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$12.23-1.2%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, 2024

(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 · · · · · · · · · · · · · · ·
WestEnd25	$97,500	$67,049	$5,039	$116,329	$69,232	$119,185	$188,417	$47,525	2009	2007
F1RST Residences	77,512	31,064	133,256	2,108	31,091	135,337	166,428	25,961	2017	2019
1221 Van Street	87,253	27,386	63,775	28,998	28,300	91,859	120,159	28,210	2018	2017
RiverHouse Apartments	307,710	118,421	125,078	105,270	139,440	209,329	348,769	106,580	1960	2007
The Bartlett	217,453	41,687	—	229,600	42,018	229,269	271,287	52,462	2016	2007
220 20th Street	80,240	8,434	19,340	104,456	9,044	123,186	132,230	52,846	2009	2017
West Half	—	45,668	17,902	166,379	49,130	180,819	229,949	53,498	2019	2017
The Wren	110,045	14,306	—	141,480	17,780	138,006	155,786	29,850	2020	2017
900 W Street	—	21,685	5,162	39,256	22,182	43,921	66,103	10,932	2020	2017
901 W Street	—	25,992	8,790	66,244	26,956	74,070	101,026	17,317	2020	2017
The Batley	—	44,315	158,408	834	44,421	159,136	203,557	17,979	2019	2021
2221 S. Clark-Residential	—	6,185	16,981	37,288	6,545	53,909	60,454	18,848	1964	2002
Atlantic Plumbing	—	50,287	105,483	938	50,345	106,363	156,708	11,328	2016	2022
The Grace	136,536	7,989	25,276	180,976	11,823	202,418	214,241	8,253	2023	2002
Reva	137,084	8,822	27,911	177,762	13,053	201,442	214,495	7,461	2024	2002
Commercial Operating Assets
2121 Crystal Drive	—	21,503	87,329	67,691	24,697	151,826	176,523	70,046	1985	2002
2345 Crystal Drive	—	23,126	93,918	62,235	24,287	154,992	179,279	87,768	1988	2002
2231 Crystal Drive	—	20,611	83,705	35,060	22,062	117,314	139,376	67,476	1987	2002
1550 Crystal Drive	—	22,182	70,525	190,420	42,796	240,331	283,127	78,387	1980, 2020	2002
2011 Crystal Drive	—	18,940	76,921	63,490	19,976	139,375	159,351	71,716	1984	2002
2451 Crystal Drive	—	11,669	68,047	53,547	12,594	120,669	133,263	64,550	1990	2002
1235 S. Clark Street	75,140	15,826	56,090	31,131	16,753	86,294	103,047	50,889	1981	2002
241 18th Street S.	—	13,867	54,169	66,124	24,076	110,084	134,160	62,564	1977	2002
251 18th Street S.	—	12,305	49,360	63,663	15,589	109,739	125,328	62,899	1975	2002
1215 S. Clark Street	105,000	13,636	48,380	56,057	14,419	103,654	118,073	59,848	1983	2002
201 12th Street S.	—	8,432	52,750	31,370	9,126	83,426	92,552	50,136	1987	2002
800 North Glebe Road	—	28,168	140,983	6,538	28,168	147,521	175,689	37,432	2012	2017
1225 S. Clark Street	85,000	11,176	43,495	39,790	11,825	82,636	94,461	43,984	1982	2002
1901 South Bell Street	—	—	36,918	(30,382)	85	6,451	6,536	506	1968	2002
200 12th Street S.	—	8,016	30,552	15,911	8,483	45,996	54,479	28,648	1985	2002
Crystal Drive Retail	—	9,300	29,774	(7,300)	8,325	23,449	31,774	16,579	2003	2004
One Democracy Plaza	—	—	33,628	(27,064)	71	6,493	6,564	3,138	1987	2002
1770 Crystal Drive	—	10,771	44,276	72,945	14,416	113,576	127,992	19,183	1980, 2020	2002
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
Under-Construction Assets
2000/2001 South Bell Street (5)	167,301	7,300	8,805	301,810	4,716	313,199	317,915	937	2024	2002
Development Pipeline	—	183,303	97,533	46,277	147,156	179,957	327,113	48,400		various
Corporate
Corporate	805,000	—	—	17,039	—	17,039	17,039	5,847		2017

	2,488,774	1,033,128	1,966,497	2,531,817	1,109,172	4,422,270	5,531,442	1,419,983
Held for sale
8001 Woodmont	99,959	28,621	180,775	(18,833)	28,158	162,405	190,563	765	2021	2022
	$2,588,733	$1,061,749	$2,147,272	$2,512,984	$1,137,330	$4,584,675	$5,722,005	$1,420,748

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$657.3 million higher than the amounts reported in our consolidated balance sheet as of December 31, 2024.

(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.

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

(5)	In November 2024, a portion of 2000/2001 South Bell Street was placed into service.

The following is a reconciliation of real estate and accumulated depreciation:


· · Year Ended December 31,
	2024		2023		2022
Real Estate: (1)
Balance at beginning of the year		$5,875,162		$6,158,082		$6,310,361
Acquisitions		—		—		365,166
Additions		202,602		347,757		352,034
Assets sold or written‑off		(249,016)		(444,480)		(869,479)
Real estate impaired (2)		(106,743)		(186,197)		—
Balance at end of the year		$5,722,005		$5,875,162		$6,158,082
Accumulated Depreciation:
Balance at beginning of the year		$1,338,403		$1,335,000		$1,368,012
Depreciation expense		191,020		187,988		184,678
Accumulated depreciation on assets sold or written‑off		(57,359)		(88,614)		(217,690)
Accumulated depreciation on real estate impaired (2)		(51,316)		(95,971)		—
Balance at end of the year		$1,420,748		$1,338,403		$1,335,000

(1)	Includes assets held for sale.

(2)

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. 2100 Crystal Drive and 2200 Crystal were taken out of service and subsequently reported in the development pipeline in 2024.

(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		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 (incorporated by reference to Exhibit 4.1 to our Annual Report on Form 10-K, filed on February 20, 2024).

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		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).

10.4		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).

10.5		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).

10.6		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).

10.7		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).

Exhibits		Description

10.8		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).

10.9†		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).

10.10†		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).

10.11†		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).

10.12†		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).

10.13†		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).

10.14†		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).

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

10.16†		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).

10.17†		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).

10.18†		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).

10.19†		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).

10.20†		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).

10.21†		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).

10.22†		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).

Exhibits		Description


10.23†		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).

10.24†		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).

10.25†		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).

10.26†		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).

10.27†		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).

10.28†		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).

10.29†		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).

10.30†		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).

10.31†		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).

10.32†		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).

10.33†		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).

10.34†		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).

10.35†		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).

10.36†		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).

10.37†		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).

Exhibits		Description

10.38†		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).

10.39†		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).

10.40†		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).

10.41†		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).

10.42†		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).

10.43†		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).

10.44†		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).

10.45†		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).

10.46†		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).

10.47†		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).

10.48†		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).

10.49†		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).

10.50†		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).

10.51†		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).

10.52†		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).

10.53†		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).

Exhibits		Description

10.54†		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).

10.55†		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).

10.56†		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).

10.57†		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.

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

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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