What changed in this filing

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Item 1. Financial Statements

2026-08-10 compared with 2026-05-05 · 275 added, 155 removed, 609 unchanged (41% of the section changed)

3 unchanged sentences

(In thousands, except par value amounts)

March 31, 2026

June 30, 2026

December 31, 2025

27 unchanged sentences

Common shares, $ 0.01 par value - 470,000 shares authorized;

58,413 and 59,527 shares issued and outstanding as of March 31, 2026 and December 31, 2025

58,426 and 59,527 shares issued and outstanding as of June 30, 2026 and December 31, 2025

Class B common shares, $ 0.01 par value - 30,000 shares authorized;

16,124 and 13,645 shares issued and outstanding as of March 31, 2026 and December 31, 2025

16,094 and 13,645 shares issued and outstanding as of June 30, 2026 and December 31, 2025

Additional paid-in capital

3 unchanged sentences

Accumulated other comprehensive income (loss)

Total shareholders' equity of JBG SMITH Properties

Noncontrolling interests

TOTAL LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY

3 unchanged sentences

(In thousands, except per share data)

Three Months Ended March 31,

Three Months Ended June 30,

Six Months Ended June 30,

Property rental

11 unchanged sentences

OTHER INCOME (EXPENSE)

Loss from unconsolidated real estate ventures, net

Income (loss) from unconsolidated real estate ventures, net

Interest and other income, net

Interest expense

Gain on the sale of real estate, net

Loss on the extinguishment of debt, net

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

Gain (loss) on the extinguishment of debt, net

Impairment loss

3 unchanged sentences

Net loss attributable to redeemable noncontrolling interests

Net income attributable to noncontrolling interests

NET LOSS ATTRIBUTABLE TO COMMON SHAREHOLDERS

5 unchanged sentences

(In thousands)

Three Months Ended March 31,

Three Months Ended June 30,

Six Months Ended June 30,

OTHER COMPREHENSIVE INCOME (LOSS)

4 unchanged sentences

Net loss attributable to redeemable noncontrolling interests

Net income attributable to noncontrolling interests

Other comprehensive (income) loss attributable to redeemable noncontrolling interests

4 unchanged sentences

(In thousands)

Comprehensive

Common Shares

Comprehensive

Income (Loss)

BALANCE AS OF DECEMBER 31, 2025

BALANCE AS OF MARCH 31, 2026

( 1,199,107 )

Net loss attributable to common shareholders

Issuance of Class B common shares

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

Issuance of Class B common shares ("Class B Shares")

Redemption of common limited partnership units ("OP Units")

1 unchanged sentence

Common shares issued pursuant to employee incentive compensation plan and Employee Share Purchase Plan ("ESPP")

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

Dividends declared on common shares

( $ 0.175 per common share)

Sale of interest in consolidated real estate venture

Distributions to noncontrolling interests, net

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

Total other comprehensive income

BALANCE AS OF JUNE 30, 2026

( 1,268,511 )

BALANCE AS OF MARCH 31, 2025

( 1,043,003 )

Net loss attributable to common shareholders

Redemption of OP Units

Common shares repurchased

Common shares issued pursuant to employee incentive compensation plan and ESPP

Dividends declared on common shares

( $ 0.175 per common share)

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

Total other comprehensive loss

BALANCE AS OF JUNE 30, 2025

( 1,074,678 )

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

JBG SMITH PROPERTIES

Condensed Consolidated Statements of Equity

(In thousands)

Comprehensive

Common Shares

BALANCE AS OF DECEMBER 31, 2025

( 1,180,410 )

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

Issuance of Class B Shares

Redemption of OP Units

Common shares repurchased

Common shares issued pursuant to employee incentive compensation plan and ESPP

Dividends declared on common shares

( $ 0.175 per common share)

Sale of interest in consolidated real estate venture

Distributions to noncontrolling interests, net

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

Total other comprehensive income

BALANCE AS OF JUNE 30, 2026

( 1,268,511 )

BALANCE AS OF DECEMBER 31, 2024

Net loss attributable to common shareholders

2 unchanged sentences

Common shares issued pursuant to employee incentive compensation plan and ESPP

Dividends declared on common shares

( $ 0.175 per common share)

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

Total other comprehensive loss

BALANCE AS OF MARCH 31, 2025

BALANCE AS OF JUNE 30, 2025

( 1,074,678 )

3 unchanged sentences

(In thousands)

Three Months Ended March 31,

Six Months Ended June 30,

OPERATING ACTIVITIES

3 unchanged sentences

Deferred rent

Loss from unconsolidated real estate ventures, net

(Income) loss from unconsolidated real estate ventures, net

Amortization (accretion) of market lease intangibles, net

15 unchanged sentences

Development costs, construction in progress and real estate additions

Acquisition of real estate

Proceeds from the sale of real estate

Proceeds from derivative financial instruments

Payments on derivative financial instruments

Distributions of capital from unconsolidated real estate ventures and other investments

6 unchanged sentences

Repayments of revolving credit facility

Proceeds from derivative financial instruments

Payments on derivative financial instruments

5 unchanged sentences

Distributions to redeemable noncontrolling interests

Proceeds from the sale of interest in consolidated real estate venture

Distributions to noncontrolling interests

Net cash used in financing activities

2 unchanged sentences

(In thousands)

Three Months Ended March 31,

Six Months Ended June 30,

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

10 unchanged sentences

Cash paid for income taxes

Contribution of land to unconsolidated real estate venture

Redemption of OP Units for common shares

Redeemable noncontrolling interests redemption value adjustment

Accrual for common shares repurchased pending settlement

Cash paid for amounts included in the measurement of lease liabilities for operating leases

4 unchanged sentences

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.

Approximately 77.0 % 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 March 31, 2026, JBG SMITH, as its sole general partner, controlled JBG SMITH LP and owned 81.6 % of its OP Units, after giving effect to the conversion of certain vested long-term incentive partnership units ("LTIP Units") that are convertible into OP Units.

As of June 30, 2026, JBG SMITH, as its sole general partner, controlled JBG SMITH LP and owned 81.8 % 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.

As of March 31, 2026, our Operating Portfolio consisted of 38 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 one wholly owned land asset 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 4.6 million square feet ( 3.3 million square feet at our share) of estimated potential development density.

References to "our share" refer to our ownership percentage of consolidated and unconsolidated assets in real estate ventures, but exclude our 33.5 % subordinated interest in four commercial buildings (the "Fortress Assets"), as well as the associated non-recourse mortgage loans, held through an unconsolidated real estate venture;

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

As of June 30, 2026, our Operating Portfolio consisted of 38 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 ( 6.7 million square feet at our share) and one wholly owned land asset for which we are the ground lessor.

Additionally, we had one under-construction multifamily asset with 195 units ( 59 units at our share), and 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 4.8 million square feet ( 3.5 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.

8 unchanged sentences

All intercompany transactions and balances have been eliminated.

The results of operations for the three months ended March 31, 2026 and 2025 are not necessarily indicative of the results that may be expected for a full year.

These condensed consolidated financial statements should be read in conjunction with our Annual Report on Form 10-K for the year ended December 31, 2025, filed with the Securities and Exchange Commission ("SEC") on February 17, 2026 ("Annual Report").

The results of operations for the three and six months ended June 30, 2026 and 2025 are not necessarily indicative of the results that may be expected for a full year.

The accompanying condensed consolidated financial statements include our accounts and those of our wholly owned subsidiaries and consolidated variable interest entities ("VIEs"), including JBG SMITH LP.

1 unchanged sentence

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

References to our financial statements refer to our unaudited condensed consolidated financial statements as of March 31, 2026 and December 31, 2025, and for the three months ended March 31, 2026 and 2025.

References to our balance sheets refer to our condensed consolidated balance sheets as of March 31, 2026 and December 31, 2025.

References to our statements of operations refer to our condensed consolidated statements of operations for the three months ended March 31, 2026 and 2025.

References to our statements of comprehensive loss refer to our condensed consolidated statements of comprehensive loss for the three months ended March 31, 2026 and 2025.

References to our financial statements refer to our unaudited condensed consolidated financial statements as of June 30, 2026 and December 31, 2025, and for the three and six months ended June 30, 2026 and 2025.

References to our balance sheets refer to our condensed consolidated balance sheets as of June 30, 2026 and December 31, 2025.

References to our statements of operations refer to our condensed consolidated statements of operations for the three and six months ended June 30, 2026 and 2025.

References to our statements of comprehensive loss refer to our condensed consolidated statements of comprehensive loss for the three and six months ended June 30, 2026 and 2025.

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").

29 unchanged sentences

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

The following table summarizes disposition activity for the three months ended March 31, 2026:

The following table summarizes disposition activity for the six months ended June 30, 2026:

Date Disposed

2 unchanged sentences

Development Parcel

In April 2026, we formed a real estate venture to recapitalize Tysons Dulles Plaza, a 491,494 -square-foot commercial asset in Tysons, Virginia, in which we own a 50.0 % interest.

2200 Crystal Drive (1)

(1) We sold an interest in the development parcel.

See Note 4 for additional information .

In April 2026, we formed a real estate venture to recapitalize Tysons Dulles Plaza, a 491,494 -square-foot commercial asset in Tysons, Virginia, with a total valuation of $ 43.6 million, in which we sold a 50.0 % noncontrolling interest.

In connection with the transaction, the real estate venture entered into a three-year , interest-only $ 37.9 million mortgage loan with an interest rate of Secured Overnight Financing Rate (" SOFR ") plus 2.10 %, of which $ 20.0 million was drawn at closing.

We retained management of the asset and continue to account for the asset on a consolidated basis.

We retained management of the asset and continue to account for the asset on a consolidated basis with our venture partners' share reflected in noncontrolling interests.

Investments in Unconsolidated Real Estate Ventures

1 unchanged sentence

Real Estate Venture

March 31, 2026

June 30, 2026

December 31, 2025

2 unchanged sentences

Dulles View Venture

2200 Crystal Venture (3) (4)

4747 Bethesda Venture

1 unchanged sentence

Total investments in unconsolidated real estate ventures (5) (6)

(1) Reflects our effective ownership interests as of March 31, 2026.

(1) Reflects our effective ownership interests as of June 30, 2026.

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

Morgan is the advisor for an institutional investor.

(3) Excludes our 10.0 % subordinated interest in one commercial building and the Fortress Assets.

(3) In May 2026, we formed an unconsolidated real estate venture to recapitalize 2200 Crystal Drive, an office building in Arlington, Virginia, which the venture is converting into a 195 -unit multifamily asset.

We contributed 2200 Crystal Drive and cash, valued at $ 10.7 million, to the real estate venture, and our venture partner has committed to contribute $ 25.0 million for a 70.0 % interest, which is expected to reduce our ownership interest from 100.0 % at the formation of the real estate venture to 30.0 % when all contributions are funded.

We are the developer and the property manager of the asset.

In connection with the transaction, the real

estate venture entered into a four-year mortgage loan with a maximum principal balance of $ 55.0 million and an interest rate of SOFR plus 2.00 % .

As of June 30, 2026, there were no draws on the mortgage loan.

(4) Ownership percentage reflects expected dilution of our ownership interest as contributions are funded by our real estate venture partner during the construction of the asset.

As of June 30, 2026, our ownership interest was 77.2 % .

(5) Excludes the Fortress Assets.

See Note 1 for more information.

(4) As of March 31, 2026 and December 31, 2025, our total investments in unconsolidated real estate ventures were greater than our share of the net book value of the underlying assets by $ 1.9 million and $ 2.0 million, resulting primarily from capitalized interest and differences in the timing of the recognition of our share of development fees .

(6) As of June 30, 2026 and December 31, 2025, our total investments in unconsolidated real estate ventures were greater than our share of the net book value of the underlying assets by $ 2.2 million and $ 2.0 million, resulting primarily from capitalized interest and differences in the timing of the recognition of our share of development fees .

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

We recognized revenue, including expense reimbursements, of $ 2.8 million for both the three months ended March 31, 2026 and 2025 in connection with these services.

We recognized revenue, including expense reimbursements, of $ 2.9 million and $ 5.6 million for the three and six months ended June 30, 2026, and $ 2.7 million and $ 5.6 million for the three and six months ended June 30, 2025 in connection with these services.

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

Interest Rate (1)

March 31, 2026

June 30, 2026

December 31, 2025

(In thousands)

Mortgage loan (2)

Mortgage loans (2)

Unamortized deferred financing costs and premium / discount, net

Mortgage loan, net (3)

(1) Effective interest rate as of March 31, 2026.

(2) Represents a variable rate mortgage loan with an interest rate cap agreement.

Mortgage loans, net (3)

(1) Effective interest rate as of June 30, 2026.

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

(3) Excludes mortgage loans related to the Fortress Assets.

The following tables summarize financial information for our unconsolidated real estate ventures:

March 31, 2026

June 30, 2026

December 31, 2025

3 unchanged sentences

Other assets, net

Mortgage loan, net

Mortgage loans, net

Other liabilities, net

1 unchanged sentence

Total liabilities and equity

Three Months Ended March 31,

Three Months Ended June 30,

Six Months Ended June 30,

(In thousands)

Combined income statement information:

1 unchanged sentence

Operating income (2)

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

Net income (loss) (2)

(1) Excludes the Fortress Assets.

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

Variable Interest Entities

4 unchanged sentences

Unconsolidated VIEs

As of March 31, 2026 and December 31, 2025, we had interests in entities deemed to be unconsolidated 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.

As of June 30, 2026 and December 31, 2025, we had interests in entities deemed to be unconsolidated VIEs.

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

As of March 31, 2026 and December 31, 2025, the net carrying amounts of our investment in these entities were $ 79.2 million and $ 79.0 million, which were included in "Investments in unconsolidated real estate ventures" in our balance sheets.

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

As of June 30, 2026 and December 31, 2025, the net carrying amounts of our investment in these entities were $ 89.8 million and $ 79.0 million, which were included in "Investments in unconsolidated real estate ventures" in our balance sheets.

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

Our maximum loss exposure in these entities is limited to our investments, construction commitments and debt guarantees, as applicable.

3 unchanged sentences

We hold 81.8 % 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).

The noncontrolling interest holders 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.

4 unchanged sentences

The following table summarizes other assets, net:

March 31, 2026

June 30, 2026

December 31, 2025

9 unchanged sentences

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

Three Months Ended March 31,

Three Months Ended June 30,

Six Months Ended June 30,

(In thousands)

Unrealized gains (losses)

Realized gains (losses)

Realized losses

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

4 unchanged sentences

Interest Rate (1)

March 31, 2026

June 30, 2026

December 31, 2025

5 unchanged sentences

Mortgage loans, net

(1) Weighted average effective interest rate as of March 31, 2026.

(1) Weighted average effective interest rate as of June 30, 2026.

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

1 unchanged sentence

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

As of March 31, 2026, one-month term SOFR was 3.66 % .

As of June 30, 2026, one-month term SOFR was 3.65 % .

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

(4) As of March 31, 2026 and December 31, 2025, includes a discount of $ 29.6 million related to the 1101 17 th Street mortgage loan.

As of March 31, 2026 and December 31, 2025, the net carrying value of real estate collateralizing our mortgage loans totaled $ 1.7 billion.

(4) As of June 30, 2026 and December 31, 2025, includes a discount of $ 29.6 million related to the 1101 17 th Street mortgage loan.

As of June 30, 2026 and December 31, 2025, the net carrying value of real estate collateralizing our mortgage loans totaled $ 1.7 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.

As of March 31, 2026 and December 31, 2025, we had various interest rate swap and cap agreements on certain mortgage loans with an aggregate notional value of $ 756.0 million.

As of June 30, 2026 and December 31, 2025, we had various interest rate swap and cap agreements on certain mortgage loans with an aggregate notional value of $ 756.0 million.

See Note 15 for additional information.

Revolving Credit Facility and Term Loans

As of March 31, 2026 and December 31, 2025, 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.

As of June 30, 2026 and December 31, 2025, 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, 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.

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.

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.

1 unchanged sentence

Interest Rate (1)

March 31, 2026

June 30, 2026

December 31, 2025

6 unchanged sentences

Term loans, net

(1) Effective interest rate as of March 31, 2026.

(1) Effective interest rate as of June 30, 2026.

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

(2) As of March 31, 2026, daily SOFR was 3.68 % .

As of March 31, 2026 and December 31, 2025, letters of credit totaling $ 4.8 million were outstanding under our revolving credit facility.

(3) As of March 31, 2026 and December 31, 2025, excludes $ 3.6 million and $ 4.4 million of net deferred financing costs related to our revolving credit facility that were included in "Other assets, net" in our balance sheets.

(2) As of June 30, 2026, daily SOFR was 3.68 % .

As of June 30, 2026 and December 31, 2025, letters of credit totaling $ 13.8 million and $ 4.8 million were outstanding under our revolving credit facility.

(3) As of June 30, 2026 and December 31, 2025, excludes $ 2.9 million and $ 4.4 million of net deferred financing costs related to our revolving credit facility that were included in "Other assets, net" in our balance sheets.

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

3 unchanged sentences

The following table summarizes other liabilities, net:

March 31, 2026

June 30, 2026

December 31, 2025

13 unchanged sentences

Vested LTIP Units are convertible into OP Units.

During the three months ended March 31, 2026 and 2025, unitholders redeemed 517,235 and 647,387 OP Units.

As of March 31, 2026, outstanding OP Units and convertible LTIP Units totaled 13.2 million, representing an 18.4 % ownership interest in JBG SMITH LP.

Our OP Units and certain vested LTIP Units are presented at the higher of their redemption value or their carrying value, with adjustments to the

redemption value recognized in "Additional paid-in capital" in our balance sheets.

During the six months ended June 30, 2026 and 2025, unitholders redeemed 740,955 and 712,735 OP Units.

As of June 30, 2026, outstanding OP Units and convertible LTIP Units totaled 13.0 million, representing an 18.2 % ownership interest in JBG SMITH LP.

Our OP Units and certain

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

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

During the third quarter of 2026 and through August 5, 2026, unitholders redeemed 149,742 OP Units and LTIP Units, which we elected to redeem for an equivalent number of our common shares.

Upon issuance of such common shares, any Class B shares associated with the redeemed OP Units and LTIP Units were automatically cancelled.

Consolidated Real Estate Venture

5 unchanged sentences

The following table summarizes the activity of redeemable noncontrolling interests:

Three Months Ended March 31,

Three Months Ended June 30,

(In thousands)

1 unchanged sentence

LTIP Units issued in lieu of cash compensation (1)

Net income (loss)

Other comprehensive income (loss)

Distributions, net

Contributions (distributions), net

Share-based compensation expense

1 unchanged sentence

Balance, end of period

Six Months Ended June 30,

(In thousands)

Balance, beginning of period

LTIP Units issued in lieu of cash compensation (1)

Net income (loss)

Other comprehensive income (loss)

Contributions (distributions), net

Share-based compensation expense

Adjustment to redemption value

Balance, end of period

(1) See Note 11 for additional information.

1 unchanged sentence

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

Three Months Ended March 31,

Three Months Ended June 30,

Six Months Ended June 30,

(In thousands)

2 unchanged sentences

LTIP Units and Time-Based LTIP Units

During the three months ended March 31, 2026, we granted to certain employees 1.2 million LTIP Units with time-based vesting requirements ("Time-Based LTIP Units") and a weighted average grant-date fair value of $ 14.87 per unit that vest ratably over four years subject to continued employment and require a three-year post vesting hold for named executive officers ("NEOs").

During the six months ended June 30, 2026, we granted to certain employees 1.2 million LTIP Units with time-based vesting requirements ("Time-Based LTIP Units") and a weighted average grant-date fair value of $ 14.87 per unit that vest ratably over four years subject to continued employment and require a three-year post vesting hold for named executive officers ("NEOs").

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

2 unchanged sentences

Compensation expense totaling $ 3.3 million for these LTIP Units was recognized in 2025.

The aggregate grant-date fair value of the Time-Based LTIP Units and the LTIP Units granted during the three months ended March 31, 2026 was $ 20.8 million.

In April 2026, as part of their annual compensation, we granted to non-employee trustees a total of 157,207 fully vested LTIP Units, which includes LTIP Units elected in lieu of cash retainers, with a grant-date fair value of $ 11.92 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 the LTIP Units granted during the six months ended June 30, 2026 was $ 22.7 million.

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

3 unchanged sentences

Risk-free interest rate

3.5 % to 4.1 %

Post-grant restriction periods

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

Appreciation-Only LTIP Units ("AO LTIP Units")

4 unchanged sentences

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

The aggregate grant-date fair value of the AO LTIP Units granted during the three months ended March 31, 2026 was $ 1.6 million, valued using Monte Carlo simulations based on the following significant assumptions:

The aggregate grant-date fair value of the AO LTIP Units granted during the six months ended June 30, 2026 was $ 1.6 million, valued using Monte Carlo simulations based on the following significant assumptions:

Expected volatility

6 unchanged sentences

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

The aggregate grant-date fair value of the Share Price Performance LTIP Units granted during the three months ended March 31, 2026 was $ 6.1 million, valued using Monte Carlo simulations based on the following significant assumptions:

The aggregate grant-date fair value of the Share Price Performance LTIP Units granted during the six months ended June 30, 2026 was $ 6.1 million, valued using Monte Carlo simulations based on the following significant assumptions:

Expected volatility

6 unchanged sentences

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, compensation expense for the awards

is expected to be recognized beginning in 2028, when all the targets are known and a grant-date fair value is established.

Accordingly, compensation expense for the awards is expected to be recognized beginning in 2028, when all the targets are known and a grant-date fair value is established.

The total unrecognized compensation expense related to unvested share-based payment arrangements disclosed below excludes the NOI-Based LTIP Units issued in 2026 and 2025.

Restricted Share Units ("RSUs")

In January 2026, we granted to certain non-executive employees 95,302 time-based RSUs with a grant-date fair value of $ 16.70 per unit.

During the six months ended June 30, 2026, we granted to certain non-executive employees 101,968 time-based RSUs with a grant-date fair value of $ 16.59 per unit.

Vesting requirements and compensation expense recognition for the RSUs are primarily consistent with those of the Time-Based LTIP Units granted in 2026.

1 unchanged sentence

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

Pursuant to the ESPP, employees purchased 19,165 common shares for $ 238,000 during the three months ended March 31, 2026, valued using the Black-Scholes model based on the following significant assumptions:

Expected volatility

Risk-free interest rate

Expected life

Share-Based Compensation Expense

The following table summarizes share-based compensation expense:

Three Months Ended March 31,

Three Months Ended June 30,

Six Months Ended June 30,

(In thousands)

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

As of March 31, 2026, we had $ 32.9 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 2.1 years.

As of June 30, 2026, we had $ 25.5 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 2.1 years.

Transaction and Other Costs

The following table summarizes transaction and other costs:

Three Months Ended March 31,

Three Months Ended June 30,

Six Months Ended June 30,

(In thousands)

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(1) Primarily consists of deal costs and legal costs related to pursued transactions.

(2) During the first quarter of 2026, we were the victim of a criminal fraud scheme involving AI-enabled employee impersonation which led to fraudulently induced wire transfers resulting in a loss of $ 9.5 million, net of expected insurance recoveries.

Interest Expense

The following table summarizes interest expense:

Three Months Ended March 31,

Three Months Ended June 30,

Six Months Ended June 30,

(In thousands)

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

During the three months ended March 31, 2026, we repurchased and retired 1.6 million common shares for $ 25.4 million, a weighted average purchase price per share of $ 15.47 .

During the three months ended March 31, 2025, we repurchased and retired 12.2 million common shares for $ 187.5 million, a weighted average purchase price per share of $ 15.43 .

Since we began the share repurchase program through March 31, 2026, we have repurchased and retired 85.3 million common shares for $ 1.6 billion, a weighted average purchase price per share of $ 18.73 .

During the second quarter of 2026, through May 1, 2026, we repurchased and retired 182,184 common shares for $ 2.6 million, a weighted average purchase price per share of $ 14.36 , pursuant to a repurchase plan under Rule 10b5-1 of the Securities Exchange Act of 1934, as amended.

During the three and six months ended June 30, 2026, we repurchased and retired 208,565 and 1.8 million common shares for $ 3.0 million and $ 28.4 million, a weighted average purchase price per share of $ 14.37 and $ 15.35 .

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

Since we began the share repurchase program through June 30, 2026, we have repurchased and retired 85.5 million common shares for $ 1.6 billion, a weighted average purchase price per share of $ 18.72 .

Loss Per Common Share

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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 or loss are shown as a reduction to net income (loss) attributable to common shareholders.

Distributions to

participating securities in excess of their allocated income or 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.

Class B common shares ("Class B Shares"), held by certain LTIP Unit and OP Unit holders, 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, held by certain LTIP Unit and OP Unit holders, 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 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.

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

Three Months Ended March 31,

Three Months Ended June 30,

Six Months Ended June 30,

(In thousands, except per share amounts)

Net loss attributable to redeemable noncontrolling interests

Net loss attributable to common shareholders - basic and diluted

Net income attributable to noncontrolling interests

Net loss attributable to common shareholders

Distributions to participating securities

Net loss available to common shareholders - basic and diluted

Weighted average number of common shares outstanding - basic and diluted

Loss per common share - basic and diluted

The effect of the redemption of OP Units, Time-Based LTIP Units, fully vested LTIP Units and special equity awards that were outstanding as of March 31, 2026 and 2025 is excluded in the computation of diluted loss per common share as the assumed redemption of such units for common shares on a one-for-one basis was antidilutive (the assumed redemption of these units would have no impact on the determination of diluted loss per share).

The effect of the redemption of OP Units, Time-Based LTIP Units, fully vested LTIP Units and special equity awards that were outstanding as of June 30, 2026 and 2025 is excluded in the computation of diluted loss per common share as the assumed redemption of such units for common shares on a one-for-one basis was antidilutive (the assumed redemption of these units would have no impact on the determination of diluted loss per share).

OP Units, Time-Based LTIP Units, fully vested 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 8.6 million and 7.9 million for the three months ended March 31, 2026 and 2025, were excluded from the calculation of diluted loss per common share as they were antidilutive, but could be dilutive in the future.

Dividends Declared in April 2026

On April 30, 2026 , our Board of Trustees declared a quarterly dividend of $ 0.175 per common share, payable on May 28, 2026 to shareholders of record as of May 14, 2026 .

AO LTIP Units, Performance-Based LTIP Units, formation awards and RSUs, which totaled 8.8 million for the three and six months ended June 30, 2026, and 7.9 million and 8.0 million for the three and six months ended June 30, 2025, were excluded from the calculation of diluted loss per common share as they were antidilutive, but could be dilutive in the future.

Dividends Declared in July 2026

On July 30, 2026 , our Board of Trustees declared a quarterly dividend of $ 0.175 per common share, payable on August 27, 2026 to shareholders of record as of August 13, 2026 .

Fair Value Measurements

1 unchanged sentence

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

As of March 31, 2026 and December 31, 2025, 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 $ 1.6 million and ($ 3.6 ) million as of March 31, 2026 and December 31, 2025 and was recorded in "Accumulated other comprehensive income (loss)" in our balance sheets, of which a portion was allocated to "Redeemable noncontrolling interests." Within the next 12 months, we expect to reclassify $ 1.1 million of the net unrealized gain as a decrease to interest expense.

As of June 30, 2026 and December 31, 2025, 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 $ 6.0 million and ($ 3.6 ) million as of June 30, 2026 and December 31, 2025 and was recorded in "Accumulated other comprehensive income (loss)" in our balance sheets, of which

a portion was allocated to "Redeemable noncontrolling interests." Within the next 12 months, we expect to reclassify $ 3.7 million of the net unrealized gain as a decrease to interest expense.

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

9 unchanged sentences

(In thousands)

March 31, 2026

June 30, 2026

Derivative financial instruments designated as effective hedges:

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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 March 31, 2026 and December 31, 2025, the significance of the impact of the credit valuation adjustments on the overall valuation of the derivative financial instruments was assessed, and it was determined that these adjustments were not significant to the overall valuation of the derivative financial instruments.

However, as of June 30, 2026 and December 31, 2025, the significance of the impact of the credit valuation adjustments on the overall valuation of the derivative financial instruments was assessed, and it was determined that these adjustments were not significant to the overall valuation of the derivative financial instruments.

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

The net unrealized gains (losses) included in "Other comprehensive (income) loss" in our statements of comprehensive loss for the three months ended March 31, 2026 and 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 statements of operations as the derivative financial instruments were documented and qualified as hedging instruments.

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

The net unrealized gains (losses) included in "Other comprehensive (income) loss" in our statements of comprehensive loss for the three and six months ended June 30, 2026 and 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 statements of operations as the derivative financial instruments were documented and qualified as hedging instruments.

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

Fair Value Measurements on a Nonrecurring Basis

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

During the three months ended March 31, 2026, in connection with our continued marketing of a land parcel for sale, we determined the carrying value exceeded the estimated $ 3.8 million fair value of the land parcel.

We recognized a $ 1.5 million impairment loss, which was included in "Impairment loss" in our statement of operations.

The fair value was estimated using a market approach and was classified as Level 2 in the fair value hierarchy.

In April 2026, we withheld payment under a ground lease option at a pre-development project with $ 44.0 million of capitalized costs, of which $ 17.1 million was recorded as part of the formation transaction in 2017, as the parties attempt to negotiate new ground lease terms.

As of March 31, 2026, we believe the project remains probable of future development.

Should our efforts to negotiate new ground lease terms prove unsuccessful or market conditions deteriorate, we may need to reassess the probability of future development and recoverability of the asset, which could result in impairment charges in future periods.

As of June 30, 2026, we determined that the future development of a pre-development project was no longer probable and the carrying amount of the asset was not recoverable.

As a result, we recorded an impairment loss of $ 44.1 million during the three months ended June 30, 2026, which was included in "Impairment loss" in our statement of operations, related to previously capitalized costs associated with the pre-development project, of which $ 17.1 million was recorded as part of the formation transaction in 2017.

Additionally, during the six months ended June 30, 2026, in connection with our continued marketing of a land parcel for sale, we determined its carrying value exceeded the estimated $ 3.8 million fair value, which was estimated using a market approach and was classified as Level 2 in the fair value hierarchy.

During the six months ended June 30, 2026, we recognized impairment losses totaling $ 45.6 million, which were included in "Impairment loss" in our statement of operations.

Financial Assets and Liabilities Not Measured at Fair Value

As of March 31, 2026 and December 31, 2025, all financial assets and liabilities were reflected in our balance sheets at amounts which, in our estimation, reasonably approximated their fair values, except for the following:

March 31, 2026

As of June 30, 2026 and December 31, 2025, all financial assets and liabilities were reflected in our balance sheets at amounts which, in our estimation, reasonably approximated their fair values, except for the following:

June 30, 2026

December 31, 2025

23 unchanged sentences

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

Three Months Ended March 31, 2026

Three Months Ended June 30, 2026

(In thousands, at our share)

9 unchanged sentences

Other NOI (1)

Three Months Ended March 31, 2025

Three Months Ended June 30, 2025

(In thousands, at our share)

9 unchanged sentences

Other NOI (1)

Six Months Ended June 30, 2026

(In thousands, at our share)

Property rental revenue

Other property revenue

Total property revenue

Property expense:

Real estate taxes

Repairs and maintenance

Other property operating

Total property expense

NOI from reportable segments

Other NOI (1)

Six Months Ended June 30, 2025

(In thousands, at our share)

Property rental revenue

Other property revenue

Total property revenue

Property expense:

Real estate taxes

Repairs and maintenance

Other property operating

Total property expense

NOI from reportable segments

Other NOI (1)

(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:

Three Months Ended March 31,

Three Months Ended June 30,

Six Months Ended June 30,

(In thousands, at our share)

8 unchanged sentences

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

Three Months Ended March 31,

Three Months Ended June 30,

Six Months Ended June 30,

(In thousands)

10 unchanged sentences

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

Three Months Ended March 31,

Three Months Ended June 30,

Six Months Ended June 30,

(In thousands)

1 unchanged sentence

Net third-party real estate services, excluding reimbursements, at our share

Loss from unconsolidated real estate ventures, net

Income (loss) from unconsolidated real estate ventures, net

Interest and other income, net

Gain on the sale of real estate, net

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

Depreciation and amortization expense

3 unchanged sentences

Interest expense

Loss on the extinguishment of debt, net

(Gain) loss on the extinguishment of debt, net

Impairment loss

11 unchanged sentences

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.

We maintain entity-level insurance with a coverage limit of $ 70.0 million and other insurance policies with specific coverages totaling over $ 50.0 million.

These policies are partially reinsured by third-party insurance providers.

6 unchanged sentences

Construction Commitments

As of March 31, 2026, we have remaining commitments related to Valen, a recently completed multifamily asset, and an office amenity hub at 2011 Crystal Drive that together, based on our current plans and estimates, require an additional $ 3.8 million to complete, which we anticipate will be primarily expended in the second quarter of 2026.

As of June 30, 2026, we have construction commitments related to 2200 Crystal Drive, an unconsolidated multifamily asset under construction, that, based on our current plans and estimates, require an additional $ 18.0 million at our share to complete over the next three years , which the real estate venture expects to finance with debt proceeds.

Environmental Matters

6 unchanged sentences

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

Environmental liabilities totaled $ 5.7 million and $ 17.5 million as of March 31, 2026 and December 31, 2025, and are included in "Other liabilities, net" in our balance sheets.

Environmental liabilities totaled $ 5.8 million and $ 17.5 million as of June 30, 2026 and December 31, 2025, and were included in "Other liabilities, net" in our balance sheets.

Legal Proceedings

2 unchanged sentences

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

While we intend to vigorously defend against this lawsuit, we are unable to predict the outcome or estimate the amount of loss, if any, that may result from the lawsuit.

While we continue to vigorously defend against this 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.

1 unchanged sentence

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.

The lawsuit seeks damages resulting primarily from alleged construction and design deficiencies, and alleged misrepresentations and omissions, including claims 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 attorneys' fees and costs.

The bench trial began on November 10, 2025 and concluded on March 5, 2026.

The court has not issued a ruling as of the date of this filing.

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 have vigorously defended ourselves against the claims alleged in the litigation.

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

The Wardman Tower project was designed and constructed by other parties and was substantially complete prior to our formation.

We have never had any ownership interest in the project.

One of our subsidiary entities, which was only made a defendant in the litigation during the trial, had acted under a project management agreement with the project owner.

The lawsuit sought compensatory damages and asked that those damages be trebled under the CPPA, plus attorneys' fees.

The bench trial began on November 10, 2025, and the last witness testified on March 5, 2026.

On July 31, 2026, the Court entered judgment in favor of Wardman Tower Residential Condominium Unit Owners Association, found damages in the amount of $ 118.7 million, and ordered the defendants, which include us, to pay treble that amount, or approximately $ 356.1 million in damages, plus attorneys’ fees in an amount to be determined.

We believe the judgment against us, including its conclusion that we are liable for acts of employees of a subsidiary providing services under a project management agreement between the project owner and another subsidiary, is not supported by the facts of the case or applicable law regarding corporate separateness.

We believe there are substantial grounds to challenge both the liability findings against us and the size and trebling of the award, and intend to appeal the judgment promptly, and continue to defend ourselves vigorously in this matter.

The timing and success of any appeal is uncertain, and we cannot be certain of the ultimate outcome of the case.

In assessing whether we should accrue a liability in our financial statements as a result of the judgment, we considered various factors, including the legal and factual circumstances of the case, the trial record, applicable law, the views of legal counsel and the likelihood of successful appeals.

As a result of this review, we concluded that a loss attributable to us from this case is not probable at this time and, therefore, a liability has not been recorded with respect to this case as of June 30, 2026.

While we believe it is not probable a loss will occur, the existence of the judgement indicates that it is reasonably possible that a loss could occur.

The estimate of the possible range of loss is $ 0 to the $ 356.1 million judgment, plus attorneys’ fees in an amount to be determined and post-judgment interest that will accrue during the appeal.

Additional developments in the lawsuit could affect these assumptions, and therefore, the amount of any accrual.

We anticipate that one or more bonds will be posted by the defendants to stay enforcement of the judgment pending the expected appeal, and to the extent we are required to collateralize any portion of the bonds, it may impact our liquidity.

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

2 unchanged sentences

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

As of March 31, 2026, we had committed tenant-related obligations totaling $ 37.6 million ($ 34.4 million related to our consolidated entities and $ 3.2 million related to our unconsolidated real estate ventures at our share).

As of June 30, 2026, we had committed tenant-related obligations totaling $ 39.8 million ($ 36.6 million related to our consolidated entities and $ 3.2 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.

4 unchanged sentences

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

As of March 31, 2026, we had no principal payment guarantees related to our unconsolidated real estate ventures.

As of June 30, 2026, we had no principal payment guarantees related to our unconsolidated real estate ventures.

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

As of March 31, 2026, we had no debt principal payment guarantees related to our consolidated real estate assets.

As of March 31, 2026, we had unfunded capital commitments totaling $ 5.8 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.

As of June 30, 2026, we had principal payment guarantees related to our consolidated real estate assets of $ 9.9 million.

As of June 30, 2026, we had unfunded capital commitments totaling $ 4.6 million related to our investments in real estate-focused technology companies and $ 3.1 million related to our investments in the WHI Impact Pool and the LEO Impact Housing Fund.

See Note 18 for additional information.

Transactions with Related Parties

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

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

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

LEO Impact Capital ("LEO"), our workforce housing platform dedicated to acquiring, financing and operating multifamily housing in high impact neighborhoods to preserve affordability for middle-income residents, manages the 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 March 31, 2026, 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 $ 2.4 million and $ 2.6 million for the three months ended March 31, 2026 and 2025.

As of March 31, 2026 and December 31, 2025, we had receivables from the JBG Legacy Funds, the WHI Impact Pool, the LEO Impact Housing Fund and their affiliates totaling $ 1.2 million and $ 951,000 for such services.

We lease our corporate offices from an unconsolidated real estate venture, in which we have a 20.0 % interest, and incurred $ 1.4 million and $ 1.3 million of rent expense for the three months ended March 31, 2026 and 2025, which was included in "General and administrative expense" in our statements of operations.

Additionally, in 2025, 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 June 30, 2026, our remaining unfunded commitments totaled $ 3.1 million.

The third-party real estate services revenue, including expense reimbursements, from the WHI Impact Pool, the LEO Impact Housing Fund, the JBG Legacy Funds and their affiliates, was $ 2.4 million and $ 4.7 million for the three and six months ended June 30, 2026, and $ 2.3 million and $ 4.9 million for the three and six months ended June 30, 2025.

As of June 30, 2026 and December 31, 2025, we had receivables from the WHI Impact Pool, the LEO Impact Housing Fund, the JBG Legacy Funds and their affiliates totaling $ 1.1 million and $ 951,000 for such services.

We lease our corporate offices from an unconsolidated real estate venture, in which we have a 20.0 % interest, and incurred $ 1.3 million and $ 2.7 million of rent expense for the three and six months ended June 30, 2026, and $ 1.3 million and $ 2.6 million of rent expense for the three and six months ended June 30, 2025, which was included in "General and administrative expense" in our statements of operations.

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

We paid BMS $ 2.1 million and $ 2.0 million for the three months ended March 31, 2026 and 2025, which was included in "Property operating expenses" in our statements of operations.

We paid BMS $ 1.6 million and $ 3.7 million for the three and six months ended June 30, 2026, and $ 2.1 million and $ 4.1 million for the three and six months ended June 30, 2025, which was included in "Property operating expenses" in our statements of operations.

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

What changed 10-Q

Item 1. Financial Statements