JBG SMITH Properties (JBGS) 10-Q 4 May 21 2021 Q1 Quarterly report Financial data

Cover Page

Cover Page - shares	3 Months Ended
	Mar. 31, 2021	Apr. 30, 2021
Cover page.
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2021
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 Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		131,499,149
Entity Central Index Key	0001689796
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q1
Amendment Flag	false

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Real estate, at cost:
Land and improvements	$ 1,384,157	$ 1,391,472
Buildings and improvements	4,309,606	4,341,103
Construction in progress, including land	285,206	268,056
Real estate, at cost	5,978,969	6,000,631
Less accumulated depreciation	(1,249,613)	(1,232,690)
Real estate, net	4,729,356	4,767,941
Cash and cash equivalents	208,708	225,600
Restricted cash	39,839	37,736
Tenant and other receivables	45,567	55,903
Deferred rent receivable	177,043	170,547
Investments in unconsolidated real estate ventures	455,476	461,369
Other assets, net	289,452	286,575
Assets held for sale	73,876	73,876
TOTAL ASSETS	6,019,317	6,079,547
Liabilities:
Mortgages payable, net	1,591,883	1,593,738
Unsecured term loans, net	398,151	397,979
Accounts payable and accrued expenses	95,813	103,102
Other liabilities, net	203,484	247,774
Liabilities related to assets held for sale	213
Total liabilities	2,289,544	2,342,593
Commitments and contingencies
Redeemable noncontrolling interests	552,927	530,748
Shareholders' equity:
Preferred shares, $0.01 par value - 200,000 shares authorized, none issued	0	0
Common shares, $0.01 par value - 500,000 shares authorized; 131,277 and 131,778 shares issued and outstanding as of March 31, 2021 and December 31, 2020	1,314	1,319
Additional paid-in capital	3,631,277	3,657,643
Accumulated deficit	(433,675)	(412,944)
Accumulated other comprehensive loss	(30,800)	(39,979)
Total shareholders' equity of JBG SMITH Properties	3,168,116	3,206,039
Noncontrolling interests	8,730	167
Total equity	3,176,846	3,206,206
TOTAL LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY	$ 6,019,317	$ 6,079,547

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares shares in Thousands	Mar. 31, 2021	Dec. 31, 2020
Condensed 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	131,277	131,778
Common shares, shares outstanding	131,277	131,778

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
REVENUE
Property rental	$ 122,241	$ 120,380
Third-party real estate services, including reimbursements	38,107	29,716
Other revenue	4,941	8,011
Total revenue	165,289	158,107
EXPENSES
Depreciation and amortization	64,726	48,489
Property operating	34,731	34,503
Real estate taxes	18,310	18,199
General and administrative:
Corporate and other	12,475	13,176
Third-party real estate services	28,936	28,814
Share-based compensation related to Formation Transaction and special equity awards	4,945	9,441
Transaction and other costs	3,690	5,309
Total expenses	167,813	157,931
OTHER INCOME (EXPENSE)
Loss from unconsolidated real estate ventures, net	(943)	(2,692)
Interest and other income, net	9	907
Interest expense	(16,296)	(12,005)
Gain on sale of real estate		59,477
Loss on extinguishment of debt		(33)
Total other income (expense)	(17,230)	45,654
INCOME (LOSS) BEFORE INCOME TAX (EXPENSE) BENEFIT	(19,754)	45,830
Income tax (expense) benefit	(4,315)	2,345
NET INCOME (LOSS)	(24,069)	48,175
Net (income) loss attributable to redeemable noncontrolling interests	2,230	(5,250)
Net loss attributable to noncontrolling interests	1,108
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON SHAREHOLDERS	$ (20,731)	$ 42,925
EARNINGS (LOSS) PER COMMON SHARE:
EARNINGS (LOSS) PER COMMON SHARE - BASIC AND DILUTED	$ (0.16)	$ 0.32
Weighted average number of common shares outstanding - basic	131,540	134,542
Weighted average number of common shares outstanding - diluted	131,540	135,429

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Condensed Consolidated Statements of Comprehensive Income (Loss)
NET INCOME (LOSS)	$ (24,069)	$ 48,175
OTHER COMPREHENSIVE INCOME (LOSS):
Change in fair value of derivative financial instruments	6,411	(33,928)
Reclassification of net loss on derivative financial instruments from accumulated other comprehensive loss into interest expense	3,741	1,158
Other comprehensive income (loss)	10,152	(32,770)
COMPREHENSIVE INCOME (LOSS)	(13,917)	15,405
Net (income) loss attributable to redeemable noncontrolling interests	2,230	(5,250)
Net loss attributable to noncontrolling interests	1,108
Other comprehensive (income) loss attributable to redeemable noncontrolling interests	(973)	3,573
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO JBG SMITH PROPERTIES	$ (11,552)	$ 13,728

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Equity - USD ($) shares in Thousands, $ in Thousands	Common Stock	Additional Paid-In Capital	Accumulated Deficit	Accumulated Other Comprehensive Loss	Noncontrolling Interests	Total
Balance at beginning of period at Dec. 31, 2019	$ 1,342	$ 3,633,042	$ (231,164)	$ (16,744)	$ 201	$ 3,386,677
Balance at beginning of period (in shares) at Dec. 31, 2019	134,148
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss) attributable to common shareholders and noncontrolling interests			42,925			42,925
Conversion of common limited partnership units to common shares	$ 8	31,118				31,126
Conversion of common limited partnership units to common shares (in shares)	787
Common shares repurchased	$ (14)	(41,163)				(41,177)
Common shares repurchased (in shares)	(1,418)
Common shares issued pursuant to Employee Share Purchase Plan ("ESPP")		132				132
Contributions from noncontrolling interests, net					2	2
Redeemable noncontrolling interests redemption value adjustment and other comprehensive income (loss) allocation		100,666		3,573		104,239
Other comprehensive income (loss)				(32,770)		(32,770)
Balance at end of period (in shares) at Mar. 31, 2020	133,517
Balance at end of period at Mar. 31, 2020	$ 1,336	3,723,795	(188,239)	(45,941)	203	3,491,154
Balance at beginning of period at Dec. 31, 2020	$ 1,319	3,657,643	(412,944)	(39,979)	167	$ 3,206,206
Balance at beginning of period (in shares) at Dec. 31, 2020	131,778					131,778
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss) attributable to common shareholders and noncontrolling interests			(20,731)		(1,108)	$ (21,839)
Conversion of common limited partnership units to common shares	$ 1	3,918				3,919
Conversion of common limited partnership units to common shares (in shares)	119
Common shares repurchased	$ (6)	(19,197)				(19,203)
Common shares repurchased (in shares)	(620)
Common shares issued pursuant to employee incentive compensation plan and Employee Share Purchase Plan ("ESPP")		249				249
Contributions from noncontrolling interests, net					9,671	9,671
Redeemable noncontrolling interests redemption value adjustment and other comprehensive income (loss) allocation		(11,336)		(973)		(12,309)
Other comprehensive income (loss)				10,152		$ 10,152
Balance at end of period (in shares) at Mar. 31, 2021	131,277					131,277
Balance at end of period at Mar. 31, 2021	$ 1,314	$ 3,631,277	$ (433,675)	$ (30,800)	$ 8,730	$ 3,176,846

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
OPERATING ACTIVITIES:
Net income (loss)	$ (24,069)	$ 48,175
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Share-based compensation expense	13,236	17,362
Depreciation and amortization, including amortization of debt issuance costs	65,747	49,360
Deferred rent	(6,594)	(6,614)
Loss from unconsolidated real estate ventures, net	943	2,692
Amortization of market lease intangibles, net	(458)	(163)
Amortization of lease incentives	2,345	1,609
Loss on extinguishment of debt		33
Gain on sale of real estate		(59,477)
Losses on operating lease and other receivables	501	2,718
Return on capital from unconsolidated real estate ventures	5,952	532
Other non-cash items	(633)	(163)
Changes in operating assets and liabilities:
Tenant and other receivables	9,836	(4,210)
Other assets, net	2,115	(1,105)
Accounts payable and accrued expenses	(842)	(5,968)
Other liabilities, net	(1,577)	(2,865)
Net cash provided by operating activities	66,502	41,916
INVESTING ACTIVITIES:
Development costs, construction in progress and real estate additions	(28,499)	(107,013)
Proceeds from sale of real estate		154,493
Investments in unconsolidated real estate ventures	(1,016)	(3,563)
Net cash (used in) provided by investing activities	(29,515)	43,917
FINANCING ACTIVITIES:
Finance lease payments		(2,642)
Borrowings under mortgages payable		175,000
Borrowings under revolving credit facility		200,000
Repayments of mortgages payable	(2,234)	(2,221)
Repayments of revolving credit facility		(200,000)
Debt issuance costs	(4,587)	(9,278)
Common shares repurchased	(19,203)	(41,177)
Dividends paid to common shareholders	(29,650)	(30,184)
Distributions to redeemable noncontrolling interests	(5,785)	(3,828)
Contributions from noncontrolling interests	9,683
Net cash (used in) provided by financing activities	(51,776)	85,670
Net (decrease) increase in cash and cash equivalents and restricted cash	(14,789)	171,503
Cash and cash equivalents and restricted cash as of the beginning of the period	263,336	142,516
Cash and cash equivalents and restricted cash as of the end of the period	248,547	314,019
SUPPLEMENTAL DISCLOSURE OF CASH FLOW AND NON-CASH INFORMATION:
Cash paid for interest (net of capitalized interest of $1,710 and $5,268 in 2021 and 2020)	14,929	10,927
Accrued capital expenditures included in accounts payable and accrued expenses	38,668	76,418
Write-off of fully depreciated assets	39,920	7,111
Conversion of common limited partnership units to common shares	3,919	31,126
Recognition (derecognition) of operating lease right-of-use assets		(13,151)
Recognition (derecognition) of liabilities related to operating lease right-of-use assets		(13,151)
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	$ 610	$ 1,396

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020	Dec. 31, 2019
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AS OF END OF THE PERIOD:
Cash and cash equivalents	$ 208,708	$ 295,442	$ 225,600
Restricted cash	39,839	18,577	37,736
Cash and cash equivalents and restricted cash	248,547	314,019	$ 263,336	$ 142,516
Capitalized interest	$ 1,710	$ 5,268

Organization and Basis of Prese

Organization and Basis of Presentation	3 Months Ended
	Mar. 31, 2021
Organization and Basis of Presentation
Organization and Basis of Presentation	1. 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 planned new $1 billion Innovation Campus is located. 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 The JBG Companies ("JBG") (the "JBG Legacy Funds") and other third parties. 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 March 31, 2021, 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 hereinafter referred to as "we," "us," "our" or other similar terms. References to "our share" refer to our ownership percentage of consolidated and unconsolidated assets in real estate ventures. We were organized for the purpose of receiving, via the spin-off on July 17, 2017 (the "Separation"), substantially all of the assets and liabilities of Vornado Realty Trust's ("Vornado") Washington, D.C. segment. On July 18, 2017, we acquired the management business and certain assets and liabilities of JBG (the "Combination"). The Separation and the Combination are collectively referred to as the "Formation Transaction." As of March 31, 2021, our Operating Portfolio consisted of 63 operating assets comprising 42 commercial assets totaling 13.3 million square feet (11.4 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 multifamily assets totaling 1,130 units (969 units at our share); (ii) nine wholly owned near-term development assets totaling 4.8 million square feet of estimated potential development density; and (iii) 29 future development 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. Basis of Presentation The accompanying unaudited condensed consolidated financial statements and notes are prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") for interim financial information and with the instructions of Form 10-Q and Article 10 of Regulation S-X. Accordingly, these condensed consolidated financial statements do not contain certain information required in annual financial statements and notes as required under GAAP. In our opinion, all adjustments considered necessary for a fair presentation have been included, and all such adjustments are of a normal recurring nature. All intercompany transactions and balances have been eliminated. The results of operations for the three months ended March 31, 2021 and 2020 are not necessarily indicative of the results that may be expected for a full year. These condensed consolidated financial statements should be read in conjunction with our Annual Report on Form 10-K for the year ended December 31, 2020, filed with the Securities and Exchange Commission. The accompanying condensed consolidated financial statements include our accounts and those of our wholly owned subsidiaries and consolidated variable interest entities ("VIEs"), including JBG SMITH LP. See Note 5 for additional information on our VIEs. The portions of the equity and net income (loss) of consolidated entities that are not attributable to us are presented separately as amounts attributable to noncontrolling interests in our condensed consolidated financial statements. References to our financial statements refer to our condensed consolidated financial statements as of March 31, 2021 and December 31, 2020, and for the three months ended March 31, 2021 and 2020. References to our balance sheets refer to our condensed consolidated balance sheets as of March 31, 2021 and December 31, 2020. References to our statements of operations refer to our condensed consolidated statements of operations for the three months ended March 31, 2021 and 2020. References to our statements of comprehensive income (loss) refer to our condensed consolidated statements of comprehensive income (loss) for the three months ended March 31, 2021 and 2020. References to our statements of cash flows refer to our condensed consolidated statements of cash flows for the three months ended March 31, 2021 and 2020. Income Taxes We have elected to be taxed as a REIT under sections 856-860 of the Internal Revenue Code of 1986, as amended (the "Code"). Under those sections, a REIT which distributes at least 90% of its REIT taxable income as dividends to its shareholders each year and which meets certain other conditions will not be taxed on that portion of its taxable income which is distributed to its shareholders. We currently adhere and intend to continue to adhere to these requirements and to maintain our REIT status in future periods. We also participate in the activities conducted by our subsidiary entities that have elected to be treated as taxable REIT subsidiaries under the Code. As such, we are subject to federal, state and local taxes on the income from these activities.

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2021
Summary of Significant Accounting Policies
Summary of Significant Accounting Policies	2. Significant Accounting Policies There were no material changes to our significant accounting policies disclosed in our Annual Report on Form 10-K for the year ended December 31, 2020. Use of Estimates The preparation of the financial statements in conformity with GAAP requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of revenue and expenses during the reporting periods. 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. In March 2020, the World Health Organization declared a global pandemic related to the novel coronavirus ("COVID- 19"). The significance, extent and duration of the impact of COVID-19 on us and our tenants remains largely uncertain and dependent on near-term and future developments that cannot be accurately predicted at this time, such as the continued severity, duration, transmission rate and geographic spread of COVID-19, the roll-out, effectiveness and willingness of people to take COVID-19 vaccines, the extent and effectiveness of the containment measures taken, and the response of the overall economy, the financial markets and the population, particularly in the area in which we operate. The ultimate adverse impact of COVID-19 is highly uncertain; however, the 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. Due to the business disruptions and challenges caused by COVID-19, we have provided rent deferrals and other lease concessions to certain tenants. We have entered into agreements with certain tenants, many of which have been placed on the cash basis of accounting, resulting in the deferral to future periods or abatement of $1.9 million of rent that had been contractually due in the first quarter of 2021. 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 2020, we put substantially all co-working tenants and retailers except for grocers, pharmacies, essential businesses and certain national credit tenants on the cash basis of accounting. 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.

Assets Held for Sale

Assets Held for Sale	3 Months Ended
	Mar. 31, 2021
Assets Held for Sale
Assets Held for Sale	3. As of March 31, 2021 and December 31, 2020, we had a real estate property that was classified as held for sale. The amounts included in "Assets held for sale" in our balance sheets primarily represent the carrying value of real estate. The following is a summary of assets held for sale: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Liabilities Related ​ ​ ​ ​ ​ ​ Total ​ Assets Held ​ to Assets Held Assets Segment Location Square Feet (1) for Sale for Sale ​ ​ ​ ​ ​ ​ (In thousands) March 31, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Pen Place (2) ​ Other ​ Arlington, Virginia ​ 2,082 ​ $ 73,876 ​ $ 213 December 31, 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Pen Place (2) ​ Other ​ Arlington, Virginia ​ 2,082 ​ $ 73,876 ​ $ — (1) Represents estimated or approved potential development density. (2) In March 2019, we entered into an agreement for the sale of Pen Place to Amazon, which we expect to close in 2021. ​

Investments in Unconsolidated R

Investments in Unconsolidated Real Estate Ventures	3 Months Ended
	Mar. 31, 2021
Investments in Unconsolidated Real Estate Ventures
Investments in Unconsolidated Real Estate Ventures	4. Investments in Unconsolidated Real Estate Ventures The following is a summary of our investments in unconsolidated real estate ventures: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Effective ​ ​ ​ ​ Ownership ​ ​ ​ ​ ​ ​ Real Estate Venture Partners Interest (1) March 31, 2021 December 31, 2020 ​ ​ ​ ​ (In thousands) Prudential Global Investment Management 50.0% ​ $ 212,796 ​ $ 216,939 Landmark 1.8% - 49.0% ​ 65,313 ​ 66,724 CBREI Venture 5.0% - 64.0% ​ 64,251 ​ 65,190 Canadian Pension Plan Investment Board ("CPPIB") 55.0% ​ 47,072 ​ 47,522 Berkshire Group 50.0% ​ 51,662 ​ ​ 50,649 Brandywine Realty Trust 30.0% ​ 13,751 ​ 13,710 Other ​ ​ 631 ​ ​ 635 Total investments in unconsolidated real estate ventures (2) ​ ​ ​ $ 455,476 ​ $ 461,369 (1) Reflects our effective ownership interests in the underlying real estate as of March 31, 2021. We have multiple investments with certain venture partners with varying ownership interests in the underlying real estate. (2) As of March 31, 2021 and December 31, 2020, our total investments in unconsolidated real estate ventures are greater than the net book value of the underlying assets by $19.5 million and $18.9 million, resulting principally from capitalized interest, partially offset by 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 $5.9 million and $6.7 million for the three months ended March 31, 2021 and 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. The following is a summary of the debt of our unconsolidated real estate ventures: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ ​ ​ ​ ​ Average Effective ​ ​ ​ Interest Rate (1) March 31, 2021 December 31, 2020 ​ ​ ​ ​ (In thousands) Variable rate (2) 2.49% ​ $ 865,653 ​ $ 863,617 Fixed rate (3) (4) 4.03% ​ 331,768 ​ 323,050 Mortgages payable ​ ​ ​ 1,197,421 ​ 1,186,667 Unamortized deferred financing costs ​ ​ ​ (6,766) ​ (7,479) Mortgages payable, net (4) ​ ​ ​ $ 1,190,655 ​ $ 1,179,188 (1) Weighted average effective interest rate as of March 31, 2021. (2) Includes variable rate mortgages payable with interest rate cap agreements. (3) Includes variable rate mortgages payable with interest rates fixed by interest rate swap agreements. (4) See Note 17 for additional information on guarantees of the debt of certain of our unconsolidated real estate ventures. The following is a summary of the financial information for our unconsolidated real estate ventures: ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2021 December 31, 2020 ​ (In thousands) Combined balance sheet information: ​ ​ ​ ​ ​ ​ Real estate, net ​ $ 2,239,173 ​ $ 2,247,384 Other assets, net ​ 273,121 ​ 270,516 Total assets ​ $ 2,512,294 ​ $ 2,517,900 ​ ​ ​ ​ ​ ​ ​ Mortgages payable, net ​ $ 1,190,655 ​ $ 1,179,188 Other liabilities, net ​ 139,098 ​ 140,304 Total liabilities ​ 1,329,753 ​ 1,319,492 Total equity ​ 1,182,541 ​ 1,198,408 Total liabilities and equity ​ $ 2,512,294 ​ $ 2,517,900 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ 2021 2020 ​ (In thousands) Combined income statement information: ​ ​ ​ ​ ​ ​ Total revenue ​ $ 48,217 ​ $ 69,579 Operating income (loss) ​ 1,714 ​ (482) Net loss ​ (6,526) ​ (18,165) ​

Variable Interest Entities

Variable Interest Entities	3 Months Ended
	Mar. 31, 2021
Variable Interest Entities
Variable Interest Entities	5. We hold various interests in entities deemed to be VIEs, which we evaluate at acquisition, formation, after a change in the ownership agreement, after a change in the entity's economics or after any other reconsideration event to determine if the VIE should be consolidated in our financial statements or should no longer be considered a VIE. An entity is a VIE because it is in the development stage and/or does not hold sufficient equity at risk, or conducts substantially all its operations on behalf of an investor with disproportionately few voting rights. We will consolidate a VIE if we are the primary beneficiary of the VIE, which entails having the power to direct the activities that most significantly impact the VIE’s economic performance. Certain criteria we assess in determining whether we are the primary beneficiary of the VIE include our influence over significant business activities, our voting rights, and any noncontrolling interest kick-out or participating rights. Unconsolidated VIEs As of March 31, 2021 and December 31, 2020, we had interests in entities deemed to be VIEs. Although we are engaged to act as the managing partner in charge of day-to-day operations of these investees, we are not the primary beneficiary of these VIEs, as we do not hold unilateral power over activities that, when taken together, most significantly impact the respective VIE's performance. We account for our investment in these entities under the equity method. As of March 31, 2021 and December 31, 2020, the net carrying amounts of our investment in these entities were $116.3 million and $116.2 million, which are included in "Investments in unconsolidated real estate ventures" in our balance sheets. Our equity in the income of unconsolidated VIEs is included in "Income (loss) from unconsolidated real estate ventures, net" in our statements of operations. Our maximum loss exposure in these entities is limited to our investments, construction commitments and debt guarantees. See Note 17 for additional information. Consolidated VIEs JBG SMITH LP is our most significant 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. Through the structure of the 1900 Crystal Drive transaction we executed in March 2021, we have the ability to facilitate an exchange out of an asset into 1900 Crystal Drive .

Other Assets, Net

Other Assets, Net	3 Months Ended
	Mar. 31, 2021
Other Assets, Net
Other Assets, Net	6. The following is a summary of other assets, net: ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2021 December 31, 2020 ​ ​ (In thousands) Deferred leasing costs, net ​ $ 121,817 ​ $ 117,141 Lease intangible assets, net ​ 13,037 ​ 15,565 Management and leasing contracts, net ​ ​ 24,036 ​ ​ 25,512 Other identified intangible assets ​ ​ 17,500 ​ ​ 17,500 Wireless spectrum licenses (1) ​ ​ 25,275 ​ ​ — Operating lease right-of-use assets ​ 3,470 ​ 3,542 Finance lease right-of-use assets ​ ​ 41,889 ​ ​ 41,996 Prepaid expenses ​ 12,210 ​ 14,000 Deferred financing costs, net ​ 10,826 ​ 6,656 Deposits (1) ​ 3,488 ​ 28,560 Other ​ 15,904 ​ 16,103 Total other assets, net ​ $ 289,452 ​ $ 286,575 (1) During 2020, we deposited $25.3 million with the Federal Communications Commission in connection with the acquisition of wireless spectrum licenses. In March 2021, we received the licenses. While the licenses are issued for ten years , as long as we act within the requirements and constraints of the regulatory authorities, the renewal and extension of these licenses is reasonably certain at minimal cost. Accordingly, we have concluded that the licenses are indefinite-lived intangible assets .

Debt

Debt	3 Months Ended
	Mar. 31, 2021
Debt
Debt	7. Mortgages Payable The following is a summary of mortgages payable: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted Average ​ ​ ​ ​ ​ ​ ​ ​ ​ Effective ​ ​ ​ ​ Interest Rate (1) ​ March 31, 2021 December 31, 2020 ​ ​ ​ ​ ​ (In thousands) Variable rate (2) 2.15% ​ ​ $ 677,246 ​ $ 678,346 Fixed rate (3) 4.32% ​ ​ 924,389 ​ 925,523 Mortgages payable ​ ​ ​ ​ 1,601,635 ​ 1,603,869 Unamortized deferred financing costs and premium/ discount, net (4) ​ ​ ​ ​ (9,752) ​ (10,131) Mortgages payable, net ​ ​ ​ ​ $ 1,591,883 ​ $ 1,593,738 (1) Weighted average effective interest rate as of March 31, 2021. (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) As of March 31, 2021, net deferred financing costs related to an unfunded mortgage loan totaling $4.6 million were included in "Other assets, net." As of March 31, 2021 and December 31, 2020, the net carrying value of real estate collateralizing our mortgages payable totaled $1.8 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 17 for additional information. As of March 31, 2021 and December 31, 2020, we had various interest rate swap and cap agreements on certain mortgages payable with an aggregate notional value of $1.3 billion. See Note 15 for additional information. Credit Facility As of March 31, 2021 and 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. The following is a summary of amounts outstanding under the credit facility: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Effective ​ ​ ​ ​ Interest Rate (1) ​ March 31, 2021 December 31, 2020 ​ ​ ​ ​ ​ (In thousands) Revolving credit facility (2) (3) (4) 1.16% ​ ​ $ — ​ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Tranche A-1 Term Loan (5) 2.59% ​ ​ $ 200,000 ​ $ 200,000 Tranche A-2 Term Loan (6) 2.49% ​ ​ 200,000 ​ 200,000 Unsecured term loans ​ ​ 400,000 ​ 400,000 Unamortized deferred financing costs, net ​ ​ (1,849) ​ (2,021) Unsecured term loans, net ​ ​ $ 398,151 ​ $ 397,979 (1) Effective interest rate as of March 31, 2021. (2) As of March 31, 2021 and December 31, 2020, letters of credit with an aggregate face amount of $1.5 million were outstanding under our revolving credit facility. (3) As of March 31, 2021 and December 31, 2020, net deferred financing costs related to our revolving credit facility totaling $6.2 million and $6.7 million were included in "Other assets, net." (4) The interest rate for our revolving credit facility excludes a 0.15% facility fee. (5) As of March 31, 2021 and December 31, 2020, the outstanding balance was fixed by interest rate swap agreements. The interest rate swaps mature concurrently with the term loan and provide a weighted average interest rate of 1.39% . (6) As of March 31, 2021 and December 31, 2020, the outstanding balance was fixed by interest rate swap agreements. The interest rate swaps mature concurrently with the term loan and provide a weighted average interest rate of 1.34% .

Other Liabilities, Net

Other Liabilities, Net	3 Months Ended
	Mar. 31, 2021
Other Liabilities, Net
Other Liabilities, Net	8. Other Liabilities, Net The following is a summary of other liabilities, net: ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2021 December 31, 2020 ​ ​ (In thousands) Lease intangible liabilities, net ​ ​ 9,526 ​ ​ 10,300 Lease assumption liabilities ​ 8,746 ​ 10,126 Lease incentive liabilities ​ 15,369 ​ 13,913 Liabilities related to operating lease right-of-use assets ​ 9,801 ​ 10,752 Liabilities related to finance lease right-of-use assets ​ 40,390 ​ 40,221 Prepaid rent ​ 20,293 ​ 19,809 Security deposits ​ 13,386 ​ 13,654 Environmental liabilities ​ 18,242 ​ 18,242 Deferred tax liability, net ​ 5,995 ​ 2,509 Dividends payable ​ — ​ 34,075 Derivative agreements, at fair value ​ 34,181 ​ 44,222 Deferred purchase price (1) ​ ​ 19,479 ​ ​ 19,479 Other ​ 8,076 ​ 10,472 Total other liabilities, net ​ $ 203,484 ​ $ 247,774 (1) Deferred purchase price associated with the acquisition of the former Americana Hotel site in December 2020.

Redeemable Noncontrolling Inter

Redeemable Noncontrolling Interests	3 Months Ended
	Mar. 31, 2021
Redeemable Noncontrolling Interests
Redeemable Noncontrolling Interests	9. 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 three months ended March 31, 2021 and 2020, unitholders redeemed 119,178 and 787,253 OP Units, which we elected to redeem for an equivalent number of our common shares. As of March 31, 2021, outstanding OP Units totaled 13.7 million, representing a 9.5% ownership interest in JBG SMITH LP. On our balance sheets, our OP Units and certain vested long-term incentive partnership units ("LTIP Units") are presented at the higher of their redemption value or their carrying value, with such adjustments recognized in "Additional paid-in capital." Redemption value per OP Unit is equivalent to the market value of one of our common shares at the end of the period. In April 2021, unitholders redeemed 171,978 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 March 31, 2021, we held a 96.0% ownership interest in the real estate venture. The following is a summary of the activity of redeemable noncontrolling interests: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ ​ 2021 ​ 2020 ​ ​ ​ ​ ​ 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 period ​ $ 522,882 ​ $ 7,866 ​ $ 530,748 ​ $ 606,699 ​ $ 6,059 ​ $ 612,758 OP Unit redemptions ​ (3,919) ​ — ​ (3,919) ​ (31,126) ​ — ​ (31,126) LTIP Units issued in lieu of cash bonuses (1) ​ 4,817 ​ — ​ 4,817 ​ 3,616 ​ — ​ 3,616 Net income (loss) attributable to redeemable noncontrolling interests ​ (2,197) ​ (33) ​ (2,230) ​ 5,253 ​ (3) ​ 5,250 Other comprehensive income (loss) ​ 973 ​ — ​ 973 ​ (3,573) ​ — ​ (3,573) Contributions (distributions) ​ (1,362) ​ — ​ (1,362) ​ — ​ — ​ — Share-based compensation expense ​ 12,564 ​ — ​ 12,564 ​ 16,781 ​ — ​ 16,781 Adjustment to redemption value ​ 11,293 ​ 43 ​ 11,336 ​ (100,666) ​ — ​ (100,666) Balance as of the end of the period ​ $ 545,051 ​ $ 7,876 ​ $ 552,927 ​ $ 496,984 ​ $ 6,056 ​ $ 503,040 (1) See Note 11 for additional information.

Property Rental Revenue

Property Rental Revenue	3 Months Ended
	Mar. 31, 2021
Property Rental Revenue
Property Rental Revenue	10. Property Rental Revenue The following is a summary of property rental revenue from our non-cancellable leases: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ 2021 2020 ​ ​ ​ (In thousands) ​ Fixed ​ $ 112,249 ​ $ 110,933 ​ Variable ​ ​ 9,992 ​ ​ 9,447 ​ Property rental revenue ​ $ 122,241 ​ $ 120,380 ​ ​

Share-Based Payments

Share-Based Payments	3 Months Ended
	Mar. 31, 2021
Share-Based Payments and Employee Benefits
Share-Based Payments and Employee Benefits	11. LTIP Units and Time-Based LTIP Units In January 2021, we granted 485,753 LTIP Units with time-based vesting requirements ("Time-Based LTIP Units") to management and other employees with a weighted average grant-date fair value of $29.21 per unit that vest ratably over four years subject to continued employment. Compensation expense for these units is being recognized over a four-year period. Additionally, in January 2021, we granted 163,065 fully vested LTIP Units, with a grant-date fair value of $29.54 per unit, to certain employees who elected to receive all or a portion of their cash bonus, related to 2020 service, as LTIP Units. Compensation expense totaling $4.8 million for these LTIP Units was recognized in 2020. The aggregate grant-date fair value of these Time-Based LTIP Units and LTIP Units granted during the three months ended March 31, 2021 was $19.0 million. The LTIP Units were valued based on the closing common share price on the date of grant and the Time-Based LTIP Units were valued using Monte Carlo simulations. The following is a summary of the significant assumptions used to value the Time-Based LTIP Units: ​ ​ ​ ​ Expected volatility 39.0% Risk-free interest rate 0.1% Post-grant restriction periods 2 years ​ In April 2021, as part of their annual compensation, we granted a total of 71,792 fully vested LTIP Units to non-employee trustees with an aggregate grant-date fair value of $1.9 million. The LTIP Units may not be sold while such trustee is serving on the Board of Trustees. Performance-Based LTIP Units In January 2021, we granted 627,874 LTIP Units with performance-based vesting requirements ("Performance-Based LTIP Units") to management and other employees with a weighted average grant-date fair value of $15.14 per unit. Our Performance-Based LTIP Units have a three-year performance period. 50% of any Performance-Based LTIP Units that are earned vest at the end of the three-year performance period and the remaining 50% 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 total shareholder return ("TSR") at the end of the three-year performance period, but satisfy the relative performance criteria thereof, 50% of the units that otherwise could have been earned will be forfeited, and the remaining units that are earned will vest if and when we achieve a positive TSR during the succeeding seven years, measured at the end of each quarter. In January 2021, the three-year performance period ended for the Performance-Based LTIP Units granted on February 2, 2018. Based on our relative performance and absolute TSR over the three-year performance period, 100% of the units granted were earned. The aggregate grant-date fair value of the Performance-Based LTIP Units granted during the three months ended March 31, 2021 was $9.5 million, valued using Monte Carlo simulations. Compensation expense for the Performance-Based LTIP Units is being recognized over a four-year period. The following is a summary of the significant assumptions used to value the Performance-Based LTIP Units: ​ ​ ​ ​ Expected volatility 34.0% Dividend yield 2.6% Risk-free interest rate 0.2% ​ Restricted Share Units ("RSUs") Beginning in 2021, certain non-executive employees were granted 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 LTIP Units. In January 2021, we granted 18,343 Time-Based RSUs with a weighted average grant-date fair value of $31.33 per unit, and 11,886 Performance-Based RSUs with a grant-date fair value of $15.14 per unit. The aggregate grant-date fair value of the RSUs granted during the three months ended March 31, 2021 was $755,000. The Time-Based RSUs were valued based on the closing price on the date of grant and the Performance-Based RSUs were valued using Monte Carlo simulations with the same significant assumptions used to value the Performance-Based LTIP Units above. Share-Based Compensation Expense The following is a summary of share-based compensation expense: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ 2021 2020 ​ (In thousands) Time-Based LTIP Units ​ $ 4,380 ​ $ 3,351 Performance-Based LTIP Units ​ 3,239 ​ 3,989 Other equity awards (1) ​ 1,463 ​ 1,549 Share-based compensation expense - other ​ 9,082 ​ 8,889 Formation Awards ​ 729 ​ 1,259 OP Units (2) ​ 2,706 ​ 6,641 LTIP Units (2) ​ 78 ​ 112 Special Performance-Based LTIP Units (3) ​ 684 ​ 671 Special Time-Based LTIP Units (3) ​ 748 ​ 758 Share-based compensation related to Formation Transaction and special equity awards (4) ​ 4,945 ​ 9,441 Total share-based compensation expense ​ 14,027 ​ 18,330 Less amount capitalized ​ (791) ​ (968) Share-based compensation expense ​ $ 13,236 ​ $ 17,362 (1) Primarily comprising compensation expense for: (i) certain employees who have elected to receive all or a portion of any cash bonus earned in the form of fully vested LTIP Units, (ii) RSUs and (iii) 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 additional headquarters in National Landing. (4) Included in "General and administrative expense: Share-based compensation related to Formation Transaction and special equity awards" in the accompanying statements of operations . As of March 31, 2021, we had $57.3 million of total unrecognized compensation expense related to unvested share-based payment arrangements, which is expected to be recognized over a weighted average period of 1.9 years. ​ In April 2021, our shareholders approved an amendment to the JBG SMITH 2017 Omnibus Share Plan (the "Plan") to increase the common shares reserved under the Plan by 8.0 million.

Transaction and Other Costs

Transaction and Other Costs	3 Months Ended
	Mar. 31, 2021
Transaction and Other Costs
Transaction and Other Costs	12. Transaction and Other Costs The following is a summary of transaction and other costs: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ 2021 2020 ​ (In thousands) Demolition costs (1) ​ $ 1,008 ​ $ — Integration and severance costs ​ 240 ​ 1,309 Completed, potential and pursued transaction expenses ​ 2,442 ​ — Other (2) ​ — ​ 4,000 Transaction and other costs ​ $ 3,690 ​ $ 5,309 (1) Related to 2000 South Bell Street and 2001 South Bell Street. (2) Related to a charitable commitment to the Washington Housing Conservancy, a non-profit that acquires and owns affordable workforce housing in the Washington, D.C. metropolitan area.

Interest Expense

Interest Expense	3 Months Ended
	Mar. 31, 2021
Interest Expense
Interest Expense	13. Interest Expense The following is a summary of interest expense: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ 2021 2020 ​ (In thousands) Interest expense before capitalized interest ​ $ 16,666 ​ $ 16,554 Amortization of deferred financing costs ​ 1,047 ​ 622 Interest expense related to finance lease right-of-use assets ​ ​ 426 ​ ​ 144 Net unrealized gain on derivative financial instruments not designated as cash flow hedges ​ (133) ​ (47) Capitalized interest ​ (1,710) ​ (5,268) Interest expense ​ $ 16,296 ​ $ 12,005 ​

Shareholders' Equity and Earnin

Shareholders' Equity and Earnings Per Common Share	3 Months Ended
	Mar. 31, 2021
Shareholders' Equity and Earnings Per Common Share
Shareholders' Equity and Earnings Per Common Share	14. Common Shares Repurchased In March 2020, our Board of Trustees authorized the repurchase of up to $500 million of our outstanding common shares. During the three months ended March 31, 2021, we repurchased and retired 619,749 common shares for $19.2 million, an average purchase price of $30.96 per share. During the three months ended March 31, 2020, we repurchased and retired 1.4 million common shares for $41.2 million, an average purchase price of $29.01 per share. Since we began the share repurchase program, we have repurchased and retired 4.4 million common shares for $124.0 million, an average purchase price of $28.18 per share. 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): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ ​ 2021 2020 ​ ​ (In thousands, except per share amounts) Net income (loss) ​ $ (24,069) ​ $ 48,175 Net (income) loss attributable to redeemable noncontrolling interests ​ 2,230 ​ (5,250) Net loss attributable to noncontrolling interests ​ 1,108 ​ — Net income (loss) attributable to common shareholders ​ ​ (20,731) ​ ​ 42,925 ​ ​ ​ ​ ​ ​ ​ Weighted average number of common shares outstanding - basic ​ 131,540 ​ 134,542 Effect of dilutive securities ​ ​ — ​ ​ 887 Weighted average number of common shares outstanding — diluted ​ ​ 131,540 ​ ​ 135,429 ​ ​ ​ ​ ​ ​ ​ Earnings (loss) per common share - basic and diluted ​ $ (0.16) ​ $ 0.32 ​ The effect of the redemption of OP Units and Time-Based LTIP Units that were outstanding as of March 31, 2021 and 2020 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, Formation Awards and RSUs, which totaled 3.9 million and 4.1 million for the three months ended March 31, 2021 and 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	3 Months Ended
	Mar. 31, 2021
Fair Value Measurements
Fair Value Measurements	15. Fair Value Measurements on a Recurring Basis To manage or hedge our exposure to interest rate risk, we follow established risk management policies and procedures, including the use of a variety of derivative financial instruments. We do not enter into derivative financial instruments for speculative purposes. As of March 31, 2021 and December 31, 2020, 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 $33.8 million and $43.9 million as of March 31, 2021 and December 31, 2020 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 $14.9 million as an increase to interest expense. Accounting Standards Codification 820 ("Topic 820"), Fair Value Measurement and Disclosures, defines fair value and establishes a framework for measuring fair value. The objective of fair value is to determine the price that would be received upon the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (the exit price). Topic 820 establishes a fair value hierarchy that prioritizes observable and unobservable inputs used to measure fair value into three levels: Level 1 — quoted prices (unadjusted) in active markets that are accessible at the measurement date for assets or liabilities; Level 2 — observable prices that are based on inputs not quoted in active markets, but corroborated by market data; and Level 3 — unobservable inputs that are used when little or no market data is available. The fair values of the derivative financial instruments are based on the estimated amounts we would receive or pay to terminate the contracts at the reporting date and are determined using interest rate pricing models and observable inputs. The derivative financial instruments are classified within Level 2 of the valuation hierarchy. The following is a summary of assets and liabilities measured at fair value on a recurring basis: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Value Measurements ​ Total Level 1 Level 2 Level 3 ​ ​ (In thousands) March 31, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivative financial instruments designated as cash flow hedges: ​ ​ ​ ​ Classified as liabilities in "Other liabilities, net" ​ $ 34,181 ​ — ​ $ 34,181 ​ — Derivative financial instruments not designated as cash flow hedges: ​ ​ ​ ​ Classified as assets in "Other assets, net" ​ 167 ​ — ​ 167 ​ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 ​ — ​ The fair values of our derivative financial instruments were determined using widely accepted valuation techniques, including discounted cash flow analysis on the expected cash flows of the derivative financial instrument. This analysis reflected the contractual terms of the derivative, including the period to maturity, and used observable market-based inputs, including interest rate market data and implied volatilities in such interest rates. While it was determined that the majority of the inputs used to value the derivatives fall within Level 2 of the fair value hierarchy under authoritative accounting guidance, the credit valuation adjustments associated with the derivatives also utilized Level 3 inputs, such as estimates of current credit spreads to evaluate the likelihood of default. However, as of March 31, 2021 and December 31, 2020, 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 the three months ended March 31, 2021 and 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. Financial Assets and Liabilities Not Measured at Fair Value As of March 31, 2021 and December 31, 2020, all financial assets and liabilities were reflected in our balance sheets at amounts which, in our estimation, reasonably approximated their fair values, except for the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2021 ​ December 31, 2020 ​ Carrying ​ Carrying ​ ​ ​ Amount (1) ​ Fair Value ​ Amount (1) ​ Fair Value ​ (In thousands) Financial liabilities: ​ ​ ​ ​ Mortgages payable ​ $ 1,601,635 ​ $ 1,614,367 ​ $ 1,603,869 ​ $ 1,606,470 Unsecured term loans ​ 400,000 ​ 400,354 ​ 400,000 ​ 399,678 (1) The carrying amount consists of principal only. The fair values of the mortgages payable and unsecured term loans were determined using Level 2 inputs of the fair value hierarchy. The fair value of our mortgages payable is estimated by discounting the future contractual cash flows of these instruments using current risk-adjusted rates available to borrowers with similar credit profiles based on market sources. The fair value of our unsecured term loans is calculated based on the net present value of payments over the term of the facilities using estimated market rates for similar notes and remaining terms.

Segment Information

Segment Information	3 Months Ended
	Mar. 31, 2021
Segment Information
Segment Information	16. We review operating and financial data for each property on an individual basis; therefore, each of our individual properties is a separate operating segment. We 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 parking revenue, and deducts property operating expenses and real estate taxes. With respect to the third-party asset management and real estate services business, the CODM reviews revenue streams generated by this segment ("Third-party real estate services, including reimbursements"), as well as the expenses attributable to the segment ("General and administrative: third-party real estate services"), which are both disclosed separately in our statements of operations. The following represents the components of revenue from our third-party real estate services business: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ 2021 2020 ​ (In thousands) Property management fees ​ $ 4,942 ​ $ 6,024 Asset management fees ​ 2,228 ​ 2,724 Development fees (1) ​ 14,250 ​ 2,812 Leasing fees ​ 860 ​ 1,747 Construction management fees ​ 172 ​ 1,013 Other service revenue ​ 1,698 ​ 1,635 Third-party real estate services revenue, excluding reimbursements ​ 24,150 ​ 15,955 Reimbursement revenue (2) ​ 13,957 ​ 13,761 Third-party real estate services revenue, including reimbursements ​ ​ 38,107 ​ ​ 29,716 Third-party real estate services expenses ​ ​ 28,936 ​ ​ 28,814 Third-party real estate services revenue less expenses ​ $ 9,171 ​ $ 902 (1) Estimated development fee revenue totaling $55.9 million as of March 31, 2021 is expected to be recognized over the next six 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 $24.0 million and $25.5 million as of March 31, 2021 and December 31, 2020, which are classified in "Other assets, net" in our balance sheets. 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: ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ 2021 2020 ​ (In thousands) Net income (loss) attributable to common shareholders ​ $ (20,731) ​ $ 42,925 Add: ​ ​ Depreciation and amortization expense ​ 64,726 ​ 48,489 General and administrative expense: ​ ​ Corporate and other ​ 12,475 ​ 13,176 Third-party real estate services ​ 28,936 ​ 28,814 Share-based compensation related to Formation Transaction and special equity awards ​ 4,945 ​ 9,441 Transaction and other costs ​ 3,690 ​ 5,309 Interest expense ​ 16,296 ​ 12,005 Loss on extinguishment of debt ​ — ​ 33 Income tax expense (benefit) ​ 4,315 ​ (2,345) Net income (loss) attributable to redeemable noncontrolling interests ​ (2,230) ​ 5,250 Net loss attributable to noncontrolling interests ​ ​ (1,108) ​ ​ — Less: ​ ​ Third-party real estate services, including reimbursements revenue ​ 38,107 ​ 29,716 Other revenue ​ 2,186 ​ 1,630 Loss from unconsolidated real estate ventures, net ​ (943) ​ (2,692) Interest and other income, net ​ 9 ​ 907 Gain on sale of real estate ​ — ​ 59,477 Consolidated NOI ​ $ 71,955 ​ $ 74,059 ​ The following is a summary of NOI by segment. Items classified in the Other column include future development assets, corporate entities and the elimination of intersegment activity. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, 2021 ​ Commercial Multifamily Other Total ​ (In thousands) Property rental revenue ​ $ 90,603 ​ $ 32,586 ​ $ (948) ​ $ 122,241 Parking revenue ​ 2,690 ​ 65 ​ — ​ 2,755 Total property revenue ​ 93,293 ​ 32,651 ​ (948) ​ 124,996 Property expense: ​ ​ ​ ​ ​ Property operating ​ 23,975 ​ 12,195 ​ (1,439) ​ 34,731 Real estate taxes ​ 11,772 ​ 5,245 ​ 1,293 ​ 18,310 Total property expense ​ 35,747 ​ 17,440 ​ (146) ​ 53,041 Consolidated NOI ​ $ 57,546 ​ $ 15,211 ​ $ (802) ​ $ 71,955 ​ ​ Three Months Ended March 31, 2020 ​ Commercial Multifamily Other Total ​ ​ (In thousands) Property rental revenue ​ $ 91,198 ​ $ 32,803 ​ $ (3,621) ​ $ 120,380 Parking revenue ​ 6,244 ​ 137 ​ — ​ 6,381 Total property revenue ​ 97,442 ​ 32,940 ​ (3,621) ​ 126,761 Property expense: ​ ​ ​ ​ Property operating ​ 27,943 ​ 10,307 ​ (3,747) ​ 34,503 Real estate taxes ​ 12,372 ​ 4,738 ​ 1,089 ​ 18,199 Total property expense ​ 40,315 ​ 15,045 ​ (2,658) ​ 52,702 Consolidated NOI ​ $ 57,127 ​ $ 17,895 ​ $ (963) ​ $ 74,059 ​ The following is a summary of certain balance sheet data by segment: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commercial Multifamily Other Total ​ ​ (In thousands) March 31, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Real estate, at cost ​ $ 3,457,426 ​ $ 2,114,399 ​ $ 407,144 ​ $ 5,978,969 Investments in unconsolidated real estate ventures ​ 321,741 ​ 108,877 ​ 24,858 ​ 455,476 Total assets (1) ​ 3,416,231 ​ 1,827,316 ​ 775,770 ​ 6,019,317 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 (1) Includes assets held for sale. See Note 3 for additional information.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2021
Commitments and Contingencies
Commitments and Contingencies	17. 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 March 31, 2021, we had construction in progress that will require an additional $351.3 million to complete ($345.9 million related to a consolidated entity and $5.4 million related to an unconsolidated real estate venture at our share), based on our current plans and estimates, which we anticipate will be primarily expended over the next four years. These capital expenditures are generally due as the work is performed, and we expect to finance them with debt proceeds, proceeds from asset recapitalizations and sales, issuance and sale of securities, and available cash. Environmental Matters Most of our assets have been subject, at some point, to environmental assessments that are intended to evaluate the environmental condition of the subject and surrounding assets. The environmental assessments did not reveal any material environmental contamination that we believe would have a material adverse effect on our overall business, financial condition or results of operations, or that have not been anticipated and remediated during site redevelopment as required by law. Nevertheless, there can be no assurance that the identification of new areas of contamination, changes in the extent or known scope of contamination, the discovery of additional sites or changes in cleanup requirements would not result in significant cost to us. Environmental liabilities totaled $18.2 million as of March 31, 2021 and December 31, 2020 and are included in "Other liabilities, net" in our balance sheets. Other As of March 31, 2021, we had committed tenant-related obligations totaling $58.2 million ($54.6 million related to our consolidated entities and $3.6 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 March 31, 2021, we had additional capital commitments and certain recorded guarantees to our unconsolidated real estate ventures totaling $53.8 million. As of March 31, 2021, 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 for any taxes and related amounts and costs resulting from a violation by us of the Tax Matters Agreement.

Transactions with Related Parti

Transactions with Related Parties	3 Months Ended
	Mar. 31, 2021
Transactions with Related Parties
Transactions with Related Parties	18. 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 ownership interests 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. We launched the WHI with 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 March 31, 2021, the WHI Impact Pool closed on capital commitments totaling $114.4 million, which includes 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 $5.8 million and $8.0 million for the three months ended March 31, 2021 and 2020. As of March 31, 2021 and December 31, 2020, we had receivables from the JBG Legacy Funds and the WHI Impact Pool totaling $7.9 million and $7.5 million for such services. We rented our former corporate offices from an unconsolidated real estate venture and made payments totaling $271,000 and $1.3 million for the three months ended March 31, 2021 and 2020. 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 $4.3 million and $5.3 million during the three months ended March 31, 2021 and 2020, which is included in "Property operating expenses" in our statements of operations.

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2021
Subsequent Events
Subsequent Events	19. On April 29, 2021, our Board of Trustees declared a quarterly dividend of $0.225 per common share, payable on May 27, 2021 to shareholders of record as of May 13, 2021. In April 2021, we entered into two real estate ventures, in which we have 50% ownership interests, to design, develop, manage and own approximately 2.0 million square feet of new mixed-use development located in Potomac Yard, the southern portion of National Landing. Our venture partner contributed a land site that is entitled for 1.3 million square feet of development it controls at Potomac Yard Landbay F, while we contributed the adjacent land with over 700,000 square feet of estimated development capacity at Potomac Yard Landbay G. We will also act as pre-developer, developer, property manager and leasing agent for all future commercial and residential properties on the site. As part of the transaction, our venture partner elected to accelerate the monetization of a 2013 promote interest in the land contributed by it to the ventures. ​

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2021
Summary of Significant Accounting Policies
Basis of Presentation	Basis of Presentation The accompanying unaudited condensed consolidated financial statements and notes are prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") for interim financial information and with the instructions of Form 10-Q and Article 10 of Regulation S-X. Accordingly, these condensed consolidated financial statements do not contain certain information required in annual financial statements and notes as required under GAAP. In our opinion, all adjustments considered necessary for a fair presentation have been included, and all such adjustments are of a normal recurring nature. All intercompany transactions and balances have been eliminated. The results of operations for the three months ended March 31, 2021 and 2020 are not necessarily indicative of the results that may be expected for a full year. These condensed consolidated financial statements should be read in conjunction with our Annual Report on Form 10-K for the year ended December 31, 2020, filed with the Securities and Exchange Commission. The accompanying condensed consolidated financial statements include our accounts and those of our wholly owned subsidiaries and consolidated variable interest entities ("VIEs"), including JBG SMITH LP. See Note 5 for additional information on our VIEs. The portions of the equity and net income (loss) of consolidated entities that are not attributable to us are presented separately as amounts attributable to noncontrolling interests in our condensed consolidated financial statements. References to our financial statements refer to our condensed consolidated financial statements as of March 31, 2021 and December 31, 2020, and for the three months ended March 31, 2021 and 2020. References to our balance sheets refer to our condensed consolidated balance sheets as of March 31, 2021 and December 31, 2020. References to our statements of operations refer to our condensed consolidated statements of operations for the three months ended March 31, 2021 and 2020. References to our statements of comprehensive income (loss) refer to our condensed consolidated statements of comprehensive income (loss) for the three months ended March 31, 2021 and 2020. References to our statements of cash flows refer to our condensed consolidated statements of cash flows for the three months ended March 31, 2021 and 2020.
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. We currently adhere and intend to continue to adhere to these requirements and to maintain our REIT status in future periods. We also participate in the activities conducted by our subsidiary entities that have elected to be treated as taxable REIT subsidiaries under the Code. As such, we are subject to federal, state and local taxes on the income from these activities.
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 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 periods. 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. In March 2020, the World Health Organization declared a global pandemic related to the novel coronavirus ("COVID- 19"). The significance, extent and duration of the impact of COVID-19 on us and our tenants remains largely uncertain and dependent on near-term and future developments that cannot be accurately predicted at this time, such as the continued severity, duration, transmission rate and geographic spread of COVID-19, the roll-out, effectiveness and willingness of people to take COVID-19 vaccines, the extent and effectiveness of the containment measures taken, and the response of the overall economy, the financial markets and the population, particularly in the area in which we operate. The ultimate adverse impact of COVID-19 is highly uncertain; however, the 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. Due to the business disruptions and challenges caused by COVID-19, we have provided rent deferrals and other lease concessions to certain tenants. We have entered into agreements with certain tenants, many of which have been placed on the cash basis of accounting, resulting in the deferral to future periods or abatement of $1.9 million of rent that had been contractually due in the first quarter of 2021. 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 2020, we put substantially all co-working tenants and retailers except for grocers, pharmacies, essential businesses and certain national credit tenants on the cash basis of accounting.
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.

Assets Held for Sale (Tables)

Assets Held for Sale (Tables)	3 Months Ended
	Mar. 31, 2021
Assets Held for Sale
Summary of assets held for sale	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Liabilities Related ​ ​ ​ ​ ​ ​ Total ​ Assets Held ​ to Assets Held Assets Segment Location Square Feet (1) for Sale for Sale ​ ​ ​ ​ ​ ​ (In thousands) March 31, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Pen Place (2) ​ Other ​ Arlington, Virginia ​ 2,082 ​ $ 73,876 ​ $ 213 December 31, 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Pen Place (2) ​ Other ​ Arlington, Virginia ​ 2,082 ​ $ 73,876 ​ $ — (1) Represents estimated or approved potential development density. (2) In March 2019, we entered into an agreement for the sale of Pen Place to Amazon, which we expect to close in 2021.

Investments in Unconsolidated_2

Investments in Unconsolidated Real Estate Ventures (Tables)	3 Months Ended
	Mar. 31, 2021
Investments in Unconsolidated Real Estate Ventures
Summary of Unconsolidated Investments	The following is a summary of our investments in unconsolidated real estate ventures: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Effective ​ ​ ​ ​ Ownership ​ ​ ​ ​ ​ ​ Real Estate Venture Partners Interest (1) March 31, 2021 December 31, 2020 ​ ​ ​ ​ (In thousands) Prudential Global Investment Management 50.0% ​ $ 212,796 ​ $ 216,939 Landmark 1.8% - 49.0% ​ 65,313 ​ 66,724 CBREI Venture 5.0% - 64.0% ​ 64,251 ​ 65,190 Canadian Pension Plan Investment Board ("CPPIB") 55.0% ​ 47,072 ​ 47,522 Berkshire Group 50.0% ​ 51,662 ​ ​ 50,649 Brandywine Realty Trust 30.0% ​ 13,751 ​ 13,710 Other ​ ​ 631 ​ ​ 635 Total investments in unconsolidated real estate ventures (2) ​ ​ ​ $ 455,476 ​ $ 461,369 (1) Reflects our effective ownership interests in the underlying real estate as of March 31, 2021. We have multiple investments with certain venture partners with varying ownership interests in the underlying real estate. (2) As of March 31, 2021 and December 31, 2020, our total investments in unconsolidated real estate ventures are greater than the net book value of the underlying assets by $19.5 million and $18.9 million, resulting principally from capitalized interest, partially offset by 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 ​ ​ ​ Interest Rate (1) March 31, 2021 December 31, 2020 ​ ​ ​ ​ (In thousands) Variable rate (2) 2.49% ​ $ 865,653 ​ $ 863,617 Fixed rate (3) (4) 4.03% ​ 331,768 ​ 323,050 Mortgages payable ​ ​ ​ 1,197,421 ​ 1,186,667 Unamortized deferred financing costs ​ ​ ​ (6,766) ​ (7,479) Mortgages payable, net (4) ​ ​ ​ $ 1,190,655 ​ $ 1,179,188 (1) Weighted average effective interest rate as of March 31, 2021. (2) Includes variable rate mortgages payable with interest rate cap agreements. (3) Includes variable rate mortgages payable with interest rates fixed by interest rate swap agreements. (4) See Note 17 for additional information on guarantees of the debt of certain of our unconsolidated real estate ventures. ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2021 December 31, 2020 ​ (In thousands) Combined balance sheet information: ​ ​ ​ ​ ​ ​ Real estate, net ​ $ 2,239,173 ​ $ 2,247,384 Other assets, net ​ 273,121 ​ 270,516 Total assets ​ $ 2,512,294 ​ $ 2,517,900 ​ ​ ​ ​ ​ ​ ​ Mortgages payable, net ​ $ 1,190,655 ​ $ 1,179,188 Other liabilities, net ​ 139,098 ​ 140,304 Total liabilities ​ 1,329,753 ​ 1,319,492 Total equity ​ 1,182,541 ​ 1,198,408 Total liabilities and equity ​ $ 2,512,294 ​ $ 2,517,900 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ 2021 2020 ​ (In thousands) Combined income statement information: ​ ​ ​ ​ ​ ​ Total revenue ​ $ 48,217 ​ $ 69,579 Operating income (loss) ​ 1,714 ​ (482) Net loss ​ (6,526) ​ (18,165)

Other Assets, Net (Tables)

Other Assets, Net (Tables)	3 Months Ended
	Mar. 31, 2021
Other Assets, Net
Summary of other assets net	​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2021 December 31, 2020 ​ ​ (In thousands) Deferred leasing costs, net ​ $ 121,817 ​ $ 117,141 Lease intangible assets, net ​ 13,037 ​ 15,565 Management and leasing contracts, net ​ ​ 24,036 ​ ​ 25,512 Other identified intangible assets ​ ​ 17,500 ​ ​ 17,500 Wireless spectrum licenses (1) ​ ​ 25,275 ​ ​ — Operating lease right-of-use assets ​ 3,470 ​ 3,542 Finance lease right-of-use assets ​ ​ 41,889 ​ ​ 41,996 Prepaid expenses ​ 12,210 ​ 14,000 Deferred financing costs, net ​ 10,826 ​ 6,656 Deposits (1) ​ 3,488 ​ 28,560 Other ​ 15,904 ​ 16,103 Total other assets, net ​ $ 289,452 ​ $ 286,575 (1) During 2020, we deposited $25.3 million with the Federal Communications Commission in connection with the acquisition of wireless spectrum licenses. In March 2021, we received the licenses. While the licenses are issued for ten years , as long as we act within the requirements and constraints of the regulatory authorities, the renewal and extension of these licenses is reasonably certain at minimal cost. Accordingly, we have concluded that the licenses are indefinite-lived intangible assets .

Debt (Tables)

Debt (Tables)	3 Months Ended
	Mar. 31, 2021
Mortgages Payable
Debt Instrument [Line Items]
Summary of debt	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted Average ​ ​ ​ ​ ​ ​ ​ ​ ​ Effective ​ ​ ​ ​ Interest Rate (1) ​ March 31, 2021 December 31, 2020 ​ ​ ​ ​ ​ (In thousands) Variable rate (2) 2.15% ​ ​ $ 677,246 ​ $ 678,346 Fixed rate (3) 4.32% ​ ​ 924,389 ​ 925,523 Mortgages payable ​ ​ ​ ​ 1,601,635 ​ 1,603,869 Unamortized deferred financing costs and premium/ discount, net (4) ​ ​ ​ ​ (9,752) ​ (10,131) Mortgages payable, net ​ ​ ​ ​ $ 1,591,883 ​ $ 1,593,738 (1) Weighted average effective interest rate as of March 31, 2021. (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) As of March 31, 2021, net deferred financing costs related to an unfunded mortgage loan totaling $4.6 million were included in "Other assets, net."
Credit Facility
Debt Instrument [Line Items]
Summary of debt	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Effective ​ ​ ​ ​ Interest Rate (1) ​ March 31, 2021 December 31, 2020 ​ ​ ​ ​ ​ (In thousands) Revolving credit facility (2) (3) (4) 1.16% ​ ​ $ — ​ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Tranche A-1 Term Loan (5) 2.59% ​ ​ $ 200,000 ​ $ 200,000 Tranche A-2 Term Loan (6) 2.49% ​ ​ 200,000 ​ 200,000 Unsecured term loans ​ ​ 400,000 ​ 400,000 Unamortized deferred financing costs, net ​ ​ (1,849) ​ (2,021) Unsecured term loans, net ​ ​ $ 398,151 ​ $ 397,979 (1) Effective interest rate as of March 31, 2021. (2) As of March 31, 2021 and December 31, 2020, letters of credit with an aggregate face amount of $1.5 million were outstanding under our revolving credit facility. (3) As of March 31, 2021 and December 31, 2020, net deferred financing costs related to our revolving credit facility totaling $6.2 million and $6.7 million were included in "Other assets, net." (4) The interest rate for our revolving credit facility excludes a 0.15% facility fee. (5) As of March 31, 2021 and December 31, 2020, the outstanding balance was fixed by interest rate swap agreements. The interest rate swaps mature concurrently with the term loan and provide a weighted average interest rate of 1.39% . (6) As of March 31, 2021 and December 31, 2020, the outstanding balance was fixed by interest rate swap agreements. 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)	3 Months Ended
	Mar. 31, 2021
Other Liabilities, Net
Composition of other liabilities net	​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2021 December 31, 2020 ​ ​ (In thousands) Lease intangible liabilities, net ​ ​ 9,526 ​ ​ 10,300 Lease assumption liabilities ​ 8,746 ​ 10,126 Lease incentive liabilities ​ 15,369 ​ 13,913 Liabilities related to operating lease right-of-use assets ​ 9,801 ​ 10,752 Liabilities related to finance lease right-of-use assets ​ 40,390 ​ 40,221 Prepaid rent ​ 20,293 ​ 19,809 Security deposits ​ 13,386 ​ 13,654 Environmental liabilities ​ 18,242 ​ 18,242 Deferred tax liability, net ​ 5,995 ​ 2,509 Dividends payable ​ — ​ 34,075 Derivative agreements, at fair value ​ 34,181 ​ 44,222 Deferred purchase price (1) ​ ​ 19,479 ​ ​ 19,479 Other ​ 8,076 ​ 10,472 Total other liabilities, net ​ $ 203,484 ​ $ 247,774 (1) Deferred purchase price associated with the acquisition of the former Americana Hotel site in December 2020.

Redeemable Noncontrolling Int_2

Redeemable Noncontrolling Interests (Tables)	3 Months Ended
	Mar. 31, 2021
Redeemable Noncontrolling Interests
Summary of redeemable noncontrolling interests	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ ​ 2021 ​ 2020 ​ ​ ​ ​ ​ 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 period ​ $ 522,882 ​ $ 7,866 ​ $ 530,748 ​ $ 606,699 ​ $ 6,059 ​ $ 612,758 OP Unit redemptions ​ (3,919) ​ — ​ (3,919) ​ (31,126) ​ — ​ (31,126) LTIP Units issued in lieu of cash bonuses (1) ​ 4,817 ​ — ​ 4,817 ​ 3,616 ​ — ​ 3,616 Net income (loss) attributable to redeemable noncontrolling interests ​ (2,197) ​ (33) ​ (2,230) ​ 5,253 ​ (3) ​ 5,250 Other comprehensive income (loss) ​ 973 ​ — ​ 973 ​ (3,573) ​ — ​ (3,573) Contributions (distributions) ​ (1,362) ​ — ​ (1,362) ​ — ​ — ​ — Share-based compensation expense ​ 12,564 ​ — ​ 12,564 ​ 16,781 ​ — ​ 16,781 Adjustment to redemption value ​ 11,293 ​ 43 ​ 11,336 ​ (100,666) ​ — ​ (100,666) Balance as of the end of the period ​ $ 545,051 ​ $ 7,876 ​ $ 552,927 ​ $ 496,984 ​ $ 6,056 ​ $ 503,040 (1) See Note 11 for additional information.

Property Rental Revenue (Tables

Property Rental Revenue (Tables)	3 Months Ended
	Mar. 31, 2021
Property Rental Revenue
Property Rental Revenue	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ 2021 2020 ​ ​ ​ (In thousands) ​ Fixed ​ $ 112,249 ​ $ 110,933 ​ Variable ​ ​ 9,992 ​ ​ 9,447 ​ Property rental revenue ​ $ 122,241 ​ $ 120,380 ​

Share-Based Payments (Tables)

Share-Based Payments (Tables)	3 Months Ended
	Mar. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Summary of share-based compensation expense	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ 2021 2020 ​ (In thousands) Time-Based LTIP Units ​ $ 4,380 ​ $ 3,351 Performance-Based LTIP Units ​ 3,239 ​ 3,989 Other equity awards (1) ​ 1,463 ​ 1,549 Share-based compensation expense - other ​ 9,082 ​ 8,889 Formation Awards ​ 729 ​ 1,259 OP Units (2) ​ 2,706 ​ 6,641 LTIP Units (2) ​ 78 ​ 112 Special Performance-Based LTIP Units (3) ​ 684 ​ 671 Special Time-Based LTIP Units (3) ​ 748 ​ 758 Share-based compensation related to Formation Transaction and special equity awards (4) ​ 4,945 ​ 9,441 Total share-based compensation expense ​ 14,027 ​ 18,330 Less amount capitalized ​ (791) ​ (968) Share-based compensation expense ​ $ 13,236 ​ $ 17,362 (1) Primarily comprising compensation expense for: (i) certain employees who have elected to receive all or a portion of any cash bonus earned in the form of fully vested LTIP Units, (ii) RSUs and (iii) 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 additional headquarters in National Landing. (4) Included in "General and administrative expense: Share-based compensation related to Formation Transaction and special equity awards" in the accompanying statements of operations .
Time-Based LTIP Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Summary of of the significant assumptions of awards	​ ​ ​ ​ Expected volatility 39.0% Risk-free interest rate 0.1% Post-grant restriction periods 2 years
Performance-Based LTIP Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Summary of of the significant assumptions of awards	​ ​ ​ ​ Expected volatility 34.0% Dividend yield 2.6% Risk-free interest rate 0.2%

Transaction and Other Costs (Ta

Transaction and Other Costs (Tables)	3 Months Ended
	Mar. 31, 2021
Transaction and Other Costs
Schedule of transaction and other costs	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ 2021 2020 ​ (In thousands) Demolition costs (1) ​ $ 1,008 ​ $ — Integration and severance costs ​ 240 ​ 1,309 Completed, potential and pursued transaction expenses ​ 2,442 ​ — Other (2) ​ — ​ 4,000 Transaction and other costs ​ $ 3,690 ​ $ 5,309 (1) Related to 2000 South Bell Street and 2001 South Bell Street. (2) Related to a charitable commitment to the Washington Housing Conservancy, a non-profit that acquires and owns affordable workforce housing in the Washington, D.C. metropolitan area.

Interest Expense (Tables)

Interest Expense (Tables)	3 Months Ended
	Mar. 31, 2021
Interest Expense
Schedule of interest expense	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ 2021 2020 ​ (In thousands) Interest expense before capitalized interest ​ $ 16,666 ​ $ 16,554 Amortization of deferred financing costs ​ 1,047 ​ 622 Interest expense related to finance lease right-of-use assets ​ ​ 426 ​ ​ 144 Net unrealized gain on derivative financial instruments not designated as cash flow hedges ​ (133) ​ (47) Capitalized interest ​ (1,710) ​ (5,268) Interest expense ​ $ 16,296 ​ $ 12,005

Shareholders' Equity and Earn_2

Shareholders' Equity and Earnings Per Common Share (Tables)	3 Months Ended
	Mar. 31, 2021
Shareholders' Equity and Earnings Per Common Share
Schedule of basic and diluted earnings per common share to net income (loss)	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ ​ 2021 2020 ​ ​ (In thousands, except per share amounts) Net income (loss) ​ $ (24,069) ​ $ 48,175 Net (income) loss attributable to redeemable noncontrolling interests ​ 2,230 ​ (5,250) Net loss attributable to noncontrolling interests ​ 1,108 ​ — Net income (loss) attributable to common shareholders ​ ​ (20,731) ​ ​ 42,925 ​ ​ ​ ​ ​ ​ ​ Weighted average number of common shares outstanding - basic ​ 131,540 ​ 134,542 Effect of dilutive securities ​ ​ — ​ ​ 887 Weighted average number of common shares outstanding — diluted ​ ​ 131,540 ​ ​ 135,429 ​ ​ ​ ​ ​ ​ ​ Earnings (loss) per common share - basic and diluted ​ $ (0.16) ​ $ 0.32

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2021
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) March 31, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivative financial instruments designated as cash flow hedges: ​ ​ ​ ​ Classified as liabilities in "Other liabilities, net" ​ $ 34,181 ​ — ​ $ 34,181 ​ — Derivative financial instruments not designated as cash flow hedges: ​ ​ ​ ​ Classified as assets in "Other assets, net" ​ 167 ​ — ​ 167 ​ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 ​ —
Schedule of financial instruments and liabilities were reflected in our balance sheets	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2021 ​ December 31, 2020 ​ Carrying ​ Carrying ​ ​ ​ Amount (1) ​ Fair Value ​ Amount (1) ​ Fair Value ​ (In thousands) Financial liabilities: ​ ​ ​ ​ Mortgages payable ​ $ 1,601,635 ​ $ 1,614,367 ​ $ 1,603,869 ​ $ 1,606,470 Unsecured term loans ​ 400,000 ​ 400,354 ​ 400,000 ​ 399,678 (1) The carrying amount consists of principal only.

Segment Information (Tables)

Segment Information (Tables)	3 Months Ended
	Mar. 31, 2021
Segment Information
Schedule of components of revenue from third-party real estate services business	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ 2021 2020 ​ (In thousands) Property management fees ​ $ 4,942 ​ $ 6,024 Asset management fees ​ 2,228 ​ 2,724 Development fees (1) ​ 14,250 ​ 2,812 Leasing fees ​ 860 ​ 1,747 Construction management fees ​ 172 ​ 1,013 Other service revenue ​ 1,698 ​ 1,635 Third-party real estate services revenue, excluding reimbursements ​ 24,150 ​ 15,955 Reimbursement revenue (2) ​ 13,957 ​ 13,761 Third-party real estate services revenue, including reimbursements ​ ​ 38,107 ​ ​ 29,716 Third-party real estate services expenses ​ ​ 28,936 ​ ​ 28,814 Third-party real estate services revenue less expenses ​ $ 9,171 ​ $ 902 (1) Estimated development fee revenue totaling $55.9 million as of March 31, 2021 is expected to be recognized over the next six 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: ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ 2021 2020 ​ (In thousands) Net income (loss) attributable to common shareholders ​ $ (20,731) ​ $ 42,925 Add: ​ ​ Depreciation and amortization expense ​ 64,726 ​ 48,489 General and administrative expense: ​ ​ Corporate and other ​ 12,475 ​ 13,176 Third-party real estate services ​ 28,936 ​ 28,814 Share-based compensation related to Formation Transaction and special equity awards ​ 4,945 ​ 9,441 Transaction and other costs ​ 3,690 ​ 5,309 Interest expense ​ 16,296 ​ 12,005 Loss on extinguishment of debt ​ — ​ 33 Income tax expense (benefit) ​ 4,315 ​ (2,345) Net income (loss) attributable to redeemable noncontrolling interests ​ (2,230) ​ 5,250 Net loss attributable to noncontrolling interests ​ ​ (1,108) ​ ​ — Less: ​ ​ Third-party real estate services, including reimbursements revenue ​ 38,107 ​ 29,716 Other revenue ​ 2,186 ​ 1,630 Loss from unconsolidated real estate ventures, net ​ (943) ​ (2,692) Interest and other income, net ​ 9 ​ 907 Gain on sale of real estate ​ — ​ 59,477 Consolidated NOI ​ $ 71,955 ​ $ 74,059 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, 2021 ​ Commercial Multifamily Other Total ​ (In thousands) Property rental revenue ​ $ 90,603 ​ $ 32,586 ​ $ (948) ​ $ 122,241 Parking revenue ​ 2,690 ​ 65 ​ — ​ 2,755 Total property revenue ​ 93,293 ​ 32,651 ​ (948) ​ 124,996 Property expense: ​ ​ ​ ​ ​ Property operating ​ 23,975 ​ 12,195 ​ (1,439) ​ 34,731 Real estate taxes ​ 11,772 ​ 5,245 ​ 1,293 ​ 18,310 Total property expense ​ 35,747 ​ 17,440 ​ (146) ​ 53,041 Consolidated NOI ​ $ 57,546 ​ $ 15,211 ​ $ (802) ​ $ 71,955 ​ ​ Three Months Ended March 31, 2020 ​ Commercial Multifamily Other Total ​ ​ (In thousands) Property rental revenue ​ $ 91,198 ​ $ 32,803 ​ $ (3,621) ​ $ 120,380 Parking revenue ​ 6,244 ​ 137 ​ — ​ 6,381 Total property revenue ​ 97,442 ​ 32,940 ​ (3,621) ​ 126,761 Property expense: ​ ​ ​ ​ Property operating ​ 27,943 ​ 10,307 ​ (3,747) ​ 34,503 Real estate taxes ​ 12,372 ​ 4,738 ​ 1,089 ​ 18,199 Total property expense ​ 40,315 ​ 15,045 ​ (2,658) ​ 52,702 Consolidated NOI ​ $ 57,127 ​ $ 17,895 ​ $ (963) ​ $ 74,059 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commercial Multifamily Other Total ​ ​ (In thousands) March 31, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Real estate, at cost ​ $ 3,457,426 ​ $ 2,114,399 ​ $ 407,144 ​ $ 5,978,969 Investments in unconsolidated real estate ventures ​ 321,741 ​ 108,877 ​ 24,858 ​ 455,476 Total assets (1) ​ 3,416,231 ​ 1,827,316 ​ 775,770 ​ 6,019,317 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 (1) Includes assets held for sale. See Note 3 for additional information.

Organization and Basis of Pre_2

Organization and Basis of Presentation - Narrative (Details) $ in Billions	Mar. 31, 2021USD ($)ft²propertybuilding
Real Estate Properties [Line Items]
Number of Real Estate Properties | property	63
Under-construction assets
Real Estate Properties [Line Items]
Number of Real Estate Properties | property	2
Near-term Development
Real Estate Properties [Line Items]
Number of Real Estate Properties | property	9
Area of real estate property | ft²	4,800,000
Future Development
Real Estate Properties [Line Items]
Number of Real Estate Properties | property	29
Area of real estate property | ft²	14,800,000
Commercial Real Estate
Real Estate Properties [Line Items]
Number of Real Estate Properties | property	42
Area of real estate property | ft²	13,300,000
Multifamily
Real Estate Properties [Line Items]
Number of Real Estate Properties | property	21
Number of Units in Real Estate Property | building	7,800
Multifamily | Under-construction assets
Real Estate Properties [Line Items]
Number of Units in Real Estate Property | building	1,130
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	11,400,000
Wholly Owned Properties | Multifamily
Real Estate Properties [Line Items]
Number of Units in Real Estate Property | building	5,999
Wholly Owned Properties | Multifamily | Under-construction assets
Real Estate Properties [Line Items]
Number of Units in Real Estate Property | ft²	969
Virginia Tech's
Real Estate Properties [Line Items]
Investments | $	$ 1
JBG Smith, LP
Real Estate Properties [Line Items]
Ownership interest by parent	90.50%

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Details) $ in Millions	3 Months Ended
	Mar. 31, 2021USD ($)
Summary of Significant Accounting Policies
Lease deferral requests granted - COVID	$ 1.9

Assets Held for Sale (Details)

Assets Held for Sale (Details) $ in Thousands	Mar. 31, 2021USD ($)ft²	Dec. 31, 2020USD ($)ft²
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Assets held for sale	$ 73,876	$ 73,876
Liabilities related to assets held for sale	$ 213
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	2,082	2,082
Assets held for sale	$ 73,876	$ 73,876
Liabilities related to assets held for sale	$ 213

Investments in Unconsolidated_3

Investments in Unconsolidated Real Estate Ventures - Summary of Composition of Investments (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Schedule of Equity Method Investments [Line Items]
Total investments in unconsolidated real estate ventures	$ 455,476		$ 461,369
Difference between the investments in unconsolidated real estate ventures and the net book value of the underlying assets	$ 19,500		18,900
Prudential Global Investment Management (PGIM)
Schedule of Equity Method Investments [Line Items]
Ownership interest (as percent)	50.00%
Total investments in unconsolidated real estate ventures	$ 212,796		216,939
Landmark
Schedule of Equity Method Investments [Line Items]
Total investments in unconsolidated real estate ventures	$ 65,313		66,724
Landmark | Minimum
Schedule of Equity Method Investments [Line Items]
Ownership interest (as percent)	1.80%
Landmark | Maximum
Schedule of Equity Method Investments [Line Items]
Ownership interest (as percent)	49.00%
CBREI Venture
Schedule of Equity Method Investments [Line Items]
Total investments in unconsolidated real estate ventures	$ 64,251		65,190
CBREI Venture | Minimum
Schedule of Equity Method Investments [Line Items]
Ownership interest (as percent)	5.00%
CBREI Venture | Maximum
Schedule of Equity Method Investments [Line Items]
Ownership interest (as percent)	64.00%
Canadian Pension Plan Investment Board (CPPIB)
Schedule of Equity Method Investments [Line Items]
Ownership interest (as percent)	55.00%
Total investments in unconsolidated real estate ventures	$ 47,072		47,522
Berkshire Group
Schedule of Equity Method Investments [Line Items]
Ownership interest (as percent)	50.00%
Total investments in unconsolidated real estate ventures	$ 51,662		50,649
Brandywine Realty Trust
Schedule of Equity Method Investments [Line Items]
Ownership interest (as percent)	30.00%
Total investments in unconsolidated real estate ventures	$ 13,751		13,710
Other
Schedule of Equity Method Investments [Line Items]
Total investments in unconsolidated real estate ventures	631		635
Investments in Unconsolidated Real Estate Ventures
Schedule of Equity Method Investments [Line Items]
Property Management Fee Revenue	5,900	$ 6,700
1101 17th Street | Canadian Pension Plan Investment Board (CPPIB)
Schedule of Equity Method Investments [Line Items]
Total investments in unconsolidated real estate ventures	$ 0		$ 0

Investments in Unconsolidated_4

Investments in Unconsolidated Real Estate Ventures - Summary of Debt (Details) - Mortgages Payable - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Schedule of Equity Method Investments
Variable interest rate	2.15%
Variable rate amount	$ 677,246	$ 678,346
Fixed interest rate	4.32%
Fixed rate amount	$ 924,389	925,523
Debt, gross	1,601,635	1,603,869
Unamortized deferred financing costs, net	(9,752)	(10,131)
Long-term debt, net	$ 1,591,883	1,593,738
Investments in Unconsolidated Real Estate Ventures
Schedule of Equity Method Investments
Variable interest rate	2.49%
Variable rate amount	$ 865,653	863,617
Fixed interest rate	4.03%
Fixed rate amount	$ 331,768	323,050
Debt, gross	1,197,421	1,186,667
Unamortized deferred financing costs, net	(6,766)	(7,479)
Long-term debt, net	$ 1,190,655	$ 1,179,188

Investments in Unconsolidated_5

Investments in Unconsolidated Real Estate Ventures - Financial Information - Table (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Combined balance sheet information:
Real estate, net	$ 4,729,356		$ 4,767,941
Other assets, net	289,452		286,575
TOTAL ASSETS	6,019,317		6,079,547
Mortgages payable, net	1,591,883		1,593,738
Other liabilities, net	203,484		247,774
Total liabilities	2,289,544		2,342,593
Total equity	3,168,116		3,206,039
TOTAL LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY	6,019,317		6,079,547
Combined income statement information:
Revenues	165,289	$ 158,107
Net income (loss)	(24,069)	48,175
Investments in Unconsolidated Real Estate Ventures
Combined balance sheet information:
Real estate, net	2,239,173		2,247,384
Other assets, net	273,121		270,516
TOTAL ASSETS	2,512,294		2,517,900
Mortgages payable, net	1,190,655		1,179,188
Other liabilities, net	139,098		140,304
Total liabilities	1,329,753		1,319,492
Total equity	1,182,541		1,198,408
TOTAL LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY	2,512,294		$ 2,517,900
Combined income statement information:
Revenues	48,217	69,579
Operating income (loss)	1,714	(482)
Net income (loss)	$ (6,526)	$ (18,165)

Variable Interest Entities (Det

Variable Interest Entities (Details) $ in Thousands	1 Months Ended
	Mar. 31, 2021USD ($)buildingitem	Dec. 31, 2020USD ($)
Variable Interest Entity [Line Items]
Assets	$ 6,019,317	$ 6,079,547
Liabilities	$ 2,289,544	2,342,593
Multifamily
Variable Interest Entity [Line Items]
Number of Units in Real Estate Property | building	7,800
JBG Smith, LP
Variable Interest Entity [Line Items]
Ownership interest by parent	90.50%
Unconsolidated VIE
Variable Interest Entity [Line Items]
Assets	$ 116,300	$ 116,200
Variable Interest Entity, Primary Beneficiary
Variable Interest Entity [Line Items]
Assets	5,700
Liabilities	585
Ground lessee equity funding obligation	17,500
Lessee Equity Contribution	9,700
Variable Interest Entity, Primary Beneficiary | Mortgages Payable
Variable Interest Entity [Line Items]
Principal amount	227,000
Proceeds from issuance of mortgage loan	$ 0
Variable Interest Entity, Primary Beneficiary | Mortgages Payable | London Interbank Offered Rate (LIBOR)
Variable Interest Entity [Line Items]
Debt Instrument basis spread on variable rate	3.00%
Variable Interest Entity, Primary Beneficiary | 1900 Crystal Drive | Multifamily
Variable Interest Entity [Line Items]
Number of Units in Real Estate Property | item	808
Number of Towers in Real Estate Property | item	2

Other Assets, Net - Summary (De

Other Assets, Net - Summary (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2021	Dec. 31, 2020
Finite-Lived Intangible Assets [Line Items]
Deferred leasing costs, net	$ 121,817	$ 117,141
Management and leasing contracts, net	24,036	25,512
Other identified intangible assets, net	17,500	17,500
Operating lease right-of-use assets	3,470	3,542
Finance lease right-of-use assets	41,889	41,996
Prepaid expenses	12,210	14,000
Deferred financing costs, net	10,826	6,656
Deposits	3,488	28,560
Other	15,904	16,103
Total other assets, net	289,452	286,575
Lease intangible assets, net
Finite-Lived Intangible Assets [Line Items]
Intangible assets, net	13,037	15,565
Wireless spectrum licenses
Finite-Lived Intangible Assets [Line Items]
Wireless spectrum licenses	$ 25,275
Deposit to acquire wireless spectrum licenses		$ 25,300
Period intangible assets issued	10 years

Debt - Schedule of Mortgages Pa

Debt - Schedule of Mortgages Payable (Details) - Mortgages Payable - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Variable interest rate	2.15%
Variable rate amount	$ 677,246	$ 678,346
Fixed interest rate	4.32%
Fixed rate amount	$ 924,389	925,523
Debt, gross	1,601,635	1,603,869
Unamortized deferred financing costs and premium/ discount, net	(9,752)	(10,131)
Long-term debt, net	1,591,883	$ 1,593,738
Other assets, net
Debt Instrument [Line Items]
Net deferred finance costs	$ 4,600

Debt - Narrative (Details)

Debt - Narrative (Details) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Mortgages Payable
Mortgages and Line of Credit Facility [Line Items]
Net carrying value of real estate collateralizing the mortgages payable	$ 1,800	$ 1,800
Mortgages Payable | Interest rate swaps and caps
Mortgages and Line of Credit Facility [Line Items]
Derivative notional amount	1,300	1,300
Credit Facility
Mortgages and Line of Credit Facility [Line Items]
Credit facility, maximum borrowing capacity	1,400	1,400
Credit Facility | Revolving Credit Facility
Mortgages and Line of Credit Facility [Line Items]
Credit facility, maximum borrowing capacity	1,000	1,000
Credit Facility | Tranche A-1 Term Loan
Mortgages and Line of Credit Facility [Line Items]
Credit facility, maximum borrowing capacity	200	200
Credit Facility | Tranche A-2 Term Loan
Mortgages and Line of Credit Facility [Line Items]
Credit facility, maximum borrowing capacity	$ 200	$ 200

Debt - Summary of Amounts Outst

Debt - Summary of Amounts Outstanding under the Credit Facility (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2021	Dec. 31, 2020
Line of Credit Facility [Line Items]
Deferred financing costs on credit facility	$ 10,826	$ 6,656
Credit Facility | Revolving Credit Facility
Line of Credit Facility [Line Items]
Effective interest rate	1.16%
Letters of Credit Outstanding, Amount	$ 1,500	$ 1,500
Percentage of line of credit facility	0.15%	0.15%
Credit Facility | Revolving Credit Facility | Other assets, net
Line of Credit Facility [Line Items]
Deferred financing costs on credit facility	$ 6,200	$ 6,700
Credit Facility | Tranche A-1 Term Loan
Line of Credit Facility [Line Items]
Effective interest rate	2.59%
Debt, gross	$ 200,000	200,000
Credit Facility | Tranche A-1 Term Loan | Interest rate swap
Line of Credit Facility [Line Items]
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]
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	400,000
Unamortized deferred financing costs, net	(1,849)	(2,021)
Long-term debt, net	$ 398,151	$ 397,979

Other Liabilities, Net (Details

Other Liabilities, Net (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Other Liabilities, Net
Lease intangible liabilities, net	$ 9,526	$ 10,300
Lease assumption liabilities	8,746	10,126
Lease incentive liabilities	15,369	13,913
Liabilities related to operating lease right-of-use assets	$ 9,801	$ 10,752
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	$ 40,390	$ 40,221
Prepaid rent	20,293	19,809
Security deposits	13,386	13,654
Environmental liabilities	18,242	18,242
Deferred tax liability, net	5,995	2,509
Dividends payable		34,075
Derivative agreements, at fair value	34,181	44,222
Deferred Purchase Price	19,479	19,479
Other	8,076	10,472
Total other liabilities, net	$ 203,484	$ 247,774

Redeemable Noncontrolling Int_3

Redeemable Noncontrolling Interests - Narrative (Details) - shares	1 Months Ended	3 Months Ended
	Apr. 30, 2021	Mar. 31, 2021	Mar. 31, 2020
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	171,978	119,178	787,253
JBG Smith, LP
Noncontrolling Interest [Line Items]
Ownership interest by parent		90.50%
JBG Smith, LP | OP Units
Noncontrolling Interest [Line Items]
Units outstanding		13,700,000
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	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Temporary Equity
Balance as of the beginning of the period	$ 530,748	$ 612,758
OP Unit redemptions	(3,919)	(31,126)
LTIP Units issued in lieu of cash bonuses (1)	4,817	3,616
Net income (loss) attributable to redeemable noncontrolling interests	(2,230)	5,250
Other comprehensive income (loss)	973	(3,573)
Contributions (distributions)	(1,362)
Share-based compensation expense	12,564	16,781
Adjustment to redemption value	11,336	(100,666)
Balance as of the end of the period	552,927	503,040
JBG Smith, LP
Temporary Equity
Balance as of the beginning of the period	522,882	606,699
OP Unit redemptions	(3,919)	(31,126)
LTIP Units issued in lieu of cash bonuses (1)	4,817	3,616
Net income (loss) attributable to redeemable noncontrolling interests	(2,197)	5,253
Other comprehensive income (loss)	973	(3,573)
Contributions (distributions)	(1,362)
Share-based compensation expense	12,564	16,781
Adjustment to redemption value	11,293	(100,666)
Balance as of the end of the period	545,051	496,984
Consolidated Real Estate Venture
Temporary Equity
Balance as of the beginning of the period	7,866	6,059
Net income (loss) attributable to redeemable noncontrolling interests	(33)	(3)
Adjustment to redemption value	43
Balance as of the end of the period	$ 7,876	$ 6,056

Property Rental Revenue (Detail

Property Rental Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Property Rental Revenue
Fixed	$ 112,249	$ 110,933
Variable	9,992	9,447
Property rental revenue	$ 122,241	$ 120,380

Share-Based Payments - LTIP Uni

Share-Based Payments - LTIP Units and Time-Based LTIP Units (Details) - USD ($) $ / shares in Units, $ in Thousands	Apr. 30, 2021	Jan. 31, 2021	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Additional Disclosures [Abstract]
Compensation expense recognition period (in years)			1 year 10 months 24 days
Share-based compensation expense			$ 13,236	$ 17,362
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
Compensation expense recognition period (in years)		4 years
Expected volatility			39.00%
Risk-free interest rate			0.10%
Post-grant restriction periods			2 years
Unvested Shares
Granted (in shares)		485,753
Weighted Average Grant-Date Fair Value
Granted		$ 29.21
LTIP Units
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Additional Disclosures [Abstract]
Share-based compensation expense					$ 4,800
Unvested Shares
Fully vested grants (in shares)		163,065
Weighted Average Grant-Date Fair Value
Granted		$ 29.54
LTIP Units and Time-Based 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			$ 19,000
Trustees | 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	$ 1,900
Unvested Shares
Granted (in shares)	71,792

Share-Based Payments - Performa

Share-Based Payments - Performance-Based LTIP Units (Details) - USD ($) $ / shares in Units, $ in Millions	Feb. 02, 2018	Jan. 31, 2021	Mar. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award
Compensation expense recognition period (in years)			1 year 10 months 24 days
Performance-Based LTIP Units
Share-based Compensation Arrangement by Share-based Payment Award
Vesting period	3 years	3 years
Fair value of awards on grant date			$ 9.5
Compensation expense recognition period (in years)			4 years
Expected volatility			34.00%
Dividend yield			2.60%
Risk-free interest rate			0.20%
Units earned (as a percent)		100.00%
Unvested Shares
Granted (in shares)		627,874	627,874
Weighted Average Grant-Date Fair Value
Granted		$ 15.14
Performance-Based LTIP Units | Tranche One
Share-based Compensation Arrangement by Share-based Payment Award
Vesting (as a percent)		50.00%	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

Share-Based Payments - Restrict

Share-Based Payments - Restricted Share Units ("RSUs") (Details)	1 Months Ended
	Jan. 31, 2021USD ($)$ / sharesshares
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award
Fair value of awards on grant date | $	$ 755,000
Time-Based RSUs
Share-based Compensation Arrangement by Share-based Payment Award
Granted (in shares) | shares	18,343
Granted | $ / shares	$ 31.33
Performance-Based RSUs
Share-based Compensation Arrangement by Share-based Payment Award
Granted (in shares) | shares	11,886
Granted | $ / shares	$ 15.14

Share-Based Payments - Summary

Share-Based Payments - Summary of Share-Based Compensation Expense (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended
	Jan. 31, 2021	Mar. 31, 2021	Mar. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award
Total share-based compensation expense		$ 14,027	$ 18,330
Less amount capitalized		(791)	(968)
Share-based compensation expense		13,236	17,362
Total unrecognized compensation expense		$ 57,300
Compensation expense recognition period (in years)		1 year 10 months 24 days
Share Based Compensation - Other
Share-based Compensation Arrangement by Share-based Payment Award
Total share-based compensation expense		$ 9,082	8,889
Time-Based LTIP Units
Share-based Compensation Arrangement by Share-based Payment Award
Total share-based compensation expense		4,380	3,351
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		$ 3,239	3,989
Compensation expense recognition period (in years)		4 years
Other Equity Awards
Share-based Compensation Arrangement by Share-based Payment Award
Total share-based compensation expense		$ 1,463	1,549
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		4,945	9,441
Formation Awards
Share-based Compensation Arrangement by Share-based Payment Award
Total share-based compensation expense		729	1,259
OP Units
Share-based Compensation Arrangement by Share-based Payment Award
Total share-based compensation expense		2,706	6,641
LTIP Units
Share-based Compensation Arrangement by Share-based Payment Award
Total share-based compensation expense		78	112
Special Performance-Based LTIP Units
Share-based Compensation Arrangement by Share-based Payment Award
Total share-based compensation expense		684	671
Special Time-Based LTIP Units
Share-based Compensation Arrangement by Share-based Payment Award
Total share-based compensation expense		$ 748	$ 758

Share-Based Payments - Omnibus

Share-Based Payments - Omnibus Plan (Details) shares in Millions	Apr. 30, 2021shares
Omnibus Share Plan, 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total shares reserved for future issuance	8

Transaction and Other Costs (De

Transaction and Other Costs (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Transaction and Other Costs
Demolition Costs	$ 1,008
Integration and severance costs	240	$ 1,309
Completed, potential and pursued transaction expenses	2,442
Other		4,000
Transaction and other costs	$ 3,690	$ 5,309

Interest Expense (Details)

Interest Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Interest Expense
Interest expense before capitalized interest	$ 16,666	$ 16,554
Amortization of deferred financing costs	1,047	622
Interest expense related to finance lease right-of-use assets	426	144
Net unrealized gain on derivative financial instruments not designated as cash flow hedges	(133)	(47)
Capitalized interest	(1,710)	(5,268)
Interest expense	$ 16,296	$ 12,005

Shareholders' Equity and Earn_3

Shareholders' Equity and Earnings Per Common Share - Common Shares Repurchased (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		13 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Mar. 31, 2021
Shareholders' Equity and Earnings Per Common Share
Authorized value of shares for repurchase		$ 500
Repurchase and retired common shares	619,749	1,400,000	4,400,000
Repurchase and retired common shares, Value	$ 19.2	$ 41.2	$ 124
Average purchase price	$ 30.96	$ 29.01	$ 28.18

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
	Mar. 31, 2021	Mar. 31, 2020
Shareholders' Equity and Earnings Per Common Share
Net income (loss)	$ (24,069)	$ 48,175
Net (income) loss attributable to redeemable noncontrolling interests	2,230	(5,250)
Net loss attributable to noncontrolling interests	1,108
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON SHAREHOLDERS	$ (20,731)	$ 42,925
Weighted average number of common shares outstanding - basic	131,540	134,542
Effect of dilutive securities		887
Weighted average number of common shares outstanding - diluted	131,540	135,429
Earnings (loss) per common share - basic and diluted	$ (0.16)	$ 0.32

Shareholders' Equity and Earn_5

Shareholders' Equity and Earnings (Loss) Per Common Share - Antidilutive (Details) - shares shares in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Shareholders' Equity and Earnings Per Common Share
Antidilutive securities excluded from computation of earnings per share (in shares)	3.9	4.1

Fair Value Measurements - Narra

Fair Value Measurements - Narrative (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2021	Dec. 31, 2020
Fair Value Measurements
Net unrealized loss on derivative designated as cash flow hedge	$ 33.8	$ 43.9
Loss expected to be reclassified into interest expense within the next 12 months	$ 14.9

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	Mar. 31, 2021	Dec. 31, 2020
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	$ 167	$ 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	167	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	34,181	44,222
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	$ 34,181	$ 44,222

Fair Value Measurements - Finan

Fair Value Measurements - Financial Assets and Liabilities Not Measured at Fair Value (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Mortgages Payable | Fair Value
Financial liabilities:
Financial liabilities	$ 1,614,367	$ 1,606,470
Mortgages Payable | Carrying Amount
Financial liabilities:
Financial liabilities	1,601,635	1,603,869
Unsecured term loans | Fair Value
Financial liabilities:
Financial liabilities	400,354	399,678
Unsecured term loans | Carrying Amount
Financial liabilities:
Financial liabilities	$ 400,000	$ 400,000

Segment Information - Narrative

Segment Information - Narrative (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2021USD ($)segment	Dec. 31, 2020USD ($)
Segment Reporting Information
Number of reportable segments | segment	3
Other assets, net	$ 289,452	$ 286,575
Third-Party Real Estate Services Segment
Segment Reporting Information
Other assets, net	$ 24,000	$ 25,500

Segment Information - Summary o

Segment Information - Summary of Third-party Asset Management and Real Estate Services (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Segment Reporting Information
Third-party real estate services revenue, excluding reimbursements	$ 24,150	$ 15,955
Reimbursements revenue	13,957	13,761
Third-party real estate services revenue, including reimbursements	38,107	29,716
Third-party real estate services expenses	28,936	28,814
Third-party real estate services revenue less expenses	9,171	902
Property management fees
Segment Reporting Information
Third-party real estate services revenue, excluding reimbursements	4,942	6,024
Asset management fees
Segment Reporting Information
Third-party real estate services revenue, excluding reimbursements	2,228	2,724
Development fees
Segment Reporting Information
Third-party real estate services revenue, excluding reimbursements	14,250	2,812
Development fees | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-04-01
Segment Reporting Information
Revenue, Remaining Performance Obligation, Amount	$ 55,900
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period	6 years
Leasing fees
Segment Reporting Information
Third-party real estate services revenue, excluding reimbursements	$ 860	1,747
Construction management fees
Segment Reporting Information
Third-party real estate services revenue, excluding reimbursements	172	1,013
Other service revenue
Segment Reporting Information
Third-party real estate services revenue, excluding reimbursements	$ 1,698	$ 1,635

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
	Mar. 31, 2021	Mar. 31, 2020
Segment Information
Net income (loss) attributable to common shareholders	$ (20,731)	$ 42,925
Depreciation and amortization expense	64,726	48,489
Corporate and other	12,475	13,176
Third-party real estate services	28,936	28,814
Share-based compensation related to Formation Transaction and special equity awards	4,945	9,441
Transaction and other costs	3,690	5,309
Interest expense	16,296	12,005
Loss on extinguishment of debt		33
Income tax expense (benefit)	4,315	(2,345)
Net income (loss) attributable to redeemable noncontrolling interests	(2,230)	5,250
Net loss attributable to noncontrolling interests	(1,108)
Third-party real estate services, including reimbursements revenue	38,107	29,716
Other revenue	2,186	1,630
Loss from unconsolidated real estate ventures, net	(943)	(2,692)
Interest and other income, net	9	907
Gain on sale of real estate		59,477
Consolidated NOI	$ 71,955	$ 74,059

Segment Information - Summary_2

Segment Information - Summary of NOI by Segment (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Segment Reporting Information
Property rental revenue	$ 122,241	$ 120,380
Total rental revenue	124,996	126,761
Property operating	34,731	34,503
Real estate taxes	18,310	18,199
Total property expense	53,041	52,702
Consolidated NOI	71,955	74,059
Parking
Segment Reporting Information
Revenue	2,755	6,381
Operating Segments | Commercial Segment
Segment Reporting Information
Property rental revenue	90,603	91,198
Total rental revenue	93,293	97,442
Property operating	23,975	27,943
Real estate taxes	11,772	12,372
Total property expense	35,747	40,315
Consolidated NOI	57,546	57,127
Operating Segments | Commercial Segment | Parking
Segment Reporting Information
Revenue	2,690	6,244
Operating Segments | Multifamily
Segment Reporting Information
Property rental revenue	32,586	32,803
Total rental revenue	32,651	32,940
Property operating	12,195	10,307
Real estate taxes	5,245	4,738
Total property expense	17,440	15,045
Consolidated NOI	15,211	17,895
Operating Segments | Multifamily | Parking
Segment Reporting Information
Revenue	65	137
Other
Segment Reporting Information
Property rental revenue	(948)	(3,621)
Total rental revenue	(948)	(3,621)
Property operating	(1,439)	(3,747)
Real estate taxes	1,293	1,089
Total property expense	(146)	(2,658)
Consolidated NOI	$ (802)	$ (963)

Segment Information - Summary_3

Segment Information - Summary of Certain Balance Sheet Data by Segment (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Segment Reporting Information
Real estate, at cost	$ 5,978,969	$ 6,000,631
Investments in unconsolidated real estate ventures	455,476	461,369
Total assets (1)	6,019,317	6,079,547
Operating Segments | Commercial Segment
Segment Reporting Information
Real estate, at cost	3,457,426	3,459,171
Investments in unconsolidated real estate ventures	321,741	327,798
Total assets (1)	3,416,231	3,430,509
Operating Segments | Multifamily
Segment Reporting Information
Real estate, at cost	2,114,399	2,036,131
Investments in unconsolidated real estate ventures	108,877	108,593
Total assets (1)	1,827,316	1,787,718
Other
Segment Reporting Information
Real estate, at cost	407,144	505,329
Investments in unconsolidated real estate ventures	24,858	24,978
Total assets (1)	$ 775,770	$ 861,320

Commitments and Contingencies -

Commitments and Contingencies - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Dec. 31, 2020
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	$ 351,300
Construction commitment period	4 years
Environmental liabilities included in Other liabilities, net	$ 18,242	$ 18,242
Tenant-related obligations	58,200
Consolidated Properties
Real Estate Properties [Line Items]
Purchase obligation	345,900
Tenant-related obligations	54,600
Principal payment guarantees	8,300
Unconsolidated Properties
Real Estate Properties [Line Items]
Purchase obligation	5,400
Additional capital funding committed amount	53,800
Tenant-related obligations	3,600
Principal payment guarantees	$ 0

Transactions with Related Par_2

Transactions with Related Parties (Details) - Affiliated Entity - USD ($)	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Washington Housing Initiative
Related Party Transaction [Line Items]
Total capital commitments	$ 114,400,000
Commitment	11,200,000
Supervisory Services of Properties | BMS
Related Party Transaction [Line Items]
Related party transaction amount	4,300,000	$ 5,300,000
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	5,800,000	8,000,000
Receivables	7,900,000		$ 7,500,000
Office Rent | Unconsolidated Real Estate Ventures
Related Party Transaction [Line Items]
Related party transaction amount	$ 271,000	$ 1,300,000

Subsequent Events (Details)

Subsequent Events (Details) $ / shares in Units, $ in Thousands	Apr. 29, 2021$ / shares	Apr. 30, 2021USD ($)ft²item	Mar. 31, 2021USD ($)	Dec. 31, 2020USD ($)
Subsequent Event [Line Items]
Investments in unconsolidated real estate ventures | $			$ 455,476	$ 461,369
Subsequent Event
Subsequent Event [Line Items]
Dividends cash declared | $ / shares	$ 0.225
Subsequent Event | Unconsolidated Real Estate Ventures | Potomac Yard Mixed Use Development
Subsequent Event [Line Items]
Number of real estate ventures | item		2
Ownership interest (as percent)		50.00%
Area of real estate property | ft²		2,000,000
Real estate venture promote interest expected to be paid | $		$ 17,500
Subsequent Event | Unconsolidated Real Estate Ventures | Potomac Yard Mixed Use Development | Non-employee Trustees and Certain Executives
Subsequent Event [Line Items]
Real estate venture promote interest expected to be paid | $		$ 4,300
Subsequent Event | Unconsolidated Real Estate Ventures | Potomac Yard Landbay G
Subsequent Event [Line Items]
Area of real estate property | ft²		700,000
Subsequent Event | Venture Partner | Unconsolidated Real Estate Ventures | Potomac Yard Landbay F
Subsequent Event [Line Items]
Area of real estate property | ft²		1,300,000