JBG SMITH (NYSE:JBGS), a leading owner, operator, and developer of mixed-use properties in the Washington, DC market, today filed its Form 10-Q for the quarter ended March 31, 2026 and reported its financial results.

Additional information regarding our results of operations, properties, and tenants can be found in our First Quarter 2026 Investor Package, which is posted in the Investor Relations section of our website at www.jbgsmith.com. We encourage investors to consider the information presented here with the information in that document.

First Quarter 2026 Highlights

Net loss, Funds From Operations ("FFO"), and Core FFO attributable to common shareholders were:


		FIRST QUARTER COMPARISON
in millions, except per share amounts			Three Months Ended
			March 31, 2026						March 31, 2025
			Amount			Per Diluted Share			Amount			Per Diluted Share
	Net loss ⁽¹⁾		$	(18.7	)	$	(0.32	)	$	(45.7	)	$	(0.56	)
	FFO		$	2.1		$	0.04		$	0.8		$	0.01
	Core FFO		$	9.8		$	0.17		$	7.2		$	0.09


(1)	Includes gains on the sale of real estate of $21.1 million and $537,000 for the three months ended March 31, 2026 and 2025. Includes impairment losses related to real estate of $1.5 million and $8.5 million for the three months ended March 31, 2026 and 2025.

Annualized Net Operating Income ("Annualized NOI") for the three months ended March 31, 2026 was $249.7 million, compared to $245.3 million for the three months ended December 31, 2025, at our share. Excluding the assets that were recently acquired and sold, Annualized NOI for the three months ended March 31, 2026 was $246.9 million, compared to $244.7 million for the three months ended December 31, 2025, at our share.
- The increase in Annualized NOI, excluding the assets that were recently acquired and sold, was substantially attributable to abatement burn off at our ground lease asset.
Same Store NOI ("SSNOI") at our share decreased 4.8% quarter-over-quarter to $54.3 million for the three months ended March 31, 2026.
- The decrease in SSNOI was substantially attributable to (i) lower occupancy and higher utilities expense in our multifamily portfolio and (ii) higher utilities expense and increased rent abatement, partially offset by lower real estate tax expense in our commercial portfolio.

Operating Portfolio

The operating multifamily portfolio was 86.8% leased and 84.5% occupied as of March 31, 2026, compared to 84.7% and 82.7% as of December 31, 2025, at our share. Our Same Store multifamily portfolio was 93.5% leased and 92.0% occupied as of March 31, 2026, compared to 91.8% and 90.4% as of December 31, 2025, at our share.
In our Same Store multifamily portfolio, effective rents decreased by 10.5% for new leases and increased by 1.9% upon renewal while achieving a 62.4% renewal rate during the first quarter.
The operating commercial portfolio was 76.9% leased and 75.2% occupied as of March 31, 2026, compared to 77.5% and 75.1% as of December 31, 2025, at our share.
Executed approximately 332,000 square feet of office leases at our share during the three months ended March 31, 2026, including approximately 28,000 square feet of new leases. Second-generation leases generated a 6.6% rental rate decrease on a cash basis and a 0.2% rental rate increase on a GAAP basis.

Development Portfolio

Development Pipeline

As of March 31, 2026, our development pipeline consisted of 3.3 million square feet of estimated potential development density at our share.

Third-Party Real Estate Services Business

For the three months ended March 31, 2026, revenue from third-party real estate services, including reimbursements, was $17.2 million. Excluding reimbursements and service revenue from our interests in real estate ventures, revenue from our third-party real estate services business was $6.5 million, primarily driven by $4.4 million of property and asset management fees, and $1.1 million of other service revenue.

Balance Sheet

As of March 31, 2026, our total enterprise value was approximately $3.5 billion, comprising 71.6 million common shares and units valued at $1.0 billion, and debt (net of premium / (discount) and deferred financing costs) at our share of $2.6 billion, less cash and cash equivalents at our share of $82.1 million.
As of March 31, 2026, we had $79.8 million of cash and cash equivalents ($82.1 million of cash and cash equivalents at our share), and $515.2 million of undrawn capacity under our revolving credit facility.
Net Debt to annualized Adjusted EBITDA at our share for the three months ended March 31, 2026 was 12.7x, and our Net Debt / total enterprise value was 70.3% as of March 31, 2026.

Investing and Financing Activities

In January 2026, we extended the maturity date of the $200.0 million Tranche A-1 Term Loan to January 2027.
In February 2026, we sold Potomac Yard Landbay H, a development parcel in Alexandria, Virginia, for $50.7 million.
During the first quarter of 2026, we repurchased and retired 1.6 million common shares for $25.4 million, a weighted average purchase price per share of $15.47.

Subsequent to March 31, 2026

In April 2026, we formed a real estate venture to recapitalize Tysons Dulles Plaza, a 491,494-square-foot commercial asset in Tysons, Virginia, in which we own a 50.0% interest. In connection with the transaction, the real estate venture entered into a three-year, interest-only $37.9 million mortgage loan with an interest rate of SOFR plus 2.10%, of which $20.0 million was drawn at closing. We retained management of the asset and continue to account for the asset on a consolidated basis.
We repaid $30.0 million under the revolving credit facility.
Through May 1, 2026, we repurchased and retired 182,184 common shares for $2.6 million, a weighted average purchase price per share of $14.36, pursuant to a repurchase plan under Rule 10b5-1 of the Securities Exchange Act of 1934, as amended.

Dividends

On April 30, 2026, our Board of Trustees declared a quarterly dividend of $0.175 per common share, which will be paid on May 28, 2026 to shareholders of record as of May 14, 2026.

About JBG SMITH

JBG SMITH owns, operates, and develops mixed-use properties concentrated in amenity-rich, Metro-served submarkets in and around Washington, DC, most notably National Landing, where through our focus on placemaking, we cultivate vibrant, highly amenitized, walkable neighborhoods. JBG SMITH's portfolio comprises 12.0 million square feet at share of multifamily, office, and retail assets, and a 3.3 million square-foot development pipeline. For more information on JBG SMITH please visit www.jbgsmith.com.

Forward-Looking Statements

Certain statements contained herein may constitute "forward-looking statements" as such term is defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements are not guarantees of performance. They represent our intentions, plans, expectations and beliefs and are subject to numerous assumptions, risks and uncertainties. Consequently, the future results, financial condition and business of JBG SMITH Properties ("JBG SMITH," the "Company," "we," "us," "our" or similar terms) may differ materially from those expressed in these forward-looking statements. You can find many of these statements by looking for words such as "approximate," "hypothetical," "potential," "believes," "expects," "anticipates," "estimates," "intends," "plans," "would," "may" or similar expressions in this earnings release. We also note the following forward-looking statement: whether the estimated square feet in our development pipeline is accurate.

Many of the factors that will determine the outcome of these and our other forward-looking statements are beyond our ability to control or predict. These factors include, among others: adverse economic conditions in the Washington, DC metropolitan area, including reductions in federal government spending, headcount, or leasing, trends in multifamily housing demand in the Washington, DC metropolitan area, the timing of and costs associated with development and property improvements, financing commitments, and general competitive factors. For further discussion of factors that could materially affect the outcome of our forward-looking statements and other risks and uncertainties, see "Risk Factors," "Management's Discussion and Analysis of Financial Condition and Results of Operations" and the Cautionary Statement Concerning Forward-Looking Statements in the Company's Annual Report on Form 10‑K for the year ended December 31, 2025 and other periodic reports the Company files with the Securities and Exchange Commission. For these statements, we claim the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. You are cautioned not to place undue reliance on our forward-looking statements. All subsequent written and oral forward-looking statements attributable to us or any person acting on our behalf are expressly qualified in their entirety by the cautionary statements contained or referred to in this section. We do not undertake any obligation to release publicly any revisions to our forward-looking statements to reflect events or circumstances occurring after the date hereof.

Pro Rata Information

We present certain financial information and metrics in this release "at JBG SMITH Share," which refers to our ownership percentage of consolidated and unconsolidated assets in real estate ventures (collectively, "real estate ventures") as applied to these financial measures and metrics. Financial information "at JBG SMITH Share" is calculated on an asset-by-asset basis by applying our percentage economic interest to each applicable line item of that asset's financial information. "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. Given that a portion of our assets are held through real estate ventures, we believe this form of presentation, which presents our economic interests in the partially owned entities, provides investors valuable information regarding a significant component of our portfolio, its composition, performance and capitalization.

We do not control the unconsolidated real estate ventures and do not have a legal claim to our co-venturers' share of assets, liabilities, revenue and expenses. The operating agreements of the unconsolidated real estate ventures generally allow each co-venturer to receive cash distributions to the extent there is available cash from operations. The amount of cash each investor receives is based upon specific provisions of each operating agreement and varies depending on certain factors including the amount of capital contributed by each investor and whether any investors are entitled to preferential distributions.

With respect to any such third-party arrangement, we would not be in a position to exercise sole decision-making authority regarding the property, real estate venture or other entity, and may, under certain circumstances, be exposed to economic risks not present were a third-party not involved. We and our respective co-venturers may each have the right to trigger a buy-sell or forced sale arrangement, which could cause us to sell our interest, or acquire our co-venturers' interests, or to sell the underlying asset, either on unfavorable terms or at a time when we otherwise would not have initiated such a transaction. Our real estate ventures may be subject to debt, and the repayment or refinancing of such debt may require equity capital calls. To the extent our co-venturers do not meet their obligations to us or our real estate ventures or they act inconsistent with the interests of the real estate venture, we may be adversely affected. Because of these limitations, the non-GAAP "at JBG SMITH Share" financial information should not be considered in isolation or as a substitute for our consolidated financial statements as reported under GAAP.

Occupancy, non-GAAP financial measures, leverage metrics, operating assets and operating metrics presented in our investor package 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, as 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.

Non-GAAP Financial Measures

This release includes non-GAAP financial measures. For these measures, we have provided an explanation of how these non-GAAP measures are calculated and why JBG SMITH's management believes that the presentation of these measures provides useful information to investors regarding JBG SMITH's financial condition and results of operations. Reconciliations of certain non-GAAP measures to the most directly comparable GAAP financial measure are included in this earnings release. Our presentation of non-GAAP financial measures may not be comparable to similar non-GAAP measures used by other companies. In addition to "at share" financial information, the following non-GAAP measures are included in this release:

Earnings Before Interest, Taxes, Depreciation and Amortization ("EBITDA"), EBITDA for Real Estate ("EBITDAre") and "Adjusted EBITDA" are non-GAAP financial measures. 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 the National Association of Real Estate Investment Trusts ("Nareit"). Nareit defines EBITDAre as GAAP net income (loss) adjusted to exclude interest expense, income taxes, depreciation and amortization expense, gains (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 for 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, gain (loss) on the extinguishment of debt, earnings (losses) and distributions in excess of our investment in unconsolidated real estate ventures, lease liability adjustments, litigation costs and income (loss) from investments. 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.

Funds from Operations ("FFO"), "Core FFO" and Funds Available for Distribution ("FAD") are non-GAAP financial measures. FFO is computed in accordance with the definition established by Nareit in the Nareit FFO White Paper - 2018 Restatement. Nareit defines FFO as net income (loss) (computed in accordance with GAAP), excluding depreciation and amortization expense related to real estate, gains (losses) from the sale of certain real estate assets, gains (losses) from change in control 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 for unconsolidated real estate ventures.

Core FFO represents FFO adjusted to exclude items which we believe are not representative of ongoing operating results, such as Transaction and Other Costs, gain (loss) on the extinguishment of debt, earnings (losses) and distributions in excess of our investment in unconsolidated real estate ventures, lease liability adjustments, litigation costs, income (loss) from investments, amortization of the management contracts intangible and the mark-to-market of derivative instruments, including our share of such adjustments for unconsolidated real estate ventures.

FAD represents Core FFO adjusted for recurring capital expenditures and Second-generation tenant improvements and leasing commissions, net deferred rent activity, lease incentive amortization, accretion of acquired below-market leases, amortization of acquired above-market leases, recurring share-based compensation expense, amortization of debt issuance costs and other non-cash income and charges, including our share of such adjustments for unconsolidated real estate ventures. FAD is presented solely as a supplemental disclosure that management believes provides useful information as it relates to our ability to fund dividends.

We believe FFO, Core FFO and FAD are meaningful non‑GAAP financial measures useful in comparing our levered operating performance from period-to-period and as compared to similar real estate companies because these non‑GAAP measures exclude real estate depreciation and amortization expense, which implicitly assumes that the value of real estate diminishes predictably over time rather than fluctuating based on market conditions, and other non-comparable income and expenses. FFO, Core FFO and FAD do not represent cash generated from operating activities and are not necessarily indicative of cash available to fund cash requirements and should not be considered as an alternative to net income (loss) (computed in accordance with GAAP) as a performance measure or cash flow as a liquidity measure. FFO, Core FFO and FAD may not be comparable to similarly titled measures used by other companies.

"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"), "Same Store NOI" and "Annualized NOI" 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, Same Store NOI and Annualized NOI provide 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 excludes deferred (straight-line) rent, commercial lease termination revenue, 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, which includes our proportionate share of revenue and expenses attributable to real estate ventures, as a supplemental performance measure 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 real estate investment trusts 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 consolidated 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 represents NOI for the three months ended March 31, 2026 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 earnings release. There can be no assurance that the Annualized NOI shown will reflect our actual results of operations over any 12‑month period.

Definitions

"Development Pipeline" refers to owned and entitled land on which we have the potential to commence construction subject to completion of design and/or market conditions. Excludes unentitled land parcels and land parcels controlled through an option agreement.

"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 as of March 31, 2026. 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.

"First-generation" is a lease on space that had been vacant for at least nine months or a lease on newly delivered space.

"Free Rent" means the amount of base rent and tenant reimbursements that are abated according to the applicable lease agreement(s).

"GAAP" means accounting principles generally accepted in the United States of America.

"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, 2026.

"Non-Same Store" refers to all operating assets excluded from the Same Store pool.

"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.

"Second-generation" is a lease on space that had been vacant for less than nine months.

"Transaction and Other Costs" include costs related to completed, potential and pursued transactions, and other costs.

"Under-Construction" refers to assets that were under construction during the period.

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)


	in thousands	March 31, 2026			December 31, 2025

ASSETS
	Real estate, at cost:
	Land and improvements	$	980,178		$	1,019,967
	Buildings and improvements		3,971,356			3,973,514
	Construction in progress, including land		186,581			175,673
			5,138,115			5,169,154
	Less: accumulated depreciation		(1,444,854	)		(1,408,641	)
	Real estate, net		3,693,261			3,760,513
	Cash and cash equivalents		79,780			75,270
	Restricted cash		35,075			28,020
	Tenant and other receivables		27,079			21,810
	Deferred rent receivable		183,731			182,891
	Investments in unconsolidated real estate ventures		105,348			105,711
	Deferred leasing costs, net		64,972			66,356
	Intangible assets, net		29,422			30,333
	Other assets, net		117,126			117,287
TOTAL ASSETS		$	4,335,794		$	4,388,191

LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY
	Liabilities:
	Mortgage loans, net	$	1,580,147		$	1,579,158
	Revolving credit facility		230,000			205,000
	Term loans, net		718,620			718,408
	Accounts payable and accrued expenses		71,833			84,748
	Other liabilities, net		100,479			131,945
	Total liabilities		2,701,079			2,719,259
	Commitments and contingencies
	Redeemable noncontrolling interests		494,820			511,342
	Total equity		1,139,895			1,157,590
TOTAL LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY		$	4,335,794		$	4,388,191


Note: For complete financial statements, please refer to our Quarterly Report on Form 10-Q for the quarter ended March 31, 2026.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)

in thousands, except per share data	Three Months Ended March 31,
	2026			2025
REVENUE
Property rental	$	105,856		$	101,499
Third-party real estate services, including reimbursements		17,208			14,914
Other revenue		4,538			4,273
Total revenue		127,602			120,686
EXPENSES
Depreciation and amortization		45,305			47,587
Property operating		36,218			33,437
Real estate taxes		12,046			12,172
General and administrative:
Corporate and other		15,287			15,557
Third-party real estate services		16,998			16,071
Transaction and other costs		9,841			1,911
Total expenses		135,695			126,735
OTHER INCOME (EXPENSE)
Loss from unconsolidated real estate ventures, net		(374	)		(592	)
Interest and other income, net		1,400			525
Interest expense		(35,548	)		(35,200	)
Gain on the sale of real estate, net		21,075			537
Loss on the extinguishment of debt, net		—			(4,636	)
Impairment loss		(1,500	)		(8,483	)
Total other income (expense)		(14,947	)		(47,849	)
LOSS BEFORE INCOME TAX (EXPENSE) BENEFIT		(23,040	)		(53,898	)
Income tax (expense) benefit		(7	)		200
NET LOSS		(23,047	)		(53,698	)
Net loss attributable to redeemable noncontrolling interests		4,350			7,978
NET LOSS ATTRIBUTABLE TO COMMON SHAREHOLDERS	$	(18,697	)	$	(45,720	)
LOSS PER COMMON SHARE - BASIC AND DILUTED	$	(0.32	)	$	(0.56	)
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING - BASIC AND DILUTED		59,073			81,521


Note: For complete financial statements, please refer to our Quarterly Report on Form 10-Q for the quarter ended March 31, 2026.

EBITDA, EBITDAre AND ADJUSTED EBITDA RECONCILIATIONS (NON-GAAP) (Unaudited)

	dollars in thousands	Three Months Ended March 31,
		2026				2025

EBITDA, EBITDAre and Adjusted EBITDA
	Net loss	$	(23,047	)		$	(53,698	)
	Depreciation and amortization expense		45,305				47,587
	Interest expense		35,548				35,200
	Income tax expense (benefit)		7				(200	)
	Unconsolidated real estate ventures allocated share of above adjustments		1,573				1,782
	EBITDA attributable to redeemable noncontrolling interests in consolidated real estate ventures		(758	)			—
EBITDA		$	58,628			$	30,671
	Gain on the sale of real estate, net		(21,075	)			(537	)
	Pro rata share of loss on the sale of unconsolidated real estate assets		35				—
	Impairment loss related to real estate		1,500				8,483

EBITDAre		$	39,088			$	38,617
	Transaction and other costs ⁽¹⁾		9,841				1,911
	(Income) loss from investments, net		(63	)			376
	Loss on the extinguishment of debt, net		—				4,636
	Earnings and distributions in excess of our investment in unconsolidated real estate venture		—				(184	)
	Unconsolidated real estate ventures allocated share of above adjustments		18				—

Adjusted EBITDA		$	48,884			$	45,356

Net Debt to Annualized Adjusted EBITDA ⁽²⁾			12.7		x		13.7		x

		March 31, 2026				March 31, 2025
Net Debt (at JBG SMITH Share)
	Consolidated indebtedness ⁽³⁾	$	2,525,135			$	2,500,207
	Unconsolidated indebtedness ⁽³⁾		34,518				66,975
	Total consolidated and unconsolidated indebtedness		2,559,653				2,567,182
	Less: cash and cash equivalents		82,106				85,945
Net Debt (at JBG SMITH Share)		$	2,477,547			$	2,481,237


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. The prior year EBITDAre amounts have been restated to conform to the current year presentation. There was no change to EBITDA or Adjusted EBITDA.
(1)	Includes costs related to completed, potential and pursued transactions, and other costs.
(2)	Quarterly Adjusted EBITDA is annualized by multiplying by four.
(3)	Net of premium/discount and deferred financing costs.

FFO, CORE FFO AND FAD RECONCILIATIONS (NON-GAAP) (Unaudited)

	in thousands, except per share data	Three Months Ended March 31,
		2026			2025

FFO and Core FFO
	Net loss attributable to common shareholders	$	(18,697	)	$	(45,720	)
	Net loss attributable to redeemable noncontrolling interests		(4,350	)		(7,978	)
	Net loss		(23,047	)		(53,698	)
	Gain on the sale of real estate, net		(21,075	)		(537	)
	Pro rata share of loss on the sale of unconsolidated real estate assets		35			—
	Real estate depreciation and amortization		45,018			45,961
	Impairment loss related to real estate		1,500			8,483
	Pro rata share of real estate depreciation and amortization from unconsolidated real estate ventures		979			779
	FFO attributable to redeemable noncontrolling interests in consolidated real estate ventures		(758	)		—
FFO Attributable to OP Units		$	2,652		$	988
	FFO attributable to redeemable noncontrolling interests		(573	)		(167	)
FFO Attributable to Common Shareholders		$	2,079		$	821

	FFO attributable to OP Units	$	2,652		$	988
	Transaction and other costs ⁽¹⁾		9,841			1,911
	(Income) loss from investments, net of tax		(63	)		285
	Gain from mark-to-market on derivative instruments		—			(32	)
	Loss on the extinguishment of debt, net		—			4,636
	Earnings and distributions in excess of our investment in unconsolidated real estate venture		—			(184	)
	Amortization of management contracts intangible, net of tax		73			1,056
	Unconsolidated real estate ventures allocated share of above adjustments		18			—
Core FFO Attributable to OP Units		$	12,521		$	8,660
	Core FFO attributable to redeemable noncontrolling interests		(2,706	)		(1,462	)
Core FFO Attributable to Common Shareholders		$	9,815		$	7,198
FFO per common share - diluted		$	0.04		$	0.01
Core FFO per common share - diluted		$	0.17		$	0.09
Weighted average shares - diluted (FFO and Core FFO)			59,271			81,706

See footnotes on page 14.

FFO, CORE FFO AND FAD RECONCILIATIONS (NON-GAAP) (Unaudited)

	in thousands, except per share data	Three Months Ended March 31,
		2026				2025

FAD
	Core FFO attributable to OP Units	$	12,521			$	8,660
	Recurring capital expenditures and Second-generation tenant improvements and leasing commissions ⁽²⁾		(4,029	)			(11,778	)
	Straight-line and other rent adjustments ⁽³⁾		(1,720	)			2,439
	Share-based compensation expense		7,744				6,532
	Amortization of debt issuance costs		3,053				4,135
	Unconsolidated real estate ventures allocated share of above adjustments		96				149
	Non-real estate depreciation and amortization		213				258
FAD Available to OP Units (A)		$	17,878			$	10,395
Distributions to common shareholders and unitholders(B)		$	13,123			$	17,610
FAD Payout Ratio (B÷A) ⁽⁴⁾			73.4		%		169.4		%

Capital Expenditures
	Maintenance and recurring capital expenditures	$	1,627			$	3,588
	Share of maintenance and recurring capital expenditures from unconsolidated real estate ventures		2				—
	Second-generation tenant improvements and leasing commissions		2,400				7,946
	Share of Second-generation tenant improvements and leasing commissions from unconsolidated real estate ventures		—				244
	Recurring capital expenditures and Second-generation tenant improvements and leasing commissions		4,029				11,778
	Non-recurring capital expenditures		5,784				5,234
	First-generation tenant improvements and leasing commissions		4,570				3,648
	Share of First-generation tenant improvements and leasing commissions from unconsolidated real estate ventures		73				37
	Non-recurring capital expenditures		10,427				8,919
Total JBG SMITH Share of Capital Expenditures		$	14,456			$	20,697


Note: The prior year FFO amounts have been restated to conform to the current year presentation. There was no change to Core FFO.
(1)	Includes costs related to completed, potential and pursued transactions, and other costs.
(2)	Includes amounts, at JBG SMITH Share, related to unconsolidated real estate ventures.
(3)	Includes straight-line rent, above/below market lease amortization/accretion and lease incentive amortization.
(4)	The quarterly FAD payout ratio is not necessarily indicative of an amount for the full year due to fluctuation in the timing of capital expenditures, the commencement of new leases and the seasonality of our operations.

NOI RECONCILIATIONS (NON-GAAP) (Unaudited)

dollars in thousands	Three Months Ended March 31,
	2026				2025
Net loss attributable to common shareholders	$	(18,697	)		$	(45,720	)
Net loss attributable to redeemable noncontrolling interests		(4,350	)			(7,978	)
Net loss		(23,047	)			(53,698	)
Add:
Depreciation and amortization expense		45,305				47,587
General and administrative expense:
Corporate and other		15,287				15,557
Third-party real estate services		16,998				16,071
Transaction and other costs		9,841				1,911
Interest expense		35,548				35,200
Loss on the extinguishment of debt, net		—				4,636
Impairment loss		1,500				8,483
Income tax expense (benefit)		7				(200	)
Less:
Third-party real estate services, including reimbursements revenue		17,208				14,914
Loss from unconsolidated real estate ventures, net		(374	)			(592	)
Interest and other income, net		1,400				525
Gain on the sale of real estate, net		21,075				537
Adjustments:
NOI attributable to unconsolidated real estate ventures at our share		1,225				990
Real estate venture partner's share of NOI attributable to consolidated real estate ventures		(801	)			—
Non-cash rent adjustments ⁽¹⁾		(1,720	)			2,439
Other adjustments ⁽²⁾		87				1,693
Total adjustments		(1,209	)			5,122
NOI	$	60,921			$	65,285
Less: out-of-service NOI loss ⁽³⁾		(1,507	)			(2,237	)
Operating Portfolio NOI	$	62,428			$	67,522
Non-Same Store NOI ⁽⁴⁾		8,102				10,466
Same Store NOI ⁽⁵⁾	$	54,326			$	57,056
Change in Same Store NOI		(4.8	)	%
Number of properties in Same Store pool		32


(1)	Adjustment to exclude deferred (straight-line) rent, above/below market lease amortization/accretion and lease incentive amortization.
(2)	Adjustment to exclude commercial lease termination revenue, related party management fees and corporate entity activity.
(3)	Includes the results of our Under-Construction assets, assets in the Development Pipeline, and other land assets.
(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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260505043669/en/

Kevin Connolly

Executive Vice President, Portfolio Management & Investor Relations

(240) 333‑3837

kconnolly@jbgsmith.com