JBG SMITH Properties

For the period ended Dec 31, 2023. Filed Feb 20, 2024.

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FY2023 · Filed Feb 20, 2024

JBGS$12.38-0.5%Stored close · as of Nov 9, 2026

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Contents

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: (i) 10.0% subordinated interest in one commercial building, (ii) 33.5% subordinated interest in four commercial buildings, (iii) 49.0% interest in three commercial buildings and (iv) 9.9% interest in one commercial building, 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, 2023, 7.2% of our assets, as measured by total square feet, was held through real estate ventures in which we own less than 100% of the ownership interest, we believe this form of presentation, which includes our economic interests in the unconsolidated real estate ventures, provides investors important information regarding a significant component of our portfolio, its composition, performance and capitalization. We classify our portfolio as "operating," "under-construction," or "development pipeline."

The following tables provide information about our multifamily, commercial and development pipeline portfolios as of December 31, 2023. 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)	YTD 2022-2023	Units	Feet	Leased	Occupied	Occupied

National Landing · · ·
RiverHouse Apartments	100.0%	C	Y	1,676	1,327,551	96.6%	96.0%	100.0%
The Bartlett	100.0%	C	Y	699	619,372	97.2%	96.7%	100.0%
220 20th Street	100.0%	C	Y	265	271,476	95.1%	94.0%	100.0%
2221 S. Clark Street - Residential (3)	100.0%	C	Y	216	96,948	88.6%	85.9%	-

D.C.
West Half	100.0%	C	Y	465	385,368	94.4%	93.1%	83.1%
Fort Totten Square	100.0%	C	Y	345	384,956	97.3%	91.6%	100.0%
The Wren	100.0%	C	Y	433	332,682	96.8%	94.2%	100.0%
The Batley	100.0%	C	Y	432	300,388	96.1%	94.4%	-
WestEnd25	100.0%	C	Y	283	273,264	94.3%	93.6%	-
F1RST Residences	100.0%	C	Y	325	270,928	95.1%	94.2%	100.0%
Atlantic Plumbing	100.0%	C	Y	310	245,143	94.0%	93.9%	89.2%
1221 Van Street	100.0%	C	Y	291	225,592	96.0%	93.1%	100.0%
901 W Street	100.0%	C	Y	161	154,379	94.5%	95.7%	63.9%
900 W Street (3)	100.0%	C	Y	95	71,050	61.1%	47.4%	-
North End Retail (4)	100.0%	C	Y	—	27,355	96.0%	-	96.0%

MD
8001 Woodmont	100.0%	C	N	322	363,979	96.2%	94.1%	95.1%

Operating - Total / Weighted Average (3)				6,318	5,350,431	96.0%	94.7%	95.3%

Under-Construction
National Landing
1900 Crystal Drive (5)	—	C		808	633,985
2000/2001 South Bell Street (5)	—	C		775	580,966
Under-Construction - Total				1,583	1,214,951
Total				7,901	6,565,382

Totals at JBG SMITH Share (3)
National Landing				2,856	2,315,347	96.6%	96.0%	100.0%
D.C.				3,140	2,671,105	95.5%	93.7%	94.7%
MD				322	363,979	96.2%	94.1%	95.1%
Operating - Total / Weighted Average				6,318	5,350,431	96.0%	94.7%	95.3%
Under-construction assets				1,583	1,214,951

(1)	"C" denotes a consolidated interest and "U" denotes an unconsolidated interest.

(2)	"Y" denotes an asset as same store and "N" denotes an asset as non-same store.

(3)	2221 S. Clark Street - Residential and 900 W Street are excluded from percent leased and percent occupied metrics as they are operated as short-term rental properties.

(4)	In January 2024, we sold North End Retail for a gross sales price of $14.3 million.

(5)

In 2021, we leased the land underlying 1900 Crystal Drive and 2000/2001 South Bell Street to a lessee. The assets are consolidated in our financial statements as they are owned through variable interest entities for which we are the primary beneficiary. See Note 6 to the consolidated financial statements for additional information.

Commercial Assets


· · · · Total · · ·
· · % · · · · Same Store (2): · · Square · · % · · Office % · · Retail %
Commercial Assets · · Ownership · · C/U (1) · · YTD 2022-2023 · · Feet · · Leased · · Occupied · · Occupied

National Landing ·
1550 Crystal Drive (3)	100.0%	C	Y	555,302	95.3%	91.4%	100.0%
2121 Crystal Drive	100.0%	C	Y	509,922	89.7%	87.0%	100.0%
2345 Crystal Drive	100.0%	C	Y	499,688	55.4%	55.0%	74.3%
2231 Crystal Drive	100.0%	C	Y	468,907	72.7%	69.6%	97.4%
2011 Crystal Drive	100.0%	C	Y	440,510	57.6%	57.7%	50.3%
2451 Crystal Drive	100.0%	C	Y	402,375	86.3%	86.1%	92.6%
1235 S. Clark Street	100.0%	C	Y	384,656	97.5%	95.4%	95.0%
241 18th Street S. (3)	100.0%	C	Y	355,728	96.3%	93.8%	100.0%
1215 S. Clark Street	100.0%	C	Y	336,159	99.6%	100.0%	44.5%
201 12th Street S.	100.0%	C	Y	329,687	99.8%	98.4%	100.0%
251 18th Street S. (3)	100.0%	C	Y	309,450	82.7%	81.7%	100.0%
1225 S. Clark Street	100.0%	C	Y	276,203	94.2%	91.1%	80.9%
1901 South Bell Street	100.0%	C	Y	274,912	67.6%	67.6%	-
1770 Crystal Drive	100.0%	C	Y	273,787	100.0%	100.0%	100.0%
2100 Crystal Drive	100.0%	C	Y	253,437	100.0%	100.0%	-
1800 South Bell Street (3)	100.0%	C	Y	203,273	100.0%	100.0%	100.0%
200 12th Street S.	100.0%	C	Y	202,761	77.5%	77.5%	-
2200 Crystal Drive (3)	100.0%	C	Y	161,668	100.0%	100.0%	-
Crystal Drive Retail (3)	100.0%	C	Y	42,938	100.0%	-	100.0%
Crystal City Shops at 2100 (3)	100.0%	C	Y	34,452	100.0%	-	100.0%
Central Place Tower (4)	50.0%	U	Y	551,594	96.4%	96.2%	100.0%

Other
2101 L Street	100.0%	C	Y	375,493	76.1%	74.6%	92.6%
800 North Glebe Road	100.0%	C	Y	303,759	99.3%	100.0%	92.4%
One Democracy Plaza (4) (5)	100.0%	C	Y	213,139	85.5%	85.6%	70.5%
4747 Bethesda Avenue (6)	20.0%	U	Y	300,535	98.0%	97.9%	100.0%
1101 17th Street	55.0%	U	Y	209,401	88.6%	88.9%	82.8%

Operating - Total / Weighted Average				8,269,736	87.0%	85.7%	95.9%

Totals at JBG SMITH Share
National Landing				6,591,612	86.2%	84.6%	96.5%
Other				1,067,669	87.2%	86.9%	91.4%
Operating - Total / Weighted Average				7,659,281	86.3%	84.9%	95.8%

(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	555,302	3,270
241 18th Street S.	355,728	6,612
251 18th Street S.	309,450	29,996
1800 South Bell Street	203,273	2,913
2200 Crystal Drive	161,668	121,940
Crystal Drive Retail	42,938	14,027
Crystal City Shops at 2100	34,452	37,763
2221 S. Clark Street - Office	—	35,182

(4)	Asset is subject to a ground lease where we are the lessee. In February 2024, one of our unconsolidated real estate ventures sold Central Place Tower for a gross sales price of $325.0 million.

(5)	Not Metro-served.

(6)	Includes our corporate office lease for approximately 84,400 square feet.

Development Pipeline


						Estimated
· · % · · Estimated Potential Development Density (SF) · · Number of
Asset · Ownership · · Total · Multifamily · Office · Retail · · Units

National Landing · · · · · · ·
Potomac Yard Landbay F/G/H	50.0% / 100.0%	2,614,000	1,147,000	1,369,000	98,000	1,240
1415 S. Eads Street	100.0%	531,400	527,400	—	4,000	635
3330 Exchange Avenue	50.0%	239,800	216,400	—	23,400	240
3331 Exchange Avenue	50.0%	180,600	164,300	—	16,300	170
RiverHouse Land	100.0%	1,988,400	1,960,600	—	27,800	1,665
2250 Crystal Drive	100.0%	696,200	681,300	—	14,900	825
223 23rd Street	100.0%	492,100	484,100	—	8,000	610
2525 Crystal Drive	100.0%	373,000	370,000	—	3,000	370
101 12th Street S.	100.0%	239,600	—	234,400	5,200	—
1800 South Bell Street Land (1)	100.0%	311,000	—	307,000	4,000	—

D.C.
Gallaudet Parcel 2-3 (2)	100.0%	819,100	758,200	—	60,900	820
Capitol Point - North	100.0%	451,400	434,100	—	17,300	470
Gallaudet Parcel 4 (2)	100.0%	644,200	605,200	—	39,000	645
					—
Other Development Parcels (3)		1,248,100	142,200	1,105,900	—	—

Total		10,828,900	7,490,800	3,016,300	321,800	7,690

Totals at JBG SMITH Share
National Landing		6,649,000	5,137,300	1,375,900	135,800	5,280
D.C.		2,107,000	1,840,200	149,600	117,200	1,935
		8,756,000	6,977,500	1,525,500	253,000	7,215

(1)	Currently encumbered by an operating commercial asset.

(2)	Controlled through an option to acquire a leasehold interest. As of December 31, 2023, the weighted average remaining term for the option is 1.4 years.

(3)	Comprises four assets in which we have a minority interest.

Major Tenants

The following table sets forth information for our 10 largest tenants by annualized rent for the year ended December 31, 2023:

· · · · · · · · · · · ·
· · · · At JBG SMITH Share
· · · · · · · · Annualized · · % of Total ·
	Number of	Square	% of Total	Rent	Annualized
Tenant · · Leases · · Feet · · Square Feet · · (In thousands) · · Rent
GSA	37	1,810,310	26.1%	$72,167	22.7%
Amazon	6	926,703	13.4%	41,640	13.1%
Gartner, Inc	1	174,424	2.5%	12,878	4.1%
Lockheed Martin Corporation	2	207,095	3.0%	10,001	3.2%
Accenture LLP	2	116,736	1.7%	5,722	1.8%
Public Broadcasting Service	1	120,328	1.7%	5,004	1.6%
Booz Allen Hamilton Inc	3	107,415	1.5%	4,859	1.5%
Greenberg Traurig LLP	1	64,090	0.9%	4,698	1.5%
The International Justice Mission	1	74,833	1.1%	4,508	1.4%
Family Health International	1	59,514	0.9%	4,047	1.3%
Total	55	3,661,448	52.8%	$165,524	52.2%

Note: Includes all leases as of December 31, 2023 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, 2023 the scheduled expirations of tenant leases in our Operating Portfolio for each year from 2024 through 2032 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	34	350,538	5.1%	$12,823	4.0%	$36.58
2024	84	1,425,853	20.6%	67,318	21.2%	47.21
2025	59	470,183	6.8%	21,600	6.8%	45.94
2026	52	246,936	3.6%	12,414	3.9%	50.27
2027	34	508,033	7.3%	24,879	7.8%	48.97
2028	39	429,762	6.2%	20,916	6.6%	48.67
2029	27	199,507	2.9%	9,730	3.1%	48.77
2030	22	608,111	8.8%	29,839	9.4%	49.07
2031	27	552,510	8.0%	21,122	6.7%	38.23
2032	20	793,813	11.5%	36,919	11.6%	46.51
Thereafter	62	1,345,827	19.2%	59,766	18.9%	45.74
Total / Weighted Average	460	6,931,073	100.0%	$317,326	100.0%	$46.04

Note: Includes all leases as of December 31, 2023 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 5.1 years.

(1)	Annualized rent and annualized rent per square foot exclude percentage rent and the square footage of tenants that only pay percentage rent.

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