JBG SMITH Properties
For the period ended Dec 31, 2025. Filed Feb 17, 2026.
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FY2025 · Filed Feb 17, 2026
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Item 2. Properties
*Note on presentation of "at share" information.*We present certain financial information and metrics "at JBG SMITH Share," which is calculated on an entity-by-entity basis, but exclude our 10.0% subordinated interest in one commercial building and our 33.5% subordinated interest in four commercial buildings, as well as the associated non-recourse mortgage loans, held through unconsolidated real estate ventures; these interests and debt are excluded because our investment in each real estate venture is zero, we do not anticipate receiving any near-term cash flow distributions from the real estate ventures, and we have not guaranteed their obligations or otherwise committed to providing financial support. "At JBG SMITH Share" information, which we also refer to as being "at share," "our pro rata share" or "our share," is not, and is not intended to be, a presentation in accordance with GAAP. Because as of December 31, 2025, 10.4% of our assets, as measured by total square feet, was held through real estate ventures in which we own less than 100% of the ownership interest, we believe this form of presentation, which includes our economic interests in the unconsolidated real estate ventures, provides investors important information regarding a significant component of our
portfolio, its composition, performance and capitalization. We classify our portfolio as "operating," "under-construction," or "development pipeline." As of December 31, 2025, there were no assets under construction.
The following tables summarize information about our multifamily, commercial and development pipeline portfolios as of December 31, 2025. Many of our assets in the development pipeline are adjacent to or an integrated component of operating multifamily or commercial assets in our portfolio. A number of our assets included in the following tables are held through real estate ventures with third parties or are subject to ground leases. In addition to other information, the following tables indicate our percentage ownership, whether the asset is consolidated or unconsolidated, and whether the asset is subject to a ground lease.
Multifamily Assets
| | | | | | | | | | | | | | | | | | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| | | | | | | | | Number | | Total | | | | Multifamily | | | |
| | | % | | | | Same Store (2): | | of | | Square | | % | | % | | Retail % | |
| Multifamily Assets | | Ownership | | C/U (1) | | 2024-2025 | | Units | | Feet | | Leased | | Occupied | | Occupied | |
| | | | | | | | | | | | | | | | | | |
| National Landing | | | | | | | | | | | | ||||||
| RiverHouse Apartments (Ashley, James and Potomac) | 100.0% | C | Y | 1,676 | 1,326,219 | 91.8% | | 90.7% | | 100.0% | | ||||||
| The Bartlett | 100.0% | C | Y | 699 | 619,372 | 95.5% | | 93.8% | | 100.0% | | ||||||
| Reva | | 100.0% | C | | N | | 471 | | 324,188 | | 77.8% | | 76.9% | | 38.5% | | |
| The Grace | | 100.0% | C | | N | | 337 | | 311,903 | | 86.1% | | 83.4% | | 81.8% | | |
| 220 20th Street | 100.0% | C | Y | 265 | 271,476 | 95.1% | | 95.1% | | 100.0% | | ||||||
| 2221 S. Clark Street - Residential (3) | 100.0% | C | Y | 216 | 96,948 | 73.2% | | 71.6% | | — | | ||||||
| | | | | | | | | | | | | | | | | | |
| D.C. | | | | | | | | | | | | ||||||
| The Wren | | 100.0% | C | | Y | | 433 | | 332,682 | | 92.6% | | 90.8% | | 100.0% | | |
| F1RST Residences | | 100.0% | C | | Y | | 325 | | 270,928 | | 89.2% | | 88.0% | | 100.0% | | |
| Atlantic Plumbing | 100.0% | C | Y | 310 | 245,228 | 91.8% | | 91.0% | | 90.7% | | ||||||
| 1221 Van Street | 100.0% | C | Y | 291 | 225,592 | 85.5% | | 82.8% | | 100.0% | | ||||||
| 901 W Street | | 100.0% | C | | Y | | 161 | | 154,340 | | 89.8% | | 88.2% | | 74.6% | | |
| 900 W Street (3) | | 100.0% | C | | Y | | 95 | | 71,050 | | 45.3% | | 32.6% | | — | | |
| West Half | | 60.0% | C | | Y | | 465 | | 385,372 | | 87.4% | | 86.5% | | 83.1% | | |
| | | | | | | | | | | | | | | | | | |
| Total / Weighted Average (3) | | | | | | | 5,744 | 4,635,298 | 90.2% | | 88.7% | | 89.4% | | |||
| | | | | | | | | | | | | | | | | | |
| Recently Delivered | | | | | | | | | | | | ||||||
| National Landing | | | | | | | | | | | | ||||||
| Valen | | 100.0% | C | | N | | 355 | | 302,803 | | 34.8% | | 33.2% | | — | | |
| The Zoe | | 100.0% | C | | N | | 420 | | 274,995 | | 51.2% | | 48.8% | | 100.0% | | |
| | | | | | | | | | | | | | | | | | |
| Total / Weighted Average | | | | | | | 775 | 577,798 | 42.6% | | 41.7% | | 42.2% | | |||
| | | | | | | | | | | | | | | | | | |
| Operating - Total / Weighted Average (3) | | | | | | | 6,519 | 5,213,096 | 84.8% | | 82.8% | | 86.1% | | |||
| | | | | | | | | | | | | | | | | | |
| Totals at JBG SMITH Share (3) | | | | 6,333 | | 5,058,947 | | 84.7% | | 82.7% | | 86.3% | |
Note: At 100% share, unless otherwise noted.
| (1) | "C" denotes a consolidated interest and "U" denotes an unconsolidated interest. |
| (2) | "Y" denotes an asset as same store and "N" denotes an asset as non-same store. |
| (3) | 2221 S. Clark Street - Residential and 900 W Street are excluded from percent leased and percent occupied metrics as they are operated as short-term rental properties. |
Commercial Assets
| | | | | | | | | | | | | | | | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| · · · · · · · · Total · · · · · · | |||||||||||||||
| · · % · · · · Same Store (2): · · Square · · % · · Office % · · Retail % | |||||||||||||||
| Commercial Assets | | Ownership | | C/U (1) | | 2024-2025 | | Feet | | Leased | | Occupied | | Occupied | |
| | | | | | | | | | | | | | | | |
| National Landing | | | | | | | | | |||||||
| 1550 Crystal Drive (3) | 100.0% | C | Y | 555,236 | 90.1% | | 87.3% | | 98.9% | | |||||
| 2121 Crystal Drive | 100.0% | C | Y | 509,595 | 66.8% | | 64.7% | | 100.0% | | |||||
| 2345 Crystal Drive | 100.0% | C | Y | 499,635 | 33.3% | | 32.4% | | 74.3% | | |||||
| 2231 Crystal Drive | 100.0% | C | Y | 468,755 | 69.1% | | 65.6% | | 97.4% | | |||||
| 2011 Crystal Drive | 100.0% | C | Y | 441,634 | 68.8% | | 49.1% | | 51.4% | | |||||
| 2451 Crystal Drive | 100.0% | C | Y | 402,276 | 85.4% | | 85.2% | | 92.6% | | |||||
| 241 18th Street S. (3) | 100.0% | C | Y | 337,053 | 88.3% | | 85.2% | | 100.0% | | |||||
| 201 12th Street S. | 100.0% | C | Y | 335,231 | 89.2% | | 88.8% | | 100.0% | | |||||
| 251 18th Street S. (3) | 100.0% | C | Y | 301,809 | 94.3% | | 95.5% | | 12.2% | | |||||
| 1770 Crystal Drive | | 100.0% | C | | Y | | 273,787 | | 98.3% | | 100.0% | | 67.8% | | |
| 200 12th Street S. | 100.0% | C | Y | 202,761 | 52.8% | | 52.8% | | — | | |||||
| 1901 South Bell Street (3) | 100.0% | C | Y | 71,986 | 100.0% | | 100.0% | | — | | |||||
| Crystal Drive Retail (3) | 100.0% | C | Y | 44,094 | 86.6% | | — | | 86.6% | | |||||
| 1235 S. Clark Street | 100.0% | C | Y | 384,688 | 67.2% | | 62.8% | | 97.8% | | |||||
| 1215 S. Clark Street | 100.0% | C | Y | 336,159 | 99.6% | | 100.0% | | 44.5% | | |||||
| 1225 S. Clark Street | 100.0% | C | Y | 276,184 | 99.1% | | 100.0% | | 80.9% | | |||||
| | | | | | | | | | | | | | | | |
| Other | | | | | | | | | |||||||
| Tysons Dulles Plaza | | 100.0% | C | N | 491,494 | 69.4% | | 69.4% | | 70.1% | | ||||
| 800 North Glebe Road | 100.0% | C | | Y | | 306,210 | | 83.1% | | 82.2% | | 92.4% | | ||
| One Democracy Plaza (4) (5) | 100.0% | C | Y | 213,417 | 84.2% | | 84.0% | | 100.0% | | |||||
| 1101 17th Street | 100.0% | C | Y | 210,451 | 84.2% | | 84.3% | | 82.8% | | |||||
| Dulles View (5) (6) | | 60.0% | U | N | 354,378 | 70.7% | | 70.7% | | — | | ||||
| 4747 Bethesda Avenue (7) | | 20.0% | U | Y | 300,535 | 92.8% | | 92.4% | | 100.0% | | ||||
| | | | | | | | | | | | | | | | |
| Operating - Total / Weighted Average | | | | | | | 7,317,368 | 77.8% | | 75.5% | | 88.9% | | ||
| | | | | | | | | | | | | | | | |
| Operating - Total / Weighted Average at JBG SMITH Share | | 6,935,189 | | 77.5% | | 75.1% | | 88.6% | | ||||||
Note: At 100% share, unless otherwise noted.
| (1) | "C" denotes a consolidated interest and "U" denotes an unconsolidated interest. |
| (2) | "Y" denotes an asset as same store and "N" denotes an asset as non-same store. |
| (3) | The following assets contain space that is held for development or not otherwise available for lease. This out-of-service square footage is excluded from square feet, leased and occupancy metrics in the above table. |
| | | | | |
|---|---|---|---|---|
| | | | | Not Available |
| Commercial Asset | | In-Service | | for Lease |
| 1550 Crystal Drive | 555,236 | | 4,281 | |
| 241 18th Street S. | | 337,053 | | 26,557 |
| 251 18th Street S. | | 301,809 | | 38,678 |
| 1901 South Bell Street | | 71,986 | | 202,926 |
| Crystal Drive Retail | | 44,094 | | 85,052 |
| 2221 S. Clark Street - Office | | — | | 35,182 |
| (4) | Asset is subject to a ground lease through 2084, where we are the lessee. |
| (5) | Not Metro-served. |
| (6) | In December 2025, we acquired Dulles View, comprising two commercial buildings in Herndon, Virginia, through a real estate venture, for $31.5 million of which our 60.0% share was $18.9 million. |
| (7) | Includes our corporate office lease of 62,645 square feet. |
Development Pipeline
| | | | | | | | | |
|---|---|---|---|---|---|---|---|---|
| | | | | | | | | |
| · · Estimated Potential Development Density (SF) | ||||||||
| Submarket | Total | Multifamily | Office | Retail | ||||
| | | | | | | | | |
| National Landing (1) | 3,395,700 | | 2,659,700 | | 656,400 | | 79,600 | |
| D.C. | 175,700 | | 42,700 | | 133,000 | | — | |
| | | | | | | | | |
| Totals at JBG SMITH Share | 3,571,400 | 2,702,400 | 789,400 | 79,600 | ||||
Note: Excludes unentitled land parcels and land parcels controlled through an option agreement.
| (1) | In February 2026, we sold a development parcel in Alexandria, Virginia with 347,700 square feet of estimated potential development density for $50.7 million. |
Major Tenants
The following table summarizes information for our 10 largest tenants by annualized rent as of December 31, 2025:
| · · · · · · · · · · · · | |||||
|---|---|---|---|---|---|
| · · · · At JBG SMITH Share | |||||
| · · · · · · · · Annualized · · % of Total · | |||||
| · · Number of · · Square · · % of Total · · Rent · · Annualized | |||||
| Tenant · · Leases · · Feet · · Square Feet · · (In thousands) · · Rent | |||||
| GSA | 30 | 1,452,629 | 26.5% | $58,304 | 23.6% |
| Amazon | 3 | 357,339 | 6.5% | 16,851 | 6.8% |
| Lockheed Martin Corporation | 2 | 183,442 | 3.3% | 9,393 | 3.8% |
| Accenture Federal Services LLC | 2 | 123,706 | 2.3% | 5,726 | 2.3% |
| Public Broadcasting Service | 1 | 120,328 | 2.2% | 5,260 | 2.1% |
| Whole Foods Market Group Inc | 3 | 98,625 | 1.8% | 3,909 | 1.6% |
| American Diabetes Association | 1 | 80,998 | 1.5% | 3,852 | 1.6% |
| Nooks LLC | 3 | 76,328 | 1.4% | 3,710 | 1.5% |
| Booz Allen Hamilton Inc | 2 | 69,328 | 1.3% | 3,501 | 1.4% |
| National Consumer Cooperative | 1 | 65,736 | 1.2% | 3,372 | 1.4% |
| Total | 48 | 2,628,459 | 48.0% | $113,878 | 46.1% |
Note: Includes all leases as of December 31, 2025 for which a tenant has taken occupancy for office and retail space within our Operating Portfolio.
Lease Expirations
The following table sets forth as of December 31, 2025 the scheduled expirations of tenant leases in our Operating Portfolio for each year from 2026 through 2034 and thereafter:
| · · · · · · · · · · · · · · | ||||||
|---|---|---|---|---|---|---|
| · · · · At JBG SMITH Share | ||||||
| · · · · · · · · · · · · · · | ||||||
| · · · · · · · · · · · % of · · · | ||||||
| · · · · · · % of · · Annualized · · Total · · Annualized | ||||||
| · · Number of · · Square · · Total · · Rent (1) · · Annualized · · Rent Per | ||||||
| Year of Lease Expiration · · Leases · · Feet · · Square Feet · · (In thousands) · · Rent · · Square Foot (1) | ||||||
| Month-to-Month | 9 | 122,504 | 2.2% | $5,070 | 2.1% | $41.39 |
| 2026 | 71 | 424,013 | 7.7% | 20,334 | 8.2% | 47.96 |
| 2027 | 57 | 784,095 | 14.3% | 37,683 | 15.3% | 48.06 |
| 2028 | 37 | 416,228 | 7.6% | 19,171 | 7.8% | 46.06 |
| 2029 | 41 | 361,007 | 6.6% | 17,086 | 6.9% | 47.33 |
| 2030 | 37 | 639,032 | 11.7% | 30,113 | 12.2% | 47.12 |
| 2031 | 39 | 641,617 | 11.7% | 25,205 | 10.2% | 39.28 |
| 2032 | 20 | 699,343 | 12.8% | 28,349 | 11.5% | 40.54 |
| 2033 | 28 | 361,490 | 6.6% | 15,917 | 6.4% | 44.03 |
| 2034 | 23 | 230,083 | 4.2% | 11,910 | 4.8% | 62.37 |
| Thereafter | 38 | 805,491 | 14.6% | 35,992 | 14.6% | 44.68 |
| Total / Weighted Average | 400 | 5,484,903 | 100.0% | $246,830 | 100.0% | $45.33 |
Note: Includes all leases as of December 31, 2025 for which a tenant has taken occupancy for office and retail space within our Operating Portfolio and assuming no exercise of renewal options or early termination rights. The weighted average remaining lease term for the entire portfolio is 5.2 years.
| (1) | Annualized rent and annualized rent per square foot exclude percentage rent and the square footage of tenants that only pay percentage rent. |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.