Item 2. Properties
ITEM 2. PROPERTIES
Note on presentation of "at share" information. We present certain financial information and metrics "at JBG SMITH Share," which is calculated on an entity-by-entity basis, 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 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. "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, 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
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Table of Contents
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. A number of our assets included in the following tables are held through real estate ventures with third parties or are subject to ground leases. In addition to other information, the following tables indicate our percentage ownership, whether the asset is consolidated or unconsolidated, and whether the asset is subject to a ground lease.
Multifamily Assets
Number
Total
Multifamily
%
Same Store (2) :
of
Square
%
%
Retail %
Multifamily Assets
Ownership
C/U (1)
2024-2025
Units
Feet
Leased
Occupied
Occupied
National Landing
RiverHouse Apartments
(Ashley, James and Potomac)
100.0
%
C
Y
1,676
1,326,219
91.8%
90.7%
100.0%
The Bartlett
100.0
%
C
Y
699
619,372
95.5%
93.8%
100.0%
Reva
100.0
%
C
N
471
324,188
77.8%
76.9%
38.5%
The Grace
100.0
%
C
N
337
311,903
86.1%
83.4%
81.8%
220 20th Street
100.0
%
C
Y
265
271,476
95.1%
95.1%
100.0%
2221 S. Clark Street - Residential (3)
100.0
%
C
Y
216
96,948
73.2%
71.6%
—
D.C.
The Wren
100.0
%
C
Y
433
332,682
92.6%
90.8%
100.0%
F1RST Residences
100.0
%
C
Y
325
270,928
89.2%
88.0%
100.0%
Atlantic Plumbing
100.0
%
C
Y
310
245,228
91.8%
91.0%
90.7%
1221 Van Street
100.0
%
C
Y
291
225,592
85.5%
82.8%
100.0%
901 W Street
100.0
%
C
Y
161
154,340
89.8%
88.2%
74.6%
900 W Street (3)
100.0
%
C
Y
95
71,050
45.3%
32.6%
—
West Half
60.0
%
C
Y
465
385,372
87.4%
86.5%
83.1%
Total / Weighted Average (3)
5,744
4,635,298
90.2%
88.7%
89.4%
Recently Delivered
National Landing
Valen
100.0
%
C
N
355
302,803
34.8%
33.2%
—
The Zoe
100.0
%
C
N
420
274,995
51.2%
48.8%
100.0%
Total / Weighted Average
775
577,798
42.6%
41.7%
42.2%
Operating - Total / Weighted Average (3)
6,519
5,213,096
84.8%
82.8%
86.1%
Totals at JBG SMITH Share (3)
6,333
5,058,947
84.7%
82.7%
86.3%
Note: At 100% share, unless otherwise noted.
(1) "C" denotes a consolidated interest and "U" denotes an unconsolidated interest.
(2) "Y" denotes an asset as same store and "N" denotes an asset as non-same store.
(3) 2221 S. 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 .
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Table of Contents
Commercial Assets
Total
%
Same Store (2) :
Square
%
Office %
Retail %
Commercial Assets
Ownership
C/U (1)
2024-2025
Feet
Leased
Occupied
Occupied
National Landing
1550 Crystal Drive (3)
100.0
%
C
Y
555,236
90.1%
87.3%
98.9%
2121 Crystal Drive
100.0
%
C
Y
509,595
66.8%
64.7%
100.0%
2345 Crystal Drive
100.0
%
C
Y
499,635
33.3%
32.4%
74.3%
2231 Crystal Drive
100.0
%
C
Y
468,755
69.1%
65.6%
97.4%
2011 Crystal Drive
100.0
%
C
Y
441,634
68.8%
49.1%
51.4%
2451 Crystal Drive
100.0
%
C
Y
402,276
85.4%
85.2%
92.6%
241 18th Street S. (3)
100.0
%
C
Y
337,053
88.3%
85.2%
100.0%
201 12th Street S.
100.0
%
C
Y
335,231
89.2%
88.8%
100.0%
251 18th Street S. (3)
100.0
%
C
Y
301,809
94.3%
95.5%
12.2%
1770 Crystal Drive
100.0
%
C
Y
273,787
98.3%
100.0%
67.8%
200 12th Street S.
100.0
%
C
Y
202,761
52.8%
52.8%
—
1901 South Bell Street (3)
100.0
%
C
Y
71,986
100.0%
100.0%
—
Crystal Drive Retail (3)
100.0
%
C
Y
44,094
86.6%
—
86.6%
1235 S. Clark Street
100.0
%
C
Y
384,688
67.2%
62.8%
97.8%
1215 S. Clark Street
100.0
%
C
Y
336,159
99.6%
100.0%
44.5%
1225 S. Clark Street
100.0
%
C
Y
276,184
99.1%
100.0%
80.9%
Other
Tysons Dulles Plaza
100.0
%
C
N
491,494
69.4%
69.4%
70.1%
800 North Glebe Road
100.0
%
C
Y
306,210
83.1%
82.2%
92.4%
One Democracy Plaza (4) (5)
100.0
%
C
Y
213,417
84.2%
84.0%
100.0%
1101 17th Street
100.0
%
C
Y
210,451
84.2%
84.3%
82.8%
Dulles View (5) (6)
60.0
%
U
N
354,378
70.7%
70.7%
—
4747 Bethesda Avenue (7)
20.0
%
U
Y
300,535
92.8%
92.4%
100.0%
Operating - Total / Weighted Average
7,317,368
77.8%
75.5%
88.9%
Operating - Total / Weighted Average at JBG SMITH Share
6,935,189
77.5%
75.1%
88.6%
Note: At 100% share, unless otherwise noted.
(1) "C" denotes a consolidated interest and "U" denotes an unconsolidated interest.
(2) "Y" denotes an asset as same store and "N" denotes an asset as non-same store.
(3) 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 in the above table.
Not Available
Commercial Asset
In-Service
for Lease
1550 Crystal Drive
555,236
4,281
241 18th Street S.
337,053
26,557
251 18th Street S.
301,809
38,678
1901 South Bell Street
71,986
202,926
Crystal Drive Retail
44,094
85,052
2221 S. Clark Street - Office
—
35,182
(4) Asset is subject to a ground lease through 2084, where we are the lessee.
(5) Not Metro-served.
(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
Estimated Potential Development Density (SF)
Submarket
Total
Multifamily
Office
Retail
National Landing (1)
3,395,700
2,659,700
656,400
79,600
D.C.
175,700
42,700
133,000
—
Totals at JBG SMITH Share
3,571,400
2,702,400
789,400
79,600
Note: Excludes unentitled land parcels and land parcels controlled through an option agreement.
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(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 summarizes information for our 10 largest tenants by annualized rent as of December 31, 2025:
At JBG SMITH Share
Annualized
% of Total
Number of
Square
% of Total
Rent
Annualized
Tenant
Leases
Feet
Square Feet
(In thousands)
Rent
GSA
30
1,452,629
26.5
%
$
58,304
23.6
%
Amazon
3
357,339
6.5
%
16,851
6.8
%
Lockheed Martin Corporation
2
183,442
3.3
%
9,393
3.8
%
Accenture Federal Services LLC
2
123,706
2.3
%
5,726
2.3
%
Public Broadcasting Service
1
120,328
2.2
%
5,260
2.1
%
Whole Foods Market Group Inc
3
98,625
1.8
%
3,909
1.6
%
American Diabetes Association
1
80,998
1.5
%
3,852
1.6
%
Nooks LLC
3
76,328
1.4
%
3,710
1.5
%
Booz Allen Hamilton Inc
2
69,328
1.3
%
3,501
1.4
%
National Consumer Cooperative
1
65,736
1.2
%
3,372
1.4
%
Total
48
2,628,459
48.0
%
$
113,878
46.1
%
Note: Includes all leases as of December 31, 2025 for which a tenant has taken occupancy for office and retail space within our Operating Portfolio.
Lease Expirations
The following table sets forth as of December 31, 2025 the scheduled expirations of tenant leases in our Operating Portfolio for each year from 2026 through 2034 and thereafter:
At JBG SMITH Share
% of
% of
Annualized
Total
Annualized
Number of
Square
Total
Rent (1)
Annualized
Rent Per
Year of Lease Expiration
Leases
Feet
Square Feet
(In thousands)
Rent
Square Foot (1)
Month-to-Month
9
122,504
2.2
%
$
5,070
2.1
%
$
41.39
2026
71
424,013
7.7
%
20,334
8.2
%
47.96
2027
57
784,095
14.3
%
37,683
15.3
%
48.06
2028
37
416,228
7.6
%
19,171
7.8
%
46.06
2029
41
361,007
6.6
%
17,086
6.9
%
47.33
2030
37
639,032
11.7
%
30,113
12.2
%
47.12
2031
39
641,617
11.7
%
25,205
10.2
%
39.28
2032
20
699,343
12.8
%
28,349
11.5
%
40.54
2033
28
361,490
6.6
%
15,917
6.4
%
44.03
2034
23
230,083
4.2
%
11,910
4.8
%
62.37
Thereafter
38
805,491
14.6
%
35,992
14.6
%
44.68
Total / Weighted Average
400
5,484,903
100.0
%
$
246,830
100.0
%
$
45.33
Note: Includes all leases as of December 31, 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 5.2 years.
(1) Annualized rent and annualized rent per square foot exclude percentage rent and the square footage of tenants that only pay percentage rent.