What changed in this filing

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Item 1. Financial Statements

2025-10-28 compared with 2025-07-29 · 214 added, 196 removed, 677 unchanged (38% of the section changed)

3 unchanged sentences

(In thousands, except par value amounts)

June 30, 2025

September 30, 2025

December 31, 2024

29 unchanged sentences

Common shares, $ 0.01 par value - 500,000 shares authorized;

61,945 and 84,500 shares issued and outstanding as of June 30, 2025 and December 31, 2024

59,302 and 84,500 shares issued and outstanding as of September 30, 2025 and December 31, 2024

Additional paid-in capital

7 unchanged sentences

(In thousands, except per share data)

Three Months Ended June 30,

Six Months Ended June 30,

Three Months Ended September 30,

Nine Months Ended September 30,

Property rental

14 unchanged sentences

Interest expense

Gain on the sale of real estate, net

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

Gain (loss) on the extinguishment of debt, net

4 unchanged sentences

Net loss attributable to redeemable noncontrolling interests

Net loss attributable to noncontrolling interests

Net (income) loss attributable to noncontrolling interests

NET LOSS ATTRIBUTABLE TO COMMON SHAREHOLDERS

5 unchanged sentences

(In thousands)

Three Months Ended June 30,

Six Months Ended June 30,

OTHER COMPREHENSIVE INCOME (LOSS)

Three Months Ended September 30,

Nine Months Ended September 30,

OTHER COMPREHENSIVE LOSS

Change in fair value of derivative financial instruments

Reclassification of net income on derivative financial instruments from accumulated other comprehensive income (loss) into interest expense

Total other comprehensive income (loss)

Total other comprehensive loss

COMPREHENSIVE LOSS

Net loss attributable to redeemable noncontrolling interests

Net loss attributable to noncontrolling interests

Other comprehensive (income) loss attributable to redeemable noncontrolling interests

Other comprehensive income attributable to noncontrolling interests

Net (income) loss attributable to noncontrolling interests

Other comprehensive loss attributable to redeemable noncontrolling interests

Other comprehensive (income) loss attributable to noncontrolling interests

COMPREHENSIVE LOSS ATTRIBUTABLE TO JBG SMITH PROPERTIES

7 unchanged sentences

Income (Loss)

BALANCE AS OF MARCH 31, 2025

BALANCE AS OF JUNE 30, 2025

( 1,074,678 )

7 unchanged sentences

Total other comprehensive loss

BALANCE AS OF JUNE 30, 2025

BALANCE AS OF SEPTEMBER 30, 2025

( 1,114,062 )

BALANCE AS OF MARCH 31, 2024

Net loss attributable to common shareholders and noncontrolling interests

BALANCE AS OF JUNE 30, 2024

Net income (loss) attributable to common shareholders and noncontrolling interests

Redemption of OP Units for common shares

3 unchanged sentences

($ 0.175 per common share)

Acquisition of noncontrolling interests

Contributions from noncontrolling interests, net

Distributions to noncontrolling interests, net

Redeemable noncontrolling interests redemption value adjustment and total other comprehensive loss allocation

Total other comprehensive loss

Other comprehensive income attributable to noncontrolling interests

BALANCE AS OF JUNE 30, 2024

Other comprehensive loss attributable to noncontrolling interests

BALANCE AS OF SEPTEMBER 30, 2024

See accompanying notes to the condensed consolidated financial statements (unaudited).

15 unchanged sentences

Total other comprehensive loss

BALANCE AS OF JUNE 30, 2025

BALANCE AS OF SEPTEMBER 30, 2025

( 1,114,062 )

8 unchanged sentences

Contributions from noncontrolling interests, net

Redeemable noncontrolling interests redemption value adjustment and total other comprehensive income allocation

Total other comprehensive income

Redeemable noncontrolling interests redemption value adjustment and total other comprehensive loss allocation

Total other comprehensive loss

Other comprehensive income attributable to noncontrolling interests

BALANCE AS OF JUNE 30, 2024

BALANCE AS OF SEPTEMBER 30, 2024

See accompanying notes to the condensed consolidated financial statements (unaudited).

2 unchanged sentences

(In thousands)

Six Months Ended June 30,

Nine Months Ended September 30,

OPERATING ACTIVITIES

3 unchanged sentences

Deferred rent

Income from unconsolidated real estate ventures, net

(Income) loss from unconsolidated real estate ventures, net

Amortization of market lease intangibles, net

Amortization of lease incentives

Loss on the extinguishment of debt, net

(Gain) loss on the extinguishment of debt, net

Impairment loss

Gain on the sale of real estate, net

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

Loss on operating lease and other receivables

(Income) loss from investments, net

Income from investments, net

Return on capital from unconsolidated real estate ventures

34 unchanged sentences

(In thousands)

Six Months Ended June 30,

Net increase (decrease) in cash and cash equivalents, and restricted cash

Nine Months Ended September 30,

Net decrease in cash and cash equivalents, and restricted cash

Cash and cash equivalents, and restricted cash, beginning of period

25 unchanged sentences

and our placemaking initiatives and public infrastructure improvements.

In addition, our third-party real estate services business provides fee-based real estate services to third parties, including the legacy funds formerly organized by The JBG Companies ("JBG") (the "JBG Legacy Funds").

In addition, our third-party real estate services business provides fee-based real estate services.

Substantially all our assets are held by, and our operations are conducted through JBG SMITH Properties LP ("JBG SMITH LP"), our operating partnership.

As of June 30, 2025, JBG SMITH, as its sole general partner, controlled JBG SMITH LP and owned 81.5 % of its OP Units, after giving effect to the conversion of certain vested long-term incentive partnership units ("LTIP Units") that are convertible into OP Units.

As of September 30, 2025, JBG SMITH, as its sole general partner, controlled JBG SMITH LP and owned 81.3 % of its OP Units, after giving effect to the conversion of certain vested long-term incentive partnership units ("LTIP Units") that are convertible into OP Units.

JBG SMITH is referred to herein as "we," "us," "our" or other similar terms.

1 unchanged sentence

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.

As of June 30, 2025, our Operating Portfolio consisted of 38 operating assets comprising 15 multifamily assets totaling 6,596 units ( 6,410 units at our share), 21 commercial assets totaling 7.0 million square feet ( 6.6 million square feet at our share) and two wholly owned land assets for which we are the ground lessor.

As of September 30, 2025, our Operating Portfolio consisted of 37 operating assets comprising 14 multifamily assets totaling 6,164 units ( 5,978 units at our share), 21 commercial assets totaling 7.0 million square feet ( 6.7 million square feet at our share) and two wholly owned land assets for which we are the ground lessor.

Additionally, we have one under-construction multifamily asset with 355 units ( 355 units at our share) and 19 assets in the development pipeline totaling 10.7 million square feet ( 8.7 million square feet at our share) of estimated potential development density.

8 unchanged sentences

All intercompany transactions and balances have been eliminated.

The results of operations for the three and six months ended June 30, 2025 and 2024 are not necessarily indicative of the results that may be expected for a full year.

The results of operations for the three and nine months ended September 30, 2025 and 2024 are not necessarily indicative of the results that may be expected for a full year.

These condensed consolidated financial statements should be read in conjunction with our Annual Report on Form 10-K for the year ended December 31, 2024, filed with the Securities and Exchange Commission ("SEC") on February 18, 2025 ("Annual Report").

2 unchanged sentences

The portions of the equity and net income (loss) of consolidated entities that are not attributable to us are presented separately as amounts attributable to noncontrolling interests in our condensed consolidated financial statements.

References to our financial statements refer to our unaudited condensed consolidated financial statements as of June 30, 2025 and December 31, 2024, and for the three and six months ended June 30, 2025 and 2024.

References to our balance sheets refer to our condensed consolidated balance sheets as of June 30, 2025 and December 31, 2024.

References to our statements of operations refer to our condensed consolidated statements of operations for the three and six months ended June 30, 2025 and 2024.

References to our statements of comprehensive loss refer to our condensed consolidated statements of comprehensive loss for the three and six months ended June 30, 2025 and 2024.

References to our financial statements refer to our unaudited condensed consolidated financial statements as of September 30, 2025 and December 31, 2024, and for the three and nine months ended September 30, 2025 and 2024.

References to our balance sheets refer to our condensed consolidated balance sheets as of September 30, 2025 and December 31, 2024.

References to our statements of operations refer to our condensed consolidated statements of operations for the three and nine months ended September 30, 2025 and 2024.

References to our statements of comprehensive loss refer to our condensed consolidated statements of comprehensive loss for the three and nine months ended September 30, 2025 and 2024.

We have elected to be taxed as a real estate investment trust ("REIT") under sections 856-860 of the Internal Revenue Code of 1986, as amended (the "Code").

23 unchanged sentences

We are currently evaluating the potential impact of adopting this new guidance on our financial statement disclosures.

Acquisition, Dispositions and Assets Held for Sale

Acquisitions and Dispositions

In September 2025, we acquired the remaining 45.0 % interest in the unconsolidated real estate venture that owned 1101 17 th Street, a 210,410 square-foot commercial asset in Washington D.C., for no consideration.

We had discontinued applying the equity method of accounting on this investment in 2018 as we had received cumulative distributions in excess of our cumulative contributions and share of earnings, which reduced our investment to zero .

1101 17 th Street was consolidated as of the date of acquisition, and we recorded our investment in the asset at the net carryover basis of our previously held equity investment.

We recorded assets of $ 32.3 million primarily consisting of land, and we recorded liabilities of $ 32.3 million primarily consisting of $ 30.4 million related to the estimated fair value of a $ 60.0 million non-recourse interest-only mortgage loan with a fixed interest rate of 3.40 % and a maturity date of July 14, 2026.

In May 2025, we acquired Tysons Dulles Plaza, a 491,494 square-foot commercial asset in Tysons, Virginia, through a reverse like-kind exchange agreement pursuant to Section 1031 of the Code (a "Reverse 1031 Exchange") with a third-party intermediary, for $ 42.3 million, exclusive of $ 413,000 of transaction costs that were capitalized as part of the acquisition.

See Note 5 for additional information.

The following is a summary of activity for the six months ended June 30, 2025:

The following summarizes activity for the nine months ended September 30, 2025:

Date Disposed

(In thousands)

July 10, 2025

June 25, 2025

4 unchanged sentences

8001 Woodmont (2)

(1) In connection with the sale, we repaid the related $ 97.5 million mortgage loan and terminated the related interest rate swap resulting in a $ 2.2 million gain, which was included in "Gain (loss) on the extinguishment of debt, net" in our statements of operations for the three and six months ended June 30, 2025.

(1) In connection with the sale, we repaid the related $ 97.5 million mortgage loan and terminated the related interest rate swap resulting in a $ 2.2 million gain, which was included in "Gain (loss) on the extinguishment of debt, net" in our statement of operations for the nine months ended September 30, 2025.

(2) In connection with the sale, we repaid the related $ 99.7 million mortgage loan.

(3) Related to prior year dispositions.

(3) Includes a $ 4.7 million gain related to permanent land easement transactions across various parcels in National Landing and a gain of $ 1.4 million related to prior year dispositions.

In May 2025, we sold a 40.0 % noncontrolling interest in a real estate venture that owns West Half, a multifamily asset in Washington, D.C., for $ 100.0 million.

See Note 9 for additional information.

On July 10, 2025, we sold The Batley, a multifamily asset in Washington, D.C.

which was classified as held for sale as of June 30, 2025, for a gross sales price of $ 155.0 million.

Assets Held for Sale

The following is a summary of assets held for sale as of June 30, 2025:

Liabilities Related

to Assets Held

(In thousands)

The Batley (1)

Washington, D.C.

(1) This asset was sold in July 2025.

Investments in Unconsolidated Real Estate Ventures

The following is a summary of the composition of our investments in unconsolidated real estate ventures:

The following summarizes the composition of our investments in unconsolidated real estate ventures:

Real Estate Venture

June 30, 2025

September 30, 2025

December 31, 2024

4 unchanged sentences

Total investments in unconsolidated real estate ventures (3) (4)

(1) Reflects our effective ownership interests as of June 30, 2025.

(1) Reflects our effective ownership interests as of September 30, 2025.

We have multiple investments with certain venture partners in the underlying real estate.

2 unchanged sentences

See Note 1 for more information.

Also, excludes our interest in an investment in the real estate venture that owns 1101 17th Street for which we have discontinued applying the equity method of accounting since June 30, 2018 because we received distributions in excess of our contributions and share of earnings, which reduced our investment to zero ;

further, we are not obligated to provide for losses, have not guaranteed its obligations or otherwise committed to provide financial support.

(4) As of June 30, 2025 and December 31, 2024, our total investments in unconsolidated real estate ventures were greater than our share of the net book value of the underlying assets by $ 11.1 million and $ 10.6 million, resulting principally from our zero -investment balance in certain real estate ventures and capitalized interest .

Also, as of December 31, 2024, excluded our interest in an investment in the real estate venture that owned 1101 17th Street for which we had discontinued applying the equity method of accounting in 2018 as we had received cumulative distributions in excess of our cumulative contributions and share of earnings, which reduced our investment to zero ;

further, we were not obligated to provide for losses, had not guaranteed its obligations or otherwise committed to provide financial support.

In September 2025, we acquired the remaining 45.0 % interest in the unconsolidated real estate venture that owned 1101 17 th Street, which was consolidated as of the date of acquisition.

See Note 3 for additional information.

(4) As of September 30, 2025 and December 31, 2024, our total investments in unconsolidated real estate ventures were greater than our share of the net book value of the underlying assets by $ 2.2 million and $ 10.6 million, resulting principally from our zero -investment balance in certain real estate ventures and capitalized interest .

We provide leasing, property management and other real estate services to our unconsolidated real estate ventures.

We recognized revenue, including expense reimbursements, of $ 2.7 million and $ 5.6 million for the three and six months ended June 30, 2025, and $ 4.1 million and $ 8.7 million for the three and six months ended June 30, 2024.

The following is a summary of the debt of our unconsolidated real estate ventures:

We recognized revenue, including expense reimbursements, of $ 2.8 million and $ 8.3 million for the three and nine months ended September 30, 2025, and $ 4.4 million and $ 13.0 million for the three and nine months ended September 30, 2024.

The following summarizes the debt of our unconsolidated real estate ventures:

Average Effective

Interest Rate (1)

June 30, 2025

September 30, 2025

December 31, 2024

5 unchanged sentences

Mortgage loans, net (4)

(1) Weighted average effective interest rate as of June 30, 2025.

(1) Weighted average effective interest rate as of September 30, 2025.

(2) Includes variable rate mortgage loans with interest rate cap agreements.

The $ 60.0 million mortgage loan collateralized by 1101 17 th Street matured on June 13, 2025, and is under a forbearance agreement through August 14, 2025.

(3) Includes variable rate mortgage loans with interest rates fixed by interest rate swap agreements.

(4) See Note 17 for additional information on guarantees of the debt of certain of our unconsolidated real estate ventures.

The following is a summary of financial information for our unconsolidated real estate ventures:

June 30, 2025

The $ 60.0 million mortgage loan outstanding as of December 31, 2024 was assumed as part of our acquisition of the remaining 45.0 % interest in the unconsolidated real estate venture that owned 1101 17 th Street.

See Note 3 for additional information.

(4) See Note 17 for additional information on guarantees of the debt of our unconsolidated real estate ventures.

The following summarizes financial information for our unconsolidated real estate ventures:

September 30, 2025

December 31, 2024

7 unchanged sentences

Total liabilities and equity

Three Months Ended June 30,

Six Months Ended June 30,

Three Months Ended September 30,

Nine Months Ended September 30,

(In thousands)

2 unchanged sentences

Operating income (3)

Net income (loss) (3)

(1) Excludes amounts related to the Fortress Assets and one commercial building in which we have a 10.0 % subordinated interest.

2 unchanged sentences

In October 2024, the lender foreclosed on the mortgage loan secured by the L’Enfant Plaza assets and took possession of the properties.

(3) Includes a $ 3.0 million gain for the three and six months ended June 30, 2025 related to a prior year disposition.

Includes the gain on the sale of Central Place Tower of $ 894,000 for the six months ended June 30, 2024.

(3) Includes a $ 3.0 million gain for the nine months ended September 30, 2025 related to a prior year disposition.

Includes the gain on the sale of Central Place Tower of $ 894,000 for the nine months ended September 30, 2024.

Variable Interest Entities

4 unchanged sentences

Unconsolidated VIEs

As of June 30, 2025 and December 31, 2024, we had interests in entities deemed to be VIEs.

As of September 30, 2025 and December 31, 2024, we had interests in entities deemed to be VIEs.

Although we may be responsible for managing the day-to-day operations of these investees, we are not the primary beneficiary of these VIEs, as we do not hold unilateral power over activities that, when taken together, most significantly impact the respective VIE's economic performance.

We account for our investment in these entities under the equity method.

As of June 30, 2025 and December 31, 2024, the net carrying amounts of our investment in these entities were $ 82.2 million and $ 82.0 million, which were included in "Investments in unconsolidated real estate ventures" in our balance sheets.

As of September 30, 2025 and December 31, 2024, the net carrying amounts of our investment in these entities were $ 82.3 million and $ 82.0 million, which were included in "Investments in unconsolidated real estate ventures" in our balance sheets.

Our equity in the income of unconsolidated VIEs was included in "Income (loss) from unconsolidated real estate ventures, net" in our statements of

9 unchanged sentences

Because we conduct our business through JBG SMITH LP, its total assets and liabilities comprise substantially all our consolidated assets and liabilities.

In conjunction with the acquisition of Tysons Dulles Plaza in May 2025, we entered into a Reverse 1031 Exchange with a third-party intermediary, which, for a maximum of 180 days , allows us to defer for tax purposes, gains on the sale of other properties identified and sold within this period.

Until the earlier of the termination of the exchange agreement or 180 days after the acquisition date, the third-party intermediary is the legal owner of the entity that owns this property.

The agreement that governs the operations of this entity provides us with the power to direct the activities that most significantly impact the entity's economic performance.

This entity is deemed a VIE as of June 30, 2025 primarily because it may not have sufficient equity at risk to finance its activities without additional subordinated financial support from other parties.

We determined that we are the primary beneficiary of the VIE as a result of having the power to direct the activities that most significantly impact its economic performance and the obligation to absorb losses, as well as the right to receive benefits that could be potentially significant to the VIE.

Accordingly, we consolidated the property and its operations as of the acquisition date.

As of June 30, 2025, the VIE had total assets, primarily consisting of real estate, and liabilities of $ 45.4 million and $ 3.6 million.

In conjunction with the acquisition of Tysons Dulles Plaza in May 2025, we entered into a Reverse 1031 Exchange with a third-party intermediary, which was the legal owner of the entity that owned this asset.

We determined that this entity was a VIE and that we were the primary beneficiary of the VIE.

Accordingly, we consolidated the asset and its operations as of the acquisition date.

Legal ownership of this entity was transferred to us by the third-party intermediary in July 2025.

Other Assets, Net

The following is a summary of other assets, net:

June 30, 2025

The following summarizes other assets, net:

September 30, 2025

December 31, 2024

8 unchanged sentences

(1) Consists of investments in real estate-focused technology companies, which are recorded at their fair value based on their reported net asset value.

During the three and six months ended June 30, 2025, unrealized gains (losses) related to these investments were $ 242,000 and $( 283,000 ) .

During the three and six months ended June 30, 2024, unrealized gains related to these investments were $ 797,000 and $ 1.3 million.

During the three and six months ended June 30, 2025, realized gains (losses) related to these investments were $( 144,000 ) and $ 0 .

During the three and six months ended June 30, 2024, realized losses related to these investments were $ 183,000 and $ 622,000 .

Unrealized and realized gains (losses) were included in "Interest and other income, net" in our statements of operations.

(2) Primarily consists of equity investments that are carried at cost.

The following summarizes unrealized and realized gains (losses), which were included in "Interest and other income, net" in our statements of operations:

Three Months Ended September 30,

Nine Months Ended September 30,

(In thousands)

Unrealized gains

Realized losses

(2) Primarily consists of equity investments in the Washington Housing Initiative ("WHI") Impact Pool and the LEO Impact Housing Fund.

See Note 18 for additional information .

Mortgage Loans

The following is a summary of mortgage loans:

The following summarizes mortgage loans:

Weighted Average

Interest Rate (1)

June 30, 2025

September 30, 2025

December 31, 2024

5 unchanged sentences

Mortgage loans, net

(1) Weighted average effective interest rate as of June 30, 2025.

(1) Weighted average effective interest rate as of September 30, 2025.

(2) Includes variable rate mortgage loans with interest rate cap agreements.

For mortgage loans with interest rate caps, the weighted average interest rate cap strike was 3.15 % , and the weighted average maturity date of the interest rate caps is in the second quarter of 2026.

For mortgage loans with interest rate caps, the weighted average interest rate cap strike was 3.17 % , and the weighted average maturity date of the interest rate caps is in the fourth quarter of 2026.

The interest rate cap strike is exclusive of the credit spreads associated with the mortgage loans.

As of June 30, 2025, one-month term Secured Overnight Financing Rate ("SOFR") was 4.32 % .

As of September 30, 2025, one-month term Secured Overnight Financing Rate ("SOFR") was 4.13 % .

(3) Includes variable rate mortgage loans with interest rates fixed by interest rate swap agreements.

As of June 30, 2025 and December 31, 2024, the net carrying value of real estate collateralizing our mortgage loans totaled $ 1.7 billion and $ 2.1 billion.

(4) As of September 30, 2025, includes a discount of $ 29.6 million related to the mortgage loan assumed in connection with the acquisition of 1101 17 th Street.

See Note 3 for additional information.

As of September 30, 2025 and December 31, 2024, the net carrying value of real estate collateralizing our mortgage loans totaled $ 1.7 billion and $ 2.1 billion.

Our mortgage loans contain covenants that limit our ability to incur additional indebtedness on these properties and, in certain circumstances, require lender approval of tenant leases and/or yield maintenance upon repayment prior to maturity.

1 unchanged sentence

In February 2025, in connection with the sale of 8001 Woodmont, we repaid the related $ 99.7 million mortgage loan.

In September 2025, in connection with the acquisition of the remaining 45.0 % interest in the unconsolidated real estate venture that owned 1101 17 th Street, we assumed the related $ 60.0 million non-recourse interest-only mortgage loan with a fixed interest rate of 3.40 % and a maturity date of July 14, 2026, which was recorded at its estimated fair value of $ 30.4 million.

See Note 3 for additional information.

In March 2025, we entered into a five-year interest-only $ 258.9 million mortgage loan with a fixed interest rate of 5.03 % collateralized by the Ashley and Potomac buildings at RiverHouse Apartments and repaid the outstanding $ 307.7 million mortgage loan that was collateralized by the Ashley, Potomac and James buildings.

As of June 30, 2025 and December 31, 2024, we had various interest rate swap and cap agreements on certain mortgage loans with an aggregate notional value of $ 799.1 million and $ 1.4 billion.

As of September 30, 2025 and December 31, 2024, we had various interest rate swap and cap agreements on certain mortgage loans with an aggregate notional value of $ 802.6 million and $ 1.4 billion.

See Note 15 for additional information.

Revolving Credit Facility and Term Loans

As of June 30, 2025 and December 31, 2024, our unsecured revolving credit facility and term loans totaling $ 1.5 billion consisted of a $ 750.0 million revolving credit facility maturing in June 2027, a $ 200.0 million term loan ("Tranche A-1 Term Loan") maturing in January 2026, a $ 400.0 million term loan ("Tranche A-2 Term Loan") maturing in January 2028 and a $ 120.0 million term loan ("2023 Term Loan") maturing in June 2028.

As of September 30, 2025 and December 31, 2024, our unsecured revolving credit facility and term loans totaling $ 1.5 billion consisted of a $ 750.0 million revolving credit facility maturing in June 2027, a $ 200.0 million term loan ("Tranche A-1 Term Loan") maturing in January 2026, a $ 400.0 million term loan ("Tranche A-2 Term Loan") maturing in January 2028 and a $ 120.0 million term loan ("2023 Term Loan") maturing in June 2028.

The revolving credit facility has two six-month extension options, and the Tranche A-1 Term Loan has one remaining one-year extension option.

1 unchanged sentence

Our ability to borrow is subject to compliance with these covenants, and failure to comply with our covenants could cause a default, and we may then be required to repay such debt.

The following is a summary of amounts outstanding under the revolving credit facility and term loans:

The following summarizes amounts outstanding under the revolving credit facility and term loans:

Interest Rate (1)

June 30, 2025

September 30, 2025

December 31, 2024

6 unchanged sentences

Term loans, net

(1) Effective interest rate as of June 30, 2025.

(1) Effective interest rate as of September 30, 2025.

The interest rate for our revolving credit facility excludes a 0.20 % facility fee.

(2) As of June 30, 2025, daily SOFR was 4.45 % .

As of December 31, 2024, a $ 15.2 million letter of credit was outstanding under our revolving credit facility, which was cancelled on April 1, 2025.

(3) As of June 30, 2025 and December 31, 2024, excludes $ 5.8 million and $ 7.3 million of net deferred financing costs related to our revolving credit facility that were included in "Other assets, net" in our balance sheets.

(2) As of September 30, 2025, daily SOFR was 4.24 % .

As of September 30, 2025 and December 31, 2024, letters of credit totaling $ 4.8 million and $ 15.2 million were outstanding under our revolving credit facility.

(3) As of September 30, 2025 and December 31, 2024, excludes $ 5.1 million and $ 7.3 million of net deferred financing costs related to our revolving credit facility that were included in "Other assets, net" in our balance sheets.

(4) The interest rate swaps fix SOFR at a weighted average interest rate of 4.00 % through the extended maturity date of January 2027.

2 unchanged sentences

Other Liabilities, Net

The following is a summary of other liabilities, net:

June 30, 2025

The following summarizes other liabilities, net:

September 30, 2025

December 31, 2024

13 unchanged sentences

Vested LTIP Units are convertible into OP Units.

During the six months ended June 30, 2025 and 2024, unitholders redeemed 712,735 and 625,166 OP Units, which we elected to redeem for an equivalent number of our common shares.

As of June 30, 2025, outstanding OP Units and convertible LTIP Units totaled 14.1 million, representing an 18.5 % ownership interest in JBG SMITH LP.

Our OP Units and certain vested LTIP Units are presented at the higher of their redemption value or their carrying value, with adjustments to the redemption value recognized in "Additional paid-in

capital" in our balance sheets.

Redemption value per OP Unit is equivalent to the market value of one common share at the end of the period.

During the nine months ended September 30, 2025 and 2024, unitholders redeemed 1.2 million and 827,012 OP Units, which we elected to redeem for an equivalent number of our common shares.

As of September 30, 2025, outstanding OP Units and convertible LTIP Units totaled 13.6 million, representing an 18.7 % ownership interest in JBG SMITH LP.

Our OP Units and certain vested LTIP Units are presented at the higher of their redemption value or their carrying value, with adjustments to the redemption value recognized in "Additional paid-in capital" in our balance sheets.

Redemption value per OP Unit is equivalent to the market value of one

common share at the end of the period.

During the fourth quarter of 2025, through October 24, 2025, unitholders redeemed 262,641 OP Units and LTIP Units, which we elected to redeem for an equivalent number of our common shares.

Consolidated Real Estate Venture

In May 2025, we sold a 40.0 % noncontrolling interest in a real estate venture that owns West Half, a multifamily asset in Washington, D.C., for $ 100.0 million.

Following this transaction, we retained a 60.0 % ownership interest and control the venture.

We accounted for this transaction as an equity transaction and will continue to account for the property on a consolidated basis.

Following this transaction, we retained a 60.0 % ownership interest and control of the venture.

We accounted for this transaction as an equity transaction and will continue to account for the asset on a consolidated basis.

Pursuant to the terms of the venture agreement:

4 unchanged sentences

Given these rights held by our venture partner, we account for its interest in the venture as a redeemable noncontrolling interest.

The carrying amount of the redeemable noncontrolling interest is adjusted at each reporting period to reflect the greater of (i) the initial carrying amount, increased or decreased for the noncontrolling interest’s share of net income (loss) and distributions, or (ii) the redemption value at the balance sheet date.

The carrying amount of the redeemable noncontrolling interest is adjusted at the end of each reporting period to reflect the greater of (i) the initial carrying amount, increased or decreased for the noncontrolling interest’s share of net income (loss) and distributions, or (ii) the redemption value at the balance sheet date.

Any adjustments to the carrying amount are recognized in "Additional paid-in capital" in our balance sheets.

The following is a summary of the activity of redeemable noncontrolling interests:

Three Months Ended June 30,

The following summarizes the activity of redeemable noncontrolling interests:

Three Months Ended September 30,

(In thousands)

Balance, beginning of period

LTIP Units issued in lieu of cash compensation (1)

Net income (loss)

Other comprehensive loss

Contributions (distributions)

Contributions (distributions), net

Share-based compensation expense

1 unchanged sentence

Balance, end of period

Six Months Ended June 30,

Nine Months Ended September 30,

(In thousands)

2 unchanged sentences

Net income (loss)

Other comprehensive income (loss)

Contributions (distributions)

Other comprehensive loss

Contributions (distributions), net

Share-based compensation expense

3 unchanged sentences

Property Rental Revenue

The following is a summary of property rental revenue from our non-cancellable leases:

Three Months Ended June 30,

Six Months Ended June 30,

The following summarizes property rental revenue from our non-cancellable leases:

Three Months Ended September 30,

Nine Months Ended September 30,

(In thousands)

2 unchanged sentences

LTIP Units and Time-Based LTIP Units

During the six months ended June 30, 2025, we granted to certain employees 739,391 LTIP Units with time-based vesting requirements ("Time-Based LTIP Units") and a weighted average grant-date fair value of $ 13.59 per unit that vest ratably over four years subject to continued employment and require a three-year post vesting hold for named executive officers.

During the nine months ended September 30, 2025, we granted to certain employees 739,391 LTIP Units with time-based vesting requirements ("Time-Based LTIP Units") and a weighted average grant-date fair value of $ 13.59 per unit that vest ratably over four years subject to continued employment and require a three-year post vesting hold for named executive officers.

Compensation expense for these units is primarily recognized over a four-year period.

4 unchanged sentences

The LTIP Units may not be sold while a trustee is serving on the Board of Trustees.

The aggregate grant-date fair value of the Time-Based LTIP Units and the LTIP Units granted during the six months ended June 30, 2025 was $ 14.0 million.

The aggregate grant-date fair value of the Time-Based LTIP Units and the LTIP Units granted during the nine months ended September 30, 2025 was $ 14.0 million.

The Time-Based LTIP Units and the LTIP Units were valued based on the closing common share price on the grant date, less a discount for post-grant restrictions.

11 unchanged sentences

The AO LTIP Units expire on the fifth anniversary of their grant date.

The aggregate grant-date fair value of the AO LTIP Units granted during the six months ended June 30, 2025 was $ 1.5 million, valued using Monte Carlo simulations based on the following significant assumptions:

The aggregate grant-date fair value of the AO LTIP Units granted during the nine months ended September 30, 2025 was $ 1.5 million, valued using Monte Carlo simulations based on the following significant assumptions:

Expected volatility

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The RSUs were valued based on the closing common share price on the date of grant.

Pursuant to the ESPP, employees purchased 36,582 common shares for $ 488,000 during the six months ended June 30, 2025, valued using the Black-Scholes model based on the following significant assumptions:

Pursuant to the ESPP, employees purchased 48,017 common shares for $ 653,000 during the nine months ended September 30, 2025, valued using the Black-Scholes model based on the following significant assumptions:

Expected volatility

32.0 % to 37.0 %

Dividend yield

4.1 % to 4.7 %

Risk-free interest rate

1 unchanged sentence

Share-Based Compensation Expense

The following is a summary of share-based compensation expense:

Three Months Ended June 30,

Six Months Ended June 30,

The following summarizes share-based compensation expense:

Three Months Ended September 30,

Nine Months Ended September 30,

(In thousands)

7 unchanged sentences

(i) fully vested LTIP Units issued to certain employees in lieu of all or a portion of any cash bonuses earned, (ii) RSUs and (iii) shares issued under our ESPP.

As of June 30, 2025, we had $ 21.3 million of total unrecognized compensation expense related to unvested share-based payment arrangements, which is expected to be recognized over a weighted average period of 1.9 years.

As of September 30, 2025, we had $ 17.3 million of total unrecognized compensation expense related to unvested share-based payment arrangements, which is expected to be recognized over a weighted average period of 1.8 years.

Transaction and Other Costs

The following is a summary of transaction and other costs:

Three Months Ended June 30,

Six Months Ended June 30,

The following summarizes transaction and other costs:

Three Months Ended September 30,

Nine Months Ended September 30,

(In thousands)

5 unchanged sentences

Interest Expense

The following is a summary of interest expense:

Three Months Ended June 30,

Six Months Ended June 30,

The following summarizes interest expense:

Three Months Ended September 30,

Nine Months Ended September 30,

(In thousands)

7 unchanged sentences

Our Board of Trustees has authorized the repurchase of up to $ 2.0 billion of our outstanding common shares.

During the three and six months ended June 30, 2025, we repurchased and retired 11.2 million and 23.3 million common shares for $ 184.9 million and $ 372.4 million, a weighted average purchase price per share of $ 16.54 and $ 15.96 .

During the three and six months ended June 30, 2024, we repurchased and retired 4.7 million and 7.7 million common shares for $ 68.6 million and $ 118.0 million, a weighted average purchase price per share of $ 14.62 and $ 15.35 .

Since we began the share repurchase program through June 30, 2025, we have repurchased and retired 80.1 million common shares for $ 1.5 billion, a weighted average purchase price per share of $ 18.73 .

During the third quarter of 2025, through July 25, 2025, we repurchased and retired 264,209 common shares for $ 4.6 million, a weighted average purchase price per share of $ 17.26 , pursuant to a repurchase plan under Rule 10b5-1 of the Securities Exchange Act of 1934, as amended.

During the three and nine months ended September 30, 2025, we repurchased and retired 3.1 million and 26.4 million common shares for $ 62.9 million and $ 435.3 million, a weighted average purchase price per share of $ 20.21 and $ 16.46 .

During the three and nine months ended September 30, 2024, we repurchased and retired 3.1 million and 10.8 million common shares for $ 50.2 million and $ 168.1 million, a weighted average purchase price per share of $ 16.23 and $ 15.61 .

Since we began the share repurchase program through September 30, 2025, we have repurchased and retired 83.2 million common shares for $ 1.6 billion, a weighted average purchase price per share of $ 18.78 .

During the fourth quarter of 2025, 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.

Loss Per Common Share

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Diluted earnings (loss) per common share reflects the potential dilution of the assumed exchange of various unit and share-based compensation awards into common shares to the extent they are dilutive.

The following is a summary of the calculation of basic and diluted loss per common share and a reconciliation of net loss to the amounts of net loss available to common shareholders used in calculating basic and diluted loss per common share:

Three Months Ended June 30,

Six Months Ended June 30,

The following summarizes the calculation of basic and diluted loss per common share and reconciles net loss to the amounts of net loss available to common shareholders used in calculating basic and diluted loss per common share:

Three Months Ended September 30,

Nine Months Ended September 30,

(In thousands, except per share amounts)

Net loss attributable to redeemable noncontrolling interests

Net loss attributable to noncontrolling interests

Net (income) loss attributable to noncontrolling interests

Net loss attributable to common shareholders

3 unchanged sentences

Loss per common share - basic and diluted

The effect of the redemption of OP Units, Time-Based LTIP Units, fully vested LTIP Units and special equity awards that were outstanding as of June 30, 2025 and 2024 is excluded in the computation of diluted loss per common share as the assumed redemption of such units for common shares on a one-for-one basis was antidilutive (the assumed redemption of these units would have no impact on the determination of diluted loss per share).

The effect of the redemption of OP Units, Time-Based LTIP Units, fully vested LTIP Units and special equity awards that were outstanding as of September 30, 2025 and 2024 is excluded in the computation of diluted loss per common share as the assumed redemption of such units for common shares on a one-for-one basis was antidilutive (the assumed redemption of these units would have no impact on the determination of diluted loss per share).

Since OP Units, Time-Based LTIP Units, LTIP Units and special equity awards, which are held by noncontrolling interests, are attributed gains at an identical proportion to the common shareholders, the gains attributable and their equivalent weighted average impact are excluded from loss available to common shareholders and from the weighted average number of common shares outstanding in calculating diluted loss per common share.

AO LTIP Units, Performance-Based LTIP Units, formation awards and RSUs, which totaled 7.9 million and 8.0 million for the three and six months ended June 30, 2025, and 7.9 million for three and six months ended June 30, 2024, were excluded from the calculation of diluted loss per common share as they were antidilutive, but could be dilutive in the future.

Dividends Declared in July 2025

On July 24, 2025 , our Board of Trustees declared a quarterly dividend of $ 0.175 per common share, payable on August 21, 2025 to shareholders of record as of August 7, 2025 .

AO LTIP Units, Performance-Based LTIP Units, formation awards and RSUs, which totaled 7.9 million and 8.0 million for the three and nine months ended September 30, 2025, and 7.9 million for three and nine months ended September 30, 2024, were excluded from the calculation of diluted loss per common share as they were antidilutive, but could be dilutive in the future.

Dividends Declared in October 2025

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 .

Issuance of Class B Common Shares ("Class B Shares")

Effective October 27, 2025, 30.0 million authorized but unissued common shares were reclassified as Class B common shares, and on October 27, 2025, we issued 13.9 million Class B Shares, with a par value of $ 0.01 per share, to certain LTIP Unit and OP Unit holders.

Holders of Class B Shares will be entitled to vote on all matters submitted to our shareholders, with common shares and Class B Shares voting as a single class.

Class B Shares will be automatically cancelled and redeemed upon the redemption of each corresponding OP Unit.

Class B Shares will not be listed on any national securities exchange, and do not have any economic rights or rights to any dividends, distributions or proceeds upon our liquidation.

Similarly, the Class B shares will be excluded from the calculation of earnings (loss) per common share as they do not participate in profits or losses.

Fair Value Measurements

1 unchanged sentence

To manage or hedge our exposure to interest rate risk, we follow established risk management policies and procedures, including the use of a variety of derivative financial instruments.

As of June 30, 2025 and December 31, 2024, we had various derivative financial instruments consisting of interest rate swap and cap agreements that are measured at fair value on a recurring basis.

The net unrealized gain (loss) on our derivative financial instruments designated as effective hedges was ($ 2.0 ) million and $ 17.2 million as of June 30, 2025 and December 31, 2024 and was recorded in "Accumulated other comprehensive income (loss)" in our balance sheets, of which a portion was allocated to "Redeemable noncontrolling interests." Within the next 12 months, we expect to reclassify $ 2.3 million of the net unrealized gain as a decrease to interest expense.

As of September 30, 2025 and December 31, 2024, we had various derivative financial instruments consisting of interest rate swap and cap agreements that are measured at fair value on a recurring basis.

The net unrealized gain (loss) on our derivative financial instruments designated as effective hedges was ($ 2.9 ) million and $ 17.2 million as of September 30, 2025 and December 31, 2024 and was recorded in "Accumulated other comprehensive income (loss)" in our balance sheets, of which a portion was allocated to "Redeemable noncontrolling interests." Within the next 12 months, we expect to reclassify $ 371,000 of the net unrealized gain as a decrease to interest expense.

Accounting Standards Codification 820 ("Topic 820"), Fair Value Measurement and Disclosures, defines fair value and establishes a framework for measuring fair value.

6 unchanged sentences

The derivative financial instruments are classified within Level 2 of the valuation hierarchy.

The following is a summary of assets and liabilities measured at fair value on a recurring basis:

The following summarizes assets and liabilities measured at fair value on a recurring basis:

Fair Value Measurements

(In thousands)

June 30, 2025

September 30, 2025

Derivative financial instruments designated as effective hedges:

14 unchanged sentences

While it was determined that the majority of the inputs used to value the derivatives fall within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with the derivatives also utilized Level 3 inputs, such as estimates of current credit spreads to evaluate the likelihood of default.

However, as of June 30, 2025 and December 31, 2024, the significance of the impact of the credit valuation adjustments on the overall valuation of the derivative financial instruments was assessed, and it was determined that these adjustments were not significant to the overall valuation of the derivative financial instruments.

However, as of September 30, 2025 and December 31, 2024, the significance of the impact of the credit valuation adjustments on the overall valuation of the derivative financial instruments was assessed, and it was determined that these adjustments were not significant to the overall valuation of the derivative financial instruments.

As a result, it was determined that the derivative financial instruments in their entirety should be classified in Level 2 of the fair value hierarchy.

The net unrealized gains (losses) included in "Other comprehensive income (loss)" in our statements of comprehensive loss for the three and six months ended June 30, 2025 and 2024 were attributable to the net change in unrealized gains (losses) related to effective derivative financial instruments that were outstanding during those periods, none of which were reported in our statements of operations as the derivative financial instruments were documented and qualified as hedging instruments.

The net unrealized gains (losses) included in "Other comprehensive income (loss)" in our statements of comprehensive loss for the three and nine months ended September 30, 2025 and 2024 were attributable to the net change in unrealized gains (losses) related to effective derivative financial instruments that were outstanding during those periods,

none of which were reported in our statements of operations as the derivative financial instruments were documented and qualified as hedging instruments.

Realized and unrealized gains (losses) related to non-designated hedges are included in "Interest expense" in our statements of operations.

2 unchanged sentences

Real estate held for sale is carried at the lower of carrying amounts or estimated fair value less disposal costs.

During the six months ended June 30, 2025, this assessment resulted in the impairment of The Batley and a development parcel, which had an estimated fair value totaling $ 162.0 million based on a market approach and were classified as Level 2 in the fair value hierarchy.

The impairment loss totaled $ 40.3 million, which was included in "Impairment loss" in our statement of operations for the six months ended June 30, 2025.

The Batley was classified as held for sale as of June 30, 2025 and sold in July 2025.

During the nine months ended September 30, 2025, this assessment resulted in the impairment of The Batley, 2200 Crystal Drive and a development parcel, which had an estimated fair value totaling $ 172.5 million based on a market approach and were classified as Level 2 in the fair value hierarchy.

Impairment losses totaled $ 4.8 million and $ 45.1 million for the three and nine months ended September 30, 2025, which were included in "Impairment loss" in our statements of operations.

The Batley was sold in July 2025.

Financial Assets and Liabilities Not Measured at Fair Value

As of June 30, 2025 and December 31, 2024, all financial assets and liabilities were reflected in our balance sheets at amounts which, in our estimation, reasonably approximated their fair values, except for the following:

June 30, 2025

As of September 30, 2025 and December 31, 2024, all financial assets and liabilities were reflected in our balance sheets at amounts which, in our estimation, reasonably approximated their fair values, except for the following:

September 30, 2025

December 31, 2024

20 unchanged sentences

We have included disclosure of NOI and the results of our third-party real estate services business at our share to align with our internal reporting and the information used by our CODM.

The following is a summary of NOI at our share for our multifamily and commercial segments, including a reconciliation to our total NOI at our share:

Three Months Ended June 30, 2025

The following summarizes NOI at our share for our multifamily and commercial segments, including a reconciliation to our total NOI at our share:

Three Months Ended September 30, 2025

(In thousands, at our share)

9 unchanged sentences

Other NOI (1)

Three Months Ended June 30, 2024

Three Months Ended September 30, 2024

(In thousands, at our share)

9 unchanged sentences

Other NOI (1)

Six Months Ended June 30, 2025

Nine Months Ended September 30, 2025

(In thousands, at our share)

9 unchanged sentences

Other NOI (1)

Six Months Ended June 30, 2024

Nine Months Ended September 30, 2024

(In thousands, at our share)

10 unchanged sentences

(1) Includes activity related to development assets and land assets for which we are the ground lessor.

The following is a summary of our third-party real estate services business at our share:

Three Months Ended June 30,

Six Months Ended June 30,

The following summarizes our third-party real estate services business at our share:

Three Months Ended September 30,

Nine Months Ended September 30,

(In thousands, at our share)

7 unchanged sentences

Net third-party real estate services, excluding reimbursements

The following is a reconciliation of revenue at our share to total revenue per the statements of operations:

Three Months Ended June 30,

Six Months Ended June 30,

The following reconciles revenue at our share to total revenue per the statements of operations:

Three Months Ended September 30,

Nine Months Ended September 30,

(In thousands)

9 unchanged sentences

(2) Adjustment to include deferred rent, above/below market lease amortization, commercial lease termination revenue and lease incentive amortization.

The following is the reconciliation of NOI at our share to loss before income tax (expense) benefit:

Three Months Ended June 30,

Six Months Ended June 30,

The following reconciles NOI at our share to loss before income tax (expense) benefit:

Three Months Ended September 30,

Nine Months Ended September 30,

(In thousands)

3 unchanged sentences

Interest and other income, net

Gain on the sale of real estate, net

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

Depreciation and amortization expense

25 unchanged sentences

Construction Commitments

As of June 30, 2025, we had one asset under construction, Valen (formerly 2000 South Bell Street), and are building a new amenity hub at 2011 Crystal Drive that together, based on our current plans and estimates, require an additional $ 35.2 million to complete, which we anticipate will be primarily expended over the next year .

These capital expenditures are generally due as the work is performed, and we expect to finance them primarily with debt proceeds.

As of September 30, 2025, we had one asset under construction, Valen, and are building a new amenity hub at 2011 Crystal Drive that together, based on our current plans and estimates, require an additional $ 26.1 million to complete, which we anticipate will be primarily expended over the next year .

Environmental Matters

6 unchanged sentences

Nevertheless, there can be no assurance that the identification of new areas of contamination, changes in the extent or known scope of contamination, the discovery of additional sites or changes in cleanup requirements would not result in significant cost to us.

Environmental liabilities totaled $ 17.5 million as of June 30, 2025 and December 31, 2024, and are included in "Other liabilities, net" in our balance sheets.

Environmental liabilities totaled $ 17.5 million as of September 30, 2025 and December 31, 2024, and are included in "Other liabilities, net" in our balance sheets.

Legal Proceedings

1 unchanged sentence

revenue management systems and sharing sensitive data.

The District of Columbia is seeking monetary damages, equitable relief, attorneys’ fees, interest and costs.

While we intend to vigorously defend against this lawsuit, given the current stage of the District of Columbia’s lawsuit, we are unable to predict the outcome or estimate the amount of loss, if any, that may result from the lawsuit.

While we do not believe that these proceedings will have a material adverse effect

on our financial condition, we cannot give assurance that the proceedings will not have a material effect on our results of operations or cash flows in the event of a negative outcome.

While we do not believe that these proceedings will have a material adverse effect on our financial

condition, we cannot give assurance that the proceedings will not have a material effect on our results of operations or cash flows in the event of a negative outcome.

We, along with multiple other parties, are named defendants in a lawsuit arising out of a condominium development project known as Wardman Tower in Washington, D.C.

The lawsuit was filed by the Wardman Tower Residential Condominium Unit Owners Association in the Superior Court of the District of Columbia on November 25, 2020.

The lawsuit seeks damages resulting primarily from alleged construction and design deficiencies, alleged misrepresentations and claims alleged under the D.C.

Consumer Protection Procedures Act ("CPPA").

The lawsuit seeks $ 185.0 million in compensatory damages, plus treble damages related to the CPPA claims, and attorney’s fees and costs.

The lawsuit has been scheduled for a bench trial, which is currently set to begin on November 10, 2025.

The Wardman Tower project was designed and constructed by other parties and achieved substantial completion prior to our formation.

We were not involved in any way with the project but one of our subsidiary entities, that is not a defendant in the litigation, served as the fee developer for the project owner.

We deny liability for the claims asserted and will vigorously defend ourselves against the claims alleged in the litigation.

However, no assurance can be given that the matter will be resolved favorably.

There are various other legal actions arising in the ordinary course of business.

In our opinion, the outcome of such matters is not expected to have a material adverse effect on our financial position, results of operations or cash flows.

Our accrual for loss contingencies relating to unresolved legal matters was included in "Other liabilities, net" in the balance sheets.

Our accrual for loss contingencies relating to unresolved legal matters was included in "Other liabilities, net" in our balance sheets.

Actual losses may differ materially from amounts recorded and the ultimate outcome of these legal proceedings is generally not yet determinable.

As of June 30, 2025, we had committed tenant-related obligations totaling $ 34.1 million ($ 33.9 million related to our consolidated entities and $ 173,000 related to our unconsolidated real estate ventures at our share).

As of September 30, 2025, we had 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.

4 unchanged sentences

Amounts that we may be required to pay in future periods in relation to guarantees associated with budget overruns or operating losses are not estimable.

As of June 30, 2025, we had no principal payment guarantees related to our unconsolidated real estate ventures.

As of June 30, 2025, we had additional capital commitments totaling $ 7.2 million related to our investments in real estate-focused technology companies.

As of September 30, 2025, we had no principal payment guarantees related to our unconsolidated real estate ventures.

Additionally, with respect to borrowings of our consolidated entities, we may agree to (i) guarantee portions of the principal, interest and other amounts, (ii) provide customary environmental indemnifications and nonrecourse carve-outs (e.g., guarantees against fraud, misrepresentation and bankruptcy) or (iii) provide guarantees to lenders, tenants and other third parties for the completion and stabilization of development projects.

As of June 30, 2025, we had no debt principal payment guarantees related to our consolidated real estate assets.

As of September 30, 2025, we had no debt principal payment guarantees related to our consolidated real estate assets.

As of September 30, 2025, we had unfunded capital commitments totaling $ 6.4 million related to our investments in real estate-focused technology companies and $ 3.4 million related to our investments in the WHI Impact Pool and the LEO Impact Housing Fund.

See Note 18 for additional information.

Transactions with Related Parties

Our third-party real estate services business provides fee-based real estate services to third parties, including the JBG Legacy Funds.

In connection with the contribution to us of certain assets formerly owned by the JBG Legacy Funds, the general partner and managing member interests in the JBG Legacy Funds that were held by certain former JBG executives (and who became members of our management team and/or Board of Trustees) were not transferred to us and remain under the control of these individuals.

Our third-party real estate services business provides fee-based real estate services to third parties, including the legacy funds formerly organized by The JBG Companies ("JBG") (the "JBG Legacy Funds").

In connection with the contribution

to us of certain assets formerly owned by the JBG Legacy Funds, the general partner and managing member interests in the JBG Legacy Funds that were held by certain former JBG executives (and who became members of our management team and/or Board of Trustees) were not transferred to us and remain under the control of these individuals.

In addition, certain members of our senior management team and Board of Trustees have ownership interests in the JBG Legacy Funds, and own carried interests in each fund and in certain of our real estate ventures that entitle them to receive cash payments if the fund or real estate venture achieves certain return thresholds.

LEO Impact Capital ("LEO"), our workforce housing platform dedicated to acquiring, financing and operating multifamily housing in high impact neighborhoods to preserve affordability for middle-income residents, manages the Washington Housing Initiative ("WHI") Impact Pool.

The WHI Impact Pool completed fundraising in 2020 with capital commitments totaling $ 114.4 million, which included a commitment from us of $ 11.2 million.

As of June 30, 2025, our remaining unfunded commitment was $ 2.1 million.

Additionally, LEO had an initial closing of its new multi-market fund, LEO Impact

Housing Fund, totaling $ 43.5 million ($ 64.5 million including accordions), which included a commitment from us of $ 1.3 million, none of which has been funded as of June 30, 2025.

The third-party real estate services revenue, including expense reimbursements, from the JBG Legacy Funds and the WHI Impact Pool and its affiliates was $ 2.3 million and $ 4.9 million for the three and six months ended June 30, 2025, and $ 3.2 million and $ 7.2 million for the three and six months ended June 30, 2024.

As of June 30, 2025 and December 31, 2024, we had receivables from the JBG Legacy Funds and the WHI Impact Pool and its affiliates totaling $ 802,000 and $ 2.1 million for such services.

We lease our corporate offices from an unconsolidated real estate venture, in which we have a 20.0 % interest, and incurred $ 1.3 million and $ 2.6 million of rent expense for the three and six months ended June 30, 2025, and $ 1.3 million and $ 2.8 million of rent expense for the three and six months ended June 30, 2024, which was included in "General and administrative expense" in our statements of operations.

Additionally, LEO had an initial closing of its new multi-market fund, the LEO Impact Housing Fund, totaling $ 43.5 million ($ 64.5 million including accordions), which included a commitment from us of $ 1.3 million.

As of September 30, 2025, our remaining unfunded commitments totaled $ 3.4 million.

The third-party real estate services revenue, including expense reimbursements, from the JBG Legacy Funds, the WHI Impact Pool, the LEO Impact Housing Fund and their affiliates was $ 2.5 million and $ 7.3 million for the three and nine months ended September 30, 2025, and $ 3.2 million and $ 10.3 million for the three and nine months ended September 30, 2024.

As of September 30, 2025 and December 31, 2024, we had receivables from the JBG Legacy Funds, the WHI Impact Pool, the LEO Impact Housing Fund and their affiliates totaling $ 966,000 and $ 2.1 million for such services.

We lease our corporate offices from an unconsolidated real estate venture, in which we have a 20.0 % interest, and incurred $ 1.3 million and $ 3.9 million of rent expense for the three and nine months ended September 30, 2025, and $ 1.3 million and $ 4.1 million of rent expense for the three and nine months ended September 30, 2024, which was included in "General and administrative expense" in our statements of operations.

We have agreements with Building Maintenance Services ("BMS"), an entity in which we have a minor preferred interest, to supervise cleaning, engineering and security services at our properties.

We paid BMS $ 2.1 million and $ 4.1 million for the three and six months ended June 30, 2025, and $ 2.2 million and $ 4.7 million for the three and six months ended June 30, 2024, which was included in "Property operating expenses" in our statements of operations.

We paid BMS $ 1.9 million and $ 6.0 million for the three and nine months ended September 30, 2025, and $ 2.5 million and $ 7.2 million for the three and nine months ended September 30, 2024, which was included in "Property operating expenses" in our statements of operations.

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-Q

Item 1. Financial Statements