JBG SMITH Properties (JBGS) 10-K 23 Feb 21 2020 FY Annual report Financial data

Cover Page

Cover Page - USD ($) $ / shares in Units, $ in Billions	12 Months Ended
	Dec. 31, 2020	Feb. 19, 2021	Jun. 30, 2020
Cover page.
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 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, Address Line Two	Suite 200
Entity Address, City or Town	Bethesda
Entity Address, State or Province	MD
Entity Address, Postal Zip Code	20814
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 Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
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
ICFR Auditor Attestation Flag	true
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		131,600,858
Entity Public Float			$ 3.8
Share Price			$ 29.57
Entity Central Index Key	0001689796
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	FY
Amendment Flag	false

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Real estate, at cost:
Land and improvements	$ 1,391,472	$ 1,240,455
Buildings and improvements	4,341,103	3,880,973
Construction in progress, including land	268,056	654,091
Real estate, at cost	6,000,631	5,775,519
Less accumulated depreciation	(1,232,690)	(1,119,571)
Real estate, net	4,767,941	4,655,948
Cash and cash equivalents	225,600	126,413
Restricted cash	37,736	16,103
Tenant and other receivables	55,903	52,941
Deferred rent receivable	170,547	169,721
Investments in unconsolidated real estate ventures	461,369	543,026
Other assets, net	286,575	253,687
Assets held for sale	73,876	168,412
TOTAL ASSETS	6,079,547	5,986,251
Liabilities:
Mortgages payable, net	1,593,738	1,125,777
Revolving credit facility		200,000
Unsecured term loans, net	397,979	297,295
Accounts payable and accrued expenses	103,102	157,702
Other liabilities, net	247,774	206,042
Total liabilities	2,342,593	1,986,816
Commitments and contingencies
Redeemable noncontrolling interests	530,748	612,758
Shareholders' equity:
Preferred shares, $0.01 par value - 200,000 shares authorized, none issued
Common shares, $0.01 par value - 500,000 shares authorized; 131,778 and 134,148 shares issued and outstanding as of December 31, 2020 and 2019	1,319	1,342
Additional paid-in capital	3,657,643	3,633,042
Accumulated deficit	(412,944)	(231,164)
Accumulated other comprehensive loss	(39,979)	(16,744)
Total shareholders' equity of JBG SMITH Properties	3,206,039	3,386,476
Noncontrolling interests in consolidated subsidiaries	167	201
Total equity	3,206,206	3,386,677
TOTAL LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY	$ 6,079,547	$ 5,986,251

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares shares in Thousands	Dec. 31, 2020	Dec. 31, 2019
Consolidated Balance Sheets
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	500,000
Common stock, shares issued	131,778	134,148
Common shares, shares outstanding	131,778	134,148

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
REVENUE
Property rental	$ 458,958	$ 493,273	$ 513,447
Third-party real estate services, including reimbursements	113,939	120,886	98,699
Other revenue	29,826	33,611	32,036
Total revenue	602,723	647,770	644,182
EXPENSES
Depreciation and amortization	221,756	191,580	211,436
Property operating	145,625	137,622	148,081
Real estate taxes	70,958	70,493	71,054
General and administrative:
Corporate and other	46,634	46,822	33,728
Third-party real estate services	114,829	113,495	89,826
Share-based compensation related to Formation Transaction and special equity awards	31,678	42,162	36,030
Transaction and other costs	8,670	23,235	27,706
Total expenses	640,150	625,409	617,861
OTHER INCOME (EXPENSE)
Income (loss) from unconsolidated real estate ventures, net	(20,336)	(1,395)	39,409
Interest and other income (loss), net	(625)	5,385	15,168
Interest expense	(62,321)	(52,695)	(74,447)
Gain on sale of real estate	59,477	104,991	52,183
Loss on extinguishment of debt	(62)	(5,805)	(5,153)
Impairment loss	(10,232)
Reduction of gain on bargain purchase			(7,606)
Total other income (expense)	(34,099)	50,481	19,554
INCOME (LOSS) BEFORE INCOME TAX BENEFIT	(71,526)	72,842	45,875
Income tax benefit	4,265	1,302	738
NET INCOME (LOSS)	(67,261)	74,144	46,613
Net (income) loss attributable to redeemable noncontrolling interests	4,958	(8,573)	(6,710)
Net loss attributable to noncontrolling interests			21
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON SHAREHOLDERS	$ (62,303)	$ 65,571	$ 39,924
EARNINGS (LOSS) PER COMMON SHARE:
EARNINGS (LOSS) PER COMMON SHARE - BASIC AND DILUTED	$ (0.49)	$ 0.48	$ 0.31
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING - BASIC AND DILUTED	133,451	130,687	119,176

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Consolidated Statements of Comprehensive Income (Loss)
NET INCOME (LOSS)	$ (67,261)	$ 74,144	$ 46,613
OTHER COMPREHENSIVE INCOME (LOSS):
Change in fair value of derivative financial instruments	(38,137)	(27,722)	5,382
Reclassification of net loss on derivative financial instruments from accumulated other comprehensive loss into interest expense	11,912	1,694	1,090
Other comprehensive income (loss)	(26,225)	(26,028)	6,472
COMPREHENSIVE INCOME (LOSS)	(93,486)	48,116	53,085
Net (income) loss attributable to redeemable noncontrolling interests	4,958	(8,573)	(6,710)
Other comprehensive (income) loss attributable to redeemable noncontrolling interests	2,990	2,584	(1,384)
Net loss attributable to noncontrolling interests			21
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO JBG SMITH PROPERTIES	$ (85,538)	$ 42,127	$ 45,012

Consolidated Statements of Equi

Consolidated Statements of Equity - USD ($) shares in Thousands, $ in Thousands	Common Stock	Additional Paid-In Capital	Accumulated Deficit	Accumulated Other Comprehensive Income (Loss)	Noncontrolling Interests in Consolidated Subsidiaries	Total
Balance at beginning of period at Dec. 31, 2017	$ 1,180	$ 3,063,625	$ (95,809)	$ 1,612	$ 4,206	$ 2,974,814
Balance at beginning of period (in shares) at Dec. 31, 2017	117,955
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss) attributable to common shareholders and noncontrolling interests			39,924		(21)	39,903
Conversion of common limited partnership units to common shares	$ 30	109,092				109,122
Conversion of common limited partnership units to common shares (in shares)	2,962
Common shares issued pursuant to Employee Share Purchase Plan ("ESPP")		741				741
Common shares issued pursuant to Employee Share Purchase Plan ("ESPP") ( in shares)	20
Dividends declared on common shares			(120,133)			(120,133)
Distributions to noncontrolling interests, net					(97)	(97)
Redeemable noncontrolling interests redemption value adjustment and other comprehensive (loss) income allocation		(16,172)		(1,384)		(17,556)
Acquisition of consolidated real estate venture		(1,666)			(3,884)	(5,550)
Other comprehensive loss				6,472		6,472
Other		(364)				(364)
Balance at end of period (in shares) at Dec. 31, 2018	120,937
Balance at end of period at Dec. 31, 2018	$ 1,210	3,155,256	(176,018)	6,700	204	2,987,352
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss) attributable to common shareholders and noncontrolling interests			65,571			65,571
Common shares issued	$ 115	472,665				472,780
Common shares issued (in shares)	11,500
Conversion of common limited partnership units to common shares	$ 17	57,301				57,318
Conversion of common limited partnership units to common shares (in shares)	1,664
Common shares issued pursuant to Employee Share Purchase Plan ("ESPP")		1,803				1,803
Common shares issued pursuant to Employee Share Purchase Plan ("ESPP") ( in shares)	47
Dividends declared on common shares			(120,717)			(120,717)
Distributions to noncontrolling interests, net					(3)	(3)
Redeemable noncontrolling interests redemption value adjustment and other comprehensive (loss) income allocation		(53,983)		2,584		(51,399)
Other comprehensive loss				(26,028)		$ (26,028)
Balance at end of period (in shares) at Dec. 31, 2019	134,148					134,148
Balance at end of period at Dec. 31, 2019	$ 1,342	3,633,042	(231,164)	(16,744)	201	$ 3,386,677
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss) attributable to common shareholders and noncontrolling interests			(62,303)			(62,303)
Conversion of common limited partnership units to common shares	$ 13	47,504				47,517
Conversion of common limited partnership units to common shares (in shares)	1,338
Common shares repurchased	$ (37)	(104,737)				(104,774)
Common shares repurchased (in shares)	(3,776)
Common shares issued pursuant to Employee Share Purchase Plan ("ESPP")	$ 1	2,241				2,242
Common shares issued pursuant to Employee Share Purchase Plan ("ESPP") ( in shares)	68
Dividends declared on common shares			(119,477)			(119,477)
Distributions to noncontrolling interests, net					(34)	(34)
Redeemable noncontrolling interests redemption value adjustment and other comprehensive (loss) income allocation		79,593		2,990		82,583
Other comprehensive loss				(26,225)		$ (26,225)
Balance at end of period (in shares) at Dec. 31, 2020	131,778					131,778
Balance at end of period at Dec. 31, 2020	$ 1,319	$ 3,657,643	$ (412,944)	$ (39,979)	$ 167	$ 3,206,206

Consolidated Statements of Eq_2

Consolidated Statements of Equity (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Consolidated Statements of Equity
Dividends cash declared	$ 0.90	$ 0.90	$ 1

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
OPERATING ACTIVITIES:
Net income (loss)	$ (67,261)	$ 74,144	$ 46,613
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Share-based compensation expense	66,051	65,273	52,675
Depreciation and amortization, including amortization of debt issuance costs	225,597	195,795	215,659
Deferred rent	(20,084)	(39,174)	(14,056)
(Income) loss from unconsolidated real estate ventures, net	20,336	1,395	(39,409)
Amortization of market lease intangibles, net	(442)	(791)	(220)
Amortization of lease incentives	6,603	6,336	3,406
Reduction of gain on bargain purchase			7,606
Loss on extinguishment of debt	62	5,805	4,536
Impairment loss	10,232
Gain on sale of real estate	(59,477)	(104,991)	(52,183)
Losses on operating lease and other receivables	25,805	1,560	3,298
Return on capital from unconsolidated real estate ventures	4,302	2,690	7,827
Other non-cash items	4,326	567	462
Impairment of corporate assets		10,170
Changes in operating assets and liabilities:
Tenant and other receivables	(9,231)	(8,382)	(5,582)
Other assets, net	(11,075)	(9,177)	(16,600)
Accounts payable and accrued expenses	591	(7,678)	(5,984)
Other liabilities, net	(27,314)	(19,556)	(19,855)
Net cash provided by operating activities	169,021	173,986	188,193
INVESTING ACTIVITIES:
Development costs, construction in progress and real estate additions	(307,497)	(441,014)	(385,943)
Acquisition of real estate	(45,688)	(165,208)	(23,246)
Deposits for real estate and other acquisitions	(25,424)	(850)
Proceeds from sale of real estate	154,493	377,511	413,077
Acquisition of interests in unconsolidated real estate ventures, net of cash acquired			(386)
Distributions of capital from unconsolidated real estate ventures	71,065	7,557	14,408
Distributions of capital from sales of unconsolidated real estate ventures			80,279
Investments in unconsolidated real estate ventures	(14,639)	(18,668)	(31,197)
Other			(665)
Net cash (used in) provided by investing activities	(167,690)	(240,672)	66,327
FINANCING ACTIVITIES:
Acquisition of interest in consolidated real estate venture			(5,550)
Finance lease payments	(3,531)	(137)	(114)
Borrowings under mortgages payable	580,105	2,200	118,141
Borrowings under revolving credit facility	500,000	200,000	35,000
Borrowings under unsecured term loans	100,000		250,000
Repayments of mortgages payable	(104,083)	(719,003)	(312,894)
Repayments of revolving credit facility	(700,000)		(150,751)
Debt issuance costs	(14,856)	(515)	(3,114)
Proceeds from the issuance of common stock, net of issuance costs		472,780
Proceeds from common stock issued pursuant to ESPP	1,715	1,457	597
Common shares repurchased	(104,774)
Dividends paid to common shareholders	(120,011)	(129,834)	(107,372)
Distributions to redeemable noncontrolling interests	(15,030)	(17,390)	(17,398)
Distributions to noncontrolling interests	(46)	(95)	(340)
Contributions from noncontrolling interests		207	250
Net cash provided by (used in) financing activities	119,489	(190,330)	(193,545)
Net increase (decrease) in cash and cash equivalents and restricted cash	120,820	(257,016)	60,975
Cash and cash equivalents and restricted cash as of the beginning of the period	142,516	399,532	338,557
Cash and cash equivalents and restricted cash as of the end of the period	263,336	142,516	399,532
SUPPLEMENTAL DISCLOSURE OF CASH FLOW AND NON-CASH INFORMATION:
Cash paid for interest (net of capitalized interest of $13,189, $29,806 and $20,804 in 2020, 2019 and 2018)	56,961	49,437	64,605
Accrued capital expenditures included in accounts payable and accrued expenses	43,188	84,076	53,073
Write-off of fully depreciated assets	30,798	66,533	52,272
Cash received for income taxes	1,187	282	1,965
Deconsolidation of properties		181,813	95,923
Accrued dividends to common shareholders	29,650	30,184	39,298
Accrued distributions to redeemable noncontrolling interests	4,425	3,828	5,896
Conversion of common limited partnership units to common shares	47,517	57,318	$ 109,208
Recognition (derecognition) of operating lease right-of-use assets	(13,151)	35,318
Recognition (derecognition) of liabilities related to operating lease right-of-use assets	(13,151)	37,922
Recognition of finance lease right-of-use assets	42,354
Recognition of liabilities related to finance lease right-of-use assets	40,684
Cash paid for amounts included in the measurement of lease liabilities for operating leases	5,201	$ 6,202
Deferred purchase price related to acquisition	$ 19,479

Consolidated Statements of Ca_2

Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AS OF END OF THE PERIOD:
Cash and cash equivalents	$ 225,600	$ 126,413	$ 260,553
Restricted cash	37,736	16,103	138,979
Cash and cash equivalents and restricted cash	263,336	142,516	399,532	$ 338,557
Capitalized interest	$ 13,189	$ 29,806	$ 20,804

Organization and Basis of Prese

Organization and Basis of Presentation	12 Months Ended
	Dec. 31, 2020
Organization and Basis of Presentation
Organization and Basis of Presentation	1. Organization and Basis of Presentation Organization JBG SMITH Properties ("JBG SMITH"), a Maryland real estate investment trust ("REIT"), owns and operates a portfolio of commercial and multifamily assets amenitized with ancillary retail. JBG SMITH's portfolio reflects its longstanding strategy of owning and operating assets within Metro-served submarkets in the Washington, D.C. metropolitan area that have high barriers to entry and vibrant urban amenities. Over half of our portfolio is in National Landing where we serve as the exclusive developer for Amazon.com, Inc.'s ("Amazon") new headquarters, and where Virginia Tech's new $1 billion Innovation Campus will be located. Substantially all our assets are held by, and our operations are conducted through, JBG SMITH Properties LP ("JBG SMITH LP"), our operating partnership. As of December 31, 2020, JBG SMITH, as its sole general partner, controlled JBG SMITH LP and owned 90.5% of its common limited partnership units ("OP Units"). JBG SMITH is referred to herein 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 December 31, 2020, our Operating Portfolio consisted of 62 operating assets comprising 41 commercial assets totaling 13.0 million square feet (11.1 million square feet at our share) and 21 multifamily assets totaling 7,800 units (5,999 units at our share). Additionally, we have: (i) two under-construction assets comprising one wholly owned commercial asset totaling 274,000 square feet and one multifamily asset totaling 322 units (161 units at our share); (ii) 10 wholly owned near-term development pipeline assets totaling 5.6 million square feet of estimated potential development density; and (iii) 29 future development pipeline assets totaling 14.8 million square feet (12.0 million square feet at our share) of estimated potential development density. We derive our revenue primarily from leases with commercial and multifamily tenants, which include fixed and percentage 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 the Washington Housing Initiative ("WHI") Impact Pool, Amazon, the legacy funds formerly organized by JBG (the "JBG Legacy Funds") and other third parties. Only the U.S. federal government accounted for 10% or more of our rental revenue, which consists of property rental and other property revenue, as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, (Dollars in thousands) 2020 2019 2018 Rental revenue from the U.S. federal government ​ $ 84,086 ​ $ 86,644 ​ $ 94,822 ​ Percentage of commercial segment rental revenue ​ 23.4 % 21.2 % 22.0 % Percentage of total rental revenue ​ 17.8 % 16.7 % 17.6 % ​ Basis of Presentation The accompanying consolidated financial statements and notes are prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP"). All intercompany transactions and balances have been eliminated. The accompanying consolidated financial statements include our accounts and those of our wholly owned subsidiaries and other entities, including JBG SMITH LP, in which we have a controlling financial interest. See Note 7 for additional information on our variable interest entities ("VIEs"). The portions of the equity and net income (loss) of consolidated subsidiaries that are not attributable to us are presented separately as amounts attributable to noncontrolling interests in our consolidated financial statements. References to the financial statements refer to our consolidated financial statements as of December 31, 2020 and 2019, and for each of the three years in the period ended December 31, 2020. References to our balance sheets refer to our consolidated balance sheets as of December 31, 2020 and 2019. References to our statements of operations refer to our consolidated statements of operations for each of the three years in the period ended December 31, 2020. References to our statements of comprehensive income (loss) refer to our consolidated statements of comprehensive income (loss) for each of the three years in the period ended December 31, 2020. References to our statements of cash flows refer to our consolidated statements of cash flows for each of the three years in the period ended December 31, 2020.

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2020
Summary of Significant Accounting Policies
Summary of Significant Accounting Policies	2. Summary of Significant Accounting Policies 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 the 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 ("COVID-19"), commencing in March 2020, authorities in jurisdictions where our properties are located issued stay-at-home orders and restrictions on travel and permitted businesses operations. The effects of COVID-19 have most significantly impacted the operations of many of our retail tenants, which generated approximately 7% of our revenue for the year ended December 31, 2020, revenue from our multifamily assets, our commercial parking revenue, the operations of the Crystal City Marriott and our interest in the former unconsolidated venture that owns The Marriott Wardman Park hotel. The extent to which COVID-19 impacts us and our tenants will depend on future developments, which are highly uncertain. At this time, there are no outstanding stay-at-home orders in jurisdictions where our properties are located; however, the extent and duration of restrictions on travel and permitted businesses operations and other effects of COVID-19 on us and our tenants have affected 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. Asset Acquisitions and Business Combinations We account for asset acquisitions, which includes the consolidation of previously unconsolidated real estate ventures, at cost, including transaction costs, plus the fair value of any assumed debt. We estimate the fair values of acquired tangible assets (consisting of real estate, cash and cash equivalents, tenant and other receivables, investments in unconsolidated real estate ventures and other assets, as applicable), identified intangible assets and liabilities (consisting of in-place leases, above- and below-market leases, options to enter into ground leases and management contracts, as applicable), assumed debt and other liabilities, and noncontrolling interests, as applicable, based on our evaluation of information and estimates available at the date of acquisition. Based on these estimates, we allocate the purchase price, including all transaction costs related to the acquisition and any contingent consideration, to the identified assets acquired and liabilities assumed based on their relative fair value. We similarly account for business combinations by estimating the fair values of acquired tangible assets, identified intangible assets and liabilities, assumed debt and other liabilities, and noncontrolling interests, as applicable, based on our evaluation of information and estimates. Any excess of the purchase price over the estimated fair value of the net assets acquired is recorded as goodwill, and any excess of the fair value of assets acquired over the purchase price is recorded as a gain on bargain purchase. If, up to one year from the acquisition date, information regarding the fair value of the assets acquired and liabilities assumed is received and the estimates are refined, appropriate adjustments are made on a prospective basis to the purchase price allocation, which may include adjustments to identified assets, assumed liabilities, and goodwill or the gain on bargain purchase, as applicable. Transaction costs are expensed as incurred and included in "Transaction and other costs" in our statements of operations. For both asset acquisitions and business combinations, the results of operations of acquisitions are prospectively included in our financial statements beginning with the date of the acquisition. The fair values of buildings are determined using the "as-if vacant" approach whereby we use discounted cash flow models with inputs and assumptions that we believe are consistent with current market conditions for similar assets. The most significant assumptions in determining the allocation of the purchase price to buildings are the exit capitalization rate, discount rate, estimated market rents and hypothetical expected lease-up periods. We assess the fair value of land based on market comparisons and development projects using an income approach of cost plus a margin. The fair values of identified intangible assets are determined based on the following: ● The value allocable to the above- or below-market component of an acquired in-place lease is determined based upon the present value (using a discount rate which reflects the risks associated with the acquired lease) of the difference between: (i) the contractual amounts to be received pursuant to the lease over its remaining term and (ii) management's estimate of the amounts that would be received using market rates over the remaining term of the lease. Amounts allocated to above- market leases are recorded as lease intangible assets in "Other assets, net" in our balance sheets, and amounts allocated to below-market leases are recorded as lease intangible liabilities in "Other liabilities, net" in our balance sheets. These intangibles are amortized to "Property rental revenue" in our statements of operations over the remaining terms of the respective leases; ● Factors considered in determining the value allocable to in-place leases during hypothetical lease-up periods related to space that is leased at the time of acquisition include: (i) lost rent and operating cost recoveries during the hypothetical lease-up period and (ii) theoretical leasing commissions required to execute similar leases. These intangible assets are recorded as lease intangible assets in "Other assets, net" in our balance sheets and are amortized to "Depreciation and amortization expense" in our statements of operations over the remaining term of the existing lease; and ● The fair value of the in-place property management, leasing, asset management, and development and construction management contracts is based on revenue and expense projections over the estimated life of each contract discounted using a market discount rate. These management contract intangibles are amortized to "Depreciation and amortization expense" in our statements of operations over the weighted average life of the management contracts. The fair value of investments in unconsolidated real estate ventures and redeemable noncontrolling interests is based on the estimated fair values of the identified assets acquired and liabilities assumed of each venture, including future expected cash flows from promote interests. The fair value of the mortgages payable assumed is determined using current market interest rates for comparable debt financings. The fair values of the interest rate swaps and caps are based on the estimated amounts we would receive or pay to terminate the contract at the acquisition date and are determined using interest rate pricing models and observable inputs. The carrying value of cash, restricted cash, working capital balances, leasehold improvements and equipment, and other assets acquired and liabilities assumed approximates fair value. Real Estate Real estate is carried at cost, net of accumulated depreciation and amortization. Maintenance and repairs are expensed as incurred and are included in "Property operating expenses" in our statements of operations. As real estate is undergoing redevelopment activities, all property operating expenses directly associated with and attributable to the redevelopment, including interest expense, are capitalized to the extent that we believe such costs are recoverable through the value of the property. The capitalization period ends when the asset is ready for its intended use, but no later than one year from substantial completion of major construction activities. General and administrative costs are expensed as incurred. Depreciation and amortization require an estimate of the useful life of each property and improvement as well as an allocation of the costs associated with a property to its various components. Depreciation and amortization are recognized on a straight-line basis over estimated useful lives, which range from three Construction in progress, including land, is carried at cost, and no depreciation is recorded. Real estate undergoing significant renovations and improvements is considered to be under development. All direct and indirect costs related to development activities are capitalized into "Construction in progress, including land" on our balance sheets, except for certain demolition costs, which are expensed as incurred. Direct development costs incurred include: pre-development expenditures directly related to a specific project, development and construction costs, interest, insurance and real estate taxes. Indirect development costs include: employee salaries and benefits, travel and other related costs that are directly associated with the development. Our method of calculating capitalized interest expense is based upon applying our weighted average borrowing rate to the actual accumulated expenditures if the property does not have property specific debt. If the property is encumbered by specific debt, we will capitalize both the interest incurred applicable to that debt and additional interest expense using our weighted average borrowing rate for any accumulated expenditures in excess of the principal balance of the debt encumbering the property. The capitalization of such expenses ceases when the real estate is ready for its intended use, but no later than one-year from substantial completion of major construction activities. Our assets and related intangible assets are reviewed for impairment whenever there are changes in circumstances or indicators that the carrying amount of the assets may not be recoverable. These indicators may include operating performance, intended holding periods, costs in excess of budgets for under-construction assets and adverse changes in circumstances. An impairment exists when the carrying amount of an asset exceeds the sum of the undiscounted cash flows expected to result from the use and eventual disposition of the asset. Estimates of future cash flows are based on our current plans, intended holding periods and available market information at the time the analyses are prepared. An impairment loss is recognized if the carrying amount of the asset is not recoverable and is measured based on the excess of the property's carrying amount over its estimated fair value. If our estimates of future cash flows, anticipated holding periods, or fair values change, based on market conditions or otherwise, our evaluation of impairment losses may be different and such differences could be material to our financial statements. Estimates of future cash flows are subjective and are based, in part, on assumptions regarding future occupancy, rental rates and capital requirements that could differ materially from actual results. Cash and Cash Equivalents Cash and cash equivalents consist of highly liquid investments with a purchase date life to maturity of three months or less and are carried at cost, which approximates fair value due to their short-term maturities. Restricted Cash Restricted cash consists primarily of proceeds from property dispositions held in escrow, security deposits held on behalf of our tenants and cash escrowed under loan agreements for debt service, real estate taxes, property insurance and capital improvements. Investments in Real Estate Ventures We analyze each real estate venture to determine whether the entity should be consolidated. If it is determined that an entity is a VIE in which we have a variable interest, we assess whether we are the primary beneficiary of the VIE to determine whether it should be consolidated. We are not the primary beneficiary of an entity when we do not have voting control, lack the power to direct the activities that most significantly impact the entity's economic performance, or the limited partners (or non-managing members) have substantive participatory rights. If it is determined that the entity is not a VIE, then the determination as to whether we consolidate is based on whether we have a controlling financial interest in the entity, which is based on our voting interests and the degree of influence we have over the entity. Management uses its judgment when determining if we are the primary beneficiary of, or have a controlling financial interest in, an entity in which we have a variable interest. Factors considered in determining whether we have the power to direct the activities that most significantly impact the entity's economic performance include voting rights, involvement in day-to-day capital and operating decisions, and the extent of our involvement in the entity. We use the equity method of accounting for investments in unconsolidated real estate ventures when we have significant influence, but do not have a controlling financial interest. Significant influence is typically indicated through ownership of 20% or more of the voting interests. Under the equity method, we record our investments in these entities in "Investments in unconsolidated real estate ventures" on our balance sheets, and our proportionate share of earnings or losses earned by the real estate venture is recognized in "Income (loss) from unconsolidated real estate ventures, net" in the accompanying statements of operations. We earn revenue from the management services we provide to unconsolidated real estate ventures. These fees are determined in accordance with the terms specific to each arrangement and may include property and asset management fees, or transactional fees for leasing, acquisition, development and construction, financing and legal services provided. We account for this revenue gross of our ownership interest in each respective real estate venture and recognize such revenue in "Third-party real estate services, including reimbursements" in our statements of operations when earned. Our proportionate share of related expenses is recognized in "Income (loss) from unconsolidated real estate ventures, net" in our statements of operations. We may also earn incremental promote distributions if certain financial return benchmarks are achieved upon ultimate disposition of the underlying properties. Promote fees are recognized when certain earnings events have occurred, and the amount is determinable and collectible. Any promote fees are reflected in "Income (loss) from unconsolidated real estate ventures, net" in our statements of operations. With regard to distributions from unconsolidated real estate ventures, we use the information that is available to us to determine the nature of the underlying activity that generated the distributions. Using the nature of distribution approach, cash flows generated from the operations of an unconsolidated real estate venture are classified as a return on investment (cash inflow from operating activities) and cash flows from property sales, debt refinancing or sales of our investments are classified as a return of investment (cash inflow from investing activities). On a periodic basis, we evaluate our investments in unconsolidated real estate ventures for impairment. We assess whether there are any indicators, including underlying property operating performance and general market conditions, that the value of our investments in unconsolidated real estate ventures may be impaired. An investment in a real estate venture is considered impaired if we determine that its fair value is less than the net carrying value of the investment in that real estate venture on an other-than-temporary basis. Cash flow projections for the investments consider property level factors such as expected future operating income, trends and prospects, as well as the effects of demand, competition and other factors. We consider various qualitative factors to determine if a decrease in the value of our investment is other-than-temporary. These factors include the age of the venture, our intent and ability to retain our investment in the entity, financial condition and long-term prospects of the entity and relationships with our partners and banks. If we believe that the decline in the fair value of the investment is temporary, no impairment loss is recorded. If our analysis indicates that there is an other-than temporary impairment related to the investment in a particular real estate venture, the carrying value of the venture will be adjusted to an amount that reflects the estimated fair value of the investment. Intangibles Intangible assets consist of: (i) in-place leases, below-market ground rent obligations, above-market real estate leases and options to enter into ground leases that were recorded in connection with the acquisition of properties and (ii) management and leasing contracts acquired in the Combination. Intangible liabilities consist of above-market ground rent obligations and below-market real estate leases that are also recorded in connection with the acquisition of properties. Both intangible assets and liabilities are amortized and accreted using the straight-line method over their applicable remaining useful life. When a lease or contract is terminated early, any remaining unamortized or unaccreted balances are charged to earnings. The useful lives of intangible assets are evaluated each reporting period with any changes in estimated useful lives being accounted for over the revised remaining useful life. Assets Held for Sale Assets, primarily consisting of real estate, are classified as held for sale when all the necessary criteria are met. The criteria include: (i) management, having the authority to approve action, commits to a plan to sell the property in its present condition, (ii) the sale of the property is at a price reasonable in relation to its current fair value and (iii) the sale is probable and expected to be completed within one year. Real estate held for sale is carried at the lower of carrying amounts or estimated fair value less disposal costs. Depreciation and amortization is not recognized on real estate classified as held for sale. Deferred Costs Deferred financing costs consist of loan issuance costs directly related to financing transactions that are deferred and amortized over the term of the related loan as a component of interest expense. Unamortized deferred financing costs related to our mortgages payable and unsecured term loan are presented as a direct deduction from the carrying amounts of the related debt instruments, while such costs related to our revolving credit facility are included in other assets. Noncontrolling Interests We identify our noncontrolling interests separately on our balance sheets. Amounts of consolidated net income (loss) attributable to redeemable noncontrolling interests and to the noncontrolling interests in consolidated subsidiaries are presented separately in our statements of operations. Redeemable Noncontrolling Interests Noncontrolling Interests Derivative Financial Instruments and Hedge Accounting Derivative financial instruments are used at times to manage exposure to variable interest rate risk. Derivative financial instruments are recognized as either assets or liabilities and are measured at fair value. The accounting for changes in the fair value of a derivative depends on the intended use of the derivative and the resulting designation. Derivative Financial Instruments Designated as Cash Flow Hedges Derivative instruments and hedging activities require management to make judgments on the nature of its derivatives and their effectiveness as hedges. These judgments determine if the changes in fair value of the derivative instruments are reported in our statements of operations or as a component of comprehensive income and as a component of shareholders' equity on our balance sheets. Derivative Financial Instruments Not Designated as Hedges Fair Value of Assets and Liabilities Accounting Standards Codification ("ASC") 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 value hierarchy gives the highest priority to Level 1 inputs and the lowest priority to Level 3 inputs. In determining fair value, we utilize valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible as well as consider counterparty credit risk in our assessment of fair value. Revenue Recognition We have leases with various tenants across our portfolio of properties, which generate rental income and operating cash flows for our benefit. Through these leases, we provide tenants with the right to control the use of our real estate, which tenants agree to use and control. The right to control our real estate conveys to our tenants substantially all of the economic benefits and the right to direct how and for what purpose the real estate is used throughout the period of use, thereby meeting the definition of a lease. Leases will be classified as either operating, sales-type or direct finance leases based on whether the lease is structured in effect as a financed purchase. Property rental revenue includes base rent each tenant pays in accordance with the terms of its respective lease and is reported on a straight-line basis over the non-cancellable term of the lease, which includes the effects of periodic step-ups in rent and rent abatements under the lease. When a renewal option is included within the lease, we assess whether the option is reasonably certain of being exercised against relevant economic factors to determine whether the option period should be included as part of the lease term. Further, property rental revenue includes tenant reimbursement revenue from the recovery of all or a portion of the operating expenses and real estate taxes of the respective assets. Tenant reimbursements, which vary each period, are non-lease components that are not the predominant activity within the contract. We have elected the practical expedient that allows us to combine certain lease and non-lease components of our operating leases. Non-lease components are recognized together with fixed base rent in "Property rental revenue", as variable lease income in the same periods as the related expenses are incurred. Certain commercial leases may also provide for the payment by the lessee of additional rents based on a percentage of sales, which are recorded as variable lease income in the period the additional rents are earned. We commence rental revenue recognition when the tenant takes possession of the leased space or controls the physical use of the leased space and when the leased space is substantially ready for its intended use. In circumstances where we provide a tenant improvement allowance for improvements that are owned by the tenant, we recognize the allowance as a reduction of property rental revenue on a straight-line basis over the term of the lease commencing when the tenant takes possession of the space. Differences between rental revenue recognized and amounts due under the respective lease agreements are recorded as an increase or decrease to "Deferred rent receivable, net" on our balance sheets. Property rental revenue also includes the amortization or accretion of acquired above-and below-market leases. We periodically evaluate the collectability of amounts due from tenants and recognize an adjustment to property rental revenue for accounts receivable and deferred rent receivable if we conclude it is not probable we will collect the remaining lease payments under the lease agreements. Any changes to the provision for lease revenue determined to be not probable of collection are included in "Property rental revenue" in our statements of operations. We exercise judgment in assessing the probability of collection and consider payment history and current credit status in making this determination. Third-party real estate services revenue, including reimbursements, includes property and asset management fees, and transactional fees for leasing, acquisition, development and construction, financing, and legal services. These fees are determined in accordance with the terms specific to each arrangement and are recognized as the related services are performed. Development fees are earned from providing services to third-party property owners and our unconsolidated real estate ventures. The performance obligations associated with our development services contracts are satisfied over time and we recognize our development fee revenue using a time-based measure of progress over the course of the development project due to the stand-ready nature of the promised services. The transaction prices for our performance obligations that are expected to be completed in greater than twelve months are variable based on the costs ultimately incurred to develop the underlying assets. Judgments impacting the timing and amount of revenue recognized from our development services contracts include the determination of the nature and number of performance obligations within a contract, estimates of total development project costs, from which the fees are typically derived, and estimates of the period of time over which the development services are expected to be performed, which is the period over which the revenue is recognized. We recognize development fees earned from unconsolidated joint venture projects to the extent of the third-party partners' ownership interest. Third-Party Real Estate Services Expenses Third-party real estate services expenses include the costs associated with the management services provided to our unconsolidated real estate ventures and other third parties, including amounts paid to third-party contractors for construction management projects. We allocate personnel and other overhead costs using the estimates of the time spent performing services for our third-party real estate services and other allocation methodologies. Lessee Accounting We are obligated under non-cancellable operating and capital leases, including ground leases on certain of our properties with terms extending through up through 2118. When a renewal option is included within a lease, we assess whether the option is reasonably certain of being exercised against relevant economic factors to determine whether the option period should be included as part of the lease term. Lease payments associated with renewal periods that we are reasonably certain will be exercised are included in the measurement of the corresponding lease liability and right-of-use asset. Lease expense for our operating leases is recognized on a straight-line basis over the expected lease term and is included in our statements of operations in either "Property operating expenses" or "General and administrative expense" depending on the nature of the lease. Amortization of the right-of-use asset associated with a capital lease is recognized on a straight-line basis over the expected lease term and is included in our statements of operations in "Depreciation and amortization" with the related interest on our outstanding lease liability included in "Interest expense." Certain lease agreements include variable lease payments that, in the future, will vary based on changes in inflationary measures, market rates or our share of expenditures of the leased premises. Such variable payments are recognized in lease expense in the period in which the variability is determined. Certain lease agreements may also include various non-lease components that primarily relate to property operating expenses associated with our office leases, which also vary each period. We have elected the practical expedient which allows us not to separate lease and non-lease components for our ground and office leases and recognize variable non-lease components in lease expense when incurred. We discount our future lease payments for each lease to calculate the related lease liability using an estimated incremental borrowing rate computed based on observable corporate borrowing rates reflective of the general economic environment, taking into consideration our creditworthiness and various financing and asset specific considerations, adjusted to approximate a secured borrowing for the lease term. We made a policy election to forgo recording right-of-use assets and the related lease liabilities for leases with initial terms of 12 months or less. 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. Prior to the Separation, Vornado operated as a REIT and distributed 100% of its REIT taxable income to its shareholders; accordingly, no provision for federal income taxes has been made in the accompanying financial statements for the periods prior to the Separation. We currently adhere and intend to continue to adhere to these requirements and to maintain our REIT status in future periods. As a REIT, we can reduce our taxable income by distributing all or a portion of such taxable income to shareholders. Future distributions will be declared and paid at the discretion of the Board of Trustees and will depend upon cash generated by operating activities, our financial condition, capital requirements, annual dividend requirements under the REIT provisions of the Code and such other factors as our Board of Trustees deems relevant. We also participate in the activities conducted by our subsidiary entities that have elected to be treated as taxable REIT subsidiaries ("TRS") under the Code. As such, we are subject to federal, state, and local taxes on the income from these activities. Income taxes attributable to our TRSs are accounted for under the asset and liability method. Under the asset and liability method, deferred income taxes arise from temporary differences between the tax basis of assets and liabilities and their reported amounts in our financial statements, which will result in taxable or deductible amounts in the future. We provide for a valuation allowance for deferred income tax assets if we believe all or some portion of the deferred tax asset may not be realized. Any increase or decrease in the valuation allowance that results from a change in circumstances that causes a change in the estimated ability to realize the related deferred tax asset is included in deferred tax benefit (expense). ASC 740 ("Topic 740"), Income Taxes, provides guidance for how uncertain tax positions should be recognized, measured, presented and disclosed in our financial statements. Topic 740 requires the evaluation of tax positions taken in the course of preparing our tax returns to determine whether the tax positions are "more-likely-than-not" of being sustained by the applicable tax a

The Combination

The Combination	12 Months Ended
	Dec. 31, 2020
The Combination
The Combination	3. The Combination In the Combination on July 18, 2017, we acquired the JBG Assets in exchange for approximately 37.2 million common shares and OP Units and cash of $20.6 million for total consideration valued at $1.2 billion. The Combination was accounted for at fair value under the acquisition method of accounting. The Combination resulted in a gain on bargain purchase of $24.4 million during the year ended December 31, 2017, as the fair value of the identifiable net assets acquired exceeded the purchase consideration. During the year ended December 31, 2018, we finalized our fair value estimates used in the purchase price allocation related to the Combination, resulting in a reduction of the gain on bargain purchase of $7.6 million.

Acquisitions, Dispositions and

Acquisitions, Dispositions and Assets Held for Sale	12 Months Ended
	Dec. 31, 2020
Acquisitions, Dispositions and Assets Held for Sale
Acquisitions, Dispositions and Assets Held for Sale	4. Acquisitions, Dispositions and Assets Held for Sale Acquisitions In December 2020, we acquired a 1.4-acre future development parcel in National Landing, which was formerly occupied by the Americana Hotel, and three other parcels for an aggregate total of $65.0 million. $47.3 million was allocated to the former Americana Hotel site, of which $20.0 million has been deferred until the earlier of the approval of certain entitlements or January 1, 2023, and $17.7 million was allocated to the other three parcels. The former Americana Hotel site has the potential to accommodate up to approximately 550,000 square feet of new development density and is located directly across the street from Amazon’s future headquarters. Transaction costs related to the asset acquisition of $688,000 were included in the cost of the acquisition. In December 2019, we acquired F1RST Residences, a 325-unit multifamily asset in the Ballpark submarket of Washington, D.C. with approximately 21,000 square feet of street level retail, for $160.5 million through a like-kind exchange agreement with a third-party intermediary. See Note 7 for additional information. Transaction costs related to the asset acquisition of $4.7 million were included in the cost of the acquisition. In December 2018, we purchased a land parcel and the remaining interest in the West Half real estate venture for an aggregate purchase price of $28.0 million. Dispositions The following is a summary of disposition activity for the year ended December 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, was part of a like-kind exchange. See Note 7 for additional information. Total square feet represents potential development density approved by Arlington County. In June 2020, we recognized a loss of $3.0 million from the sale of 11333 Woodglen Drive/NoBe II Land/Woodglen ("Woodglen") by our unconsolidated real estate venture with Landmark Partners ("Landmark"). In October 2020, we recognized a gain of $800,000 from the sale of Pickett Industrial Park by our unconsolidated real estate venture with CBREI Venture. See Note 6 for additional information. During the year ended December 31, 2019, we sold three commercial assets for the gross sales price of $165.4 million and the 50.0% interest in a real estate venture that owned Central Place Tower for the gross sales price of $220.0 million, resulting in an aggregate gain on the sale of real estate of $105.0 million. During the year ended December 31, 2018, we sold four commercial assets, a future development asset and the out-of-service portion of a multifamily asset for an aggregate gross sales price of $427.4 million, resulting in an aggregate gain on the sale of real estate of $52.2 million. Assets Held for Sale As of December 31, 2020 and 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: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total ​ Assets Held Assets Segment Location Square Feet (1) for Sale ​ ​ ​ ​ ​ ​ (In thousands) December 31, 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ Pen Place (2) ​ Other ​ Arlington, Virginia ​ 2,080 ​ $ 73,876 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 approximately $149.9 million, subject to customary closing conditions. We expect the sale of Pen Place to Amazon to close in 2021. (3) As noted above, we sold Metropolitan Park to Amazon in January 2020.

Tenant and Other Receivables

Tenant and Other Receivables	12 Months Ended
	Dec. 31, 2020
Tenant and Other Receivables
Tenant and Other Receivables	5. Tenant and Other Receivables The following is a summary of tenant and other receivables: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ 2020 2019 ​ ​ (In thousands) Tenants (1) ​ $ 39,077 ​ $ 37,823 Third-party real estate services ​ 15,658 ​ 14,541 Other ​ 1,168 ​ 577 Total tenant and other receivables ​ $ 55,903 ​ $ 52,941 ​ ​ (1) Includes $8.2 million associated with certain lease guarantees as of December 31, 2020. ​

Investments in Unconsolidated R

Investments in Unconsolidated Real Estate Ventures	12 Months Ended
	Dec. 31, 2020
Investments in Unconsolidated Real Estate Ventures
Investments in Unconsolidated Real Estate Ventures	6. Investments in Unconsolidated Real Estate Ventures The following is a summary of the composition of our investments in unconsolidated real estate ventures: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Ownership ​ December 31, Real Estate Venture Partners Interest (1) 2020 2019 ​ ​ ​ ​ (In thousands) Prudential Global Investment Management ("PGIM") 50.0% ​ $ 216,939 ​ $ 215,624 Landmark 1.8% - 49.0% ​ 66,724 ​ 77,944 CBREI Venture 5.0% - 64.0% ​ 65,190 ​ 68,405 Canadian Pension Plan Investment Board ("CPPIB") 55.0% ​ 47,522 ​ 109,911 Berkshire Group 50.0% ​ 50,649 ​ ​ 46,391 Brandywine Realty Trust 30.0% ​ 13,710 ​ 13,830 Pacific Life Insurance Company ("PacLife") — ​ — ​ 10,385 Other ​ ​ 635 ​ ​ 536 Total investments in unconsolidated real estate ventures (2) ​ ​ ​ $ 461,369 ​ $ 543,026 (1) Ownership interests as of December 31, 2020. We have multiple investments with certain venture partners with varying ownership interests. (2) As of December 31, 2020 and 2019, the difference between the investments in unconsolidated real estate ventures and the net book value of the underlying assets was $18.9 million and $14.3 million, resulting principally from capitalized interest and our zero investment balance in the real estate venture with CPPIB that owns 1101 17th Street. We provide leasing, property management and other real estate services to our unconsolidated real estate ventures. We recognized revenue, including expense reimbursements, of $25.5 million, $28.5 million and $26.1 million for each of the three years in the period ended December 31, 2020 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 amendments to real estate venture agreements and changes in our partner's ability to make contributions to the venture. Under certain circumstances, we may purchase our partner's interest. PGIM In December 2019, we sold a 50.0% interest in a real estate venture that owns Central Place Tower, a 552,000 square foot office building located in Arlington, Virginia, to PGIM for $220.0 million. Per the terms of the venture agreement, we determined the venture was not a VIE and we do not have a controlling financial interest in the venture. As a result, we deconsolidated our remaining 50.0% interest in the real estate venture and recorded a gain as our unconsolidated interest was increased to reflect its fair value. We recognized an aggregate $53.4 million gain, net of certain liabilities, which was included in "Gain on sale of real estate" in our statement of operations for the year ended December 31, 2019, on the partial sale and remeasurement of our remaining interest in the real estate venture subsequent to the transfer of control. Landmark In June 2020, our unconsolidated real estate venture with Landmark sold Woodglen, commercial and future development assets located in Rockville, Maryland, for $17.8 million. We recognized our proportionate share of the loss from the sale of $3.0 million, which was included in "Income (loss) from unconsolidated real estate ventures, net" in our statement of operations for the year ended December 31, 2020. Additionally, in connection with the sale, our unconsolidated real estate venture repaid the related mortgage payable of $12.2 million. CBREI Venture In October 2020, our unconsolidated real estate venture with CBREI Venture sold Pickett Industrial Park, a commercial asset located in Alexandria, Virginia, for $46.3 million. We recognized our proportionate share of the gain from the sale of $800,000, which was included in "Income (loss) from unconsolidated real estate ventures, net" in our statement of operations for the year ended December 31, 2020. Additionally, in connection with the sale, our unconsolidated real estate venture repaid the related mortgage payable of $23.6 million. CPPIB As of December 31, 2020 and 2019, we had a zero investment balance in the real estate venture that owns 1101 17th Street and had suspended equity loss recognition for the venture since June 30, 2018. We will recognize as income any future distributions from the venture until our share of unrecorded earnings and contributions exceeds the cumulative excess distributions previously recognized in income. During the years ended December 31, 2019 and 2018, we recognized income of $6.4 million and $8.3 million related to distributions from this venture, which was included in "Income (loss) from unconsolidated real estate ventures, net" in our statement of operations. During the year ended December 31, 2018, we also recognized the $5.4 million negative investment balance as income within "Income (loss) from unconsolidated real estate ventures, net" in our statement of operations as a result of the venture refinancing a mortgage payable collateralized by the property and eliminating certain principal guaranty provisions that had been included in a prior loan. In December 2018, our unconsolidated real estate venture with CPPIB sold The Warner, a 583,000 square foot office building located in Washington, D.C., for $376.5 million. The unconsolidated real estate venture recognized a gain on sale of $32.5 million, of which our proportionate share was $20.6 million, which was included in "Income (loss) from unconsolidated real estate ventures, net" in our statement of operations for the year ended December 31, 2018. Additionally, in connection with the sale, our unconsolidated real estate venture repaid the related mortgage payable of $270.5 million. In February 2018, we entered into a real estate venture with CPPIB to develop and own 1900 N Street, an under- construction commercial asset in Washington, D.C. We contributed 1900 N Street, valued at $95.9 million, to the real estate venture, and CPPIB committed to contribute approximately $101.3 million to the venture for a 45.0% interest, which reduced our ownership interest from 100.0% at the real estate venture's formation to 55.0% as CPPIB's contributions were funded. 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 of $134.5 million from the mortgage loan. During the second quarter of 2020, we received a distribution of $70.8 million from the venture. PacLife In January 2018, we invested $10.1 million for a 16.67% interest in a real estate venture led by PacLife, which purchased the 1,152-key Marriott Wardman Park hotel, located adjacent to the Woodley Park Metro Station in northwest Washington, D.C. Prior to the acquisition by this venture, the JBG Legacy Funds owned a 47.64% interest in The Marriott Wardman Park hotel. The JBG Legacy Funds did not receive any proceeds from the sale, as the net proceeds were used to satisfy the prior mortgage debt. During the second quarter of 2020, we determined that our investment in the venture was impaired due to a decline in the fair value of the underlying asset and recorded an impairment loss of $6.5 million, which reduced the net book value of our investment to zero, and we suspended equity loss recognition for the venture after June 30, 2020. On October 1, 2020, we transferred our interest in this venture to PacLife. JP Morgan In August 2018, JP Morgan, our former partner in the real estate venture that owned the Investment Building, a 401,000 square foot office building located in Washington, D.C., acquired our 5.0% interest in the venture for $24.6 million, resulting in a gain of $15.5 million, which was included in "Income (loss) from unconsolidated real estate ventures, net" in our statement of operations for the year ended December 31, 2018. The following is a summary of the debt of our unconsolidated real estate ventures: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ ​ ​ ​ ​ Average Effective ​ December 31, ​ Interest Rate (1) 2020 2019 ​ ​ ​ ​ (In thousands) Variable rate (2) 2.52% ​ $ 863,617 ​ $ 629,479 Fixed rate (3) (4) 4.01% ​ 323,050 ​ 561,236 Mortgages payable ​ ​ ​ 1,186,667 ​ 1,190,715 Unamortized deferred financing costs ​ ​ ​ (7,479) ​ (2,859) Mortgages payable, net (4) ​ ​ ​ $ 1,179,188 ​ $ 1,187,856 (1) Weighted average effective interest rate as of December 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 20 for additional information on guarantees of the debt of certain of our unconsolidated real estate ventures. The following is a summary of the financial information for our unconsolidated real estate ventures: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ 2020 2019 ​ (In thousands) Combined balance sheet information: ​ ​ ​ ​ ​ ​ Real estate, net ​ $ 2,247,384 ​ $ 2,493,961 Other assets, net ​ 270,516 ​ 291,092 Total assets ​ $ 2,517,900 ​ $ 2,785,053 ​ ​ ​ ​ ​ ​ ​ Mortgages payable ​ $ 1,179,188 ​ $ 1,187,856 Other liabilities, net ​ 140,304 ​ 168,243 Total liabilities ​ 1,319,492 ​ 1,356,099 Total equity ​ 1,198,408 ​ 1,428,954 Total liabilities and equity ​ $ 2,517,900 ​ $ 2,785,053 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ 2020 2019 2018 ​ (In thousands) Combined income statement information: (1) ​ ​ ​ ​ ​ ​ ​ ​ ​ Total revenue ​ $ 203,456 ​ $ 266,653 ​ $ 300,032 Operating income (loss) (2) (3) ​ (21,639) ​ 18,041 ​ 56,262 Net loss (2) (3) ​ (65,756) ​ (32,507) ​ (1,155) (1) Excludes information related to the venture that owns The Marriott Wardman Park hotel for the second half of 2020 as we suspended equity loss recognition for the venture after June 30, 2020 . On October 1, 2020, we transferred our interest in this venture to PacLife. (2) Includes the loss from the sale of Woodglen of $16.4 million and the gain from the sale of Pickett Industrial Park of $8.0 million recognized by our unconsolidated real estate ventures during the year ended December 31, 2020. (3) Includes gain on sale of The Warner of $32.5 million recognized by our unconsolidated real estate venture with CPPIB during the year ended December 31, 2018 .

Variable Interest Entities

Variable Interest Entities	12 Months Ended
	Dec. 31, 2020
Variable Interest Entities
Variable Interest Entities	7. Variable Interest Entities We hold various interests in entities deemed to be VIEs, which we evaluate at acquisition, formation, after a change in the ownership agreement, after a change in the real estate venture's economics or after any other reconsideration event 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 we are the primary beneficiary of the VIE and, therefore, should consolidate the VIE include our control over significant business activities, our voting rights and the noncontrolling interest kick-out rights. Unconsolidated VIEs As of December 31, 2020 and 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 December 31, 2020 and 2019, the net carrying amounts of our investment in these entities were $116.2 million and $242.9 million, which were 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 debt guarantees. See Note 20 for additional information. Consolidated VIEs We consolidate a VIE when we control the significant business activities of an entity. An entity is a VIE because it is in the development stage and/or does not hold sufficient equity at risk. We are the primary beneficiary of a VIE because the noncontrolling interest holder does not have substantive kick-out or participating rights, and we control the significant business activities. JBG SMITH LP is our sole consolidated VIE. We hold 90.5% of the limited partnership interest in JBG SMITH LP, act as the general partner and exercise full responsibility, discretion and control over its day-to-day management. 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 when the like-kind exchange agreement was completed with the sale of Metropolitan Park in January 2020. During the second quarter of 2020, The Wren, an under-construction multifamily asset in Washington, D.C. that we own through a consolidated real estate venture, which we had deemed to be a VIE, began placing units into service and commenced operations. We no longer deemed the real estate venture to be a VIE because it was determined to have sufficient equity to finance its activities without additional support. See Note 12 for additional information.

Other Assets, Net

Other Assets, Net	12 Months Ended
	Dec. 31, 2020
Other Assets, Net
Other Assets, Net	8. Other Assets, Net The following is a summary of other assets, net: ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ 2020 2019 ​ ​ (In thousands) Deferred leasing costs, net ​ $ 117,141 ​ $ 126,016 Lease intangible assets, net ​ 15,565 ​ 23,644 Other identified intangible assets, net ​ ​ 43,012 ​ ​ 48,620 Operating lease right-of-use assets ​ 3,542 ​ 19,865 Finance lease right-of-use assets (1) ​ ​ 41,996 ​ ​ — Prepaid expenses ​ 14,000 ​ 12,556 Deferred financing costs on credit facility, net ​ 6,656 ​ 3,071 Deposits (2) ​ 28,560 ​ 3,210 Other ​ 16,103 ​ 16,705 Total other assets, net ​ $ 286,575 ​ $ 253,687 (1) Related to an amendment of the ground lease for 1730 M Street executed during the year ended December 31, 2020. The amendment extended the expiration date of the lease from April 2061 to December 2118, and resulted in a change in its classification from an operating to a finance lease. (2) Includes deposits totaling $25.3 million with the Federal Communications Commission in connection with the acquisition of wireless spectrum licenses. The following is a summary of the composition of deferred leasing costs, lease intangible assets and other identified intangible assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2020 ​ December 31, 2019 ​ Gross Accumulated Amortization ​ Net ​ Gross Accumulated Amortization ​ Net ​ ​ (In thousands) Deferred leasing costs ​ $ 202,940 ​ $ (85,799) ​ $ 117,141 ​ $ 205,830 ​ $ (79,814) ​ $ 126,016 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Lease intangible assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ In-place leases ​ $ 27,363 ​ $ (15,027) ​ $ 12,336 ​ $ 33,812 ​ $ (15,231) ​ $ 18,581 Above-market real estate leases ​ 7,515 ​ (4,286) ​ 3,229 ​ 8,635 ​ (3,572) ​ 5,063 ​ ​ $ 34,878 ​ $ (19,313) ​ $ 15,565 ​ $ 42,447 ​ $ (18,803) ​ $ 23,644 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Other identified intangible assets: ​ ​ ​ ​ ​ ​ Option to enter into ground lease ​ $ 17,090 ​ $ — ​ $ 17,090 ​ $ 17,090 ​ $ — ​ $ 17,090 Management and leasing contracts ​ 45,900 ​ (20,388) ​ 25,512 ​ 48,900 ​ (17,385) ​ 31,515 Other ​ 410 ​ — ​ 410 ​ 166 ​ (151) ​ 15 ​ ​ $ 63,400 ​ $ (20,388) ​ $ 43,012 ​ $ 66,156 ​ $ (17,536) ​ $ 48,620 ​ The following is a summary of amortization expense related to lease and other identified intangible assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ 2020 2019 2018 ​ ​ (In thousands) In-place lease amortization (1) ​ $ 5,695 ​ $ 7,375 ​ $ 11,807 Above-market real estate lease amortization (2) ​ 1,582 ​ 1,730 ​ 2,390 Below-market ground lease amortization (3) ​ — ​ — ​ 85 Management and leasing contract amortization (1) ​ 6,002 ​ 7,088 ​ 7,088 Other amortization ​ 16 ​ (240) ​ 191 Total lease and management and leasing contract amortization expense ​ $ 13,295 ​ $ 15,953 ​ $ 21,561 (1) Amounts are included in "Depreciation and amortization expense" in our statements of operations. (2) Amounts are included in "Property rental revenue" in our statements of operations. (3) Amounts are included in "Property operating expenses" in our statements of operations. The following is a summary of the estimated amortization related to lease and other identified intangible assets for the next five years and thereafter as of December 31, 2020: ​ ​ ​ ​ ​ Year ending December 31, Amount ​ ​ (In thousands) 2021 ​ $ 9,690 2022 ​ 8,662 2023 ​ 8,199 2024 ​ 7,841 2025 ​ 3,571 Thereafter ​ 3,524 Total (1) ​ $ 41,487 (1) Estimated amortization related to the option to enter into ground lease is not included within the amortization table above as the ground lease does not have a definite start date .

Debt

Debt	12 Months Ended
	Dec. 31, 2020
Debt
Debt	9. Debt Mortgages Payable The following is a summary of mortgages payable: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted Average ​ ​ ​ ​ ​ ​ ​ ​ ​ Effective ​ ​ December 31, ​ Interest Rate (1) ​ 2020 2019 ​ ​ ​ ​ ​ (In thousands) Variable rate (2) 2.18% ​ ​ $ 678,346 ​ $ 2,200 Fixed rate (3) 4.32% ​ ​ 925,523 ​ 1,125,648 Mortgages payable ​ ​ ​ ​ 1,603,869 ​ 1,127,848 Unamortized deferred financing costs and premium/ discount, net ​ ​ ​ ​ (10,131) ​ (2,071) Mortgages payable, net ​ ​ ​ ​ $ 1,593,738 ​ $ 1,125,777 (1) Weighted average effective interest rate as of December 31, 2020. (2) Includes variable rate mortgage payable with interest rate cap agreements as of December 31, 2020. (3) Includes variable rate mortgages payable with interest rates fixed by interest rate swap agreements . As of December 31, 2020 and 2019, the net carrying value of real estate collateralizing our mortgages payable totaled $1.8 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 mortgages payable are recourse to us. See Note 20 for additional information. We were not in default under any mortgage loan as of December 31, 2020. During the year ended December 31, 2020, we entered into four separate mortgage loans with an aggregate principal balance of $560.0 million, collateralized by 4747 Bethesda Avenue, The Bartlett, 1221 Van Street and 220 20th Street, and refinanced the mortgage payable collateralized by RTC-West, increasing the principal balance by $20.2 million. In December 2020, we repaid the mortgage payable collateralized by WestEnd25 with a principal balance of $94.7 million. During the year ended December 31, 2019, aggregate borrowings under mortgages payable totaled $2.2 million related to construction draws. During the year ended December 31, 2019, we repaid mortgages payable with an aggregate principal balance of $709.1 million. The loss on the extinguishment of debt was $5.8 million for the year ended December 31, 2019, of which $2.9 million related to our repayment of various mortgages payable and $2.9 million related to the termination of various interest rate swaps in connection with the repayment of the loan encumbering Central Place Tower. As of December 31, 2020 and 2019, we had various interest rate swap and cap agreements on certain of our mortgages payable with an aggregate notional value of $1.3 billion and $867.6 million. During the year ended December 31, 2020, we entered into various interest rate cap agreements on certain of our mortgages payable with an aggregate notional value of $560.0 million. During the year ended December 31, 2019, in connection with the repayment of the loan encumbering Central Place Tower, we terminated various interest rate swaps with an aggregate notional value of $220.0 million. See Note 18 for additional information. Credit Facility As of December 31, 2020, our $1.4 billion credit facility consisted of a $1.0 billion revolving credit facility maturing in January 2025, a $200.0 million unsecured term loan ("Tranche A-1 Term Loan") maturing in January 2023 and a $200.0 million unsecured term loan ("Tranche A-2 Term Loan") maturing in July 2024. Based on the terms as of December 31, 2020, the interest rate for the credit facility varies based on a ratio of our total outstanding indebtedness to a valuation of certain real property and assets and ranges (i) in the case of the revolving credit facility, effective January 2020, from LIBOR plus 1.05% to LIBOR plus 1.50%, (ii) in the case of the Tranche A-1 Term Loan, from LIBOR plus 1.20% to LIBOR plus 1.70% and (iii) in the case of the Tranche A-2 Term Loan, from LIBOR plus 1.15% to LIBOR plus 1.70%. There are various LIBOR options in the credit facility, and we elected the one-month LIBOR option as of December 31, 2020. We were not in default under our credit facility as of December 31, 2020. The following is a summary of amounts outstanding under the credit facility: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Effective ​ ​ December 31, ​ Interest Rate (1) ​ 2020 2019 ​ ​ ​ ​ ​ (In thousands) Revolving credit facility (2) (3) (4) 1.19% ​ ​ $ — ​ $ 200,000 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Tranche A-1 Term Loan (5) 2.59% ​ ​ $ 200,000 ​ $ 100,000 Tranche A-2 Term Loan (6) 2.49% ​ ​ 200,000 ​ 200,000 Unsecured term loans ​ ​ 400,000 ​ 300,000 Unamortized deferred financing costs, net ​ ​ (2,021) ​ (2,705) Unsecured term loans, net ​ ​ $ 397,979 ​ $ 297,295 (1) Effective interest rate as of December 31, 2020. (2) As of both December 31, 2020 and 2019, letters of credit with an aggregate face amount of $1.5 million were outstanding under our revolving credit facility. (3) As of December 31, 2020 and 2019, net deferred financing costs related to our revolving credit facility totaling $6.7 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. (5) As of December 31, 2020 and 2019, $200.0 million and $100.0 million of the outstanding balance was fixed by interest rate swap agreements. As of December 31, 2020, the interest rate swaps mature concurrently with the term loan and provide a weighted average interest rate of 1.39% . (6) As of December 31, 2020 and 2019, $200.0 million and $137.6 million of the outstanding balance was fixed by interest rate swap agreements. As of December 31, 2020, the interest rate swaps mature concurrently with the term loan and provide a weighted average interest rate of 1.34% . Principal Maturities The following is a summary of principal maturities of debt outstanding, including mortgages payable, revolving credit facility and the term loans, as of December 31, 2020: ​ ​ ​ ​ Year ending December 31, Amount ​ ​ (In thousands) 2021 ​ $ 5,611 2022 ​ 112,516 2023 ​ 373,344 2024 ​ 322,571 2025 ​ 558,890 Thereafter ​ 630,937 Total ​ $ 2,003,869 ​

Other Liabilities, Net

Other Liabilities, Net	12 Months Ended
	Dec. 31, 2020
Other Liabilities, Net
Other Liabilities, Net	10. Other Liabilities, Net The following is a summary of other liabilities, net: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ 2020 2019 ​ ​ (In thousands) Lease intangible liabilities ​ $ 33,256 ​ $ 38,577 Accumulated amortization ​ (22,956) ​ (26,253) Lease intangible liabilities, net ​ ​ 10,300 ​ ​ 12,324 Lease assumption liabilities ​ 10,126 ​ 17,589 Lease incentive liabilities ​ 13,913 ​ 20,854 Liabilities related to operating lease right-of-use assets ​ 10,752 ​ 28,476 Liabilities related to finance lease right-of-use assets (1) ​ 40,221 ​ — Prepaid rent ​ 19,809 ​ 23,612 Security deposits ​ 13,654 ​ 16,348 Environmental liabilities ​ 18,242 ​ 17,898 Net deferred tax liability ​ 2,509 ​ 5,542 Dividends payable ​ 34,075 ​ 34,012 Derivative agreements, at fair value ​ 44,222 ​ 17,440 Deferred purchase price (2) ​ ​ 19,479 ​ ​ — Other ​ 10,472 ​ 11,947 Total other liabilities, net ​ $ 247,774 ​ $ 206,042 (1) Related to an amendment of the ground lease for 1730 M Street executed during the year ended December 31, 2020. The amendment extended the expiration date of the lease from April 2061 to December 2118, and resulted in a change in its classification from an operating to a finance lease . (2) Deferred purchase price associated with the acquisition of the Americana Hotel. See Note 4 for additional information. Amortization expense included in "Property rental revenue" in our statements of operations related to lease intangible liabilities for each of the three years in the period ended December 31, 2020 was $2.0 million, $2.5 million and $2.6 million. The following is a summary of the estimated amortization of lease intangible liabilities for the next five years and thereafter as of December 31, 2020: ​ ​ ​ ​ ​ Year ending December 31, Amount ​ ​ (In thousands) 2021 ​ $ 1,807 2022 ​ 1,788 2023 ​ 1,780 2024 ​ 1,762 2025 ​ 1,221 Thereafter ​ 1,942 Total ​ $ 10,300 ​

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2020
Income Taxes
Income Taxes	11. Income Taxes We have elected to be taxed as a REIT, and accordingly, we have incurred no federal income tax expense related to our REIT subsidiaries except for our TRSs. Our financial statements include the operations of our TRSs, which are subject to federal, state and local income taxes on their taxable income. As a REIT, we may also be subject to federal excise taxes if we engage in certain types of transactions. Continued qualification as a REIT depends on our ability to satisfy the REIT distribution tests, stock ownership requirements and various other qualification tests. As of December 31, 2020, our TRSs have an estimated federal and state NOL of approximately $11.0 million. The net basis of our assets and liabilities for tax reporting purposes is approximately $168.0 million higher than the amounts reported in our balance sheet as of December 31, 2020. The following is a summary of our income tax benefit: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ 2020 2019 2018 ​ ​ (In thousands) Current tax benefit (expense) ​ $ 1,232 ​ $ (34) ​ $ 20 Deferred tax benefit ​ 3,033 ​ 1,336 ​ 718 Income tax benefit ​ $ 4,265 ​ $ 1,302 ​ $ 738 ​ As of December 31, 2020 and 2019, we have a net deferred tax liability of $2.5 million and $5.5 million primarily related to the management and leasing contracts assumed in the Combination, partially offset by deferred tax assets associated with tax versus book differences, related general and administrative expenses and the NOL remaining from 2019, 2018 and 2017. We are subject to federal, state and local income tax examinations by taxing authorities for 2017 through 2020. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ 2020 2019 ​ ​ (In thousands) Deferred tax assets: ​ ​ Accrued bonus ​ $ 1,921 ​ $ 721 NOL ​ 2,770 ​ 915 Deferred revenue ​ — ​ 626 Capital loss ​ 1,283 ​ — Charitable contributions ​ 1,533 ​ 435 Other ​ 265 ​ 217 Total deferred tax assets ​ 7,772 ​ 2,914 Valuation allowance ​ (2,072) ​ (523) Total deferred tax assets, net of valuation allowance ​ 5,700 ​ 2,391 Deferred tax liabilities: ​ ​ Basis difference - intangible assets ​ (5,887) ​ (7,412) Basis difference - real estate ​ ​ (2,164) ​ ​ — Other ​ (158) ​ (521) Total deferred tax liabilities ​ (8,209) ​ (7,933) Net deferred tax liability ​ $ (2,509) ​ $ (5,542) ​ During the year ended December 31, 2020, our Board of Trustees declared cash dividends totaling $0.90 of which $0.405 was taxable as ordinary income for federal income tax purposes, $0.27 were capital gain distributions and the remaining $0.225 will be determined in 2021. During the year ended December 31, 2019, our Board of Trustees declared cash dividends totaling $0.90 of which $0.468 was taxable as ordinary income for federal income tax purposes and $0.432 were capital gain distributions. During the year ended December 31, 2018, our Board of Trustees declared cash dividends totaling $1.00 (regular dividends of $0.90 per common share and a special dividend of $0.10 per common share) of which $0.531 was taxable as ordinary income for federal income tax purposes and $0.469 were capital gain distributions.

Redeemable Noncontrolling Inter

Redeemable Noncontrolling Interests	12 Months Ended
	Dec. 31, 2020
Redeemable Noncontrolling Interests
Redeemable Noncontrolling Interests	12. Redeemable Noncontrolling Interests JBG SMITH LP 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 years ended December 31, 2020 and 2019, unitholders redeemed 1.3 million and 1.7 million OP Units, which we elected to redeem for an equivalent number of our common shares. As of December 31, 2020, outstanding OP Units totaled 13.8 million, representing a 9.5% 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 2021, as of the date of this filing, unitholders redeemed 93,978 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 consolidated real estate venture that owns a multifamily asset located 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 under certain conditions. As of December 31, 2020, we held a 96.0% ownership interest in the real estate venture. The following is a summary of the activity of redeemable noncontrolling interests: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ 2020 ​ 2019 ​ ​ ​ ​ ​ Consolidated ​ ​ ​ ​ ​ ​ ​ Consolidated ​ ​ ​ ​ ​ JBG ​ Real Estate ​ ​ ​ ​ JBG ​ Real Estate ​ ​ ​ ​ SMITH LP Venture Total SMITH LP Venture Total ​ (In thousands) Balance as of the beginning of the year ​ $ 606,699 ​ $ 6,059 ​ $ 612,758 ​ $ 552,159 ​ $ 5,981 ​ $ 558,140 OP Unit redemptions ​ (47,517) ​ — ​ (47,517) ​ (57,318) ​ — ​ (57,318) LTIP Units issued in lieu of cash bonuses (1) ​ 4,066 ​ — ​ 4,066 ​ 3,954 ​ — ​ 3,954 Net income (loss) attributable to redeemable noncontrolling interests ​ (4,818) ​ (140) ​ (4,958) ​ 8,566 ​ 7 ​ 8,573 Other comprehensive loss ​ (2,990) ​ — ​ (2,990) ​ (2,584) ​ — ​ (2,584) Contributions (distributions) ​ (15,629) ​ — ​ (15,629) ​ (15,325) ​ 71 ​ (15,254) Share-based compensation expense ​ 64,611 ​ — ​ 64,611 ​ 63,264 ​ — ​ 63,264 Adjustment to redemption value ​ (81,540) ​ 1,947 ​ (79,593) ​ 53,983 ​ — ​ 53,983 Balance as of the end of the year ​ $ 522,882 ​ $ 7,866 ​ $ 530,748 ​ $ 606,699 ​ $ 6,059 ​ $ 612,758 (1) See Note 14 for additional information.

Property Rental Revenue

Property Rental Revenue	12 Months Ended
	Dec. 31, 2020
Property Rental Revenue
Property Rental Revenue	13. Property Rental Revenue The following is a summary of property rental revenue from our non-cancellable leases ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ 2020 2019 ​ ​ ​ (In thousands) ​ Fixed ​ $ 420,521 ​ $ 458,329 ​ Variable ​ ​ 38,437 ​ ​ 34,944 ​ Property rental revenue ​ $ 458,958 ​ $ 493,273 ​ ​ As of December 31, 2020, the amounts that are contractually due, including amounts due from tenants that were placed on a cash basis, from lease payments under our operating leases on an annual basis for the next five years and thereafter are as follows: ​ ​ ​ ​ ​ Year ending December 31, Amount ​ ​ (In thousands) 2021 ​ $ 389,714 2022 ​ 318,306 2023 ​ 271,403 2024 ​ 237,333 2025 ​ 197,946 Thereafter ​ 946,416

Share-Based Payments and Employ

Share-Based Payments and Employee Benefits	12 Months Ended
	Dec. 31, 2020
Share-Based Payments and Employee Benefits
Share-Based Payments and Employee Benefits	14. Share-Based Payments and Employee Benefits OP UNITS The acquisition of JBG/Operating Partners, L.P. in the Combination resulted in the issuance of 3.3 million OP Units to the former owners with an estimated grant-date fair value of $110.6 million. The OP Units are subject to post-combination vesting over periods of either 12 The following is a summary of the OP Units activity: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ Unvested ​ Average Grant- ​ Shares Date Fair Value Unvested as of December 31, 2019 ​ 2,872,252 ​ $ 33.39 Vested (1,351,682) ​ 33.39 Unvested as of December 31, 2020 1,520,570 ​ 33.39 ​ The total-grant date fair value of the OP Units that vested for each of the three years in the period ended December 31, 2020 was $45.1 million, $4.3 million and $3.2 million. JBG SMITH 2017 Omnibus Share Plan On June 23, 2017, our Board of Trustees adopted the JBG SMITH 2017 Omnibus Share Plan (the "Plan"), effective as of July 17, 2017, and authorized the reservation of 10.3 million of our common shares pursuant to the Plan. As of December 31, 2020, there were 3.1 million common shares available for issuance under the Plan. Formation Awards Pursuant to the Plan, on July 18, 2017, we granted 2.7 million formation awards ("Formation Awards") based on an aggregate notional value of approximately $100 million divided by the volume-weighted average price on July 18, 2017 of $37.10 per common share. In 2018, we granted 93,784 Formation Awards based on the volume-weighted average price on the date of issuance of $34.40 per common share. The Formation Awards are structured in the form of profits interests in JBG SMITH LP that provide for a share of appreciation determined by the increase in the value of a common share at the time of conversion over the volume-weighted average price of a common share at the time the formation unit was granted. The Formation Awards, subject to certain conditions, generally vest 25% on each of the third and fourth anniversaries and 50% on the fifth anniversary, of the date granted, subject to continued employment with JBG SMITH through each vesting date. The value of vested Formation Awards is realized through conversion of the award into a number of LTIP Units, and subsequent conversion into a number of OP Units determined based on the difference between the volume-weighted average price of a common share at the time the Formation Award was granted and the value of a common share on the conversion date. The conversion ratio between Formation Awards and OP Units, which starts at zero, is the quotient of: (i) the excess of the value of a common share on the conversion date above the per share value at the time the Formation Award was granted over (ii) the value of a common share as of the date of conversion. Like options, Formation Awards have a finite 10-year term over which their value is allowed to increase and during which they may be converted into LTIP Units (and in turn, OP Units). Holders of Formation Awards will not receive distributions or allocations of net income (net loss) prior to vesting and conversion to LTIP Units. The aggregate grant-date fair value of the Formation Awards granted during the year ended December 31, 2018 was $725,000 estimated using Monte Carlo simulations. No Formation Awards were granted during the years ended December 31, 2020 and 2019. Compensation expense for these awards is being recognized over a five-year period. The following is a summary of the significant assumptions used to value the Formation Awards: ​ ​ ​ ​ ​ Year Ended Expected volatility 27.0% to 29.0% Dividend yield 2.5% to 2.7% Risk-free interest rate 2.8% to 3.0% Expected life 7 years ​ The following is a summary of the Formation Awards activity: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ Unvested ​ Average Grant- ​ Shares Date Fair Value Unvested as of December 31, 2019 ​ 2,484,946 ​ $ 8.81 Vested ​ (782,338) ​ ​ 8.81 Forfeited (5,053) ​ 8.84 Unvested as of December 31, 2020 1,697,555 ​ 8.80 ​ The total-grant date fair value of the Formation Awards that vested for each of the three years in the period ended December 31, 2020 was $6.9 million, $1.4 million and $333,000. LTIP, Time-Based LTIP and Special Time-Based LTIP Units During each of the three years in the period ended December 31, 2020, as part of their annual compensation, we granted a total of 54,607, 50,159 and 25,770 fully vested LTIP Units to non-employee trustees with an aggregate grant-date fair value of $1.5 million, $1.8 million and $794,000. The LTIP Units may not be sold while such non-employee trustee is serving on the Board. During each of the three years in the period ended December 31, 2020, we granted 381,504, 351,982 and 367,519 Time-Based LTIP Units to certain employees with a weighted average grant-date fair value of $38.52, $34.26 and $31.48 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. During the years ended December 31, 2020 and 2019, we granted 90,094 and 91,636 of fully vested LTIP Units, with a grant-date fair value of $40.13 and $34.21 per unit, to certain executives who elected to receive all or a portion of their cash bonus paid in the subsequent year related to past service in the form of fully vested LTIP Units. Additionally, during the year ended December 31, 2018, related to our successful pursuit of Amazon's new headquarters in National Landing, we granted 356,591 Special Time-Based LTIP Units to certain employees with a weighted average grant-date fair value of $36.84 per unit. The Special Time-Based LTIP Units vest 50% on each of the fourth and fifth anniversaries of the grant date, subject to continued employment. Compensation expense for these units is being recognized over a five-year period. The aggregate grant-date fair value of the LTIP, Time-Based LTIP and Special Time-Based LTIP Units granted (collectively "Granted LTIPs") for each of the three years in the period ended December 31, 2020 was $19.9 million, $17.0 million and $25.5 million, valued using Monte Carlo simulations. Holders of the Granted LTIPs have the right to convert all or a portion of vested units into OP Units, which are then subsequently exchangeable for our common shares. Granted LTIPs do not have redemption rights, but any OP Units into which units are converted are entitled to redemption rights. Granted LTIPs, generally, vote with the OP Units and do not have any separate voting rights except in connection with actions that would materially and adversely affect the rights of the Granted LTIPs. The following is a summary of the significant assumptions used to value the Granted LTIPs: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ 2020 2019 2018 Expected volatility 18.0% to 29.0% ​ 18.0% to 24.0% ​ 20.0% to 22.0% Risk-free interest rate 0.3% to 1.5% ​ 2.3% to 2.6% ​ 1.9% to 2.6% Post-grant restriction periods 2 to 3 years ​ 2 to 3 years 2 to 3 years ​ The following is a summary of the Granted LTIP activity: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ Unvested ​ Average Grant- ​ Shares Date Fair Value Unvested as of December 31, 2019 ​ 1,095,343 ​ $ 34.35 Granted ​ 526,205 ​ ​ 37.74 Vested ​ (445,859) ​ ​ 34.27 Forfeited ​ (4,138) ​ ​ 36.69 Unvested as of December 31, 2020 ​ 1,171,551 ​ ​ 35.90 ​ The total-grant date fair value of the Granted LTIPs that vested for each of the three years in the period ended December 31, 2020 was $15.3 million, $12.0 million and $3.6 million. Performance-Based LTIP and Special Performance-Based LTIP Units During each of the three years in the period ended December 31, 2020, we granted 593,100, 478,411 and 567,106 Performance-Based LTIP Units to certain employees. During the year ended December 31, 2018, related to our successful pursuit of Amazon's new headquarters at our properties in National Landing, we granted 511,555 Special Performance-Based LTIP Units to certain employees. Performance-Based LTIP Units, including the Special Performance-Based LTIP Units, are performance-based equity compensation pursuant to which participants have the opportunity to earn LTIP Units based on the relative performance of the total shareholder return ("TSR") of our common shares compared to the companies in the FTSE NAREIT Equity Office Index, over the defined performance period beginning on the grant date, inclusive of dividends and stock price appreciation. 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% vest on the fourth anniversary of the date of grant, subject to continued employment. If, however, the Performance-Based LTIP Units do not achieve a positive absolute TSR at the end of the three-year performance period, but achieve at least the threshold level of the relative performance criteria thereof, 50% of the units that otherwise could have been earned will be forfeited, and the remaining 50% will be earned and vest if and when we achieve a positive absolute TSR during the succeeding seven years, measured at the end of each quarter . The aggregate grant-date fair value of the Performance-Based LTIP and Special Performance-Based LTIP Units granted for each of the three years in the period ended December 31, 2020 was $11.1 million, $9.3 million and $21.1 million, valued using Monte Carlo simulations. Compensation expense for the Performance-Based LTIP Units is being recognized over a four-year period, while compensation expense for the Special Performance Based LTIP Units is being recognized over a five-year period. The following is a summary of the significant assumptions used to value both the Performance-Based LTIP and Special Performance-Based LTIP Units: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ 2020 2019 2018 Expected volatility 15.0% ​ 19.0% to 23.0% ​ 19.9% to 26.0% ​ Dividend yield 2.3% ​ 2.3% to 2.5% ​ 2.5% to 2.7% ​ Risk-free interest rate 1.3% ​ 2.3% to 2.6% ​ 2.3% to 3.0% ​ ​ The following is a summary of both the Performance-Based LTIP and Special Performance-Based LTIP Units activity: ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ Unvested ​ Average Grant- ​ ​ Shares ​ Date Fair Value Unvested as of December 31, 2019 2,117,935 ​ $ 18.55 Granted 593,100 ​ 18.67 Vested ​ (289,727) ​ ​ 15.95 Forfeited / cancelled (294,711) ​ 16.01 Unvested as of December 31, 2020 2,126,597 ​ 19.29 ​ The total-grant date fair value of both the Performance-Based LTIP and Special Performance-Based LTIP Units that vested for the year ended December 31, 2020 was $4.6 million. JBG SMITH 2017 ESPP The JBG SMITH 2017 ESPP authorized the issuance of up to 2.1 million common shares. The ESPP provides eligible employees an option to purchase up to $25,000 in any calendar year, through payroll deductions, of our common shares at a discount of 15.0% of the closing price of a common share on relevant determination dates. The maximum aggregate number of common shares reserved for issuance under the ESPP will automatically increase on January 1 of each year, unless the Compensation Committee of the Board of Trustees determines to limit any such increase, by the lesser of: (i) 0.10% of the total number of outstanding common shares on December 31 of the preceding calendar year or (ii) 206,600 common shares. Pursuant to the ESPP, employees purchased 68,047, 47,022 and 20,178 common shares for $1.7 million, $1.5 million and $597,000 during each of the three years in the period ended December 31, 2020. The following is a summary of the significant assumptions used to value the ESPP common shares using the Black-Scholes model: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ 2020 ​ 2019 ​ 2018 Expected volatility 13.0% to 67.0% ​ 18.0% to 28.0% ​ 21.0% Dividend yield 1.1% to 3.3% ​ 2.6% to 3.5% ​ 2.5% Risk-free interest rate 0.1% to 1.7% ​ 2.2% to 2.4% ​ 2.0% Expected life ​ 6 months ​ 6 months ​ 6 months ​ As of December 31, 2020, there were 1.9 million common shares available for issuance under the ESPP. Share-Based Compensation Expense The following is a summary of share-based compensation expense: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ 2020 2019 2018 ​ (In thousands) Time-Based LTIP Units ​ $ 14,018 ​ $ 11,386 ​ $ 10,095 Performance-Based LTIP Units ​ 17,815 ​ 8,716 ​ 5,271 LTIP Units ​ 1,100 ​ 1,000 ​ 794 Other equity awards (1) ​ 6,024 ​ 4,535 ​ 3,826 Share-based compensation expense - other ​ 38,957 ​ 25,637 ​ 19,986 Formation Awards ​ 4,242 ​ 5,734 ​ 5,606 OP Units (2) ​ 21,439 ​ 29,826 ​ 29,455 LTIP Units (2) ​ 397 ​ 456 ​ 277 Special Performance-Based LTIP Units (3) ​ 2,663 ​ 2,843 ​ 323 Special Time-Based LTIP Units (3) ​ 2,937 ​ 3,303 ​ 369 Share-based compensation related to Formation Transaction and special equity awards (4) ​ 31,678 ​ 42,162 ​ 36,030 Total share-based compensation expense ​ 70,635 ​ 67,799 ​ 56,016 Less amount capitalized ​ (4,584) ​ (2,526) ​ (3,341) Share-based compensation expense ​ $ 66,051 ​ $ 65,273 ​ $ 52,675 (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 ESPP. (2) Represents share-based compensation expense for LTIP Units and OP Units issued in the Formation Transaction, which are subject to post-Combination employment obligations . (3) Represents equity awards issued related to our successful pursuit of Amazon's new 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 December 31, 2020, we had $46.5 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 1.8 years. Employee Benefits We have a 401(k) defined contribution plan covering substantially all of our officers and employees which permits participants to defer compensation up to the maximum amount permitted by law. We provide a discretionary matching contribution. Employees' contributions vest immediately and our matching contributions vest after one year. Our contributions for each of the three years in the period ended December 31, 2020 were $2.2 million, $2.0 million and $1.8 million. 2021 Grants Beginning in 2021, certain employees were granted restricted share units ("RSUs") with time-based vesting requirements ("Time-Based RSUs") and RSUs with performance-based vesting requirements ("Performance-Based RSUs") as part of their annual compensation. Vesting requirements and compensation expense recognition for the Time-Based RSUs and the Performance-Based RSUs are identical to those of the Time-Based LTIP Units and Performance-Based Units. In January 2021, we granted 485,753 Time-Based LTIP Units, 627,874 Performance-Based LTIP Units, 18,343 Time-Based RSUs and 11,886 Performance-Based RSUs to certain employees with an estimated aggregate grant-date fair value of $24.4 million. ​ In January 2021, we granted 163,065 fully vested LTIP Units, with a total grant-date fair value of $4.8 million, to certain employees who elected to receive all or a portion of their cash bonus earned during 2020 paid in the form of fully vested LTIP Units.

Transaction and Other Costs

Transaction and Other Costs	12 Months Ended
	Dec. 31, 2020
Transaction and Other Costs
Transaction and Other Costs	15. Transaction and Other Costs The following is a summary of transaction and other costs: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ 2020 2019 2018 ​ (In thousands) Relocation of corporate headquarters (1) ​ $ — ​ $ 10,900 ​ $ — Demolition costs (2) ​ ​ 682 ​ ​ 5,432 ​ — Integration and severance costs (3) ​ 3,694 ​ 5,252 ​ 15,907 Completed, potential and pursued transaction expenses ​ 294 ​ 651 ​ 9,008 Other (4) ​ 4,000 ​ 1,000 ​ 2,791 Transaction and other costs ​ $ 8,670 ​ $ 23,235 ​ $ 27,706 (1) In November 2019, we relocated our corporate headquarters. Upon the relocation of our corporate headquarters, we incurred an impairment loss on the right-of-use assets for leases related to our former corporate headquarters as well as other costs. See Note 18 for additional information. (2) For the year ended December 31, 2020, related to 223 23 rd Street and 2250 Crystal Drive (formerly 2300 Crystal Drive). For the year ended December 31, 2019, related to 1900 Crystal Drive. (3) For the year ended December 31, 2018, included transition services provided by our former parent. (4) For the years ended December 31, 2020 and 2019, related to charitable commitments to the Washington Housing Conservancy, a non-profit that acquires and owns affordable workforce housing in the Washington D.C. metropolitan region. For the year ended December 31, 2018, r elated costs associated with the successful pursuit of Amazon's new headquarters at our properties in National Landing for the year ended December 31, 2018.

Interest Expense

Interest Expense	12 Months Ended
	Dec. 31, 2020
Interest Expense
Interest Expense	16. Interest Expense The following is a summary of interest expense: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ 2020 2019 2018 ​ (In thousands) Interest expense before capitalized interest ​ $ 70,561 ​ $ 78,313 ​ $ 90,729 Amortization of deferred financing costs ​ 3,315 ​ 3,217 ​ 4,661 Interest expense related to finance lease right-of-use assets ​ ​ 1,450 ​ ​ 921 ​ ​ 922 Net loss (gain) on derivative financial instruments not designated as cash flow hedges: ​ ​ ​ ​ ​ Net unrealized ​ 184 ​ 50 ​ (926) Net realized ​ — ​ — ​ (135) Capitalized interest ​ (13,189) ​ (29,806) ​ (20,804) Interest expense ​ $ 62,321 ​ $ 52,695 ​ $ 74,447 ​

Shareholders' Equity and Earnin

Shareholders' Equity and Earnings (Loss) Per Common Share	12 Months Ended
	Dec. 31, 2020
Shareholders' Equity and Earnings (Loss) Per Common Share
Shareholders' Equity and Earnings (Loss) Per Common Share	17. Shareholders' Equity and Earnings (Loss) Per Common Share 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 year ended December 31, 2020, we repurchased and retired 3.8 million common shares for $104.8 million, an average purchase price of $27.72 per share. In 2021, as of the date of this filing, we repurchased and retired 270,862 common shares for $8.1 million, an average purchase price of $29.93 per share, pursuant to a repurchase plan under Rule 10b5-1 of the Exchange Act. Shareholders' Equity In April 2019, we closed an underwritten public offering of 11.5 million common shares (including 1.5 million common shares related to the exercise of the underwriters' option to cover overallotments) at $42.00 per share, which generated net proceeds, after deducting the underwriting discounts and commissions and other offering expenses, of $472.8 million. Earnings (Loss) Per Common Share The following is a summary of the calculation of basic and diluted earnings (loss) per common share and a reconciliation of the amounts of net income (loss) available to common shareholders used in calculating basic and diluted earnings per common share to net income (loss): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ 2020 2019 2018 ​ ​ (In thousands, except per share amounts) Net income (loss) ​ $ (67,261) ​ $ 74,144 ​ $ 46,613 Net (income) loss attributable to redeemable noncontrolling interests ​ 4,958 ​ (8,573) ​ (6,710) Net loss attributable to noncontrolling interests ​ — ​ — ​ 21 Net income (loss) attributable to common shareholders ​ ​ (62,303) ​ ​ 65,571 ​ 39,924 Distributions to participating securities ​ (3,100) ​ (2,489) ​ (2,599) Net income (loss) available to common shareholders - basic and diluted ​ $ (65,403) ​ $ 63,082 ​ $ 37,325 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average number of common shares outstanding - basic and diluted ​ 133,451 ​ 130,687 ​ 119,176 Earnings (loss) per common share - basic and diluted ​ $ (0.49) ​ $ 0.48 ​ 0.31 ​ The effect of the redemption of OP Units and Time-Based LTIP Units that were outstanding as of December 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 (loss) 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 4.7 million, 4.7 million and 3.9 million for each of the three years in the period ended December 31, 2020, 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	12 Months Ended
	Dec. 31, 2020
Fair Value Measurements
Fair Value Measurements	18. Fair Value Measurements 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 December 31, 2020 and 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 $43.9 million and $17.7 million as of December 31, 2020 and 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 $17.5 million as an increase to interest expense. 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) December 31, 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivative financial instruments designated as cash flow hedges: ​ ​ ​ ​ Classified as liabilities in "Other liabilities, net" ​ $ 44,222 ​ — ​ $ 44,222 ​ — Derivative financial instruments not designated as cash flow hedges: ​ ​ ​ ​ Classified as assets in "Other assets, net" ​ 35 ​ — ​ 35 ​ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 December 31, 2020 and 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 income (loss)" in our statements of comprehensive income (loss) for each of the three years in the period ended December 31, 2020 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. Fair Value Measurements on a Nonrecurring Basis Assets measured at fair value on a nonrecurring basis on our balance sheet as of December 31, 2020 consisted of a commercial real estate asset, One Democracy Plaza located in Bethesda, Maryland, that was written down to its estimated fair value of $3.3 million, including the right-of-use asset associated with the property’s ground lease, and was classified as Level 3 in the fair value hierarchy. An impairment exists when the carrying amount of an asset exceeds the sum of the undiscounted cash flows expected to result from the use and eventual disposition of the asset. Our estimate of fair value was determined using a discounted cash flow model, which considers, among other things, the anticipated holding period, current market conditions and utilizes unobservable quantitative inputs, including appropriate capitalization and discount rates. In connection with the preparation and review of our 2020 annual financial statements, we recognized an impairment loss of $10.2 million, which is included in "Impairment loss" on our statement of operations. There were no other assets measured at fair value on a nonrecurring basis as of December 31, 2020. ​ Assets measured at fair value on a nonrecurring basis on our balance sheet as of December 31, 2019 consisted of the right-of-use asset related to our former corporate office lease, which we measured for impairment upon relocation to our new corporate headquarters in November 2019. Prior to the relocation, we leased office space in a building we owned through one of our unconsolidated real estate ventures. With the adoption of Topic 842 in January 2019, we recorded a right-of-use asset based on the expected future use of our former headquarters. Upon the relocation of our corporate headquarters, we impaired the right-of-use asset due to our change in use of the asset. The fair value of the right-of-use asset subsequent to the relocation was based on Level 3 inputs, including estimated sublease income and our incremental borrowing rate. During the year ended December 31, 2019, we recognized an impairment loss of $10.2 million and certain additional expenses related to the relocation of our corporate headquarters, which is included in "Transaction and other costs" on our statement of operations. There were no other assets measured at fair value on a nonrecurring basis as of December 31, 2019. See Note 15 for additional information. Financial Assets and Liabilities Not Measured at Fair Value As of December 31, 2020 and 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: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2020 ​ December 31, 2019 ​ Carrying ​ Carrying ​ ​ ​ Amount (1) ​ Fair Value ​ Amount (1) ​ Fair Value ​ (In thousands) Financial liabilities: ​ ​ ​ ​ Mortgages payable ​ $ 1,603,869 ​ $ 1,606,470 ​ $ 1,127,848 ​ $ 1,162,890 Revolving credit facility ​ — ​ — ​ 200,000 ​ 200,177 Unsecured term loans ​ 400,000 ​ 399,678 ​ 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	12 Months Ended
	Dec. 31, 2020
Segment Information
Segment Information	19. Segment Information 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 define 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: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ 2020 2019 2018 ​ (In thousands) Property management fees ​ $ 20,178 ​ $ 22,437 ​ $ 24,831 Asset management fees ​ 9,791 ​ 14,045 ​ 14,910 Development fees (1) ​ 11,496 ​ 15,655 ​ 7,592 Leasing fees ​ 5,594 ​ 7,377 ​ 6,658 Construction management fees ​ 2,966 ​ 1,669 ​ 2,892 Other service revenue ​ 7,255 ​ 4,269 ​ 2,801 Third-party real estate services revenue, excluding reimbursements ​ 57,280 ​ 65,452 ​ 59,684 Reimbursement revenue (2) ​ 56,659 ​ 55,434 ​ 39,015 Third-party real estate services revenue, including reimbursements ​ ​ 113,939 ​ ​ 120,886 ​ ​ 98,699 Third-party real estate services expenses ​ ​ 114,829 ​ ​ 113,495 ​ ​ 89,826 Third-party real estate services revenue less expenses ​ $ (890) ​ $ 7,391 ​ $ 8,873 (1) Estimated development fee revenue totaling $69.8 million as of December 31, 2020 is expected to be recognized over the next seven years as unsatisfied performance obligations are completed. (2) 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 $25.5 million and $31.5 million and are classified in "Other assets, net" in our balance sheets as of December 31, 2020 and 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 (loss) attributable to common shareholders to consolidated NOI: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ 2020 2019 2018 ​ (In thousands) Net income (loss) attributable to common shareholders ​ $ (62,303) ​ $ 65,571 ​ $ 39,924 Add: ​ ​ ​ Depreciation and amortization expense ​ 221,756 ​ 191,580 ​ 211,436 General and administrative expense: ​ ​ ​ Corporate and other ​ 46,634 ​ 46,822 ​ 33,728 Third-party real estate services ​ 114,829 ​ 113,495 ​ 89,826 Share-based compensation related to Formation Transaction and special equity awards ​ 31,678 ​ 42,162 ​ 36,030 Transaction and other costs ​ 8,670 ​ 23,235 ​ 27,706 Interest expense ​ 62,321 ​ 52,695 ​ 74,447 Loss on extinguishment of debt ​ 62 ​ 5,805 ​ 5,153 Impairment loss ​ ​ 10,232 ​ ​ — ​ ​ — Reduction of gain on bargain purchase ​ — ​ — ​ 7,606 Income tax benefit ​ (4,265) ​ (1,302) ​ (738) Net income (loss) attributable to redeemable noncontrolling interests ​ (4,958) ​ 8,573 ​ 6,710 Less: ​ ​ ​ Third-party real estate services, including reimbursements revenue ​ 113,939 ​ 120,886 ​ 98,699 Other revenue ​ 15,372 ​ 7,638 ​ 6,358 Income (loss) from unconsolidated real estate ventures, net ​ (20,336) ​ (1,395) ​ 39,409 Interest and other income (loss), net ​ (625) ​ 5,385 ​ 15,168 Gain on sale of real estate ​ 59,477 ​ 104,991 ​ 52,183 Net loss attributable to noncontrolling interests ​ ​ — ​ ​ — ​ ​ 21 Consolidated NOI ​ $ 256,829 ​ $ 311,131 ​ $ 319,990 ​ ​ The following is a summary of NOI by segment. Items classified in the Other column include future development pipeline assets, corporate entities and the elimination of intersegment activity. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, 2020 ​ Commercial Multifamily Other Total ​ (In thousands) Property rental revenue ​ $ 345,403 ​ $ 121,559 ​ $ (8,004) ​ $ 458,958 Other property revenue ​ 13,888 ​ 327 ​ 239 ​ 14,454 Total property revenue ​ 359,291 ​ 121,886 ​ (7,765) ​ 473,412 Property expense: ​ ​ ​ ​ ​ Property operating ​ 105,489 ​ 47,508 ​ (7,372) ​ 145,625 Real estate taxes ​ 47,607 ​ 19,233 ​ 4,118 ​ 70,958 Total property expense ​ 153,096 ​ 66,741 ​ (3,254) ​ 216,583 Consolidated NOI ​ $ 206,195 ​ $ 55,145 ​ $ (4,511) ​ $ 256,829 ​ ​ Year Ended December 31, 2019 ​ Commercial Multifamily Other Total ​ ​ (In thousands) Property rental revenue ​ $ 383,311 ​ $ 116,330 ​ $ (6,368) ​ $ 493,273 Other property revenue ​ 25,593 ​ 380 ​ — ​ 25,973 Total property revenue ​ 408,904 ​ 116,710 ​ (6,368) ​ 519,246 Property expense: ​ ​ ​ ​ Property operating ​ 113,177 ​ 35,236 ​ (10,791) ​ 137,622 Real estate taxes ​ 50,115 ​ 15,021 ​ 5,357 ​ 70,493 Total property expense ​ 163,292 ​ 50,257 ​ (5,434) ​ 208,115 Consolidated NOI ​ $ 245,612 ​ $ 66,453 ​ $ (934) ​ $ 311,131 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, 2018 ​ Commercial Multifamily Other Total ​ ​ (In thousands) Property rental revenue ​ $ 404,826 ​ $ 108,989 ​ $ (368) ​ $ 513,447 Other property revenue ​ 25,216 ​ 368 ​ 94 ​ 25,678 Total property revenue ​ 430,042 ​ 109,357 ​ (274) ​ 539,125 Property expense: ​ ​ ​ ​ ​ Property operating ​ 118,288 ​ 31,502 ​ (1,709) ​ 148,081 Real estate taxes ​ 53,324 ​ 14,280 ​ 3,450 ​ 71,054 Total property expense ​ 171,612 ​ 45,782 ​ 1,741 ​ 219,135 Consolidated NOI ​ $ 258,430 ​ $ 63,575 ​ $ (2,015) ​ $ 319,990 ​ The following is a summary of certain balance sheet data by segment: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commercial Multifamily Other Total ​ ​ (In thousands) December 31, 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Real estate, at cost ​ $ 3,459,171 ​ $ 2,036,131 ​ $ 505,329 ​ $ 6,000,631 Investments in unconsolidated real estate ventures ​ 327,798 ​ 108,593 ​ 24,978 ​ 461,369 Total assets (1) ​ 3,430,509 ​ 1,787,718 ​ 861,320 ​ 6,079,547 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 4 for additional information .

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2020
Commitments and Contingencies
Commitments and Contingencies	20. Commitments and Contingencies Insurance We maintain general liability insurance with limits of $150.0 million per occurrence and in the aggregate, and property and rental value insurance coverage with limits of $1.5 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 December 31, 2020, we had construction in progress that will require an additional $18.9 million to complete ($9.6 million related to our consolidated entities and $9.3 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 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 total $18.2 million and $17.9 million as of December 31, 2020 and 2019, and are included in "Other liabilities, net" in our balance sheets. Operating and Finance Leases As of December 31, 2020, the weighted average discount rate used in calculating lease liabilities for our active operating and finance leases was 5.4% and 4.2%, which had weighted average remaining lease terms of 10.9 years and 98.0 years. As of December 31, 2020, future minimum lease payments under our non-cancellable operating and finance leases are as follows: ​ ​ ​ ​ ​ ​ ​ ​ Year ending December 31, Operating Finance ​ ​ (In thousands) 2021 ​ $ 2,550 ​ $ 1,020 2022 ​ 2,266 ​ 1,040 2023 ​ 1,202 ​ 1,061 2024 ​ 1,263 ​ 1,082 2025 ​ 1,327 ​ 1,104 Thereafter ​ 6,259 ​ 298,822 Total future minimum lease payments ​ 14,867 ​ 304,129 Imputed interest ​ (4,115) ​ (263,908) Total (1) ​ $ 10,752 ​ $ 40,221 (1) The total for operating leases of $10.8 million corresponds to liabilities related to operating lease right-of-use assets and the total for finance leases of $40.2 million corresponds to liabilities related to finance lease right-of-use assets, both of which are included in "Other liabilities, net" as of December 31, 2020. See Note 10 for additional information. During the years ended December 31, 2020 and 2019, we incurred $2.9 million and $2.3 million of fixed operating and finance lease costs, and $1.6 million and $1.3 million of variable operating lease costs. Other As of December 31, 2020, we had committed tenant-related obligations totaling $56.1 million ($52.3 million related to our consolidated entities and $3.8 million related to our unconsolidated real estate ventures at our share). The timing and amounts of payments for tenant-related obligations are uncertain and may only be due upon satisfactory performance of certain conditions. 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 (i) guarantee portions of the principal, interest and other amounts in connection with borrowings, (ii) provide customary environmental indemnifications and nonrecourse carve-outs (e.g., guarantees against fraud, misrepresentation and bankruptcy) in connection with borrowings or (iii) 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 December 31, 2020, we had additional capital commitments and certain recorded guarantees to our unconsolidated real estate ventures totaling $56.1 million. As of December 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 (i) guarantee portions of the principal, interest and other amounts, (ii) provide customary environmental indemnifications and nonrecourse carve-outs (e.g., guarantees against fraud, misrepresentation and bankruptcy) or (iii) 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	12 Months Ended
	Dec. 31, 2020
Transactions with Related Parties
Transactions with Related Parties	21. Transactions with Related Parties Our third-party asset management and real estate services business provides fee-based real estate services to the WHI, Amazon, the JBG Legacy Funds and other third parties. 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 debt financing vehicle of the WHI. As of December 31, 2020, the WHI Impact Pool had completed closings of capital commitments totaling $114.4 million, which included a commitment from us of $11.2 million. The third-party real estate services revenue, including expense reimbursements, from the JBG Legacy Funds and the WHI Impact Pool was $22.4 million, $36.5 million and $33.8 million for each of the three years in the period ended December 31, 2020. As of December 31, 2020 and 2019, we had receivables from the JBG Legacy Funds and the WHI Impact Pool totaling $7.5 million and $6.2 million for such services. We rented our former corporate offices from an unconsolidated real estate venture and made payments totaling $4.6 million, $5.0 million and $4.9 million for each of the three years in the period ended December 31, 2020. 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. See Note 18 for additional information. ​ 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 $16.9 million, $21.8 million and $20.9 million for each of the three years in the period ended December 31, 2020 which is included in "Property operating expenses" in our statements of operations.

Quarterly Financial Data (unaud

Quarterly Financial Data (unaudited)	12 Months Ended
	Dec. 31, 2020
Quarterly Financial Data (unaudited)
Quarterly Financial Data (unaudited)	22. Quarterly Financial Data (unaudited) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ First ​ Second ​ Third ​ Fourth 2020 Quarter (1) Quarter (2) (3) Quarter (2) Quarter (2) (4) ​ ​ (In thousands, except per share data) Total revenue ​ $ 158,107 ​ $ 144,952 ​ $ 151,035 ​ $ 148,629 Net income (loss) ​ 48,175 ​ (40,263) ​ (25,005) ​ (50,168) Net income (loss) attributable to common shareholders ​ 42,925 ​ (36,780) ​ (22,793) ​ (45,655) Earnings (loss) per share - basic and diluted ​ 0.32 ​ (0.28) ​ (0.18) ​ (0.36) (1) During the first quarter of 2020, we recognized a gain on the sale of real estate of $59.5 million from the sale of Metropolitan Park. (2) Beginning in the second quarter of 2020, as a result of COVID-19, we have experienced significantly decreased retail revenue, which has resulted in increased credit losses and write-offs against rent receivables, decreased multifamily revenue due to lower occupancy and higher concession, a decline in parking revenue, depressed near-term leasing activity in our commercial and multifamily portfolios and increased interest expense from borrowings. (3) During the second quarter of 2020, we recorded a $6.5 million impairment loss related to our investment in our former unconsolidated real estate venture that owns The Marriott Wardman Park. (4) During the fourth quarter of 2020, in connection with the preparation and review of our 2020 annual financial statements, we recorded a $10.2 million impairment loss due to the write-down of One Democracy Plaza, a commercial real estate asset located in Bethesda, Maryland, to its estimated fair value. Additionally, during the fourth quarter of 2020, we recorded $15.0 million against deferred (straight-line) rent receivables and $8.2 million of income associated with certain lease guarantees. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ First ​ Second ​ Third ​ Fourth 2019 Quarter (1) Quarter Quarter (2) Quarter (3) ​ ​ (In thousands, except per share data) Total revenue ​ $ 155,199 ​ $ 160,617 ​ $ 167,077 ​ $ 164,877 Net income (loss) ​ 28,248 ​ (3,328) ​ 10,532 ​ 38,692 Net income (loss) attributable to common shareholders ​ 24,861 ​ (3,040) ​ 9,360 ​ 34,390 Earnings (loss) per share - basic and diluted ​ 0.20 ​ (0.03) ​ 0.06 ​ 0.25 (1) During the first quarter of 2019, we recognized a gain on the sale of real estate of $39.0 million from the sale of Commerce Executive/Commerce Metro Land. (2) During the third quarter of 2019, we recognized a gain on the sale of real estate of $8.1 million from the sale of 1600 K Street. (3) During the fourth quarter of 2019, we recognized an aggregate gain on the sale of real estate of $57.9 million, from the sale of Vienna Retail, and the partial sale and remeasurement of our remaining interest subsequent to the transfer of control in the real estate venture that owns Central Place Tower. Additionally, during the fourth quarter of 2019, we incurred an impairment loss of $10.2 million and certain additional expenses related to the relocation of our corporate headquarters .

Schedule II - VALUATION AND QUA

Schedule II - VALUATION AND QUALIFYING ACCOUNTS	12 Months Ended
	Dec. 31, 2020
VALUATION AND QUALIFYING ACCOUNTS
VALUATION AND QUALIFYING ACCOUNTS	SCHEDULE II JBG SMITH PROPERTIES VALUATION AND QUALIFYING ACCOUNTS (In thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Additions ​ ​ ​ ​ ​ ​ ​ ​ Balance at ​ Charged ​ Adjustments ​ Uncollectible ​ ​ ​ ​ ​ Beginning of ​ Against ​ to Valuation ​ Accounts ​ Balance at ​ ​ Year ​ Operations ​ Accounts ​ Written off ​ End of Year ​ ​ Allowance for doubtful accounts (1) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2020 (2) ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — 2019 (2) ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — 2018 ​ $ 6,285 ​ $ 3,298 ​ $ — ​ $ (1,989) ​ $ 7,594 (1) Includes allowance for doubtful accounts related to tenant and other receivables and deferred rent receivable. (2) Due to the adoption of Topic 842 as of January 1, 2019, we recognize changes in the assessment of collectability of tenant receivables as adjustments to the specific tenant's receivable in our balance sheet and to "Property rental revenue" in our statement of operations. Prior to the adoption of Topic 842, we recorded estimated losses on tenant receivables as an allowance for doubtful accounts in our balance sheets and to "Property operating expenses" in our statements of operations .

Schedule III - REAL ESTATE AND

Schedule III - REAL ESTATE AND ACCUMULATED DEPRECIATION	12 Months Ended
	Dec. 31, 2020
REAL ESTATE AND ACCUMULATED DEPRECIATION
REAL ESTATE AND ACCUMULATED DEPRECIATION	SCHEDULE III JBG SMITH PROPERTIES REAL ESTATE AND ACCUMULATED DEPRECIATION December 31, 2020 (Dollars in thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Costs ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Capitalized ​ Gross Amounts at Which Carried ​ Accumulated ​ ​ ​ ​ ​ ​ ​ ​ ​ Initial Cost to Company ​ Subsequent ​ at Close of Period ​ Depreciation ​ ​ ​ ​ ​ ​ ​ ​ ​ Land and ​ Buildings and ​ to ​ Land and ​ Buildings and ​ ​ ​ ​ and ​ Date of ​ Date Description ​ Encumbrances (1) ​ Improvements ​ Improvements ​ Acquisition (2) ​ Improvements ​ Improvements ​ Total ​ Amortization ​ Construction (3) ​ Acquired Commercial Operating Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Universal Buildings ​ $ — ​ $ 69,393 ​ $ 143,320 ​ $ 23,146 ​ $ 68,612 ​ $ 167,247 ​ $ 235,859 ​ $ 60,878 1956 2007 2101 L Street ​ 131,000 ​ 32,815 ​ 51,642 ​ 94,947 ​ 39,769 ​ 139,635 ​ 179,404 ​ 48,761 1975 2003 1730 M Street ​ 47,500 ​ 10,095 ​ 17,541 ​ 19,631 ​ 10,687 ​ 36,580 ​ 47,267 ​ 15,658 1964 2002 1700 M Street ​ — ​ 34,178 ​ 46,938 ​ (26,135) ​ 54,981 ​ — ​ 54,981 ​ — ​ 2002, 2006 Courthouse Plaza 1 and 2 ​ 1,100 ​ — ​ 105,475 ​ 58,381 ​ — ​ 163,856 ​ 163,856 ​ 72,455 1989 2002 2121 Crystal Drive ​ 131,535 ​ 21,503 ​ 87,329 ​ 31,082 ​ 22,724 ​ 117,190 ​ 139,914 ​ 53,798 1985 2002 2345 Crystal Drive ​ — ​ 23,126 ​ 93,918 ​ 57,702 ​ 24,078 ​ 150,668 ​ 174,746 ​ 61,360 1988 2002 2231 Crystal Drive ​ — ​ 20,611 ​ 83,705 ​ 23,774 ​ 21,658 ​ 106,432 ​ 128,090 ​ 50,663 1987 2002 1550 Crystal Drive ​ — ​ 22,182 ​ 70,525 ​ 119,676 ​ 22,683 ​ 189,700 ​ 212,383 ​ 46,211 1980, 2020 2002 RTC - West ​ 117,300 ​ 33,220 ​ 134,108 ​ 21,881 ​ 33,390 ​ 155,819 ​ 189,209 ​ 22,995 1988, 2017 2017 2011 Crystal Drive ​ — ​ 18,940 ​ 76,921 ​ 45,933 ​ 19,595 ​ 122,199 ​ 141,794 ​ 56,536 1984 2002 2451 Crystal Drive ​ — ​ 11,669 ​ 68,047 ​ 42,182 ​ 12,427 ​ 109,471 ​ 121,898 ​ 46,209 1990 2002 1235 S. Clark Street ​ 78,000 ​ 15,826 ​ 56,090 ​ 32,773 ​ 16,593 ​ 88,096 ​ 104,689 ​ 40,881 1981 2002 241 18th Street S. ​ — ​ 13,867 ​ 54,169 ​ 44,708 ​ 17,162 ​ 95,582 ​ 112,744 ​ 41,724 1977 2002 251 18th Street S. ​ 34,152 ​ 12,305 ​ 49,360 ​ 59,837 ​ 15,990 ​ 105,512 ​ 121,502 ​ 50,350 1975 2002 1215 S. Clark Street ​ — ​ 13,636 ​ 48,380 ​ 55,332 ​ 14,279 ​ 103,069 ​ 117,348 ​ 41,309 1983 2002 201 12th Street S. ​ 32,728 ​ 8,432 ​ 52,750 ​ 25,853 ​ 9,052 ​ 77,983 ​ 87,035 ​ 37,083 1987 2002 800 North Glebe Road ​ 107,500 ​ 28,168 ​ 140,983 ​ 2,313 ​ 28,169 ​ 143,295 ​ 171,464 ​ 20,836 2012 2017 2200 Crystal Drive ​ — ​ 10,136 ​ 30,050 ​ 36,316 ​ 10,707 ​ 65,795 ​ 76,502 ​ 23,826 1968 2002 1225 S. Clark Street ​ — ​ 11,176 ​ 43,495 ​ 35,288 ​ 11,710 ​ 78,249 ​ 89,959 ​ 30,304 1982 2002 1901 South Bell Street ​ — ​ 11,669 ​ 36,918 ​ 20,607 ​ 12,225 ​ 56,969 ​ 69,194 ​ 28,182 1968 2002 Crystal City Marriott ​ — ​ 8,000 ​ 47,191 ​ 23,103 ​ 8,050 ​ 70,244 ​ 78,294 ​ 27,660 1968 2004 2100 Crystal Drive (4) ​ — ​ 7,957 ​ 23,590 ​ 7,660 ​ 8,453 ​ 30,754 ​ 39,207 ​ 399 1968 2002 1800 South Bell Street ​ — ​ 9,072 ​ 28,702 ​ 9,834 ​ 9,285 ​ 38,323 ​ 47,608 ​ 10,670 1969 2002 200 12th Street S. ​ 16,439 ​ 8,016 ​ 30,552 ​ 20,714 ​ 8,399 ​ 50,883 ​ 59,282 ​ 25,446 1985 2002 Crystal City Shops at 2100 ​ — ​ 4,059 ​ 9,309 ​ 3,573 ​ 4,049 ​ 12,892 ​ 16,941 ​ 5,999 1968 2002 Crystal Drive Retail ​ — ​ 5,241 ​ 20,465 ​ 3,205 ​ 5,363 ​ 23,548 ​ 28,911 ​ 11,921 2003 2004 7200 Wisconsin Avenue ​ — ​ 34,683 ​ 92,059 ​ 14,819 ​ 34,911 ​ 106,650 ​ 141,561 ​ 12,715 1986 2017 One Democracy Plaza ​ — ​ — ​ 33,628 ​ (27,374) ​ — ​ 6,254 ​ 6,254 ​ — 1987 2002 4747 Bethesda Avenue ​ 175,000 ​ 31,510 ​ 21,870 ​ 130,534 ​ 32,513 ​ 151,401 ​ 183,914 ​ 7,265 2016, 2019 2017 Commercial Construction Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 1770 Crystal Drive ​ — ​ 10,771 ​ 44,276 ​ 70,807 ​ 11,387 ​ 114,467 ​ 125,854 ​ 490 1980, 2020 2002 Multifamily Operating Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fort Totten Square ​ — ​ 24,390 ​ 90,404 ​ 1,078 ​ 24,395 ​ 91,477 ​ 115,872 ​ 13,060 2015 2017 WestEnd25 ​ — ​ 67,049 ​ 5,039 ​ 112,082 ​ 68,282 ​ 115,888 ​ 184,170 ​ 33,772 2009 2007 F1RST Residences ​ — ​ 31,064 ​ 133,256 ​ 209 ​ 31,064 ​ 133,465 ​ 164,529 ​ 5,481 2017 2019 1221 Van Street ​ 87,253 ​ 27,386 ​ 63,775 ​ 27,193 ​ 28,208 ​ 90,146 ​ 118,354 ​ 12,300 2018 2017 North End Retail ​ — ​ 5,847 ​ 9,333 ​ (314) ​ 5,871 ​ 8,995 ​ 14,866 ​ 1,036 2015 2017 RiverHouse Apartments ​ 307,710 ​ 118,421 ​ 125,078 ​ 93,451 ​ 138,972 ​ 197,978 ​ 336,950 ​ 77,914 1960 2007 The Bartlett ​ 217,453 ​ 41,687 ​ — ​ 225,964 ​ 41,883 ​ 225,768 ​ 267,651 ​ 27,452 2016 2007 220 20th Street ​ 80,240 ​ 8,434 ​ 19,340 ​ 102,263 ​ 8,870 ​ 121,167 ​ 130,037 ​ 38,317 2009 2017 2221 S. Clark Street ​ — ​ 6,185 ​ 16,981 ​ 41,737 ​ 6,496 ​ 58,407 ​ 64,903 ​ 11,332 1964 2002 Falkland Chase - South & West ​ 38,959 ​ 18,530 ​ 44,232 ​ 1,362 ​ 18,656 ​ 45,468 ​ 64,124 ​ 7,143 1938 2017 Falkland Chase - North ​ — ​ 9,810 ​ 22,706 ​ (1,706) ​ 8,998 ​ 21,812 ​ 30,810 ​ 3,435 1938 2017 West Half ​ — ​ 45,668 ​ 17,902 ​ 161,342 ​ 48,507 ​ 176,405 ​ 224,912 ​ 11,535 2019 2017 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Costs ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Capitalized ​ Gross Amounts at Which Carried ​ Accumulated ​ ​ ​ ​ ​ ​ ​ ​ ​ Initial Cost to Company ​ Subsequent ​ at Close of Period ​ Depreciation ​ ​ ​ ​ ​ ​ ​ ​ ​ Land and ​ Buildings and ​ to ​ Land and ​ Buildings and ​ ​ ​ ​ and ​ Date of ​ Date Description ​ Encumbrances (1) ​ Improvements ​ Improvements ​ Acquisition (2) ​ Improvements ​ Improvements ​ Total ​ Amortization ​ Construction (3) ​ Acquired The Wren $ — $ 14,306 $ — $ 140,119 $ 17,737 $ 136,688 $ 154,425 $ 3,631 2020 ​ 2017 900 W Street ​ ​ — ​ ​ 21,685 ​ ​ 5,162 ​ ​ 33,182 ​ ​ 22,121 ​ ​ 37,908 ​ ​ 60,029 ​ ​ 760 ​ 2020 ​ 2017 901 W Street ​ — ​ 25,992 ​ 8,790 ​ 69,668 ​ 26,879 ​ 77,571 ​ 104,450 ​ 2,371 2020 ​ 2017 Near-Term Development Pipeline ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 1900 Crystal Drive ​ ​ — ​ ​ 16,811 ​ ​ 53,187 ​ ​ 2,810 ​ ​ — ​ ​ 72,808 ​ ​ 72,808 ​ ​ — ​ ​ ​ 2002 5 M Street Southwest ​ ​ — ​ ​ 15,550 ​ ​ 6,451 ​ ​ 520 ​ ​ 12,672 ​ ​ 9,849 ​ ​ 22,521 ​ ​ 547 ​ ​ ​ 2005 2000 South Bell Street ​ ​ — ​ ​ 3,882 ​ ​ — ​ ​ 4,950 ​ ​ 3,955 ​ ​ 4,877 ​ ​ 8,832 ​ ​ — ​ ​ ​ 2002 2001 South Bell Street ​ ​ ​ ​ ​ 3,418 ​ ​ 16,746 ​ ​ 13,417 ​ ​ 3,482 ​ ​ 30,099 ​ ​ 33,581 ​ ​ 26,249 ​ 1967 ​ 2002 223 23rd Street ​ ​ — ​ ​ 3,910 ​ ​ 6,546 ​ ​ 2,700 ​ ​ 3,910 ​ ​ 9,246 ​ ​ 13,156 ​ ​ — ​ 1969 ​ 2002 2250 Crystal Drive ​ ​ ​ ​ ​ 3,974 ​ ​ 8,644 ​ ​ 4,157 ​ ​ 3,974 ​ ​ 12,801 ​ ​ 16,775 ​ ​ — ​ 1969 ​ 2002 Gallaudet Parcel 1-3 ​ ​ — ​ ​ — ​ ​ — ​ ​ 3,824 ​ ​ — ​ ​ 3,824 ​ ​ 3,824 ​ ​ — ​ ​ ​ 2017 2525 Crystal Drive ​ ​ — ​ ​ 5,086 ​ ​ — ​ ​ 4,900 ​ ​ 5,085 ​ ​ 4,901 ​ ​ 9,986 ​ ​ — ​ ​ ​ 2002 RTC - West Trophy Office ​ ​ — ​ ​ 8,687 ​ ​ — ​ ​ 2,494 ​ ​ 8,687 ​ ​ 2,494 ​ ​ 11,181 ​ ​ — ​ ​ ​ 2017 101 12th Street ​ ​ — ​ ​ 6,335 ​ ​ — ​ ​ 3,662 ​ ​ 6,335 ​ ​ 3,662 ​ ​ 9,997 ​ ​ — ​ ​ ​ 2002 Future Development Pipeline — ​ 232,761 ​ 1,524 ​ 50,917 ​ 257,532 ​ 27,670 ​ 285,202 ​ 111 ​ ​ ​ Corporate ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Corporate ​ 400,000 ​ — ​ — ​ 9,022 ​ — ​ 9,022 ​ 9,022 ​ 3,660 ​ ​ 2017 ​ ​ 2,003,869 ​ 1,309,124 ​ 2,498,402 ​ 2,193,105 ​ 1,391,472 ​ 4,609,159 ​ 6,000,631 ​ 1,232,690 ​ ​ ​ ​ Held for sale ​ ​ ​ ​ ​ ​ ​ ​ Pen Place ​ — ​ 104,473 ​ 55 ​ (30,643) ​ 61,970 ​ 11,915 ​ 73,885 ​ 9 2007 ​ ​ $ 2,003,869 ​ $ 1,413,597 ​ $ 2,498,457 ​ $ 2,162,462 ​ $ 1,453,442 ​ $ 4,621,074 ​ $ 6,074,516 ​ $ 1,232,699 ​ ​ ​ ​ Note: Depreciation of the buildings and improvements is calculated over lives ranging from the life of the lease to 40 years . The net basis of our assets and liabilities for tax reporting purposes is approximately $168.0 million higher than the amounts reported in our balance sheet as of December 31, 2020. (1) Represents the contractual debt obligations. (2) Includes asset impairments recognized, amounts written off in connection with redevelopment activities, partial sale of assets and the reclassification of the net book value of assets to construction in progress. (3) Date of original construction, many assets have had substantial renovation or additional construction. See "Costs Capitalized Subsequent to Acquisition" column. (4) As of December 31, 2020, the asset is out of service. ​ The following is a reconciliation of real estate and accumulated depreciation: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ 2020 2019 2018 Real Estate: ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance at beginning of the year ​ $ 5,943,970 ​ $ 5,895,953 ​ $ 6,025,797 Acquisitions ​ 65,270 ​ 164,320 ​ 38,369 Additions ​ 252,306 ​ 469,450 ​ 358,976 Assets sold or written‑off ​ (152,000) ​ (585,753) ​ (527,189) Real estate impaired (1) ​ ​ (35,030) ​ ​ — ​ ​ — Balance at end of the year ​ $ 6,074,516 ​ $ 5,943,970 ​ $ 5,895,953 Accumulated Depreciation: ​ ​ ​ Balance at beginning of the year ​ $ 1,119,612 ​ $ 1,086,844 ​ $ 1,011,330 Depreciation expense ​ 194,190 ​ 161,937 ​ 151,346 Accumulated depreciation on assets sold or written‑off ​ (53,878) ​ (129,169) ​ (75,832) Accumulated depreciation on real estate impaired (1) ​ ​ (27,225) ​ ​ — ​ ​ — Balance at end of the year ​ $ 1,232,699 ​ $ 1,119,612 ​ $ 1,086,844 (1) In connection with the preparation and review of our 2020 annual financial statements, we determined that One Democracy Plaza, a commercial asset located in Bethesda, Maryland, was impaired due to a decline in the fair value of the asset and recorded an impairment loss of $10.2 million, of which $7.8 million related to real estate. The remaining $2.4 million of the impairment loss was attributable to the right-of-use asset associated with the property’s ground lease.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2020
Summary of Significant Accounting Policies
Basis of Presentation	Basis of Presentation The accompanying consolidated financial statements and notes are prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP"). All intercompany transactions and balances have been eliminated. The accompanying consolidated financial statements include our accounts and those of our wholly owned subsidiaries and other entities, including JBG SMITH LP, in which we have a controlling financial interest. See Note 7 for additional information on our variable interest entities ("VIEs"). The portions of the equity and net income (loss) of consolidated subsidiaries that are not attributable to us are presented separately as amounts attributable to noncontrolling interests in our consolidated financial statements. References to the financial statements refer to our consolidated financial statements as of December 31, 2020 and 2019, and for each of the three years in the period ended December 31, 2020. References to our balance sheets refer to our consolidated balance sheets as of December 31, 2020 and 2019. References to our statements of operations refer to our consolidated statements of operations for each of the three years in the period ended December 31, 2020. References to our statements of comprehensive income (loss) refer to our consolidated statements of comprehensive income (loss) for each of the three years in the period ended December 31, 2020. References to our statements of cash flows refer to our consolidated statements of cash flows for each of the three years in the period ended December 31, 2020.
Use of Estimates	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 the 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 ("COVID-19"), commencing in March 2020, authorities in jurisdictions where our properties are located issued stay-at-home orders and restrictions on travel and permitted businesses operations. The effects of COVID-19 have most significantly impacted the operations of many of our retail tenants, which generated approximately 7% of our revenue for the year ended December 31, 2020, revenue from our multifamily assets, our commercial parking revenue, the operations of the Crystal City Marriott and our interest in the former unconsolidated venture that owns The Marriott Wardman Park hotel. The extent to which COVID-19 impacts us and our tenants will depend on future developments, which are highly uncertain. At this time, there are no outstanding stay-at-home orders in jurisdictions where our properties are located; however, the extent and duration of restrictions on travel and permitted businesses operations and other effects of COVID-19 on us and our tenants have affected 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.
Asset Acquisitions and Business Combinations	Asset Acquisitions and Business Combinations We account for asset acquisitions, which includes the consolidation of previously unconsolidated real estate ventures, at cost, including transaction costs, plus the fair value of any assumed debt. We estimate the fair values of acquired tangible assets (consisting of real estate, cash and cash equivalents, tenant and other receivables, investments in unconsolidated real estate ventures and other assets, as applicable), identified intangible assets and liabilities (consisting of in-place leases, above- and below-market leases, options to enter into ground leases and management contracts, as applicable), assumed debt and other liabilities, and noncontrolling interests, as applicable, based on our evaluation of information and estimates available at the date of acquisition. Based on these estimates, we allocate the purchase price, including all transaction costs related to the acquisition and any contingent consideration, to the identified assets acquired and liabilities assumed based on their relative fair value. We similarly account for business combinations by estimating the fair values of acquired tangible assets, identified intangible assets and liabilities, assumed debt and other liabilities, and noncontrolling interests, as applicable, based on our evaluation of information and estimates. Any excess of the purchase price over the estimated fair value of the net assets acquired is recorded as goodwill, and any excess of the fair value of assets acquired over the purchase price is recorded as a gain on bargain purchase. If, up to one year from the acquisition date, information regarding the fair value of the assets acquired and liabilities assumed is received and the estimates are refined, appropriate adjustments are made on a prospective basis to the purchase price allocation, which may include adjustments to identified assets, assumed liabilities, and goodwill or the gain on bargain purchase, as applicable. Transaction costs are expensed as incurred and included in "Transaction and other costs" in our statements of operations. For both asset acquisitions and business combinations, the results of operations of acquisitions are prospectively included in our financial statements beginning with the date of the acquisition. The fair values of buildings are determined using the "as-if vacant" approach whereby we use discounted cash flow models with inputs and assumptions that we believe are consistent with current market conditions for similar assets. The most significant assumptions in determining the allocation of the purchase price to buildings are the exit capitalization rate, discount rate, estimated market rents and hypothetical expected lease-up periods. We assess the fair value of land based on market comparisons and development projects using an income approach of cost plus a margin. The fair values of identified intangible assets are determined based on the following: ● The value allocable to the above- or below-market component of an acquired in-place lease is determined based upon the present value (using a discount rate which reflects the risks associated with the acquired lease) of the difference between: (i) the contractual amounts to be received pursuant to the lease over its remaining term and (ii) management's estimate of the amounts that would be received using market rates over the remaining term of the lease. Amounts allocated to above- market leases are recorded as lease intangible assets in "Other assets, net" in our balance sheets, and amounts allocated to below-market leases are recorded as lease intangible liabilities in "Other liabilities, net" in our balance sheets. These intangibles are amortized to "Property rental revenue" in our statements of operations over the remaining terms of the respective leases; ● Factors considered in determining the value allocable to in-place leases during hypothetical lease-up periods related to space that is leased at the time of acquisition include: (i) lost rent and operating cost recoveries during the hypothetical lease-up period and (ii) theoretical leasing commissions required to execute similar leases. These intangible assets are recorded as lease intangible assets in "Other assets, net" in our balance sheets and are amortized to "Depreciation and amortization expense" in our statements of operations over the remaining term of the existing lease; and ● The fair value of the in-place property management, leasing, asset management, and development and construction management contracts is based on revenue and expense projections over the estimated life of each contract discounted using a market discount rate. These management contract intangibles are amortized to "Depreciation and amortization expense" in our statements of operations over the weighted average life of the management contracts. The fair value of investments in unconsolidated real estate ventures and redeemable noncontrolling interests is based on the estimated fair values of the identified assets acquired and liabilities assumed of each venture, including future expected cash flows from promote interests. The fair value of the mortgages payable assumed is determined using current market interest rates for comparable debt financings. The fair values of the interest rate swaps and caps are based on the estimated amounts we would receive or pay to terminate the contract at the acquisition date and are determined using interest rate pricing models and observable inputs. The carrying value of cash, restricted cash, working capital balances, leasehold improvements and equipment, and other assets acquired and liabilities assumed approximates fair value.
Real Estate	Real Estate Real estate is carried at cost, net of accumulated depreciation and amortization. Maintenance and repairs are expensed as incurred and are included in "Property operating expenses" in our statements of operations. As real estate is undergoing redevelopment activities, all property operating expenses directly associated with and attributable to the redevelopment, including interest expense, are capitalized to the extent that we believe such costs are recoverable through the value of the property. The capitalization period ends when the asset is ready for its intended use, but no later than one year from substantial completion of major construction activities. General and administrative costs are expensed as incurred. Depreciation and amortization require an estimate of the useful life of each property and improvement as well as an allocation of the costs associated with a property to its various components. Depreciation and amortization are recognized on a straight-line basis over estimated useful lives, which range from three Construction in progress, including land, is carried at cost, and no depreciation is recorded. Real estate undergoing significant renovations and improvements is considered to be under development. All direct and indirect costs related to development activities are capitalized into "Construction in progress, including land" on our balance sheets, except for certain demolition costs, which are expensed as incurred. Direct development costs incurred include: pre-development expenditures directly related to a specific project, development and construction costs, interest, insurance and real estate taxes. Indirect development costs include: employee salaries and benefits, travel and other related costs that are directly associated with the development. Our method of calculating capitalized interest expense is based upon applying our weighted average borrowing rate to the actual accumulated expenditures if the property does not have property specific debt. If the property is encumbered by specific debt, we will capitalize both the interest incurred applicable to that debt and additional interest expense using our weighted average borrowing rate for any accumulated expenditures in excess of the principal balance of the debt encumbering the property. The capitalization of such expenses ceases when the real estate is ready for its intended use, but no later than one-year from substantial completion of major construction activities. Our assets and related intangible assets are reviewed for impairment whenever there are changes in circumstances or indicators that the carrying amount of the assets may not be recoverable. These indicators may include operating performance, intended holding periods, costs in excess of budgets for under-construction assets and adverse changes in circumstances. An impairment exists when the carrying amount of an asset exceeds the sum of the undiscounted cash flows expected to result from the use and eventual disposition of the asset. Estimates of future cash flows are based on our current plans, intended holding periods and available market information at the time the analyses are prepared. An impairment loss is recognized if the carrying amount of the asset is not recoverable and is measured based on the excess of the property's carrying amount over its estimated fair value. If our estimates of future cash flows, anticipated holding periods, or fair values change, based on market conditions or otherwise, our evaluation of impairment losses may be different and such differences could be material to our financial statements. Estimates of future cash flows are subjective and are based, in part, on assumptions regarding future occupancy, rental rates and capital requirements that could differ materially from actual results.
Cash and Cash Equivalents	Cash and Cash Equivalents Cash and cash equivalents consist of highly liquid investments with a purchase date life to maturity of three months or less and are carried at cost, which approximates fair value due to their short-term maturities.
Restricted Cash	Restricted Cash Restricted cash consists primarily of proceeds from property dispositions held in escrow, security deposits held on behalf of our tenants and cash escrowed under loan agreements for debt service, real estate taxes, property insurance and capital improvements.
Investments in Real Estate Ventures	Investments in Real Estate Ventures We analyze each real estate venture to determine whether the entity should be consolidated. If it is determined that an entity is a VIE in which we have a variable interest, we assess whether we are the primary beneficiary of the VIE to determine whether it should be consolidated. We are not the primary beneficiary of an entity when we do not have voting control, lack the power to direct the activities that most significantly impact the entity's economic performance, or the limited partners (or non-managing members) have substantive participatory rights. If it is determined that the entity is not a VIE, then the determination as to whether we consolidate is based on whether we have a controlling financial interest in the entity, which is based on our voting interests and the degree of influence we have over the entity. Management uses its judgment when determining if we are the primary beneficiary of, or have a controlling financial interest in, an entity in which we have a variable interest. Factors considered in determining whether we have the power to direct the activities that most significantly impact the entity's economic performance include voting rights, involvement in day-to-day capital and operating decisions, and the extent of our involvement in the entity. We use the equity method of accounting for investments in unconsolidated real estate ventures when we have significant influence, but do not have a controlling financial interest. Significant influence is typically indicated through ownership of 20% or more of the voting interests. Under the equity method, we record our investments in these entities in "Investments in unconsolidated real estate ventures" on our balance sheets, and our proportionate share of earnings or losses earned by the real estate venture is recognized in "Income (loss) from unconsolidated real estate ventures, net" in the accompanying statements of operations. We earn revenue from the management services we provide to unconsolidated real estate ventures. These fees are determined in accordance with the terms specific to each arrangement and may include property and asset management fees, or transactional fees for leasing, acquisition, development and construction, financing and legal services provided. We account for this revenue gross of our ownership interest in each respective real estate venture and recognize such revenue in "Third-party real estate services, including reimbursements" in our statements of operations when earned. Our proportionate share of related expenses is recognized in "Income (loss) from unconsolidated real estate ventures, net" in our statements of operations. We may also earn incremental promote distributions if certain financial return benchmarks are achieved upon ultimate disposition of the underlying properties. Promote fees are recognized when certain earnings events have occurred, and the amount is determinable and collectible. Any promote fees are reflected in "Income (loss) from unconsolidated real estate ventures, net" in our statements of operations. With regard to distributions from unconsolidated real estate ventures, we use the information that is available to us to determine the nature of the underlying activity that generated the distributions. Using the nature of distribution approach, cash flows generated from the operations of an unconsolidated real estate venture are classified as a return on investment (cash inflow from operating activities) and cash flows from property sales, debt refinancing or sales of our investments are classified as a return of investment (cash inflow from investing activities). On a periodic basis, we evaluate our investments in unconsolidated real estate ventures for impairment. We assess whether there are any indicators, including underlying property operating performance and general market conditions, that the value of our investments in unconsolidated real estate ventures may be impaired. An investment in a real estate venture is considered impaired if we determine that its fair value is less than the net carrying value of the investment in that real estate venture on an other-than-temporary basis. Cash flow projections for the investments consider property level factors such as expected future operating income, trends and prospects, as well as the effects of demand, competition and other factors. We consider various qualitative factors to determine if a decrease in the value of our investment is other-than-temporary. These factors include the age of the venture, our intent and ability to retain our investment in the entity, financial condition and long-term prospects of the entity and relationships with our partners and banks. If we believe that the decline in the fair value of the investment is temporary, no impairment loss is recorded. If our analysis indicates that there is an other-than temporary impairment related to the investment in a particular real estate venture, the carrying value of the venture will be adjusted to an amount that reflects the estimated fair value of the investment.
Intangibles	Intangibles Intangible assets consist of: (i) in-place leases, below-market ground rent obligations, above-market real estate leases and options to enter into ground leases that were recorded in connection with the acquisition of properties and (ii) management and leasing contracts acquired in the Combination. Intangible liabilities consist of above-market ground rent obligations and below-market real estate leases that are also recorded in connection with the acquisition of properties. Both intangible assets and liabilities are amortized and accreted using the straight-line method over their applicable remaining useful life. When a lease or contract is terminated early, any remaining unamortized or unaccreted balances are charged to earnings. The useful lives of intangible assets are evaluated each reporting period with any changes in estimated useful lives being accounted for over the revised remaining useful life.
Assets Held for Sale	Assets Held for Sale Assets, primarily consisting of real estate, are classified as held for sale when all the necessary criteria are met. The criteria include: (i) management, having the authority to approve action, commits to a plan to sell the property in its present condition, (ii) the sale of the property is at a price reasonable in relation to its current fair value and (iii) the sale is probable and expected to be completed within one year. Real estate held for sale is carried at the lower of carrying amounts or estimated fair value less disposal costs. Depreciation and amortization is not recognized on real estate classified as held for sale.
Deferred Costs	Deferred Costs Deferred financing costs consist of loan issuance costs directly related to financing transactions that are deferred and amortized over the term of the related loan as a component of interest expense. Unamortized deferred financing costs related to our mortgages payable and unsecured term loan are presented as a direct deduction from the carrying amounts of the related debt instruments, while such costs related to our revolving credit facility are included in other assets.
Noncontrolling Interests	Noncontrolling Interests We identify our noncontrolling interests separately on our balance sheets. Amounts of consolidated net income (loss) attributable to redeemable noncontrolling interests and to the noncontrolling interests in consolidated subsidiaries are presented separately in our statements of operations. Redeemable Noncontrolling Interests Noncontrolling Interests
Derivative Financial Instruments and Hedge Accounting	Derivative Financial Instruments and Hedge Accounting Derivative financial instruments are used at times to manage exposure to variable interest rate risk. Derivative financial instruments are recognized as either assets or liabilities and are measured at fair value. The accounting for changes in the fair value of a derivative depends on the intended use of the derivative and the resulting designation. Derivative Financial Instruments Designated as Cash Flow Hedges Derivative instruments and hedging activities require management to make judgments on the nature of its derivatives and their effectiveness as hedges. These judgments determine if the changes in fair value of the derivative instruments are reported in our statements of operations or as a component of comprehensive income and as a component of shareholders' equity on our balance sheets. Derivative Financial Instruments Not Designated as Hedges
Fair Value of Assets and Liabilities	Fair Value of Assets and Liabilities Accounting Standards Codification ("ASC") 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 value hierarchy gives the highest priority to Level 1 inputs and the lowest priority to Level 3 inputs. In determining fair value, we utilize valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible as well as consider counterparty credit risk in our assessment of fair value.
Revenue Recognition	Revenue Recognition We have leases with various tenants across our portfolio of properties, which generate rental income and operating cash flows for our benefit. Through these leases, we provide tenants with the right to control the use of our real estate, which tenants agree to use and control. The right to control our real estate conveys to our tenants substantially all of the economic benefits and the right to direct how and for what purpose the real estate is used throughout the period of use, thereby meeting the definition of a lease. Leases will be classified as either operating, sales-type or direct finance leases based on whether the lease is structured in effect as a financed purchase. Property rental revenue includes base rent each tenant pays in accordance with the terms of its respective lease and is reported on a straight-line basis over the non-cancellable term of the lease, which includes the effects of periodic step-ups in rent and rent abatements under the lease. When a renewal option is included within the lease, we assess whether the option is reasonably certain of being exercised against relevant economic factors to determine whether the option period should be included as part of the lease term. Further, property rental revenue includes tenant reimbursement revenue from the recovery of all or a portion of the operating expenses and real estate taxes of the respective assets. Tenant reimbursements, which vary each period, are non-lease components that are not the predominant activity within the contract. We have elected the practical expedient that allows us to combine certain lease and non-lease components of our operating leases. Non-lease components are recognized together with fixed base rent in "Property rental revenue", as variable lease income in the same periods as the related expenses are incurred. Certain commercial leases may also provide for the payment by the lessee of additional rents based on a percentage of sales, which are recorded as variable lease income in the period the additional rents are earned. We commence rental revenue recognition when the tenant takes possession of the leased space or controls the physical use of the leased space and when the leased space is substantially ready for its intended use. In circumstances where we provide a tenant improvement allowance for improvements that are owned by the tenant, we recognize the allowance as a reduction of property rental revenue on a straight-line basis over the term of the lease commencing when the tenant takes possession of the space. Differences between rental revenue recognized and amounts due under the respective lease agreements are recorded as an increase or decrease to "Deferred rent receivable, net" on our balance sheets. Property rental revenue also includes the amortization or accretion of acquired above-and below-market leases. We periodically evaluate the collectability of amounts due from tenants and recognize an adjustment to property rental revenue for accounts receivable and deferred rent receivable if we conclude it is not probable we will collect the remaining lease payments under the lease agreements. Any changes to the provision for lease revenue determined to be not probable of collection are included in "Property rental revenue" in our statements of operations. We exercise judgment in assessing the probability of collection and consider payment history and current credit status in making this determination. Third-party real estate services revenue, including reimbursements, includes property and asset management fees, and transactional fees for leasing, acquisition, development and construction, financing, and legal services. These fees are determined in accordance with the terms specific to each arrangement and are recognized as the related services are performed. Development fees are earned from providing services to third-party property owners and our unconsolidated real estate ventures. The performance obligations associated with our development services contracts are satisfied over time and we recognize our development fee revenue using a time-based measure of progress over the course of the development project due to the stand-ready nature of the promised services. The transaction prices for our performance obligations that are expected to be completed in greater than twelve months are variable based on the costs ultimately incurred to develop the underlying assets. Judgments impacting the timing and amount of revenue recognized from our development services contracts include the determination of the nature and number of performance obligations within a contract, estimates of total development project costs, from which the fees are typically derived, and estimates of the period of time over which the development services are expected to be performed, which is the period over which the revenue is recognized. We recognize development fees earned from unconsolidated joint venture projects to the extent of the third-party partners' ownership interest.
Third-Party Real Estate Services Expenses	Third-Party Real Estate Services Expenses Third-party real estate services expenses include the costs associated with the management services provided to our unconsolidated real estate ventures and other third parties, including amounts paid to third-party contractors for construction management projects. We allocate personnel and other overhead costs using the estimates of the time spent performing services for our third-party real estate services and other allocation methodologies.
Lessee Accounting	Lessee Accounting We are obligated under non-cancellable operating and capital leases, including ground leases on certain of our properties with terms extending through up through 2118. When a renewal option is included within a lease, we assess whether the option is reasonably certain of being exercised against relevant economic factors to determine whether the option period should be included as part of the lease term. Lease payments associated with renewal periods that we are reasonably certain will be exercised are included in the measurement of the corresponding lease liability and right-of-use asset. Lease expense for our operating leases is recognized on a straight-line basis over the expected lease term and is included in our statements of operations in either "Property operating expenses" or "General and administrative expense" depending on the nature of the lease. Amortization of the right-of-use asset associated with a capital lease is recognized on a straight-line basis over the expected lease term and is included in our statements of operations in "Depreciation and amortization" with the related interest on our outstanding lease liability included in "Interest expense." Certain lease agreements include variable lease payments that, in the future, will vary based on changes in inflationary measures, market rates or our share of expenditures of the leased premises. Such variable payments are recognized in lease expense in the period in which the variability is determined. Certain lease agreements may also include various non-lease components that primarily relate to property operating expenses associated with our office leases, which also vary each period. We have elected the practical expedient which allows us not to separate lease and non-lease components for our ground and office leases and recognize variable non-lease components in lease expense when incurred. We discount our future lease payments for each lease to calculate the related lease liability using an estimated incremental borrowing rate computed based on observable corporate borrowing rates reflective of the general economic environment, taking into consideration our creditworthiness and various financing and asset specific considerations, adjusted to approximate a secured borrowing for the lease term. We made a policy election to forgo recording right-of-use assets and the related lease liabilities for leases with initial terms of 12 months or less.
Income Taxes	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. Prior to the Separation, Vornado operated as a REIT and distributed 100% of its REIT taxable income to its shareholders; accordingly, no provision for federal income taxes has been made in the accompanying financial statements for the periods prior to the Separation. We currently adhere and intend to continue to adhere to these requirements and to maintain our REIT status in future periods. As a REIT, we can reduce our taxable income by distributing all or a portion of such taxable income to shareholders. Future distributions will be declared and paid at the discretion of the Board of Trustees and will depend upon cash generated by operating activities, our financial condition, capital requirements, annual dividend requirements under the REIT provisions of the Code and such other factors as our Board of Trustees deems relevant. We also participate in the activities conducted by our subsidiary entities that have elected to be treated as taxable REIT subsidiaries ("TRS") under the Code. As such, we are subject to federal, state, and local taxes on the income from these activities. Income taxes attributable to our TRSs are accounted for under the asset and liability method. Under the asset and liability method, deferred income taxes arise from temporary differences between the tax basis of assets and liabilities and their reported amounts in our financial statements, which will result in taxable or deductible amounts in the future. We provide for a valuation allowance for deferred income tax assets if we believe all or some portion of the deferred tax asset may not be realized. Any increase or decrease in the valuation allowance that results from a change in circumstances that causes a change in the estimated ability to realize the related deferred tax asset is included in deferred tax benefit (expense). ASC 740 ("Topic 740"), Income Taxes, provides guidance for how uncertain tax positions should be recognized, measured, presented and disclosed in our financial statements. Topic 740 requires the evaluation of tax positions taken in the course of preparing our tax returns to determine whether the tax positions are "more-likely-than-not" of being sustained by the applicable tax authority. Tax benefits of positions not deemed to meet the more-likely-than-not threshold are recorded as a tax expense in the current year. The Coronavirus Aid, Relief, and Economic Security Act (the "CARES Act") that was enacted on March 27, 2020 includes several significant tax provisions that could impact us and our 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 year ended December 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.
Earnings (Loss) Per Common Share	Earnings (Loss) Per Common Share Basic earnings (loss) per common share is computed by dividing net income (loss) attributable to common shareholders by the weighted average common shares outstanding during the period. Unvested share-based compensation awards that entitle holders to receive non-forfeitable dividends, which include long-term incentive partnership units ("LTIP Units"), are considered participating securities. Consequently, we are required to apply the two-class method of computing basic and diluted earnings that would otherwise have been available to common shareholders. Under the two-class method, earnings for the period are allocated between common shareholders and participating securities based on their respective rights to receive dividends. During periods of net loss, losses are allocated only to the extent the participating securities are required to absorb their share of such losses. Diluted earnings (loss) per common share reflects the potential dilution of the assumed exchange of various unit and share-based compensation awards into common shares to the extent they are dilutive.
Share-Based Compensation	Share-Based Compensation The fair value of share-based compensation awards granted to our trustees, management or employees is determined, depending on the type of award, using the Monte Carlo or Black-Scholes methods, which is intended to estimate the fair value of the awards at the grant date using dividend yields, expected volatilities that are primarily based on available implied data and peer group companies' historical data and post-vesting restriction periods. The risk-free interest rate is based on the U.S. Treasury yield curve in effect at the time of grant. The shortcut method is used for determining the expected life used in the valuation method. Compensation expense is based on the fair value of our common shares at the date of the grant and is recognized ratably over the vesting period using a graded vesting attribution model. We account for forfeitures as they occur. Distributions paid on unvested OP Units, LTIP Units, LTIP Units with time-based vesting requirements ("Time-Based LTIP Units"), LTIP Units with performance-based vesting requirements ("Performance-Based LTIP Units") are recorded to "Redeemable noncontrolling interests" in our balance sheets.
Recent Accounting Pronouncements	Recent Accounting Pronouncements Reference Rate Reform In March 2020, the Financial Accounting Standards Board ("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 the period March 12, 2020 through December 31, 2022 as reference rate reform activities occur. ​ COVID-19 Lease Modification Accounting Relief Due to the business disruptions and challenges severely affecting the global economy caused by COVID-19, we have provided rent deferrals and other lease concessions to certain tenants. In April 2020, the FASB issued a Staff Q&A 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 ASC Topic 842, Leases ("Topic 842") if certain criteria are met. This election allows us to bypass a lease-by-lease analysis, and instead choose whether to apply the lease modification accounting framework, with such election applied consistently to leases with similar characteristics and circumstances. We have elected to apply the lease modification policy relief and have accounted for lease-related relief provided to mitigate the economic effects of COVID-19 as lease modifications under Topic 842, regardless of whether the right to such relief was embedded within the terms of the lessee's lease. During the year ended December 31, 2020, we entered into rent deferral agreements with certain tenants, many of which were placed on the cash basis of accounting, resulting in the deferral to future periods of $4.3 million of rent that had been contractually due in 2020. We are in the process of negotiating additional rent deferrals and other lease concessions with some of our tenants, which have been considered when establishing credit losses against billed and deferred rent receivables. ​ During the year ended December 31, 2020, we recorded $11.2 million of credit losses against billed rent receivables and $19.6 million against deferred (straight-line) rent receivables. These losses are due to the effects of COVID-19, primarily on co-working and retail tenants, that are unable to pay rent while businesses are closed, not operating at full capacity or while employees continue to work from home. During 2020, we recorded $8.2 million of income associated with certain lease guarantees. Additionally, during the second quarter of 2020, we determined that our investment in our former real estate venture that owns The Marriott Wardman Park hotel was impaired due to a decline in the fair value of the underlying asset and recorded an impairment loss of $6.5 million (see Note 6 for additional information). During 2020, we put all co-working tenants and all retailers except for grocers, pharmacies, essential businesses and certain national credit tenants on the cash basis of accounting.

Organization and Basis of Pre_2

Organization and Basis of Presentation (Tables)	12 Months Ended
	Dec. 31, 2020
Organization and Basis of Presentation
Schedule of property rental and other property revenue	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, (Dollars in thousands) 2020 2019 2018 Rental revenue from the U.S. federal government ​ $ 84,086 ​ $ 86,644 ​ $ 94,822 ​ Percentage of commercial segment rental revenue ​ 23.4 % 21.2 % 22.0 % Percentage of total rental revenue ​ 17.8 % 16.7 % 17.6 %

Acquisitions, Dispositions an_2

Acquisitions, Dispositions and Assets Held for Sale (Tables)	12 Months Ended
	Dec. 31, 2020
Acquisitions, Dispositions and Assets Held for Sale
Summary of disposition activity	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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, was part of a like-kind exchange. See Note 7 for additional information. Total square feet represents potential development density approved by Arlington County.
Summary of assets held for sale	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total ​ Assets Held Assets Segment Location Square Feet (1) for Sale ​ ​ ​ ​ ​ ​ (In thousands) December 31, 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ Pen Place (2) ​ Other ​ Arlington, Virginia ​ 2,080 ​ $ 73,876 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 approximately $149.9 million, subject to customary closing conditions. We expect the sale of Pen Place to Amazon to close in 2021. (3) As noted above, we sold Metropolitan Park to Amazon in January 2020.

Tenant and Other Receivables (T

Tenant and Other Receivables (Tables)	12 Months Ended
	Dec. 31, 2020
Tenant and Other Receivables
Schedule of tenant and other receivables	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ 2020 2019 ​ ​ (In thousands) Tenants (1) ​ $ 39,077 ​ $ 37,823 Third-party real estate services ​ 15,658 ​ 14,541 Other ​ 1,168 ​ 577 Total tenant and other receivables ​ $ 55,903 ​ $ 52,941 ​ ​ (1) Includes $8.2 million associated with certain lease guarantees as of December 31, 2020.

Investments in Unconsolidated_2

Investments in Unconsolidated Real Estate Ventures (Tables)	12 Months Ended
	Dec. 31, 2020
Investments in Unconsolidated Real Estate Ventures
Summary of Unconsolidated Investments	The following is a summary of the composition of our investments in unconsolidated real estate ventures: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Ownership ​ December 31, Real Estate Venture Partners Interest (1) 2020 2019 ​ ​ ​ ​ (In thousands) Prudential Global Investment Management ("PGIM") 50.0% ​ $ 216,939 ​ $ 215,624 Landmark 1.8% - 49.0% ​ 66,724 ​ 77,944 CBREI Venture 5.0% - 64.0% ​ 65,190 ​ 68,405 Canadian Pension Plan Investment Board ("CPPIB") 55.0% ​ 47,522 ​ 109,911 Berkshire Group 50.0% ​ 50,649 ​ ​ 46,391 Brandywine Realty Trust 30.0% ​ 13,710 ​ 13,830 Pacific Life Insurance Company ("PacLife") — ​ — ​ 10,385 Other ​ ​ 635 ​ ​ 536 Total investments in unconsolidated real estate ventures (2) ​ ​ ​ $ 461,369 ​ $ 543,026 (1) Ownership interests as of December 31, 2020. We have multiple investments with certain venture partners with varying ownership interests. (2) As of December 31, 2020 and 2019, the difference between the investments in unconsolidated real estate ventures and the net book value of the underlying assets was $18.9 million and $14.3 million, resulting principally from capitalized interest and our zero investment balance in the real estate venture with CPPIB that owns 1101 17th Street. The following is a summary of the debt of our unconsolidated real estate ventures: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ ​ ​ ​ ​ Average Effective ​ December 31, ​ Interest Rate (1) 2020 2019 ​ ​ ​ ​ (In thousands) Variable rate (2) 2.52% ​ $ 863,617 ​ $ 629,479 Fixed rate (3) (4) 4.01% ​ 323,050 ​ 561,236 Mortgages payable ​ ​ ​ 1,186,667 ​ 1,190,715 Unamortized deferred financing costs ​ ​ ​ (7,479) ​ (2,859) Mortgages payable, net (4) ​ ​ ​ $ 1,179,188 ​ $ 1,187,856 (1) Weighted average effective interest rate as of December 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 20 for additional information on guarantees of the debt of certain of our unconsolidated real estate ventures. The following is a summary of the financial information for our unconsolidated real estate ventures: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ 2020 2019 ​ (In thousands) Combined balance sheet information: ​ ​ ​ ​ ​ ​ Real estate, net ​ $ 2,247,384 ​ $ 2,493,961 Other assets, net ​ 270,516 ​ 291,092 Total assets ​ $ 2,517,900 ​ $ 2,785,053 ​ ​ ​ ​ ​ ​ ​ Mortgages payable ​ $ 1,179,188 ​ $ 1,187,856 Other liabilities, net ​ 140,304 ​ 168,243 Total liabilities ​ 1,319,492 ​ 1,356,099 Total equity ​ 1,198,408 ​ 1,428,954 Total liabilities and equity ​ $ 2,517,900 ​ $ 2,785,053 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ 2020 2019 2018 ​ (In thousands) Combined income statement information: (1) ​ ​ ​ ​ ​ ​ ​ ​ ​ Total revenue ​ $ 203,456 ​ $ 266,653 ​ $ 300,032 Operating income (loss) (2) (3) ​ (21,639) ​ 18,041 ​ 56,262 Net loss (2) (3) ​ (65,756) ​ (32,507) ​ (1,155) (1) Excludes information related to the venture that owns The Marriott Wardman Park hotel for the second half of 2020 as we suspended equity loss recognition for the venture after June 30, 2020 . On October 1, 2020, we transferred our interest in this venture to PacLife. (2) Includes the loss from the sale of Woodglen of $16.4 million and the gain from the sale of Pickett Industrial Park of $8.0 million recognized by our unconsolidated real estate ventures during the year ended December 31, 2020. (3) Includes gain on sale of The Warner of $32.5 million recognized by our unconsolidated real estate venture with CPPIB during the year ended December 31, 2018 .

Other Assets, Net (Tables)

Other Assets, Net (Tables)	12 Months Ended
	Dec. 31, 2020
Other Assets, Net
Summary of other assets net	The following is a summary of other assets, net: ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ 2020 2019 ​ ​ (In thousands) Deferred leasing costs, net ​ $ 117,141 ​ $ 126,016 Lease intangible assets, net ​ 15,565 ​ 23,644 Other identified intangible assets, net ​ ​ 43,012 ​ ​ 48,620 Operating lease right-of-use assets ​ 3,542 ​ 19,865 Finance lease right-of-use assets (1) ​ ​ 41,996 ​ ​ — Prepaid expenses ​ 14,000 ​ 12,556 Deferred financing costs on credit facility, net ​ 6,656 ​ 3,071 Deposits (2) ​ 28,560 ​ 3,210 Other ​ 16,103 ​ 16,705 Total other assets, net ​ $ 286,575 ​ $ 253,687 (1) Related to an amendment of the ground lease for 1730 M Street executed during the year ended December 31, 2020. The amendment extended the expiration date of the lease from April 2061 to December 2118, and resulted in a change in its classification from an operating to a finance lease. (2) Includes deposits totaling $25.3 million with the Federal Communications Commission in connection with the acquisition of wireless spectrum licenses.
Schedule of lease intangible assets net	The following is a summary of the composition of deferred leasing costs, lease intangible assets and other identified intangible assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2020 ​ December 31, 2019 ​ Gross Accumulated Amortization ​ Net ​ Gross Accumulated Amortization ​ Net ​ ​ (In thousands) Deferred leasing costs ​ $ 202,940 ​ $ (85,799) ​ $ 117,141 ​ $ 205,830 ​ $ (79,814) ​ $ 126,016 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Lease intangible assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ In-place leases ​ $ 27,363 ​ $ (15,027) ​ $ 12,336 ​ $ 33,812 ​ $ (15,231) ​ $ 18,581 Above-market real estate leases ​ 7,515 ​ (4,286) ​ 3,229 ​ 8,635 ​ (3,572) ​ 5,063 ​ ​ $ 34,878 ​ $ (19,313) ​ $ 15,565 ​ $ 42,447 ​ $ (18,803) ​ $ 23,644 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Other identified intangible assets: ​ ​ ​ ​ ​ ​ Option to enter into ground lease ​ $ 17,090 ​ $ — ​ $ 17,090 ​ $ 17,090 ​ $ — ​ $ 17,090 Management and leasing contracts ​ 45,900 ​ (20,388) ​ 25,512 ​ 48,900 ​ (17,385) ​ 31,515 Other ​ 410 ​ — ​ 410 ​ 166 ​ (151) ​ 15 ​ ​ $ 63,400 ​ $ (20,388) ​ $ 43,012 ​ $ 66,156 ​ $ (17,536) ​ $ 48,620
Finite-lived intangible assets amortization expense	The following is a summary of amortization expense related to lease and other identified intangible assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ 2020 2019 2018 ​ ​ (In thousands) In-place lease amortization (1) ​ $ 5,695 ​ $ 7,375 ​ $ 11,807 Above-market real estate lease amortization (2) ​ 1,582 ​ 1,730 ​ 2,390 Below-market ground lease amortization (3) ​ — ​ — ​ 85 Management and leasing contract amortization (1) ​ 6,002 ​ 7,088 ​ 7,088 Other amortization ​ 16 ​ (240) ​ 191 Total lease and management and leasing contract amortization expense ​ $ 13,295 ​ $ 15,953 ​ $ 21,561 (1) Amounts are included in "Depreciation and amortization expense" in our statements of operations. (2) Amounts are included in "Property rental revenue" in our statements of operations. (3) Amounts are included in "Property operating expenses" in our statements of operations.
Schedule of finite-lived intangible assets, future amortization expense	The following is a summary of the estimated amortization related to lease and other identified intangible assets for the next five years and thereafter as of December 31, 2020: ​ ​ ​ ​ ​ Year ending December 31, Amount ​ ​ (In thousands) 2021 ​ $ 9,690 2022 ​ 8,662 2023 ​ 8,199 2024 ​ 7,841 2025 ​ 3,571 Thereafter ​ 3,524 Total (1) ​ $ 41,487 (1) Estimated amortization related to the option to enter into ground lease is not included within the amortization table above as the ground lease does not have a definite start date .

Debt (Tables)

Debt (Tables)	12 Months Ended
	Dec. 31, 2020
Debt Instrument [Line Items]
Schedule of maturities of long-term debt	Principal Maturities The following is a summary of principal maturities of debt outstanding, including mortgages payable, revolving credit facility and the term loans, as of December 31, 2020: ​ ​ ​ ​ Year ending December 31, Amount ​ ​ (In thousands) 2021 ​ $ 5,611 2022 ​ 112,516 2023 ​ 373,344 2024 ​ 322,571 2025 ​ 558,890 Thereafter ​ 630,937 Total ​ $ 2,003,869
Mortgages Payable
Debt Instrument [Line Items]
Summary of debt	Mortgages Payable The following is a summary of mortgages payable: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted Average ​ ​ ​ ​ ​ ​ ​ ​ ​ Effective ​ ​ December 31, ​ Interest Rate (1) ​ 2020 2019 ​ ​ ​ ​ ​ (In thousands) Variable rate (2) 2.18% ​ ​ $ 678,346 ​ $ 2,200 Fixed rate (3) 4.32% ​ ​ 925,523 ​ 1,125,648 Mortgages payable ​ ​ ​ ​ 1,603,869 ​ 1,127,848 Unamortized deferred financing costs and premium/ discount, net ​ ​ ​ ​ (10,131) ​ (2,071) Mortgages payable, net ​ ​ ​ ​ $ 1,593,738 ​ $ 1,125,777 (1) Weighted average effective interest rate as of December 31, 2020. (2) Includes variable rate mortgage payable with interest rate cap agreements as of December 31, 2020. (3) Includes variable rate mortgages payable with interest rates fixed by interest rate swap agreements .
Credit Facility
Debt Instrument [Line Items]
Summary of debt	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Effective ​ ​ December 31, ​ Interest Rate (1) ​ 2020 2019 ​ ​ ​ ​ ​ (In thousands) Revolving credit facility (2) (3) (4) 1.19% ​ ​ $ — ​ $ 200,000 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Tranche A-1 Term Loan (5) 2.59% ​ ​ $ 200,000 ​ $ 100,000 Tranche A-2 Term Loan (6) 2.49% ​ ​ 200,000 ​ 200,000 Unsecured term loans ​ ​ 400,000 ​ 300,000 Unamortized deferred financing costs, net ​ ​ (2,021) ​ (2,705) Unsecured term loans, net ​ ​ $ 397,979 ​ $ 297,295 (1) Effective interest rate as of December 31, 2020. (2) As of both December 31, 2020 and 2019, letters of credit with an aggregate face amount of $1.5 million were outstanding under our revolving credit facility. (3) As of December 31, 2020 and 2019, net deferred financing costs related to our revolving credit facility totaling $6.7 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. (5) As of December 31, 2020 and 2019, $200.0 million and $100.0 million of the outstanding balance was fixed by interest rate swap agreements. As of December 31, 2020, the interest rate swaps mature concurrently with the term loan and provide a weighted average interest rate of 1.39% . (6) As of December 31, 2020 and 2019, $200.0 million and $137.6 million of the outstanding balance was fixed by interest rate swap agreements. As of December 31, 2020, the interest rate swaps mature concurrently with the term loan and provide a weighted average interest rate of 1.34% .

Other Liabilities, Net (Tables)

Other Liabilities, Net (Tables)	12 Months Ended
	Dec. 31, 2020
Other Liabilities, Net
Composition of other liabilities net	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ 2020 2019 ​ ​ (In thousands) Lease intangible liabilities ​ $ 33,256 ​ $ 38,577 Accumulated amortization ​ (22,956) ​ (26,253) Lease intangible liabilities, net ​ ​ 10,300 ​ ​ 12,324 Lease assumption liabilities ​ 10,126 ​ 17,589 Lease incentive liabilities ​ 13,913 ​ 20,854 Liabilities related to operating lease right-of-use assets ​ 10,752 ​ 28,476 Liabilities related to finance lease right-of-use assets (1) ​ 40,221 ​ — Prepaid rent ​ 19,809 ​ 23,612 Security deposits ​ 13,654 ​ 16,348 Environmental liabilities ​ 18,242 ​ 17,898 Net deferred tax liability ​ 2,509 ​ 5,542 Dividends payable ​ 34,075 ​ 34,012 Derivative agreements, at fair value ​ 44,222 ​ 17,440 Deferred purchase price (2) ​ ​ 19,479 ​ ​ — Other ​ 10,472 ​ 11,947 Total other liabilities, net ​ $ 247,774 ​ $ 206,042 (1) Related to an amendment of the ground lease for 1730 M Street executed during the year ended December 31, 2020. The amendment extended the expiration date of the lease from April 2061 to December 2118, and resulted in a change in its classification from an operating to a finance lease . (2) Deferred purchase price associated with the acquisition of the Americana Hotel. See Note 4 for additional information.
Summary of estimated amortization of lease intangible liabilities	​ ​ ​ ​ ​ Year ending December 31, Amount ​ ​ (In thousands) 2021 ​ $ 1,807 2022 ​ 1,788 2023 ​ 1,780 2024 ​ 1,762 2025 ​ 1,221 Thereafter ​ 1,942 Total ​ $ 10,300

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2020
Income Taxes
Schedule of income tax benefit	The following is a summary of our income tax benefit: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ 2020 2019 2018 ​ ​ (In thousands) Current tax benefit (expense) ​ $ 1,232 ​ $ (34) ​ $ 20 Deferred tax benefit ​ 3,033 ​ 1,336 ​ 718 Income tax benefit ​ $ 4,265 ​ $ 1,302 ​ $ 738
Schedule of deferred tax assets and liabilities	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ 2020 2019 ​ ​ (In thousands) Deferred tax assets: ​ ​ Accrued bonus ​ $ 1,921 ​ $ 721 NOL ​ 2,770 ​ 915 Deferred revenue ​ — ​ 626 Capital loss ​ 1,283 ​ — Charitable contributions ​ 1,533 ​ 435 Other ​ 265 ​ 217 Total deferred tax assets ​ 7,772 ​ 2,914 Valuation allowance ​ (2,072) ​ (523) Total deferred tax assets, net of valuation allowance ​ 5,700 ​ 2,391 Deferred tax liabilities: ​ ​ Basis difference - intangible assets ​ (5,887) ​ (7,412) Basis difference - real estate ​ ​ (2,164) ​ ​ — Other ​ (158) ​ (521) Total deferred tax liabilities ​ (8,209) ​ (7,933) Net deferred tax liability ​ $ (2,509) ​ $ (5,542)

Redeemable Noncontrolling Int_2

Redeemable Noncontrolling Interests (Tables)	12 Months Ended
	Dec. 31, 2020
Redeemable Noncontrolling Interests
Summary of redeemable noncontrolling interests	The following is a summary of the activity of redeemable noncontrolling interests: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ 2020 ​ 2019 ​ ​ ​ ​ ​ Consolidated ​ ​ ​ ​ ​ ​ ​ Consolidated ​ ​ ​ ​ ​ JBG ​ Real Estate ​ ​ ​ ​ JBG ​ Real Estate ​ ​ ​ ​ SMITH LP Venture Total SMITH LP Venture Total ​ (In thousands) Balance as of the beginning of the year ​ $ 606,699 ​ $ 6,059 ​ $ 612,758 ​ $ 552,159 ​ $ 5,981 ​ $ 558,140 OP Unit redemptions ​ (47,517) ​ — ​ (47,517) ​ (57,318) ​ — ​ (57,318) LTIP Units issued in lieu of cash bonuses (1) ​ 4,066 ​ — ​ 4,066 ​ 3,954 ​ — ​ 3,954 Net income (loss) attributable to redeemable noncontrolling interests ​ (4,818) ​ (140) ​ (4,958) ​ 8,566 ​ 7 ​ 8,573 Other comprehensive loss ​ (2,990) ​ — ​ (2,990) ​ (2,584) ​ — ​ (2,584) Contributions (distributions) ​ (15,629) ​ — ​ (15,629) ​ (15,325) ​ 71 ​ (15,254) Share-based compensation expense ​ 64,611 ​ — ​ 64,611 ​ 63,264 ​ — ​ 63,264 Adjustment to redemption value ​ (81,540) ​ 1,947 ​ (79,593) ​ 53,983 ​ — ​ 53,983 Balance as of the end of the year ​ $ 522,882 ​ $ 7,866 ​ $ 530,748 ​ $ 606,699 ​ $ 6,059 ​ $ 612,758 (1) See Note 14 for additional information.

Property Rental Revenue (Tables

Property Rental Revenue (Tables)	12 Months Ended
	Dec. 31, 2020
Property Rental Revenue
Property Rental Revenue	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ 2020 2019 ​ ​ ​ (In thousands) ​ Fixed ​ $ 420,521 ​ $ 458,329 ​ Variable ​ ​ 38,437 ​ ​ 34,944 ​ Property rental revenue ​ $ 458,958 ​ $ 493,273 ​
Schedule of Operating Lease Payments	​ ​ ​ ​ ​ Year ending December 31, Amount ​ ​ (In thousands) 2021 ​ $ 389,714 2022 ​ 318,306 2023 ​ 271,403 2024 ​ 237,333 2025 ​ 197,946 Thereafter ​ 946,416

Share-Based Payments and Empl_2

Share-Based Payments and Employee Benefits (Tables)	12 Months Ended
	Dec. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Summary of share-based compensation expense	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ 2020 2019 2018 ​ (In thousands) Time-Based LTIP Units ​ $ 14,018 ​ $ 11,386 ​ $ 10,095 Performance-Based LTIP Units ​ 17,815 ​ 8,716 ​ 5,271 LTIP Units ​ 1,100 ​ 1,000 ​ 794 Other equity awards (1) ​ 6,024 ​ 4,535 ​ 3,826 Share-based compensation expense - other ​ 38,957 ​ 25,637 ​ 19,986 Formation Awards ​ 4,242 ​ 5,734 ​ 5,606 OP Units (2) ​ 21,439 ​ 29,826 ​ 29,455 LTIP Units (2) ​ 397 ​ 456 ​ 277 Special Performance-Based LTIP Units (3) ​ 2,663 ​ 2,843 ​ 323 Special Time-Based LTIP Units (3) ​ 2,937 ​ 3,303 ​ 369 Share-based compensation related to Formation Transaction and special equity awards (4) ​ 31,678 ​ 42,162 ​ 36,030 Total share-based compensation expense ​ 70,635 ​ 67,799 ​ 56,016 Less amount capitalized ​ (4,584) ​ (2,526) ​ (3,341) Share-based compensation expense ​ $ 66,051 ​ $ 65,273 ​ $ 52,675 (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 ESPP. (2) Represents share-based compensation expense for LTIP Units and OP Units issued in the Formation Transaction, which are subject to post-Combination employment obligations . (3) Represents equity awards issued related to our successful pursuit of Amazon's new 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.
OP Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Summary of activity	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ Unvested ​ Average Grant- ​ Shares Date Fair Value Unvested as of December 31, 2019 ​ 2,872,252 ​ $ 33.39 Vested (1,351,682) ​ 33.39 Unvested as of December 31, 2020 1,520,570 ​ 33.39
Formation Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Summary of of the significant assumptions of awards	​ ​ ​ ​ ​ Year Ended Expected volatility 27.0% to 29.0% Dividend yield 2.5% to 2.7% Risk-free interest rate 2.8% to 3.0% Expected life 7 years
Summary of activity	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ Unvested ​ Average Grant- ​ Shares Date Fair Value Unvested as of December 31, 2019 ​ 2,484,946 ​ $ 8.81 Vested ​ (782,338) ​ ​ 8.81 Forfeited (5,053) ​ 8.84 Unvested as of December 31, 2020 1,697,555 ​ 8.80
LTIP, Time-Based LTIP and Special Time-Based LTIP Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Summary of of the significant assumptions of awards	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ 2020 2019 2018 Expected volatility 18.0% to 29.0% ​ 18.0% to 24.0% ​ 20.0% to 22.0% Risk-free interest rate 0.3% to 1.5% ​ 2.3% to 2.6% ​ 1.9% to 2.6% Post-grant restriction periods 2 to 3 years ​ 2 to 3 years 2 to 3 years
Summary of activity	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ Unvested ​ Average Grant- ​ Shares Date Fair Value Unvested as of December 31, 2019 ​ 1,095,343 ​ $ 34.35 Granted ​ 526,205 ​ ​ 37.74 Vested ​ (445,859) ​ ​ 34.27 Forfeited ​ (4,138) ​ ​ 36.69 Unvested as of December 31, 2020 ​ 1,171,551 ​ ​ 35.90
Performance-Based LTIP and Special Performance-Based LTIP Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Summary of of the significant assumptions of awards	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ 2020 2019 2018 Expected volatility 15.0% ​ 19.0% to 23.0% ​ 19.9% to 26.0% ​ Dividend yield 2.3% ​ 2.3% to 2.5% ​ 2.5% to 2.7% ​ Risk-free interest rate 1.3% ​ 2.3% to 2.6% ​ 2.3% to 3.0% ​
Summary of activity	​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ Unvested ​ Average Grant- ​ ​ Shares ​ Date Fair Value Unvested as of December 31, 2019 2,117,935 ​ $ 18.55 Granted 593,100 ​ 18.67 Vested ​ (289,727) ​ ​ 15.95 Forfeited / cancelled (294,711) ​ 16.01 Unvested as of December 31, 2020 2,126,597 ​ 19.29
ESPP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Summary of of the significant assumptions of awards	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ 2020 ​ 2019 ​ 2018 Expected volatility 13.0% to 67.0% ​ 18.0% to 28.0% ​ 21.0% Dividend yield 1.1% to 3.3% ​ 2.6% to 3.5% ​ 2.5% Risk-free interest rate 0.1% to 1.7% ​ 2.2% to 2.4% ​ 2.0% Expected life ​ 6 months ​ 6 months ​ 6 months

Transaction and Other Costs (Ta

Transaction and Other Costs (Tables)	12 Months Ended
	Dec. 31, 2020
Transaction and Other Costs
Schedule of transaction and other costs	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ 2020 2019 2018 ​ (In thousands) Relocation of corporate headquarters (1) ​ $ — ​ $ 10,900 ​ $ — Demolition costs (2) ​ ​ 682 ​ ​ 5,432 ​ — Integration and severance costs (3) ​ 3,694 ​ 5,252 ​ 15,907 Completed, potential and pursued transaction expenses ​ 294 ​ 651 ​ 9,008 Other (4) ​ 4,000 ​ 1,000 ​ 2,791 Transaction and other costs ​ $ 8,670 ​ $ 23,235 ​ $ 27,706 (1) In November 2019, we relocated our corporate headquarters. Upon the relocation of our corporate headquarters, we incurred an impairment loss on the right-of-use assets for leases related to our former corporate headquarters as well as other costs. See Note 18 for additional information. (2) For the year ended December 31, 2020, related to 223 23 rd Street and 2250 Crystal Drive (formerly 2300 Crystal Drive). For the year ended December 31, 2019, related to 1900 Crystal Drive. (3) For the year ended December 31, 2018, included transition services provided by our former parent. (4) For the years ended December 31, 2020 and 2019, related to charitable commitments to the Washington Housing Conservancy, a non-profit that acquires and owns affordable workforce housing in the Washington D.C. metropolitan region. For the year ended December 31, 2018, r elated costs associated with the successful pursuit of Amazon's new headquarters at our properties in National Landing for the year ended December 31, 2018.

Interest Expense (Tables)

Interest Expense (Tables)	12 Months Ended
	Dec. 31, 2020
Interest Expense
Schedule of interest expense	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ 2020 2019 2018 ​ (In thousands) Interest expense before capitalized interest ​ $ 70,561 ​ $ 78,313 ​ $ 90,729 Amortization of deferred financing costs ​ 3,315 ​ 3,217 ​ 4,661 Interest expense related to finance lease right-of-use assets ​ ​ 1,450 ​ ​ 921 ​ ​ 922 Net loss (gain) on derivative financial instruments not designated as cash flow hedges: ​ ​ ​ ​ ​ Net unrealized ​ 184 ​ 50 ​ (926) Net realized ​ — ​ — ​ (135) Capitalized interest ​ (13,189) ​ (29,806) ​ (20,804) Interest expense ​ $ 62,321 ​ $ 52,695 ​ $ 74,447

Shareholders' Equity and Earn_2

Shareholders' Equity and Earnings (Loss) Per Common Share (Tables)	12 Months Ended
	Dec. 31, 2020
Shareholders' Equity and Earnings (Loss) Per Common Share
Schedule of basic and diluted earnings per common share to net income (loss)	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ 2020 2019 2018 ​ ​ (In thousands, except per share amounts) Net income (loss) ​ $ (67,261) ​ $ 74,144 ​ $ 46,613 Net (income) loss attributable to redeemable noncontrolling interests ​ 4,958 ​ (8,573) ​ (6,710) Net loss attributable to noncontrolling interests ​ — ​ — ​ 21 Net income (loss) attributable to common shareholders ​ ​ (62,303) ​ ​ 65,571 ​ 39,924 Distributions to participating securities ​ (3,100) ​ (2,489) ​ (2,599) Net income (loss) available to common shareholders - basic and diluted ​ $ (65,403) ​ $ 63,082 ​ $ 37,325 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average number of common shares outstanding - basic and diluted ​ 133,451 ​ 130,687 ​ 119,176 Earnings (loss) per common share - basic and diluted ​ $ (0.49) ​ $ 0.48 ​ 0.31

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	12 Months Ended
	Dec. 31, 2020
Fair Value Measurements
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) December 31, 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivative financial instruments designated as cash flow hedges: ​ ​ ​ ​ Classified as liabilities in "Other liabilities, net" ​ $ 44,222 ​ — ​ $ 44,222 ​ — Derivative financial instruments not designated as cash flow hedges: ​ ​ ​ ​ Classified as assets in "Other assets, net" ​ 35 ​ — ​ 35 ​ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 were reflected in our balance sheets	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2020 ​ December 31, 2019 ​ Carrying ​ Carrying ​ ​ ​ Amount (1) ​ Fair Value ​ Amount (1) ​ Fair Value ​ (In thousands) Financial liabilities: ​ ​ ​ ​ Mortgages payable ​ $ 1,603,869 ​ $ 1,606,470 ​ $ 1,127,848 ​ $ 1,162,890 Revolving credit facility ​ — ​ — ​ 200,000 ​ 200,177 Unsecured term loans ​ 400,000 ​ 399,678 ​ 300,000 ​ 300,607 (1) The carrying amount consists of principal only.

Segment Information (Tables)

Segment Information (Tables)	12 Months Ended
	Dec. 31, 2020
Segment Information
Schedule of components of revenue from third-party real estate services business	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ 2020 2019 2018 ​ (In thousands) Property management fees ​ $ 20,178 ​ $ 22,437 ​ $ 24,831 Asset management fees ​ 9,791 ​ 14,045 ​ 14,910 Development fees (1) ​ 11,496 ​ 15,655 ​ 7,592 Leasing fees ​ 5,594 ​ 7,377 ​ 6,658 Construction management fees ​ 2,966 ​ 1,669 ​ 2,892 Other service revenue ​ 7,255 ​ 4,269 ​ 2,801 Third-party real estate services revenue, excluding reimbursements ​ 57,280 ​ 65,452 ​ 59,684 Reimbursement revenue (2) ​ 56,659 ​ 55,434 ​ 39,015 Third-party real estate services revenue, including reimbursements ​ ​ 113,939 ​ ​ 120,886 ​ ​ 98,699 Third-party real estate services expenses ​ ​ 114,829 ​ ​ 113,495 ​ ​ 89,826 Third-party real estate services revenue less expenses ​ $ (890) ​ $ 7,391 ​ $ 8,873 (1) Estimated development fee revenue totaling $69.8 million as of December 31, 2020 is expected to be recognized over the next seven years as unsatisfied performance obligations are completed. (2) 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 (loss) attributable to common shareholders to consolidated NOI: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ 2020 2019 2018 ​ (In thousands) Net income (loss) attributable to common shareholders ​ $ (62,303) ​ $ 65,571 ​ $ 39,924 Add: ​ ​ ​ Depreciation and amortization expense ​ 221,756 ​ 191,580 ​ 211,436 General and administrative expense: ​ ​ ​ Corporate and other ​ 46,634 ​ 46,822 ​ 33,728 Third-party real estate services ​ 114,829 ​ 113,495 ​ 89,826 Share-based compensation related to Formation Transaction and special equity awards ​ 31,678 ​ 42,162 ​ 36,030 Transaction and other costs ​ 8,670 ​ 23,235 ​ 27,706 Interest expense ​ 62,321 ​ 52,695 ​ 74,447 Loss on extinguishment of debt ​ 62 ​ 5,805 ​ 5,153 Impairment loss ​ ​ 10,232 ​ ​ — ​ ​ — Reduction of gain on bargain purchase ​ — ​ — ​ 7,606 Income tax benefit ​ (4,265) ​ (1,302) ​ (738) Net income (loss) attributable to redeemable noncontrolling interests ​ (4,958) ​ 8,573 ​ 6,710 Less: ​ ​ ​ Third-party real estate services, including reimbursements revenue ​ 113,939 ​ 120,886 ​ 98,699 Other revenue ​ 15,372 ​ 7,638 ​ 6,358 Income (loss) from unconsolidated real estate ventures, net ​ (20,336) ​ (1,395) ​ 39,409 Interest and other income (loss), net ​ (625) ​ 5,385 ​ 15,168 Gain on sale of real estate ​ 59,477 ​ 104,991 ​ 52,183 Net loss attributable to noncontrolling interests ​ ​ — ​ ​ — ​ ​ 21 Consolidated NOI ​ $ 256,829 ​ $ 311,131 ​ $ 319,990 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, 2020 ​ Commercial Multifamily Other Total ​ (In thousands) Property rental revenue ​ $ 345,403 ​ $ 121,559 ​ $ (8,004) ​ $ 458,958 Other property revenue ​ 13,888 ​ 327 ​ 239 ​ 14,454 Total property revenue ​ 359,291 ​ 121,886 ​ (7,765) ​ 473,412 Property expense: ​ ​ ​ ​ ​ Property operating ​ 105,489 ​ 47,508 ​ (7,372) ​ 145,625 Real estate taxes ​ 47,607 ​ 19,233 ​ 4,118 ​ 70,958 Total property expense ​ 153,096 ​ 66,741 ​ (3,254) ​ 216,583 Consolidated NOI ​ $ 206,195 ​ $ 55,145 ​ $ (4,511) ​ $ 256,829 ​ ​ Year Ended December 31, 2019 ​ Commercial Multifamily Other Total ​ ​ (In thousands) Property rental revenue ​ $ 383,311 ​ $ 116,330 ​ $ (6,368) ​ $ 493,273 Other property revenue ​ 25,593 ​ 380 ​ — ​ 25,973 Total property revenue ​ 408,904 ​ 116,710 ​ (6,368) ​ 519,246 Property expense: ​ ​ ​ ​ Property operating ​ 113,177 ​ 35,236 ​ (10,791) ​ 137,622 Real estate taxes ​ 50,115 ​ 15,021 ​ 5,357 ​ 70,493 Total property expense ​ 163,292 ​ 50,257 ​ (5,434) ​ 208,115 Consolidated NOI ​ $ 245,612 ​ $ 66,453 ​ $ (934) ​ $ 311,131 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, 2018 ​ Commercial Multifamily Other Total ​ ​ (In thousands) Property rental revenue ​ $ 404,826 ​ $ 108,989 ​ $ (368) ​ $ 513,447 Other property revenue ​ 25,216 ​ 368 ​ 94 ​ 25,678 Total property revenue ​ 430,042 ​ 109,357 ​ (274) ​ 539,125 Property expense: ​ ​ ​ ​ ​ Property operating ​ 118,288 ​ 31,502 ​ (1,709) ​ 148,081 Real estate taxes ​ 53,324 ​ 14,280 ​ 3,450 ​ 71,054 Total property expense ​ 171,612 ​ 45,782 ​ 1,741 ​ 219,135 Consolidated NOI ​ $ 258,430 ​ $ 63,575 ​ $ (2,015) ​ $ 319,990 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commercial Multifamily Other Total ​ ​ (In thousands) December 31, 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Real estate, at cost ​ $ 3,459,171 ​ $ 2,036,131 ​ $ 505,329 ​ $ 6,000,631 Investments in unconsolidated real estate ventures ​ 327,798 ​ 108,593 ​ 24,978 ​ 461,369 Total assets (1) ​ 3,430,509 ​ 1,787,718 ​ 861,320 ​ 6,079,547 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 4 for additional information .

Commitments and Contingencies (

Commitments and Contingencies (Tables)	12 Months Ended
	Dec. 31, 2020
Commitments and Contingencies
Schedule of future minimum lease payments under our non-cancellable operating leases	​ ​ ​ ​ ​ ​ ​ ​ Year ending December 31, Operating Finance ​ ​ (In thousands) 2021 ​ $ 2,550 ​ $ 1,020 2022 ​ 2,266 ​ 1,040 2023 ​ 1,202 ​ 1,061 2024 ​ 1,263 ​ 1,082 2025 ​ 1,327 ​ 1,104 Thereafter ​ 6,259 ​ 298,822 Total future minimum lease payments ​ 14,867 ​ 304,129 Imputed interest ​ (4,115) ​ (263,908) Total (1) ​ $ 10,752 ​ $ 40,221
Schedule of future minimum lease payments under our non-cancellable finance leases	​ ​ ​ ​ ​ ​ ​ ​ Year ending December 31, Operating Finance ​ ​ (In thousands) 2021 ​ $ 2,550 ​ $ 1,020 2022 ​ 2,266 ​ 1,040 2023 ​ 1,202 ​ 1,061 2024 ​ 1,263 ​ 1,082 2025 ​ 1,327 ​ 1,104 Thereafter ​ 6,259 ​ 298,822 Total future minimum lease payments ​ 14,867 ​ 304,129 Imputed interest ​ (4,115) ​ (263,908) Total (1) ​ $ 10,752 ​ $ 40,221

Quarterly Financial Data (una_2

Quarterly Financial Data (unaudited) (Tables)	12 Months Ended
	Dec. 31, 2020
Quarterly Financial Data (unaudited)
Schedule of quarterly financial data	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ First ​ Second ​ Third ​ Fourth 2020 Quarter (1) Quarter (2) (3) Quarter (2) Quarter (2) (4) ​ ​ (In thousands, except per share data) Total revenue ​ $ 158,107 ​ $ 144,952 ​ $ 151,035 ​ $ 148,629 Net income (loss) ​ 48,175 ​ (40,263) ​ (25,005) ​ (50,168) Net income (loss) attributable to common shareholders ​ 42,925 ​ (36,780) ​ (22,793) ​ (45,655) Earnings (loss) per share - basic and diluted ​ 0.32 ​ (0.28) ​ (0.18) ​ (0.36) (1) During the first quarter of 2020, we recognized a gain on the sale of real estate of $59.5 million from the sale of Metropolitan Park. (2) Beginning in the second quarter of 2020, as a result of COVID-19, we have experienced significantly decreased retail revenue, which has resulted in increased credit losses and write-offs against rent receivables, decreased multifamily revenue due to lower occupancy and higher concession, a decline in parking revenue, depressed near-term leasing activity in our commercial and multifamily portfolios and increased interest expense from borrowings. (3) During the second quarter of 2020, we recorded a $6.5 million impairment loss related to our investment in our former unconsolidated real estate venture that owns The Marriott Wardman Park. (4) During the fourth quarter of 2020, in connection with the preparation and review of our 2020 annual financial statements, we recorded a $10.2 million impairment loss due to the write-down of One Democracy Plaza, a commercial real estate asset located in Bethesda, Maryland, to its estimated fair value. Additionally, during the fourth quarter of 2020, we recorded $15.0 million against deferred (straight-line) rent receivables and $8.2 million of income associated with certain lease guarantees. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ First ​ Second ​ Third ​ Fourth 2019 Quarter (1) Quarter Quarter (2) Quarter (3) ​ ​ (In thousands, except per share data) Total revenue ​ $ 155,199 ​ $ 160,617 ​ $ 167,077 ​ $ 164,877 Net income (loss) ​ 28,248 ​ (3,328) ​ 10,532 ​ 38,692 Net income (loss) attributable to common shareholders ​ 24,861 ​ (3,040) ​ 9,360 ​ 34,390 Earnings (loss) per share - basic and diluted ​ 0.20 ​ (0.03) ​ 0.06 ​ 0.25 (1) During the first quarter of 2019, we recognized a gain on the sale of real estate of $39.0 million from the sale of Commerce Executive/Commerce Metro Land. (2) During the third quarter of 2019, we recognized a gain on the sale of real estate of $8.1 million from the sale of 1600 K Street. (3) During the fourth quarter of 2019, we recognized an aggregate gain on the sale of real estate of $57.9 million, from the sale of Vienna Retail, and the partial sale and remeasurement of our remaining interest subsequent to the transfer of control in the real estate venture that owns Central Place Tower. Additionally, during the fourth quarter of 2019, we incurred an impairment loss of $10.2 million and certain additional expenses related to the relocation of our corporate headquarters .

Organization and Basis of Pre_3

Organization and Basis of Presentation - Narrative (Details) $ in Billions	Dec. 31, 2020USD ($)ft²propertyitem
Real Estate Properties [Line Items]
Number of Real Estate Properties	62
Under-construction assets
Real Estate Properties [Line Items]
Number of Real Estate Properties	2
Near-term Development
Real Estate Properties [Line Items]
Number of Real Estate Properties	10
Area of real estate property | ft²	5,600,000
Future Development
Real Estate Properties [Line Items]
Number of Real Estate Properties	29
Area of real estate property | ft²	14,800,000
Commercial Real Estate
Real Estate Properties [Line Items]
Number of Real Estate Properties	41
Area of real estate property | ft²	13,000,000
Multifamily
Real Estate Properties [Line Items]
Number of Real Estate Properties	21
Number of Units in Real Estate Property | item	7,800
Multifamily | Under-construction assets
Real Estate Properties [Line Items]
Number of Real Estate Properties | item	1
Number of Units in Real Estate Property | item	322
Wholly Owned Properties | Future Development
Real Estate Properties [Line Items]
Area of real estate property | ft²	12,000,000
Wholly Owned Properties | Commercial Real Estate
Real Estate Properties [Line Items]
Area of real estate property | ft²	11,100,000
Wholly Owned Properties | Commercial Real Estate | Under-construction assets
Real Estate Properties [Line Items]
Number of Real Estate Properties	1
Area of real estate property | ft²	274,000
Wholly Owned Properties | Multifamily
Real Estate Properties [Line Items]
Number of Units in Real Estate Property | item	5,999
Wholly Owned Properties | Multifamily | Under-construction assets
Real Estate Properties [Line Items]
Number of Units in Real Estate Property | item	161
Virginia Tech's
Real Estate Properties [Line Items]
Investments | $	$ 1
JBG Smith, LP
Real Estate Properties [Line Items]
Ownership interest by parent	90.50%

Organization and Basis of Pre_4

Organization and Basis of Presentation Schedule of Revenue by Major Customer (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Disaggregation of Revenue [Line Items]
Revenues	$ 148,629	$ 151,035	$ 144,952	$ 158,107	$ 164,877	$ 167,077	$ 160,617	$ 155,199	$ 602,723	$ 647,770	$ 644,182
Government Contracts Concentration Risk
Disaggregation of Revenue [Line Items]
Revenues									$ 84,086	$ 86,644	$ 94,822
Government Contracts Concentration Risk | Sales Revenue, Segment
Disaggregation of Revenue [Line Items]
Concentration Risk, Percentage									23.40%	21.20%	22.00%
Government Contracts Concentration Risk | Sales Revenue, Net
Disaggregation of Revenue [Line Items]
Concentration Risk, Percentage									17.80%	16.70%	17.60%

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Details) - USD ($) $ in Millions	3 Months Ended		12 Months Ended
	Dec. 31, 2020	Jun. 30, 2020	Dec. 31, 2020
Lessor, Lease, Description [Line Items]
Tenant revenue (as a percent)			7.00%
Lease deferral requests granted - COVID			$ 4.3
Credit losses against billed rent receivables - COVID			11.2
Credit losses against deferred (straight-line) rent receivables - COVID	$ 15		19.6
Income from lease guarantees	$ 8.2		$ 8.2
Minimum
Lessor, Lease, Description [Line Items]
Estimated useful lives			3 years
Maximum
Lessor, Lease, Description [Line Items]
Estimated useful lives			40 years
Pacific Life Insurance Company | The Marriott Wardman Park hotel
Lessor, Lease, Description [Line Items]
Impairment loss		$ 6.5

The Combination (Details)

The Combination (Details) - USD ($) $ in Thousands, shares in Millions	Jul. 18, 2017	Dec. 31, 2018	Dec. 31, 2017
Business Acquisition
Reduction of gain on bargain purchase		$ 7,606
JBG Companies
Business Acquisition
Common shares and OP Units	37.2
Cash	$ 20,600
Aggregate total consideration	$ 1,200,000
Business combination gain on bargain purchase			$ 24,400
Reduction of gain on bargain purchase		$ 7,600

Acquisitions, Dispositions an_3

Acquisitions, Dispositions and Assets Held for Sale - Acquisitions (Details)	1 Months Ended	12 Months Ended
	Dec. 31, 2020USD ($)aft²propertyitem	Dec. 31, 2019USD ($)ft²item	Dec. 31, 2018USD ($)
Number of Real Estate Properties | property	62
Multifamily
Number of Units in Real Estate Property | item	7,800
Number of Real Estate Properties | property	21
Future Development Parcel and Other Assets
Area of real estate property | a	1.4
Aggregate total consideration	$ 65,000,000
Business Acquisition, Transaction Costs	688,000
Former Americana Hotel Site
Cash	47,300,000
Deferred payment until approval of certain entitlements	$ 20,000,000
Former Americana Hotel Site | Maximum
Area of real estate property | ft²	550,000
Acquisition of Other Parcels
Cash	$ 17,700,000
Number of Real Estate Properties | property	3
F1RST Residences | Multifamily | Washington, D.C.
Number of Units in Real Estate Property | item		325
Area of real estate property | ft²		21,000
Cash		$ 160,500,000
Business Acquisition, Transaction Costs		$ 4,700,000
Land Parcel and West Half Investment
Cash			$ 28,000,000

Acquisitions, Dispositions an_4

Acquisitions, Dispositions and Assets Held for Sale - Dispositions and Assets Held for Sale (Details)	Jan. 15, 2020USD ($)ft²	Oct. 31, 2020USD ($)	Jun. 30, 2020USD ($)	Dec. 31, 2019USD ($)ft²	Mar. 31, 2020USD ($)	Dec. 31, 2020USD ($)ft²	Dec. 31, 2019USD ($)ft²property	Dec. 31, 2018USD ($)property	Mar. 31, 2019USD ($)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Cash Proceeds From Sale						$ 154,493,000	$ 377,511,000	$ 413,077,000
Gain (loss) on sale of real estate						59,477,000	104,991,000	52,183,000
Assets held for sale				$ 168,412,000		73,876,000	$ 168,412,000
Woodglen | Landmark
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain (loss) on sale of real estate			$ (3,000,000)			(3,000,000)
Central Place Tower | Unconsolidated Real Estate Venture
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Equity method investment ownership percentage sold				50.00%			50.00%
Area of real estate property | ft²				552,000			552,000
Cash Proceeds From Sale				$ 220,000,000			$ 220,000,000
Gain (loss) on sale of real estate							$ 53,400,000
Pickett Industrial Park | CBREI Venture
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain (loss) on sale of real estate		$ 800,000				$ 800,000
Disposal Group, Held-for-sale | Arlington, Virginia
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Area of real estate property | ft²				4,230			4,230
Assets held for sale				$ 168,412,000			$ 168,412,000
Disposal Group, Held-for-sale | Metropolitan Park | Arlington, Virginia
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Area of real estate property | ft²				2,150			2,150
Assets held for sale				$ 94,517,000			$ 94,517,000
Disposal Group, Held-for-sale | Pen Place | Arlington, Virginia
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Area of real estate property | ft²				2,080		2,080	2,080
Gross Sales Price									$ 149,900,000
Assets held for sale				$ 73,895,000		$ 73,876,000	$ 73,895,000
Disposal Group, Disposed of by Sale | Metropolitan Park
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain (loss) on sale of real estate					$ 59,500,000
Disposal Group, Disposed of by Sale | Metropolitan Park | Arlington, Virginia
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Area of real estate property | ft²	2,150
Gross Sales Price	$ 154,952,000
Cash Proceeds From Sale	154,493,000
Gain (loss) on sale of real estate	$ 59,477,000
Disposal Group, Disposed of by Sale | Commercial Assets And Real Estate Venture
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain (loss) on sale of real estate							$ 105,000,000
Disposal Group, Disposed of by Sale | Commercial Assets, Future Development Asset and Multifamily Asset
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Cash Proceeds From Sale								427,400,000
Gain (loss) on sale of real estate								$ 52,200,000
Disposal Group, Disposed of by Sale | Commercial Assets
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of real estate properties sold | property							3	4
Cash Proceeds From Sale							$ 165,400,000

Tenant and Other Receivables (D

Tenant and Other Receivables (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Tenant and Other Receivables
Tenants	$ 39,077	$ 37,823
Third-party real estate services	15,658	14,541
Other	1,168	577
Total tenant and other receivables, net	55,903	$ 52,941
Lease guarantee receivables	$ 8,200

Investments in Unconsolidated_3

Investments in Unconsolidated Real Estate Ventures - Summary of Composition of Investments (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Jun. 30, 2020	Dec. 31, 2019
Schedule of Equity Method Investments [Line Items]
Total investments in unconsolidated real estate ventures	$ 461,369		$ 543,026
Difference between the investments in unconsolidated real estate ventures and the net book value of the underlying assets	$ 18,900		14,300
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	$ 216,939		215,624
Landmark
Schedule of Equity Method Investments [Line Items]
Total investments in unconsolidated real estate ventures	$ 66,724		77,944
Landmark | Minimum
Schedule of Equity Method Investments [Line Items]
Equity Method Investment, Ownership Percentage	1.80%
Landmark | Maximum
Schedule of Equity Method Investments [Line Items]
Equity Method Investment, Ownership Percentage	49.00%
CBREI Venture
Schedule of Equity Method Investments [Line Items]
Total investments in unconsolidated real estate ventures	$ 65,190		68,405
CBREI Venture | Minimum
Schedule of Equity Method Investments [Line Items]
Equity Method Investment, Ownership Percentage	5.00%
CBREI Venture | Maximum
Schedule of Equity Method Investments [Line Items]
Equity Method Investment, Ownership Percentage	64.00%
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	$ 47,522		109,911
Berkshire Group
Schedule of Equity Method Investments [Line Items]
Equity Method Investment, Ownership Percentage	50.00%
Total investments in unconsolidated real estate ventures	$ 50,649		46,391
Brandywine Realty Trust
Schedule of Equity Method Investments [Line Items]
Equity Method Investment, Ownership Percentage	30.00%
Total investments in unconsolidated real estate ventures	$ 13,710		13,830
Pacific Life Insurance Company
Schedule of Equity Method Investments [Line Items]
Total investments in unconsolidated real estate ventures		$ 0	10,385
Other
Schedule of Equity Method Investments [Line Items]
Total investments in unconsolidated real estate ventures	$ 635		$ 536

Investments in Unconsolidated_4

Investments in Unconsolidated Real Estate Ventures - Narrative (Details)	1 Months Ended								3 Months Ended	12 Months Ended
	Oct. 31, 2020USD ($)	Jun. 30, 2020USD ($)	Apr. 30, 2020USD ($)	Dec. 31, 2019USD ($)ft²	Dec. 31, 2018USD ($)ft²	Aug. 31, 2018USD ($)ft²	Feb. 28, 2018USD ($)	Jan. 31, 2018USD ($)	Jun. 30, 2020USD ($)	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)ft²	Dec. 31, 2018USD ($)ft²	Dec. 31, 2017
Schedule of Equity Method Investments [Line Items]
Proceeds from sale of real estate										$ 154,493,000	$ 377,511,000	$ 413,077,000
Gain (loss) on sale of real estate										59,477,000	104,991,000	52,183,000
Proceeds from sale of equity method investment												80,279,000
Income (loss) from unconsolidated real estate ventures, net										(20,336,000)	(1,395,000)	39,409,000
Investments in unconsolidated real estate ventures				$ 543,026,000						461,369,000	543,026,000
Distributions of capital from unconsolidated real estate ventures										71,065,000	7,557,000	14,408,000
Landmark
Schedule of Equity Method Investments [Line Items]
Investments in unconsolidated real estate ventures				$ 77,944,000						66,724,000	77,944,000
Landmark | Woodglen
Schedule of Equity Method Investments [Line Items]
Gain (loss) on sale of real estate		$ (3,000,000)								(3,000,000)
Investments in Unconsolidated Real Estate Ventures
Schedule of Equity Method Investments [Line Items]
Property Management Fee Revenue										25,500,000	$ 28,500,000	26,100,000
Unconsolidated Real Estate Venture | Central Place Tower
Schedule of Equity Method Investments [Line Items]
Equity method investment ownership percentage sold				50.00%							50.00%
Equity Method Investment, Ownership Percentage				50.00%							50.00%
Area of real estate property | ft²				552,000							552,000
Proceeds from sale of real estate				$ 220,000,000							$ 220,000,000
Gain (loss) on sale of real estate											53,400,000
Pacific Life Insurance Company
Schedule of Equity Method Investments [Line Items]
Investments in unconsolidated real estate ventures		0		10,385,000					$ 0		10,385,000
Pacific Life Insurance Company | The Marriott Wardman Park hotel
Schedule of Equity Method Investments [Line Items]
Equity Method Investment, Ownership Percentage								16.67%
Payments to Acquire Interest in Joint Venture								$ 10,100,000
Impairment loss									6,500,000
CBREI Venture
Schedule of Equity Method Investments [Line Items]
Investments in unconsolidated real estate ventures				68,405,000						65,190,000	68,405,000
CBREI Venture | Pickett Industrial Park
Schedule of Equity Method Investments [Line Items]
Gain (loss) on sale of real estate	$ 800,000									$ 800,000
Canadian Pension Plan Investment Board (CPPIB)
Schedule of Equity Method Investments [Line Items]
Equity Method Investment, Ownership Percentage										55.00%
Investments in unconsolidated real estate ventures				109,911,000						$ 47,522,000	109,911,000
Canadian Pension Plan Investment Board (CPPIB) | 1101 17th Street
Schedule of Equity Method Investments [Line Items]
Negative investment balance recognized as income												5,400,000
Income (loss) from unconsolidated real estate ventures, net											6,400,000	8,300,000
Investments in unconsolidated real estate ventures				$ 0						$ 0	$ 0
Canadian Pension Plan Investment Board (CPPIB) | The Warner
Schedule of Equity Method Investments [Line Items]
Gain (loss) on sale of real estate												20,600,000
Canadian Pension Plan Investment Board (CPPIB) | 1900 N Street
Schedule of Equity Method Investments [Line Items]
Equity Method Investment, Ownership Percentage							100.00%
Payments to Acquire Interest in Joint Venture							$ 95,900,000
Equity Method Investment, Ownership Percentage After Funding Of Contributions										55.00%
Distributions of capital from unconsolidated real estate ventures									$ 70,800,000
JP Morgan | Investment Building
Schedule of Equity Method Investments [Line Items]
Equity method investment ownership percentage sold						5.00%
Area of real estate property | ft²						401,000
Proceeds from sale of equity method investment						$ 24,600,000
Gain (loss) from sale												$ 15,500,000
Landmark Venture Partner | Landmark | Woodglen
Schedule of Equity Method Investments [Line Items]
Proceeds from sale of real estate		$ 17,800,000
Gain (loss) on sale of real estate										$ (16,400,000)
Repayments of secured debt										12,200,000
Legacy JBG Funds | Pacific Life Insurance Company | The Marriott Wardman Park hotel
Schedule of Equity Method Investments [Line Items]
Equity Method Investment, Ownership Percentage													47.64%
CBREI Venture Partner | CBREI Venture | Pickett Industrial Park
Schedule of Equity Method Investments [Line Items]
Proceeds from sale of real estate	46,300,000
Gain (loss) on sale of real estate										$ 8,000,000
Repayments of secured debt	$ 23,600,000
CPPIB Venture Partner | Canadian Pension Plan Investment Board (CPPIB) | The Warner
Schedule of Equity Method Investments [Line Items]
Area of real estate property | ft²					583,000							583,000
Proceeds from sale of real estate					$ 376,500,000
Gain (loss) on sale of real estate												$ 32,500,000
Repayments of secured debt					$ 270,500,000
CPPIB Venture Partner | Canadian Pension Plan Investment Board (CPPIB) | 1900 N Street
Schedule of Equity Method Investments [Line Items]
Equity Method Investment, Ownership Percentage										45.00%
Long-term Purchase Commitment, Amount							$ 101,300,000
Maximum borrowing capacity			$ 160,000,000
Proceeds from issuance of mortgage loan			$ 134,500,000

Investments in Unconsolidated_5

Investments in Unconsolidated Real Estate Ventures - Summary of Debt (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Investments in Unconsolidated Real Estate Ventures
Variable rate, weighted average interest rate	2.52%
Variable rate	$ 863,617	$ 629,479
Fixed rate, weighted average interest rate	4.01%
Fixed rate	$ 323,050	561,236
Mortgages payable	1,186,667	1,190,715
Unamortized deferred financing costs	(7,479)	(2,859)
Mortgages payable, net	$ 1,179,188	$ 1,187,856

Investments in Unconsolidated_6

Investments in Unconsolidated Real Estate Ventures - Financial Information - Table (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Combined balance sheet information:
Real estate, net	$ 2,247,384	$ 2,493,961
Other assets, net	270,516	291,092
Total assets	2,517,900	2,785,053
Mortgages payable	1,179,188	1,187,856
Other liabilities, net	140,304	168,243
Total liabilities	1,319,492	1,356,099
Total equity	1,198,408	1,428,954
Total liabilities and equity	2,517,900	2,785,053
Combined income statement information:
Total revenue	203,456	266,653	$ 300,032
Operating income (loss)	(21,639)	18,041	56,262
Net loss	$ (65,756)	$ (32,507)	$ (1,155,000)

Investments in Unconsolidated_7

Investments in Unconsolidated Real Estate Ventures - Financial Information - Narrative (Details) - USD ($)	1 Months Ended		12 Months Ended
	Oct. 31, 2020	Jun. 30, 2020	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Schedule of Equity Method Investments [Line Items]
Gain (loss) on sale of real estate			$ 59,477,000	$ 104,991,000	$ 52,183,000
Landmark | Woodglen
Schedule of Equity Method Investments [Line Items]
Gain (loss) on sale of real estate		$ (3,000,000)	(3,000,000)
CBREI Venture | Pickett Industrial Park
Schedule of Equity Method Investments [Line Items]
Gain (loss) on sale of real estate	$ 800,000		800,000
Canadian Pension Plan Investment Board (CPPIB) | The Warner
Schedule of Equity Method Investments [Line Items]
Gain (loss) on sale of real estate					20,600,000
Landmark Venture Partner | Landmark | Woodglen
Schedule of Equity Method Investments [Line Items]
Gain (loss) on sale of real estate			(16,400,000)
CPPIB Venture Partner | Canadian Pension Plan Investment Board (CPPIB) | The Warner
Schedule of Equity Method Investments [Line Items]
Gain (loss) on sale of real estate					$ 32,500,000
CBREI Venture Partner | CBREI Venture | Pickett Industrial Park
Schedule of Equity Method Investments [Line Items]
Gain (loss) on sale of real estate			$ 8,000,000

Variable Interest Entities (Det

Variable Interest Entities (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Variable Interest Entity [Line Items]
Assets	$ 6,079,547	$ 5,986,251
JBG Smith, LP
Variable Interest Entity [Line Items]
Ownership interest by parent	90.50%
Variable Interest Entity, Not Primary Beneficiary
Variable Interest Entity [Line Items]
Assets	$ 116,200	$ 242,900

Other Assets, Net - Summary (De

Other Assets, Net - Summary (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Other Assets, Net
Deferred leasing costs, net	$ 117,141	$ 126,016
Lease intangible assets, net	15,565	23,644
Other identified intangible assets, net	43,012	48,620
Operating lease right-of-use assets	3,542	19,865
Finance lease right-of-use assets (1)	41,996
Prepaid expenses	14,000	12,556
Deferred financing costs on credit facility, net	6,656	3,071
Deposits	28,560	3,210
Other	16,103	16,705
Total other assets, net	286,575	$ 253,687
Deposit to acquire wireless spectrum licenses	$ 25,300

Other Assets, Net - Composition

Other Assets, Net - Composition (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Schedule of Other Intangible Assets [Line Items]
Deferred leasing costs, Gross	$ 202,940	$ 205,830
Deferred leasing costs, Accumulated Amortization	(85,799)	(79,814)
Deferred leasing costs, Net	117,141	126,016
Lease intangible assets, Gross	34,878	42,447
Lease intangible assets, Assets, Accumulated Amortization	(19,313)	(18,803)
Lease intangible assets, Net	15,565	23,644
Other identified intangible assets, Gross	63,400	66,156
Other identified intangible assets, Accumulated Amortization	(20,388)	(17,536)
Other identified intangible assets, Net	43,012	48,620
In-place lease
Schedule of Other Intangible Assets [Line Items]
Lease intangible assets, Gross	27,363	33,812
Lease intangible assets, Assets, Accumulated Amortization	(15,027)	(15,231)
Lease intangible assets, Net	12,336	18,581
Above-market real estate lease
Schedule of Other Intangible Assets [Line Items]
Lease intangible assets, Gross	7,515	8,635
Lease intangible assets, Assets, Accumulated Amortization	(4,286)	(3,572)
Lease intangible assets, Net	3,229	5,063
Option to enter into ground lease
Schedule of Other Intangible Assets [Line Items]
Other identified intangible assets, Gross	17,090	17,090
Other identified intangible assets, Net	17,090	17,090
Management and leasing contract
Schedule of Other Intangible Assets [Line Items]
Other identified intangible assets, Gross	45,900	48,900
Other identified intangible assets, Accumulated Amortization	(20,388)	(17,385)
Other identified intangible assets, Net	25,512	31,515
Other
Schedule of Other Intangible Assets [Line Items]
Other identified intangible assets, Gross	410	166
Other identified intangible assets, Accumulated Amortization		(151)
Other identified intangible assets, Net	$ 410	$ 15

Other Assets, Net - Amortizatio

Other Assets, Net - Amortization Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Finite-Lived Intangible Assets
Amortization of intangible assets	$ 13,295	$ 15,953	$ 21,561
In-place lease
Finite-Lived Intangible Assets
Amortization of intangible assets	5,695	7,375	11,807
Above-market real estate lease
Finite-Lived Intangible Assets
Amortization of intangible assets	1,582	1,730	2,390
Below-market ground lease amortization
Finite-Lived Intangible Assets
Amortization of intangible assets			85
Management and leasing contract
Finite-Lived Intangible Assets
Amortization of intangible assets	6,002	7,088	7,088
Other
Finite-Lived Intangible Assets
Amortization of intangible assets	$ 16	$ (240)	$ 191

Other Assets, Net - Estimated A

Other Assets, Net - Estimated Amortization of Intangible Assets (Details) $ in Thousands	Dec. 31, 2020USD ($)
Other Assets, Net
2021	$ 9,690
2022	8,662
2023	8,199
2024	7,841
2025	3,571
Thereafter	3,524
Total	$ 41,487

Debt - Schedule of Mortgages Pa

Debt - Schedule of Mortgages Payable (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Long-term Debt, Gross	$ 2,003,869
Mortgages Payable
Debt Instrument [Line Items]
Variable interest rate	2.18%
Variable rate amount	$ 678,346	$ 2,200
Fixed interest rate	4.32%
Fixed rate amount	$ 925,523	1,125,648
Long-term Debt, Gross	1,603,869	1,127,848
Unamortized deferred financing costs and premium/ discount, net	(10,131)	(2,071)
Long-term debt, net	$ 1,593,738	$ 1,125,777

Debt - Narrative (Details)

Debt - Narrative (Details) $ in Thousands	1 Months Ended	12 Months Ended
	Dec. 31, 2020USD ($)	Dec. 31, 2020USD ($)loan	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)
Mortgages and Line of Credit Facility [Line Items]
Loss on extinguishment of debt		$ 62	$ 5,805	$ 5,153
Mortgages Payable
Mortgages and Line of Credit Facility [Line Items]
Net carrying value of real estate collateralizing the mortgages payable	$ 1,800,000	1,800,000	1,400,000
Aggregate borrowings under mortgages payable			2,200
Repayments of secured debt			709,100
Loss on extinguishment of debt			5,800
Payment for debt extinguishment or debt prepayment cost			2,900
Derivative, loss on derivative			2,900
Mortgages Payable | Interest rate swaps and caps
Mortgages and Line of Credit Facility [Line Items]
Derivative notional amount	1,300,000	1,300,000	867,600
Derivative entered into - aggregate notional value		560,000
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
Credit Facility | Tranche A-1 Term Loan
Mortgages and Line of Credit Facility [Line Items]
Credit facility, maximum borrowing capacity	200,000	200,000
Credit Facility | Tranche A-2 Term Loan
Mortgages and Line of Credit Facility [Line Items]
Credit facility, maximum borrowing capacity	200,000	$ 200,000
Minimum | London Interbank Offered Rate (LIBOR) | Credit Facility | Revolving Credit Facility
Mortgages and Line of Credit Facility [Line Items]
Debt Instrument basis spread on variable rate		1.05%
Minimum | London Interbank Offered Rate (LIBOR) | Credit Facility | Tranche A-1 Term Loan
Mortgages and Line of Credit Facility [Line Items]
Debt Instrument basis spread on variable rate		1.20%
Minimum | London Interbank Offered Rate (LIBOR) | Credit Facility | Tranche A-2 Term Loan
Mortgages and Line of Credit Facility [Line Items]
Debt Instrument basis spread on variable rate		1.15%
Maximum | London Interbank Offered Rate (LIBOR) | Credit Facility | Revolving Credit Facility
Mortgages and Line of Credit Facility [Line Items]
Debt Instrument basis spread on variable rate		1.50%
Maximum | London Interbank Offered Rate (LIBOR) | Credit Facility | Tranche A-1 Term Loan
Mortgages and Line of Credit Facility [Line Items]
Debt Instrument basis spread on variable rate		1.70%
Maximum | London Interbank Offered Rate (LIBOR) | Credit Facility | Tranche A-2 Term Loan
Mortgages and Line of Credit Facility [Line Items]
Debt Instrument basis spread on variable rate		1.70%
4747 Bethesda Avenue, The Bartlett, 1221 Van Street and 220 20th Street
Mortgages and Line of Credit Facility [Line Items]
Number of mortgage loans | loan		4
Principal amount	560,000	$ 560,000
RTC West
Mortgages and Line of Credit Facility [Line Items]
Increase in principal balance		$ 20,200
West End25
Mortgages and Line of Credit Facility [Line Items]
Repayments of secured debt	$ 94,700
Central Place Tower | Mortgages Payable | Interest rate swaps and caps
Mortgages and Line of Credit Facility [Line Items]
Derivative terminated - aggregate notional value			$ 220,000

Debt - Summary of Amounts Outst

Debt - Summary of Amounts Outstanding under the Credit Facility (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Line of Credit Facility [Line Items]
Debt, gross	$ 2,003,869
Deferred financing costs on credit facility	$ 6,656	$ 3,071
Credit Facility | Revolving Credit Facility
Line of Credit Facility [Line Items]
Effective interest rate	1.19%
Long-term debt, net		200,000
Aggregate face amount outstanding	$ 1,500	1,500
Percentage of line of credit facility	0.15%
Credit Facility | Revolving Credit Facility | Other Assets Net
Line of Credit Facility [Line Items]
Deferred financing costs on credit facility	$ 6,700	3,100
Credit Facility | Tranche A-1 Term Loan
Line of Credit Facility [Line Items]
Effective interest rate	2.59%
Debt, gross	$ 200,000	100,000
Credit Facility | Tranche A-1 Term Loan | Interest rate swap
Line of Credit Facility [Line Items]
Derivative notional amount	$ 200,000	100,000
Weighted average interest rate	1.39%
Credit Facility | Tranche A-2 Term Loan
Line of Credit Facility [Line Items]
Effective interest rate	2.49%
Debt, gross	$ 200,000	200,000
Credit Facility | Tranche A-2 Term Loan | Interest rate swap
Line of Credit Facility [Line Items]
Derivative notional amount	$ 200,000	137,600
Weighted average interest rate	1.34%
Credit Facility | Tranche A-1 and A-2 Loans
Line of Credit Facility [Line Items]
Debt, gross	$ 400,000	300,000
Unamortized deferred financing costs, net	(2,021)	(2,705)
Long-term debt, net	$ 397,979	$ 297,295

Debt - Principal Maturities (De

Debt - Principal Maturities (Details) $ in Thousands	Dec. 31, 2020USD ($)
Debt
2021	$ 5,611
2022	112,516
2023	373,344
2024	322,571
2025	558,890
Thereafter	630,937
Debt, gross	$ 2,003,869

Other Liabilities, Net (Details

Other Liabilities, Net (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Other Liabilities, Net
Lease intangible liabilities	$ 33,256	$ 38,577
Accumulated amortization	(22,956)	(26,253)
Total intangible liabilities	10,300	12,324
Lease assumption liabilities	10,126	17,589
Lease incentive liabilities	13,913	20,854
Liabilities related to operating lease right-of-use assets	$ 10,752	$ 28,476
Operating Lease, Liability, Statement of Financial Position [Extensible List]	Total other liabilities, net	Total other liabilities, net
Liabilities related to finance lease right-of-use assets	$ 40,221
Prepaid rent	19,809	$ 23,612
Security deposits	13,654	16,348
Environmental liabilities	18,242	17,898
Net deferred tax liability	2,509	5,542
Dividends payable	34,075	34,012
Derivative agreements, at fair value	44,222	17,440
Deferred Purchase Price	19,479
Other	10,472	11,947
Total other liabilities, net	247,774	206,042
Amortization of Intangible Liabilities	$ 2,000	$ 2,500	$ 2,600

Other Liabilities, Net - Amorti

Other Liabilities, Net - Amortization of Intangible Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Other Liabilities, Net
2021	$ 1,807
2022	1,788
2023	1,780
2024	1,762
2025	1,221
Thereafter	1,942
Total intangible liabilities	$ 10,300	$ 12,324

Income Taxes - Narrative (Detai

Income Taxes - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Federal income tax expense	$ (4,265)	$ (1,302)	$ (738)
Net operating loss	11,000
Federal income tax basis difference	168,000
Deferred tax liabilities net	$ 2,509	$ 5,542
Dividends cash declared	$ 0.90	$ 0.90	$ 1
Regular dividends			0.90
Common share and special dividend			0.10
Taxable ordinary income federal income tax purposes	0.405	0.468	0.531
Capital gain distributions	0.27	$ 0.432	$ 0.469
Capital gain distributions remaining	$ 0.225
Subsidiaries
Federal income tax expense	$ 0

Income Taxes - Schedule of Comp

Income Taxes - Schedule of Components of Income Tax Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Income Taxes
Current tax benefit (expense)	$ 1,232	$ (34)	$ 20
Deferred tax benefit	3,033	1,336	718
Income tax benefit	$ 4,265	$ 1,302	$ 738

Income Taxes - Schedule of Defe

Income Taxes - Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Income Taxes
Accrued bonus	$ 1,921	$ 721
NOL	2,770	915
Deferred revenue		626
Capital loss	1,283
Charitable contributions	1,533	435
Other	265	217
Total deferred tax assets	7,772	2,914
Valuation allowance	(2,072)	(523)
Total deferred tax assets, net of valuation allowance	5,700	2,391
Basis difference - intangible assets	(5,887)	(7,412)
Basis difference - real estate	(2,164)
Other	(158)	(521)
Total deferred tax liabilities	(8,209)	(7,933)
Net deferred tax liability	$ (2,509)	$ (5,542)

Redeemable Noncontrolling Int_3

Redeemable Noncontrolling Interests - Narrative (Details) - shares	2 Months Ended	12 Months Ended
	Feb. 23, 2021	Dec. 31, 2020	Dec. 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]
Conversion of common limited partnership units to common shares	93,978	1,300,000	1,700,000
JBG Smith, LP
Noncontrolling Interest [Line Items]
Ownership interest by parent		90.50%
JBG Smith, LP | OP Units
Noncontrolling Interest [Line Items]
Units outstanding		13,800,000
Ownership interest by parent		9.50%
Consolidated Real Estate Venture
Noncontrolling Interest [Line Items]
Ownership interest by parent		96.00%

Redeemable Noncontrolling Int_4

Redeemable Noncontrolling Interests - Summary of the Activity of Redeemable Noncontrolling Interests (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Temporary Equity
Balance as of the beginning of the year	$ 612,758	$ 558,140
OP Unit redemptions	(47,517)	(57,318)
LTIP Units issued in lieu of cash bonuses (1)	4,066	3,954
Net income (loss) attributable to redeemable noncontrolling interests	(4,958)	8,573
Other comprehensive loss	(2,990)	(2,584)
Contributions (distributions)	(15,629)	(15,254)
Share-based compensation expense	64,611	63,264
Adjustment to redemption value	(79,593)	53,983
Balance as of the end of the year	530,748	612,758
JBG Smith, LP
Temporary Equity
Balance as of the beginning of the year	606,699	552,159
OP Unit redemptions	(47,517)	(57,318)
LTIP Units issued in lieu of cash bonuses (1)	4,066	3,954
Net income (loss) attributable to redeemable noncontrolling interests	(4,818)	8,566
Other comprehensive loss	(2,990)	(2,584)
Contributions (distributions)	(15,629)	(15,325)
Share-based compensation expense	64,611	63,264
Adjustment to redemption value	(81,540)	53,983
Balance as of the end of the year	522,882	606,699
Consolidated Real Estate Venture
Temporary Equity
Balance as of the beginning of the year	6,059	5,981
Net income (loss) attributable to redeemable noncontrolling interests	(140)	7
Contributions (distributions)		71
Adjustment to redemption value	1,947
Balance as of the end of the year	$ 7,866	$ 6,059

Property Rental Revenue (Detail

Property Rental Revenue (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Property Rental Revenue
Fixed	$ 420,521	$ 458,329
Variable	38,437	34,944
Property rental revenue	$ 458,958	$ 493,273	$ 513,447

Property Rental Revenue (Deta_2

Property Rental Revenue (Details) $ in Thousands	Dec. 31, 2020USD ($)
Property Rental Revenue
2021	$ 389,714
2022	318,306
2023	271,403
2024	237,333
2025	197,946
Thereafter	$ 946,416

Share-Based Payments and Empl_3

Share-Based Payments and Employee Benefits - OP Units (Details) - OP Units - USD ($) $ / shares in Units, $ in Millions	Jul. 18, 2017	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Share-based Compensation Arrangement by Share-based Payment Award
Equity grants (in shares)	3,300,000
Estimated grant-date fair value	$ 110.6
Unvested Shares
Beginning balance		2,872,252
Vested		(1,351,682)
Ending balance		1,520,570	2,872,252
Weighted Average Grant-Date Fair Value
Beginning balance		$ 33.39
Vested (in dollars per share)		33.39
Ending balance		$ 33.39	$ 33.39
Total-grant date fair value for vested awards		$ 45.1	$ 4.3	$ 3.2
Minimum
Share-based Compensation Arrangement by Share-based Payment Award
Vesting over period	12 months
Maximum
Share-based Compensation Arrangement by Share-based Payment Award
Vesting over period	60 months

Share-Based Payments and Empl_4

Share-Based Payments and Employee Benefits - Omnibus Share Plan and Formation Awards (Details) - USD ($)	Jul. 18, 2017	Jan. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Jul. 17, 2017
Share-based Compensation Arrangement by Share-based Payment Award
Fair value of awards on grant date		$ 24,400,000
Compensation expense recognition period (in years)			1 year 9 months 18 days
Omnibus Share Plan, 2017
Share-based Compensation Arrangement by Share-based Payment Award
Number of shares authorized						10,300,000
Shares available for grant			3,100,000
Formation Awards
Share-based Compensation Arrangement by Share-based Payment Award
Granted (in shares)	2,700,000		0	0	93,784
Notional value	$ 100,000,000
Weighted average price	$ 37.10				$ 34.40
Vesting over period			10 years
Fair value of awards on grant date					$ 725,000
Compensation expense recognition period (in years)			5 years
Expected life			7 years
Unvested Shares
Beginning balance		1,697,555	2,484,946
Vested			(782,338)
Forfeited			(5,053)
Ending balance			1,697,555	2,484,946
Weighted Average Grant-Date Fair Value
Beginning balance		$ 8.80	$ 8.81
Vested (in dollars per share)			8.81
Forfeited			8.84
Ending balance			$ 8.80	$ 8.81
Total-grant date fair value for vested awards			$ 6,900,000	$ 1,400,000	$ 333,000
Tranche One | Formation Awards
Share-based Compensation Arrangement by Share-based Payment Award
Vesting (as a percent)			25.00%
Tranche Two | Formation Awards
Share-based Compensation Arrangement by Share-based Payment Award
Vesting (as a percent)			50.00%
Minimum | Formation Awards
Share-based Compensation Arrangement by Share-based Payment Award
Expected volatility					27.00%
Dividend yield					2.50%
Risk-free interest rate					2.80%
Maximum | Formation Awards
Share-based Compensation Arrangement by Share-based Payment Award
Expected volatility					29.00%
Dividend yield					2.70%
Risk-free interest rate					3.00%

Share-Based Payments and Empl_5

Share-Based Payments and Employee Benefits - LTIP, Time-Based LTIP and Special Time-Based LTIP Units (Details) - USD ($)	1 Months Ended	12 Months Ended
	Jan. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Additional Disclosures [Abstract]
Fair value of awards on grant date	$ 24,400,000
Compensation expense recognition period (in years)		1 year 9 months 18 days
Time-Based LTIP Units
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Additional Disclosures [Abstract]
Vesting period		4 years
Vesting (as a percent)		25.00%
Compensation expense recognition period (in years)		4 years
Unvested Shares
Granted (in shares)	485,753	381,504	351,982	367,519
Weighted Average Grant-Date Fair Value
Granted		$ 38.52	$ 34.26	$ 31.48
LTIP, Time-Based LTIP and Special Time-Based LTIP Units
Share-based Compensation Arrangement by Share-based Payment Award
Total-grant date fair value for vested awards		$ 15,300,000	$ 12,000,000	$ 3,600,000
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Additional Disclosures [Abstract]
Fair value of awards on grant date		$ 19,900,000	$ 17,000,000	$ 25,500,000
Unvested Shares
Beginning balance	1,171,551	1,095,343
Granted (in shares)		526,205
Vested		(445,859)
Forfeited		(4,138)
Ending balance		1,171,551	1,095,343
Weighted Average Grant-Date Fair Value
Beginning balance	$ 35.90	$ 34.35
Granted		37.74
Vested (in dollars per share)		34.27
Forfeited		36.69
Ending balance		$ 35.90	$ 34.35
LTIP Units
Share-based Compensation Arrangement by Share-based Payment Award
Total-grant date fair value for vested awards	$ 4,800,000
Special Time-Based LTIP Units
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Additional Disclosures [Abstract]
Compensation expense recognition period (in years)				5 years
Unvested Shares
Granted (in shares)				356,591
Weighted Average Grant-Date Fair Value
Granted				$ 36.84
Management | LTIP Units
Unvested Shares
Granted (in shares)		90,094	91,636
Weighted Average Grant-Date Fair Value
Granted		$ 40.13	$ 34.21
Director | LTIP Units
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Additional Disclosures [Abstract]
Fair value of awards on grant date		$ 1,500,000	$ 1,800,000	$ 794,000
Unvested Shares
Granted (in shares)		54,607	50,159	25,770
Minimum | LTIP, Time-Based LTIP and Special Time-Based LTIP Units
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Additional Disclosures [Abstract]
Expected volatility		18.00%	18.00%	20.00%
Risk-free interest rate		0.30%	2.30%	1.90%
Post-grant restriction periods		2 years	2 years	2 years
Maximum | LTIP, Time-Based LTIP and Special Time-Based LTIP Units
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Additional Disclosures [Abstract]
Expected volatility		29.00%	24.00%	22.00%
Risk-free interest rate		1.50%	2.60%	2.60%
Post-grant restriction periods		3 years	3 years	3 years
Tranche One | Special Time-Based LTIP Units
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Additional Disclosures [Abstract]
Vesting (as a percent)				50.00%

Share-Based Payments and Empl_6

Share-Based Payments and Employee Benefits - Performance-Based LTIP Units (Details) - USD ($) $ / shares in Units, $ in Millions	Feb. 02, 2018	Aug. 01, 2017	Jan. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Share-based Compensation Arrangement by Share-based Payment Award
Fair value of awards on grant date			$ 24.4
Compensation expense recognition period (in years)				1 year 9 months 18 days
Performance Shares and Special Performance-Based LTIP Units
Share-based Compensation Arrangement by Share-based Payment Award
Fair value of awards on grant date				$ 11.1	$ 9.3	$ 21.1
Expected volatility				15.00%
Dividend yield				2.30%
Risk-free interest rate				1.30%
Total-grant date fair value for vested awards				$ 4.6
Unvested Shares
Beginning balance			2,126,597	2,117,935
Granted (in shares)				593,100
Vested				(289,727)
Forfeited/cancelled				(294,711)
Ending balance				2,126,597	2,117,935
Weighted Average Grant-Date Fair Value
Beginning balance			$ 19.29	$ 18.55
Granted				18.67
Vested (in dollars per share)				15.95
Forfeited/cancelled				16.01
Ending balance				$ 19.29	$ 18.55
Performance-Based LTIP Units
Share-based Compensation Arrangement by Share-based Payment Award
Vesting period	3 years	3 years	3 years	3 years
Compensation expense recognition period (in years)				4 years
Units forfeited (as a percentage)				50.00%
Units earned (as a percent)			100.00%	50.00%
Unvested Shares
Granted (in shares)			627,874	593,100	478,411	567,106
Performance-Based LTIP Units | Tranche One
Share-based Compensation Arrangement by Share-based Payment Award
Vesting (as a percent)				50.00%
Performance-Based LTIP Units | Tranche Two
Share-based Compensation Arrangement by Share-based Payment Award
Vesting (as a percent)				50.00%
Performance-Based LTIP Units | If Positive Absolute Total Shareholder Return, Not Achieved
Share-based Compensation Arrangement by Share-based Payment Award
Vesting period				3 years
Performance-Based LTIP Units | If Positive Absolute Total Shareholder Return, Achieved
Share-based Compensation Arrangement by Share-based Payment Award
Vesting period				7 years
Special Performance-Based LTIP Units
Share-based Compensation Arrangement by Share-based Payment Award
Compensation expense recognition period (in years)				5 years
Unvested Shares
Granted (in shares)						511,555
Minimum | Performance Shares and Special Performance-Based LTIP Units
Share-based Compensation Arrangement by Share-based Payment Award
Expected volatility					19.00%	19.90%
Dividend yield					2.30%	2.50%
Risk-free interest rate					2.30%	2.30%
Maximum | Performance Shares and Special Performance-Based LTIP Units
Share-based Compensation Arrangement by Share-based Payment Award
Expected volatility					23.00%	26.00%
Dividend yield					2.50%	2.70%
Risk-free interest rate					2.60%	3.00%

Share-Based Payments and Empl_7

Share-Based Payments and Employee Benefits - ESPP (Details) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Share-based Compensation Arrangement by Share-based Payment Award
Proceeds from common stock issued pursuant to ESPP	$ 1,715,000	$ 1,457,000	$ 597,000
ESPP
Share-based Compensation Arrangement by Share-based Payment Award
Number of shares authorized	2,100,000
Option to purchase	$ 25,000
Percentage of discount	15.00%
Percentage of total number of outstanding common shares	0.10%
Common shares	206,600
Common shares issued pursuant to employee share purchase plan (in shares)	68,047	47,022	20,178
Proceeds from common stock issued pursuant to ESPP	$ 1,700,000	$ 1,500,000	$ 597,000
Expected volatility			21.00%
Dividend yield			2.50%
Risk-free interest rate			2.00%
Post-grant restriction periods	6 months	6 months	6 months
Common shares available for issuance	1,900,000
Minimum | ESPP
Share-based Compensation Arrangement by Share-based Payment Award
Expected volatility	13.00%	18.00%
Dividend yield	1.10%	2.60%
Risk-free interest rate	0.10%	2.20%
Maximum | ESPP
Share-based Compensation Arrangement by Share-based Payment Award
Expected volatility	67.00%	28.00%
Dividend yield	3.30%	3.50%
Risk-free interest rate	1.70%	2.40%

Share-Based Payments and Empl_8

Share-Based Payments and Employee Benefits - Summary of Share-Based Compensation Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Share-based Compensation Arrangement by Share-based Payment Award
Total share-based compensation expense	$ 70,635	$ 67,799	$ 56,016
Less amount capitalized	(4,584)	(2,526)	(3,341)
Share-based compensation expense	66,051	65,273	52,675
Total unrecognized compensation expense	$ 46,500
Compensation expense recognition period (in years)	1 year 9 months 18 days
Share Based Compensation - Other
Share-based Compensation Arrangement by Share-based Payment Award
Total share-based compensation expense	$ 38,957	25,637	19,986
Time-Based LTIP Units
Share-based Compensation Arrangement by Share-based Payment Award
Total share-based compensation expense	$ 14,018	11,386	10,095
Compensation expense recognition period (in years)	4 years
Performance-Based LTIP Units
Share-based Compensation Arrangement by Share-based Payment Award
Total share-based compensation expense	$ 17,815	8,716	5,271
Compensation expense recognition period (in years)	4 years
LTIP Units
Share-based Compensation Arrangement by Share-based Payment Award
Total share-based compensation expense	$ 1,100	1,000	794
Other Equity Awards
Share-based Compensation Arrangement by Share-based Payment Award
Total share-based compensation expense	6,024	4,535	3,826
Share Based Compensation Related To Formation Transaction and Special Equity Awards
Share-based Compensation Arrangement by Share-based Payment Award
Total share-based compensation expense	31,678	42,162	36,030
Formation Awards
Share-based Compensation Arrangement by Share-based Payment Award
Total share-based compensation expense	$ 4,242	5,734	5,606
Compensation expense recognition period (in years)	5 years
OP Units
Share-based Compensation Arrangement by Share-based Payment Award
Total share-based compensation expense	$ 21,439	29,826	29,455
LTIP Units
Share-based Compensation Arrangement by Share-based Payment Award
Total share-based compensation expense	397	456	277
Special Performance-Based LTIP Units
Share-based Compensation Arrangement by Share-based Payment Award
Total share-based compensation expense	$ 2,663	2,843	323
Compensation expense recognition period (in years)	5 years
Special Time-Based LTIP Units
Share-based Compensation Arrangement by Share-based Payment Award
Total share-based compensation expense	$ 2,937	$ 3,303	$ 369
Compensation expense recognition period (in years)			5 years

Share-Based Payments and Empl_9

Share-Based Payments and Employee Benefits - Contributions (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Share-Based Payments and Employee Benefits
Employer matching contribution vesting period	1 year
Contributions	$ 2.2	$ 2	$ 1.8

Share-Based Payments and Emp_10

Share-Based Payments and Employee Benefits - 2021 Grants (Details) - USD ($) $ in Millions	1 Months Ended	12 Months Ended
	Jan. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Share-based Compensation Arrangement by Share-based Payment Award
Total grant date fair value	$ 24.4
Time-Based LTIP Units
Share-based Compensation Arrangement by Share-based Payment Award
Granted (in shares)	485,753	381,504	351,982	367,519
Performance-Based LTIP Units
Share-based Compensation Arrangement by Share-based Payment Award
Granted (in shares)	627,874	593,100	478,411	567,106
Time-Based RSUs
Share-based Compensation Arrangement by Share-based Payment Award
Granted (in shares)	18,343
Performance-Based RSUs
Share-based Compensation Arrangement by Share-based Payment Award
Granted (in shares)	11,886
LTIP Units
Share-based Compensation Arrangement by Share-based Payment Award
Fully vested grants (in shares)	163,065
Total-grant date fair value for vested awards	$ 4.8

Transaction and Other Costs (De

Transaction and Other Costs (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Transaction and Other Costs
Relocation of corporate headquarters		$ 10,900
Demolition Costs	$ 682	5,432
Integration and severance costs	3,694	5,252	$ 15,907
Completed, potential and pursued transaction expenses	294	651	9,008
Other	4,000	1,000	2,791
Transaction and other costs	$ 8,670	$ 23,235	$ 27,706

Interest Expense (Details)

Interest Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Interest Expense
Interest expense before capitalized interest	$ 70,561	$ 78,313	$ 90,729
Amortization of deferred financing costs	3,315	3,217	4,661
Interest expense related to finance lease right-of-use assets	1,450	921	922
Net unrealized	184	50	(926)
Net realized			(135)
Capitalized interest	(13,189)	(29,806)	(20,804)
Interest expense	$ 62,321	$ 52,695	$ 74,447

Shareholders' Equity and Earn_3

Shareholders' Equity and Earnings (Loss) Per Common Share - Common Shares Repurchased (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended	2 Months Ended	12 Months Ended
	Apr. 30, 2019	Feb. 23, 2021	Dec. 31, 2020	Dec. 31, 2019	Mar. 31, 2020
Sale of stock
Authorized value of shares for repurchase					$ 500,000
Repurchase and retired common shares		270,862	3,800,000
Repurchase and retired common shares, Value		$ 8,100	$ 104,800
Average purchase price		$ 29.93	$ 27.72
Shares issued	11,500,000
Public offering per share	$ 42
Proceeds from common stock	$ 472,800			$ 472,780
Over-Allotment Option
Sale of stock
Shares issued	1,500,000

Shareholders' Equity and Earn_4

Shareholders' Equity and Earnings (Loss) Per Common Share - Basic and Diluted Earnings (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Shareholders' Equity and Earnings (Loss) Per Common Share
Net income (loss)	$ (50,168)	$ (25,005)	$ (40,263)	$ 48,175	$ 38,692	$ 10,532	$ (3,328)	$ 28,248	$ (67,261)	$ 74,144	$ 46,613
Net (income) loss attributable to redeemable noncontrolling interests									4,958	(8,573)	(6,710)
Net loss attributable to noncontrolling interests											(21)
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON SHAREHOLDERS	$ (45,655)	$ (22,793)	$ (36,780)	$ 42,925	$ 34,390	$ 9,360	$ (3,040)	$ 24,861	(62,303)	65,571	39,924
Distributions to participating securities									(3,100)	(2,489)	(2,599)
Net income (loss) available to common shareholders - basic and diluted									$ (65,403)	$ 63,082	$ 37,325
Weighted average number of common shares outstanding - basic and diluted									133,451	130,687	119,176
Earnings (loss) per common share - basic and diluted	$ (0.36)	$ (0.18)	$ (0.28)	$ 0.32	$ 0.25	$ 0.06	$ (0.03)	$ 0.20	$ (0.49)	$ 0.48	$ 0.31

Shareholders' Equity and Earn_5

Shareholders' Equity and Earnings (Loss) Per Common Share - Antidilutive (Details) shares in Millions	12 Months Ended
	Dec. 31, 2020shares
Performance-Based LTIP Units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	4.7
Special Performance-Based LTIP Units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	4.7
Formation Awards
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	3.9

Fair Value Measurements - Narra

Fair Value Measurements - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2020	Dec. 31, 2019
Fair Value
Net unrealized loss on derivative designated as cash flow hedge			$ 43,900	$ 17,700
Loss expected to be reclassified into interest expense within the next 12 months			17,500
Impairment loss	$ 10,200	$ 10,200	10,232
One Democracy Plaza
Fair Value
Impairment loss			$ 3,300

Fair Value Measurements - Sched

Fair Value Measurements - Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis (Details) - Interest rate swaps and caps - Recurring - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Other Assets Net | Not Designated as Hedging Instrument
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Classified as assets in Other assets, net	$ 35
Other Assets Net | Not Designated as Hedging Instrument | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Classified as assets in Other assets, net	35
Other Liabilities, Net | Designated as Hedging Instrument
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Classified as liabilities in Other liabilities, net	44,222	$ 17,440
Other Liabilities, Net | Designated as Hedging Instrument | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Classified as liabilities in Other liabilities, net	$ 44,222	$ 17,440

Fair Value Measurements - Finan

Fair Value Measurements - Financial Assets and Liabilities Not Measured at Fair Value (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Mortgages Payable | Fair Value
Financial liabilities:
Financial liabilities	$ 1,606,470	$ 1,162,890
Mortgages Payable | Carrying Amount
Financial liabilities:
Financial liabilities	1,603,869	1,127,848
Revolving Credit Facility | Fair Value
Financial liabilities:
Financial liabilities		200,177
Revolving Credit Facility | Carrying Amount
Financial liabilities:
Financial liabilities		200,000
Unsecured term loans | Fair Value
Financial liabilities:
Financial liabilities	399,678	300,607
Unsecured term loans | Carrying Amount
Financial liabilities:
Financial liabilities	$ 400,000	$ 300,000

Segment Information - Narrative

Segment Information - Narrative (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2020USD ($)segment	Dec. 31, 2019USD ($)
Segment Reporting Information
Number of reportable segments | segment	3
Other assets, net	$ 286,575	$ 253,687
Third-Party Real Estate Services Segment
Segment Reporting Information
Other assets, net	$ 25,500	$ 31,500

Segment Information - Summary o

Segment Information - Summary of Third-party Asset Management and Real Estate Services (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Segment Reporting Information
Third-party real estate services revenue, excluding reimbursements	$ 57,280	$ 65,452	$ 59,684
Reimbursements revenue	56,659	55,434	39,015
Third-party real estate services revenue, including reimbursements	113,939	120,886	98,699
Third-party real estate services expenses	114,829	113,495	89,826
Third-party real estate services revenue less expenses	(890)	7,391	8,873
Property management fees
Segment Reporting Information
Third-party real estate services revenue, excluding reimbursements	20,178	22,437	24,831
Asset management fees
Segment Reporting Information
Third-party real estate services revenue, excluding reimbursements	9,791	14,045	14,910
Development fees
Segment Reporting Information
Third-party real estate services revenue, excluding reimbursements	11,496	15,655	7,592
Development fees | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-01-01
Segment Reporting Information
Revenue, Remaining Performance Obligation, Amount	$ 69,800
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period	7 years
Leasing fees
Segment Reporting Information
Third-party real estate services revenue, excluding reimbursements	$ 5,594	7,377	6,658
Construction management fees
Segment Reporting Information
Third-party real estate services revenue, excluding reimbursements	2,966	1,669	2,892
Other service revenue
Segment Reporting Information
Third-party real estate services revenue, excluding reimbursements	$ 7,255	$ 4,269	$ 2,801

Segment Information - Schedule

Segment Information - Schedule of Reconciliation of Net Income (loss) Attributable to Common Shareholders to Consolidated NOI (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Segment Information
Net income (loss) attributable to common shareholders	$ (45,655)	$ (22,793)	$ (36,780)	$ 42,925	$ 34,390	$ 9,360	$ (3,040)	$ 24,861	$ (62,303)	$ 65,571	$ 39,924
Depreciation and amortization expense									221,756	191,580	211,436
Corporate and other									46,634	46,822	33,728
Third-party real estate services									114,829	113,495	89,826
Share-based compensation related to Formation Transaction and special equity awards									31,678	42,162	36,030
Transaction and other costs									8,670	23,235	27,706
Interest expense									62,321	52,695	74,447
Loss on extinguishment of debt									62	5,805	5,153
Impairment loss	$ 10,200				$ 10,200				10,232
Reduction of gain on bargain purchase											7,606
Income tax benefit									(4,265)	(1,302)	(738)
Net income (loss) attributable to redeemable noncontrolling interests									(4,958)	8,573	6,710
Third-party real estate services, including reimbursements revenue									113,939	120,886	98,699
Other revenue									15,372	7,638	6,358
Income (loss) from unconsolidated real estate ventures, net									(20,336)	(1,395)	39,409
Interest and other income (loss), net									(625)	5,385	15,168
Gain on sale of real estate									59,477	104,991	52,183
Net loss attributable to noncontrolling interests											21
Consolidated NOI									$ 256,829	$ 311,131	$ 319,990

Segment Information - Summary_2

Segment Information - Summary of NOI by Segment (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Segment Reporting Information
Property rental revenue	$ 458,958	$ 493,273	$ 513,447
Other property revenue	14,454	25,973	25,678
Total rental revenue	473,412	519,246	539,125
Property operating	145,625	137,622	148,081
Real estate taxes	70,958	70,493	71,054
Total property expense	216,583	208,115	219,135
Consolidated NOI	256,829	311,131	319,990
Operating Segments | Commercial Segment
Segment Reporting Information
Property rental revenue	345,403	383,311	404,826
Other property revenue	13,888	25,593	25,216
Total rental revenue	359,291	408,904	430,042
Property operating	105,489	113,177	118,288
Real estate taxes	47,607	50,115	53,324
Total property expense	153,096	163,292	171,612
Consolidated NOI	206,195	245,612	258,430
Operating Segments | Multifamily
Segment Reporting Information
Property rental revenue	121,559	116,330	108,989
Other property revenue	327	380	368
Total rental revenue	121,886	116,710	109,357
Property operating	47,508	35,236	31,502
Real estate taxes	19,233	15,021	14,280
Total property expense	66,741	50,257	45,782
Consolidated NOI	55,145	66,453	63,575
Other
Segment Reporting Information
Property rental revenue	(8,004)	(6,368)	(368)
Other property revenue	239		94
Total rental revenue	(7,765)	(6,368)	(274)
Property operating	(7,372)	(10,791)	(1,709)
Real estate taxes	4,118	5,357	3,450
Total property expense	(3,254)	(5,434)	1,741
Consolidated NOI	$ (4,511)	$ (934)	$ (2,015)

Segment Information - Summary_3

Segment Information - Summary of Certain Balance Sheet Data by Segment (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Segment Reporting Information
Real estate, at cost	$ 6,000,631	$ 5,775,519
Investments in unconsolidated real estate ventures	461,369	543,026
Total assets (1)	6,079,547	5,986,251
Operating Segments | Commercial Segment
Segment Reporting Information
Real estate, at cost	3,459,171	3,415,294
Investments in unconsolidated real estate ventures	327,798	396,199
Total assets (1)	3,430,509	3,361,122
Operating Segments | Multifamily
Segment Reporting Information
Real estate, at cost	2,036,131	1,998,297
Investments in unconsolidated real estate ventures	108,593	107,882
Total assets (1)	1,787,718	1,682,872
Other
Segment Reporting Information
Real estate, at cost	505,329	361,928
Investments in unconsolidated real estate ventures	24,978	38,945
Total assets (1)	$ 861,320	$ 942,257

Commitments and Contingencies -

Commitments and Contingencies - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Real Estate Properties [Line Items]
General liability insurance limit	$ 150,000
Property and rental value insurance coverage limit	1,500,000
Terrorist acts insurance coverage limit	2,000,000
Purchase obligation	18,900
Environmental liabilities included in Other liabilities, net	18,242	$ 17,898
Tenant-related obligations	56,100
Consolidated Properties
Real Estate Properties [Line Items]
Purchase obligation	9,600
Tenant-related obligations	52,300
Principal payment guarantees	8,300
Unconsolidated Properties
Real Estate Properties [Line Items]
Purchase obligation	9,300
Additional capital funding committed amount	56,100
Tenant-related obligations	3,800
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

Commitments and Contingencies_2

Commitments and Contingencies - Operating and Finance Leases (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Commitments and Contingencies
Operating lease, weighted average discount rate	5.40%
Finance lease, weighted average discount rate	4.20%
Operating lease, weighted average remaining lease term	10 years 10 months 24 days
Finance lease, weighted average remaining lease term	98 years
Operating lease
2021	$ 2,550
2022	2,266
2023	1,202
2024	1,263
2025	1,327
Thereafter	6,259
Total future minimum lease payments	14,867
Imputed interest	(4,115)
Total	10,752	$ 28,476
Finance lease
2021	1,020
2022	1,040
2023	1,061
2024	1,082
2025	1,104
Thereafter	298,822
Finance Lease, Liability, Payment, Due, Total	304,129
Imputed interest	(263,908)
Total	40,221
Fixed operating and finance lease costs	2,900	2,300
Variable operating lease costs	$ 1,600	$ 1,300

Transactions with Related Par_2

Transactions with Related Parties (Details) - Affiliated Entity - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Washington Housing Initiative
Related Party Transaction [Line Items]
Total capital commitments	$ 114.4
Commitment	11.2
Supervisory Services of Properties | BMS
Related Party Transaction [Line Items]
Related party transaction amount	16.9	$ 21.8	$ 20.9
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	22.4	36.5	33.8
Receivables	7.5	6.2
Office Rent | Unconsolidated Real Estate Venture
Related Party Transaction [Line Items]
Related party transaction amount	$ 4.6	$ 5	$ 4.9

Quarterly Financial Data (una_3

Quarterly Financial Data (unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Total revenue	$ 148,629	$ 151,035	$ 144,952	$ 158,107	$ 164,877	$ 167,077	$ 160,617	$ 155,199	$ 602,723	$ 647,770	$ 644,182
Net income (loss)	(50,168)	(25,005)	(40,263)	48,175	38,692	10,532	(3,328)	28,248	(67,261)	74,144	46,613
Net income (loss) attributable to common shareholders	$ (45,655)	$ (22,793)	$ (36,780)	$ 42,925	$ 34,390	$ 9,360	$ (3,040)	$ 24,861	$ (62,303)	$ 65,571	$ 39,924
Earnings (loss) per common share - basic and diluted	$ (0.36)	$ (0.18)	$ (0.28)	$ 0.32	$ 0.25	$ 0.06	$ (0.03)	$ 0.20	$ (0.49)	$ 0.48	$ 0.31
Gain on sale of real estate									$ 59,477	$ 104,991	$ 52,183
Impairment loss	$ 10,200				$ 10,200				10,232
Credit losses against deferred (straight-line) rent receivables - COVID	15,000								19,600
Income from lease guarantees	$ 8,200								$ 8,200
Pacific Life Insurance Company | The Marriott Wardman Park hotel
Impairment loss			$ 6,500
Disposal Group, Disposed of by Sale | Metropolitan Park
Gain on sale of real estate				$ 59,500
Disposal Group, Disposed of by Sale | Commerce Executive/Commerce Metro Land
Gain on sale of real estate								$ 39,000
Disposal Group, Disposed of by Sale | 1600 K Street
Gain on sale of real estate						$ 8,100
Disposal Group, Disposed of by Sale | Vienna Retail and Central Place Tower
Gain on sale of real estate					$ 57,900

Schedule II - VALUATION AND Q_2

Schedule II - VALUATION AND QUALIFYING ACCOUNTS (Details) - Allowance for Doubtful Accounts $ in Thousands	12 Months Ended
	Dec. 31, 2018USD ($)
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items]
Beginning balance	$ 6,285
Additions, Charged Against Operations	3,298
Uncollectible Accounts Writtenoff	(1,989)
Ending balance	$ 7,594

Schedule III - REAL ESTATE AN_2

Schedule III - REAL ESTATE AND ACCUMULATED DEPRECIATION - Reconciliation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Schedule III
Encumbrances	$ 2,003,869
Initial Cost to Company, Land and Improvements	1,413,597
Initial Cost to Company, Buildings and Improvements	2,498,457
Cost Capitalized Subsequent to Acquisition	2,162,462
Gross Amounts at Which Carried at Close of Period, Land and Improvements	1,453,442
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements	4,621,074
Gross Amounts at Which Carried at Close of Period, Total	6,074,516	$ 5,943,970	$ 5,895,953	$ 6,025,797
Accumulated Depreciation and Amortization	$ 1,232,699	$ 1,119,612	$ 1,086,844	$ 1,011,330
Life of lease	40 years
Income tax basis difference	$ 168,000
RTC West Trophy Office
Schedule III
Initial Cost to Company, Land and Improvements	8,687
Cost Capitalized Subsequent to Acquisition	2,494
Gross Amounts at Which Carried at Close of Period, Land and Improvements	8,687
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements	2,494
Gross Amounts at Which Carried at Close of Period, Total	$ 11,181
Date Acquired	2017
Operating Real Estate
Schedule III
Encumbrances	$ 2,003,869
Initial Cost to Company, Land and Improvements	1,309,124
Initial Cost to Company, Buildings and Improvements	2,498,402
Cost Capitalized Subsequent to Acquisition	2,193,105
Gross Amounts at Which Carried at Close of Period, Land and Improvements	1,391,472
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements	4,609,159
Gross Amounts at Which Carried at Close of Period, Total	6,000,631
Accumulated Depreciation and Amortization	1,232,690
Operating Real Estate | Universal Buildings, Washington DC
Schedule III
Initial Cost to Company, Land and Improvements	69,393
Initial Cost to Company, Buildings and Improvements	143,320
Cost Capitalized Subsequent to Acquisition	23,146
Gross Amounts at Which Carried at Close of Period, Land and Improvements	68,612
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements	167,247
Gross Amounts at Which Carried at Close of Period, Total	235,859
Accumulated Depreciation and Amortization	$ 60,878
Date of Construction	1956
Date Acquired	2007
Operating Real Estate | 2101 L Street
Schedule III
Encumbrances	$ 131,000
Initial Cost to Company, Land and Improvements	32,815
Initial Cost to Company, Buildings and Improvements	51,642
Cost Capitalized Subsequent to Acquisition	94,947
Gross Amounts at Which Carried at Close of Period, Land and Improvements	39,769
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements	139,635
Gross Amounts at Which Carried at Close of Period, Total	179,404
Accumulated Depreciation and Amortization	$ 48,761
Date of Construction	1975
Date Acquired	2003
Operating Real Estate | 1730 M Street
Schedule III
Encumbrances	$ 47,500
Initial Cost to Company, Land and Improvements	10,095
Initial Cost to Company, Buildings and Improvements	17,541
Cost Capitalized Subsequent to Acquisition	19,631
Gross Amounts at Which Carried at Close of Period, Land and Improvements	10,687
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements	36,580
Gross Amounts at Which Carried at Close of Period, Total	47,267
Accumulated Depreciation and Amortization	$ 15,658
Date of Construction	1964
Date Acquired	2002
Operating Real Estate | 1700 M Street
Schedule III
Initial Cost to Company, Land and Improvements	$ 34,178
Initial Cost to Company, Buildings and Improvements	46,938
Cost Capitalized Subsequent to Acquisition	(26,135)
Gross Amounts at Which Carried at Close of Period, Land and Improvements	54,981
Gross Amounts at Which Carried at Close of Period, Total	$ 54,981
Date Acquired	2002, 2006
Operating Real Estate | Courthouse Plaza 1 and 2
Schedule III
Encumbrances	$ 1,100
Initial Cost to Company, Buildings and Improvements	105,475
Cost Capitalized Subsequent to Acquisition	58,381
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements	163,856
Gross Amounts at Which Carried at Close of Period, Total	163,856
Accumulated Depreciation and Amortization	$ 72,455
Date of Construction	1989
Date Acquired	2002
Operating Real Estate | 2121 Crystal Drive
Schedule III
Encumbrances	$ 131,535
Initial Cost to Company, Land and Improvements	21,503
Initial Cost to Company, Buildings and Improvements	87,329
Cost Capitalized Subsequent to Acquisition	31,082
Gross Amounts at Which Carried at Close of Period, Land and Improvements	22,724
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements	117,190
Gross Amounts at Which Carried at Close of Period, Total	139,914
Accumulated Depreciation and Amortization	$ 53,798
Date of Construction	1985
Date Acquired	2002
Operating Real Estate | 2345 Crystal Drive
Schedule III
Initial Cost to Company, Land and Improvements	$ 23,126
Initial Cost to Company, Buildings and Improvements	93,918
Cost Capitalized Subsequent to Acquisition	57,702
Gross Amounts at Which Carried at Close of Period, Land and Improvements	24,078
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements	150,668
Gross Amounts at Which Carried at Close of Period, Total	174,746
Accumulated Depreciation and Amortization	$ 61,360
Date of Construction	1988
Date Acquired	2002
Operating Real Estate | 2231 Crystal Drive
Schedule III
Initial Cost to Company, Land and Improvements	$ 20,611
Initial Cost to Company, Buildings and Improvements	83,705
Cost Capitalized Subsequent to Acquisition	23,774
Gross Amounts at Which Carried at Close of Period, Land and Improvements	21,658
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements	106,432
Gross Amounts at Which Carried at Close of Period, Total	128,090
Accumulated Depreciation and Amortization	$ 50,663
Date of Construction	1987
Date Acquired	2002
Operating Real Estate | 1550 Crystal Drive
Schedule III
Initial Cost to Company, Land and Improvements	$ 22,182
Initial Cost to Company, Buildings and Improvements	70,525
Cost Capitalized Subsequent to Acquisition	119,676
Gross Amounts at Which Carried at Close of Period, Land and Improvements	22,683
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements	189,700
Gross Amounts at Which Carried at Close of Period, Total	212,383
Accumulated Depreciation and Amortization	$ 46,211
Date of Construction	1980, 2020
Date Acquired	2002
Operating Real Estate | RTC West
Schedule III
Encumbrances	$ 117,300
Initial Cost to Company, Land and Improvements	33,220
Initial Cost to Company, Buildings and Improvements	134,108
Cost Capitalized Subsequent to Acquisition	21,881
Gross Amounts at Which Carried at Close of Period, Land and Improvements	33,390
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements	155,819
Gross Amounts at Which Carried at Close of Period, Total	189,209
Accumulated Depreciation and Amortization	$ 22,995
Date of Construction	1988, 2017
Date Acquired	2017
Operating Real Estate | 2011 Crystal Drive
Schedule III
Initial Cost to Company, Land and Improvements	$ 18,940
Initial Cost to Company, Buildings and Improvements	76,921
Cost Capitalized Subsequent to Acquisition	45,933
Gross Amounts at Which Carried at Close of Period, Land and Improvements	19,595
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements	122,199
Gross Amounts at Which Carried at Close of Period, Total	141,794
Accumulated Depreciation and Amortization	$ 56,536
Date of Construction	1984
Date Acquired	2002
Operating Real Estate | 2451 Crystal Drive
Schedule III
Initial Cost to Company, Land and Improvements	$ 11,669
Initial Cost to Company, Buildings and Improvements	68,047
Cost Capitalized Subsequent to Acquisition	42,182
Gross Amounts at Which Carried at Close of Period, Land and Improvements	12,427
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements	109,471
Gross Amounts at Which Carried at Close of Period, Total	121,898
Accumulated Depreciation and Amortization	$ 46,209
Date of Construction	1990
Date Acquired	2002
Operating Real Estate | 1235 S. Clark Street
Schedule III
Encumbrances	$ 78,000
Initial Cost to Company, Land and Improvements	15,826
Initial Cost to Company, Buildings and Improvements	56,090
Cost Capitalized Subsequent to Acquisition	32,773
Gross Amounts at Which Carried at Close of Period, Land and Improvements	16,593
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements	88,096
Gross Amounts at Which Carried at Close of Period, Total	104,689
Accumulated Depreciation and Amortization	$ 40,881
Date of Construction	1981
Date Acquired	2002
Operating Real Estate | 241 18th Street S.
Schedule III
Initial Cost to Company, Land and Improvements	$ 13,867
Initial Cost to Company, Buildings and Improvements	54,169
Cost Capitalized Subsequent to Acquisition	44,708
Gross Amounts at Which Carried at Close of Period, Land and Improvements	17,162
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements	95,582
Gross Amounts at Which Carried at Close of Period, Total	112,744
Accumulated Depreciation and Amortization	$ 41,724
Date of Construction	1977
Date Acquired	2002
Operating Real Estate | 251 18th Street S.
Schedule III
Encumbrances	$ 34,152
Initial Cost to Company, Land and Improvements	12,305
Initial Cost to Company, Buildings and Improvements	49,360
Cost Capitalized Subsequent to Acquisition	59,837
Gross Amounts at Which Carried at Close of Period, Land and Improvements	15,990
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements	105,512
Gross Amounts at Which Carried at Close of Period, Total	121,502
Accumulated Depreciation and Amortization	$ 50,350
Date of Construction	1975
Date Acquired	2002
Operating Real Estate | 1215 S. Clark Street
Schedule III
Initial Cost to Company, Land and Improvements	$ 13,636
Initial Cost to Company, Buildings and Improvements	48,380
Cost Capitalized Subsequent to Acquisition	55,332
Gross Amounts at Which Carried at Close of Period, Land and Improvements	14,279
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements	103,069
Gross Amounts at Which Carried at Close of Period, Total	117,348
Accumulated Depreciation and Amortization	$ 41,309
Date of Construction	1983
Date Acquired	2002
Operating Real Estate | 201 12th Street S.
Schedule III
Encumbrances	$ 32,728
Initial Cost to Company, Land and Improvements	8,432
Initial Cost to Company, Buildings and Improvements	52,750
Cost Capitalized Subsequent to Acquisition	25,853
Gross Amounts at Which Carried at Close of Period, Land and Improvements	9,052
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements	77,983
Gross Amounts at Which Carried at Close of Period, Total	87,035
Accumulated Depreciation and Amortization	$ 37,083
Date of Construction	1987
Date Acquired	2002
Operating Real Estate | 800 North Glebe Road
Schedule III
Encumbrances	$ 107,500
Initial Cost to Company, Land and Improvements	28,168
Initial Cost to Company, Buildings and Improvements	140,983
Cost Capitalized Subsequent to Acquisition	2,313
Gross Amounts at Which Carried at Close of Period, Land and Improvements	28,169
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements	143,295
Gross Amounts at Which Carried at Close of Period, Total	171,464
Accumulated Depreciation and Amortization	$ 20,836
Date of Construction	2012
Date Acquired	2017
Operating Real Estate | 2200 Crystal Drive
Schedule III
Initial Cost to Company, Land and Improvements	$ 10,136
Initial Cost to Company, Buildings and Improvements	30,050
Cost Capitalized Subsequent to Acquisition	36,316
Gross Amounts at Which Carried at Close of Period, Land and Improvements	10,707
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements	65,795
Gross Amounts at Which Carried at Close of Period, Total	76,502
Accumulated Depreciation and Amortization	$ 23,826
Date of Construction	1968
Date Acquired	2002
Operating Real Estate | 1225 S. Clark Street
Schedule III
Initial Cost to Company, Land and Improvements	$ 11,176
Initial Cost to Company, Buildings and Improvements	43,495
Cost Capitalized Subsequent to Acquisition	35,288
Gross Amounts at Which Carried at Close of Period, Land and Improvements	11,710
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements	78,249
Gross Amounts at Which Carried at Close of Period, Total	89,959
Accumulated Depreciation and Amortization	$ 30,304
Date of Construction	1982
Date Acquired	2002
Operating Real Estate | 1901 South Bell Street
Schedule III
Initial Cost to Company, Land and Improvements	$ 11,669
Initial Cost to Company, Buildings and Improvements	36,918
Cost Capitalized Subsequent to Acquisition	20,607
Gross Amounts at Which Carried at Close of Period, Land and Improvements	12,225
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements	56,969
Gross Amounts at Which Carried at Close of Period, Total	69,194
Accumulated Depreciation and Amortization	$ 28,182
Date of Construction	1968
Date Acquired	2002
Operating Real Estate | Crystal City Marriott
Schedule III
Initial Cost to Company, Land and Improvements	$ 8,000
Initial Cost to Company, Buildings and Improvements	47,191
Cost Capitalized Subsequent to Acquisition	23,103
Gross Amounts at Which Carried at Close of Period, Land and Improvements	8,050
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements	70,244
Gross Amounts at Which Carried at Close of Period, Total	78,294
Accumulated Depreciation and Amortization	$ 27,660
Date of Construction	1968
Date Acquired	2004
Operating Real Estate | 2100 Crystal Drive
Schedule III
Initial Cost to Company, Land and Improvements	$ 7,957
Initial Cost to Company, Buildings and Improvements	23,590
Cost Capitalized Subsequent to Acquisition	7,660
Gross Amounts at Which Carried at Close of Period, Land and Improvements	8,453
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements	30,754
Gross Amounts at Which Carried at Close of Period, Total	39,207
Accumulated Depreciation and Amortization	$ 399
Date of Construction	1968
Date Acquired	2002
Operating Real Estate | 1800 South Bell Street
Schedule III
Initial Cost to Company, Land and Improvements	$ 9,072
Initial Cost to Company, Buildings and Improvements	28,702
Cost Capitalized Subsequent to Acquisition	9,834
Gross Amounts at Which Carried at Close of Period, Land and Improvements	9,285
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements	38,323
Gross Amounts at Which Carried at Close of Period, Total	47,608
Accumulated Depreciation and Amortization	$ 10,670
Date of Construction	1969
Date Acquired	2002
Operating Real Estate | 200 12th Street S.
Schedule III
Encumbrances	$ 16,439
Initial Cost to Company, Land and Improvements	8,016
Initial Cost to Company, Buildings and Improvements	30,552
Cost Capitalized Subsequent to Acquisition	20,714
Gross Amounts at Which Carried at Close of Period, Land and Improvements	8,399
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements	50,883
Gross Amounts at Which Carried at Close of Period, Total	59,282
Accumulated Depreciation and Amortization	$ 25,446
Date of Construction	1985
Date Acquired	2002
Operating Real Estate | Crystal City Shops at 2100
Schedule III
Initial Cost to Company, Land and Improvements	$ 4,059
Initial Cost to Company, Buildings and Improvements	9,309
Cost Capitalized Subsequent to Acquisition	3,573
Gross Amounts at Which Carried at Close of Period, Land and Improvements	4,049
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements	12,892
Gross Amounts at Which Carried at Close of Period, Total	16,941
Accumulated Depreciation and Amortization	$ 5,999
Date of Construction	1968
Date Acquired	2002
Operating Real Estate | Crystal Drive Retail
Schedule III
Initial Cost to Company, Land and Improvements	$ 5,241
Initial Cost to Company, Buildings and Improvements	20,465
Cost Capitalized Subsequent to Acquisition	3,205
Gross Amounts at Which Carried at Close of Period, Land and Improvements	5,363
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements	23,548
Gross Amounts at Which Carried at Close of Period, Total	28,911
Accumulated Depreciation and Amortization	$ 11,921
Date of Construction	2003
Date Acquired	2004
Operating Real Estate | 7200 Wisconsin Avenue
Schedule III
Initial Cost to Company, Land and Improvements	$ 34,683
Initial Cost to Company, Buildings and Improvements	92,059
Cost Capitalized Subsequent to Acquisition	14,819
Gross Amounts at Which Carried at Close of Period, Land and Improvements	34,911
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements	106,650
Gross Amounts at Which Carried at Close of Period, Total	141,561
Accumulated Depreciation and Amortization	$ 12,715
Date of Construction	1986
Date Acquired	2017
Operating Real Estate | One Democracy Plaza
Schedule III
Initial Cost to Company, Buildings and Improvements	$ 33,628
Cost Capitalized Subsequent to Acquisition	(27,374)
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements	6,254
Gross Amounts at Which Carried at Close of Period, Total	$ 6,254
Date of Construction	1987
Date Acquired	2002
Operating Real Estate | 4747 Bethesda Avenue Retail
Schedule III
Encumbrances	$ 175,000
Initial Cost to Company, Land and Improvements	31,510
Initial Cost to Company, Buildings and Improvements	21,870
Cost Capitalized Subsequent to Acquisition	130,534
Gross Amounts at Which Carried at Close of Period, Land and Improvements	32,513
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements	151,401
Gross Amounts at Which Carried at Close of Period, Total	183,914
Accumulated Depreciation and Amortization	$ 7,265
Date of Construction	2016, 2019
Date Acquired	2017
Operating Real Estate | 1770 Crystal Drive
Schedule III
Initial Cost to Company, Land and Improvements	$ 10,771
Initial Cost to Company, Buildings and Improvements	44,276
Cost Capitalized Subsequent to Acquisition	70,807
Gross Amounts at Which Carried at Close of Period, Land and Improvements	11,387
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements	114,467
Gross Amounts at Which Carried at Close of Period, Total	125,854
Accumulated Depreciation and Amortization	$ 490
Date of Construction	1980, 2020
Date Acquired	2002
Operating Real Estate | Fort Totten Square
Schedule III
Initial Cost to Company, Land and Improvements	$ 24,390
Initial Cost to Company, Buildings and Improvements	90,404
Cost Capitalized Subsequent to Acquisition	1,078
Gross Amounts at Which Carried at Close of Period, Land and Improvements	24,395
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements	91,477
Gross Amounts at Which Carried at Close of Period, Total	115,872
Accumulated Depreciation and Amortization	$ 13,060
Date of Construction	2015
Date Acquired	2017
Operating Real Estate | West End25
Schedule III
Initial Cost to Company, Land and Improvements	$ 67,049
Initial Cost to Company, Buildings and Improvements	5,039
Cost Capitalized Subsequent to Acquisition	112,082
Gross Amounts at Which Carried at Close of Period, Land and Improvements	68,282
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements	115,888
Gross Amounts at Which Carried at Close of Period, Total	184,170
Accumulated Depreciation and Amortization	$ 33,772
Date of Construction	2009
Date Acquired	2007
Operating Real Estate | F1RST Residences
Schedule III
Initial Cost to Company, Land and Improvements	$ 31,064
Initial Cost to Company, Buildings and Improvements	133,256
Cost Capitalized Subsequent to Acquisition	209
Gross Amounts at Which Carried at Close of Period, Land and Improvements	31,064
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements	133,465
Gross Amounts at Which Carried at Close of Period, Total	164,529
Accumulated Depreciation and Amortization	$ 5,481
Date of Construction	2017
Date Acquired	2019
Operating Real Estate | 1221 Van Street
Schedule III
Encumbrances	$ 87,253
Initial Cost to Company, Land and Improvements	27,386
Initial Cost to Company, Buildings and Improvements	63,775
Cost Capitalized Subsequent to Acquisition	27,193
Gross Amounts at Which Carried at Close of Period, Land and Improvements	28,208
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements	90,146
Gross Amounts at Which Carried at Close of Period, Total	118,354
Accumulated Depreciation and Amortization	$ 12,300
Date of Construction	2018
Date Acquired	2017
Operating Real Estate | North End Retail
Schedule III
Initial Cost to Company, Land and Improvements	$ 5,847
Initial Cost to Company, Buildings and Improvements	9,333
Cost Capitalized Subsequent to Acquisition	(314)
Gross Amounts at Which Carried at Close of Period, Land and Improvements	5,871
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements	8,995
Gross Amounts at Which Carried at Close of Period, Total	14,866
Accumulated Depreciation and Amortization	$ 1,036
Date of Construction	2015
Date Acquired	2017
Operating Real Estate | River House Apartments
Schedule III
Encumbrances	$ 307,710
Initial Cost to Company, Land and Improvements	118,421
Initial Cost to Company, Buildings and Improvements	125,078
Cost Capitalized Subsequent to Acquisition	93,451
Gross Amounts at Which Carried at Close of Period, Land and Improvements	138,972
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements	197,978
Gross Amounts at Which Carried at Close of Period, Total	336,950
Accumulated Depreciation and Amortization	$ 77,914
Date of Construction	1960
Date Acquired	2007
Operating Real Estate | The Bartlett
Schedule III
Encumbrances	$ 217,453
Initial Cost to Company, Land and Improvements	41,687
Cost Capitalized Subsequent to Acquisition	225,964
Gross Amounts at Which Carried at Close of Period, Land and Improvements	41,883
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements	225,768
Gross Amounts at Which Carried at Close of Period, Total	267,651
Accumulated Depreciation and Amortization	$ 27,452
Date of Construction	2016
Date Acquired	2007
Operating Real Estate | 220 20th Street
Schedule III
Encumbrances	$ 80,240
Initial Cost to Company, Land and Improvements	8,434
Initial Cost to Company, Buildings and Improvements	19,340
Cost Capitalized Subsequent to Acquisition	102,263
Gross Amounts at Which Carried at Close of Period, Land and Improvements	8,870
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements	121,167
Gross Amounts at Which Carried at Close of Period, Total	130,037
Accumulated Depreciation and Amortization	$ 38,317
Date of Construction	2009
Date Acquired	2017
Operating Real Estate | 2221 S Clark Street
Schedule III
Initial Cost to Company, Land and Improvements	$ 6,185
Initial Cost to Company, Buildings and Improvements	16,981
Cost Capitalized Subsequent to Acquisition	41,737
Gross Amounts at Which Carried at Close of Period, Land and Improvements	6,496
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements	58,407
Gross Amounts at Which Carried at Close of Period, Total	64,903
Accumulated Depreciation and Amortization	$ 11,332
Date of Construction	1964
Date Acquired	2002
Operating Real Estate | Falkland Chase-South & West
Schedule III
Encumbrances	$ 38,959
Initial Cost to Company, Land and Improvements	18,530
Initial Cost to Company, Buildings and Improvements	44,232
Cost Capitalized Subsequent to Acquisition	1,362
Gross Amounts at Which Carried at Close of Period, Land and Improvements	18,656
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements	45,468
Gross Amounts at Which Carried at Close of Period, Total	64,124
Accumulated Depreciation and Amortization	$ 7,143
Date of Construction	1938
Date Acquired	2017
Operating Real Estate | Falkland Chase-North
Schedule III
Initial Cost to Company, Land and Improvements	$ 9,810
Initial Cost to Company, Buildings and Improvements	22,706
Cost Capitalized Subsequent to Acquisition	(1,706)
Gross Amounts at Which Carried at Close of Period, Land and Improvements	8,998
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements	21,812
Gross Amounts at Which Carried at Close of Period, Total	30,810
Accumulated Depreciation and Amortization	$ 3,435
Date of Construction	1938
Date Acquired	2017
Operating Real Estate | West Half
Schedule III
Initial Cost to Company, Land and Improvements	$ 45,668
Initial Cost to Company, Buildings and Improvements	17,902
Cost Capitalized Subsequent to Acquisition	161,342
Gross Amounts at Which Carried at Close of Period, Land and Improvements	48,507
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements	176,405
Gross Amounts at Which Carried at Close of Period, Total	224,912
Accumulated Depreciation and Amortization	$ 11,535
Date of Construction	2019
Date Acquired	2017
Operating Real Estate | The Wren
Schedule III
Initial Cost to Company, Land and Improvements	$ 14,306
Cost Capitalized Subsequent to Acquisition	140,119
Gross Amounts at Which Carried at Close of Period, Land and Improvements	17,737
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements	136,688
Gross Amounts at Which Carried at Close of Period, Total	154,425
Accumulated Depreciation and Amortization	$ 3,631
Date of Construction	2020
Date Acquired	2017
Operating Real Estate | 900 W Street
Schedule III
Initial Cost to Company, Land and Improvements	$ 21,685
Initial Cost to Company, Buildings and Improvements	5,162
Cost Capitalized Subsequent to Acquisition	33,182
Gross Amounts at Which Carried at Close of Period, Land and Improvements	22,121
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements	37,908
Gross Amounts at Which Carried at Close of Period, Total	60,029
Accumulated Depreciation and Amortization	$ 760
Date of Construction	2020
Date Acquired	2017
Operating Real Estate | 901 W Street
Schedule III
Initial Cost to Company, Land and Improvements	$ 25,992
Initial Cost to Company, Buildings and Improvements	8,790
Cost Capitalized Subsequent to Acquisition	69,668
Gross Amounts at Which Carried at Close of Period, Land and Improvements	26,879
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements	77,571
Gross Amounts at Which Carried at Close of Period, Total	104,450
Accumulated Depreciation and Amortization	$ 2,371
Date of Construction	2020
Date Acquired	2017
Operating Real Estate | 1900 Crystal Drive
Schedule III
Initial Cost to Company, Land and Improvements	$ 16,811
Initial Cost to Company, Buildings and Improvements	53,187
Cost Capitalized Subsequent to Acquisition	2,810
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements	72,808
Gross Amounts at Which Carried at Close of Period, Total	$ 72,808
Date Acquired	2002
Operating Real Estate | 5 M Street Southwest
Schedule III
Initial Cost to Company, Land and Improvements	$ 15,550
Initial Cost to Company, Buildings and Improvements	6,451
Cost Capitalized Subsequent to Acquisition	520
Gross Amounts at Which Carried at Close of Period, Land and Improvements	12,672
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements	9,849
Gross Amounts at Which Carried at Close of Period, Total	22,521
Accumulated Depreciation and Amortization	$ 547
Date Acquired	2005
Operating Real Estate | 2000 South Bell Street
Schedule III
Initial Cost to Company, Land and Improvements	$ 3,882
Cost Capitalized Subsequent to Acquisition	4,950
Gross Amounts at Which Carried at Close of Period, Land and Improvements	3,955
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements	4,877
Gross Amounts at Which Carried at Close of Period, Total	$ 8,832
Date Acquired	2002
Operating Real Estate | 2001 South Bell Street
Schedule III
Initial Cost to Company, Land and Improvements	$ 3,418
Initial Cost to Company, Buildings and Improvements	16,746
Cost Capitalized Subsequent to Acquisition	13,417
Gross Amounts at Which Carried at Close of Period, Land and Improvements	3,482
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements	30,099
Gross Amounts at Which Carried at Close of Period, Total	33,581
Accumulated Depreciation and Amortization	$ 26,249
Date of Construction	1967
Date Acquired	2002
Operating Real Estate | 223 23rd Street
Schedule III
Initial Cost to Company, Land and Improvements	$ 3,910
Initial Cost to Company, Buildings and Improvements	6,546
Cost Capitalized Subsequent to Acquisition	2,700
Gross Amounts at Which Carried at Close of Period, Land and Improvements	3,910
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements	9,246
Gross Amounts at Which Carried at Close of Period, Total	$ 13,156
Date of Construction	1969
Date Acquired	2002
Operating Real Estate | 2250 Crystal Drive
Schedule III
Initial Cost to Company, Land and Improvements	$ 3,974
Initial Cost to Company, Buildings and Improvements	8,644
Cost Capitalized Subsequent to Acquisition	4,157
Gross Amounts at Which Carried at Close of Period, Land and Improvements	3,974
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements	12,801
Gross Amounts at Which Carried at Close of Period, Total	$ 16,775
Date of Construction	1969
Date Acquired	2002
Operating Real Estate | Gallaudet Parcel 1-3
Schedule III
Cost Capitalized Subsequent to Acquisition	$ 3,824
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements	3,824
Gross Amounts at Which Carried at Close of Period, Total	$ 3,824
Date Acquired	2017
Operating Real Estate | 2525 Crystal Drive
Schedule III
Initial Cost to Company, Land and Improvements	$ 5,086
Cost Capitalized Subsequent to Acquisition	4,900
Gross Amounts at Which Carried at Close of Period, Land and Improvements	5,085
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements	4,901
Gross Amounts at Which Carried at Close of Period, Total	$ 9,986
Date Acquired	2002
Operating Real Estate | 101 12th Street
Schedule III
Initial Cost to Company, Land and Improvements	$ 6,335
Cost Capitalized Subsequent to Acquisition	3,662
Gross Amounts at Which Carried at Close of Period, Land and Improvements	6,335
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements	3,662
Gross Amounts at Which Carried at Close of Period, Total	$ 9,997
Date Acquired	2002
Operating Real Estate | Future Development Pipeline
Schedule III
Initial Cost to Company, Land and Improvements	$ 232,761
Initial Cost to Company, Buildings and Improvements	1,524
Cost Capitalized Subsequent to Acquisition	50,917
Gross Amounts at Which Carried at Close of Period, Land and Improvements	257,532
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements	27,670
Gross Amounts at Which Carried at Close of Period, Total	285,202
Accumulated Depreciation and Amortization	111
Operating Real Estate | Corporate
Schedule III
Encumbrances	400,000
Cost Capitalized Subsequent to Acquisition	9,022
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements	9,022
Gross Amounts at Which Carried at Close of Period, Total	9,022
Accumulated Depreciation and Amortization	$ 3,660
Date Acquired	2017
Held-for-Sale | Pen Place
Schedule III
Initial Cost to Company, Land and Improvements	$ 104,473
Initial Cost to Company, Buildings and Improvements	55
Cost Capitalized Subsequent to Acquisition	(30,643)
Gross Amounts at Which Carried at Close of Period, Land and Improvements	61,970
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements	11,915
Gross Amounts at Which Carried at Close of Period, Total	73,885
Accumulated Depreciation and Amortization	$ 9
Date Acquired	2007

Schedule III - REAL ESTATE AN_3

Schedule III - REAL ESTATE AND ACCUMULATED DEPRECIATION (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Real Estate:
Balance at beginning of the year			$ 5,943,970	$ 5,895,953	$ 6,025,797
Acquisitions			65,270	164,320	38,369
Additions			252,306	469,450	358,976
Assets sold or writtenoff			(152,000)	(585,753)	(527,189)
Real estate impaired			(35,030)
Balance at end of the year	$ 6,074,516	$ 5,943,970	6,074,516	5,943,970	5,895,953
Accumulated Depreciation:
Balance at beginning of the year			1,119,612	1,086,844	1,011,330
Depreciation expense			194,190	161,937	151,346
Accumulated depreciation on assets sold or writtenoff			(53,878)	(129,169)	(75,832)
Accumulated depreciation on real estate impaired			(27,225)
Balance at end of the year	1,232,699	1,119,612	1,232,699	1,119,612	$ 1,086,844
Impairment loss	$ 10,200	$ 10,200	10,232
Impairment of real estate			7,800
Impairment of right-of-use asset from operating lease			$ 2,400	$ 10,200