JBG SMITH Properties 10-Q

ITEM 1. Financial Statements JBG SMITH PROPERTIES Condensed Consolidated Balance Sheets (Unaudited) (In thousands, except par value amounts) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2026 ​ ​ ​ December 31, 2025 ASSETS ​ ​ ​ ​ Real estate, at cost: ​ ​ ​ ​ Land and improvements ​ $ 987,802 ​ $ 1,019,967 Buildings and improvements ​ 4,016,401 ​ 3,973,514 Construction in progress, including land ​ 111,275 ​ 175,673 ​ ​ 5,115,478 ​ 5,169,154 Less: accumulated depreciation ​ ( 1,478,008 ) ​ ( 1,408,641 ) Real estate, net ​ 3,637,470 ​ 3,760,513 Cash and cash equivalents ​ 74,803 ​ 75,270 Restricted cash ​ 33,264 ​ 28,020 Tenant and other receivables ​ 25,141 ​ 21,810 Deferred rent receivable ​ 187,747 ​ 182,891 Investments in unconsolidated real estate ventures ​ 115,603 ​ 105,711 Deferred leasing costs, net ​ ​ 63,246 ​ ​ 66,356 Intangible assets, net ​ ​ 11,497 ​ ​ 30,333 Other assets, net ​ 112,064 ​ 117,287 TOTAL ASSETS ​ $ 4,260,835 ​ $ 4,388,191 ​ ​ ​ ​ ​ ​ ​ LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY ​ ​ Liabilities: ​ ​ ​ ​ Mortgage loans, net ​ $ 1,601,618 ​ $ 1,579,158 Revolving credit facility ​ 210,000 ​ 205,000 Term loans, net ​ 718,832 ​ 718,408 Accounts payable and accrued expenses ​ 65,630 ​ 84,748 Other liabilities, net ​ 94,057 ​ 131,945 Total liabilities ​ 2,690,137 ​ 2,719,259 Commitments and contingencies ​ ​ ​ ​ Redeemable noncontrolling interests ​ 492,712 ​ 511,342 Shareholders' equity: ​ ​ ​ ​ Preferred shares, $ 0.01 par value - 200,000 shares authorized; none issued ​ — ​ — Common shares, $ 0.01 par value - 470,000 shares authorized; 58,426 and 59,527 shares issued and outstanding as of June 30, 2026 and December 31, 2025 ​ 585 ​ 596 Class B common shares, $ 0.01 par value - 30,000 shares authorized; 16,094 and 13,645 shares issued and outstanding as of June 30, 2026 and December 31, 2025 ​ ​ 161 ​ ​ 136 Additional paid-in capital ​ 2,328,305 ​ 2,338,881 Accumulated deficit ​ ( 1,268,511 ) ​ ( 1,180,410 ) Accumulated other comprehensive income (loss) ​ 5,873 ​ ( 1,613 ) Total shareholders' equity of JBG SMITH Properties ​ 1,066,413 ​ 1,157,590 Noncontrolling interests ​ 11,573 ​ — Total equity ​ 1,077,986 ​ 1,157,590 TOTAL LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY ​ $ 4,260,835 ​ $ 4,388,191 ​ See accompanying notes to the condensed consolidated financial statements (unaudited). 3 Table of Contents JBG SMITH PROPERTIES Condensed Consolidated Statements of Operations (Unaudited) (In thousands, except per share data) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, ​ Six Months Ended June 30, ​ ​ ​ ​ 2026 ​ ​ ​ 2025 ​ ​ ​ 2026 ​ ​ ​ 2025 REVENUE ​ ​ ​ ​ ​ ​ ​ ​ ​ Property rental ​ $ 106,632 ​ $ 106,509 ​ $ 212,488 ​ $ 208,008 Third-party real estate services, including reimbursements ​ 17,002 ​ 14,805 ​ 34,210 ​ 29,719 Other revenue ​ 5,741 ​ 5,165 ​ 10,279 ​ 9,438 Total revenue ​ 129,375 ​ 126,479 ​ 256,977 ​ 247,165 EXPENSES ​ ​ ​ ​ ​ ​ ​ ​ Depreciation and amortization ​ 44,791 ​ 47,560 ​ 90,096 ​ 95,147 Property operating ​ 35,964 ​ 34,875 ​ 72,182 ​ 68,312 Real estate taxes ​ 12,309 ​ 12,651 ​ 24,355 ​ 24,823 General and administrative: ​ ​ ​ ​ ​ ​ ​ ​ Corporate and other ​ 15,404 ​ 16,720 ​ 30,691 ​ 32,277 Third-party real estate services ​ 16,364 ​ 13,562 ​ 33,362 ​ 29,633 Transaction and other costs ​ 685 ​ 2,846 ​ 10,526 ​ 4,757 Total expenses ​ 125,517 ​ 128,214 ​ 261,212 ​ 254,949 OTHER INCOME (EXPENSE) ​ ​ ​ ​ ​ ​ ​ ​ Income (loss) from unconsolidated real estate ventures, net ​ ( 586 ) ​ 1,091 ​ ( 960 ) ​ 499 Interest and other income, net ​ 4,658 ​ 698 ​ 6,058 ​ 1,223 Interest expense ​ ( 36,029 ) ​ ( 35,571 ) ​ ( 71,577 ) ​ ( 70,771 ) Gain (loss) on the sale of real estate, net ​ ( 285 ) ​ 41,832 ​ 20,790 ​ 42,369 Gain (loss) on the extinguishment of debt, net ​ — ​ 2,234 ​ — ​ ( 2,402 ) Impairment loss ​ ​ ( 44,065 ) ​ ​ ( 31,813 ) ​ ​ ( 45,565 ) ​ ​ ( 40,296 ) Total other income (expense) ​ ( 76,307 ) ​ ( 21,529 ) ​ ( 91,254 ) ​ ( 69,378 ) LOSS BEFORE INCOME TAX (EXPENSE) BENEFIT ​ ( 72,449 ) ​ ​ ( 23,264 ) ​ ( 95,489 ) ​ ( 77,162 ) Income tax (expense) benefit ​ — ​ 83 ​ ( 7 ) ​ 283 NET LOSS ​ ( 72,449 ) ​ ( 23,181 ) ​ ( 95,496 ) ​ ( 76,879 ) Net loss attributable to redeemable noncontrolling interests ​ 13,381 ​ 3,940 ​ 17,731 ​ 11,918 Net income attributable to noncontrolling interests ​ ( 87 ) ​ — ​ ( 87 ) ​ — NET LOSS ATTRIBUTABLE TO COMMON SHAREHOLDERS ​ $ ( 59,155 ) ​ $ ( 19,241 ) ​ $ ( 77,852 ) ​ $ ( 64,961 ) LOSS PER COMMON SHARE - BASIC AND DILUTED ​ $ ( 1.03 ) ​ $ ( 0.29 ) ​ $ ( 1.34 ) ​ $ ( 0.87 ) WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING - BASIC AND DILUTED ​ 58,284 ​ 68,287 ​ 58,676 ​ 74,867 ​ See accompanying notes to the condensed consolidated financial statements (unaudited). ​ 4 Table of Contents JBG SMITH PROPERTIES Condensed Consolidated Statements of Comprehensive Loss (Unaudited) (In thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, ​ Six Months Ended June 30, ​ ​ ​ ​ 2026 ​ ​ ​ 2025 ​ ​ ​ 2026 ​ ​ ​ 2025 NET LOSS ​ $ ( 72,449 ) ​ $ ( 23,181 ) ​ $ ( 95,496 ) ​ $ ( 76,879 ) OTHER COMPREHENSIVE INCOME (LOSS) ​ ​ ​ ​ ​ ​ ​ ​ Change in fair value of derivative financial instruments ​ 4,577 ​ ( 3,447 ) ​ 10,064 ​ ( 12,612 ) Reclassification of net income on derivative financial instruments from accumulated other comprehensive income (loss) into interest expense ​ ( 201 ) ​ ( 4,668 ) ​ ( 516 ) ​ ( 6,330 ) Total other comprehensive income (loss) ​ 4,376 ​ ( 8,115 ) ​ 9,548 ​ ( 18,942 ) COMPREHENSIVE LOSS ​ ( 68,073 ) ​ ( 31,296 ) ​ ( 85,948 ) ​ ( 95,821 ) Net loss attributable to redeemable noncontrolling interests ​ 13,381 ​ 3,940 ​ 17,731 ​ 11,918 Net income attributable to noncontrolling interests ​ ​ ( 87 ) ​ ​ — ​ ​ ( 87 ) ​ ​ — Other comprehensive (income) loss attributable to redeemable noncontrolling interests ​ ( 944 ) ​ 1,562 ​ ( 2,062 ) ​ 3,446 COMPREHENSIVE LOSS ATTRIBUTABLE TO JBG SMITH PROPERTIES ​ $ ( 55,723 ) ​ $ ( 25,794 ) ​ $ ( 70,366 ) ​ $ ( 80,457 ) ​ See accompanying notes to the condensed consolidated financial statements (unaudited). ​ 5 Table of Contents JBG SMITH PROPERTIES Condensed Consolidated Statements of Equity (Unaudited) (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 MARCH 31, 2026 58,413 ​ $ 585 ​ 16,124 ​ $ 161 ​ $ 2,335,815 ​ $ ( 1,199,107 ) ​ $ 2,441 ​ $ — ​ $ 1,139,895 Net income (loss) attributable to common shareholders and noncontrolling interests — ​ — ​ — ​ ​ — ​ — ​ ( 59,155 ) ​ — ​ 87 ​ ( 59,068 ) Issuance of Class B common shares ("Class B Shares") ​ — ​ ​ — ​ 157 ​ ​ 2 ​ ​ ( 2 ) ​ ​ — ​ ​ — ​ ​ — ​ ​ — Redemption of common limited partnership units ("OP Units") 203 ​ 2 ​ ( 187 ) ​ ​ ( 2 ) ​ 2,909 ​ — ​ — ​ — ​ 2,909 Common shares repurchased ​ ( 208 ) ​ ​ ( 2 ) ​ — ​ ​ — ​ ​ ( 2,998 ) ​ ​ — ​ ​ — ​ ​ — ​ ​ ( 3,000 ) Common shares issued pursuant to employee incentive compensation plan and Employee Share Purchase Plan ("ESPP") ​ 18 ​ ​ — ​ — ​ ​ — ​ ​ 691 ​ ​ — ​ ​ — ​ ​ — ​ ​ 691 Dividends declared on common shares ( $ 0.175 per common share) ​ — ​ ​ — ​ — ​ ​ — ​ ​ — ​ ​ ( 10,249 ) ​ ​ — ​ ​ — ​ ​ ( 10,249 ) Sale of interest in consolidated real estate venture ​ — ​ ​ — ​ — ​ ​ — ​ ​ 127 ​ ​ — ​ ​ — ​ ​ 11,686 ​ ​ 11,813 Distributions to noncontrolling interests, net — ​ — ​ — ​ ​ — ​ — ​ — ​ — ​ ( 200 ) ​ ( 200 ) Redeemable noncontrolling interests redemption value adjustment and total other comprehensive loss allocation — ​ — ​ — ​ ​ — ​ ( 8,237 ) ​ — ​ ( 944 ) ​ — ​ ( 9,181 ) Total other comprehensive income — ​ — ​ — ​ ​ — ​ — ​ — ​ 4,376 ​ — ​ 4,376 BALANCE AS OF JUNE 30, 2026 58,426 ​ $ 585 ​ 16,094 ​ $ 161 ​ $ 2,328,305 ​ $ ( 1,268,511 ) ​ $ 5,873 ​ $ 11,573 ​ $ 1,077,986 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ BALANCE AS OF MARCH 31, 2025 73,033 ​ $ 731 ​ — ​ $ — ​ $ 2,607,115 ​ $ ( 1,043,003 ) ​ $ 6,149 ​ $ — ​ $ 1,570,992 Net loss attributable to common shareholders — ​ — ​ — ​ ​ — ​ — ​ ( 19,241 ) ​ — ​ — ​ ( 19,241 ) Redemption of OP Units 65 ​ 1 ​ — ​ ​ — ​ 1,134 ​ — ​ — ​ — ​ 1,135 Common shares repurchased ​ ( 11,175 ) ​ ​ ( 112 ) ​ — ​ ​ — ​ ​ ( 185,001 ) ​ ​ — ​ — ​ — ​ ​ ( 185,113 ) Common shares issued pursuant to employee incentive compensation plan and ESPP ​ 22 ​ ​ — ​ — ​ ​ — ​ ​ 680 ​ ​ — ​ ​ — ​ ​ — ​ ​ 680 Dividends declared on common shares ( $ 0.175 per common share) ​ — ​ ​ — ​ — ​ ​ — ​ ​ — ​ ​ ( 12,434 ) ​ ​ — ​ ​ — ​ ​ ( 12,434 ) Redeemable noncontrolling interests redemption value adjustment and total other comprehensive loss allocation — ​ — ​ — ​ ​ — ​ ( 26,673 ) ​ — ​ 1,562 ​ — ​ ( 25,111 ) Total other comprehensive loss — ​ — ​ — ​ ​ — ​ — ​ — ​ ( 8,115 ) ​ — ​ ( 8,115 ) BALANCE AS OF JUNE 30, 2025 61,945 ​ $ 620 ​ — ​ $ — ​ $ 2,397,255 ​ $ ( 1,074,678 ) ​ $ ( 404 ) ​ $ — ​ $ 1,322,793 ​ See accompanying notes to the condensed consolidated financial statements (unaudited). ​ 6 Table of Contents JBG SMITH PROPERTIES Condensed Consolidated Statements of Equity (Unaudited) (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, 2025 59,527 ​ $ 596 ​ 13,645 ​ $ 136 ​ $ 2,338,881 ​ $ ( 1,180,410 ) ​ $ ( 1,613 ) ​ $ — ​ $ 1,157,590 Net income (loss) attributable to common shareholders and noncontrolling interests — ​ — ​ — ​ — ​ — ​ ( 77,852 ) ​ — ​ 87 ​ ( 77,765 ) Issuance of Class B Shares ​ — ​ ​ — ​ 3,117 ​ ​ 32 ​ ​ ( 32 ) ​ ​ — ​ ​ — ​ ​ — ​ ​ — Redemption of OP Units 672 ​ 7 ​ ( 668 ) ​ ( 7 ) ​ 9,957 ​ — ​ — ​ — ​ 9,957 Common shares repurchased ​ ( 1,848 ) ​ ​ ( 18 ) ​ — ​ ​ — ​ ​ ( 28,383 ) ​ ​ — ​ ​ — ​ ​ — ​ ​ ( 28,401 ) Common shares issued pursuant to employee incentive compensation plan and ESPP ​ 75 ​ ​ — ​ — ​ ​ — ​ ​ 1,072 ​ ​ — ​ ​ — ​ ​ — ​ ​ 1,072 Dividends declared on common shares ( $ 0.175 per common share) ​ — ​ ​ — ​ — ​ ​ — ​ ​ — ​ ​ ( 10,249 ) ​ ​ — ​ ​ — ​ ​ ( 10,249 ) Sale of interest in consolidated real estate venture ​ — ​ ​ — ​ — ​ ​ — ​ ​ 127 ​ ​ — ​ ​ — ​ ​ 11,686 ​ ​ 11,813 Distributions to noncontrolling interests, net — ​ — ​ — ​ — ​ — ​ — ​ — ​ ( 200 ) ​ ( 200 ) Redeemable noncontrolling interests redemption value adjustment and total other comprehensive income allocation — ​ — ​ — ​ — ​ 6,683 ​ — ​ ( 2,062 ) ​ — ​ 4,621 Total other comprehensive income — ​ — ​ — ​ — ​ — ​ — ​ 9,548 ​ — ​ 9,548 BALANCE AS OF JUNE 30, 2026 58,426 ​ $ 585 ​ 16,094 ​ $ 161 ​ $ 2,328,305 ​ $ ( 1,268,511 ) ​ $ 5,873 ​ $ 11,573 ​ $ 1,077,986 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 — ​ — ​ — ​ — ​ — ​ ( 64,961 ) ​ — ​ — ​ ( 64,961 ) Redemption of OP Units 712 ​ 8 ​ — ​ — ​ 10,846 ​ — ​ — ​ — ​ 10,854 Common shares repurchased ​ ( 23,329 ) ​ ​ ( 234 ) ​ — ​ ​ — ​ ​ ( 372,614 ) ​ ​ — ​ ​ — ​ ​ — ​ ​ ( 372,848 ) Common shares issued pursuant to employee incentive compensation plan and ESPP ​ 62 ​ ​ — ​ — ​ ​ — ​ ​ 1,244 ​ ​ — ​ ​ — ​ ​ — ​ ​ 1,244 Dividends declared on common shares ( $ 0.175 per common share) ​ — ​ ​ — ​ — ​ ​ — ​ ​ — ​ ​ ( 12,434 ) ​ ​ — ​ ​ — ​ ​ ( 12,434 ) Redeemable noncontrolling interests redemption value adjustment and total other comprehensive loss allocation — ​ — ​ — ​ — ​ ( 32,624 ) ​ — ​ 3,446 ​ — ​ ( 29,178 ) Total other comprehensive loss — ​ — ​ — ​ — ​ — ​ — ​ ( 18,942 ) ​ — ​ ( 18,942 ) BALANCE AS OF JUNE 30, 2025 61,945 ​ $ 620 ​ — ​ $ — ​ $ 2,397,255 ​ $ ( 1,074,678 ) ​ $ ( 404 ) ​ $ — ​ $ 1,322,793 ​ See accompanying notes to the condensed consolidated financial statements (unaudited). ​ 7 Table of Contents JBG SMITH PROPERTIES Condensed Consolidated Statements of Cash Flows (Unaudited) (In thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Six Months Ended June 30, ​ ​ ​ ​ 2026 ​ ​ ​ 2025 OPERATING ACTIVITIES ​ ​ ​ ​ Net loss ​ $ ( 95,496 ) ​ $ ( 76,879 ) Adjustments to reconcile net loss to net cash provided by operating activities: ​ ​ ​ ​ Share-based compensation expense ​ 16,980 ​ 14,887 Depreciation and amortization expense, including amortization of deferred financing costs ​ 93,915 ​ 98,829 Deferred rent ​ ( 4,820 ) ​ ( 5,544 ) (Income) loss from unconsolidated real estate ventures, net ​ 960 ​ ( 499 ) Amortization (accretion) of market lease intangibles, net ​ 164 ​ ( 34 ) Amortization of lease incentives ​ 1,022 ​ 6,940 Loss on the extinguishment of debt, net ​ — ​ 5,053 Impairment loss ​ ​ 45,565 ​ ​ 40,296 Gain on the sale of real estate, net ​ ( 20,790 ) ​ ( 42,369 ) Loss on operating lease and other receivables ​ 375 ​ 957 (Income) loss from investments, net ​ ​ ( 4,321 ) ​ ​ 270 Return on capital from unconsolidated real estate ventures ​ 881 ​ 864 Other non-cash items ​ 152 ​ 2,148 Changes in operating assets and liabilities: ​ ​ ​ ​ Tenant and other receivables ​ ( 3,706 ) ​ 1,104 Other assets, net ​ 1,215 ​ ( 1,915 ) Accounts payable and accrued expenses ​ ( 10,011 ) ​ ( 12,213 ) Other liabilities, net ​ ( 2,841 ) ​ ( 143 ) Net cash provided by operating activities ​ 19,244 ​ 31,752 INVESTING ACTIVITIES ​ ​ ​ ​ Development costs, construction in progress and real estate additions ​ ( 43,145 ) ​ ( 62,417 ) Acquisition of real estate ​ — ​ ( 42,713 ) Proceeds from the sale of real estate ​ 46,582 ​ 381,607 Proceeds from derivative financial instruments ​ ​ 3,631 ​ ​ 4,967 Payments on derivative financial instruments ​ ​ — ​ ​ ( 7,995 ) Distributions of capital from unconsolidated real estate ventures and other investments ​ 3,977 ​ 701 Investments in unconsolidated real estate ventures and other investments ​ ( 4,096 ) ​ ( 3,426 ) Net cash provided by investing activities ​ 6,949 ​ 270,724 FINANCING ACTIVITIES ​ ​ ​ ​ Borrowings under mortgage loans ​ 24,391 ​ 275,027 Borrowings under revolving credit facility ​ 85,000 ​ 631,000 Repayments of mortgage loans ​ ( 3,008 ) ​ ( 505,897 ) Repayments of revolving credit facility ​ ( 80,000 ) ​ ( 490,000 ) Proceeds from derivative financial instruments ​ ​ — ​ ​ 7,835 Payments on derivative financial instruments ​ ​ ( 1,581 ) ​ ​ ( 2,161 ) Debt issuance and modification costs ​ ( 1,109 ) ​ ( 5,207 ) Redemption of noncontrolling interests ​ ( 1,077 ) ​ — Proceeds from common shares issued pursuant to ESPP ​ 452 ​ 487 Common shares repurchased ​ ​ ( 28,401 ) ​ ​ ( 372,848 ) Dividends paid to common shareholders ​ ( 20,666 ) ​ ( 27,221 ) Distributions to redeemable noncontrolling interests ​ ( 7,030 ) ​ ( 5,721 ) Proceeds from the sale of interest in consolidated real estate venture ​ ​ 11,813 ​ ​ 100,000 Distributions to noncontrolling interests ​ ​ ( 200 ) ​ ​ — Net cash used in financing activities ​ ( 21,416 ) ​ ( 394,706 ) ​ 8 Table of Contents JBG SMITH PROPERTIES Condensed Consolidated Statements of Cash Flows (Unaudited) (In thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Six Months Ended June 30, ​ ​ ​ ​ 2026 ​ ​ ​ 2025 Net increase (decrease) in cash and cash equivalents, and restricted cash ​ $ 4,777 ​ $ ( 92,230 ) Cash and cash equivalents, and restricted cash, beginning of period ​ 103,290 ​ 183,192 Cash and cash equivalents, and restricted cash, end of period ​ $ 108,067 ​ $ 90,962 ​ ​ ​ ​ ​ ​ ​ CASH AND CASH EQUIVALENTS, AND RESTRICTED CASH, END OF PERIOD ​ ​ Cash and cash equivalents ​ $ 74,803 ​ $ 61,432 Restricted cash ​ 33,264 ​ 29,530 Cash and cash equivalents, and restricted cash ​ $ 108,067 ​ $ 90,962 ​ ​ ​ ​ ​ ​ ​ SUPPLEMENTAL DISCLOSURE OF CASH FLOW AND NON-CASH INFORMATION ​ ​ Cash paid for interest (net of capitalized interest of $ 778 and $ 3,128 in 2026 and 2025) ​ $ 65,815 ​ $ 62,995 Accrued capital expenditures ​ 27,639 ​ 36,479 Write-off of fully depreciated assets ​ 13,242 ​ 17,805 Cash paid for income taxes ​ 7 ​ 61 Contribution of land to unconsolidated real estate venture ​ 9,906 ​ — Redemption of OP Units for common shares ​ 11,034 ​ 10,854 Redeemable noncontrolling interests redemption value adjustment ​ ​ ( 6,683 ) ​ ​ 32,624 Cash paid for amounts included in the measurement of lease liabilities for operating leases ​ 2,712 ​ 3,329 ​ ​ See accompanying notes to the condensed consolidated financial statements (unaudited). ​ 9 Table of Contents ​ ​ JBG SMITH PROPERTIES Notes to Condensed Consolidated Financial Statements (Unaudited) 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. 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 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 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. 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. Basis of Presentation The accompanying unaudited condensed consolidated financial statements and notes are prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") for interim financial information and with the instructions of Form 10-Q and Article 10 of Regulation S-X. Accordingly, these condensed consolidated financial statements do not contain certain information required in annual financial statements and notes as required under GAAP. In our opinion, all adjustments considered necessary for a fair presentation have been included, and all such adjustments are of a normal recurring nature. All intercompany transactions and balances have been eliminated. 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. 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 on February 17, 2026 ("Annual Report"). 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. See Note 5 for additional 10 Table of Contents information. 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 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. 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. We also participate in the activities conducted by our subsidiary entities that have elected to be treated as taxable REIT subsidiaries under the Code. As such, we are subject to federal, state and local taxes on the income from those activities. 2. Summary of Significant Accounting Policies Significant Accounting Policies There were no material changes to our significant accounting policies disclosed in our Annual Report. Use of Estimates The preparation of the 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 financial statements and the reported amounts of revenue and expenses during the reporting periods. Actual results could differ from those estimates. Recent Accounting Pronouncements Standards Not Yet Adopted Interim Reporting In December 2025, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("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 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 financial statements. 11 Table of Contents 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 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 financial statements. 3. Dispositions The following table summarizes disposition activity for the six months ended June 30, 2026: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gain (Loss) ​ ​ ​ ​ ​ ​ Gross ​ Cash ​ on the Sale ​ ​ ​ ​ ​ ​ Sales ​ Proceeds ​ of Real Date Disposed ​ ​ ​ Assets ​ ​ ​ Segment ​ ​ ​ Price ​ ​ ​ from Sale ​ ​ ​ Estate ​ ​ ​ ​ ​ ​ (In thousands) February 11, 2026 ​ Development Parcel ​ Other ​ $ 50,705 ​ $ 46,582 ​ $ 21,075 May 20, 2026 ​ 2200 Crystal Drive (1) ​ Other ​ ​ 9,906 ​ ​ — ​ ​ ( 285 ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 20,790 (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 with our venture partners' share reflected in noncontrolling interests. 4. Investments in Unconsolidated Real Estate Ventures The following table summarizes the composition of our investments in unconsolidated real estate ventures: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Effective ​ ​ ​ ​ ​ ​ ​ ​ Ownership ​ ​ ​ ​ ​ ​ Real Estate Venture ​ ​ ​ Interest (1) ​ ​ ​ June 30, 2026 ​ ​ ​ December 31, 2025 ​ ​ ​ ​ (In thousands) J.P. Morgan Global Alternatives ("J.P. Morgan") (2) ​ 50.0 % ​ $ 72,310 ​ $ 71,550 Dulles View Venture ​ 60.0 % ​ ​ 18,591 ​ ​ 18,536 2200 Crystal Venture (3) (4) ​ 30.0 % ​ ​ 10,534 ​ ​ — 4747 Bethesda Venture ​ 20.0 % ​ ​ 7,035 ​ ​ 8,085 Brandywine Realty Trust 30.0 % ​ 6,990 ​ 6,968 Other ​ ​ 143 ​ ​ 572 Total investments in unconsolidated real estate ventures (5) (6) ​ ​ ​ $ 115,603 ​ $ 105,711 (1) Reflects our effective ownership interests as of June 30, 2026. 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 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 12 Table of Contents 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. (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 $ 2.9 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: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Effective ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest Rate (1) ​ ​ ​ June 30, 2026 ​ ​ ​ December 31, 2025 ​ ​ ​ ​ (In thousands) Mortgage loans (2) ​ 5.00 % ​ $ 175,000 ​ $ 175,000 Unamortized deferred financing costs and premium / discount, net ​ ​ ​ ( 1,738 ) ​ ( 3,084 ) Mortgage loans, net (3) ​ ​ ​ $ 173,262 ​ $ 171,916 (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: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2026 ​ ​ ​ December 31, 2025 ​ (In thousands) Combined balance sheet information: (1) ​ ​ ​ ​ ​ ​ Real estate, net ​ $ 385,711 ​ $ 374,760 Other assets, net ​ 57,609 ​ 56,566 Total assets ​ $ 443,320 ​ $ 431,326 ​ ​ ​ ​ ​ ​ ​ Mortgage loans, net ​ $ 173,262 ​ $ 171,916 Other liabilities, net ​ 25,044 ​ 22,303 Total liabilities ​ 198,306 ​ 194,219 Total equity ​ 245,014 ​ 237,107 Total liabilities and equity ​ $ 443,320 ​ $ 431,326 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, ​ Six Months Ended June 30, ​ ​ ​ ​ 2026 ​ ​ ​ 2025 ​ 2026 ​ ​ ​ 2025 ​ ​ (In thousands) Combined income statement information: (1) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total revenue ​ $ 7,742 ​ $ 8,266 ​ $ 16,026 ​ $ 16,578 Operating income (2) ​ ​ 940 ​ ​ 5,285 ​ 2,528 ​ 6,648 Net income (loss) (2) ​ ​ ( 1,885 ) ​ ​ 1,340 ​ ( 3,122 ) ​ ( 1,087 ) (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. ​ ​ ​ 13 Table of Contents 5. Variable Interest Entities We hold interests in entities deemed to be VIEs, which we evaluate 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 if the VIE should be consolidated in our financial statements or should no longer be considered a VIE. An entity is a VIE because it does not hold sufficient equity at risk or conducts substantially all its operations on behalf of an investor with disproportionately few voting rights. 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 assess our influence over significant business activities, our voting rights and any noncontrolling interest kick-out or participating rights in determining whether we are the primary beneficiary of the VIE. Unconsolidated VIEs As of June 30, 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. We account for our investment in these entities under the equity method. 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. See Note 17 for additional information. Consolidated VIEs JBG SMITH LP is our most significant consolidated VIE. 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 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. 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. 6. Other Assets, Net The following table summarizes other assets, net: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2026 ​ ​ ​ December 31, 2025 ​ ​ (In thousands) Prepaid expenses ​ $ 2,486 ​ $ 9,648 Derivative financial instruments, at fair value ​ ​ 15,290 ​ ​ 13,094 Deferred financing costs, net ​ 2,902 ​ 4,362 Operating lease right-of-use assets ​ ​ 40,159 ​ ​ 41,491 Investments in funds (1) ​ ​ 34,389 ​ ​ 30,555 Other investments (2) ​ ​ 12,390 ​ ​ 13,828 Other ​ 4,448 ​ 4,309 Total other assets, net ​ $ 112,064 ​ $ 117,287 14 Table of Contents (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 statements of operations: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, ​ Six Months Ended June 30, ​ ​ ​ ​ 2026 ​ ​ ​ 2025 ​ 2026 ​ ​ ​ 2025 ​ ​ (In thousands) Unrealized gains (losses) ​ $ 4,261 ​ $ 242 ​ $ 4,497 ​ $ ( 283 ) Realized losses ​ ​ ( 124 ) ​ ​ ( 144 ) ​ ​ ( 297 ) ​ ​ — ​ (2) Primarily consists of equity investments in the Washington Housing Initiative ("WHI") Impact Pool and the LEO Impact Housing Fund. See Note 18 for additional information . ​ ​ ​ 7. Debt Mortgage Loans The following table summarizes mortgage loans: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted Average ​ ​ ​ ​ ​ ​ ​ ​ Effective ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest Rate (1) ​ June 30, 2026 ​ ​ December 31, 2025 ​ ​ ​ ​ (In thousands) Variable rate (2) 5.19 % ​ $ 624,113 ​ $ 600,899 Fixed rate (3) 5.13 % ​ 1,018,858 ​ 1,020,690 Mortgage loans ​ ​ ​ 1,642,971 ​ 1,621,589 Unamortized deferred financing costs and premium / discount, net (4) ​ ​ ​ ( 41,353 ) ​ ( 42,431 ) Mortgage loans, net ​ ​ ​ $ 1,601,618 ​ $ 1,579,158 (1) Weighted average effective interest rate as of June 30, 2026. (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 3.19 % , and the weighted average maturity date of the interest rate caps is in the fourth quarter of 2026. The interest rate cap strike is exclusive of the credit spreads associated with the mortgage loans. As of June 30, 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 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 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 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 15 Table of Contents 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 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest Rate (1) ​ June 30, 2026 ​ ​ ​ December 31, 2025 ​ ​ ​ ​ (In thousands) Revolving credit facility (2) (3) 5.27 % ​ $ 210,000 ​ $ 205,000 ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 ​ ​ ( 1,168 ) ​ ( 1,592 ) Term loans, net ​ ​ $ 718,832 ​ $ 718,408 (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 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. (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. ​ ​ 8. Other Liabilities, Net The following table summarizes other liabilities, net: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2026 ​ ​ ​ December 31, 2025 ​ ​ (In thousands) Lease intangible liabilities, net ​ $ 1,581 ​ $ 1,789 Lease incentive liabilities ​ 6,189 ​ 8,333 Liabilities related to operating lease right-of-use assets ​ 39,445 ​ 40,764 Prepaid rent ​ 12,968 ​ 13,936 Security deposits ​ 12,459 ​ 13,135 Environmental liabilities (1) ​ 5,778 ​ 17,468 Dividends payable ​ — ​ 13,124 Derivative financial instruments, at fair value ​ 7,361 ​ 12,350 Accrual for loss contingencies ​ ​ 743 ​ ​ 2,500 Other ​ 7,533 ​ 8,546 Total other liabilities, net ​ $ 94,057 ​ $ 131,945 ​ (1) In connection with the sale of a development parcel in February 2026, environmental liabilities of $ 11.7 million were relieved. ​ ​ 9. 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 convertible into OP Units. 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 16 Table of Contents 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 We have a 60.0 % controlling ownership interest in a real estate venture that owns West Half, a multifamily asset in Washington, D.C. Our venture partner has the right, but not the obligation, to cause a sale of the property after May 2027, upon which we can either acquire our venture partner’s interest or market the asset for sale. Given this right 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 pursuant to a waterfall structure whereby our venture partner is entitled to a priority return. Any adjustments to the carrying amount are recognized in "Additional paid-in capital" in our balance sheets. The following table summarizes the activity of redeemable noncontrolling interests: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, ​ 2026 ​ 2025 ​ ​ ​ ​ Consolidated ​ ​ ​ ​ ​ ​ ​ Consolidated ​ ​ ​ ​ JBG ​ Real Estate ​ ​ ​ ​ JBG ​ Real Estate ​ ​ ​ ​ SMITH LP ​ ​ Venture ​ ​ Total ​ ​ SMITH LP ​ ​ Venture ​ ​ Total ​ (In thousands) Balance, beginning of period $ 381,546 ​ $ 113,274 ​ $ 494,820 ​ $ 418,236 ​ $ — ​ $ 418,236 Redemptions ( 3,209 ) ​ — ​ ( 3,209 ) ​ ( 1,135 ) ​ — ​ ( 1,135 ) LTIP Units issued in lieu of cash compensation (1) 974 ​ — ​ 974 ​ 974 ​ — ​ 974 Net income (loss) ( 13,323 ) ​ ( 58 ) ​ ( 13,381 ) ​ ( 3,962 ) ​ 22 ​ ( 3,940 ) Other comprehensive income (loss) 944 ​ — ​ 944 ​ ( 1,562 ) ​ — ​ ( 1,562 ) Contributions (distributions), net ( 2,909 ) ​ ( 684 ) ​ ( 3,593 ) ​ ( 2,898 ) ​ 100,000 ​ 97,102 Share-based compensation expense 7,920 ​ — ​ 7,920 ​ 6,855 ​ — ​ 6,855 Adjustment to redemption value 7,674 ​ 563 ​ 8,237 ​ 12,695 ​ 13,978 ​ 26,673 Balance, end of period $ 379,617 ​ $ 113,095 ​ $ 492,712 ​ $ 429,203 ​ $ 114,000 ​ $ 543,203 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Six Months Ended June 30, ​ 2026 ​ 2025 ​ ​ ​ ​ Consolidated ​ ​ ​ ​ ​ ​ ​ Consolidated ​ ​ ​ ​ JBG ​ Real Estate ​ ​ ​ ​ JBG ​ Real Estate ​ ​ ​ ​ SMITH LP ​ ​ Venture ​ ​ Total ​ ​ SMITH LP ​ ​ Venture ​ ​ Total ​ (In thousands) Balance, beginning of period $ 397,831 ​ $ 113,511 ​ $ 511,342 ​ $ 423,632 ​ $ — ​ $ 423,632 Redemptions ( 11,034 ) ​ — ​ ( 11,034 ) ​ ( 10,854 ) ​ — ​ ( 10,854 ) LTIP Units issued in lieu of cash compensation (1) 4,250 ​ — ​ 4,250 ​ 3,048 ​ — ​ 3,048 Net income (loss) ( 17,600 ) ​ ( 131 ) ​ ( 17,731 ) ​ ( 11,940 ) ​ 22 ​ ( 11,918 ) Other comprehensive income (loss) 2,062 ​ — ​ 2,062 ​ ( 3,446 ) ​ — ​ ( 3,446 ) Contributions (distributions), net ( 2,909 ) ​ ( 1,414 ) ​ ( 4,323 ) ​ ( 2,898 ) ​ 100,000 ​ 97,102 Share-based compensation expense 14,829 ​ — ​ 14,829 ​ 13,015 ​ — ​ 13,015 Adjustment to redemption value ( 7,812 ) ​ 1,129 ​ ( 6,683 ) ​ 18,646 ​ 13,978 ​ 32,624 Balance, end of period $ 379,617 ​ $ 113,095 ​ $ 492,712 ​ $ 429,203 ​ $ 114,000 ​ $ 543,203 (1) See Note 11 for additional information. 17 Table of Contents 10. Property Rental Revenue The following table summarizes property rental revenue from our non-cancellable leases: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, ​ Six Months Ended June 30, ​ ​ ​ ​ 2026 ​ ​ ​ 2025 ​ 2026 ​ ​ ​ 2025 ​ ​ (In thousands) Fixed ​ $ 98,740 ​ $ 98,904 ​ $ 196,539 ​ $ 192,892 Variable ​ ​ 7,892 ​ ​ 7,605 ​ ​ 15,949 ​ ​ 15,116 Property rental revenue ​ $ 106,632 ​ $ 106,509 ​ $ 212,488 ​ $ 208,008 ​ ​ 11. Share-Based Payments LTIP Units and Time-Based LTIP Units 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. In January 2026, we granted 237,995 fully vested LTIP Units to certain employees who elected to receive all or a portion of their cash bonuses related to 2025 service as LTIP Units. The LTIP Units had a grant-date fair value of $ 13.76 per unit. Compensation expense totaling $ 3.3 million for these LTIP Units was recognized in 2025. 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. The discount was determined using Monte Carlo simulations based on the following significant assumptions: ​ ​ ​ ​ Expected volatility ​ ​ 31.0 % to 36.0 % Risk-free interest rate 3.5 % to 4.1 % Post-grant restriction periods 2 to 7 years ​ Appreciation-Only LTIP Units ("AO LTIP Units") In January 2026, we granted to certain employees 603,614 performance-based AO LTIP Units with a grant-date fair value of $ 2.70 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 $ 18.37 . The AO LTIP Units are subject to a total shareholder return modifier whereby the number of AO LTIP Units that will ultimately be earned will be increased or reduced by a flat 25.0 %. The AO LTIP Units have a three-year performance period with 50.0 % of the AO LTIP Units earned vesting at the end of the three-year performance period and the remaining 50.0 % vesting on the fourth anniversary of the grant date, subject to continued employment. 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 six months ended June 30, 2026 was $ 1.6 million, valued using Monte Carlo simulations based on the following significant assumptions: ​ ​ ​ ​ Expected volatility ​ ​ 32.0 % Dividend yield 4.1 % Risk-free interest rate 3.7 % ​ 18 Table of Contents Performance-Based LTIP Units In January 2026, we granted to our NEOs 566,250 performance-based LTIP Units with share price appreciation targets ("Share Price Performance LTIP Units") and a grant-date fair value of $ 10.79 per unit that vest 50.0 % on the third anniversary of the grant date and 50.0 % on the fourth anniversary of the grant date, subject to continued employment, based on achieving stated share prices over a five-year performance period that commences on the first anniversary of the grant date. The Share Price Performance LTIP Units are earned only if the shares trade at or above a threshold price for 60 consecutive days during the performance period. The threshold prices are $ 20 , $ 22 , $ 24 , $ 26 , and $ 28 , at each of which 20.0 % of the award is earned. 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 six months ended June 30, 2026 was $ 6.1 million, valued using Monte Carlo simulations based on the following significant assumptions: ​ ​ ​ ​ Expected volatility 36.0 % Dividend yield 3.8 % Risk-free interest rate 3.8 % ​ In January 2026, we also issued 975,914 performance-based LTIP Units with net operating income ("NOI") targets ("NOI-Based LTIP Units") to certain employees. The NOI-Based LTIP Units vest at the end of a three-year performance period contingent on our achievement of NOI targets. Achievement of NOI targets, set and measured annually by the Compensation Committee, may earn based on threshold ( 25.0 %), target ( 50.0 %), and maximum ( 100.0 %) performance levels, based on the average of the performance achieved during the three-year performance period. The awards vest at the end of the performance period in February 2029 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, 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") 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. The aggregate grant-date fair value of the RSUs was $ 1.7 million. The RSUs were valued based on the closing common share price on the grant date. Share-Based Compensation Expense The following table summarizes share-based compensation expense: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, ​ Six Months Ended June 30, ​ ​ ​ ​ 2026 ​ ​ ​ 2025 X 2026 ​ ​ ​ 2025 ​ (In thousands) Time-Based LTIP Units ​ $ 5,285 ​ $ 4,616 ​ $ 10,496 ​ $ 9,429 AO LTIP Units and Performance-Based LTIP Units ​ 1,735 ​ 1,339 ​ 3,433 ​ 2,686 LTIP Units ​ 900 ​ 900 ​ 900 ​ 900 Other equity awards (1) ​ 1,263 ​ 1,226 ​ 2,614 ​ 2,503 Total share-based compensation expense ​ 9,183 ​ 8,081 ​ 17,443 ​ 15,518 Less: amount capitalized ​ ( 236 ) ​ ( 359 ) ​ ( 463 ) ​ ( 631 ) Share-based compensation expense ​ $ 8,947 ​ $ 7,722 ​ $ 16,980 ​ $ 14,887 (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. 19 Table of Contents 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. 12. Transaction and Other Costs The following table summarizes transaction and other costs: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, ​ Six Months Ended June 30, ​ ​ ​ ​ 2026 ​ ​ ​ 2025 X 2026 ​ ​ ​ 2025 ​ (In thousands) Completed, potential and pursued transaction expenses (1) ​ $ 480 ​ $ 1,888 ​ $ 607 ​ $ 2,562 Severance and other costs ​ 197 ​ 705 ​ 391 ​ 1,779 Demolition costs ​ ​ 8 ​ ​ 253 ​ ​ 63 ​ ​ 416 Employee impersonation fraud loss (2) ​ — ​ — ​ 9,465 ​ — Transaction and other costs ​ $ 685 ​ $ 2,846 ​ $ 10,526 ​ $ 4,757 (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 insurance recoveries. 13. Interest Expense The following table summarizes interest expense: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, ​ Six Months Ended June 30, ​ ​ ​ ​ 2026 ​ ​ ​ 2025 X 2026 ​ ​ ​ 2025 ​ (In thousands) Interest expense before capitalized interest ​ $ 33,299 ​ $ 34,285 ​ $ 66,195 ​ $ 67,773 Amortization of deferred financing costs ​ 3,124 ​ 3,699 ​ 6,176 ​ 7,845 Net unrealized gain on non-designated derivatives ​ ( 16 ) ​ ( 23 ) ​ ( 16 ) ​ ( 55 ) Capitalized interest ​ ( 378 ) ​ ( 2,390 ) ​ ( 778 ) ​ ( 4,792 ) Interest expense ​ $ 36,029 ​ $ 35,571 ​ $ 71,577 ​ $ 70,771 ​ 14. Shareholders' Equity and Loss Per Common Share Common Shares Repurchased Our Board of Trustees has authorized the repurchase of up to $ 2.0 billion of our outstanding common shares. During the three and six months ended June 30, 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 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 20 Table of Contents 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 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. 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. 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 June 30, ​ Six Months Ended June 30, ​ ​ 2026 ​ ​ ​ 2025 X 2026 ​ ​ ​ 2025 ​ ​ (In thousands, except per share amounts) Net loss ​ $ ( 72,449 ) ​ $ ( 23,181 ) ​ $ ( 95,496 ) ​ $ ( 76,879 ) Net loss attributable to redeemable noncontrolling interests ​ ​ 13,381 ​ 3,940 ​ 17,731 ​ 11,918 Net income attributable to noncontrolling interests ​ ​ ( 87 ) ​ — ​ ( 87 ) ​ — Net loss attributable to common shareholders ​ ​ ( 59,155 ) ​ ​ ( 19,241 ) ​ ​ ( 77,852 ) ​ ​ ( 64,961 ) Distributions to participating securities ​ ​ ( 638 ) ​ ​ ( 454 ) ​ ( 638 ) ​ ( 454 ) Net loss available to common shareholders - basic and diluted ​ $ ( 59,793 ) ​ $ ( 19,695 ) ​ $ ( 78,490 ) ​ $ ( 65,415 ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average number of common shares outstanding - basic and diluted ​ ​ 58,284 ​ ​ 68,287 ​ 58,676 ​ 74,867 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Loss per common share - basic and diluted ​ $ ( 1.03 ) ​ $ ( 0.29 ) ​ $ ( 1.34 ) ​ $ ( 0.87 ) ​ 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 8.8 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 . 15. 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 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 21 Table of Contents 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. 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 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. 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) June 30, 2026 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivative financial instruments designated as effective hedges: ​ ​ ​ ​ ​ ​ ​ ​ Classified as assets in "Other assets, net" ​ $ 8,273 ​ ​ — ​ $ 8,273 ​ ​ — Classified as liabilities in "Other liabilities, net" ​ ​ 462 ​ — ​ ​ 462 ​ — Non-designated derivatives: ​ ​ ​ ​ ​ ​ ​ ​ Classified as assets in "Other assets, net" ​ 7,017 ​ — ​ 7,017 ​ — Classified as liabilities in "Other liabilities, net" ​ 6,899 ​ — ​ 6,899 ​ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 ​ — ​ 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 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 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. 22 Table of Contents 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. 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 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 ​ ​ ​ ​ Carrying ​ ​ ​ ​ ​ ​ ​ Carrying ​ ​ ​ ​ ​ ​ Amount (1) ​ Fair Value ​ Amount (1) ​ Fair Value ​ (In thousands) Financial liabilities: ​ ​ ​ ​ ​ ​ ​ ​ Mortgage loans ​ $ 1,642,971 ​ $ 1,626,002 ​ $ 1,621,589 ​ $ 1,615,279 Revolving credit facility ​ 210,000 ​ 209,496 ​ 205,000 ​ 204,344 Term loans ​ 720,000 ​ 717,693 ​ 720,000 ​ 717,455 (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. 16. 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. 23 Table of Contents ● 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 real estate ventures. 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. Asset information, including total assets, investments in equity method investees and expenditures for additions to long-lived assets, is not regularly provided to the CODM for purposes of assessing segment performance or allocating resources. Accordingly, such information is not disclosed by reportable segment. 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 June 30, 2026 ​ ​ ​ ​ Multifamily ​ ​ ​ Commercial ​ ​ ​ Total ​ (In thousands, at our share) Property rental revenue ​ $ 48,765 ​ $ 49,659 ​ $ 98,424 Other property revenue ​ ​ 799 ​ ​ 4,825 ​ ​ 5,624 Total property revenue ​ 49,564 ​ 54,484 ​ 104,048 Property expense: ​ ​ ​ ​ ​ ​ Real estate taxes ​ 6,562 ​ 5,045 ​ 11,607 Payroll ​ ​ 3,651 ​ ​ 3,259 ​ ​ 6,910 Utilities ​ ​ 3,696 ​ ​ 3,344 ​ ​ 7,040 Repairs and maintenance ​ ​ 5,869 ​ ​ 5,399 ​ ​ 11,268 Other property operating ​ ​ 3,210 ​ ​ 2,962 ​ ​ 6,172 Total property expense ​ 22,988 ​ 20,009 ​ 42,997 NOI from reportable segments ​ $ 26,576 ​ $ 34,475 ​ ​ 61,051 Other NOI (1) ​ ​ ​ ​ ​ ​ ​ ​ 26 NOI ​ ​ ​ ​ ​ ​ ​ $ 61,077 ​ ​ Three Months Ended June 30, 2025 ​ ​ ​ ​ Multifamily ​ ​ ​ Commercial ​ ​ ​ Total ​ (In thousands, at our share) Property rental revenue ​ $ 53,563 ​ $ 51,683 ​ $ 105,246 Other property revenue ​ ​ 654 ​ ​ 4,568 ​ ​ 5,222 Total property revenue ​ 54,217 ​ 56,251 ​ 110,468 Property expense: ​ ​ ​ ​ ​ ​ Real estate taxes ​ 6,165 ​ 5,803 ​ 11,968 Payroll ​ ​ 3,845 ​ ​ 3,102 ​ ​ 6,947 Utilities ​ ​ 3,776 ​ ​ 2,768 ​ ​ 6,544 Repairs and maintenance ​ ​ 6,276 ​ ​ 5,233 ​ ​ 11,509 Other property operating ​ ​ 3,188 ​ ​ 4,384 ​ ​ 7,572 Total property expense ​ 23,250 ​ 21,290 ​ 44,540 NOI from reportable segments ​ $ 30,967 ​ $ 34,961 ​ ​ 65,928 Other NOI (1) ​ ​ ​ ​ ​ ​ ​ ​ ( 295 ) NOI ​ ​ ​ ​ ​ ​ ​ $ 65,633 24 Table of Contents ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Six Months Ended June 30, 2026 ​ ​ ​ ​ Multifamily ​ ​ ​ Commercial ​ ​ ​ Total ​ (In thousands, at our share) Property rental revenue ​ $ 96,481 ​ $ 105,549 ​ $ 202,030 Other property revenue ​ ​ 1,407 ​ ​ 8,645 ​ ​ 10,052 Total property revenue ​ 97,888 ​ 114,194 ​ 212,082 Property expense: ​ ​ ​ ​ ​ ​ Real estate taxes ​ 12,867 ​ 9,925 ​ 22,792 Payroll ​ ​ 7,455 ​ ​ 6,691 ​ ​ 14,146 Utilities ​ ​ 7,802 ​ ​ 8,387 ​ ​ 16,189 Repairs and maintenance ​ ​ 10,606 ​ ​ 10,614 ​ ​ 21,220 Other property operating ​ ​ 6,212 ​ ​ 9,325 ​ ​ 15,537 Total property expense ​ 44,942 ​ 44,942 ​ 89,884 NOI from reportable segments ​ $ 52,946 ​ $ 69,252 ​ ​ 122,198 Other NOI (1) ​ ​ ​ ​ ​ ​ ​ ​ ( 200 ) NOI ​ ​ ​ ​ ​ ​ ​ $ 121,998 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Six Months Ended June 30, 2025 ​ ​ ​ ​ Multifamily ​ ​ ​ Commercial ​ ​ ​ Total ​ ​ (In thousands, at our share) Property rental revenue ​ $ 108,165 ​ $ 101,440 ​ $ 209,605 Other property revenue ​ ​ 1,275 ​ ​ 8,304 ​ ​ 9,579 Total property revenue ​ 109,440 ​ 109,744 ​ 219,184 Property expense: ​ ​ ​ ​ ​ ​ Real estate taxes ​ 11,736 ​ 11,395 ​ 23,131 Payroll ​ ​ 7,587 ​ ​ 6,109 ​ ​ 13,696 Utilities ​ ​ 7,694 ​ ​ 6,170 ​ ​ 13,864 Repairs and maintenance ​ ​ 11,713 ​ ​ 9,705 ​ ​ 21,418 Other property operating ​ ​ 6,233 ​ ​ 8,532 ​ ​ 14,765 Total property expense ​ 44,963 ​ 41,911 ​ 86,874 NOI from reportable segments ​ $ 64,477 ​ $ 67,833 ​ ​ 132,310 Other NOI (1) ​ ​ ​ ​ ​ ​ ​ ​ ( 1,392 ) NOI ​ ​ ​ ​ ​ ​ ​ $ 130,918 (1) Includes activity related to development assets and land assets for which we are the ground lessor. 25 Table of Contents The following table summarizes our third-party real estate services business at our share: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, ​ Six Months Ended June 30, ​ ​ ​ ​ 2026 ​ ​ ​ 2025 X 2026 ​ ​ ​ 2025 ​ (In thousands, at our share) Property management fees ​ $ 3,509 ​ $ 3,279 ​ $ 6,865 ​ $ 6,640 Asset management fees ​ 1,149 ​ 706 ​ 2,226 ​ 1,286 Development fees ​ 550 ​ 464 ​ 919 ​ 987 Leasing fees ​ 338 ​ 1,099 ​ 706 ​ 1,753 Construction management fees ​ 245 ​ 267 ​ 464 ​ 498 Other service revenue ​ 1,361 ​ 1,035 ​ 2,480 ​ 2,070 Third-party real estate services revenue, excluding reimbursements ​ 7,152 ​ 6,850 ​ 13,660 ​ 13,234 Third-party real estate services expenses, excluding reimbursements ​ ​ 6,246 ​ ​ 5,397 ​ ​ 12,285 ​ ​ 12,633 Net third-party real estate services, excluding reimbursements ​ $ 906 ​ $ 1,453 ​ $ 1,375 ​ $ 601 ​ ​ The following table reconciles revenue at our share to total revenue per the statements of operations: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, ​ Six Months Ended June 30, ​ ​ ​ ​ 2026 ​ ​ ​ 2025 X 2026 ​ ​ ​ 2025 ​ (In thousands) Total property revenue at our share ​ $ 104,048 ​ $ 110,468 ​ $ 212,082 ​ $ 219,184 Third-party real estate services revenue, excluding reimbursements, at our share ​ ​ 7,152 ​ ​ 6,850 ​ ​ 13,660 ​ ​ 13,234 Reimbursement revenue (1) ​ ​ 10,066 ​ ​ 7,775 ​ ​ 20,710 ​ ​ 16,049 Our share of revenue attributable to unconsolidated real estate ventures ​ ( 1,898 ) ​ ( 2,151 ) ​ ( 4,001 ) ​ ( 4,257 ) Real estate venture partner’s share of revenue attributable to consolidated real estate ventures ​ ​ 2,818 ​ ​ 508 ​ ​ 4,296 ​ ​ 508 Other property revenue ​ ​ 3,197 ​ ​ 1,354 ​ ​ 2,839 ​ ​ 3,089 Other adjustments (2) ​ 3,992 ​ 1,675 ​ 7,391 ​ ( 642 ) Total revenue per statements of operations ​ $ 129,375 ​ $ 126,479 ​ $ 256,977 ​ $ 247,165 (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. 26 Table of Contents The following table reconciles NOI at our share to loss before income tax (expense) benefit: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, ​ Six Months Ended June 30, ​ ​ ​ ​ 2026 ​ ​ ​ 2025 X 2026 ​ ​ ​ 2025 ​ (In thousands) NOI at our share ​ $ 61,077 ​ $ 65,633 ​ $ 121,998 ​ $ 130,918 Net third-party real estate services, excluding reimbursements, at our share ​ ​ 906 ​ ​ 1,453 ​ ​ 1,375 ​ ​ 601 Add: ​ ​ ​ ​ ​ ​ ​ ​ Income (loss) from unconsolidated real estate ventures, net ​ ( 586 ) ​ 1,091 ​ ( 960 ) ​ 499 Interest and other income, net ​ 4,658 ​ 698 ​ 6,058 ​ 1,223 Gain (loss) on the sale of real estate, net ​ ( 285 ) ​ 41,832 ​ 20,790 ​ 42,369 Less: ​ ​ ​ ​ ​ ​ ​ ​ Depreciation and amortization expense ​ 44,791 ​ 47,560 ​ 90,096 ​ 95,147 General and administrative expense: corporate and other ​ 15,404 ​ 16,720 ​ 30,691 ​ 32,277 Transaction and other costs ​ 685 ​ 2,846 ​ 10,526 ​ 4,757 Interest expense ​ 36,029 ​ 35,571 ​ 71,577 ​ 70,771 (Gain) loss on the extinguishment of debt, net ​ — ​ ( 2,234 ) ​ — ​ 2,402 Impairment loss ​ ​ 44,065 ​ 31,813 ​ ​ 45,565 ​ ​ 40,296 Adjustments: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Our share of net third-party real estate services attributable to real estate ventures ​ ​ ( 268 ) ​ ​ ( 210 ) ​ ​ ( 527 ) ​ ​ ( 515 ) NOI attributable to unconsolidated real estate ventures at our share ​ ( 1,172 ) ​ ( 1,287 ) ​ ( 2,397 ) ​ ( 2,277 ) Real estate venture partner’s share of NOI attributable to consolidated real estate ventures ​ ​ 1,822 ​ ​ 272 ​ ​ 2,623 ​ ​ 272 Non-cash rent adjustments (1) ​ 2,925 ​ ( 71 ) ​ 4,645 ​ ( 2,510 ) Other adjustments (2) ​ ( 552 ) ​ ( 399 ) ​ ( 639 ) ​ ( 2,092 ) Total adjustments ​ 2,755 ​ ( 1,695 ) ​ 3,705 ​ ( 7,122 ) Loss before income tax (expense) benefit ​ $ ( 72,449 ) ​ $ ( 23,264 ) ​ $ ( 95,489 ) ​ $ ( 77,162 ) (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. ​ ​ ​ ​ 17. 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. 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. 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 lenders insist on greater coverage than we can obtain, it could adversely affect our ability to finance or refinance our properties. 27 Table of Contents Construction Commitments 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 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 $ 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 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 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. 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, and alleged misrepresentations and omissions, including claims under the D.C. Consumer Protection Procedures Act ("CPPA"). 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. 28 Table of Contents 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. 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 balance sheets. Actual losses may differ materially from amounts recorded and the ultimate outcome of these legal proceedings is generally not yet determinable. Other 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. 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 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 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. 18. Transactions with Related Parties 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, in 2025, LEO had an initial closing 29 Table of Contents 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. 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"). 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 $ 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. 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.