What changed in this filing

/stocks — the workspaceLOADING

Item 2. Properties

2022-02-22 compared with 2021-02-23 · 69 added, 65 removed, 140 unchanged (49% of the section changed)

7 unchanged sentences

is not, and is not intended to be, a presentation in accordance with GAAP.

Because as of December 31, 2020, approximately 11.6% of our assets, as measured by total square feet, were held through real estate ventures in which we own less than 100% of the ownership interest, we believe this form of presentation, which includes our economic interests in the unconsolidated real estate ventures, provides investors important information regarding a significant component of our portfolio, its composition, performance and capitalization.

Because as of December 31, 2021, 10.3% of our assets, as measured by total square feet, were held through real estate ventures in which we own less than 100% of the ownership interest, we believe this form of presentation, which includes our economic interests in the unconsolidated real estate ventures, provides investors important information regarding a significant component of our portfolio, its composition, performance and capitalization.

We classify our portfolio as "operating,"

10 unchanged sentences

YTD 2020-2021

Universal Buildings

2101 L Street

1730 M Street (3)

1700 M Street (4)

L'Enfant Plaza Office-East (3)

L'Enfant Plaza Office-North

500 L'Enfant Plaza

L'Enfant Plaza Retail (3)

1101 17th Street

Courthouse Plaza 1 and 2 (3)

National Landing

1550 Crystal Drive (3)

7 unchanged sentences

201 12th Street S.

800 North Glebe Road

2200 Crystal Drive

1901 South Bell Street (3)

1770 Crystal Drive

Crystal City Marriott (345 Rooms)

4 unchanged sentences

Crystal Drive Retail (3)

Clark Street - Office

Courthouse Plaza 1 and 2 (4)

800 North Glebe Road

Central Place Tower (4)

2 unchanged sentences

Rosslyn Gateway-South

7200 Wisconsin Avenue

One Democracy Plaza (3) (6)

Total / Weighted Average

Recently Delivered

Universal Buildings

2101 L Street

1730 M Street (4)

1700 M Street (6)

L'Enfant Plaza Office-East (4)

L'Enfant Plaza Office-North

L'Enfant Plaza Retail (4)

1900 N Street (4)

1101 17th Street

4747 Bethesda Avenue (7)

Total / Weighted Average

7200 Wisconsin Avenue

One Democracy Plaza (4) (5)

Operating - Total / Weighted Average

Under-Construction

1770 Crystal Drive

Total / Weighted Average

Totals at JBG SMITH Share

In-service assets

Recently delivered assets

Operating assets

Under-construction assets

National Landing

Operating - Total / Weighted Average

At 100% share, unless otherwise noted.

7 unchanged sentences

denotes an asset as non-same store.

(3) Asset is subject to a ground lease.

(4) This asset, a development site in Washington, D.C., was leased by us (as landlord) in 2018 for a 99-year term, with no extension options.

(5) The following asset contains space that is held for development or not otherwise available for lease.

This out-of-service square footage is excluded from area, leased, and occupancy metrics in the above table.

(3) The following assets contain space that is held for development or not otherwise available for lease.

This out-of-service square footage is excluded from square feet, leased, and occupancy metrics in the above table.

Not Available

Commercial Asset

1550 Crystal Drive

251 18th Street S.

1901 South Bell Street

Crystal City Shops at 2100

Crystal Drive Retail

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

(5) Not Metro-served.

(6) This asset, a development site in Washington, D.C., was leased by us (as landlord) in 2018 for a 99-year term, with no extension options.

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

1 unchanged sentence

Same Store (2) :

Multifamily %

Multifamily Assets

YTD 2020-2021

National Landing

RiverHouse Apartments

220 20th Street

Clark Street - Residential (3)

Fort Totten Square

The Batley (5)

F1RST Residences

1221 Van Street

900 W Street (3)

North End Retail

1 unchanged sentence

Atlantic Plumbing

RiverHouse Apartments

220 20th Street

Fairway Apartments (3)

Falkland Chase-South & West

4 unchanged sentences

Recently Delivered

Total / Weighted Average

8001 Woodmont

Operating - Total / Weighted Average (3)

Under-Construction

7900 Wisconsin Avenue

National Landing

1900 Crystal Drive (7)

Totals at JBG SMITH Share (3)

National Landing

In-service assets

Recently delivered assets

Operating assets

Operating - Total / Weighted Average

In-service excluding newly developed and acquired assets (8)

Under-construction assets

7 unchanged sentences

denotes an asset as non-same store.

(3) Not Metro-served.

(4) Asset is subject to a ground lease.

(5) The following asset contains space that is held for development or not otherwise available for lease.

This out-of-service square footage is excluded from area, leased, and occupancy metrics in the above table.

Not Available

Multifamily Asset

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

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

As of December 31, 2021, our ownership interest was 96.0%.

(5) The Batley was acquired in November 2021.

See Note 3 to the consolidated financial statements for additional information.

(6) Asset is subject to a ground lease.

In January 2022, our unconsolidated real estate venture sold The Alaire and The Terano.

(7) In March 2021, we leased the land underlying 1900 Crystal Drive to a lessee.

The asset is consolidated in our financial statements as it is owned through a variable interest entity of which we are the primary beneficiary.

See Note 6 to the consolidated financial statements for additional information.

(8) Excludes West Half, The Wren, The Batley and 901 W Street.

Near-Term Development Pipeline

Estimated Potential Development Density (SF)

5 M Street Southwest

Gallaudet Parcel 1-3 (1)

1900 Crystal Drive (2)

National Landing

2000 South Bell Street (1)

2001 South Bell Street (1)

Potomac Yard Landbay F - Block 15 - 3331 Exchange Avenue

Potomac Yard Landbay F - Block 19 - 3330 Exchange Avenue

2250 Crystal Drive

3 unchanged sentences

RTC - West Trophy Office

Total / Weighted Average

5 M Street Southwest

Gallaudet Parcel 1-3 (3)

Totals at JBG SMITH Share

National Landing

At JBG SMITH share.

(1) In December 2021, we leased the land underlying 2000/2001 South Bell Street to a lessee.

This asset, consisting of two multifamily towers, is consolidated in our financial statements as we are the primary beneficiary of the variable interest entity.

See Note 6 to the consolidated financial statements for additional information.

In January 2022, we commenced construction on 2000/2001 South Bell Street, a 775-unit multifamily asset.

(2) Estimated potential development density (SF) use is subject to change based on market demand and entitlement.

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

As of December 31, 2021, the weighted average remaining term for the option is 2.1 years.

(2) Asset is fully entitled and designed.

(3) In the fourth quarter of 2020, 2300 Crystal Drive was renamed 2250 Crystal Drive.

(4) Estimated Potential Development Density (SF) use is subject to change based on market demand and entitlement.

Future Development Pipeline

2 unchanged sentences

National Landing

227,861 SF / 15 units

Silver Spring

2 unchanged sentences

227,877 SF / 170 units

Total / weighted average

Held for Sale

3 unchanged sentences

At JBG SMITH share.

(1) Represents management's estimate of the total office and/or retail rentable square feet and multifamily units that would need to be redeveloped to access some of the estimated potential development density.

(2) In December 2020, we acquired the Americana Portfolio for an aggregate total of $65.0 million.

$47.3 million was allocated to the former Americana Hotel site, of which $20.0 million has been deferred until the earlier of the approval of certain entitlements or January 1, 2023, and $17.7 million was allocated to the other three parcels.

The former Americana Hotel site has the potential to accommodate up to approximately 550,000 square feet of new development density and is located directly across the street from Amazon’s future headquarters.

(1) Represents management's estimate of the total office and/or retail rentable square feet and multifamily units currently included in our Operating Portfolio that would need to be redeveloped to access some of the estimated potential development density.

(2) As of December 31, 2021, the weighted average remaining term for the optioned future development pipeline assets is 3.4 years.

(4) Represents the estimated potential development density that we have sold to Amazon pursuant to an executed purchase and sale agreement.

In March 2019, we entered into an agreement for the sale of Pen Place, a land site with an estimated potential development density of approximately 2.1 million square feet, for approximately $149.9 million, subject to customary closing conditions.

The sale of Pen Place to Amazon is expected to close in 2021.

(3) Represents the estimated potential development density that we have under contract for sale to Amazon pursuant to an executed purchase and sale agreement.

In March 2019, we entered into an agreement for the sale of Pen Place, a land site with an estimated potential development density of 2.1 million square feet.

In December 2021, we finalized the agreement for the sale of Pen Place for $198.0 million, which represents a $48.1 million increase over the previously estimated contract value.

The sale of Pen Place is expected to close during the second quarter of 2022.

Major Tenants

8 unchanged sentences

Accenture LLP

Includes all in-place leases as of December 31, 2020 for office and retail space within our Operating Portfolio.

As signed but not yet commenced leases commence and tenants take occupancy, our tenant concentration will change.

(1) Excludes the WeLive lease at 2221 South Clark Street.

Public Broadcasting Service

Includes all in-place leases as of December 31, 2021 for which a tenant has taken occupancy for office and retail space within our Operating Portfolio.

Lease Expirations

1 unchanged sentence

At JBG SMITH Share

Square Foot at

Year of Lease Expiration

(in thousands)

Expiration (1)

Square Foot (1)

Month-to-Month

2 unchanged sentences

The weighted average remaining lease term for the entire portfolio is 6.0 years.

(1) Represents monthly base rent before free rent, plus tenant reimbursements, as of lease expiration multiplied by 12 and divided by square feet.

Triple net leases are converted to a gross basis by adding tenant reimbursements to monthly base rent.

Tenant reimbursements at lease expiration are estimated by escalating tenant reimbursements as of December 31, 2020, or management's estimate thereof, by 2.75% annually through the lease expiration year.

(1) Annualized rent and annualized rent per square foot exclude percentage rent and the square footage of tenants that only pay percentage rent.

LEGAL PROCEEDINGS

4 unchanged sentences

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

What changed 10-K

Item 2. Properties