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Quarterly Investor Package

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JBGS Divider

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Management Letter

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May 9, 2023

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To Our Fellow Shareholders:

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In two days, the Federal Government will officially declare the end of the COVID-19 public health emergency. It’s hard to believe that only a year ago masking on airlines had just been dropped and “return to the office” was only beginning. This month Amazon is executing its own return to the office and steaming full speed ahead on its planned move into phase one of HQ2 this summer. As we actively manage 2.1 million square feet of National Landing leases expiring by the end of 2024 (approximately 35% of annualized rent), we are encouraged that daily occupancy continues its steady upward trajectory and the nexus of defense and technology there favors our capture of a disproportionate share of market leasing demand. We saw predictably strong results in our amenity-rich, largely new, residential portfolio with moderate rent growth and occupancy gains throughout the quarter. Finally, our retail and residential placemaking efforts in National Landing are nearing completion, and there is a palpable buzz in the market as our existing and prospective customers anticipate the long-awaited influx of new amenities and premium housing options. Additionally, we expect to benefit from a market with declining new supply and fewer new starts on the horizon. These fundamental tailwinds paint a picture of growth and recovery, yet it’s clear that the driving market forces for 2023 (and likely 2024) will be higher interest rates, looming recession, lower liquidity and continued declines in asset valuations. As landlords and lenders face the music on these conditions, the future will be won by those with liquidity and the willingness to capitalize on opportunities. Fortunately, we were fast on the draw in recycling many of our more challenging assets prior to the current market turmoil and have continued to find success, illustrated by the recapitalization of our corporate headquarters this quarter. These moves have enabled us to advance our strategic transformation, maintain balance sheet strength and liquidity, and capitalize on our single best investment opportunity: the repurchase of our own stock. The following highlights demonstrate the state of our business as of the end of the first quarter.

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$202 million of capital recycling transactions closed in the first quarter, despite challenging market conditions, representing an average capitalization rate of 6.2%. These transactions include the recapitalization of 4747 Bethesda Avenue, a trophy office asset built in 2019, where we sold an 80% pari-passu interest at approximately $815 per square foot. Proceeds were used to deleverage our balance sheet and provide capacity to repurchase our shares.

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Operating portfolio performance in-line with prior quarters and overall market fundamentals. Multifamily NOI remained relatively flat quarter-over-quarter, and despite lower leasing volume typical to the first quarter, we executed 114,000 square feet of office leases within our commercial portfolio, of which 103,000 square feet (91%) was in National Landing. We believe that our National Landing offering and tenant base remain among the strongest in the market, with vacancy of 12.4% versus JLL reported first quarter vacancy of 21.9% for National Landing and 22.0% for Northern Virginia overall.

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Preserved balance sheet strength with $1.7 billion of liquidity, including a large pool of unencumbered multifamily assets. We maintain a well-staggered debt maturity schedule, with a weighted average debt maturity of 4.2 years (adjusting for by-right extension options), and only $165 million of debt maturing by year end 2023, all

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tied to non-core assets. We continue to believe our primarily non-recourse, asset-level financing strategy is most valuable in an environment like today, providing a floor on our downside risk.

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Phase One of Amazon’s HQ2 expected to open in June. The 2.1 million square foot Metropolitan Park will accommodate 14,000 Amazon employees, including the 8,000 workers that Amazon has already hired – which puts them ahead of their year-end goal and represents a 60% increase in Amazon’s local workforce since its previous disclosure in spring 2022. In accordance with its announcement, Amazon employees were expected back in the office for a minimum of three days per week as of May 1^st.

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All 14 retailers at Metropolitan Park have been announced. As we have mentioned before, we anticipate approximately 55 new retailers representing 210,000 square feet open by 2024, tripling the number of street level retailers in the submarket. 85% of this retail is leased today, with 50% currently open for business. By the third quarter, we anticipate approximately 75% of these retailers will be open.

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Capital Allocation

Despite the challenging transaction market, certain asset profiles continue to attract buyers, such as Class A office assets with long-term leases and credit tenancy, or assets that have attractive in-place debt with long tenor. In the first quarter, we closed approximately $202 million of capital recycling transactions, including the sale of an 80% pari-passu interest in 4747 Bethesda Avenue, a trophy office building delivered in 2019 and located in Bethesda, MD. The asset’s new trophy-quality construction, credit tenancy, and in-place, assumable, interest-only debt made it an attractive sale candidate with a strong valuation ($815 per square foot). As part of this transaction, we retained property management, and our headquarters will remain at the property.

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As we highlighted last quarter, preserving balance sheet strength and flexibility remains paramount; and we expect new investments, including development projects, acquisitions, and share repurchases, to be largely funded, whether up front or after the fact, by asset recycling. When our shares trade at a material discount to NAV, share repurchases are one of the most accretive uses of capital available to us. Accordingly, year-to-date we have repurchased 4.0 million shares at a weighted average price of $14.91 per share, totaling $60.2 million.

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While the current transaction market is incredibly challenging, our management team has a proven track record of allocating capital through multiple market cycles, including large transactions where there was limited market appetite, but where our team was successful in threading the needle and executing at attractive valuations. Since 1999, we have successfully raised over $4 billion in private joint venture capital. As we work to transform the National Landing submarket into the nation’s premier live-work-play destination, anchored by the powerful demand drivers of Amazon, Virginia Tech, the Pentagon, and our digital infrastructure transformation, we continue to evaluate various capitalization strategies, including the potential recapitalization of certain development projects, assets, or portfolios, similar to what we recently accomplished at 4747 Bethesda Avenue.

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Financial and Operating Metrics

For the three months ended March 31, 2023, we reported Core FFO attributable to common shareholders of $37.2 million, or $0.33 per diluted share. Annualized NOI increased 1.6% quarter-over-quarter to $327.5 million. Our multifamily portfolio ended the quarter at 95.0% leased and 92.9% occupied. Our office portfolio ended the quarter at 87.6% leased and 85.2% occupied. For second generation leases, the rental rate mark-to-market increased 0.3%.

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As of March 31, 2023, our Net Debt/Total Enterprise Value was 52.5% and our Net Debt/Annualized Adjusted

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EBITDA was 7.8x. Our floating rate exposure remains limited, with 89.2% of our debt fixed or hedged as of the date of this release, after accounting for in-place interest rate swaps and caps. The remaining floating rate exposure is tied to our non-core assets, or assets where the business plan warrants preserving flexibility.

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With respect to our near-term debt maturities, we believe we are well positioned: (i) our weighted average debt maturity stands at 4.2 years, after adjusting for by-right extension options; (ii) we have zero debt maturities tied to office assets in National Landing until 2025; and (iii) $165 million of debt maturing by year end 2023 is tied to non-core assets. Our primarily non-recourse asset-level financing strategy is most valuable in an environment like today, providing a floor on our downside risk.

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Operating Portfolio

Multifamily Trends

Our multifamily portfolio ended the quarter at 92.9% occupied and 95.0% leased. Excluding 8001 Woodmont (in lease-up), our multifamily portfolio ended the quarter at 93.5% occupied and 95.6% leased. Multifamily NOI remained flat quarter-over-quarter, primarily driven by seasonality. Also, similar to trends exhibited last year, renewal rents continued to rise. Across our portfolio, we increased rents by 9.3% upon renewal for first quarter lease expirations, while achieving a 54.7% renewal rate. We expect renewal increases to moderate over the coming quarters given in-place portfolio rates are now approximately 3.4% below asking rents.

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

Rents continue to trend upward in the DC metro with ApartmentList reporting 3.3% year-over-year rent growth. Market-wide occupancy of 93.7% is in line with our portfolio, although down approximately 100 basis points year-over-year – a trend broadly in line with the other gateway markets. As we saw last quarter, new starts are few and far between given the cost and rate environment, with just two new ground-up projects and one conversion breaking ground in the first quarter. While it will take time for the impact of this significantly reduced pipeline to be felt, we believe that DC’s position as a safe harbor in times of economic distress, coupled with a limited supply environment, provides an opportunity for healthy future growth.

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Office Trends

We executed 114,000 square feet of office leases in the first quarter, the majority of which comprised renewals. While leasing volume this quarter was softer than the quarter prior, much of the decrease can be attributed to seasonality, where, in most years, the first and third quarters tend to be slower than the second and fourth. Occupancy in this portfolio increased 10 basis points quarter-over-quarter to 85.2%.

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Our team is diligently managing the 2.1 million square feet of leases expiring by the end of 2024 in National Landing. While market wide leasing remains challenging, fundamentals in National Landing benefit from the proximity to the Pentagon and the driving forces of the defense and technology industries. We have seen an uptick in demand for secure/Sensitive Compartmented Information Facility (SCIF) space as threats of cyber-attacks loom and international tensions rise, with 70% of our first quarter leases signed in National Landing incorporating this type of facility. Physical occupancy across our National Landing portfolio continues to increase, with March Kastle data reporting peak-day daily physical occupancy averaging 73%, up from 72% in February 2023. As companies continue calling employees back to the office (such as Amazon on May 1^st), we anticipate physical occupancy in National Landing will continue trending upward.

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Market-Wide (DC Metro) Office Trends (based on JLL, CBRE, FD Stonewater and Kastle Systems data)

Statistically, the office market across the region was essentially flat, with JLL reporting limited net absorption (0.2% of inventory). While this has been a steady trend for the past several quarters, it also means that the market has not moved off elevated total vacancy levels of over 20% market-wide, which puts tremendous strain on the market

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and makes competitive dealmaking particularly expensive for already distressed owners and lenders. Beneath the numbers, there are a few clear trends: in Northern Virginia, the demand story is heavily weighted to two user types with CBRE reporting that Aerospace and Defense accounted for 42% of all first quarter leasing, and tech accounted for an additional 33%. According to the same report, no leasing was done by the federal government which is not surprising. In a recently released memo regarding the return to work by the Office of Management and Budget, 19 pages were spent laying out paths to evaluate office work versus telework, with no clear deadlines or mandates to bring the federal workforce back in person. In fact, the federal leased footprint in DC has been steadily shrinking since 2014 when telework was enabled, and it seems unlikely that this trend will abate in the near future. Another trend transpiring in the private sector is that deals coming to market are weighted toward contractions – both in the city and in the suburban markets across nearly all tenant types. This widespread desire to contract is supported by CBRE reporting a 135% increase in sublease availability in Northern Virginia since 2020 with little of that space finding a tenant.

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Taken together, these trends speak to a shrinking overall level of demand for the office market, but also represent what we believe are strong positives for JBG SMITH and National Landing: we are a well-capitalized landlord in an environment where liquidity is increasingly scarce. We believe National Landing is also a preferred location for the big drivers of private sector demand, including defense and technology, and offers advantages to both groups that are nearly impossible to replicate elsewhere. Our federal tenancy is also largely anchored by the users least likely to shed their space and embrace widespread telework – at least until SCIF spaces can be built in home offices and kitchen tables. These sectors’ preference for in-person work is readily apparent when comparing our peak day 73% physical occupancy to the DC metro market’s peak day of just 56%. Finally, in an era of less overall demand, we believe that users are intentionally choosing centrally located, transit connected, and amenitized environments outside of the traditional core that can serve as hubs for their workforce – in many cases independent of rental costs given the smaller size of their leased footprints. The next several years will be all about using these advantages to capture a larger share of a smaller pie.

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Environmental, Social, and Governance (ESG)

In April, we released our annual ESG report highlighting our accomplishments and progress, key performance metrics, and our industry-leading ESG management strategy. This report details our ESG achievements over the past year, including maintaining a carbon neutral operating portfolio, financing over 2,500 units of affordable housing through the Washington Housing Initiative, and illustrating our preparations in anticipation of the SEC’s new ESG-related disclosure requirements. We encourage you to access our ESG report by visiting our website at https://www.jbgsmith.com/about/sustainability.

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* * *

Our dramatic repositioning of National Landing, where approximately 70% of our portfolio is located, is happening as we speak. The long-awaited opening of Amazon’s new buildings at HQ2 is just about a month away. Our retail placemaking transformation is well under way, with 75% of our new retailers anticipated to be open by the third quarter, and construction on our over 1,500 multifamily units is on track. (If you have not visited the neighborhood to see the progress – we encourage you to reach out to our team to set up a tour).

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Moving from pandemic-mode to market-roller-coaster-mode has challenged every company and management team in the real estate market, especially those that own office assets. The next few years are unlikely to offer any relief as the white-knuckle ride continues amidst recession, defaults, and a painfully slow return to some new normal in how office space is used. We are incredibly fortunate to have positioned ourselves well in the face of these trends, both in terms of asset recycling (selling those office assets most firmly in the cross hairs of these forces) and financial strength (ample liquidity, few near term debt maturities, aggressive share buybacks). This work has been more challenging to execute than any of us can recall – perhaps even more than during the GFC – and the credit

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for our success lies squarely on the shoulders of our exceptional team. I am lucky to work alongside them each and every day and take great pride in the happy warrior spirit they bring to their work.

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Several years ago, we quoted from an inscription that some will recognize: “who does not answer to the rudder shall answer to the rock”. No matter how blistered and bloody they become, our hands will not relax their grip on the tiller as we continue our laser focus on taking full advantage of opportunities in the current climate. We appreciate your continued trust and confidence as we do this.

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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 FIRST QUARTER 2023 RESULTS

Bethesda, MD (May 9, 2023) - 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 March 31, 2023 and reported its financial results.

Additional information regarding our results of operations, properties, and tenants can be found in our First Quarter 2023 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 2023 Highlights

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Operating Portfolio

Development Portfolio

Under-Construction

Development Pipeline

Third-Party Asset Management and Real Estate Services Business

Balance Sheet

Investing and Financing Activities

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Subsequent to March 31, 2023:

Dividends

About JBG SMITH

JBG SMITH owns, operates, invests in, and develops mixed-use properties in 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. Approximately two-thirds of JBG SMITH's holdings are in the National Landing submarket in Northern Virginia, which is anchored by four key demand drivers: Amazon's new headquarters; Virginia Tech's under-construction $1 billion Innovation Campus; the submarket’s proximity to the Pentagon; and JBG SMITH’s deployment of next-generation public and private 5G digital infrastructure. JBG SMITH's dynamic portfolio currently comprises 15.0 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, primarily multifamily, 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

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release. We also note the following forward-looking statements: changes to the amount and manner in which tenants use space; our annual dividend per share and dividend yield; whether in the case of our under-construction assets and assets in the development pipeline, estimated square feet, estimated number of units and estimated potential development density are accurate; expected timing, completion, modifications and delivery dates for the projects we are developing for Amazon; the ability of any or all of our demand drivers to materialize and their effect on economic impact, job growth, expansion of public transportation and related demand in the National Landing submarket; planned infrastructure and educational improvements related to Amazon's additional headquarters and the Virginia Tech Innovation Campus; our development plans related to National Landing; whether we will be able to successfully shift the majority of our portfolio to multifamily; 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, 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, 2022 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 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.

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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, leverage metrics, operating assets and operating metrics presented in our investor package exclude our 10.0% subordinated interest in one commercial building, our 33.5% subordinated interest in four commercial buildings, and our 49.0% interest in three 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 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 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

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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 expense 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 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, 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, 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) refunds, 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, 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

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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 an asset's performance. The most directly comparable GAAP measure is net income (loss) attributable to common shareholders. We use NOI internally as a performance measure and believe NOI provides useful information to investors regarding our financial condition and results of operations because it reflects only property related revenue (which includes base rent, tenant reimbursements and other operating revenue, net of Free Rent and payments associated with assumed lease liabilities) less operating expenses and ground rent for operating leases, if applicable. NOI also excludes deferred rent, related party management fees, interest expense, and certain other non-cash adjustments, including the accretion of acquired below-market leases and the amortization of acquired above-market leases and below-market ground lease intangibles. Management uses NOI as a supplemental performance measure of our assets and believes it provides useful information to investors because it reflects only those revenue and expense items that are incurred at the asset level, excluding non-cash items. In addition, NOI is considered by many in the real estate industry to be a useful starting point for determining the value of a real estate asset or group of assets. However, because NOI excludes depreciation and amortization expense and captures neither the changes in the value of our assets that result from use or market conditions, nor the level of capital expenditures and capitalized leasing commissions necessary to maintain the operating performance of our assets, all of which have real economic effect and could materially impact the financial performance of our assets, the utility of NOI as a measure of the operating performance of our assets is limited. NOI presented by us may not be comparable to NOI reported by other REITs that define these measures differently. We believe to facilitate a clear understanding of our operating results, NOI should be examined in conjunction with net income (loss) attributable to common shareholders as presented in our financial statements. NOI should not be considered as an alternative to net income (loss) attributable to common shareholders as an indication of our performance or to cash flows as a measure of liquidity or our ability to make distributions. Annualized NOI, for all assets except Crystal City Marriott, represents NOI for the three months ended March 31, 2023 multiplied by four. Due to seasonality in the hospitality business, Annualized NOI for Crystal City Marriott represents the trailing 12-month NOI as of March 31, 2023. 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

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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 assets that have the potential to commence construction subject to receipt of full entitlements, completion of design and market conditions where we (i) own land or control the land through a ground lease or (ii) are under a long-term conditional contract to purchase, or enter into, a leasehold interest with respect to land.

"Estimated Potential Development Density" reflects management's estimate of developable gross square feet based on our current business plans with respect to real estate owned or controlled as of March 31, 2023. 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.

"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).

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

"In-Service" refers to commercial or multifamily 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, 2023.

"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, except for 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 pursuit costs related to completed, potential and pursued transactions, demolition costs, severance and other costs.

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"Under-Construction" refers to assets that were under construction during the three months ended March 31, 2023.

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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 March 31, 2023.

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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 March 31, 2023.

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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") and certain fully-vested incentive equity awards that are convertible into OP Units.

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

(Unaudited)

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See footnotes on page 15.

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

(Unaudited)

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NOI RECONCILIATIONS (NON-GAAP)

(Unaudited)

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Table of Contents

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Disclosures

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 Investor Package. We also note the following forward-looking statements: the impact of disruptions to the credit and capital markets on our ability to access capital, including refinancing maturing debt; potential Net Operating Income growth and the assumptions on which such growth is premised, our estimated future leverage (Net Debt/Annualized Adjusted EBITDA and Net Debt/Total Enterprise Value) profile, the economic impact, job growth, expansion of public transportation and related demand for multifamily and commercial properties of Amazon.com, Inc.'s ("Amazon") additional headquarters on the Washington, DC metropolitan area and National Landing and the speed with which such impact occurs and Amazon's plans for accelerated hiring and in-person work requirements; changes to the amount and manner in which tenants use space; long-term trends in demand for housing (including multifamily) within major urban employment centers; whether National Landing will benefit economically from its proximity to the Pentagon; the anticipated growth of our target submarkets; the economic impact of DC's diversification into technology; our annual dividend per share and dividend yield; annualized Net Operating Income; adjusted annualized Net Operating Income; expected timing, completion, modifications and delivery dates for the projects we are developing for Amazon; the ability of any or all of our demand drivers to materialize and their effect on economic impact, job growth, expansion of public transportation and related demand in the National Landing submarket; planned infrastructure and educational improvements related to Amazon's additional headquarters; the impact of our role as the developer, property manager and retail leasing agent in connection with Amazon's new headquarters; whether Phase One of Amazon’s HQ2 will open on the anticipated timeline; the impact on our net asset value of the Amazon transactions; whether we will succeed in our contemplated recycling of disposition proceeds into acquisitions yielding the anticipated stabilized capitalization rates; whether we are able to renew at or above our historical retention rates on rolling leases; whether the allocation of capital to our share repurchase plan has any impact on our share price; whether our rent estimates are accurate; whether in the case of our Under-Construction assets and assets in the Development Pipeline, estimated square feet, estimated number of units, estimated construction start, the estimated completion date, estimated stabilization date, Estimated Incremental Investment, Estimated Total Investment, Projected NOI Yield, weighted average Projected NOI Yield, NOI Yield or Estimated Total Project Cost, estimated total NOI weighted average completion date, yield on cost, weighted average stabilization date, intended type of asset use and potential tenants, Estimated Potential Development Density, and Estimated Stabilized NOI are accurate; whether our Under-Construction assets will deliver the Annualized NOI that we anticipate; whether our plans related to our investment in 5G wireless spectrum across National Landing will be a significant demand catalyst; whether the anticipated placemaking in National Landing will be realized; whether the number of retailers and multifamily units in National Landing will increase to the levels anticipated or open on the timelines anticipated; whether we will be able to successfully dispose of certain non-core office assets outside of National Landing; whether we will be able to successfully shift the majority of our portfolio to multifamily and concentrate our office portfolio in National Landing, and in the case of our Development Pipeline opportunities, Estimated Potential Development Density and estimated entitlement timeline including the potential for delays in the entitlement process.

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, 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, 2022 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.

Organization and Basis of Presentation

JBG SMITH, a Maryland real estate investment trust, owns and operates a portfolio of multifamily and commercial assets amenitized with ancillary retail. JBG SMITH's portfolio reflects its longstanding strategy of owning and operating assets within Metro-served submarkets in the Washington, D.C. metropolitan area with high barriers to entry and vibrant urban amenities. Approximately two-thirds of our portfolio is in National Landing, which is anchored by four key demand drivers: Amazon's new headquarters; Virginia Tech's under-construction $1 billion Innovation Campus; the submarket’s proximity to the Pentagon; and our deployment of next-generation public and private 5G digital infrastructure. In addition, our third-party asset management and real estate services business provides fee-based real estate services to the Washington Housing Initiative Impact Pool, the legacy funds formerly organized by The JBG Companies (the "JBG Legacy Funds") and other third parties.

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The information contained in this Investor Package does not purport to disclose all items required by the accounting principles generally accepted in the United States of America ("GAAP") and is unaudited information, unless otherwise indicated.

Pro Rata Information

We present certain financial information and metrics in this Investor Package "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, leverage metrics, operating assets and operating metrics presented in our investor package exclude our 10.0% subordinated interest in one commercial building, our 33.5% subordinated interest in four commercial buildings, and our 49.0% interest in three 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.

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Definitions

See pages 47-51 for definitions of terms used in this Investor Package.

Non-GAAP Measures

This Investor Package includes non-GAAP measures. For these measures, we have provided an explanation of how these non-GAAP measures are calculated and why our management believes that the presentation of these measures provides useful information to investors regarding our financial condition and results of operations. Reconciliations of certain non-GAAP measures to the most directly comparable GAAP financial measure are included in this Investor Package. 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 Investor Package:

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Company Profile

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Financial Highlights

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Financial Highlights - Trends