Item 2. Properties
ITEM 2. PROPERTIES
Note on presentation of "at share" information. We present certain financial information and metrics "at JBG SMITH Share," which is calculated on an entity-by-entity basis, but exclude our: (i) 10.0% subordinated interest in one commercial building, (ii) 33.5% subordinated interest in four commercial buildings, (iii) 49.0% interest in three commercial buildings and (iv) 9.9% interest in one commercial building, as well as the associated non-recourse mortgage loans, held through unconsolidated real estate ventures; these interests and debt are excluded because our investment in each real estate venture is zero, we do not anticipate receiving any near-term cash flow distributions from the real estate ventures and we have not guaranteed their obligations or otherwise committed to providing financial support. "At JBG SMITH Share" information, which we also refer to as being "at share," "our pro rata share" or "our share," is not, and is not intended to be, a presentation in accordance with GAAP. Because as of December 31, 2023, 7.2% of our assets, as measured by total square feet, was held through real estate ventures in which we own less than 100% of the ownership interest, we believe this form of presentation, which includes our economic interests in the unconsolidated real estate ventures, provides investors important information regarding a significant component of our portfolio, its composition, performance and capitalization. We classify our portfolio as "operating," "under-construction," or "development pipeline."
The following tables provide information about our multifamily, commercial and development pipeline portfolios as of December 31, 2023. Many of our assets in the development pipeline are adjacent to or an integrated component of operating multifamily or commercial assets in our portfolio. A number of our assets included in the following tables are held through real estate ventures with third parties or are subject to ground leases. In addition to other information, the following tables indicate our percentage ownership, whether the asset is consolidated or unconsolidated, and whether the asset is subject to a ground lease.
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Table of Contents
Multifamily Assets
Number
Total
Multifamily
%
Same Store (2) :
of
Square
%
%
Retail %
Multifamily Assets
Ownership
C/U (1)
YTD 2022-2023
Units
Feet
Leased
Occupied
Occupied
National Landing
RiverHouse Apartments
100.0
%
C
Y
1,676
1,327,551
96.6%
96.0%
100.0%
The Bartlett
100.0
%
C
Y
699
619,372
97.2%
96.7%
100.0%
220 20th Street
100.0
%
C
Y
265
271,476
95.1%
94.0%
100.0%
2221 S. Clark Street - Residential (3)
100.0
%
C
Y
216
96,948
88.6%
85.9%
-
D.C.
West Half
100.0
%
C
Y
465
385,368
94.4%
93.1%
83.1%
Fort Totten Square
100.0
%
C
Y
345
384,956
97.3%
91.6%
100.0%
The Wren
100.0
%
C
Y
433
332,682
96.8%
94.2%
100.0%
The Batley
100.0
%
C
Y
432
300,388
96.1%
94.4%
-
WestEnd25
100.0
%
C
Y
283
273,264
94.3%
93.6%
-
F1RST Residences
100.0
%
C
Y
325
270,928
95.1%
94.2%
100.0%
Atlantic Plumbing
100.0
%
C
Y
310
245,143
94.0%
93.9%
89.2%
1221 Van Street
100.0
%
C
Y
291
225,592
96.0%
93.1%
100.0%
901 W Street
100.0
%
C
Y
161
154,379
94.5%
95.7%
63.9%
900 W Street (3)
100.0
%
C
Y
95
71,050
61.1%
47.4%
-
North End Retail (4)
100.0
%
C
Y
—
27,355
96.0%
-
96.0%
MD
8001 Woodmont
100.0
%
C
N
322
363,979
96.2%
94.1%
95.1%
Operating - Total / Weighted Average (3)
6,318
5,350,431
96.0%
94.7%
95.3%
Under-Construction
National Landing
1900 Crystal Drive (5)
—
C
808
633,985
2000/2001 South Bell Street (5)
—
C
775
580,966
Under-Construction - Total
1,583
1,214,951
Total
7,901
6,565,382
Totals at JBG SMITH Share (3)
National Landing
2,856
2,315,347
96.6%
96.0%
100.0%
D.C.
3,140
2,671,105
95.5%
93.7%
94.7%
MD
322
363,979
96.2%
94.1%
95.1%
Operating - Total / Weighted Average
6,318
5,350,431
96.0%
94.7%
95.3%
Under-construction assets
1,583
1,214,951
Note: At 100% share, unless otherwise noted.
(1) "C" denotes a consolidated interest and "U" denotes an unconsolidated interest.
(2) "Y" denotes an asset as same store and "N" denotes an asset as non-same store.
(3) 2221 S. Clark Street - Residential and 900 W Street are excluded from percent leased and percent occupied metrics as they are operated as short-term rental properties .
(4) In January 2024, we sold North End Retail for a gross sales price of $14.3 million.
(5) In 2021, we leased the land underlying 1900 Crystal Drive and 2000/2001 South Bell Street to a lessee. The assets are consolidated in our financial statements as they are owned through variable interest entities for which we are the primary beneficiary. See Note 6 to the consolidated financial statements for additional information.
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Table of Contents
Commercial Assets
Total
%
Same Store (2) :
Square
%
Office %
Retail %
Commercial Assets
Ownership
C/U (1)
YTD 2022-2023
Feet
Leased
Occupied
Occupied
National Landing
1550 Crystal Drive (3)
100.0
%
C
Y
555,302
95.3%
91.4%
100.0%
2121 Crystal Drive
100.0
%
C
Y
509,922
89.7%
87.0%
100.0%
2345 Crystal Drive
100.0
%
C
Y
499,688
55.4%
55.0%
74.3%
2231 Crystal Drive
100.0
%
C
Y
468,907
72.7%
69.6%
97.4%
2011 Crystal Drive
100.0
%
C
Y
440,510
57.6%
57.7%
50.3%
2451 Crystal Drive
100.0
%
C
Y
402,375
86.3%
86.1%
92.6%
1235 S. Clark Street
100.0
%
C
Y
384,656
97.5%
95.4%
95.0%
241 18th Street S. (3)
100.0
%
C
Y
355,728
96.3%
93.8%
100.0%
1215 S. Clark Street
100.0
%
C
Y
336,159
99.6%
100.0%
44.5%
201 12th Street S.
100.0
%
C
Y
329,687
99.8%
98.4%
100.0%
251 18th Street S. (3)
100.0
%
C
Y
309,450
82.7%
81.7%
100.0%
1225 S. Clark Street
100.0
%
C
Y
276,203
94.2%
91.1%
80.9%
1901 South Bell Street
100.0
%
C
Y
274,912
67.6%
67.6%
-
1770 Crystal Drive
100.0
%
C
Y
273,787
100.0%
100.0%
100.0%
2100 Crystal Drive
100.0
%
C
Y
253,437
100.0%
100.0%
-
1800 South Bell Street (3)
100.0
%
C
Y
203,273
100.0%
100.0%
100.0%
200 12th Street S.
100.0
%
C
Y
202,761
77.5%
77.5%
-
2200 Crystal Drive (3)
100.0
%
C
Y
161,668
100.0%
100.0%
-
Crystal Drive Retail (3)
100.0
%
C
Y
42,938
100.0%
-
100.0%
Crystal City Shops at 2100 (3)
100.0
%
C
Y
34,452
100.0%
-
100.0%
Central Place Tower (4)
50.0
%
U
Y
551,594
96.4%
96.2%
100.0%
Other
2101 L Street
100.0
%
C
Y
375,493
76.1%
74.6%
92.6%
800 North Glebe Road
100.0
%
C
Y
303,759
99.3%
100.0%
92.4%
One Democracy Plaza (4) (5)
100.0
%
C
Y
213,139
85.5%
85.6%
70.5%
4747 Bethesda Avenue (6)
20.0
%
U
Y
300,535
98.0%
97.9%
100.0%
1101 17th Street
55.0
%
U
Y
209,401
88.6%
88.9%
82.8%
Operating - Total / Weighted Average
8,269,736
87.0%
85.7%
95.9%
Totals at JBG SMITH Share
National Landing
6,591,612
86.2%
84.6%
96.5%
Other
1,067,669
87.2%
86.9%
91.4%
Operating - Total / Weighted Average
7,659,281
86.3%
84.9%
95.8%
Note: At 100% share, unless otherwise noted.
(1) "C" denotes a consolidated interest and "U" denotes an unconsolidated interest.
(2) "Y" denotes an asset as same store and "N" denotes an asset as non-same store.
(3) The following assets contain space that is held for development or not otherwise available for lease. This out-of-service square footage is excluded from square feet, leased and occupancy metrics in the above table.
Not Available
Commercial Asset
In-Service
for Lease
1550 Crystal Drive
555,302
3,270
241 18th Street S.
355,728
6,612
251 18th Street S.
309,450
29,996
1800 South Bell Street
203,273
2,913
2200 Crystal Drive
161,668
121,940
Crystal Drive Retail
42,938
14,027
Crystal City Shops at 2100
34,452
37,763
2221 S. Clark Street - Office
—
35,182
(4) Asset is subject to a ground lease where we are the lessee. In February 2024, one of our unconsolidated real estate ventures sold Central Place Tower for a gross sales price of $325.0 million.
(5) Not Metro-served.
(6) Includes our corporate office lease for approximately 84,400 square feet.
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Table of Contents
Development Pipeline
Estimated
%
Estimated Potential Development Density (SF)
Number of
Asset
Ownership
Total
Multifamily
Office
Retail
Units
National Landing
Potomac Yard Landbay F/G/H
50.0% / 100.0%
2,614,000
1,147,000
1,369,000
98,000
1,240
1415 S. Eads Street
100.0%
531,400
527,400
—
4,000
635
3330 Exchange Avenue
50.0%
239,800
216,400
—
23,400
240
3331 Exchange Avenue
50.0%
180,600
164,300
—
16,300
170
RiverHouse Land
100.0%
1,988,400
1,960,600
—
27,800
1,665
2250 Crystal Drive
100.0%
696,200
681,300
—
14,900
825
223 23rd Street
100.0%
492,100
484,100
—
8,000
610
2525 Crystal Drive
100.0%
373,000
370,000
—
3,000
370
101 12th Street S.
100.0%
239,600
—
234,400
5,200
—
1800 South Bell Street Land (1)
100.0%
311,000
—
307,000
4,000
—
D.C.
Gallaudet Parcel 2-3 (2)
100.0%
819,100
758,200
—
60,900
820
Capitol Point - North
100.0%
451,400
434,100
—
17,300
470
Gallaudet Parcel 4 (2)
100.0%
644,200
605,200
—
39,000
645
—
Other Development Parcels (3)
1,248,100
142,200
1,105,900
—
—
Total
10,828,900
7,490,800
3,016,300
321,800
7,690
Totals at JBG SMITH Share
National Landing
6,649,000
5,137,300
1,375,900
135,800
5,280
D.C.
2,107,000
1,840,200
149,600
117,200
1,935
8,756,000
6,977,500
1,525,500
253,000
7,215
Note: At 100% share, unless otherwise noted.
(1) Currently encumbered by an operating commercial asset.
(2) Controlled through an option to acquire a leasehold interest. As of December 31, 2023, the weighted average remaining term for the option is 1.4 years.
(3) Comprises four assets in which we have a minority interest.
Major Tenants
The following table sets forth information for our 10 largest tenants by annualized rent for the year ended December 31, 2023:
At JBG SMITH Share
Annualized
% of Total
Number of
Square
% of Total
Rent
Annualized
Tenant
Leases
Feet
Square Feet
(In thousands)
Rent
GSA
37
1,810,310
26.1
%
$
72,167
22.7
%
Amazon
6
926,703
13.4
%
41,640
13.1
%
Gartner, Inc
1
174,424
2.5
%
12,878
4.1
%
Lockheed Martin Corporation
2
207,095
3.0
%
10,001
3.2
%
Accenture LLP
2
116,736
1.7
%
5,722
1.8
%
Public Broadcasting Service
1
120,328
1.7
%
5,004
1.6
%
Booz Allen Hamilton Inc
3
107,415
1.5
%
4,859
1.5
%
Greenberg Traurig LLP
1
64,090
0.9
%
4,698
1.5
%
The International Justice Mission
1
74,833
1.1
%
4,508
1.4
%
Family Health International
1
59,514
0.9
%
4,047
1.3
%
Total
55
3,661,448
52.8
%
$
165,524
52.2
%
Note: Includes all leases as of December 31, 2023 for which a tenant has taken occupancy for office and retail space within our Operating Portfolio.
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Table of Contents
Lease Expirations
The following table sets forth as of December 31, 2023 the scheduled expirations of tenant leases in our Operating Portfolio for each year from 2024 through 2032 and thereafter:
At JBG SMITH Share
% of
% of
Annualized
Total
Annualized
Number of
Square
Total
Rent (1)
Annualized
Rent Per
Year of Lease Expiration
Leases
Feet
Square Feet
(In thousands)
Rent
Square Foot (1)
Month-to-Month
34
350,538
5.1
%
$
12,823
4.0
%
$
36.58
2024
84
1,425,853
20.6
%
67,318
21.2
%
47.21
2025
59
470,183
6.8
%
21,600
6.8
%
45.94
2026
52
246,936
3.6
%
12,414
3.9
%
50.27
2027
34
508,033
7.3
%
24,879
7.8
%
48.97
2028
39
429,762
6.2
%
20,916
6.6
%
48.67
2029
27
199,507
2.9
%
9,730
3.1
%
48.77
2030
22
608,111
8.8
%
29,839
9.4
%
49.07
2031
27
552,510
8.0
%
21,122
6.7
%
38.23
2032
20
793,813
11.5
%
36,919
11.6
%
46.51
Thereafter
62
1,345,827
19.2
%
59,766
18.9
%
45.74
Total / Weighted Average
460
6,931,073
100.0
%
$
317,326
100.0
%
$
46.04
Note: Includes all leases as of December 31, 2023 for which a tenant has taken occupancy for office and retail space within our Operating Portfolio and assuming no exercise of renewal options or early termination rights. The weighted average remaining lease term for the entire portfolio is 5.1 years.
(1) Annualized rent and annualized rent per square foot exclude percentage rent and the square footage of tenants that only pay percentage rent.
ITEM 3. LEGAL PROCEEDINGS
We are, from time to time, involved in 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.
ITEM 4. MINE SAFETY DISCLOSURES
Not applicable.
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PART II