# EDGAR Filing Document

**Accession Number:** 0001689796
**File Stem:** 0001104659-25-103179
**Filing Date:** 2025-10
**Character Count:** 213866
**Document Hash:** 860083533f58d8d74d27bc3f4a914787
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-25-103179.hdr.sgml**: 20251028

**ACCESSION NUMBER**: 0001104659-25-103179

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 22

**CONFORMED PERIOD OF REPORT**: 20251028

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20251028

**DATE AS OF CHANGE**: 20251028

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** JBG SMITH Properties
- **CENTRAL INDEX KEY:** 0001689796
- **STANDARD INDUSTRIAL CLASSIFICATION:** REAL ESTATE INVESTMENT TRUSTS [6798]
- **ORGANIZATION NAME:** 05 Real Estate & Construction
- **EIN:** 814307010
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-37994
- **FILM NUMBER:** 251424995

**BUSINESS ADDRESS:**
- **STREET 1:** 4747 BETHESDA AVENUE
- **STREET 2:** SUITE 200
- **CITY:** BETHESDA
- **STATE:** MD
- **ZIP:** 20814
- **BUSINESS PHONE:** 240-333-3600

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

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Vornado DC Spinco
- **DATE OF NAME CHANGE:** 20161109

?xml version='1.0' encoding='ASCII'? JBG SMITH PROPERTIES_October 28, 2025

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**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):

October 28, 2025

![Graphic](jbgs-20251028x8k001.jpg)

## JBG SMITH PROPERTIES
(Exact name of Registrant as specified in its charter)

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| | | | |
|:---|:---|:---|:---|
| **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**<br>**Suite 200** | **4747 Bethesda Avenue Bethesda MD**<br>**Suite 200** |  | **20814** |
| (Address of principal executive offices) | (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:

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| | | |
|:---|:---|:---|
| Title of each class<br>| Trading Symbol(s)<br>| Name of each exchange on which registered<br>|
| Common Shares, par value $0.01 per share<br>| JBGS<br>| New York Stock Exchange<br>|

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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 ☐

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#### Item 2.02 Results of Operations and Financial Condition
On October 28, 2025, JBG SMITH Properties (the "Company") announced its financial results for the three and nine months ended September 30, 2025. 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 9.01 Financial Statements and Exhibits
(d) Exhibits

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99.1&nbsp;&nbsp;&nbsp;&nbsp; [Quarterly Investor Package for the quarter ended September 30, 2025.](jbgs-20251028xex99d1.htm)

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.

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| | | |
|:---|:---|:---|
|  | JBG SMITH PROPERTIES | JBG SMITH PROPERTIES |
| &nbsp;&nbsp;&nbsp;October 28, 2025 | By: | /s/ M. Moina Banerjee |
|  |  | M. Moina Banerjee |
|  |  | Chief Financial Officer |
|  |  | (Principal Financial Officer) |

---

## Exhibit 99.1

![Graphic](jbgs-20251028xex99d1001.jpg)

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![Graphic](jbgs-20251028xex99d1002.jpg)

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![Graphic](jbgs-20251028xex99d1003.jpg)

#### Management Letter
October 28, 2025

Our Fellow Shareholders:

The third quarter showcased our team's ability to execute on our strategic priorities, even as the broader economic environment remained uncertain. We made meaningful progress across our portfolio, driven by strong leasing momentum, disciplined capital allocation, and the continued transformation of National Landing into a vibrant, mixed-use destination. Notably, we accelerated office leasing during a typically slow period, converting a robust pipeline of prospective tenants into signed leases – particularly in National Landing. This momentum reflects the enduring appeal of our placemaking efforts and the area's proximity to the Pentagon, which continues to attract defense technology tenants.

While the freeze on federal procurement activity earlier this year thawed through the second and into the third quarter, and business activity had begun to normalize and even grow, the current government shutdown has the potential to significantly disrupt that normalization. It has already impacted economic activity in our region and, if prolonged, could begin to hinder tenants' desire to make leasing decisions, and significantly dampen regional economic activity. The uncertainty surrounding federal operations and procurement, particularly in a market as closely tied to government and defense spending as ours, poses real risks to growth and stability. We remain focused on navigating these dynamics with agility and discipline, being good partners to our customers as they try to do the same, and positioning the portfolio to weather near-term volatility and capitalize on long-term growth opportunities.

The following are highlights from this quarter:

**Completed construction of Valen, a 355-unit multifamily tower in the heart of National Landing.** This is the fourth multifamily tower we have delivered in National Landing since the beginning of 2024 for a total of almost 1,600 new units. Leasing at these new towers continues to be strong, driven by the previous lack of new supply in the submarket and demand drivers such as Amazon and the vibrant amenities we've created through our placemaking interventions.

**Leased 182,000 square feet of office space.** Our office leasing had a weighted average lease term of 4.3 years and included 108,000 square feet of new leases in National Landing. While the third quarter is typically slower than the second and fourth quarters, demand in National Landing remains strong, driven by the growing defense tech sector's desire for proximity to the Pentagon and the appeal of the highly amenitized neighborhood we've created.

**Entitled 2100 and 2200 Crystal Drive, two obsolete office buildings in National Landing, for conversion to hospitality and multifamily uses.** These assets were among the first to be approved through Arlington County's new Adaptive Reuse Policy. 2100 Crystal Drive is entitled to be converted into a 345-key, dual-brand hotel and is under contract to be sold to a hotel owner/operator. 2200 Crystal Drive was approved to be converted into approximately 195 multifamily units, and we expect to commence construction next year.

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**Capital Allocation**

Our capital allocation strategy remains anchored in our core objective: maximizing long-term NAV per share growth. Leveraging our deep expertise in mixed-use, urban infill real estate, we have consistently rotated across asset classes based on relative value, cost of capital, and risk-adjusted return potential. In prior cycles, we divested low cap rate CBD office and reallocated capital to multifamily development. More recently, multifamily assets have commanded relatively attractive pricing in the private market. Monetizing these assets – especially when we can achieve premiums to NAV – has provided an efficient source of capital for opportunistic investments. This disciplined approach allows us to recycle capital into opportunities that we believe offer the greatest potential for long-term NAV per share growth.

Looking ahead, we continue to pursue new growth opportunities that align with our strategy and competitive advantages as a mixed-use owner, operator, and developer. We believe the current market dislocation is creating some of the most compelling office investment opportunities in nearly two decades, as demonstrated by our acquisition of Tysons Dulles Plaza in May. In parallel, we continue to explore opportunities to monetize our land bank and selectively recapitalize certain assets, generating incremental fee revenue and carried interest income through joint ventures with third-party investors.

Given the substantial discount our shares have historically traded at relative to NAV, we allocated a significant amount of our capital to share repurchases. So far this year, we have repurchased 26.8 million shares at an average price of $16.52 per share, totaling $443.1 million. Since launching our share repurchase program in 2020, we have repurchased 83.6 million shares, which is approximately 62% of the shares outstanding as of December 31, 2019, at an average price of $18.79 per share, totaling $1.6 billion.

As we have done throughout our time as a public company, we intend to fund growth opportunities through a combination of asset sales, private equity joint ventures, and selective issuances of public equity. Which of these we access at any given point in time depends upon their relative cost of capital and availability. Across all channels, our capital allocation strategy remains focused on enhancing long-term shareholder value and positioning the portfolio for sustained NAV per share growth.

**Financial and Operating Metrics**

For the three months ended September 30, 2025, we reported Core FFO attributable to common shares of $9.1 million, or $0.15 per diluted share. Annualized NOI decreased 3.8% quarter over quarter, totaling $232.9 million, excluding the assets that were sold, recapitalized, and recently acquired. Our multifamily portfolio ended the quarter at 89.1% leased and 87.2% occupied. Our office portfolio ended the quarter at 77.6% leased and 75.7% occupied. Our portfolio Same Store NOI decreased 6.7% for the three months ended September 30, 2025.

As of September 30, 2025, our Net Debt to Annualized Adjusted EBITDA was 12.6x. We are currently operating at elevated leverage levels while our newly constructed multifamily assets (The Grace, Reva, The Zoe, and Valen) lease up. We expect our leverage will moderate through: (i) additional income from the stabilization of these newly constructed multifamily assets; (ii) rent growth in our existing multifamily portfolio given the limited multifamily supply pipeline in the DC metro area; (iii) additional commercial revenue from our signed but not yet commenced leases; and (iv) office demand in National Landing from prospective tenants seeking proximity to the Pentagon, local tech talent, and the placemaking attractions we have delivered.

Our floating rate exposure remains low, with 88.1% of our debt fixed or hedged as of the end of the third 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 balance sheet and our debt, which has a weighted average maturity of three years, after adjusting for

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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* 

Our Same Store multifamily portfolio ended the quarter at 93.1% leased, down 1.6%, and 92.2% occupied, down 0.6% quarter over quarter. In our Same Store multifamily portfolio, effective rents increased 2.2% blended across both new and renewal leases while achieving a 56.3% renewal rate. Our multifamily portfolio Same Store NOI decreased 2.2% for the three months ended September 30, 2025, driven by lower occupancy and increased operating expenses.

This quarter, we completed construction of Valen, a 355-unit multifamily tower with 11,000 square feet of ground floor retail in the heart of National Landing which began leasing during the second quarter and is approximately 29% leased as of this week. We continue to make progress leasing The Grace and Reva, which were 82.5% leased, and The Zoe, which was 50.8% leased, as of September 30, 2025. Since Amazon brought their employees back to the office five days a week on January 2<sup>nd</sup>, we have seen a 40% increase in the number of Amazonians living in our National Landing multifamily portfolio. 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)*

Multifamily rent growth and occupancy across the DC metro area remained relatively flat with occupancy at approximately 94%, despite a sharp slowdown in new deliveries – approximately 10,000 units year-to-date, the lowest level in the past decade – and only one new start within our submarkets this quarter. While a seasonal slowdown following the summer is normal, the larger-than-normal loss in occupancy and a continuation of a deceleration in rent growth that have persisted since the spring has us monitoring the health of the market closely. We take solace in the fact that new construction starts dwindled materially through 2023, 2024, and 2025 leaving the next few years with historically limited new deliveries – ideal conditions for tightened occupancy and strong rent growth as long as the demand side cooperates. Additionally, the market is bolstered by the structurally limited inventory of new for-sale housing and resulting high prices, as well as the potential for strong growth in sectors like defense and technology – which are increasingly relevant in the region's growth story and likely to benefit from federal spending priorities post-shutdown.<br>In the near term, we expect demand to remain tepid at a regional level due to disruptions and uncertainty around the federal government and its all-important procurement spending. As of the August BLS print, the region is essentially flat year-over-year from an employment perspective and down about 13,000 jobs from the beginning of the year. In contrast, by last August we had already added approximately 21,000 jobs making this year a significant reversal in trajectory even if the absolute numbers are somewhat modest in the scale of the overall economy. The reversal to date may not be the extent of the economic impact, however, as federal employees who took the "fork in the road" buyouts were paid through September 30<sup>th</sup>, with their resignations becoming effective on that day. These numbers also do not factor in any additional impacts from a long-term federal government shutdown – all to say that the demand picture through the end of the year remains uncertain.<br>*Office Trends*

Our office portfolio ended the quarter at 77.6% leased, up 1.1% quarter over quarter, and 75.7% occupied, up 0.9% quarter over quarter. The spread between our leased and occupied percentages represents over $7.5 million of contractual annualized rent which is expected to commence by the end of next year. In the third quarter, we executed 182,000 square feet of leases with a weighted average lease term of 4.3 years. For second generation leases, the rental rate mark-to-market was positive 11.1%.

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Leasing activity continued to be strong during the third quarter when we typically see a slowdown relative to the second quarter. Leasing in National Landing continues to be driven primarily by office users who fall into three categories: (i) companies who need SCIF/secure facility space; (ii) technology-related new tenants largely attracted by the recent delivery of our placemaking interventions; and (iii) defense-related tenants who have long called this submarket home. 100% of our third quarter leasing activity and approximately 95% of our year-to-date leasing activity was with tenants in the defense and technology industries. Demand for SCIF spaces that meet the current standard is particularly strong, and the ability to deliver new SCIF or assign existing SCIF is often a major differentiator in our tenant conversations. Looking forward, we have modest lease roll over the next five years in National Landing, averaging approximately 6% per year, and we expect our retention rate to improve given approximately 70% of our tenancy in our National Landing portfolio comprises defense-tech tenants.

Our leasing efforts continue to focus on buildings with long-term potential, concentrating occupancy in areas of National Landing that we have enhanced through our placemaking interventions and that are accessible via multi-modal transportation. In total, we will have taken over 1.0 million square feet of obsolete office space out of service in National Landing. Our rationale for reducing competitive stock in National Landing remains the same: to help foster a healthier long-term office market while repurposing older, underutilized buildings for redevelopment or conversion to multifamily housing, hospitality, or other complimentary uses that will support a vibrant mixed-use environment.

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

As has become the norm, metro-wide statistics reflect nearly flat absorption, although CBRE reported that the year had turned to net positive absorption for the first time since 2019. That report reflects a cautiously expressed sentiment that the office market, which had run aground, was slowly lifting off the muddy bottom. For one thing, vacancy rates are starting to decline across the board. That decline, however, is not yet driven by demand but by inventory coming offline. In the third quarter, JLL reported that 2.6 million square feet had come offline in Northern Virginia with an additional 10.3 million square feet in the pipeline to be demolished for other uses. We expect more inventory to come offline as dramatic re-pricing of office and demand for suburban housing sites overlap. This reduction in inventory should steadily drive down vacancy – faster if demand expands – and compounds the trend of a shrinking "truly" competitive market that's further reduced by "zombie" buildings which are not truly competitive in the market. While some of those buildings will ultimately trade and become competitive again via reset basis, many of them will disappear forever as they're scraped for new uses. In short, the truly competitive vacancy rate is likely far lower than the roughly 20% (and dropping) that's quoted in the statistics. Finally, JLL and CBRE both report single-digit vacancy rates for the "best" new product in the market, suggesting that, in the absence of new construction (which remains largely prohibitively expensive), demand is likely to compress to the "best of the rest" as it resumes – a trend we see playing out real-time in the market particularly among government contractors who place value for money high on their list of desirable characteristics in a building. <br>We also believe that the Northern Virginia market, unlike the rest of the region, remains strongly aligned with the spending priorities of the current administration, and that a mandate to remain competitive in defense and technology is likely one of the few truly bipartisan issues left in Washington. Until the shutdown, this demand had already been filling our pipeline and that of Northern Virginia. However, there is some near-term risk of a protracted shutdown disrupting the spending authorization for contracts, which at the very least will likely lead to leasing decisions being put on pause and companies implementing austerity measures until it is resolved. <br>

\* \* \*

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As we look ahead, we remain focused on the disciplined execution of our business plans and our capital allocation strategy. Our platform is built to navigate uncertainty and capitalize on dislocations, and we believe the current environment presents compelling opportunities to deploy capital into assets that offer attractive risk-adjusted returns. We are encouraged by the momentum in our office leasing pipeline, the resilience of our multifamily portfolio, the strength of our balance sheet, and the continued evolution of National Landing into a vibrant, 18-hour neighborhood. Above all, we remain committed to maximizing long-term NAV per share growth, and we believe our current positioning and investment discipline will allow us to drive meaningful value creation for shareholders over time.

Thank you for your continued trust and partnership.

Sincerely,

![Graphic](jbgs-20251028xex99d1004.jpg)

W. Matthew Kelly

Chief Executive Officer

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**Section Two – Earnings Release**

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**FOR IMMEDIATE RELEASE**<br>

#### Earnings Release
**CONTACT**

Kevin Connolly

Executive Vice President, Portfolio Management & Investor Relations

(240) 333-3837

kconnolly@jbgsmith.com

**JBG SMITH ANNOUNCES THIRD QUARTER 2025 RESULTS**

**Bethesda, MD (October 28, 2025) -** 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 September 30, 2025 and reported its financial results.

Additional information regarding our results of operations, properties, and tenants can be found in our Third Quarter 2025 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.

**Third Quarter 2025 Highlights**

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

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **THIRD QUARTER AND YEAR-TO-DATE COMPARISON** | **THIRD QUARTER AND YEAR-TO-DATE COMPARISON** | **THIRD QUARTER AND YEAR-TO-DATE COMPARISON** | **THIRD QUARTER AND YEAR-TO-DATE COMPARISON** | **THIRD QUARTER AND YEAR-TO-DATE COMPARISON** | **THIRD QUARTER AND YEAR-TO-DATE COMPARISON** | **THIRD QUARTER AND YEAR-TO-DATE COMPARISON** | **THIRD QUARTER AND YEAR-TO-DATE COMPARISON** |
| *in millions, except per share amounts* | **Three Months Ended**  | **Three Months Ended**  | **Three Months Ended**  | **Three Months Ended**  | **Nine Months Ended**  | **Nine Months Ended**  | **Nine Months Ended**  | **Nine Months Ended**  |
|  | **September 30, 2025** | **September 30, 2025** | **September 30, 2024** | **September 30, 2024** | **September 30, 2025** | **September 30, 2025** | **September 30, 2024** | **September 30, 2024** |
|  | **Amount** | **Per Diluted Share** | **Amount** | **Per Diluted Share** | **Amount** | **Per Diluted Share** | **Amount** | **Per Diluted Share** |
| Net loss <sup>(1)</sup> | $(28.6) | $(0.48) | $(27.0) | $(0.32) | $(93.5) | $(1.35) | $(83.6) | $(0.95) |
| FFO <sup>(2)</sup> | $10.1  | $0.17 | $19.5  | $0.23 | $13.9  | $0.20  | $44.5  | $0.50 |
| Core FFO | $9.1  | $0.15 | $19.3  | $0.23 | $29.0  | $0.41 | $62.3  | $0.69 |

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&nbsp;&nbsp;&nbsp;&nbsp;(1) Includes gains on the sale of real estate of $4.7 million and $47.0 million for the three and nine months ended September 30, 2025. Includes losses on the sale of real estate of $5.4 million and $5.1 million for the three and nine months ended September 30, 2024. Includes impairment losses of $4.8 million and $45.1 million for the three and nine months ended September 30, 2025, and $18.2 million for the nine months ended September 30, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;(2) Includes impairment losses related to non-depreciable real estate assets of $8.5 million and $18.2 million for the nine months ended September 30, 2025 and 2024.

&nbsp;&nbsp;&nbsp;&nbsp;● Annualized Net Operating Income ("Annualized NOI") for the three months ended September 30, 2025 was $242.3 million, compared to $268.4 million for the three months ended June 30, 2025, at our share. Excluding the assets that were sold, recapitalized and recently acquired, Annualized NOI for the three months ended September 30, 2025 was $232.9 million, compared to $242.2 million for the three months ended June 30, 2025, at our share.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o The decrease in Annualized NOI, excluding the assets that were sold, recapitalized and recently acquired, was substantially attributable to (i) higher utilities expenses in our commercial portfolio, and (ii) higher operating expenses and higher concessions, partially offset by the continued lease up of the recently completed assets in our multifamily portfolio.

&nbsp;&nbsp;&nbsp;&nbsp;● Same Store NOI ("SSNOI") at our share decreased 6.7% quarter-over-quarter to $54.1 million for the three months ended September 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o The decrease in SSNOI was substantially attributable to (i) lower occupancy and lower parking revenue in our commercial portfolio and (ii) lower occupancy and higher operating expenses, partially offset by higher rents and lower concessions in our multifamily portfolio.

**Operating Portfolio**

&nbsp;&nbsp;&nbsp;&nbsp;● The operating multifamily portfolio was 89.1% leased and 87.2% occupied as of September 30, 2025, compared to 89.0% and 85.8% as of June 30, 2025. Our Same Store multifamily portfolio was 93.1% leased and 92.2% occupied as of September 30, 2025, compared to 94.7% and 92.8% as of June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;● In our Same Store multifamily portfolio, effective rents decreased by 0.8% for new leases and increased by 4.6% upon renewal while achieving a 56.3% renewal rate during the third quarter.

&nbsp;&nbsp;&nbsp;&nbsp;● The operating commercial portfolio was 77.6% leased and 75.7% occupied as of September 30, 2025, compared to 76.5% and 74.8% as of June 30, 2025, at our share.

&nbsp;&nbsp;&nbsp;&nbsp;● Executed approximately 182,000 square feet of office leases at our share during the three months ended September 30, 2025, including approximately 149,000 square feet of new leases. Second-generation leases generated an 11.1% rental rate increase on a cash basis and a 12.3% rental rate increase on a GAAP basis.

&nbsp;&nbsp;&nbsp;&nbsp;● Executed approximately 461,000 square feet of office leases at our share during the nine months ended September 30, 2025, including approximately 250,000 square feet of new leases. Second-generation leases generated a 0.1% rental rate decrease on a cash basis and a 1.1% rental rate increase on a GAAP basis.

**Development Portfolio**

*Under-Construction*

&nbsp;&nbsp;&nbsp;&nbsp;● During the quarter, we completed the construction of Valen, a 355-unit multifamily asset.

*Development Pipeline*

&nbsp;&nbsp;&nbsp;&nbsp;● As of September 30, 2025, we had 19 assets in the development pipeline consisting of 8.7 million square feet of estimated potential development density at our share.

**Third-Party Asset Management and Real Estate Services Business**

&nbsp;&nbsp;&nbsp;&nbsp;● For the three months ended September 30, 2025, revenue from third-party real estate services, including reimbursements, was $14.7 million. Excluding reimbursements and service revenue from our interests in real estate ventures, revenue from our third-party asset management and real estate services business was $6.6 million, primarily driven by $4.4 million of property and asset management fees.

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**Balance Sheet**

&nbsp;&nbsp;&nbsp;&nbsp;● As of September 30, 2025, our total enterprise value was approximately $4.0 billion, comprising 73.0 million common shares and units valued at $1.6 billion, and debt (net of premium / (discount) and deferred financing costs) at our share of $2.5 billion, less cash and cash equivalents at our share of $65.9 million.

&nbsp;&nbsp;&nbsp;&nbsp;● As of September 30, 2025, we had $64.4 million of cash and cash equivalents ($65.9 million of cash and cash equivalents at our share), and $585.2 million of undrawn capacity under our revolving credit facility.

&nbsp;&nbsp;&nbsp;&nbsp;● Net Debt to annualized Adjusted EBITDA at our share for the three months ended September 30, 2025 was 12.6x, and our Net Debt / total enterprise value was 59.8% as of September 30, 2025.

**Investing and Financing Activities**

&nbsp;&nbsp;&nbsp;&nbsp;● In July 2025, we sold The Batley, a multifamily asset with 432 units in Washington, DC, for $155.0 million.

&nbsp;&nbsp;&nbsp;&nbsp;● During the third quarter of 2025, we repurchased and retired 3.1 million common shares for $62.9 million, a weighted average purchase price per share of $20.21.

**Subsequent to September 30, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;● Through October 24, 2025, we repurchased and retired 383,758 common shares for $7.9 million, a weighted average purchase price per share of $20.49, pursuant to a repurchase plan under Rule 10b5-1 of the Securities Exchange Act of 1934, as amended.

**Dividends**

&nbsp;&nbsp;&nbsp;&nbsp;● On October 23, 2025, our Board of Trustees declared a quarterly dividend of $0.175 per common share, payable on November 20, 2025 to shareholders of record as of November 6, 2025.

**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, that we believe have long-term growth potential and appeal to residential, office, and retail tenants. Through an intense focus on placemaking, JBG SMITH cultivates vibrant, highly amenitized, walkable neighborhoods throughout the Washington, DC metropolitan area. Approximately 75.0% of JBG SMITH's holdings are in the National Landing submarket in Northern Virginia, which is anchored by four key demand drivers: Amazon's headquarters; Virginia Tech's $1 billion Innovation Campus; proximity to the Pentagon; and our placemaking initiatives and public infrastructure improvements. JBG SMITH's dynamic portfolio currently comprises 11.8 million square feet at share of multifamily, office and retail assets, 98% of which are Metro-served. It also maintains a development pipeline encompassing 8.7 million square feet of mixed-use, primarily multifamily, development opportunities. JBG SMITH is committed to the operation and development of green, smart, and healthy buildings. For more information on JBG SMITH please visit www.jbgsmith.com.

**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,

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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 earnings release. We also note the following forward-looking statements: whether in the case of our under-construction assets and assets in the development pipeline, estimated square feet, estimated number of units and estimated potential development density are accurate; expected timing, completion, and delivery dates for the projects we are developing and the ability of any or all of our demand drivers to materialize and their effect on economic impact, job growth, expansion of public transportation and related demand in the National Landing submarket.

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 conditions in the Washington, DC metropolitan area, including reductions in federal government spending, headcount, or leasing and the impacts of the government shutdown, the timing of and costs associated with development and property improvements, tariffs and other trade barriers, supply chain disruptions, 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, 2024 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

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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 10.0% subordinated interest in one commercial building and our 33.5% subordinated interest in four commercial buildings, as well as the associated non-recourse mortgage loans, held through unconsolidated real estate ventures, as our investment in each real estate venture is zero, we do not anticipate receiving any near-term cash flow distributions from the real estate ventures, and we have not guaranteed their 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

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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, impairment write-downs of non-depreciable real estate**,** 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 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, impairment write-downs of non-depreciable real estate**,** 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 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, third-party lease liability assumption payments, recurring share-based compensation expense, accretion of acquired below-market leases, net of amortization of acquired above-market leases, 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

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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 September 30, 2025 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,

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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 assets that have the potential to commence construction subject to receipt of full entitlements, completion of design and/or market conditions where we (i) own land or control the land through a ground lease or (ii) are under a long-term conditional contract to purchase, or enter into, a leasehold interest with respect to land**.**

**"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 or controlled as of September 30, 2025. 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 September 30, 2025.

**"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, demolition costs, severance and other costs.

**"Under-Construction"** refers to assets that were under construction during the three months ended September 30, 2025.

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#### CONDENSED CONSOLIDATED BALANCE SHEETS
**(Unaudited)**

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| | | |
|:---|:---|:---|
| *in thousands* | **September 30, 2025** | **December 31, 2024** |
| **ASSETS** |  |  |
| &nbsp;&nbsp;Real estate, at cost: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Land and improvements | $1026236 | $1109172 |
| &nbsp;&nbsp;&nbsp;&nbsp;Buildings and improvements | 4035802 | 4083937 |
| &nbsp;&nbsp;&nbsp;&nbsp;Construction in progress, including land | 170333 | 338333 |
|  | 5232371 | 5531442 |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: accumulated depreciation | (1449973) | (1419983) |
| &nbsp;&nbsp;&nbsp;&nbsp;Real estate, net | 3782398 | 4111459 |
| &nbsp;&nbsp;Cash and cash equivalents | 64437 | 145804 |
| &nbsp;&nbsp;Restricted cash | 23342 | 37388 |
| &nbsp;&nbsp;Tenant and other receivables | 23797 | 23478 |
| &nbsp;&nbsp;Deferred rent receivable | 179853 | 170153 |
| &nbsp;&nbsp;Investments in unconsolidated real estate ventures | 91539 | 93654 |
| &nbsp;&nbsp;Deferred leasing costs, net | 68367 | 69821 |
| &nbsp;&nbsp;Intangible assets, net | 51988 | 47000 |
| &nbsp;&nbsp;Other assets, net | 131382 | 131318 |
| &nbsp;&nbsp;Assets held for sale |  | 190465 |
| **TOTAL ASSETS** | $**4417103** | $**5020540** |
| **LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY** |  |  |
| Liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Mortgage loans, net | $1577796 | $1767173 |
| &nbsp;&nbsp;&nbsp;&nbsp;Revolving credit facility | 160000 | 85000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Term loans, net | 718450 | 717853 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts payable and accrued expenses | 79385 | 101096 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other liabilities, net | 124691 | 115827 |
| &nbsp;&nbsp;&nbsp;&nbsp;Liabilities related to assets held for sale |  | 901 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 2660322 | 2787850 |
| Commitments and contingencies |  |  |
| Redeemable noncontrolling interests | 566200 | 423632 |
| Total equity | 1190581 | 1809058 |
| **TOTAL LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY** | $**4417103** | $**5020540** |

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Note: For complete financial statements, please refer to our Quarterly Report on Form 10-Q for the quarter ended September 30, 2025.

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#### CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
**(Unaudited)**

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| | | | | |
|:---|:---|:---|:---|:---|
| *in thousands, except per share data* | **Three Months Ended September 30,**  | **Three Months Ended September 30,**  | **Nine Months Ended September 30,**  | **Nine Months Ended September 30,**  |
|  | **2025** | **2024** | **2025** | **2024** |
| REVENUE |  |  |  |  |
| &nbsp;&nbsp;Property rental | $103981 | $113349 | $311989 | $348521 |
| &nbsp;&nbsp;Third-party real estate services, including reimbursements | 14711 | 17061 | 44430 | 52326 |
| &nbsp;&nbsp;Other revenue | 5178 | 5616 | 14616 | 15683 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total revenue | 123870 | 136026 | 371035 | 416530 |
| EXPENSES |  |  |  |  |
| &nbsp;&nbsp;Depreciation and amortization | 48164 | 50050 | 143311 | 158211 |
| &nbsp;&nbsp;Property operating | 36564 | 39258 | 104876 | 110791 |
| &nbsp;&nbsp;Real estate taxes | 12284 | 11812 | 37107 | 40006 |
| &nbsp;&nbsp;General and administrative: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Corporate and other | 13214 | 11881 | 45491 | 43855 |
| &nbsp;&nbsp;&nbsp;&nbsp;Third-party real estate services | 14058 | 16088 | 43691 | 57065 |
| &nbsp;&nbsp;Transaction and other costs | 494 | 667 | 5251 | 3005 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses | 124778 | 129756 | 379727 | 412933 |
| OTHER INCOME (EXPENSE) |  |  |  |  |
| &nbsp;&nbsp;Income (loss) from unconsolidated real estate ventures, net | (664) | (745) | (165) | 4 |
| &nbsp;&nbsp;Interest and other income, net | 2378 | 4573 | 3601 | 10105 |
| &nbsp;&nbsp;Interest expense | (34781) | (35267) | (105552) | (97400) |
| &nbsp;&nbsp;Gain (loss) on the sale of real estate, net | 4660 | (5352) | 47029 | (5066) |
| &nbsp;&nbsp;Gain (loss) on the extinguishment of debt, net |  | 43 | (2402) | 43 |
| &nbsp;&nbsp;Impairment loss | (4771) |  | (45067) | (18236) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total other income (expense) | (33178) | (36748) | (102556) | (110550) |
| LOSS BEFORE INCOME TAX (EXPENSE) BENEFIT | (34086) | (30478) | (111248) | (106953) |
| &nbsp;&nbsp;Income tax (expense) benefit | (926) | (831) | (643) | 40 |
| NET LOSS | (35012) | (31309) | (111891) | (106913) |
| &nbsp;&nbsp;Net loss attributable to redeemable noncontrolling interests | 6457 | 4365 | 18375 | 12353 |
| &nbsp;&nbsp;Net (income) loss attributable to noncontrolling interests |  | (36) |  | 10931 |
| **NET LOSS ATTRIBUTABLE TO COMMON SHAREHOLDERS** | $**(28555)** | $**(26980)** | $**(93516)** | $**(83629)** |
| LOSS PER COMMON SHARE - BASIC AND DILUTED | $(0.48) | $(0.32) | $(1.35) | $(0.95) |
| WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING - BASIC AND DILUTED | 60606 | 85292 | 70062 | 89637 |

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Note: For complete financial statements, please refer to our Quarterly Report on Form 10-Q for the quarter ended September 30, 2025.

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#### EBITDA, EBITDAre AND ADJUSTED EBITDA RECONCILIATIONS (NON-GAAP)
**(Unaudited)**

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *dollars in thousands* | **Three Months Ended September 30,**  | **Three Months Ended September 30,**  | **Three Months Ended September 30,**  |  | **Nine Months Ended September 30,**  | **Nine Months Ended September 30,**  | **Nine Months Ended September 30,**  |  |
|  | **2025** |  | **2024** |  | **2025** |  | **2024** |  |
| **EBITDA, EBITDAre and Adjusted EBITDA** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net loss | $(35012) |  | $(31309) |  | $(111891) |  | $(106913) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization expense | 48164 |  | 50050 |  | 143311 |  | 158211 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense | 34781 |  | 35267 |  | 105552 |  | 97400 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Income tax expense (benefit) | 926 |  | 831 |  | 643 |  | (40) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Unconsolidated real estate ventures allocated share of above adjustments | 1853 |  | 1837 |  | 5470 |  | 6219 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;EBITDA attributable to redeemable noncontrolling interests in consolidated real estate ventures | (905) |  |  |  | (1175) |  |  |  |
| **EBITDA** | $**49807** |  | $**56676** |  | $**141910** |  | $**154877** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Gain) loss on the sale of real estate, net | (4660) |  | 5352 |  | (47029) |  | 5066 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Pro rata share of gain on the sale of unconsolidated real estate assets |  |  |  |  | (1500) |  | (480) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Real estate impairment loss | 4771 |  |  |  | 36584 |  |  |  |
| **EBITDAre** | $**49918** |  | $**62028** |  | $**129965** |  | $**159463** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Transaction and other costs <sup>(1)</sup> | 494 |  | 667 |  | 5251 |  | 3005 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Litigation costs <sup>(2)</sup> |  |  |  |  | 2500 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Income from investments, net | (2232) |  | (2534) |  | (1954) |  | (3206) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Impairment loss related to non-depreciable real estate |  |  |  |  | 8483 |  | 18236 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Gain) loss on the extinguishment of debt, net |  |  | (43) |  | 2402 |  | (43) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Earnings and distributions in excess of our investment in unconsolidated real estate venture | (173) |  | (335) |  | (574) |  | (1006) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Unconsolidated real estate ventures allocated share of above adjustments |  |  | 227 |  |  |  | 227 |  |
| **Adjusted EBITDA** | $**48007** |  | $**60010** |  | $**146073** |  | $**176676** |  |
| **Net Debt to Annualized Adjusted EBITDA** <sup>(3)</sup> | **12.6** | **x** | **10.6** | **x** | **12.4** | **x** | **10.8** | **x** |
|  |  |  |  |  | **September 30, 2025** |  | **September 30, 2024** |  |
| **Net Debt (at JBG SMITH Share)** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Consolidated indebtedness <sup>(4)</sup> |  |  |  |  | $2451155 |  | $2615724 |  |
| &nbsp;&nbsp;Unconsolidated indebtedness <sup>(4)</sup> |  |  |  |  | 34248 |  | 66693 |  |
| &nbsp;&nbsp;Total consolidated and unconsolidated indebtedness |  |  |  |  | 2485403 |  | 2682417 |  |
| Less: cash and cash equivalents |  |  |  |  | 65859 |  | 141669 |  |
| **Net Debt (at JBG SMITH Share)** |  |  |  |  | $**2419544** |  | $**2540748** |  |

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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.

&nbsp;&nbsp;&nbsp;&nbsp;(1) Includes costs related to completed, potential and pursued transactions, demolition costs, severance and other costs.

&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;(3) Quarterly Adjusted EBITDA is annualized by multiplying by four. Adjusted EBITDA for the nine months ended September 30, 2025 and 2024 is annualized by multiplying by 1.33.

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

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#### FFO, CORE FFO AND FAD RECONCILIATIONS (NON-GAAP)
**(Unaudited)**

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | *in thousands, except per share data* | **Three Months Ended September 30,**  | **Three Months Ended September 30,**  |  | **Nine Months Ended September 30,**  | **Nine Months Ended September 30,**  |
|  |  | **2025** | **2024** | XX | **2025** | **2024** |
|  | **FFO and Core FFO** |  |  |  |  |  |
|  | &nbsp;&nbsp;Net loss attributable to common shareholders | $(28555) | $(26980) |  | $(93516) | $(83629) |
|  | &nbsp;&nbsp;Net loss attributable to redeemable noncontrolling interests | (6457) | (4365) |  | (18375) | (12353) |
|  | &nbsp;&nbsp;Net income (loss) attributable to noncontrolling interests |  | 36 |  |  | (10931) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Net loss | (35012) | (31309) |  | (111891) | (106913) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;(Gain) loss on the sale of real estate, net of tax | (4660) | 5352 |  | (47029) | 3854 |
|  | &nbsp;&nbsp;Pro rata share of gain on the sale of unconsolidated real estate assets |  |  |  | (1500) | (480) |
|  | &nbsp;&nbsp;Real estate depreciation and amortization | 47837 | 48385 |  | 140306 | 153203 |
|  | &nbsp;&nbsp;Real estate impairment loss | 4771 |  |  | 36584 |  |
|  | &nbsp;&nbsp;Pro rata share of real estate depreciation and amortization from unconsolidated real estate ventures | 777 | 796 |  | 2342 | 3086 |
|  | &nbsp;&nbsp;FFO attributable to redeemable noncontrolling interests in consolidated real estate ventures | (905) |  |  | (1175) |  |
|  | **FFO Attributable to OP Units** | $**12808** | $**23224** |  | $**17637** | $**52750** |
|  | &nbsp;&nbsp;FFO attributable to redeemable noncontrolling interests | (2679) | (3725) |  | (3785) | (8238) |
|  | **FFO Attributable to Common Shareholders** | $**10129** | $**19499** |  | $**13852** | $**44512** |
|  | &nbsp;&nbsp;FFO attributable to OP Units | $12808 | $23224 |  | $17637 | $52750 |
|  | &nbsp;&nbsp;Transaction and other costs, net of tax <sup>(1)</sup> | 494 | 754 |  | 5251 | 2738 |
|  | &nbsp;&nbsp;Litigation costs <sup>(2)</sup> |  |  |  | 2500 |  |
|  | &nbsp;&nbsp;Income from investments, net of tax | (1691) | (1919) |  | (1480) | (2428) |
|  | &nbsp;&nbsp;Impairment loss related to non-depreciable real estate |  |  |  | 8483 | 18236 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;(Gain) loss from mark-to-market on derivative instruments, net of noncontrolling interests | (3) | 7 |  | (59) | 77 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;(Gain) loss on the extinguishment of debt, net |  | (43) |  | 2402 | (43) |
|  | &nbsp;&nbsp;Earnings and distributions in excess of our investment in unconsolidated real estate venture | (173) | (335) |  | (574) | (1006) |
|  | &nbsp;&nbsp;Amortization of management contracts intangible, net of tax | 74 | 1059 |  | 1752 | 3178 |
|  | &nbsp;&nbsp;Unconsolidated real estate ventures allocated share of above adjustments | (2) | 230 |  | (2) | 230 |
|  | **Core FFO Attributable to OP Units** | $**11507** | $**22977** |  | $**35910** | $**73732** |
|  | &nbsp;&nbsp;Core FFO attributable to redeemable noncontrolling interests | (2407) | (3685) |  | (6898) | (11438) |
|  | **Core FFO Attributable to Common Shareholders** | $**9100** | $**19292** |  | $**29012** | $**62294** |
|  | FFO per common share - diluted | $0.17 | $0.23 |  | $0.20 | $0.50 |
|  | Core FFO per common share - diluted | $0.15 | $0.23 |  | $0.41 | $0.69 |
|  | Weighted average shares - diluted (FFO and Core FFO) | 60965 | 85446 |  | 70272 | 89806 |

---

See footnotes on page 14.

------

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

**(Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| in thousands, except per share data | **Three Months Ended September 30,**  | **Three Months Ended September 30,**  | **Nine Months Ended September 30,**  | **Nine Months Ended September 30,**  |
|  | **2025** | **2024** | **2025** | **2024** |
| **FAD** |  |  |  |  |
| &nbsp;&nbsp;Core FFO attributable to OP Units | $11507 | $22977 | $35910 | $73732 |
| &nbsp;&nbsp;Recurring capital expenditures and Second-generation tenant improvements and leasing commissions <sup>(3)</sup> | (9851) | (10221) | (30737) | (31351) |
| &nbsp;&nbsp;Straight-line and other rent adjustments (4) | 1561 | (3817) | 4071 | (7756) |
| &nbsp;&nbsp;Third-party lease liability assumption payments |  |  |  | (25) |
| &nbsp;&nbsp;Share-based compensation expense | 4808 | 4810 | 18685 | 25053 |
| &nbsp;&nbsp;Amortization of debt issuance costs | 3554 | 4030 | 11389 | 11963 |
| &nbsp;&nbsp;Unconsolidated real estate ventures allocated share of above adjustments | 321 | 381 | 676 | 1041 |
| &nbsp;&nbsp;Non-real estate depreciation and amortization | 250 | 290 | 759 | 883 |
| **FAD Available to OP Units (A)** | $**12150** | $**18450** | $**40753** | $**73540** |
| Distributions to common shareholders and unitholders (B) | $13712 | $17891 | $46654 | $55901 |
| FAD Payout Ratio (B÷A) <sup>(5)</sup> | 112.9% | 97.0% | 114.5% | 76.0% |
| **Capital Expenditures** |  |  |  |  |
| &nbsp;&nbsp;Maintenance and recurring capital expenditures | $4059 | $4808 | $10915 | $10365 |
| &nbsp;&nbsp;Share of maintenance and recurring capital expenditures from unconsolidated real estate ventures | 9 |  | 18 | 16 |
| &nbsp;&nbsp;Second-generation tenant improvements and leasing commissions  | 5646 | 5413 | 19410 | 20949 |
| &nbsp;&nbsp;Share of Second-generation tenant improvements and leasing commissions from unconsolidated real estate ventures | 137 |  | 394 | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;Recurring capital expenditures and Second-generation tenant improvements and leasing commissions | 9851 | 10221 | 30737 | 31351 |
| &nbsp;&nbsp;Non-recurring capital expenditures | 11487 | 1718 | 25638 | 8508 |
| &nbsp;&nbsp;Share of non-recurring capital expenditures from unconsolidated real estate ventures | 8 |  | 8 | 28 |
| &nbsp;&nbsp;First-generation tenant improvements and leasing commissions | 1660 | 1367 | 7580 | 6584 |
| &nbsp;&nbsp;Share of First-generation tenant improvements and leasing commissions from unconsolidated real estate ventures | 136 | 18 | 219 | 105 |
| &nbsp;&nbsp;Non-recurring capital expenditures | 13291 | 3103 | 33445 | 15225 |
| **Total JBG SMITH Share of Capital Expenditures** | $**23142** | $**13324** | $**64182** | $**46576** |

---

------

&nbsp;&nbsp;&nbsp;&nbsp;(1) Includes costs related to completed, potential and pursued transactions, demolition costs, severance and other costs.

&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;(3) Includes amounts, at JBG SMITH Share, related to unconsolidated real estate ventures.

&nbsp;&nbsp;&nbsp;&nbsp;(4) Includes straight-line rent, above/below market lease amortization and lease incentive amortization.

&nbsp;&nbsp;&nbsp;&nbsp;(5) 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 September 30,**  | **Three Months Ended September 30,**  | **Nine Months Ended September 30,**  | **Nine Months Ended September 30,**  |
|  |  | **2025** | **2024** | **2025** | **2024** |
|  | Net loss attributable to common shareholders | $(28555) | $(26980) | $(93516) | $(83629) |
|  | &nbsp;&nbsp;&nbsp;Net loss attributable to redeemable noncontrolling interests | (6457) | (4365) | (18375) | (12353) |
|  | &nbsp;&nbsp;&nbsp;Net income (loss) attributable to noncontrolling interests |  | 36 |  | (10931) |
|  | Net loss | (35012) | (31309) | (111891) | (106913) |
|  | Add: |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;Depreciation and amortization expense | 48164 | 50050 | 143311 | 158211 |
|  | &nbsp;&nbsp;&nbsp;General and administrative expense: |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Corporate and other | 13214 | 11881 | 45491 | 43855 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Third-party real estate services | 14058 | 16088 | 43691 | 57065 |
|  | &nbsp;&nbsp;&nbsp;Transaction and other costs | 494 | 667 | 5251 | 3005 |
|  | &nbsp;&nbsp;&nbsp;Interest expense  | 34781 | 35267 | 105552 | 97400 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;(Gain) loss on the extinguishment of debt, net |  | (43) | 2402 | (43) |
|  | &nbsp;&nbsp;&nbsp;Impairment loss | 4771 |  | 45067 | 18236 |
|  | &nbsp;&nbsp;&nbsp;Income tax expense (benefit) | 926 | 831 | 643 | (40) |
|  | Less: |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;Third-party real estate services, including reimbursements revenue | 14711 | 17061 | 44430 | 52326 |
|  | &nbsp;&nbsp;&nbsp;Income (loss) from unconsolidated real estate ventures, net | (664) | (745) | (165) | 4 |
|  | &nbsp;&nbsp;&nbsp;Interest and other income, net | 2378 | 4573 | 3601 | 10105 |
|  | &nbsp;&nbsp;&nbsp;Gain (loss) on the sale of real estate, net | 4660 | (5352) | 47029 | (5066) |
|  | Adjustments: |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;NOI attributable to unconsolidated real estate ventures at our share | 1012 | 1292 | 3289 | 5506 |
|  | &nbsp;&nbsp;&nbsp;Real estate venture partner's share of NOI attributable to consolidated real estate ventures | (915) |  | (1187) |  |
|  | &nbsp;&nbsp;&nbsp;Non-cash rent adjustments <sup>(1)</sup> | 1561 | (3817) | 4071 | (7756) |
|  | &nbsp;&nbsp;&nbsp;Other adjustments <sup>(2)</sup> | (3083) | 2966 | (984) | 270 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total adjustments | (1425) | 441 | 5189 | (1980) |
|  | **NOI** | $**58886** | $**68336** | $**189811** | $**211427** |
|  | &nbsp;&nbsp;&nbsp;Less: out-of-service NOI loss <sup>(3)</sup> | (1677) | (2261) | (5366) | (7632) |
|  | **Operating Portfolio NOI** | $**60563** | $**70597** | $**195177** | $**219059** |
|  | &nbsp;&nbsp;&nbsp;**Non-Same Store NOI** <sup>(4)</sup> | **6507** | **12672** | **26457** | **40704** |
|  | **Same Store NOI** <sup>(5)</sup> | $**54056** | $**57925** | $**168720** | $**178355** |
|  | Change in Same Store NOI | (6.7)% |  | (5.4)% |  |
|  | Number of properties in Same Store pool | 33 |  | 33 |  |

---

------

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(3) Includes the results of our Under-Construction assets and assets in the Development Pipeline.

&nbsp;&nbsp;&nbsp;&nbsp;(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.

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

------

![Graphic](jbgs-20251028xex99d1012.jpg)

------

SEP <br> <u>**TABLE OF CONTENTS**</u> <u>SEPTEMBER 30, 2025</u>

#### **Table of Contents**

---

| | |
|:---|:---|
|  | **Page** |
| **Overview** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;[<u>Disclosures</u>](#Disclosures_start) | 3-5 |
| &nbsp;&nbsp;&nbsp;&nbsp;[<u>Company Profile</u>](#Company_Profile_start) | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;[<u>Financial Highlights</u>](#Fin_Highlights_start) | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;[<u>Portfolio Overview</u>](#Portfolio_Overview_start) | 8  |
| **Financial Information** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;[<u>Condensed Consolidated Balance Sheets</u>](#Balance_Sheets_start) | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;[<u>Condensed Consolidated Statements of Operations</u>](#Operations_start) | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;[<u>Unconsolidated Real Estate Ventures - Balance Sheet and Operating Information</u>](#Real_Estate_Ventures_start) | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;[<u>Other Tangible Assets and Liabilities</u>](#Other_Tangible_Assets_start) | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;[<u>EBITDA, EBITDAre and Adjusted EBITDA Reconciliations (Non-GAAP)</u>](#EBITDA_start) | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;[<u>FFO, Core FFO and FAD Reconciliations (Non-GAAP)</u>](#FFO_start) | 14-15 |
| &nbsp;&nbsp;&nbsp;&nbsp;[<u>Third-Party Asset Management and Real Estate Services Business (Non-GAAP)</u>](#Third_Party_start) | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;[<u>Pro Rata Adjusted General and Administrative Expenses (Non-GAAP)</u>](#Pro_Rata_start) | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;[<u>Same Store NOI (Non-GAAP)</u>](#Same_Store_NOI_start) | 18  |
| &nbsp;&nbsp;&nbsp;&nbsp;[<u>Summary NOI (Non-GAAP)</u>](#Summary_NOI_start) | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;[<u>Summary NOI - Multifamily (Non-GAAP)</u>](#NOI_Multifamily_start) | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;[<u>Summary NOI - Commercial (Non-GAAP)</u>](#NOI_Commercial_start) | 21 |
| **Leasing Activity** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;[<u>Signed But Not Yet Commenced Leases</u>](#Signed_start) | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;[<u>Leasing Activity - Multifamily</u>](#Leasing_Activity_MF_start) | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;[<u>Leasing Activity - Office</u>](#Leasing_Activity_start) | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;[<u>Lease Expirations</u>](#Lease_Expirations_start) | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;[<u>Tenant Concentration</u>](#Tenant_Concentration_start) | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;[<u>Industry Diversity</u>](#Industry_Diversity_start) | 27 |
| **Property Data** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Property Tables: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[<u>Multifamily</u>](#Property_Multifamily_start) | 28-29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[<u>Commercial</u>](#Property_Commercial_start) | 30-31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[<u>Under-Construction</u>](#UC_start) | 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[<u>Development Pipeline</u>](#Property_Future_Development_start) | 33-34 |
| &nbsp;&nbsp;&nbsp;&nbsp;[<u>Disposition and Recapitalization Activity</u>](#Disposition_Activity_start) | 35 |
| **Debt** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;[<u>Debt Summary</u>](#debt_summ_start) | 36 |
| &nbsp;&nbsp;&nbsp;&nbsp;[<u>Debt by Instrument</u>](#Debt_by_Instrument_start) | 37-38 |
| [**Definitions**](#Definitions_start) | 39-42 |
| [**Appendix – Interest Expense, Transaction and Other Costs, and NOI Reconciliations (Non-GAAP)**](#appendixStart) | 43-45 |

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| ![Graphic](jbgs-20251028xex99d1013.jpg) | Page 2 |

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<u>DISCLOSURES</u> <u>SEPTEMBER 30, 2025</u>

#### 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 extent to which our portfolio of assets and the regional economy, which is closely tied to government and defense spending, will be impacted by any federal government shutdown, efforts to reduce or adjust federal spending and headcount or other actions of the current presidential administration; 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 both the supply and demand for housing (including multifamily) and office space within major urban employment centers, including National Landing; whether we will be well-positioned to weather volatility and capitalize on rent growth, land sales, asset recycling, ground leases, and joint ventures; whether the industry mix of our office tenants and leasing performance of our office portfolio will shift as anticipated or at all; 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 retention rate of our office tenants in Northern Virginia (including National Landing); annualized Net Operating Income; adjusted annualized Net Operating Income; expected timing, completion, size, delivery dates and economic viability for the projects we are developing; the ability of any or all of our demand drivers, including Amazon's headquarters, as well as increased in-person work requirements, 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 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 investments in partnership with third-party capital will allow us to monetize our land bank, take advantage of distressed office and multifamily opportunities, and generate additional fee revenue and carried interest income; 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 the Development Pipeline, estimated square feet, estimated number of units, earliest potential construction start, the estimated completion date, the estimated date of entitlements, estimated stabilization date, Estimated Incremental Investment, Estimated Total Investment, Projected NOI Yield, completion date, yield on cost, weighted average stabilization date, intended type of asset use and potential tenants, Estimated Potential Development Density, and Estimated Stabilized NOI are accurate; whether our Under-Construction assets will deliver the Annualized NOI that we anticipate; 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 reductions in federal government spending, headcount, or leasing, the timing of and costs associated with development and property improvements, tariffs and other trade barriers, supply chain disruptions, 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, 2024 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.

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|:---|:---|
| ![Graphic](jbgs-20251028xex99d1013.jpg) | Page 3 |

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<u>DISCLOSURES</u> <u>SEPTEMBER 30, 2025</u>

**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, that we believe have long-term growth potential and appeal to residential, office and retail tenants. Through an intense focus on placemaking, JBG SMITH cultivates vibrant, highly amenitized, walkable neighborhoods throughout the Washington, DC metropolitan area. Approximately 75.0% of JBG SMITH's holdings are in the National Landing submarket in Northern Virginia, which is anchored by four key demand drivers: Amazon's headquarters; Virginia Tech's $1 billion Innovation Campus; proximity to the Pentagon; and our placemaking initiatives and public infrastructure improvements. In addition, our third-party asset management and 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.

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 this Investor Package exclude our 10.0% subordinated interest in one commercial building and our 33.5% subordinated interest in four commercial buildings, as well as the associated non-recourse mortgage loans, held through unconsolidated real estate ventures, as our investment in each real estate venture is zero, we do not anticipate receiving any near-term cash flow distributions from the real estate ventures, and we have not guaranteed their obligations or otherwise committed to providing financial support.

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|:---|:---|
| ![Graphic](jbgs-20251028xex99d1013.jpg) | Page 4 |

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<u>DISCLOSURES</u> <u>SEPTEMBER 30, 2025</u>

**Definitions**

See pages 39-42 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 Asset Management and 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

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|:---|:---|
| ![Graphic](jbgs-20251028xex99d1013.jpg) | Page 5 |

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<u>COMPANY PROFILE</u> <u>SEPTEMBER 30, 2025<br>(Unaudited)</u>

#### Company Profile

---

| | | | |
|:---|:---|:---|:---|
| **Executive Officers** | **Executive Officers** | **Company Snapshot as of September 30, 2025** | **Company Snapshot as of September 30, 2025** |
| W. Matthew Kelly | Chief Executive Officer and Trustee | Exchange/ticker | NYSE: JBGS |
| M. Moina Banerjee | Chief Financial Officer | Indicated annual dividend per share <sup>(1)</sup> | $0.70 |
| George L. Xanders | Chief Investment Officer | Dividend yield | 3.1% |
| Steven A. Museles | Chief Legal Officer |  |  |
| Evan Regan-Levine  | Chief Strategy Officer | <u>Total Enterprise Value (dollars in billions, except share price)</u> |  |
|  |  | Common share price | $22.25 |
|  |  | Common shares and common limited partnership units ("OP Units") <br> outstanding (in millions) <sup>(2)</sup> | 72.95 |
|  |  | Total market capitalization | $1.62 |
|  |  | Total consolidated and unconsolidated indebtedness at JBG SMITH Share | 2.49 |
|  |  | Less: cash and cash equivalents at JBG SMITH Share | (0.07) |
|  |  | Net Debt | $2.42 |
|  |  | Total Enterprise Value | $4.04 |
|  |  | Net Debt / Total Enterprise Value | 59.8%  |

---

------

&nbsp;&nbsp;&nbsp;&nbsp;(1) Based on the latest dividend declaration.

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

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|:---|:---|
| ![Graphic](jbgs-20251028xex99d1013.jpg) | Page 6 |

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<u>FINANCIAL HIGHLIGHTS</u> <u>SEPTEMBER 30, 2025<br>(Unaudited)</u>

#### Financial Highlights

---

| | | | | |
|:---|:---|:---|:---|:---|
| *dollars in thousands, except per share data* | **Three Months Ended**  |  | **Nine Months Ended**  |  |
|  | **September 30, 2025** |  | **September 30, 2025** |  |
| **Summary Financial Results** |  |  |  |  |
| &nbsp;&nbsp;Total revenue | $123870 |  | $371035 |  |
| &nbsp;&nbsp;Net loss attributable to common shareholders | $(28555) |  | $(93516) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Per diluted common share | $(0.48) |  | $(1.35) |  |
| &nbsp;&nbsp;Operating portfolio NOI | $60563 |  | $195177 |  |
| &nbsp;&nbsp;FFO <sup>(1)</sup> | $12808 |  | $17637 |  |
| &nbsp;&nbsp;Core FFO <sup>(1)</sup> | $11507 |  | $35910 |  |
| &nbsp;&nbsp;FAD <sup>(1)</sup> | $12150 |  | $40753 |  |
| &nbsp;&nbsp;FAD payout ratio | 112.9 | % | 114.5 | % |
| &nbsp;&nbsp;EBITDA <sup>(1)</sup> | $49807 |  | $141910 |  |
| &nbsp;&nbsp;EBITDAre <sup>(1)</sup> | $49918 |  | $129965 |  |
| &nbsp;&nbsp;Adjusted EBITDA <sup>(1)</sup> | $48007 |  | $146073 |  |
| &nbsp;&nbsp;Net Debt / total enterprise value | 59.8 | % | 59.8 | % |
| &nbsp;&nbsp;Net Debt to annualized Adjusted EBITDA | 12.6 | x | 12.4 | x |
|  |  |  | **September 30, 2025** |  |
| **Debt Summary (at JBG SMITH Share)** |  |  |  |  |
| &nbsp;&nbsp;Total consolidated indebtedness <sup>(2)</sup> |  |  | $2451155 |  |
| &nbsp;&nbsp;Total consolidated and unconsolidated indebtedness <sup>(2)</sup> |  |  | $2485403 |  |
| &nbsp;&nbsp;Weighted average interest rates: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Variable rate debt <sup>(3)</sup> |  |  | 5.47 | % |
| &nbsp;&nbsp;&nbsp;&nbsp;Fixed rate debt |  |  | 4.98 | % |
| &nbsp;&nbsp;&nbsp;&nbsp;Total debt |  |  | 5.12 | % |
| &nbsp;&nbsp;Cash and cash equivalents |  |  | $65859 |  |

---

------

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(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 3.17%, and 3.26%, 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.

---

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|:---|:---|
| ![Graphic](jbgs-20251028xex99d1013.jpg) | Page 7 |

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<u>PORTFOLIO OVERVIEW</u> <u>SEPTEMBER 30, 2025<br>(Unaudited)</u>

#### Portfolio Overview

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *dollars in thousands* |  | **100% Share** | **At JBG SMITH Share** | **At JBG SMITH Share** | **At JBG SMITH Share** | **At JBG SMITH Share** | **At JBG SMITH Share** |
|  | **Number of** | **Units /** | **Units /** | **%**  | **%** | **Annualized** | **Annualized** |
|  | **Assets** | **Square Feet** | **Square Feet** | **Leased** | **Occupied** <sup>(1)</sup> | **Rent** | **NOI** <sup>(2)</sup> |
| **Operating** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;**Multifamily** <sup>(3)</sup> |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;National Landing | 6 | 3664 | 3664 | 91.6% | 90.2% | $101661 | $68984 |
| &nbsp;&nbsp;&nbsp;&nbsp;DC | 7 | 2080 | 1894 | 91.4% | 90.5% | 57444 | 35052 |
| &nbsp;&nbsp;In-Service | 13 | 5744 | 5558 | 91.5% | 90.3% | 159105 | 104036 |
| &nbsp;&nbsp;&nbsp;&nbsp;Recently Delivered | 1 | 420 | 420 | 50.8% | 48.3% | 6578 | 688 |
| &nbsp;&nbsp;Multifamily – total / weighted average | 14 | 6164 | 5978 | 89.1% | 87.2% | $165683 | $104724 |
| &nbsp;&nbsp;**Commercial** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;National Landing Unlevered | 13  | 4450936  | 4450936  | 75.2%  | 72.5%  | $151798  | $86632 |
| &nbsp;&nbsp;&nbsp;&nbsp;National Landing Levered | 3  | 997031  | 997031  | 87.3%  | 87.0%  | 33527  | 24860 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | 5  | 1522066  | 1281638  | 78.2%  | 77.8%  | 45865  | 21524 |
| &nbsp;&nbsp;Commercial - total / weighted average | 21 | 6970033 | 6729605 | 77.6%  | 75.7%  | $231190 | $133016 |
| &nbsp;&nbsp;**Ground Leases** <sup>(4)</sup> | 2 |  |  |  |  | $— | $4512 |
| **Operating - In-service** | **36** | **5,744 Units/ 6,970,033 SF** | **5,558 Units/ 6,729,605 SF** | **83.0%** | **81.4%** | $**390295** | $**241564** |
| **Operating - Recently Delivered** | **1** | **420 Units** | **420 Units** | **50.8%** | **48.3%** | $**6578** | $**688** |
| **Operating - Total / Weighted Average** | **37** | **6,164 Units/ 6,970,033 SF** | **5,978 Units/ 6,729,605 SF** | **82.3%** | **80.4%** | $**396873** | $**242252** |
| **Development** <sup>(5)</sup> |  |  |  |  |  |  |  |
| &nbsp;&nbsp;**Under-Construction** | **1** | **355 Units** | **355 Units** |  |  |  |  |
| &nbsp;&nbsp;**Development Pipeline** | **19** | **10714700** | **8672800** |  |  |  |  |

---

------

&nbsp;&nbsp;&nbsp;&nbsp;(1) Percent Occupied excludes retail square footage.

&nbsp;&nbsp;&nbsp;&nbsp;(2) Annualized NOI includes $0.4 million from sold and recapitalized assets, $8.9 million from recently acquired assets, $2.3 million from 1101 17th Street, and $24.9 million from 1215, 1225 and 1235 S. Clark Street.

&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;(4) Assets for which we are the ground lessor (1700 M Street and 1831/1861 Wiehle Avenue) are excluded from Percent Leased, Percent Occupied and Annualized Rent metrics. See footnote (7) on page 19 for more information.

&nbsp;&nbsp;&nbsp;&nbsp;(5) Refer to pages 32 – 34 for detail on Under-Construction assets and assets in the Development Pipeline.

---

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|:---|:---|
| ![Graphic](jbgs-20251028xex99d1013.jpg) | Page 8 |

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<u>CONDENSED CONSOLIDATED BALANCE SHEETS</u> <u>SEPTEMBER 30, 2025<br>(Unaudited)</u>

#### Condensed Consolidated Balance Sheets

---

| | | | |
|:---|:---|:---|:---|
|  | *in thousands* | **September 30, 2025** | **December 31, 2024** |
|  | **ASSETS** |  |  |
|  | &nbsp;&nbsp;Real estate, at cost: |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Land and improvements | $1026236 | $1109172 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Buildings and improvements | 4035802 | 4083937 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Construction in progress, including land | 170333 | 338333 |
|  |  | 5232371 | 5531442 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Less: accumulated depreciation | (1449973) | (1419983) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Real estate, net | 3782398 | 4111459 |
|  | &nbsp;&nbsp;Cash and cash equivalents | 64437 | 145804 |
|  | &nbsp;&nbsp;Restricted cash | 23342 | 37388 |
|  | &nbsp;&nbsp;Tenant and other receivables | 23797 | 23478 |
|  | &nbsp;&nbsp;Deferred rent receivable | 179853 | 170153 |
|  | &nbsp;&nbsp;Investments in unconsolidated real estate ventures | 91539 | 93654 |
|  | &nbsp;&nbsp;Deferred leasing costs, net | 68367 | 69821 |
|  | &nbsp;&nbsp;Intangible assets, net | 51988 | 47000 |
|  | &nbsp;&nbsp;Other assets, net | 131382 | 131318 |
|  | &nbsp;&nbsp;Assets held for sale |  | 190465 |
|  | **TOTAL ASSETS** | $**4417103** | $**5020540** |
|  | **LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY** |  |  |
|  | Liabilities: |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Mortgage loans, net | $1577796 | $1767173 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Revolving credit facility | 160000 | 85000 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Term loans, net | 718450 | 717853 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Accounts payable and accrued expenses | 79385 | 101096 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Other liabilities, net | 124691 | 115827 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Liabilities related to assets held for sale |  | 901 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 2660322 | 2787850 |
|  | Commitments and contingencies |  |  |
|  | Redeemable noncontrolling interests | 566200 | 423632 |
|  | Total equity | 1190581 | 1809058 |
|  | **TOTAL LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY** | $**4417103** | $**5020540** |

---

------

Note: For complete financial statements, please refer to our Quarterly Report on Form 10-Q for the quarter ended September 30, 2025.

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|:---|:---|
| ![Graphic](jbgs-20251028xex99d1013.jpg) | Page 9 |

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<u>CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS</u> <u>SEPTEMBER 30, 2025<br>(Unaudited)</u>

#### Condensed Consolidated Statements of Operations

---

| | | | | |
|:---|:---|:---|:---|:---|
| *in thousands, except per share data* | **Three Months Ended September 30,**  | **Three Months Ended September 30,**  | **Nine Months Ended September 30,**  | **Nine Months Ended September 30,**  |
|  | **2025** | **2024** | **2025** | **2024** |
| REVENUE |  |  |  |  |
| &nbsp;&nbsp;Property rental | $103981 | $113349 | $311989 | $348521 |
| &nbsp;&nbsp;Third-party real estate services, including reimbursements | 14711 | 17061 | 44430 | 52326 |
| &nbsp;&nbsp;Other revenue | 5178 | 5616 | 14616 | 15683 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total revenue | 123870 | 136026 | 371035 | 416530 |
| EXPENSES |  |  |  |  |
| &nbsp;&nbsp;Depreciation and amortization | 48164 | 50050 | 143311 | 158211 |
| &nbsp;&nbsp;Property operating | 36564 | 39258 | 104876 | 110791 |
| &nbsp;&nbsp;Real estate taxes | 12284 | 11812 | 37107 | 40006 |
| &nbsp;&nbsp;General and administrative: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Corporate and other | 13214 | 11881 | 45491 | 43855 |
| &nbsp;&nbsp;&nbsp;&nbsp;Third-party real estate services | 14058 | 16088 | 43691 | 57065 |
| &nbsp;&nbsp;Transaction and Other Costs | 494 | 667 | 5251 | 3005 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses | 124778 | 129756 | 379727 | 412933 |
| OTHER INCOME (EXPENSE) |  |  |  |  |
| &nbsp;&nbsp;Income (loss) from unconsolidated real estate ventures, net | (664) | (745) | (165) | 4 |
| &nbsp;&nbsp;Interest and other income, net | 2378 | 4573 | 3601 | 10105 |
| &nbsp;&nbsp;Interest expense | (34781) | (35267) | (105552) | (97400) |
| &nbsp;&nbsp;Gain (loss) on the sale of real estate, net | 4660 | (5352) | 47029 | (5066) |
| &nbsp;&nbsp;Gain (loss) on the extinguishment of debt, net |  | 43 | (2402) | 43 |
| &nbsp;&nbsp;Impairment loss | (4771) |  | (45067) | (18236) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total other income (expense) | (33178) | (36748) | (102556) | (110550) |
| LOSS BEFORE INCOME TAX (EXPENSE) BENEFIT | (34086) | (30478) | (111248) | (106953) |
| &nbsp;&nbsp;Income tax (expense) benefit | (926) | (831) | (643) | 40 |
| NET LOSS | (35012) | (31309) | (111891) | (106913) |
| &nbsp;&nbsp;Net loss attributable to redeemable noncontrolling interests | 6457 | 4365 | 18375 | 12353 |
| &nbsp;&nbsp;Net (income) loss attributable to noncontrolling interests |  | (36) |  | 10931 |
| **NET LOSS ATTRIBUTABLE TO COMMON SHAREHOLDERS** | $**(28555)** | $**(26980)** | $**(93516)** | $**(83629)** |
| LOSS PER COMMON SHARE - BASIC AND DILUTED | $(0.48) | $(0.32) | $(1.35) | $(0.95) |
| WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING - BASIC AND DILUTED | 60606 | 85292 | 70062 | 89637 |

---

------

Note: For complete financial statements, please refer to our Quarterly Report on Form 10-Q for the quarter ended September 30, 2025.

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|:---|:---|
| ![Graphic](jbgs-20251028xex99d1013.jpg) | Page 10 |

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<u>UNCONSOLIDATED REAL ESTATE VENTURES</u> <u>SEPTEMBER 30, 2025<br>(Unaudited)</u>

#### Unconsolidated Real Estate Ventures

---

| | |
|:---|:---|
| *in thousands, at JBG SMITH Share* |  |
|  | **September 30, 2025** |
| **BALANCE SHEET INFORMATION** |  |
| &nbsp;&nbsp;Total real estate, at cost | $126153 |
| &nbsp;&nbsp;Less: accumulated depreciation | (2673) |
| &nbsp;&nbsp;Real estate, net | 123480 |
| &nbsp;&nbsp;Cash and cash equivalents | 1746 |
| &nbsp;&nbsp;Other assets, net  | 7846 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total assets** | $**133072** |
| &nbsp;&nbsp;Borrowings, net | $34248 |
| &nbsp;&nbsp;Other liabilities, net | 9491 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total liabilities** | $**43739** |

---

---

| | | |
|:---|:---|:---|
| | **Three Months Ended** <br>**September 30, 2025** | **Nine Months Ended** <br>**September 30, 2025** |
| <br>**OPERATING INFORMATION** |  |  |
| &nbsp;&nbsp;Total revenue | $2149 | $6994 |
| &nbsp;&nbsp;Expenses: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 778 | 2343 |
| &nbsp;&nbsp;&nbsp;&nbsp;Property operating | 1024 | 2896 |
| &nbsp;&nbsp;&nbsp;&nbsp;Real estate taxes | 404 | 1278 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses | 2206 | 6517 |
| &nbsp;&nbsp;Other income (expense): |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest expense | (1076) | (3128) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gain on the sale of real estate |  | 1500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest and other income, net | 16 | 84 |
| **Net Loss** | $**(1117)** | $**(1067)** |
| &nbsp;&nbsp;&nbsp;&nbsp;Earnings and distributions in excess of our investment in unconsolidated real estate venture | 173 | 574 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | 280 | 328 |
| **Loss from unconsolidated real estate ventures, net** | $**(664)** | $**(165)** |

---

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|:---|:---|
| ![Graphic](jbgs-20251028xex99d1013.jpg) | Page 11 |

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<u>OTHER TANGIBLE ASSETS AND LIABILITIES</u> <u>SEPTEMBER 30, 2025<br>(Unaudited)</u>

#### Other Tangible Assets and Liabilities

---

| | | |
|:---|:---|:---|
|  | *in thousands, at JBG SMITH Share* | **September 30, 2025** |
|  | **Other Tangible Assets, Net** <sup>(1)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Restricted cash | $23916 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Tenant and other receivables, net | 23924 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Other assets, net | 104471 |
|  | **Total Other Tangible Assets, Net** | $**152311** |
|  | **Other Tangible Liabilities, Net**  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Accounts payable and accrued liabilities | $79548 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Other liabilities, net <sup>(2)</sup> | 89464 |
|  | **Total Other Tangible Liabilities, Net** | $**169012** |

---

------

&nbsp;&nbsp;&nbsp;&nbsp;(1) Excludes cash and cash equivalents.

&nbsp;&nbsp;&nbsp;&nbsp;(2) Includes lease incentive liabilities, but excludes committed tenant related obligations totaling $33.7 million. The timing and amounts of payments for tenant-related obligations are uncertain and may only be due upon satisfactory performance of certain conditions.

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|:---|:---|
| ![Graphic](jbgs-20251028xex99d1013.jpg) | Page 12 |

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<u>EBITDA, EBITDAre AND ADJUSTED EBITDA RECONCILIATIONS (NON-GAAP)</u> <u>SEPTEMBER 30, 2025<br>(Unaudited)</u>

#### EBITDA, EBITDAre and Adjusted EBITDA

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *dollars in thousands* | **Three Months Ended September 30,**  | **Three Months Ended September 30,**  | **Three Months Ended September 30,**  |  | **Nine Months Ended September 30,**  | **Nine Months Ended September 30,**  | **Nine Months Ended September 30,**  |  |
|  | **2025** |  | **2024** |  | **2025** |  | **2024** |  |
| **EBITDA, EBITDAre and Adjusted EBITDA** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net loss | $(35012) |  | $(31309) |  | $(111891) |  | $(106913) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization expense | 48164 |  | 50050 |  | 143311 |  | 158211 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense | 34781 |  | 35267 |  | 105552 |  | 97400 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Income tax expense (benefit) | 926 |  | 831 |  | 643 |  | (40) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Unconsolidated real estate ventures allocated share of above adjustments | 1853 |  | 1837 |  | 5470 |  | 6219 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;EBITDA attributable to redeemable noncontrolling interests in consolidated real estate ventures | (905) |  |  |  | (1175) |  |  |  |
| **EBITDA** | $**49807** |  | $**56676** |  | $**141910** |  | $**154877** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Gain) loss on the sale of real estate, net | (4660) |  | 5352 |  | (47029) |  | 5066 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Pro rata share of gain on the sale of unconsolidated real estate assets |  |  |  |  | (1500) |  | (480) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Real estate impairment loss | 4771 |  |  |  | 36584 |  |  |  |
| **EBITDAre** | $**49918** |  | $**62028** |  | $**129965** |  | $**159463** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Transaction and Other Costs <sup>(1)</sup> | 494 |  | 667 |  | 5251 |  | 3005 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Litigation costs <sup>(2)</sup> |  |  |  |  | 2500 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Income from investments, net | (2232) |  | (2534) |  | (1954) |  | (3206) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Impairment loss related to non-depreciable real estate |  |  |  |  | 8483 |  | 18236 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Gain) loss on the extinguishment of debt, net |  |  | (43) |  | 2402 |  | (43) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Earnings and distributions in excess of our investment in unconsolidated real estate venture | (173) |  | (335) |  | (574) |  | (1006) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Unconsolidated real estate ventures allocated share of above adjustments |  |  | 227 |  |  |  | 227 |  |
| **Adjusted EBITDA** | $**48007** |  | $**60010** |  | $**146073** |  | $**176676** |  |
| **Net Debt to Annualized Adjusted EBITDA** <sup>(3)</sup> | **12.6** | **x** | **10.6** | **x** | **12.4** | **x** | **10.8** | **x** |
| **Net Debt (at JBG SMITH Share)** |  |  |  |  | **September 30, 2025** |  | **September 30, 2024** |  |
| &nbsp;&nbsp;Consolidated indebtedness <sup>(4)</sup> |  |  |  |  | $2451155 |  | $2615724 |  |
| &nbsp;&nbsp;Unconsolidated indebtedness <sup>(4)</sup> |  |  |  |  | 34248 |  | 66693 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total consolidated and unconsolidated indebtedness |  |  |  |  | 2485403 |  | 2682417 |  |
| &nbsp;&nbsp;Less: cash and cash equivalents |  |  |  |  | 65859 |  | 141669 |  |
| **Net Debt (at JBG SMITH Share)** |  |  |  |  | $**2419544** |  | $**2540748** |  |

---

------

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.

&nbsp;&nbsp;&nbsp;&nbsp;(1) See page 44 for the components of Transaction and Other Costs.

&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;(3) Quarterly Adjusted EBITDA is annualized by multiplying by four. Adjusted EBITDA for the nine months ended September 30, 2025 and 2024 is annualized by multiplying by 1.33.

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

---

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|:---|:---|
| ![Graphic](jbgs-20251028xex99d1013.jpg) | Page 13 |

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<u>FFO, CORE FFO AND FAD RECONCILIATIONS (NON-GAAP)</u> <u>SEPTEMBER 30, 2025<br>(Unaudited)</u>

#### FFO, Core FFO and FAD

---

| | | | | |
|:---|:---|:---|:---|:---|
| *in thousands, except per share data* | **Three Months Ended September 30,**  | **Three Months Ended September 30,**  | **Nine Months Ended September 30,**  | **Nine Months Ended September 30,**  |
|  | **2025** | **2024** | **2025** | **2024** |
| **FFO and Core FFO** |  |  |  |  |
| &nbsp;&nbsp;Net loss attributable to common shareholders | $(28555) | $(26980) | $(93516) | $(83629) |
| &nbsp;&nbsp;Net loss attributable to redeemable noncontrolling interests | (6457) | (4365) | (18375) | (12353) |
| &nbsp;&nbsp;Net income (loss) attributable to noncontrolling interests |  | 36 |  | (10931) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net loss | (35012) | (31309) | (111891) | (106913) |
| &nbsp;&nbsp;&nbsp;&nbsp;(Gain) loss on the sale of real estate, net of tax | (4660) | 5352 | (47029) | 3854 |
| &nbsp;&nbsp;Pro rata share of gain on the sale of unconsolidated real estate assets |  |  | (1500) | (480) |
| &nbsp;&nbsp;Real estate depreciation and amortization | 47837 | 48385 | 140306 | 153203 |
| &nbsp;&nbsp;Real estate impairment loss | 4771 |  | 36584 |  |
| &nbsp;&nbsp;Pro rata share of real estate depreciation and amortization from unconsolidated real estate ventures | 777 | 796 | 2342 | 3086 |
| &nbsp;&nbsp;FFO attributable to redeemable noncontrolling interests in consolidated real estate ventures | (905) |  | (1175) |  |
| **FFO Attributable to OP Units** | $**12808** | $**23224** | $**17637** | $**52750** |
| &nbsp;&nbsp;FFO attributable to redeemable noncontrolling interests | (2679) | (3725) | (3785) | (8238) |
| **FFO Attributable to Common Shareholders** | $**10129** | $**19499** | $**13852** | $**44512** |
| &nbsp;&nbsp;FFO attributable to OP Units | $12808 | $23224 | $17637 | $52750 |
| &nbsp;&nbsp;Transaction and Other Costs, net of tax <sup>(1)</sup> | 494 | 754 | 5251 | 2738 |
| &nbsp;&nbsp;Litigation costs <sup>(2)</sup> |  |  | 2500 |  |
| &nbsp;&nbsp;Income from investments, net of tax | (1691) | (1919) | (1480) | (2428) |
| &nbsp;&nbsp;Impairment loss related to non-depreciable real estate |  |  | 8483 | 18236 |
| &nbsp;&nbsp;&nbsp;&nbsp;(Gain) loss from mark-to-market on derivative instruments, net of noncontrolling interests | (3) | 7 | (59) | 77 |
| &nbsp;&nbsp;&nbsp;&nbsp;(Gain) loss on the extinguishment of debt, net |  | (43) | 2402 | (43) |
| &nbsp;&nbsp;Earnings and distributions in excess of our investment in unconsolidated real estate venture | (173) | (335) | (574) | (1006) |
| &nbsp;&nbsp;Amortization of management contracts intangible, net of tax | 74 | 1059 | 1752 | 3178 |
| &nbsp;&nbsp;Unconsolidated real estate ventures allocated share of above adjustments | (2) | 230 | (2) | 230 |
| **Core FFO Attributable to OP Units** | $**11507** | $**22977** | $**35910** | $**73732** |
| &nbsp;&nbsp;Core FFO attributable to redeemable noncontrolling interests | (2407) | (3685) | (6898) | (11438) |
| **Core FFO Attributable to Common Shareholders** | $**9100** | $**19292** | $**29012** | $**62294** |
| FFO per common share - diluted | $0.17 | $0.23 | $0.20 | $0.50 |
| Core FFO per common share - diluted | $0.15 | $0.23 | $0.41 | $0.69 |
| Weighted average shares - diluted (FFO and Core FFO) | 60965 | 85446 | 70272 | 89806 |

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See footnotes on page 15.

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| ![Graphic](jbgs-20251028xex99d1013.jpg) | Page 14 |

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<u>FFO, CORE FFO AND FAD RECONCILIATIONS (NON-GAAP)</u> <u>SEPTEMBER 30, 2025<br>(Unaudited)</u>

---

| | | | | |
|:---|:---|:---|:---|:---|
| in thousands, except per share data | **Three Months Ended September 30,**  | **Three Months Ended September 30,**  | **Nine Months Ended September 30,**  | **Nine Months Ended September 30,**  |
|  | **2025** | **2024** | **2025** | **2024** |
| **FAD** |  |  |  |  |
| &nbsp;&nbsp;Core FFO attributable to OP Units | $11507 | $22977 | $35910 | $73732 |
| &nbsp;&nbsp;Recurring capital expenditures and Second-generation tenant improvements and leasing commissions <sup>(3)</sup> | (9851) | (10221) | (30737) | (31351) |
| &nbsp;&nbsp;Straight-line and other rent adjustments <sup>(4)</sup> | 1561 | (3817) | 4071 | (7756) |
| &nbsp;&nbsp;Third-party lease liability assumption payments |  |  |  | (25) |
| &nbsp;&nbsp;Share-based compensation expense | 4808 | 4810 | 18685 | 25053 |
| &nbsp;&nbsp;Amortization of debt issuance costs | 3554 | 4030 | 11389 | 11963 |
| &nbsp;&nbsp;Unconsolidated real estate ventures allocated share of above adjustments | 321 | 381 | 676 | 1041 |
| &nbsp;&nbsp;Non-real estate depreciation and amortization | 250 | 290 | 759 | 883 |
| **FAD Available to OP Units (A)** | $**12150** | $**18450** | $**40753** | $**73540** |
| Distributions to common shareholders and unitholders (B) | $13712 | $17891 | $46654 | $55901 |
| FAD Payout Ratio (B÷A) <sup>(5)</sup> | 112.9% | 97.0% | 114.5% | 76.0% |
| **Capital Expenditures** |  |  |  |  |
| &nbsp;&nbsp;Maintenance and recurring capital expenditures | $4059 | $4808 | $10915 | $10365 |
| &nbsp;&nbsp;Share of maintenance and recurring capital expenditures from unconsolidated real estate ventures | 9 |  | 18 | 16 |
| &nbsp;&nbsp;Second-generation tenant improvements and leasing commissions | 5646 | 5413 | 19410 | 20949 |
| &nbsp;&nbsp;Share of Second-generation tenant improvements and leasing commissions from unconsolidated real estate ventures | 137 |  | 394 | 21 |
| &nbsp;&nbsp;Recurring capital expenditures and Second-generation tenant improvements and leasing commissions | 9851 | 10221 | 30737 | 31351 |
| &nbsp;&nbsp;Non-recurring capital expenditures | 11487 | 1718 | 25638 | 8508 |
| &nbsp;&nbsp;Share of non-recurring capital expenditures from unconsolidated real estate ventures | 8 |  | 8 | 28 |
| &nbsp;&nbsp;First-generation tenant improvements and leasing commissions | 1660 | 1367 | 7580 | 6584 |
| &nbsp;&nbsp;Share of First-generation tenant improvements and leasing commissions from unconsolidated real estate ventures | 136 | 18 | 219 | 105 |
| &nbsp;&nbsp;Non-recurring capital expenditures | 13291 | 3103 | 33445 | 15225 |
| **Total JBG SMITH Share of Capital Expenditures** | $**23142** | $**13324** | $**64182** | $**46576** |

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&nbsp;&nbsp;&nbsp;&nbsp;(1) See page 44 for the components of Transaction and Other Costs.

&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;(3) Includes amounts, at JBG SMITH Share, related to unconsolidated real estate ventures.

&nbsp;&nbsp;&nbsp;&nbsp;(4) Includes straight-line rent, above/below market lease amortization and lease incentive amortization.

&nbsp;&nbsp;&nbsp;&nbsp;(5) 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.

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| ![Graphic](jbgs-20251028xex99d1013.jpg) | Page 15 |

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<u>THIRD-PARTY ASSET MANAGEMENT AND REAL ESTATE SERVICES BUSINESS (NON-GAAP)</u> <u>SEPTEMBER 30, 2025<br>(Unaudited)</u>

#### Third-Party Asset Mgmt and Real Estate Services Business

---

| | | |
|:---|:---|:---|
|  | *in thousands, at JBG SMITH Share* | **Three Months Ended September 30, 2025** |
|  | **Service Revenue** |  |
|  | &nbsp;&nbsp;Property management fees | $3321 |
|  | &nbsp;&nbsp;Asset management fees | 1049 |
|  | &nbsp;&nbsp;Development fees | 361 |
|  | &nbsp;&nbsp;Leasing fees | 583 |
|  | &nbsp;&nbsp;Construction management fees | 179 |
|  | &nbsp;&nbsp;Other service revenue | 1082 |
|  | **Third-Party Real Estate Service Revenue, Excluding Reimbursements** <sup>(1)</sup> | $**6575** |
|  | &nbsp;&nbsp;Third-party real estate services expenses, excluding reimbursements <sup>(2)</sup> | (5725) |
|  | **Net Third-Party Real Estate Services, Excluding Reimbursements** <sup>(3)</sup> | $**850** |

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&nbsp;&nbsp;&nbsp;&nbsp;(1) Service revenues from real estate ventures are 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. Included in "Third-party real estate services, including reimbursements" in our Condensed Consolidated Statement of Operations are $8.1 million of reimbursement revenue and $0.1 million of service revenue from our economic interest in real estate ventures that are excluded from this table.

&nbsp;&nbsp;&nbsp;&nbsp;(2) Our personnel perform services for wholly owned properties and properties we manage on behalf of third parties, real estate ventures and the legacy funds formerly organized by The JBG Companies (the "JBG Legacy Funds"). 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, real estate ventures and the JBG Legacy Funds (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."

&nbsp;&nbsp;&nbsp;&nbsp;(3) Services 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 asset management and 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 asset management and real estate services business.

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| ![Graphic](jbgs-20251028xex99d1013.jpg) | Page 16 |

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<u>PRO RATA ADJUSTED GENERAL AND ADMINISTRATIVE EXPENSES<br>(NON-GAAP)</u> <u>SEPTEMBER 30, 2025<br>(Unaudited)</u>

#### Pro Rata Adjusted G&A

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | *in thousands* | **Three Months Ended September 30, 2025** | **Three Months Ended September 30, 2025** | **Three Months Ended September 30, 2025** | **Three Months Ended September 30, 2025** |
|  |  |  | **Adjustments** <sup>(1)</sup> | **Adjustments** <sup>(1)</sup> |  |
|  |  | **Per Statement** |  |  | **Pro Rata** |
|  |  | **of Operations** | **A** | **B** | **Adjusted** |
|  | **General and Administrative Expenses** |  |  |  |  |
|  | &nbsp;&nbsp;Corporate and other | $13214 | $— | $262 | $13476 |
|  | &nbsp;&nbsp;Third-party real estate services | 14058 | (8071) | (262) | 5725 |
|  | **Total** | $**27272** | $**(8071)** | $**—** | $**19201** |

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&nbsp;&nbsp;&nbsp;&nbsp;(1) Adjustments:

**A** - Removes $8.1 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."

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| ![Graphic](jbgs-20251028xex99d1013.jpg) | Page 17 |

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<u>SAME STORE NOI (NON-GAAP)</u> <u>SEPTEMBER 30, 2025<br>(Unaudited)</u>

#### Summary & Same Store NOI
c

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *dollars in thousands, at JBG SMITH share* |  |  |  |  |  |  |
|  | **Three Months Ended September 30,**  | **Three Months Ended September 30,**  | **Three Months Ended September 30,**  | **Nine Months Ended September 30,**  | **Nine Months Ended September 30,**  | **Nine Months Ended September 30,**  |
|  | **2025** | **2024** | **% Change** | **2025** | **2024** | **% Change** |
| **Same Store** <sup>(1)</sup> |  |  |  |  |  |  |
| &nbsp;&nbsp;Multifamily |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Revenue | $39465 | $38800 | 1.7%  | $117280 | $115425 | 1.6%  |
| &nbsp;&nbsp;&nbsp;&nbsp;Expenses | (17474) | (16316) | 7.1%  | (49337) | (46398) | 6.3%  |
| &nbsp;&nbsp;&nbsp;&nbsp;Same Store NOI | $21991 | $22484 | (2.2%) | $67943 | $69027 | (1.6%) |
| &nbsp;&nbsp;Commercial |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Revenue | $53313 | $56315 | (5.3%) | $161042 | $169924 | (5.2%) |
| &nbsp;&nbsp;&nbsp;&nbsp;Expenses | (22376) | (21683) | 3.2%  | (63673) | (63682) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Same Store NOI | $30937 | $34632 | (10.7%) | $97369 | $106242 | (8.4%) |
| &nbsp;&nbsp;Ground Leases  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Same Store NOI | $1128 | $809 | 39.4%  | $3408 | $3086 | 10.4%  |
| **Total Same Store NOI** | $**54056** | $**57925** | **(6.7%)** | $**168720** | $**178355** | **(5.4%)** |
| Non-Same Store NOI | 6507 | 12672 | (48.7%) | 26457 | 40704 | (35.0%) |
| **Total Operating Portfolio NOI** | $**60563** | $**70597** | **(14.2%)** | $**195177** | $**219059** | **(10.9%)** |

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&nbsp;&nbsp;&nbsp;&nbsp;(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.

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| ![Graphic](jbgs-20251028xex99d1013.jpg) | Page 18 |

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<u>SUMMARY NOI (NON-GAAP)</u> <u>SEPTEMBER 30, 2025<br>(Unaudited)</u>

#### Summary NOI

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *dollars in thousands* | **NOI for the Three Months Ended September 30, 2025 at JBG SMITH Share** | **NOI for the Three Months Ended September 30, 2025 at JBG SMITH Share** | **NOI for the Three Months Ended September 30, 2025 at JBG SMITH Share** | **NOI for the Three Months Ended September 30, 2025 at JBG SMITH Share** | **NOI for the Three Months Ended September 30, 2025 at JBG SMITH Share** | **NOI for the Three Months Ended September 30, 2025 at JBG SMITH Share** |
|  | **Consolidated** | **Unconsolidated** | **Multifamily** | **Commercial** | **Ground Leases** <sup>(7)</sup> | **Total** |
| Number of operating assets | 36 | 1 | 14 | 21 | 2 | 37 |
| &nbsp;&nbsp;Property rental <sup>(1)</sup> | $92267 | $1097 | $44017 | $48201 | $1146 | $93364 |
| &nbsp;&nbsp;Tenant expense reimbursement | 8107 | 76 | 3443 | 4580 | 160 | 8183 |
| &nbsp;&nbsp;Other revenue | 4975 | 43 | 834 | 4184 |  | 5018 |
| Total revenue | 105349 | 1216 | 48294 | 56965 | 1306 | 106565 |
| &nbsp;&nbsp;Operating expenses | (45420) | (278) | (22113) | (23407) | (178) | (45698) |
| &nbsp;&nbsp;Ground rent expense | (304) |  |  | (304) |  | (304) |
| Total expenses | (45724) | (278) | (22113) | (23711) | (178) | (46002) |
| **Operating Portfolio NOI** <sup>(2)</sup> | $**59625** | $**938** | $**26181** | $**33254** | $**1128** | $**60563** |
| **Annualized NOI** <sup>(3)</sup> | $**238500** | $**3752** | $**104724** | $**133016** | $**4512** | $**242252** |
| **Additional Information** |  |  |  |  |  |  |
| &nbsp;&nbsp;Free Rent (at 100% share) | $5988 | $212 | $1341 | $4442 | $417 | $6200 |
| &nbsp;&nbsp;Free Rent (at JBG SMITH Share) | $5773 | $117 | $1126 | $4347 | $417 | $5890 |
| &nbsp;&nbsp;Annualized Free Rent (at JBG SMITH Share) <sup>(4)</sup> | $23092 | $468 | $4504 | $17388 | $1668 | $23560 |
| &nbsp;&nbsp;% occupied (at JBG SMITH Share) <sup>(5)</sup> | 80.3% | 100.0% | 87.2% | 75.7% |  | 80.4% |
| &nbsp;&nbsp;Annualized base rent of signed leases, not commenced (at 100% share) <sup>(6)</sup> | $8384 | $— | $824 | $7560 | $— | $8384 |
| &nbsp;&nbsp;Annualized base rent of signed leases, not commenced (at JBG SMITH Share) <sup>(6)</sup> | $8384 | $— | $824 | $7560 | $— | $8384 |

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&nbsp;&nbsp;&nbsp;&nbsp;(1) Property rental revenue excludes straight-line rent adjustments, commercial lease termination revenue and other non-cash GAAP adjustments, and includes payments associated with assumed lease liabilities.

&nbsp;&nbsp;&nbsp;&nbsp;(2) NOI excludes $2.8 million of related party management fees at JBG SMITH Share. See definition of NOI on page 41.

&nbsp;&nbsp;&nbsp;&nbsp;(3) Annualized NOI includes $0.4 million from sold and recapitalized assets, $8.9 million from recently acquired assets, $2.3 million from 1101 17th Street, and $24.9 million from 1215, 1225 and 1235 S. Clark Street.

&nbsp;&nbsp;&nbsp;&nbsp;(4) Represents JBG SMITH's share of Free Rent for the three months ended September 30, 2025 multiplied by four.

&nbsp;&nbsp;&nbsp;&nbsp;(5) Assets operated as short-term rental properties (2221 S. Clark Street – Residential and 900 W Street), and assets for which we are the ground lessor (1700 M Street and 1831/1861 Wiehle Avenue) are excluded from the Percent Occupied metric.

&nbsp;&nbsp;&nbsp;&nbsp;(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 September 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(7) Includes 1700 M Street and 1831/1861 Wiehle Avenue for which we are the ground lessor. The ground rent on 1700 M Street is currently $4.95 million per annum and includes market escalations and CPI resets. The ground lease expires on December 4, 2117. Ground rent on 1831/1861 Wiehle Avenue is currently $1.2 million per annum. The ground lease expires on April 29, 2121 .

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| ![Graphic](jbgs-20251028xex99d1013.jpg) | Page 19 |

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<u>SUMMARY NOI - MULTIFAMILY (NON-GAAP)</u> <u>SEPTEMBER 30, 2025<br>(Unaudited)</u>

#### Summary NOI – Multifamily

---

| | | | | |
|:---|:---|:---|:---|:---|
| *dollars in thousands* | **NOI for the Three Months Ended September 30, 2025 at JBG SMITH Share** | **NOI for the Three Months Ended September 30, 2025 at JBG SMITH Share** | **NOI for the Three Months Ended September 30, 2025 at JBG SMITH Share** | **NOI for the Three Months Ended September 30, 2025 at JBG SMITH Share** |
|  | **Consolidated** | **National Landing** | **DC** | **Total** |
| Number of operating assets | 14 | 7 | 7 | 14 |
| &nbsp;&nbsp;Property rental <sup>(1)</sup> | $44017 | $28807 | $15210 | $44017 |
| &nbsp;&nbsp;Tenant expense reimbursement | 3443 | 1862 | 1581 | 3443 |
| &nbsp;&nbsp;Other revenue | 834 | 352 | 482 | 834 |
| Total revenue | 48294 | 31021 | 17273 | 48294 |
| &nbsp;&nbsp;Operating expenses | (22113) | (13603) | (8510) | (22113) |
| &nbsp;&nbsp;Ground rent expense |  |  |  |  |
| Total expenses | (22113) | (13603) | (8510) | (22113) |
| **Operating Portfolio NOI** <sup>(2)</sup> | $**26181** | $**17418** | $**8763** | $**26181** |
| **Annualized NOI** <sup>(3)</sup> | $**104724** | $**69672** | $**35052** | $**104724** |
| **Additional Information** |  |  |  |  |
| &nbsp;&nbsp;Free Rent (at 100% share) | $1341 | $180 | $1161 | $1341 |
| &nbsp;&nbsp;Free Rent (at JBG SMITH Share) | $1126 | $180 | $946 | $1126 |
| &nbsp;&nbsp;Annualized Free Rent (at JBG SMITH Share) <sup>(4)</sup> | $4504 | $720 | $3784 | $4504 |
| &nbsp;&nbsp;% occupied (at JBG SMITH Share) <sup>(5)</sup> | 87.2% | 85.7% | 90.5% | 87.2% |
| &nbsp;&nbsp;Annualized base rent of signed leases, not commenced (at 100% share) <sup>(6)</sup> | $824 | $824 | $— | $824 |
| &nbsp;&nbsp;Annualized base rent of signed leases, not commenced (at JBG SMITH Share) <sup>(6)</sup> | $824 | $824 | $— | $824 |

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&nbsp;&nbsp;&nbsp;&nbsp;(1) Property rental revenue excludes straight-line rent adjustments, retail lease termination revenue and other non-cash GAAP adjustments, and includes payments associated with assumed lease liabilities.

&nbsp;&nbsp;&nbsp;&nbsp;(2) NOI excludes $1.2 million of related party management fees at JBG SMITH Share. See definition of NOI on page 41.

&nbsp;&nbsp;&nbsp;&nbsp;(3) Annualized NOI includes $0.3 million from sold and recapitalized assets.

&nbsp;&nbsp;&nbsp;&nbsp;(4) Represents JBG SMITH's share of Free Rent for the three months ended September 30, 2025 multiplied by four.

&nbsp;&nbsp;&nbsp;&nbsp;(5) 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.

&nbsp;&nbsp;&nbsp;&nbsp;(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 retail spaces for which rent had not yet commenced as of September 30, 2025.

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| ![Graphic](jbgs-20251028xex99d1013.jpg) | Page 20 |

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<u>SUMMARY NOI - COMMERCIAL (NON-GAAP)</u> <u>SEPTEMBER 30, 2025<br>(Unaudited)</u>

#### Summary NOI – Commercial

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | *dollars in thousands* | **NOI for the Three Months Ended September 30, 2025 at JBG SMITH Share** | **NOI for the Three Months Ended September 30, 2025 at JBG SMITH Share** | **NOI for the Three Months Ended September 30, 2025 at JBG SMITH Share** | **NOI for the Three Months Ended September 30, 2025 at JBG SMITH Share** | **NOI for the Three Months Ended September 30, 2025 at JBG SMITH Share** |
|  |  | **Consolidated** | **Unconsolidated** | **National Landing** | **Other** | **Total** |
|  | Number of operating assets | 20 | 1 | 16 | 5 | 21 |
|  | &nbsp;&nbsp;Property rental <sup>(1)</sup> | $47104 | $1097 | $39902 | $8299 | $48201 |
|  | &nbsp;&nbsp;Tenant expense reimbursement | 4504 | 76 | 3666 | 914 | 4580 |
|  | &nbsp;&nbsp;Other revenue | 4141 | 43 | 3697 | 487 | 4184 |
|  | Total revenue | 55749 | 1216 | 47265 | 9700 | 56965 |
|  | &nbsp;&nbsp;Operating expenses | (23129) | (278) | (19392) | (4015) | (23407) |
|  | &nbsp;&nbsp;Ground rent expense | (304) |  |  | (304) | (304) |
|  | Total expenses | (23433) | (278) | (19392) | (4319) | (23711) |
|  | **Operating Portfolio NOI** <sup>(2)</sup> | $**32316** | $**938** | $**27873** | $**5381** | $**33254** |
|  | **Annualized NOI** <sup>(3)</sup> | $**129264** | $**3752** | $**111492** | $**21524** | $**133016** |
|  | **Additional Information** |  |  |  |  |  |
|  | &nbsp;&nbsp;Free Rent (at 100% share) | $4230 | $212 | $3319 | $1123 | $4442 |
|  | &nbsp;&nbsp;Free Rent (at JBG SMITH Share) | $4230 | $117 | $3319 | $1028 | $4347 |
|  | &nbsp;&nbsp;Annualized Free Rent (at JBG SMITH Share) <sup>(4)</sup> | $16920 | $468 | $13276 | $4112 | $17388 |
|  | &nbsp;&nbsp;% occupied (at JBG SMITH Share) | 75.5% | 100.0% | 75.2% | 77.8% | 75.7% |
|  | &nbsp;&nbsp;Annualized base rent of signed leases, not commenced (at 100% share) <sup>(5)</sup> | $7560 | $— | $5900 | $1660 | $7560 |
|  | &nbsp;&nbsp;Annualized base rent of signed leases, not commenced (at JBG SMITH Share) <sup>(5)</sup> | $7560 | $— | $5900 | $1660 | $7560 |

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&nbsp;&nbsp;&nbsp;&nbsp;(1) Property rental revenue excludes straight-line rent adjustments, commercial lease termination revenue and other non-cash GAAP adjustments, and includes payments associated with assumed lease liabilities.

&nbsp;&nbsp;&nbsp;&nbsp;(2) NOI excludes $1.6 million of related party management fees at JBG SMITH Share. See definition of NOI on page 41.

&nbsp;&nbsp;&nbsp;&nbsp;(3) Annualized NOI includes $0.1 million from sold assets, $8.9 million from recently acquired assets, $2.3 million from 1101 17th Street, and $24.9 million from 1215, 1225 and 1235 S. Clark Street.

&nbsp;&nbsp;&nbsp;&nbsp;(4) Represents JBG SMITH's share of Free Rent for the three months ended September 30, 2025 multiplied by four.

&nbsp;&nbsp;&nbsp;&nbsp;(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 September 30, 2025.

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| ![Graphic](jbgs-20251028xex99d1013.jpg) | Page 21 |

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<u>SIGNED BUT NOT YET COMMENCED LEASES</u> <u>SEPTEMBER 30, 2025<br>(Unaudited)</u>

#### Signed But Not Yet Commenced Leases

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *in thousands, at JBG SMITH Share* | **Total**  |  |  |  |  |  |  |
|  |  | **Annualized** |  |  |  |  |  |  |
|  |  | **Estimated**  | **Estimated Rent** <sup>(1)</sup> **for the Quarter Ending** | **Estimated Rent** <sup>(1)</sup> **for the Quarter Ending** | **Estimated Rent** <sup>(1)</sup> **for the Quarter Ending** | **Estimated Rent** <sup>(1)</sup> **for the Quarter Ending** | **Estimated Rent** <sup>(1)</sup> **for the Quarter Ending** | **Estimated Rent** <sup>(1)</sup> **for the Quarter Ending** |
|  | **Assets**<br> **C/U** <sup>(2)</sup> | **Rent** <sup>(3)</sup> | **December 31, 2025** | **March 31, 2026** | **June 30, 2026** | **September 30, 2026** | **December 31, 2026** | **March 31, 2027** |
|  | **Multifamily** |  |  |  |  |  |  |  |
|  | &nbsp;&nbsp;Operating<br> C | $824 | $20 | $105 | $105 | $111 | $202 | $206 |
|  | **Commercial** |  |  |  |  |  |  |  |
|  | &nbsp;&nbsp;Operating<br> C | $7560 | $— | $— | $821 | $1532 | $1773 | $1890 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Total** | $**8384** | $**20** | $**105** | $**926** | $**1643** | $**1975** | $**2096** |

---

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Note: Includes only leases for office and retail spaces for which rent had not yet commenced as of September 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(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.

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

&nbsp;&nbsp;&nbsp;&nbsp;(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.

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| ![Graphic](jbgs-20251028xex99d1013.jpg) | Page 22 |

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<u>LEASING ACTIVITY - MULTIFAMILY</u> <u>SEPTEMBER 30, 2025<br>(Unaudited)</u>

#### Leasing Activity - Multifamily

---

| | | |
|:---|:---|:---|
|  | **Three Months Ended September 30,**  | **Three Months Ended September 30,**  |
|  | **2025** | **2024** |
| Effective new lease rates <sup>(1)</sup> | (0.8%) | 4.9%  |
| Effective renewal lease rates <sup>(1)</sup> | 4.6% | 5.9% |
| Effective blended lease rates <sup>(1)</sup> | 2.2% | 5.5% |
| Renewal rate | 56.3% | 58.4% |

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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).

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

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|:---|:---|
| ![Graphic](jbgs-20251028xex99d1013.jpg) | Page 23 |

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<u>LEASING ACTIVITY - OFFICE</u> <u>SEPTEMBER 30, 2025<br>(Unaudited)</u>

#### Leasing Activity – Office

---

| | | |
|:---|:---|:---|
| *square feet in thousands, at JBG SMITH Share* | **Three Months Ended**  | **Nine Months Ended**  |
|  | **September 30, 2025** | **September 30, 2025** |
| New Leasing: |  |  |
| &nbsp;&nbsp;Square feet leased | 149 | 250 |
| &nbsp;&nbsp;Initial rent <sup>(1)</sup> | $46.18 | $46.55 |
| &nbsp;&nbsp;Straight-line rent <sup>(2)</sup> | $46.25 | $47.57 |
| &nbsp;&nbsp;Weighted average lease term (years) | 4.8 | 5.6 |
| &nbsp;&nbsp;Weighted average Free Rent period (months) | 5.6 | 4.9 |
| &nbsp;&nbsp;Tenant improvements and leasing commissions per square foot per annum | $9.55 | $10.60 |
| Renewal Leasing: |  |  |
| &nbsp;&nbsp;Square feet leased | 33 | 211 |
| &nbsp;&nbsp;Initial rent <sup>(1)</sup> | $50.54 | $51.37 |
| &nbsp;&nbsp;Straight-line rent <sup>(2)</sup> | $50.78 | $48.31 |
| &nbsp;&nbsp;Weighted average lease term (years) | 1.8 | 3.3 |
| &nbsp;&nbsp;Weighted average Free Rent period (months) | 0.4 | 3.1 |
| &nbsp;&nbsp;Tenant improvements and leasing commissions per square foot per annum | $1.64 | $2.55 |
| Total Leasing: |  |  |
| &nbsp;&nbsp;Square feet leased | 182 | 461 |
| &nbsp;&nbsp;Initial rent <sup>(1)</sup> | $46.97 | $48.76 |
| &nbsp;&nbsp;Straight-line rent <sup>(2)</sup> | $47.07 | $47.91 |
| &nbsp;&nbsp;Weighted average lease term (years) | 4.3 | 4.5 |
| &nbsp;&nbsp;Weighted average Free Rent period (months) | 4.6 | 4.0 |
| &nbsp;&nbsp;Tenant improvements and leasing commissions per square foot per annum | $8.94 | $7.90 |
| Mark-to-Market on second-generation space: |  |  |
| Square feet leased | 126 | 381 |
| &nbsp;&nbsp;Cash basis: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Initial rent <sup>(1)</sup> | $47.14 | $49.28 |
| &nbsp;&nbsp;&nbsp;&nbsp;Prior escalated rent | $42.43 | $49.33 |
| &nbsp;&nbsp;&nbsp;&nbsp;% change | 11.1% | (0.1)% |
| &nbsp;&nbsp;GAAP basis: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Straight-line rent <sup>(2)</sup> | $47.35 | $48.20 |
| &nbsp;&nbsp;&nbsp;&nbsp;Prior straight-line rent | $42.16 | $47.66 |
| &nbsp;&nbsp;&nbsp;&nbsp;% change | 12.3% | 1.1% |

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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.

&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;(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.

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|:---|:---|
| ![Graphic](jbgs-20251028xex99d1013.jpg) | Page 24 |

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<u>LEASE EXPIRATIONS</u> <u>SEPTEMBER 30, 2025<br>(Unaudited)</u>

#### Lease Expirations

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **At JBG SMITH Share** | **At JBG SMITH Share** | **At JBG SMITH Share** | **At JBG SMITH Share** | **At JBG SMITH Share** | **At JBG SMITH Share** |
| <br>**Year of Lease Expiration** | <br>**Number**<br>**of Leases** | <br>**Square Feet** | <br>**% of**<br>**Total**<br>**Square Feet** | <br>**Annualized**<br>**Rent**<br>**(in thousands)** | <br>**% of**<br>**Total**<br>**Annualized**<br>**Rent** | <br>**Annualized**<br>**Rent Per**<br>**Square Foot** | **Estimated**<br>**Annualized**<br>**Rent Per**<br>**Square Foot at**<br>**Expiration** <sup>(1)</sup> |
| &nbsp;&nbsp;Month-to-Month | 10 | 155640 | 2.9% | $6741 | 2.8% | $43.31 | $43.31 |
| &nbsp;&nbsp;2025 | 20 | 113495 | 2.1% | 5553 | 2.3% | 48.93 | 47.88 |
| &nbsp;&nbsp;2026 | 69 | 466017 | 8.7% | 22964 | 9.5% | 49.28 | 49.69 |
| &nbsp;&nbsp;2027 | 50 | 704167 | 13.1% | 34041 | 14.0% | 48.34 | 50.07 |
| &nbsp;&nbsp;2028 | 37 | 404730 | 7.5% | 18502 | 7.6% | 45.71 | 48.33 |
| &nbsp;&nbsp;2029 | 36 | 295158 | 5.5% | 13955 | 5.8% | 47.28 | 51.46 |
| &nbsp;&nbsp;2030 | 34 | 586681 | 10.9% | 27782 | 11.5% | 47.36 | 53.26 |
| &nbsp;&nbsp;2031 | 37 | 637069 | 11.9% | 24834 | 10.2% | 38.98 | 42.09 |
| &nbsp;&nbsp;2032 | 18 | 659046 | 12.3% | 26811 | 11.1% | 40.68 | 43.57 |
| &nbsp;&nbsp;2033 | 26 | 336595 | 6.3% | 14648 | 6.0% | 49.24 | 59.28 |
| &nbsp;&nbsp;Thereafter | 59 | 1016645 | 18.8%  | 46555 | 19.2%  | 45.79 | 58.30 |
| **Total / Weighted Average** | **396** | **5375243** | **100.0%**  | $**242386** | **100.0%**  | $**45.42** | $**50.41** |

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Note: Includes all leases as of September 30, 2025 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.

&nbsp;&nbsp;&nbsp;&nbsp;(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 September 30, 2025, or management's estimate thereof, by 2.75% annually through the lease expiration year.

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|:---|:---|
| ![Graphic](jbgs-20251028xex99d1013.jpg) | Page 25 |

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<u>TENANT CONCENTRATION</u> <u>SEPTEMBER 30, 2025<br>(Unaudited)</u>

#### Tenant Concentration

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *dollars in thousands* | *dollars in thousands* |  | **At JBG SMITH Share** | **At JBG SMITH Share** | **At JBG SMITH Share** | **At JBG SMITH Share** |
|  | **Tenant** | **Number of Leases** | **Square Feet** | **% of Total Square Feet** | **Annualized <br>Rent** | **% of Total Annualized Rent** |
| 1 | U.S. Government (GSA) | 31 | 1458431 | 27.1% | $58429 | 24.1% |
| 2 | Amazon | 3 | 357339 | 6.6% | 16538 | 6.8% |
| 3 | Lockheed Martin Corporation | 2 | 183442 | 3.4% | 9385 | 3.9% |
| 4 | Accenture Federal Services LLC | 2 | 123706 | 2.3% | 5726 | 2.4% |
| 5 | Public Broadcasting Service | 1 | 120328 | 2.2% | 5120 | 2.1% |
| 6 | Whole Foods Market Group Inc | 3 | 98625 | 1.8% | 3880 | 1.6% |
| 7 | American Diabetes Association | 1 | 80998 | 1.5% | 3850 | 1.6% |
| 8 | Booz Allen Hamilton Inc | 2 | 69328 | 1.3% | 3480 | 1.4% |
| 9 | Nooks LLC | 2 | 71034 | 1.3% | 3431 | 1.4% |
| 10 | National Consumer Cooperative | 1 | 65736 | 1.2% | 3372 | 1.4% |
| 11 | Na Ali'i Consulting & Sales LLC | 2 | 66952 | 1.2% | 3149 | 1.3% |
| 12 | The Aerospace Corporation | 2 | 63529 | 1.2% | 2943 | 1.2% |
| 13 | Technomics Inc | 1 | 64353 | 1.2% | 2888 | 1.2% |
| 14 | DRS Tech Inc dba Finmeccanica | 1 | 46184 | 0.9% | 2283 | 0.9% |
| 15 | Dixon Hughes Goodman LLP | 1 | 49036 | 0.9% | 2282 | 0.9% |
| 16 | Conservation International Foundation | 1 | 43483 | 0.8% | 2101 | 0.9% |
| 17 | The Cadmus Group LLC | 1 | 42361 | 0.8% | 2036 | 0.8% |
| 18 | SAIC | 2 | 38310 | 0.7% | 1969 | 0.8% |
| 19 | Interstate Operating Company LP | 1 | 35073 | 0.7% | 1946 | 0.8% |
| 20 | Alamo Drafthouse Cinemas | 1 | 52453 | 1.0% | 1941 | 0.8% |
|  | Other | 335 | 2244542 | 41.9%  | 105637 | 43.7% |
|  | **Total** | **396** | **5375243** | **100.0%**  | $**242386** | **100.0%** |

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Note: Includes all leases as of September 30, 2025 for which a tenant has taken occupancy for office and retail space within our operating portfolio.

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|:---|:---|
| ![Graphic](jbgs-20251028xex99d1013.jpg) | Page 26 |

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<u>INDUSTRY DIVERSITY</u> <u>SEPTEMBER 30, 2025<br>(Unaudited)</u>

#### Industry Diversity

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *dollars in thousands* | *dollars in thousands* |  | **At JBG SMITH Share** | **At JBG SMITH Share** | **At JBG SMITH Share** | **At JBG SMITH Share** |
|  |  | **Number of** |  | **% of Total** | **Annualized** | **% of Total** |
|  | **Industry** | **Leases** | **Square Feet** | **Square Feet** | **Rent** | **Annualized Rent** |
| 1 | Government Contractors | 89 | 1332538 | 24.8% | $64718 | 26.7% |
| 2 | Government | 34 | 1469963 | 27.3% | 59031 | 24.4% |
| 3 | Business Services | 35 | 777946 | 14.5% | 36521 | 15.1% |
| 4 | Member Organizations | 26 | 380020 | 7.1% | 19126 | 7.9% |
| 5 | Food and Beverage | 56 | 176321 | 3.3% | 9535 | 3.9% |
| 6 | Communications | 3 | 160690 | 3.0% | 7072 | 2.9% |
| 7 | Health Services | 26 | 181611 | 3.4% | 6513 | 2.7% |
| 8 | Real Estate | 21 | 137117 | 2.6% | 4310 | 1.8% |
| 9 | Legal Services | 10 | 83275 | 1.5% | 3990 | 1.6% |
| 10 | Educational Services | 4 | 41699 | 0.8% | 2154 | 0.9% |
|  | Other | 92 | 634063  | 11.7%  | 29416 | 12.1% |
|  | **Total** | **396** | **5375243** | **100.0%**  | $**242386** | **100.0%** |

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Note: Includes all leases as of September 30, 2025 for which a tenant has taken occupancy for office and retail space within our operating portfolio.

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|:---|:---|
| ![Graphic](jbgs-20251028xex99d1013.jpg) | Page 27 |

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<u>PROPERTY TABLE - MULTIFAMILY</u> <u>SEPTEMBER 30, 2025<br>(Unaudited)</u>

#### Property Table – Multifamily

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| <br>**Multifamily Assets** | <br>**Submarket** | <br>**%**<br>**Ownership**<br> **C/U** <sup>(1)</sup> | <br>**Same Store** <sup>(2)</sup>**:**<br>**Q3 2024 - 2025 /**<br>**YTD 2024 - 2025** | <br>**Year Built /**<br>**Renovated** | <br>**Number**<br>**of**<br>**Units** | <br>**Total**<br>**Square**<br>**Feet** | <br>**Multifamily**<br>**Square**<br>**Feet** | <br>**Retail**<br>**Square**<br>**Feet** | <br>**% Leased** | <br>**Multifamily %**<br>**Occupied** | <br>**Retail %**<br>**Occupied** | <br>**Annualized**<br>**Rent**<br>**(in thousands)** | **Monthly**<br>**Rent**<br>**Per**<br>**Unit** <sup>(3)</sup> | **Monthly**<br>**Rent Per**<br>**Square**<br>**Foot** <sup>(4)</sup> |
| **National Landing** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;RiverHouse Apartments <br>(Ashley, James and Potomac) | National Landing | 100.0% C | Y / Y | 1960 / 2014 | 1676 | 1326219 | 1324889 | 1330 | 93.3% | 92.5% | 100.0% | $40401 | $2169 | $2.75 |
| &nbsp;&nbsp;&nbsp;The Bartlett | National Landing | 100.0% C | Y / Y | 2016 / N/A | 699 | 619372 | 577295 | 42077 | 95.7% | 94.7% | 100.0% | 26305 | 3106 | 3.77 |
| &nbsp;&nbsp;&nbsp;Reva  | National Landing | 100.0% C | N / N | 2024 / N/A | 471 | 324188 | 310417 | 13771 | 81.2% | 79.2% | 38.5% | 12633 | 2744 | 4.19 |
| &nbsp;&nbsp;&nbsp;The Grace | National Landing | 100.0% C | N / N | 2024 / N/A | 337 | 311903 | 287229 | 24674 | 83.8% | 81.6% | 81.8% | 13072 | 3651 | 4.27 |
| &nbsp;&nbsp;&nbsp;220 20<sup>th</sup> Street | National Landing | 100.0% C | Y / Y | 2009 / N/A | 265 | 271476 | 269913 | 1563 | 95.1% | 94.3% | 100.0% | 9250 | 3060 | 3.01 |
| &nbsp;&nbsp;&nbsp;2221 S. Clark Street-<br> Residential <sup>(5)</sup> | National Landing | 100.0% C | Y / Y | 1964 / 2016 | 216 | 96948 | 96948 |  | 77.5% | 74.2% |  | 4437 | 2307 | 4.91 |
| **DC** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;The Wren | U Street/Shaw | 100.0% C | Y / Y | 2020 / N/A | 433 | 332682 | 289686 | 42996 | 92.8% | 91.2% | 100.0% | $12031 | $2259 | $3.41 |
| &nbsp;&nbsp;&nbsp;F1RST Residences | Ballpark | 100.0% C | Y / Y | 2017 / N/A | 325 | 270928 | 249456 | 21472 | 91.2% | 89.8% | 100.0% | 10448 | 2532 | 3.28 |
| &nbsp;&nbsp;&nbsp;Atlantic Plumbing | U Street/Shaw | 100.0% C | Y / Y | 2015 / N/A | 310 | 245228 | 221788 | 23440 | 94.7% | 94.8% | 90.7% | 10644 | 2725 | 3.79 |
| &nbsp;&nbsp;&nbsp;1221 Van Street | Ballpark | 100.0% C | Y / Y | 2018 / N/A | 291 | 225592 | 202715 | 22877 | 88.9% | 86.6% | 100.0% | 8977 | 2517 | 3.60 |
| &nbsp;&nbsp;&nbsp;901 W Street | U Street/Shaw | 100.0% C | Y / Y | 2019 / N/A | 161 | 154379 | 135499 | 18880 | 88.7% | 89.4% | 74.5% | 5676 | 2729 | 3.30 |
| &nbsp;&nbsp;&nbsp;900 W Street <sup>(5)</sup> | U Street/Shaw | 100.0% C | Y / Y | 2019 / N/A | 95 | 71050 | 71050 |  | 64.2% | 44.2% |  | 2246 | 4457 | 6.14 |
| &nbsp;&nbsp;&nbsp;West Half | Ballpark | 60.0% C | Y / Y | 2019 / N/A | 465 | 385372 | 343089 | 42283 | 90.6% | 90.1% | 90.7% | 16113 | 2696 | 3.67 |
| **Total / Weighted Average** <sup>(5)</sup> |  |  |  |  | **5744** | **4635337** | **4379974** | **255363** | **91.5%** | **90.3%** | **90.6%** | $**165550** | $**2609** | $**3.37** |
| **Recently Delivered** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **National Landing** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;The Zoe | National Landing | 100.0% C | N / N | 2025 / N/A | 420 | 274995 | 266879 | 8116 | 50.8% | 48.3% | 100.0% | $6578 | $2577 | $4.32 |
| **Operating - Total / Weighted Average** <sup>(5)</sup> | **Operating - Total / Weighted Average** <sup>(5)</sup> |  |  |  | **6164** | **4910332** | **4646853** | **263479** | **89.1%** | **87.3%** | **90.9%** | $**172128** | $**2608** | $**3.39** |
| **Under-Construction** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **National Landing** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Valen <sup>(6)</sup> | National Landing | 100.0% C |  |  | 355 | 303932 | 292962 | 10970 |  |  |  |  |  |  |
| **Total** |  |  |  |  | **6519** | **5214264** | **4939815** | **274449** |  |  |  |  |  |  |

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|:---|:---|
| ![Graphic](jbgs-20251028xex99d1013.jpg) | Page 28 |

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<u>PROPERTY TABLE - MULTIFAMILY</u> <u>SEPTEMBER 30, 2025<br>(Unaudited)</u>

---

| | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| <br>**Multifamily Assets** | <br>**Submarket** | <br>**%**<br>**Ownership** | <br>**C/U** <sup>(1)</sup> | <br>**Same Store** <sup>(2)</sup>**:**<br>**Q3 2024 - 2025 /**<br>**YTD 2024 - 2025** | <br>**Year Built /**<br>**Renovated** | <br>**Number**<br>**of**<br>**Units** | <br>**Total**<br>**Square**<br>**Feet** | <br>**Multifamily**<br>**Square**<br>**Feet** | <br>**Retail**<br>**Square**<br>**Feet** | <br>**% Leased** | <br>**Multifamily %**<br>**Occupied** | <br>**Retail %**<br>**Occupied** | <br>**Annualized**<br>**Rent**<br>**(in thousands)** | **Monthly**<br>**Rent**<br>**Per**<br>**Unit** <sup>(3)</sup> | **Monthly**<br>**Rent Per**<br>**Square**<br>**Foot** <sup>(4)</sup> |
| **Totals at JBG SMITH Share** <sup>(5)</sup> |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;National Landing |  |  |  |  |  | 3664 | 2950106 | 2866691 | 83415 | 91.6% | 90.2% | 84.5% | $101661 | $2640 | $3.28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DC |  |  |  |  |  | 1894 | 1531082 | 1376047 | 155035 | 91.4% | 90.5% | 94.0% | 57444 | 2541 | 3.51 |
| &nbsp;&nbsp;&nbsp;In-Service assets |  |  |  |  |  | 5558 | 4481188 | 4242738 | 238450 | 91.5% | 90.3% | 90.6% | $159105 | $2606 | $3.36 |
| &nbsp;&nbsp;&nbsp;Recently Delivered assets |  |  |  |  |  | 420 | 274995 | 266879 | 8116 | 50.8% | 48.3% | 100.0% | 6578 | 2577 | 4.32 |
| **Operating - Total/Weighted Average** | **Operating - Total/Weighted Average** |  |  |  |  | **5978** | **4756183** | **4509617** | **246566** | **89.1%** | **87.2%** | **90.9%** | $**165683** | $**2605** | $**3.39** |
| &nbsp;&nbsp;&nbsp;Under-Construction assets |  |  |  |  |  | 355 | 303932 | 292962 | 10970 |  |  |  |  |  |  |

---

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| | | | |
|:---|:---|:---|:---|
| **Number of Assets and Total Square Feet/Units Reconciliation** | **Number of Assets and Total Square Feet/Units Reconciliation** | **Number of Assets and Total Square Feet/Units Reconciliation** | **Number of Assets and Total Square Feet/Units Reconciliation** |
| | | **At 100% Share** | **At JBG SMITH Share** |
| <br>**Operating Assets** | **Number of**<br>**Assets** | **Square Feet/Units** | **Square Feet/Units** |
| Q2 2025 | 15 | 5,210,720 SF/<br>6,596 Units | 5,056,571 SF/<br>6,410 Units |
| &nbsp;&nbsp;&nbsp;Acquisitions |  |  |  |
| &nbsp;&nbsp;&nbsp;Placed into service |  |  |  |
| &nbsp;&nbsp;&nbsp;Dispositions <sup>(7)</sup> | (1) | (300388) SF /<br>(432) Units | (300388) SF /<br>(432) Units |
| &nbsp;&nbsp;&nbsp;Out-of-service adjustment |  |  |  |
| &nbsp;&nbsp;&nbsp;Portfolio reclassification |  |  |  |
| &nbsp;&nbsp;&nbsp;Building re-measurements |  |  |  |
| Q3 2025 | 14 | 4,910,332 SF/<br>6,164 Units | 4,756,183 SF/<br>5,978 Units |

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Note: At 100% share, unless otherwise noted.

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(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).

&nbsp;&nbsp;&nbsp;&nbsp;(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).

&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;(6) Construction was completed in Q3 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(7) See "Disposition and Recapitalization Activity" on page 35.

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| ![Graphic](jbgs-20251028xex99d1013.jpg) | Page 29 |

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<u>PROPERTY TABLE - COMMERCIAL</u> <u>SEPTEMBER 30, 2025<br>(Unaudited)</u>

#### Property Table – Commercial

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| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| <br>**Commercial Assets** | <br>**Submarket** | <br>**%**<br>**Ownership** | <br>**C/U** <sup>(1)</sup> | <br>**Same Store** <sup>(2)</sup>**:**<br>**Q3 2024 - 2025 /**<br>**YTD 2024 - 2025** | <br>**Year Built /**<br>**Renovated** | <br>**Total**<br>**Square Feet** | <br>**Office**<br>**Square Feet** | <br>**Retail**<br>**Square Feet** | <br>**%**<br>**Leased** | <br>**Office %**<br>**Occupied** | <br>**Retail %**<br>**Occupied** | <br>**Annualized**<br>**Rent**<br>**(in thousands)** | **Office**<br>**Annualized**<br>**Rent Per**<br>**Square**<br>**Foot** <sup>(3)</sup> | <br>**Retail**<br>**Annualized**<br>**Rent Per**<br>**Square Foot** <sup>(4)</sup> |
| **National Landing** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;1550 Crystal Drive <sup>(5)</sup> | National Landing | 100.0% | C | Y / Y | 1980 / 2020 | 555196 | 449896 | 105300 | 89.6% | 86.1% | 99.5% | $22933 | $46.37 | $47.39 |
| &nbsp;&nbsp;&nbsp;2121 Crystal Drive | National Landing | 100.0% | C | Y / Y | 1985 / 2006 | 509668 | 504081 | 5587 | 65.0% | 63.6% | 100.0% | 16330 | 50.76 | 9.79 |
| &nbsp;&nbsp;&nbsp;2345 Crystal Drive | National Landing | 100.0% | C | Y / Y | 1988 / 2019 | 499635 | 489010 | 10625 | 33.3% | 32.4% | 74.3% | 7922 | 49.93 |  |
| &nbsp;&nbsp;&nbsp;2231 Crystal Drive | National Landing | 100.0% | C | Y / Y | 1987 / 2009 | 468755 | 416828 | 51927 | 69.1% | 65.6% | 97.4% | 15299 | 48.50 | 40.23 |
| &nbsp;&nbsp;&nbsp;2011 Crystal Drive | National Landing | 100.0% | C | Y / Y | 1984 / 2006 | 441575 | 427651 | 13924 | 68.8% | 56.4% | 51.4% | 11841 | 49.02 |  |
| &nbsp;&nbsp;&nbsp;2451 Crystal Drive | National Landing | 100.0% | C | Y / Y | 1990 / 2019 | 402276 | 390219 | 12057 | 85.4% | 85.2% | 92.6% | 15286 | 50.28 | 48.60 |
| &nbsp;&nbsp;&nbsp;241 18<sup>th</sup> Street S. <sup>(5)</sup> | National Landing | 100.0% | C | Y / Y | 1977 / 2013 | 338361 | 334042 | 4319 | 85.9% | 85.1% | 100.0% | 12725 | 44.30 | 30.27 |
| &nbsp;&nbsp;&nbsp;201 12<sup>th</sup> Street S. | National Landing | 100.0% | C | Y / Y | 1987 / 2014 | 335231 | 323018 | 12213 | 89.2% | 88.8% | 100.0% | 12439 | 41.43 | 45.81 |
| &nbsp;&nbsp;&nbsp;251 18<sup>th</sup> Street S. <sup>(5)</sup>  | National Landing | 100.0% | C | Y / Y | 1975 / 2013 | 301809 | 297429 | 4380 | 98.7% | 100.0% | 12.2% | 14234 | 47.75 | 59.19 |
| &nbsp;&nbsp;&nbsp;1770 Crystal Drive | National Landing | 100.0% | C | Y / Y | 2020 / N/A | 273787 | 259651 | 14136 | 98.3% | 100.0% | 67.8% | 12622 | 46.24 | 64.16 |
| &nbsp;&nbsp;&nbsp;200 12<sup>th</sup> Street S. | National Landing | 100.0% | C | Y / Y | 1985 / 2013 | 202761 | 202761 |  | 52.8% | 52.8% |  | 4955 | 46.25 |  |
| &nbsp;&nbsp;&nbsp;1901 South Bell Street <sup>(5)</sup> | National Landing | 100.0% | C | Y / Y | 1968 / 2008 | 77788 | 77788 |  | 100.0% | 100.0% |  | 3053 | 39.25 |  |
| &nbsp;&nbsp;&nbsp;Crystal Drive Retail <sup>(5)</sup> | National Landing | 100.0% | C | Y / Y | 2003 / 2004 | 44094 |  | 44094 | 90.3% |  | 90.3% | 2160 |  | 54.24 |
| &nbsp;&nbsp;&nbsp;1235 S. Clark Street | National Landing | 100.0% | C | Y / Y | 1981 / 2007 | 384688 | 336342 | 48346 | 68.2% | 64.0% | 97.8% | 10473 | 43.42 | 23.91 |
| &nbsp;&nbsp;&nbsp;1215 S. Clark Street | National Landing | 100.0% | C | Y / Y | 1983 / 2016 | 336159 | 333546 | 2613 | 99.6% | 100.0% | 44.5% | 11546 | 34.49 | 34.28 |
| &nbsp;&nbsp;&nbsp;1225 S. Clark Street | National Landing | 100.0% | C | Y / Y | 1982 / 2013 | 276184 | 263334 | 12850 | 99.1% | 100.0% | 80.9% | 11508 | 42.92 | 19.82 |
| **Other** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Tysons Dulles Plaza | Tysons | 100.0% | C | N / N | 1988 / 2020 | 491494 | 450721 | 40773 | 67.4% | 67.2% | 70.1% | $14368 | $43.78 | $38.92 |
| &nbsp;&nbsp;&nbsp;800 North Glebe Road | Ballston | 100.0% | C | Y / Y | 2012 / N/A | 306210 | 279848 | 26362 | 83.1% | 82.2% | 92.4% | 12259 | 48.08 | 49.27 |
| &nbsp;&nbsp;&nbsp;One Democracy Plaza <sup>(6) (7)</sup> | Bethesda- Rock Spring | 100.0% | C | Y / Y | 1987 / 2013 | 213417 | 211249 | 2168 | 84.2% | 84.0% | 100.0% | 5288 | 29.56 | 19.02 |
| &nbsp;&nbsp;&nbsp;1101 17<sup>th</sup> Street <sup>(8)</sup> | DC CBD | 100.0% | C | Y / Y | 1964 / 1999 | 210410 | 200656 | 9754 | 83.8% | 82.7% | 82.8% | 9413 | 53.30 | 70.35 |
| &nbsp;&nbsp;&nbsp;4747 Bethesda Avenue <sup>(9)</sup> | Bethesda CBD | 20.0% | U | Y / Y | 2019 / N/A | 300535 | 286226 | 14309 | 100.0% | 100.0% | 100.0% | 22683 | 73.13 | 122.41 |
| **Operating - Total / Weighted Average** | **Operating - Total / Weighted Average** |  |  |  |  | **6970033** | **6534296** | **435737** | **78.4%** | **76.5%** | **89.5%** | $**249337** | $**46.79** | $**43.97** |
| **Total at JBG SMITH Share** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;National Landing Unlevered |  |  |  |  |  | 4450936 | 4172374 | 278562 | 75.2% | 72.5% | 91.0% | $151798 | $47.09 | $43.74 |
| &nbsp;&nbsp;&nbsp;National Landing Levered |  |  |  |  |  | 997031 | 933222 | 63809 | 87.3% | 87.0% | 92.2% | 33527 | 39.59 | 23.40 |
| &nbsp;&nbsp;&nbsp;Other |  |  |  |  |  | 1281638 | 1199719 | 81919 | 78.2% | 77.8% | 80.6% | 45865 | 45.63 | 49.55 |
| **Operating - Total / Weighted Average** | **Operating - Total / Weighted Average** |  |  |  |  | **6729605** | **6305315** | **424290** | **77.6%** | **75.7%** | **89.2%** | $**231190** | $**45.51** | $**41.59** |

---

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|:---|:---|
| ![Graphic](jbgs-20251028xex99d1013.jpg) | Page 30 |

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<u>PROPERTY TABLE - COMMERCIAL</u> <u>SEPTEMBER 30, 2025<br>(Unaudited)</u>

---

| | | | |
|:---|:---|:---|:---|
| **Number of Assets and Total Square Feet Reconciliation** | **Number of Assets and Total Square Feet Reconciliation** |  |  |
| | | **At 100% Share** | **At JBG SMITH Share** |
| <br>**Operating Assets** | **Number of**<br>**Assets** | **Square Feet** | **Square Feet** |
| Q2 2025 | 21 | 6962917 | 6627849 |
| &nbsp;&nbsp;&nbsp;Acquisitions <sup>(8)</sup> |  |  | 94640 |
| &nbsp;&nbsp;&nbsp;Placed into service |  |  |  |
| &nbsp;&nbsp;&nbsp;Dispositions |  |  |  |
| &nbsp;&nbsp;&nbsp;Out-of-service adjustment |  |  |  |
| &nbsp;&nbsp;&nbsp;Portfolio reclassification |  |  |  |
| &nbsp;&nbsp;&nbsp;Building re-measurements |  | 7116 | 7116 |
| &nbsp;&nbsp;&nbsp;Other |  |  |  |
| Q3 2025 | 21 | 6970033 | 6729605 |

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------

Note: At 100% share, unless otherwise noted.

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(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).

&nbsp;&nbsp;&nbsp;&nbsp;(4) Represents annualized retail rent divided by occupied retail square footage. Annualized Rent and Annualized Rent per Square Foot exclude percentage rent and the square footage of tenants that only pay percentage rent. Occupied retail square footage may differ from leased retail square footage because leased retail 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).

&nbsp;&nbsp;&nbsp;&nbsp;(5) 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.

---

| | | |
|:---|:---|:---|
| <br>**Commercial Asset** | <br>**In-Service** | **Not Available**<br>**for Lease** |
| 1550 Crystal Drive | 555196 | 4281 |
| 241 18th Street S. | 338361 | 25249 |
| 251 18th Street S. | 301809 | 38678 |
| 1901 South Bell Street | 77788 | 197124 |
| Crystal Drive Retail | 44094 | 85052 |
| 2221 S. Clark Street - Office | - | 35182 |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(7) Not Metro-Served.

&nbsp;&nbsp;&nbsp;&nbsp;(8) In September 2025, we acquired the remaining 45.0% interest in the unconsolidated real estate venture that owned 1101 17th Street.

&nbsp;&nbsp;&nbsp;&nbsp;(9) Includes JBG SMITH's corporate office lease for approximately 84,400 SF.

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|:---|:---|
| ![Graphic](jbgs-20251028xex99d1013.jpg) | Page 31 |

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<u>PROPERTY TABLE – UNDER-CONSTRUCTION</u> <u>SEPTEMBER 30, 2025<br>(Unaudited)</u>

#### Property Table – Under Construction

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *dollars in thousands* | *dollars in thousands* | *dollars in thousands* |  |  |  |  |  |  |  |  |
|  |  |  |  |  | **Schedule** | **Schedule** | **Schedule** | **At JBG SMITH Share** | **At JBG SMITH Share** | **At JBG SMITH Share** |
|  |  |  | **Estimated** | **Estimated** |  | **Estimated** | **Estimated** |  | **Estimated** | **Estimated** |
|  |  | **%** | **Square** | **Number of** | **Construction** | **Completion** | **Stabilization** | **Historical** | **Incremental** | **Total** |
| **Asset** | **Submarket** | **Ownership** | **Feet** | **Units** | **Start Date** | **Date** | **Date** | **Cost** <sup>(1)</sup> | **Investment** | **Investment** |
| **Multifamily** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**National Landing** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Valen <sup>(2)</sup> | National Landing | 100.0% | 303932 | 355 | Q1 2022 | Q3 2025 | Q4 2026 | $168397 | $11484 | $179881 |

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| | |
|:---|:---|
| Weighted average Projected NOI Yield at JBG SMITH Share: | **Multifamily** |
| &nbsp;&nbsp;&nbsp;Estimated Total Investment | 6.0% |
| &nbsp;&nbsp;&nbsp;Estimated Incremental Investment | 93.2% |
| Estimated Stabilized NOI at JBG SMITH Share (dollars in millions) | $10.7 |

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Note: At 100% share, unless otherwise noted.

&nbsp;&nbsp;&nbsp;&nbsp;(1) Historical Cost excludes certain GAAP adjustments such as capitalized interest and ground lease costs. See definition of Historical Cost on page 40.

&nbsp;&nbsp;&nbsp;&nbsp;(2) Construction was completed in Q3 2025.

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|:---|:---|
| ![Graphic](jbgs-20251028xex99d1013.jpg) | Page 32 |

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<u>PROPERTY TABLE – DEVELOPMENT PIPELINE</u> <u>SEPTEMBER 30, 2025<br>(Unaudited)</u>

Property Table – **Development**

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *dollars in thousands* | *dollars in thousands* | *dollars in thousands* | *dollars in thousands* | *dollars in thousands* |  |  |  |  |
|  |  |  | **Earliest** |  |  |  |  |  |
|  |  |  | **Potential** |  |  |  |  | **Estimated** |
|  |  | **%** | **Construction** | **Estimated Potential Development Density (SF)** | **Estimated Potential Development Density (SF)** | **Estimated Potential Development Density (SF)** | **Estimated Potential Development Density (SF)** | **Number of** |
| **Asset** | **Submarket** | **Ownership** | **Start Date** <sup>(1)</sup> | **Total** | **Multifamily** | **Office** | **Retail** | **Units** |
| **National Landing** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2100/2200 Crystal Drive Land | National Landing | 100.0% | 2025 | 576800 | 576800 |  |  | 540 |
| &nbsp;&nbsp;&nbsp;1415 S. Eads Street | National Landing | 100.0% | 2025 | 538000 | 533800 |  | 4200 | 570 |
| &nbsp;&nbsp;&nbsp;3330 Exchange Avenue | National Landing | 50.0% | 2025 | 239800 | 216400 |  | 23400 | 240 |
| &nbsp;&nbsp;&nbsp;3331 Exchange Avenue | National Landing | 50.0% | 2025 | 180600 | 164300 |  | 16300 | 170 |
| &nbsp;&nbsp;&nbsp;RiverHouse Land | National Landing | 100.0% | 2026 | 2046900 | 2020500 |  | 26400 | 1515 |
| &nbsp;&nbsp;&nbsp;Potomac Yard Landbay F/G/H | National Landing | 50.0% / 100.0% | 2026-2027 | 1846000 | 944000 | 844000 | 58000 | 765 |
| &nbsp;&nbsp;&nbsp;2250 Crystal Drive | National Landing | 100.0% | 2027 | 696200 | 681300 |  | 14900 | 825 |
| &nbsp;&nbsp;&nbsp;223 23<sup>rd</sup> Street | National Landing | 100.0% | 2027 | 492100 | 484100 |  | 8000 | 610 |
| &nbsp;&nbsp;&nbsp;1901 South Bell Street Land <sup>(2)</sup> | National Landing | 100.0% | 2027 | 265600 | 265600 |  |  | 185 |
| &nbsp;&nbsp;&nbsp;101 12<sup>th</sup> Street S. | National Landing | 100.0% | 2027 | 239600 |  | 234400 | 5200 |  |
| &nbsp;&nbsp;&nbsp;1800 South Bell Street | National Landing | 100.0% | 2027 | 208700 | 202200 |  | 6500 | 130 |
| &nbsp;&nbsp;&nbsp;2525 Crystal Drive | National Landing | 100.0% | 2028 | 373000 | 370000 |  | 3000 | 370 |
| **DC** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Gallaudet Parcel 2-3 <sup>(3)</sup> | Union Market | 100.0% | 2026 | 819100 | 758200 |  | 60900 | 820 |
| &nbsp;&nbsp;&nbsp;Gallaudet Parcel 4 <sup>(3)</sup> | Union Market | 100.0% | 2027 | 644200 | 605200 |  | 39000 | 645 |
| **Other VA** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Tysons Dulles Plaza Land <sup>(2)</sup> | Tysons | 100.0% | 2028 | 300000 | 300000 |  |  | 300 |
| **Other Development Parcels** <sup>(4)</sup> |  |  |  | 1248100 | 142200 | 1105900 |  |  |
| **Total** |  |  |  | **10714700** | **8264600** | **2184300** | **265800** | **7685** |
| **Totals at JBG SMITH Share** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;National Landing  |  |  |  | 6717200 | 5943700 | 656400 | 117100 | 5390 |
| &nbsp;&nbsp;&nbsp;DC |  |  |  | 1655600 | 1406100 | 149600 | 99900 | 1465 |
| &nbsp;&nbsp;&nbsp;Other VA |  |  |  | 300000 | 300000 |  |  | 300 |
|  |  |  |  | **8672800** | **7649800** | **806000** | **217000** | **7155** |
|  |  |  | Fully Entitled | 4859600 | 3872500 | 806000 | 181100 | 4215 |
|  |  |  | Entitlement In Process | 3813200 | 3777300 |  | 35900 | 2940 |
|  |  |  |  | **8672800** | **7649800** | **806000** | **217000** | **7155** |
| **Historical Cost at JBG SMITH Share** <sup>(5)</sup> | **$389198** |  |  |  |  |  |  |  |

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See footnotes on page 34.

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| ![Graphic](jbgs-20251028xex99d1013.jpg) | Page 33 |

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<u>PROPERTY TABLE – DEVELOPMENT PIPELINE</u> <u>SEPTEMBER 30, 2025<br>(Unaudited)</u>

**Footnotes**

Note: At 100% share, unless otherwise noted.

&nbsp;&nbsp;&nbsp;&nbsp;(1) Represents the earliest potential year in which construction could commence, subject to receipt of full entitlements, completion of design and market conditions. Office developments are pre-lease dependent.

&nbsp;&nbsp;&nbsp;&nbsp;(2) Currently encumbered by an operating commercial asset.

&nbsp;&nbsp;&nbsp;&nbsp;(3) Controlled through an option to acquire a leasehold interest with estimated stabilized annual ground rent payments totaling approximately $3.6 million. As of September 30, 2025, the weighted average remaining term for the option is 1.7 years.

&nbsp;&nbsp;&nbsp;&nbsp;(4) Comprises four assets in which we have a minority interest.

&nbsp;&nbsp;&nbsp;&nbsp;(5) Historical Cost includes certain intangible assets, such as option and transferable density rights values; and excludes certain GAAP adjustments, such as capitalized interest and ground lease costs. See definition of Historical Cost on page 40.

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|:---|:---|
| ![Graphic](jbgs-20251028xex99d1013.jpg) | Page 34 |

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<u>DISPOSITION AND RECAPITALIZATION ACTIVITY</u> <u>SEPTEMBER 30, 2025<br>(Unaudited)</u>

#### Disposition Activity

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *dollars in thousands, at JBG SMITH Share* |  |  |  |  |  |  |
|  |  |  |  |  | **Units /** | **Gross Sales** |
| **Assets** | **% Ownership** | **Asset Type** | **Location** | **Date Disposed** | **Total Square Feet**  | **Price** |
| **Q1 2025** |  |  |  |  |  |  |
| 8001 Woodmont | 100.0% | Multifamily | Bethesda, MD | February 19, 2025 | 322 Units / <br>19,542 Retail SF | $194000 |
| **Q2 2025** |  |  |  |  |  |  |
| Capitol Point - North | 100.0% | Development Pipeline | Washington, DC | June 20, 2025 | 451,400 SF<br><sup>(1)</sup> | $11000 |
| WestEnd25 | 100.0% | Multifamily | Washington, DC | June 25, 2025 | 283 Units | 186000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Subtotal |  |  |  |  |  | $197000 |
| **Q3 2025** |  |  |  |  |  |  |
| The Batley | 100.0% | Multifamily | Washington, DC | July 10, 2025 | 432 Units | $155000 |
| **Total** |  |  |  |  |  | $**546000** |

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&nbsp;&nbsp;&nbsp;&nbsp;(1) Square footage represents estimated potential development density.

**Recapitalization Activity:**

On May 28, 2025, we sold a 40.0% interest in a real estate venture that owns West Half, a multifamily asset with 465 units in Washington, DC, for $100.0 million.

**Other Activity:**

On July 16, 2025, we received proceeds of $6.0 million related to permanent land easement transactions across various parcels in National Landing.

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|:---|:---|
| ![Graphic](jbgs-20251028xex99d1013.jpg) | Page 35 |

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<u>DEBT SUMMARY</u> <u>SEPTEMBER 30, 2025<br>(Unaudited)</u>

**Debt Summary**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *dollars in thousands, at JBG SMITH Share* |  |  |  |  |  |  |  |
|  | **2025** | **2026** | **2027** | **2028** | **2029** | **Thereafter** | **Total** |
| **Consolidated and Unconsolidated Principal Balance** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Unsecured Debt: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Revolving credit facility ($750 million commitment) | $— | $— | $160000 | $— | $— | $— | $160000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Term loans ($720 million commitment) |  | 200000 |  | 520000 |  |  | 720000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total unsecured debt |  | 200000 | 160000 | 520000 |  |  | 880000 |
| &nbsp;&nbsp;Secured Debt: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Consolidated principal balance |  | 165000 | 266353 | 85000 | 273620 | 831196 | 1621169 |
| &nbsp;&nbsp;&nbsp;&nbsp;Unconsolidated principal balance |  |  | 35000 |  |  |  | 35000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total secured debt |  | 165000 | 301353 | 85000 | 273620 | 831196 | 1656169 |
| **Total Consolidated and Unconsolidated Principal Balance** | $— | $365000 | $461353 | $605000 | $273620 | $831196 | $2536169 |
| &nbsp;&nbsp;% of total debt maturing |  | 14.4% | 18.2% | 23.9% | 10.8% | 32.7% | 100.0% |
| &nbsp;&nbsp;% floating rate <sup>(1)</sup> |  | 15.8% | 83.9% | 14.0% |  | 26.1% | 29.5% |
| &nbsp;&nbsp;% fixed rate <sup>(2)</sup> |  | 84.2% | 16.1% | 86.0% | 100.0% | 73.9% | 70.5% |
| **Weighted Average Interest Rates** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Variable rate <sup>(3)</sup> |  | 4.78% | 6.03% | 5.83% |  | 4.50% | 5.47% |
| &nbsp;&nbsp;Fixed rate |  | 4.88%  | 3.94%  | 4.48% | 5.19% | 5.49%  | 4.98% |
| **Total Weighted Average Interest Rates** | **—** | **4.86%**  | **5.69%**  | **4.67%**  | **5.19%**  | **5.23%**  | **5.12%** |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Revolving Credit Facility and Term Loans** | **Revolving Credit Facility and Term Loans** | **Revolving Credit Facility and Term Loans** | **Revolving Credit Facility and Term Loans** | **Revolving Credit Facility and Term Loans** |
|  | **Revolving**<br> **Credit**<br> **Facility** <sup>(1)</sup> | <br>**Tranche A-1** <br>**Term Loan** | <br>**Tranche A-2** <br>**Term Loan** | <br>**2023**<br>**Term Loan** | **Total/**<br>**Weighted**<br> **Average** |
| Credit limit | $750000 | $200000 | $400000 | $120000 | $1470000 |
| Outstanding principal balance | $160000 | $200000 | $400000 | $120000 | $880000 |
| Letters of credit | $4790 | $— | $— | $— | $4790 |
| Undrawn capacity | $585210 | $— | $— | $— | $585210 |
| Interest rate spread <sup>(4)</sup> | 1.49% | 1.34% | 1.39% | 1.40% | 1.40% |
| All-In interest rate <sup>(5)</sup> | 5.73% | 5.34% | 4.20% | 5.41% | 4.90% |
| Initial maturity date | Jun-27 | Jan-26 | Jan-28 | Jun-28 |  |

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Note: Amounts shown based on initial maturity date.

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

&nbsp;&nbsp;&nbsp;&nbsp;(2) Fixed rate debt includes floating rate loans with interest rate swaps. Including interest rate caps, 88.1% of our debt is fixed or hedged.

&nbsp;&nbsp;&nbsp;&nbsp;(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 3.17% and 3.26%, 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.

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

&nbsp;&nbsp;&nbsp;&nbsp;(5) The all-in interest rate is inclusive of interest rate swaps. As of September 30, 2025, we had interest rates swaps for the Tranche A-1 Term Loan, the Tranche A-2 Term Loan and the 2023 Term Loan .

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<u>DEBT BY INSTRUMENT</u> <u>SEPTEMBER 30, 2025<br>(Unaudited)</u>

#### Debt by Instrument

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *dollars in thousands*  |  |  | **Stated** | **Interest** | **Current** | **Initial** | **Extended** |
|  | **%** | **Principal** | **Interest** | **Rate** | **Annual** | **Maturity** | **Maturity** |
| **Asset** | **Ownership** | **Balance** | **Rate** | **Hedge** <sup>(1)</sup> | **Interest Rate** <sup>(2)</sup> | **Date** | **Date** <sup>(3)</sup> |
| **Consolidated** |  |  |  |  |  |  |  |
| 1101 17th Street <sup>(4)</sup> | 100.0% | $60000 | 3.40% | Fixed | 3.40% | 07/14/26 | 07/14/26 |
| 1215 S. Clark Street <sup>(5)</sup> | 100.0% | 105000 | S + 1.35% | Swap | 4.78% | 12/22/26 | 12/22/26 |
| Tranche A-1 Term Loan | 100.0% | 200000 | S + 1.34% | Swap | 5.34% | 01/14/26 | 01/14/27 |
| The Zoe and Valen <sup>(6)</sup> | 100.0% | 192301 | S + 2.25% | Cap | 6.38% | 01/22/27 | 01/22/27 |
| 1235 S. Clark Street | 100.0% | 74052 | 3.94% | Fixed | 3.94% | 11/01/27 | 11/01/27 |
| Tranche A-2 Term Loan | 100.0% | 400000 | S + 1.39% | Swap | 4.20% | 01/13/28 | 01/13/28 |
| Revolving Credit Facility <sup>(7)</sup> | 100.0% | 160000 | S + 1.49% |  | 5.73% | 06/29/27 | 06/29/28 |
| 2023 Term Loan | 100.0% | 120000 | S + 1.40% | Swap | 5.41% | 06/29/28 | 06/29/28 |
| 1225 S. Clark Street | 100.0% | 85000 | S + 1.70% |  | 5.83% | 07/27/28 | 07/27/28 |
| The Grace and Reva | 100.0% | 273620 | 5.19% | Fixed | 5.19% | 12/01/29 | 12/01/29 |
| Multifamily Credit Facility (The Wren and F1RST Residences) | 100.0% | 187557 | 5.13% | Fixed | 5.13% | 02/01/30 | 02/01/30 |
| RiverHouse Apartments (Ashley and Potomac) | 100.0% | 258936 | 5.03% | Fixed | 5.03% | 04/01/30 | 04/01/30 |
| 1221 Van Street | 100.0% | 87198 | S + 2.62% | Swap | 6.59% | 08/01/30 | 08/01/30 |
| 220 20<sup>th</sup> Street | 100.0% | 80189 | S + 2.62% | Swap | 6.60% | 08/01/30 | 08/01/30 |
| The Bartlett <sup>(8)</sup> | 100.0% | 217316 | S + 2.62% | Cap | 4.50% | 08/01/30 | 08/01/30 |
| &nbsp;&nbsp;Total Consolidated Principal Balance |  | 2501169 |  |  |  |  |  |
| &nbsp;&nbsp;Deferred financing costs and premium / (discount) - mortgage loans <sup>(4)</sup> |  | (43373) |  |  |  |  |  |
| &nbsp;&nbsp;Deferred financing costs - revolving credit facility and term loans |  | (6641) |  |  |  |  |  |
| **Total Consolidated Indebtedness** |  | $**2451155** |  |  |  |  |  |
| **Total Consolidated Indebtedness (net of premium / (discount) and deferred financing costs)** | **Total Consolidated Indebtedness (net of premium / (discount) and deferred financing costs)** |  |  |  |  |  |  |
| &nbsp;&nbsp;Mortgage loans |  | $1577796 |  |  |  |  |  |
| &nbsp;&nbsp;Revolving credit facility |  | 160000 |  |  |  |  |  |
| &nbsp;&nbsp;Deferred financing costs, net (included in other assets) |  | (5091) |  |  |  |  |  |
| &nbsp;&nbsp;Term loans |  | 718450 |  |  |  |  |  |
| **Total Consolidated Indebtedness** |  | $**2451155** |  |  |  |  |  |

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<u>DEBT BY INSTRUMENT</u> <u>SEPTEMBER 30, 2025<br>(Unaudited)</u>

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *dollars in thousands*  |  |  | **Stated** | **Interest** | **Current** | **Initial** | **Extended** |
|  |  | **%** | **Principal** | **Interest** | **Rate** | **Annual** | **Maturity** | **Maturity** |
|  | **Asset** | **Ownership** | **Balance** | **Rate** | **Hedge** <sup>(1)</sup> | **Interest Rate** <sup>(2)</sup> | **Date** | **Date** <sup>(3)</sup> |
|  | **Unconsolidated** |  |  |  |  |  |  |  |
|  | 4747 Bethesda Avenue <sup>(9)</sup> | 20.0% | $175000 | S + 1.35% | Cap | 5.48% | 02/20/27 | 02/20/27 |
|  | &nbsp;&nbsp;Deferred financing costs and premium / (discount) - mortgage loans |  | (3758) |  |  |  |  |  |
|  | **Total Unconsolidated Indebtedness** |  | $**171242** |  |  |  |  |  |
|  | **Principal Balance at JBG SMITH Share** |  |  |  |  |  |  |  |
|  | &nbsp;&nbsp;Consolidated principal balance at JBG SMITH Share |  | $2501169 |  |  |  |  |  |
|  | &nbsp;&nbsp;Unconsolidated principal balance at JBG SMITH Share |  | 35000 |  |  |  |  |  |
|  | **Total Consolidated and Unconsolidated Principal Balance at JBG SMITH Share** | **Total Consolidated and Unconsolidated Principal Balance at JBG SMITH Share** | $**2536169** |  |  |  |  |  |
|  | **Indebtedness at JBG SMITH Share (net of premium / (discount) and deferred financing costs)** | **Indebtedness at JBG SMITH Share (net of premium / (discount) and deferred financing costs)** | **Indebtedness at JBG SMITH Share (net of premium / (discount) and deferred financing costs)** |  |  |  |  |  |
|  | &nbsp;&nbsp;Consolidated indebtedness at JBG SMITH Share |  | $2451155 |  |  |  |  |  |
|  | &nbsp;&nbsp;Unconsolidated indebtedness at JBG SMITH Share |  | 34248 |  |  |  |  |  |
|  | **Total Consolidated and Unconsolidated Indebtedness at JBG SMITH Share** |  | $**2485403** |  |  |  |  |  |

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&nbsp;&nbsp;&nbsp;&nbsp;(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 3.17% and 3.26%, 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.

&nbsp;&nbsp;&nbsp;&nbsp;(2) September 30, 2025 one-month term SOFR of 4.13% applied to loans which are denoted as floating (no swap) or floating with a cap, except as otherwise noted.

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

&nbsp;&nbsp;&nbsp;&nbsp;(4) In September 2025, we acquired the remaining 45.0% interest in the unconsolidated real estate venture that owned 1101 17th Street and assumed the related $60.0 million non-recourse interest-only mortgage loan, which was recorded net of a $29.6 million discount, resulting in an estimated fair value of $30.4 million.

&nbsp;&nbsp;&nbsp;&nbsp;(5) The notional value of the 1215 S. Clark Street interest rate swap was $47.5 million as of September 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(6) The maximum principal balance of this loan is $208.5 million. The cap strike rate for this loan is 4.50%.

&nbsp;&nbsp;&nbsp;&nbsp;(7) September 30, 2025 daily SOFR of 4.24% applied to the revolving credit facility.

&nbsp;&nbsp;&nbsp;&nbsp;(8) The cap strike rate for this loan is 1.99%.

&nbsp;&nbsp;&nbsp;&nbsp;(9) The cap strike rate for this loan is 4.38%.

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<u>DEFINITIONS</u> <u>SEPTEMBER 30, 2025</u>

#### D efinitions
**"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 September 30, 2025, 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 September 30, 2025, 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).

**"Development Pipeline"** refers to assets that have the potential to commence construction subject to receipt of full entitlements, completion of design and/or market conditions where we (i) own land or control the land through a ground lease or (ii) are under a long-term conditional contract to purchase, or enter into, a leasehold interest with respect to land.

**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.

Adjusted EBITDA represents EBITDAre adjusted for items we believe are not representative of ongoing operating results, such as Transaction and Other Costs, impairment write-downs of non-depreciable real estate, 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 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. A reconciliation of net income (loss) to EBITDA, EBITDAre and Adjusted EBITDA is presented on page 13.

**"Estimated Incremental Investment"** means management's estimate of the remaining cost to be incurred in connection with the development of an asset as of September 30, 2025, 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 start and/or completion date, changes in design and other contingencies.

**"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 or controlled as of September 30, 2025. 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.

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<u>DEFINITIONS</u> <u>SEPTEMBER 30, 2025</u>

**"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 start and/or 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).

**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, impairment write-downs of non-depreciable real estate, 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 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, third-party lease liability assumption payments, recurring share-based compensation expense, accretion of acquired below-market leases, net of amortization of acquired above-market leases, 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. A reconciliation of net income (loss) to FFO, Core FFO and FAD is presented on pages 14-15.

**"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 September 30, 2025.

**"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 September 30, 2025.

**"JBG SMITH Share"** or **"our share"** refer to our ownership percentage of consolidated and unconsolidated assets in real estate ventures, but exclude our 10.0% subordinated interest in one commercial building and our 33.5% subordinated interest in four commercial buildings, as well as the associated non-recourse mortgage loans, held through unconsolidated real

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<u>DEFINITIONS</u> <u>SEPTEMBER 30, 2025</u>

estate ventures; these interests and debt are excluded because our investment in each real estate venture is zero, we do not anticipate receiving any near-term cash flow distributions from the real estate ventures, and we have not guaranteed their obligations or otherwise committed to providing financial support.

**"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 September 30, 2025 divided by occupied units; retail rent is excluded from this metric.

**"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", "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 September 30, 2025 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 property-related revenues 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.

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<u>DEFINITIONS</u> <u>SEPTEMBER 30, 2025</u>

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.

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 September 30, 2025, 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 September 30, 2025, 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 asset management and 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 September 30, 2025.

**"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.

**"Signed But Not Yet Commenced Leases"** means leases that, as of September 30, 2025, 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 September 30, 2025, 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 or controlled as of September 30, 2025.

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

**"Under-Construction"** refers to assets that were under construction during the three months ended September 30, 2025.

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<u>APPENDIX – INTEREST EXPENSE</u> <u>SEPTEMBER 30, 2025<br>(Unaudited)</u>

#### Appendix – Interest Expense

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|:---|:---|:---|:---|:---|
|  | **Three Months Ended September 30, 2025** | **Three Months Ended September 30, 2025** | **Three Months Ended September 30, 2025** | **Three Months Ended September 30, 2025** |
| *in thousands* | **Consolidated** | **Unconsolidated Real Estate Ventures** <sup>(1)</sup> | **X** | **Total** |
| **Interest Expense** |  |  |  |  |
| Interest expense before capitalized interest | $32501 | $907 |  | $33408 |
| Amortization of deferred financing costs | 3565 | 169 |  | 3734 |
| Net unrealized gain on non-designated derivatives <sup>(2)</sup> | (4) |  |  | (4) |
| Capitalized interest | (1281) |  |  | (1281) |
| **Total** | $**34781** | $**1076** |  | $**35857** |
|  | **Nine Months Ended September 30, 2025** | **Nine Months Ended September 30, 2025** | **Nine Months Ended September 30, 2025** | **Nine Months Ended September 30, 2025** |
| *in thousands* | **Consolidated** | **Unconsolidated Real Estate Ventures** <sup>(1)</sup> | **X** | **Total** |
| **Interest Expense** |  |  |  |  |
| Interest expense before capitalized interest | $100274 | $2611 |  | $102885 |
| Amortization of deferred financing costs | 11410 | 517 |  | 11927 |
| Net unrealized gain on non-designated derivatives <sup>(2)</sup> | (59) |  |  | (59) |
| Capitalized interest | (6073) |  |  | (6073) |
| **Total** | $**105552** | $**3128** |  | $**108680** |

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&nbsp;&nbsp;&nbsp;&nbsp;(1) At JBG SMITH Share.

&nbsp;&nbsp;&nbsp;&nbsp;(2) 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.

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<u>APPENDIX – TRANSACTION AND OTHER COSTS</u> <u>SEPTEMBER 30, 2025<br>(Unaudited)</u>

#### Appendix – Transaction and Other Costs

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|:---|:---|:---|:---|:---|:---|
|  | **Three Months Ended September 30,**  | **Three Months Ended September 30,**  |  | **Nine Months Ended September 30,**  | **Nine Months Ended September 30,**  |
| *in thousands* | **2025** | **2024** | **X** | **2025** | **2024** |
| **Transaction and Other Costs** |  |  |  |  |  |
| Completed, potential and pursued transaction expenses | $141 | $104 |  | $2703 | $1645 |
| Severance and other costs | 325 | 563 |  | 2104 | 1075 |
| Demolition costs | 28 |  |  | 444 | 285 |
| **Total** | $**494** | $**667** |  | $**5251** | $**3005** |

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<u>APPENDIX – NOI RECONCILIATIONS (NON-GAAP)</u> <u>SEPTEMBER 30, 2025<br>(Unaudited)</u>

#### Appendix - NOI Reconciliations

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| | | | | |
|:---|:---|:---|:---|:---|
| *dollars in thousands* | **Three Months Ended September 30,**  | **Three Months Ended September 30,**  | **Nine Months Ended September 30,**  | **Nine Months Ended September 30,**  |
|  | **2025** | **2024** | **2025** | **2024** |
| Net loss attributable to common shareholders | $(28555) | $(26980) | $(93516) | $(83629) |
| &nbsp;&nbsp;Net loss attributable to redeemable noncontrolling interests | (6457) | (4365) | (18375) | (12353) |
| &nbsp;&nbsp;Net income (loss) attributable to noncontrolling interests |  | 36 |  | (10931) |
| Net loss | (35012) | (31309) | (111891) | (106913) |
| Add: |  |  |  |  |
| &nbsp;&nbsp;Depreciation and amortization expense | 48164 | 50050 | 143311 | 158211 |
| &nbsp;&nbsp;General and administrative expense: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Corporate and other | 13214 | 11881 | 45491 | 43855 |
| &nbsp;&nbsp;&nbsp;&nbsp;Third-party real estate services | 14058 | 16088 | 43691 | 57065 |
| &nbsp;&nbsp;Transaction and Other Costs | 494 | 667 | 5251 | 3005 |
| &nbsp;&nbsp;Interest expense | 34781 | 35267 | 105552 | 97400 |
| &nbsp;&nbsp;&nbsp;&nbsp;(Gain) loss on the extinguishment of debt, net |  | (43) | 2402 | (43) |
| &nbsp;&nbsp;Impairment loss | 4771 |  | 45067 | 18236 |
| &nbsp;&nbsp;Income tax expense (benefit) | 926 | 831 | 643 | (40) |
| Less: |  |  |  |  |
| &nbsp;&nbsp;Third-party real estate services, including reimbursements revenue | 14711 | 17061 | 44430 | 52326 |
| &nbsp;&nbsp;Income (loss) from unconsolidated real estate ventures, net | (664) | (745) | (165) | 4 |
| &nbsp;&nbsp;Interest and other income, net | 2378 | 4573 | 3601 | 10105 |
| &nbsp;&nbsp;Gain (loss) on the sale of real estate, net | 4660 | (5352) | 47029 | (5066) |
| Adjustments: |  |  |  |  |
| &nbsp;&nbsp;NOI attributable to unconsolidated real estate ventures at our share | 1012 | 1292 | 3289 | 5506 |
| &nbsp;&nbsp;Real estate venture partner's share of NOI attributable to consolidated real estate ventures | (915) |  | (1187) |  |
| &nbsp;&nbsp;Non-cash rent adjustments <sup>(1)</sup> | 1561 | (3817) | 4071 | (7756) |
| &nbsp;&nbsp;Other adjustments <sup>(2)</sup> | (3083) | 2966 | (984) | 270 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total adjustments | (1425) | 441 | 5189 | (1980) |
| **NOI** | $**58886** | $**68336** | $**189811** | $**211427** |
| &nbsp;&nbsp;Less: out-of-service NOI loss <sup>(3)</sup> | (1677) | (2261) | (5366) | (7632) |
| **Operating Portfolio NOI** | $**60563** | $**70597** | $**195177** | $**219059** |
| &nbsp;&nbsp;**Non-Same Store NOI** <sup>(4)</sup> | **6507** | **12672** | **26457** | **40704** |
| **Same Store NOI** <sup>(5)</sup> | $**54056** | $**57925** | $**168720** | $**178355** |
| Change in Same Store NOI | (6.7)% |  | (5.4)% |  |
| Number of properties in Same Store pool | 33 |  | 33 |  |

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(3) Includes the results of our Under-Construction assets and assets in the Development Pipeline.

&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;(5) Includes the results of the properties that are owned, operated and In-Service for the entirety of both periods being compare d.

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