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JBGS Divider

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Management Letter

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April 29, 2025

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Our Fellow Shareholders:

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The past few months have brought continued uncertainty and buffeting headwinds to the DC metro economy. As we expressed last quarter, it remains too early to tell how political events will impact economic activity, but a few themes are emerging. First, DC seems headed for some sort of slowdown in economic growth. This slowdown may result from layoffs (if the high end of announced government cuts actually occurs) or it may result from curtailed consumer behavior in anticipation of expected layoffs (even if the high end doesn’t materialize or is rolled back in some way). Again, too early to tell. While market participants wait to see how things unfold, investment behavior and decision making has slowed but not stopped. Where this goes from here will be entirely dependent upon political events and the market’s response to them. Amidst all this turmoil, we remain focused on the same thing that has always guided our actions: maximizing long-term NAV per share. Our most important role in the service of that mission is that of capital allocator.

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With deep expertise in mixed-use, urban infill real estate, we have allocated in and out of asset classes in accordance with the cost of capital and the return potential of various uses and risk profiles. At one time, that made clear that selling low cap rate CBD office and buying and building multifamily maximized value. As our share price fell to a level that implied zero value for our office portfolio, it became evident that buying our own discounted shares (and therefore assets) made the most sense. Because office values have bottomed and remain at historically distressed pricing levels, selling office assets in this market would obviously be value destructive and likely will be for some time. By contrast, selling our multifamily assets, which remain attractively priced in the private market, is the most accretive means of funding these buybacks. Notwithstanding the local and national economic environment, our focus will remain on the sale of attractively priced assets at or above NAV to fund continued share repurchases for so long as our shares trade at a material discount to NAV. This is highly accretive and aligns well with our mission to maximize long-term NAV per share.

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The following are a few highlights from this quarter.

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Closed on the sale of 8001 Woodmont, a 322-unit multifamily asset in Bethesda, MD, for $194.0 million, representing a 4.7% capitalization rate. It was our only multifamily asset in Bethesda, a submarket where we see an inhospitable business climate and more tempered rent growth long term, but it garnered unexpectedly strong pricing and buyer pool depth.

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Completed construction on The Zoe, formerly known as 2001 South Bell Street, a 420-unit multifamily tower in the heart of National Landing. Interest from prospective residents has been strong, and we have fully leased the approximately 8,000 square feet of ground floor retail. Later this year we expect to deliver Valen, formerly known as 2000 South Bell Street, a 355-unit multifamily tower adjacent to The Zoe.

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Our multifamily portfolio continued to perform well. Our In-Service portfolio ended the quarter at 95.7% leased and 94.3% occupied. In our Same Store multifamily portfolio, we increased effective rents by 1.5% for new leases and 5.6% upon renewal while achieving a 55.5% renewal rate.

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Refinanced RiverHouse Apartments with a $258.9 million loan, allowing us to borrow additional proceeds and lock in a favorable 5.03% rate. This mortgage is secured by The Ashley and Potomac buildings and leaves The James unlevered. This was a favorable outcome given current market conditions and provides us with additional balance sheet flexibility.

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On Earth Day, April 22^nd, we released our annual Sustainability Summary. This document highlights our accomplishments and progress made throughout 2024. We encourage you to access our Sustainability Summary by visiting our website at https://www.jbgsmith.com/about/sustainability.

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Capital Allocation

Our capital allocation strategy is grounded in our primary goal of maximizing long-term NAV per share. We focus on opportunistically monetizing our most liquid assets where we can achieve premiums to NAV and investing where we see the greatest potential for NAV per share growth. Share repurchases continue to be our most accretive use of capital and, as long as our share price fails to reflect NAV, we intend to take advantage of the arbitrage. Our capital allocation strategy has resulted in a significantly lower share count and a more highly concentrated portfolio in National Landing, where we continue to see opportunity.

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Given the substantial discount of our share price relative to NAV, we have allocated a significant amount of our capital to share repurchases. Our strong balance sheet and substantial liquidity enable us to take advantage of this disparity. So far this year, we have repurchased 12.2 million shares at an average price of $15.43 per share, totaling $187.5 million. Since launching our share repurchase program in 2020, we have repurchased 69.0 million shares, which is over 51% of the shares outstanding as of December 31, 2019, at an average price of $19.08 per share, totaling $1.3 billion.

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As we have always done, we will seek new investments that offer the most accretive returns and that align with our strategy and competitive advantages. We anticipate that new investments will primarily be financed through asset recycling, either in advance or retrospectively. These new investments may include share repurchases and other opportunistic investments in partnership with third-party capital. The latter may allow us to capitalize on distressed pricing in the office market, to monetize our land bank, and to generate additional fee and carried interest revenue. We will evaluate these investment opportunities against our primary objective of maximizing long-term NAV per share growth, as we have always done.

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During the first quarter, we sold 8001 Woodmont, a 322-unit multifamily asset in Bethesda, MD, for $194.0 million which represents a 4.7% capitalization rate. 8001 Woodmont was our only multifamily asset in Bethesda, a submarket where we see an inhospitable business climate and expect more tempered rent growth long term, but it garnered unexpectedly strong pricing and buyer pool depth. Accordingly, we intend to continue seeking opportunities to dispose of additional assets that are most liquid in today’s capital markets at values at or above NAV. In a climate where office valuations are near cyclical lows with limited liquidity, the most efficiently priced source of capital will likely come from our multifamily assets. To that end, we are currently marketing for sale select multifamily and land assets in both the District and Northern Virginia.

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Financial and Operating Metrics

For the three months ended March 31, 2025, we reported Core FFO attributable to common shares of $7.2 million, or $0.09 per diluted share. Core FFO would have been $0.14 per diluted share, after adjusting for an early lease termination which impacted our earnings this quarter. Annualized NOI is up 3.0% quarter over quarter, totaling $264.4 million, excluding the assets that were sold. Our multifamily portfolio ended the quarter at 93.0% leased and 91.3% occupied, and our In-Service multifamily portfolio was 95.7% leased and 94.3% occupied. Our office portfolio

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ended the quarter at 78.3% leased and 76.4% occupied. Our portfolio generated negative 5.5% Same Store NOI growth for the three months ended March 31, 2025.

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As of March 31, 2025, our Net Debt to Annualized Adjusted EBITDA was 13.7x. Net Debt to Annualized Adjusted EBITDA would have been 12.6x, after adjusting for an early lease termination which impacted our earnings this quarter. Based on the previously disclosed known and expected tenant vacates and an increase in interest expense as we complete our remaining under-construction asset and cease capitalizing interest on it, we expect continued decreases in our earnings and increases in our Net Debt to Annualized Adjusted EBITDA through mid-2025. We expect the impacts on these metrics will be lessened by: (i) additional income from the delivery and stabilization of our newly constructed multifamily assets (The Grace, Reva, The Zoe, and Valen); (ii) rent growth in our existing multifamily portfolio given the limited multifamily supply pipeline in the DC metro area; and (iii) office demand in National Landing from prospective tenants seeking proximity to the Pentagon, local tech talent, and the placemaking attractions we have delivered.

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Our floating rate exposure remains low, with 88.3% of our debt fixed or hedged as of the end of the first quarter, after accounting for in-place interest rate swaps and caps. The floating rate exposure is tied to our revolving credit facility and assets where the business plan warrants preserving flexibility. We continue to be well positioned with respect to our near-term debt maturities. This year we have $33.0 million of debt maturing, representing 1.3% of total debt, which is non-recourse and secured by a DC office asset owned in a joint venture where we believe the outstanding principal balance of the mortgage collateralizing the asset exceeds the asset’s current value. Our remaining debt has a weighted average maturity of 3.6 years, after adjusting for by-right extension options. Our non-recourse asset-level financing strategy continues to be most valuable in an environment like today, providing a floor on our downside risk.

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Operating Portfolio

Multifamily Trends

Our In-Service multifamily portfolio ended the quarter at 95.7% leased and 94.3% occupied, both down 0.5% quarter over quarter primarily due to seasonally lower demand. In our Same Store multifamily portfolio, we increased effective rents by 1.5% for new leases and 5.6% upon renewal while achieving a 55.5% renewal rate. Our multifamily portfolio Same Store NOI increased 0.2% for the three months ended March 31, 2025.

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This quarter, we completed construction on The Zoe, a 420-unit multifamily tower in the heart of National Landing which began leasing at the end of last year. The asset includes approximately 8,000 square feet of fully leased ground floor retail. Additionally, we continue to make progress leasing The Grace and Reva, which are 75.6% leased as of this week. Since Amazon brought their employees back to the office five days a week on January 2^nd, we have seen a 12.7% increase in the number of Amazonians living in our National Landing multifamily portfolio. We believe that the amenity-rich environment we have developed in National Landing and proximity to transit are key factors contributing to the successful leasing performance. To date, we have not seen a material shift in demand for, or occupancy in, our multifamily assets from the impact of federal workforce cuts and reduced federal spending.

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DC Metro Multifamily Trends (based on CoStar, Apartment List, Bank of America, Restaurant Association of Metropolitan Washington data)

The residential statistics for the quarter continue to reflect the region’s strength and seem to have not yet been impacted by the regional economic disruptions. Apartment List put year-over-year rent growth at 3.2% – higher than the other gateway markets and well ahead of the majority of the Sunbelt markets still grappling with new supply. Vacancy in the DC metro ended the quarter at 5.5%, which is slightly elevated relative to other gateway markets,

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but it has not shot up dramatically since the federal environment began to shift. Like nearly everywhere else in the country, the supply spigot remains firmly shut off with less than 2.0% of market rate inventory under construction and new starts blocked by rates and construction costs – the latter which is facing likely acute, but still ultimately unclear, policy impacts at the moment.

On the ground, we continue to see strength in multifamily. The scarcity of new supply and for sale housing – not only by inventory but by price – continues to support rents as long as demand remains intact. On that side, we have not seen slowing as we head into the busier leasing season, although we continue to carefully monitor for any signs of slackening. While jobless claims are up regionally, the order of magnitude is not enough to have tapered off the demand for rental housing.

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Office Trends

Our office portfolio ended the quarter at 78.3% leased, down 0.3% quarter over quarter, and 76.4% occupied, down 0.1% quarter over quarter. In the first quarter, we executed 71,000 square feet of leases with a weighted average lease term of 1.7 years; the decrease in leasing volume is primarily attributable to seasonality within the office leasing business. For second generation leases, the rental rate mark-to-market was 0.7%.

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Leasing activity in the first quarter was anemic as many deals were paused, waiting for more certainty regarding federal government staffing and spending changes. Leasing in National Landing continues to be driven primarily by office users who fall into three categories: (i) companies who need SCIF/secure facility space; (ii) technology-related new tenants largely attracted by the recent delivery of our placemaking interventions; and (iii) defense-related tenants who have long called this submarket home. Approximately 95% of our first quarter leasing activity was with tenants in the defense and technology industries. Looking forward, we have modest lease roll in National Landing over the next five years, averaging approximately 6.5% per year, and we expect our retention rate to improve given approximately 70% of our remaining tenancy in our National Landing portfolio comprises defense-tech tenants.

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Our leasing efforts are focused on buildings with long-term potential, concentrating occupancy in areas of National Landing that we have enhanced through our placemaking initiatives and that are accessible via multi-modal transportation. As such, we have taken 1800 South Bell Street, 2100 Crystal Drive, and 2200 Crystal Drive out of service, and we are in the process of phasing 1901 South Bell Street out of service as tenants vacate. In total, we will have taken over 1.0 million square feet of obsolete office space out of service in National Landing. Our rationale for reducing competitive stock in National Landing remains the same: to help foster a healthier long-term office market while repurposing older, underutilized buildings for redevelopment or conversion to multifamily housing, hospitality, or other complimentary uses that will support a vibrant mixed-use environment.

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Northern Virginia Office Trends (based on JLL and CBRE data)

It’s too early to say that headline risk has come home to the office market – but it has moved in next door and, in so doing, has had a palpable, chilling impact at least for the moment. Statistically, the sweeping cuts to the federal government and discussions of cancelled leases and owned portfolio dispositions have not yet been reflected. The reported data show essentially flat demand environments with net absorption totaling negative 0.1% of inventory in DC and negative 0.2% in Northern Virginia. The roster of deals for each market reads similarly to nearly every quarter in the post-pandemic environment – DC largely dominated by law firms and Virginia by professional services firms. There were some notable federal government terminations in keeping with the headlines, with the USAGM (Voice of America) lease in DC being the most significant, but at least one new federal lease was also completed. The reality is that most of the deals closing in the quarter – or contributing to net absorption in the quarter – were already in progress prior to the shifting political environment. The vacancy story in this backward-looking demand environment remains largely the same as it has been. Most of the vacancy across the market is still

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concentrated in older buildings, an increasing share of which has been targeted for multifamily conversion either in the form of structure or land. Rental rates also reflected the strength at the high end of the market and pressure elsewhere.

The fact is that all these data lag the reality on the ground where, despite some soft-term federal terminations and small contractor bankruptcies, the impact of the changing federal landscape has yet to be fully realized. On the federal real estate front, agencies must begin reporting utilization data this summer, which will influence consolidation and downsizing decisions that will still take time to be realized as leases roll and owned assets are disposed. Return-to-office has been bumpy as well, as agencies speed shift gears on office utilization without the smoothing influence of a “clutch” of time relief. Despite the speed with which changes have been implemented, the full picture of federal real estate change will take time to fully emerge, especially as the net of dispositions, a shift to leasing, and a reduction in workforce and budgets sort themselves out.

On the contractor front, optimism remains around the overall direction of the defense budget (believed to reach $1 trillion for Fiscal Year 2026) but a reshuffling of priorities within the Pentagon including $5.1 billion of recent contract cuts and a public focus on the scale of some contracts – largely in the professional services arena – has had some groups keeping their heads down and slow-rolling space requirements. Contract activity outside the defense space is far more uncertain, and some firms have begun modest reductions-in-force as they align their workforces with the priorities of their federal customers. Those priorities are largely unclear as they rely on federal appropriations which follow on the recently passed congressional budget framework. As appropriations are made clear, it should give contractors a better picture of the future flow of dollars which, particularly for defense technology companies, should drive certainty to lease. Other contractors – seeing agency budgets slashed – may look to reduce their footprints or at least put growth on pause. We continue to believe that National Landing is aligned well with these trends as an aerospace and defense cluster overlaid with Amazon’s headquarters and Virginia Tech’s Innovation Campus, but it is still part of a broader market inseparable from the influence of policy and federal spending.

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All of us are navigating extremely murky shoals right now, but experience dictates that we play the long game and don’t get too distracted by the near-term noise. As operators, we continue to focus on the dramatically repositioned environment we have created in National Landing, growing and stabilizing the office and residential ecosystem we have developed there. As capital allocators, we will continue to take advantage of the bottom in office valuations and the NAV discount apparent in our share price. Our unwavering focus on maximizing long-term NAV per share will be our north star, which we are confident will continue to create value for our shareholders, even as we navigate the uncertain waters of the current market environment.

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As always, we thank you for your continued trust and confidence.

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Sincerely,

W. Matthew Kelly

Chief Executive Officer

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Section Two – Earnings Release

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Earnings Release

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CONTACT

Kevin Connolly

Executive Vice President, Portfolio Management & Investor Relations

(240) 333-3837

[email protected]

JBG SMITH ANNOUNCES FIRST QUARTER 2025 RESULTS

Bethesda, MD (April 29, 2025) - JBG SMITH (NYSE: JBGS), a leading owner, operator, and developer of mixed-use properties in the Washington, DC market, today filed its Form 10-Q for the quarter ended March 31, 2025 and reported its financial results.

Additional information regarding our results of operations, properties, and tenants can be found in our First Quarter 2025 Investor Package, which is posted in the Investor Relations section of our website at www.jbgsmith.com. We encourage investors to consider the information presented here with the information in that document.

First Quarter 2025 Highlights

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Operating Portfolio

Development Portfolio

Under-Construction

Development Pipeline

Third-Party Asset Management and Real Estate Services Business

Balance Sheet

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Investing and Financing Activities

Dividends

About JBG SMITH

JBG SMITH owns, operates and develops mixed-use properties concentrated in amenity-rich, Metro-served submarkets in and around Washington, DC, most notably National Landing, that we believe have long-term growth potential and appeal to residential, office and retail tenants. Through an intense focus on placemaking, JBG SMITH cultivates vibrant, highly amenitized, walkable neighborhoods throughout the Washington, DC metropolitan area. Approximately 75.0% of JBG SMITH's holdings are in the National Landing submarket in Northern Virginia, which is anchored by four key demand drivers: Amazon's headquarters; Virginia Tech's $1 billion Innovation Campus; proximity to the Pentagon; and our placemaking initiatives and public infrastructure improvements. JBG SMITH's dynamic portfolio currently comprises 11.9 million square feet at share of multifamily, office and retail assets, 98% of which are Metro-served. It also maintains a development pipeline encompassing 8.9 million square feet of mixed-use, primarily multifamily, development opportunities. JBG SMITH is committed to the operation and development of green, smart, and healthy buildings and plans to maintain carbon neutral operations annually. For more information on JBG SMITH please visit www.jbgsmith.com.

Forward-Looking Statements

Certain statements contained herein may constitute "forward-looking statements" as such term is defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements are not guarantees of performance. They represent our intentions, plans, expectations and beliefs and are subject to numerous assumptions, risks and uncertainties. Consequently, the future results, financial condition and business of JBG SMITH Properties ("JBG SMITH," the "Company," "we," "us," "our" or similar terms) may differ materially from those expressed in these forward-looking statements. You can find many of these statements by looking for words such as "approximate," "hypothetical," "potential," "believes," "expects," "anticipates," "estimates," "intends," "plans," "would," "may" or similar expressions in this earnings

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release. We also note the following forward-looking statements: whether in the case of our under-construction assets and assets in the development pipeline, estimated square feet, estimated number of units and estimated potential development density are accurate; expected timing, completion, modifications and delivery dates for the projects we are developing and the ability of any or all of our demand drivers to materialize and their effect on economic impact, job growth, expansion of public transportation and related demand in the National Landing submarket.

Many of the factors that will determine the outcome of these and our other forward-looking statements are beyond our ability to control or predict. These factors include, among others: adverse economic conditions in the Washington, DC metropolitan area, including reductions in federal government spending or leasing, the timing of and costs associated with development and property improvements, tariffs and other trade barriers, supply chain disruptions, financing commitments, and general competitive factors. For further discussion of factors that could materially affect the outcome of our forward-looking statements and other risks and uncertainties, see "Risk Factors," "Management's Discussion and Analysis of Financial Condition and Results of Operations" and the Cautionary Statement Concerning Forward-Looking Statements in the Company's Annual Report on Form 10-K for the year ended December 31, 2024 and other periodic reports the Company files with the Securities and Exchange Commission. For these statements, we claim the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. You are cautioned not to place undue reliance on our forward-looking statements. All subsequent written and oral forward-looking statements attributable to us or any person acting on our behalf are expressly qualified in their entirety by the cautionary statements contained or referred to in this section. We do not undertake any obligation to release publicly any revisions to our forward-looking statements to reflect events or circumstances occurring after the date hereof.

Pro Rata Information

We present certain financial information and metrics in this release "at JBG SMITH Share," which refers to our ownership percentage of consolidated and unconsolidated assets in real estate ventures (collectively, "real estate ventures") as applied to these financial measures and metrics. Financial information "at JBG SMITH Share" is calculated on an asset-by-asset basis by applying our percentage economic interest to each applicable line item of that asset's financial information. "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. Given that a portion of our assets are held through real estate ventures, we believe this form of presentation, which presents our economic interests in the partially owned entities, provides investors valuable information regarding a significant component of our portfolio, its composition, performance and capitalization.

We do not control the unconsolidated real estate ventures and do not have a legal claim to our co-venturers' share of assets, liabilities, revenue and expenses. The operating agreements of the unconsolidated real estate ventures generally allow each co-venturer to receive cash distributions to the extent there is available cash from operations. The amount of cash each investor receives is based upon specific provisions of each operating agreement and varies depending on certain factors including the amount of capital contributed by each investor and whether any investors are entitled to preferential distributions.

With respect to any such third-party arrangement, we would not be in a position to exercise sole decision-making authority regarding the property, real estate venture or other entity, and may, under certain circumstances, be exposed to economic risks not present were a third-party not involved. We and our respective co-venturers may

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each have the right to trigger a buy-sell or forced sale arrangement, which could cause us to sell our interest, or acquire our co-venturers' interests, or to sell the underlying asset, either on unfavorable terms or at a time when we otherwise would not have initiated such a transaction. Our real estate ventures may be subject to debt, and the repayment or refinancing of such debt may require equity capital calls. To the extent our co-venturers do not meet their obligations to us or our real estate ventures or they act inconsistent with the interests of the real estate venture, we may be adversely affected. Because of these limitations, the non-GAAP "at JBG SMITH Share" financial information should not be considered in isolation or as a substitute for our consolidated financial statements as reported under GAAP.

Occupancy, non-GAAP financial measures, leverage metrics, operating assets and operating metrics presented in our investor package 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, as 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.

Non-GAAP Financial Measures

This release includes non-GAAP financial measures. For these measures, we have provided an explanation of how these non-GAAP measures are calculated and why JBG SMITH's management believes that the presentation of these measures provides useful information to investors regarding JBG SMITH's financial condition and results of operations. Reconciliations of certain non-GAAP measures to the most directly comparable GAAP financial measure are included in this earnings release. Our presentation of non-GAAP financial measures may not be comparable to similar non-GAAP measures used by other companies. In addition to "at share" financial information, the following non-GAAP measures are included in this release:

Earnings Before Interest, Taxes, Depreciation and Amortization ("EBITDA"), EBITDA for Real Estate ("EBITDAre") and "Adjusted EBITDA" are non-GAAP financial measures. EBITDA and EBITDAre are used by management as supplemental operating performance measures, which we believe help investors and lenders meaningfully evaluate and compare our operating performance from period-to-period by removing from our operating results the impact of our capital structure (primarily interest charges from our outstanding debt and the impact of our interest rate swaps and caps) and certain non-cash expenses (primarily depreciation and amortization expense on our assets). EBITDAre is computed in accordance with the definition established by the National Association of Real Estate Investment Trusts ("Nareit"). Nareit defines EBITDAre as GAAP net income (loss) adjusted to exclude interest expense, income taxes, depreciation and amortization expense, gains (losses) on sales of real estate and impairment write-downs of certain real estate assets and investments in entities when the impairment is directly attributable to decreases in the value of depreciable real estate held by the entity, including our share of such adjustments for unconsolidated real estate ventures. These supplemental measures may help investors and lenders understand our ability to incur and service debt and to make capital expenditures. EBITDA and EBITDAre are not substitutes for net income (loss) (computed in accordance with GAAP) and may not be comparable to similarly titled measures used by other companies.

Adjusted EBITDA represents EBITDAre adjusted for items we believe are not representative of ongoing operating results, such as Transaction and Other Costs, impairment write-downs of non-depreciable real estate, gain (loss) on the extinguishment of debt, earnings (losses) and distributions in excess of our investment in unconsolidated real

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estate ventures, lease liability adjustments and income from investments. We believe that adjusting such items not considered part of our comparable operations provides a meaningful measure to evaluate and compare our performance from period-to-period.

Because EBITDA, EBITDAre and Adjusted EBITDA have limitations as analytical tools, we use EBITDA, EBITDAre and Adjusted EBITDA to supplement GAAP financial measures. Additionally, we believe that users of these measures should consider EBITDA, EBITDAre and Adjusted EBITDA in conjunction with net income (loss) and other GAAP measures in understanding our operating results.

Funds from Operations ("FFO"), "Core FFO" and Funds Available for Distribution ("FAD") are non-GAAP financial measures. FFO is computed in accordance with the definition established by Nareit in the Nareit FFO White Paper - 2018 Restatement. Nareit defines FFO as net income (loss) (computed in accordance with GAAP), excluding depreciation and amortization expense related to real estate, gains (losses) from the sale of certain real estate assets, gains (losses) from change in control and impairment write-downs of certain real estate assets and investments in entities when the impairment is directly attributable to decreases in the value of depreciable real estate held by the entity, including our share of such adjustments for unconsolidated real estate ventures.

Core FFO represents FFO adjusted to exclude items which we believe are not representative of ongoing operating results, such as Transaction and Other Costs, impairment write-downs of non-depreciable real estate, gain (loss) on the extinguishment of debt, earnings (losses) and distributions in excess of our investment in unconsolidated real estate ventures, lease liability adjustments, income from investments, amortization of the management contracts intangible and the mark-to-market of derivative instruments, including our share of such adjustments for unconsolidated real estate ventures.

FAD represents Core FFO adjusted for recurring tenant improvements, leasing commissions and other capital expenditures, net deferred rent activity, third-party lease liability assumption (payments) refunds, recurring share-based compensation expense, accretion of acquired below-market leases, net of amortization of acquired above-market leases, amortization of debt issuance costs and other non-cash income and charges, including our share of such adjustments for unconsolidated real estate ventures. FAD is presented solely as a supplemental disclosure that management believes provides useful information as it relates to our ability to fund dividends.

We believe FFO, Core FFO and FAD are meaningful non-GAAP financial measures useful in comparing our levered operating performance from period-to-period and as compared to similar real estate companies because these non-GAAP measures exclude real estate depreciation and amortization expense, which implicitly assumes that the value of real estate diminishes predictably over time rather than fluctuating based on market conditions, and other non-comparable income and expenses. FFO, Core FFO and FAD do not represent cash generated from operating activities and are not necessarily indicative of cash available to fund cash requirements and should not be considered as an alternative to net income (loss) (computed in accordance with GAAP) as a performance measure or cash flow as a liquidity measure. FFO, Core FFO and FAD may not be comparable to similarly titled measures used by other companies.

"Net Debt" is a non-GAAP financial measurement. Net Debt represents our total consolidated and unconsolidated indebtedness less cash and cash equivalents at our share. Net Debt is an important component in the calculations of Net Debt to Annualized Adjusted EBITDA and Net Debt / total enterprise value. We believe that Net Debt is a meaningful non-GAAP financial measure useful to investors because we review Net Debt as part of the

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management of our overall financial flexibility, capital structure and leverage. We may utilize a considerable portion of our cash and cash equivalents at any given time for purposes other than debt reduction. In addition, cash and cash equivalents at our share may not be solely controlled by us. The deduction of cash and cash equivalents at our share from consolidated and unconsolidated indebtedness in the calculation of Net Debt, therefore, should not be understood to mean that it is available exclusively for debt reduction at any given time.

Net Operating Income ("NOI"), "Same Store NOI" and "Annualized NOI" are non-GAAP financial measures management uses to assess an asset's performance. The most directly comparable GAAP measure is net income (loss) attributable to common shareholders. We use NOI internally as a performance measure and believe NOI, Same Store NOI and Annualized NOI provide useful information to investors regarding our financial condition and results of operations because it reflects only property related revenue (which includes base rent, tenant reimbursements and other operating revenue, net of Free Rent and payments associated with assumed lease liabilities) less operating expenses and ground rent for operating leases, if applicable. NOI excludes deferred (straight-line) rent, commercial lease termination revenue, related party management fees, interest expense, and certain other non-cash adjustments, including the accretion of acquired below-market leases and the amortization of acquired above-market leases and below-market ground lease intangibles. Management uses NOI, which includes our proportionate share of revenue and expenses attributable to real estate ventures, as a supplemental performance measure and believes it provides useful information to investors because it reflects only those revenue and expense items that are incurred at the asset level, excluding non-cash items. In addition, NOI is considered by many in the real estate industry to be a useful starting point for determining the value of a real estate asset or group of assets. However, because NOI excludes depreciation and amortization expense and captures neither the changes in the value of our assets that result from use or market conditions, nor the level of capital expenditures and capitalized leasing commissions necessary to maintain the operating performance of our assets, all of which have real economic effect and could materially impact the financial performance of our assets, the utility of NOI as a measure of the operating performance of our assets is limited. NOI presented by us may not be comparable to NOI reported by other real estate investment trusts that define these measures differently. We believe to facilitate a clear understanding of our operating results, NOI should be examined in conjunction with net income (loss) attributable to common shareholders as presented in our consolidated financial statements. NOI should not be considered as an alternative to net income (loss) attributable to common shareholders as an indication of our performance or to cash flows as a measure of liquidity or our ability to make distributions. Annualized NOI represents NOI for the three months ended March 31, 2025 multiplied by four. Management believes Annualized NOI provides useful information in understanding our financial performance over a 12-month period, however, investors and other users are cautioned against attributing undue certainty to our calculation of Annualized NOI. Actual NOI for any 12-month period will depend on a number of factors beyond our ability to control or predict, including general capital markets and economic conditions, any bankruptcy, insolvency, default or other failure to pay rent by one or more of our tenants and the destruction of one or more of our assets due to terrorist attack, natural disaster or other casualty, among others. We do not undertake any obligation to update our calculation to reflect events or circumstances occurring after the date of this earnings release. There can be no assurance that the Annualized NOI shown will reflect our actual results of operations over any 12-month period.

Definitions

"Development Pipeline" refers to assets that have the potential to commence construction subject to receipt of full entitlements, completion of design and/or market conditions where we (i) own land or control the land through a

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ground lease or (ii) are under a long-term conditional contract to purchase, or enter into, a leasehold interest with respect to land.

"Estimated Potential Development Density" reflects management's estimate of developable gross square feet based on our current business plans with respect to real estate owned or controlled as of March 31, 2025. Our current business plans may contemplate development of less than the maximum potential development density for individual assets. As market conditions change, our business plans, and therefore, the Estimated Potential Development Density, could change accordingly. Given timing, zoning requirements and other factors, we make no assurance that Estimated Potential Development Density amounts will become actual density to the extent we complete development of assets for which we have made such estimates.

"First-generation" is a lease on space that had been vacant for at least nine months or a lease on newly delivered space.

"Free Rent" means the amount of base rent and tenant reimbursements that are abated according to the applicable lease agreement(s).

"GAAP" means accounting principles generally accepted in the United States of America.

"In-Service" refers to multifamily or commercial operating assets that are at or above 90% leased or have been operating and collecting rent for more than 12 months as of March 31, 2025.

"Non-Same Store" refers to all operating assets excluded from the Same Store pool.

"Same Store" refers to the pool of assets that were In-Service for the entirety of both periods being compared, excluding assets for which significant redevelopment, renovation or repositioning occurred during either of the periods being compared.

"Second-generation" is a lease on space that had been vacant for less than nine months.

"Transaction and Other Costs" include costs related to completed, potential and pursued transactions, demolition costs, and severance and other costs.

"Under-Construction" refers to assets that were under construction during the three months ended March 31, 2025.

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CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)

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Note: For complete financial statements, please refer to our Quarterly Report on Form 10-Q for the quarter ended March 31, 2025.

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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

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Note: For complete financial statements, please refer to our Quarterly Report on Form 10-Q for the quarter ended March 31, 2025.

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EBITDA, EBITDAre AND ADJUSTED EBITDA RECONCILIATIONS (NON-GAAP)

(Unaudited)

Note: All EBITDA measures as shown above are attributable to common limited partnership units ("OP Units") and certain fully vested incentive equity awards that may be convertible into OP Units.

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FFO, CORE FFO AND FAD RECONCILIATIONS (NON-GAAP)

(Unaudited)

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See footnotes on page 14.

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FFO, CORE FFO AND FAD RECONCILIATIONS (NON-GAAP)

(Unaudited)

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NOI RECONCILIATIONS (NON-GAAP)

(Unaudited)

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Table of Contents

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Disclosures

Forward-Looking Statements

Certain statements contained herein may constitute "forward-looking statements" as such term is defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements are not guarantees of performance. They represent our intentions, plans, expectations and beliefs and are subject to numerous assumptions, risks and uncertainties. Consequently, the future results, financial condition and business of JBG SMITH Properties ("JBG SMITH," the "Company," "we," "us," "our" or similar terms) may differ materially from those expressed in these forward-looking statements. You can find many of these statements by looking for words such as "approximate," "hypothetical," "potential," "believes," "expects," "anticipates," "estimates," "intends," "plans," "would," "may" or similar expressions in this Investor Package. We also note the following forward-looking statements: relate to, among other things, the following: the extent to which our portfolio of assets will be impacted by various actions of the current presidential administration, including ongoing efforts to reduce or adjust federal spending; the impact of the federal government’s budget priorities and the Department of Government Efficiency on leasing demand and growth in the Washington, DC metropolitan area; the impact of disruptions to the credit and capital markets on our ability to access capital, including refinancing maturing debt; our ability to maintain a strong capital base; potential Net Operating Income growth and the assumptions on which such growth is premised; our estimated future leverage (Net Debt/Annualized Adjusted EBITDA and Net Debt/total enterprise value) profile and potential offsets for expected increases to our Net Debt / Annualized Adjusted EBITDA; the economic impact, job growth, expansion of public transportation and related demand for multifamily and commercial properties of Amazon.com, Inc.'s ("Amazon") headquarters on the DC metropolitan area and National Landing and the speed with which such impact occurs; changes to the amount and manner in which tenants use space; long-term trends in demand for housing (including multifamily) within major urban employment centers; whether the Washington, DC metro area is positioned for significant rent growth; whether we will be well-positioned to capitalize on land sales, ground leases, and joint ventures; whether and the pace at which office property values and the macroeconomic landscape will improve; whether the construction and/or delivery of new infrastructure projects in and around National Landing will be completed at all or on the anticipated timeline; whether downward pressure on our earnings for the office portfolio and upward pressure on our Net Debt to Annualized Adjusted EBITDA will continue through mid-2025 and our anticipated ability to lessen that pressure through additional income from newly constructed multifamily assets, rent growth in existing multifamily properties, and increased office demand in National Landing; our ability to raise capital from the sale of assets, including multifamily assets; whether tenant vacates will occur on the timeline we anticipate; whether the industry mix of our office tenants and leasing performance of our office portfolio will shift as anticipated or at all; whether the strength of our prospective tenant pipeline will result in increases in new leasing activity; whether we will experience an improvement in retention rate of our office tenants in National Landing; our ability to refinance debt secured by our multifamily assets; whether we will be able to successfully reposition certain buildings in our portfolio or acquire new properties on the expected timeline, or at all, and the impacts of those conversions and acquisitions, particularly in National Landing; annualized Net Operating Income; adjusted annualized Net Operating Income; expected timing, completion, modifications, size, delivery dates and economic viability for the projects we are developing; the ability of any or all of our National Landing demand drivers, as well as increased in-person work requirements, to materialize and increase performance of, and foot traffic around, our multifamily and commercial portfolios at all or on the timeline anticipated and their effect on economic impact, job growth, expansion of public transportation and related demand in the National Landing submarket; the impacts of removing certain assets in our portfolio from service; whether the value of our portfolio holdings will increase due to their location, demand drivers, our placemaking efforts and use diversification; whether we will be successful in our efforts to repurchase shares; whether we will succeed in recycling our assets to fund new investments, including development projects, acquisitions, opportunistic investments in partnership with third-party capital, and share repurchases; whether investments in partnership with third-party capital will allow us to monetize our land bank, take advantage of distressed office and multifamily opportunities, and generate additional fee revenue; whether our assets can be disposed of for values at or above NAV; whether in the case of our Under-Construction assets and assets in the Development Pipeline, estimated square feet, estimated number of units, earliest potential construction start, the estimated completion date, the estimated date of entitlements, estimated stabilization date, Estimated Incremental Investment, Estimated Total Investment, Projected NOI Yield, completion date, yield on cost, weighted average stabilization date, intended type of asset use and potential tenants, Estimated Potential Development Density, and Estimated Stabilized NOI are accurate; whether our Under-Construction assets will deliver the Annualized NOI that we anticipate; and whether the number of multifamily units and retailers in National Landing will increase to the levels anticipated or open on the timelines anticipated.

Many of the factors that will determine the outcome of these and our other forward-looking statements are beyond our ability to control or predict. These factors include, among others: adverse economic and political conditions in the Washington, DC metropolitan area, including reductions in federal government spending or leasing, the timing of and costs associated with development and property improvements, tariffs and other trade barriers, supply chain disruptions, financing commitments, and general competitive factors. For further discussion of factors that could materially affect the outcome of our forward-looking statements and other risks and uncertainties, see "Risk Factors," "Management's Discussion and Analysis of Financial Condition and Results of Operations" and the Cautionary Statement Concerning Forward-Looking Statements in the Company's Annual Report on Form 10-K for the year ended December 31, 2024 and other periodic reports the Company files with the Securities and Exchange Commission. For these statements, we claim the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. You are cautioned not to place undue reliance on our forward-looking statements. All subsequent written and oral forward-looking statements attributable to us or any person acting on our behalf are expressly qualified in their entirety by the cautionary statements contained

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or referred to in this section. We do not undertake any obligation to release publicly any revisions to our forward-looking statements to reflect events or circumstances occurring after the date hereof.

Organization and Basis of Presentation

JBG SMITH, a Maryland real estate investment trust, owns, operates and develops mixed-use properties concentrated in amenity-rich, Metro-served submarkets in and around Washington, DC, most notably National Landing, that we believe have long-term growth potential and appeal to residential, office and retail tenants. Through an intense focus on placemaking, JBG SMITH cultivates vibrant, highly amenitized, walkable neighborhoods throughout the Washington, DC metropolitan area. Approximately 75.0% of JBG SMITH's holdings are in the National Landing submarket in Northern Virginia, which is anchored by four key demand drivers: Amazon's headquarters; Virginia Tech's $1 billion Innovation Campus; proximity to the Pentagon; and our placemaking initiatives and public infrastructure improvements. In addition, our third-party asset management and real estate services business provides fee-based real estate services.

The information contained in this Investor Package does not purport to disclose all items required by the accounting principles generally accepted in the United States of America ("GAAP") and is unaudited information, unless otherwise indicated.

Pro Rata Information

We present certain financial information and metrics in this Investor Package "at JBG SMITH Share," which refers to our ownership percentage of consolidated and unconsolidated assets in real estate ventures (collectively, "real estate ventures") as applied to these financial measures and metrics. Financial information "at JBG SMITH Share" is calculated on an asset-by-asset basis by applying our percentage economic interest to each applicable line item of that asset's financial information. "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. Given that a portion of our assets are held through real estate ventures, we believe this form of presentation, which presents our economic interests in the partially owned entities, provides investors valuable information regarding a significant component of our portfolio, its composition, performance and capitalization.

We do not control the unconsolidated real estate ventures and do not have a legal claim to our co-venturers' share of assets, liabilities, revenue and expenses. The operating agreements of the unconsolidated real estate ventures generally allow each co-venturer to receive cash distributions to the extent there is available cash from operations. The amount of cash each investor receives is based upon specific provisions of each operating agreement and varies depending on certain factors including the amount of capital contributed by each investor and whether any investors are entitled to preferential distributions.

With respect to any such third-party arrangement, we would not be in a position to exercise sole decision-making authority regarding the property, real estate venture or other entity, and may, under certain circumstances, be exposed to economic risks not present were a third-party not involved. We and our respective co-venturers may each have the right to trigger a buy-sell or forced sale arrangement, which could cause us to sell our interest, or acquire our co-venturers' interests, or to sell the underlying asset, either on unfavorable terms or at a time when we otherwise would not have initiated such a transaction. Our real estate ventures may be subject to debt, and the repayment or refinancing of such debt may require equity capital calls. To the extent our co-venturers do not meet their obligations to us or our real estate ventures or they act inconsistent with the interests of the real estate venture, we may be adversely affected. Because of these limitations, the non-GAAP "at JBG SMITH Share" financial information should not be considered in isolation or as a substitute for our consolidated financial statements as reported under GAAP.

Occupancy, non-GAAP financial measures, leverage metrics, operating assets and operating metrics presented in this Investor Package 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, as 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.

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Definitions

See pages 39-42 for definitions of terms used in this Investor Package.

Non-GAAP Measures

This Investor Package includes non-GAAP measures. For these measures, we have provided an explanation of how these non-GAAP measures are calculated and why our management believes that the presentation of these measures provides useful information to investors regarding our financial condition and results of operations. Reconciliations of certain non-GAAP measures to the most directly comparable GAAP financial measure are included in this Investor Package. Our presentation of non-GAAP financial measures may not be comparable to similar non-GAAP measures used by other companies.

In addition to "at share" financial information, the following non-GAAP measures are included in this Investor Package:

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Company Profile

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Financial Highlights

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Portfolio Overview