Material Event Form 8 K

Dividend Reinvestment and Share Purchase Plan

On June 26, 2024, JBG SMITH Properties ("JBG SMITH") filed with the Securities and Exchange Commission (the "SEC") a prospectus supplement (the "DRIP Prospectus Supplement") to its prospectus dated June 26, 2024, which was included in its shelf registration statement on Form S-3 (Registration No. 333-280468) (the "Registration Statement") filed with the SEC on June 26, 2024. The DRIP Prospectus Supplement relates to 2,000,000 shares of JBG SMITH's common shares of beneficial interest (the "DRIP Common Shares") that may be offered and sold from time to time pursuant to JBG SMITH's dividend reinvestment and share purchase plan. The JBG SMITH dividend reinvestment and share purchase plan is designed to provide JBG SMITH's existing shareholders and interested new investors with a method of purchasing common shares of beneficial interest and investing all or a percentage of their cash dividends in additional commons shares of beneficial interest.

An opinion of JBG SMITH's counsel, Hogan Lovells US LLP, regarding the legality of the DRIP Common Shares covered by the DRIP Prospectus Supplement described above is filed as Exhibit 5.1 hereto.

Redemption Shares

On June 26, 2024, JBG SMITH filed with the SEC a prospectus supplement (the "Redemption Prospectus Supplement") to its prospectus dated June 26, 2024, which was included in the Registration Statement. The Redemption Prospectus Supplement relates to 9,778,452 shares of JBG SMITH's common shares of beneficial interest (the "Redemption Common Shares") 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 ("OP Units") in JBG SMITH Properties LP (the "Operating Partnership") present such OP Units for redemption, and JBG SMITH, in its sole and absolute discretion, elects to assume and satisfy the redemption right by issuing its 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.

An opinion of JBG SMITH's counsel, Hogan Lovells US LLP, regarding the legality of the Redemption Common Shares covered by the Redemption Prospectus Supplement described above is filed as Exhibit 5.2 hereto.

This Current Report on Form 8-K shall not constitute an offer to sell or a solicitation of an offer to buy any securities, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or other jurisdiction.