JBG SMITH Properties

For the period ended Dec 31, 2024. Filed Feb 18, 2025.

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.

FY2024 · Filed Feb 18, 2025

JBGS$12.44-0.1%Stored close · as of Nov 6, 2026

Extracted filing text, with the paragraph anchors used by the comparison.

See the whole filing, with its images and exhibits

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 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, 2024, 6.3% 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, 2024. 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 2023-2024	Units	Feet	Leased	Occupied	Occupied

National Landing · · ·
RiverHouse Apartments	100.0%	C	Y	1,676	1,326,219	96.9%	95.9%	100.0%
The Bartlett	100.0%	C	Y	699	619,372	96.8%	94.7%	100.0%
220 20th Street	100.0%	C	Y	265	271,476	97.0%	95.8%	100.0%
2221 S. Clark Street - Residential	100.0%	C	Y	216	96,948	61.1%	53.6%	—

D.C.
West Half	100.0%	C	Y	465	385,372	94.4%	92.3%	90.7%
The Wren	100.0%	C	Y	433	332,682	95.4%	93.5%	100.0%
The Batley	100.0%	C	Y	432	300,388	97.0%	96.1%	—
WestEnd25	100.0%	C	Y	283	273,264	97.2%	95.8%	—
F1RST Residences	100.0%	C	Y	325	270,928	94.9%	93.5%	100.0%
Atlantic Plumbing	100.0%	C	Y	310	245,228	96.8%	94.5%	97.3%
1221 Van Street	100.0%	C	Y	291	225,592	96.3%	93.8%	100.0%
901 W Street	100.0%	C	Y	161	154,379	94.7%	95.0%	74.5%
900 W Street	100.0%	C	Y	95	71,050	82.1%	33.7%	—

MD
8001 Woodmont (4)	100.0%	C	Y	322	363,947	94.1%	93.2%	100.0%

Total / Weighted Average (3)				5,973	4,936,845	96.2%	94.8%	96.0%

Recently Delivered
National Landing
Reva	100.0%	C	N	471	324,188	65.5%	62.6%	27.9%
The Grace	100.0%	C	N	337	311,903	71.8%	66.2%	66.8%
Total / Weighted Average				808	636,091	68.6%	64.1%	52.9%

Operating - Total / Weighted Average (3)				6,781	5,572,936	92.9%	91.0%	90.0%

Under-Construction
National Landing
2000/2001 South Bell Street	100.0%	C		775	580,966
Total				7,556	6,153,902

Totals at JBG SMITH Share (3)
National Landing				2,856	2,314,015	96.9%	95.6%	100.0%
D.C.				2,795	2,258,883	95.8%	94.2%	94.5%
MD				322	363,947	94.1%	93.2%	100.0%
In-service assets				5,973	4,936,845	96.2%	94.8%	96.0%
Recently delivered assets				808	636,091	68.6%	64.1%	52.9%
Operating - Total / Weighted Average				6,781	5,572,936	92.9%	91.0%	90.0%
Under-construction assets				775	580,966

(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)	Classified as held for sale in our consolidated balance sheet as of December 31, 2024.

Commercial Assets


· · · · Total · · ·
· · % · · · · Same Store (2): · · Square · · % · · Office % · · Retail %
Commercial Assets · · Ownership · · C/U (1) · · YTD 2023-2024 · · Feet · · Leased · · Occupied · · Occupied

National Landing ·
1550 Crystal Drive (3)	100.0%	C	Y	554,888	89.2%	86.7%	99.7%
2121 Crystal Drive	100.0%	C	Y	509,869	68.6%	68.3%	100.0%
2345 Crystal Drive	100.0%	C	Y	499,635	47.3%	46.7%	74.3%
2231 Crystal Drive	100.0%	C	Y	468,371	75.2%	72.5%	97.4%
2011 Crystal Drive	100.0%	C	Y	441,057	68.0%	57.0%	-
2451 Crystal Drive	100.0%	C	Y	402,375	84.0%	83.8%	92.6%
241 18th Street S. (3)	100.0%	C	Y	334,091	89.9%	89.9%	-
201 12th Street S.	100.0%	C	Y	329,687	97.0%	96.8%	100.0%
251 18th Street S. (3)	100.0%	C	Y	300,319	99.0%	90.9%	53.2%
1901 South Bell Street	100.0%	C	Y	274,912	32.2%	32.2%	-
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%	-
Crystal Drive Retail (3)	100.0%	C	Y	42,938	90.1%	-	90.1%
1235 S. Clark Street	100.0%	C	Y	384,674	73.4%	69.9%	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	276,223	98.4%	99.2%	80.9%

Other
800 North Glebe Road	100.0%	C	Y	305,006	83.0%	82.1%	92.4%
One Democracy Plaza (4) (5)	100.0%	C	Y	213,171	87.0%	86.9%	100.0%
4747 Bethesda Avenue (6)	20.0%	U	Y	300,535	100.0%	100.0%	100.0%
1101 17th Street	55.0%	U	Y	210,134	80.8%	80.0%	82.8%

Operating - Total / Weighted Average				6,660,592	79.4%	77.4%	91.5%

Operating - Total / Weighted Average at JBG SMITH Share	6,325,604	78.6%	76.5%	91.4%

(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	554,888	4,281
241 18th Street S.	334,091	28,308
251 18th Street S.	300,319	39,211
Crystal Drive Retail *	42,938	86,242
2221 S. Clark Street - Office	—	35,182
* Includes 72,215 SF of not available to lease space from the asset formerly known as Crystal City Shops at 2100.

(4)	Asset is subject to a ground lease through 2084, where we are the lessee.

(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 · · · · · · ·
1415 S. Eads Street	100.0%	538,000	533,800	—	4,200	570
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%	2,046,900	2,020,500	—	26,400	1,515
Potomac Yard Landbay F/G/H	50.0% / 100.0%	1,846,000	944,000	844,000	58,000	765
2250 Crystal Drive	100.0%	696,200	681,300	—	14,900	825
2100/2200 Crystal Drive Land	100.0%	565,000	565,000	—	—	530
223 23rd Street	100.0%	492,100	484,100	—	8,000	610
2525 Crystal Drive	100.0%	373,000	370,000	—	3,000	370
1901 South Bell Street Land (1)	100.0%	265,000	265,000	—	—	170
101 12th Street S.	100.0%	239,600	—	234,400	5,200	—
1800 South Bell Street	100.0%	311,000	—	307,000	4,000	—
D.C.
Gallaudet Parcel 2-3 (2)	100.0%	819,100	758,200	—	60,900	820
Gallaudet Parcel 4 (2)	100.0%	644,200	605,200	—	39,000	645
Capitol Point - North	100.0%	451,400	434,100	—	17,300	470
Other Development Parcels (3)		1,248,100	142,200	1,105,900	—	—

Total		10,956,000	8,184,100	2,491,300	280,600	7,700

Totals at JBG SMITH Share
National Landing		6,807,100	5,729,100	963,400	114,600	5,235
D.C.		2,107,000	1,840,200	149,600	117,200	1,935
		8,914,100	7,569,300	1,113,000	231,800	7,170

(1)	Currently encumbered by an operating commercial asset.

(2)	Controlled through an option to acquire a leasehold interest.

(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, 2024:

· · · · · · · · · · · ·
· · · · At JBG SMITH Share
· · · · · · · · Annualized · · % of Total ·
	Number of	Square	% of Total	Rent	Annualized
Tenant · · Leases · · Feet · · Square Feet · · (In thousands) · · Rent
GSA	31	1,479,379	28.8%	$57,696	25.2%
Amazon	3	357,339	7.0%	16,622	7.2%
Lockheed Martin Corporation	2	207,095	4.0%	10,276	4.5%
Accenture Federal Services LLC	2	123,706	2.4%	5,635	2.5%
Public Broadcasting Service	1	120,328	2.3%	5,099	2.2%
Whole Foods Market Group Inc	3	98,625	1.9%	3,857	1.7%
American Diabetes Association	1	80,998	1.6%	3,818	1.7%
Booz Allen Hamilton Inc	2	69,328	1.3%	3,427	1.5%
National Consumer Cooperative	1	65,736	1.3%	3,310	1.4%
SAIC	3	62,963	1.2%	3,147	1.4%
Total	49	2,665,497	51.8%	$112,887	49.3%

Note: Includes all leases as of December 31, 2024 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, 2024 the scheduled expirations of tenant leases in our Operating Portfolio for each year from 2025 through 2033 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	16	209,018	4.1%	$8,556	3.7%	$40.93
2025	61	482,812	9.4%	21,807	9.5%	45.17
2026	46	227,098	4.4%	11,385	5.0%	50.13
2027	38	534,998	10.4%	25,776	11.2%	48.18
2028	30	386,841	7.5%	18,004	7.8%	46.54
2029	27	242,552	4.7%	11,370	5.0%	46.87
2030	28	603,032	11.7%	29,194	12.7%	48.41
2031	26	561,912	10.9%	21,661	9.4%	38.55
2032	18	651,033	12.7%	26,138	11.4%	40.15
2033	26	344,046	6.7%	14,964	6.5%	49.07
Thereafter	48	896,786	17.5%	40,533	17.8%	45.20
Total / Weighted Average	364	5,140,128	100.0%	$229,388	100.0%	$44.97

Note: Includes all leases as of December 31, 2024 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 5.8 years.

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

ContentsView on SEC.gov

The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.