What changed in this filing

/stocks — the workspaceLOADING

Item 2. Properties

2026-02-17 compared with 2025-02-18 · 16 added, 41 removed, 88 unchanged (39% of the section changed)

3 unchanged sentences

"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.

Because as of December 31, 2024, 6.3% of our assets, as measured by total square feet, was held through real estate ventures in which we own less than 100% of the ownership interest, we believe this form of presentation, which includes our economic interests in the unconsolidated real estate ventures, provides investors important information regarding a significant component of our portfolio, its composition, performance and capitalization.

We classify our portfolio as "operating," "under-construction," or "development pipeline."

The following tables provide information about our multifamily, commercial and development pipeline portfolios as of December 31, 2024.

Because as of December 31, 2025, 10.4% of our assets, as measured by total square feet, was held through real estate ventures in which we own less than 100% of the ownership interest, we believe this form of presentation, which includes our economic interests in the unconsolidated real estate ventures, provides investors important information regarding a significant component of our

portfolio, its composition, performance and capitalization.

We classify our portfolio as "operating," "under-construction," or "development pipeline." As of December 31, 2025, there were no assets under construction.

The following tables summarize information about our multifamily, commercial and development pipeline portfolios as of December 31, 2025.

Many of our assets in the development pipeline are adjacent to or an integrated component of operating multifamily or commercial assets in our portfolio.

4 unchanged sentences

Multifamily Assets

YTD 2023-2024

National Landing

RiverHouse Apartments

(Ashley, James and Potomac)

220 20th Street

3 unchanged sentences

1221 Van Street

8001 Woodmont (4)

900 W Street (3)

Total / Weighted Average (3)

3 unchanged sentences

Operating - Total / Weighted Average (3)

Under-Construction

National Landing

2000/2001 South Bell Street

Totals at JBG SMITH Share (3)

National Landing

In-service assets

Recently delivered assets

Operating - Total / Weighted Average

Under-construction assets

At 100% share, unless otherwise noted.

2 unchanged sentences

Clark Street - Residential and 900 W Street are excluded from percent leased and percent occupied metrics as they are operated as short-term rental properties .

(4) Classified as held for sale in our consolidated balance sheet as of December 31, 2024.

Commercial Assets

1 unchanged sentence

Commercial Assets

YTD 2023-2024

National Landing

8 unchanged sentences

251 18th Street S.

1901 South Bell Street

1770 Crystal Drive

200 12th Street S.

1901 South Bell Street (3)

Crystal Drive Retail (3)

Tysons Dulles Plaza

800 North Glebe Road

One Democracy Plaza (4) (5)

4747 Bethesda Avenue (6)

1101 17th Street

Dulles View (5) (6)

4747 Bethesda Avenue (7)

Operating - Total / Weighted Average

10 unchanged sentences

251 18th Street S.

1901 South Bell Street

Crystal Drive Retail

Clark Street - Office

* Includes 72,215 SF of not available to lease space from the asset formerly known as Crystal City Shops at 2100.

(4) Asset is subject to a ground lease through 2084, where we are the lessee.

(5) Not Metro-served.

(6) Includes our corporate office lease for approximately 84,400 square feet.

(6) In December 2025, we acquired Dulles View, comprising two commercial buildings in Herndon, Virginia, through a real estate venture, for $31.5 million of which our 60.0% share was $18.9 million.

(7) Includes our corporate office lease of 62,645 square feet.

Development Pipeline

1 unchanged sentence

National Landing (1)

3330 Exchange Avenue

3331 Exchange Avenue

RiverHouse Land

Potomac Yard Landbay F/G/H

50.0% / 100.0%

2250 Crystal Drive

2100/2200 Crystal Drive Land

223 23rd Street

2525 Crystal Drive

1901 South Bell Street Land (1)

101 12th Street S.

1800 South Bell Street

Gallaudet Parcel 2-3 (2)

Gallaudet Parcel 4 (2)

Capitol Point - North

Other Development Parcels (3)

Totals at JBG SMITH Share

National Landing

At 100% share, unless otherwise noted.

(1) Currently encumbered by an operating commercial asset.

(2) Controlled through an option to acquire a leasehold interest.

(3) Comprises four assets in which we have a minority interest.

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

(1) In February 2026, we sold a development parcel in Alexandria, Virginia with 347,700 square feet of estimated potential development density for $50.7 million.

Major Tenants

The following table sets forth information for our 10 largest tenants by annualized rent for the year ended December 31, 2024:

The following table summarizes information for our 10 largest tenants by annualized rent as of December 31, 2025:

At JBG SMITH Share

20 unchanged sentences

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-K

Item 2. Properties