JBG SMITH Properties 10-K

ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA ​ ​ ​ ​ TABLE OF CONTENTS ​ ​ ​ ​ ​ ​ Page Report of Independent Registered Public Accounting Firm (PCAOB ID No. 34 ) ​ 61 Consolidated Balance Sheets as of December 31, 2025 and 2024 ​ 64 Consolidated Statements of Operations for the years ended December 31, 2025, 2024 and 2023 ​ 65 Consolidated Statements of Comprehensive Loss for the years ended December 31, 2025, 2024 and 2023 ​ 66 Consolidated Statements of Equity for the years ended December 31, 2025, 2024 and 2023 ​ 67 Consolidated Statements of Cash Flows for the years ended December 31, 2025, 2024 and 2023 ​ 68 Notes to Consolidated Financial Statements ​ 70 ​ ​ ​ ​ 60 Table of Contents REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM To the Shareholders and the Board of Trustees of JBG SMITH Properties Opinion on the Financial Statements We have audited the accompanying consolidated balance sheets of JBG SMITH Properties and subsidiaries (the "Company") as of December 31, 2025 and 2024, the related consolidated statements of operations, comprehensive loss, equity, and cash flows, for each of the three years in the period ended December 31, 2025, and the related notes and the schedule listed in the Index at Item 15 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2025 and 2024, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2025, in conformity with accounting principles generally accepted in the United States of America. We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company's internal control over financial reporting as of December 31, 2025, based on criteria established in Internal Control — Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission and our report dated February 17, 2026, expressed an unqualified opinion on the Company's internal control over financial reporting. Basis for Opinion These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company's financial statements based on our audits. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion. Critical Audit Matter The critical audit matter communicated below is a matter arising from the current-period audit of the financial statements that was communicated or required to be communicated to the audit committee and that (1) relates to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective, or complex judgments. The communication of critical audit matters does not alter in any way our opinion on the financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the accounts or disclosures to which it relates. Real Estate – Impairment Indicators and Impairment- Refer to Notes 2 and 19 to the consolidated financial statements Critical Audit Matter Description The Company evaluates real estate assets for impairment whenever there are changes in circumstances or indicators that the carrying amount of the asset may not be recoverable. These indicators may include declining operating performance, below average occupancy, shortened anticipated holding periods, and other adverse changes. An impairment exists when 61 Table of Contents the carrying amount of an asset exceeds the sum of the undiscounted cash flows expected to result from the use and eventual disposition of the asset. For those real estate assets where an indicator of impairment has been identified, estimates of future cash flows are based on the Company’s current plans, anticipated holding periods and available market information. Estimates of future cash flows are subjective and are based, in part, on assumptions regarding future occupancy, rental rates and capital requirements. An impairment loss is recognized if the carrying amount of the asset is not recoverable and is measured based on the excess of a property's carrying amount over its estimated fair value. Estimated fair values are calculated based on the following information in order of priority, dependent upon availability: (i) pending or executed agreements, (ii) market prices for comparable properties or (iii) the sum of discounted cash flows. The Company’s estimates of fair value are determined using either a discounted cash flow model which requires judgements related to the anticipated holding periods, current market conditions and unobservable quantitative inputs, including appropriate capitalization and discount rates, or a market approach. Given (1) the Company's evaluation of possible indicators of impairment of real estate assets requires management to make significant judgments, including anticipated holding periods, when determining whether events or changes in circumstances indicate that the carrying amounts of real estate assets may not be recoverable and (2) for those real estate assets where indicators of impairment have been identified, the Company’s evaluation of the recoverability and fair value of such assets requires management to make significant estimates and assumptions, our audit procedures to evaluate (a) whether management appropriately identified impairment indicators, (b) the reasonableness of management’s undiscounted future cash flows analysis and (c) when required, the reasonableness of the estimated fair values of real estate assets required a high degree of auditor judgment and an increased extent of effort, including, as needed, involvement of fair value specialists. How the Critical Audit Matter Was Addressed in the Audit Our audit procedures related to the assessment of real estate assets for possible indicators of impairment, the estimate of future operating cash flows, and the determination of fair value for those assets where impairment has been identified included the following, among others: – We tested the effectiveness of controls over management’s identification of possible circumstances that may indicate that the carryi ng amounts of real estate assets may not be recoverable . We tested the effectiveness of controls over management’s cash flow recoverability and fair value analyses , including controls over management’s estimates of future occupancy, rental rates, capital requirements and, as applicable, capitalization and discount rates and management’s selection of comparable properties used in the market approach, when applicable . – We evaluated the Company’s assessment of impairment indicators by: o Testing real estate assets for possible indicators of impairment, including searching for adverse asset-specific and/or market conditions. o Inquiring of management and reading business performance reports and board minutes to identify properties that should be evaluated for shortened anticipated holding periods. o Developing an expectation of assets for which impairment indicators are identified in management's analysis. – We evaluated the Company’s future cash flows prepared when an indicator of impairment has been identified by performing the following: o Discussing with management the assumptions used in the Company’s undiscounted cash flow models and evaluating the consistency of the assumptions used with evidence obtained in other areas of the audit. o Testing the recoverability as sessments by developing independent estimates, based in part on applicable third-party market data and compared our estimates to those used by management . 62 Table of Contents – We evaluated the Company’s determination of fair value for those assets where impairment had been identified by performing the following: o We evaluated the reasonableness of the valuation methodology and, when required, the market prices for comparable properties and developed a range of independent estimates of fair value, with the assistance of fair value specialists as needed, and compared our estimates to those used by management. ​ /s/ Deloitte & Touche LLP McLean, Virginia February 17, 2026 We have served as the Company's auditor since 2016. ​ 63 Table of Contents JBG SMITH PROPERTIES Consolidated Balance Sheets (In thousands, except par value amounts) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ ​ ​ 2025 ​ ​ ​ 2024 ASSETS ​ ​ ​ ​ Real estate, at cost: ​ ​ ​ ​ Land and improvements ​ $ 1,019,967 ​ $ 1,109,172 Buildings and improvements ​ 3,973,514 ​ 4,083,937 Construction in progress, including land ​ 175,673 ​ 338,333 ​ ​ 5,169,154 ​ 5,531,442 Less: accumulated depreciation ​ ( 1,408,641 ) ​ ( 1,419,983 ) Real estate, net ​ 3,760,513 ​ 4,111,459 Cash and cash equivalents ​ 75,270 ​ 145,804 Restricted cash ​ 28,020 ​ 37,388 Tenant and other receivables ​ 21,810 ​ 23,478 Deferred rent receivable ​ 182,891 ​ 170,153 Investments in unconsolidated real estate ventures ​ 105,711 ​ 93,654 Deferred leasing costs, net ​ ​ 66,356 ​ ​ 69,821 Intangible assets, net ​ ​ 30,333 ​ ​ 47,000 Other assets, net ​ 117,287 ​ 131,318 Assets held for sale ​ — ​ 190,465 TOTAL ASSETS ​ $ 4,388,191 ​ $ 5,020,540 ​ ​ ​ ​ ​ ​ ​ LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY ​ ​ Liabilities: ​ ​ ​ ​ Mortgage loans, net ​ $ 1,579,158 ​ $ 1,767,173 Revolving credit facility ​ 205,000 ​ 85,000 Term loans, net ​ 718,408 ​ 717,853 Accounts payable and accrued expenses ​ 84,748 ​ 101,096 Other liabilities, net ​ 131,945 ​ 115,827 Liabilities related to assets held for sale ​ — ​ 901 Total liabilities ​ 2,719,259 ​ 2,787,850 Commitments and contingencies ​ ​ ​ ​ Redeemable noncontrolling interests ​ 511,342 ​ 423,632 Shareholders' equity: ​ ​ ​ ​ Preferred shares, $ 0.01 par value - 200,000 shares authorized; none issued ​ — ​ — Common shares, $ 0.01 par value - 470,000 shares authorized; 59,527 and 84,500 shares issued and outstanding as of December 31, 2025 and 2024 ​ 596 ​ 846 Class B common shares, $ 0.01 par value - 30,000 shares authorized; 13,645 shares issued and outstanding as of December 31, 2025 ​ ​ 136 ​ ​ — Additional paid-in capital ​ 2,338,881 ​ 2,790,403 Accumulated deficit ​ ( 1,180,410 ) ​ ( 997,283 ) Accumulated other comprehensive income (loss) ​ ( 1,613 ) ​ 15,092 Total equity ​ 1,157,590 ​ 1,809,058 TOTAL LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY ​ $ 4,388,191 ​ $ 5,020,540 ​ See accompanying notes to the consolidated financial statements. ​ 64 Table of Contents JBG SMITH PROPERTIES Consolidated Statements of Operations (In thousands, except per share data) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ ​ ​ 2025 ​ ​ ​ 2024 ​ 2023 REVENUE ​ ​ ​ ​ ​ ​ ​ ​ Property rental ​ $ 416,801 ​ $ 456,950 ​ $ 483,159 Third-party real estate services, including reimbursements ​ 62,227 ​ 69,465 ​ 92,051 Other revenue ​ 19,570 ​ 20,897 ​ 28,988 Total revenue ​ 498,598 ​ 547,312 ​ 604,198 EXPENSES ​ ​ ​ ​ ​ ​ Depreciation and amortization ​ 190,064 ​ 208,180 ​ 210,195 Property operating ​ 141,714 ​ 146,609 ​ 144,049 Real estate taxes ​ 48,863 ​ 52,606 ​ 57,668 General and administrative: ​ ​ ​ ​ ​ ​ Corporate and other ​ 59,169 ​ 58,790 ​ 54,838 Third-party real estate services ​ 60,594 ​ 74,264 ​ 88,948 Share-based compensation related to Formation Transaction and special equity awards ​ — ​ — ​ 549 Transaction and other costs ​ 6,223 ​ 5,317 ​ 8,737 Total expenses ​ 506,627 ​ 545,766 ​ 564,984 OTHER INCOME (EXPENSE) ​ ​ ​ ​ ​ ​ Loss from unconsolidated real estate ventures, net ​ ( 4,420 ) ​ ( 7,122 ) ​ ( 26,999 ) Interest and other income, net ​ 4,211 ​ 11,598 ​ 15,781 Interest expense ​ ( 142,037 ) ​ ( 134,068 ) ​ ( 108,660 ) Gain (loss) on the sale of real estate, net ​ 46,633 ​ ( 2,753 ) ​ 79,335 Gain (loss) on the extinguishment of debt, net ​ ( 2,402 ) ​ 9,235 ​ ( 450 ) Impairment loss ​ ​ ( 65,847 ) ​ ​ ( 55,427 ) ​ ​ ( 90,226 ) Total other income (expense) ​ ( 163,862 ) ​ ( 178,537 ) ​ ( 131,219 ) LOSS BEFORE INCOME TAX (EXPENSE) BENEFIT ​ ( 171,891 ) ​ ( 176,991 ) ​ ​ ( 92,005 ) Income tax (expense) benefit ​ 3,830 ​ ( 762 ) ​ 296 NET LOSS ​ ( 168,061 ) ​ ( 177,753 ) ​ ( 91,709 ) Net loss attributable to redeemable noncontrolling interests ​ 28,998 ​ 22,202 ​ 10,596 Net loss attributable to noncontrolling interests ​ — ​ 12,025 ​ 1,135 NET LOSS ATTRIBUTABLE TO COMMON SHAREHOLDERS ​ $ ( 139,063 ) ​ $ ( 143,526 ) ​ $ ( 79,978 ) LOSS PER COMMON SHARE - BASIC AND DILUTED ​ $ ( 2.09 ) ​ $ ( 1.65 ) ​ $ ( 0.78 ) WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING - BASIC AND DILUTED ​ 67,361 ​ 88,330 ​ 105,095 ​ See accompanying notes to the consolidated financial statements. ​ 65 Table of Contents JBG SMITH PROPERTIES Consolidated Statements of Comprehensive Loss (In thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ ​ ​ 2025 ​ ​ ​ 2024 ​ 2023 NET LOSS ​ $ ( 168,061 ) ​ $ ( 177,753 ) ​ $ ( 91,709 ) OTHER COMPREHENSIVE LOSS ​ ​ ​ ​ ​ ​ Change in fair value of derivative financial instruments ​ ( 10,937 ) ​ 30,879 ​ 2,603 Reclassification of net income on derivative financial instruments from accumulated other comprehensive income (loss) into interest expense ​ ( 9,531 ) ​ ( 34,707 ) ​ ( 34,776 ) Total other comprehensive loss ​ ( 20,468 ) ​ ( 3,828 ) ​ ( 32,173 ) COMPREHENSIVE LOSS ​ ( 188,529 ) ​ ( 181,581 ) ​ ( 123,882 ) Net loss attributable to redeemable noncontrolling interests ​ 28,998 ​ 22,202 ​ 10,596 Net loss attributable to noncontrolling interests ​ ​ — ​ ​ 12,025 ​ ​ 1,135 Other comprehensive loss attributable to redeemable noncontrolling interests ​ 3,763 ​ 817 ​ 4,486 Other comprehensive (income) loss attributable to noncontrolling interests ​ ​ — ​ ​ ( 1,939 ) ​ ​ 2,085 COMPREHENSIVE LOSS ATTRIBUTABLE TO JBG SMITH PROPERTIES ​ $ ( 155,768 ) ​ $ ( 148,476 ) ​ $ ( 105,580 ) ​ See accompanying notes to the consolidated financial statements. ​ 66 Table of Contents JBG SMITH PROPERTIES Consolidated Statements of Equity (In thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Accumulated ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Other ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Class B ​ Additional ​ ​ ​ ​ Comprehensive ​ Non- ​ ​ ​ ​ ​ Common Shares ​ Common Shares ​ Paid-In ​ Accumulated Income controlling ​ Total ​ ​ Shares ​ Amount ​ Shares ​ Amount ​ Capital ​ Deficit (Loss) ​ Interests ​ Equity BALANCE AS OF DECEMBER 31, 2022 ​ 114,013 ​ $ 1,141 ​ — ​ $ — ​ $ 3,263,738 ​ $ ( 628,636 ) ​ $ 45,644 ​ $ 32,225 ​ $ 2,714,112 Net loss attributable to common shareholders and noncontrolling interests ​ — ​ — ​ — ​ — ​ — ​ ( 79,978 ) ​ ​ — ​ ( 1,135 ) ​ ( 81,113 ) Redemption of common limited partnership units ("OP Units") for common shares ​ 2,758 ​ 28 ​ — ​ — ​ 44,592 ​ — ​ ​ — ​ — ​ 44,620 Common shares repurchased ​ ( 22,576 ) ​ ​ ( 225 ) ​ — ​ ​ — ​ ​ ( 335,088 ) ​ ​ — ​ ​ — ​ ​ — ​ ​ ( 335,313 ) Common shares issued pursuant to employee incentive compensation plan and Employee Share Purchase Plan ("ESPP") ​ 114 ​ ​ — ​ — ​ ​ — ​ ​ 2,506 ​ ​ — ​ ​ — ​ ​ — ​ ​ 2,506 Dividends declared on common shares ($ 0.675 per common share) ​ — ​ ​ — ​ — ​ ​ — ​ ​ — ​ ​ ( 68,348 ) ​ ​ — ​ ​ — ​ ​ ( 68,348 ) Distributions to noncontrolling interests, net ​ — ​ — ​ — ​ — ​ — ​ — ​ ​ — ​ ( 32 ) ​ ( 32 ) Redeemable noncontrolling interests redemption value adjustment and total other comprehensive loss allocation ​ — ​ — ​ — ​ — ​ 3,104 ​ — ​ ​ 4,486 ​ — ​ 7,590 Total other comprehensive loss ​ — ​ — ​ — ​ — ​ — ​ — ​ ​ ( 32,173 ) ​ — ​ ( 32,173 ) Other comprehensive loss attributable to noncontrolling interests ​ — ​ ​ — ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 2,085 ​ ​ ( 2,085 ) ​ ​ — BALANCE AS OF DECEMBER 31, 2023 ​ 94,309 ​ ​ 944 ​ — ​ ​ — ​ ​ 2,978,852 ​ ​ ( 776,962 ) ​ ​ 20,042 ​ ​ 28,973 ​ ​ 2,251,849 Net loss attributable to common shareholders and noncontrolling interests ​ — ​ — ​ — ​ — ​ — ​ ( 143,526 ) ​ ​ — ​ ( 12,025 ) ​ ( 155,551 ) Redemption of OP Units for common shares ​ 1,025 ​ 11 ​ — ​ — ​ 17,060 ​ — ​ ​ — ​ — ​ 17,071 Common shares repurchased ​ ( 10,929 ) ​ ​ ( 109 ) ​ — ​ ​ — ​ ​ ( 170,661 ) ​ ​ — ​ ​ — ​ ​ — ​ ​ ( 170,770 ) Common shares issued pursuant to employee incentive compensation plan and ESPP ​ 95 ​ ​ — ​ — ​ ​ — ​ ​ 2,187 ​ ​ — ​ ​ — ​ ​ — ​ ​ 2,187 Dividends declared on common shares ($ 0.875 per common share) ​ — ​ ​ — ​ — ​ ​ — ​ ​ — ​ ​ ( 76,795 ) ​ ​ — ​ ​ — ​ ​ ( 76,795 ) Acquisition of noncontrolling interests ​ — ​ ​ — ​ — ​ ​ — ​ ​ ( 30,475 ) ​ ​ — ​ ​ — ​ ​ ( 18,972 ) ​ ​ ( 49,447 ) Contributions from noncontrolling interests, net ​ — ​ — ​ — ​ — ​ — ​ — ​ ​ — ​ 20 ​ 20 Redeemable noncontrolling interests redemption value adjustment and total other comprehensive loss allocation ​ — ​ — ​ — ​ — ​ ( 6,560 ) ​ — ​ ​ 817 ​ — ​ ( 5,743 ) Total other comprehensive loss ​ — ​ — ​ — ​ — ​ — ​ — ​ ​ ( 3,828 ) ​ — ​ ( 3,828 ) Other comprehensive income attributable to noncontrolling interests ​ — ​ ​ — ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ ( 1,939 ) ​ ​ 1,939 ​ ​ — Other ​ — ​ ​ — ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 65 ​ ​ 65 BALANCE AS OF DECEMBER 31, 2024 ​ 84,500 ​ ​ 846 ​ — ​ ​ — ​ ​ 2,790,403 ​ ​ ( 997,283 ) ​ ​ 15,092 ​ ​ — ​ ​ 1,809,058 Net loss attributable to common shareholders ​ — ​ — ​ — ​ — ​ — ​ ( 139,063 ) ​ ​ — ​ — ​ ( 139,063 ) Issuance of Class B Common Shares ​ — ​ ​ — ​ 13,919 ​ ​ 139 ​ ​ ( 139 ) ​ ​ — ​ ​ — ​ ​ — ​ ​ — Redemption of OP Units for common shares ​ 1,763 ​ 19 ​ ( 274 ) ​ ( 3 ) ​ 31,342 ​ — ​ ​ — ​ — ​ 31,358 Common shares repurchased ​ ( 26,825 ) ​ ​ ( 269 ) ​ — ​ ​ — ​ ​ ( 443,385 ) ​ ​ — ​ ​ — ​ ​ — ​ ​ ( 443,654 ) Common shares issued pursuant to employee incentive compensation plan and ESPP ​ 89 ​ ​ — ​ — ​ ​ — ​ ​ 2,020 ​ ​ — ​ ​ — ​ ​ — ​ ​ 2,020 Dividends declared on common shares ( $0.70 per common share) ​ — ​ ​ — ​ — ​ ​ — ​ ​ — ​ ​ ( 44,064 ) ​ ​ — ​ ​ — ​ ​ ( 44,064 ) Redeemable noncontrolling interests redemption value adjustment and total other comprehensive loss allocation ​ — ​ — ​ — ​ — ​ ( 41,360 ) ​ — ​ ​ 3,763 ​ — ​ ( 37,597 ) Total other comprehensive loss ​ — ​ — ​ — ​ — ​ — ​ — ​ ​ ( 20,468 ) ​ — ​ ( 20,468 ) BALANCE AS OF DECEMBER 31, 2025 ​ 59,527 ​ $ 596 ​ 13,645 ​ $ 136 ​ $ 2,338,881 ​ $ ( 1,180,410 ) ​ $ ( 1,613 ) ​ $ — ​ $ 1,157,590 ​ See accompanying notes to the consolidated financial statements. ​ 67 Table of Contents JBG SMITH PROPERTIES Consolidated Statements of Cash Flows (In thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ ​ ​ 2025 ​ ​ ​ 2024 ​ ​ ​ 2023 OPERATING ACTIVITIES ​ ​ ​ ​ ​ ​ Net loss ​ $ ( 168,061 ) ​ $ ( 177,753 ) ​ $ ( 91,709 ) Adjustments to reconcile net loss to net cash provided by operating activities: ​ ​ ​ ​ ​ ​ Share-based compensation expense ​ 24,856 ​ 29,524 ​ 32,100 Depreciation and amortization expense, including amortization of deferred financing costs ​ 197,473 ​ 214,992 ​ 215,628 Deferred rent ​ ( 12,613 ) ​ ( 15,531 ) ​ ( 20,664 ) Loss from unconsolidated real estate ventures, net ​ 4,420 ​ 7,122 ​ 26,999 Amortization/accretion of market lease intangibles, net ​ 131 ​ 161 ​ ( 960 ) Amortization of lease incentives ​ 12,111 ​ 5,631 ​ 1,711 (Gain) loss on the extinguishment of debt, net ​ 5,053 ​ ( 9,235 ) ​ 450 Impairment loss ​ ​ 65,847 ​ ​ 55,427 ​ ​ 90,226 (Gain) loss on the sale of real estate, net ​ ( 46,633 ) ​ 2,753 ​ ( 79,335 ) Loss on operating lease and other receivables ​ 1,721 ​ 2,595 ​ 882 Income from investments, net ​ ​ ( 1,637 ) ​ ​ ( 3,358 ) ​ ​ ( 972 ) Return on capital from unconsolidated real estate ventures ​ 1,516 ​ 1,894 ​ 20,701 Other non-cash items ​ ( 952 ) ​ 5,806 ​ 10,818 Changes in operating assets and liabilities: ​ ​ ​ ​ ​ ​ Tenant and other receivables ​ ( 53 ) ​ 18,212 ​ 11,123 Other assets, net ​ ( 4,088 ) ​ ( 2,089 ) ​ ( 8,959 ) Accounts payable and accrued expenses ​ ( 4,788 ) ​ 606 ​ ( 11,255 ) Other liabilities, net ​ ( 1,046 ) ​ ( 7,364 ) ​ ( 13,412 ) Net cash provided by operating activities ​ 73,257 ​ 129,393 ​ 183,372 INVESTING ACTIVITIES ​ ​ ​ ​ ​ ​ Development costs, construction in progress and real estate additions ​ ( 122,272 ) ​ ( 218,029 ) ​ ( 333,744 ) Acquisition of real estate ​ ( 40,267 ) ​ — ​ ( 19,551 ) Proceeds from the sale of real estate ​ 545,185 ​ 202,024 ​ 281,525 Proceeds from derivative financial instruments ​ ​ 9,723 ​ ​ 8,230 ​ ​ 1,922 Payments on derivative financial instruments ​ ​ ( 12,960 ) ​ ​ ( 6,468 ) ​ ​ ( 9,830 ) Distributions of capital from unconsolidated real estate ventures and other investments ​ 3,588 ​ 164,562 ​ 10,503 Investments in unconsolidated real estate ventures and other investments ​ ( 25,682 ) ​ ( 6,164 ) ​ ( 29,004 ) Net cash provided by (used in) investing activities ​ 357,315 ​ 144,155 ​ ( 98,179 ) FINANCING ACTIVITIES ​ ​ ​ ​ ​ ​ Borrowings under mortgage loans ​ 283,172 ​ 187,895 ​ 345,140 Borrowings under revolving credit facility ​ 836,000 ​ 318,000 ​ 371,750 Borrowings under term loans ​ — ​ — ​ 170,000 Repayments of mortgage loans ​ ( 507,873 ) ​ ( 197,954 ) ​ ( 281,854 ) Repayments of revolving credit facility ​ ( 716,000 ) ​ ( 295,000 ) ​ ( 309,750 ) Proceeds from derivative financial instruments ​ ​ 7,835 ​ ​ — ​ ​ 9,600 Payments on derivative financial instruments ​ ​ ( 4,231 ) ​ ​ ( 5,796 ) ​ ​ ( 1,922 ) Debt issuance and modification costs ​ ( 5,207 ) ​ ( 5,096 ) ​ ( 17,579 ) Acquisition/redemption of noncontrolling interests ​ — ​ ( 49,409 ) ​ ​ ( 647 ) Proceeds from common shares issued pursuant to ESPP ​ 800 ​ 945 ​ 1,102 Common shares repurchased ​ ​ ( 443,654 ) ​ ​ ( 170,770 ) ​ ​ ( 335,313 ) Dividends paid to common shareholders ​ ( 48,434 ) ​ ( 62,007 ) ​ ( 94,002 ) Distributions to redeemable noncontrolling interests ​ ( 12,882 ) ​ ( 11,564 ) ​ ( 15,318 ) Proceeds from the sale of interest in consolidated real estate venture ​ ​ 100,000 ​ ​ — ​ ​ — Distributions to noncontrolling interests ​ ​ — ​ ​ ( 41 ) ​ ​ ( 32 ) Net cash used in financing activities ​ ( 510,474 ) ​ ( 290,797 ) ​ ( 158,825 ) ​ 68 Table of Contents JBG SMITH PROPERTIES Consolidated Statements of Cash Flows (In thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ ​ ​ 2025 ​ ​ ​ 2024 ​ ​ ​ 2023 Net decrease in cash and cash equivalents, and restricted cash ​ $ ( 79,902 ) ​ $ ( 17,249 ) ​ $ ( 73,632 ) Cash and cash equivalents, and restricted cash, beginning of period ​ 183,192 ​ 200,441 ​ ​ 274,073 Cash and cash equivalents, and restricted cash, end of period ​ $ 103,290 ​ $ 183,192 ​ $ 200,441 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ CASH AND CASH EQUIVALENTS, AND RESTRICTED CASH, END OF PERIOD ​ ​ ​ ​ Cash and cash equivalents ​ $ 75,270 ​ $ 145,804 ​ $ 164,773 Restricted cash ​ 28,020 ​ 37,388 ​ 35,668 Cash and cash equivalents, and restricted cash ​ $ 103,290 ​ $ 183,192 ​ $ 200,441 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ SUPPLEMENTAL DISCLOSURE OF CASH FLOW AND NON-CASH INFORMATION ​ ​ ​ ​ Cash paid for interest (net of capitalized interest of $ 4,507 , $ 10,383 and $ 17,357 in 2025, 2024 and 2023) ​ $ 128,281 ​ $ 116,342 ​ $ 88,755 Accrued capital expenditures ​ 34,868 ​ 38,610 ​ 63,136 Write-off of fully depreciated assets ​ 99,977 ​ 31,809 ​ 6,281 Cash paid for income taxes ​ 61 ​ 117 ​ 1,916 Accrued dividends to common shareholders ​ 10,417 ​ 14,788 ​ — Accrued distributions to redeemable noncontrolling interests ​ 2,707 ​ 2,823 ​ — Redemption of OP Units for common shares ​ 31,358 ​ 17,071 ​ 44,620 Redeemable noncontrolling interests redemption value adjustment ​ ​ 41,360 ​ ​ 6,560 ​ ​ ( 3,104 ) Recognition (derecognition) of operating lease right-of-use asset ​ ​ — ​ ​ ( 13,724 ) ​ ​ 61,443 Recognition (derecognition) of liabilities related to operating lease right-of-use asset ​ ​ — ​ ​ ( 13,724 ) ​ ​ 61,443 Cash paid for amounts included in the measurement of lease liabilities for operating leases ​ 6,617 ​ 9,639 ​ 5,178 ​ See accompanying notes to the consolidated financial statements . ​ 69 Table of Contents JBG SMITH PROPERTIES Notes to Consolidated Financial Statements 1. Organization and Basis of Presentation Organization JBG SMITH Properties ("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, D.C., most notably National Landing, where through our focus on placemaking, we cultivate vibrant, highly amenitized, walkable neighborhoods. Almost 80.0 % of our portfolio is in the National Landing submarket in Northern Virginia. 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 December 31, 2025, JBG SMITH, as its sole general partner, controlled JBG SMITH LP and owned 82.0 % 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. References to "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 (the "Fortress Assets"), 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. We were organized for the purpose of receiving, via the spin-off on July 17, 2017 (the "Separation"), substantially all the assets and liabilities of Vornado Realty Trust's Washington, D.C. segment. On July 18, 2017, we acquired the management business and certain assets and liabilities of The JBG Companies ("JBG") (the "Combination"). The Separation and the Combination are collectively referred to as the "Formation Transaction." As of December 31, 2025, our Operating Portfolio consisted of 39 operating assets comprising 15 multifamily assets totaling 6,519 units ( 6,333 units at our share), 22 commercial assets totaling 7.3 million square feet ( 6.9 million square feet at our share) and two wholly owned land assets for which we are the ground lessor. Additionally, our development pipeline, which consists of owned and entitled land on which we have the potential to commence construction subject to completion of design and/or market conditions, totaled 4.9 million square feet ( 3.6 million square feet at our share) of estimated potential development density. Our development pipeline excludes unentitled land parcels and land parcels controlled through an option agreement. We derive our revenue primarily from leases with multifamily and commercial tenants. Revenue under our multifamily leases is generally due on a monthly basis with terms of approximately one year or less, and may include income from utility recoveries, parking and other miscellaneous items. Our commercial leases include fixed and percentage rents, and reimbursements from tenants for certain expenses such as real estate taxes, property operating expenses, and repairs and maintenance. In addition, our third-party real estate services business provides fee-based real estate services. Only commercial leases with the U.S. federal government accounted for 10% or more of our total revenue as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ ​ ​ 2025 ​ ​ ​ 2024 ​ ​ ​ 2023 ​ ​ (Dollars in thousands) Rental revenue from the U.S. federal government ​ $ 56,899 ​ $ 64,958 ​ $ 64,439 ​ Percentage of total revenue ​ 11.4 % 11.9 % 10.7 % ​ 70 Table of Contents Basis of Presentation The accompanying consolidated financial statements and notes are prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP"). All intercompany transactions and balances have been eliminated. The accompanying consolidated financial statements include our accounts and those of our wholly owned subsidiaries, consolidated real estate ventures and consolidated variable interest entities ("VIEs"), including JBG SMITH LP. See Note 6 for additional information. 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 consolidated financial statements. 2. Summary of Significant Accounting Policies Use of Estimates The preparation of the consolidated financial statements in conformity with GAAP requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities, and the disclosure of contingent assets and liabilities as of the date of the consolidated financial statements and the reported amounts of revenue and expenses during the reporting periods. Actual results could differ from those estimates. Asset Acquisitions We account for asset acquisitions, which includes the consolidation of previously unconsolidated real estate ventures, at cost, including transaction costs, plus the fair value of any assumed debt. We estimate the fair values of acquired tangible assets (consisting of real estate, tenant and other receivables, and other assets, as applicable), identified intangible assets and liabilities (consisting of in-place leases and above- and below-market leases, as applicable), assumed debt and other liabilities, and noncontrolling interests, as applicable, based on our evaluation of information and estimates available at the date of acquisition. Based on these estimates, we allocate the purchase price, including all transaction costs related to the acquisition and any contingent consideration, to the identified assets acquired and liabilities assumed based on their relative fair value. The results of operations of acquisitions are prospectively included in our consolidated financial statements beginning with the date of the acquisition. The fair values of buildings are determined using the "as-if vacant" approach whereby we use discounted cash flow models with inputs and assumptions that we believe are consistent with current market conditions for similar assets. The most significant assumptions in determining the allocation of the purchase price to buildings are the exit capitalization rate, discount rate, estimated market rents and hypothetical expected lease-up periods, when applicable. We assess the fair value of land based on market comparisons and development projects using an income approach of cost plus a margin. The fair values of identified intangible assets and liabilities are determined based on the following: ● The value allocable to the above- or below-market component of an acquired in-place lease is determined based upon the present value (using a discount rate which reflects the risks associated with the acquired lease) of the difference between: (i) the contractual amounts to be received pursuant to the lease over its remaining term and (ii) management's estimate of the amounts that would be received using market rates over the remaining term of the lease. Amounts allocated to above-market leases are recorded as lease intangible assets in our consolidated balance sheets, and amounts allocated to below-market leases are recorded as lease intangible liabilities in other liabilities in our consolidated balance sheets. These intangibles are amortized to property rental revenue in our consolidated statements of operations over the remaining terms of the respective leases. ● Factors considered in determining the value allocable to in-place leases during hypothetical lease-up periods related to space that is leased at the time of acquisition include: (i) lost rent and operating cost recoveries during the hypothetical lease-up period and (ii) theoretical leasing commissions required to execute similar leases. These intangible assets are recorded as lease intangible assets in our consolidated balance sheets and are amortized to 71 Table of Contents depreciation and amortization expense in our consolidated statements of operations over the remaining term of the existing lease. Real Estate Real estate is carried at cost, net of accumulated depreciation. Repairs and maintenance are expensed as incurred and are included in property operating expenses in our consolidated statements of operations. Construction in progress, including land, is carried at cost, and no depreciation is recorded. All direct and indirect costs related to development activities, including redevelopment activities, are capitalized to the extent that we believe such costs are recoverable through the value of the property into construction in progress, including land in our consolidated balance sheets, except for certain demolition costs, which are expensed as incurred. Direct development costs incurred include: pre-development expenditures directly related to a specific project, development and construction costs, interest, insurance and real estate taxes. Indirect development costs include: employee salaries and benefits, travel and other related costs that are directly associated with the development. Our method of calculating capitalized interest expense is based upon applying our weighted average borrowing rate to the actual accumulated expenditures if the property does not have property specific debt. If the property is encumbered by specific debt, we will capitalize both the interest incurred applicable to that debt and additional interest expense using our weighted average borrowing rate for any accumulated expenditures in excess of the principal balance of the debt encumbering the property. The capitalization of such expenses ceases when the real estate is ready for its intended use, but no later than one-year from substantial completion of major construction activities at which point the costs associated with a property are allocated to its various components. Depreciation and amortization expense require an estimate of the useful life of each property and improvement. Depreciation and amortization expense are recognized on a straight-line basis over estimated useful lives, which range from three to 40 years . Tenant improvements are depreciated on a straight-line basis over the lives of the related leases, which approximate the useful lives of the tenant improvements. When assets are sold or retired, their costs and related accumulated depreciation are removed from the accounts with the resulting gains (losses) reflected in net income (loss) for the period. Our real estate and related intangible assets are reviewed for impairment whenever there are changes in circumstances or indicators that the carrying amount of the assets may not be recoverable. These indicators may include declining operating performance, below average occupancy, shortened anticipated holding periods, costs in excess of budgets for under-construction assets and other adverse changes. An impairment exists when the carrying amount of an asset exceeds the sum of the undiscounted cash flows expected to result from the use and eventual disposition of the asset. Estimates of future cash flows are based on our current plans, anticipated holding periods and available market information at the time the analyses are prepared. Longer anticipated holding periods for real estate assets directly reduce the likelihood of recording an impairment loss. An impairment loss is recognized if the carrying amount of the asset is not recoverable and is measured based on the excess of the property's carrying amount over its estimated fair value. Estimated fair values are calculated based on the following information in order of priority, dependent upon availability: (i) pending or executed agreements, (ii) market prices for comparable properties or (iii) the sum of discounted cash flows. If our estimates of future cash flows, anticipated holding periods, asset strategy or fair values change, based on market conditions, anticipated selling prices or other factors, our evaluation of impairment losses may be different and such differences could be material to our consolidated financial statements. Estimates of future cash flows are subjective and are based, in part, on assumptions regarding future occupancy, rental rates, capitalization and discount rates and capital requirements that could differ materially from actual results. Cash and Cash Equivalents Cash and cash equivalents consist of highly liquid investments with a purchase date life to maturity of three months or less and are carried at cost, which approximates fair value due to their short-term maturities. 72 Table of Contents Restricted Cash Restricted cash consists primarily of security deposits held on behalf of our tenants and cash escrowed under loan agreements for debt service, real estate taxes, property insurance, capital improvements and proceeds from property dispositions held in escrow, as applicable. Investments in Real Estate Ventures We analyze each real estate venture at acquisition, formation, after a change in the ownership agreement, after a change in the entity's economics or after any other reconsideration event to determine whether the entity is a VIE. An entity is a VIE because it is in the development stage and/or does not hold sufficient equity at risk, or conducts substantially all its operations on behalf of an investor with disproportionately few voting rights. If it is determined that an entity is a VIE in which we have a variable interest, we assess whether we are the primary beneficiary of the VIE to determine whether it should be consolidated. We will consolidate a VIE if we are the primary beneficiary of the VIE, which entails having the power to direct the activities that most significantly impact the VIE's economic performance. We are not the primary beneficiary of a VIE when we do not have voting control, lack the power to direct the activities that most significantly impact the entity's economic performance, or the limited partners (or non-managing members) have substantive participatory rights. If it is determined that the real estate venture is not a VIE, then the determination as to whether we consolidate is based on whether we have a controlling financial interest in the real estate venture, which is based on our voting interests and the degree of influence we have over the real estate venture. Management uses judgment when determining if we are the primary beneficiary of a VIE or have a controlling financial interest in a real estate venture determined not to be a VIE. Factors considered in determining whether we have the power to direct the activities that most significantly impact the entity's economic performance include voting rights, involvement in day-to-day capital and operating decisions, and the extent of our involvement in the entity. We use the equity method of accounting for investments in unconsolidated real estate ventures when we have significant influence but are not the primary beneficiary of a VIE or do not have a controlling financial interest in a real estate venture determined not to be a VIE. Significant influence is typically indicated through ownership of 20% or more of the voting interests. Under the equity method, we record our investments in these entities in investments in unconsolidated real estate ventures in our consolidated balance sheets, and our proportionate share of earnings (losses) is recognized in loss from unconsolidated real estate ventures in the accompanying consolidated statements of operations. We earn revenue from the management services we provide to unconsolidated real estate ventures. These fees are determined in accordance with the terms specific to each arrangement and may include property and asset management fees, or transactional fees for leasing, acquisition, development and construction, financing and legal services provided. We account for this revenue gross of our ownership interest in each respective real estate venture and recognize such revenue in third-party real estate services, including reimbursements in our consolidated statements of operations when earned. Our proportionate share of related expenses is recognized in loss from unconsolidated real estate ventures in our consolidated statements of operations. We may also earn incremental promote distributions if certain financial return benchmarks are achieved upon ultimate disposition of the underlying properties. Promote revenue is recognized when certain earnings events have occurred, and the amount of revenue is determinable and collectible. Any promote revenue is reflected in loss from unconsolidated real estate ventures in our consolidated statements of operations. In the event our investment in a real estate venture is reduced to zero, and we are not obligated to provide for additional losses, have not guaranteed its obligations or otherwise committed to providing financial support, we will discontinue the equity method of accounting until such point that our share of net income equals the share of net losses not recognized during the period the equity method was suspended. With regard to distributions from unconsolidated real estate ventures, we use the information that is available to us to determine the nature of the underlying activity that generated the distributions. Using the nature of distribution approach, cash flows generated from the operations of an unconsolidated real estate venture are classified as a return on investment (cash inflow from operating activities) and cash flows from property sales, debt refinancing or sales of our investments are classified as a return of investment (cash inflow from investing activities). 73 Table of Contents On a periodic basis, we evaluate our investments in unconsolidated real estate ventures for impairment. An investment in a real estate venture is considered impaired if we determine that its fair value is less than the net carrying value of the investment in that real estate venture on an other-than-temporary basis. Cash flow projections for the investments consider property level factors such as expected future operating income, trends and prospects, anticipated holding periods, as well as the effects of demand, competition and other factors. We consider various qualitative factors to determine if a decrease in the value of our investment is other-than-temporary. These factors include the age of the venture, our intent and ability to retain our investment in the real estate venture, financial condition and long-term prospects of the real estate venture and relationships with our partners and banks. If we believe that the decline in the fair value of the investment is temporary, no impairment loss is recorded. If our analysis indicates that there is an other-than temporary impairment related to the investment in a particular real estate venture, the carrying value of the venture will be adjusted to an amount that reflects the estimated fair value of the investment. We evaluate reconsideration events as we become aware of them. Reconsideration events include, among other criteria, amendments to real estate venture agreements or changes in the capital requirements of the real estate venture. A reconsideration event could cause us to consolidate an unconsolidated real estate venture or deconsolidate a consolidated entity. Intangibles Intangible assets primarily consist of: (i) in-place leases, below-market ground rent obligations, and above-market real estate leases that were recorded in connection with the acquisition of properties and (ii) options to enter into ground leases and management and leasing contracts that were acquired in the Combination. Intangible liabilities consist of above-market ground rent obligations and below-market real estate leases that are also recorded in connection with the acquisition of properties. Both intangible assets and liabilities are amortized and accreted using the straight-line method over their applicable remaining useful life. When a lease or contract is terminated early, any remaining unamortized or unaccreted balances are charged to earnings. The useful lives of intangible assets are evaluated each reporting period with any changes in estimated useful lives being accounted for over the revised remaining useful life. Intangible assets also include the wireless spectrum licenses we acquired. While the licenses are issued for ten years , as long as we act within the requirements and constraints of the regulatory authorities, the renewal and extension of these licenses is reasonably certain. Accordingly, we have concluded that the licenses are indefinite-lived intangible assets. Investments Investments in equity securities without readily determinable fair values are carried at cost. Investments in investment funds without readily determinable fair values that qualify for the net asset value ("NAV") practical expedient are carried at fair value based on their reported NAV. Investments in equity securities and investment funds are included in other assets in our consolidated balance sheets. Realized and unrealized gains (losses) are included in interest and other income in our consolidated statements of operations. Assets Held for Sale Assets, primarily consisting of real estate, are classified as held for sale when all the necessary criteria are met. The criteria include: (i) management, having the authority to approve action, commits to a plan to sell the property in its present condition, (ii) the sale of the property is at a price reasonable in relation to its current fair value and (iii) the sale is probable and expected to be completed within one year. Real estate held for sale is carried at the lower of carrying amounts or estimated fair value less disposal costs. Depreciation and amortization expense is not recognized on real estate classified as held for sale. Deferred Costs Deferred leasing costs include direct and incremental costs incurred in the successful negotiation of leases, including leasing commissions and other costs, which are deferred and amortized on a straight-line basis over the corresponding lease term. Unamortized leasing costs are charged to expense upon the early termination of the lease. 74 Table of Contents Deferred financing costs consist of loan issuance costs directly related to financing transactions that are deferred and amortized over the term of the related loan as a component of interest expense. Unamortized deferred financing costs related to our mortgage loans and term loans are presented as a direct deduction from the carrying amounts of the related debt instruments, while such costs related to our revolving credit facility are included in other assets. Noncontrolling Interests We identify our noncontrolling interests separately in our consolidated balance sheets. Amounts of consolidated net income (loss) attributable to redeemable noncontrolling interests and to the noncontrolling interests in consolidated subsidiaries are presented separately in our consolidated statements of operations. Redeemable Noncontrolling Interests - Redeemable noncontrolling interests primarily consist of OP Units issued in conjunction with the Formation Transaction and LTIP Units issued to employees, and our venture partner's interest in West Half. Redeemable noncontrolling interests related to our OP Units and LTIP Units that are convertible into OP Units are generally redeemable at the option of the holder for our common shares, or cash at our election, subject to certain limitations. Redeemable noncontrolling interests are presented in the mezzanine section between total liabilities and shareholders' equity in our consolidated balance sheets. The carrying amounts of redeemable noncontrolling interests are adjusted to their redemption value at the end of each reporting period, but no less than their initial carrying value, with such adjustments recognized in additional paid-in capital. See Note 13 for additional information. Noncontrolling Interests - Noncontrolling interests represents the portion of equity that we do not own in entities we consolidate, including interests in consolidated real estate ventures. Derivative Financial Instruments and Hedge Accounting Derivative financial instruments are used at times to manage exposure to variable interest rate risk. Derivative financial instruments are recognized as either assets or liabilities and are measured at fair value. The accounting for changes in the fair value of a derivative depends on the intended use of the derivative and the resulting designation. Cash flows and related gains (losses) associated with derivative financial instruments are classified as operating cash flows in our consolidated statements of cash flows, unless the derivative financial instrument contains an other-than-insignificant financing element at inception, in which case the related cash flows are reported as either cash flows from investing or financing activities depending on the derivative's off-market nature at inception. Derivative Financial Instruments Designated as Effective Hedges - Certain derivative financial instruments, consisting of interest rate swap and cap agreements, are cash flow hedges that are designated as effective hedges, and are carried at their estimated fair value on a recurring basis. We assess the effectiveness of our hedges both at inception and on an ongoing basis. If the hedges are deemed to be effective, the fair value is recorded in accumulated other comprehensive income (loss) in our consolidated balance sheets and is subsequently reclassified into interest expense in our consolidated statements of operations in the period that the hedged forecasted transactions affect earnings. Our hedges become less than perfectly effective if the critical terms of the hedging instrument and the forecasted transactions do not perfectly match such as notional amounts, settlement dates, reset dates, calculation period and interest rates. In addition, we evaluate the default risk of the counterparty by monitoring the creditworthiness of the counterparty. Derivative financial instruments and hedging activities require management to make judgments on the nature of its derivatives and their effectiveness as hedges. These judgments determine if the changes in fair value of the derivative instruments are reported in our consolidated statements of operations, or in our consolidated statements of comprehensive loss. Non-Designated Derivatives - Certain derivative financial instruments, consisting of interest rate cap agreements, are used to manage our exposure to interest rate movements, but do not meet the accounting requirements to be classified as hedging instruments. These derivatives are carried at their estimated fair value on a recurring basis with realized and unrealized gains (losses) recorded in interest expense in our consolidated statements of operations. 75 Table of Contents Fair Value of Assets and Liabilities Accounting Standards Codification ("ASC") 820 ("Topic 820"), Fair Value Measurement and Disclosures, defines fair value and establishes a framework for measuring fair value. The objective of fair value is to determine the price that would be received upon the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (the exit price). Topic 820 establishes a fair value hierarchy that prioritizes observable and unobservable inputs used to measure fair value into three levels: Level 1 — quoted prices (unadjusted) in active markets that are accessible at the measurement date for assets or liabilities; Level 2 — observable prices that are based on inputs not quoted in active markets, but corroborated by market data; and Level 3 — unobservable inputs that are used when little or no market data is available. The fair value hierarchy gives the highest priority to Level 1 inputs and the lowest priority to Level 3 inputs. In determining fair value, we utilize valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible as well as consider counterparty credit risk in our assessment of fair value. Investments that are valued using NAV as a practical expedient are excluded from the fair value hierarchy disclosures. Revenue Recognition We have leases with various tenants across our portfolio of properties, which generate rental income and operating cash flows for our benefit. Through these leases, we provide tenants with the right to control the use of our real estate, which tenants agree to use and control. The right to control our real estate conveys to our tenants substantially all of the economic benefits and the right to direct how and for what purpose the real estate is used throughout the period of use, thereby meeting the definition of a lease. Leases will be classified as either operating, sales-type or direct financing leases based on whether the lease is structured in effect as a financed purchase. Property rental revenue includes base rent each tenant pays in accordance with the terms of its respective lease and is reported on a straight-line basis over the non-cancellable term of the lease, which includes the effects of periodic step-ups in rent and rent abatements under the lease. When a renewal option is included within the lease, we assess whether the option is reasonably certain of being exercised against relevant economic factors to determine whether the option period should be included as part of the lease term. Further, property rental revenue includes tenant reimbursement revenue from the recovery of all or a portion of the real estate taxes, property operating expenses, and repairs and maintenance of the respective assets. Tenant reimbursements, which vary each period, are non-lease components that are not the predominant activity within the contract. We have elected the practical expedient that allows us to combine certain lease and non-lease components of our operating leases. Non-lease components are recognized together with fixed base rent in property rental revenue, as variable lease income in the same periods as the related expenses are incurred. Certain commercial leases may also provide for the payment by the lessee of additional rents based on a percentage of sales, which are recorded as variable lease income in the period the additional rents are earned. We commence rental revenue recognition when the tenant takes possession of the leased space or controls the physical use of the leased space and when the leased space is substantially ready for its intended use. In circumstances where we provide a tenant improvement allowance for improvements that are owned by the tenant, we recognize the allowance as a reduction of property rental revenue on a straight-line basis over the term of the lease commencing when the tenant takes possession of the space. Differences between rental revenue recognized and amounts due under the respective lease agreements are recorded as an increase or decrease to deferred rent receivable in our consolidated balance sheets. Property rental revenue also includes the amortization or accretion of acquired above- and below-market leases. We periodically evaluate the collectability of amounts due from tenants and recognize an adjustment to property rental revenue for accounts receivable and deferred rent receivable if we conclude it is not probable that we will collect substantially all of the remaining lease payments under the lease agreements. Any changes to the provision for lease revenue determined to be not probable of collection are included in property rental revenue in our consolidated statements of operations. We exercise judgment in assessing the probability of collection and consider payment history, current credit status and economic outlook in making this determination. 76 Table of Contents Third-party real estate services revenue, including reimbursements, includes property and asset management fees, and transactional fees for leasing, acquisition, development and construction, financing, and legal services which are earned from providing services to third-party property owners and our unconsolidated real estate ventures. These fees are determined in accordance with the terms specific to each arrangement and are recognized as the related services are performed. Third-Party Real Estate Services Expenses Third-party real estate services expenses include the costs associated with the management services provided to our unconsolidated real estate ventures and other third parties, including amounts paid to third-party contractors for construction projects that we manage. We allocate personnel and other overhead costs using estimates of the time spent performing services for our third-party real estate services and other allocation methodologies. Lessee Accounting We have, or have entered in the past, operating and financing leases, including ground leases on certain of our properties. When a renewal option is included within a lease, we assess whether the option is reasonably certain of being exercised against relevant economic factors to determine whether the option period should be included as part of the lease term. Lease payments associated with renewal periods that we are reasonably certain will be exercised are included in the measurement of the corresponding lease liability and right-of-use asset. Lease expense for our operating leases is recognized on a straight-line basis over the expected lease term and is included in our consolidated statements of operations in property operating expenses or general and administrative expenses, as applicable. Amortization of the right-of-use asset associated with a financing lease is recognized on a straight-line basis over the expected lease term and is included in our consolidated statements of operations in depreciation and amortization expense with the related interest on our outstanding lease liability included in interest expense. Certain lease agreements include variable lease payments that, in the future, will vary based on changes in inflationary measures, market rates or our share of expenditures of the leased premises. Such variable payments are recognized in lease expense in the period in which the variability is determined. Certain lease agreements may also include various non-lease components that primarily relate to property operating expenses associated with our office leases, which also vary each period. We have elected the practical expedient which allows us to combine lease and non-lease components for our ground and office leases and recognize variable non-lease components in lease expense when incurred. We discount our future lease payments for each lease to calculate the related lease liability using an estimated incremental borrowing rate computed based on observable corporate borrowing rates reflective of the general economic environment, taking into consideration our creditworthiness and various financing and asset specific considerations, adjusted to approximate a secured borrowing for the lease term. We made a policy election to forgo recording right-of-use assets and the related lease liabilities for leases with initial terms of 12 months or less. Income Taxes 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"). Under those sections, a REIT which distributes at least 90% of its REIT taxable income as dividends to its shareholders each year and which meets certain other conditions will not be taxed on that portion of its taxable income which is distributed to its shareholders. We currently adhere and intend to continue to adhere to these requirements and to maintain our REIT status in future periods. As a REIT, we can reduce our taxable income by distributing all or a portion of such taxable income to shareholders. Future distributions will be declared and paid at the discretion of the Board of Trustees and will depend upon cash generated by operating activities, our financial condition, capital requirements, annual dividend requirements under the REIT provisions of the Code and such other factors as our Board of Trustees deems relevant. We also participate in the activities conducted by our subsidiary entities that have elected to be treated as taxable REIT subsidiaries ("TRS") under the Code. As such, we are subject to federal, state, and local taxes on the income from these 77 Table of Contents activities. Income taxes attributable to our TRSs are accounted for under the asset and liability method. Under the asset and liability method, deferred income taxes arise from temporary differences between the tax basis of assets and liabilities and their reported amounts in our consolidated financial statements, which will result in taxable or deductible amounts in the future. We provide for a valuation allowance for deferred income tax assets if we believe all or some portion of the deferred tax asset may not be realized. Any increase or decrease in the valuation allowance that results from a change in circumstances that causes a change in the estimated ability to realize the related deferred tax asset is included in deferred tax benefit (expense). ASC 740 ("Topic 740"), Income Taxes, provides guidance for how uncertain tax positions should be recognized, measured, presented and disclosed in our consolidated financial statements. Topic 740 requires the evaluation of tax positions taken in the course of preparing our tax returns to determine whether the tax positions are "more-likely-than-not" of being sustained by the applicable tax authority. Tax benefits of positions not deemed to meet the more-likely-than-not threshold are recorded as a tax expense in the current year. Earnings (Loss) Per Common Share Basic earnings (loss) per common share is computed by dividing net income (loss) available to common shareholders by the weighted average common shares outstanding during the period. Unvested share-based compensation awards that entitle holders to receive non-forfeitable distributions are considered participating securities. Consequently, we are required to apply the two-class method of computing basic and diluted earnings (loss) that would otherwise have been available to common shareholders. Under the two-class method, earnings for the period are allocated between common shareholders and participating securities based on their respective rights to receive dividends. During periods of net loss, losses are allocated only to the extent the participating securities are required to absorb their share of such losses. Distributions to participating securities in excess of their allocated income (loss) are shown as a reduction to net income (loss) attributable to common shareholders. 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 Class B common shares ("Class B Shares") are excluded from the calculation of earnings (loss) per common share as they do not participate in profits or losses. Share-Based Compensation The fair value of share-based compensation awards granted to our trustees, management or employees is determined, depending on the type of award, using the Monte Carlo or Black-Scholes methods, which is intended to estimate the fair value of the awards at the grant date using dividend yields, expected volatilities that are primarily based on available implied data and peer group companies' historical data and post-vesting restriction periods. The risk-free interest rate is based on the U.S. Treasury yield curve in effect at the time of grant. The shortcut method is used for determining the expected life used in the valuation method. Compensation expense is based on the fair value of our common shares at the date of the grant and is recognized ratably over the vesting period using a graded vesting attribution model. Compensation expense for share-based compensation awards made to retirement eligible employees is recognized over a six-month period after the grant date or over the remaining period until they become retirement eligible. We account for forfeitures as they occur. Distributions paid on unvested OP Units and LTIP Units are recorded to redeemable noncontrolling interests in our consolidated balance sheets. Distributions paid on unvested Restricted Share Units ("RSUs") are recorded to additional paid-in capital in our consolidated balance sheets. Recent Accounting Pronouncements Standard Adopted Income Taxes In December 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2023-09, "Income Taxes (Topic 740): Improvements to Income Tax Disclosures." ASU 2023-09 modifies the rules on 78 Table of Contents income tax disclosures to require entities to disclose (i) specific categories in the rate reconciliation, (ii) the income (loss) from continuing operations before income tax expense or benefit (separated between domestic and foreign) and (iii) income tax expense or benefit from continuing operations (separated by federal, state and foreign). ASU 2023-09 also requires entities to disclose their income tax payments to international, federal, state and local jurisdictions, among other changes. In 2025, we adopted ASU 2023-09, which did not have an impact on our consolidated financial statements or disclosures. Standards Not Yet Adopted Interim Reporting In December 2025, the FASB issued ASU 2025-11, "Interim Reporting (Topic 270): Narrow-Scope Improvements." ASU 2025-11 improves the navigability of the required interim disclosures and clarifies when that guidance is applicable. The amendments also provide additional guidance on what disclosures should be provided in interim reporting periods. The guidance is effective for interim reporting periods within annual reporting periods beginning after December 15, 2027, with early adoption permitted. We are currently evaluating the potential impact of adopting this new guidance on our consolidated financial statements. Hedge Accounting In November 2025, the FASB issued ASU 2025-09, "Derivatives and Hedging (Topic 815): Hedge Accounting Improvements." ASU 2025-09 amends certain aspects of the hedge accounting guidance in ASC 815, Derivatives and Hedging, to provide targeted improvements intended to enhance the application of hedge accounting, including expanded eligibility of forecasted transactions, additional flexibility in measuring hedge effectiveness and clarifications related to hedging non-financial items. The guidance is effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods within those annual reporting periods, with early adoption permitted. The guidance should be applied on a prospective basis. While we are evaluating the potential impact of adopting this new guidance, we currently do not expect the adoption to have a material impact on our consolidated financial statements. Expense Disaggregation Disclosures In November 2024, the FASB issued ASU 2024-03, "Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses." ASU 2024-03 requires expanded interim and annual disclosures of certain expense information in the notes to the consolidated financial statements. The guidance is effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods within annual reporting periods beginning after December 15, 2027, with early adoption permitted. The guidance can be applied on a prospective or retrospective basis. We are currently evaluating the potential impact of adopting this new guidance on our consolidated financial statements. 3. Acquisitions, Dispositions and Assets Held for Sale Acquisitions In September 2025, we acquired the remaining 45.0 % interest in the unconsolidated real estate venture that owned 1101 17th Street, a 210,451 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 17th 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, for $ 42.3 million, exclusive of $ 413,000 of transaction costs that were capitalized as part of the acquisition. 79 Table of Contents During 2023, we paid the deferred purchase price of $ 19.6 million related to the 2020 acquisition of a development parcel, formerly the Americana hotel. Dispositions The following table summarizes disposition activity: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gain (Loss) ​ ​ ​ ​ ​ ​ Gross ​ Cash ​ on the Sale ​ ​ ​ ​ ​ ​ Sales ​ Proceeds ​ of Real Date Disposed ​ ​ ​ Assets ​ ​ ​ Segment ​ ​ ​ Price ​ ​ ​ from Sale ​ ​ ​ Estate ​ ​ ​ ​ ​ ​ (In thousands) Year Ended December 31, 2025 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ February 19, 2025 ​ 8001 Woodmont (1) ​ Multifamily ​ $ 194,000 ​ $ 188,779 ​ $ ( 840 ) June 20, 2025 ​ Development Parcel ​ Other ​ ​ 11,000 ​ ​ 10,355 ​ ​ ( 539 ) June 25, 2025 ​ WestEnd25 (2) ​ Multifamily ​ ​ 186,000 ​ ​ 181,098 ​ ​ 42,304 July 10, 2025 ​ The Batley ​ Multifamily ​ ​ 155,000 ​ ​ 150,053 ​ ​ ( 37 ) December 9, 2025 ​ Development Parcel ​ Other ​ ​ 8,000 ​ ​ 7,545 ​ ​ ( 393 ) ​ ​ Other (3) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 6,138 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 46,633 Year Ended December 31, 2024 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ January 22, 2024 ​ North End Retail ​ Multifamily ​ $ 14,250 ​ $ 12,410 ​ $ ( 1,200 ) September 17, 2024 ​ Fort Totten Square ​ Multifamily ​ ​ 86,800 ​ ​ 84,600 ​ ​ ( 5,352 ) December 19, 2024 ​ 2101 L Street (4) ​ Commercial ​ ​ 110,101 ​ ​ 105,014 ​ ​ — ​ ​ Other (5) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 3,799 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ ( 2,753 ) Year Ended December 31, 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 17, 2023 ​ Development Parcel ​ Other ​ $ 5,500 ​ $ 4,954 ​ $ ( 53 ) March 23, 2023 ​ 4747 Bethesda Avenue (6) ​ Commercial ​ ​ ​ ​ ​ ​ ​ ​ 40,053 September 20, 2023 ​ Falkland Chase-South & West and Falkland Chase-North ​ Multifamily ​ ​ 95,000 ​ ​ 93,094 ​ ​ 1,208 October 4, 2023 ​ 5 M Street Southwest ​ Other ​ ​ 29,500 ​ ​ 28,585 ​ ​ 430 November 30, 2023 ​ Crystal City Marriott ​ Commercial ​ ​ 80,000 ​ ​ 79,563 ​ ​ 37,051 December 5, 2023 ​ Capitol Point-North-75 New York Avenue ​ Other ​ ​ 11,516 ​ ​ 11,285 ​ ​ ( 23 ) ​ ​ Other (7) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 669 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 79,335 (1) In connection with the sale, we repaid the related $ 99.7 million mortgage loan. (2) 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 consolidated statement of operations for the year ended December 31, 2025. (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. (4) In connection with the sale, the lender of the related $ 120.9 million mortgage loan accepted the proceeds from the sale and $ 6.7 million of cash as repayment of the mortgage loan, resulting in a $ 9.2 million gain on the extinguishment of debt, which was included in "Gain (loss) on the extinguishment of debt, net" in our consolidated statement of operations for the year ended December 31, 2024. (5) Primarily related to the reversal of certain previously recorded contingent liabilities which were relieved in connection with the sale of Central Place Tower by one of our unconsolidated real estate ventures. See Note 5 for additional information. (6) We sold an 80.0 % interest in the asset for a gross sales price of $ 196.0 million, representing a gross valuation of $ 245.0 million. See Note 5 for additional information. (7) Related to prior period dispositions . ​ In February 2026, we sold a development parcel in Alexandria, Virginia, for $ 50.7 million . 80 Table of Contents Assets Held for Sale There were no assets held for sale as of December 31, 2025. The following table summarizes assets held for sale as of December 31, 2024 . ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Liabilities Related ​ ​ ​ ​ ​ ​ Number of ​ Assets Held ​ to Assets Held Assets ​ ​ ​ Segment ​ ​ ​ Location ​ ​ ​ Units ​ ​ ​ for Sale ​ ​ ​ for Sale ​ ​ ​ ​ ​ ​ ​ ​ ​ (In thousands) ​ ​ ​ 8001 Woodmont (1) ​ Multifamily ​ Bethesda, Maryland ​ 322 ​ $ 190,465 ​ $ 901 ​ (1) This asset was sold in February 2025. ​ 4. Tenant and Other Receivables The following table summarizes tenant and other receivables: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ ​ ​ 2025 ​ ​ ​ 2024 ​ ​ (In thousands) Tenants ​ $ 12,151 ​ $ 13,483 Third-party real estate services ​ 7,590 ​ 6,246 Other ​ 2,069 ​ 3,749 Total tenant and other receivables ​ $ 21,810 ​ $ 23,478 ​ ​ 5. Investments in Unconsolidated Real Estate Ventures The following table summarizes the composition of our investments in unconsolidated real estate ventures: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Effective ​ ​ ​ ​ ​ ​ ​ ​ Ownership ​ December 31, Real Estate Venture ​ ​ ​ Interest (1) ​ ​ ​ 2025 ​ ​ ​ 2024 ​ ​ ​ ​ (In thousands) J.P. Morgan Global Alternatives ("J.P. Morgan") (2) ​ 50.0 % ​ $ 71,550 ​ $ 74,188 Dulles View Venture ​ 60.0 % ​ ​ 18,536 ​ ​ — 4747 Bethesda Venture (3) ​ 20.0 % ​ ​ 8,085 ​ ​ 10,813 Brandywine Realty Trust 30.0 % ​ 6,968 ​ 6,954 Other ​ ​ 572 ​ ​ 1,699 Total investments in unconsolidated real estate ventures (4) (5) ​ ​ ​ $ 105,711 ​ $ 93,654 (1) Reflects our effective ownership interests as of December 31, 2025. We have multiple investments with certain venture partners in the underlying real estate. (2) J.P. Morgan is the advisor for an institutional investor. (3) In March 2023, we sold an 80.0 % interest in 4747 Bethesda Avenue to 4747 Bethesda Venture for a gross sales price of $ 196.0 million, representing a gross valuation of $ 245.0 million. In connection with the transaction, the real estate venture assumed the related $ 175.0 million mortgage loan. (4) Excludes our 10.0 % subordinated interest in one commercial building and the Fortress Assets. See Note 1 for more information. 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 17th Street, which was consolidated as of the date of acquisition. See Note 3 for additional information. 81 Table of Contents (5) As of December 31, 2025 and 2024, our total investments in unconsolidated real estate ventures were greater than our share of the net book value of the underlying assets by $ 2.0 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 $ 10.9 million, $ 16.3 million and $ 21.7 million for each of the three years in the period ended December 31, 2025. The following table summarizes disposition activity by our unconsolidated real estate ventures: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Mortgage ​ Proportionate ​ ​ ​ ​ ​ ​ Gross ​ Loans ​ Share of ​ ​ ​ ​ Ownership ​ Sales ​ Repaid by ​ Aggregate Date Disposed ​ ​ ​ Assets ​ Percentage ​ ​ ​ Price ​ Venture ​ Gain (Loss) (1) ​ ​ ​ ​ ​ ​ (Dollars in thousands) Year Ended December 31, 2025 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ November 25, 2025 ​ Development Parcel ​ 2.5 % ​ $ 13,000 ​ $ — ​ $ 93 ​ ​ Other (2) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 1,500 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 1,593 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, 2024 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ February 13, 2024 ​ Central Place Tower (3) ​ 50.0 % ​ $ 325,000 ​ $ — ​ $ 480 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ August 24, 2023 ​ Stonebridge at Potomac Town Center ​ 10.0 % ​ $ 172,500 ​ $ 79,600 ​ $ 641 November 14, 2023 ​ Rosslyn Gateway ​ 18.0 % ​ ​ 52,000 ​ ​ 44,844 ​ ​ ( 230 ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 411 (1) Included in "Loss from unconsolidated real estate ventures, net" in our consolidated statements of operations. (2) Related to a prior year disposition. (3) We also recognized $ 3.8 million related to certain previously recorded contingent liabilities, which were relieved in connection with the sale of Central Place Tower and included in "Gain (loss) on the sale of real estate, net" in our consolidated statement of operations for the year ended December 31, 2024. Dulles View Venture In December 2025, we acquired Dulles View, a 354,378 square-foot asset 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. The following table summarizes the debt of our unconsolidated real estate ventures: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ ​ ​ ​ ​ Average Effective ​ December 31, ​ ​ ​ ​ Interest Rate (1) ​ ​ ​ 2025 ​ ​ ​ 2024 ​ ​ ​ ​ (In thousands) Variable rate (2) 5.04 % ​ $ 175,000 ​ $ 175,000 Fixed rate (3) — ​ — ​ 60,000 Mortgage loans ​ ​ ​ 175,000 ​ 235,000 Unamortized deferred financing costs and premium / discount, net ​ ​ ​ ( 3,084 ) ​ ( 5,795 ) Mortgage loans, net (4) ​ ​ ​ $ 171,916 ​ $ 229,205 (1) Weighted average effective interest rate as of December 31, 2025. (2) Includes variable rate mortgage loans with interest rate cap agreements. 82 Table of Contents (3) Includes variable rate mortgage loans with interest rates fixed by interest rate swap agreements. 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 17th Street. See Note 3 for additional information. (4) Excludes mortgage loans related to the Fortress Assets. See Note 21 for additional information on guarantees of the debt of our unconsolidated real estate ventures. The following tables summarize the financial information for our unconsolidated real estate ventures: ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ ​ ​ 2025 ​ ​ ​ 2024 ​ (In thousands) Combined balance sheet information: (1) ​ ​ ​ ​ ​ ​ Real estate, net ​ $ 374,760 ​ $ 424,170 Other assets, net ​ 56,566 ​ 64,478 Total assets ​ $ 431,326 ​ $ 488,648 ​ ​ ​ ​ ​ ​ ​ Mortgage loans, net ​ $ 171,916 ​ $ 229,205 Other liabilities, net ​ 22,303 ​ 27,019 Total liabilities ​ 194,219 ​ 256,224 Total equity ​ 237,107 ​ 232,424 Total liabilities and equity ​ $ 431,326 ​ $ 488,648 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ ​ ​ 2025 ​ ​ ​ 2024 ​ ​ ​ 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ Combined income statement information: (1) (2) ​ ​ ​ ​ ​ ​ ​ ​ ​ Total revenue ​ $ 30,615 ​ $ 37,219 ​ $ 85,280 Operating income (loss) (3) (4) ​ ( 9,006 ) ​ ( 14,195 ) ​ ( 62,668 ) Net loss (3) (4) ​ ( 24,033 ) ​ ( 30,041 ) ​ ( 85,551 ) (1) Excludes amounts related to one commercial building in which we have a 10.0 % subordinated interest and the Fortress Assets. (2) Excludes amounts related to the L'Enfant Plaza assets as we discontinued applying the equity method of accounting in 2022. In October 2024, the lender foreclosed on the mortgage loan secured by the L’Enfant Plaza assets and took possession of the properties. Excludes combined income statement information for 2024 and the fourth quarter of 2023 related to The Foundry as we discontinued applying the equity method of accounting in 2023. In April 2024, the lender foreclosed on the mortgage loan secured by The Foundry and took possession of the property. (3) Includes the gain from the sale of various assets totaling $ 2.8 million, $ 894,000 and $ 3.0 million for each of the three years in the period ended December 31, 2025. (4) Includes impairment losses of $ 15.2 million, $ 22.5 million and $ 80.7 million for each of the three years in the period ended December 31, 2025. Our portion of impairment losses totaling $ 3.2 million, $ 6.7 million and $ 28.6 million were included in "Loss from unconsolidated real estate ventures, net" in our consolidated statements of operations for each of the three years in the period ended December 31, 2025. 6. Variable Interest Entities Unconsolidated VIEs As of December 31, 2025 and 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 December 31, 2025 and 2024, the net carrying amounts of our investment in these entities were $ 79.0 million and $ 82.0 million, which were included in "Investments in unconsolidated real estate ventures" in our consolidated balance sheets. Our equity in the income of unconsolidated VIEs was included in "Loss from unconsolidated real estate ventures, net" in our consolidated 83 Table of Contents statements of operations. Our maximum loss exposure in these entities is limited to our investments, construction commitments and debt guarantees. See Note 21 for additional information. Consolidated VIEs JBG SMITH LP is our most significant consolidated VIE. We hold 82.0 % of the limited partnership interest in JBG SMITH LP, act as the general partner and exercise full responsibility, discretion and control over its day-to-day management. The noncontrolling interests of JBG SMITH LP do not have substantive liquidation rights, substantive kick-out rights without cause or substantive participating rights that could be exercised by a simple majority of noncontrolling interest limited partners (including by such a limited partner unilaterally). Because the noncontrolling interest holders do not have these rights, JBG SMITH LP is a VIE. As general partner, we have the power to direct the activities of JBG SMITH LP that most significantly affect its economic performance, and through our majority interest, we have both the right to receive benefits from and the obligation to absorb losses of JBG SMITH LP. Accordingly, we are the primary beneficiary of JBG SMITH LP and consolidate it in our financial statements. Because we conduct our business through JBG SMITH LP, its total assets and liabilities comprise substantially all of our consolidated assets and liabilities. 7. Deferred Leasing Costs, Net The following table summarizes the deferred leasing costs, net: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ ​ ​ 2025 ​ ​ ​ 2024 ​ ​ (In thousands) Deferred leasing costs ​ $ 156,097 ​ $ 161,406 Accumulated amortization ​ ( 89,741 ) ​ ( 91,585 ) Deferred leasing costs, net ​ $ 66,356 ​ $ 69,821 ​ ​ 8. Intangible Assets, Net The following table summarizes the intangible assets, net: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2025 ​ December 31, 2024 ​ ​ ​ ​ Gross ​ ​ ​ Accumulated Amortization ​ Net ​ Gross ​ ​ ​ Accumulated Amortization ​ Net ​ ​ (In thousands) Lease intangible assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ In-place leases ​ $ 14,289 ​ $ ( 8,061 ) ​ $ 6,228 ​ $ 7,799 ​ $ ( 6,330 ) ​ $ 1,469 Above-market real estate leases ​ 2,701 ​ ( 981 ) ​ 1,720 ​ 528 ​ ( 481 ) ​ 47 ​ ​ ​ 16,990 ​ ​ ( 9,042 ) ​ ​ 7,948 ​ ​ 8,327 ​ ​ ( 6,811 ) ​ ​ 1,516 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Other identified intangible assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Wireless spectrum licenses (1) ​ ​ 5,000 ​ ​ — ​ ​ 5,000 ​ ​ 25,780 ​ ​ — ​ ​ 25,780 Option to enter into ground lease ​ ​ 17,090 ​ ​ — ​ ​ 17,090 ​ ​ 17,090 ​ ​ — ​ ​ 17,090 Management and leasing contracts ​ 2,800 ​ ( 2,505 ) ​ 295 ​ 43,600 ​ ( 40,986 ) ​ 2,614 ​ ​ ​ 24,890 ​ ​ ( 2,505 ) ​ ​ 22,385 ​ ​ 86,470 ​ ​ ( 40,986 ) ​ ​ 45,484 Total intangible assets, net ​ $ 41,880 ​ $ ( 11,547 ) ​ $ 30,333 ​ $ 94,797 ​ $ ( 47,797 ) ​ $ 47,000 (1) During the year ended December 31, 2025, we recognized an impairment loss of $ 20.8 million, which was included in "Impairment loss" in our consolidated statement of operations. ​ 84 Table of Contents The following table summarizes amortization expense related to lease and other identified intangible assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ ​ ​ 2025 ​ ​ ​ 2024 ​ ​ ​ 2023 ​ ​ (In thousands) In-place lease amortization (1) ​ $ 1,770 ​ $ 1,350 ​ $ 4,972 Above-market real estate lease amortization (2) ​ 499 ​ 569 ​ 720 Management and leasing contract amortization (1) ​ 2,319 ​ 5,499 ​ 5,590 Total amortization expense related to lease and other identified intangible assets ​ $ 4,588 ​ $ 7,418 ​ $ 11,282 (1) Amounts are included in "Depreciation and amortization expense" in our consolidated statements of operations. (2) Amounts are included in "Property rental revenue" in our consolidated statements of operations. The following table summarizes the estimated amortization related to lease and other identified intangible assets for the next five years and thereafter as of December 31, 2025: ​ ​ ​ ​ Year ending December 31, ​ ​ ​ Amount ​ ​ (In thousands) 2026 ​ $ 3,231 2027 ​ 2,093 2028 ​ 935 2029 ​ 700 2030 ​ 502 Thereafter ​ 782 Total (1) ​ $ 8,243 (1) Estimated amortization related to the option to enter into ground lease is excluded from the table above as the ground lease does not have a definite start date . Additionally, the wireless spectrum licenses are excluded from the table above as they are indefinite-lived intangible assets. 9. Other Assets, Net The following table summarizes other assets, net: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ ​ ​ 2025 ​ ​ ​ 2024 ​ ​ (In thousands) Prepaid expenses ​ $ 9,648 ​ $ 10,834 Derivative financial instruments, at fair value ​ ​ 13,094 ​ ​ 25,682 Deferred financing costs, net ​ 4,362 ​ 7,280 Operating lease right-of-use assets ​ ​ 41,491 ​ ​ 44,034 Investments in funds (1) ​ ​ 30,555 ​ ​ 27,665 Other investments (2) ​ ​ 13,828 ​ ​ 11,343 Other ​ 4,309 ​ 4,480 Total other assets, net ​ $ 117,287 ​ $ 131,318 (1) Consists of investments in real estate-focused technology companies which are recorded at their fair value based on their reported net asset value. The following table summarizes unrealized and realized gains (losses), which were included in "Interest and other income, net" in our consolidated statements of operations: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ ​ ​ 2025 ​ ​ ​ 2024 ​ 2023 ​ ​ (In thousands) Unrealized gains ​ $ 1,504 ​ $ 4,848 ​ $ 1,254 Realized gains (losses) ​ ​ 425 ​ ​ ( 1,328 ) ​ ​ ( 758 ) 85 Table of Contents ​ (2) Primarily consists of equity investments in the Washington Housing Initiative ("WHI") Impact Pool and the LEO Impact Housing Fund. See Note 22 for additional information. 10. Debt Mortgage Loans The following table summarizes mortgage loans: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted Average ​ ​ ​ ​ ​ ​ ​ ​ Effective ​ December 31, ​ ​ ​ Interest Rate (1) ​ 2025 ​ ​ 2024 ​ ​ ​ ​ (In thousands) Variable rate (2) 5.19 % ​ $ 600,899 ​ $ 587,254 Fixed rate (3) 5.17 % ​ 1,020,690 ​ 1,196,479 Mortgage loans ​ ​ ​ 1,621,589 ​ 1,783,733 Unamortized deferred financing costs and premium / discount, net (4) ​ ​ ​ ( 42,431 ) ​ ( 16,560 ) Mortgage loans, net ​ ​ ​ $ 1,579,158 ​ $ 1,767,173 (1) Weighted average effective interest rate as of December 31, 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 3.18 % , and the weighted average maturity date of the interest rate caps is the fourth quarter of 2026. The interest rate cap strike is exclusive of the credit spreads associated with the mortgage loans. As of December 31, 2025, one-month term Secured Overnight Financing Rate ("SOFR") was 3.69 % . (3) Includes variable rate mortgage loans with interest rates fixed by interest rate swap agreements . (4) As of December 31, 2025, includes a discount of $ 29.6 million related to the mortgage loan assumed in connection with the acquisition of 1101 17th Street. See Note 3 for additional information. As of December 31, 2025 and 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. In September 2025, in connection with the acquisition of the remaining 45.0 % interest in the unconsolidated real estate venture that owned 1101 17th 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. In November 2024, the mortgage loan collateralized by The Grace and Reva was refinanced with a five-year interest-only $ 273.6 million mortgage loan with a fixed interest rate of 5.19 %. In June 2025, in connection with the sale of WestEnd25, we repaid the related $ 97.5 million mortgage loan. In February 2025, in connection with the sale of 8001 Woodmont, we repaid the related $ 99.7 million mortgage loan. In December 2024, in connection with the sale of 2101 L Street, the lender of the related $ 120.9 million mortgage loan accepted the proceeds from the sale and $ 6.7 million of cash as repayment of the mortgage loan, resulting in a $ 9.2 million gain on the extinguishment of debt, which was included in "Gain (loss) on the extinguishment of debt, net" in our consolidated statement of operations for the year ended December 31, 2024. In September 2024, we repaid the $ 83.3 million mortgage loan collateralized by 201 12th Street S., 200 12th Street S., and 251 18th Street S. In June 2023, we repaid $ 142.4 million in mortgage loans collateralized by Falkland Chase-South & West and 800 North Glebe Road. As of December 31, 2025 and 2024, we had various interest rate swap and cap agreements on certain of our mortgage loans with an aggregate notional value of $ 756.0 million and $ 1.4 billion. See Note 19 for additional information. 86 Table of Contents Revolving Credit Facility and Term Loans As of December 31, 2025 and 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 2027, as extended 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. We have the option to increase the $ 750.0 million revolving credit facility or add term loans up to $ 500.0 million. The revolving credit facility has two six-month extension options. Based on the terms as of December 31, 2025, the interest rate for the credit facility varies based on a ratio of our total outstanding indebtedness to a valuation of certain real property and assets, and ranges (i) in the case of the revolving credit facility, from daily SOFR plus 1.40 % to daily SOFR plus 1.85 %, (ii) in the case of the Tranche A-1 Term Loan, from one-month term SOFR plus 1.15 % to one-month term SOFR plus 1.75 %, (iii) in the case of the Tranche A-2 Term Loan, from one-month term SOFR plus 1.25 % to one-month term SOFR plus 1.80 % and (iv) in the case of the 2023 Term Loan, from one-month term SOFR plus 1.25 % to one-month term SOFR plus 1.80 %. The agreements for our unsecured revolving credit facility and term loans include customary restrictive covenants, that, among other things, restrict our ability to incur additional indebtedness, to engage in material asset sales, mergers, consolidations and acquisitions, and in certain circumstances, to pay dividends, make distributions and repurchase common shares, and also include requirements to maintain financial ratios. 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 table summarizes amounts outstanding under the revolving credit facility and term loans: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Effective ​ December 31, ​ ​ ​ ​ Interest Rate (1) ​ 2025 ​ ​ ​ 2024 ​ ​ ​ ​ (In thousands) Revolving credit facility (2) (3) 5.46 % ​ $ 205,000 ​ $ 85,000 ​ ​ ​ ​ ​ ​ ​ ​ ​ Tranche A-1 Term Loan (4) 5.44 % ​ $ 200,000 ​ $ 200,000 Tranche A-2 Term Loan (5) 4.30 % ​ 400,000 ​ 400,000 2023 Term Loan (6) ​ 5.51 % ​ ​ 120,000 ​ ​ 120,000 Term loans ​ ​ 720,000 ​ 720,000 Unamortized deferred financing costs, net ​ ​ ( 1,592 ) ​ ( 2,147 ) Term loans, net ​ ​ $ 718,408 ​ $ 717,853 (1) Effective interest rate as of December 31, 2025. The interest rate for the revolving credit facility excludes a 0.20 % facility fee. (2) As of December 31, 2025, daily SOFR was 3.87 % . As of December 31, 2025 and 2024, letters of credit with an aggregate face amount of $ 4.8 million and $ 15.2 million were outstanding under our revolving credit facility. (3) As of December 31, 2025 and 2024, excludes $ 4.4 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 consolidated 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. (5) The interest rate swaps fix SOFR at a weighted average interest rate of 2.81 % through the maturity date . (6) The interest rate swap fixes SOFR at an interest rate of 4.01 % through the maturity date . 87 Table of Contents Principal Maturities The following table summarizes principal maturities of outstanding debt, including mortgage loans, the revolving credit facility and the term loans, as of December 31, 2025: ​ ​ ​ ​ Year ending December 31, ​ ​ ​ Amount ​ ​ (In thousands) 2026 ​ $ 170,820 2027 ​ 676,303 2028 ​ 610,147 2029 ​ 278,987 2030 ​ 810,332 Total ​ $ 2,546,589 ​ ​ ​ 11. Other Liabilities, Net The following table summarizes other liabilities, net: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ ​ ​ 2025 ​ ​ ​ 2024 ​ ​ (In thousands) Lease intangible liabilities ​ $ 3,871 ​ $ 2,996 Accumulated amortization ​ ( 2,082 ) ​ ( 1,713 ) Lease intangible liabilities, net ​ $ 1,789 ​ $ 1,283 Lease incentive liabilities ​ 8,333 ​ 2,590 Liabilities related to operating lease right-of-use assets ​ 40,764 ​ 44,430 Prepaid rent ​ 13,936 ​ 12,978 Security deposits ​ 13,135 ​ 11,167 Environmental liabilities ​ 17,468 ​ 17,468 Deferred tax liability, net ​ — ​ 3,917 Dividends payable ​ 13,124 ​ 17,611 Derivative financial instruments, at fair value ​ 12,350 ​ 2,395 Accrual for loss contingencies ​ ​ 2,500 ​ ​ — Other ​ 8,546 ​ 1,988 Total other liabilities, net ​ $ 131,945 ​ $ 115,827 ​ Amortization revenue included in "Property rental revenue" in our consolidated statements of operations related to lease intangible liabilities for each of the three years in the period ended December 31, 2025 was $ 369,000 , $ 408,000 and $ 1.7 million. The following table summarizes the estimated amortization of lease intangible liabilities for the next five years and thereafter as of December 31, 2025: ​ ​ ​ ​ ​ Year ending December 31, ​ ​ ​ Amount ​ ​ (In thousands) 2026 ​ $ 340 2027 ​ 222 2028 ​ 192 2029 ​ 187 2030 ​ 187 Thereafter ​ 661 Total ​ $ 1,789 ​ 88 Table of Contents ​ 12. Income Taxes We have elected to be taxed as a REIT. As a REIT, we generally will not be subject to federal income tax to the extent such income is distributed to our shareholders annually. The REIT may be subject to federal excise taxes if we engage in certain types of transactions. Continued qualification as a REIT depends on our ability to satisfy the REIT distribution tests, stock ownership requirements and various other qualification tests. We also participate in the activities conducted by our subsidiary entities that have elected to be treated as TRSs under the Code. For each of the three years in the period ended December 31, 2025, we qualified as a REIT and accordingly, we have incurred no federal income tax expense related to our REIT subsidiaries except for our TRSs, which are subject to federal, state and local income taxes on their taxable income. The net basis of our assets and liabilities for tax reporting purposes is approximately $ 878.8 million higher than the amounts reported in our consolidated balance sheet as of December 31, 2025. We are subject to federal, state and local income tax examinations by taxing authorities for the tax years ending in 2022 through 2025. The following table summarizes our income tax (expense) benefit: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ ​ ​ 2025 ​ ​ ​ 2024 ​ ​ ​ 2023 ​ ​ (In thousands) Current tax expense ​ $ ( 86 ) ​ $ ( 171 ) ​ $ ( 1,282 ) Deferred tax (expense) benefit ​ 3,916 ​ ( 591 ) ​ 1,578 Income tax (expense) benefit ​ $ 3,830 ​ $ ( 762 ) ​ $ 296 ​ The following table summarizes our deferred tax assets and liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ ​ ​ 2025 ​ ​ ​ 2024 ​ ​ (In thousands) Total deferred tax assets ​ $ 5,763 ​ $ 2,396 Valuation allowance ​ ( 2,913 ) ​ ( 1,531 ) Total deferred tax assets, net of valuation allowance ​ 2,850 ​ 865 Total deferred tax liabilities ​ ( 2,850 ) ​ ( 4,782 ) Net deferred tax asset (liability) ​ $ — ​ $ ( 3,917 ) ​ The deferred tax assets and liabilities are primarily related to basis differences in intangible assets and other investments, charitable contributions, general and administrative expenses and net operating losses. The following table summarizes the tax status of dividends declared: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ ​ ​ 2025 ​ ​ ​ 2024 ​ 2023 Capital gain distributions ​ $ 0.429 ​ $ 0.143 ​ $ 0.540 Non-dividend distributions ​ ​ 0.096 ​ ​ 0.192 ​ ​ — Ordinary income (1) ​ ​ — ​ ​ 0.540 ​ ​ 0.135 To be determined in the following year ​ ​ 0.175 ​ ​ — ​ ​ — Dividends declared ​ $ 0.700 ​ $ 0.875 ​ $ 0.675 (1) Includes $ 0.168 of qualified dividends for the year ended December 31, 2024 . ​ ​ ​ 89 Table of Contents 13. Redeemable Noncontrolling Interests JBG SMITH LP OP Units held by persons other than JBG SMITH are redeemable for cash or, at our election, our common shares, subject to certain limitations. Vested LTIP Units are redeemable into OP Units. During the years ended December 31, 2025 and 2024, unitholders redeemed 1.8 million and 1.0 million OP Units, which we elected to redeem for an equivalent number of our common shares. As of December 31, 2025, outstanding OP Units and redeemable LTIP Units totaled 13.1 million, representing an 18.0 % 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 consolidated balance sheets. Redemption value per OP Unit is equivalent to the market value of one of our common shares at the end of the period. 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 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: (i) operating distributions are made in accordance with ownership percentages and liquidity event distributions are made pursuant to a waterfall structure whereby our venture partner is entitled to a priority return; (ii) we are required to fund all cash flow deficits; (iii) we have the right to cause a sale of the property as long as the proceeds from the sale are sufficient to cover our venture partner’s interest and required return; and (iv) our venture partner has the right, but not the obligation, to cause a sale of the property after the second-year anniversary of closing upon which we can either acquire our venture partner’s interest or market the asset for sale. 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 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 consolidated balance sheets. The following table summarizes the activity of redeemable noncontrolling interests: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ 2025 ​ 2024 ​ ​ ​ ​ Consolidated ​ ​ ​ ​ ​ ​ ​ JBG ​ Real Estate ​ ​ ​ ​ JBG ​ SMITH LP ​ ​ Venture ​ ​ Total ​ ​ SMITH LP ​ (In thousands) Balance, beginning of period $ 423,632 ​ $ — ​ $ 423,632 ​ $ 440,737 Redemptions ( 31,358 ) ​ — ​ ( 31,358 ) ​ ( 17,071 ) LTIP Units issued in lieu of cash compensation (1) 3,048 ​ — ​ 3,048 ​ 3,835 Net loss ( 28,680 ) ​ ( 318 ) ​ ( 28,998 ) ​ ( 22,202 ) Other comprehensive loss ( 3,763 ) ​ — ​ ( 3,763 ) ​ ( 817 ) Contributions (distributions), net ( 11,251 ) ​ 98,486 ​ 87,235 ​ ( 14,386 ) Share-based compensation expense 20,186 ​ — ​ 20,186 ​ 26,976 Adjustment to redemption value 26,017 ​ 15,343 ​ 41,360 ​ 6,560 Balance, end of period $ 397,831 ​ $ 113,511 ​ $ 511,342 ​ $ 423,632 (1) See Note 15 for additional information . ​ ​ ​ 90 Table of Contents 14. Property Rental Revenue The following table summarizes property rental revenue from our non-cancellable leases: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ 2025 ​ ​ ​ 2024 ​ 2023 ​ (In thousands) Fixed $ 385,931 ​ $ 422,784 ​ $ 436,933 Variable ​ 30,870 ​ ​ 34,166 ​ ​ 46,226 Property rental revenue $ 416,801 ​ $ 456,950 ​ $ 483,159 ​ As of December 31, 2025, the amounts that are contractually due from lease payments under our operating leases on an annual basis for the next five years and thereafter are as follows: ​ ​ ​ ​ ​ Year ending December 31, ​ ​ ​ Amount ​ ​ (In thousands) 2026 ​ $ 288,788 2027 ​ 192,500 2028 ​ 166,871 2029 ​ 147,564 2030 ​ 136,744 Thereafter ​ ​ 1,653,796 ​ ​ $ 2,586,263 ​ ​ 15. Share-Based Payments and Employee Benefits JBG SMITH 2017 Omnibus Share Plan On June 23, 2017, our Board of Trustees adopted the JBG SMITH 2017 Omnibus Share Plan (the "Plan"), effective as of July 17, 2017, and authorized the reservation of 10.3 million common shares pursuant to the Plan. In April 2021, our shareholders approved an amendment to the Plan to increase the common shares reserved for issuance under the Plan by 8.0 million common shares, and in April 2024, our shareholders approved an amendment to the Plan to increase the common shares reserved for issuance under the Plan by 7.5 million common shares to 25.8 million total common shares. As of December 31, 2025, there were 8.0 million common shares available for issuance under the Plan. Time-Based LTIP Units and LTIP Units During each of the three years in the period ended December 31, 2025, we granted to certain employees 739,391 , 974,140 and 979,138 LTIP Units with time-based vesting requirements ("Time-Based LTIP Units") and a weighted average grant-date fair value of $ 13.59 , $ 15.93 and $ 17.56 per unit that primarily vest ratably over four years subject to continued employment. The Time-Based LTIP Units granted in 2025 require a three-year post vesting hold for named executive officers. Compensation expense for these units is primarily being recognized over a four-year period. During each of the three years in the period ended December 31, 2025, we granted 162,301 , 209,047 and 280,342 fully vested LTIP Units to certain employees, who elected to receive all or a portion of their cash bonuses related to prior service as LTIP Units. The LTIP Units had a grant-date fair value of $ 12.77 , $ 14.27 and $ 15.90 per unit. Compensation expense totaling $ 2.1 million, $ 3.0 million and $ 4.5 million for these LTIP Units was recognized during each of the three years in the period ended December 31, 2024. During each of the three years in the period ended December 31, 2025, as part of their annual compensation, we granted to non-employee trustees a total of 160,713 , 141,422 and 155,523 fully vested LTIP Units with a grant-date fair value of $ 11.66 , $ 12.40 and $ 11.30 per unit. 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 LTIP Units granted (collectively "Granted LTIPs") 91 Table of Contents for each of the three years in the period ended December 31, 2025 was $ 14.0 million, $ 20.3 million and $ 23.4 million. Holders of the Granted LTIPs have the right to convert vested units into OP Units, which are then subsequently exchangeable for our common shares. Granted LTIPs do not have redemption rights, but any OP Units into which units are converted are entitled to redemption rights. The Granted LTIPs were valued based on the closing common share price on the grant date, less a discount for post-grant restrictions. The discount was determined using Monte Carlo simulations based on the following significant assumptions: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ ​ ​ 2025 ​ ​ ​ 2024 ​ ​ ​ 2023 Expected volatility ​ ​ 30.0 % to 36.0 % ​ 33.0 % to 35.0 % ​ 26.0 % to 31.0 % Risk-free interest rate 3.9 % to 4.4 % ​ 4.4 % to 4.8 % ​ 3.4 % to 4.9 % Post-grant restriction periods 2 to 7 years ​ 2 to 6 years 2 to 6 years ​ The following table summarizes the Granted LTIPs activity: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ Unvested ​ Average Grant- ​ ​ ​ ​ Shares ​ ​ ​ Date Fair Value Unvested as of December 31, 2024 ​ 2,257,476 ​ $ 20.99 Granted ​ 1,062,405 ​ ​ 13.17 Vested ​ ( 1,082,719 ) ​ ​ 17.72 Forfeited ​ ( 11,225 ) ​ ​ 16.69 Unvested as of December 31, 2025 ​ 2,225,937 ​ ​ 18.87 ​ The total-grant date fair value of the Granted LTIPs that vested for each of the three years in the period ended December 31, 2025 was $ 19.2 million, $ 16.1 million and $ 28.0 million. Appreciation-Only LTIP Units ("AO LTIP Units") During each of the three years in the period ended December 31, 2025, we granted to certain employees 549,292 , 1.9 million and 1.7 million performance-based AO LTIP Units with a weighted average grant-date fair value of $ 2.69 , $ 3.79 and $ 3.73 per unit. The AO LTIP Units provide for a share of appreciation determined by the increase in the value of a common share at the time of conversion over the participation threshold of $ 16.98 , $ 18.93 and $ 20.83 for each of the three years in the period ended December 31, 2025. The AO LTIP Units are subject to a total shareholder return ("TSR") modifier whereby the number of AO LTIP Units that will ultimately be earned will be increased or reduced by as much as 25 %. The AO LTIP Units have a three-year performance period with 50 % of the AO LTIP Units earned vesting at the end of the three-year performance period and the remaining 50 % vesting on the fourth anniversary of the grant date, subject to continued employment. The AO LTIP Units granted in 2025 expire on the fifth anniversary of their grant date, and the AO LTIP Units granted in 2024 and 2023 expire on the ten th anniversary of their grant date. The aggregate grant-date fair value of the AO LTIP Units granted for each of the three years in the period ended December 31, 2025 was $ 1.5 million, $ 7.1 million and $ 6.4 million, valued using Monte Carlo simulations based on the following significant assumptions: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ ​ ​ 2025 ​ ​ ​ 2024 ​ ​ ​ 2023 Expected volatility ​ ​ 32.0 % ​ 32.0 % ​ 30.0 % Dividend yield 3.9 % ​ 3.2 % ​ 3.2 % Risk-free interest rate 4.4 % ​ 4.1 % ​ 4.1 % ​ 92 Table of Contents The following table summarizes the AO LTIP Units activity: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ Unvested ​ Average Grant- ​ ​ Shares ​ Date Fair Value Unvested as of December 31, 2024 4,969,647 ​ $ 3.96 Granted 549,292 ​ 2.69 Vested ​ ( 691,849 ) ​ ​ 4.44 Forfeited ( 398,328 ) ​ 4.26 Unvested as of December 31, 2025 4,428,762 ​ 3.70 ​ The total-grant date fair value of the AO LTIP Units that vested for the year ended December 31, 2025 was $ 3.1 million. Performance-Based LTIP Units In January 2025, we issued 957,000 LTIP Units with performance-based vesting requirements ("Performance-Based LTIP Units") to certain employees. The Performance-Based LTIP Units vest at the end of a three-year performance period contingent on our achievement of net operating income ("NOI") targets. Achievement of NOI targets, set and measured annually by the Compensation Committee, may earn based on threshold ( 25 %), target ( 50 %), and maximum ( 100 %) performance levels, based on the average of the performance achieved during the three-year performance period. While the targets are set and measured annually, the related compensation expense is expected to be recognized beginning in 2027, and the awards vest at the end of the performance period in February 2028 subject to Compensation Committee approval and continued employment. As the performance goals for subsequent years were not set at the time of issuance, the awards are not considered granted for accounting purposes and, therefore, do not have a grant-date fair value. Accordingly, the total unrecognized compensation expense related to unvested share-based payment arrangements disclosed below excludes the Performance-Based LTIP Units issued in 2025. Performance-Based LTIP Units granted in 2021 and 2020 are performance-based equity compensation pursuant to which participants have the opportunity to earn LTIP Units based on the relative performance of the TSR of our common shares compared to the companies in the FTSE Nareit Equity Office Index, over the defined performance period beginning on the grant date, inclusive of dividends and stock price appreciation. Our Performance-Based LTIP Units granted in July 2021 have a six-year performance and seven-year service period. Compensation expense for these units is being recognized over a seven-year period. Our Performance-Based LTIP Units granted in January 2020 had a three-year performance and a four-year service period. The Performance-Based LTIP Units did not achieve a positive absolute TSR at the end of the performance period, but achieved at least the threshold level of the relative performance criteria. Therefore, 50 % of the units were forfeited, and the remaining units will vest if and when we achieve a positive TSR during the succeeding seven years , measured at the end of each quarter . Compensation expense for these units was recognized over a four-year period through January 2024. The following table summarizes the Performance-Based LTIP Units activity, excluding the Performance-Based LTIP Units issued in 2025: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ Unvested ​ Average Grant- ​ ​ Shares ​ Date Fair Value Unvested as of December 31, 2024 705,754 ​ $ 22.54 Forfeited ( 26,545 ) ​ 23.08 Unvested as of December 31, 2025 679,209 ​ 22.52 ​ RSUs During each of the three years in the period ended December 31, 2025, we granted to certain non-executive employees 98,029 , 74,842 and 78,681 time-based RSUs with a weighted average grant-date fair value of $ 15.44 , $ 17.21 and $ 18.94 93 Table of Contents per unit. Vesting requirements and compensation expense recognition for the RSUs are primarily consistent to those of the Time-Based LTIP Units granted during each of the three years in the period ended December 31, 2025. The aggregate grant-date fair value of the RSUs granted during each of the three years in the period ended December 31, 2025 was $ 1.5 million, $ 1.3 million and $ 1.5 million. The RSUs were valued based on the closing common share price on the grant date. The following table summarizes the RSUs activity: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ Unvested ​ Average Grant- ​ ​ Shares ​ Date Fair Value Unvested as of December 31, 2024 105,203 ​ $ 19.30 Granted 98,029 ​ 15.44 Vested ​ ( 48,296 ) ​ ​ 19.79 Forfeited ( 13,117 ) ​ 17.20 Unvested as of December 31, 2025 141,819 ​ 16.66 ​ The aggregate total-grant date fair value of the RSUs that vested for each of the three years in the period ended December 31, 2025 was $ 956,000 , $ 796,000 , and $ 1.1 million. ESPP The ESPP authorized the issuance of up to 2.1 million common shares. The ESPP provides eligible employees an option to contribute up to $ 25,000 in any calendar year, through payroll deductions, toward the purchase of our common shares at a discount of 15.0 % of the closing price of a common share on relevant determination dates. As of December 31, 2025, there were 1.6 million common shares available for issuance under the ESPP. Pursuant to the ESPP, employees purchased 57,951 , 71,221 and 84,673 common shares for $ 801,000 , $ 945,000 and $ 1.1 million during each of the three years in the period ended December 31, 2025, valued using the Black Scholes model based on the following significant assumptions: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ ​ ​ 2025 ​ 2024 ​ 2023 Expected volatility ​ ​ 32.0 % to 37.0 % ​ 26.0 % to 48.0 % ​ 30.0 % to 37.0 % Dividend yield 4.1 % to 4.7 % ​ 4.2 % to 4.6 % ​ 2.4 % to 6.3 % Risk-free interest rate 4.4 % ​ 5.3 % to 5.6 % ​ 4.7 % to 5.4 % Expected life ​ 3 months ​ 3 months ​ 6 months ​ 94 Table of Contents Share-Based Compensation Expense The following table summarizes share-based compensation expense: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ ​ ​ 2025 ​ ​ ​ 2024 ​ ​ ​ 2023 ​ (In thousands) Time-Based LTIP Units ​ $ 14,628 ​ $ 16,826 ​ $ 16,822 AO LTIP Units and Performance-Based LTIP Units ​ 4,658 ​ 8,598 ​ 10,647 LTIP Units ​ 900 ​ 1,552 ​ 1,000 Other equity awards (1) ​ 5,752 ​ 4,475 ​ 5,394 Share-based compensation expense - other ​ 25,938 ​ 31,451 ​ 33,863 Share-based compensation related to Formation Transaction and special equity awards (2) ​ — ​ — ​ 549 Total share-based compensation expense ​ 25,938 ​ 31,451 ​ 34,412 Less: amount capitalized ​ ( 1,082 ) ​ ( 1,927 ) ​ ( 2,312 ) Share-based compensation expense ​ $ 24,856 ​ $ 29,524 ​ $ 32,100 (1) Primarily comprising compensation expense for: (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. (2) Included in "General and administrative expense: Share-based compensation related to Formation Transaction and special equity awards" in our consolidated statement of operations. Includes share-based compensation expense for awards issued in connection with the Formation Transaction and with our successful pursuit of Amazon.com, Inc's headquarters in National Landing all of which were fully expensed as of December 31, 2023. As of December 31, 2025, we had $ 13.5 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 1.7 years. Employee Benefits We have a 401(k) defined contribution plan covering substantially all of our officers and employees which permits participants to defer compensation up to the maximum amount permitted by law. We provide a discretionary matching contribution. Employer contributions vest after one year of service. Our contributions for each of the three years in the period ended December 31, 2025 were $ 1.8 million, $ 1.9 million and $ 2.3 million. 2026 Grants In 2026, through the date of this filing, we granted (i) 603,614 AO LTIP Units, (ii) 1.2 million Time-Based LTIP Units, (iii) 95,302 RSUs and (iv) 1.5 million Performance-Based LTIP Units to certain employees. Additionally, we granted 237,995 fully vested LTIP Units to certain employees who elected to receive all or a portion of their cash bonus earned related to 2025 service as LTIP Units. 16. Transaction and Other Costs The following table summarizes transaction and other costs: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ ​ ​ 2025 ​ ​ ​ 2024 ​ ​ ​ 2023 ​ (In thousands) Completed, potential and pursued transaction expenses (1) ​ $ 2,940 ​ $ 2,340 ​ $ 1,625 Severance and other costs ​ 2,737 ​ 2,333 ​ 4,491 Demolition costs ​ ​ 546 ​ ​ 644 ​ ​ 2,621 Transaction and other costs ​ $ 6,223 ​ $ 5,317 ​ $ 8,737 (1) Includes deal costs and legal costs related to pursued transactions. 95 Table of Contents ​ 17. Interest Expense The following table summarizes interest expense: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ ​ ​ 2025 ​ ​ ​ 2024 ​ ​ ​ 2023 ​ (In thousands) Interest expense before capitalized interest ​ $ 133,689 ​ $ 131,924 ​ $ 117,811 Amortization of deferred financing costs ​ 14,637 ​ 17,405 ​ 9,779 Net unrealized (gain) loss on non-designated derivatives ​ ( 87 ) ​ 83 ​ 7,822 Capitalized interest ​ ( 6,202 ) ​ ( 15,344 ) ​ ( 26,752 ) Interest expense ​ $ 142,037 ​ $ 134,068 ​ $ 108,660 ​ ​ 18. Shareholders' Equity and Loss Per Common Share Common Shares Repurchased Our Board of Trustees previously authorized the repurchase of up to $ 1.5 billion of our outstanding common shares. In February 2025, our Board of Trustees increased our common share repurchase authorization to $ 2.0 billion. During the year ended December 31, 2025, we repurchased and retired 26.8 million common shares for $ 443.1 million, a weighted average purchase price per share of $ 16.52 . During the year ended December 31, 2024, we repurchased and retired 10.9 million common shares for $ 170.5 million, a weighted average purchase price per share of $ 15.60 . During the year ended December 31, 2023, we repurchased and retired 22.6 million common shares for $ 334.9 million, a weighted average purchase price per share of $ 14.83 . Since we began the share repurchase program through December 31, 2025, we have repurchased and retired 83.6 million common shares for $ 1.6 billion, a weighted average purchase price per share of $ 18.79 . In 2026, through February 13, 2026, we repurchased and retired 647,843 common shares for $ 10.6 million, a weighted average purchase price per share of $ 16.41 , pursuant to a repurchase plan under Rule 10b5-1 of the Securities Exchange Act of 1934, as amended. Issuance of Class B Shares Effective October 27, 2025, 30.0 million authorized but unissued common shares were reclassified as Class B 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 are 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 are automatically cancelled and redeemed upon the redemption of each corresponding OP Unit. Class B Shares are not 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 are excluded from the calculation of earnings (loss) per common share as they do not participate in profits or losses. In 2026, through the date of this filing, we issued 3.0 million Class B Shares, with a par value of $ 0.01 per share, to certain LTIP Unit holders in connection with the 2026 equity grants. 96 Table of Contents Loss Per Common Share The following table 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: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ 2025 ​ ​ ​ 2024 ​ ​ ​ 2023 ​ ​ (In thousands, except per share amounts) Net loss ​ $ ( 168,061 ) ​ $ ( 177,753 ) ​ $ ( 91,709 ) Net loss attributable to redeemable noncontrolling interests ​ 28,998 ​ 22,202 ​ 10,596 Net loss attributable to noncontrolling interests ​ — ​ 12,025 ​ 1,135 Net loss attributable to common shareholders ​ ​ ( 139,063 ) ​ ​ ( 143,526 ) ​ ( 79,978 ) Distributions to participating securities ​ ( 1,789 ) ​ ( 2,463 ) ​ ( 2,054 ) Net loss available to common shareholders - basic and diluted ​ $ ( 140,852 ) ​ $ ( 145,989 ) ​ $ ( 82,032 ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average number of common shares outstanding - basic and diluted ​ 67,361 ​ 88,330 ​ 105,095 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Loss per common share - basic and diluted ​ $ ( 2.09 ) ​ $ ( 1.65 ) ​ $ ( 0.78 ) ​ 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 the end of each period is excluded in the computation of diluted loss per common share as the assumed exchange 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). OP Units, Time-Based LTIP Units, LTIP Units and special equity awards, which are held by noncontrolling interests, are attributed income at an identical proportion to the common shareholders. AO LTIP Units, Performance-Based LTIP Units, Formation Awards and RSUs, which totaled 8.0 million, 7.9 million and 6.8 million for each of the three years in the period ended December 31, 2025, were excluded from the calculation of diluted loss per common share as they were antidilutive, but could be dilutive in the future. ​ 19. Fair Value Measurements Fair Value Measurements on a Recurring Basis 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 December 31, 2025 and 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 ($ 3.6 ) million and $ 17.2 million as of December 31, 2025 and 2024, and was recorded in "Accumulated other comprehensive income (loss)" in our consolidated balance sheets, of which a portion was reclassified to "Redeemable noncontrolling interests." Within the next 12 months, we expect to reclassify $ 1.8 million of the net unrealized loss as an increase to interest expense. The fair values of the derivative financial instruments are based on the estimated amounts we would receive or pay to terminate the contracts at the reporting date and are determined using interest rate pricing models and observable inputs. The derivative financial instruments are classified within Level 2 of the valuation hierarchy. 97 Table of Contents The following table summarizes assets and liabilities measured at fair value on a recurring basis: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Value Measurements ​ ​ ​ ​ Total ​ ​ ​ Level 1 ​ ​ ​ Level 2 ​ ​ ​ Level 3 ​ ​ (In thousands) December 31, 2025 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivative financial instruments designated as effective hedges: ​ ​ ​ ​ ​ ​ ​ ​ Classified as assets in "Other assets, net" ​ $ 6,969 ​ ​ — ​ $ 6,969 ​ ​ — Classified as liabilities in "Other liabilities, net" ​ ​ 6,352 ​ — ​ ​ 6,352 ​ — Non-designated derivatives: ​ ​ ​ ​ ​ ​ ​ ​ Classified as assets in "Other assets, net" ​ 6,125 ​ — ​ 6,125 ​ — Classified as liabilities in "Other liabilities, net" ​ 5,998 ​ — ​ 5,998 ​ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2024 ​ ​ ​ ​ ​ ​ ​ ​ Derivative financial instruments designated as effective hedges: ​ ​ ​ ​ ​ ​ ​ ​ Classified as assets in "Other assets, net" ​ $ 23,367 ​ ​ — ​ $ 23,367 ​ ​ — Classified as liabilities in "Other liabilities, net" ​ ​ 90 ​ — ​ ​ 90 ​ — Non-designated derivatives: ​ ​ ​ ​ ​ ​ ​ ​ Classified as assets in "Other assets, net" ​ 2,315 ​ — ​ 2,315 ​ — Classified as liabilities in "Other liabilities, net" ​ 2,305 ​ — ​ 2,305 ​ — ​ The fair values of our derivative financial instruments were determined using widely accepted valuation techniques, including discounted cash flow analysis on the expected cash flows of the derivative financial instrument. This analysis reflected the contractual terms of the derivative, including the period to maturity, and used observable market-based inputs, including interest rate market data and implied volatilities in such interest rates. 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 December 31, 2025 and 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 loss" in our consolidated statements of comprehensive loss for each of the three years in the period ended December 31, 2025 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 consolidated statements of operations as the derivative financial instruments were documented and qualified as hedging instruments. Realized and unrealized gains (losses) related to non-designated derivatives are included in "Interest expense" in our consolidated statements of operations. Fair Value Measurements on a Nonrecurring Basis Our real estate assets are reviewed for impairment whenever there are changes in circumstances or indicators that the carrying amount of the assets may not be recoverable. Real estate held for sale is carried at the lower of carrying amounts or estimated fair value less disposal costs. During the year ended December 31, 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. The Batley was sold in July 2025. Additionally, during the year ended December 31, 2025, we recognized an impairment loss of $ 20.8 million related to our wireless spectrum licenses, which had an estimated fair value of $ 5.0 million based on a market approach and were classified as Level 3 in the fair value hierarchy. Impairment losses totaled $ 65.8 million for the year ended December 31, 2025, which were included in "Impairment loss" in our consolidated statement of operations. During the year ended December 31, 2024, this assessment resulted in the impairment of 1901 South Bell Street, 2101 L Street, 8001 Woodmont and two development parcels, which had an estimated fair value totaling $ 332.5 million based on a market approach and were classified as Level 2 in the fair value hierarchy. Impairment losses totaled $ 55.4 million, 98 Table of Contents which were included in "Impairment loss" in our consolidated statement of operations for the year ended December 31, 2024. 2101 L Street was sold in December 2024, and 8001 Woodmont was sold in February 2025. During the year ended December 31, 2023, this assessment resulted in the impairment of three commercial assets and one development parcel. Our estimate of the fair value of 2101 L Street of $ 121.3 million was determined using a discounted cash flow model and was classified as Level 3 in the fair value hierarchy, which considers, among other things, the anticipated holding period, current market conditions and utilizes unobservable quantitative inputs, including capitalization and discount rates. Our estimate of the fair value of 2100 Crystal Drive, 2200 Crystal Drive and a development parcel totaling $ 56.4 million was based on a market approach and were classified as Level 2 in the fair value hierarchy. Impairment losses totaled $ 90.2 million, which were included in "Impairment loss" in our consolidated statement of operations for the year ended December 31, 2023. The development parcel was sold in December 2023, and 2100 Crystal Drive was sold in December 2025. Financial Assets and Liabilities Not Measured at Fair Value As of December 31, 2025 and 2024, all financial instruments and liabilities were reflected in our consolidated balance sheets at amounts which, in our estimation, reasonably approximated their fair values, except for the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2025 ​ December 31, 2024 ​ ​ ​ ​ Carrying ​ ​ ​ ​ ​ ​ ​ Carrying ​ ​ ​ ​ ​ ​ Amount (1) ​ Fair Value ​ Amount (1) ​ Fair Value ​ (In thousands) Financial liabilities: ​ ​ ​ ​ ​ ​ ​ ​ Mortgage loans ​ $ 1,621,589 ​ $ 1,615,279 ​ $ 1,783,733 ​ $ 1,749,904 Revolving credit facility ​ 205,000 ​ 204,344 ​ 85,000 ​ 84,886 Term loans ​ 720,000 ​ 717,455 ​ 720,000 ​ 715,929 (1) The carrying amount consists of principal only. The fair values of the mortgage loans, revolving credit facility and term loans were determined using Level 2 inputs of the fair value hierarchy. The fair value of our mortgage loans is estimated by discounting the future contractual cash flows of these instruments using current risk-adjusted rates available to borrowers with similar credit profiles based on market sources. The fair value of our revolving credit facility and term loans is calculated based on the net present value of payments over the term of the facilities using estimated market rates for similar notes and remaining terms. ​ 20. Segment Information We own, operate and develop mixed-use properties concentrated in and around Washington, D.C. We derive our revenue primarily from leases with multifamily and commercial tenants. In addition, our third-party real estate services business provides fee-based real estate services. Our operating segments are aligned with our method of internal reporting and the way our Chief Executive Officer, who is also our Chief Operating Decision Maker ("CODM"), makes key operating decisions, evaluates financial results, allocates resources and manages our business. Accordingly, our three operating and reportable segments are multifamily, commercial, and third-party real estate services. The CODM measures and evaluates the performance of our operating segments based on only the following measures at our share pertaining to each of our segments: ● NOI (multifamily and commercial) - which includes our proportionate share of revenue and expenses attributable to real estate ventures. NOI includes property rental revenue and other property revenue, and deducts property expenses. NOI excludes deferred 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. ● Net third-party real estate services, excluding reimbursements - which includes revenue streams generated by this segment, excluding reimbursement revenue, as well as the expenses attributable to this segment at our proportionate share, calculated by excluding real estate services revenue from our interests in such real estate ventures. 99 Table of Contents The CODM uses these measures predominantly in the annual budget and forecasting process as well as in his review of our quarterly financial results when making decisions about the allocation of operating and capital resources to each segment. 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 tables summarize NOI at our share for our multifamily and commercial segments, including a reconciliation to our total NOI at share: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, 2025 ​ ​ ​ ​ Multifamily ​ ​ ​ Commercial ​ ​ ​ Total ​ (In thousands, at our share) Property rental revenue ​ $ 203,096 ​ $ 210,467 ​ $ 413,563 Other property revenue ​ ​ 2,841 ​ ​ 16,776 ​ ​ 19,617 Total property revenue ​ 205,937 ​ 227,243 ​ 433,180 Property expense: ​ ​ ​ ​ ​ ​ Real estate taxes ​ 23,106 ​ 22,436 ​ 45,542 Payroll ​ ​ 14,714 ​ ​ 12,735 ​ ​ 27,449 Utilities ​ ​ 15,341 ​ ​ 14,166 ​ ​ 29,507 Repairs and maintenance ​ ​ 23,469 ​ ​ 21,102 ​ ​ 44,571 Other property operating ​ ​ 12,338 ​ ​ 21,456 ​ ​ 33,794 Total property expense ​ 88,968 ​ 91,895 ​ 180,863 NOI from reportable segments ​ $ 116,969 ​ $ 135,348 ​ ​ 252,317 Other NOI (1) ​ ​ ​ ​ ​ ​ ​ ​ ( 2,185 ) NOI ​ ​ ​ ​ ​ ​ ​ $ 250,132 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, 2024 ​ ​ ​ ​ Multifamily ​ ​ ​ Commercial ​ ​ ​ Total ​ ​ (In thousands, at our share) Property rental revenue ​ $ 214,431 ​ $ 230,039 ​ $ 444,470 Other property revenue ​ ​ 3,677 ​ ​ 17,517 ​ ​ 21,194 Total property revenue ​ 218,108 ​ 247,556 ​ 465,664 Property expense: ​ ​ ​ ​ ​ ​ Real estate taxes ​ 22,197 ​ 27,103 ​ 49,300 Payroll ​ ​ 16,347 ​ ​ 13,293 ​ ​ 29,640 Utilities ​ ​ 15,337 ​ ​ 14,311 ​ ​ 29,648 Repairs and maintenance ​ ​ 22,396 ​ ​ 22,088 ​ ​ 44,484 Other property operating ​ ​ 11,612 ​ ​ 17,733 ​ ​ 29,345 Total property expense ​ 87,889 ​ 94,528 ​ 182,417 NOI from reportable segments ​ $ 130,219 ​ $ 153,028 ​ ​ 283,247 Other NOI (1) ​ ​ ​ ​ ​ ​ ​ ​ ( 5,968 ) NOI ​ ​ ​ ​ ​ ​ ​ $ 277,279 100 Table of Contents ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, 2023 ​ ​ ​ ​ Multifamily ​ ​ ​ Commercial ​ ​ ​ Total ​ ​ (In thousands, at our share) Property rental revenue ​ $ 205,061 ​ $ 285,652 ​ $ 490,713 Other property revenue ​ ​ 8,068 ​ ​ 19,106 ​ ​ 27,174 Total property revenue ​ 213,129 ​ 304,758 ​ 517,887 Property expense: ​ ​ ​ ​ ​ ​ Real estate taxes ​ 21,924 ​ 37,698 ​ 59,622 Payroll ​ ​ 19,060 ​ ​ 15,245 ​ ​ 34,305 Utilities ​ ​ 14,905 ​ ​ 16,949 ​ ​ 31,854 Repairs and maintenance ​ ​ 15,978 ​ ​ 24,043 ​ ​ 40,021 Other property operating ​ ​ 11,862 ​ ​ 20,616 ​ ​ 32,478 Total property expense ​ 83,729 ​ 114,551 ​ 198,280 NOI from reportable segments ​ $ 129,400 ​ $ 190,207 ​ ​ 319,607 Other NOI (1) ​ ​ ​ ​ ​ ​ ​ ​ ( 1,115 ) NOI ​ ​ ​ ​ ​ ​ ​ $ 318,492 (1) Includes activity related to development assets and land assets for which we are the ground lessor. ​ The following table summarizes our third-party real estate services business at our share: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ ​ ​ 2025 ​ ​ ​ 2024 ​ ​ ​ 2023 ​ (In thousands, at our share) Property management fees ​ $ 13,423 ​ $ 16,138 ​ $ 18,983 Asset management fees ​ 3,461 ​ 4,088 ​ 4,925 Development fees ​ 1,755 ​ 2,573 ​ 10,253 Leasing fees ​ 2,879 ​ 3,757 ​ 5,538 Construction management fees ​ 1,111 ​ 1,210 ​ 1,383 Other service revenue ​ 4,125 ​ 5,038 ​ 4,840 Third-party real estate services revenue, excluding reimbursements ​ 26,754 ​ 32,804 ​ 45,922 Third-party real estate services expenses, excluding reimbursements ​ ​ 24,228 ​ ​ 36,836 ​ ​ 42,403 Net third-party real estate services, excluding reimbursements ​ $ 2,526 ​ $ ( 4,032 ) ​ $ 3,519 ​ The following table reconciles revenue at our share to total revenue per the consolidated statements of operations: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ ​ ​ 2025 ​ ​ ​ 2024 ​ ​ ​ 2023 ​ (In thousands) Total property revenue at our share ​ $ 433,180 ​ $ 465,664 ​ $ 517,887 Third-party real estate services revenue, excluding reimbursements, at our share ​ ​ 26,754 ​ ​ 32,804 ​ ​ 45,922 Reimbursement revenue (1) ​ ​ 35,031 ​ ​ 35,332 ​ ​ 43,520 Our share of revenue attributable to unconsolidated real estate ventures ​ ( 7,502 ) ​ ( 10,807 ) ​ ( 27,893 ) Real estate venture partner’s share of revenue attributable to consolidated real estate ventures ​ ​ 3,551 ​ ​ — ​ ​ — Other property revenue ​ ​ 3,247 ​ ​ 4,889 ​ ​ ( 835 ) Other adjustments (2) ​ 4,337 ​ 19,430 ​ 25,597 Total revenue per statements of operations ​ $ 498,598 ​ $ 547,312 ​ $ 604,198 ​ (1) Represents reimbursements of expenses incurred by us on behalf of third parties, including allocated payroll costs and amounts paid to third-party contractors for construction management projects (2) Adjustment to include deferred rent, above/below market lease amortization/accretion, commercial lease termination revenue and lease incentive amortization. 101 Table of Contents The following table reconciles NOI at our share to net loss before income tax (expense) benefit: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ ​ ​ 2025 ​ ​ ​ 2024 ​ ​ ​ 2023 ​ (In thousands) NOI at our share ​ $ 250,132 ​ $ 277,279 ​ $ 318,492 Net third-party real estate services, excluding reimbursements, at our share ​ ​ 2,526 ​ ​ ( 4,032 ) ​ ​ 3,519 Add: ​ ​ ​ ​ ​ ​ Loss from unconsolidated real estate ventures, net ​ ( 4,420 ) ​ ( 7,122 ) ​ ( 26,999 ) Interest and other income, net ​ 4,211 ​ 11,598 ​ 15,781 Gain (loss) on the sale of real estate, net ​ 46,633 ​ ( 2,753 ) ​ 79,335 Less: ​ ​ ​ ​ ​ ​ Depreciation and amortization expense ​ 190,064 ​ 208,180 ​ 210,195 General and administrative expense: ​ ​ ​ ​ ​ ​ Corporate and other ​ 59,169 ​ 58,790 ​ 54,838 Share-based compensation related to Formation Transaction and special equity awards ​ — ​ — ​ 549 Transaction and other costs ​ 6,223 ​ 5,317 ​ 8,737 Interest expense ​ 142,037 ​ 134,068 ​ 108,660 (Gain) loss on the extinguishment of debt, net ​ 2,402 ​ ( 9,235 ) ​ 450 Impairment loss ​ ​ 65,847 ​ ​ 55,427 ​ ​ 90,226 Adjustments: ​ ​ ​ ​ ​ ​ ​ ​ ​ Our share of net third-party real estate services attributable to real estate ventures ​ ​ ( 893 ) ​ ​ ( 767 ) ​ ​ ( 416 ) NOI attributable to unconsolidated real estate ventures at our share ​ ( 4,162 ) ​ ( 6,808 ) ​ ​ ( 19,452 ) Real estate venture partner’s share of NOI attributable to consolidated real estate ventures ​ ​ 1,975 ​ ​ — ​ ​ — Non-cash rent adjustments (1) ​ ( 2,838 ) ​ 9,482 ​ ​ 23,482 Other adjustments (2) ​ 687 ​ ( 1,321 ) ​ ​ ( 12,092 ) Total adjustments ​ ( 5,231 ) ​ 586 ​ ​ ( 8,478 ) Loss before income tax (expense) benefit ​ $ ( 171,891 ) ​ $ ( 176,991 ) ​ $ ( 92,005 ) (1) Adjustment to include deferred rent, above/below market lease amortization/accretion and lease incentive amortization. (2) Adjustment to include payments associated with assumed lease liabilities related to operating properties and to exclude commercial lease termination revenue, related party management fees, corporate entity activity and inter-segment activity. ​ ​ ​ ​ ​ 21. Commitments and Contingencies Insurance We maintain general liability insurance with limits of $ 102.0 million per occurrence and in the aggregate, and property and rental value insurance coverage with limits of $ 1.0 billion per occurrence, with sub-limits for certain perils such as floods and earthquakes on each of our properties. We also maintain coverage, through our wholly owned captive insurance subsidiary, for a portion of the first loss on the above limits and for both conventional terrorist acts and for nuclear, biological, chemical or radiological terrorism events with limits of $ 2.0 billion per occurrence. These policies are partially reinsured by third-party insurance providers. We will continue to monitor the state of the insurance market, and the scope and costs of coverage for acts of terrorism. We cannot anticipate what coverage will be available on commercially reasonable terms in the future. We are responsible for deductibles and losses in excess of the insurance coverage, which could be material. Our debt, consisting of mortgage loans secured by our properties, a revolving credit facility and term loans, contains customary covenants requiring adequate insurance coverage. Although we believe that we currently have adequate insurance coverage, we may not be able to obtain an equivalent amount of coverage at a reasonable cost in the future. If 102 Table of Contents lenders insist on greater coverage than we can obtain, it could adversely affect our ability to finance or refinance our properties. Construction Commitments As of December 31, 2025, we have remaining commitments related to Valen, a recently completed multifamily asset, and we are building a new amenity hub at 2011 Crystal Drive that together, based on our current plans and estimates, require an additional $ 14.8 million to complete, which we anticipate will be primarily expended during the first half of 2026. Environmental Matters Most of our assets have been subject, at some point, to environmental assessments that are intended to evaluate the environmental condition of the subject and surrounding assets. These environmental assessments generally have included a historical review, a public records review, a visual inspection of the site and surrounding assets, visual or historical evidence of underground storage tanks and other features, and the preparation and issuance of a written report. Soil, soil vapor and/or groundwater subsurface testing is conducted at our assets, when necessary, to further investigate any conditions identified by the initial assessment that could reasonably be expected to pose a material concern to the property or result in us incurring material environmental liabilities as a result of redevelopment. The tests may not, however, have included extensive sampling or subsurface investigations. In each case where the environmental assessments have identified conditions requiring remedial actions required by law, we have initiated appropriate actions. The environmental assessments have not revealed any material environmental contamination that we believe would have a material adverse effect on our overall business, financial condition or results of operations, or that have not been anticipated and remediated during site redevelopment as required by law. 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 December 31, 2025 and 2024, and are included in "Other liabilities, net" in our consolidated balance sheets. Legal Proceedings In November 2023, the District of Columbia filed a lawsuit in the Superior Court of the District of Columbia against RealPage, Inc., a provider of revenue management systems, numerous multifamily rental companies, and 14 owners and/or operators of multifamily housing in the District of Columbia, including JBG Associates, L.L.C., one of our subsidiaries, alleging that the defendants violated the District of Columbia Antitrust Act by unlawfully agreeing to use RealPage, Inc. 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. 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 trial began 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 was recently made a defendant in the litigation, had previously entered into a project management agreement with 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. 103 Table of Contents 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 our consolidated balance sheet. Actual losses may differ materially from amounts recorded and the ultimate outcome of these legal proceedings is generally not yet determinable . Operating Leases As of December 31, 2025, we are obligated under non-cancellable operating leases, including our corporate office lease and a ground lease on a property, with terms extending through the year 2037. As of December 31, 2025, our operating lease liabilities were calculated based on the weighted average discount rate of 6.9 % and had a weighted average remaining lease term of 11.6 years. As of December 31, 2025, future minimum lease payments under our non-cancellable operating leases are as follows: ​ ​ ​ ​ Year ending December 31, ​ ​ ​ Amount ​ ​ (In thousands) 2026 ​ $ 5,487 2027 ​ 5,662 2028 ​ 4,405 2029 ​ 4,515 2030 ​ 4,628 Thereafter ​ 35,798 Total future minimum lease payments ​ 60,495 Imputed interest ​ ( 19,731 ) Total liabilities related to lease right-of-use assets ​ $ 40,764 ​ During the year ended December 31, 2025, we incurred $ 4.6 million of fixed operating lease expenses and $ 206,000 of variable operating lease expenses. During the year ended December 31, 2024, we incurred $ 5.9 million of fixed operating lease expenses and $ 118,000 of variable operating lease expenses. During the year ended December 31 2023, we incurred $ 5.4 million of fixed operating lease expenses and $ 180,000 of variable operating lease expenses. Other As of December 31, 2025, we had committed tenant-related obligations totaling $ 35.6 million ($ 33.1 million related to our consolidated entities and $ 2.5 million related to our unconsolidated real estate ventures at our share). The timing and amounts of payments for tenant-related obligations are uncertain and may only be due upon satisfactory performance of certain conditions. From time to time, we (or ventures in which we have an ownership interest) have agreed, and may in the future agree with respect to unconsolidated real estate ventures, to (i) guarantee portions of the principal, interest and other amounts in connection with borrowings, (ii) provide customary environmental indemnifications and nonrecourse carve-outs (e.g., guarantees against fraud, misrepresentation and bankruptcy) in connection with borrowings, or (iii) provide guarantees to lenders and other third parties for the completion and stabilization of development projects. We customarily have agreements with our outside venture partners whereby the partners agree to reimburse the real estate venture or us for their share of any payments made under certain of these guarantees. At times, we also have agreements with certain of our outside venture partners whereby we agree to either indemnify the partners and/or the associated ventures with respect to certain contingent liabilities associated with operating assets or to reimburse our partner for its share of any payments made by them under certain guarantees. Guarantees (excluding environmental) customarily terminate either upon the satisfaction of specified circumstances or repayment of the underlying debt. 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 December 31, 2025, we had no principal payment guarantees related to our unconsolidated real estate ventures. 104 Table of Contents 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 December 31, 2025, we had no debt principal payment guarantees related to our consolidated real estate assets. As of December 31, 2025, we had unfunded capital commitments totaling $ 6.4 million related to our investments in real estate-focused technology companies and $ 1.5 million related to our investments in the WHI Impact Pool and the LEO Impact Housing Fund. See Note 22 for additional information. 22. Transactions with Related Parties Our third-party real estate services business provides fee-based real estate services to third parties, including the legacy funds formerly organized by 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 WHI Impact Pool and the LEO Impact Housing Fund. 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. Additionally, LEO had an initial closing of its 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 December 31, 2025, our remaining unfunded commitments totaled $ 1.5 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 $ 9.8 million, $ 13.0 million and $ 21.3 million for each of the three years in the period ended December 31, 2025. As of December 31, 2025 and 2024, we had receivables from the JBG Legacy Funds, the WHI Impact Pool, the LEO Impact Housing Fund and their affiliates totaling $ 951,000 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 $ 5.3 million, $ 5.4 million and $ 5.0 million of rent expense for each of the three years in the period ended December 31, 2025, which was included in "General and administrative expense" in our consolidated 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 $ 8.3 million, $ 9.5 million and $ 9.3 million for each of the three years in the period ended December 31, 2025, which was included in "Property operating expenses" in our consolidated statements of operations. ​ 105 Table of Contents ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURES None. ​