What changed in this filing

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Item 1. Financial Statements

2025-07-29 compared with 2025-04-29 · 272 added, 132 removed, 601 unchanged (40% of the section changed)

3 unchanged sentences

(In thousands, except par value amounts)

March 31, 2025

June 30, 2025

December 31, 2024

29 unchanged sentences

Common shares, $ 0.01 par value - 500,000 shares authorized;

73,033 and 84,500 shares issued and outstanding as of March 31, 2025 and December 31, 2024

61,945 and 84,500 shares issued and outstanding as of June 30, 2025 and December 31, 2024

Additional paid-in capital

1 unchanged sentence

( 1,074,678 )

Accumulated other comprehensive income

Accumulated other comprehensive income (loss)

TOTAL LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY

3 unchanged sentences

(In thousands, except per share data)

Three Months Ended March 31,

Three Months Ended June 30,

Six Months Ended June 30,

Property rental

15 unchanged sentences

Gain on the sale of real estate, net

Loss on the extinguishment of debt

Gain (loss) on the extinguishment of debt, net

Impairment loss

Total other income (expense)

LOSS BEFORE INCOME TAX BENEFIT

Income tax benefit

LOSS BEFORE INCOME TAX (EXPENSE) BENEFIT

Income tax (expense) benefit

Net loss attributable to redeemable noncontrolling interests

7 unchanged sentences

(In thousands)

Three Months Ended March 31,

Three Months Ended June 30,

Six Months Ended June 30,

OTHER COMPREHENSIVE INCOME (LOSS)

Change in fair value of derivative financial instruments

Reclassification of net income on derivative financial instruments from accumulated other comprehensive income into interest expense

Reclassification of net income on derivative financial instruments from accumulated other comprehensive income (loss) into interest expense

Total other comprehensive income (loss)

12 unchanged sentences

Noncontrolling

BALANCE AS OF DECEMBER 31, 2024

Income (Loss)

BALANCE AS OF MARCH 31, 2025

( 1,043,003 )

Net loss attributable to common shareholders

2 unchanged sentences

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

Dividends declared on common shares

( $ 0.175 per common share)

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

Total other comprehensive loss

BALANCE AS OF JUNE 30, 2025

( 1,074,678 )

BALANCE AS OF MARCH 31, 2024

Net loss attributable to common shareholders and noncontrolling interests

Redemption of OP Units for common shares

Common shares repurchased

Common shares issued pursuant to employee incentive compensation plan and ESPP

Dividends declared on common shares

($ 0.175 per common share)

Acquisition of noncontrolling interests

Contributions from noncontrolling interests, net

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

Total other comprehensive loss

Other comprehensive income attributable to noncontrolling interests

BALANCE AS OF JUNE 30, 2024

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

JBG SMITH PROPERTIES

Condensed Consolidated Statements of Equity

(In thousands)

Common Shares

Comprehensive

Noncontrolling

Income (Loss)

BALANCE AS OF DECEMBER 31, 2024

Net loss attributable to common shareholders

Redemption of OP Units for common shares

Common shares repurchased

Common shares issued pursuant to employee incentive compensation plan and ESPP

Dividends declared on common shares

( $ 0.175 per common share)

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

Total other comprehensive loss

BALANCE AS OF JUNE 30, 2025

( 1,074,678 )

6 unchanged sentences

( $ 0.35 per common share)

Distributions to noncontrolling interests, net

Acquisition of noncontrolling interests

Contributions from noncontrolling interests, net

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

1 unchanged sentence

Other comprehensive income attributable to noncontrolling interests

BALANCE AS OF MARCH 31, 2024

BALANCE AS OF JUNE 30, 2024

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

2 unchanged sentences

(In thousands)

Three Months Ended March 31,

Six Months Ended June 30,

OPERATING ACTIVITIES

3 unchanged sentences

Deferred rent

(Income) loss from unconsolidated real estate ventures, net

Income from unconsolidated real estate ventures, net

Amortization of market lease intangibles, net

Amortization of lease incentives

Loss on the extinguishment of debt

Loss on the extinguishment of debt, net

Impairment loss

12 unchanged sentences

Development costs, construction in progress and real estate additions

Acquisition of real estate

Proceeds from the sale of real estate

Proceeds from derivative financial instruments

Payments on derivative financial instruments

Distributions of capital from unconsolidated real estate ventures and other investments

6 unchanged sentences

Repayments of revolving credit facility

Proceeds from derivative financial instruments

Payments on derivative financial instruments

Debt issuance and modification costs

Acquisition of noncontrolling interests

Proceeds from common shares issued pursuant to ESPP

2 unchanged sentences

Distributions to redeemable noncontrolling interests

Proceeds from the sale of interest in consolidated real estate venture

Distributions to noncontrolling interests

3 unchanged sentences

(In thousands)

Three Months Ended March 31,

Six Months Ended June 30,

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

10 unchanged sentences

Redemption of OP Units for common shares

Accrual for common shares repurchased pending settlement

Redeemable noncontrolling interests redemption value adjustment

Derecognition of operating lease right-of-use asset

Derecognition of liabilities related to operating lease right-of-use asset

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

7 unchanged sentences

Approximately 75.0 % of our holdings are in the National Landing submarket in Northern Virginia, which is anchored by four key demand drivers:

Amazon.com, Inc.'s ("Amazon") headquarters;

Amazon.com, Inc.'s headquarters;

Virginia Tech's $ 1 billion Innovation Campus;

3 unchanged sentences

Substantially all our assets are held by, and our operations are conducted through JBG SMITH Properties LP ("JBG SMITH LP"), our operating partnership.

As of March 31, 2025, JBG SMITH, as its sole general partner, controlled JBG SMITH LP and owned 84.0 % of its OP Units, after giving effect to the conversion of certain vested long-term incentive partnership units ("LTIP Units") that are convertible into OP Units.

As of June 30, 2025, JBG SMITH, as its sole general partner, controlled JBG SMITH LP and owned 81.5 % 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.

1 unchanged sentence

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

As of March 31, 2025, our Operating Portfolio consisted of 37 operating assets comprising 15 multifamily assets totaling 6,459 units ( 6,459 units at our share), 20 commercial assets totaling 6.5 million square feet ( 6.1 million square feet at our share) and two wholly owned land assets for which we are the ground lessor.

As of June 30, 2025, our Operating Portfolio consisted of 38 operating assets comprising 15 multifamily assets totaling 6,596 units ( 6,410 units at our share), 21 commercial assets totaling 7.0 million square feet ( 6.6 million square feet at our share) and two wholly owned land assets for which we are the ground lessor.

Additionally, we have one under-construction multifamily asset with 355 units ( 355 units at our share) and 19 assets in the development pipeline totaling 10.7 million square feet ( 8.7 million square feet at our share) of estimated potential development density.

8 unchanged sentences

All intercompany transactions and balances have been eliminated.

The results of operations for the three months ended March 31, 2025 and 2024 are not necessarily indicative of the results that may be expected for a full year.

The results of operations for the three and six months ended June 30, 2025 and 2024 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, 2024, filed with the Securities and Exchange Commission ("SEC") on February 18, 2025 ("Annual Report").

2 unchanged sentences

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

References to our financial statements refer to our unaudited condensed consolidated financial statements as of March 31, 2025 and December 31, 2024, and for the three months ended March 31, 2025 and 2024.

References to our balance sheets refer to our condensed consolidated balance sheets as of March 31, 2025 and December 31, 2024.

References to our statements of operations refer to our condensed consolidated statements of operations for the three months ended March 31, 2025 and 2024.

References to our statements of comprehensive loss refer to our condensed consolidated statements of comprehensive loss for the three months ended March 31, 2025 and 2024.

References to our financial statements refer to our unaudited condensed consolidated financial statements as of June 30, 2025 and December 31, 2024, and for the three and six months ended June 30, 2025 and 2024.

References to our balance sheets refer to our condensed consolidated balance sheets as of June 30, 2025 and December 31, 2024.

References to our statements of operations refer to our condensed consolidated statements of operations for the three and six months ended June 30, 2025 and 2024.

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, 2025 and 2024.

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").

23 unchanged sentences

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

The following is a summary of activity for the three months ended March 31, 2025:

Acquisition, Dispositions and Assets Held for Sale

In May 2025, we acquired Tysons Dulles Plaza, a 491,494 -square-foot commercial asset in Tysons, Virginia, through a reverse like-kind exchange agreement pursuant to Section 1031 of the Code (a "Reverse 1031 Exchange") with a third-party intermediary, for $ 42.3 million, exclusive of $ 413,000 of transaction costs that were capitalized as part of the acquisition.

See Note 5 for additional information.

The following is a summary of activity for the six months ended June 30, 2025:

Date Disposed

(In thousands)

June 25, 2025

WestEnd25 (1)

June 20, 2025

Development Parcel

February 19, 2025

8001 Woodmont (2)

(1) In connection with the sale, we repaid the related $ 97.5 million mortgage loan and terminated the related interest rate swap resulting in a $ 2.2 million gain, which was included in "Gain (loss) on the extinguishment of debt, net" in our statements of operations for the three and six months ended June 30, 2025.

(2) In connection with the sale, we repaid the related $ 99.7 million mortgage loan.

(3) Related to prior year dispositions.

In May 2025, we sold a 40.0 % noncontrolling interest in a real estate venture that owns West Half, a multifamily asset in Washington, D.C., for $ 100.0 million.

See Note 9 for additional information.

On July 10, 2025, we sold The Batley, a multifamily asset in Washington, D.C.

which was classified as held for sale as of June 30, 2025, for a gross sales price of $ 155.0 million.

Assets Held for Sale

The following is a summary of assets held for sale as of June 30, 2025:

Liabilities Related

to Assets Held

(In thousands)

The Batley (1)

Washington, D.C.

(1) This asset was sold in July 2025.

Investments in Unconsolidated Real Estate Ventures

1 unchanged sentence

Real Estate Venture

March 31, 2025

June 30, 2025

December 31, 2024

4 unchanged sentences

Total investments in unconsolidated real estate ventures (3) (4)

(1) Reflects our effective ownership interests as of March 31, 2025.

(1) Reflects our effective ownership interests as of June 30, 2025.

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

Morgan is the advisor for an institutional investor.

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

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

See Note 1 for more information.

1 unchanged sentence

further, we are not obligated to provide for losses, have not guaranteed its obligations or otherwise committed to provide financial support.

(4) As of March 31, 2025 and December 31, 2024, our total investments in unconsolidated real estate ventures were greater than our share of the net book value of the underlying assets by $ 10.8 million and $ 10.6 million, resulting principally from our zero -investment balance in certain real estate ventures and capitalized interest .

(4) As of June 30, 2025 and December 31, 2024, our total investments in unconsolidated real estate ventures were greater than our share of the net book value of the underlying assets by $ 11.1 million and $ 10.6 million, resulting principally from our zero -investment balance in certain real estate ventures and capitalized interest .

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

We recognized revenue, including expense reimbursements, of $ 2.8 million and $ 4.5 million for the three months ended March 31, 2025 and 2024.

We recognized revenue, including expense reimbursements, of $ 2.7 million and $ 5.6 million for the three and six months ended June 30, 2025, and $ 4.1 million and $ 8.7 million for the three and six months ended June 30, 2024.

The following is a summary of the debt of our unconsolidated real estate ventures:

1 unchanged sentence

Interest Rate (1)

March 31, 2025

June 30, 2025

December 31, 2024

5 unchanged sentences

Mortgage loans, net (4)

(1) Weighted average effective interest rate as of March 31, 2025.

(1) Weighted average effective interest rate as of June 30, 2025.

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

The $ 60.0 million mortgage loan collateralized by 1101 17 th Street matured on June 13, 2025, and is under a forbearance agreement through August 14, 2025.

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

1 unchanged sentence

The following is a summary of financial information for our unconsolidated real estate ventures:

March 31, 2025

June 30, 2025

December 31, 2024

7 unchanged sentences

Total liabilities and equity

Three Months Ended March 31,

Three Months Ended June 30,

Six Months Ended June 30,

(In thousands)

3 unchanged sentences

Net income (loss) (3)

(1) Excludes amounts related to the Fortress Assets.

Excludes combined balance sheet information and combined income statement information for all the periods presented related to The Foundry and the L'Enfant Plaza assets as we discontinued applying the equity method of accounting after September 30, 2023 and September 30, 2022.

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

(2) Excludes amounts related to The Foundry and the L'Enfant Plaza assets as we discontinued applying the equity method of accounting after September 30, 2023 and September 30, 2022.

In April 2024, the lender foreclosed on the mortgage loan secured by The Foundry and took possession of the property.

In October 2024, the lender foreclosed on the mortgage loan secured by the L’Enfant Plaza assets and took possession of the properties.

(2) Includes the gain on the sale of Central Place Tower of $ 894,000 for the three months ended March 31, 2024.

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

Includes the gain on the sale of Central Place Tower of $ 894,000 for the six months ended June 30, 2024.

Variable Interest Entities

1 unchanged sentence

An entity is a VIE because it is in the development stage and/or 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 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.

Certain criteria we assess in determining whether we are the primary beneficiary of the VIE include our influence over significant business activities, our voting rights and any noncontrolling interest kick-out or participating rights.

Unconsolidated VIEs

As of March 31, 2025 and December 31, 2024, we had interests in entities deemed to be VIEs.

As of June 30, 2025 and December 31, 2024, we had interests in entities deemed to be 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 March 31, 2025 and December 31, 2024, the net carrying amounts of our investment in these entities were $ 82.0 million, which were included in "Investments in unconsolidated real estate ventures" in our balance sheets.

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

As of June 30, 2025 and December 31, 2024, the net carrying amounts of our investment in these entities were $ 82.2 million and $ 82.0 million, which were included in "Investments in unconsolidated real estate ventures" in our balance sheets.

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

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

1 unchanged sentence

Consolidated VIEs

JBG SMITH LP is our only consolidated VIE.

JBG SMITH LP is our most significant consolidated VIE.

We hold 81.5 % 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.

4 unchanged sentences

Because we conduct our business through JBG SMITH LP, its total assets and liabilities comprise substantially all our consolidated assets and liabilities.

In conjunction with the acquisition of Tysons Dulles Plaza in May 2025, we entered into a Reverse 1031 Exchange with a third-party intermediary, which, for a maximum of 180 days , allows us to defer for tax purposes, gains on the sale of other properties identified and sold within this period.

Until the earlier of the termination of the exchange agreement or 180 days after the acquisition date, the third-party intermediary is the legal owner of the entity that owns this property.

The agreement that governs the operations of this entity provides us with the power to direct the activities that most significantly impact the entity's economic performance.

This entity is deemed a VIE as of June 30, 2025 primarily because it may not have sufficient equity at risk to finance its activities without additional subordinated financial support from other parties.

We determined that we are the primary beneficiary of the VIE as a result of having the power to direct the activities that most significantly impact its economic performance and the obligation to absorb losses, as well as the right to receive benefits that could be potentially significant to the VIE.

Accordingly, we consolidated the property and its operations as of the acquisition date.

As of June 30, 2025, the VIE had total assets, primarily consisting of real estate, and liabilities of $ 45.4 million and $ 3.6 million.

Legal ownership of this entity was transferred to us by the third-party intermediary in July 2025.

Other Assets, Net

The following is a summary of other assets, net:

March 31, 2025

June 30, 2025

December 31, 2024

8 unchanged sentences

(1) Consists of investments in real estate-focused technology companies, which are recorded at their fair value based on their reported net asset value.

During the three months ended March 31, 2025 and 2024, unrealized gains (losses) related to these investments were ($ 525,000 ) and $ 497,000 .

During the three months ended March 31, 2025 and 2024, realized gains (losses) related to these investments were $ 144,000 and ($ 439,000 ) .

During the three and six months ended June 30, 2025, unrealized gains (losses) related to these investments were $ 242,000 and $( 283,000 ) .

During the three and six months ended June 30, 2024, unrealized gains related to these investments were $ 797,000 and $ 1.3 million.

During the three and six months ended June 30, 2025, realized gains (losses) related to these investments were $( 144,000 ) and $ 0 .

During the three and six months ended June 30, 2024, realized losses related to these investments were $ 183,000 and $ 622,000 .

Unrealized and realized gains (losses) were included in "Interest and other income, net" in our statements of operations.

4 unchanged sentences

Interest Rate (1)

March 31, 2025

June 30, 2025

December 31, 2024

5 unchanged sentences

Mortgage loans, net

(1) Weighted average effective interest rate as of March 31, 2025.

(1) Weighted average effective interest rate as of June 30, 2025.

(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 3.11 % , and the weighted average maturity date of the interest rate caps is in the first quarter of 2026.

For mortgage loans with interest rate caps, the weighted average interest rate cap strike was 3.15 % , and the weighted average maturity date of the interest rate caps is in the second quarter of 2026.

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

As of March 31, 2025, one-month term Secured Overnight Financing Rate ("SOFR") was 4.32 % .

As of June 30, 2025, one-month term Secured Overnight Financing Rate ("SOFR") was 4.32 % .

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

As of March 31, 2025 and December 31, 2024, the net carrying value of real estate collateralizing our mortgage loans totaled $ 1.8 billion and $ 2.1 billion.

As of June 30, 2025 and December 31, 2024, the net carrying value of real estate collateralizing our mortgage loans totaled $ 1.7 billion and $ 2.1 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.

In June 2025, in connection with the sale of WestEnd25, we repaid the related $ 97.5 million mortgage loan.

In February 2025, in connection with the sale of 8001 Woodmont, we repaid the related $ 99.7 million mortgage loan.

In March 2025, we entered into a five-year interest-only $ 258.9 million mortgage loan with a fixed interest rate of 5.03 % collateralized by the Ashley and Potomac buildings at RiverHouse Apartments and repaid the outstanding $ 307.7 million mortgage loan that was collateralized by the Ashley, Potomac and James buildings.

As of March 31, 2025 and December 31, 2024, we had various interest rate swap and cap agreements on certain mortgage loans with an aggregate notional value of $ 886.7 million and $ 1.4 billion.

As of June 30, 2025 and December 31, 2024, we had various interest rate swap and cap agreements on certain mortgage loans with an aggregate notional value of $ 799.1 million and $ 1.4 billion.

See Note 15 for additional information.

Revolving Credit Facility and Term Loans

As of March 31, 2025 and December 31, 2024, 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 2026, a $ 400.0 million term loan ("Tranche A-2 Term Loan") maturing in January 2028 and a $ 120.0 million term loan ("2023 Term Loan") maturing in June 2028.

As of June 30, 2025 and December 31, 2024, 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 2026, a $ 400.0 million term loan ("Tranche A-2 Term Loan") maturing in January 2028 and a $ 120.0 million term loan ("2023 Term Loan") maturing in June 2028.

The revolving credit facility has two six-month extension options, and the Tranche A-1 Term Loan has one remaining one-year extension option.

3 unchanged sentences

Interest Rate (1)

March 31, 2025

June 30, 2025

December 31, 2024

6 unchanged sentences

Term loans, net

(1) Effective interest rate as of March 31, 2025.

(1) Effective interest rate as of June 30, 2025.

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

(2) As of March 31, 2025, daily SOFR was 4.41 % .

As of March 31, 2025 and December 31, 2024, letters of credit with an aggregate face amount of $ 15.2 million were outstanding under our revolving credit facility.

On April 1, 2025, the $ 15.2 million letter of credit was cancelled.

(3) As of March 31, 2025 and December 31, 2024, excludes $ 6.6 million and $ 7.3 million of net deferred financing costs related to our revolving credit facility that were included in "Other assets, net" in our balance sheets.

(2) As of June 30, 2025, daily SOFR was 4.45 % .

As of December 31, 2024, a $ 15.2 million letter of credit was outstanding under our revolving credit facility, which was cancelled on April 1, 2025.

(3) As of June 30, 2025 and December 31, 2024, excludes $ 5.8 million and $ 7.3 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 extended maturity date of January 2027.

3 unchanged sentences

The following is a summary of other liabilities, net:

March 31, 2025

June 30, 2025

December 31, 2024

8 unchanged sentences

Derivative financial instruments, at fair value

Accrual for loss contingencies

Total other liabilities, net

Amount as of March 31, 2025 is primarily related to accrual for common shares repurchased pending settlement.

Redeemable Noncontrolling Interests

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 redeemable into OP Units.

During the three months ended March 31, 2025 and 2024, unitholders redeemed 647,387 and 468,081 OP Units, which we elected to redeem for an equivalent number of our common shares.

As of March 31, 2025, outstanding OP Units and redeemable LTIP Units totaled 13.9 million, representing a 16.0 % ownership interest in JBG SMITH LP.

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

"Additional paid-in capital" in our balance sheets.

Vested LTIP Units are convertible into OP Units.

During the six months ended June 30, 2025 and 2024, unitholders redeemed 712,735 and 625,166 OP Units, which we elected to redeem for an equivalent number of our common shares.

As of June 30, 2025, outstanding OP Units and convertible LTIP Units totaled 14.1 million, representing an 18.5 % ownership interest in JBG SMITH LP.

Our OP Units and certain vested LTIP Units are presented at the higher of their redemption value or their carrying value, with adjustments to the redemption value recognized in "Additional paid-in

capital" in our balance sheets.

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

Consolidated Real Estate Venture

In May 2025, we sold a 40.0 % noncontrolling interest in a real estate venture that owns West Half, a multifamily asset in Washington, D.C., for $ 100.0 million.

Following this transaction, we retained a 60.0 % ownership interest and control the venture.

We accounted for this transaction as an equity transaction and will continue to account for the property on a consolidated basis.

Pursuant to the terms of the venture agreement:

(i) operating distributions are made in accordance with ownership percentages and liquidity event distributions are made pursuant to a waterfall structure whereby our venture partner is entitled to a priority return;

(ii) we are required to fund all cash flow deficits;

(iii) we have the right to cause a sale of the property as long as the proceeds from the sale are sufficient to cover our venture partner’s interest and required return;

and (iv) our venture partner has the right, but not the obligation, to cause a sale of the property after the second-year anniversary of closing upon which we can either acquire our venture partner’s interest or market the asset for sale.

Given these rights 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 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.

Any adjustments to the carrying amount are recognized in "Additional paid-in capital" in our balance sheets.

The following is a summary of the activity of redeemable noncontrolling interests:

Three Months Ended March 31,

Three Months Ended June 30,

(In thousands)

1 unchanged sentence

LTIP Units issued in lieu of cash compensation (1)

Net income (loss)

Other comprehensive loss

Contributions (distributions)

Share-based compensation expense

Adjustment to redemption value

Balance, end of period

Six Months Ended June 30,

(In thousands)

Balance, beginning of period

LTIP Units issued in lieu of cash compensation (1)

Net income (loss)

Other comprehensive income (loss)

Distributions

Contributions (distributions)

Share-based compensation expense

4 unchanged sentences

The following is a summary of property rental revenue from our non-cancellable leases:

Three Months Ended March 31,

Three Months Ended June 30,

Six Months Ended June 30,

(In thousands)

2 unchanged sentences

LTIP Units and Time-Based LTIP Units

In January 2025, we granted to certain employees 735,682 LTIP Units with time-based vesting requirements ("Time-Based LTIP Units") and a weighted average grant-date fair value of $ 13.59 per unit that vest ratably over four years subject to continued employment and require a three-year post vesting hold for named executive officers.

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

During the six months ended June 30, 2025, we granted to certain employees 739,391 LTIP Units with time-based vesting requirements ("Time-Based LTIP Units") and a weighted average grant-date fair value of $ 13.59 per unit that vest ratably over four years subject to continued employment and require a three-year post vesting hold for named executive officers.

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

In January 2025, we granted 162,301 fully vested LTIP Units to certain employees who elected to receive all or a portion of their cash bonuses related to 2024 service as LTIP Units.

1 unchanged sentence

Compensation expense totaling $ 2.1 million for these LTIP Units was recognized in 2024.

The aggregate grant-date fair value of the Time-Based LTIP Units and the LTIP Units granted during the three months ended March 31, 2025 was $ 12.1 million.

In April 2025, as part of their annual compensation, we granted to non-employee trustees a total of 160,713 fully vested LTIP Units with a grant-date fair value of $ 11.66 per unit, which includes LTIP Units elected in lieu of cash retainers.

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, 2025 was $ 14.0 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.

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Post-grant restriction periods

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

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

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

The aggregate grant-date fair value of the AO LTIP Units granted during the three months ended March 31, 2025 was $ 1.5 million, valued using Monte Carlo simulations based on the following significant assumptions:

The aggregate grant-date fair value of the AO LTIP Units granted during the six months ended June 30, 2025 was $ 1.5 million, valued using Monte Carlo simulations based on the following significant assumptions:

Expected volatility

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Restricted Share Units ("RSUs")

In January 2025, we granted to certain non-executive employees 98,029 time-based RSUs ("Time-Based RSUs") with a grant-date fair value of $ 15.44 per unit.

Vesting requirements and compensation expense recognition for the Time-Based RSUs are primarily consistent with those of the Time-Based LTIP Units granted in 2025.

The aggregate grant-date fair value of the Time-Based RSUs granted during the three months ended March 31, 2025 was $ 1.5 million.

The Time-Based RSUs were valued based on the closing common share price on the date of grant.

Pursuant to the ESPP, employees purchased 18,582 common shares for $ 244,000 during the three months ended March 31, 2025, valued using the Black-Scholes model based on the following significant assumptions:

In January 2025, we granted to certain non-executive employees 98,029 time-based RSUs with a grant-date fair value of $ 15.44 per unit.

Vesting requirements and compensation expense recognition for the RSUs are primarily consistent with those of the Time-Based LTIP Units granted in 2025.

The aggregate grant-date fair value of the RSUs was $ 1.5 million.

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

Pursuant to the ESPP, employees purchased 36,582 common shares for $ 488,000 during the six months ended June 30, 2025, valued using the Black-Scholes model based on the following significant assumptions:

Expected volatility

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The following is a summary of share-based compensation expense:

Three Months Ended March 31,

Three Months Ended June 30,

Six Months Ended June 30,

(In thousands)

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

As of March 31, 2025, we had $ 27.6 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 2.0 years.

As of June 30, 2025, we had $ 21.3 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 1.9 years.

Transaction and Other Costs

The following is a summary of transaction and other costs:

Three Months Ended March 31,

Three Months Ended June 30,

Six Months Ended June 30,

(In thousands)

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Transaction and other costs

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

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

Interest Expense

The following is a summary of interest expense:

Three Months Ended March 31,

Three Months Ended June 30,

Six Months Ended June 30,

(In thousands)

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Common Shares Repurchased

Our Board of Trustees previously authorized the repurchase of up to $ 1.5 billion of our outstanding common shares.

In February 2025, our Board of Trustees increased our common share repurchase authorization to $ 2.0 billion.

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

During the three months ended March 31, 2024, we repurchased and retired 3.0

million common shares for $ 49.4 million, a weighted average purchase price per share of $ 16.50 .

Since we began the share repurchase program through March 31, 2025, we have repurchased and retired 69.0 million common shares for $ 1.3 billion, a weighted average purchase price per share of $ 19.08 .

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, 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 .

During the three and six months ended June 30, 2024, we repurchased and retired 4.7 million and 7.7 million common shares for $ 68.6 million and $ 118.0 million, a weighted average purchase price per share of $ 14.62 and $ 15.35 .

Since we began the share repurchase program through June 30, 2025, we have repurchased and retired 80.1 million common shares for $ 1.5 billion, a weighted average purchase price per share of $ 18.73 .

During the third quarter of 2025, through July 25, 2025, we repurchased and retired 264,209 common shares for $ 4.6 million, a weighted average purchase price per share of $ 17.26 , pursuant to a repurchase plan under Rule 10b5-1 of the Securities Exchange Act of 1934, as amended.

Loss Per Common Share

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During periods of net loss, losses are allocated only to the extent the participating securities are required to absorb their share of such losses.

Distributions to participating securities in excess of their allocated income or loss are shown as a reduction to net income (loss) attributable to common shareholders.

Distributions to participating securities in excess of their allocated income or loss are shown as a reduction to net income (loss) attributable

to common shareholders.

Diluted earnings (loss) per common share reflects the potential dilution of the assumed exchange of various unit and share-based compensation awards into common shares to the extent they are dilutive.

The following is a summary of the calculation of basic and diluted loss per common share and a reconciliation of net loss to the amounts of net loss available to common shareholders used in calculating basic and diluted loss per common share:

Three Months Ended March 31,

Three Months Ended June 30,

Six Months Ended June 30,

(In thousands, except per share amounts)

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Loss per common share - basic and diluted

The effect of the redemption of OP Units, Time-Based LTIP Units, fully vested LTIP Units and special equity awards that were outstanding as of March 31, 2025 and 2024 is excluded in the computation of diluted loss per common share as the assumed exchange of such units for common shares on a one-for-one basis was antidilutive (the assumed redemption of these units would have no impact on the determination of diluted loss per share).

The effect of the redemption of OP Units, Time-Based LTIP Units, fully vested LTIP Units and special equity awards that were outstanding as of June 30, 2025 and 2024 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).

Since OP Units, Time-Based LTIP Units, LTIP Units and special equity awards, which are held by noncontrolling interests, are attributed gains at an identical proportion to the common shareholders, the gains attributable and their equivalent weighted average impact are excluded from loss available to common shareholders and from the weighted average number of common shares outstanding in calculating diluted loss per common share.

AO LTIP Units, Performance-Based LTIP Units, formation awards and RSUs, which totaled 7.9 million for the three months ended March 31, 2025 and 2024, were excluded from the calculation of diluted loss per common share as they were antidilutive, but potentially could be dilutive in the future.

Dividends Declared in April 2025

On April 24, 2025 , our Board of Trustees declared a quarterly dividend of $ 0.175 per common share, payable on May 22, 2025 to shareholders of record as of May 8, 2025 .

AO LTIP Units, Performance-Based LTIP Units, formation awards and RSUs, which totaled 7.9 million and 8.0 million for the three and six months ended June 30, 2025, and 7.9 million for three and six months ended June 30, 2024, 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 2025

On July 24, 2025 , our Board of Trustees declared a quarterly dividend of $ 0.175 per common share, payable on August 21, 2025 to shareholders of record as of August 7, 2025 .

Fair Value Measurements

1 unchanged sentence

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

As of March 31, 2025 and December 31, 2024, 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 on our derivative financial instruments designated as effective hedges was $ 6.1 million and $ 17.2 million as of March 31, 2025 and December 31, 2024 and was recorded in "Accumulated other comprehensive income" in our balance sheets, of which a portion was allocated to "Redeemable noncontrolling interests." Within the next 12 months, we expect to reclassify $ 4.3 million of the net unrealized gain as a decrease to interest expense.

As of June 30, 2025 and December 31, 2024, 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 ($ 2.0 ) million and $ 17.2 million as of June 30, 2025 and December 31, 2024 and was recorded in "Accumulated other comprehensive income (loss)" in our balance sheets, of which a portion was allocated to "Redeemable noncontrolling interests." Within the next 12 months, we expect to reclassify $ 2.3 million of the net unrealized gain as a decrease to interest expense.

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

9 unchanged sentences

(In thousands)

March 31, 2025

June 30, 2025

Derivative financial instruments designated as effective hedges:

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While it was determined that the majority of the inputs used to value the derivatives fall within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with the derivatives also utilized Level 3 inputs, such as estimates of current credit spreads to evaluate the likelihood of default.

However, as of March 31, 2025 and December 31, 2024, the significance of the impact of the credit valuation adjustments on the overall valuation of the derivative financial instruments was assessed, and it was determined that these adjustments were not significant to the overall valuation of the derivative financial instruments.

However, as of June 30, 2025 and December 31, 2024, the significance of the impact of the credit valuation adjustments on the overall valuation of the derivative financial instruments was assessed, and it was determined that these adjustments were not significant to the overall valuation of the derivative financial instruments.

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

The net unrealized gains (losses) included in "Other comprehensive income (loss)" in our statements of comprehensive loss for the three months ended March 31, 2025 and 2024 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.

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, 2025 and 2024 were attributable to the net change in unrealized gains (losses) related to effective derivative financial instruments that were outstanding during those periods, none of which were reported in our statements of operations as the derivative financial instruments were documented and qualified as hedging instruments.

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

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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.

During the three months ended March 31, 2025, this assessment resulted in the impairment of a development parcel, which had an estimated fair value of $ 11.0 million based on a market approach and was classified as Level 2 in the fair value hierarchy.

The impairment loss totaled $ 8.5 million, which was included in "Impairment loss" in our statement of operations for the three months ended March 31, 2025.

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

During the six months ended June 30, 2025, this assessment resulted in the impairment of The Batley and a development parcel, which had an estimated fair value totaling $ 162.0 million based on a market approach and were classified as Level 2 in the fair value hierarchy.

The impairment loss totaled $ 40.3 million, which was included in "Impairment loss" in our statement of operations for the six months ended June 30, 2025.

The Batley was classified as held for sale as of June 30, 2025 and sold in July 2025.

Financial Assets and Liabilities Not Measured at Fair Value

As of March 31, 2025 and December 31, 2024, all financial assets and liabilities were reflected in our balance sheets at amounts which, in our estimation, reasonably approximated their fair values, except for the following:

March 31, 2025

As of June 30, 2025 and December 31, 2024, 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, 2025

December 31, 2024

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The following is a summary of NOI at our share for our multifamily and commercial segments, including a reconciliation to our total NOI at our share:

Three Months Ended March 31, 2025

Three Months Ended June 30, 2025

(In thousands, at our share)

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Other NOI (1)

Three Months Ended March 31, 2024

Three Months Ended June 30, 2024

(In thousands, at our share)

9 unchanged sentences

Other NOI (1)

Six Months Ended June 30, 2025

(In thousands, at our share)

Property rental revenue

Other property revenue

Total property revenue

Property expense:

Real estate taxes

Repairs and maintenance

Other property operating

Total property expense

NOI from reportable segments

Other NOI (1)

Six Months Ended June 30, 2024

(In thousands, at our share)

Property rental revenue

Other property revenue

Total property revenue

Property expense:

Real estate taxes

Repairs and maintenance

Other property operating

Total property expense

NOI from reportable segments

Other NOI (1)

(1) Includes activity related to development assets and land assets for which we are the ground lessor.

The following is a summary of our third-party real estate services business at our share:

Three Months Ended March 31,

Three Months Ended June 30,

Six Months Ended June 30,

(In thousands, at our share)

8 unchanged sentences

The following is a reconciliation of revenue at our share to total revenue per the statements of operations:

Three Months Ended March 31,

Three Months Ended June 30,

Six Months Ended June 30,

(In thousands)

3 unchanged sentences

Our share of revenue attributable to unconsolidated real estate ventures

Real estate venture partner’s share of revenue attributable to consolidated real estate ventures

Other property revenue

3 unchanged sentences

(2) Adjustment to include deferred rent, above/below market lease amortization, commercial lease termination revenue and lease incentive amortization.

The following is the reconciliation of NOI at our share to loss before income tax benefit:

Three Months Ended March 31,

The following is the reconciliation of NOI at our share to loss before income tax (expense) benefit:

Three Months Ended June 30,

Six Months Ended June 30,

(In thousands)

9 unchanged sentences

Interest expense

Loss on the extinguishment of debt

(Gain) loss on the extinguishment of debt, net

Impairment loss

Our share of net third-party real estate services attributable to unconsolidated real estate ventures

Our share of net third-party real estate services attributable to real estate ventures

NOI attributable to unconsolidated real estate ventures at our share

Real estate venture partner’s share of NOI attributable to consolidated real estate ventures

Non-cash rent adjustments (1)

1 unchanged sentence

Total adjustments

Loss before income tax benefit

Loss before income tax (expense) benefit

(1) Adjustment to include deferred rent, above/below market lease amortization and lease incentive amortization.

9 unchanged sentences

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 are able to obtain, it could adversely affect our ability to finance or refinance our properties.

If lenders insist on greater coverage than we can obtain, it could adversely affect our ability to finance or refinance our properties.

Construction Commitments

As of March 31, 2025, we had one asset under construction, 2000/2001 South Bell Street, and are building a new amenity hub at 2011 Crystal Drive that, based on our current plans and estimates, require an additional $ 61.2 million to complete,

which we anticipate will be primarily expended over the next year .

As of June 30, 2025, we had one asset under construction, Valen (formerly 2000 South Bell Street), and are building a new amenity hub at 2011 Crystal Drive that together, based on our current plans and estimates, require an additional $ 35.2 million to complete, which we anticipate will be primarily expended over the next year .

These capital expenditures are generally due as the work is performed, and we expect to finance them primarily with debt proceeds.

7 unchanged sentences

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

Environmental liabilities totaled $ 17.5 million as of March 31, 2025 and December 31, 2024, and are included in "Other liabilities, net" in our balance sheets.

Environmental liabilities totaled $ 17.5 million as of June 30, 2025 and December 31, 2024, and are included in "Other liabilities, net" in our balance sheets.

Legal Proceedings

2 unchanged sentences

While we intend to vigorously defend against this lawsuit, given the current stage of the District of Columbia’s 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.

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.

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.

As of March 31, 2025, we had committed tenant-related obligations totaling $ 32.3 million ($ 32.2 million related to our consolidated entities and $ 78,000 related to our unconsolidated real estate ventures at our share).

Our accrual for loss contingencies relating to unresolved legal matters was included in "Other liabilities, net" in the balance sheets.

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

As of June 30, 2025, we had committed tenant-related obligations totaling $ 34.1 million ($ 33.9 million related to our consolidated entities and $ 173,000 related to our unconsolidated real estate ventures at our share).

The timing and amounts of payments for tenant-related obligations are uncertain and may only be due upon satisfactory performance of certain conditions.

4 unchanged sentences

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

As of March 31, 2025, we had no principal payment guarantees related to our unconsolidated real estate ventures.

As of March 31, 2025, we had additional capital commitments totaling $ 8.0 million related to our investments in real estate-focused technology companies.

As of June 30, 2025, we had no principal payment guarantees related to our unconsolidated real estate ventures.

As of June 30, 2025, we had additional capital commitments totaling $ 7.2 million related to our investments in real estate-focused technology companies.

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

As of March 31, 2025, we had no debt principal payment guarantees related to our consolidated real estate assets.

As of June 30, 2025, we had no debt principal payment guarantees related to our consolidated real estate assets.

Transactions with Related Parties

2 unchanged sentences

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

LEO Impact Capital, our investment management platform dedicated to acquiring, financing and operating multifamily housing in high impact neighborhoods to preserve affordability for middle-income residents, manages the Washington Housing Initiative ("WHI") Impact Pool.

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 Washington Housing Initiative ("WHI") Impact Pool.

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.

As of March 31, 2025, our remaining unfunded commitment was $ 2.9 million.

The third-party real estate services revenue, including expense reimbursements, from the JBG Legacy Funds and the WHI Impact Pool and its affiliates was $ 2.6 million and $ 4.0 million for the three months ended March 31, 2025 and 2024.

As of March 31, 2025 and December 31, 2024, we had receivables from the JBG Legacy Funds and the WHI Impact Pool and its affiliates totaling $ 1.9 million and $ 2.1 million 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 $ 1.5 million of rent expense for the three months ended March 31, 2025 and 2024, which was included in "General and administrative expense" in our statements of operations.

As of June 30, 2025, our remaining unfunded commitment was $ 2.1 million.

Additionally, LEO had an initial closing of its new multi-market fund, LEO Impact

Housing Fund, totaling $ 43.5 million ($ 64.5 million including accordions), which included a commitment from us of $ 1.3 million, none of which has been funded as of June 30, 2025.

The third-party real estate services revenue, including expense reimbursements, from the JBG Legacy Funds and the WHI Impact Pool and its affiliates was $ 2.3 million and $ 4.9 million for the three and six months ended June 30, 2025, and $ 3.2 million and $ 7.2 million for the three and six months ended June 30, 2024.

As of June 30, 2025 and December 31, 2024, we had receivables from the JBG Legacy Funds and the WHI Impact Pool and its affiliates totaling $ 802,000 and $ 2.1 million 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 $ 2.6 million of rent expense for the three and six months ended June 30, 2025, and $ 1.3 million and $ 2.8 million of rent expense for the three and six months ended June 30, 2024, which was included in "General and administrative expense" in our statements of operations.

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

We paid BMS $ 2.0 million and $ 2.5 million for the three months ended March 31, 2025 and 2024, which was included in "Property operating expenses" in our statements of operations.

We paid BMS $ 2.1 million and $ 4.1 million for the three and six months ended June 30, 2025, and $ 2.2 million and $ 4.7 million for the three and six months ended June 30, 2024, which was included in "Property operating expenses" in our statements of operations.

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

What changed 10-Q

Item 1. Financial Statements