JBG SMITH Properties (JBGS) 10-Q 5 May 20 2020 Q1 Quarterly report Financial data

Cover Page

Cover Page - shares	3 Months Ended
	Mar. 31, 2020	Apr. 30, 2020
Cover page.
Document Type	10-Q
Document Quaterly Report	true
Document Period End Date	Mar. 31, 2020
Document Transition Report	false
Entity File Number	001-37994
Entity Registrant Name	JBG SMITH PROPERTIES
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	81-4307010
Entity Address, Address Line One	4747 Bethesda Avenue
Entity Address, City or Town	Bethesda
Entity Address, State or Province	MD
Entity Address, Postal Zip Code	20814
Entity Address, Address Line Two	Suite 200
City Area Code	240
Local Phone Number	333-3600
Title of 12(b) Security	Common Shares, par value $0.01 per share
Trading Symbol	JBGS
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		133,599,534
Entity Central Index Key	0001689796
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q1
Amendment Flag	false

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Real estate, at cost:
Land and improvements	$ 1,281,375	$ 1,240,455
Buildings and improvements	3,985,055	3,880,973
Construction in progress, including land	585,103	654,091
Real estate, at cost	5,851,533	5,775,519
Less accumulated depreciation	(1,155,114)	(1,119,571)
Real estate, net	4,696,419	4,655,948
Cash and cash equivalents	295,442	126,413
Restricted cash	18,577	16,103
Tenant and other receivables, net	56,036	52,941
Deferred rent receivable, net	174,728	169,721
Total investments in unconsolidated real estate ventures	542,983	543,026
Other assets, net	281,752	253,687
Assets held for sale	73,876	168,412
TOTAL ASSETS	6,139,813	5,986,251
Liabilities:
Mortgages payable, net	1,294,806	1,125,777
Revolving credit facility	200,000	200,000
Unsecured term loans, net	297,466	297,295
Accounts payable and accrued expenses	124,811	157,702
Other liabilities, net	228,323	206,042
Liabilities related to assets held for sale	213
Total liabilities	2,145,619	1,986,816
Commitments and contingencies
Redeemable noncontrolling interests	503,040	612,758
Shareholders' equity:
Preferred shares, $0.01 par value - 200,000 shares authorized, none issued	0	0
Common shares, $0.01 par value - 500,000 shares authorized; 133,517 and 134,148 shares issued and outstanding as of March 31, 2020 and December 31, 2019	1,336	1,342
Additional paid-in capital	3,723,795	3,633,042
Accumulated deficit	(188,239)	(231,164)
Accumulated other comprehensive loss	(45,941)	(16,744)
Total shareholders' equity of JBG SMITH Properties	3,490,951	3,386,476
Noncontrolling interests in consolidated subsidiaries	203	201
Total equity	3,491,154	3,386,677
TOTAL LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY	$ 6,139,813	$ 5,986,251

Consolidated and Combined Balan

Consolidated and Combined Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2020	Dec. 31, 2019
Statement of Financial Position [Abstract]
Preferred shares, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred shares, shares authorized	200,000	200,000
Preferred shares, shares issued	0	0
Common shares, par value (in dollars per share)	$ 0.01	$ 0.01
Common shares, shares authorized	500,000,000	500,000,000
Common shares, shares issued	133,517,000	134,148,000
Common shares, shares outstanding	133,517,000	134,148,000

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
REVENUE
Property rentals	$ 120,380	$ 119,413
Third-party real estate services, including reimbursements	29,716	27,691
Other revenue	8,011	8,095
Total revenue	158,107	155,199
EXPENSES
Depreciation and amortization	48,489	48,719
Property operating	34,503	32,174
Real estate taxes	18,199	17,235
General and administrative:
Corporate and other	13,176	12,314
Third-party real estate services	28,814	28,066
Share-based compensation related to Formation Transaction and special equity awards	9,441	11,131
Transaction and other costs	5,309	4,895
Total expenses	157,931	154,534
Income (loss) from unconsolidated real estate ventures, net	(2,692)	3,601
Interest and other income, net	907	951
Interest expense	(12,005)	(17,174)
Gain on sale of real estate	59,477	39,033
Loss on extinguishment of debt	(33)
Total other income (expense)	45,654	26,411
INCOME BEFORE INCOME TAX BENEFIT	45,830	27,076
Income tax benefit	2,345	1,172
NET INCOME	48,175	28,248
Net income attributable to redeemable noncontrolling interests	(5,250)	(3,387)
NET INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS	$ 42,925	$ 24,861
EARNINGS (LOSS) PER COMMON SHARE:
Earnings Per Share, Basic	$ 0.32	$ 0.20
Earnings Per Share, Diluted	$ 0.32	$ 0.20
Weighted average number of common shares outstanding - basic	134,542	122,573
Weighted Average Number of Shares Outstanding, Diluted	135,429	123,423

Consolidated and Combined State

Consolidated and Combined Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Statement of Comprehensive Income [Abstract]
NET INCOME	$ 48,175	$ 28,248
OTHER COMPREHENSIVE LOSS:
Change in fair value of derivative financial instruments	(33,928)	(10,696)
Reclassification of net loss (income) on derivative financial instruments from accumulated other comprehensive loss into interest expense	1,158	(839)
Other comprehensive loss	(32,770)	(11,535)
COMPREHENSIVE INCOME	15,405	16,713
Net income attributable to redeemable noncontrolling interests	(5,250)	(3,387)
Other comprehensive loss attributable to redeemable noncontrolling interests	3,573	1,383
COMPREHENSIVE INCOME ATTRIBUTABLE TO JBG SMITH PROPERTIES	$ 13,728	$ 14,709

Consolidated Statements of Equi

Consolidated Statements of Equity - USD ($) shares in Thousands, $ in Thousands	Common Stock [Member]	Additional Paid-In Capital	Accumulated Deficit	Accumulated Other Comprehensive Income	Noncontrolling Interests in Consolidated Subsidiaries	Total
Balance at beginning of period at Dec. 31, 2018	$ 1,210	$ 3,155,256	$ (176,018)	$ 6,700	$ 204	$ 2,987,352
Balance at beginning of period (in shares) at Dec. 31, 2018	120,937
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income attributable to common shareholders and noncontrolling interests			24,861			24,861
Conversion of common limited partnership units to common shares	$ 17	57,089				57,106
Conversion of common limited partnership units to common shares	1,657
Contributions from (distributions to) noncontrolling interests					161	161
Redeemable noncontrolling interests redemption value adjustment and other comprehensive (income) loss allocation		(62,212)		1,383		(60,829)
Other comprehensive loss				(11,535)		(11,535)
Balance at end of period (in shares) at Mar. 31, 2019	122,594
Balance at end of period at Mar. 31, 2019	$ 1,227	3,150,133	(151,157)	(3,452)	365	2,997,116
Balance at beginning of period at Dec. 31, 2019	$ 1,342	3,633,042	(231,164)	(16,744)	201	$ 3,386,677
Balance at beginning of period (in shares) at Dec. 31, 2019	134,148					134,148
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income attributable to common shareholders and noncontrolling interests			42,925			$ 42,925
Common shares repurchased	$ (14)	(41,163)				(41,177)
Common shares repurchased (in shares)	(1,418)
Common shares issued pursuant to Employee Share Purchase Plan		132				132
Conversion of common limited partnership units to common shares	$ 8	31,118				31,126
Conversion of common limited partnership units to common shares	787
Contributions from (distributions to) noncontrolling interests					2	2
Redeemable noncontrolling interests redemption value adjustment and other comprehensive (income) loss allocation		100,666		3,573		104,239
Other comprehensive loss				(32,770)		$ (32,770)
Balance at end of period (in shares) at Mar. 31, 2020	133,517					133,517
Balance at end of period at Mar. 31, 2020	$ 1,336	$ 3,723,795	$ (188,239)	$ (45,941)	$ 203	$ 3,491,154

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($)	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
OPERATING ACTIVITIES:
Net income (loss)	$ 48,175,000	$ 28,248,000
Adjustments to reconcile net income to net cash provided by operating activities:
Share-based compensation expense	17,362,000	16,589,000
Depreciation and amortization, including amortization of debt issuance costs	49,360,000	49,936,000
Deferred rent	(6,614,000)	(9,341,000)
(Income) loss from unconsolidated real estate ventures, net	2,692,000	(3,601,000)
Amortization of market lease intangibles, net	(163,000)	(132,000)
Amortization of lease incentives	1,609,000	2,057,000
Loss on extinguishment of debt	33,000
Gain on sale of real estate	(59,477,000)	(39,033,000)
Net unrealized loss (gain) on derivative financial instruments not designated as cash flow hedges	(47,000)	48,000
Losses on operating lease receivables	2,718,000	1,568,000
Return on capital from unconsolidated real estate ventures	532,000	398,000
Other non-cash items	(116,000)	519,000
Changes in operating assets and liabilities:
Tenant and other receivables	(4,210,000)	(4,185,000)
Other assets, net	(1,105,000)	1,647,000
Accounts payable and accrued expenses	(5,968,000)	(18,943,000)
Other liabilities, net	(2,865,000)	(7,867,000)
Net cash provided by operating activities	41,916,000	17,908,000
INVESTING ACTIVITIES:
Development costs, construction in progress and real estate additions	(107,013,000)	(68,667,000)
Deposits for real estate acquisitions		(8,525,000)
Proceeds from sale of real estate	154,493,000	117,676,000
Distributions of capital from unconsolidated real estate ventures		6,555,000
Investments in unconsolidated real estate ventures	(3,563,000)	(2,851,000)
Net cash provided by investing activities	43,917,000	44,188,000
FINANCING ACTIVITIES:
Finance lease payments	(2,642,000)	(33,000)
Borrowings under mortgages payable	175,000,000
Borrowings under revolving credit facility	200,000,000
Repayments of mortgages payable	(2,221,000)	(3,065,000)
Repayments of revolving credit facility	(200,000,000)
Debt issuance costs	(9,278,000)
Common shares repurchased	(41,177,000)
Dividends paid to common shareholders	(30,184,000)	(39,298,000)
Distributions to redeemable noncontrolling interests	(3,828,000)	(5,895,000)
Contributions from noncontrolling interests		124,000
Net cash provided by (used in) financing activities	85,670,000	(48,167,000)
Net increase in cash and cash equivalents and restricted cash	171,503,000	13,929,000
Cash and cash equivalents and restricted cash as of the beginning of the period	142,516,000	399,532,000
Cash and cash equivalents and restricted cash as of the end of the period	314,019,000	413,461,000
SUPPLEMENTAL DISCLOSURE OF CASH FLOW AND NON-CASH INFORMATION:
Cash paid for interest (net of capitalized interest of $5,268 and $6,915 in 2020 and 2019)	10,927,000	15,489,000
Accrued capital expenditures included in accounts payable and accrued expenses	76,418,000	74,299,000
Write-off of fully depreciated assets	7,111,000	18,477,000
Conversion of common limited partnership units to common shares	31,126,000	57,001,000
Recognition (derecognition) of operating lease right-of-use assets	(13,151,000)	35,318,000
Recognition (derecognition) of liabilities related to operating lease right-of-use assets.	(13,151,000)	37,922,000
Recognition of finance lease right-of-use assets	42,354,000
Recognition of liabilities related to finance lease right-of-use assets	40,684,000
Cash paid for amounts included in the measurement of lease liabilities for operating leases	$ 1,396,000	$ 1,708,000

Consolidated and Combined Sta_2

Consolidated and Combined Statements of Cash Flows (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019	Dec. 31, 2018
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AS OF END OF THE PERIOD:
Cash and cash equivalents	$ 295,442	$ 395,584	$ 126,413
Restricted cash	18,577	17,877	16,103
Cash and cash equivalents and restricted cash	314,019	413,461	$ 142,516	$ 399,532
Capitalized interest	$ 5,268	$ 6,915

Organization and Basis of Prese

Organization and Basis of Presentation	3 Months Ended
	Mar. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Basis of Presentation	1. Organization JBG SMITH Properties ("JBG SMITH") is a Maryland real estate investment trust ("REIT"), which owns and operates a portfolio of high-growth commercial and multifamily assets, many of which are amenitized with ancillary retail. JBG SMITH's portfolio reflects its longstanding strategy of owning and operating assets within Metro-served submarkets in the Washington, D.C. metropolitan area that have high barriers to entry and key urban amenities, including being within walking distance of a Metro station. Substantially all of JBG SMITH's assets are held by, and its operations are conducted through, JBG SMITH Properties LP ("JBG SMITH LP"), its operating partnership. As of March 31, 2020, JBG SMITH, as its sole general partner, controlled JBG SMITH LP and owned 90.3% of its common limited partnership units ("OP Units"). JBG SMITH is hereinafter referred to as "we," "us," "our" or other similar terms. References to "our share" refer to our ownership percentage of consolidated and unconsolidated assets in real estate ventures. We were organized for the purpose of receiving, via the spin-off on July 17, 2017 (the "Separation"), substantially all of the assets and liabilities of Vornado Realty Trust's ("Vornado") Washington, D.C. segment. On July 18, 2017, we acquired the management business and certain assets and liabilities of The JBG Companies ("JBG") (the "Combination"). The Separation and the Combination are collectively referred to as the "Formation Transaction." As of March 31, 2020, our Operating Portfolio consisted of 64 operating assets comprising 44 commercial assets totaling 13.3 million square feet (11.1 million square feet at our share) and 20 multifamily assets totaling 7,367 units (5,583 units at our share). Additionally, we have (i) four assets under construction comprising two wholly owned commercial assets totaling 380,000 square feet and two multifamily assets totaling 755 units (577 units at our share); and (ii) 37 future development assets totaling approximately 20.0 million square feet (16.7 million square feet at our share) of estimated potential development density. Our revenues are derived primarily from leases with commercial and multifamily tenants, which include fixed rents and reimbursements from tenants for certain expenses such as real estate taxes, property operating expenses, and repairs and maintenance. In addition, our third-party asset management and real estate services business provides fee-based real estate services to third parties and the legacy funds (the "JBG Legacy Funds") formerly organized by JBG. Basis of Presentation The accompanying unaudited condensed consolidated financial statements and notes are prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") for interim financial information and with the instructions of Form 10-Q and Article 10 of Regulation S-X. Accordingly, these condensed consolidated financial statements do not contain certain information required in annual financial statements and notes as required under GAAP. In our opinion, all adjustments considered necessary for a fair presentation have been included, and all such adjustments are of a normal recurring nature. All intercompany transactions and balances have been eliminated. The results of operations for the three months ended March 31, 2020 and 2019 are not necessarily indicative of the results that may be expected for a full year. These condensed consolidated financial statements should be read in conjunction with our Annual Report on Form 10-K for the year ended December 31, 2019, filed with the Securities and Exchange Commission. The accompanying condensed consolidated financial statements include the accounts of JBG SMITH and our wholly owned subsidiaries and those other entities, including JBG SMITH LP, in which we have a controlling financial interest, including where we have been determined to be the primary beneficiary of a variable interest entity ("VIE"). See Note 5 for additional information on our VIEs. The portions of the equity and net income of consolidated subsidiaries that are not attributable to JBG SMITH are presented separately as amounts attributable to noncontrolling interests in our condensed consolidated financial statements. References to our financial statements refer to our condensed consolidated financial statements as of March 31, 2020 and December 31, 2019, and for the three months ended March 31, 2020 and 2019. References to our balance sheets refer to our condensed consolidated balance sheets as of March 31, 2020 and December 31, 2019. References to our statements of operations refer to our condensed consolidated statements of operations for the three months ended March 31, 2020 and 2019. References to our statements of comprehensive income refer to our condensed consolidated statements of comprehensive income for the three months ended March 31, 2020 and 2019. References to our statements of cash flows refer to our condensed consolidated statements of cash flows for the three months ended March 31, 2020 and 2019. Income Taxes We have elected to be taxed as a REIT under sections 856-860 of the Internal Revenue Code of 1986, as amended (the "Code"). Under those sections, a REIT which distributes at least 90% of its REIT taxable income as dividends to its shareholders each year and which meets certain other conditions will not be taxed on that portion of its taxable income which is distributed to its shareholders. We intend to adhere to these requirements and maintain our REIT status in future periods. We also participate in the activities conducted by subsidiary entities which have elected to be treated as taxable REIT subsidiaries under the Code. As such, we are subject to federal, state, and local taxes on the income from these activities. ​ The Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) (P.L. 116-136) that was enacted on March 27, 2020 includes several significant tax provisions that could impact us and our taxable REIT subsidiaries ("TRSs"). These changes include: ● the elimination of the taxable income limit for net operating losses ("NOLs") for all taxable years beginning before January 1, 2021, thereby permitting corporate taxpayers to use NOLs to fully offset taxable income (although we, as a REIT, will continue to only be able to use NOLs against taxable income remaining after taking into account any dividends paid deduction); ● the ability for our TRSs to utilize carryback NOLs arising in 2018, 2019 and 2020 to the five taxable years preceding the taxable year of the loss; ● an increase of the business interest limitation under Section 163(j) of the Code from 30% to 50% for taxable years beginning in 2019 and 2020, and the addition of an election by taxpayers to use their 2019 adjusted taxable income as their adjusted taxable income in 2020 for purposes of applying the limitation; and ● a “technical correction” amending Section 168(e)(3)(E) of the Code to add “qualified improvement property” to “15-year property” and assigning a class life of 20-years under Section 168(g)(3)(B) of the Code to qualified improvement property under Section 168(e)(3)(E)(vii) of the Code . During the three months ended March 31, 2020, as a result of the CARES Act, we made adjustments to the net deferred tax liability amounts, which relate to “qualified improvement property” owned by our TRSs.

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2020
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	2. Significant Accounting Policies There were no material changes to our significant accounting policies disclosed in our Annual Report on Form 10-K for the year ended December 31, 2019. Use of Estimates The preparation of the financial statements in conformity with GAAP requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. The most significant of these estimates include: (i) the underlying cash flows and holding periods used in assessing impairment; (ii) the determination of useful lives for tangible and intangible assets; and (iii) the assessment of the collectability of receivables, including deferred rent receivables. Due to the current pandemic of the novel coronavirus, or COVID-19, commencing in March 2020, authorities in jurisdictions where our properties are located issued stay-at-home orders and restrictions on travel and the types of businesses permitted to continue operations. The extent to which the COVID-19 pandemic impacts us and our tenants will depend on future developments, which are highly uncertain and cannot be predicted. The extent and duration of the stay-at-home orders and other effects of COVID-19 on us and our tenants will effect estimates used in the preparation of the underlying cash flows used in assessing our long-lived assets for impairment and the assessment of the collectability of receivables from tenants, including deferred rent receivables. We have made, what we believe to be, appropriate accounting estimates based on the facts and circumstances available as of the reporting date. To the extent these estimates differ from actual results, our consolidated financial statements may be materially affected. Due to the business disruptions and challenges severely affecting the global economy caused by the COVID-19 pandemic, many lessors may provide rent deferrals and other lease concessions to lessees. While the lease modification guidance in Accounting Standards Codification Topic 842, Leases ("Topic 842") addresses routine changes to lease terms resulting from negotiations between the lessee and the lessor, this guidance did not contemplate an exceptionally high volume of concessions being so rapidly executed to address the sudden liquidity constraints of certain lessees caused by the COVID-19 pandemic. In April 2020, the Financial Accounting Standards Board ("FASB") issued a document that allows lessors to elect not to evaluate whether lease-related relief provided to mitigate the economic effects of COVID-19 is a lease modification under Topic 842. This election would allow lessors to bypass a lease-by-lease analysis, and instead choose to either apply the lease modification accounting framework or not, with such election applied consistently to leases with similar characteristics and similar circumstances. Entities making this election would continue to recognize property rental revenue on a straight-line basis. Rent abatements would be recognized as reductions to property rental revenue during the period for which they relate. Rent deferrals would not impact the recognition of property rental revenue, but would result in an increase to tenant receivables during the deferral period. We are evaluating this policy election and have not determined if we will evaluate any lease-related relief we provide to mitigate the economic effects of COVID-19 as a lease modification under Topic 842. While we did not grant any lease-related relief as a result of COVID-19 during the three months ended March 31, 2020, we are in discussions with tenants and have granted rent concessions or other lease-related relief since March 31, 2020, and expect to grant additional lease-related relief, such as the deferral of lease payments, for a period of time. The nature and financial impact of such rent relief is currently unknown as negotiations are in progress. Recent Accounting Pronouncements In March 2020, the FASB issued Accounting Standards Update 2020-04, Reference Rate Reform ("Topic 848"). Topic 848 contains practical expedients for reference rate reform related activities that impact debt, leases, derivatives and other contracts. The guidance in Topic 848 is optional and may be elected over time as reference rate reform activities occur. During the three months ended March 31, 2020, we elected to apply the hedge accounting expedients related to (i) the assertion that our hedged forecasted transactions remain probable and (ii) the assessments of effectiveness for future LIBOR-indexed cash flows to assume that the index upon which future hedged transactions will be based matches the index on the corresponding derivatives. Application of these expedients preserves the presentation of our derivatives, which will be consistent with our past presentation. We will continue to evaluate the impact of the guidance and may apply other elections, as applicable, as additional changes in the market occur. ​

Disposition and Assets Held for

Disposition and Assets Held for Sale	3 Months Ended
	Mar. 31, 2020
Discontinued Operations and Disposal Groups [Abstract]
Disposition and Assets Held for Sale	​ ​ 3. Disposition The following is a summary of disposition activity for the three months ended March 31, 2020: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gain on ​ ​ ​ ​ ​ ​ ​ ​ Total ​ Gross ​ Cash ​ Sale of ​ ​ ​ ​ ​ ​ ​ ​ Square ​ Sales ​ Proceeds ​ Real Date Disposed Assets Segment Location Feet Price from Sale Estate ​ ​ ​ ​ ​ ​ ​ ​ (In thousands) January 15, 2020 ​ Metropolitan Park (1) ​ Other ​ Arlington, Virginia ​ 2,150 ​ $ 154,952 ​ $ 154,493 ​ $ 59,477 (1) The property, which was sold to Amazon.com ("Amazon"), was part of a like-kind exchange. See Note 5 for additional information. Total square feet represents potential development density approved by Arlington County. Assets Held for Sale As of March 31, 2020 and December 31, 2019, we had certain real estate properties that were classified as held for sale. The amounts included in "Assets held for sale" in our balance sheets primarily represent the carrying value of real estate. The following is a summary of assets held for sale: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Related to ​ ​ ​ ​ ​ ​ Total ​ Assets Held ​ Assets Held Assets Segment Location Square Feet (1) for Sale for Sale ​ ​ ​ ​ ​ ​ ​ ​ (In thousands) March 31, 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Pen Place (2) ​ Other ​ Arlington, Virginia ​ 2,080 ​ $ 73,876 ​ $ 213 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2019 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Pen Place (2) ​ Other ​ Arlington, Virginia ​ 2,080 ​ $ 73,895 ​ $ — Metropolitan Park (3) ​ Other ​ Arlington, Virginia ​ 2,150 ​ ​ 94,517 ​ ​ — ​ ​ ​ ​ ​ ​ 4,230 ​ $ 168,412 ​ $ — (1) Represents estimated or approved potential development density. (2) In March 2019, we entered into an agreement for the sale of Pen Place for $149.9 million, subject to customary closing conditions. The sale of Pen Place to Amazon is expected to close in 2021. (3) As noted above, we sold Metropolitan Park to Amazon in January 2020.

Investments in Unconsolidated R

Investments in Unconsolidated Real Estate Ventures	3 Months Ended
	Mar. 31, 2020
Equity Method Investments and Joint Ventures [Abstract]
Investments in Unconsolidated Real Estate Ventures	4. Investments in Unconsolidated Real Estate Ventures The following is a summary of the composition of our investments in unconsolidated real estate ventures: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Ownership ​ ​ ​ Real Estate Venture Partners Interest (1) March 31, 2020 December 31, 2019 ​ ​ ​ ​ ​ (In thousands) ​ Prudential Global Investment Management 50.0% ​ $ 217,076 ​ $ 215,624 ​ CPPIB 55.0% ​ 112,808 ​ 109,911 ​ Landmark 1.8% - 49.0% ​ 76,201 ​ 77,944 ​ CBREI Venture 5.0% - 64.0% ​ 67,084 ​ 68,405 ​ Berkshire Group 50.0% ​ 46,859 ​ ​ 46,391 ​ Brandywine 30.0% ​ 13,741 ​ 13,830 ​ Pacific Life Insurance Company (2) 20.0% ​ 8,653 ​ 10,385 ​ Other ​ ​ 561 ​ ​ 536 ​ Total investments in unconsolidated real estate ventures ​ ​ ​ $ 542,983 ​ $ 543,026 ​ (1) Ownership interests as of March 31, 2020. We have multiple investments with certain venture partners with varying ownership interests. (2) In March 2020, we acquired an additional 3.33% ownership interest in the real estate venture. On March 27, 2020, the Wardman Park hotel, the sole asset in this real estate venture, was closed due to the COVID-19 pandemic. We provide leasing, property management and other real estate services to our unconsolidated real estate ventures. We recognized revenue, including expense reimbursements, of $6.7 million and $6.0 million for the three months ended March 31, 2020 and 2019 for such services. Reconsideration events could cause us to consolidate these unconsolidated real estate ventures in the future or deconsolidate a consolidated entity. We evaluate reconsideration events as we become aware of them. Reconsideration events include additional contributions being required by each partner and each partner's ability to make those contributions. Under certain circumstances, we may purchase our partner's interest. Our unconsolidated real estate ventures are held in entities which appear sufficiently stable to meet their capital requirements; however, if market conditions worsen and our partners are unable to meet their commitments, we may have to consolidate these entities The following is a summary of the debt of our unconsolidated real estate ventures: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ ​ ​ ​ ​ Average Effective ​ ​ ​ Interest Rate (1) March 31, 2020 December 31, 2019 ​ ​ ​ ​ (In thousands) Variable rate (2) 3.42% ​ $ 644,399 ​ $ 629,479 Fixed rate (3) 4.00% ​ 558,657 ​ 561,236 Unconsolidated real estate ventures - mortgages payable ​ ​ ​ 1,203,056 ​ 1,190,715 Unamortized deferred financing costs ​ ​ ​ (2,525) ​ (2,859) Unconsolidated real estate ventures - mortgages payable, net (4) ​ ​ ​ $ 1,200,531 ​ $ 1,187,856 (1) Weighted average effective interest rate as of March 31, 2020. (2) Includes variable rate mortgages payable with interest rate cap agreements. (3) Includes variable rate mortgages payable with interest rates fixed by interest rate swap agreements. (4) See Note 17 for additional information on guarantees of the debt of certain of our unconsolidated real estate ventures. In April 2020, our real estate venture with CPPIB entered into a mortgage loan with a maximum principal balance of $160.0 million collateralized by 1900 N Street. The venture initially received proceeds from the mortgage loan of $134.5 million, with the additional $25.5 million available in the future. The following is a summary of the financial information for our unconsolidated real estate ventures: ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2020 December 31, 2019 ​ (In thousands) Combined balance sheet information: ​ ​ ​ ​ ​ ​ Real estate, net ​ $ 2,487,578 ​ $ 2,493,961 Other assets, net ​ 298,937 ​ 291,092 Total assets ​ $ 2,786,515 ​ $ 2,785,053 ​ ​ ​ ​ ​ ​ ​ Borrowings, net ​ $ 1,200,531 ​ $ 1,187,856 Other liabilities, net ​ 173,965 ​ 168,243 Total liabilities ​ 1,374,496 ​ 1,356,099 Total equity ​ 1,412,019 ​ 1,428,954 Total liabilities and equity ​ $ 2,786,515 ​ $ 2,785,053 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ 2020 2019 ​ (In thousands) Combined income statement information: ​ ​ ​ ​ ​ ​ Total revenue ​ $ 69,579 ​ $ 59,991 Operating loss ​ (482) ​ (433) Net loss ​ (18,165) ​ (15,227) ​

Variable Interest Entities

Variable Interest Entities	3 Months Ended
	Mar. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Variable Interest Entities	5. We hold various interests in entities deemed to be VIEs, which we evaluate at acquisition, formation, after a change in the ownership agreement or after a change in the real estate venture's economics to determine if the VIEs should be consolidated in our financial statements or should no longer be considered a VIE. Certain criteria we assess in determining whether the VIEs should be consolidated relate to our control over significant business activities, our voting rights and the noncontrolling interest kick-out rights, which ultimately dictate whether we are the primary beneficiary of the VIE. Unconsolidated VIEs As of March 31, 2020 and December 31, 2019, we had interests in entities deemed to be VIEs that are in the development stage and do not hold sufficient equity at risk or conduct substantially all their operations on behalf of an investor with disproportionately few voting rights. Although we are engaged to act as the managing partner in charge of day-to-day operations of these investees, we are not the primary beneficiary of these VIEs, as we do not hold unilateral power over activities that, when taken together, most significantly impact the respective VIE's performance. We account for our investment in these entities under the equity method. As of March 31, 2020 and December 31, 2019, the net carrying amounts of our investment in these entities were $242.7 million and $242.9 million, which are included in "Investments in unconsolidated real estate ventures" in our balance sheets. Our equity in the income of unconsolidated VIEs is included in "Income (loss) from unconsolidated real estate ventures, net" in our statements of operations. Our maximum loss exposure in these entities is limited to our investments, construction commitments and certain guarantees. See Note 17 for additional information. Consolidated VIEs JBG SMITH LP is our most significant consolidated VIE. We hold 90.3% of the limited partnership interest in the operating partnership, act as the general partner and exercise full responsibility, discretion and control over its day-to-day management. We consolidate VIEs in which we control the significant business activities. These entities are VIEs because they are in the development stage and/or do not hold sufficient equity at risk. We are the primary beneficiaries of these VIEs because the noncontrolling interest holders do not have substantive kick-out or participating rights, and we control the significant business activities. The noncontrolling interests of JBG SMITH LP do not have substantive liquidation rights, substantive kick-out rights without cause, or substantive participating rights that could be exercised by a simple majority of noncontrolling interest limited partners (including by such a limited partner unilaterally). Because the noncontrolling interest holders do not have these rights, JBG SMITH LP is a VIE. As general partner, we have the power to direct the activities of JBG SMITH LP that most significantly affect its performance, and through our majority interest, we have both the right to receive benefits from and the obligation to absorb losses of JBG SMITH LP. Accordingly, we are the primary beneficiary of JBG SMITH LP and consolidate it in our financial statements. Because we conduct our business and hold our assets and liabilities through JBG SMITH LP, its total assets and liabilities comprise substantially all of our consolidated assets and liabilities. In conjunction with the acquisition of F1RST Residences in December 2019, we entered into a like-kind exchange agreement with a third-party intermediary. As of December 31, 2019, the third-party intermediary was the legal owner of the entity that owned this property. We determined we were the primary beneficiary of the VIE, and accordingly, we consolidated the property and its operations as of the acquisition date. Legal ownership of this entity was transferred to us by the third-party intermediary as the like-kind exchange agreement was completed with the sale of Metropolitan Park in January 2020. As of March 31, 2020, in addition to JBG SMITH LP, we consolidated one VIE with total assets and liabilities of $146.6 million and $7.6 million. As of December 31, 2019, in addition to JBG SMITH LP, we consolidated two VIEs with total assets and liabilities of $136.8 million and $11.8 million. For consolidated VIEs other than JBG SMITH LP, only the assets of the respective VIE can be used to settle obligations of that VIE, and their creditors have no recourse to our wholly owned assets.

Other Assets, Net

Other Assets, Net	3 Months Ended
	Mar. 31, 2020
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Other Assets, Net	6. The following is a summary of other assets, net: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2020 December 31, 2019 ​ ​ (In thousands) Deferred leasing costs, net ​ $ 125,155 ​ $ 126,016 Lease intangible assets, net ​ 21,669 ​ 23,644 Other identified intangible assets, net ​ 47,031 ​ 48,620 Operating lease right-of-use assets, net ​ 6,564 ​ 19,865 Finance lease right-of-use asset (1) ​ ​ 42,316 ​ ​ — Prepaid expenses ​ 10,735 ​ 12,556 Deferred financing costs on credit facility, net ​ 7,919 ​ 3,071 Deposits ​ 3,210 ​ 3,210 Derivative agreements, at fair value ​ 63 ​ — Other ​ 17,090 ​ 16,705 Total other assets, net ​ $ 281,752 ​ $ 253,687 (1) Related to an amendment of the ground lease for 1730 M Street executed during the three months ended March 31, 2020. The amendment extended the expiration date of the lease from April 2061 to December 2118, and resulted in its reclassification from an operating to a finance lease.

Debt

Debt	3 Months Ended
	Mar. 31, 2020
Debt Disclosure [Abstract]
Debt	7. Mortgages Payable The following is a summary of mortgages payable: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted Average ​ ​ ​ ​ ​ ​ ​ ​ ​ Effective ​ ​ ​ ​ Interest Rate (1) ​ March 31, 2020 December 31, 2019 ​ ​ ​ ​ ​ (In thousands) Variable rate 2.35% ​ ​ $ 177,200 ​ $ 2,200 Fixed rate (2) 4.28% ​ ​ 1,123,426 ​ 1,125,648 Mortgages payable ​ ​ ​ ​ 1,300,626 ​ 1,127,848 Unamortized deferred financing costs and premium/ discount, net ​ ​ ​ ​ (5,820) ​ (2,071) Mortgages payable, net ​ ​ ​ ​ $ 1,294,806 ​ $ 1,125,777 (1) Weighted average effective interest rate as of March 31, 2020. (2) Includes variable rate mortgages payable with interest rates fixed by interest rate swap agreements. As of March 31, 2020 and December 31, 2019, the net carrying value of real estate collateralizing our mortgages payable totaled $1.6 billion and $1.4 billion. Our mortgages payable contain covenants that limit our ability to incur additional indebtedness on these properties and, in certain circumstances, require lender approval of tenant leases and/or yield maintenance upon repayment prior to maturity. Certain of our mortgages payable are recourse to us. See Note 17 for additional information. During the three months ended March 31, 2020, we entered into a mortgage loan with a principal balance of $175.0 million collateralized by 4747 Bethesda Avenue. In April 2020, we refinanced the mortgage loan collateralized by RTC-West, increasing the principal balance to $117.3 million from $97.1 million. During the three months ended March 31, 2020, we repaid mortgages payable with an aggregate principal balance of $2.2 million. As of March 31, 2020 and December 31, 2019, we had various interest rate swap and cap agreements on certain of our mortgages payable with an aggregate notional value of $1.0 billion and $867.6 million. See Note 15 for additional information. Credit Facility As of March 31, 2020, our $1.4 billion credit facility consisted of a $1.0 billion revolving credit facility maturing in January 2025, a delayed draw $200.0 million unsecured term loan ("Tranche A-1 Term Loan") maturing in January 2023, and a delayed draw $200.0 million unsecured term loan ("Tranche A-2 Term Loan") maturing in July 2024. As of December 31, 2019, we had an outstanding balance of $200.0 million under the revolving credit facility, which was repaid in February 2020 ​ As of March 31, 2020 and December 31, 2019, we had interest rate swaps with an aggregate notional value of $300.0 million and $237.6 million. The interest rate swaps effectively convert the variable interest rate applicable to our Tranche A-1 and A-2 Term Loans to a fixed interest rate. The interest rate swaps applicable to our Tranche A-1 and A-2 Term Loans mature in January 2023 and July 2024 and provide a weighted average base interest rate under the Tranche A-1 and A-2 Term Loans of 2.12% and 1.34% per annum as of March 31, 2020. As of March 31, 2020, we had a forward-starting swap with an effective date of July 18, 2020 and a notional value of $100.0 million, which will effectively convert the variable interest rate applicable to the April 2020 draw of $100.0 million under our Tranche A-1 Loan to a fixed interest rate upon the effective date of the swap. ​ The following is a summary of amounts outstanding under the credit facility: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Effective ​ ​ ​ ​ Interest Rate (1) ​ March 31, 2020 December 31, 2019 ​ ​ ​ ​ ​ (In thousands) Revolving credit facility (2) (3) (4) 2.04% ​ ​ $ 200,000 ​ $ 200,000 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Tranche A-1 Term Loan (5) 3.32% ​ ​ $ 100,000 ​ $ 100,000 Tranche A-2 Term Loan (6) 2.49% ​ ​ 200,000 ​ 200,000 Unsecured term loans ​ ​ 300,000 ​ 300,000 Unamortized deferred financing costs, net ​ ​ (2,534) ​ (2,705) Unsecured term loans, net ​ ​ $ 297,466 ​ $ 297,295 (1) Effective interest rate as of March 31, 2020. (2) As of both March 31, 2020 and December 31, 2019, letters of credit with an aggregate face amount of $1.5 million were outstanding under our revolving credit facility. (3) As of March 31, 2020 and December 31, 2019, net deferred financing costs related to our revolving credit facility totaling $7.9 million and $3.1 million were included in "Other assets, net." (4) The interest rate for the revolving credit facility excludes a 0.15% facility fee. In April 2020, we drew an additional $300.0 million under the revolving credit facility. (5) As of March 31, 2020 and December 31, 2019, the outstanding balance was fixed by interest rate swap agreements. In April 2020, we drew $100.0 million under the Tranche A-1 Term Loan. (6) As of March 31, 2020 and December 31, 2019, the outstanding balance was fixed by interest rate swap agreements with a notional value of $200.0 million and $137.6 million.

Other Liabilities, Net

Other Liabilities, Net	3 Months Ended
	Mar. 31, 2020
Other Liabilities Disclosure [Abstract]
Other Liabilities, Net	8. Other Liabilities, Net The following is a summary of other liabilities, net: ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2020 December 31, 2019 ​ ​ (In thousands) Lease intangible liabilities, net ​ $ 11,773 ​ $ 12,324 Prepaid rent ​ 26,428 ​ 23,612 Lease assumption liabilities ​ 15,035 ​ 17,589 Lease incentive liabilities ​ 19,481 ​ 20,854 Liabilities related to operating lease right-of-use assets ​ 14,100 ​ 28,476 Liabilities related to finance lease right-of-use assets (1) ​ 39,711 ​ — Security deposits ​ 16,305 ​ 16,348 Environmental liabilities ​ 17,898 ​ 17,898 Net deferred tax liability ​ 4,456 ​ 5,542 Dividends payable ​ — ​ 34,012 Derivative agreements, at fair value ​ 50,169 ​ 17,440 Other ​ 12,967 ​ 11,947 Total other liabilities, net ​ $ 228,323 ​ $ 206,042 (1) Related to an amendment of the ground lease for 1730 M Street executed during the three months ended March 31, 2020. The amendment extended the expiration date of the lease from April 2061 to December 2118, and resulted in its reclassification from an operating to a finance lease.

Redeemable Noncontrolling Inter

Redeemable Noncontrolling Interests	3 Months Ended
	Mar. 31, 2020
Noncontrolling Interest [Abstract]
Redeemable Noncontrolling Interests	9. JBG SMITH LP A portion of the OP Units held by persons other than JBG SMITH are redeemable for cash or, at our election, our common shares, subject to certain limitations. During the three months ended March 31, 2020 and 2019, unitholders redeemed 787,253 and 1.7 million OP Units, which we elected to redeem for an equivalent number of our common shares. As of March 31, 2020, outstanding OP Units totaled 14.4 million, representing a 9.7% ownership interest in JBG SMITH LP. On our balance sheets, our OP Units and certain vested LTIPs are presented at the higher of their redemption value or their carrying value, with such adjustments recognized in "Additional paid-in capital." Redemption value per OP Unit is equivalent to the market value of one of our common shares at the end of the period. In April 2020, unitholders redeemed 81,983 OP Units, which we elected to redeem for an equivalent number of our common shares. Consolidated Real Estate Venture We are a partner in a real estate venture that owns an under construction multifamily asset located at 965 Florida Avenue in Washington, D.C. Pursuant to the terms of the real estate venture agreement, we will fund all capital contributions until our ownership interest reaches a maximum of 97.0%. Our partner can redeem its interest for cash two The following is a summary of the activity of redeemable noncontrolling interests: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ ​ 2020 ​ 2019 ​ ​ ​ ​ ​ Consolidated ​ ​ ​ ​ ​ ​ ​ Consolidated ​ ​ ​ ​ ​ JBG ​ Real Estate ​ ​ ​ ​ JBG ​ Real Estate ​ ​ ​ ​ SMITH LP Venture Total SMITH LP Venture Total ​ (In thousands) Balance as of beginning of period ​ $ 606,699 ​ $ 6,059 ​ $ 612,758 ​ $ 552,159 ​ $ 5,981 ​ $ 558,140 OP Unit redemptions ​ (31,126) ​ — ​ (31,126) ​ (57,001) ​ — ​ (57,001) Long-term incentive partnership units ("LTIP Units") issued in lieu of cash bonuses (1) ​ 3,616 ​ — ​ 3,616 ​ 3,135 ​ — ​ 3,135 Net income (loss) attributable to redeemable noncontrolling interests ​ 5,253 ​ (3) ​ 5,250 ​ 3,386 ​ 1 ​ 3,387 Other comprehensive loss ​ (3,573) ​ — ​ (3,573) ​ (1,383) ​ — ​ (1,383) Share-based compensation expense ​ 16,781 ​ — ​ 16,781 ​ 16,273 ​ — ​ 16,273 Adjustment to redemption value ​ (100,666) ​ — ​ (100,666) ​ 62,212 ​ — ​ 62,212 Balance as of end of period ​ $ 496,984 ​ $ 6,056 ​ $ 503,040 ​ $ 578,781 ​ $ 5,982 ​ $ 584,763 (1) See Note 11 for additional information.

Property Rentals Revenue

Property Rentals Revenue	3 Months Ended
	Mar. 31, 2020
Property Rentals Revenue [Abstract]
Property Rentals Revenue	10. Property Rentals Revenue The following is a summary of property rentals revenue from our non-cancellable leases: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ 2020 2019 ​ ​ (In thousands) Fixed ​ $ 110,933 ​ $ 113,590 Variable ​ ​ 9,447 ​ ​ 5,823 Property rentals revenue ​ $ 120,380 ​ $ 119,413 ​

Share-Based Payments

Share-Based Payments	3 Months Ended
	Mar. 31, 2020
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Share-Based Payments	11. LTIP and Time-Based LTIP Units During the three months ended March 31, 2020, we granted 381,504 LTIP Units with time-based vesting requirements ("Time-Based LTIP Units") to management and other employees with a weighted average grant-date fair value of $38.52 per unit that vest over four years, 25.0% per year, subject to continued employment. Compensation expense for these units is being recognized over a four-year period. The aggregate grant-date fair value of these Time-Based LTIP Units granted during the three months ended March 31, 2020 was $14.7 million, valued using Monte Carlo simulations. Additionally, during the three months ended March 31, 2020, we granted 90,094 fully vested LTIP Units, with a grant-date fair value of $40.13 per unit, to certain executives who elected to receive all or a portion of their cash bonus paid in 2020, related to 2019 service, as LTIP Units. Compensation expense totaling $3.6 million for these LTIP Units was recognized in 2019. The following is a summary of the significant assumptions used to value the LTIP and Time-Based LTIP Units: ​ ​ ​ ​ ​ Expected volatility 18.0 % Risk-free interest rate 1.5 % Post-grant restriction periods 2 years ​ ​ In April 2020, as part of their annual compensation, we granted a total of 54,607 fully vested LTIP Units to certain of our trustees with an aggregate grant-date fair value of $1.5 million. Performance-Based LTIP During the three months ended March 31, 2020, we granted 593,100 LTIP Units with performance-based vesting requirements ("Performance-Based LTIP Units") to management and other employees with a weighted average grant-date fair value of $18.67 per unit. Our Performance-Based LTIP Units have a three-year performance period. 50% of any Performance-Based LTIP Units that are earned vest at the end of the three-year performance period and the remaining 50% on the fourth anniversary of the date of grant, subject to continued employment. The aggregate grant-date fair value of the Performance-Based LTIP Units granted during the three months ended March 31, 2020 was $11.1 million, valued using Monte Carlo simulations. Compensation expense for the Performance-Based LTIP Units is being recognized over a four-year period. The following is a summary of the significant assumptions used to value the Performance-Based LTIP Units: ​ ​ ​ ​ ​ Expected volatility 15.0 % Dividend yield 2.3 % Risk-free interest rate 1.3 % ​ Share-Based Compensation Expense The following is a summary of share-based compensation expense: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ 2020 2019 ​ (In thousands) Time-Based LTIP Units ​ $ 3,351 ​ $ 2,934 Performance-Based LTIP Units ​ 3,989 ​ 2,208 Other equity awards (1) ​ 1,549 ​ 1,059 Share-based compensation expense - other ​ 8,889 ​ 6,201 Formation Awards ​ 1,259 ​ 1,660 OP Units (2) ​ 6,641 ​ 7,931 LTIP Units (2) ​ 112 ​ 108 Special Performance-Based LTIP Units (3) ​ 671 ​ 644 Special Time-Based LTIP Units (3) ​ 758 ​ 788 Share-based compensation related to Formation Transaction and special equity awards (4) ​ 9,441 ​ 11,131 Total share-based compensation expense ​ 18,330 ​ 17,332 Less amount capitalized ​ (968) ​ (743) Share-based compensation expense ​ $ 17,362 ​ $ 16,589 (1) Primarily comprising compensation expense for certain executives who have elected to receive all or a portion of any cash bonus that may be paid in the subsequent year related to past service in the form of fully vested LTIP Units and related to our employee share purchase plan. (2) Represents share-based compensation expense for LTIP Units and OP Units subject to post-Combination employment obligations. (3) Represents equity awards issued related to our successful pursuit of Amazon's additional headquarters in National Landing. (4) Included in "General and administrative expense: Share-based compensation related to Formation Transaction and special equity awards" in the accompanying statements of operations. As of March 31, 2020, we had $90.3 million of total unrecognized compensation expense related to unvested share-based payment arrangements, which is expected to be recognized over a weighted average period of 2.1 years.

Transaction and Other Costs

Transaction and Other Costs	3 Months Ended
	Mar. 31, 2020
Other Income and Expenses [Abstract]
Schedule of Transaction and Other Costs	12. The following is a summary of transaction and other costs: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ 2020 2019 ​ (In thousands) Demolition costs (1) ​ $ — ​ $ 2,319 Formation Transaction and integration costs (2) ​ 1,309 ​ 2,105 Completed, potential and pursued transaction expenses ​ — ​ 471 Other (3) ​ 4,000 ​ — Transaction and other costs ​ $ 5,309 ​ $ 4,895 (1) Related to 1900 Crystal Drive. (2) Includes integration and severance costs. (3) Represents a charitable commitment to the Washington Housing Conservancy, a non-profit that will acquire and own affordable workforce housing in the Washington D.C. metropolitan region.

Interest Expense

Interest Expense	3 Months Ended
	Mar. 31, 2020
Interest Expense [Abstract]
Schedule of Interest Expense	13. Interest Expense The following is a summary of interest expense: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ 2020 2019 ​ (In thousands) Interest expense before capitalized interest ​ $ 16,701 ​ $ 22,877 Amortization of deferred financing costs ​ 619 ​ 1,164 Net unrealized (gain) loss on derivative financial instruments not designated as cash flow hedges ​ (47) ​ 48 Capitalized interest ​ (5,268) ​ (6,915) Interest expense ​ $ 12,005 ​ $ 17,174 ​

Shareholders' Equity and Earnin

Shareholders' Equity and Earnings Per Common Share	3 Months Ended
	Mar. 31, 2020
Shareholders' Equity and Earnings Per Common Share
Shareholders' Equity and Earnings Per Common Share	14. Common Shares Repurchased In March 2020, our Board of Trustees authorized the repurchase of up to $500 million of our outstanding common shares. During the three months ended March 31, 2020, we repurchased and retired 1.4 million common shares for $41.2 million, an average purchase price of $29.01 per share. Earnings Per Common Share ​ The following is a summary of the calculation of basic and diluted earnings per common share and a reconciliation of the amounts of net income available to common shareholders used in calculating basic and diluted earnings per common share to net income: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ 2020 2019 ​ (In thousands, except per share amounts) Net income ​ $ 48,175 ​ $ 28,248 Net income attributable to redeemable noncontrolling interests ​ (5,250) ​ (3,387) Net income attributable to common shareholders ​ $ 42,925 ​ $ 24,861 ​ ​ ​ ​ ​ ​ ​ Weighted average number of common shares outstanding — basic ​ 134,542 ​ 122,573 Effect of dilutive securities ​ ​ 887 ​ ​ 850 Weighted average number of common shares outstanding — diluted ​ ​ 135,429 ​ ​ 123,423 ​ ​ ​ ​ ​ ​ ​ Earnings per common share: ​ ​ Basic ​ $ 0.32 ​ $ 0.20 Diluted ​ $ 0.32 ​ $ 0.20 ​ The effect of the redemption of OP Units and Time-Based LTIP Units that were outstanding as of March 31, 2020 and 2019 is excluded in the computation of diluted earnings per common share as the assumed exchange of such units for common shares on a one-for-one basis was antidilutive (the assumed redemption of these units would have no impact on the determination of diluted earnings per share). Since OP Units and Time-Based LTIP Units, which are held by noncontrolling interests, are attributed gains at an identical proportion to the common shareholders, the gains attributable and their equivalent weighted average OP Unit and Time-Based LTIP Unit impact are excluded from net income available to common shareholders and from the weighted average number of common shares outstanding in calculating diluted earnings per common share. Performance-Based LTIP Units, Special Performance-Based LTIP Units and Formation Awards, which totaled 4.1 million and 3.9 million for the three months ended March 31, 2020 and 2019, were excluded from the calculation of diluted earnings per common share as they were antidilutive, but potentially could be dilutive in the future.

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2020
Fair Value Disclosures [Abstract]
Fair Value Measurements	15. Fair Value Measurements on a Recurring Basis To manage or hedge our exposure to interest rate risk, we follow established risk management policies and procedures, including the use of a variety of derivative financial instruments. We do not enter into derivative financial instruments for speculative purposes. As of March 31, 2020 and December 31, 2019, we had various derivative financial instruments consisting of interest rate swap and cap agreements that are measured at fair value on a recurring basis. The net unrealized loss on our derivative financial instruments designated as cash flow hedges was $50.5 million and $17.7 million as of March 31, 2020 and December 31, 2019 and was recorded in "Accumulated other comprehensive loss" in our balance sheets, of which a portion was reclassified to "Redeemable noncontrolling interests." Within the next 12 months, we expect to reclassify $16.0 million as an increase to interest expense. The net unrealized gain (loss) on our derivative financial instruments not designated as cash flow hedges was $47,000 and $(48,000) for the three months ended March 31, 2020 and 2019, and was recorded in "Interest expense" in our statements of operations and "Net unrealized loss (gain) on ineffective derivative financial instruments" in our statements of cash flows. Accounting Standards Codification 820 ("Topic 820"), Fair Value Measurement and Disclosures, defines fair value and establishes a framework for measuring fair value. The objective of fair value is to determine the price that would be received upon the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (the exit price). Topic 820 establishes a fair value hierarchy that prioritizes observable and unobservable inputs used to measure fair value into three levels: Level 1 — quoted prices (unadjusted) in active markets that are accessible at the measurement date for assets or liabilities; Level 2 — observable prices that are based on inputs not quoted in active markets, but corroborated by market data; and Level 3 — unobservable inputs that are used when little or no market data is available. The fair values of the derivative financial instruments are based on the estimated amounts we would receive or pay to terminate the contracts at the reporting date and are determined using interest rate pricing models and observable inputs. The derivative financial instruments are classified within Level 2 of the valuation hierarchy. The following is a summary of assets and liabilities measured at fair value on a recurring basis: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Value Measurements ​ Total Level 1 Level 2 Level 3 ​ ​ (In thousands) March 31, 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivative financial instruments designated as cash flow hedges: ​ ​ ​ ​ Classified as liabilities in "Other liabilities, net" ​ $ 50,169 ​ — ​ $ 50,169 ​ — Derivative financial instruments not designated as cash flow hedges: ​ ​ ​ ​ Classified as assets in "Other assets, net" ​ 63 ​ — ​ 63 ​ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2019 ​ ​ ​ ​ Derivative financial instruments designated as cash flow hedges: ​ ​ ​ ​ Classified as liabilities in "Other liabilities, net" ​ $ 17,440 ​ — ​ $ 17,440 ​ — ​ The fair values of our derivative financial instruments were determined using widely accepted valuation techniques, including discounted cash flow analysis on the expected cash flows of the derivative financial instrument. This analysis reflected the contractual terms of the derivative, including the period to maturity, and used observable market-based inputs, including interest rate market data and implied volatilities in such interest rates. While it was determined that the majority of the inputs used to value the derivatives fall within Level 2 of the fair value hierarchy under authoritative accounting guidance, the credit valuation adjustments associated with the derivatives also utilized Level 3 inputs, such as estimates of current credit spreads to evaluate the likelihood of default. However, as of March 31, 2020 and December 31, 2019, the significance of the impact of the credit valuation adjustments on the overall valuation of the derivative financial instruments was assessed, and it was determined that these adjustments were not significant to the overall valuation of the derivative financial instruments. As a result, it was determined that the derivative financial instruments in their entirety should be classified in Level 2 of the fair value hierarchy. The net unrealized gains and losses included in "Other comprehensive loss" in our statements of comprehensive income for the three months ended March 31, 2020 and 2019 were attributable to the net change in unrealized gains or losses related to the interest rate swaps that were outstanding during those periods, none of which were reported in our statements of operations as the interest rate swaps were documented and qualified as hedging instruments. ​ Financial Assets and Liabilities Not Measured at Fair Value As of March 31, 2020 and December 31, 2019, all financial instruments and liabilities were reflected in our balance sheets at amounts which, in our estimation, reasonably approximated their fair values, except for the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2020 ​ December 31, 2019 ​ Carrying ​ Carrying ​ ​ ​ Amount (1) ​ Fair Value ​ Amount (1) ​ Fair Value ​ (In thousands) Financial liabilities: ​ ​ ​ ​ Mortgages payable ​ $ 1,300,626 ​ $ 1,223,797 ​ $ 1,127,848 ​ $ 1,162,890 Revolving credit facility ​ 200,000 ​ 196,930 ​ 200,000 ​ 200,177 Unsecured term loans ​ 300,000 ​ 296,208 ​ 300,000 ​ 300,607 (1) The carrying amount consists of principal only. The fair values of the mortgages payable, revolving credit facility and unsecured term loans were determined using Level 2 inputs of the fair value hierarchy.

Segment Information

Segment Information	3 Months Ended
	Mar. 31, 2020
Segment Reporting [Abstract]
Segment Information	16. We review operating and financial data for each property on an individual basis; therefore, each of our individual properties is a separate operating segment. We defined our reportable segments to be aligned with our method of internal reporting and the way our Chief Executive Officer, who is also our Chief Operating Decision Maker ("CODM"), makes key operating decisions, evaluates financial results, allocates resources and manages our business. Accordingly, we aggregate our operating segments into three reportable segments (commercial, multifamily, and third-party asset management and real estate services) based on the economic characteristics and nature of our assets and services. The CODM measures and evaluates the performance of our operating segments, with the exception of the third-party asset management and real estate services business, based on the net operating income ("NOI") of properties within each segment. NOI includes property rental revenue and other property revenue, and deducts property operating expenses and real estate taxes. With respect to the third-party asset management and real estate services business, the CODM reviews revenue streams generated by this segment ("Third-party real estate services, including reimbursements"), as well as the expenses attributable to the segment ("General and administrative: third-party real estate services"), which are both disclosed separately in our statements of operations. The following represents the components of revenue from our third-party real estate services business: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ 2020 2019 ​ (In thousands) Property management fees ​ $ 6,024 ​ $ 5,428 Asset management fees ​ 2,724 ​ 3,488 Leasing fees ​ 1,747 ​ 2,213 Development fees ​ 2,812 ​ 1,596 Construction management fees ​ 1,013 ​ 629 Other service revenue ​ 1,635 ​ 883 Third-party real estate services revenue, excluding reimbursements ​ 15,955 ​ 14,237 Reimbursements revenue (1) ​ 13,761 ​ 13,454 Third-party real estate services revenue, including reimbursements ​ ​ 29,716 ​ ​ 27,691 Third-party real estate services expenses ​ ​ 28,814 ​ ​ 28,066 Third-party real estate services revenue less expenses ​ $ 902 ​ $ (375) (1) Represents reimbursement of expenses incurred by us on behalf of third parties, including allocated payroll costs and amounts paid to third-party contractors for construction management projects. Management company assets primarily consist of management and leasing contracts with a net book value of $29.9 million and $31.5 million and are classified in "Other assets, net" in our balance sheets as of March 31, 2020 and December 31, 2019. Consistent with internal reporting presented to our CODM and our definition of NOI, the third-party asset management and real estate services operating results are excluded from the NOI data below. The following is the reconciliation of net income attributable to common shareholders to consolidated NOI: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ 2020 2019 ​ (In thousands) Net income attributable to common shareholders ​ $ 42,925 ​ $ 24,861 Add: ​ ​ Depreciation and amortization expense ​ 48,489 ​ 48,719 General and administrative expense: ​ ​ Corporate and other ​ 13,176 ​ 12,314 Third-party real estate services ​ 28,814 ​ 28,066 Share-based compensation related to Formation Transaction and special equity awards ​ 9,441 ​ 11,131 Transaction and other costs ​ 5,309 ​ 4,895 Interest expense ​ 12,005 ​ 17,174 Loss on extinguishment of debt ​ 33 ​ — Income tax benefit ​ (2,345) ​ (1,172) Net income attributable to redeemable noncontrolling interests ​ 5,250 ​ 3,387 Less: ​ ​ Third-party real estate services, including reimbursements ​ 29,716 ​ 27,691 Other revenue (1) ​ 1,630 ​ 1,640 Income (loss) from unconsolidated real estate ventures, net ​ (2,692) ​ 3,601 Interest and other income, net ​ 907 ​ 951 Gain on sale of real estate ​ 59,477 ​ 39,033 Consolidated NOI ​ $ 74,059 ​ $ 76,459 (1) Excludes parking revenue of $6.4 million and $6.5 million for the three months ended March 31, 2020 and 2019. The following is a summary of NOI by segment. Items classified in the Other column include future development assets, corporate entities and the elimination of intersegment activity. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, 2020 ​ Commercial Multifamily Other Total ​ (In thousands) Property rentals revenue ​ $ 91,198 ​ $ 32,803 ​ $ (3,621) ​ $ 120,380 Other property revenue ​ 6,244 ​ 137 ​ — ​ 6,381 Total property revenue ​ 97,442 ​ 32,940 ​ (3,621) ​ 126,761 Property expense: ​ ​ ​ ​ ​ Property operating ​ 27,943 ​ 10,307 ​ (3,747) ​ 34,503 Real estate taxes ​ 12,372 ​ 4,738 ​ 1,089 ​ 18,199 Total property expense ​ 40,315 ​ 15,045 ​ (2,658) ​ 52,702 Consolidated NOI ​ $ 57,127 ​ $ 17,895 ​ $ (963) ​ $ 74,059 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, 2019 ​ Commercial Multifamily Other Total ​ ​ (In thousands) Property rentals revenue ​ $ 96,247 ​ $ 28,249 ​ $ (5,083) ​ $ 119,413 Other property revenue ​ 6,375 ​ 80 ​ — ​ 6,455 Total property revenue ​ 102,622 ​ 28,329 ​ (5,083) ​ 125,868 Property expense: ​ ​ ​ ​ Property operating ​ 30,481 ​ 7,967 ​ (6,274) ​ 32,174 Real estate taxes ​ 12,513 ​ 3,548 ​ 1,174 ​ 17,235 Total property expense ​ 42,994 ​ 11,515 ​ (5,100) ​ 49,409 Consolidated NOI ​ $ 59,628 ​ $ 16,814 ​ $ 17 ​ $ 76,459 ​ The following is a summary of certain balance sheet data by segment: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commercial Multifamily Other Total ​ ​ (In thousands) March 31, 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Real estate, at cost ​ $ 3,450,039 ​ $ 2,016,514 ​ $ 384,980 ​ $ 5,851,533 Investments in unconsolidated real estate ventures ​ 398,849 ​ 107,162 ​ 36,972 ​ 542,983 Total assets (1) ​ 3,570,707 ​ 1,697,302 ​ 871,804 ​ 6,139,813 December 31, 2019 ​ ​ ​ ​ Real estate, at cost ​ $ 3,415,294 ​ $ 1,998,297 ​ $ 361,928 ​ $ 5,775,519 Investments in unconsolidated real estate ventures ​ 396,199 ​ 107,882 ​ 38,945 ​ 543,026 Total assets (1) ​ 3,361,122 ​ 1,682,872 ​ 942,257 ​ 5,986,251 (1) Includes assets held for sale. See Note 3 for additional information.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2020
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	17. Commitments and Contingencies Insurance We maintain general liability insurance with limits of $200.0 million per occurrence and in the aggregate, and property and rental value insurance coverage with limits of $2.0 billion per occurrence, with sub-limits for certain perils such as floods and earthquakes on each of our properties. We also maintain coverage, through our wholly owned captive insurance subsidiary, for a portion of the first loss on the above limits and for both terrorist acts and for nuclear, biological, chemical or radiological terrorism events with limits of $2.0 billion per occurrence. These policies are partially reinsured by third-party insurance providers. We will continue to monitor the state of the insurance market and the scope and costs of coverage for acts of terrorism. We cannot anticipate what coverage will be available on commercially reasonable terms in the future. We are responsible for deductibles and losses in excess of the insurance coverage, which could be material. Our debt, consisting of mortgages payable secured by our properties, a revolving credit facility and unsecured term loans, contains customary covenants requiring adequate insurance coverage. Although we believe that we currently have adequate insurance coverage, we may not be able to obtain an equivalent amount of coverage at reasonable costs in the future. If lenders insist on greater coverage than we are able to obtain, it could adversely affect the ability to finance or refinance our properties. Construction Commitments As of March 31, 2020, we had construction in progress that will require an additional $114.6 million to complete ($93.9 million related to our consolidated entities and $20.7 million related to our unconsolidated real estate ventures at our share), based on our current plans and estimates, which we anticipate will be primarily expended over the next one These capital expenditures are generally due as the work is performed, and we expect to finance them with debt proceeds, proceeds from asset recapitalizations and sales, issuance and sale of equity securities and available cash. Environmental Matters Most of our assets have been subject, at some point, to environmental assessments that are intended to evaluate the environmental condition of the subject and surrounding assets. The environmental assessments did not reveal any material environmental contamination that we believe would have a material adverse effect on our overall business, financial condition or results of operations, or that have not been anticipated and remediated during site redevelopment as required by law. Nevertheless, there can be no assurance that the identification of new areas of contamination, changes in the extent or known scope of contamination, the discovery of additional sites or changes in cleanup requirements would not result in significant cost to us. Environmental liabilities totaled $17.9 million as of both March 31, 2020 and December 31, 2019 and are included in "Other liabilities, net" in our balance sheets. Other There are various legal actions against us in the ordinary course of business. In our opinion, the outcome of such matters will not have a material adverse effect on our financial condition, results of operations or cash flows. From time to time, we (or ventures in which we have an ownership interest) have agreed, and may in the future agree with respect to unconsolidated real estate ventures, to (1) guarantee portions of the principal, interest and other amounts in connection with borrowings, (2) provide customary environmental indemnifications and nonrecourse carve-outs (e.g., guarantees against fraud, misrepresentation and bankruptcy) in connection with borrowings or (3) provide guarantees to lenders and other third parties for the completion of development projects. We customarily have agreements with our outside venture partners whereby the partners agree to reimburse the real estate venture or us for their share of any payments made under certain of these guarantees. At times, we also have agreements with certain of our outside venture partners whereby we agree to either indemnify the partners and/or the associated ventures with respect to certain contingent liabilities associated with operating assets or to reimburse our partner for its share of any payments made by them under certain guarantees. Guarantees (excluding environmental) customarily terminate either upon the satisfaction of specified circumstances or repayment of the underlying debt. Amounts that we may be required to pay in future periods in relation to guarantees associated with budget overruns or operating losses are not estimable. As of March 31, 2020, we had additional capital commitments and certain recorded guarantees to our unconsolidated real estate ventures totaling $57.5 million. As of March 31, 2020, we had no principal payment guarantees related to our unconsolidated real estate ventures. ​ Additionally, with respect to borrowings of our consolidated entities, we have agreed, and may in the future agree, to (1) guarantee portions of the principal, interest and other amounts, (2) provide customary environmental indemnifications and nonrecourse carve-outs (e.g., guarantees against fraud, misrepresentation and bankruptcy) and (3) provide guarantees to lenders, tenants and other third parties for the completion of development projects. In connection with the Formation Transaction, we have an agreement with Vornado regarding tax matters (the "Tax Matters Agreement") that provides special rules that allocate tax liabilities if the distribution of JBG SMITH shares by Vornado, together with certain related transactions, is determined not to be tax-free. Under the Tax Matters Agreement, we may be required to indemnify Vornado against any taxes and related amounts and costs resulting from a violation by us of the Tax Matters Agreement.

Transactions with Related Parti

Transactions with Related Parties	3 Months Ended
	Mar. 31, 2020
Related Party Transactions [Abstract]
Transactions with Related Parties	18. We have agreements with Building Maintenance Services ("BMS"), an entity in which we have a minor preferred interest, to supervise cleaning, engineering and security services at our properties. We paid BMS $5.3 million and $5.2 million during the three months ended March 31, 2020 and 2019, which is included in "Property operating expenses" in our statements of operations. Our third-party asset management and real estate services business provides fee-based real estate services to third parties, the JBG Legacy Funds and the Washington Housing Initiative ("WHI"). We provide services for the benefit of the JBG Legacy Funds that own interests in the assets retained by the JBG Legacy Funds. In connection with the contribution to us of the assets formerly owned by the JBG Legacy Funds as part of the Formation Transaction, the general partner and managing member interests in the JBG Legacy Funds that were held by certain former JBG executives (and who became members of our management team and/or Board of Trustees) were not transferred to us and remain under the control of these individuals. In addition, certain members of our senior management and Board of Trustees have an ownership interest in the JBG Legacy Funds and own carried interests in each fund and in certain of our real estate ventures that entitle them to receive cash payments if the fund or real estate venture achieves certain return thresholds. The WHI was launched by us and the Federal City Council in June 2018 as a scalable market-driven model that uses private capital to help address the scarcity of housing for middle income families. We are the manager for the WHI Impact Pool, which is the social impact investment vehicle of the WHI. As of March 31, 2020, the WHI Impact Pool had completed closings of capital commitments totaling $104.8 million, which included a commitment from us of $10.2 million. The third-party real estate services revenue, including expense reimbursements, from the JBG Legacy Funds and the WHI Impact Pool was $8.0 million and $8.4 million for the three months ended March 31, 2020 and 2019. As of March 31, 2020 and December 31, 2019, we had receivables from the JBG Legacy Funds and the WHI Impact Pool totaling $8.3 million and $6.2 million for such services. We rented our former corporate offices from an unconsolidated real estate venture and made payments totaling $1.3 million and $1.2 million for the three months ended March 31, 2020 and 2019. In November 2019, we relocated our corporate headquarters. Upon the relocation of our corporate headquarters, we impaired the right-of-use asset due to our change in the use of the asset.

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2020
Subsequent Events [Abstract]
Subsequent Events	19. On April 30, 2020, our Board of Trustees declared a quarterly dividend of $0.225 per common share, payable on May 27, 2020 to shareholders of record as of May 13, 2020.

Organization and Basis of Pre_2

Organization and Basis of Presentation Accounting (Policies)	3 Months Ended
	Mar. 31, 2020
Accounting Policies [Abstract]
Basis of Accounting [Text Block]	Basis of Presentation The accompanying unaudited condensed consolidated financial statements and notes are prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") for interim financial information and with the instructions of Form 10-Q and Article 10 of Regulation S-X. Accordingly, these condensed consolidated financial statements do not contain certain information required in annual financial statements and notes as required under GAAP. In our opinion, all adjustments considered necessary for a fair presentation have been included, and all such adjustments are of a normal recurring nature. All intercompany transactions and balances have been eliminated. The results of operations for the three months ended March 31, 2020 and 2019 are not necessarily indicative of the results that may be expected for a full year. These condensed consolidated financial statements should be read in conjunction with our Annual Report on Form 10-K for the year ended December 31, 2019, filed with the Securities and Exchange Commission. The accompanying condensed consolidated financial statements include the accounts of JBG SMITH and our wholly owned subsidiaries and those other entities, including JBG SMITH LP, in which we have a controlling financial interest, including where we have been determined to be the primary beneficiary of a variable interest entity ("VIE"). See Note 5 for additional information on our VIEs. The portions of the equity and net income of consolidated subsidiaries that are not attributable to JBG SMITH are presented separately as amounts attributable to noncontrolling interests in our condensed consolidated financial statements. References to our financial statements refer to our condensed consolidated financial statements as of March 31, 2020 and December 31, 2019, and for the three months ended March 31, 2020 and 2019. References to our balance sheets refer to our condensed consolidated balance sheets as of March 31, 2020 and December 31, 2019. References to our statements of operations refer to our condensed consolidated statements of operations for the three months ended March 31, 2020 and 2019. References to our statements of comprehensive income refer to our condensed consolidated statements of comprehensive income for the three months ended March 31, 2020 and 2019. References to our statements of cash flows refer to our condensed consolidated statements of cash flows for the three months ended March 31, 2020 and 2019.
Income Tax, Policy [Policy Text Block]	Income Taxes We have elected to be taxed as a REIT under sections 856-860 of the Internal Revenue Code of 1986, as amended (the "Code"). Under those sections, a REIT which distributes at least 90% of its REIT taxable income as dividends to its shareholders each year and which meets certain other conditions will not be taxed on that portion of its taxable income which is distributed to its shareholders. We intend to adhere to these requirements and maintain our REIT status in future periods. We also participate in the activities conducted by subsidiary entities which have elected to be treated as taxable REIT subsidiaries under the Code. As such, we are subject to federal, state, and local taxes on the income from these activities. ​ The Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) (P.L. 116-136) that was enacted on March 27, 2020 includes several significant tax provisions that could impact us and our taxable REIT subsidiaries ("TRSs"). These changes include: ● the elimination of the taxable income limit for net operating losses ("NOLs") for all taxable years beginning before January 1, 2021, thereby permitting corporate taxpayers to use NOLs to fully offset taxable income (although we, as a REIT, will continue to only be able to use NOLs against taxable income remaining after taking into account any dividends paid deduction); ● the ability for our TRSs to utilize carryback NOLs arising in 2018, 2019 and 2020 to the five taxable years preceding the taxable year of the loss; ● an increase of the business interest limitation under Section 163(j) of the Code from 30% to 50% for taxable years beginning in 2019 and 2020, and the addition of an election by taxpayers to use their 2019 adjusted taxable income as their adjusted taxable income in 2020 for purposes of applying the limitation; and ● a “technical correction” amending Section 168(e)(3)(E) of the Code to add “qualified improvement property” to “15-year property” and assigning a class life of 20-years under Section 168(g)(3)(B) of the Code to qualified improvement property under Section 168(e)(3)(E)(vii) of the Code . During the three months ended March 31, 2020, as a result of the CARES Act, we made adjustments to the net deferred tax liability amounts, which relate to “qualified improvement property” owned by our TRSs.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2020
Accounting Policies [Abstract]
Use of Estimates, Policy [Policy Text Block]	Use of Estimates The preparation of the financial statements in conformity with GAAP requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. The most significant of these estimates include: (i) the underlying cash flows and holding periods used in assessing impairment; (ii) the determination of useful lives for tangible and intangible assets; and (iii) the assessment of the collectability of receivables, including deferred rent receivables. Due to the current pandemic of the novel coronavirus, or COVID-19, commencing in March 2020, authorities in jurisdictions where our properties are located issued stay-at-home orders and restrictions on travel and the types of businesses permitted to continue operations. The extent to which the COVID-19 pandemic impacts
New Accounting Pronouncements, Policy [Policy Text Block]	Recent Accounting Pronouncements In March 2020, the FASB issued Accounting Standards Update 2020-04, Reference Rate Reform ("Topic 848"). Topic 848 contains practical expedients for reference rate reform related activities that impact debt, leases, derivatives and other contracts. The guidance in Topic 848 is optional and may be elected over time as reference rate reform activities occur. During the three months ended March 31, 2020, we elected to apply the hedge accounting expedients related to (i) the assertion that our hedged forecasted transactions remain probable and (ii) the assessments of effectiveness for future LIBOR-indexed cash flows to assume that the index upon which future hedged transactions will be based matches the index on the corresponding derivatives. Application of these expedients preserves the presentation of our derivatives, which will be consistent with our past presentation. We will continue to evaluate the impact of the guidance and may apply other elections, as applicable, as additional changes in the market occur.

Disposition and Assets Held f_2

Disposition and Assets Held for Sale (Tables)	3 Months Ended
	Mar. 31, 2020
Discontinued Operations and Disposal Groups [Abstract]
Disposal Groups, Including Discontinued Operations [Table Text Block]	The following is a summary of disposition activity for the three months ended March 31, 2020: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gain on ​ ​ ​ ​ ​ ​ ​ ​ Total ​ Gross ​ Cash ​ Sale of ​ ​ ​ ​ ​ ​ ​ ​ Square ​ Sales ​ Proceeds ​ Real Date Disposed Assets Segment Location Feet Price from Sale Estate ​ ​ ​ ​ ​ ​ ​ ​ (In thousands) January 15, 2020 ​ Metropolitan Park (1) ​ Other ​ Arlington, Virginia ​ 2,150 ​ $ 154,952 ​ $ 154,493 ​ $ 59,477 (1) The property, which was sold to Amazon.com ("Amazon"), was part of a like-kind exchange. See Note 5 for additional information. Total square feet represents potential development density approved by Arlington County.
Disclosure of Long Lived Assets Held-for-sale [Table Text Block]	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Related to ​ ​ ​ ​ ​ ​ Total ​ Assets Held ​ Assets Held Assets Segment Location Square Feet (1) for Sale for Sale ​ ​ ​ ​ ​ ​ ​ ​ (In thousands) March 31, 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Pen Place (2) ​ Other ​ Arlington, Virginia ​ 2,080 ​ $ 73,876 ​ $ 213 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2019 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Pen Place (2) ​ Other ​ Arlington, Virginia ​ 2,080 ​ $ 73,895 ​ $ — Metropolitan Park (3) ​ Other ​ Arlington, Virginia ​ 2,150 ​ ​ 94,517 ​ ​ — ​ ​ ​ ​ ​ ​ 4,230 ​ $ 168,412 ​ $ — (1) Represents estimated or approved potential development density. (2) In March 2019, we entered into an agreement for the sale of Pen Place for $149.9 million, subject to customary closing conditions. The sale of Pen Place to Amazon is expected to close in 2021. (3) As noted above, we sold Metropolitan Park to Amazon in January 2020.

Investments in Unconsolidated_2

Investments in Unconsolidated Real Estate Ventures (Tables)	3 Months Ended
	Mar. 31, 2020
Equity Method Investments and Joint Ventures [Abstract]
Composition of Investments	The following is a summary of the composition of our investments in unconsolidated real estate ventures: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Ownership ​ ​ ​ Real Estate Venture Partners Interest (1) March 31, 2020 December 31, 2019 ​ ​ ​ ​ ​ (In thousands) ​ Prudential Global Investment Management 50.0% ​ $ 217,076 ​ $ 215,624 ​ CPPIB 55.0% ​ 112,808 ​ 109,911 ​ Landmark 1.8% - 49.0% ​ 76,201 ​ 77,944 ​ CBREI Venture 5.0% - 64.0% ​ 67,084 ​ 68,405 ​ Berkshire Group 50.0% ​ 46,859 ​ ​ 46,391 ​ Brandywine 30.0% ​ 13,741 ​ 13,830 ​ Pacific Life Insurance Company (2) 20.0% ​ 8,653 ​ 10,385 ​ Other ​ ​ 561 ​ ​ 536 ​ Total investments in unconsolidated real estate ventures ​ ​ ​ $ 542,983 ​ $ 543,026 ​ (1) Ownership interests as of March 31, 2020. We have multiple investments with certain venture partners with varying ownership interests. (2) In March 2020, we acquired an additional 3.33% ownership interest in the real estate venture. On March 27, 2020, the Wardman Park hotel, the sole asset in this real estate venture, was closed due to the COVID-19 pandemic. The following is a summary of the debt of our unconsolidated real estate ventures: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ ​ ​ ​ ​ Average Effective ​ ​ ​ Interest Rate (1) March 31, 2020 December 31, 2019 ​ ​ ​ ​ (In thousands) Variable rate (2) 3.42% ​ $ 644,399 ​ $ 629,479 Fixed rate (3) 4.00% ​ 558,657 ​ 561,236 Unconsolidated real estate ventures - mortgages payable ​ ​ ​ 1,203,056 ​ 1,190,715 Unamortized deferred financing costs ​ ​ ​ (2,525) ​ (2,859) Unconsolidated real estate ventures - mortgages payable, net (4) ​ ​ ​ $ 1,200,531 ​ $ 1,187,856 (1) Weighted average effective interest rate as of March 31, 2020. (2) Includes variable rate mortgages payable with interest rate cap agreements. (3) Includes variable rate mortgages payable with interest rates fixed by interest rate swap agreements. (4) See Note 17 for additional information on guarantees of the debt of certain of our unconsolidated real estate ventures. In April 2020, our real estate venture with CPPIB entered into a mortgage loan with a maximum principal balance of $160.0 million collateralized by 1900 N Street. The venture initially received proceeds from the mortgage loan of $134.5 million, with the additional $25.5 million available in the future. The following is a summary of the financial information for our unconsolidated real estate ventures: ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2020 December 31, 2019 ​ (In thousands) Combined balance sheet information: ​ ​ ​ ​ ​ ​ Real estate, net ​ $ 2,487,578 ​ $ 2,493,961 Other assets, net ​ 298,937 ​ 291,092 Total assets ​ $ 2,786,515 ​ $ 2,785,053 ​ ​ ​ ​ ​ ​ ​ Borrowings, net ​ $ 1,200,531 ​ $ 1,187,856 Other liabilities, net ​ 173,965 ​ 168,243 Total liabilities ​ 1,374,496 ​ 1,356,099 Total equity ​ 1,412,019 ​ 1,428,954 Total liabilities and equity ​ $ 2,786,515 ​ $ 2,785,053 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ 2020 2019 ​ (In thousands) Combined income statement information: ​ ​ ​ ​ ​ ​ Total revenue ​ $ 69,579 ​ $ 59,991 Operating loss ​ (482) ​ (433) Net loss ​ (18,165) ​ (15,227)

Other Assets, Net (Tables)

Other Assets, Net (Tables)	3 Months Ended
	Mar. 31, 2020
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Summary of Other Assets, Net	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2020 December 31, 2019 ​ ​ (In thousands) Deferred leasing costs, net ​ $ 125,155 ​ $ 126,016 Lease intangible assets, net ​ 21,669 ​ 23,644 Other identified intangible assets, net ​ 47,031 ​ 48,620 Operating lease right-of-use assets, net ​ 6,564 ​ 19,865 Finance lease right-of-use asset (1) ​ ​ 42,316 ​ ​ — Prepaid expenses ​ 10,735 ​ 12,556 Deferred financing costs on credit facility, net ​ 7,919 ​ 3,071 Deposits ​ 3,210 ​ 3,210 Derivative agreements, at fair value ​ 63 ​ — Other ​ 17,090 ​ 16,705 Total other assets, net ​ $ 281,752 ​ $ 253,687 (1) Related to an amendment of the ground lease for 1730 M Street executed during the three months ended March 31, 2020. The amendment extended the expiration date of the lease from April 2061 to December 2118, and resulted in its reclassification from an operating to a finance lease.

Debt (Tables)

Debt (Tables)	3 Months Ended
	Mar. 31, 2020
Mortgages Payable
Debt Instrument [Line Items]
Summary of Debt	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted Average ​ ​ ​ ​ ​ ​ ​ ​ ​ Effective ​ ​ ​ ​ Interest Rate (1) ​ March 31, 2020 December 31, 2019 ​ ​ ​ ​ ​ (In thousands) Variable rate 2.35% ​ ​ $ 177,200 ​ $ 2,200 Fixed rate (2) 4.28% ​ ​ 1,123,426 ​ 1,125,648 Mortgages payable ​ ​ ​ ​ 1,300,626 ​ 1,127,848 Unamortized deferred financing costs and premium/ discount, net ​ ​ ​ ​ (5,820) ​ (2,071) Mortgages payable, net ​ ​ ​ ​ $ 1,294,806 ​ $ 1,125,777 (1) Weighted average effective interest rate as of March 31, 2020. (2) Includes variable rate mortgages payable with interest rates fixed by interest rate swap agreements.
Credit Facility
Debt Instrument [Line Items]
Summary of Debt	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Effective ​ ​ ​ ​ Interest Rate (1) ​ March 31, 2020 December 31, 2019 ​ ​ ​ ​ ​ (In thousands) Revolving credit facility (2) (3) (4) 2.04% ​ ​ $ 200,000 ​ $ 200,000 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Tranche A-1 Term Loan (5) 3.32% ​ ​ $ 100,000 ​ $ 100,000 Tranche A-2 Term Loan (6) 2.49% ​ ​ 200,000 ​ 200,000 Unsecured term loans ​ ​ 300,000 ​ 300,000 Unamortized deferred financing costs, net ​ ​ (2,534) ​ (2,705) Unsecured term loans, net ​ ​ $ 297,466 ​ $ 297,295 (1) Effective interest rate as of March 31, 2020. (2) As of both March 31, 2020 and December 31, 2019, letters of credit with an aggregate face amount of $1.5 million were outstanding under our revolving credit facility. (3) As of March 31, 2020 and December 31, 2019, net deferred financing costs related to our revolving credit facility totaling $7.9 million and $3.1 million were included in "Other assets, net." (4) The interest rate for the revolving credit facility excludes a 0.15% facility fee. In April 2020, we drew an additional $300.0 million under the revolving credit facility. (5) As of March 31, 2020 and December 31, 2019, the outstanding balance was fixed by interest rate swap agreements. In April 2020, we drew $100.0 million under the Tranche A-1 Term Loan. (6) As of March 31, 2020 and December 31, 2019, the outstanding balance was fixed by interest rate swap agreements with a notional value of $200.0 million and $137.6 million.

Other Liabilities, Net (Tables)

Other Liabilities, Net (Tables)	3 Months Ended
	Mar. 31, 2020
Other Liabilities Disclosure [Abstract]
Composition of Other Liabilities, Net	​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2020 December 31, 2019 ​ ​ (In thousands) Lease intangible liabilities, net ​ $ 11,773 ​ $ 12,324 Prepaid rent ​ 26,428 ​ 23,612 Lease assumption liabilities ​ 15,035 ​ 17,589 Lease incentive liabilities ​ 19,481 ​ 20,854 Liabilities related to operating lease right-of-use assets ​ 14,100 ​ 28,476 Liabilities related to finance lease right-of-use assets (1) ​ 39,711 ​ — Security deposits ​ 16,305 ​ 16,348 Environmental liabilities ​ 17,898 ​ 17,898 Net deferred tax liability ​ 4,456 ​ 5,542 Dividends payable ​ — ​ 34,012 Derivative agreements, at fair value ​ 50,169 ​ 17,440 Other ​ 12,967 ​ 11,947 Total other liabilities, net ​ $ 228,323 ​ $ 206,042 (1) Related to an amendment of the ground lease for 1730 M Street executed during the three months ended March 31, 2020. The amendment extended the expiration date of the lease from April 2061 to December 2118, and resulted in its reclassification from an operating to a finance lease.

Redeemable Noncontrolling Int_2

Redeemable Noncontrolling Interests (Tables)	3 Months Ended
	Mar. 31, 2020
Noncontrolling Interest [Abstract]
Redeemable Noncontrolling Interests	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ ​ 2020 ​ 2019 ​ ​ ​ ​ ​ Consolidated ​ ​ ​ ​ ​ ​ ​ Consolidated ​ ​ ​ ​ ​ JBG ​ Real Estate ​ ​ ​ ​ JBG ​ Real Estate ​ ​ ​ ​ SMITH LP Venture Total SMITH LP Venture Total ​ (In thousands) Balance as of beginning of period ​ $ 606,699 ​ $ 6,059 ​ $ 612,758 ​ $ 552,159 ​ $ 5,981 ​ $ 558,140 OP Unit redemptions ​ (31,126) ​ — ​ (31,126) ​ (57,001) ​ — ​ (57,001) Long-term incentive partnership units ("LTIP Units") issued in lieu of cash bonuses (1) ​ 3,616 ​ — ​ 3,616 ​ 3,135 ​ — ​ 3,135 Net income (loss) attributable to redeemable noncontrolling interests ​ 5,253 ​ (3) ​ 5,250 ​ 3,386 ​ 1 ​ 3,387 Other comprehensive loss ​ (3,573) ​ — ​ (3,573) ​ (1,383) ​ — ​ (1,383) Share-based compensation expense ​ 16,781 ​ — ​ 16,781 ​ 16,273 ​ — ​ 16,273 Adjustment to redemption value ​ (100,666) ​ — ​ (100,666) ​ 62,212 ​ — ​ 62,212 Balance as of end of period ​ $ 496,984 ​ $ 6,056 ​ $ 503,040 ​ $ 578,781 ​ $ 5,982 ​ $ 584,763 (1) See Note 11 for additional information.

Property Rental Revenue (Tables

Property Rental Revenue (Tables)	3 Months Ended
	Mar. 31, 2020
Property Rentals Revenue [Abstract]
Property Rentals Revenue	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ 2020 2019 ​ ​ (In thousands) Fixed ​ $ 110,933 ​ $ 113,590 Variable ​ ​ 9,447 ​ ​ 5,823 Property rentals revenue ​ $ 120,380 ​ $ 119,413

Share-Based Payments (Tables)

Share-Based Payments (Tables)	3 Months Ended
	Mar. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Summary of Share-Based Compensation Expense	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ 2020 2019 ​ (In thousands) Time-Based LTIP Units ​ $ 3,351 ​ $ 2,934 Performance-Based LTIP Units ​ 3,989 ​ 2,208 Other equity awards (1) ​ 1,549 ​ 1,059 Share-based compensation expense - other ​ 8,889 ​ 6,201 Formation Awards ​ 1,259 ​ 1,660 OP Units (2) ​ 6,641 ​ 7,931 LTIP Units (2) ​ 112 ​ 108 Special Performance-Based LTIP Units (3) ​ 671 ​ 644 Special Time-Based LTIP Units (3) ​ 758 ​ 788 Share-based compensation related to Formation Transaction and special equity awards (4) ​ 9,441 ​ 11,131 Total share-based compensation expense ​ 18,330 ​ 17,332 Less amount capitalized ​ (968) ​ (743) Share-based compensation expense ​ $ 17,362 ​ $ 16,589 (1) Primarily comprising compensation expense for certain executives who have elected to receive all or a portion of any cash bonus that may be paid in the subsequent year related to past service in the form of fully vested LTIP Units and related to our employee share purchase plan. (2) Represents share-based compensation expense for LTIP Units and OP Units subject to post-Combination employment obligations. (3) Represents equity awards issued related to our successful pursuit of Amazon's additional headquarters in National Landing. (4) Included in "General and administrative expense: Share-based compensation related to Formation Transaction and special equity awards" in the accompanying statements of operations.
LTIP and Time-Based LTIP Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Summary of of the significant assumptions of awards	​ ​ ​ ​ ​ Expected volatility 18.0 % Risk-free interest rate 1.5 % Post-grant restriction periods 2 years ​ ​ In April 2020, as part of their annual compensation, we granted a total of 54,607 fully vested LTIP Units to certain of our trustees with an aggregate grant-date fair value of $1.5 million.
Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Summary of of the significant assumptions of awards	​ ​ ​ ​ ​ Expected volatility 15.0 % Dividend yield 2.3 % Risk-free interest rate 1.3 %

Transaction and Other Costs (Ta

Transaction and Other Costs (Tables)	3 Months Ended
	Mar. 31, 2020
Other Income and Expenses [Abstract]
Schedule of transaction and other costs	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ 2020 2019 ​ (In thousands) Demolition costs (1) ​ $ — ​ $ 2,319 Formation Transaction and integration costs (2) ​ 1,309 ​ 2,105 Completed, potential and pursued transaction expenses ​ — ​ 471 Other (3) ​ 4,000 ​ — Transaction and other costs ​ $ 5,309 ​ $ 4,895 (1) Related to 1900 Crystal Drive. (2) Includes integration and severance costs. (3) Represents a charitable commitment to the Washington Housing Conservancy, a non-profit that will acquire and own affordable workforce housing in the Washington D.C. metropolitan region.

Interest Expense (Tables)

Interest Expense (Tables)	3 Months Ended
	Mar. 31, 2020
Interest Expense [Abstract]
Schedule of Interest Expense	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ 2020 2019 ​ (In thousands) Interest expense before capitalized interest ​ $ 16,701 ​ $ 22,877 Amortization of deferred financing costs ​ 619 ​ 1,164 Net unrealized (gain) loss on derivative financial instruments not designated as cash flow hedges ​ (47) ​ 48 Capitalized interest ​ (5,268) ​ (6,915) Interest expense ​ $ 12,005 ​ $ 17,174

Shareholders' Equity and Earn_2

Shareholders' Equity and Earnings Per Common Share (Tables)	3 Months Ended
	Mar. 31, 2020
Shareholders' Equity and Earnings Per Common Share
Schedule of basic and diluted earnings per common share to net income	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ 2020 2019 ​ (In thousands, except per share amounts) Net income ​ $ 48,175 ​ $ 28,248 Net income attributable to redeemable noncontrolling interests ​ (5,250) ​ (3,387) Net income attributable to common shareholders ​ $ 42,925 ​ $ 24,861 ​ ​ ​ ​ ​ ​ ​ Weighted average number of common shares outstanding — basic ​ 134,542 ​ 122,573 Effect of dilutive securities ​ ​ 887 ​ ​ 850 Weighted average number of common shares outstanding — diluted ​ ​ 135,429 ​ ​ 123,423 ​ ​ ​ ​ ​ ​ ​ Earnings per common share: ​ ​ Basic ​ $ 0.32 ​ $ 0.20 Diluted ​ $ 0.32 ​ $ 0.20

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2020
Fair Value Disclosures [Abstract]
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Value Measurements ​ Total Level 1 Level 2 Level 3 ​ ​ (In thousands) March 31, 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivative financial instruments designated as cash flow hedges: ​ ​ ​ ​ Classified as liabilities in "Other liabilities, net" ​ $ 50,169 ​ — ​ $ 50,169 ​ — Derivative financial instruments not designated as cash flow hedges: ​ ​ ​ ​ Classified as assets in "Other assets, net" ​ 63 ​ — ​ 63 ​ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2019 ​ ​ ​ ​ Derivative financial instruments designated as cash flow hedges: ​ ​ ​ ​ Classified as liabilities in "Other liabilities, net" ​ $ 17,440 ​ — ​ $ 17,440 ​ —
Schedule of Financial Instruments and Liabilities as Reflected on Balance Sheet	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2020 ​ December 31, 2019 ​ Carrying ​ Carrying ​ ​ ​ Amount (1) ​ Fair Value ​ Amount (1) ​ Fair Value ​ (In thousands) Financial liabilities: ​ ​ ​ ​ Mortgages payable ​ $ 1,300,626 ​ $ 1,223,797 ​ $ 1,127,848 ​ $ 1,162,890 Revolving credit facility ​ 200,000 ​ 196,930 ​ 200,000 ​ 200,177 Unsecured term loans ​ 300,000 ​ 296,208 ​ 300,000 ​ 300,607 (1) The carrying amount consists of principal only.

Segment Information (Tables)

Segment Information (Tables)	3 Months Ended
	Mar. 31, 2020
Segment Reporting [Abstract]
Disaggregation of Revenue [Table Text Block]	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ 2020 2019 ​ (In thousands) Property management fees ​ $ 6,024 ​ $ 5,428 Asset management fees ​ 2,724 ​ 3,488 Leasing fees ​ 1,747 ​ 2,213 Development fees ​ 2,812 ​ 1,596 Construction management fees ​ 1,013 ​ 629 Other service revenue ​ 1,635 ​ 883 Third-party real estate services revenue, excluding reimbursements ​ 15,955 ​ 14,237 Reimbursements revenue (1) ​ 13,761 ​ 13,454 Third-party real estate services revenue, including reimbursements ​ ​ 29,716 ​ ​ 27,691 Third-party real estate services expenses ​ ​ 28,814 ​ ​ 28,066 Third-party real estate services revenue less expenses ​ $ 902 ​ $ (375) (1) Represents reimbursement of expenses incurred by us on behalf of third parties, including allocated payroll costs and amounts paid to third-party contractors for construction management projects.
Segment information	The following is the reconciliation of net income attributable to common shareholders to consolidated NOI: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ 2020 2019 ​ (In thousands) Net income attributable to common shareholders ​ $ 42,925 ​ $ 24,861 Add: ​ ​ Depreciation and amortization expense ​ 48,489 ​ 48,719 General and administrative expense: ​ ​ Corporate and other ​ 13,176 ​ 12,314 Third-party real estate services ​ 28,814 ​ 28,066 Share-based compensation related to Formation Transaction and special equity awards ​ 9,441 ​ 11,131 Transaction and other costs ​ 5,309 ​ 4,895 Interest expense ​ 12,005 ​ 17,174 Loss on extinguishment of debt ​ 33 ​ — Income tax benefit ​ (2,345) ​ (1,172) Net income attributable to redeemable noncontrolling interests ​ 5,250 ​ 3,387 Less: ​ ​ Third-party real estate services, including reimbursements ​ 29,716 ​ 27,691 Other revenue (1) ​ 1,630 ​ 1,640 Income (loss) from unconsolidated real estate ventures, net ​ (2,692) ​ 3,601 Interest and other income, net ​ 907 ​ 951 Gain on sale of real estate ​ 59,477 ​ 39,033 Consolidated NOI ​ $ 74,059 ​ $ 76,459 (1) Excludes parking revenue of $6.4 million and $6.5 million for the three months ended March 31, 2020 and 2019. The following is a summary of NOI by segment. Items classified in the Other column include future development assets, corporate entities and the elimination of intersegment activity. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, 2020 ​ Commercial Multifamily Other Total ​ (In thousands) Property rentals revenue ​ $ 91,198 ​ $ 32,803 ​ $ (3,621) ​ $ 120,380 Other property revenue ​ 6,244 ​ 137 ​ — ​ 6,381 Total property revenue ​ 97,442 ​ 32,940 ​ (3,621) ​ 126,761 Property expense: ​ ​ ​ ​ ​ Property operating ​ 27,943 ​ 10,307 ​ (3,747) ​ 34,503 Real estate taxes ​ 12,372 ​ 4,738 ​ 1,089 ​ 18,199 Total property expense ​ 40,315 ​ 15,045 ​ (2,658) ​ 52,702 Consolidated NOI ​ $ 57,127 ​ $ 17,895 ​ $ (963) ​ $ 74,059 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, 2019 ​ Commercial Multifamily Other Total ​ ​ (In thousands) Property rentals revenue ​ $ 96,247 ​ $ 28,249 ​ $ (5,083) ​ $ 119,413 Other property revenue ​ 6,375 ​ 80 ​ — ​ 6,455 Total property revenue ​ 102,622 ​ 28,329 ​ (5,083) ​ 125,868 Property expense: ​ ​ ​ ​ Property operating ​ 30,481 ​ 7,967 ​ (6,274) ​ 32,174 Real estate taxes ​ 12,513 ​ 3,548 ​ 1,174 ​ 17,235 Total property expense ​ 42,994 ​ 11,515 ​ (5,100) ​ 49,409 Consolidated NOI ​ $ 59,628 ​ $ 16,814 ​ $ 17 ​ $ 76,459 ​ The following is a summary of certain balance sheet data by segment: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commercial Multifamily Other Total ​ ​ (In thousands) March 31, 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Real estate, at cost ​ $ 3,450,039 ​ $ 2,016,514 ​ $ 384,980 ​ $ 5,851,533 Investments in unconsolidated real estate ventures ​ 398,849 ​ 107,162 ​ 36,972 ​ 542,983 Total assets (1) ​ 3,570,707 ​ 1,697,302 ​ 871,804 ​ 6,139,813 December 31, 2019 ​ ​ ​ ​ Real estate, at cost ​ $ 3,415,294 ​ $ 1,998,297 ​ $ 361,928 ​ $ 5,775,519 Investments in unconsolidated real estate ventures ​ 396,199 ​ 107,882 ​ 38,945 ​ 543,026 Total assets (1) ​ 3,361,122 ​ 1,682,872 ​ 942,257 ​ 5,986,251 (1) Includes assets held for sale. See Note 3 for additional information.

Organization and Basis of Pre_3

Organization and Basis of Presentation - Narrative (Details)	Mar. 31, 2020ft²propertybuilding
Real Estate Properties [Line Items]
Number of Real Estate Properties	64
Asset under Construction
Real Estate Properties [Line Items]
Number of Real Estate Properties	4
Future Development
Real Estate Properties [Line Items]
Number of Real Estate Properties	37
Area of real estate property (in square feet) | ft²	20,000,000
Commercial Real Estate [Member]
Real Estate Properties [Line Items]
Number of Real Estate Properties	44
Area of real estate property (in square feet) | ft²	13,300,000
Multifamily
Real Estate Properties [Line Items]
Number of Real Estate Properties	20
Number of Units in Real Estate Property | building	7,367
Multifamily | Asset under Construction
Real Estate Properties [Line Items]
Number of Real Estate Properties	2
Number of Units in Real Estate Property | building	755
Wholly Owned Properties | Commercial Real Estate [Member] | Asset under Construction
Real Estate Properties [Line Items]
Number of Real Estate Properties	2
Area of real estate property (in square feet) | ft²	380,000
Partially Owned Properties | Future Development
Real Estate Properties [Line Items]
Area of real estate property (in square feet) | ft²	16,700,000
Partially Owned Properties | Commercial Real Estate [Member]
Real Estate Properties [Line Items]
Area of real estate property (in square feet) | ft²	11,100,000
Partially Owned Properties | Multifamily
Real Estate Properties [Line Items]
Number of Units in Real Estate Property | building	5,583
Partially Owned Properties | Multifamily | Asset under Construction
Real Estate Properties [Line Items]
Number of Units in Real Estate Property | ft²	577
JBG Smith, LP
Real Estate Properties [Line Items]
Ownership interest by parent	90.30%

Disposition and Assets Held f_3

Disposition and Assets Held for Sale (Details) $ in Thousands	Jan. 15, 2020USD ($)ft²	Mar. 31, 2020USD ($)ft²	Mar. 31, 2019USD ($)	Dec. 31, 2019USD ($)ft²
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from sale of real estate		$ 154,493	$ 117,676
Gain on sale of real estate		59,477	39,033
Assets held for sale		73,876		$ 168,412
Liabilities related to assets held for sale		$ 213
Arlington, Virginia
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Area of real estate property (in square feet) | ft²				4,230
Assets held for sale				$ 168,412
Arlington, Virginia | Metropolitan Park
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Area of real estate property (in square feet) | ft²	2,150			2,150
Gross sales price	$ 154,952
Proceeds from sale of real estate	154,493
Gain on sale of real estate	$ 59,477
Assets held for sale				$ 94,517
Arlington, Virginia | Pen Place - Land Parcel
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Area of real estate property (in square feet) | ft²		2,080		2,080
Gross sales price			$ 149,900
Assets held for sale		$ 73,876		$ 73,895
Liabilities related to assets held for sale		$ 213

Investments in Unconsolidated_3

Investments in Unconsolidated Real Estate Ventures - Summary of Composition of Investments (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Schedule of Equity Method Investments [Line Items]
Total investments in unconsolidated real estate ventures	$ 542,983	$ 543,026
Prudential Global Investment Management (PGIM)
Schedule of Equity Method Investments [Line Items]
Equity Method Investment, Ownership Percentage	50.00%
Total investments in unconsolidated real estate ventures	$ 217,076	215,624
Canadian Pension Plan Investment Board (CPPIB)
Schedule of Equity Method Investments [Line Items]
Equity Method Investment, Ownership Percentage	55.00%
Total investments in unconsolidated real estate ventures	$ 112,808	109,911
Landmark
Schedule of Equity Method Investments [Line Items]
Total investments in unconsolidated real estate ventures	76,201	77,944
CBREI Venture
Schedule of Equity Method Investments [Line Items]
Total investments in unconsolidated real estate ventures	$ 67,084	68,405
Berkshire Group
Schedule of Equity Method Investments [Line Items]
Equity Method Investment, Ownership Percentage	50.00%
Total investments in unconsolidated real estate ventures	$ 46,859	46,391
Brandywine
Schedule of Equity Method Investments [Line Items]
Equity Method Investment, Ownership Percentage	30.00%
Total investments in unconsolidated real estate ventures	$ 13,741	13,830
Pacific Life Insurance Company
Schedule of Equity Method Investments [Line Items]
Equity Method Investment, Ownership Percentage	20.00%
Total investments in unconsolidated real estate ventures	$ 8,653	10,385
Other
Schedule of Equity Method Investments [Line Items]
Total investments in unconsolidated real estate ventures	$ 561	$ 536
Minimum | Landmark
Schedule of Equity Method Investments [Line Items]
Equity Method Investment, Ownership Percentage	1.80%
Minimum | CBREI Venture
Schedule of Equity Method Investments [Line Items]
Equity Method Investment, Ownership Percentage	5.00%
Maximum | Landmark
Schedule of Equity Method Investments [Line Items]
Equity Method Investment, Ownership Percentage	49.00%
Maximum | CBREI Venture
Schedule of Equity Method Investments [Line Items]
Equity Method Investment, Ownership Percentage	64.00%

Investments in Unconsolidated_4

Investments in Unconsolidated Real Estate Ventures - Narrative (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2020	Dec. 31, 2019
Investments in Unconsolidated Real Estate Ventures
Schedule of Equity Method Investments [Line Items]
Property Management Fee Revenue	$ 6.7	$ 6
Pacific Life Insurance Company
Schedule of Equity Method Investments [Line Items]
Ownership interest in real estate venture	3.33%

Investments in Unconsolidated_5

Investments in Unconsolidated Real Estate Ventures - Summary of Debt (Details) - USD ($) $ in Thousands	1 Months Ended
	Apr. 30, 2020	Mar. 31, 2020	Dec. 31, 2019
Schedule of Equity Method Investments
Variable rate, weighted average interest rate		3.42%
Variable rate		$ 644,399	$ 629,479
Fixed rate, weighted average interest rate		4.00%
Fixed rate		$ 558,657	561,236
Unconsolidated real estate ventures - mortgages payable		1,203,056	1,190,715
Unamortized deferred financing costs		(2,525)	(2,859)
Unconsolidated real estate ventures - mortgages payable, net		$ 1,200,531	$ 1,187,856
Canadian Pension Plan Investment Board (CPPIB) | Mortgages Payable
Schedule of Equity Method Investments
Maximum borrowing capacity	$ 160,000
Proceeds from loan	134,500
Remaining borrowing capacity	$ 25,500

Investments in Unconsolidated_6

Investments in Unconsolidated Real Estate Ventures - Condensed Combined Financial Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Combined balance sheet information:
Real estate, net	$ 2,487,578		$ 2,493,961
Other assets, net	298,937		291,092
Total assets	2,786,515		2,785,053
Borrowings, net	1,200,531		1,187,856
Other liabilities, net	173,965		168,243
Total liabilities	1,374,496		1,356,099
Total equity	1,412,019		1,428,954
Total liabilities and equity	2,786,515		$ 2,785,053
Combined income statement information:
Total revenue	69,579	$ 59,991
Operating income	(482)	(433)
Net loss	$ (18,165)	$ (15,227)

Variable Interest Entities (Det

Variable Interest Entities (Details) $ in Millions	Mar. 31, 2020USD ($)property	Dec. 31, 2019USD ($)property
Variable Interest Entity [Line Items]
Number of Real Estate Properties | property	64
JBG Smith, LP
Variable Interest Entity [Line Items]
Ownership interest by parent	90.30%
Variable Interest Entity, Not Primary Beneficiary
Variable Interest Entity [Line Items]
Assets	$ 242.7	$ 242.9
Variable Interest Entity, Primary Beneficiary
Variable Interest Entity [Line Items]
Number of Real Estate Properties | property	1	2
Assets	$ 146.6	$ 136.8
Liabilities	$ 7.6	$ 11.8

Other Assets, Net (Details)

Other Assets, Net (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Deferred leasing costs, net	$ 125,155	$ 126,016
Lease intangible assets, net	21,669	23,644
Other identified intangible assets, net	47,031	48,620
Operating lease right-of-use assets, net	6,564	19,865
Finance lease right-of-use asset (1)	42,316
Prepaid expenses	10,735	12,556
Deferred financing costs on credit facility, net	7,919	3,071
Deposits	3,210	3,210
Derivative agreements, at fair value	63
Other	17,090	16,705
Total other assets, net	$ 281,752	$ 253,687

Debt - Schedule of Mortgages Pa

Debt - Schedule of Mortgages Payable (Details) - Mortgages Payable - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Variable interest rate	2.35%
Variable rate amount	$ 177,200	$ 2,200
Fixed interest rate	4.28%
Fixed rate amount	$ 1,123,426	1,125,648
Mortgages payable	1,300,626	1,127,848
Unamortized deferred financing costs and premium/ discount, net	(5,820)	(2,071)
Long-term debt, net	$ 1,294,806	$ 1,125,777

Debt - Narrative (Details)

Debt - Narrative (Details) - USD ($) $ in Thousands	1 Months Ended			3 Months Ended
	Apr. 30, 2020	Mar. 31, 2020	Feb. 29, 2020	Mar. 31, 2020	Dec. 31, 2019
Interest rate swap and caps
Mortgages and Line of Credit Facility [Line Items]
Derivative, notional amount		$ 300,000		$ 300,000	$ 237,600
Swap
Mortgages and Line of Credit Facility [Line Items]
Derivative, notional amount		$ 100,000		$ 100,000
Tranche A-1 Term Loan
Mortgages and Line of Credit Facility [Line Items]
Debt, Weighted Average Interest Rate		2.12%		2.12%
Tranche A-2 Term Loan
Mortgages and Line of Credit Facility [Line Items]
Debt, Weighted Average Interest Rate		1.34%		1.34%
Tranche A-2 Term Loan | Interest rate swap and caps
Mortgages and Line of Credit Facility [Line Items]
Derivative, notional amount		$ 200,000		$ 200,000	137,600
Mortgages Payable
Mortgages and Line of Credit Facility [Line Items]
Net carrying value of real estate collateralizing the mortgages payable		1,600,000		1,600,000	1,400,000
Principal amount		175,000		175,000
Repayments of Secured Debt				2,200
Debt outstanding		1,294,806		1,294,806	1,125,777
Mortgages Payable | Interest rate swap and caps
Mortgages and Line of Credit Facility [Line Items]
Derivative, notional amount		1,000,000		1,000,000	867,600
Mortgages Payable | Refinanced Mortgage Loan
Mortgages and Line of Credit Facility [Line Items]
Principal amount	$ 117,300	97,100		97,100
Credit Facility
Mortgages and Line of Credit Facility [Line Items]
Credit facility, maximum borrowing capacity		1,400,000		1,400,000
Credit Facility | Revolving Credit Facility
Mortgages and Line of Credit Facility [Line Items]
Credit facility, maximum borrowing capacity		1,000,000		1,000,000
Proceeds from line of credit	300,000	200,000
Repayments of line of credit			$ 200,000
Debt outstanding		200,000		200,000	$ 200,000
Credit Facility | Tranche A-1 Term Loan
Mortgages and Line of Credit Facility [Line Items]
Credit facility, maximum borrowing capacity		200,000		200,000
Proceeds from line of credit	$ 100,000			100,000
Credit Facility | Tranche A-2 Term Loan
Mortgages and Line of Credit Facility [Line Items]
Credit facility, maximum borrowing capacity		$ 200,000		$ 200,000

Debt - Summary of Amounts Outst

Debt - Summary of Amounts Outstanding under the Credit Facility (Details) - USD ($) $ in Thousands	1 Months Ended		3 Months Ended
	Apr. 30, 2020	Mar. 31, 2020	Mar. 31, 2020	Dec. 31, 2019
Line of Credit Facility [Line Items]
Debt Issuance Costs, Line of Credit Arrangements, Net		$ 7,919	$ 7,919	$ 3,071
Interest rate swap and caps
Line of Credit Facility [Line Items]
Derivative, Notional Amount		300,000	300,000	237,600
Tranche A-2 Term Loan | Interest rate swap and caps
Line of Credit Facility [Line Items]
Derivative, Notional Amount		$ 200,000	$ 200,000	137,600
Credit Facility | Revolving Credit Facility
Line of Credit Facility [Line Items]
Interest rate		2.04%	2.04%
Long-term debt, net		$ 200,000	$ 200,000	200,000
Letters of Credit Outstanding, Amount		1,500	1,500	1,500
Debt Issuance Costs, Line of Credit Arrangements, Net		7,900	$ 7,900	3,100
Line of Credit Facility, Commitment Fee Percentage			0.15%
Proceeds from Long-term Lines of Credit	$ 300,000	$ 200,000
Credit Facility | Tranche A-1 Term Loan
Line of Credit Facility [Line Items]
Interest rate		3.32%	3.32%
Debt, gross		$ 100,000	$ 100,000	100,000
Proceeds from Long-term Lines of Credit	$ 100,000		$ 100,000
Credit Facility | Tranche A-2 Term Loan
Line of Credit Facility [Line Items]
Interest rate		2.49%	2.49%
Debt, gross		$ 200,000	$ 200,000	200,000
Credit Facility | Tranche A-1 and A-2 Loans
Line of Credit Facility [Line Items]
Debt, gross		300,000	300,000	300,000
Unamortized deferred financing costs, net		(2,534)	(2,534)	(2,705)
Long-term debt, net		$ 297,466	$ 297,466	$ 297,295

Other Liabilities, Net (Details

Other Liabilities, Net (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Other Liabilities Disclosure [Abstract]
Lease intangible liabilities, net	$ 11,773	$ 12,324
Prepaid rent	26,428	23,612
Lease assumption liabilities	15,035	17,589
Lease incentive liabilities	19,481	20,854
Liabilities related to operating lease right-of-use assets	14,100	28,476
Liabilities related to finance lease right-of-use assets (1)	39,711
Security deposits	16,305	16,348
Environmental liabilities	17,898	17,898
Net deferred tax liability	4,456	5,542
Dividends payable		34,012
Derivative agreements, at fair value	50,169	17,440
Other	12,967	11,947
Total other liabilities, net	$ 228,323	$ 206,042

Redeemable Noncontrolling Int_3

Redeemable Noncontrolling Interests - Narrative (Details) - shares	1 Months Ended	3 Months Ended
	Apr. 30, 2020	Mar. 31, 2020	Mar. 31, 2019
Consolidated Real Estate Venture
Noncontrolling Interest [Line Items]
Ownership interest by parent, threshold for capital contributions to cease		97.00%
OP Units
Noncontrolling Interest [Line Items]
Units outstanding		14,400,000
Conversion of common limited partnership units to common shares	81,983	787,253	1,700,000
Minimum | Consolidated Real Estate Venture
Noncontrolling Interest [Line Items]
Redemption period		2 years
Maximum | Consolidated Real Estate Venture
Noncontrolling Interest [Line Items]
Redemption period		7 years
JBG Smith, LP
Noncontrolling Interest [Line Items]
Ownership interest by parent		90.30%
JBG Smith, LP | OP Units
Noncontrolling Interest [Line Items]
Ownership interest by parent		9.70%
Consolidated Real Estate Venture
Noncontrolling Interest [Line Items]
Ownership interest by parent		95.50%

Redeemable Noncontrolling Int_4

Redeemable Noncontrolling Interests - Summary of the Activity of Redeemable Noncontrolling Interests (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Temporary Equity
Balance as of beginning of period	$ 612,758	$ 558,140
OP Unit redemptions	(31,126)	(57,001)
LTIP Units issued in lieu of cash bonuses (1)	3,616	3,135
Net income (loss) attributable to redeemable noncontrolling interests	5,250	3,387
Other comprehensive loss	(3,573)	(1,383)
Share-based compensation expense	16,781	16,273
Adjustment to redemption value	(100,666)	62,212
Balance as of end of period	503,040	584,763
JBG Smith, LP
Temporary Equity
Balance as of beginning of period	606,699	552,159
OP Unit redemptions	(31,126)	(57,001)
LTIP Units issued in lieu of cash bonuses (1)	3,616	3,135
Net income (loss) attributable to redeemable noncontrolling interests	5,253	3,386
Other comprehensive loss	(3,573)	(1,383)
Share-based compensation expense	16,781	16,273
Adjustment to redemption value	(100,666)	62,212
Balance as of end of period	496,984	578,781
Consolidated Real Estate Venture
Temporary Equity
Balance as of beginning of period	6,059	5,981
Net income (loss) attributable to redeemable noncontrolling interests	(3)	1
Balance as of end of period	$ 6,056	$ 5,982

Property Rentals Revenues (Deta

Property Rentals Revenues (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Property Rentals Revenue [Abstract]
Fixed	$ 110,933	$ 113,590
Variable	9,447	5,823
Property rentals revenue	$ 120,380	$ 119,413

Share-Based Payments - LTIP and

Share-Based Payments - LTIP and Time-Based LTIP Units (Details) - USD ($) $ / shares in Units, $ in Millions	1 Months Ended	3 Months Ended
	Apr. 30, 2020	Mar. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Additional Disclosures [Abstract]
Compensation expense recognition period (in years)		2 years 1 month 6 days
LTIP and Time-Based LTIP Units
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Additional Disclosures [Abstract]
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate		18.00%
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate		1.50%
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term		2 years
Management | Time-Based Long-Term Incentive Partnership Units
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Additional Disclosures [Abstract]
Equity grants (in shares)		381,504
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period		4 years
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage		25.00%
Compensation expense recognition period (in years)		4 years
Fair value of awards on grant date		$ 14.7
Weighted Average Grant-Date Fair Value
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value		$ 38.52
Management | LTIP Units
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Additional Disclosures [Abstract]
Equity grants (in shares)		90,094
Fair value of awards on grant date		$ 3.6
Weighted Average Grant-Date Fair Value
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value		$ 40.13
Trustees | LTIP Units
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Additional Disclosures [Abstract]
Equity grants (in shares)	54,607
Fair value of awards on grant date	$ 1.5

Share-Based Payments - Performa

Share-Based Payments - Performance-Based LTIP Units (Details) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2020USD ($)$ / sharesshares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense recognition period (in years)	2 years 1 month 6 days
Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity grants (in shares) | shares	593,100
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period	3 years
Fair value of awards on grant date | $	$ 11.1
Compensation expense recognition period (in years)	4 years
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate	15.00%
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate	2.30%
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate	1.30%
Weighted Average Grant-Date Fair Value
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ / shares	$ 18.67
Performance Shares | Share-based Compensation Award, Tranche One
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage	50.00%
Performance Shares | Share-based Compensation Award, Tranche Two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage	50.00%

Share-Based Payments - Summary

Share-Based Payments - Summary of Share-Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense - other	$ 8,889	$ 6,201
Share-based compensation related to Formation Transaction and special equity awards	9,441	11,131
Total share-based compensation expense	18,330	17,332
Less amount capitalized	(968)	(743)
Share-based compensation expense	17,362	16,589
Total unrecognized compensation expense	$ 90,300
Compensation expense recognition period (in years)	2 years 1 month 6 days
Time-Based Long-Term Incentive Partnership Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense - other	$ 3,351	2,934
Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense - other	$ 3,989	2,208
Compensation expense recognition period (in years)	4 years
Other Equity Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense - other	$ 1,549	1,059
Formation Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation related to Formation Transaction and special equity awards	1,259	1,660
OP Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation related to Formation Transaction and special equity awards	6,641	7,931
LTIP Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation related to Formation Transaction and special equity awards	112	108
Special Performance-Based LTIP Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation related to Formation Transaction and special equity awards	671	644
Special Time-Based LTIP Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation related to Formation Transaction and special equity awards	$ 758	$ 788

Transaction and Other Costs (De

Transaction and Other Costs (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Other Income and Expenses [Abstract]
Demolition Costs		$ 2,319
Formation Transaction and integration costs	$ 1,309	2,105
Completed, potential and pursued transaction expenses		471
Other	4,000
Transaction and other costs	$ 5,309	$ 4,895

Interest Expense (Details)

Interest Expense (Details) - USD ($)	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Interest Expense [Abstract]
Interest expense before capitalized interest	$ 16,701,000	$ 22,877,000
Amortization of deferred financing costs	619,000	1,164,000
Net unrealized loss (gain) on derivative financial instruments not designated as cash flow hedges	(47,000)	48,000
Capitalized interest	(5,268,000)	(6,915,000)
Interest Expense	$ 12,005,000	$ 17,174,000

Shareholders' Equity and Earn_3

Shareholders' Equity and Earnings Per Common Share -Common Shares Repurchased (Details) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2020USD ($)$ / sharesshares
Shareholders' Equity and Earnings Per Common Share
Authorized value of shares for repurchase	$ 500
Repurchase and retired common shares | shares	1.4
Repurchase and retired common shares, Value	$ 41.2
Average purchase price | $ / shares	$ 29.01

Shareholders' Equity and Earn_4

Shareholders' Equity and Earnings Per Common Share - Basic and Diluted Earnings (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Shareholders' Equity and Earnings Per Common Share
Net income (loss)	$ 48,175	$ 28,248
Net income attributable to redeemable noncontrolling interests	(5,250)	(3,387)
NET INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS	$ 42,925	$ 24,861
Weighted average number of common shares outstanding - basic	134,542	122,573
Effect of dilutive securities	887	850
Weighted average number of common shares outstanding - diluted	135,429	123,423
Earnings per common share:
Earnings Per Share, Basic	$ 0.32	$ 0.20
Earnings Per Share, Diluted	$ 0.32	$ 0.20

Shareholders' Equity and Earn_5

Shareholders' Equity and Earnings Per Common Share - Antidilutive (Details) - shares shares in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Shareholders' Equity and Earnings Per Common Share
Antidilutive securities excluded from computation of earnings per share (in shares)	4.1	3.9

Fair Value Measurements - Narra

Fair Value Measurements - Narrative (Details) - USD ($)	3 Months Ended		12 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Fair Value Disclosures [Abstract]
Net unrealized loss on derivative designated as cash flow hedge	$ 50,500,000		$ 17,700,000
Loss expected to be reclassified into interest expense within the next 12 months	16,000,000
Net unrealized gain (loss) on derivative financial instruments not designated as cash flow hedges	$ 47,000	$ (48,000)

Fair Value Measurements - Sched

Fair Value Measurements - Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis (Details) - Interest rate swap and caps - Recurring - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Other Assets Net | Not Designated as Hedging Instrument
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Classified as assets in Other assets, net	$ 63
Other Assets Net | Not Designated as Hedging Instrument | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Classified as assets in Other assets, net	63
Other Liabilities, Net | Designated as Hedging Instrument
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Classified as liabilities in Other liabilities, net	50,169	$ 17,440
Other Liabilities, Net | Designated as Hedging Instrument | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Classified as liabilities in Other liabilities, net	$ 50,169	$ 17,440

Fair Value Measurements - Finan

Fair Value Measurements - Financial Assets and Liabilities Not Measured at Fair Value (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Mortgages Payable | Fair Value
Financial liabilities:
Financial liabilities	$ 1,223,797	$ 1,162,890
Mortgages Payable | Carrying Amount
Financial liabilities:
Financial liabilities	1,300,626	1,127,848
Revolving Credit Facility | Fair Value
Financial liabilities:
Financial liabilities	196,930	200,177
Revolving Credit Facility | Carrying Amount
Financial liabilities:
Financial liabilities	200,000	200,000
Tranche A-1 Term Loan | Fair Value
Financial liabilities:
Financial liabilities	296,208	300,607
Tranche A-1 Term Loan | Carrying Amount
Financial liabilities:
Financial liabilities	$ 300,000	$ 300,000

Segment Information - Narrative

Segment Information - Narrative (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2020USD ($)segment	Dec. 31, 2019USD ($)
Segment Reporting Information [Line Items]
Number of reportable segments | segment	3
Other assets, net	$ 281,752	$ 253,687
Third-Party Real Estate Services Segment
Segment Reporting Information [Line Items]
Other assets, net	$ 29,900	$ 31,500

Segment Information - Summary o

Segment Information - Summary of Third-party Asset Management and Real Estate Services (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Third-party real estate services revenue, excluding reimbursements	$ 15,955	$ 14,237
Reimbursements revenue	13,761	13,454
Revenue from Contract with Customer, Including Reimbursements	29,716	27,691
Third-party real estate services expenses	28,814	28,066
Third-party real estate services revenue less expenses	902	(375)
Property management fees
Third-party real estate services revenue, excluding reimbursements	6,024	5,428
Asset management fees
Third-party real estate services revenue, excluding reimbursements	2,724	3,488
Leasing fees
Third-party real estate services revenue, excluding reimbursements	1,747	2,213
Development fees
Third-party real estate services revenue, excluding reimbursements	2,812	1,596
Construction management fees
Third-party real estate services revenue, excluding reimbursements	1,013	629
Other service revenue
Third-party real estate services revenue, excluding reimbursements	$ 1,635	$ 883

Segment Information - Schedule

Segment Information - Schedule of Reconciliation of Net Income Attributable to Parent (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Segment Reporting [Abstract]
Net income attributable to common shareholders	$ 42,925	$ 24,861
Depreciation and amortization expense	48,489	48,719
Corporate and other	13,176	12,314
Third-party real estate services	28,814	28,066
Share-based compensation related to Formation Transaction and special equity awards	9,441	11,131
Transaction and other costs	5,309	4,895
Interest expense	12,005	17,174
Loss on extinguishment of debt	33
Income tax benefit	(2,345)	(1,172)
Net income attributable to redeemable noncontrolling interests	5,250	3,387
Third-party real estate services, including reimbursements	29,716	27,691
Other revenue	1,630	1,640
Income (loss) from unconsolidated real estate ventures, net	(2,692)	3,601
Interest and other income, net	907	951
Gain on sale of real estate	59,477	39,033
Consolidated NOI	74,059	76,459
Parking Income	$ 6,400	$ 6,500

Segment Information - Summary_2

Segment Information - Summary of NOI by Segment (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Segment Reporting Information [Line Items]
Property rentals	$ 120,380	$ 119,413
Other property revenue	6,381	6,455
Total rental revenue	126,761	125,868
Property operating	34,503	32,174
Real estate taxes	18,199	17,235
Total property expense	52,702	49,409
Consolidated NOI	74,059	76,459
Operating Segments | Commercial Segment
Segment Reporting Information [Line Items]
Property rentals	91,198	96,247
Other property revenue	6,244	6,375
Total rental revenue	97,442	102,622
Property operating	27,943	30,481
Real estate taxes	12,372	12,513
Total property expense	40,315	42,994
Consolidated NOI	57,127	59,628
Operating Segments | Multifamily
Segment Reporting Information [Line Items]
Property rentals	32,803	28,249
Other property revenue	137	80
Total rental revenue	32,940	28,329
Property operating	10,307	7,967
Real estate taxes	4,738	3,548
Total property expense	15,045	11,515
Consolidated NOI	17,895	16,814
Other
Segment Reporting Information [Line Items]
Property rentals	(3,621)	(5,083)
Total rental revenue	(3,621)	(5,083)
Property operating	(3,747)	(6,274)
Real estate taxes	1,089	1,174
Total property expense	(2,658)	(5,100)
Consolidated NOI	$ (963)	$ 17

Segment Information - Summary_3

Segment Information - Summary of Certain Balance Sheet Data by Segment (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Segment Reporting Information [Line Items]
Real estate, at cost	$ 5,851,533	$ 5,775,519
Investments in and advances to unconsolidated real estate ventures	542,983	543,026
Total assets (1)	6,139,813	5,986,251
Operating Segments | Commercial Segment
Segment Reporting Information [Line Items]
Real estate, at cost	3,450,039	3,415,294
Investments in and advances to unconsolidated real estate ventures	398,849	396,199
Total assets (1)	3,570,707	3,361,122
Operating Segments | Multifamily
Segment Reporting Information [Line Items]
Real estate, at cost	2,016,514	1,998,297
Investments in and advances to unconsolidated real estate ventures	107,162	107,882
Total assets (1)	1,697,302	1,682,872
Other
Segment Reporting Information [Line Items]
Real estate, at cost	384,980	361,928
Investments in and advances to unconsolidated real estate ventures	36,972	38,945
Total assets (1)	$ 871,804	$ 942,257

Commitments and Contingencies -

Commitments and Contingencies - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Dec. 31, 2019
Real Estate Properties [Line Items]
General liability insurance limit	$ 200,000
Property and rental value insurance coverage limit	2,000,000
Terrorist acts insurance coverage limit	2,000,000
Purchase obligation	114,600
Environmental liabilities included in Other liabilities, net	17,898	$ 17,898
Consolidated Properties
Real Estate Properties [Line Items]
Purchase obligation	93,900
Principal payment guarantees	8,300
Unconsolidated Properties
Real Estate Properties [Line Items]
Purchase obligation	20,700
Additional capital funding committed amount	57,500
Principal payment guarantees	$ 0
Minimum
Real Estate Properties [Line Items]
Commitment amortization period	1 year
Maximum
Real Estate Properties [Line Items]
Commitment amortization period	2 years

Transactions with Related Par_2

Transactions with Related Parties (Details) - Affiliated Entity - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Washington Housing Initiative
Related Party Transaction [Line Items]
Qualified Affordable Housing Project Investments, Total Capital Commitments	$ 104.8
Qualified Affordable Housing Project Investments, Commitment	10.2
Supervisory Services of Properties | BMS
Related Party Transaction [Line Items]
Related party transaction amount	5.3	$ 5.2
Fees from Legacy JBG Funds and Washington Housing Initiative | Legacy JBG Funds and Washington Housing Initiative
Related Party Transaction [Line Items]
Revenue from related parties	8	8.4
Accounts Receivable, Related Parties	8.3		$ 6.2
Office Rent | Unconsolidated Real Estate Venture
Related Party Transaction [Line Items]
Expenses from related parties	$ 1.3	$ 1.2

Subsequent Events (Details)

Subsequent Events (Details)	Apr. 30, 2020$ / shares
Subsequent Event [Member]
Subsequent Event [Line Items]
Common Stock, Dividends, Per Share, Declared	$ 0.225