New York REIT Liquidating (NYRT) 8-K New York REIT to Combine with The JBG Companies

Exhibit 99.2

S T R A T E G I C C O M B I N A T I O N M A Y 2 0 1 6

D i s c l a i m e r C a u t i o n a r y N o t e R e g a r d i n g F o r w a r d - L o o k i n g S t a t e m e n t s The s ta tements i n this document tha t a re not hi storical facts may be forward -looking s tatements . These forward-looking s ta tements i nvolve s ubstantial risks a nd uncertainties. Actual results or events could differ ma terially from the pl ans, inte ntions a nd expecta tions disclosed i n the forwa rd-looking s tatements New York REIT, Inc. (the “Company”) ma kes. Forward-looking s ta tements ma y include, but a re not l imited to, s ta tements rega rding s tockholder l iquidity a nd i nvestment value a nd returns. The words “a nticipates,” “bel ieves,” “expects,” “es ti mates,” “projects,” “pl ans,” “i ntends,” “ma y,” “wi ll,” “would,” a nd s imi lar expres sions a re i ntended to i dentify forward-looking s tatements, a lthough not a ll forward-looking s tatements contain thes e i denti fying words. Fa ctors that mi ght cause s uch differences i nclude, but a re not l imited to, the fa ctors included in the Com pany’s reports filed wi th the Securities a nd Exchange Commission (the “SEC”), pa rticularly i n the “Ri sk Fa ctors” a nd “Management's Di s cussion a nd Analysis of Fi nancial Condition a nd Results of Operations” s ections of the Compa ny’s Annual Report on Form 10-K for the yea r ended December 31, 2015, filed wi th the SEC on February 26, 2016, the Compa ny’s l atest Quarterly Report on Form 10-Q for the qua rter ended Ma rch 31, 2016, fi led wi th the SEC on Ma y 10, 2016 a nd i n Exhibit 99.4 to the Current Report on Form 8-K, fi l ed wi th the SEC on Ma y 25, 2016, a s such Risk Factors may be updated from ti me to ti me i n s ubsequent reports. The Compa ny does not a ssume a ny obligation to update a ny forward -looking s tatements, whether a s a result of new i nformation, future events or otherwise, except a s required by law. G e n e r a l J B G D i s c l a i m e r Information i n this presentation has been provided to NYRT by JBG i n connection wi th the Combination Transactions s ubject to the terms of Combi na tion Agreement. Certa in of thi s information is based s olely on JBG’s es timates using data available to JB G a nd a ssumptions made by JBG a nd JBG’s current business plans, which ma y change. In certain i nstances, thes e es timates a nd a s s umptions have been us ed a s a basis to derive asset va lues and potential future Property -Level NOI. There ca n be no a ssurance tha t the a s s umptions or es timates used a re a ccurate or tha t the a sset va lues or potential future Property -Level NOI based on the a s s umptions or es timates will be a chieved. Asset va lues and Property -Level NOI ma y a lso va ry for a number of other reasons. You a re ca utioned not to pl ace undue reliance on thes e es timates a nd a ssumptions or a ny i nformation derived therefrom. For more i nformation on the ri sks a nd uncertainties related to thes e es timates please s ee the ri sk factors i ncluded as Exhibit 99.4 to the Compa ny’s Current Report on Form 8 -K filed wi th the SEC on Ma y 25, 2016.

D i s c l a i m e r( C o n t ’ d ) A d d i t i o n a l I n f o r m a t i o n A b o u t t h e P r o p o s e d T r a n s a c t i o n In connection wi th the proposed tra nsaction, the Company expects to fi le wi th the SEC rel eva nt ma terials, including a definit ive proxy s tatement whi ch will be ma iled or otherwise disseminated to the Compa ny’s stockholders when i t becomes available. THE COMPANY’S STOCKHOLDERS ARE ENCOURAGED TO READ THE PROXY STATEMENT AND OTHER RELEVANT DOCUMENTS FILED WITH THE SEC IF AND WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION. Investors ma y obta in free copies of the proxy s tatement a nd other relevant documents fi led by the Compa ny wi th the SEC (when they become a va ilable) through the webs ite ma intained by the SEC a t www.s ec.gov. Copies of the documents filed by the Company wi th the SEC a re a l s o a vailable free of cha rge on the Compa ny’s website a t http://www.NYRT.com. Thi s document does not constitute a n offer to s ell or the s olicitation of an offer to buy the s ecurities of the Company or th e s ol icitation of a ny vote or approval. The i ssuance of common stock a nd OP Uni ts in connection wi th the proposed transaction w ill be s ubmi tted to the s tockholders of the Compa ny for their approval. P r o p e r t y - L e v e l N O I G r o w t h E s t i m a t e s The es ti ma ted growth i n Property-Level NOI is ba sed on JBG ma nagement’s es timates a s to growth i n i ts Property-Level NOI. This i nformation i s not a n historical fa ct a nd s hould not be rel ied upon a s bei ng necessarily i ndicative of future results . The es timates a re ba s ed on numerous a ssumptions that ma y not be a ccurate, i ncluding a ssumptions as to Property -Level NOI tha t will be genera ted from l ease-up opportunities, a ssets under construction or redevelopment, a ssets for which devel opment ha s been pl a nned but not yet commenced a nd the l and ba nk. Thes e a ssumpti ons ma y prove to be wrong. The es ti mates a re also based on the a s s umption that there wi ll not be a ny property s ales, although the combined company expects to ma ke certain asset s ales a s pa rt of i ts deleveraging s trategy. I mportant factors that ma y cause a ctual Property-Level NOI to be s ubsta ntially l ower tha n the growth i n Property-Level NOI es timated a nd a ssumed by JBG i nclude, but a re not limited to, ri sks a nd uncertainties relating to JBG a nd other fa ctors des cribed in the risk fa ctors included a s Exhibit 99.4 to the Compa ny’s Current Report on Form 8 -K filed wi th the SEC on Ma y 25, 2016. The es ti mates also reflect a ssumptions a s to certain business decisions tha t a re s ubject to cha nge. As a res ult, a ctual res ults ma y di ffer ma terially from those contained in the es ti mates. Accordingly, there ca n be no a ssuran ce tha t the es ti ma tes will be rea lized. M a r k e t D a t a Ma rket da ta a nd i ndustry forecasts are used throughout this presentation. The Compa ny has obtained certain market a nd i ndustry information from ma rket res earch prepared for JBG by Jones La ng La Salle Americas, Inc., a na tionally recognized real es ta te cons ulting firm. In a ddition, the Company has obtained certain ma rket da ta from publicly a vailable i nformation a nd i ndustry publications. Thes e s ources generally sta te tha t the i nformati on they provide ha s been obtained from s ources believe d to be rel i a ble, but the a ccuracy a nd completeness of the i nformation a re not guaranteed. The forecasts a nd projections a re ba s ed on i ndustry s urveys a nd the prepa rers’ experience i n the i ndustry a nd there i s no assurance tha t a ny of the projections or foreca sts will be a chieved. The Company believes that the s urveys a nd ma rket res earch others have performed a re reliable, but ha s not i ndependently verified this i nformation.

Participants in Solicitation Relating to the Proposed Transaction The Company, JBG and their respective directors and executive officers may be deemed to be participants in the solicitation of proxies from Company’s stockholders in respect of the matters to be submitted to the stockholders of the Company for their approval in connection with the proposed transaction. Information regarding the Company’s directors and executive officers can be found in the Company’s Annual Report on Form 10-K for the year ended December 31, 2015 filed with the SEC on February 26, 2016. Information regarding JBG’s executive officers can be found on Exhibit 99.3 to the Company’s Current Report on Form 8-K filed with the SEC on May 25, 2016. Additional information regarding the interests of such potential participants will be included in the proxy statement and other relevant documents filed with the SEC in connection with the proposed transaction when they become available. These documents are available free of charge on the Company’s website and from the Company using the sources indicated above. Note About JBG’s Portfolio Pursuant to the transaction agreement, the composition of JBG’s portfolio and the nature and amount of its interest in properties that comprise it are subject to change between now and completion of the proposed transaction. There can be no assurance that the transaction will close and, if it does, whether the properties discussed herein will be included as set forth herein or at all. Disclaimer (Cont’d) Non-GAAP Measures This document includes information derived from JBG’s Adjusted Historical Asset-Level NOI and Adjusted Historical Asset-Level NOI, Before Rent Abatements, which are Non-GAAP measures. JBG’s management uses these Non-GAAP measures as supplemental performance measures for its assets and believes they provide useful information to investors, but they may not be comparable to other real estate companies’ similarly captioned Non-GAAP measures, including any Non-GAAP measures used by the Company, and should be considered only as supplements to net operating income (loss) (computed in accordance with GAAP) as a measure of the operating performance of JBG’s assets. Additional information about these Non-GAAP measures, including a reconciliation to net operating income (loss) (computed in accordance with GAAP), can be found in Exhibit 99.3 to the Company’s Current Report on Form 8-K filed with the SEC on May 25, 2016. This document also includes information derived from the Company's Cash NOI which is a Non-GAAP measures. The Company's management uses Cash NOI as a supplemental performance measure for its assets and believes they provide useful information to investors, but it may not be comparable to other real estate companies’ Cash NOI, including any Non-GAAP measures used by JBG, and should be considered only as supplements to net operating income (loss) (computed in accordance with GAAP) as a measure of the operating performance of the Company assets. Additional information about Cash NOI, including a reconciliation to net operating income (loss) (computed in accordance with GAAP), can be found in the Company’s Quarterly Report on Form 10-Q filed with the SEC on May 10, 2016.

Transaction Highlights

S i t u a t i o n O v e r v i e w 1 On October 1, 2015, NYRT announced its retention of the Eastdil Secured division of Wells Fargo Securities as strategic advisor to identify and evaluate potential strategic transactions at the entity or asset level Background 2 Goal The ultimate goal of the process was to best maximize value for the Company over the long -term 3 NYRT considered various alternatives in order to achieve long -term maximum value for stockholders, including: •Sale or merger of the Company •Liquidate portfolio asset-by-asset •Bring in new investors for minority or majority positions Strategic Alternatives 4 There was a robust process in which over 60 potential investors signed corporate -level NDAs and over 50 signed property-level NDAs (including certain potential investors who also signed corporate - level NDAs) Process 5 Conclusion The proposed transaction with JBG will best maximize value for the Company over the long -term 1

T r a n s a c t i o n R a t i o n a l e On May 25, 2016, NYRT entered into a combination agreement with the JBG Companies that NYRT believes fulfills the goals of the NYRT strategic alternatives process and will maximize value for the Company over the long-term 1 Gives the combined company scale which increases float, increases relevance to REIT investors and spreads G&A costs Scale 2 Internalized Management External management contract will terminate if the transaction closes, thereby improving alignment of stockholders with the management team and creating G&A savings 3 Combined company poised for significant near-and long-term internal growth through what we believe is an attractive in-place JBG development platform and pipeline Embedded Growth 4 Capital Raising Flexibility Provides significant capital raising flexibility including institutional capital or public market capital to achieve overall lowest cost of capital 5 Combination with JBG creates a best-in-class urban, mixed-use REIT with a high-quality portfolio in New York City and Washington, DC, two of the most desirable institutional real estate investment markets in the US NYC and DC Focus 6 Complementary portfolios with well-occupied, long-term leased New York REIT assets matched with higher growth JBG Washington, DC assets Balance Risk Profiles 2

T r a n s a c t i o n O v e r v i e w 133 JBG assets contributed to NYRT (43 office, 28 multifamily, 21 retail and 41 land bank assets)(1) 319.9M shares of NYRT common stock and operating partnership (OP) units issued to JBG equity holders(2) JBG to invest $142.0M of additional equity (including operating cash flow) into the Company between March 31, 2016 and closing • Structure & Consideration • • Total pro forma fully diluted ownership of approximately 34.8% for existing NYRT stockholders and • (2) approximately 65.2% for existing JBG equity holders Pro Forma Ownership Current JBG team (including executive officers, inside directors and additional employees of the combined company) will own approximately 15% of the combined company(3) Effective lock-up of one year on OP units and 60 days on common stock • • Combined entity will change its name to JBG Realty Trust, Inc. and trade on the NYSE under the ticker “JBG” Corporate headquarters in Chevy Chase, MD with a New York City office 9 member Board of Directors with 6 independents, including 1 current NYRT board member Intend to have best-in-class corporate governance • Corporate Organization • • • Total Equity Market Capitalization of $4.8B and Total Enterprise Value (“TEV”) of $8.4B(4) Pro Rata Net Debt of $3.6B and Implied Net Debt / Total Enterprise Value of 43% Currently have a signed term sheet with Bank of America for a $1.0B senior unsecured credit facility with a $500M accordion feature which is required to be in place as a condition to the closing of the transaction to fund transaction costs and provide liquidity for the Company • • • Pro Forma Capitalization (1) (2) (3) (4) Includes operating, construction, pre-development and land bank assets. Ownership percentage and shares allocated to JBG based on estimate of outstanding NYRT Shares at close of 170.7M shares assuming conversion of LTIP Units and OP units. Pro forma ownership percentages do not give effect to the incentive equity grants planned to occur shortly after closing. Calculated as pro forma shares outstanding of 490.6M multiplied by NYRT closing share price of $9.77 on May 24, 2016 plus NYR T Net Debt of $1,182M and JBG Net Debt of $2,433M. 3

T r a n s a c t i o n O v e r v i e w ( C o n t ’d ) Combined company to be internally managed Plan to hire the Advisor’s existing on-the-ground asset management and investments team Current NYRT CEO Mike Happel expected to consult during transition period Elimination of the $12M external advisor fee • Internalized Management • • • Internally-funded business plan through capital recycling Identified $1.5 - $2.0B of non-core properties for potential asset sales and strategic joint ventures to facilitate near term deleveraging Plan to decrease leverage post-close and target a steady-state range of 7.0x - 8.0x Net Debt / EBITDA • Capital Recycling & Deleveraging Plan • • We expect to establish a sustainable and growing dividend which will be in the range of public peer level payout ratios Transaction allows us to right-size the dividend to $0.15 - $0.20 per share per annum post-closing(1) Plan to retain capital to fund high growth opportunities within the portfolio and reduce leverage • Dividend • • 4Q 2016, subject to closing conditions, including NYRT stockholder approvals of issuance of common stock and OP units • Expected Closing (1) Future dividends represent an estimate based on current expectations; however, all future dividends will be determined by the combined public company board of directors and will depend on future operating results and thus there can be no certainty of theses expected dividend levels. 4

W h o i s J B G ? FULLY-INTEGRATED REAL ESTATE INVESTMENT COMPANY WITH 50+ YEAR TRACK RECORD DC Peers( 1) JBG( 1) VNO( 2) BXP( 2) WRE FPO PGRE( 2) # OPERATING ASSETS 72 71 48 53 85 5 Premier pure-play, urban, mixed-use, vertically-integrated platform in DC Metro Area • OPERATING SF 11.3M 16.3M 9.1M 10.1M 6.9M 1.6M Diversified, high-quality assets in attractive, densely populated, Metro-accessible, urban infill submarkets • 1.2M 1.4M 1.0M 0.1M 0.3M - CONSTRUCTION SF Substantial potential growth prospects through lease-up, high-quality development pipeline and embedded infill land bank • Efficient capital allocation capabilities poised to fund growth • One of the Top Consistent Performing Closed -End Private Real Estate Fund Managers since 2011 Multi-generational management team with proven track record, extensive experience and substantial economic alignment • National Developer of the Year (2012) Sustainable Development Award (2014) Note: Peer set data as of 3/31/2016 per latest SEC filings . (1) Statistics shown at pro rata share. (2) For VNO, BXP and PGRE, shows Washington, DC segment data. 5

P r o v e n S t e w a r d s o f C a p i t a l TRACK RECORD OF OUTSIZED RISK-ADJUSTED RETURNS IN THE WASHINGTON, DC MARKET SINCE 1999 Over 250 INVESTMENTS $3.7B EQUITY RAISED 132 INVESTMENTS SOLD $1.1B EQUITY BASIS SOLD 36.6% GROSS LEVERAGED IRR 2.3x EQUITY MULTIPLE Estimated Leverage Number of Investments Equity Invested Average Hold Period Gross Levered IRR Equity Multiple JBG Opportunity Funds Vintage Equity Fund I 1999 $28M 75.2% 29 $29M 4.9 35.6% 5.0x Fund II 2002 $29M 72.6% 9 $22M 4.2 41.3% 3.4x Fund I I I 2002 $210M 64.6% 15 $116M 4.2 46.2% 4.3x Fund IV 2004 $250M 66.1% 14 $157M 4.4 31.8% 2.3x Fund V 2005 $528M 58.9% 30 $434M 2.6 39.6% 1.6x Fund VI 2007 $600M 63.2% 18 $165M 5.2 2.8% 1.2x Fund VI I 2008 $576M 55.9% 13 $87M 4.1 36.9% 3.6x Fund VIII 2011 $753M 55.6% 4 $75M 3.1 34.8% 2.3x Fund IX 2014 $680M – – – – – – Note: There can be no assurance that the combined company will be able to replicate the performance achieved by the JBG funds with respect to the historical gross levered IRRs and equity multiples achieved by the JBG funds with respect to realized investments. The historical gross levered IRRs and equity multiples do not reflect the impact of carried interests or asset management fees, as applicable, paid to JBG or cash based general and administrative expenses we would expect the combined company to incur in the future in connection with the operation of these assets. 6 AGGREGATE (I - IX)-$3.7B59.7%132$1.1B4.136.6%2.3x R E A L I Z E D I N V E S T M E N T S O P P O R T U N I T Y F U N D S

J B G S t r a t e g y - W h a t M a k e s U s D i f f e r e n t PURE-PLAY  URBAN MIXED-USE P P P P P Concentrate investment in urban submarkets in path of growth with sustainable long -term advantages Execute “Placemaking™” strategy through dedicated mixed-use teams to generate premium asset values Target investments with asymmetric risk profiles that provide substantial upside and limited downside Focus on risk-adjusted returns and efficient capital allocation with opportunistic use of joint ventures Collaborative culture with broad ownership participation and focus on investor alignment 7

N e w Yo r k C i t y E x p a n s i o n a S t r a t e g i c a n d L o g i c a l S t e p f o r J B G NYC Expansion Has Been in the Works • JBG has been planning an expansion to NYC for over 2 years Near-term Opportunities • Logical extension of JBG’s urban mixed-use history and skill set • Internalization of asset and property management • NYC offers complementary market to Washington, DC • 1440 Broadway repositioning and lease-up We Have the Platform and Skill Sets to Compete in NYC • The NYRT portfolio consists of stable and well -located assets that provide immediate scale to support a full local team and a strong base for expansion • Capitalization of Worldwide Plaza option Long-term Opportunities • JBG’s differentiated business model distinct from major NYC competitors Submarkets in path of growth • Clear Path to Integrate and Grow NYC Platform • Plan to retain and integrate local team Acquisition of undervalued properties with long-term redevelopment potential • • Current NYRT CEO Mike Happel expected to advise as consultant during transition • Intend to grow platform with similar mixed-use focus • Intend to deepen NYC relationships methodically over time 8

M u l t i - G e n e r a t i o n a l M a n a g e m e n t Te a m W i t h P r o v e n R e c o r d Years with JBG Years in Industry Management and Inside Directors Age Experience Executive Management Matthew Kelly Chief Executive Officer & Inside Director Has worked at The JBG Companies since 2004 and serves as a Managing Partner and a member of JBG’s Executive Committee and Investment Committee 43 12 18 James Iker Chief Investment Officer & Interim Chief Financial Officer Has worked at The JBG Companies since 2002 and serves as a Managing Partner and a member of JBG’s Executive Committee and Investment Committee 43 14 21 David Paul President & Chief Operating Officer Has worked at The JBG Companies since 2007 and serves as a Managing Partner and a member of JBG’s Executive Committee and Investment Committee 53 9 25 Has worked at The JBG Companies since 1986 and serves as a Managing Partner and a member of JBG’s Executive Committee and Investment Committee Brian Coulter Chief Development Officer 56 29 31 Inside Directors(1) Has worked at The JBG Companies since 1979 and serves as a Managing Partner, a member of JBG’s Investment Committee and Chair of JBG’s Executive Committee. Board Member of the CoStar Group since 2008 Michael Glosserman Co-Chairman of the Board 70 37 43 Has worked at The JBG Companies since 1988 and serves as a Managing Partner, a member of JBG’s Executive Committee and Chair of JBG’s Investment Committee Robert Stewart Co-Chairman of the Board 54 28 30 (1) Matthew Kelly, Chief Executive Officer, will also serve as an inside director. 9 (2) Includes executive officers, inside directors and additional current JBG employees. Pro forma ownership percentages do not give effect to the incentive eq uity grants planned to occur shortly after closing. ~15% Management and Insider Ownership(2)

W e l l R e s p e c t e d B o a r d o f D i r e c t o r s Post-Closing Intent: Independent Directors Age Experience Cha i rman of North Island a nd Co-Founder of Silver La ke. Serves a s i ndependent di rector of AT&T a nd Na sdaq, I nc. a nd director of the Federa l Res erve Ba nk of New York a nd a s Vi ce Chairman of the Brookings Institution a nd the Economic Cl ub of New York Glenn Hutchins Lead Independent Director 60 Michael Barnello Independent Director Pres i dent a nd Chief Executive Officer of La Salle Hotel Properties (NYSE: LHO) s i nce 2009 50 Former Ma naging Di rector, Real Es tate & Al ternative I nves tments, for General Motors I nvestment Ma nagement Corporation from 2005 to 2015 a nd Portfolio Ma na ger since 1986. Serves as a n Independent Director of Sunstone Hotel Inves tors, Inc. (NYSE: SHO) a nd Gramercy Property Trust (NYSE: GPT) Jamie Behar Independent Director 59 Scott Estes Independent Director Executi ve Vi ce President a nd Chief Financial Officer of Welltower I nc. (NYSE: HCN) s i nce 2009 45 Ya l e Uni versity Investments Office s ince 1990, Di rector of Real Assetsa nd overs ees the Endowment’s rea l esta te portfolio. Current board member of Ki mpton Group Holdings and former director of Acadia Realty Trust (NYSE: AKR) Alan Forman Independent Director 50 Current Cha irman of the New York REI T Boa rd a nd non-Executive Chairman of Hea l thcare Trust, I nc. s ince 2015. Formerly President of the Greens pun Corporation, which i ncluded real es tate owner/developer American Neva da Compa ny. Former President of Wynn Devel opment a t Wynn Res orts Ltd. Randolph Read Independent Director 63 10 Board of Directors designed for best -in-class Corporate Governance and Stockholder Alignment Majority Independent  Non-staggered Board  100% Stock Compensation Stockholder Friendly Anti-Takeover Provisions Intend to Opt-Out of MUTA 

Combined Company Overview

P r o F o r m a C a p i t a l i z a t i o n As of 3/31/2016 Pro Forma $9.77 (2) $9.77 $9.77 170.7 319.9 490.6 $1,668.1M $3,125.5M $4,793.6M $1,282.3M $2,483.5M $3,765.8M (100.2) (50.6) (150.8) $1,182.1M $2,432.9M $3,615.0M $2,850.2M $5,558.4M $8,408.6M 41% 44% 43% Note: Data shown at pro rata share. (1) (2) (3) Pro forma Total Enterprise Value does not include $142M of additional equity to be invested (including operating cash flow) between 3/31/16 and closing. NYRT Current Share Price used as a proxy for JBG’s standalone Equity Market Capitalization. There can be no assurance that JB G’s Equity Market Capitalization would be based on NYRT’s Current Share Price. Total Debt includes pro rata share of property-level debt. Note: excludes the effect of the intended new credit facility of $1.0 B which will be used to pay transaction costs, refinance certain property-level debt and NYRT’s existing term loans and revolving credit facility. 11 Net Debt / TEV Total Enterprise Value ("TEV") Net Debt Total Debt (3) Less: Cash and Cash Equivalents Equity Market Capitalization Stock Price (As of close on 5/24/2016) x Fully Diluted Shares Outstanding (in millions) Combination(1) JBG Standalone NYRT Standalone

C o m b i n e d P o r t f o l i o H i g h l i g h t s SCALE AND DIVERSITY TO COMPETE WITH BEST-IN-CLASS OPERATORS IN GATEWAY MARKETS 18 = + 100% SUBMARKETS (1) (2) (3) (4) (5) Excludes Viceroy Hotel. Calculation excludes assets held for redevelopment. Assumes completion of all construction and pre-development projects . Assumes portfolio stays static other than the completion of the construction and pre-development assets. Estimated potential density at pro rata share. 12 OPERATING (1) ASSETS 100% PRIME NYC BUILT/RENOVATED SINCE 2005 EMBEDDED FUTURE GROWTH PIPELINE IN (5) 15M SF LAND BANK IN 2020 (4) 92 OPERATING ASSETS 11YRS AVERAGE AGE OPERATING CONST./PREDEV (3) 72+20 ASSETSASSETS (2) 79%98% BUILT/RENOVATEDINSIDE THE SINCE 2005BELTWAY OR METRO-SERVED New York City Washington, DC

S t r o n g C o m b i n e d F o o t p r i n t i n T w o G a t e w a y M a r k e t s STRATEGICALLY LOCATED ASSETS IN THE PATH OF GROWTH NORTH ROCKVILLE 263K SF SHADY GROVE 586K SF MIDTOWN WEST 1.4M SF ROCKVILLE PIKE CORRIDOR 1.3M SF MIDTOWN EAST 81K SF MIDTOWN 43K SF GARMENT DISTRICT 268K SF TIMES SQUARE SOUTH 752K SF SILVER SPRING 342K SF TAKOMA 124K SF BROOKLAND/ FORT TOTTEN 124K SF BETHESDA 717K SF CHEVY CHASE 25K SF CHELSEA 447K SF GREENWICH VILLAGE 33K SF RESTON 1.4M SF MCLEAN 170K SF UPTOWN 293K SF GEORGETOWN 545K SF RB CORRIDOR 888K SF TYSONS CORNER 19K SF U STREET/SHAW 467K SF NoMA 208K SF CAPITOL HILL 208K SF CBD 294K SF VIENNA 25K SF SOUTHWEST 438K SF TRIBECA 168K SF SOUTHEAST 2.1M SF NEW YORK CITY ANNANDALE 358K SF WASHINGTON, DC I-395 CORRIDOR 2.2M SF POTOMAC YARD 40K SF Portfolio concentrated on the West Side where tenant demand in Manhattan is prominent Portfolio concentration around transit-oriented centers with nearly 90% of SF Inside Beltway and/or Metro-served EISENHOWER AVE. 25K SF 13 Note: All statistics pro rata. Square footage shown for operating, under construction and pre-development assets. Brooklyn, LaPlata, P ikesville, Rt. 28 South/Chantilly and Woodbridge Not Shown (Off Map).

S i g n i f i c a n t l y I m p r o v e s S c a l e a n d D i v e r s i t y SCALE AND DIVERSITY TO COMPETE WITH BEST-IN-CLASS OPERATORS IN GATEWAY MARKETS NYRT Standalone(1) 18 JBG Standalone 72 Combination(1) 90 Tota l Operating Assets Tota l Operating SF(2) 3.2M 11.3M 14.5M Opera ting Portfolio Lea sed %(3) 96.3% 90.1% 91.4% SF Under Cons truction(2) / Pre-Lea s e % - / - 1.2M / 52.8%(4) 1.2M / 52.8%(4) Pre-Devel opment Pi pel ine (SF)(2) - 1.4M 1.4M La nd Pa rcels / Es ti mated Potenti a l Density (SF)(2) - / - 41 / 14.8M 41 / 14.8M DC Ret il 7% NYC Retail 5% NYC Retail 13% Retail DC 5% Multifamily DC Multifamily 21% 13% $115M Pro Rata NOI DC Office 45% $200M $315M Pro Rata NOI NOI by As set Type(5) Pro Rata NOI DC Office 72% NYC Office 32% NYC Office 87% NYC 37% $115M Pro Rata NOI $200M Pro Rata NOI $315M Pro Rata NOI NOI by Loca tion(5) DC 63% NYC 100% DC 100% Note: Data shown at pro rata except for leased and pre-leased portfolio statistics. (1) (2) (3) (4) (5) Data excludes Viceroy Hotel. SF shown at pro rata share. Occupancy as of March 31, 2016, inclusive of leases signed but not yet commenced. Weighted average calculation excludes multifamily assets. 1Q16 annualized NOI of office and stand-alone retail portfolios for NYRT including free rent and annualized adjusted historical asset-level 1Q16 NOI annualized for JBG, excluding management company. 14

S i g n i f i c a n t l y I m p r o v e s S c a l e SCALE TO COMPETE WITH BEST-IN-CLASS OPERATORS IN GATEWAY MARKETS Total Enterprise Value $35.0B $8.4B Standalone NYRT ESRT PGRE Pro Forma JBG Combination DEI SLG BXP VNO Source: Company SEC filings. Market data as of May 24, 2016. Note: TEV defined as Market Value + Debt + Preferred Stock + Minority Interest - Cash and Equivalents. Proportionate share of Jo int Venture debt and debt related to subsequent events included where appropriate and available. (1) Total Enterprise Value calculated as pro forma shares outstanding of 490.6M multiplied by NYRT closing share price of $9.77 on May 24, 2016 plus NYRT Net Debt of $1,182M and JBG Net Debt of $2,433M. 15 $30.6B $22.6B $10.8B (1) $6.7B $6.8B $2.9B Substantially increases scale to compete with high-barrier, gateway market-focused mid and large cap peers

W e l l - L e a s e d O f f i c e A n d R e t a i l O p e r a t i n g P o r t f o l i o P r o v i d e s B a s e l i n e S t a b i l i t y • 87% of pro forma property-level NOI during 1Q 2016 (approximately 13% from multifamily) • 93% pro forma leased with limited near term rollover • Average remaining pro forma lease term of 8.25 years • No tenant representing greater than 7% of Annualized Rent or Total SF (excluding the US Government which represents approximately 30% of Annualized Rent) Combined Company Top Office and Retail Tenants Combined Company Office and Retail Lease Expiration Schedule(1) Annualized Rent At Share ($000s)(2) Percent of Combined Annualized Rent(2) Total SF At Share (000s) % Combined Lease Expiration 6.0% 4.9% 6.1% 2.8% 5.6% Top 10 Tenants 1. 3,494 $127,565 29.6% 649 630 2. 302 29,273 6.8% SF in 000s 3. 401 19,330 4.5% 4. 215 14,884 3.5% 5. 203 12,102 2.8% 6. 144 8,916 2.1% 7. 159 7,916 1.8% 8. 103 5,379 1.2% 9. 161 4,810 1.1% 10. 60 4,658 1.1% 2016 2017 2018 2019 2020 Total Top 10 Tenants 5,241 $234,833 54.5% DC Office DC Retail NYC Office NYC Retail Source: Company Filings as of March 31, 2016 for NYRT. (1) SF shown at share. NYRT figures excludes Viceroy Hotel. (2) Top office and retail tenants by annualized rent on a combined basis. 16 520 590 296

W a s h i n g t o n , D C G r o w t h P r o s p e c t s SUBSTANTIAL POTENTIAL GROWTH THROUGH LEASE-UP, HIGH-QUALITY DEVELOPMENT PIPELINE AND EMBEDDED INFILL LAND BANK 2 3 1 Long-term Growth Contractual Near-term Growth Signed But Not Yet Commenced Leases Embedded Growth in Operating Portfolio Pre-Development Pipeline 46 s i gned but not yet commenced l eases 37 of thes e l ea s es are es timated to commence by Ma rch 31, 2017 ~$7M of potenti a l pro rata NOI(1) from pro ra ta contra ctual rent of ~$9M 12 pre-devel opment a ssets, 6 of whi ch wi ll be i n a pos i tion to commence construction by March 31, 2017 Rema i ni ng pro rata cost to complete of ~$680M ~$67M of potenti al pro rata NOI(6) 8 recentl y a cquired / del ivered / renovated a s s ets a re ~55.6% leased(3) 10 s ta bilized a ssets wi th embedded growth opportunity currently are ~79.5% l eased(3) ~$15M of potenti al pro rata NOI from potential pro ra ta rent of ~$17M(4) Pro ra ta cost to s ta bilize of ~$16M • • • • • • • • • • Burn off of Abatements Delivery of Assets Under Construction Land Bank Contra ctual pro rata NOI of ~$13M from the burn-off of free rent(2) 41 future devel opment land pa rcels wi th an es ti ma ted potential density of ~15M pro ra ta SF JBG ma na gement’s es timated pro ra ta value of $391M 8 a s s ets under construction a nd inside the Bel twa y a nd/or Metro s erved Rema i ning pro rata cost to complete of ~$392M ~65% of offi ce pi peline is pre-leased, with ~$14M of potenti al pro rata NOI from pro rata contra ctual rent of $21M(5) ~$35M of potenti al pro rata NOI, excluding pre-l ea s ed office(6) • • • • • • • Note: Information as of March 31, 2016. Lease-Up Disclaimer: This information is based on JBG’s estimates and assumptions. There can be no assurance that the actual amo unt of potential incremental annualized rent from lease up opportunities generated by the relevant assets will not be substan tially lower. The ability to achieve these lease percentages and rental rates may be adversely affected by an increase in supply or deterio ration in the office, retail or multifamily market, competition, difficulties attracting new tenants or retaining existing tenan ts and other factors. Construction/Pre-Development Disclaimer: This information is based on target yields and other estimates made by JBG for assets planned for redevelopment, construction assets and pre-development assets. There can be no assurance that the actual amount of NOI generated by the relevant assets will not be substantially lower based on numerous other factors, including delays or difficu lties in leasing and stabilizing these assets, failure to obtain estimated occupancy and rental rates, inability to collect anti cipated rental revenues, tenant bankruptcies and unanticipated expenses at these assets that cannot be passed on to tenants. Land Bank Disclaimer: This information is based on JBG’s estimates and assumptions. There can be no assurance that the actual density will not be substantially lower based on numerous factors, including the inability to obtain necessary zoning, land use and other required entitlements, as well as building, occupancy and other required governmental permits and authorizations and changes in the entitlement, permitting and authorization processes that restrict or delay the ability to develop, redevelop or use the l and bank at anticipated density lev els. The estimated value contemplates estimates of any entitlement costs, option payments, ground l ease payments or other costs required to access the estimated potential density. (1) Represents base rent before abatements and straight line rent adjustments, plus estimated tenant reimbursements for the month in which the lease commences, multiplied by twelve. Triple net leases are converted to a gross basis by adding estimated tenant reimbursements to base rent. Assumes 65% NOI margin on 16th & I Street and 90% NOI margin on remaining leases. Represents contractual rent abatements in the three months ended March 31, 2016 multiplied by four. Weighted av erage percent leased based on total RSF. (4) Incremental rent from lease up from percentage leased as of March 31, 2016 to weighted average submarket percentage leased at weighted average submarket rent per SF for office, comparable competitive set leased and competitive set rent per unit for multifamily, or weighted average submarket percentage leased at in-place rent for retail assets and 90% NOI margin. Assumes 65% NOI margin on CEB Tower at Central Place. Represents pro rata share of NOI based on the midpoint of the targeted NOI yield on construction and pre -development properties at stabilization. Office NOI excludes space contractually pre -leased as of March 31, 2016. (5) (6) 17 (2) (3)

W a s h i n g t o n , D C G r o w t h P r o s p e c t s ( C o n t ’ d ) SUBSTANTIAL POTENTIAL GROWTH THROUGH LEASE-UP AND HIGH-QUALITY DEVELOPMENT PIPELINE 1 • 2 3 Contractual In addition to the below, the majority of JBG’s non -GSA office and retail leases, and JBG’s largest GSA lease, contain contractual rent escalators ranging from 2.0% - 3.0% per annum Near-term Growth Long-term Growth $466M $67M $7M $315M CEB Tower ($14M) $200M Office ($68M) $115M Annualized 1Q16 Combined Property NOI Signed Leases Commencing after 1Q16(3) Burnoff of Abatements(4) Forward Contractual Property NOI Embedded Growth (5) NOI from Assets NOI from Assets in Future Property NOI Potential Under Construction(6) (7) Pre-Development Pipeline (8) Note: Number may not add due to rounding. Table is illustrative of potential future NOI growth in the JBG portfolio based on va rious assumptions, including those set forth on this page. This illustration assumes a static portfolio other than the comple tion of construction and pre-development assets. Among other factors that are not accounted for in this illustration are future abatements, lease terminations or non-renewals and asset sales. As disclosed elsewhere, out business plan is to sell between $1.5 - $2.0B of assets. Property -Level NOI Growth Estimates Disclaimer: The estimated growth in Property -Level NOI is based on J BG management’s estimates as to growth in its Property-Level NOI. This information is not an historical fact and should not be relied upon as being nece ssarily indicative of future results. The estimates are based on numerous assumptions that may not be accurate, including assumptions as to Property-Level NOI that will be generated from lease-up opportunities, assets under construction or redevelopment, assets for which development has been planned but not yet commenced and the land bank. These assumptions may prove to be wrong. The estimates are also based on the assumption that there will not be any property sales, although the combined company expects to make certain asset sales as part of its deleveraging strategy. Important factors that may cause actual Property-Level NOI to be substantially lower than the growth in Property-Level NOI estimated and assumed by JBG include, but are not limited to, risks and uncertainties relating to JBG and other factors described in the risk factors included as Exhibit 99.4 to the Company’s Curre nt Report on Form 8-K filed with the SEC on May 25, 2016. The estimates also reflect assumptions as to certain business decisions t hat are subject to change. As a result, actual results may differ materially from those contained in the estimates. Accordingly, there can be no assurance that the estimates will be realized. (1) Adjusted historical asset-level NOI for the three months ended March 31, 2016 at J BG’s pro rata share based on JBG’s ownership percentage as of March 31, 2016 multiplied by four. 1Q16 annualized Cash NOI of office and stand-alone retail portfolios for NYRT including free rent. Excludes Viceroy Hotel. Represents base rent before abatements and straight line rent adjustments, plus JBG’s estimated tenant reimbursements for the month in which the lease commences, multiplied by twelve. Triple net leases are converted to a gross basis by adding J BG’s estimated tenant reimbursements to base rent. Assumes 65% NOI margin on 16th & I Street and 90% NOI margin on remaining leases. Represents contractual rent abatements in the three months ended March 31, 2016 multiplied by four. Incremental rent from lease up from percentage leased as of March 31, 2016 to weighted average submarket/comp set percentage leased at weighted average comp set/in-place rent per SF and 90% NOI margin. Includes $7.9M of Office, $6.1M of Multifamily and $1.4M of Retail NOI growth. (6) Represents pro rata share of NOI based on the midpoint of the targeted NOI y ield on construction and pre-development assets at stabilization. $12.9M of Office, $19.2M of Multifamily and $3.2M of Retail NOI growth. Assumes 65% NOI margin on CEB Tower at Central Place. Includes $14.1M of Office NOI growth. Represents pro rata share of NOI based on the midpoint of the targeted NOI y ield on construction and pre-development assets at stabilization. $33.4M of Office, $31.8M of Multifamily and $1.3M of Retail NOI growth. Includes J BG’s estimated cost to stabilize for operating portfolio as well as remaining cost to complete for construction and pre-development portfolio. More details can be found on page 29. (2) (3) (7) (8) 18 (4) (5) (9) Property-Level Net Operating Income (NOI) $49M $13M$335M$15M JBG $351M JBG $220M (7) 65% Pre-leased Product Type (NOI Growth) (6) (7) Multifamily ($57M) Retail ($6M) Total Estimated Cost to Stabilize ($1,088M) (9) JBG (1) NYRT (2) $115M NYRT (2) $115M NYRT (2)

W e l l - L o c a t e d L a n d B a n k a n d O t h e r O p p o r t u n i t i e s S u p p o r t L o n g - t e r m G r o w t h 1 ROCKVILLE PIKE CORRIDOR $29.5M 2 standing relationships provides access to a pipeline of SILVER SPRING $32.7M 3 RESTON $98.2M TYSONS CORNER $61.9M 4 WASHINGTON, DC $96.2M RB CORRIDOR $4.4M BRANCH AVENUE CORRIDOR $578K POTOMAC YARD $50.7M I-395 CORRIDOR $16.3M ALEXANDRIA $489K Land Bank Disclaimer: This information is based on JBG’s estimates and assumptions. There can be no assurance that the actual density will not be substantially lower based on numerous factors, including the inability to obtain necessary zoning, land use and other required entitlements, as well as building, occupancy and other required governmental pe rmits and authorizations, and changes in the entitlement, permitting and authorization processes that restrict or delay the ability to develop, redevelop or use the land bank at anticipated density levels. The es timated value contemplates estimates of any entitlement costs, option payments, ground lease payments or other costs required to access the estimated potential density. Note: Woodbridge (Prince William County) assets not shown. 19 Land Bank Composition Pro Rata Pro Rata Estimate d Pote ntial Estimate d De nsity (SF) Value (1) Washington DC 3.0M $96.2M Virginia 8.9M 232.2M Maryland 2 .9 M 6 2 .8 M Total 14.8M $391.2M Build-to-suit GSA Well positioned to capture build-to-suit GSA opportunities, with anticipated GSA lease expirations totaling 28.0M RSF over the next five years Opportunistically Pursue Acquisitions In-depth market knowledge and extensive network of long - attractive acquisition and investment opportunities Activate Substantial Land Bank Land Bank will continue to support incremental development activity well into the future and allows for substantial optionality and value creation LEGEND BUBBLE SIZE = JBG CONCENTRATION AT SHARE = CAPI TAL BELTWAY LAND ASSETS SHOWN

S t r a t e g i c C a p i t a l B u s i n e s s SIGNIFICANT THIRD-PARTY MANAGEMENT BUSINESS PROVIDES STRATEGIC BENEFITS AND MEANINGFUL REVENUE OUT OF THE GATE 1 Strong institutional capital relationships provide access to private capital markets opportunistically Strategic capital business provides opportunity to access capital through potential joint ventures for deleveraging and to enhance returns 2 Allows company to achieve scale and efficiency in operating and development platform at minimal cost to the REIT 3 4 Diversified services platform and joint venture relationships provide predictable, stable income streams 5 Scale provides market knowledge, buying power and operating efficiencies across all product types 2015 Third-Party Revenue to the REIT By Service Type ($49.0M)(1) Misc. Income Strategic Capital Assets Under Management ($4.3B)(2) 7% Construction Management & Development Fees 30% Property Management & Leasing Fees 34% Legacy Fund Assets $1.8B REIT JV Partner Interest $2.5B Asset Management Fees 29% Note: Dollar in millions. 20 (1) (2) After eliminating fees earned for management of assets that will be acquired by NYRT in the combination transactions and that are expected to be consolidated in NYRT’s financial statements on a going forward basis . On the basis of cash received, fees earned for the management of assets on a pro rata basis would be $48.4M for the year ended December 31, 2015. Gross Asset Value (GAV) of JBG Legacy Fund Assets based on 4Q15 JBG Opportunity Fund Fair Market Value Reports, REIT Joint Venture Partner interest GAV based on Joint Venture Partner’s ownership share of Estimated Value.

P r o F o r m a D e b t S u m m a r y Secured vs. Unsecured Pro Rata Total Debt Pro forma Combination NYRT The JBG Companies Balance Sheet and Financial Highlights Unsecured 13% Unsecured 38% We expect to have a credit facility of $1.0B with an accordion feature of up to $500M, the closing of which is a condition to the closing of the combination (currently have a signed term sheet) • $3.8B $1.3B $2.5B Secured 62% Secured 87% Secured 100% Cash and Cash Equivalents: $100.2M $50.6M $150.8M Pro Rata Net Debt: $1.2B $2.4B $3.6B We intend to use the facility to fund transaction costs and refinance certain secured debt to support an unencumbered asset base • (1) Debt Maturity Schedule $1,616M Wholly Owne Consolidated Non-Consolidated JV In addition, we have $304M of capacity on 8 existing construction lines providing additional liquidity to fund our growth • Term Loans Revolver Total Outstanding: We intend to use asset sale proceeds to delever the balance sheet and provide further liquidity • 2016 2017 2018 2019 2020 Thereafter # of Loans Maturing: 12 23 8 6 6 24 Note: Above tables are based on credit limits under loans as of March 31, 2016. 21 Note: Dollars in millions. All figures at share, reflects pro rata share of joint venture assets. Balances as of March 31, 2016. Bars reflect current funded amounts at initial maturity date and do not reflect interim amortization. (1) Excludes new credit facility of $1.0B which will be used to pay transaction costs, refinance certain property -level debt and NYRT’s existing term loans and revolving credit facility. d JV $781M $327M $540M $386M $115M

P a t h w a y To w a r d Ta r g e t L o n g - t e r m C o n s e r v a t i v e B a l a n c e S h e e t Net Debt / LQA EBITDA (~43% Net Debt / TEV) 11.0x - 12.0x 2.0x - 2.5x Adjusted: Est. Net Debt / EBITDA (At Close) (2) Asset Sales Organic Growth & Delivery of Development Pipeline (3) Target Net Debt / EBITDA PATHWAY TO CONSERVATIVE BALANCE SHEET 18 - 24 Month Target 36 - 48 Month Target (1) (2) 22 (3) Development adjusted multiple assumes allocation of debt at 50% of historical cost on development and other non -stabilized assets and adjustment of corresponding NOI. Assumes pre-closing sale of the Viceroy Hotel and 1100 Kings Highway. Represents impact of incremental EBITDA net of incremental spend to fund growth and development. 2.0x - 2.5x 7.0x - 8.0x Development 9.5x - 10.5x (1) • Our strategy is to reallocate capital across our portfolio to deleverage and provide balance sheet capacity to maximize risk-adjusted returns for investors • We intend to sell non-core assets that present attractive valuations in the private market • We intend to partner strategically with private capital to reduce our capital commitments while retaining growth in select build-to-core developments • Assumed to occur with no equity issuances Planned asset sales and joint ventures of both NYRT and JBG assets post-combination will allow us to retire debt and significantly increase balance sheet capacity to fund future growth

C l e a r P a t h w a y To w a r d Ta r g e t C o n s e r v a t i v e B a l a n c e S h e e t Possible Sale Viceroy Hotel NYC Retail Possible Recapitalization 23 Build-to-Core Office Build-to-Core Multifamily Select Office / Multifamily Suburban Class B Residential Suburban GSA Office Suburban Non-Core Retail Select Office / Multifamily OVER $3B OF LIQUID “CHOICES” • We intend to target sales of assets that are not core to our mixed-use Placemaking™ strategy or in key growth submarkets • We may look to recapitalize assets in our development pipeline in order to de -risk and maintain balance sheet flexibility while retaining upside • We may potentially recapitalize assets in the portfolio that we believe present the lowest go-forward risk-adjusted returns • We expect to provide investors with further detail regarding our deleveraging plans in the coming months Goal of monetizing $1.5 - $2.0B of assets will help reach targeted leverage of 7.0x - 8.0x EBITDA while maintaining sufficient scale to achieve investment objectives

S t r a t e g i c P l a n - K e y P r i o r i t i e s LASER FOCUSED ON NEAR-TERM PRIORITIES WITH EMBEDDED CAPABILITIES AND OPPORTUNITIES TO DRIVE LONG-TERM VALUE CREATION 1 Integrate operations and culture 2 Strengthen and delever balance sheet via non -core asset sales and strategic recapitalizations to achieve target leverage of 7.0x - 8.0x 3 Execute on high-quality, Washington, DC growth pipeline 4 Extend DC competitive advantages in urban infill, mixed -use to the NYC market 5 Pursue longer-term growth opportunities, including maximization of substantial land bank and value -enhancing acquisitions in both DC and NYC 24

P l a t f o r m I n t e g r a t i o n a n d N e w Yo r k C i t y S t r a t e g y WELL-DEFINED NEAR-TERM INTEGRATION PLAN AND MEDIUM-TO LONG-TERM STRATEGY IMMEDIATE (3 - 6 months) Todd Rich (JBG Partner in Investments group) will lead integration efforts and will be based in NYC office • Todd built an asset management and investments platform in his previous career with Tishman Speyer and has experience in the New York metro area Maintain a dedicated New York City office presence with the existing New York REIT on-the-ground management and investments team remaining in place asset Integrate New York City asset level accounting and financial reporting into JBG infrastructure SHORT - MEDIUM TERM (12 - 18 months) Build NYC-based in-house property management capability to internalize property management MEDIUM - LONG TERM (18+ months) Build NYC-based in-house development and leasing capability to enhance ability to pursue new opportunities LONG TERM Our investment goal over time is to build similar scale to our DC business across a mix of product types and with a similar strategy • Apply mixed-use expertise and Placemaking™ approach to drive long -term value creation, with a focus on urban infill assets 25

T r a n s a c t i o n C o n c l u s i o n s 1 Intend to have best-in-class REIT featuring portfolio in prime high -barrier markets of New York City and Washington, DC 2 Significant management ownership and intended best -in-class corporate governance aligns stockholders with management team 3 Complementary portfolios with well-occupied, long-term leased New York REIT assets matched with higher growth JBG Washington, DC assets 4 Significant near-and long-term embedded growth opportunity via what we believe are attractive JBG development platform and pipeline 5 Scale and additional flexibility for capital allocation within the combined portfolio 26

Appendix

J B G P u b l i c M a r k e t R a t i o n a l e STRATEGIC COMBINATION POISED TO MAXIMIZE FUTURE GROWTH JBG’s Strategic Goals Have Led it to the Public REIT Format P Permanent capital base to exploit JBG’s multi-phase Placemaking™ strategy without limitations of a closed-end fund structure P P Access to the most efficient equity and debt sources to capitalize on expanding opportunity set in DC and NYC Substantially improves alignment between management team and investors Combination Achieves Strategic Goals of Accessing Public Market and Expansion of Platform to New York City P P P 27 Provides significant scale that will support a fully integrated platform Provides platform and low-risk, core asset base in NYC to methodically expand Placemaking™ strategy Superior alternative for existing JBG equity holders to a dilutive equity issuance through an IPO

J B G I m p l i e d V a l u e B u i l d - Up Share Price: (1) Total Shares to JBG: $9.77 - $12.50 319.9M Implied Equity Value: Plus: Net Debt: (2) Less: Other (Assets) / Liabilities: (3) Implied Gross Asset Value: Less: Value of Strategic Capital Business (3.0x - 7.0x Revenue) : (4) Less: Land Bank: (5) Implied Gross Real Estate Value: Implied Gross Real Estate Value: Stabilized NOI: (6) (Cost to Stabilize): Implied Cap Rate/Yield: (7) Value Disclaimer: The values shown in the table represents JBG management’s estimate of the values of its properties and asse ts and is based on numerous assumptions, some of which are set forth herein. These assumptions may prove to be wrong. The assessment of fair value is subjective in that it involves estimates and can be calculated using various methods. Accordingly, there can be no assurance that the values set forth herein represent the actual value of JBG’s assets or the amount that coul d be realized on a sale of those assets. Property -Level NOI Growth Estimates Disclaimer: The estimated growth in Property -Level NOI is based on J BG management’s estimates as to growth in its Property-Level NOI. This information is not an historical fact and should not be relied upon as being necessarily indicative of future results. The estimates are based on numerous assumptions that may not be accurate, including assumptions as to Property-Level NOI that will be generated from lease-up opportunities, assets under construction or redevelopment, assets for which development has been planned but not yet commenced and the land bank. These assumptions may prove to be wrong. The estimates are also based on the assumption that there will not be any property sales, although the combined company expects to make certain asset sales as part of its deleveraging strategy. Important factors that may cause actual Property-Level NOI to be substantially lower than the growth in Property-Level NOI estimated and assumed by J BG include, but are not limited to, risks and uncertainties relating to JBG and other factors described in the risk factors incl uded as (1) Share Price based on a range from NYRT closing price as of $9.77 on May 24, 2016 to Research Analyst "Consensus NAV" of $12.50/Share, calculated as an average of $13.06/Share, $12.13/Share and $12.31/Share NAV research estimates from JMP Securities, Evercore ISI and SunTrust Robinson Humphrey, respectively, per SNL Financial. JBG Net Debt includes pro rata share of property -level debt and $51M of cash and cash equivalents. JBG other (assets) / liabilities includes $142M of additional equity to be invested (including operating cash flow) between 3/31/16 and closing, $35M of net tangible assets and capitalized value of JBG’s pro rata share of 9 months ended December 31, 2016 annualized ground rent expense at 5.0% cap rate. Based on year ended December 31, 2015 revenues of $49.0M, after eliminating fees earned for management of assets that will be acquired by NYRT in the combination transactions and that are expected to be consolidated in NYRT’s financial statements on a going forward basis. On the basis of cash received, fees earned for the management of assets on a pro rata basis would be $48.4M for the year ended December 31, 2015. Represents JBG management's estimate of value as of March 31, 2016. The value contemplates management’s estimate of any entitlement costs, option payments, ground lease payments or other costs required to access the estimated potential density. JBG 1Q16 annualized NOI used for operating assets plus incremental NOI from lease -up for current vacancy. Construction and pre-dev elopment assets stabilized NOI calculated as the midpoint of the targeted NOI yield range multiplied by total cost per Exhibit 99.3 to the NYRT Current Report on Form 8-K, filed with the SEC on May 25, 2016. Assumes 50bp yield premium over operating cap rate for construction assets and 100bp yield premium for pre -development assets. (2) (3) (4) (5) (6) 28 Exhibit 99.4 to the Company’s Current Report on Form 8-K filed with the SEC on May 25, 2016. The estimates also reflect assumptions as to certain business decisions that are subject to change. As a result, actual results may differ materially from those contained in the estimates. Accordingly, there can be no assurance that the estimates will be realized. (7) 6.6% - 6.0% 6.1% - 5.5% 5.6% - 5.0% $67M ($680M) $49M ($392M) $235M ($16M) Pre-Development $330M - $429M Construction $420M - $506M Operating $4,186M - $4,678M $4,936M - $5,613M ($391M) ($147M - $343M) COMPONENTS OF VALUE $5,474M - $6,347M ($84M) $2,433M $3,126M - $3,999M

JBG Portfolio Overview

J B G P o r t f o l i o V a l u e C o m p o n e n t s All statistics shown as of the three months ended March 31, 2016 and at JBG’s pro rata share, except percent leased and occup ied Incrementa l Rent from Signed, Not Potentia l Incrementa l Rent from Lea s e-Up to Subma rket % (6) 1Q16 Annua lized NOI (4) Commenced Lea s es (5) Es t. Cos t to Sta biliza tion (7) Annua lized Rent (3) As s ets RSF % Occupied % Lea s ed Ref. Pa ge 38 $223.7M $152.4M 6.7M 90.5% $7.7M 92.2% $8.8M $13.5M P 32 - 36 19 $68.7M $43.2M 3.8M 82.4% $0.2M 86.1% $6.8M --P 32 - 36 15 $22.3M $16.0M 0.8M 87.8% $1.0M 91.9% $1.6M $2.2M P 32 - 36 Weighted Avg. Sta biliza tion Qua rter (8) Es tima ted Sta bilized NOI (9) % Cons truction Complete (10) As s ets RSF % Pre-Lea s ed Cos t to Da te Cos t Rema ining Tota l Cos t Ref. Pa ge 1 4Q 2019 $27.0M 537K 65.0% $121.2M $219.7M $340.9M 25.8% P 37 - 38 4 3Q 2018 $19.2M 573K --$134.8M $130.0M $264.8M 42.7% P 37 - 38 3 3Q 2018 $3.2M 66K 8.1% $21.7M $41.9M $63.7M 18.0% P 37 - 38 4 2Q 2021 $33.4M 655K --$89.4M $320.1M $409.5M --P 39 - 40 6 1Q 2020 $31.8M 736K 3.4% $65.6M $341.0M $406.6M --P 39 - 40 2 4Q 2020 $1.3M 40K 35.4% $14.2M $19.1M $33.2M --P 39 - 40 (1) (2) Includes Stabilized, Stabilized-Embedded Growth and Recently Acquired/Delivered/Renovated assets. Excludes incidental income contributing $1.0M of JBG share of 1Q16 annualized adjusted historical NOI, before rent abatements. Base rent before rent abatements, plus tenant reimbursements for the quarter ended March 31, 2016, multiplied by four. Triple net leases are converted to a gross basis by adding tenant reimbursements to base rent. JBG share of annualized adjusted historical NOI, before rent abatements. Represents base rent before abatements and straight line rent adjustments, plus JBG’s estimated tenant reimbursements for the month in which the lease commences, multiplied by twelve. Triple net leases are converted to a gross basis by adding J BG’s estimated tenant reimbursements to base rent. (6) Calculated as the product of incremental SF available for lease up to the submarket percentage leased and weighted average competitiv e set rent per SF. Excludes potential revenue from leases signed but not commenced. Source: J LL. Represents submarket average tenant improv ement allowance and typical tenant representation commission as estimated by JLL. Tenant improvement allowance figures based on lease comparables within the designated submarket for relocations of 10 years or longer, excluding renewals and subleases. JBG management’s estimate of quarter in which properties reach 90% occupancy, weighted by estimated stabilized NOI. Represents the midpoint of J BG estimated targeted NOI yield multiplied by estimated total cost. Calculated as the cost to date excluding land value divided by the total cost excluding land value. (7) (3) 29 (4) (8) (9) (10) (5) Retail Multifamily Office Pre-Development Portfolio Retail Multifamily Office Construction Portfolio Retail Multifamily Office ( 2) Operating Portfolio(1)

J B G P o r t f o l i o V a l u e C o m p o n e n t s ( C o n t ’d ) All statistics shown as of the three months ended March 31, 2016 and at JBG’s pro rata share Es tima ted Es t. Potentia l Dens ity (2) As s ets Va lue (1) % Office (3) % Multifa mily (3) % Reta il (3) Ref. Pa ge 10 $96.2M 3.0M SF 43.7% 49.2% 7.1% P 19, 41 20 $232.2M 8.9M SF 37.7% 56.2% 6.1% P 19, 41 11 $62.8M 2.9M SF 40.7% 52.5% 6.8% P 19, 41 • $49.0M i n revenue ea rned i n thi rd pa rty fees from a s s ets under ma na gement (4) P 20 • Pro Ra ta Net Debt of $2,432.9M P 11, 28 • • • $142.0M Addi ti ona l Inves ted Ca pi ta l (5) $35.0M i n net ta ngi bl e a s s ets / (l i a bi l i ti es ) (6) $4.6M of ground rent per yea r (7) (1) Represents J BG management's estimate of value as of March 31, 2016. The value contemplates J BG management’s estimate of any entitlement costs, option payments, ground lease payments or other costs required to access the estimated potential density. As these costs are incurred, the value may increase. Reflects JBG management’s estimate of developable SF based on its current business plans as of March 31, 2016. JBG management ’s estimates of potential densities are not, in all cases, the estimated maximum density, but rather are based on various factor s, including market demand and current business plans. The estimated densities also are subject to final plan approvals by the relevant governmental authority in which the project is located. As a result of these densities being based on JBG management’s p lans and final governmental approval, JBG management cannot provide any assurances that the outlined allowable densities will be a chieved. JBG’s land bank includes 11 parcels attached to JBG’s existing operating assets that would require a redevelopment of approximately 532,000 office and/or retail SF and 1,160 multifamily units in order to access approximately 7.2M SF of total e stimated potential density. Represents the percent of JBG’s estimated potential density to be developed by asset class under current business plans as of March 31, 2016. Rev enue based on third parties and joint ventures that are expected not to be consolidated post-combination. Additional equity to be invested (including operating cash flow) between 3/31/2016 and closing. Net tangible assets / (liabilities) $85.6M, excluding cash of $50.6M. J BG’s pro rata share of 9 months ended December 31, 2016 annualized ground rent expense. (2) (3) (4) (5) (6) 30 (7) Other Assets / Liabilities Net Debt Strategic Capital Business MD VA DC Land Bank

J B G ’ s B e s t - In - C l a s s P o r t f o l i o A c r o s s M a j o r A s s e t C l a s s e s PREMIER PORTFOLIO OF DIVERSIFIED, HIGH-QUALITY ASSETS IN ATTRACTIVE SUBMARKETS Portfolio Composition by Asset Class Operating Retail 7% Construction / Pre-Development Retail 4% Total Retail 7% Multifamily 37% Multifamily 34% 11.3M Pro Rata SF 2.6M Pro Rata SF 13.9M Pro Rata SF Office Multifamily Office 46% Office 56% 59% 50% Portfolio Composition by Location Operating Outside the Beltway 13% Construction / Pre-Development Total Outside the Beltway 11% Outside the Beltway-Metro 17% Outside the Beltway-Metro 3% Outside the Beltway 2% Outside the Beltway-Metro 20% 11.3M Pro Rata SF 2.6M Pro Rata SF 13.9M Pro Rata SF Inside the Beltway 95% Inside the Beltway 67% Inside the Beltway 72% 31 Note: Statistics exclude covered land assets. • Assets a re prima rily loca ted in densely popula ted urba n infill subma rkets tha t exhibit: • High ba rriers to new development due to limited a va ilable la nd a nd/or entitlement constra ints • Fea ture a high degree of wa lka bility • Strong clusters of nea rby a menities • 79% of opera ting RSF wa s built or renova ted since 2005 • Over the pa st five yea rs, JBG’s subma rkets ha ve experienced a n 8.4% increa se in a sking rents for mid/high-rise units compa red to a 2.8% rise in other DC Metro subma rkets • Strong, creditworthy tena nt ba se. GSA equa ls a pproxima tely 51% of JBG’s sha re of a nnua lized rent of its office a nd reta il portfolio

O p e r a t i n g A s s e t s - O v e r v i e w • 72 assets primarily located within urban infill and transit-oriented environments Retail 8% • Approximately 87% of operating portfolio and is located inside the Beltway and/or in Metro-served locations Most attractive submarkets of the DC metro area, one of the highest barrier-to-entry markets in the United States Fully stabilized portfolio 96% leased Multifamily 20% • Pro Rata NOI $211.5M ( 1) • • Business strategy is to invest in assets that by virtue of location, physical quality, amenities or other specific features, will possess a sustainable ability to outperform the competition and maintain high occupancy levels through all market cycles, attract high -quality tenants and appeal to a broad range of buyers when offered for sale Office 72% 16th & I Street Washington, DC Dept. of Transportation Washington, DC 5600 Fishers Lane (GSA) Rockville, MD Atlantic Plumbing Washington, DC (1) JBG share of annualized adjusted historical NOI, before rent abatements. Excludes incidental income contributing $1.0M of JB G share of 1Q16 annualized adjusted historical NOI, before rent abatements. 32

O p e r a t i n g A s s e t s - D a t a (2) Source: Exhibit 99.3 to the NYRT Current Report on Form 8-K, filed with the SEC on May 25, 2016, pages 42, 44 and 46. Note: Table shown at 100 percent share, except as noted pro rata. (1) (2) Percent leased, percent occupied and rent per square feet metrics are calculated at 100 percent share. Annualized adjusted historical asset-level NOI, before rent abatements. Excludes incidental income contributing $1.0M of JBG sha re of 1Q16 annualized adjusted historical asset-level NOI, before rent abatements. 33 1Q 2016 Pro RataPro RataAnnualizedAnnualizedAnnualized Number ofRentable Number ofPercent Percent Rent Rent Per NOI (1) (1) (1) (2) Assets Square Feet Units Leased Occupied ($000s) Square Foot ($000s) Office Sta bi l i zed274,889,36296.8% 96.5% $280,627$35.19 $163,650 Embedded Growth Opportuni ti es91,696,26480.2% 78.1% 10,64638.99 37,851 Recentl y Acqui red/Del i vered/Renova ted2109,56475.0% 50.3% 7,65342.94 4,615 Pro Rata 1Q 2016 Annualized NOI ($000s) $121,428 30,476 456 Total Operating Office 386,695,19092.2%90.5%$298,926$36.10$206,115 Multifamily Sta bi l i zed - Mi d/Hi gh-Ri s e4171,22521193.7% 89.7% $26,738$28.02 $20,942 Sta bi l i zed - Ga rden-Styl e113,211,9613,70595.7% 93.7% 64,20119.35 40,812 Recentl y Acqui red/Del i vered/Renova ted4445,67758548.4% 39.2% 9,53924.24 2,719 $152,360 $3,724 37,256 2,220 Total Operating Multifamily 193,828,8634,50186.1%82.4%$100,478$19.87$64,473 Retail Sta bi l i zed12710,83895.2% 91.7% $37,460$29.22 $26,060 Embedded Growth Opportuni ti es157,62366.5% 55.6% 1,20148.98 2,466 Recentl y Acqui red/Del i vered/Renova ted248,30464.1% 61.2% 1,61654.39 905 $43,200 $13,852 1,208 900 Total Operating Retail 15816,76691.9%87.8%$40,276$32.52$29,431 $15,960 Total Stabilized 548,983,3863,91696.1% 94.6% $409,026$29.53 $251,464 Total Embedded Growth Opportunities 101,753,887-79.5% 76.8% 11,84639.53 40,316 Total Recently Acquired/Delivered/Renovated 8603,54558555.6% 42.8% 18,80830.00 8,239 $176,260 31,684 3,576 Total/Weighted Average 7211,340,8194,50190.1%87.5%$439,680$31.21$300,019 $211,520

O p e r a t i n g A s s e t s - A d d i t i o n a l G r o w t h O p p o r t u n i t i e s - F u t u r e L e a s e s • 46 signed but not commenced leases totaling approximately $42.0M ($35.4M on a pro rata basis) of annualized rent, 37 of which are estimated to commence by March 31, 2017 • Office leases represent $32.6M ($29.4M on a pro rata basis) and retail leases represent $9.5M ($6.0M on a pro rata basis) Office - Signed but not Commenced Leases At JBG Share(1) At 100 Percent Share Estimated Lease Commencement Date Percent Ownership Estimated Lease Expiration Date Rentable Square Feet (2) Annualized Rent Office Asset Stabilized L'Enfa nt Pl a za Offi ce - North RTC - Wes t RTC - Wes t Artery Pl a za Artery Pl a za Cha s e Tower 6862 El m Street 11333 Woodgl en Dri ve Ros s l yn Ga tewa y - North Hungerford Pl a za Total 49.0% 100.0% 100.0% 100.0% 100.0% 10.0% 100.0% 18.0% 18.0% 100.0% Oct-16 Aug-16 Aug-16 Jun-16 Apr-16 Jul -16 Jun-16 Apr-16 Jun-16 Jun-16 Sep-26 Ma y-26 Jul -27 Ma y-26 Sep-16 Jun-24 Oct-21 Dec-23 Dec-21 Ma y-18 33,466 23,480 4,986 5,388 558 4,989 2,832 2,603 834 262 $1,476,682 817,772 191,972 275,606 8,376 193,374 94,797 72,884 32,882 6,104 79,398 $3,170,449 Recently Acquired/Delivered/Renovated 16th & I Street Total 71.9% Apr-16 Ma r-31 87,226 $7,774,453 87,226 $7,774,453 Total Operating 166,624 $10,944,902 Construction CEB Tower a t Centra l Pl a ce Total 100.0% Apr-18 Ma r-33 348,847 $21,628,514 348,847 $21,628,514 Total 515,471 $32,573,416 Source: Exhibit 99.3 to the NYRT Current Report on Form 8-K, filed with the SEC on May 25, 2016, page 54. (1) (2) Reflects our pro rata JBG share of Joint Venture assets. Represents base rent before abatements, plus tenant reimbursements for the month in which the lease commences, multiplied by 12. Triple net leases are converted to a gross basis by adding tenant reimbursements to base rent. 34 Rentable Square Feet 16,396 23,480 4,986 5,388 558 499 2,832 469 150 262 55,020 62,698 62,698 117,718 348,847 348,847 466,565 Annualized Rent (2) $723,504 817,772 191,972 275,606 8,376 19,337 94,797 13,119 5,919 6,104 $2,156,506 $5,588,265 $5,588,265 $7,744,771 $21,628,514 $21,628,514 $29,373,285

O p e r a t i n g A s s e t s - A d d i t i o n a l G r o w t h O p p o r t u n i t i e s - F u t u r e L e a s e s ( C o n t ’d ) Retail - Signed but not Commenced Leases At JBG Share(1 ) At 100 Percent Share Estimated Lease Commencement Date Estimated Lease Expiration Date (2) Retail Asset Percent Ownership Rentable Square Feet Annualized Rent Stabilized Ga lva n Reta il Ga lva n Reta il Ga lva n Reta il Ga lva n Reta il Ga lva n Reta il Ga lva n Reta il Ga lva n Reta il Ga lva n Reta il Stonebridge a t Potoma c Town Center - Pha s e I Stonebridge a t Potoma c Town Center - Pha s e I Ta koma -La ngley Cros s roa ds Center Ta koma -La ngley Cros s roa ds Center Fort Totten Squa re Reta il Fort Totten Squa re Reta il L'Enfa nt Pla za Reta il - Wes t L'Enfa nt Pla za Reta il - Wes t L'Enfa nt Pla za Reta il - Wes t North End Reta il I Old Centreville Cros s ing The Tera no The Ga le Total 1.8% 1.8% 1.8% 1.8% 1.8% 1.8% 1.8% 1.8% 10.0% 10.0% 99.0% 99.0% 99.4% 99.4% 49.0% 49.0% 49.0% 100.0% 99.0% 1.8% 5.0% Ma y-16 Dec-16 Apr-16 Sep-16 Apr-16 Apr-16 Jun-16 Oct-16 Aug-16 Jun-16 Jun-16 Nov-16 Sep-16 Oct-16 Jul-16 Oct-16 Ja n-17 Jul-16 Ma y-16 Jul-16 Aug-16 Ma y-26 Nov-26 Ma r-26 Aug-26 Ma r-26 Apr-26 Jun-26 Sep-21 Jul-26 Ma y-26 Sep-28 Oct-34 Ja n-27 Sep-26 Jun-26 Sep-26 Dec-26 Jun-21 Ma y-26 Nov-20 Jul-23 10,000 2,523 2,195 2,000 1,672 1,560 1,505 1,560 4,040 2,269 5,488 2,111 3,870 2,257 1,967 2,002 8,888 2,574 1,200 1,500 1,200 $450,000 186,954 180,758 156,200 113,387 109,356 99,480 72,972 200,877 120,983 192,080 128,800 154,800 125,399 135,736 70,070 44,440 128,808 58,200 41,668 36,000 62,381 $2,806,968 Recently Acquired/Delivered/Renovated Atla ntic Plumbing Atla ntic Plumbing Pikes ville Wa lgreens Total 64.0% 64.0% 99.0% Jun-16 Jul-16 Jun-16 Jun-26 Jun-26 Dec-25 2,188 1,977 1,400 $142,264 98,850 32,824 5,565 $273,938 Total Operating 67,946 $3,080,906 Construction RTC - Wes t Reta il RTC - Wes t Reta il 7770 Norfolk 7770 Norfolk 13th & U Street Total 100.0% 100.0% 79.9% 79.9% 100.0% Oct-17 Jul-17 Apr-17 Ma y-17 Feb-17 Oct-27 Jul-27 Ma r-27 Apr-27 Ja n-42 9,673 2,124 3,020 2,622 8,438 $580,380 168,858 222,081 179,992 147,759 25,877 $1,299,070 Pre-Development & Land Tys ons Wes t - Pha s e II 51 N Street 965 Florida Avenue Upper Rock Reta il Upper Rock Reta il Total 86.8% 30.0% 70.0% 100.0% 100.0% Sep-20 Nov-18 Ja n-20 Ja n-17 Jun-17 Sep-35 Oct-33 Ja n-40 Ma r-42 Jun-26 25,610 33,000 40,075 14,600 16,000 $1,603,430 1,287,000 1,182,213 546,000 472,000 129,285 $5,090,643 _To_t_a_l 223,108 $9,470,619 Source: Exhibit 99.3 to the NYRT Current Report on Form 8-K, filed with the SEC on May 25, 2016, page 65. (1) Reflects our pro rata JBG share of Joint Venture assets. (2) Represents base rent before abatements, plus tenant reimbursements for the month in which the lease commences, multiplied by 12. Triple net leases are converted to a gross basis by adding tenant reimbursements to base rent. 35 Rentable Square Feet 180 45 40 36 30 28 27 28 404 227 5,432 2,090 3,846 2,243 964 981 4,355 2,574 1,188 27 60 24,805 1,400 1,265 1,386 4,051 28,856 9,673 2,124 2,414 2,096 8,438 24,745 22,222 9,900 28,053 14,600 16,000 90,775 144,378 (2) Annualized Rent $8,100 3,365 3,254 2,812 2,041 1,968 1,791 1,313 20,088 12,098 190,159 127,512 153,824 124,608 66,504 34,331 21,773 128,808 57,618 750 1,800 $964,517 $91,049 63,264 32,496 $186,809 $1,151,326 $580,380 168,858 177,506 143,865 147,759 $1,218,368 $1,391,299 386,100 827,549 546,000 472,000 $3,622,948 $5,992,642

O p e r a t i n g A s s e t s - A d d i t i o n a l G r o w t h O p p o r t u n i t i e s - L e a s e U p RECENTLY ACQUIRED / DELIVERED / RENOVATED ASSETS AND EMBEDDED GROWTH ASSETS • Opportunity to lease up assets within current portfolio, with potential for $31.7M in incremental rent across office, multifamily and retail assets ($17.1M on a pro rata basis) Adjusted NOI(2 ) Adjusted NOI (2 ) Source: Exhibit 99.3 to the NYRT Current Report on Form 8-K, filed with the SEC on May 25, 2016, pages 17, 18 and 19. Note: Table shown at 100 percent share, except as noted pro rata. (1) Represents 10 year historical submarket average through March 31, 2016, except for 800 North Glebe, which is based on a compe titive set of applicable Ballston, Rosslyn, and Clarendon office buildings and multifamily assets, which are based on competitive set leased percentage. (2) Represents the weighted average asking market rent per square foot as of March 31, 2016 based on a competitive set designated for each building by JLL except for retail assets, which are based on weighted average in-place rents. Triple net leases are converted to a gross basis by adding tenant reimbursements to base rent. 36 Renovation Pro Pro Rata Submarket Weighted Average Pro Rata Potential Percent Completion Rata Rentable Percent Percentage Comp Set Rent Per Estimated Cost Incremental Office Assets Submarket Ownership Date Units Square Feet Leased Leased (1 ) Square Foot / Unit (2) to Stabilize Annualized Rent Recently Acquired/Delivered/Renovated The Foundry Georgetown 9.9% 2Q 2017 23,105 76.2% 89.8% $49.37 $205,262 $1,571,003 16th & I Street CBD 71.9% 1Q 2016 86,459 72.5% 89.1% 77.83 1,238,542 1,550,698 Pro Rata Potential Incremental Annualized Rent $155,218 1,114,639 Pro Rata 1Q 2016 1Q 2016 Annualized Annualized $4,615 $456 - - Total/Weighted Average Recently Acquired/Delivered/Renovated 109,564 75.0% 89.6% $60.32 $1,443,804 $3,121,701 Embedded Growth Opportunities RTC - Wes t Res ton 100.0% 495,348 83.0% 90.9% $32.80 $2,389,419 $1,275,802 L'Enfa nt Pl a za Offi ce - Ea s t Southwes t 49.0% 214,577 88.1% 97.0% 43.53 1,277,197 1,706,093 800 North Gl ebe Roa d Ba l l s ton 100.0% 306,456 79.1% 85.9% 55.81 1,334,518 1,167,004 L'Enfa nt Pl a za Offi ce - North Southwes t 49.0% 149,010 63.4% 97.0% 43.53 3,337,107 4,457,759 1233 20th Street CBD 100.0% 154,584 88.8% 92.6% 50.57 454,936 291,573 2121 Wi s cons i n Avenue Uptown 100.0% 110,241 88.2% 89.4% 41.81 87,660 56,133 6862 El m Street McLea n 100.0% 103,556 79.7% 94.1% 34.73 990,101 518,014 Res ton Arboretum Res ton 100.0% 95,666 81.8% 90.9% 32.80 533,835 285,029 Ol d Domi ni on McLea n 100.0% 66,826 55.8% 94.1% 34.73 1,697,767 888,264 $1,269,857 $1,275,802 835,905 1,167,004 2,184,091 291,573 56,133 518,014 285,029 888,264 $4,615 $456 $6,784 $6,784 12,785 6,264 8,336 8,336 1,674 820 3,232 3,232 2,152 2,152 2,016 2,016 324 324 548 548 Total/Weighted Average Embedded Growth Opportunities 1,696,264 80.2% 92.7% $41.31 $12,102,539 $10,645,671 $7,501,814 $37,851 $30,476 Total/Weighted Average Office 1,805,828 79.5% 92.2% $44.49 $13,546,343 $13,767,372 Multifamily Assets Recently Acquired/Delivered/Renovated Mid/High-Rise Ga l va n Rockvi l l e Pi ke Corri dor 1.8% 4Q 2015 6 5,318 33.1% 94.3% $2,013 - $5,255,608 Fort Totten Squa re Brookl a nd/Fort Totten 99.4% 2Q 2015 343 252,688 62.3% 94.8% 1,917 - 2,580,133 Atl a nti c Pl umbi ng U Street/Sha w 64.0% 4Q 2015 198 157,186 37.4% 94.4% 2,821 - 5,981,248 Notch 8 Potoma c Ya rd 14.7% 4Q 2015 37 30,484 64.4% 96.0% 1,999 - 1,913,341 $8,771,671 $94,601 2,563,862 3,827,999 281,261 $42,466 $30,932 ($222) ($4) 2,218 2,204 (175) (112) 898 132 Total/Weighted Average Multifamily 585 445,677 48.4% 94.8% $2,236 - $15,730,330 Retail Assets Recently Acquired/Delivered/Renovated Pi kes vi l l e Wa l greens Pi kes vi l l e 99.0% 2Q 2015 25,221 78.0% 93.2% $40.31 $216,224 $156,006 275 N. Wa s hi ngton Rockvi l l e Pi ke Corri dor 100.0% 3Q 2015 23,083 48.7% 94.1% 79.29 1,162,825 830,590 $6,767,722 $154,446 830,590 $2,719 $2,220 $525 $520 380 380 Total/Weighted Average Recently Acquired/Delivered/Renovated 48,304 64.1% 93.6% $68.78 $1,379,050 $986,596 Embedded Growth Opportunities L'Enfa nt Pl a za Reta i l - Wes t Southwes t 49.0% 57,623 66.5% 97.1% $33.41 $823,502 $1,200,556 $985,036 $588,216 $905 $900 $2,466 $1,208 Total/Weighted Average Embedded Growth Opportunities 57,623 66.5% 97.1% $33.41 $823,502 $1,200,556 $588,216 $2,466 $1,208 Total/Weighted Average Retail 105,928 65.8% 96.1% $43.50 $2,202,552 $2,187,152 $1,573,251 $3,371 $2,108 Total/Weighted Average 585 2,357,433 70.1% 93.1% $15,748,894 $31,684,854 $17,112,645 $48,555 $35,260

C o n s t r u c t i o n A s s e t s • • 1 office, 4 multifamily and 3 retail assets currently under construction Employ a strategy of pre-leasing space to anchor tenants to mitigate risk and generate demand, while leasing up high value space closer to or after delivery, when the space can be physically shown to the market Office assets 65% pre-leased, retail assets 8% pre-leased Mitigate financial risks by executing guaranteed maximum price construction contracts with respect to each of these assets to mitigate potential cost overruns Targeted yield range of 7.1% - 7.6% 2 assets expected to be completed within the next 12 months 100% of construction assets located inside the Beltway and/or Metro-Served ( 1) • • • • • CEB Tower at Center Place Arlington, VA 1244 South Capitol Washington, DC Reston Heights Reston, VA 7770 Norfolk Bethesda, MD 37 (1) NOI at the midpoint of the targeted yield range.

C o n s t r u c t i o n A s s e t s - D a t a Source: Exhibit 99.3 to the NYRT Current Report on Form 8-K, filed with the SEC on May 25, 2016, pages 20 and 21. Note: Table shown at 100 percent share, except as noted pro rata. (1) Based on JBG management's estimates as of March 31, 2016 and includes all acquisition costs, hard costs, soft costs, tenant i mprovements and leasing costs to develop and stabilize the asset. (2) Represents JBG management’s estimate of cost incurred to date, plus the estimated remaining cost to complete the asset as of March 31, 2016. JBG management’s estimate of cost incurred to date is based on the most recent transaction value, which may differ from JBG’s original acquisition basis. 38 Schedule Weighted Estimated Pro Rata Pro Rata Average Pre-Remaining Stabilized Estimated Estimated Percent lease Rent Estimated Estimated Cost to Estimated Targeted NOI at Percent Rentable Number Pre-Per Square Construction Completion Stabilization Complete Total Cost NOI Yield Midpoint (1)(2) Office Assets Location Submarket Ownership Square Feet of Units leased Foot Start Date Date Date ($000s) ($000s) Range ($000s) CEB Tower a t Centra l Pl a ce Arl i ngton, VA Ros s l yn 100.0% 536,710 65.0% $62.00 4Q 2014 2Q 2018 4Q 2019 $219,719 $340,930 7.7% - 8.2% $26,978 Pro Rata Stabilized NOI at Midpoint ($000s) $26,978 Total/Weighted Average Office 536,710 65.0% $62.00 $219,719 $340,930 7.7% - 8.2% $26,978 Multifamily Assets Mid/High-Rise Res ton Hei ghts - Pha s e I Res ton, VA Res ton 10.0% 32,716 39 4Q 2015 2Q 2018 3Q 2019 $72,680 $94,037 8.1% - 8.6% $7,814 1244 South Ca pi tol Street Wa s hi ngton, DC Southea s t 100.0% 226,283 291 4Q 2015 2Q 2018 3Q 2019 76,631 105,938 7.3% - 7.8% 8,049 7770 Norfol k Bethes da , MD Bethes da CBD 79.9% 166,793 160 3Q 2013 3Q 2016 3Q 2017 8,319 101,331 5.7% - 6.2% 6,019 13th & U Street Wa s hi ngton, DC U Street/Sha w 100.0% 147,056 130 1Q 2015 3Q 2017 2Q 2018 39,426 68,421 7.8% - 8.3% 5,527 $26,978 $781 8,049 4,811 5,527 Total/Weighted Average Multifamily 572,849 619 $197,056 $369,727 7.2% - 7.7% $27,410 Retail Assets Res ton Hei ghts - Pha s e I Reta i l Res ton, VA Res ton 10.0% 8,969 - - 4Q 2015 2Q 2018 2Q 2019 $37,468 $43,352 4.7% - 5.2% $2,142 RTC - Wes t Reta i l Res ton, VA Res ton 100.0% 40,100 29.4% 63.51 4Q 2015 2Q 2017 1Q 2018 26,027 29,650 6.6% - 7.1% 2,044 4735 Bethes da Avenue Reta i l Bethes da , MD Bethes da CBD 100.0% 16,737 - - 4Q 2015 3Q 2016 3Q 2019 12,145 29,677 3.0% - 3.5% 953 $19,169 $214 2,044 953 Total/Weighted Average Retail 65,806 8.1% $63.51 $75,640 $102,679 4.8% - 5.3% $5,139 $3,211 Total/Weighted Average Construction 1,175,365 619 $492,415 $813,336 7.1% - 7.6% $59,527 $49,358

P r e - D e v e l o p m e n t A s s e t s Reta i l 2% • Pipeline of 12 high-quality pre-development assets that we expect to provide substantial medium and long-term growth Majority of projects have substantially completed the entitlement process, expect to be in a position to commence construction on all of these assets by the end of 2017 Targeted yield range of 7.5% - 8.0% allows for significant value creation Approximately 96% of pre-development assets located inside the Beltway and/or Metro-Served • Mul ti fa mi l y 48% Pro Rata NOI $66.5M( 1) Offi ce 50% • • 1900 N Street Washington, DC 50 Patterson Street Washington, DC West Half Washington, DC Atlantic Plumbing C Washington, DC 39 (1) NOI at the midpoint of the targeted yield range.

P r e - D e v e l o p m e n t A s s e t s - D a t a Source: Exhibit 99.3 to the NYRT Current Report on Form 8-K, filed with the SEC on May 25, 2016, page 22. Note: Table shown at 100 percent share, except as noted pro rata. (1) Based on JBG management's estimates as of March 31, 2016 and includes all acquisition costs, hard costs, soft costs, tenant i mprovements and leasing costs to develop and stabilize the asset. (2) Represents JBG management’s estimate of cost incurred to date, plus the estimated remaining cost to complete the asset as of March 31, 2016. JBG management’s estimate of cost incurred to date is based on the most recent transaction value, which may differ from JBG’s original acquisition basis. 40 Schedule Estimated Pro Rata Remaining Stabilized Estimated Estimated Estimated Estimated Cost to Estimated Targeted NOI at Percent Rentable Percent Construction Completion Stabilization Complete Total Cost NOI Yield Midpoint Office Assets Asset Type Location Submarket Ownership Square Feet Pre-leased Start Date Date Date ($000s)(1 ) ($000s)(2 ) Range ($000s) 1900 N Street Offi ce Wa s hi ngton, DC CBD 100.0% 268,631 - 3Q 2017 1Q 2020 3Q 2021 $136,272 $193,576 7.7% - 8.2% $15,452 4747 Bethes da Avenue Offi ce Bethes da , MD Bethes da CBD 100.0% 260,236 - 3Q 2017 3Q 2019 1Q 2021 131,200 153,490 8.3% - 8.8% 13,142 1250 1s t Street Offi ce Wa s hi ngton, DC NoMa 30.0% 75,447 - 1Q 2017 3Q 2020 1Q 2022 111,862 132,277 7.3% - 7.8% 9,969 50 Pa tters on Street Offi ce Wa s hi ngton, DC NoMa 30.0% 50,205 - 1Q 2017 2Q 2019 4Q 2019 63,660 75,819 7.8% - 8.3% 6,111 Pro Rata Stabilized NOI at Midpoint ($000s) $15,452 13,142 2,991 1,833 Total/Weighted Average Office 654,519 - $442,994 $555,162 7.8% - 8.3% $44,674 Multifamily Assets Georgetown Devel opment Pa rcel Mul ti fa mi l y Wa s hi ngton, DC Georgetown Mul ti fa mi l y 100.0% 204,892 - 3Q 2017 3Q 2019 2Q 2020 $102,914 $104,855 8.8% - 9.3% $9,467 Wes t Ha l f I I Mul ti fa mi l y Wa s hi ngton, DC Southea s t 94.2% 163,945 - 2Q 2017 3Q 2019 1Q 2020 88,585 99,407 8.2% - 8.7% 8,397 Wes t Ha l f I I I Mul ti fa mi l y Wa s hi ngton, DC Southea s t 94.2% 196,777 - 2Q 2017 3Q 2019 2Q 2020 87,060 124,970 6.4% - 6.9% 8,299 Atl a nti c Pl umbi ng C – North Mul ti fa mi l y Wa s hi ngton, DC U Street/Sha w 60.0% 86,926 - 1Q 2017 2Q 2019 1Q 2020 60,520 75,084 7.5% - 8.0% 5,844 51 N Street Mul ti fa mi l y Wa s hi ngton, DC NoMa 30.0% 35,994 27% 1Q 2017 2Q 2019 4Q 2019 51,255 63,604 5.8% - 6.3% 3,849 Atl a nti c Pl umbi ng C – South Mul ti fa mi l y Wa s hi ngton, DC U Street/Sha w 60.0% 47,806 - 1Q 2017 2Q 2019 3Q 2019 34,750 43,525 7.2% - 7.7% 3,224 $33,418 $9,467 7,914 7,822 3,506 1,155 1,934 Total/Weighted Average Multifamily 736,339 3% $425,084 $511,445 7.4% - 7.9% $39,080 Retail Assets Stonebri dge a t Potoma c Town Center - Pha s e I I Reta i l Woodbri dge, VA Pri nce Wi l l i a m County 10.0% 5,174 - 2Q 2017 4Q 2018 3Q 2019 $30,646 $33,226 8.3% - 8.8% $2,831 Upper Rock Reta i l Reta i l Rockvi l l e, MD North Rockvi l l e 100.0% 34,700 88% 3Q 2016 3Q 2017 1Q 2018 15,986 29,911 3.1% - 3.6% 1,017 $31,798 $283 1,017 Total/Weighted Average Retail 39,874 35% $46,632 $63,137 5.8% - 6.3% $3,848 $1,300 Total/Weighted Average Pre-Development 1,430,732 $914,710 $1,129,744 7.5% - 8.0% $87,601 $66,516

L a n d B a n k Source: Exhibit 99.3 to the NYRT Current Report on Form 8-K, filed with the SEC on May 25, 2016, pages 48 and 49. (1) (2) Represents J BG management's estimate of the total office and/or retail square feet and multifamily units that would need to b e redeveloped in order to access the estimated potential density. Represents the annualized cash NOI of corresponding operating asset(s) that would need to be redeveloped in order to access the estimated potential density. Calculated as (i) for office and retail assets, square feet to be redeveloped divided by total operating square feet, multiplied by the adjusted historical NOI for the three months ended March 31, 2016, multiplied by fou r, and (ii) for multifamily assets, units to be redeveloped divided by total operating units, multiplied by adjusted historical NOI for the three months ended March 31, 2016, multiplied by four. Represents JBG management's estimate of remaining deposits, option payments and option strike prices. Reflects JBG management’s estimate of developable square feet based on its current business plans as of March 31, 2016. JBG management’s estimates of potential densities are not, in all cases, the estimated maximum density, but rather are based on various factors, including market demand and current business plans. The estimated densities also are subject to final plan a pprovals by the relevant governmental authority in which the project is located. As a result of these densities being based on JBG management’s plans and final governmental approval, JBG management cannot provide any assurances that the outlined allowable densities will be achieved. JBG’s land bank includes 11 parcels attached to JBG’s existing operating assets that would require a redevelopment of approximately 532,000 office and/or retail square feet and 1,160 multifamily units in order to access approximately 7.2 million square feet of total estimated potential density. Represents JBG management's estimate of value as of March 31, 2016. The value contemplates JBG management’s estimate of any entitlement costs, option payments, ground lease payments or other costs required to access the estimated potential density. As these costs are incurred, the value may increase. (3) (4) 41 (5) Pro Rata Remaining Access Costs Pro Rata Estimated Potential Density (SF)(4) Share of Corresponding Adjusted Pro Rata Estimated Pro Rata Estimated Historical Asset-Remaining Percent Rentable Square Feet Units to be Level NOI Acquisition Cost Land Asset Location Submarket Ownership Status to be Redeveloped (1) Redeveloped (1 ) ($000s)(2) ($000s)(3) Office Multifamily Retail Total Fee Simple Ma rk Center Al exa ndri a , VA I -395 Corri dor 100% Owned 12,418 764 $6,644 - 471,000 1,572,000 152,500 2,195,500 Fa l kl a nd Cha s e - North La nd Si l ver Spri ng, MD Downtown Si l ver Spri ng 100% Owned - 182 1,832 - - 1,156,000 120,000 1,276,000 NoBe I I La nd Rockvi l l e, MD Rockvi l l e Pi ke Corri dor 18% Owned 25,119 - (139) - - 104,850 16,200 121,050 Fa i rwa y La nd Res ton, VA Res ton 10% Owned - 15 164 - - 52,150 - 52,150 Ros s l yn Ga twewa y - South La nd Ros s l yn, VA Ros s l yn 18% Owned 19,030 - 276 - 88,200 - 1,530 89,730 Wi ehl e Avenue Devel opment Pa rcel Res ton, VA Res ton 100% Under Contra ct 77,528 - 596 17,850 195,000 248,500 55,000 498,500 1831 Wi ehl e Avenue La nd Res ton, VA Res ton 100% Owned 75,191 - 1,264 - - 355,000 100,000 455,000 Cha rter Oa k La nd Res ton, VA Res ton 100% Owned - 60 585 - - 399,000 - 399,000 Hungerford Pl a za La nd Rockvi l l e, MD Rockvi l l e Pi ke Corri dor 100% Owned 85,761 - 340 - - 275,000 50,000 325,000 Ros s l yn Ga tewa y - North La nd Ros s l yn, VA Ros s l yn 18% Owned 3,173 - 73 - - 54,000 1,980 55,980 Lees burg Pi ke La nd Vi enna , VA Tys ons Corner 99% Owned 18,929 - 594 - - - 33,660 33,660 RTC - Wes t La nd Res ton, VA Res ton 100% Owned - - - - 648,000 650,000 52,000 1,350,000 Potoma c Ya rd La nd Ba y G Al exa ndri a , VA Potoma c Ya rd 98% Owned - - - - 490,000 268,030 48,510 806,540 Stonebri dge La nd Woodbri dge, VA Pri nce Wi l l i a m County 10% Owned - - - - 53,100 19,200 1,450 73,750 Tys ons Wes t - Pha s e I I I Vi enna , VA Tys ons Corner 87% Owned - - - - 329,727 260,311 43,385 633,422 Summi t I & I I La nd Res ton, VA Res ton 100% Owned - - - - - 700,000 - 700,000 Hoffma n Town Center Al exa ndri a , VA Al exa ndri a 100% Under Contra ct - - - 20,500 625,000 - - 625,000 Na yl or Sta ti on Templ e Hi l l s , MD Bra nch Avenue Corri dor 100% Under Contra ct - - - 16,550 574,500 - 14,000 588,500 Potoma c Ya rd La nd Ba y H Al exa ndri a , VA Potoma c Ya rd 80% Under Contra ct - - - 15,504 440,000 - - 440,000 Tys ons Wes t - Pha s e I I Vi enna , VA Tys ons Corner 87% Owned - - - - - 338,404 43,385 381,789 Ca pi tol Poi nt - North Opti on Wa s hi ngton, DC NoMa 59% Under Contra ct - - - 21,483 259,010 - - 259,010 Ca pi tol Poi nt - North Wa s hi ngton, DC NoMa 17% Owned - - - - 69,035 - - 69,035 965 Fl ori da Avenue Wa s hi ngton, DC U Street/Sha w 70% Under Contra ct - - - 1,749 - 245,700 36,050 281,750 Pa rkl a wn - South Rockvi l l e, MD Rockvi l l e Pi ke Corri dor 67% Owned - - - - 264,001 - - 264,001 5600 Fi s hers La ne - Wi ng C Rockvi l l e, MD Rockvi l l e Pi ke Corri dor 67% Owned - - - - 233,335 - - 233,335 L'Enfa nt Pl a za Offi ce - Center Wa s hi ngton, DC Southwes t 49% Owned - - - 760 171,483 - - 171,483 DCDF - 801 17th Street, NE Wa s hi ngton, DC H Street/NoMa 100% Under Contra ct - - - 8,900 - 230,500 12,000 242,500 L'Enfa nt Pl a za Offi ce - Southea s t Wa s hi ngton, DC Southwes t 49% Owned - - - 380 109,259 - - 109,259 5615 Fi s hers Dri ve Rockvi l l e, MD Rockvi l l e Pi ke Corri dor 18% Owned - - - - 19,170 - - 19,170 Res ton Hei ghts - Pha s e I I Res ton, VA Res ton 10% Owned - - - - - 9,400 250 9,650 Courthous e Metro La nd - Opti on Arl i ngton, VA Cl a rendon/Courthous e 18% Under Contra ct - - - 65 - 10,350 900 11,250 Ti ngey Wa s hi ngton, DC Southea s t 100% Owned - - - - - - 12,000 12,000 12511 Pa rkl a wn Dri ve Rockvi l l e, MD Rockvi l l e Pi ke Corri dor 18% Owned - - - - 1,170 - - 1,170 Potoma c Ya rd La nd Ba y F Al exa ndri a , VA Potoma c Ya rd 0% Ma s ter Devel oper - - - - - - - - Pro Rata Estimated Value as of March 31, 2016 ($000s)(5) $16,300 32,700 3,168 450 1,710 8,874 23,803 9,500 15,678 2,484 6,435 39,400 43,708 255 21,953 15,900 489 578 7,040 33,493 2,655 3,376 754 2,933 6,000 12,543 2,200 6,026 450 270 34 5,900 18 - Total 317,148 1,021 $12,229 $103,741 5,040,990 6,948,394 794,800 12,784,185 Leasehold Ga l l a udet Wa s hi ngton, DC NoMa 100% Under Contra ct - - - $4,578 86,000 987,500 150,500 1,224,000 Bethes da North Ma rri ott La nd Rockvi l l e, MD Rockvi l l e Pi ke Corri dor 18% Owned - - - - 98,730 - - 98,730 801 New Jers ey Avenue Wa s hi ngton, DC Ca pi tol Hi l l 99% Owned - - - 16,144 346,500 - - 346,500 55 H Wa s hi ngton, DC Ca pi tol Hi l l 100% Under Contra ct - - - 1,467 260,500 - - 260,500 Courthous e Metro La nd Arl i ngton, VA Cl a rendon/Courthous e 18% Owned - - - - - 48,060 3,510 51,570 Woodgl en Rockvi l l e, MD Rockvi l l e Pi ke Corri dor 18% Owned - - - - - - - - Twi nbrook Rockvi l l e, MD Rockvi l l e Pi ke Corri dor 18% Under Contra ct - - - - - - - - $327,078 $19,800 774 37,719 5,200 128 522 - Total - - - $22,189 791,730 1,035,560 154,010 1,981,300 $64,143 Total 317,148 1,021 $12,229 $125,930 5,832,720 7,983,954 948,810 14,765,485 Totals by Region Virginia Total 206,268 839 $10,196 $53,919 3,340,027 4,984,404 538,060 8,862,491 Maryland Total 110,880 182 $2,033 $16,550 1,190,906 1,535,850 200,200 2,926,956 Washington, DC Total - - - $55,461 1,301,787 1,463,700 210,550 2,976,037 $391,221 $232,226 $62,822 $96,173

D e b t S u m m a r y JBG Property Level Debt as of 3/31/2016 Current Annual Additional Debt Description Principal Balance Pro Rata Share of Principal Balance Stated Interest Rate Interest Rate Hedge (1) Asset Interest Rate Maturity Date 4747 Bethes da Avenue (2 ) Lees burg Pike Reta il (3 ) Upper Rock Reta il (4 ) 1600 K Street One Choke Cherry Res ton Arboretum 2115 Wis cons in Avenue 2121 Wis cons in Avenue Ros s lyn Ga tewa y - North, Ros s lyn Ga tewa y - South 5609 Fis hers La ne 275 N. Wa s hington RTC - Wes t Ca pitol Point - North Lynbrook Mea dowcreek Hillwood Brookda le Stoneridge The Shops At Ma rk Center(5 ) 5600 Fis hers La ne - U.S. Government Tena nt (GSA) Fort Totten Squa re, Fort Totten Squa re Reta il Hungerford Pla za 800 North Glebe Roa d 7770 Norfolk North End Reta il I Jeffers on Court Atla ntic Plumbing 5635 Fis hers La ne 16th & I Street $12,500 9,990 3,500 21,135 23,978 13,012 28,908 13,342 44,700 5,024 9,565 95,035 10,996 50,910 34,470 60,872 36,669 21,401 9,498 30,900 71,455 7,375 96,500 49,262 4,339 73,000 86,905 24,574 60,673 $12,500 9,890 3,500 21,135 23,978 13,012 28,908 13,342 8,046 3,349 9,565 95,035 1,856 50,910 34,470 60,872 36,669 21,401 9,498 20,600 71,004 7,375 96,500 39,374 4,339 73,000 55,619 2,457 43,612 L + 2.40% 3.13% L + 3.75% 4.93% L + 3.00% L + 2.75% 5.30% 5.30% L + 2.50% 5.00% 3.25% L + 2.35% L + 3.50% L + 2.50% L + 2.50% L + 2.50% L + 2.50% L + 2.50% L + 2.50% 2.03% L + 2.15% L + 3.00% L + 2.25% L + 2.40% L + 2.25% L + 2.25% L + 2.25% L + 4.75% L + 2.25% - Fixed - Fixed Swa p - Fixed Fixed - Fixed Fixed - Swa p - - - - - - Fixed Swa p Swa p - Swa p - - Swa p Ca p Swa p 2.83% 3.13% 4.18% 4.93% 3.70% 3.18% 5.30% 5.30% 2.93% 5.00% 3.25% 2.78% 4.12% 2.93% 2.93% 2.93% 2.93% 2.93% 2.93% 2.03% 4.23% 4.12% 2.68% 4.85% 2.68% 2.68% 3.67% 5.18% 4.77% 4/29/16 5/30/16 6/30/16 7/1/16 8/26/16 9/1/16 10/1/16 10/1/16 11/8/16 12/12/16 12/15/16 3/15/17 3/30/17 4/1/17 4/1/17 4/1/17 4/1/17 4/1/17 4/1/17 4/5/17 4/11/17 5/31/17 6/17/17 7/16/17 7/31/17 8/16/17 9/9/17 9/14/17 9/28/17 RANs Source: Exhibit 99.3 to the NYRT Current Report on Form 8-K, filed with the SEC on May 25, 2016, page 86. (1) (2) (3) (4) LIBOR is assumed to be 0.43 percent for loans which are denoted as floating with cap or floating (no hedge ). In April 2016, we agree to terms with our lender to extend this loan for one year to April 29, 2017. All terms will remain unchanged with the exception of the interest rate which will be L + 3.00 percent. In April 2016, we exercised an extension option to extend the loan to May 31, 2017. All other loan terms remained unchanged . We have a signed term sheet with the existing lender to fund vertical construction of this project. The construction loan is expected to close in the June of 2016. The maximum loan amount will be $11.5 million, the interest rate will be LIBOR + 2.00 percent, the loan term will be two years. RANs stands for Revenue Anticipation Notes. 42 (5)

D e b t S u m m a r y ( C o n t ’ d ) JBG Property Level Debt as of 3/31/2016 Current Annual Additional Debt Description Principal Balance Pro Rata Share of Principal Balance Stated Interest Rate Interest Rate Hedge (1) Asset Interest Rate Maturity Date The Tera no Ga lva n Notch 8, Notch 8 Reta il 1900 N Street(2 ) The Ala ire Cha rter Oa k(3 ) L'Enfa nt Pla za Office - North & Ea s t, Reta il - Ea s t& Wes t (4 ) CEB Tower a t Centra l Pla ce Artery Pla za Artery Pla za 5640 Fis hers La ne 13th & U Street 1900 N Street(5 ) 1233 20th Street The Foundry 11333 Woodglen Drive 6862 Elm Street Old Dominion Summit I, Summit II Cha s e Tower Stonebridge a t Potoma c Town Center - Pha s e I $37,798 72,895 68,433 1,510 38,269 11,000 205,273 16,424 83,130 15,000 10,218 3,267 28,270 44,206 44,224 14,000 22,546 12,091 59,000 96,220 94,000 48,375 326,000 98,815 38,500 30,480 18,265 109,645 43,580 $680 1,312 10,060 1,510 6,888 11,000 100,574 16,424 83,130 15,000 1,022 3,267 28,270 44,206 4,369 2,520 22,546 12,091 59,000 9,622 9,400 47,891 326,000 98,815 3,850 27,432 1,827 5,482 43,580 L + 2.10% L + 2.70% L + 1.95% 4.00% L + 2.10% L + 3.50% L + 3.65% L + 2.45% L + 1.75% L + 7.54% 5.83% L + 2.10% L + 2.50% 4.38% L + 1.85% L + 1.90% L + 1.80% L + 2.00% L + 1.90% L + 1.65% L + 1.70% 5.04% 6.00% 5.27% L + 1.60% L + 1.65% 7.19% L + 1.60% 3.78% Ca p Ca p Swa p Fixed Ca p Ca p Ca p Swa p Ca p Ca p Fixed Swa p Swa p Fixed Ca p Swa p Swa p Swa p Ca p - Swa p Fixed Fixed Fixed Swa p Swa p Fixed Swa p Fixed 2.53% 3.13% 3.53% 4.00% 2.53% 4.00% 4.28% 3.18% 2.18% 7.97% 5.83% 4.30% 4.07% 4.38% 2.28% 2.63% 3.33% 3.72% 2.33% 2.08% 3.25% 5.04% 6.00% 5.27% 3.70% 3.64% 7.19% 3.56% 3.78% 11/8/17 12/12/17 12/23/17 1/23/18 3/13/18 6/1/18 10/1/18 11/7/18 12/23/18 12/23/18 1/15/19 3/16/19 5/8/19 11/1/19 12/12/19 1/1/20 4/30/20 6/19/20 8/4/20 9/30/20 12/10/20 1/6/21 12/2/21 12/2/21 7/1/22 7/1/22 7/15/22 7/31/22 6/1/23 Senior Mezza nine Ta koma -La ngley Cros s roa ds Center, Vienna Wa lgreens , Pikes ville Wa lgreens DOT - U.S. Government Tena nt (GSA) DOT - U.S. Government Tena nt (GSA) Fa irwa y Apa rtments Kennedy Row 12735 Twinbrook Pa rkwa y The Ga le Fa lkla nd Cha s e - South & Wes t A-1 Note A-2 Note Source: Exhibit 99.3 to the NYRT Current Report on Form 8-K, filed with the SEC on May 25, 2016, page 86. (1) (2) (3) (4) (5) LIBOR is assumed to be 0.43 percent for loans which are denoted as floating with cap or floating (no hedge ). This loan is collateralized by a portion of the 1900 N Street land assemblage referred to as 1253 20th Street. The remaining portion of the property is encumbered by a separate loan. Charter Oak is comprised of two parcels. This loan is collateralized by one parcel, a separate loan is collateralized by the remainder of the site . This loan has an interest rate floor of 4.00 percent. The base rate for the loan is 3 month LIBOR, which was 0.63 percent as of March 31, 2016. This loan is collateralized by a portion of the 1900 N Street land assemblage referred to as 1920 N Street. The remaining por tion of the property is encumbered by a separate loan. 43

D e b t S u m m a r y ( C o n t ’ d ) JBG Property Level Debt as of 3/31/2016 Current Annual Additional Debt Description Principal Balance Pro Rata Share of Principal Balance Stated Interest Rate Interest Rate Hedge (1) Asset Interest Rate Maturity Date Fa lkla nd Cha s e - North Bennington Cros s ings Cha rter Oa k(2 ) NCI - U.S. Government Tena nt (GSA) 5625 Fis hers La ne Fa irmont Ga rdens La Pla ta Shopping Center Pickett Indus tria l Pa rk 5601 Fis hers La ne - U.S. Government Tena nt (GSA) 5601 Fis hers La ne - U.S. Government Tena nt (GSA) 5600 Fis hers La ne - U.S. Government Tena nt (GSA) NCI - U.S. Government Tena nt (GSA) 5600 Fis hers La ne - U.S. Government Tena nt (GSA) Res ton Heights - Pha s e I(3 ) $23,299 43,009 30,040 52,065 43,159 45,440 9,825 23,600 59,815 69,000 135,650 112,240 172,660 - $23,299 43,009 30,040 52,065 4,316 45,440 9,727 2,360 39,877 46,000 90,434 112,240 115,107 - L + 2.32% 3.65% 4.06% 3.90% 7.21% 4.14% 4.12% L + 1.45% 4.46% 5.68% 3.67% 6.10% 5.48% - Ca p Fixed Fixed Fixed Fixed Fixed Fixed Swa p Fixed Fixed Fixed Fixed Fixed - 2.75% 3.65% 4.06% 3.90% 7.21% 4.14% 4.12% 3.56% 4.46% 5.68% 3.67% 6.10% 5.48% - 6/1/23 6/1/23 6/1/23 7/15/23 1/15/24 7/1/24 2/1/25 9/4/25 4/15/29 4/15/29 8/5/30 7/15/33 8/5/40 - A Note A Note B Note A Note B Note B Note Total $3,521,724 $2,483,498 Source: Exhibit 99.3 to the NYRT Current Report on Form 8-K, filed with the SEC on May 25, 2016, page 86. (1) (2) (3) LIBOR is assumed to be 0.43 percent for loans which are denoted as floating with cap or floating (no hedge ). Charter Oak is comprised of two parcels. This loan is collateralized by one parcel, a separate loan is collateralized by the remainder of the site. In March 2016, we signed a term sheet with a lender to fund vertical construction of this project . The maximum loan amount will be $95.6 million, the interest rate will be LIBOR + 2.00 percent, the loan term will be four years. 44

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