Form 8-K

8-K — JBG SMITH Properties

Accession: 0001104659-26-092962

Filed: 2026-08-10

Period: 2026-08-10

CIK: 0001689796

SIC: 6798 (REAL ESTATE INVESTMENT TRUSTS)

Item: Results of Operations and Financial Condition

Item: Financial Statements and Exhibits

Documents

8-K — jbgs-20260810x8k.htm (Primary)

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8-K

8-K (Primary)

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JBG SMITH PROPERTIES_August 10, 2026

0001689796false00016897962026-08-102026-08-10

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported):

August 10, 2026

JBG SMITH PROPERTIES

(Exact name of Registrant as specified in its charter)

Maryland

001-37994

81-4307010

(State or other jurisdiction of incorporation or organization)

(Commission file number)

(I.R.S. Employer Identification No.)

4747 Bethesda Avenue Bethesda MD

Suite 200

20814

(Address of principal executive offices)

(Zip Code)

Registrant’s telephone number, including area code: (240) 333-3600

Former name or former address, if changed since last report:

Check the appropriate box below if the Form 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.):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common Shares, par value $0.01 per share

JBGS

New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

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 13(a) of the Exchange Act ☐

Item 2.02Results of Operations and Financial Condition

On August 10, 2026, JBG SMITH Properties (the “Company”) announced its financial results for the three and six months ended June 30, 2026. The Company also released a Quarterly Investor Package, which contains a letter to shareholders, the earnings press release and supplemental information. A copy of the Quarterly Investor Package is furnished as Exhibit 99.1 to this Current Report on Form 8-K.

The information contained in this Current Report on Form 8-K, including Exhibit 99.1, shall not be deemed “filed” with the Securities and Exchange Commission for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to liabilities of that section, nor incorporated by reference into any filing of the Company under the Securities Act of 1933, as amended, or the Exchange Act.

Item 9.01Financial Statements and Exhibits

(d) Exhibits

99.1 Quarterly Investor Package for the quarter ended June 30, 2026.

104

Cover Page Interactive Data File (the cover page XBRL tags are embedded in the Inline XBRL document).

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

JBG SMITH PROPERTIES

August 10, 2026

By:

/s/ M. Moina Banerjee

M. Moina Banerjee

Co-President and Chief Financial Officer

(Principal Financial Officer)

EX-99.1

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Management Letter

August 10, 2026

Our Fellow Shareholders:

The second quarter unfolded against a backdrop of continued macroeconomic uncertainty. The conflict in the Middle East disrupted global energy markets and complicated the inflation outlook, while elevated interest rates, wider risk premiums, and higher return requirements continued to weigh on real estate capital markets. With inflation risks lingering and the labor market slowing, the Federal Reserve has maintained a cautious posture, leaving transaction activity below the levels we anticipated entering 2026.

While the metro area continues to work through the effects of last year's spending cuts and workforce reductions, Northern Virginia is benefiting from growing defense, intelligence, and technology spending. Demand for secure and specialized office space continues to strengthen, our National Landing office leasing pipeline is the strongest it has been in several years, and multifamily fundamentals are beginning to modestly improve against a backdrop of historically limited new supply. These trends reinforce our conviction that our portfolio is concentrated in markets aligned with enduring long-term demand drivers. While we remain measured in our expectations for the pace of recovery in the transaction markets, our priorities remain unchanged: allocate capital with discipline, preserve balance sheet flexibility, and maximize long-term NAV per share growth.

Capital Allocation

We are actively pursuing new growth opportunities that align with our strategy and leverage our competitive strengths as a mixed-use owner, operator, and developer. We expect to fund growth opportunities through a combination of asset sales and private equity joint ventures — choosing among these sources based on their relative cost of capital and availability at the time. Across all channels, our capital allocation strategy remains focused on enhancing long-term shareholder value and positioning our portfolio for sustained NAV per share growth.

During the second quarter, we sold a 50% interest in Tysons Dulles Plaza, an approximately 491,500-square-foot commercial asset in Tysons, Virginia. Additionally, we contributed 2200 Crystal Drive, an obsolete office building in National Landing, to a real estate venture that is converting the building into a 195-unit multifamily asset. We are the developer and the property manager, and our partner has committed to contribute the equity required to fund the construction for a 70% interest in the venture. This transaction is another demonstration of our ability to attract third-party capital, execute complex repositioning projects, and transform obsolete office buildings into durable, income-producing multifamily assets. These joint ventures further our goal of attracting private capital partners to scale and diversify our distressed office investment strategy and fund the construction of multifamily assets in our development pipeline while also enhancing the efficiency of our platform with incremental fee revenue and potential carried interest income.

Financial and Operating Metrics

For the three months ended June 30, 2026, we reported Core FFO attributable to common shares of $10.4 million, or $0.18 per diluted share. Annualized NOI increased 1.3% quarter over quarter, totaling $249.2 million, adjusting for assets that were sold or recapitalized. Our multifamily portfolio ended the quarter at 89.6% leased and 86.6%

occupied. Our office portfolio ended the quarter at 78.0% leased and 75.4% occupied. Our Same Store NOI declined 4.0% for the three months ended June 30, 2026.

As of June 30, 2026, our Net Debt to Annualized Adjusted EBITDA was 12.4x. We are currently operating at elevated leverage levels while we lease up our newly constructed multifamily assets (The Grace, Reva, The Zoe, and Valen). In the near term, we expect our leverage will moderate through additional income from the stabilization of these newly constructed multifamily assets and additional commercial revenue from our signed but not yet commenced leases.

Our floating rate exposure remains low, with 84.2% of our debt fixed or hedged as of the end of the second quarter, after accounting for in-place interest rate swaps and caps. The floating rate exposure is tied to our revolving credit facility and assets where the business plan warrants preserving flexibility. We continue to be well positioned with respect to our near-term debt maturities. Our debt has a weighted average maturity of 2.3 years, after adjusting for by-right extension options. Our non-recourse asset-level financing strategy continues to be most valuable in an environment like today, providing a floor on our downside risk.

Operating Portfolio

Multifamily Trends

The Same Store multifamily portfolio ended the quarter at 94.3% leased, up 80 basis points quarter over quarter, and 92.0% occupied, flat from March 2026. June asking rents were up 1.0% from March and 2.6% from December 2025. Momentum carried into July, as of month end the portfolio was 94.4% leased, occupancy climbed to 92.3%, and asking rents rose another 1.9% from June. Our multifamily portfolio NOI increased approximately 1.0% from Q1 2026.

We continue to make progress leasing our recently completed assets — The Grace and Reva were 90.4% leased and The Zoe and Valen were 58.8% leased as of quarter end, leasing velocity continued into July bringing the assets to 92.8% and 68.9% leased, respectively, as of month end. We believe that the amenity-rich environment we have developed in National Landing and proximity to transit are key factors contributing to the successful leasing performance.

DC Metro Multifamily Trends (based on CoStar, Apartment List, and BLS data)

The multifamily market continues to grapple with the effects of the federal workforce disruption that began in 2025. While we believe the risk of another wave of significant federal job cuts has largely subsided and that the market is in the early stages of recovery, it is a long and slow climb out of the valley. That climb is steepest for segments of the economy most linked to civilian federal employment, contracting, and grantmaking. Jobs data provide some helpful context: DC metro area employment appears to have bottomed in February and has since recovered by 17,400 jobs. This pace suggests a return to more typical labor market conditions given average annual growth of approximately 40,000 jobs in recent years. Unlike employment, metro-wide vacancy reached 6.8% in February and has yet to moderate, although rental rate trends have begun to improve. Asking rents declined 4.3% from their June 2025 peak to their January low but have since rebounded 2.4% through June – a modest but encouraging indicator.

The supply side of the equation remains a telling and positive contributor to the market, with a pipeline that has slowed to a trickle relative to historic levels. Just over 2,200 units are slated to deliver in 2026 – a far cry from the 14,000 or more that delivered in peak years. The entire forward pipeline, inclusive of 2026 deliveries, is just over 9,000 units expected to deliver through 2028, representing just over 1.6% of regional inventory. This constrained supply, coupled with continued resilient home pricing in the DC metro region, has provided an important buffer against the recent demand shock. As a result, the market remains relatively well-occupied at 93.2% and has seen year-over-year rent declines of less than 2%. Looking ahead, these favorable supply dynamics should support a

return to rental rate growth, particularly in Northern Virginia, where expanding defense-tech employment is helping to drive demand.

Office Trends

Our office portfolio ended the quarter at 78.0% leased, up 1.1% quarter over quarter, and 75.4% occupied, up 0.2% quarter over quarter, and NOI increased 1.6% from Q1 2026, adjusting for the recapitalization of Tysons Dulles Plaza. The spread between our leased and occupied percentages represents approximately $12.7 million of contractual annualized rent, which is expected to commence over the next 12 months. In the second quarter, we executed 151,000 square feet of leases (148,000 square feet in National Landing), including 88,000 square feet of new leases. For second generation leases, the rental rate mark-to-market was negative 2.0%. Our year-to-date leasing activity represents over 66% of our 2025 leasing activity, underscoring the continued momentum in our office leasing demand.

Looking forward, lease rollover in National Landing is modest, averaging approximately 7% annually over the next five years. We expect our tenant retention rate to improve, as defense-tech tenants comprise approximately 70% of the portfolio’s tenancy. Over the last 18 months, we have achieved an 80% retention rate among these tenants and have expanded their footprints by an average of 9% upon renewal. We continue to execute upon our leasing pipeline, which currently stands at over 300,000 square feet of tenants looking to occupy space in National Landing over the next 12 months. Leasing activity in National Landing continues to be driven primarily by three categories of office users: (i) companies requiring a Sensitive Compartmented Information Facility (SCIF) or other forms of secure facilities; (ii) technology-related tenants attracted by the recent delivery of our placemaking interventions; and (iii) defense-related tenants who have long called this submarket home. 91% of our second quarter leasing activity was with tenants in the defense and technology industries. Demand for office space that has a SCIF is particularly strong, as these facilities require significant capital investments which can exceed $500 per square foot and extended construction timelines which can stretch over 18 months driven by security and certification requirements. The ability to deliver new SCIF or assign existing SCIF continues to be a key differentiator in our tenant discussions — currently, 92% of our National Landing GSA tenancy has a SCIF in their space, representing a lasting competitive advantage that is difficult to replicate elsewhere in the market.

To support a healthier long-term office market in National Landing, we have reduced our office inventory by more than 25% since our formation by repurposing older, underutilized office buildings for redevelopment or conversion to multifamily housing, hospitality, and other complementary uses that create a vibrant mixed-use environment. At 1900 Crystal Drive and 2001 Richmond Highway, we demolished two obsolete office buildings and developed the sites into four new multifamily assets currently in lease up — The Grace, Reva, The Zoe, and Valen. We redeveloped 1770 Crystal Drive, an aging office property, into a best-in-class office building that was 100% pre-leased to Amazon and remains fully leased to Amazon today. More recently, we expanded this strategy through adaptive reuse and conversion of four obsolete office buildings. We entitled 2100 Crystal Drive for conversion into a 345-key, dual-branded hotel before selling the asset to a hotel developer. We recapitalized and commenced construction on the conversion of 2200 Crystal Drive into a 195-unit multifamily asset. During the second quarter we received entitlement approval to convert 1800 and 1901 South Bell Street into multifamily, advancing the next phase of inventory reduction and repositioning within the submarket. Our leasing efforts continue to focus on buildings with long-term potential, concentrating occupancy in areas of National Landing that are accessible via multi-modal transportation and that we have enhanced through our placemaking interventions, including the recent delivery of our new office amenity hub at 2011 Crystal Drive.

Northern Virginia Office Trends (based on JLL and CBRE data)

The Northern Virginia office market continued to distinguish itself from the broader region’s economic challenges during the second quarter, driven largely by the rapid growth of the defense technology sector. According to CBRE,

the market recorded its sixth consecutive quarter of positive absorption, reaching 535,000 square feet year to date, while headline vacancy fell to 21.3%. Leasing activity was similarly strong, with 3 million square feet year to date, including 14 transactions over 50,000 square feet according to CBRE. Notably, 46% of that leasing activity was directly attributable to defense or technology firms. JLL similarly highlighted the market’s momentum, reporting that second quarter leasing activity exceeded the prior 3-year average by 13.5%. Supply dynamics continued to strengthen as well. JLL noted that the office redevelopment pipeline has grown to 17 million square feet, with nearly half of the new uses already jurisdictionally approved. While some of this inventory will ultimately add to apartment supply via conversions and wood frame multifamily sites, a significant share of it is slated for townhome and data center development.

This is the healthiest office market we have seen since the pandemic, as Northern Virginia establishes itself as a leading hub for a new generation of defense technology companies. We continue to believe that this strong tenant demand, coupled with unprecedented levels of inventory removal and virtually no new starts, will drive vacancy rates to far healthier levels. This dynamic should benefit both our National Landing portfolio and our recent acquisitions in the path of defense tech growth. Perhaps even more important, demand is being driven not only by new business flowing to existing tenants in the market, but also by net new entrants who are often relatively new defense technology companies in critical areas like AI, cybersecurity, and space. Many of these new entrants have significant valuations backed by growing government contract revenue and are moving at speeds much more like private tech companies than traditional beltway players. We believe National Landing remains exceptionally well-positioned to capture more than its fair share of this demand; and we will continue to diligently pursue other opportunities to acquire assets elsewhere in the path of similar growth as they arise.

* * *

As we look ahead, our priorities remain clear and consistent: execute with discipline, preserve balance sheet flexibility, and allocate capital toward opportunities that offer compelling long-term risk-adjusted returns. While the macroeconomic environment remains uncertain, the underlying trends most important to our business continue to move in a favorable direction. Multifamily fundamentals are improving as new supply remains constrained, demand from defense, intelligence, and technology-oriented tenants continues to support leasing activity in National Landing, and our recent recapitalization and financing transactions have further strengthened our ability to pursue attractive investment opportunities.

We believe the actions we have taken over the past several years — transforming National Landing through placemaking, recycling capital into higher-return opportunities, reducing obsolete office inventory, and strengthening relationships with institutional capital partners — have positioned us to benefit as market conditions normalize. As always, our focus remains on maximizing long-term NAV per share growth and creating value for our shareholders.

Finally, we would like to provide additional context regarding the recent ruling by the DC Superior Court on the Wardman Tower matter. We, along with multiple other parties, are named defendants in a lawsuit arising out of a condominium development project known as Wardman Tower in Washington, DC. The lawsuit was filed by the Wardman Tower Residential Condominium Unit Owners Association. The building has 32 units which were originally purchased for prices totaling in aggregate approximately $115.0 million, equating to an average purchase price of approximately $3.6 million per unit. The lawsuit seeks damages resulting primarily from alleged construction and design deficiencies, and alleged misrepresentations and omissions, including claims under the DC Consumer Protection Procedures Act ("CPPA"). The Wardman Tower project was designed and constructed by other parties and was substantially complete prior to our formation. We have never had any ownership interest in the project. One of our subsidiary entities, which was only made a defendant in the litigation during the trial, had acted under a project management agreement with the project owner. The lawsuit sought $185.0 million in compensatory

damages and asked that those damages be trebled under the CPPA, for a total of approximately $555.0 million in damages – nearly 5x the aggregate original purchase price of all condominium units – plus attorneys’ fees.

On July 31st, the court entered judgment in favor of the condominium association, found damages in the amount of $118.7 million, very close to the aggregate of the purchase prices the original owners paid for their units, and ordered the defendants, which include us, to pay treble that amount, or approximately $356.1 million in damages, plus attorneys’ fees in an amount to be determined. For a multitude of reasons which we intend to detail during the appeal process, we believe the judgment against us, including its conclusion that we are liable for acts of employees of a subsidiary providing services under a project management agreement between the project owner and another subsidiary, is not supported by the facts of the case or applicable law regarding corporate separateness. If upheld, this ruling could have implications far beyond this case by disrupting the principles of corporate separateness relied upon by companies across Washington, DC and throughout the United States. It could also discourage future real estate investment in the District and constrain development of new housing, particularly for-sale housing and adaptive-reuse conversions of older buildings to residential. We believe there are substantial grounds to challenge both the liability findings against us and the size and trebling of the award. We intend to appeal the judgment promptly and continue to defend ourselves vigorously in this matter. While we maintain substantial insurance coverage, we also believe that JBG SMITH should not have been named as a defendant in this case and should not bear any liability with respect to this matter. These arguments are expected to be addressed through the appellate process.

The appeal could take years to conclude; any final resolution will not be determined until that process has run its course. We have high confidence in our grounds for appeal, and we believe that the court’s decision to hold JBG SMITH liable is not justifiable. For that reason, we do not believe a loss is probable, and, therefore, a liability has not been recognized in our financial statements. While the arguments we plan to make in our appeal will become public as that process unfolds, it is unlikely we will know the outcome of this process until the end. This judgment was a shocking surprise, and we do not like surprises any more than any other owner of the company. As the largest group of individual shareholders of JBG SMITH, our team is committed to doing everything we can to reverse this unfortunate and unjust outcome, and we will not rest until we do so.

Thank you for your continued trust and confidence.

Sincerely,

W. Matthew Kelly

Chief Executive Officer

Section Two – Earnings Release

FOR IMMEDIATE RELEASE

gs Release

CONTACT

Kevin Connolly

Executive Vice President, Portfolio Management & Investor Relations

(240) 333-3837

kconnolly@jbgsmith.com

JBG SMITH ANNOUNCES SECOND QUARTER 2026 RESULTS

Bethesda, MD (August 10, 2026) - JBG SMITH (NYSE: JBGS), a leading owner, operator, and developer of mixed-use properties in the Washington, DC market, today filed its Form 10-Q for the quarter ended June 30, 2026 and reported its financial results.

Additional information regarding our results of operations, properties, and tenants can be found in our Second Quarter 2026 Investor Package, which is posted in the Investor Relations section of our website at www.jbgsmith.com. We encourage investors to consider the information presented here with the information in that document.

Second Quarter 2026 Highlights

● Net loss, Funds From Operations ("FFO"), and Core FFO attributable to common shareholders were:

SECOND QUARTER AND YEAR-TO-DATE COMPARISON

in millions, except per share amounts

Three Months Ended

Six Months Ended

June 30, 2026

June 30, 2025

June 30, 2026

June 30, 2025

Amount

Per Diluted Share

Amount

Per Diluted Share

Amount

Per Diluted Share

Amount

Per Diluted Share

Net loss (1)

(59.2)

(1.03)

(19.2)

(0.29)

(77.9)

(1.34)

(65.0)

(0.87)

FFO

12.5

0.21

10.0

0.15

14.6

0.25

10.8

0.14

Core FFO

10.4

0.18

12.7

0.19

20.3

0.34

19.9

0.27

_____________

(1) Includes gains on the sale of real estate of $41.8 million for the three months ended June 30, 2025, and $20.8 million and $42.4 million for the six months ended June 30, 2026 and 2025. Includes impairment losses of $44.1 million and $31.8 million for the three months ended June 30, 2026 and 2025, and $45.6 million and $40.3 million for the six months ended June 30, 2026 and 2025.

● Annualized Net Operating Income ("Annualized NOI") for the three months ended June 30, 2026 was $249.3 million, compared to $249.7 million for the three months ended March 31, 2026, at our share. Adjusting for assets that were recently sold and recapitalized, Annualized NOI for the three months ended June 30, 2026 was $249.2 million, compared to $246.1 million for the three months ended March 31, 2026, at our share.

o The increase in Annualized NOI, adjusting for assets that were recently sold and recapitalized, was substantially attributable to (i) higher occupancy and lower utilities expense, partially offset by higher repairs

and maintenance expense in our multifamily portfolio; and (ii) lower utilities expense and higher parking revenue, partially offset by lower rental revenue in our commercial portfolio.

● Same Store NOI ("SSNOI") at our share decreased 4.0% to $54.8 million for the three months ended June 30, 2026 compared to June 30, 2025.

o The decrease in SSNOI was substantially attributable to (i) lower rental revenue and higher real estate taxes and utilities expense in our multifamily portfolio; and (ii) lower rental revenue, partially offset by lower real estate taxes in our commercial portfolio.

Operating Portfolio

● The operating multifamily portfolio was 89.6% leased and 86.6% occupied as of June 30, 2026, compared to 86.8% and 84.5% as of March 31, 2026, at our share. Our Same Store multifamily portfolio was 94.3% leased and 92.0% occupied as of June 30, 2026, compared to 93.5% leased and 92.0% occupied as of March 31, 2026, at our share.

● In our Same Store multifamily portfolio, effective rents decreased by 9.5% for new leases and increased by 2.8% upon renewal while achieving a 55.9% renewal rate during the second quarter.

● The operating commercial portfolio was 78.0% leased and 75.4% occupied as of June 30, 2026, compared to 76.9% and 75.2% as of March 31, 2026, at our share.

● Executed approximately 151,000 square feet of office leases at our share during the three months ended June 30, 2026, including approximately 88,000 square feet of new leases. Second-generation leases generated a 2.0% rental rate decrease on a cash basis and a 4.2% rental rate increase on a GAAP basis.

● Executed approximately 483,000 square feet of office leases at our share during the six months ended June 30, 2026, including approximately 116,000 square feet of new leases. Second-generation leases generated a 5.7% rental rate decrease on a cash basis and a 1.0% rental rate increase on a GAAP basis.

Development Portfolio

Under-Construction

● In May 2026, we commenced construction on 2200 Crystal Drive in National Landing, an obsolete office building we contributed to a joint venture and are converting into a 195-unit multifamily asset, 59 units at our share.

Development Pipeline

● As of June 30, 2026, our development pipeline consisted of 3.5 million square feet of estimated potential development density at our share.

Third-Party Real Estate Services Business

● For the three months ended June 30, 2026, revenue from third-party real estate services, including reimbursements, was $17.0 million. Excluding reimbursements and service revenue from our interests in real estate ventures, revenue from our third-party real estate services business was $7.2 million, primarily driven by $4.7 million of property and asset management fees, and $1.4 million of other service revenue.

Balance Sheet

● As of June 30, 2026, our total enterprise value was approximately $3.5 billion, comprising 71.4 million common shares and units valued at $1.0 billion, and debt (net of premium / (discount) and deferred financing costs) at our share of $2.6 billion, less cash and cash equivalents at our share of $74.6 million.

● As of June 30, 2026, we had $74.8 million of cash and cash equivalents ($74.6 million of cash and cash equivalents at our share), and $526.2 million of undrawn capacity under our revolving credit facility.

● Net Debt to annualized Adjusted EBITDA at our share for the three months ended June 30, 2026 was 12.4x, and our Net Debt / total enterprise value was 70.3% as of June 30, 2026.

Investing and Financing Activities

● In April 2026, we formed a real estate venture to recapitalize Tysons Dulles Plaza, a 491,494-square-foot commercial asset in Tysons, Virginia, in which we retained a 50.0% interest. In connection with the transaction, the real estate venture entered into a three-year, interest-only $37.9 million mortgage loan with an interest rate of SOFR plus 2.10%, of which $20.0 million was drawn at closing. We retained management of the asset and continue to account for the asset on a consolidated basis.

● In May 2026, we formed an unconsolidated real estate venture to recapitalize 2200 Crystal Drive, an office building in Arlington, Virginia, which the venture is converting into a 195-unit multifamily asset. We contributed 2200 Crystal Drive to the real estate venture, and our venture partner has committed to contribute the equity required to fund the construction for a 70.0% interest, which is expected to reduce our ownership interest from 100.0% at the formation of the real estate venture to 30.0% when all contributions are funded. We are the developer and the property manager of the asset. In connection with the transaction, the real estate venture entered into a four-year mortgage loan with a maximum principal balance of $55.0 million and an interest rate of SOFR plus 2.00%.

Dividends

● On July 30, 2026, our Board of Trustees declared a quarterly dividend of $0.175 per common share, which will be paid on August 27, 2026 to shareholders of record as of August 13, 2026.

Wardman Tower Litigation

We, along with multiple other parties, are named defendants in a lawsuit arising out of a condominium development project known as Wardman Tower in Washington, DC. The lawsuit was filed by the Wardman Tower Residential Condominium Unit Owners Association in the Superior Court of the District of Columbia on November 25, 2020. The lawsuit seeks damages resulting primarily from alleged construction and design deficiencies, and alleged misrepresentations and omissions, including claims under the DC Consumer Protection Procedures Act ("CPPA"). The Wardman Tower project was designed and constructed by other parties and was substantially complete prior to our formation. We have never had any ownership interest in the project. One of our subsidiary entities, which was only made a defendant in the litigation during the trial, had acted under a project management agreement with the project owner. The lawsuit sought compensatory damages and asked that those damages be trebled under the CPPA, plus attorneys' fees.

The bench trial began on November 10, 2025, and the last witness testified on March 5, 2026. On July 31, 2026, the Court entered judgment in favor of Wardman Tower Residential Condominium Unit Owners Association, found damages in the amount of $118.7 million, and ordered the defendants, which include us, to pay treble that amount, or approximately $356.1 million in damages, plus attorneys’ fees in an amount to be determined. We believe the judgment against us, including its conclusion that we are liable for acts of employees of a subsidiary providing services under a project management agreement between the project owner and another subsidiary, is not supported by the facts of the case or applicable law regarding corporate separateness. We believe there are substantial grounds to challenge both the liability findings against us and the size and trebling of the award, and intend to appeal the judgment promptly, and continue to defend ourselves vigorously in this matter. The timing and success of any appeal is uncertain, and we cannot be certain of the ultimate outcome of the case. We anticipate that one or more bonds will be posted by the defendants to stay enforcement of the judgment pending the expected appeal, and to the extent we are required to collateralize any portion of the bonds, it may impact our liquidity. As of June 30, 2026, we have concluded that a loss attributable to us from this case is not probable at this time and, therefore, a liability has not been recorded with respect to this case. Please refer to our Quarterly Report on Form 10-Q for the quarter ended June 30, 2026 for additional information.

About JBG SMITH

JBG SMITH owns, operates, and develops mixed-use properties concentrated in amenity-rich, Metro-served submarkets in and around Washington, DC, most notably National Landing, where through our focus on placemaking, we cultivate vibrant, highly amenitized, walkable neighborhoods. JBG SMITH's portfolio comprises 11.8 million square feet at share of multifamily, office, and retail assets, and a 3.5 million square-foot development pipeline. For more information on JBG SMITH please visit www.jbgsmith.com.

Forward-Looking Statements

Washington, DC metropolitan area, including reductions in federal government spending, headcount, or leasing, trends in multifamily housing demand in the Washington, DC metropolitan area, the timing of and costs associated with development and property improvements, financing commitments, and general competitive factors. For further discussion of factors that could materially affect the outcome of our forward-looking statements and other risks and uncertainties, see "Risk Factors," "Management's Discussion and Analysis of Financial Condition and Results of Operations" and the Cautionary Statement Concerning Forward-Looking Statements in the Company's Annual Report on Form 10-K for the year ended December 31, 2025 and other periodic reports the Company files with the Securities and Exchange Commission. For these statements, we claim the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. You are cautioned not to place undue reliance on our forward-looking statements. All subsequent written and oral forward-looking statements attributable to us or any person acting on our behalf are expressly qualified in their entirety by the cautionary statements contained or referred to in this section. We do not undertake any obligation to release publicly any revisions to our forward-looking statements to reflect events or circumstances occurring after the date hereof.

Pro Rata Information

We present certain financial information and metrics in this release "at JBG SMITH Share," which refers to our ownership percentage of consolidated and unconsolidated assets in real estate ventures (collectively, "real estate ventures") as applied to these financial measures and metrics. Financial information "at JBG SMITH Share" is calculated on an asset-by-asset basis by applying our percentage economic interest to each applicable line item of that asset's financial information. "At JBG SMITH Share" information, which we also refer to as being "at share," "our pro rata share" or "our share," is not, and is not intended to be, a presentation in accordance with GAAP. Given that a portion of our assets are held through real estate ventures, we believe this form of presentation, which presents our economic interests in the partially owned entities, provides investors valuable information regarding a significant component of our portfolio, its composition, performance and capitalization.

We do not control the unconsolidated real estate ventures and do not have a legal claim to our co-venturers' share of assets, liabilities, revenue and expenses. The operating agreements of the unconsolidated real estate ventures generally allow each co-venturer to receive cash distributions to the extent there is available cash from operations. The amount of cash each investor receives is based upon specific provisions of each operating agreement and varies depending on certain factors including the amount of capital contributed by each investor and whether any investors are entitled to preferential distributions.

With respect to any such third-party arrangement, we would not be in a position to exercise sole decision-making authority regarding the property, real estate venture or other entity, and may, under certain circumstances, be exposed to economic risks not present were a third-party not involved. We and our respective co-venturers may each have the right to trigger a buy-sell or forced sale arrangement, which could cause us to sell our interest, or acquire our co-venturers' interests, or to sell the underlying asset, either on unfavorable terms or at a time when we otherwise would not have initiated such a transaction. Our real estate ventures may be subject to debt, and the repayment or refinancing of such debt may require equity capital calls. To the extent our co-venturers do not meet their obligations to us or our real estate ventures or they act inconsistent with the interests of the real estate venture, we may be adversely affected. Because of these limitations, the non-GAAP "at JBG SMITH Share" financial information should not be considered in isolation or as a substitute for our consolidated financial statements as reported under GAAP.

Occupancy, non-GAAP financial measures, leverage metrics, operating assets and operating metrics presented in our investor package exclude our 33.5% subordinated interest in four commercial buildings, as well as the associated non-recourse mortgage loans, held through an unconsolidated real estate venture, as our investment in the real estate venture is zero, we do not anticipate receiving any near-term cash flow distributions from the real estate venture, and we have not guaranteed its obligations or otherwise committed to providing financial support.

Non-GAAP Financial Measures

This release includes non-GAAP financial measures. For these measures, we have provided an explanation of how these non-GAAP measures are calculated and why JBG SMITH's management believes that the presentation of these measures provides useful information to investors regarding JBG SMITH's financial condition and results of operations. Reconciliations of certain non-GAAP measures to the most directly comparable GAAP financial measure are included in this earnings release. Our presentation of non-GAAP financial measures may not be comparable to similar non-GAAP measures used by other companies. In addition to "at share" financial information, the following non-GAAP measures are included in this release:

Earnings Before Interest, Taxes, Depreciation and Amortization ("EBITDA"), EBITDA for Real Estate ("EBITDAre") and "Adjusted EBITDA" are non-GAAP financial measures. EBITDA and EBITDAre are used by management as supplemental operating performance measures, which we believe help investors and lenders meaningfully evaluate and compare our operating performance from period-to-period by removing from our operating results the impact of our capital structure (primarily interest charges from our outstanding debt and the impact of our interest rate swaps and caps) and certain non-cash expenses (primarily depreciation and amortization expense on our assets). EBITDAre is computed in accordance with the definition established by the National Association of Real Estate Investment Trusts ("Nareit"). Nareit defines EBITDAre as GAAP net income (loss) adjusted to exclude interest expense, income taxes, depreciation and amortization expense, gains (losses) on sales of real estate and impairment write-downs of certain real estate assets and investments in entities when the impairment is directly attributable to decreases in the value of depreciable real estate held by the entity, including our share of such adjustments for unconsolidated real estate ventures. These supplemental measures may help investors and lenders understand our ability to incur and service debt and to make capital expenditures. EBITDA and EBITDAre are not substitutes for net income (loss) (computed in accordance with GAAP) and may not be comparable to similarly titled measures used by other companies.

Adjusted EBITDA represents EBITDAre adjusted for items we believe are not representative of ongoing operating results, such as Transaction and Other Costs, gain (loss) on the extinguishment of debt, earnings (losses) and distributions in excess of our investment in unconsolidated real estate ventures, lease liability adjustments, litigation costs and income (loss) from investments. We believe that adjusting such items not considered part of our comparable operations provides a meaningful measure to evaluate and compare our performance from period-to-period.

Because EBITDA, EBITDAre and Adjusted EBITDA have limitations as analytical tools, we use EBITDA, EBITDAre and Adjusted EBITDA to supplement GAAP financial measures. Additionally, we believe that users of these measures should consider EBITDA, EBITDAre and Adjusted EBITDA in conjunction with net income (loss) and other GAAP measures in understanding our operating results.

Funds from Operations ("FFO"), "Core FFO" and Funds Available for Distribution ("FAD") are non-GAAP financial measures. FFO is computed in accordance with the definition established by Nareit in the Nareit FFO White Paper - 2018 Restatement. Nareit defines FFO as net income (loss) (computed in accordance with GAAP), excluding depreciation and amortization expense related to real estate, gains (losses) from the sale of certain real estate assets, gains (losses) from change in control and impairment write-downs of certain real estate assets and investments in entities when the impairment is directly attributable to decreases in the value of depreciable real estate held by the entity, including our share of such adjustments for unconsolidated real estate ventures.

Core FFO represents FFO adjusted to exclude items which we believe are not representative of ongoing operating results, such as Transaction and Other Costs, gain (loss) on the extinguishment of debt, earnings (losses) and distributions in excess of our investment in unconsolidated real estate ventures, lease liability adjustments, litigation costs, income (loss) from investments, amortization of the management contracts intangible and the mark-to-market of derivative instruments, including our share of such adjustments for unconsolidated real estate ventures.

FAD represents Core FFO adjusted for recurring capital expenditures and Second-generation tenant improvements and leasing commissions, net deferred rent activity, lease incentive amortization, accretion of acquired below-market leases, amortization of acquired above-market leases, recurring share-based compensation expense, amortization of debt issuance costs and other non-cash income and charges, including our share of such adjustments for unconsolidated real estate ventures. FAD is presented solely as a supplemental disclosure that management believes provides useful information as it relates to our ability to fund dividends.

We believe FFO, Core FFO and FAD are meaningful non-GAAP financial measures useful in comparing our levered operating performance from period-to-period and as compared to similar real estate companies because these non-GAAP measures exclude real estate depreciation and amortization expense, which implicitly assumes that the value of real estate diminishes predictably over time rather than fluctuating based on market conditions, and other non-comparable income and expenses. FFO, Core FFO and FAD do not represent cash generated from operating activities and are not necessarily indicative of cash available to fund cash requirements and should not be considered as an alternative to net income (loss) (computed in accordance with GAAP) as a performance measure or cash flow as a liquidity measure. FFO, Core FFO and FAD may not be comparable to similarly titled measures used by other companies.

"Net Debt" is a non-GAAP financial measurement. Net Debt represents our total consolidated and unconsolidated indebtedness less cash and cash equivalents at our share. Net Debt is an important component in the calculations of Net Debt to Annualized Adjusted EBITDA and Net Debt / total enterprise value. We believe that Net Debt is a meaningful non-GAAP financial measure useful to investors because we review Net Debt as part of the management of our overall financial flexibility, capital structure and leverage. We may utilize a considerable portion of our cash and cash equivalents at any given time for purposes other than debt reduction. In addition, cash and cash equivalents at our share may not be solely controlled by us. The deduction of cash and cash equivalents at our share from consolidated and unconsolidated indebtedness in the calculation of Net Debt, therefore, should not be understood to mean that it is available exclusively for debt reduction at any given time.

Net Operating Income ("NOI"), "Same Store NOI" and "Annualized NOI" are non-GAAP financial measures management uses to assess an asset's performance. The most directly comparable GAAP measure is net income (loss) attributable to common shareholders. We use NOI internally as a performance measure and believe NOI, Same Store NOI and Annualized NOI provide useful information to investors regarding our financial condition and

results of operations because it reflects only property related revenue (which includes base rent, tenant reimbursements and other operating revenue, net of Free Rent and payments associated with assumed lease liabilities) less operating expenses and ground rent for operating leases, if applicable. NOI excludes deferred (straight-line) rent, commercial lease termination revenue, related party management fees, interest expense, and certain other non-cash adjustments, including the accretion of acquired below-market leases and the amortization of acquired above-market leases and below-market ground lease intangibles. Management uses NOI, which includes our proportionate share of revenue and expenses attributable to real estate ventures, as a supplemental performance measure and believes it provides useful information to investors because it reflects only those revenue and expense items that are incurred at the asset level, excluding non-cash items. In addition, NOI is considered by many in the real estate industry to be a useful starting point for determining the value of a real estate asset or group of assets. However, because NOI excludes depreciation and amortization expense and captures neither the changes in the value of our assets that result from use or market conditions, nor the level of capital expenditures and capitalized leasing commissions necessary to maintain the operating performance of our assets, all of which have real economic effect and could materially impact the financial performance of our assets, the utility of NOI as a measure of the operating performance of our assets is limited. NOI presented by us may not be comparable to NOI reported by other real estate investment trusts that define these measures differently. We believe to facilitate a clear understanding of our operating results, NOI should be examined in conjunction with net income (loss) attributable to common shareholders as presented in our consolidated financial statements. NOI should not be considered as an alternative to net income (loss) attributable to common shareholders as an indication of our performance or to cash flows as a measure of liquidity or our ability to make distributions. Annualized NOI represents NOI for the three months ended June 30, 2026 multiplied by four. Management believes Annualized NOI provides useful information in understanding our financial performance over a 12-month period, however, investors and other users are cautioned against attributing undue certainty to our calculation of Annualized NOI. Actual NOI for any 12-month period will depend on a number of factors beyond our ability to control or predict, including general capital markets and economic conditions, any bankruptcy, insolvency, default or other failure to pay rent by one or more of our tenants and the destruction of one or more of our assets due to terrorist attack, natural disaster or other casualty, among others. We do not undertake any obligation to update our calculation to reflect events or circumstances occurring after the date of this earnings release. There can be no assurance that the Annualized NOI shown will reflect our actual results of operations over any 12-month period.

Definitions

"Development Pipeline" refers to owned and entitled land on which we have the potential to commence construction subject to completion of design and/or market conditions. Excludes unentitled land parcels and land parcels controlled through an option agreement.

"Estimated Potential Development Density" reflects management's estimate of developable gross square feet based on our current business plans with respect to real estate owned as of June 30, 2026. Our current business plans may contemplate development of less than the maximum potential development density for individual assets. As market conditions change, our business plans, and therefore, the Estimated Potential Development Density, could change accordingly. Given timing, zoning requirements and other factors, we make no assurance that Estimated Potential Development Density amounts will become actual density to the extent we complete development of assets for which we have made such estimates.

"First-generation" is a lease on space that had been vacant for at least nine months or a lease on newly delivered space.

"Free Rent" means the amount of base rent and tenant reimbursements that are abated according to the applicable lease agreement(s).

"GAAP" means accounting principles generally accepted in the United States of America.

"In-Service" refers to multifamily or commercial operating assets that are at or above 90% leased or have been operating and collecting rent for more than 12 months as of June 30, 2026.

"Non-Same Store" refers to all operating assets excluded from the Same Store pool.

"Same Store" refers to the pool of assets that were In-Service for the entirety of both periods being compared, excluding assets for which significant redevelopment, renovation or repositioning occurred during either of the periods being compared.

"Second-generation" is a lease on space that had been vacant for less than nine months.

"Transaction and Other Costs" include costs related to completed, potential and pursued transactions, and other costs.

"Under-Construction" refers to assets that were under construction during the period.

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)

in thousands

June 30, 2026

December 31, 2025

ASSETS

Real estate, at cost:

Land and improvements

987,802

1,019,967

Buildings and improvements

4,016,401

3,973,514

Construction in progress, including land

111,275

175,673

5,115,478

5,169,154

Less: accumulated depreciation

(1,478,008)

(1,408,641)

Real estate, net

3,637,470

3,760,513

Cash and cash equivalents

74,803

75,270

Restricted cash

33,264

28,020

Tenant and other receivables

25,141

21,810

Deferred rent receivable

187,747

182,891

Investments in unconsolidated real estate ventures

115,603

105,711

Deferred leasing costs, net

63,246

66,356

Intangible assets, net

11,497

30,333

Other assets, net

112,064

117,287

TOTAL ASSETS

4,260,835

4,388,191

LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY

Liabilities:

Mortgage loans, net

1,601,618

1,579,158

Revolving credit facility

210,000

205,000

Term loans, net

718,832

718,408

Accounts payable and accrued expenses

65,630

84,748

Other liabilities, net

94,057

131,945

Total liabilities

2,690,137

2,719,259

Commitments and contingencies

Redeemable noncontrolling interests

492,712

511,342

Total equity

1,077,986

1,157,590

TOTAL LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY

4,260,835

4,388,191

Note: For complete financial statements, please refer to our Quarterly Report on Form 10-Q for the quarter ended June 30, 2026.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

in thousands, except per share data

Three Months Ended June 30,

Six Months Ended June 30,

2026

2025

2026

2025

REVENUE

Property rental

106,632

106,509

212,488

208,008

Third-party real estate services, including reimbursements

17,002

14,805

34,210

29,719

Other revenue

5,741

5,165

10,279

9,438

Total revenue

129,375

126,479

256,977

247,165

EXPENSES

Depreciation and amortization

44,791

47,560

90,096

95,147

Property operating

35,964

34,875

72,182

68,312

Real estate taxes

12,309

12,651

24,355

24,823

General and administrative:

Corporate and other

15,404

16,720

30,691

32,277

Third-party real estate services

16,364

13,562

33,362

29,633

Transaction and other costs

685

2,846

10,526

4,757

Total expenses

125,517

128,214

261,212

254,949

OTHER INCOME (EXPENSE)

Income (loss) from unconsolidated real estate ventures, net

(586)

1,091

(960)

499

Interest and other income, net

4,658

698

6,058

1,223

Interest expense

(36,029)

(35,571)

(71,577)

(70,771)

Gain (loss) on the sale of real estate, net

(285)

41,832

20,790

42,369

Gain (loss) on the extinguishment of debt, net

—

2,234

—

(2,402)

Impairment loss

(44,065)

(31,813)

(45,565)

(40,296)

Total other income (expense)

(76,307)

(21,529)

(91,254)

(69,378)

LOSS BEFORE INCOME TAX (EXPENSE) BENEFIT

(72,449)

(23,264)

(95,489)

(77,162)

Income tax (expense) benefit

—

(7)

283

NET LOSS

(72,449)

(23,181)

(95,496)

(76,879)

Net loss attributable to redeemable noncontrolling interests

13,381

3,940

17,731

11,918

Net income attributable to noncontrolling interests

(87)

—

(87)

—

NET LOSS ATTRIBUTABLE TO COMMON SHAREHOLDERS

(59,155)

(19,241)

(77,852)

(64,961)

LOSS PER COMMON SHARE - BASIC AND DILUTED

(1.03)

(0.29)

(1.34)

(0.87)

WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING - BASIC AND DILUTED

58,284

68,287

58,676

74,867

Note: For complete financial statements, please refer to our Quarterly Report on Form 10-Q for the quarter ended June 30, 2026.

EBITDA, EBITDAre AND ADJUSTED EBITDA RECONCILIATIONS (NON-GAAP)

(Unaudited)

dollars in thousands

Three Months Ended June 30,

Six Months Ended June 30,

2026

2025

2026

2025

EBITDA, EBITDAre and Adjusted EBITDA

Net loss

(72,449)

(23,181)

(95,496)

(76,879)

Depreciation and amortization expense

44,791

47,560

90,096

95,147

Interest expense

36,029

35,571

71,577

70,771

Income tax expense (benefit)

—

(83)

(283)

Unconsolidated real estate ventures allocated share of above adjustments

1,549

1,835

3,122

3,617

EBITDA attributable to noncontrolling interests in consolidated real estate ventures

(1,545)

(270)

(2,303)

(270)

EBITDA

8,375

61,432

67,003

92,103

(Gain) loss on the sale of real estate, net

285

(41,832)

(20,790)

(42,369)

Pro rata share of (gain) loss on the sale of unconsolidated real estate assets

(1,500)

Impairment loss related to real estate

44,065

31,813

45,565

40,296

EBITDAre

52,729

49,913

91,817

88,530

Transaction and other costs, net of noncontrolling interests (1)

551

2,846

10,392

4,757

Litigation costs (2)

680

2,500

680

2,500

(Income) loss from investments, net

(4,136)

(98)

(4,199)

278

(Gain) loss on the extinguishment of debt, net

—

(2,234)

—

2,402

Earnings and distributions in excess of our investment in unconsolidated real estate venture

—

(217)

—

(401)

Unconsolidated real estate ventures allocated share of above adjustments

199

—

217

—

Adjusted EBITDA

50,023

52,710

98,907

98,066

Net Debt to Annualized Adjusted EBITDA (3)

12.4

11.8

12.5

12.6

June 30, 2026

June 30, 2025

Net Debt (at JBG SMITH Share)

Consolidated indebtedness (4)

2,517,952

2,479,101

Unconsolidated indebtedness (4)

33,605

67,114

Total consolidated and unconsolidated indebtedness

2,551,557

2,546,215

Less: cash and cash equivalents

74,552

65,606

Net Debt (at JBG SMITH Share)

2,477,005

2,480,609

Note: All EBITDA measures as shown above are attributable to common limited partnership units ("OP Units") and certain fully vested incentive equity awards that may be convertible into OP Units. The prior year EBITDAre amounts have been restated to conform to the current year presentation. There was no change to EBITDA or Adjusted EBITDA.

(1) Includes costs related to completed, potential and pursued transactions, and other costs.

(2) Represents accrual for loss contingencies related to unresolved legal matters. Included in “Corporate and other general and administrative expense” in the Condensed Consolidated Statements of Operations.

(3) Quarterly Adjusted EBITDA is annualized by multiplying by four. Adjusted EBITDA for the six months ended June 30, 2026 and 2025 is annualized by multiplying by two.

(4) Net of premium/discount and deferred financing costs.

FFO, CORE FFO AND FAD RECONCILIATIONS (NON-GAAP)

(Unaudited)

in thousands, except per share data

Three Months Ended June 30,

Six Months Ended June 30,

2026

2025

2026

2025

FFO and Core FFO

Net loss attributable to common shareholders

(59,155)

(19,241)

(77,852)

(64,961)

Net loss attributable to redeemable noncontrolling interests

(13,381)

(3,940)

(17,731)

(11,918)

Net income attributable to noncontrolling interests

—

Net loss

(72,449)

(23,181)

(95,496)

(76,879)

(Gain) loss on the sale of real estate, net

285

(41,832)

(20,790)

(42,369)

Pro rata share of (gain) loss on the sale of unconsolidated real estate assets

(1,500)

Real estate depreciation and amortization

44,509

46,508

89,527

92,469

Impairment loss related to real estate

44,065

31,813

45,565

40,296

Pro rata share of real estate depreciation and amortization from unconsolidated real estate ventures

970

786

1,949

1,565

FFO attributable to noncontrolling interests in consolidated real estate ventures

(1,422)

(270)

(2,180)

(270)

FFO Attributable to OP Units

15,962

12,324

18,614

13,312

FFO attributable to redeemable noncontrolling interests

(3,445)

(2,371)

(4,018)

(2,538)

FFO Attributable to Common Shareholders

12,517

9,953

14,596

10,774

FFO attributable to OP Units

15,962

12,324

18,614

13,312

Transaction and other costs, net of noncontrolling interests (1)

551

2,846

10,392

4,757

Litigation costs (2)

680

2,500

680

2,500

(Income) loss from investments, net of tax

(4,136)

(74)

(4,199)

211

Gain from mark-to-market on derivative instruments

(16)

(24)

(16)

(56)

(Gain) loss on the extinguishment of debt, net

—

(2,234)

—

2,402

Earnings and distributions in excess of our investment in unconsolidated real estate venture

—

(217)

—

(401)

Amortization of management contracts intangible, net of tax

622

147

1,678

Unconsolidated real estate ventures allocated share of above adjustments

199

—

217

—

Core FFO Attributable to OP Units

13,314

15,743

25,835

24,403

Core FFO attributable to redeemable noncontrolling interests

(2,874)

(3,029)

(5,580)

(4,491)

Core FFO Attributable to Common Shareholders

10,440

12,714

20,255

19,912

FFO per common share - diluted

0.21

0.15

0.25

0.14

Core FFO per common share - diluted

0.18

0.19

0.34

0.27

Weighted average shares - diluted (FFO and Core FFO)

58,449

68,451

58,882

75,063

See footnotes on page 15.

FFO, CORE FFO AND FAD RECONCILIATIONS (NON-GAAP)

(Unaudited)

in thousands, except per share data

Three Months Ended June 30,

Six Months Ended June 30,

2026

2025

2026

2025

FAD

Core FFO attributable to OP Units

13,314

15,743

25,835

24,403

Recurring capital expenditures and Second-generation tenant improvements and leasing commissions, at share

(5,078)

(9,108)

(9,107)

(20,886)

Straight-line and other rent adjustments (3)

(2,925)

(4,645)

2,510

Share-based compensation expense

9,033

7,345

16,777

13,877

Amortization of debt issuance costs

3,114

3,700

6,167

7,835

Unconsolidated real estate ventures allocated share of above adjustments

206

171

355

Non-real estate depreciation and amortization

209

251

422

509

FAD Available to OP Units (A)

17,742

18,208

35,620

28,603

Distributions to common shareholders and unitholders (B)

13,158

15,332

26,281

32,942

FAD Payout Ratio (B÷A) (4)

74.2

84.2

73.8

115.2

Capital Expenditures

Maintenance and recurring capital expenditures

4,123

3,268

5,750

6,856

Share of maintenance and recurring capital expenditures from unconsolidated real estate ventures

Second-generation tenant improvements and leasing commissions

953

5,818

3,353

13,764

Share of Second-generation tenant improvements and leasing commissions from unconsolidated real estate ventures

—

257

Recurring capital expenditures and Second-generation tenant improvements and leasing commissions

5,078

9,108

9,107

20,886

Non-recurring capital expenditures

5,615

8,917

11,399

14,151

First-generation tenant improvements and leasing commissions

5,786

2,272

10,356

5,920

Share of First-generation tenant improvements and leasing commissions from unconsolidated real estate ventures

—

Non-recurring capital expenditures and First-generation tenant improvements and leasing commissions

11,401

11,235

21,828

20,154

Total JBG SMITH Share of Capital Expenditures

16,479

20,343

30,935

41,040

Note: The prior year FFO amounts have been restated to conform to the current year presentation. There was no change to Core FFO.

(1) Includes costs related to completed, potential and pursued transactions, and other costs.

(3) Includes straight-line rent, above/below market lease amortization/accretion and lease incentive amortization.

(4) The quarterly FAD payout ratio is not necessarily indicative of an amount for the full year due to fluctuation in the timing of capital expenditures, the commencement of new leases and the seasonality of our operations.

NOI RECONCILIATIONS (NON-GAAP)

(Unaudited)

dollars in thousands

Three Months Ended June 30,

Six Months Ended June 30,

2026

2025

2026

2025

Net loss attributable to common shareholders

(59,155)

(19,241)

(77,852)

(64,961)

Net loss attributable to redeemable noncontrolling interests

(13,381)

(3,940)

(17,731)

(11,918)

Net income attributable to noncontrolling interests

—

Net loss

(72,449)

(23,181)

(95,496)

(76,879)

Add:

Depreciation and amortization expense

44,791

47,560

90,096

95,147

General and administrative expense:

Corporate and other

15,404

16,720

30,691

32,277

Third-party real estate services

16,364

13,562

33,362

29,633

Transaction and other costs

685

2,846

10,526

4,757

Interest expense

36,029

35,571

71,577

70,771

(Gain) loss on the extinguishment of debt, net

—

(2,234)

—

2,402

Impairment loss

44,065

31,813

45,565

40,296

Income tax expense (benefit)

—

(83)

(283)

Less:

Third-party real estate services, including reimbursements revenue

17,002

14,805

34,210

29,719

Income (loss) from unconsolidated real estate ventures, net

(586)

1,091

(960)

499

Interest and other income, net

4,658

698

6,058

1,223

Gain (loss) on the sale of real estate, net

(285)

41,832

20,790

42,369

Adjustments:

NOI attributable to unconsolidated real estate ventures at our share

1,172

1,287

2,397

2,277

Real estate venture partner’s share of NOI attributable to consolidated real estate ventures

(1,822)

(272)

(2,623)

(272)

Non-cash rent adjustments (1)

(2,925)

(4,645)

2,510

Other adjustments (2)

552

399

639

2,092

Total adjustments

(3,023)

1,485

(4,232)

6,607

NOI

61,077

65,633

121,998

130,918

Less: out-of-service NOI loss (3)

(1,241)

(1,469)

(2,753)

(3,696)

Operating Portfolio NOI

62,318

67,102

124,751

134,614

Non-Same Store NOI (4)

7,555

10,085

15,662

20,549

Same Store NOI (5)

54,763

57,017

109,089

114,065

Change in Same Store NOI

(4.0)

(4.4)

Number of properties in Same Store pool

(1) Adjustment to exclude deferred (straight-line) rent, above/below market lease amortization/accretion and lease incentive amortization.

(2) Adjustment to exclude commercial lease termination revenue, related party management fees and corporate entity activity.

(3) Includes the results of our Under-Construction assets, assets in the Development Pipeline, and other land assets.

(4) Includes the results of properties that were not In-Service for the entirety of both periods being compared, including disposed properties, and properties for which significant redevelopment, renovation or repositioning occurred during either of the periods being compared.

(5) Includes the results of the properties that are owned, operated and In-Service for the entirety of both periods being compared.

SEP

TABLE OF CONTENTS

JUNE 30, 2026

Table of Contents

Page

Overview

Disclosures

3-5

Company Profile

Financial Highlights

Portfolio Overview

Financial Information

Condensed Consolidated Balance Sheets

Condensed Consolidated Statements of Operations

Unconsolidated Real Estate Ventures - Balance Sheet and Operating Information

Other Tangible Assets and Liabilities

EBITDA, EBITDAre and Adjusted EBITDA Reconciliations (Non-GAAP)

FFO, Core FFO and FAD Reconciliations (Non-GAAP)

14-15

Third-Party Real Estate Services Business (Non-GAAP)

Pro Rata Adjusted General and Administrative Expenses (Non-GAAP)

Same Store NOI (Non-GAAP)

Summary NOI (Non-GAAP)

Summary NOI - Multifamily (Non-GAAP)

Summary NOI - Commercial (Non-GAAP)

Leasing Activity

Signed But Not Yet Commenced Leases

Leasing Activity - Multifamily

Leasing Activity - Office

Lease Expirations

Tenant Concentration

Industry Diversity

Property Data

Property Tables:

Multifamily

28-29

Commercial

30-31

Under-Construction

Development Pipeline

Disposition and Recapitalization Activity

Debt

Debt Summary

Debt by Instrument

36-37

Definitions

38-41

Appendix – Interest Expense and NOI Reconciliations (Non-GAAP)

42-43

Page 2

DISCLOSURES

JUNE 30, 2026

Disclosures

Forward-Looking Statements

Certain statements contained herein may constitute "forward-looking statements" as such term is defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements are not guarantees of performance. They represent our intentions, plans, expectations and beliefs and are subject to numerous assumptions, risks and uncertainties. Consequently, the future results, financial condition and business of JBG SMITH Properties ("JBG SMITH," the "Company," "we," "us," "our" or similar terms) may differ materially from those expressed in these forward-looking statements. You can find many of these statements by looking for words such as "approximate," "hypothetical," "potential," "believes," "expects," "anticipates," "estimates," "intends," "plans," "would," "may" or similar expressions in this Investor Package. We also note the following forward-looking statements: the impacts and ultimate outcome of the Wardman Tower litigation; the potential need for one or more bonds to be posted by the defendants and the extent to which we would be required to collateralize any portion of such bonds; whether the Washington DC region will return to more typical labor market conditions; the impact of the federal budget, including defense and intelligence spending on our demand drivers and the Washington DC region; the impact and potential occurrence of reduction in federal spending and headcount on the Washington DC region, generally, and the real estate market in particular; the ability of our National Landing assets to capture growth and demand from new defense technology companies; our ability to maintain a strong capital base; potential Net Operating Income growth and the assumptions on which such growth is premised; our estimated future leverage profile and our ability to moderate our leverage; trends in occupancy, supply and demand for housing (including multifamily) and the ability of constrained supply to drive occupancy and rent growth; whether we will be well-positioned to weather volatility and capitalize on rent growth, land sales, asset recycling, ground leases, and joint ventures; the timeline to complete asset recycling and the impact of reducing competitive stock in National Landing; whether the industry mix of our office tenants and leasing performance of our office portfolio will shift as anticipated or at all; whether high levels of office inventory removal and limited new office projects will benefit our portfolio; whether the strength of our prospective tenant pipeline will result in increases in new leasing activity; whether our expected contractual annualized rent will commence on the timeline anticipated; whether we will experience an improvement in the retention rate of our office and residential tenants (including in National Landing); annualized Net Operating Income; adjusted and expected annualized Net Operating Income; the ability of any or all of our demand drivers to materialize and increase performance of, foot traffic around, and demand for our multifamily and commercial portfolios in the Northern Virginia submarket (including National Landing); whether the value of our portfolio holdings will increase due to their location, demand drivers, our placemaking efforts and use diversification; whether the office redevelopment pipeline in Northern Virginia will impact apartment supply; whether we will be successful in our efforts to repurchase shares; whether we will succeed in recycling our assets to fund new investments, including development projects, acquisitions, distressed office investments and other opportunistic investments in partnership with third-party capital, and share repurchases; whether we will be able to recapitalize certain assets and generate incremental fee revenue and carried interest income through joint ventures with third-party investors; whether expected equity contributions of venture partners will be realized; whether our assets can be disposed of for values at or above NAV; whether in the case of our Under-Construction assets and assets in our development pipeline, estimated square feet, estimated number of units, timeline, Estimated Incremental Investment, Estimated Total Investment, Projected NOI Yield and Estimated Stabilized NOI are accurate; whether our Under-Construction assets will deliver the Annualized NOI that we anticipate; whether the estimated square feet in our Development Pipeline is accurate; and whether the number of multifamily units and retailers in Northern Virginia (including National Landing) will increase to the levels anticipated or open on the timelines anticipated.

Many of the factors that will determine the outcome of these and our other forward-looking statements are beyond our ability to control or predict. These factors include, among others: adverse economic and political conditions in the Washington, DC metropolitan area, including shifting interest-rate expectations and reductions in federal government spending, headcount, or leasing, the timing of and costs associated with development and property improvements, financing commitments, and general competitive factors. For further discussion of factors that could materially affect the outcome of our forward-looking statements and other risks and uncertainties, see "Risk Factors," "Management's Discussion and Analysis of Financial Condition and Results of Operations" and the Cautionary Statement Concerning Forward-Looking Statements in the Company's Annual Report on Form 10-K for the year ended December 31, 2025 and other periodic reports the Company files with the Securities and Exchange Commission. For these statements, we claim the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. You are cautioned not to place undue reliance on our forward-looking statements. All subsequent written and oral forward-looking statements attributable to us or any person acting on our behalf are expressly qualified in their entirety by the cautionary statements contained or referred to in this section. We do not undertake any obligation to release publicly any revisions to our forward-looking statements to reflect events or circumstances occurring after the date hereof.

Page 3

DISCLOSURES

JUNE 30, 2026

Organization and Basis of Presentation

JBG SMITH, a Maryland real estate investment trust, owns, operates, and develops mixed-use properties concentrated in amenity-rich, Metro-served submarkets in and around Washington, DC, most notably National Landing, where through our focus on placemaking, we cultivate vibrant, highly amenitized, walkable neighborhoods. JBG SMITH's portfolio comprises 11.8 million square feet at share of multifamily, office, and retail assets, and a 3.5 million square-foot development pipeline. In addition, our third-party real estate services business provides fee-based real estate services.

The information contained in this Investor Package does not purport to disclose all items required by the accounting principles generally accepted in the United States of America ("GAAP") and is unaudited information, unless otherwise indicated.

Pro Rata Information

We present certain financial information and metrics in this Investor Package "at JBG SMITH Share," which refers to our ownership percentage of consolidated and unconsolidated assets in real estate ventures (collectively, "real estate ventures") as applied to these financial measures and metrics. Financial information "at JBG SMITH Share" is calculated on an asset-by-asset basis by applying our percentage economic interest to each applicable line item of that asset's financial information. "At JBG SMITH Share" information, which we also refer to as being "at share," "our pro rata share" or "our share," is not, and is not intended to be, a presentation in accordance with GAAP. Given that a portion of our assets are held through real estate ventures, we believe this form of presentation, which presents our economic interests in the partially owned entities, provides investors valuable information regarding a significant component of our portfolio, its composition, performance and capitalization.

With respect to any such third-party arrangement, we would not be in a position to exercise sole decision-making authority regarding the property, real estate venture or other entity, and may, under certain circumstances, be exposed to economic risks not present were a third-party not involved. We and our respective co-venturers may each have the right to trigger a buy-sell or forced sale arrangement, which could cause us to sell our interest, or acquire our co-venturers' interests, or to sell the underlying asset, either on unfavorable terms or at a time when we otherwise would not have initiated such a transaction. Our real estate ventures may be subject to debt, and the repayment or refinancing of such debt may require equity capital calls. To the extent our co-venturers do not meet their obligations to us or our real estate ventures, or they act inconsistent with the interests of the real estate venture, we may be adversely affected. Because of these limitations, the non-GAAP "at JBG SMITH Share" financial information should not be considered in isolation or as a substitute for our consolidated financial statements as reported under GAAP.

Occupancy, non-GAAP financial measures, leverage metrics, operating assets and operating metrics presented in this Investor Package exclude our 33.5% subordinated interest in four commercial buildings, as well as the associated non-recourse mortgage loans, held through an unconsolidated real estate venture, as our investment in the real estate venture is zero, we do not anticipate receiving any near-term cash flow distributions from the real estate venture, and we have not guaranteed its obligations or otherwise committed to providing financial support.

Page 4

DISCLOSURES

JUNE 30, 2026

Definitions

See pages 38-41 for definitions of terms used in this Investor Package.

Non-GAAP Measures

This Investor Package includes non-GAAP measures. For these measures, we have provided an explanation of how these non-GAAP measures are calculated and why our management believes that the presentation of these measures provides useful information to investors regarding our financial condition and results of operations. Reconciliations of certain non-GAAP measures to the most directly comparable GAAP financial measure are included in this Investor Package. Our presentation of non-GAAP financial measures may not be comparable to similar non-GAAP measures used by other companies.

In addition to "at share" financial information, the following non-GAAP measures are included in this Investor Package:

● Earnings Before Interest, Taxes, Depreciation and Amortization ("EBITDA")

● EBITDA for Real Estate ("EBITDAre")

● Adjusted EBITDA

● Funds from Operations ("FFO")

● Core FFO

● Funds Available for Distribution ("FAD")

● Third-Party Real Estate Services Business

● Pro Rata Adjusted General and Administrative Expenses

● Net Operating Income ("NOI")

● Annualized NOI

● Estimated Stabilized NOI

● Projected NOI Yield

● Same Store NOI

● Consolidated and Unconsolidated Indebtedness

● Consolidated and Unconsolidated Interest Expense

● Net Debt

● Historical Cost

Page 5

COMPANY PROFILE

JUNE 30, 2026

(Unaudited)

Company Profile

Executive Officers

Company Snapshot as of June 30, 2026

W. Matthew Kelly

Chief Executive Officer and Trustee

Exchange/ticker

NYSE: JBGS

M. Moina Banerjee

Co-President and Chief Financial Officer

Indicated annual dividend per share (1)

0.70

George L. Xanders

Co-President and Chief Investment Officer

Dividend yield

4.8

Evan Regan-Levine

Chief Strategy Officer

Steven A. Museles

Chief Legal Officer

Total Enterprise Value (dollars in billions, except share price)

Common share price

14.67

Common shares and common limited partnership units ("OP Units")

outstanding (in millions) (2)

71.40

Total market capitalization

1.05

Total consolidated and unconsolidated indebtedness at JBG SMITH Share

2.55

Less: cash and cash equivalents at JBG SMITH Share

(0.08)

Net Debt

2.48

Total Enterprise Value

3.52

Net Debt / Total Enterprise Value

70.3

(1) Based on the latest dividend declaration.

(2) Includes certain fully vested incentive equity awards that may be convertible into OP Units.

Page 6

FINANCIAL HIGHLIGHTS

JUNE 30, 2026

(Unaudited)

Financial Highlights

dollars in thousands, except per share data

Three Months Ended

Six Months Ended

June 30, 2026

Summary Financial Results

Total revenue

129,375

256,977

Net loss attributable to common shareholders

(59,155)

(77,852)

Per diluted common share

(1.03)

(1.34)

Operating portfolio NOI

62,318

124,751

FFO (1)

15,962

18,614

Core FFO (1)

13,314

25,835

FAD (1)

17,742

35,620

FAD payout ratio

74.2

73.8

EBITDA (1)

8,375

67,003

EBITDAre (1)

52,729

91,817

Adjusted EBITDA (1)

50,023

98,907

Net Debt / total enterprise value

70.3

Net Debt to annualized Adjusted EBITDA

12.4

12.5

June 30, 2026

Debt Summary (at JBG SMITH Share)

Total consolidated indebtedness (2)

2,517,952

Total consolidated and unconsolidated indebtedness (2)

2,551,557

Weighted average interest rates:

Variable rate debt (3)

5.19

Fixed rate debt

5.00

Total debt

5.06

Cash and cash equivalents

74,552

(1) Attributable to OP Units, which include units owned by JBG SMITH, and certain incentive equity awards that may be convertible into OP Units.

(2) Net of premium/discount and deferred financing costs.

(3) For floating rate loans with interest rate caps, the weighted average interest rate cap strike for consolidated debt and debt at JBG SMITH Share was 3.19% and 3.29%, and the weighted average maturity date of the interest rate caps is in Q4 2026. The interest rate cap strike is exclusive of the credit spreads associated with the loans.

Page 7

PORTFOLIO OVERVIEW

JUNE 30, 2026

(Unaudited)

Portfolio Overview

dollars in thousands

100% Share

At JBG SMITH Share

Number of

Units /

Annualized

Assets

Square Feet

Leased

Occupied (1)

Rent

NOI (2)

Operating

Multifamily (3)

National Landing

4,084

90.7%

87.6%

111,478

70,400

2,080

1,894

94.9%

91.7%

57,728

33,376

In-Service

6,164

5,978

92.0%

88.9%

169,206

103,776

Recently Delivered

355

53.8%

49.3%

7,271

2,532

Multifamily – total / weighted average

6,519

6,333

89.6%

86.6%

176,477

106,308

Commercial

National Landing Unlevered

4,445,226

76.8%

72.9%

153,559

90,252

National Landing Levered

997,031

85.7%

85.2%

33,447

26,264

Other

1,882,632

1,252,264

76.5%

76.8%

44,051

21,320

Commercial - total / weighted average

7,324,889

6,694,521

78.0%

75.4%

231,057

137,836

Ground Lease (4)

—

5,128

Operating - In-service

6,164 Units/ 7,324,889 SF

5,978 Units/ 6,694,521 SF

83.7%

80.9%

400,263

246,740

Operating - Recently Delivered

355 Units

53.8%

49.3%

7,271

2,532

Operating - Total / Weighted Average

6,519 Units/ 7,324,889 SF

6,333 Units/ 6,694,521 SF

82.9%

80.2%

407,534

249,272

Development (5)

Under-Construction

195 units

59 units

Development Pipeline

4,809,200

3,511,300

(1) Percent Occupied excludes retail square footage.

(2) Annualized NOI includes $0.1 million from sold or recapitalized assets, $5.2 million from 1101 17th Street, and $26.3 million from 1215, 1225 and 1235 S. Clark Street.

(3) 2221 S. Clark Street - Residential and 900 W Street are excluded from Percent Leased, Percent Occupied and Annualized Rent metrics as they are operated as short-term rental properties.

(4) 1700 M Street, for which we are the ground lessor, is excluded from Percent Leased, Percent Occupied and Annualized Rent metrics. See footnote (7) on page 19 for more information.

(5) Refer to pages 32 – 33 for detail of Under-Construction asset and assets in the Development Pipeline.

Page 8

CONDENSED CONSOLIDATED BALANCE SHEETS

JUNE 30, 2026

(Unaudited)

Condensed Consolidated Balance Sheets

in thousands

June 30, 2026

December 31, 2025

ASSETS

Real estate, at cost:

Land and improvements

987,802

1,019,967

Buildings and improvements

4,016,401

3,973,514

Construction in progress, including land

111,275

175,673

5,115,478

5,169,154

Less: accumulated depreciation

(1,478,008)

(1,408,641)

Real estate, net

3,637,470

3,760,513

Cash and cash equivalents

74,803

75,270

Restricted cash

33,264

28,020

Tenant and other receivables

25,141

21,810

Deferred rent receivable

187,747

182,891

Investments in unconsolidated real estate ventures

115,603

105,711

Deferred leasing costs, net

63,246

66,356

Intangible assets, net

11,497

30,333

Other assets, net

112,064

117,287

TOTAL ASSETS

4,260,835

4,388,191

LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY

Liabilities:

Mortgage loans, net

1,601,618

1,579,158

Revolving credit facility

210,000

205,000

Term loans, net

718,832

718,408

Accounts payable and accrued expenses

65,630

84,748

Other liabilities, net

94,057

131,945

Total liabilities

2,690,137

2,719,259

Commitments and contingencies

Redeemable noncontrolling interests

492,712

511,342

Total equity

1,077,986

1,157,590

TOTAL LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY

4,260,835

4,388,191

Note: For complete financial statements, please refer to our Quarterly Report on Form 10-Q for the quarter ended June 30, 2026.

Page 9

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

JUNE 30, 2026

(Unaudited)

Condensed Consolidated Statements of Operations

in thousands, except per share data

Three Months Ended June 30,

Six Months Ended June 30,

2026

2025

2026

2025

REVENUE

Property rental

106,632

106,509

212,488

208,008

Third-party real estate services, including reimbursements (1)

17,002

14,805

34,210

29,719

Other revenue

5,741

5,165

10,279

9,438

Total revenue

129,375

126,479

256,977

247,165

EXPENSES

Depreciation and amortization

44,791

47,560

90,096

95,147

Property operating

35,964

34,875

72,182

68,312

Real estate taxes

12,309

12,651

24,355

24,823

General and administrative:

Corporate and other

15,404

16,720

30,691

32,277

Third-party real estate services (1)

16,364

13,562

33,362

29,633

Transaction and Other Costs

685

2,846

10,526

4,757

Total expenses

125,517

128,214

261,212

254,949

OTHER INCOME (EXPENSE)

Income (loss) from unconsolidated real estate ventures, net

(586)

1,091

(960)

499

Interest and other income, net

4,658

698

6,058

1,223

Interest expense

(36,029)

(35,571)

(71,577)

(70,771)

Gain (loss) on the sale of real estate, net

(285)

41,832

20,790

42,369

Gain (loss) on the extinguishment of debt, net

—

2,234

—

(2,402)

Impairment loss

(44,065)

(31,813)

(45,565)

(40,296)

Total other income (expense)

(76,307)

(21,529)

(91,254)

(69,378)

LOSS BEFORE INCOME TAX (EXPENSE) BENEFIT

(72,449)

(23,264)

(95,489)

(77,162)

Income tax (expense) benefit

—

(7)

283

NET LOSS

(72,449)

(23,181)

(95,496)

(76,879)

Net loss attributable to redeemable noncontrolling interests

13,381

3,940

17,731

11,918

Net income attributable to noncontrolling interests

(87)

—

(87)

—

NET LOSS ATTRIBUTABLE TO COMMON SHAREHOLDERS

(59,155)

(19,241)

(77,852)

(64,961)

LOSS PER COMMON SHARE - BASIC AND DILUTED

(1.03)

(0.29)

(1.34)

(0.87)

WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING - BASIC AND DILUTED

58,284

68,287

58,676

74,867

Note: For complete financial statements, please refer to our Quarterly Report on Form 10-Q for the quarter ended June 30, 2026.

(1) Includes $10.0 million and $7.9 million for the three months ended June 30, 2026 and 2025, and $20.6 million and $16.3 million for the six months ended June 30, 2026 and 2025, of revenue and expenses reimbursed by third-party owners of real estate we manage.

Page 10

UNCONSOLIDATED REAL ESTATE VENTURES

JUNE 30, 2026

(Unaudited)

Unconsolidated Real Estate Ventures

in thousands, at JBG SMITH Share

June 30, 2026

BALANCE SHEET INFORMATION

Total real estate, at cost

145,717

Less: accumulated depreciation

(4,040)

Real estate, net

141,677

Cash and cash equivalents

3,305

Other assets, net

14,943

Total assets

159,925

Borrowings, net

34,652

Other liabilities, net

11,837

Total liabilities

46,489

Three Months Ended

Six Months Ended

June 30, 2026

OPERATING INFORMATION

Total revenue

2,248

4,726

Expenses:

Depreciation and amortization

970

1,949

Property operating

960

1,856

Real estate taxes

343

727

Total expenses

2,273

4,532

Other income (expense):

Interest expense

(578)

(1,172)

Loss on the sale of real estate

(4)

(39)

Interest and other income, net

Net Loss

(589)

(968)

Other

Loss from unconsolidated real estate ventures, net

(586)

(960)

Page 11

OTHER TANGIBLE ASSETS AND LIABILITIES

JUNE 30, 2026

(Unaudited)

Other Tangible Assets and Liabilities

in thousands, at JBG SMITH Share

June 30, 2026

Other Tangible Assets, Net (1)

Restricted cash

33,718

Tenant and other receivables, net

25,189

Other assets, net

68,433

Total Other Tangible Assets, Net

127,340

Other Tangible Liabilities, Net

Accounts payable and accrued liabilities

66,868

Other liabilities, net (2)

61,013

Total Other Tangible Liabilities, Net

127,881

(1) Excludes cash and cash equivalents.

(2) Includes lease incentive liabilities totaling $6.2 million but excludes committed tenant-related obligations totaling $39.8 million. The timing and amounts of payments for tenant-related obligations are uncertain and may only be due upon satisfactory performance of certain conditions.

Page 12

EBITDA, EBITDAre AND ADJUSTED EBITDA RECONCILIATIONS (NON-GAAP)

JUNE 30, 2026

(Unaudited)

EBITDA, EBITDAre and Adjusted EBITDA

dollars in thousands

Three Months Ended June 30,

Six Months Ended June 30,

2026

2025

2026

2025

EBITDA, EBITDAre and Adjusted EBITDA

Net loss

(72,449)

(23,181)

(95,496)

(76,879)

Depreciation and amortization expense

44,791

47,560

90,096

95,147

Interest expense

36,029

35,571

71,577

70,771

Income tax expense (benefit)

—

(83)

(283)

Unconsolidated real estate ventures allocated share of above adjustments

1,549

1,835

3,122

3,617

EBITDA attributable to noncontrolling interests in consolidated real estate ventures

(1,545)

(270)

(2,303)

(270)

EBITDA

8,375

61,432

67,003

92,103

(Gain) loss on the sale of real estate, net

285

(41,832)

(20,790)

(42,369)

Pro rata share of (gain) loss on the sale of unconsolidated real estate assets

(1,500)

Impairment loss related to real estate

44,065

31,813

45,565

40,296

EBITDAre

52,729

49,913

91,817

88,530

Transaction and Other Costs, net of noncontrolling interests (1)

551

2,846

10,392

4,757

Litigation costs (2)

680

2,500

680

2,500

(Income) loss from investments, net

(4,136)

(98)

(4,199)

278

(Gain) loss on the extinguishment of debt, net

—

(2,234)

—

2,402

Earnings and distributions in excess of our investment in unconsolidated real estate venture

—

(217)

—

(401)

Unconsolidated real estate ventures allocated share of above adjustments

199

—

217

—

Adjusted EBITDA

50,023

52,710

98,907

98,066

Net Debt to Annualized Adjusted EBITDA (3)

12.4

11.8

12.5

12.6

Net Debt (at JBG SMITH Share)

June 30, 2026

June 30, 2025

Consolidated indebtedness (4)

2,517,952

2,479,101

Unconsolidated indebtedness (4)

33,605

67,114

Total consolidated and unconsolidated indebtedness

2,551,557

2,546,215

Less: cash and cash equivalents

74,552

65,606

Net Debt (at JBG SMITH Share)

2,477,005

2,480,609

Note: All EBITDA measures as shown above are attributable to OP Units and certain fully vested incentive equity awards that may be convertible into OP Units. The prior year EBITDAre amounts have been restated to conform to the current year presentation. There was no change to EBITDA or Adjusted EBITDA.

(1) Includes costs related to completed, potential and pursued transactions, and other costs.

(3) Quarterly Adjusted EBITDA is annualized by multiplying by four. Adjusted EBITDA for the six months ended June 30, 2026 and 2025 is annualized by multiplying by two.

(4) Net of premium/discount and deferred financing costs.

Page 13

FFO, CORE FFO AND FAD RECONCILIATIONS (NON-GAAP)

JUNE 30, 2026

(Unaudited)

FFO, Core FFO and FAD

in thousands, except per share data

Three Months Ended June 30,

Six Months Ended June 30,

2026

2025

2026

2025

FFO and Core FFO

Net loss attributable to common shareholders

(59,155)

(19,241)

(77,852)

(64,961)

Net loss attributable to redeemable noncontrolling interests

(13,381)

(3,940)

(17,731)

(11,918)

Net income attributable to noncontrolling interests

—

Net loss

(72,449)

(23,181)

(95,496)

(76,879)

(Gain) loss on the sale of real estate, net

285

(41,832)

(20,790)

(42,369)

Pro rata share of (gain) loss on the sale of unconsolidated real estate assets

(1,500)

Real estate depreciation and amortization

44,509

46,508

89,527

92,469

Impairment loss related to real estate

44,065

31,813

45,565

40,296

Pro rata share of real estate depreciation and amortization from unconsolidated real estate ventures

970

786

1,949

1,565

FFO attributable to noncontrolling interests in consolidated real estate ventures

(1,422)

(270)

(2,180)

(270)

FFO Attributable to OP Units

15,962

12,324

18,614

13,312

FFO attributable to redeemable noncontrolling interests

(3,445)

(2,371)

(4,018)

(2,538)

FFO Attributable to Common Shareholders

12,517

9,953

14,596

10,774

FFO attributable to OP Units

15,962

12,324

18,614

13,312

Transaction and Other Costs, net of noncontrolling interests (1)

551

2,846

10,392

4,757

Litigation costs (2)

680

2,500

680

2,500

(Income) loss from investments, net of tax

(4,136)

(74)

(4,199)

211

Gain from mark-to-market on derivative instruments

(16)

(24)

(16)

(56)

(Gain) loss on the extinguishment of debt, net

—

(2,234)

—

2,402

Earnings and distributions in excess of our investment in unconsolidated real estate venture

—

(217)

—

(401)

Amortization of management contracts intangible, net of tax

622

147

1,678

Unconsolidated real estate ventures allocated share of above adjustments

199

—

217

—

Core FFO Attributable to OP Units

13,314

15,743

25,835

24,403

Core FFO attributable to redeemable noncontrolling interests

(2,874)

(3,029)

(5,580)

(4,491)

Core FFO Attributable to Common Shareholders

10,440

12,714

20,255

19,912

FFO per common share - diluted

0.21

0.15

0.25

0.14

Core FFO per common share - diluted

0.18

0.19

0.34

0.27

Weighted average shares - diluted (FFO and Core FFO)

58,449

68,451

58,882

75,063

See footnotes on page 15.

Page 14

FFO, CORE FFO AND FAD RECONCILIATIONS (NON-GAAP)

JUNE 30, 2026

(Unaudited)

in thousands, except per share data

Three Months Ended June 30,

Six Months Ended June 30,

2026

2025

2026

2025

FAD

Core FFO attributable to OP Units

13,314

15,743

25,835

24,403

Recurring capital expenditures and Second-generation tenant improvements and leasing commissions, at share

(5,078)

(9,108)

(9,107)

(20,886)

Straight-line and other rent adjustments (3)

(2,925)

(4,645)

2,510

Share-based compensation expense

9,033

7,345

16,777

13,877

Amortization of debt issuance costs

3,114

3,700

6,167

7,835

Unconsolidated real estate ventures allocated share of above adjustments

206

171

355

Non-real estate depreciation and amortization

209

251

422

509

FAD Available to OP Units (A)

17,742

18,208

35,620

28,603

Distributions to common shareholders and unitholders (B)

13,158

15,332

26,281

32,942

FAD Payout Ratio (B÷A) (4)

74.2

84.2

73.8

115.2

Capital Expenditures

Maintenance and recurring capital expenditures

4,123

3,268

5,750

6,856

Share of maintenance and recurring capital expenditures from unconsolidated real estate ventures

Second-generation tenant improvements and leasing commissions

953

5,818

3,353

13,764

Share of Second-generation tenant improvements and leasing commissions from unconsolidated real estate ventures

—

257

Recurring capital expenditures and Second-generation tenant improvements and leasing commissions

5,078

9,108

9,107

20,886

Non-recurring capital expenditures

5,615

8,917

11,399

14,151

First-generation tenant improvements and leasing commissions

5,786

2,272

10,356

5,920

Share of First-generation tenant improvements and leasing commissions from unconsolidated real estate ventures

—

Non-recurring capital expenditures and First-generation tenant improvements and leasing commissions

11,401

11,235

21,828

20,154

Total JBG SMITH Share of Capital Expenditures

16,479

20,343

30,935

41,040

Note: The prior year FFO amounts have been restated to conform to the current year presentation. There was no change to Core FFO.

(1) Includes costs related to completed, potential and pursued transactions, and other costs.

(3) Includes straight-line rent, above/below market lease amortization/accretion and lease incentive amortization.

Page 15

THIRD-PARTY REAL ESTATE SERVICES BUSINESS (NON-GAAP)

JUNE 30, 2026

(Unaudited)

Third-Party Asset Mgmt and Real Estate Services Business

in thousands, at JBG SMITH Share

Three Months Ended June 30, 2026

Service Revenue

Property management fees

3,509

Asset management fees

1,149

Development fees

550

Leasing fees

338

Construction management fees

245

Other service revenue

1,361

Third-Party Real Estate Service Revenue, Excluding Reimbursements (1)

7,152

Third-party real estate services expenses, excluding reimbursements (2)

(6,246)

Net Third-Party Real Estate Services, Excluding Reimbursements (3)

906

(1) Service revenue from real estate ventures is calculated on an asset-by-asset basis by applying our real estate venture partners' respective economic interests to the fees we earned from each real estate venture. For unconsolidated ventures, our share of such revenue is included in “Third-party real estate services, including reimbursements” in our Condensed Consolidated Statement of Operations but excluded from this table. For consolidated ventures, our real estate venture partners' share of such revenue is not included in “Third-party real estate services, including reimbursements” in our Condensed Consolidated Statement of Operations as it is eliminated in consolidation but is included in this table. For the three months ended June 30, 2026, $10.0 million of reimbursement revenue and $0.1 million of service revenue is excluded from this table but included in “Third-party real estate services, including reimbursements,” and $0.3 million of service revenue is included in this table but excluded from “Third-party real estate services, including reimbursements” in our Condensed Consolidated Statement of Operations.

(2) Our personnel perform services for wholly owned properties and properties we manage on behalf of third parties and real estate ventures. We allocate personnel and other costs to wholly owned properties (included in "Property operating expenses" and "General and administrative expense: corporate and other" in our Condensed Consolidated Statement of Operations) and to properties owned by the third parties and real estate ventures (included in "General and administrative expense: third-party real estate services" in our Condensed Consolidated Statement of Operations) using estimates of the time spent performing services related to properties in the respective portfolios and other allocation methodologies.

Allocated general and administrative expenses related to real estate ventures are calculated on an asset-by-asset basis by applying our real estate venture partners' respective economic interests to the total general and administrative expenses allocated to each asset. See "Pro Rata Adjusted General and Administrative Expenses" on the next page for a reconciliation of "General and administrative expenses: third-party real estate services" to "Pro Rata Adjusted General and Administrative Expenses."

(3) Service revenue, excluding reimbursement revenue and service revenue from our economic interest in real estate ventures, less allocated general and administrative expenses. Management uses this measure as a supplemental performance measure of its third-party real estate services business and believes it provides useful information to investors because it reflects only those revenue and expense items incurred by us and can be used to assess the profitability of the third-party real estate services business.

Page 16

PRO RATA ADJUSTED GENERAL AND ADMINISTRATIVE EXPENSES

(NON-GAAP)

JUNE 30, 2026

(Unaudited)

Pro Rata Adjusted G&A

in thousands

Three Months Ended June 30, 2026

Adjustments (1)

Per Statement

Pro Rata

of Operations

Adjusted

General and Administrative Expenses

Corporate and other

15,404

—

143

15,547

Third-party real estate services

16,364

(9,975)

(143)

6,246

Total

31,768

(9,975)

—

21,793

(1) Adjustments:

A - Removes $10.0 million of general and administrative expenses reimbursed by third-party owners of real estate we manage related to revenue which has been excluded from service revenue on page 16. Revenue from reimbursements is included in "Third-party real estate services, including reimbursements" in our Condensed Consolidated Statement of Operations.

B - Reflects an adjustment to allocate our share of general and administrative expenses of unconsolidated real estate ventures from "Third-party real estate services" to "Corporate and other."

Page 17

SAME STORE NOI (NON-GAAP)

JUNE 30, 2026

(Unaudited)

Summary & Same Store NOI

dollars in thousands, at JBG SMITH share

Three Months Ended June 30,

Six Months Ended June 30,

2026

2025

% Change

2026

2025

% Change

Same Store (1)

Multifamily

Revenue

38,607

39,248

(1.6%)

76,512

77,816

(1.7%)

Expenses

(17,380)

(16,662)

4.3%

(34,038)

(31,861)

6.8%

Same Store NOI

21,227

22,586

(6.0%)

42,474

45,955

(7.6%)

Commercial

Revenue

53,832

54,283

(0.8%)

108,211

107,726

0.5%

Expenses

(21,578)

(20,689)

4.3%

(44,164)

(41,296)

6.9%

Same Store NOI

32,254

33,594

(4.0%)

64,047

66,430

(3.6%)

Ground Lease

Same Store NOI

1,282

837

53.2%

2,568

1,680

52.9%

Total Same Store NOI

54,763

57,017

(4.0%)

109,089

114,065

(4.4%)

Non-Same Store NOI

7,555

10,085

(25.1%)

15,662

20,549

(23.8%)

Total Operating Portfolio NOI

62,318

67,102

(7.1%)

124,751

134,614

(7.3%)

(1) Same Store refers to the pool of assets that were owned, operated and In-Service for the entirety of both periods being compared, excluding assets for which significant redevelopment, renovation or repositioning occurred during either of the periods being compared.

Page 18

SUMMARY NOI (NON-GAAP)

JUNE 30, 2026

(Unaudited)

Summary NOI

dollars in thousands

NOI for the Three Months Ended June 30, 2026 at JBG SMITH Share

Consolidated

Unconsolidated

Multifamily

Commercial

Ground Lease (7)

Total

Number of operating assets

Property rental (1)

92,481

2,089

44,926

48,357

1,287

94,570

Tenant expense reimbursement

8,363

3,849

4,555

—

8,404

Other revenue

5,583

799

4,823

—

5,622

Total revenue

106,427

2,169

49,574

57,735

1,287

108,596

Operating expenses

(45,243)

(714)

(22,997)

(22,955)

(5)

(45,957)

Ground rent expense

(321)

—

(321)

—

(321)

Total expenses

(45,564)

(714)

(22,997)

(23,276)

(5)

(46,278)

Operating Portfolio NOI (2)

60,863

1,455

26,577

34,459

1,282

62,318

Annualized NOI (3)

243,452

5,820

106,308

137,836

5,128

249,272

Additional Information

Free Rent (at 100% share)

6,935

1,727

5,282

—

7,009

Free Rent (at JBG SMITH Share)

6,678

1,517

5,176

—

6,693

Annualized Free Rent (at JBG SMITH Share) (4)

26,712

6,068

20,704

—

26,772

% occupied (at JBG SMITH Share) (5)

80.3

73.5

86.6

75.4

—

80.2

Annualized base rent of signed leases, not commenced (at 100% share) (6)

12,684

2,164

1,204

13,644

—

14,848

Annualized base rent of signed leases, not commenced (at JBG SMITH Share) (6)

12,476

1,300

1,108

12,668

—

13,776

(1) Property rental revenue excludes straight-line rent adjustments, commercial lease termination revenue and other non-cash GAAP adjustments.

(2) NOI excludes $3.0 million of related party management fees at JBG SMITH Share. See definition of NOI on page 40.

(3) Annualized NOI includes $0.1 million from sold or recapitalized assets, $5.2 million from 1101 17th Street, and $26.3 million from 1215, 1225 and 1235 S. Clark Street.

(4) Represents JBG SMITH's share of Free Rent for the three months ended June 30, 2026 multiplied by four.

(5) Assets operated as short-term rental properties (2221 S. Clark Street - Residential and 900 W Street), and 1700 M Street, for which we are the ground lessor, are excluded from the Percent Occupied metric.

(6) Represents monthly base rent before Free Rent and straight-line rent adjustments, plus estimated tenant reimbursements for the month in which the lease commences, multiplied by 12. Includes only leases for office and retail spaces for which rent had not yet commenced as of June 30, 2026.

(7) Includes 1700 M Street, for which we are the ground lessor. The ground rent on 1700 M Street is currently $5.1 million per annum and includes market escalations and CPI resets. The ground lease expires on December 4, 2117.

Page 19

SUMMARY NOI - MULTIFAMILY (NON-GAAP)

JUNE 30, 2026

(Unaudited)

Summary NOI – Multifamily

dollars in thousands

NOI for the Three Months Ended June 30, 2026 at JBG SMITH Share

Consolidated

National Landing

Total

Number of operating assets

Property rental (1)

44,926

30,598

14,328

44,926

Tenant expense reimbursement

3,849

2,135

1,714

3,849

Other revenue

799

515

284

799

Total revenue

49,574

33,248

16,326

49,574

Operating expenses

(22,997)

(15,015)

(7,982)

(22,997)

Ground rent expense

—

Total expenses

(22,997)

(15,015)

(7,982)

(22,997)

Operating Portfolio NOI (2)

26,577

18,233

8,344

26,577

Annualized NOI

106,308

72,932

33,376

106,308

Additional Information

Free Rent (at 100% share)

1,727

653

1,074

1,727

Free Rent (at JBG SMITH Share)

1,517

653

864

1,517

Annualized Free Rent (at JBG SMITH Share) (3)

6,068

2,612

3,456

6,068

% occupied (at JBG SMITH Share) (4)

86.6

84.4

91.7

86.6

Annualized base rent of signed leases, not commenced (at 100% share) (5)

1,204

796

408

1,204

Annualized base rent of signed leases, not commenced (at JBG SMITH Share) (5)

1,108

796

312

1,108

(1) Property rental revenue excludes straight-line rent adjustments, retail lease termination revenue and other non-cash GAAP adjustments.

(2) NOI excludes $1.4 million of related party management fees at JBG SMITH Share. See definition of NOI on page 40.

(3) Represents JBG SMITH's share of Free Rent for the three months ended June 30, 2026 multiplied by four.

(4) 2221 S. Clark Street – Residential and 900 W Street are excluded from the Percent Occupied metric as they are operated as short-term rental properties.

(5) Represents monthly base rent before Free Rent and straight-line rent adjustments, plus estimated tenant reimbursements for the month in which the lease commences, multiplied by 12. Includes only leases for retail spaces for which rent had not yet commenced as of June 30, 2026.

Page 20

SUMMARY NOI - COMMERCIAL (NON-GAAP)

JUNE 30, 2026

(Unaudited)

Summary NOI – Commercial

dollars in thousands

NOI for the Three Months Ended June 30, 2026 at JBG SMITH Share

Consolidated

Unconsolidated

National Landing

Other

Total

Number of operating assets

Property rental (1)

46,268

2,089

39,801

8,556

48,357

Tenant expense reimbursement

4,514

3,688

867

4,555

Other revenue

4,784

4,402

421

4,823

Total revenue

55,566

2,169

47,891

9,844

57,735

Operating expenses

(22,241)

(714)

(18,762)

(4,193)

(22,955)

Ground rent expense

(321)

—

(321)

Total expenses

(22,562)

(714)

(18,762)

(4,514)

(23,276)

Operating Portfolio NOI (2)

33,004

1,455

29,129

5,330

34,459

Annualized NOI (3)

132,016

5,820

116,516

21,320

137,836

Additional Information

Free Rent (at 100% share)

5,208

4,296

986

5,282

Free Rent (at JBG SMITH Share)

5,161

4,296

880

5,176

Annualized Free Rent (at JBG SMITH Share) (4)

20,644

17,184

3,520

20,704

% occupied (at JBG SMITH Share)

75.5

73.5

75.1

76.8

75.4

Annualized base rent of signed leases, not commenced (at 100% share) (5)

11,480

2,164

9,848

3,796

13,644

Annualized base rent of signed leases, not commenced (at JBG SMITH Share) (5)

11,368

1,300

9,848

2,820

12,668

(1) Property rental revenue excludes straight-line rent adjustments, commercial lease termination revenue and other non-cash GAAP adjustments.

(2) NOI excludes $1.6 million of related party management fees at JBG SMITH Share. See definition of NOI on page 40.

(3) Annualized NOI includes $0.1 million from sold or recapitalized assets, $5.2 million from 1101 17th Street, and $26.3 million from 1215, 1225 and 1235 S. Clark Street.

(4) Represents JBG SMITH's share of Free Rent for the three months ended June 30, 2026 multiplied by four.

(5) Represents monthly base rent before Free Rent and straight-line rent adjustments, plus estimated tenant reimbursements for the month in which the lease commences, multiplied by 12. Includes only leases for office and retail spaces for which rent had not yet commenced as of June 30, 2026.

Page 21

SIGNED BUT NOT YET COMMENCED LEASES

JUNE 30, 2026

(Unaudited)

Signed But Not Yet Commenced Leases

in thousands, at JBG SMITH Share

Total

Annualized

Estimated

Estimated Rent (1) for the Quarter Ending

Assets

C/U (2)

Rent (3)

September 30, 2026

December 31, 2026

March 31, 2027

June 30, 2027

September 30, 2027

December 31, 2027

Multifamily

Operating

1,108

196

242

265

277

Commercial

Operating

11,368

457

2,125

2,603

2,656

2,778

2,842

Operating

1,300

—

174

281

325

Total

12,668

457

2,125

2,777

2,937

3,103

3,167

Total

13,776

519

2,321

3,019

3,202

3,380

3,444

Note: Includes only leases for office and retail spaces for which rent had not yet commenced as of June 30, 2026.

(1) Represents contractual monthly base rent before Free Rent, plus estimated tenant reimbursements for the month in which the lease is estimated to commence, multiplied by the applicable number of months for each quarter based on the lease's estimated commencement date.

(2) "C" denotes a consolidated interest. "U" denotes an unconsolidated interest.

(3) Represents contractual monthly base rent before Free Rent, plus estimated tenant reimbursements for the month in which the lease is expected to commence, multiplied by 12.

Page 22

LEASING ACTIVITY - MULTIFAMILY

JUNE 30, 2026

(Unaudited)

Leasing Activity - Multifamily

Three Months Ended June 30, 2026

Six Months Ended June 30, 2026

Effective new lease rates (1)

(9.5%)

(9.8%)

Effective renewal lease rates (1)

2.8%

2.7%

Effective blended lease rates (1)

(3.7%)

(3.9)%

Renewal rate

55.9%

58.3%

Note: At JBG SMITH Share. Includes assets that were In-Service for the entirety of both periods being compared, excluding assets for which significant redevelopment, renovation or repositioning occurred during either of the periods being compared. Excludes non-market units and assets which are operated as short-term rental properties (2221 S. Clark Street - Residential and 900 W Street).

(1) Average change in rent versus expiring rent, net of concessions. Excludes leases with lease terms of less than nine months.

Page 23

LEASING ACTIVITY - OFFICE

JUNE 30, 2026

(Unaudited)

Leasing Activity – Office

square feet in thousands, at JBG SMITH Share

Three Months Ended

Six Months Ended

June 30, 2026

New Leasing:

Square feet leased

116

Initial rent (1)

45.95

43.99

Straight-line rent (2)

44.33

42.68

Weighted average lease term (years)

6.0

6.2

Weighted average Free Rent period (months)

8.2

8.1

Tenant improvements and leasing commissions per square foot per annum

14.71

13.06

Renewal Leasing:

Square feet leased

367

Initial rent (1)

50.71

47.76

Straight-line rent (2)

50.35

47.07

Weighted average lease term (years)

4.6

4.5

Weighted average Free Rent period (months)

0.9

3.0

Tenant improvements and leasing commissions per square foot per annum

3.90

4.06

Total Leasing:

Square feet leased

151

483

Initial rent (1)

47.94

46.85

Straight-line rent (2)

46.85

46.02

Weighted average lease term (years)

5.4

4.9

Weighted average Free Rent period (months)

5.0

4.2

Tenant improvements and leasing commissions per square foot per annum

10.89

6.78

Mark-to-Market on second-generation space:

Square feet leased

386

Cash basis:

Initial rent (1)

49.80

47.68

Prior escalated rent

50.82

50.55

% change

(2.0)

(5.7)

GAAP basis:

Straight-line rent (2)

49.27

47.03

Prior straight-line rent

47.28

46.57

% change

4.2

1.0

Note: The leasing activity and related statistics are based on leases signed during the period and are not intended to coincide with the commencement of the recognition of property rental revenue in accordance with GAAP. Second-generation space represents square footage that was vacant for less than nine months. Weighted average lease term is weighted by square footage, and weighted average Free Rent period is weighted by Annualized Rent. Percentage rent is excluded from the initial rent, straight-line rent, Free Rent, and mark-to-market metrics.

(1) Represents the cash basis weighted average starting rent per square foot, which is generally indicative of market rents. Triple net leases are converted to a gross basis by adding estimated tenant reimbursements to monthly base rent. Most leases include Free Rent and periodic step-ups in rent which are not included in the initial cash basis rent per square foot but are included in the GAAP basis rent per square foot.

(2) Represents the GAAP basis weighted average rent per square foot that is recognized over the term of the respective leases, including the effect of Free Rent and fixed step-ups in rent.

Page 24

LEASE EXPIRATIONS

JUNE 30, 2026

(Unaudited)

Lease Expirations

At JBG SMITH Share

Estimated

% of

Annualized

% of

Annualized

Total

Annualized

Rent Per

Number

Total

Rent

Annualized

Rent Per

Square Foot at

Year of Lease Expiration

of Leases

Square Feet

(in thousands)

Rent

Square Foot

Expiration (1)

Month-to-Month

23,348

0.4

424

0.2

18.14

2026

239,460

4.5

11,823

4.9

49.38

49.40

2027

587,327

11.0

28,168

11.6

47.96

48.96

2028

467,922

8.8

22,306

9.2

47.67

48.75

2029

415,354

7.8

20,172

8.3

48.57

50.91

2030

591,397

11.1

28,239

11.6

47.75

52.67

2031

639,521

12.0

24,618

10.1

38.49

40.76

2032

864,590

16.2

37,300

15.3

43.14

45.68

2033

352,838

6.6

15,694

6.5

44.48

52.72

2034

239,401

4.5

12,626

5.2

63.04

73.18

Thereafter

917,087

17.1

41,905

17.1

45.69

58.01

Total / Weighted Average

404

5,338,245

100.0

243,275

100.0

45.91

50.60

Note: Includes all leases as of June 30, 2026 for which a tenant has taken occupancy for office and retail space within our operating portfolio and assuming no exercise of renewal options or early termination rights. The weighted average remaining lease term for the entire portfolio is 5.3 years.

(1) Represents monthly base rent before Free Rent, plus tenant reimbursements, as of lease expiration multiplied by 12 and divided by square footage. Triple net leases are converted to a gross basis by adding tenant reimbursements to monthly base rent. Tenant reimbursements at lease expiration are estimated by escalating tenant reimbursements as of June 30, 2026, or management's estimate thereof, by 2.75% annually through the lease expiration year.

Page 25

TENANT CONCENTRATION

JUNE 30, 2026

(Unaudited)

Tenant Concentration

dollars in thousands

At JBG SMITH Share

Tenant

Number of Leases

Square Feet

% of Total Square Feet

Annualized

Rent

% of Total Annualized Rent

U.S. Government (GSA)

1,430,498

26.8

57,282

23.5

Amazon

357,339

6.7

16,747

6.9

Lockheed Martin Corporation

183,442

3.4

9,505

3.9

Accenture Federal Services LLC

123,706

2.3

5,895

2.4

Public Broadcasting Service

120,328

2.3

5,353

2.2

SAIC

81,377

1.5

4,226

1.7

Whole Foods Market Group Inc

98,625

1.8

3,908

1.6

American Diabetes Association

80,998

1.5

3,899

1.6

Nooks LLC

76,328

1.4

3,848

1.6

Booz Allen Hamilton Inc

69,328

1.3

3,601

1.5

National Consumer Cooperative

65,736

1.2

3,592

1.5

Technomics Inc

64,353

1.2

2,948

1.2

Na Ali'i Consulting & Sales LLC

53,645

1.0

2,660

1.1

DRS Tech Inc dba Finmeccanica

46,184

0.9

2,334

1.0

Conservation International Foundation

43,483

0.8

2,158

0.9

The Aerospace Corporation

43,402

0.8

2,145

0.9

The Cadmus Group LLC

42,361

0.8

2,051

0.8

American Systems

42,743

0.8

1,956

0.8

Alamo Drafthouse Cinemas

52,453

1.0

1,918

0.8

Winrock International

30,616

0.6

1,853

0.8

Other

345

2,231,300

41.9

105,396

43.3

Total

404

5,338,245

100.0

243,275

100.0

Note: Includes all leases as of June 30, 2026 for which a tenant has taken occupancy for office and retail space within our operating portfolio.

Page 26

INDUSTRY DIVERSITY

JUNE 30, 2026

(Unaudited)

Industry Diversity

dollars in thousands

At JBG SMITH Share

Number of

% of Total

Annualized

% of Total

Industry

Leases

Square Feet

Rent

Annualized Rent

Government Contractors

1,370,867

25.7

68,162

28.0

Government

1,438,909

27.0

57,759

23.7

Business Services

836,163

15.7

38,780

15.9

Member Organizations

382,084

7.2

19,714

8.1

Food and Beverage

184,147

3.4

9,626

4.0

Communications

160,690

3.0

7,371

3.0

Health Services

168,262

3.2

6,203

2.5

Real Estate

119,739

2.2

3,489

1.4

Legal Services

65,653

1.2

3,380

1.4

Educational Services

41,699

0.8

2,155

0.9

Other

570,032

10.6

26,636

11.1

Total

404

5,338,245

100.0

243,275

100.0

Note: Includes all leases as of June 30, 2026 for which a tenant has taken occupancy for office and retail space within our operating portfolio.

Page 27

PROPERTY TABLE - MULTIFAMILY

JUNE 30, 2026

(Unaudited)

Property Table – Multifamily

Monthly

Same Store (2):

Number

Total

Multifamily

Retail

Multifamily

Retail

Annualized

Rent

Rent Per

Q2 2025 ‑ 2026 /

Year Built /

Square

Rent

Per

Square

Multifamily Assets

Submarket

Ownership

C/U (1)

YTD 2025 - 2026

Renovated

Units

Feet

% Leased

Occupied

(in thousands)

Unit (3)

Foot (4)

National Landing

RiverHouse Apartments

(Ashley, James and Potomac)

National Landing

100.0

Y / Y

1960 / 2014

1,676

1,326,219

1,324,889

1,330

92.1%

90.3%

100.0%

39,159

2,153

2.74

The Bartlett

National Landing

100.0

Y / Y

2016 / N/A

699

619,372

577,295

42,077

97.7%

96.4%

100.0%

26,585

3,087

3.74

Reva

National Landing

100.0

N / N

2024 / N/A

471

324,188

310,417

13,771

87.5%

84.7%

45.0%

13,623

2,761

4.17

The Grace

National Landing

100.0

N / N

2024 / N/A

337

311,903

287,229

24,674

93.4%

89.3%

88.4%

14,626

3,718

4.29

The Zoe

National Landing

100.0

N / N

2025 / N/A

420

274,995

266,879

8,116

64.4%

60.2%

100.0%

8,247

2,574

4.25

220 20th Street

National Landing

100.0

Y / Y

2009 / N/A

265

271,476

269,913

1,563

94.4%

93.2%

100.0%

9,238

3,097

3.05

2221 S. Clark Street-

Residential (5)

National Landing

100.0

Y / Y

1964 / 2016

216

96,948

—

84.6%

81.4%

—

4,496

2,132

4.53

The Wren

U Street/Shaw

100.0

Y / Y

2020 / N/A

433

332,682

289,686

42,996

96.4%

90.5%

100.0%

11,738

2,213

3.30

F1RST Residences

Ballpark

100.0

Y / Y

2017 / N/A

325

270,928

249,456

21,472

94.1%

91.7%

100.0%

10,440

2,474

3.24

Atlantic Plumbing

U Street/Shaw

100.0

Y / Y

2015 / N/A

310

245,228

221,788

23,440

96.2%

92.9%

90.7%

10,442

2,701

3.74

1221 Van Street

Ballpark

100.0

Y / Y

2018 / N/A

291

225,592

202,715

22,877

92.6%

89.0%

100.0%

9,109

2,457

3.53

901 W Street

U Street/Shaw

100.0

Y / Y

2019 / N/A

161

154,340

135,499

18,841

95.8%

95.7%

87.9%

6,251

2,754

3.26

900 W Street (5)

U Street/Shaw

100.0

Y / Y

2019 / N/A

71,053

—

74.7%

48.4%

—

1,993

3,610

5.04

West Half

Ballpark

60.0

Y / Y

2019 / N/A

465

385,381

343,089

42,292

94.2%

92.7%

83.1%

16,247

2,624

3.61

Total / Weighted Average (5)

6,164

4,910,305

4,646,856

263,449

92.1%

89.0%

91.6%

175,705

2,601

3.39

Recently Delivered

National Landing

Valen

National Landing

100.0

N / N

2025 / N/A

355

302,803

291,707

11,096

53.8%

49.3%

30.5%

7,271

3,366

3.94

Operating - Total / Weighted Average (5)

6,519

5,213,108

4,938,563

274,545

89.8%

86.7%

89.2%

182,976

2,626

3.41

Under-Construction

National Landing

2200 Crystal Drive (6)

National Landing

30.0

195

213,132

—

Total

6,714

5,426,240

5,151,695

274,545

Page 28

PROPERTY TABLE - MULTIFAMILY

JUNE 30, 2026

(Unaudited)

Monthly

Same Store (2):

Number

Total

Multifamily

Retail

Multifamily

Retail

Annualized

Rent

Rent Per

Q2 2025 ‑ 2026 /

Year Built /

Square

Rent

Per

Square

Multifamily Assets

Submarket

Ownership

C/U (1)

YTD 2025 - 2026

Renovated

Units

Feet

% Leased

Occupied

(in thousands)

Unit (3)

Foot (4)

Totals at JBG SMITH Share (5)

National Landing

4,084

3,225,101

3,133,570

91,531

90.7%

87.6%

88.6%

111,478

2,650

3.35

1,894

1,531,052

1,376,050

155,001

94.9%

91.7%

94.3%

57,728

2,499

3.44

In-Service assets

5,978

4,756,153

4,509,620

246,532

92.0%

88.9%

92.2%

169,206

2,600

3.38

Recently Delivered asset

355

302,803

291,707

11,096

53.8%

49.3%

30.5%

7,271

3,366

3.94

Operating - Total / Weighted Average

6,333

5,058,956

4,801,327

257,628

89.6%

86.6%

89.6%

176,477

2,626

3.40

Under-Construction asset

63,940

—

Number of Assets and Total Square Feet/Units Reconciliation

Number of

At 100% Share

At JBG SMITH Share

Operating Assets

Assets

Square Feet/Units

Q1 2026

5,213,105 SF/

6,519 Units

5,058,953 SF/

6,333 Units

Acquisitions

—

Placed into service

—

Dispositions

—

Out-of-service adjustment

—

Portfolio reclassification

—

Building re-measurements

—

3 SF

Q2 2026

5,213,108 SF/

6,519 Units

5,058,956 SF/

6,333 Units

Note: At 100% share, unless otherwise noted.

(1) "C" denotes a consolidated interest and "U" denotes an unconsolidated interest.

(2) "Y" denotes an asset as Same Store and "N" denotes an asset as Non-Same Store.

(3) Represents multifamily rent divided by occupied multifamily units; retail rent is excluded from this metric. Occupied units may differ from leased units because leased units include leases that have been signed but the tenant has not yet taken occupancy (not yet included in Percent Occupied metrics).

(4) Represents multifamily rent divided by occupied multifamily square footage; retail rent and retail square footage are excluded from this metric. Occupied multifamily square footage may differ from leased multifamily square footage because leased multifamily square footage includes space for leases that have been signed but the tenant has not yet taken occupancy (not yet included in Percent Occupied metrics).

(5) 2221 S. Clark Street – Residential and 900 W Street are excluded from Percent Leased, Percent Occupied, Annualized Rent, Monthly Rent Per Unit and Monthly Rent per Square Foot metrics as they are operated as short-term rental properties.

(6) See footnote (2) on page 32.

Page 29

PROPERTY TABLE - COMMERCIAL

JUNE 30, 2026

(Unaudited)

Property Table – Commercial

Office

Annualized

Same Store (2):

Annualized

Rent Per

Q2 2025 ‑ 2026 /

Year Built /

Total

Office

Retail

Office %

Retail %

Rent

Square

Commercial Assets

Submarket

Ownership

C/U (1)

YTD 2025 - 2026

Renovated

Square Feet

Leased

Occupied

(in thousands)

Foot (3)

National Landing

1550 Crystal Drive (4)

National Landing

100.0

Y / Y

1980 / 2020

555,228

449,839

105,389

90.8%

85.4%

99.7%

22,713

46.46

2121 Crystal Drive

National Landing

100.0

Y / Y

1985 / 2006

509,490

503,903

5,587

69.1%

64.7%

100.0%

16,981

51.93

2345 Crystal Drive

National Landing

100.0

Y / Y

1988 / 2019

499,642

489,017

10,625

33.5%

32.6%

74.3%

8,011

50.24

2231 Crystal Drive

National Landing

100.0

Y / Y

1987 / 2009

468,534

416,607

51,927

75.3%

67.0%

97.4%

15,696

48.99

2011 Crystal Drive

National Landing

100.0

Y / Y

1984 / 2026

443,957

423,666

20,291

68.3%

55.0%

100.0%

11,727

50.26

2451 Crystal Drive

National Landing

100.0

Y / Y

1990 / 2019

402,276

390,219

12,057

85.4%

85.2%

92.6%

15,491

50.97

241 18th Street S. (4)

National Landing

100.0

Y / Y

1977 / 2013

337,082

334,071

3,011

88.3%

88.2%

100.0%

13,427

45.40

201 12th Street S.

National Landing

100.0

Y / Y

1987 / 2014

335,340

323,127

12,213

92.1%

91.8%

100.0%

12,859

41.44

251 18th Street S. (4)

National Landing

100.0

Y / Y

1975 / 2013

301,049

297,511

3,538

99.0%

97.3%

15.1%

14,269

49.20

1770 Crystal Drive

National Landing

100.0

Y / Y

2020 / N/A

273,787

259,651

14,136

98.3%

100.0%

67.8%

12,709

46.60

200 12th Street S.

National Landing

100.0

Y / Y

1985 / 2013

202,761

—

52.8%

—

5,053

47.16

1901 South Bell Street (4)

National Landing

100.0

Y / Y

1968 / 2008

71,986

—

100.0%

—

2,831

39.33

Crystal Drive Retail (4)

National Landing

100.0

Y / Y

2003 / 2004

44,094

—

44,094

82.8%

—

82.8%

1,792

—

1235 S. Clark Street

National Landing

100.0

Y / Y

1981 / 2007

384,688

336,342

48,346

64.8%

60.0%

97.8%

10,156

44.27

1215 S. Clark Street

National Landing

100.0

Y / Y

1983 / 2016

336,159

333,546

2,613

99.6%

100.0%

44.5%

11,557

34.56

1225 S. Clark Street

National Landing

100.0

Y / Y

1982 / 2013

276,184

263,334

12,850

97.8%

98.7%

80.9%

11,735

44.29

Other

Tysons Dulles Plaza (5)

Tysons

50.0

N / N

1988 / 2020

491,494

450,721

40,773

67.0%

66.7%

70.1%

14,368

44.05

800 North Glebe Road

Ballston

100.0

Y / Y

2012 / N/A

306,210

279,848

26,362

81.2%

82.2%

70.5%

12,121

48.59

One Democracy Plaza (6) (7)

Bethesda- Rock Spring

100.0

Y / Y

1987 / 2013

213,417

211,249

2,168

80.4%

80.5%

69.6%

5,079

29.67

1101 17th Street

DC CBD

100.0

Y / Y

1964 / 1999

210,494

200,740

9,754

80.4%

81.2%

64.0%

9,744

56.94

Dulles View (7)

Dulles

60.0

N / N

2008 / N/A

360,482

—

68.5%

—

9,265

37.55

4747 Bethesda Avenue (8)

Bethesda CBD

20.0

Y / Y

2019 / N/A

300,535

286,226

14,309

92.8%

92.4%

100.0%

21,824

75.65

Operating - Total / Weighted Average

7,324,889

6,884,846

440,043

78.0%

75.6%

88.7%

259,408

47.05

Total at JBG SMITH Share

National Landing Unlevered

4,445,226

4,162,358

282,868

76.8%

72.9%

92.8%

153,559

47.76

National Landing Levered

997,031

933,222

63,809

85.7%

85.2%

92.2%

33,447

40.20

Other

1,252,264

1,190,732

61,532

76.5%

76.8%

70.6%

44,051

45.59

Operating - Total / Weighted Average

6,694,521

6,286,312

408,209

78.0%

75.4%

89.4%

231,057

46.06

Page 30

PROPERTY TABLE - COMMERCIAL

JUNE 30, 2026

(Unaudited)

Number of Assets and Total Square Feet Reconciliation

Number of

At 100% Share

At JBG SMITH Share

Operating Assets

Assets

Square Feet

Q1 2026

7,322,689

6,938,068

Acquisitions

—

Placed into service

—

Dispositions (5)

—

(245,747)

Out-of-service adjustment

—

Portfolio reclassification

—

Building re-measurements

—

2,200

Other

—

Q2 2026

7,324,889

6,694,521

Note: At 100% share, unless otherwise noted.

(1) "C" denotes a consolidated interest and "U" denotes an unconsolidated interest.

(2) "Y" denotes an asset as Same Store and "N" denotes an asset as Non-Same Store.

(3) Represents annualized office rent divided by occupied office square footage; annualized retail rent and retail square footage are excluded from this metric. Annualized Rent and Annualized Rent per Square Foot exclude percentage rent and the square footage of tenants that only pay percentage rent. Occupied office square footage may differ from leased office square footage because leased office square footage includes space for leases that have been signed but the tenant has not yet taken occupancy (not yet included in Percent Occupied metrics).

(4) The following assets contain space that is held for development or not otherwise available for lease. This out-of-service square footage is excluded from Square Feet, leased, and occupancy metrics.

Not Available

Commercial Asset

In-Service

for Lease

1550 Crystal Drive

555,228

4,281

241 18th Street S.

337,082

26,557

251 18th Street S.

301,049

39,520

1901 South Bell Street

71,986

202,926

Crystal Drive Retail

44,094

85,052

2221 S. Clark Street - Office

35,182

(5) In April 2026, we formed a real estate venture to recapitalize Tysons Dulles Plaza, in which we retained a 50.0% interest.

(6) Subject to a ground lease with an expiration date of 11/17/2084.

(7) Not Metro-Served.

(8) Includes JBG SMITH's corporate office lease of 62,645 square feet.

Page 31

PROPERTY TABLE – UNDER-CONSTRUCTION

JUNE 30, 2026

(Unaudited)

dollars in thousands

Schedule

At JBG SMITH Share

Estimated

Square

Number of

Construction

Completion

Stabilization

Historical

Incremental

Total

Asset

Submarket

Ownership

Feet

Units

Start Date

Date

Cost (1)

Investment

Multifamily

National Landing

2200 Crystal Drive (2)

National Landing

30.0%

213,132

195

Q2 2026

Q2 2028

Q4 2028

9,465

17,960

27,425

Under-Construction at JBG SMITH Share

63,940

Weighted average Projected NOI Yield at JBG SMITH Share:

Multifamily

Estimated Total Investment

7.5

Estimated Incremental Investment

11.4

Estimated Stabilized NOI at JBG SMITH Share (dollars in millions)

2.0

Note: At 100% share, unless otherwise noted.

(1) Historical Cost excludes certain GAAP adjustments such as capitalized interest and ground lease costs. See definition of Historical Cost on page 39.

(2) Ownership percentage reflects expected dilution of our ownership interest as contributions are funded by our real estate venture partner during the construction of the asset. As of June 30, 2026, our ownership interest was 77.2%, which is the ownership percentage used to calculate Historical Cost at JBG SMITH Share.

Page 32

PROPERTY TABLE – DEVELOPMENT PIPELINE

JUNE 30, 2026

(Unaudited)

Property Table – Development

dollars in thousands, at JBG SMITH Share

Estimated Potential Development Density (SF)

Submarket

Total

Multifamily

Office

Retail

National Landing

3,182,900

2,440,600

656,400

85,900

175,700

42,700

133,000

—

Other VA

152,700

—

152,700

—

3,511,300

2,483,300

942,100

85,900

Historical Cost (1)

$ 299,188

Note: Excludes unentitled land parcels and land parcels controlled through an option agreement.

(1) Historical Cost excludes certain GAAP adjustments, such as capitalized interest and ground lease costs. See definition of Historical Cost on page 39.

Page 33

DISPOSITION AND RECAPITALIZATION ACTIVITY

JUNE 30, 2026

(Unaudited)

Disposition Activity

dollars in thousands, at JBG SMITH Share

Units /

Gross Sales

Assets

% Ownership

Asset Type

Location

Date Disposed

Total Square Feet

Price

Q1 2026

Potomac Yard Landbay H

100.0%

Development Pipeline

Alexandria, VA

February 11, 2026

347,700 SF

(1)

50,700

Q2 2026

None

Total

50,700

(1) Square footage represents estimated potential development density.

Recapitalization Activity:

In April 2026, we formed a real estate venture to recapitalize Tysons Dulles Plaza, a 491,494-square-foot commercial asset in Tysons, Virginia, in which we retained a 50.0% interest. We retained management of the asset and continue to account for the asset on a consolidated basis.

In May 2026, we formed an unconsolidated real estate venture to recapitalize 2200 Crystal Drive, an office building in Arlington, Virginia, which the venture is converting into a 195-unit multifamily asset. We contributed 2200 Crystal Drive to the real estate venture, and our venture partner has committed to contribute the equity required to fund the construction for a 70.0% interest, which is expected to reduce our ownership interest from 100.0% at the formation of the real estate venture to 30.0% when all contributions are funded.

Page 34

DEBT SUMMARY

JUNE 30, 2026

(Unaudited)

Debt Summary

dollars in thousands, at JBG SMITH Share

2026

2027

2028

2029

2030

Total

Consolidated and Unconsolidated Principal Balance

Unsecured Debt:

Revolving credit facility ($750 million commitment)

—

210,000

—

210,000

Term loans ($720 million commitment)

—

200,000

520,000

—

720,000

Total unsecured debt

—

410,000

520,000

—

930,000

Secured Debt:

Consolidated principal balance

105,000

331,139

85,000

283,620

828,212

1,632,971

Unconsolidated principal balance

—

35,000

—

35,000

Total secured debt

105,000

366,139

85,000

283,620

828,212

1,667,971

Total Consolidated and Unconsolidated Principal Balance

105,000

776,139

605,000

283,620

828,212

2,597,971

% of total debt maturing

4.0

29.9

23.3

10.9

31.9

100.0

% floating rate (1)

100.0

57.1

14.0

3.5

26.0

33.1

% fixed rate (2)

—

42.9

86.0

96.5

74.0

66.9

Weighted Average Interest Rates

Variable rate (3)

5.00

5.53

5.35

5.75

4.50

5.19

Fixed rate

—

4.62

4.58

5.19

5.48

5.00

Total Weighted Average Interest Rates

5.00

5.14

4.68

5.21

5.23

5.06

Revolving Credit Facility and Term Loans

Revolving

Total/

Credit

Tranche A‑1

Tranche A‑2

2023

Weighted

Facility

Term Loan

Average

Credit limit

750,000

200,000

400,000

120,000

1,470,000

Outstanding principal balance

210,000

200,000

400,000

120,000

930,000

Letters of credit

13,844

—

13,844

Undrawn capacity

526,156

—

526,156

Interest rate spread (4)

1.59

1.44

1.49

1.50

All-In interest rate (5)

5.27

5.44

4.30

5.51

4.92

Initial maturity date

Jun‑27

Jan‑27

Jan‑28

Jun‑28

—

Note: Amounts shown based on initial maturity date.

(1) Floating rate debt includes floating rate loans with interest rate caps.

(2) Fixed rate debt includes floating rate loans with interest rate swaps. Including interest rate caps, 84.2% of our debt is fixed or hedged.

(4) The interest rate for the revolving credit facility excludes a 0.20% facility fee.

(5) The all-in interest rate is inclusive of interest rate swaps. As of June 30, 2026, we had interest rates swaps for the Tranche A-1 Term Loan, the Tranche A-2 Term Loan and the 2023 Term Loan.

Page 35

DEBT BY INSTRUMENT

JUNE 30, 2026

(Unaudited)

Debt by Instrument

dollars in thousands

Stated

Interest

Current

Initial

Extended

Principal

Interest

Rate

Annual

Maturity

Asset

Ownership

Balance

Rate

Hedge (1)

Interest Rate (2)

Date

Date (3)

Consolidated

1215 S. Clark Street

100.0

105,000

S + 1.35

—

5.00

12/22/26

Tranche A‑1 Term Loan

100.0

200,000

S + 1.44

Swap

5.44

01/14/27

The Zoe and Valen (4)

100.0

198,483

S + 2.25

Cap

5.90

01/22/27

1101 17th Street

100.0

59,734

2.70

Fixed

2.70

07/14/27

1235 S. Clark Street

100.0

72,922

3.94

Fixed

3.94

11/01/27

Tranche A‑2 Term Loan

100.0

400,000

S + 1.49

Swap

4.30

01/13/28

Revolving Credit Facility (5)

100.0

210,000

S + 1.59

—

5.27

06/29/27

06/29/28

2023 Term Loan

100.0

120,000

S + 1.50

Swap

5.51

06/29/28

1225 S. Clark Street

100.0

85,000

S + 1.70

—

5.35

07/27/28

The Grace and Reva

100.0

273,620

5.19

Fixed

5.19

12/01/29

Multifamily Credit Facility (The Wren and F1RST Residences)

100.0

187,557

5.13

Fixed

5.13

02/01/30

RiverHouse Apartments (Ashley and Potomac)

100.0

258,936

5.03

Fixed

5.03

04/01/30

1221 Van Street

100.0

86,522

S + 2.62

Swap

6.59

08/01/30

220 20th Street

100.0

79,567

S + 2.62

Swap

6.60

08/01/30

The Bartlett (6)

100.0

215,630

S + 2.62

Cap

4.50

08/01/30

Tysons Dulles Plaza (7)

50.0

20,000

S + 2.10

—

5.75

04/28/29

04/28/31

Total Consolidated Principal Balance

2,572,971

Deferred financing costs and premium / (discount) - mortgage loans

(41,353)

Deferred financing costs - revolving credit facility and term loans

(4,070)

Total Consolidated Indebtedness

2,527,548

Total Consolidated Indebtedness (net of premium / (discount) and deferred financing costs)

Mortgage loans

1,601,618

Revolving credit facility

210,000

Deferred financing costs, net (included in other assets)

(2,902)

Term loans

718,832

Total Consolidated Indebtedness

2,527,548

Page 36

DEBT BY INSTRUMENT

JUNE 30, 2026

(Unaudited)

dollars in thousands

Stated

Interest

Current

Initial

Extended

Principal

Interest

Rate

Annual

Maturity

Asset

Ownership

Balance

Rate

Hedge (1)

Interest Rate (2)

Date

Date (3)

Unconsolidated

4747 Bethesda Avenue (8)

20.0

175,000

S + 1.35

Cap

5.00

02/20/27

2200 Crystal Drive (9)

30.0

—

S + 2.00

—

5.65

05/20/30

05/20/31

Total Unconsolidated Principal Balance

175,000

Deferred financing costs and premium / (discount) - mortgage loans (10)

(3,094)

Total Unconsolidated Indebtedness

171,906

Principal Balance at JBG SMITH Share

Consolidated principal balance at JBG SMITH Share

2,562,971

Unconsolidated principal balance at JBG SMITH Share

35,000

Total Consolidated and Unconsolidated Principal Balance at JBG SMITH Share

2,597,971

Indebtedness at JBG SMITH Share (net of premium / (discount) and deferred financing costs)

Consolidated indebtedness at JBG SMITH Share

2,517,952

Unconsolidated indebtedness at JBG SMITH Share (10)

33,605

Total Consolidated and Unconsolidated Indebtedness at JBG SMITH Share (10)

2,551,557

(1) For floating rate loans with interest rate caps, the weighted average interest rate cap strike for consolidated debt and debt at JBG SMITH Share was 3.19% and 3.29%, and the weighted average maturity date of the interest rate caps is in Q4 2026. The interest rate cap strike is exclusive of the credit spreads associated with the loans.

(2) June 30, 2026 one-month term SOFR of 3.65% applied to loans which are denoted as floating (no swap) or floating with a cap, except as otherwise noted.

(3) Represents the maturity date based on execution of all extension options. Many of these extensions are subject to lender covenant tests.

(4) The maximum principal balance of this loan is $208.5 million. The cap strike rate for this loan is 4.50%.

(5) June 30, 2026 daily SOFR of 3.68% applied to the revolving credit facility.

(6) The cap strike rate for this loan is 1.99%.

(7) The maximum principal balance of this loan is $37.9 million.

(8) The cap strike rate for this loan is 4.38%.

(9) The maximum principal balance of this loan is $55.0 million. See footnote (2) on page 32.

(10) Includes $1.4 million ($1.0 million at JBG SMITH Share) of net deferred financing costs that were included in other assets in the balance sheet information of our unconsolidated real estate ventures presented on page 11.

Page 37

DEFINITIONS

JUNE 30, 2026

Definitions

"Annualized Rent" is defined as (i) for multifamily assets, or the multifamily component of a mixed-use asset, the in-place monthly base rent before Free Rent as of June 30, 2026, multiplied by 12, and (ii) for commercial assets, or the retail component of a mixed-use asset, the in-place monthly base rent before Free Rent, plus tenant reimbursements as of June 30, 2026, multiplied by 12. Annualized Rent excludes rent from leases that have been signed but the tenant has not yet taken occupancy (not yet included in Percent Occupied metrics) and percentage rent.

"Annualized Rent per Square Foot" is defined as (i) for multifamily assets, in-place monthly base rent before Free Rent divided by occupied multifamily square feet; annualized retail rent and retail square feet are excluded from this metric and (ii) for commercial assets, annualized office rent divided by occupied office square feet and annualized retail rent divided by occupied retail square feet. Excludes percentage rent and the square footage of tenants that only pay percentage rent. Occupied square footage may differ from leased square footage because leased square footage includes leases that have been signed but the tenant has not yet taken occupancy (not yet included in Percent Occupied metrics).

Earnings Before Interest, Taxes, Depreciation and Amortization ("EBITDA"), EBITDA for Real Estate ("EBITDAre") and "Adjusted EBITDA" are non-GAAP financial measures. EBITDA and EBITDAre are used by management as supplemental operating performance measures, which we believe help investors and lenders meaningfully evaluate and compare our operating performance from period-to-period by removing from our operating results the impact of our capital structure (primarily interest charges from our outstanding debt and the impact of our interest rate swaps and caps) and certain non-cash expenses (primarily depreciation and amortization expense on our assets). EBITDAre is computed in accordance with the definition established by Nareit. Nareit defines EBITDAre as GAAP net income (loss) adjusted to exclude interest expense, income taxes, depreciation and amortization expense, gains (losses) on sales of real estate and impairment write-downs of certain real estate assets and investments in entities when the impairment is directly attributable to decreases in the value of depreciable real estate held by the entity, including our share of such adjustments for unconsolidated real estate ventures. These supplemental measures may help investors and lenders understand our ability to incur and service debt and to make capital expenditures. EBITDA and EBITDAre are not substitutes for net income (loss) (computed in accordance with GAAP) and may not be comparable to similarly titled measures used by other companies.

"Estimated Incremental Investment" means management's estimate of the remaining cost to be incurred in connection with the development of an asset as of June 30, 2026, including all remaining acquisition costs, hard costs, soft costs, tenant improvements (excluding Free Rent converted to tenant improvement allowances), leasing costs and other similar costs to develop and stabilize the asset but excluding any financing costs and ground rent expenses. Actual incremental investment may differ substantially from our estimates due to numerous factors, including unanticipated expenses, delays in the estimated completion date, changes in design and other contingencies.

Page 38

DEFINITIONS

JUNE 30, 2026

"Estimated Total Investment" means, with respect to the development of an asset, the sum of the Historical Cost in such asset and the Estimated Incremental Investment for such asset. Actual total investment may differ substantially from our estimates due to numerous factors, including unanticipated expenses, delays in the estimated completion date, changes in design and other contingencies.

"First-generation" is a lease on space that had been vacant for at least nine months or a lease on newly delivered space.

"Free Rent" means the amount of base rent and tenant reimbursements that are abated according to the applicable lease agreement(s).

"GAAP" means accounting principles generally accepted in the United States of America.

"Historical Cost" is a non-GAAP measure which includes the total Historical Cost incurred by JBG SMITH with respect to the development of an asset, including any acquisition costs, hard costs, soft costs, tenant improvements (excluding Free Rent converted to tenant improvement allowances), leasing costs and other similar costs, but excluding any financing costs and ground rent expenses incurred as of June 30, 2026.

"In-Service" refers to multifamily or commercial operating assets that are at or above 90% leased or have been operating and collecting rent for more than 12 months as of June 30, 2026.

"JBG SMITH Share" or "our share" refer to our ownership percentage of consolidated and unconsolidated assets in real estate ventures, but exclude our 33.5% subordinated interest in four commercial buildings, as well as the associated non-recourse mortgage loans, held through an unconsolidated real estate venture; the interest and debt are excluded because our investment in the real estate venture is zero, we do not anticipate receiving any near-term cash flow distributions from the real estate venture, and we have not guaranteed its obligations or otherwise committed to providing financial support.

Page 39

DEFINITIONS

JUNE 30, 2026

"Metro-Served" means locations, submarkets or assets that are within 0.5 miles of an existing or planned Metro station.

"Monthly Rent Per Unit" represents multifamily rent for the month ended June 30, 2026 divided by occupied units; retail rent is excluded from this metric.

Net Operating Income ("NOI"), "Same Store NOI", "Annualized NOI", "Estimated Stabilized NOI" and "Projected NOI Yield" are non-GAAP financial measures management uses to assess an asset's performance. The most directly comparable GAAP measure is net income (loss) attributable to common shareholders. We use NOI internally as a performance measure and believe NOI, Same Store NOI, Annualized NOI, Estimated Stabilized NOI and Projected NOI Yield provide useful information to investors regarding our financial condition and results of operations because it reflects only property related revenue (which includes base rent, tenant reimbursements and other operating revenue, net of Free Rent and payments associated with assumed lease liabilities) less operating expenses and ground rent for operating leases, if applicable. NOI excludes deferred (straight-line) rent, commercial lease termination revenue, related party management fees, interest expense, and certain other non-cash adjustments, including the accretion of acquired below-market leases and the amortization of acquired above-market leases and below-market ground lease intangibles. Management uses NOI, which includes our proportionate share of revenue and expenses attributable to real estate ventures, as a supplemental performance measure and believes it provides useful information to investors because it reflects only those revenue and expense items that are incurred at the asset level, excluding non-cash items. In addition, NOI is considered by many in the real estate industry to be a useful starting point for determining the value of a real estate asset or group of assets. However, because NOI excludes depreciation and amortization expense and captures neither the changes in the value of our assets that result from use or market conditions, nor the level of capital expenditures and capitalized leasing commissions necessary to maintain the operating performance of our assets, all of which have real economic effect and could materially impact the financial performance of our assets, the utility of NOI as a measure of the operating performance of our assets is limited. NOI presented by us may not be comparable to NOI reported by other real estate investment trusts that define these measures differently. We believe to facilitate a clear understanding of our operating results, NOI should be examined in conjunction with net income (loss) attributable to common shareholders as presented in our consolidated financial statements. NOI should not be considered as an alternative to net income (loss) attributable to common shareholders as an indication of our performance or to cash flows as a measure of liquidity or our ability to make distributions. Annualized NOI represents NOI for the three months ended June 30, 2026 multiplied by four. Management believes Annualized NOI provides useful information in understanding our financial performance over a 12-month period, however, investors and other users are cautioned against attributing undue certainty to our calculation of Annualized NOI. Actual NOI for any 12-month period will depend on a number of factors beyond our ability to control or predict, including general capital markets and economic conditions, any bankruptcy, insolvency, default or other failure to pay rent by one or more of our tenants and the destruction of one or more of our assets due to terrorist attack, natural disaster or other casualty, among others. We do not undertake any obligation to update our calculation to reflect events or circumstances occurring after the date of this Investor Package. There can be no assurance that the Annualized NOI shown will reflect our actual results of operations over any 12-month period.

This Investor Package also contains management's estimate of stabilized NOI and projections of NOI yield for Under-Construction assets, which are based on management's estimates of property-related revenue and operating expenses for each asset. These estimates are inherently uncertain and represent management's plans, expectations and beliefs and are subject to numerous assumptions, risks and uncertainties. The actual property-related revenue and operating expenses for our assets may differ materially from the estimates included in this Investor Package. Management's projections of NOI yield are not projections of our overall financial performance or cash flow, and there can be no assurance that the Projected NOI Yield set forth in this Investor Package will be achieved.

Projected NOI Yield means our Estimated Stabilized NOI reported as a percentage of (i) Estimated Total Investment and (ii) Estimated Incremental Investment. Actual initial full year stabilized NOI yield may vary from the Projected NOI Yield based on the actual incremental investment to complete the asset and its actual initial full year stabilized NOI, and there can be no assurance that we will achieve the Projected NOI Yields described in this Investor Package.

Page 40

DEFINITIONS

JUNE 30, 2026

We do not provide reconciliations for non-GAAP estimates on a future basis, including Estimated Stabilized NOI and expected Annualized NOI because we are unable to provide a meaningful or accurate calculation or estimate of reconciling items and the information is not available without unreasonable effort. This inability is due to the inherent difficulty of forecasting the timing and/or amounts of various items that would impact net income (loss). Additionally, no reconciliation of Projected NOI Yield to the most directly comparable GAAP measure is included in this Investor Package because we are unable to quantify certain amounts that would be required to be included in the comparable GAAP financial measures without unreasonable efforts because such data is not currently available or cannot be currently estimated with confidence. Accordingly, we believe such reconciliations would imply a degree of precision that would be confusing or misleading to investors.

"Non-Same Store" refers to all operating assets excluded from the Same Store pool.

"Percent Leased" is based on leases signed as of June 30, 2026, and is calculated as total rentable square feet less rentable square feet available for lease divided by total rentable square feet expressed as a percentage. Out-of-service square feet are excluded from this calculation.

"Percent Occupied" is based on occupied rentable square feet/units as of June 30, 2026, and is calculated as: (i) for multifamily space, total units less unoccupied units divided by total units, expressed as a percentage, and (ii) for office and retail space, total rentable square feet less unoccupied square feet divided by total rentable square feet. Out-of-service square feet and units are excluded from this calculation.

"Pro Rata Adjusted General and Administrative Expenses," a non-GAAP financial measure, represents general and administrative expenses adjusted for the general and administrative expenses of our third-party real estate services business that are directly reimbursed. We believe that adjusting such items not considered part of our comparable operations provides a meaningful measure to assess our general and administrative expenses as compared to similar real estate companies and in general.

"Recently Delivered" refers to multifamily and commercial assets that are below 90% leased and have been delivered within the 12 months ended June 30, 2026.

"Second-generation" is a lease on space that had been vacant for less than nine months.

"Signed But Not Yet Commenced Leases" means leases that, as of June 30, 2026, have been executed but for which rent has not commenced.

"SOFR" means the Secured Overnight Financing Rate.

"Square Feet" or "SF" refers to the area that can be rented to tenants, defined as (i) for multifamily assets, management's estimate of approximate rentable square feet, (ii) for commercial assets, rentable square footage defined in the current lease and for vacant space the rentable square footage defined in the previous lease for that space, (iii) for Under-Construction assets, management's estimate of approximate rentable square feet based on current design plans as of June 30, 2026, and (iv) for assets in the Development Pipeline, management's estimate of developable gross square feet based on current business plans with respect to real estate owned as of June 30, 2026.

"Transaction and Other Costs" include costs related to completed, potential and pursued transactions, and other costs.

"Under-Construction" refers to assets that were under construction during the period.

Page 41

APPENDIX – INTEREST EXPENSE

JUNE 30, 2026

(Unaudited)

Appendix – Interest Expense

Three Months Ended June 30, 2026

in thousands

Consolidated (1)

Unconsolidated Real Estate Ventures (2)

Total

Interest Expense

Interest expense before capitalized interest

33,299

443

33,742

Amortization of deferred financing costs

3,124

135

3,259

Net unrealized gain on non-designated derivatives (3)

(16)

—

(16)

Capitalized interest

(378)

—

(378)

Total

36,029

578

36,607

Six Months Ended June 30, 2026

in thousands

Consolidated (1)

Unconsolidated Real Estate Ventures (2)

Total

Interest Expense

Interest expense before capitalized interest

66,195

879

67,074

Amortization of deferred financing costs

6,176

293

6,469

Net unrealized gain on non-designated derivatives (3)

(16)

—

(16)

Capitalized interest

(778)

—

(778)

Total

71,577

1,172

72,749

(1) Includes $124,000 related to our consolidated real estate venture's share of interest expense.

(2) At JBG SMITH Share.

(3) Non-designated derivatives refer to certain derivative financial instruments, consisting of interest rate cap agreements, that do not meet the accounting requirements to be classified as hedging instruments. These derivatives are carried at their estimated fair value with realized and unrealized gains and losses recorded in "Interest expense" in our Condensed Consolidated Statements of Operations.

Page 42

APPENDIX – NOI RECONCILIATIONS (NON-GAAP)

JUNE 30, 2026

(Unaudited)

Appendix - NOI Reconciliations

dollars in thousands

Three Months Ended June 30,

Six Months Ended June 30,

2026

2025

2026

2025

Net loss attributable to common shareholders

(59,155)

(19,241)

(77,852)

(64,961)

Net loss attributable to redeemable noncontrolling interests

(13,381)

(3,940)

(17,731)

(11,918)

Net income attributable to noncontrolling interests

—

Net loss

(72,449)

(23,181)

(95,496)

(76,879)

Add:

Depreciation and amortization expense

44,791

47,560

90,096

95,147

General and administrative expense:

Corporate and other

15,404

16,720

30,691

32,277

Third-party real estate services

16,364

13,562

33,362

29,633

Transaction and Other Costs

685

2,846

10,526

4,757

Interest expense

36,029

35,571

71,577

70,771

(Gain) loss on the extinguishment of debt, net

—

(2,234)

—

2,402

Impairment loss

44,065

31,813

45,565

40,296

Income tax expense (benefit)

—

(83)

(283)

Less:

Third-party real estate services, including reimbursements revenue

17,002

14,805

34,210

29,719

Income (loss) from unconsolidated real estate ventures, net

(586)

1,091

(960)

499

Interest and other income, net

4,658

698

6,058

1,223

Gain (loss) on the sale of real estate, net

(285)

41,832

20,790

42,369

Adjustments:

NOI attributable to unconsolidated real estate ventures at our share

1,172

1,287

2,397

2,277

Real estate venture partner’s share of NOI attributable to consolidated real estate ventures

(1,822)

(272)

(2,623)

(272)

Non-cash rent adjustments (1)

(2,925)

(4,645)

2,510

Other adjustments (2)

552

399

639

2,092

Total adjustments

(3,023)

1,485

(4,232)

6,607

NOI

61,077

65,633

121,998

130,918

Less: out-of-service NOI loss (3)

(1,241)

(1,469)

(2,753)

(3,696)

Operating Portfolio NOI

62,318

67,102

124,751

134,614

Non-Same Store NOI (4)

7,555

10,085

15,662

20,549

Same Store NOI (5)

54,763

57,017

109,089

114,065

Change in Same Store NOI

(4.0)

(4.4)

Number of properties in Same Store pool

(1) Adjustment to exclude deferred (straight-line) rent, above/below market lease amortization/accretion and lease incentive amortization.

(2) Adjustment to exclude commercial lease termination revenue, related party management fees and corporate entity activity.

(3) Includes the results of our Under-Construction assets, assets in the Development Pipeline, and other land assets.

(5) Includes the results of the properties that are owned, operated and In-Service for the entirety of both periods being compared.

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Aug. 10, 2026

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JBG SMITH PROPERTIES

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duration

- Definition

A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

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Period Type:

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- Definition

Indicate if registrant meets the emerging growth company criteria.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

+ Details

Name:

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- Definition

Commission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen.

+ References

No definition available.

+ Details

Name:

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- Definition

Two-character EDGAR code representing the state or country of incorporation.

+ References

No definition available.

+ Details

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Data Type:

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- Definition

The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

+ Details

Name:

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- Definition

The Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

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Name:

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- Definition

Local phone number for entity.

+ References

No definition available.

+ Details

Name:

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- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 13e

-Subsection 4c

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Namespace Prefix:

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- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 14d

-Subsection 2b

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Name:

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- Definition

Title of a 12(b) registered security.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b

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- Definition

Name of the Exchange on which a security is registered.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection d1-1

+ Details

Name:

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Namespace Prefix:

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Data Type:

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Balance Type:

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- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 14a

-Subsection 12

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Name:

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- Definition

Trading symbol of an instrument as listed on an exchange.

+ References

No definition available.

+ Details

Name:

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Namespace Prefix:

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Data Type:

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Balance Type:

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- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Securities Act

-Number 230

-Section 425

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- References

No definition available.

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