JBG SMITH Properties

APPENDIX

2011 CRYSTAL DRIVE REPOSITIONING 75  Our research focused on addressing the needs of tenants in the market who were downsizing their footprint but seeking to upgrade their employee experience to support return-to-work.  We learned that flexible conferencing including the ability to hold large ~300 person meetings was critical, but it needed to be professionally-operated.  A central kitchen for F&B could also support differentiated on-site retail.  Tenant identity and outdoor space, even for smaller tenants, were also key and needed to be supported.  Exterior improvements on the lower levels designed to create tenant and building outdoor spaces. Approach Expanded, public lobby with first and second floor tenant entrances and amenity access Large meeting facility Flexible and professionally-managed hospitality conferencing Wine bar and cocktail lounge “Grab and Go” Coffee Shop Exterior façade improvements that create outdoor spaces

DEFINITIONS ANNUALIZED RENT "Annualized Rent" is defined as (i) for multifamily assets, or the multifamily component of a mixed-use asset, the in-place monthly base rent before Free Rent as of March 31, 2024, multiplied by 12, and (ii) for commercial assets, or the retail component of a mixed-use asset, the in-place monthly base rent before Free Rent, plus tenant reimbursements as of March 31, 2024, multiplied by 12. Annualized Rent excludes rent from leases that have been signed but the tenant has not yet taken occupancy (not yet included in Percent Occupied metrics) and percentage rent. The in-place monthly base rent does not take into consideration temporary rent relief arrangements. ANNUALIZED RENT PER SQUARE FOOT "Annualized Rent per Square Foot" is defined as annualized office rent divided by occupied office square feet and annualized retail rent divided by occupied retail square feet. Excludes percentage rent and the square footage of tenants that only pay percentage rent. Occupied square footage may differ from leased square footage because leased square footage includes leases that have been signed but the tenant has not yet taken occupancy (not yet included in Percent Occupied metrics). DEVELOPMENT PIPELINE "Development Pipeline" refers to assets that have the potential to commence construction subject to receipt of full entitlements, completion of design and market conditions where we (i) own land or control the land through a ground lease or (ii) are under a long-term conditional contract to purchase, or enter into, a leasehold interest with respect to land. EARNINGS BEFORE INTEREST, TAXES, DEPRECIATION AND AMORTIZATION ("EBITDA"), EBITDA FOR REAL ESTATE ("EBITDAre") AND ADJUSTED EBITDA “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 Nareit. Nareit defines EBITDAre as GAAP net income (loss) adjusted to exclude interest expense, income taxes, depreciation and amortization expense, gains and 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 of 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 estate ventures, lease liability adjustments, income from investments, business interruption insurance proceeds, litigation settlement proceeds and share-based compensation expense related to the Formation Transaction and special equity awards. 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. A reconciliation of net income (loss) to EBITDA, EBITDAre and Adjusted EBITDA is presented on page 80. ESTIMATED INCREMENTAL INVESTMENT "Estimated Incremental Investment" means management's estimate of the remaining cost to be incurred in connection with the development of an asset as of March 31, 2024, including all remaining acquisition costs, hard costs, soft costs, tenant improvements (excluding Free Rent converted to tenant improvement allowances), leasing costs and other similar costs to develop and stabilize the asset but excluding any financing costs and ground rent expenses. Actual incremental investment may differ substantially from our estimates due to numerous factors, including unanticipated expenses, delays in the estimated start and/or completion date, changes in design and other contingencies. 76

DEFINITIONS ESTIMATED POTENTIAL DEVELOPMENT DENSITY "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, 2024. 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. ESTIMATED TOTAL INVESTMENT "Estimated Total Investment" means, with respect to the development of an asset, the sum of the Historical Cost in such asset and the Estimated Incremental Investment for such asset. Actual total investment may differ substantially from our estimates due to numerous factors, including unanticipated expenses, delays in the estimated start and/or completion date, changes in design and other contingencies. ESTIMATED TOTAL PROJECT COSTS "Estimated Total Project Costs" means, with respect to the development of an asset, the Estimated Total Investment excluding purchase price allocation adjustments recognized as a result of the Formation Transaction. FORMATION TRANSACTION "Formation Transaction" refers collectively to the spin-off on July 17, 2017 of substantially all of the assets and liabilities of Vornado Realty Trust's Washington, DC segment, which operated as Vornado / Charles E. Smith, and the acquisition of the management business and certain assets and liabilities of The JBG Companies. FREE RENT "Free Rent" means the amount of base rent and tenant reimbursements that are abated according to the applicable lease agreement(s). GAAP "GAAP" means accounting principles generally accepted in the United States of America. HISTORICAL COST "Historical Cost" is a non-GAAP measure which includes the total Historical Cost incurred by JBG SMITH with respect to the development of an asset, including any acquisition costs, hard costs, soft costs, tenant improvements (excluding Free Rent converted to tenant improvement allowances), leasing costs and other similar costs, but excluding any financing costs and ground rent expenses incurred as of March 31, 2024. IN-SERVICE "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, 2024. JBG SMITH SHARE "JBG SMITH Share" or "our share" refer to our ownership percentage of consolidated and unconsolidated assets in real estate ventures, 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. METRO-SERVED "Metro-Served" means locations, submarkets or assets that are within 0.5 miles of an existing or planned Metro station. 77

DEFINITIONS MONTHLY RENT PER UNIT "Monthly Rent Per Unit" represents multifamily rent for the month ended March 31, 2024 divided by occupied units; retail rent is excluded from this metric. NET DEBT "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 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"), ANNUALIZED NOI, ESTIMATED STABILIZED NOI AND PROJECTED NOI YIELD ”NOI”, "Annualized NOI", "Estimated Stabilized NOI" and "Projected NOI Yield" 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 provides 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 also excludes deferred rent, 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 as a supplemental performance measure of our assets 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 REITs 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 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 for all assets represents NOI for the three months ended March 31, 2024 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 Investor Presentation. There can be no assurance that the Annualized NOI shown will reflect our actual results of operations over any 12-month period. This Investor Presentation also contains management's estimate of stabilized NOI and projections of NOI yield for Under-Construction assets, which are based on management's estimates of property-related revenue and operating expenses for each asset. These estimates are inherently uncertain and represent management's plans, expectations and beliefs and are subject to numerous assumptions, risks and uncertainties. The property-related revenues and operating expenses for our assets may differ materially from the estimates included in this Investor Presentation. Management's projections of NOI yield are not projections of our overall financial performance or cash flow, and there can be no assurance that the Projected NOI Yield set forth in this Investor Presentation will be achieved. Projected NOI Yield means our Estimated Stabilized NOI reported as a percentage of (i) Estimated Total Investment and (ii) Estimated Total Project Costs. Actual initial full year stabilized NOI yield may vary from the Projected NOI Yield based on the actual incremental investment to complete the asset and its actual initial full year stabilized NOI, and there can be no assurance that we will achieve the Projected NOI Yields described in this Investor Presentation. We do not provide reconciliations for non-GAAP estimates on a future basis, including Estimated Stabilized NOI and expected Annualized NOI because we are unable to provide a meaningful or accurate calculation or estimate of reconciling items and the information is not available without unreasonable effort. This inability is due to the inherent difficulty of forecasting the timing and/or amounts of various items that would impact net income (loss). Additionally, no reconciliation of Projected NOI Yield to the most directly comparable GAAP measure is included in this Investor Presentation because we are unable to quantify certain amounts that would be required to be included in the comparable GAAP financial measures without unreasonable efforts because such data is not currently available or cannot be currently estimated with confidence. Accordingly, we believe such reconciliations would imply a degree of precision that would be confusing or misleading to investors. 78

DEFINITIONS NON-SAME STORE "Non-Same Store" refers to all operating assets excluded from the Same Store pool. PERCENT LEASED "Percent Leased" is based on leases signed as of March 31, 2024, and is calculated as total rentable square feet less rentable square feet available for lease divided by total rentable square feet expressed as a percentage. Out-of-service square feet are excluded from this calculation. PERCENT OCCUPIED "Percent Occupied" is based on occupied rentable square feet/units as of March 31, 2024, and is calculated as (i) for multifamily space, total units less unoccupied units divided by total units, expressed as a percentage and (ii) for office and retail space, total rentable square feet less unoccupied square feet divided by total rentable square feet. Out-of-service square feet and units are excluded from this calculation. SAME STORE "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. SQUARE FEET OR SF "Square Feet" or "SF" refers to the area that can be rented to tenants, defined as (i) for multifamily assets, management's estimate of approximate rentable square feet, (ii) for commercial assets, rentable square footage defined in the current lease and for vacant space the rentable square footage defined in the previous lease for that space, (iii) for Under-Construction assets, management's estimate of approximate rentable square feet based on current design plans as of March 31, 2024, and (iv) for assets in the Development Pipeline, management's estimate of developable gross square feet based on current business plans with respect to real estate owned or controlled as of March 31, 2024. TRANSACTION AND OTHER COSTS "Transaction and Other Costs" include pursuit costs related to completed, potential and pursued transactions, demolition costs, and severance and other costs. UNDER-CONSTRUCTION "Under-Construction" refers to assets that were under construction during the three months ended March 31, 2024. 79

EBITDA, EBITDAre AND ADJUSTED EBITDA (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 (1) Includes pursuit costs related to completed, potential and pursued transactions, demolition costs, severance and other costs (2) Quarterly Adjusted EBITDA is annualized by multiplying by four (3) Net of premium/discount and deferred financing costs 80 dollars in thousands Three Months Ended March 31, 2024 2023 EBITDA, EBITDAre and Adjusted EBITDA Net income (loss) $ (42,190) $ 24,310 Depreciation and amortization expense 56,855 53,431 Interest expense 30,160 26,842 Income tax benefit (1,468) (16) Unconsolidated real estate ventures allocated share of above adjustments 2,552 3,664 EBITDA attributable to noncontrolling interests — 30 EBITDA $ 45,909 $ 108,261 Gain on the sale of real estate, net (197) (40,700) Gain on the sale of unconsolidated real estate assets (480) — EBITDAre $ 45,232 $ 67,561 Transaction and other costs, net of noncontrolling interests (1) 1,514 2,472 Income from investments, net (58) (1,861) Impairment loss related to non-depreciable real estate 17,211 — Share-based compensation related to Formation Transaction and special equity awards — 351 Earnings and distributions in excess of our investment in unconsolidated real estate venture (213) (167) Unconsolidated real estate ventures allocated share of above adjustments — 2 Adjusted EBITDA $ 63,686 $ 68,358 Net Debt to Annualized Adjusted EBITDA (2) 9.3 x 7.8 x March 31, 2024 March 31, 2023 Net Debt (at JBG SMITH Share) Consolidated indebtedness (3) $ 2,524,430 $ 2,344,304 Unconsolidated indebtedness (3) 66,413 87,832 Total consolidated and unconsolidated indebtedness 2,590,843 2,432,136 Less: cash and cash equivalents 227,132 291,799 Net Debt (at JBG SMITH Share) $ 2,363,711 $ 2,140,337

NOI RECONCILIATIONS (NON-GAAP) (UNAUDITED) (1) Adjustment to exclude straight-line rent, above/below market lease amortization and lease incentive amortization (2) Adjustment to include other revenue and payments associated with assumed lease liabilities related to operating properties and to exclude commercial lease termination revenue and related party management fees (3) Includes the results of our Under-Construction assets and assets in the Development Pipeline (4) Includes the results of properties that were not In-Service for the entirety of both periods being compared, including disposed properties, and properties for which significant redevelopment, renovation or repositioning occurred during either of the periods being compared (5) Includes the results of the properties that are owned, operated and In-Service for the entirety of both periods being compared 81 dollars in thousands Three Months Ended March 31, 2024 2023 Net income (loss) attributable to common shareholders $ (32,276) $ 21,171 Add: Depreciation and amortization expense 56,855 53,431 General and administrative expense: Corporate and other 14,973 16,123 Third-party real estate services 22,327 23,823 Share-based compensation related to Formation Transaction and special equity awards — 351 Transaction and other costs 1,514 2,472 Interest expense 30,160 26,842 Impairment loss 17,211 — Income tax benefit (1,468) (16) Net income (loss) attributable to redeemable noncontrolling interests (4,534) 3,363 Net loss attributable to noncontrolling interests (5,380) (224) Less: Third-party real estate services, including reimbursements revenue 17,868 22,784 Other revenue 11,263 1,726 Income from unconsolidated real estate ventures, net 975 433 Interest and other income, net 2,100 4,077 Gain on the sale of real estate, net 197 40,700 Consolidated NOI 66,979 77,616 NOI attributable to unconsolidated real estate ventures at our share 3,046 4,429 Non-cash rent adjustments (1) (1,430) (8,377) Other adjustments (2) 5,240 6,845 Total adjustments 6,856 2,897 NOI $ 73,835 $ 80,513 Less: out-of-service NOI loss (3) (3,032) (710) Operating Portfolio NOI $ 76,867 $ 81,223 Non-Same Store NOI (4) 1,130 10,109 Same Store NOI (5) $ 75,737 $ 71,114 Change in Same Store NOI 6.5 % Number of properties in Same Store pool 41