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 10.0% subordinated interest in one commercial building and our 33.5% subordinated interest in four commercial buildings, 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, 2024, 6.3% 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, 2024. 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.
36
Table of Contents
Multifamily Assets
Number
Total
Multifamily
%
Same Store (2) :
of
Square
%
%
Retail %
Multifamily Assets
Ownership
C/U (1)
YTD 2023-2024
Units
Feet
Leased
Occupied
Occupied
National Landing
RiverHouse Apartments
100.0
%
C
Y
1,676
1,326,219
96.9%
95.9%
100.0%
The Bartlett
100.0
%
C
Y
699
619,372
96.8%
94.7%
100.0%
220 20th Street
100.0
%
C
Y
265
271,476
97.0%
95.8%
100.0%
2221 S. Clark Street - Residential
100.0
%
C
Y
216
96,948
61.1%
53.6%
—
D.C.
West Half
100.0
%
C
Y
465
385,372
94.4%
92.3%
90.7%
The Wren
100.0
%
C
Y
433
332,682
95.4%
93.5%
100.0%
The Batley
100.0
%
C
Y
432
300,388
97.0%
96.1%
—
WestEnd25
100.0
%
C
Y
283
273,264
97.2%
95.8%
—
F1RST Residences
100.0
%
C
Y
325
270,928
94.9%
93.5%
100.0%
Atlantic Plumbing
100.0
%
C
Y
310
245,228
96.8%
94.5%
97.3%
1221 Van Street
100.0
%
C
Y
291
225,592
96.3%
93.8%
100.0%
901 W Street
100.0
%
C
Y
161
154,379
94.7%
95.0%
74.5%
900 W Street
100.0
%
C
Y
95
71,050
82.1%
33.7%
—
MD
8001 Woodmont (4)
100.0
%
C
Y
322
363,947
94.1%
93.2%
100.0%
Total / Weighted Average (3)
5,973
4,936,845
96.2%
94.8%
96.0%
Recently Delivered
National Landing
Reva
100.0
%
C
N
471
324,188
65.5%
62.6%
27.9%
The Grace
100.0
%
C
N
337
311,903
71.8%
66.2%
66.8%
Total / Weighted Average
808
636,091
68.6%
64.1%
52.9%
Operating - Total / Weighted Average (3)
6,781
5,572,936
92.9%
91.0%
90.0%
Under-Construction
National Landing
2000/2001 South Bell Street
100.0
%
C
775
580,966
Total
7,556
6,153,902
Totals at JBG SMITH Share (3)
National Landing
2,856
2,314,015
96.9%
95.6%
100.0%
D.C.
2,795
2,258,883
95.8%
94.2%
94.5%
MD
322
363,947
94.1%
93.2%
100.0%
In-service assets
5,973
4,936,845
96.2%
94.8%
96.0%
Recently delivered assets
808
636,091
68.6%
64.1%
52.9%
Operating - Total / Weighted Average
6,781
5,572,936
92.9%
91.0%
90.0%
Under-construction assets
775
580,966
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) Classified as held for sale in our consolidated balance sheet as of December 31, 2024.
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Table of Contents
Commercial Assets
Total
%
Same Store (2) :
Square
%
Office %
Retail %
Commercial Assets
Ownership
C/U (1)
YTD 2023-2024
Feet
Leased
Occupied
Occupied
National Landing
1550 Crystal Drive (3)
100.0
%
C
Y
554,888
89.2%
86.7%
99.7%
2121 Crystal Drive
100.0
%
C
Y
509,869
68.6%
68.3%
100.0%
2345 Crystal Drive
100.0
%
C
Y
499,635
47.3%
46.7%
74.3%
2231 Crystal Drive
100.0
%
C
Y
468,371
75.2%
72.5%
97.4%
2011 Crystal Drive
100.0
%
C
Y
441,057
68.0%
57.0%
-
2451 Crystal Drive
100.0
%
C
Y
402,375
84.0%
83.8%
92.6%
241 18th Street S. (3)
100.0
%
C
Y
334,091
89.9%
89.9%
-
201 12th Street S.
100.0
%
C
Y
329,687
97.0%
96.8%
100.0%
251 18th Street S. (3)
100.0
%
C
Y
300,319
99.0%
90.9%
53.2%
1901 South Bell Street
100.0
%
C
Y
274,912
32.2%
32.2%
-
1770 Crystal Drive
100.0
%
C
Y
273,787
98.3%
100.0%
67.8%
200 12th Street S.
100.0
%
C
Y
202,761
52.8%
52.8%
-
Crystal Drive Retail (3)
100.0
%
C
Y
42,938
90.1%
-
90.1%
1235 S. Clark Street
100.0
%
C
Y
384,674
73.4%
69.9%
97.8%
1215 S. Clark Street
100.0
%
C
Y
336,159
99.6%
100.0%
44.5%
1225 S. Clark Street
100.0
%
C
Y
276,223
98.4%
99.2%
80.9%
Other
800 North Glebe Road
100.0
%
C
Y
305,006
83.0%
82.1%
92.4%
One Democracy Plaza (4) (5)
100.0
%
C
Y
213,171
87.0%
86.9%
100.0%
4747 Bethesda Avenue (6)
20.0
%
U
Y
300,535
100.0%
100.0%
100.0%
1101 17th Street
55.0
%
U
Y
210,134
80.8%
80.0%
82.8%
Operating - Total / Weighted Average
6,660,592
79.4%
77.4%
91.5%
Operating - Total / Weighted Average at JBG SMITH Share
6,325,604
78.6%
76.5%
91.4%
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
554,888
4,281
241 18th Street S.
334,091
28,308
251 18th Street S.
300,319
39,211
Crystal Drive Retail *
42,938
86,242
2221 S. Clark Street - Office
—
35,182
* Includes 72,215 SF of not available to lease space from the asset formerly known as Crystal City Shops at 2100.
(4) Asset is subject to a ground lease through 2084, where we are the lessee.
(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
1415 S. Eads Street
100.0%
538,000
533,800
—
4,200
570
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%
2,046,900
2,020,500
—
26,400
1,515
Potomac Yard Landbay F/G/H
50.0% / 100.0%
1,846,000
944,000
844,000
58,000
765
2250 Crystal Drive
100.0%
696,200
681,300
—
14,900
825
2100/2200 Crystal Drive Land
100.0%
565,000
565,000
—
—
530
223 23rd Street
100.0%
492,100
484,100
—
8,000
610
2525 Crystal Drive
100.0%
373,000
370,000
—
3,000
370
1901 South Bell Street Land (1)
100.0%
265,000
265,000
—
—
170
101 12th Street S.
100.0%
239,600
—
234,400
5,200
—
1800 South Bell Street
100.0%
311,000
—
307,000
4,000
—
D.C.
Gallaudet Parcel 2-3 (2)
100.0%
819,100
758,200
—
60,900
820
Gallaudet Parcel 4 (2)
100.0%
644,200
605,200
—
39,000
645
Capitol Point - North
100.0%
451,400
434,100
—
17,300
470
Other Development Parcels (3)
1,248,100
142,200
1,105,900
—
—
Total
10,956,000
8,184,100
2,491,300
280,600
7,700
Totals at JBG SMITH Share
National Landing
6,807,100
5,729,100
963,400
114,600
5,235
D.C.
2,107,000
1,840,200
149,600
117,200
1,935
8,914,100
7,569,300
1,113,000
231,800
7,170
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.
(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, 2024:
At JBG SMITH Share
Annualized
% of Total
Number of
Square
% of Total
Rent
Annualized
Tenant
Leases
Feet
Square Feet
(In thousands)
Rent
GSA
31
1,479,379
28.8
%
$
57,696
25.2
%
Amazon
3
357,339
7.0
%
16,622
7.2
%
Lockheed Martin Corporation
2
207,095
4.0
%
10,276
4.5
%
Accenture Federal Services LLC
2
123,706
2.4
%
5,635
2.5
%
Public Broadcasting Service
1
120,328
2.3
%
5,099
2.2
%
Whole Foods Market Group Inc
3
98,625
1.9
%
3,857
1.7
%
American Diabetes Association
1
80,998
1.6
%
3,818
1.7
%
Booz Allen Hamilton Inc
2
69,328
1.3
%
3,427
1.5
%
National Consumer Cooperative
1
65,736
1.3
%
3,310
1.4
%
SAIC
3
62,963
1.2
%
3,147
1.4
%
Total
49
2,665,497
51.8
%
$
112,887
49.3
%
Note: Includes all leases as of December 31, 2024 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, 2024 the scheduled expirations of tenant leases in our Operating Portfolio for each year from 2025 through 2033 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
16
209,018
4.1
%
$
8,556
3.7
%
$
40.93
2025
61
482,812
9.4
%
21,807
9.5
%
45.17
2026
46
227,098
4.4
%
11,385
5.0
%
50.13
2027
38
534,998
10.4
%
25,776
11.2
%
48.18
2028
30
386,841
7.5
%
18,004
7.8
%
46.54
2029
27
242,552
4.7
%
11,370
5.0
%
46.87
2030
28
603,032
11.7
%
29,194
12.7
%
48.41
2031
26
561,912
10.9
%
21,661
9.4
%
38.55
2032
18
651,033
12.7
%
26,138
11.4
%
40.15
2033
26
344,046
6.7
%
14,964
6.5
%
49.07
Thereafter
48
896,786
17.5
%
40,533
17.8
%
45.20
Total / Weighted Average
364
5,140,128
100.0
%
$
229,388
100.0
%
$
44.97
Note: Includes all leases as of December 31, 2024 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 5.8 years.
(1) Annualized rent and annualized rent per square foot exclude percentage rent and the square footage of tenants that only pay percentage rent.