JBG SMITH Properties

For the period ended Dec 31, 2025. Filed Feb 17, 2026.

About this filing

A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.

FY2025 · Filed Feb 17, 2026

JBGS$12.23-1.2%Stored close · as of Nov 10, 2026

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Contents

Schedule III - Real Estate Investments and Accumulated Depreciation

SCHEDULE III

JBG SMITH PROPERTIES

REAL ESTATE AND ACCUMULATED DEPRECIATION

December 31, 2025

(Dollars in thousands)


· · · · · · · · · · · Costs · · · · · · · · · · · · · · · ·
· · · · · · · · · · · Capitalized · · Gross Amounts at Which Carried · · Accumulated · · · ·
· · · · · Initial Cost to Company · · Subsequent · · at Close of Period · · Depreciation · · · ·
· · · · · Land and · · Buildings and · · to · · Land and · · Buildings and · · · · · and · · Date of · · Date
Description · · Encumbrances(1) · · Improvements · · Improvements · · Acquisition(2) · · Improvements (3) · · Improvements · · Total · · Amortization · · Construction(4) · · Acquired
Multifamily Operating Assets · · · · · · · · · · · · · · · ·
F1RST Residences	$77,512	$31,064	$133,256	$3,731	$31,091	$136,960	$168,051	$30,952	2017	2019
1221 Van Street	86,994	27,386	63,775	29,278	28,294	92,145	120,439	31,135	2018	2017
RiverHouse Apartments	258,936	118,421	125,078	88,207	139,452	192,254	331,706	93,511	1960	2007
The Bartlett	216,807	41,687	—	229,764	42,677	228,774	271,451	58,123	2016	2007
220 20th Street	80,002	8,434	19,340	101,914	9,050	120,638	129,688	52,997	2009	2017
West Half	—	45,668	17,902	168,321	49,073	182,818	231,891	61,010	2019	2017
The Wren	110,045	14,306	—	141,430	17,780	137,956	155,736	35,041	2020	2017
900 W Street	—	21,685	5,162	38,676	22,182	43,341	65,523	12,639	2020	2017
901 W Street	—	25,992	8,790	65,771	27,013	73,540	100,553	20,094	2020	2017
2221 S. Clark-Residential	—	6,185	16,981	37,049	6,547	53,668	60,215	20,696	1964	2002
Atlantic Plumbing	—	50,287	105,483	1,118	50,345	106,543	156,888	15,998	2016	2022
The Grace	136,536	7,989	25,276	186,128	11,936	207,457	219,393	17,825	2023	2002
Reva	137,084	8,822	27,911	179,901	13,215	203,419	216,634	16,722	2024	2002
The Zoe	95,029	3,449	4,160	152,842	5,361	155,090	160,451	7,728	2024	2002
Valen	99,063	3,851	4,645	174,575	7,060	176,011	183,071	3,158	2025	2002
Commercial Operating Assets
2121 Crystal Drive	—	21,503	87,329	69,537	24,005	154,364	178,369	74,096	1985	2002
2345 Crystal Drive	—	23,126	93,918	56,489	24,298	149,235	173,533	86,994	1988	2002
2231 Crystal Drive	—	20,611	83,705	28,506	21,909	110,913	132,822	66,599	1987	2002
1550 Crystal Drive	—	22,182	70,525	189,647	42,947	239,407	282,354	86,372	1980, 2020	2002
2011 Crystal Drive	—	18,940	76,921	91,773	20,017	167,617	187,634	67,529	1984	2002
2451 Crystal Drive	—	11,669	68,047	51,562	12,600	118,678	131,278	67,171	1990	2002
1235 S. Clark Street	73,679	15,826	56,090	28,323	16,762	83,477	100,239	50,886	1981	2002
241 18th Street S.	—	13,867	54,169	62,065	24,084	106,017	130,101	64,423	1977	2002
251 18th Street S.	—	12,305	49,360	63,453	15,596	109,522	125,118	60,974	1975	2002
1215 S. Clark Street	105,000	13,636	48,380	54,935	14,427	102,524	116,951	63,280	1983	2002
201 12th Street S.	—	8,432	52,750	24,589	9,145	76,626	85,771	45,748	1987	2002
800 North Glebe Road	—	28,168	140,983	6,981	28,168	147,964	176,132	42,290	2012	2017
1225 S. Clark Street	85,000	11,176	43,495	38,286	11,831	81,126	92,957	44,850	1982	2002
1901 South Bell Street	—	—	36,918	(30,707)	85	6,126	6,211	1,757	1968	2002
200 12th Street S.	—	8,016	30,552	15,116	8,488	45,196	53,684	29,551	1985	2002
Crystal Drive Retail	—	9,300	29,774	(10,890)	6,439	21,745	28,184	14,580	2003	2004
One Democracy Plaza	—	—	33,628	(28,087)	71	5,470	5,541	2,952	1987	2002
1770 Crystal Drive	—	10,771	44,276	73,028	14,470	113,605	128,075	24,174	1980, 2020	2002
1101 17th Street	59,902	23,958	5,030	175	23,958	5,205	29,163	305	1964	2025
Tysons Dulles Plaza	—	8,376	17,621	199	8,382	17,814	26,196	1,463	1988	2025
Ground Leases
1700 M Street	—	34,178	46,938	(26,130)	54,986	—	54,986	—	2024	2002, 2006
1831/1861 Wiehle Avenue	—	39,529	—	3,677	43,206	—	43,206	—	1984	2017
Development Pipeline	—	102,475	30,051	8,289	96,044	44,771	140,815	1,008		various
Other Land Assets (5)	—	46,565	43,892	62,382	36,973	115,866	152,839	27,934		various
Corporate
Corporate	925,000	—	—	15,305	—	15,305	15,305	6,076		2017
	$2,546,589	$919,835	$1,802,111	$2,447,208	$1,019,967	$4,149,187	$5,169,154	$1,408,641

Note: Depreciation of the buildings and improvements is calculated over lives ranging from the life of the lease to 40 years. The net basis of our assets and liabilities for tax reporting purposes is approximately$878.8 million higher than the amounts reported in our consolidated balance sheet as of December 31, 2025.

(1)	Represents the contractual debt obligations.

(2)	Includes asset impairments recognized, amounts written off in connection with redevelopment activities and partial sale of assets.

(3)	Land associated with buildings under construction was included in construction in progress, which is reflected in the Building and Improvements column, when applicable.

(4)	Date of original construction, many assets have had substantial renovation or additional construction. See "Costs Capitalized Subsequent to Acquisition" column.

(5)	Includes unentitled land parcels and land parcels controlled through an option agreement.

The following table reconciles real estate and accumulated depreciation:


· · Year Ended December 31,
· · 2025 · · 2024 · · 2023
Real Estate: (1)
Balance at beginning of the year	$5,722,005	$5,875,162	$6,158,082
Acquisitions	61,407	—	—
Additions	121,068	202,602	347,757
Assets sold or written‑off	(665,287)	(249,016)	(444,480)
Real estate impaired (2)	(70,039)	(106,743)	(186,197)
Balance at end of the year	$5,169,154	$5,722,005	$5,875,162
Accumulated Depreciation:
Balance at beginning of the year	$1,420,748	$1,338,403	$1,335,000
Depreciation expense	172,508	191,020	187,988
Accumulated depreciation on assets sold or written‑off	(159,643)	(57,359)	(88,614)
Accumulated depreciation on real estate impaired (2)	(24,972)	(51,316)	(95,971)
Balance at end of the year	$1,408,641	$1,420,748	$1,338,403

(1)	Includes assets held for sale.

(2)

In 2025, we determined that The Batley, 2200 Crystal Drive and a development parcel were impaired and recorded an impairment loss totaling $45.1 million on these assets. In 2024, we determined that 1901 South Bell Street, 2101 L Street, 8001 Woodmont and two development parcels were impaired and recorded an impairment loss totaling $55.4 million. In 2023, we determined that 2101 L Street, 2100 Crystal Drive, 2200 Crystal Drive and a development parcel were impaired and recorded an impairment loss totaling $90.2 million. See Note 19 to the consolidated financial statements for additional information.

(3) Exhibit Index

Exhibits		Description

3.1		Declaration of Trust of JBG SMITH Properties, as amended and restated (incorporated by reference to Exhibit 3.1 to our Current Report on Form 8-K, filed on July 21, 2017).

3.2		Articles Supplementary to Declaration of Trust of JBG SMITH Properties (incorporated by reference to Exhibit 3.1 to our Current Report on Form 8-K, filed on March 6, 2018).

3.3		Articles of Amendment to Declaration of Trust of JBG SMITH Properties (incorporated by reference to Exhibit 3.1 to our current report on Form 8-K, filed on May 3, 2018).

3.4		Articles Supplementary Establishing and Fixing the Rights and Preferences of a Class of Shares of Beneficial Interest (incorporated by reference to Exhibit 3.4 in our Quarterly Report on Form 10-Q, filed on October 28, 2025).

3.5		Second Amended and Restated Bylaws of JBG SMITH Properties, effective August 3, 2023 (incorporated by reference to Exhibit 3.4 in our Quarterly Report on Form 10-Q, filed on August 8, 2023).

4.1**		Description of Securities Registered Pursuant to Section 12 of the Securities Exchange Act of 1934, as amended.

10.1		Second Amended and Restated Limited Partnership Agreement of JBG SMITH Properties LP, dated as of December 17, 2020 (incorporated by reference to Exhibit 10.1 to our Current Report on Form 8-K, filed on December 17, 2020).

10.2		Amendment No. 1 to Second Amended and Restated Limited Partnership Agreement of JBG SMITH Properties LP, dated as of April 29, 2021 (incorporated by reference to Exhibit 10.2 to our Registration Statement on Form S-3, filed on June 30, 2021).

10.3		Amendment No. 2 to Second Amended and Restated Limited Partnership Agreement of JBG SMITH Properties, LP (incorporated by reference to Exhibit 10.1 in our Quarterly Report on Form 10-Q, filed on October 28, 2025).

10.4		Credit Agreement, dated as of January 14, 2022 by and among JBG SMITH Properties LP, as Borrower, the financial institutions party thereto as lenders, and Wells Fargo Bank, National Association, as Administrative Agent (incorporated by reference to Exhibit 10.1 to our Current Report on Form 8-K, filed on January 14, 2022).

10.5		First Amendment to Credit Agreement, dated as of July 29, 2022, by and among JBG SMITH Properties LP, as Borrower, the financial institutions party thereto as lenders, and Wells Fargo Bank, National Association, as Administrative Agent (incorporated by reference to Exhibit 10.3 to our Quarterly Report on Form 10-Q, filed on August 2, 2022).

10.6		Second Amendment to Credit Agreement, dated as of July 24, 2023, by and among JBG SMITH Properties LP, as Borrower, the financial institutions party thereto as lenders, and Wells Fargo Bank, National Association, as Administrative Agent (incorporated by reference to Exhibit 10.1 to our Current Report on Form 8-K, filed on July 28, 2023).

10.7		Credit Agreement, dated as of July 29, 2022, by and among JBG SMITH Properties LP, as Borrower, the financial institutions party thereto as lenders, and Wells Fargo Bank, National Association, as Administrative Agent (incorporated by reference to Exhibit 10.1 to our Quarterly Report on Form 10-Q, filed on August 2, 2022).

Exhibits		Description

10.8		First Amendment to Credit Agreement, dated as of July 24, 2023, by and among JBG SMITH Properties LP, as Borrower, the financial institutions party thereto as lenders, and Wells Fargo Bank, National Association, as Administrative Agent (incorporated by reference to Exhibit 10.2 to our Current Report on Form - K, filed on July 28, 2023).

10.9		Amended and Restated Credit Agreement, dated as of June 29, 2023, by and among JBG SMITH Properties LP, as Borrower, the financial institutions party thereto as lenders, and Bank of America, N.A., as administrative agent (incorporated by reference to Exhibit 10.1 to our Current Report on Form 8-K, filed on June 29, 2023).

10.10†		Form of JBG SMITH Properties Unit Issuance Agreement (incorporated by reference to Exhibit 10.7 to our Current Report on Form 8-K, filed on July 21, 2017).

10.11†		JBG SMITH Properties Non-Employee Trustee Unit Issuance Agreement, dated July 18, 2017, by and among, JBG SMITH Properties, JBG SMITH Properties LP, Michael J. Glosserman and Glosserman Family JBG Operating, L.L.C. (incorporated by reference to Exhibit 10.8 to our Current Report on Form 8-K, filed on July 21, 2017).

10.12†		Separation Agreement, dated as of July 31, 2020, by and between JBG SMITH Properties and Robert A. Stewart (incorporated by reference to Exhibit 10.1 to our Current Report on Form 10-Q, filed on November 3, 2020).

10.13†		Form of Indemnification Agreement between JBG SMITH Properties and each of its trustees and executive officers (incorporated by reference to Exhibit 10.12 to our Current Report on Form 8-K, filed on July 21, 2017).

10.14†		JBG SMITH Properties 2017 Employee Share Purchase Plan (incorporated by reference to Exhibit 10.9 to our Current Report on Form 8-K, filed on July 21, 2017).

10.15†		Amendment No. 1 to the JBG SMITH Properties 2017 Employee Share Purchase Plan, effective January 1, 2018 (incorporated by reference to Exhibit 10.20 to our Annual Report on Form 10-K, filed on March 12, 2018).

10.16†		JBG SMITH Properties 2017 Omnibus Share Plan (incorporated by reference to Exhibit 4.5 to our Form S-8, filed on April 30, 2024).

10.17†		Form of JBG SMITH Properties Formation Unit Agreement (incorporated by reference to Exhibit 10.18 to our Registration Statement on Form 10, filed on June 12, 2017).

10.18†		Form of JBG SMITH Properties Formation Unit Agreement for Non-Employee Trustees (incorporated by reference to Exhibit 10.19 to our Registration Statement on Form 10, filed on June 12, 2017).

10.19†		Form of JBG SMITH Properties Restricted LTIP Unit Agreement (incorporated by reference to Exhibit 10.20 to our Registration Statement on Form 10, filed on June 12, 2017).

10.20†		Form of JBG SMITH Properties Performance LTIP Unit Agreement (incorporated by reference to Exhibit 10.21 to our Registration Statement on Form 10, filed on June 12, 2017).

10.21†		Form of Second Amended and Restated 2017 JBG SMITH Properties Performance LTIP Unit Agreement (incorporated by reference to Exhibit 10.1 to our Current Report on Form 10-Q, filed on August 4, 2020).

Exhibits		Description

10.22†		Form of 2018 Performance LTIP Unit Agreement (incorporated by reference to Exhibit 10.26 to our Annual Report on Form 10-K, filed on March 12, 2018).

10.23†		Form of July 2021 Performance LTIP Unit Agreement (incorporated by reference to Exhibit 10.3 to our Current Report on Form 10-Q, filed on August 3, 2021).

10.24†		Amended Form of July 2021 Performance LTIP Unit Agreement (incorporated by reference to Exhibit 10.2 to our Current Report on Form 10-Q, filed on November 2, 2021).

10.25†		Form of JBG SMITH Properties Non-Employee Trustee Restricted LTIP Unit Agreement (incorporated by reference to Exhibit 10.22 to our Registration Statement on Form 10, filed on June 21, 2017).

10.26†		Form of JBG SMITH Properties Non-Employee Trustee Restricted Stock Agreement (incorporated by reference to Exhibit 10.23 to our Registration Statement on Form 10, filed on June 21, 2017).

10.27†		Form of JBG SMITH Properties Non-Employee Trustee Unit Issuance Agreement (incorporated by reference to Exhibit 10.24 to our Registration Statement on Form 10, filed on June 21, 2017).

10.28†		Amendment No. 1 to the JBG SMITH Properties 2017 Omnibus Share Plan, effective February 18, 2020 (incorporated by reference to Exhibit 4.6 to our Form S-8, filed on April 30, 2024).

10.29†		Amendment No. 2 to the JBG SMITH Properties 2017 Employee Share Purchase Plan, effective May 1, 2019 (incorporated by reference to Exhibit 10.31 to our Annual Report on Form 10-K, filed on March 5, 2020).

10.30†		Amendment No. 3 to the 2017 Employee Share Purchase Plan, effective July 20, 2020 (incorporated by reference to Exhibit 10.2 to our Current Report on Form 10-Q, filed on November 3, 2020).

10.31†		Amendment No. 4 to the 2017 Employee Share Purchase Plan, effective October 30, 2023 (incorporated by reference to Exhibit 10.34 to our Annual Report on Form 10-K, filed on February 20, 2024).

10.32†		Form of 2020 JBG SMITH Properties Restricted LTIP Unit Agreement (incorporated by reference to Exhibit 10.32 to our Annual Report on Form 10-K, filed on March 5, 2020).

10.33†		Form of 2020 JBG SMITH Properties Performance LTIP Unit Agreement (incorporated by reference to Exhibit 10.33 to our Annual Report on Form 10-K, filed on March 5, 2020).

10.34†		Form of Amended and Restated 2018 Performance LTIP Unit Agreement (incorporated by reference to Exhibit 10.30 to our Annual Report on Form 10-K, filed on March 5, 2020).

10.35†		Second Amended and Restated Employment Agreement, dated as of February 18, 2021, by and between JBG SMITH Properties and W. Matthew Kelly (incorporated by reference to Exhibit 10.32 to our Annual Report on Form 10-K, filed on February 23, 2021).

10.36†		Second Amended and Restated Employment Agreement, dated as of February 18, 2021, by and between JBG SMITH Properties and Kevin P. Reynolds (incorporated by reference to Exhibit 10.34 to our Annual Report on Form 10-K, filed on February 23, 2021).

10.37†		Amended and Restated Employment Agreement, dated as of February 18, 2021, by and between JBG SMITH Properties and Madhumita Moina Banerjee (incorporated by reference to Exhibit 10.35 to our Annual Report on Form 10-K, filed on February 23, 2021).

Exhibits		Description


10.38†		Amended and Restated Employment Agreement, dated as of February 18, 2021, by and between JBG SMITH Properties and Steven A. Museles (incorporated by reference to Exhibit 10.37 to our Annual Report on Form 10-K, filed on February 23, 2021).

10.39†		Employment Agreement, dated as of February 18, 2021, by and between JBG SMITH Properties and George Xanders (incorporated by reference to Exhibit 10.38 to our Annual Report on Form 10-K, filed on February 23, 2021).

10.40†		Amendment No. 2 to the JBG SMITH Properties 2017 Omnibus Share Plan, effective December 1, 2020 (incorporated by reference to Exhibit 4.7 to our Form S-8, filed on April 30, 2024).

10.41†		Amendment No. 3 to the JBG SMITH Properties 2017 Omnibus Share Plan (incorporated by reference to Exhibit 4.8 to our Form S-8, filed on April 30, 2024).

10.42†		Amendment No. 4 to the JBG SMITH Properties 2017 Omnibus Share Plan, effective April 25, 2024 (incorporated by reference to Exhibit 4.9 to our Form S-8, filed on April 30, 2024).

10.43†		Form of JBG SMITH Properties Restricted Share Unit Award Agreement for Employees (incorporated by reference to Exhibit 10.40 to our Annual Report on Form 10-K, filed on February 23, 2021).

10.44†		Form of JBG SMITH Properties Restricted Share Unit Award Agreement for Consultants (incorporated by reference to Exhibit 10.41 to our Annual Report on Form 10-K, filed on February 23, 2021).

10.45†		Form of July 2021 Restricted LTIP Unit Agreement (incorporated by reference to Exhibit 10.5 to our Current Report on Form 10-Q, filed on August 3, 2021).

10.46†		Form of July 2021 Restricted LTIP Unit Agreement (Special Termination & Vesting Provisions) (incorporated by reference to Exhibit 10.6 to our Current Report on Form 10-Q, filed on August 3, 2021).

10.47†		Form of JBG SMITH Properties Performance Share Unit Award Agreement (incorporated by reference to Exhibit 10.42 to our Annual Report on Form 10-K, filed on February 23, 2021).

10.48†10.49†		Form of 2021 JBG SMITH Properties Performance LTIP Unit Agreement (incorporated by reference to Exhibit 10.43 to our Annual Report on Form 10-K, filed on February 23, 2021).Form of 2025 JBG SMITH Properties Performance LTIP Unit Agreement (incorporated by reference to Exhibit 10.2 to our Current Report on Form 10-Q, filed on April 29, 2025).

10.50†**		Form of 2026 JBG SMITH Properties Performance LTIP Unit Agreement.

10.51†		Form of AO LTIP Unit Agreement (incorporated by reference to Exhibit 10.1 to our Current Report on Form 8-K, filed on January 5, 2022).

10.52†		Form of 2024 AO LTIP Unit Agreement (incorporated by reference to Exhibit 10.52 to our Annual Report on Form 10-K, filed on February 20, 2024).

10.53†		Form of 2025 AO LTIP Unit Agreement (incorporated by reference to Exhibit 10.1 to our Current Report on Form 10-Q, filed on April 29, 2025).

10.54†		Form of Agreement Equity Award in Lieu of Annual Cash Bonus (incorporated by reference to Exhibit 10.53 to our Annual Report on Form 10-K, filed on February 20, 2024).

Exhibits		Description

10.55†		First Amendment to Second Amended and Restated Employment Agreement, dated as of February 14, 2024, by and between JBG SMITH Properties and Kevin P. Reynolds (incorporated by reference to Exhibit 10.54 to our Annual Report on Form 10-K, filed on February 20, 2024).

10.56†		Employment Agreement, dated as of February 14, 2024, by and between JBG SMITH Properties and Evan Regan-Levine (incorporated by reference to Exhibit 10.55 to our Annual Report on Form 10-K, filed on February 20, 2024).

10.57†		Employment Agreement, dated as of February 14, 2024, by and between JBG SMITH Properties and David Ritchey (incorporated by reference to Exhibit 10.56 to our Annual Report on Form 10-K, filed on February 20, 2024).

10.58†		First Amendment to Amended and Restated Employment Agreement, dated as of February 14, 2024, by and between JBG SMITH Properties and Madhumita Moina Banerjee (incorporated by reference to Exhibit 10.57 to our Annual Report on Form 10-K, filed on February 20, 2024).

10.59†		First Amendment to Amended and Restated Employment Agreement, dated as of February 14, 2024, by and between JBG SMITH Properties and Steven A. Museles (incorporated by reference to Exhibit 10.58 to our Annual Report on Form 10-K, filed on February 20, 2024).

10.60†		First Amendment to Employment Agreement, dated as of February 14, 2024, by and between JBG SMITH Properties and George Xanders (incorporated by reference to Exhibit 10.59 to our Annual Report on Form 10-K, filed on February 20, 2024).

10.61†		Retirement and Consulting Agreement, dated as of October 24, 2024, by and between JBG SMITH Properties and Kevin Reynolds (incorporated by reference to Exhibit 10.1 in our Current Report on Form 10-Q, filed on October 29, 2024).

19.1		Policy on Inside Information and Insider Trading (incorporated by reference to Exhibit 19.1 on our Annual Report on Form 10-K, filed on February 18, 2025).

21.1**		List of Subsidiaries of the Registrant.

23.1**		Consent of Independent Registered Public Accounting Firm.

31.1**		Certification of Chief Executive Officer pursuant to Rule 13a-14(a) under the Securities Exchange Act of 1934, as amended and Section 302 of the Sarbanes-Oxley Act of 2002.

31.2**		Certification of Chief Financial Officer pursuant to Rule 13a-14(a) under the Securities Exchange Act of 1934, as amended and Section 302 of the Sarbanes-Oxley Act of 2002.

32.1**		Certification of Chief Executive Officer and Chief Financial Officer pursuant to Rule 13a-14(b) under the Securities Exchange Act of 1934, as amended and 18 U.S.C 1350, as created by Section 906 of the Sarbanes- Oxley Act of 2002.

97.1†		JBG SMITH Properties Incentive Compensation Recovery Policy (incorporated by reference to Exhibit 97.1 to our Annual Report on Form 10-K, filed on February 20, 2024).

101.INS		Inline XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.

101.SCH		Inline XBRL Taxonomy Extension Schema

Exhibits		Description


101.CAL		Inline XBRL Extension Calculation Linkbase

101.LAB		Inline XBRL Extension Labels Linkbase

101.PRE		Inline XBRL Taxonomy Extension Presentation Linkbase

101.DEF		Inline XBRL Taxonomy Extension Definition Linkbase

104		Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)

** Filed herewith.

† Denotes a management contract or compensatory plan, contract or arrangement.

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