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Quarterly Investor Package

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JBGS Divider

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Management Letter

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August 2, 2022

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To Our Fellow Shareholders:

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Despite significant volatility in the capital markets, rising interest rates and high inflation, we continue to advance our strategy, and our operating results continue to improve. We are pleased to have substantially completed our entire 2022 recycling goal in the first half of the year. Given the flash freeze unfolding in the credit markets, the timing of our execution was especially fortunate. As urbanites return from their walkabouts and employers struggle to navigate the tension between a tight job market and the desire to convene their people in person, we see strong signs (and results!) of a return to higher-density, in-person living and working. In National Landing, a palpable buzz has returned, reflected in rising daily physical occupancy, as companies continue to bring their employees back to the office. And the recent headquarters relocations by Boeing and Raytheon further highlight the National Landing area’s appeal to tech-oriented, globally scaled corporations, particularly those in the defense sector. We provide detail on highlights from the quarter below.

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Amazon closed on land purchase for Phase II of HQ2. In the second quarter, we closed on the sale of Pen Place to Amazon for $198 million. Plans for the 12-acre site call for 3.2 million square feet of office space, including the iconic Helix building, 100,000 square feet of retail, and approximately 2.75 acres of public open space. Phase I, located at the adjacent Metropolitan Park, remains on track for a 2023 delivery, with eight additional local small business retail leases announced over the last three months. To date, Amazon, in partnership with JBG SMITH, has announced 10 retail leasing transactions at Metropolitan Park totaling 38,000 square feet. In the second quarter Amazon also announced 5,000 employees hired at HQ2 with nearly 4,000 current job openings, already surpassing its year-end 2022 hiring commitment to the Commonwealth of Virginia.

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Same Store NOI increased 13.8% year-over-year for our operating portfolio. Our multifamily portfolio exhibited quarter-over-quarter occupancy growth, significant rent bumps upon renewals and reduced concession packages. In our commercial portfolio, second quarter renewal leasing remained strong with tenants who renewed retaining 100% of their expiring square footage. Parking income trended upward to 74% of pre-pandemic levels, while physical occupancy increased slightly to 51% on peak days in June.

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We have closed on $993 million of capital recycling transactions year-to-date, representing an average capitalization rate of 4.9%. This recycling includes the recent sale of 1900 N Street, a 270,000 square foot trophy office asset located in Washington, DC, for $265 million ($145.8 million at share). We used the proceeds to deleverage our balance sheet and create capacity for accretive investments, including share repurchases. The $198 million from the sale of Pen Place to Amazon in May is not included in these amounts as it was contracted prior to 2021. In light of recent market volatility, we are especially pleased with our transaction volume through the first half of the year.

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We upsized our Credit Facility Term Loan by $200 million, with no material change to our spread at SOFR plus 125 basis points. The incremental $200 million includes a one-year delayed draw feature, which was undrawn as of the date of this release. The maturity date of the Term Loan A-2 was also extended by 3.5 years to January 2028.

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JBG SMITH Overview

We own and operate urban mixed-use properties concentrated in what we believe are the highest growth submarkets of the historically recession-resilient Washington, DC metro area.

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Our concentration in these submarkets, our substantial portfolio of operating and development opportunities, and our market-leading platform position us to capitalize on the significant growth we anticipate in our target submarkets.

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68% of our holdings are located directly across the Potomac River from Washington, DC in Northern Virginia’s National Landing submarket, where Amazon’s new 5 million+ square foot headquarters and Virginia Tech’s $1 billion Innovation Campus are under construction.

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The Commonwealth of Virginia has incentivized Amazon to bring up to 38,000 new jobs to National Landing, which, based on data from the National Landing Business Improvement District provided in November 2018, would increase the daytime population in the submarket from approximately 50,000 people to nearly 90,000 people in the future, representing dramatic growth of nearly 80%. Additionally, in late 2021, Amazon announced its hybrid return-to-the-office policy, requiring employees to live locally and within commuting distance of the office for at least 11 months of the year. This policy aligns well with Amazon’s aggressive hiring in the current competitive job market.

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At its Seattle headquarters, approximately 20% of Amazon’s employees live within walking or biking distance to work, and Amazon provides $350 monthly stipends to employees who bike to HQ2. Using Amazon’s Seattle employee patterns and preferences as proxies for behaviors that might be expected at HQ2, 20% of employees, or up to 7,600 Amazon employees, could be expected to live within the National Landing submarket. This potential influx of demand for additional multifamily units aligns well with our plans to deliver new multifamily supply to the submarket. In addition to the 1,583 units currently under construction in National Landing, our Near-Term Development Pipeline could add as many as 2,150 new multifamily units to National Landing.

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While we control most of the existing office supply and unencumbered development density in National Landing, the balance of our portfolio is concentrated in what we believe are the highest growth submarkets in the Washington, DC metro region, the majority of which are within a 20-minute commute of the growing technology ecosystem in National Landing.

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We believe the strong technology sector tailwinds created by Amazon, the Virginia Tech Innovation Campus, national/international defense and security needs, and our National Landing digital infrastructure initiatives, including our 5G rollout and other connectivity enhancements with best-in-class partners, will drive substantial long-term net asset value per share growth.

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Our successful track record and well-established platform position us to maximize the value of our Development Pipeline through development, opportunistic land sales, ground leases, and/or recapitalizations with private investors.

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As of the end of the second quarter, we had two multifamily developments under construction in National Landing – 1900 Crystal Drive (808 units) and 2000/2001 South Bell Street (775 units). Since our formation in 2017, we have successfully delivered 2.8 million square feet of mixed-use development, with estimated stabilized yields of 6.5% for multifamily assets and 7.0% for commercial assets.

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Over the past year, we advanced the design and entitlement of 100% of our Development Pipeline, over 70% of which is in National Landing. Our 8.6 million square foot Development Pipeline (excluding non-core assets), 84% of

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which is multifamily, includes both a 3.5 million square foot Near-Term Development Pipeline and a 5.1 million square foot Future Development Pipeline. Our Near-Term Development Pipeline comprises what we believe to be the most accretive and strategic development opportunities in our growth pipeline – those which have the potential to commence construction over the next 36 months, subject to receipt of final entitlements, completion of design, and market conditions. Within our Future Development Pipeline, we have fully entitled 0.5 million square feet and are actively advancing design and entitlement on an additional 4.6 million square feet. We believe that advancing entitlement and design of these assets is the best way to maximize optionality and value, either through internal development, land sales, ground lease structures, and/or recapitalizations with third parties.

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Our capital allocation strategy is to shift the majority of our portfolio to multifamily and concentrate our office portfolio in National Landing.

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We expect our portfolio shift to majority multifamily will occur through a combination of investing in multifamily assets (existing and development) and opportunistically divesting non-core office and land assets. Since our formation, we have sold $2.7 billion of non-core assets and invested $423 million into multifamily acquisitions, $829 million into the development of multifamily assets, and committed an additional $529 million to new assets currently under construction.

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Capital Allocation

Our capital allocation strategy is grounded in our primary goal of maximizing long-term net asset value per share. This strategy entails two key elements: repositioning our portfolio to concentrate our office in National Landing; and transitioning to a majority multifamily portfolio that continues to expand in high-growth, amenity-rich DC metro submarkets through acquisitions and development. Opportunistic dispositions of income-producing office assets outside of National Landing, as well as the sale, ground lease, or joint venture of non-core land holdings, serve as important sources of NAV-priced capital to fund our strategy. Allocating capital away from non-core office and land uses allows us to invest in higher growth opportunities, including multifamily acquisitions and development, and to return capital through share repurchases, especially when our shares trade at a material discount to NAV.

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We set a goal to market $1 billion of non-core office and land assets in 2022 and have substantially completed this goal with $993 million closed year-to-date, representing an average capitalization rate of approximately 4.9% and approximately 5.5% on the income-producing office assets (6.0% to 6.5% stabilized). This amount includes the previously announced sale of 1900 N Street, an 11-story, 270,000 square foot trophy office asset in Washington, DC, for $265 million ($145.8 million at share). The $198 million from the sale of Pen Place to Amazon is not included in these amounts as it was contracted prior to 2021. While we are pleased to have accomplished substantially all of our 2022 recycling goal in the first half of the year, volatile market conditions may impact the timing and execution of any additional transactions.

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This quarter we invested approximately $40 million in under-construction projects, including 1900 Crystal Drive and 2000/2001 South Bell Street, representing 1,583 new multifamily units being developed to an expected 6% yield on cost. As with all our development projects, these assets have guaranteed maximum price contracts that were priced during the height of the pandemic, which yielded construction costs below 2019 levels and pre-dated recent inflationary cost increases. With costs having increased as much as 20% over the last year, today’s inflated construction pricing is not favorable for new development. With over 3,600 units in our Near-Term Development Pipeline, we continue to monitor construction costs and overall market conditions to ensure that we maintain our disciplined capital allocation standards.

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Finally, our capital allocation strategy demands that we seek investment opportunities with the highest potential risk-adjusted returns, including share repurchases. When our shares trade at a material discount to NAV, share

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repurchases are one of the most accretive uses of capital available to us. In the second quarter, our Board of Trustees increased our common share repurchase authorization by $500 million to $1 billion. Accordingly, in the second quarter, we repurchased 8.5 million shares at a weighted average price per share of $25.15, totaling $213.9 million. Since the inception of our share repurchase program in 2020, we have repurchased 22.5 million shares, or 15% of shares outstanding as of December 31, 2019, at a weighted average price per share of $26.90.

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Financial and Operating Metrics

For the three months ended June 30, 2022, we reported Core FFO attributable to common shareholders of $37.1 million, or $0.31 per diluted share. Same Store NOI for the quarter increased 13.8% year-over-year to $79.3 million. Our multifamily portfolio ended the quarter at 95.7% leased and 92.3% occupied. Our office portfolio ended the second quarter at 87.3% leased and 86.1% occupied. For second generation leases, the rental rate mark-to-market was negative 16.0%. When we exclude non-core office assets intended for recycling, our mark-to-market in National Landing was negative 2%. As we have previously mentioned, our mark-to-market will vary from quarter-to-quarter depending on the leases signed.

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Net Debt/Annualized Adjusted EBITDA would have been 7.6x in Q2 2022 and Net Debt/Total Enterprise Value

would have been 38.1%, after adjusting for sales and recapitalizations. In July, we upsized our Term Loan A-2 to $400 million. The incremental $200 million includes a one-year delayed draw feature, which was undrawn as of the date of this release. The maturity date of the Term Loan A-2 was extended by 3.5 years to January 2028, with no material change in our spread at SOFR plus 125 basis points.

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Operating Portfolio

Multifamily Trends

Fundamentals across our multifamily portfolio continued to improve throughout the second quarter. Our portfolio ended the quarter at 95.7% leased and 92.3% occupied, up 160 basis points and 70 basis points quarter-over-quarter. Excluding our newly delivered and acquired assets (8001 Woodmont, West Half, The Wren, and The Batley), our portfolio ended the quarter at 97.7% leased and 94.7% occupied. Strong market rent growth has left us with in-place rents at 11% below asking rents, supporting an embedded growth opportunity from the expiration of several jurisdictional restrictions on rent increases as leases roll to market during our prime summer leasing season. Of note, for second quarter lease expirations, we increased average renewal rents by approximately 8.6% while achieving a 54.8% renewal rate across our portfolio. We expect this trend to continue through the summer months. As for concessions, there is a continued burn-down in pandemic-related concession packages, with zero concessions being offered in many of our key submarkets.

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Market-Wide Trends (based on CoStar, UrbanTurf and Apartment List data)

Fundamentals in our multifamily market have improved over the last year. Apartment List reported strong occupancy across the DC metro which drove asking rent growth of 10.8% from June 2021 through June 2022. Rents have now reached their post-pandemic peak of 9.7% above pre-COVID (Q1 2020) levels. Below-average multifamily deliveries are projected over the next three years with approximately 6,300 units expected to be delivered per year from 2022-2024 in our tracked submarkets, based on data from CoStar and UrbanTurf. This amount represents an approximately 30% decrease from the more than 9,000 units per year delivered, on average, from 2010-2019. More recently, rising construction costs and interest rates have impacted developers’ abilities to start new projects. Data show an approximately 44% decrease in the number of new units started in Q2 2022 compared to Q2 2021.

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Rising interest rates are expected to contribute to an overall cooling in the multifamily investment sales market which has already resulted in many multifamily deals being pulled from the market or re-priced as local broker commentary suggests an approximately 100 basis points spread in cap rates between seller and buyer pricing

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expectations. Prior to heightened concerns around interest rates among levered buyers, CoStar data showed strong growth in both transaction volume (32%) and $/sf pricing (26%) from 1H 2021 to 1H 2022, largely based on deals negotiated prior to changes in rates, signaling confidence among investors in the underlying fundamentals of multifamily. Re-pricing and a thinning buyer pool in an elevated rate environment could create a buying opportunity for us, particularly if fundamentals remain positive.

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Office Trends

Our office portfolio ended the second quarter at 87.3% leased and 86.1% occupied, up 20 basis points and 40 basis points quarter-over-quarter when excluding sold and recapitalized assets. Commercial parking revenue continues to improve as more tenants return to the office, reaching 74% of pre-pandemic levels on an annualized basis. We executed 326,000 square feet of leases, the majority of which comprised renewals, headlined by two sizable leases executed in non-core office assets to facilitate future recycling. These two leases total 226,000 square feet with a weighted average lease term of 10.1 years.

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Turning to National Landing, we continue to focus on our new leasing strategy, anchored by four powerful demand catalysts: Amazon HQ2, Virginia Tech’s Innovation Campus, the Pentagon, and our digital infrastructure investments. Tour activity in National Landing gained significant momentum in the second quarter, with the number of tours surpassing any other quarter since the onset of the pandemic. This trend was primarily driven by defense contractors and digital infrastructure-related tenant prospects interested in establishing a presence in National Landing proximate to the Pentagon and the Department of Defense, as well as the digital amenities currently being rolled out in the submarket. We believe that defense will be a robust driver of demand, with preliminary discussions in the Senate Appropriations Committee indicating that spending on defense may rise to $850 billion in the upcoming budget — more than was requested by the White House. This is in addition to robust foreign defense spending with top U.S. contractors, the majority of which have a presence in National Landing.

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With the National Landing transformation well underway, we are also fielding significant inbound interest at rising market rental rates for our retail portfolio. We remain on track to open 55 new retailers by year-end 2024.

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Market-Wide Trends (based on Kastle Systems, JLL and CoStar Q2 2022 reporting)

While office occupancy relative to pre-pandemic levels has increased over the last year from 27.4% in June 2021 to 40.2% in June 2022, it has essentially remained static at that level for most of the first half of 2022, based on data from Kastle Systems. The modest increase in physical occupancy has reduced the pace of tenant space givebacks, with JLL showing negative 650,000 square feet of net absorption year-to-date compared to negative 5.9 million square feet in the first half of 2021; however, market-wide return to positive absorption territory has yet to be seen. Lingering uncertainty surrounding hybrid and remote work remain a drag on the arrival of new demand as many large occupiers stay on the sidelines or pause new requirements to re-think the design of space. The ultimate result of these changes on utilization of space per job remains unclear but will be crucial to future demand.

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As the second quarter progressed, go-forward liquidity in the office investment sales market decreased as levered buyers either sought to avoid interest rate risk prior to closing or could not find positive leverage. Prior to rising interest rate concerns, data from CoStar reported office transaction volume increased 78% from the first half of 2021 to the first half of 2022. This increase suggests that the recent slowdown is less a function of decreasing investor demand and more a function of concerns related to further episodic uncertainty in interest rates.

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Environmental, Social, and Governance

In July, JBG SMITH was ranked 7^th on LinkedIn’s 2022 Top Companies in Real Estate list. The ranking is based on workplace practices that support the development and advancement of all employees, as well as representation of women. Additionally, in June, JBG SMITH was named one of The Washington Post’s 2022 Top Workplaces. JBG

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SMITH earned four out of five Culture Excellence Awards, including Leadership, Innovation, Compensation & Benefits, and Purpose & Values. Now in its ninth year, The Washington Post’s Top Workplaces highlights the companies that are leaders in the Washington, DC area as chosen by their own employees through an anonymous third-party survey.

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In May, the Washington Housing Initiative (WHI) Impact Pool released its Annual Report, outlining its 2021 achievements which can be found here: WHI Impact Report. Since inception in 2018, the WHI Impact Pool has provided a total of $40 million in financing for the creation and preservation of approximately 1,750 affordable workforce housing units, including 825 units with Amazon, at total capitalization of approximately $560 million. This satisfies almost 60% of our goal to finance 3,000 units by 2028. WHI properties now span five jurisdictions and are all managed by JBG SMITH.

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As we head into the second half of 2022, we are fortunate to see nearly all our non-core asset recycling in the rear-view mirror. Having reduced our DC office exposure by 71%, or 2.3 million square feet, since our formation we are well positioned to focus on growth and transformation, especially in National Landing. Before the end of next year, this submarket will see us nearly triple the number of street-level retailers that so many of our customers demand and bring online the first 5G enabled smart city at scale in the country. Our physical and digital placemaking coupled with record increases in defense spending and the exponential growth of players like Amazon and Virginia Tech in our market constitute a compelling set of demand drivers at a time when growth across the economy is increasingly uncertain. The Washington Metro Area’s historical resilience during recessions appears poised for an encore performance and with our strong balance sheet and substantial growth pipeline we are incredibly well-positioned to capitalize on that strength.

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We appreciate your strong support of our strategic transformation and are especially thankful to those of you who attended our Investor Day in May.

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Thank you for your continued trust and confidence.

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Sincerely,

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W. Matthew Kelly

Chief Executive Officer

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Section Two – Earnings Release

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Earnings Release

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CONTACT

Barbat Rodgers

Senior Vice President, Investor Relations

(240) 333-3805

brodgers@jbgsmith.com

JBG SMITH ANNOUNCES SECOND QUARTER 2022 RESULTS

Bethesda, MD (August 2, 2022) - JBG SMITH (NYSE: JBGS), a leading owner and developer of high-quality, mixed-use properties in the Washington, DC market, today filed its Form 10-Q for the quarter ended June 30, 2022 and reported its financial results.

Additional information regarding our results of operations, properties and tenants can be found in our Second Quarter 2022 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.

Second Quarter 2022 Highlights

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Operating Portfolio

Development Portfolio

Under-Construction

Near-Term Development Pipeline

Future Development Pipeline

Third-Party Asset Management and Real Estate Services Business

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Balance Sheet

Investing and Financing Activities

Subsequent to June 30, 2022:

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Dividends

About JBG SMITH

JBG SMITH owns, operates, invests in and develops a dynamic portfolio of mixed-use properties in the high growth and high barrier-to-entry submarkets in and around Washington, DC. Through an intense focus on placemaking, JBG SMITH cultivates vibrant, amenity-rich, walkable neighborhoods throughout the Washington, DC metropolitan area. Over half of JBG SMITH’s holdings are in the National Landing submarket in Northern Virginia, where it serves as the developer for Amazon’s new headquarters, and where Virginia Tech’s $1 billion Innovation Campus is under construction. JBG SMITH's portfolio currently comprises 15.5 million square feet of high-growth office, multifamily and retail assets at share, 98% of which are metro-served. It also maintains a development pipeline encompassing 9.8 million square feet of mixed-use development opportunities. JBG SMITH is committed to the operation and development of green, smart, and healthy buildings and plans to maintain carbon neutral operations annually. 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. One of the most significant factors that could cause actual outcomes to differ materially from our forward-looking statements is the adverse effect of the current pandemic of the novel coronavirus, or COVID-19, and the ensuing economic turmoil on the Company, our financial condition, results of operations, cash flows, performance, our tenants, the real estate market, and the global economy and financial markets. The extent to which COVID-19

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continues to impact us and our tenants depends on future developments, many of which are highly uncertain and cannot be predicted with confidence. These developments include: the continued severity, duration, transmission rate and geographic spread of COVID-19 in the United States, the duration of associated immunity and vaccine efficacy against variants of COVID-19, the extent and effectiveness of other containment measures taken, and the response of the overall economy, the financial markets and the population (including the potential effects of inflation), particularly in areas in which we operate, and whether the residential market in the Washington, DC area and any of our properties will be materially impacted by the various moratoriums on residential evictions, among others. Moreover, investors are cautioned to interpret many of the risks identified under the section titled "Risk Factors" in our Annual Report on Form 10-K for the fiscal year ended December 31, 2021 as being heightened as a result of the ongoing and numerous adverse impacts of the COVID-19 pandemic. We also note the following forward-looking statements: the impact of COVID-19 and the ensuing economic turmoil on our Company, NOI, SSNOI, net asset value, share price, occupancy rates, revenue from our multifamily and commercial portfolios, operating costs, deferrals of rent, uncollectible operating lease receivables, parking revenue, and burn-off of rent abatement; the impact of disruptions to the credit and capital markets on our ability to access capital, including refinancing maturing debt; changes to the amount and manner in which tenants use space; whether we incur additional costs or make additional concessions or offer other incentives to existing or prospective tenants to reconfigure space; whether the Washington, DC area will be more resilient than other parts of the country in any recession resulting from COVID-19; whether we will recognize currently estimated unrecognized development fee revenue on the anticipated timing or at all; our annual dividend per share and dividend yield; whether in the case of our under-construction and near-term development pipeline assets, estimated square feet, estimated number of units and in the case of our future development pipeline assets, estimated potential development density are accurate; expected key Amazon transaction terms and timeframes for closing any Amazon transactions not yet closed; planned infrastructure and educational improvements related to Amazon's additional headquarters and the Virginia Tech Innovation Campus; the economic impact, job growth, expansion of public transportation and related demand for multifamily and commercial properties of Amazon's additional headquarters on the DC area and National Landing and the speed with which such impact occurs and Amazon’s plans for accelerated hiring and in-person work requirements; the impact of our role as the developer, property manager and retail leasing agent in connection with Amazon's new headquarters; our development plans related to National Landing; our ability to satisfy environmental, social or governance standards set by various constituencies; whether we can access agency debt secured by our currently unencumbered multifamily assets timely, on reasonable terms or at all; and whether the allocation of capital to our share repurchase plan has any impact on our share price.

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 in relation to COVID-19, 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, 2021 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

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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 substantial 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 financial statements as reported under GAAP.

Occupancy, non-GAAP financial measures and leverage 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 mortgages payable, 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 have not guaranteed their obligations or otherwise committed to providing financial support.

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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 certain non-cash expenses (primarily depreciation and amortization 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 expenses, 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 right-of-use assets associated with leases in which we are a lessee, 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 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.

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 related to real estate, gains and losses from the sale of certain real estate assets, gains and losses from change in control and impairment write-downs of certain real estate assets and

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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 (net of tax) which we believe are not representative of ongoing operating results, such as Transaction and Other Costs, impairment write-downs of right-of-use assets associated with leases in which we are a lessee, gains (or losses) on the extinguishment of debt, earnings (losses) and distributions in excess of our investment in unconsolidated real estate ventures, share-based compensation expense related to the Formation Transaction and special equity awards, lease liability adjustments, income from investments, business interruption insurance proceeds, 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 less recurring tenant improvements, leasing commissions and other capital expenditures, net deferred rent activity, third-party lease liability assumption payments, recurring share-based compensation expense, accretion of acquired below-market leases, net of amortization of acquired above-market leases, 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 and other non-comparable income and expenses, which implicitly assumes that the value of real estate diminishes predictably over time rather than fluctuating based on market conditions. 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") and "Annualized NOI" are non-GAAP financial measures management uses to assess a segment'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

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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 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 except Crystal City Marriott, represents NOI for the three months ended June 30, 2022 multiplied by four. Due to seasonality in the hospitality business, Annualized NOI for Crystal City Marriott represents the trailing 12-month NOI as of June 30, 2022. 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.

"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, which excludes assets for which significant redevelopment, renovation, or repositioning occurred during either of the periods being compared.

Definitions

"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 June 30, 2022. 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.

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

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

"Future Development Pipeline" refers to assets that are development opportunities on which we do not intend to commence construction within the next three years 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.

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

"In-Service" refers to commercial or multifamily assets that are at or above 90% leased or have been operating and collecting rent for more than 12 months as of June 30, 2022.

"Near-Term Development Pipeline" refers to select assets that have the potential to commence construction over the next three years, subject to receipt of full entitlements, completion of design and market conditions.

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

"Transaction and Other Costs" include demolition costs, integration and severance costs, pursuit costs related to other completed, potential and pursued transactions, as well as other expenses.

"Under-Construction" refers to assets that were under construction during the three months ended June 30, 2022.

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CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)

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Note: For complete financial statements, please refer to our Quarterly Report on Form 10-Q for the quarter ended June 30, 2022.

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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

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Note: For complete financial statements, please refer to our Quarterly Report on Form 10-Q for the quarter ended June 30, 2022.

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

(Unaudited)

Note: All EBITDA measures as shown above are attributable to common limited partnership units ("OP Units").

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

(Unaudited)

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See footnotes on page 16.

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

(Unaudited)

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NOI RECONCILIATIONS (NON-GAAP)

(Unaudited)