>
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<TYPE>4
<SEQUENCE>1
<FILENAME>tm2110011-1_4seq1.xml
<DESCRIPTION>OWNERSHIP DOCUMENT
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    <periodOfReport>2021-03-15</periodOfReport>

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

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001256324</rptOwnerCik>
            <rptOwnerName>MUSELES STEVEN A</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>C/O JBG SMITH PROPERTIES</rptOwnerStreet1>
            <rptOwnerStreet2>4747 BETHESDA AVENUE, SUITE 200</rptOwnerStreet2>
            <rptOwnerCity>BETHESDA</rptOwnerCity>
            <rptOwnerState>MD</rptOwnerState>
            <rptOwnerZipCode>20814</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
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            <isDirector>0</isDirector>
            <isOfficer>1</isOfficer>
            <isTenPercentOwner>0</isTenPercentOwner>
            <isOther>0</isOther>
            <officerTitle>Chief Legal Off. &amp; Corp Secy</officerTitle>
            <otherText></otherText>
        </reportingOwnerRelationship>
    </reportingOwner>

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                <value>Common Shares</value>
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            <transactionDate>
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                <transactionPricePerShare>
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                <transactionAcquiredDisposedCode>
                    <value>A</value>
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                <sharesOwnedFollowingTransaction>
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                <transactionPricePerShare>
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                <underlyingSecurityTitle>
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                </underlyingSecurityTitle>
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                </underlyingSecurityShares>
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                <directOrIndirectOwnership>
                    <value>D</value>
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            <securityTitle>
                <value>OP Units</value>
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                <transactionCode>C</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
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                <transactionShares>
                    <value>15000</value>
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                <transactionPricePerShare>
                    <footnoteId id="F1"/>
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                    <value>D</value>
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                <footnoteId id="F1"/>
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        </derivativeTransaction>
    </derivativeTable>

    <footnotes>
        <footnote id="F1">Each Operating Partnership Unit (&quot;OP Unit&quot;) in JBG SMITH Properties LP (the &quot;OP&quot;), the operating partnership of JBG SMITH Properties (the &quot;Issuer&quot;), is redeemable, once vested, by the holder for one common share of the Issuer, par value $0.01 (a &quot;Common Share&quot;), or the cash value of a Common Share, at the Issuer's option.</footnote>
        <footnote id="F2">The reporting person previously acquired 2,403 Common Shares through the Issuer's Employee Share Purchase Plan and 70 shares through the Issuer's direct dividend reinvestment and share purchase program, which are held directly by the reporting person.</footnote>
        <footnote id="F3">The price reported in Column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $32.64 to $33.21, inclusive. The reporting person undertakes to provide to JBG SMITH Properties, any security holder of JBG SMITH Properties, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares purchased at each separate price within the ranges set forth in footnote (3) to this Form 4.</footnote>
        <footnote id="F4">These limited partnership units in the OP designated as LTIP Units (&quot;LTIP Units&quot;) are a class of units in the OP Units that, if vested, 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 OP Units.</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>/s/ Steven A. Museles</signatureName>
        <signatureDate>2021-03-17</signatureDate>
    </ownerSignature>
</ownershipDocument>
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</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
