JBG SMITH Properties (JBGS) 10-Q 2 Nov 21 2021 Q3 Quarterly report Financial data

Cover Page

Cover Page - shares	9 Months Ended
	Sep. 30, 2021	Oct. 29, 2021
Cover page.
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 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		129,725,289
Entity Central Index Key	0001689796
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q3
Amendment Flag	false

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Real estate, at cost:
Land and improvements	$ 1,358,299	$ 1,391,472
Buildings and improvements	4,368,477	4,341,103
Construction in progress, including land	299,359	268,056
Real estate, at cost	6,026,135	6,000,631
Less accumulated depreciation	(1,346,107)	(1,232,690)
Real estate, net	4,680,028	4,767,941
Cash and cash equivalents	194,277	225,600
Restricted cash	34,900	37,736
Tenant and other receivables	51,128	55,903
Deferred rent receivable	187,882	170,547
Investments in unconsolidated real estate ventures	486,052	461,369
Other assets, net	300,537	286,575
Assets held for sale	74,174	73,876
TOTAL ASSETS	6,008,978	6,079,547
Liabilities:
Mortgages payable, net	1,674,285	1,593,738
Unsecured term loans, net	398,493	397,979
Accounts payable and accrued expenses	105,307	103,102
Other liabilities, net	200,204	247,774
Total liabilities	2,378,289	2,342,593
Commitments and contingencies
Redeemable noncontrolling interests	526,913	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; 129,704 and 131,778 shares issued and outstanding as of September 30, 2021 and December 31, 2020	1,298	1,319
Additional paid-in capital	3,606,462	3,657,643
Accumulated deficit	(495,033)	(412,944)
Accumulated other comprehensive loss	(25,446)	(39,979)
Total shareholders' equity of JBG SMITH Properties	3,087,281	3,206,039
Noncontrolling interests	16,495	167
Total equity	3,103,776	3,206,206
TOTAL LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY	$ 6,008,978	$ 6,079,547

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares shares in Thousands	Sep. 30, 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	129,704	131,778
Common shares, shares outstanding	129,704	131,778

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
REVENUE
Property rental	$ 125,900	$ 118,680	$ 370,960	$ 354,519
Third-party real estate services, including reimbursements	25,842	26,987	90,694	83,870
Other revenue	5,280	5,368	15,301	15,705
Total revenue	157,022	151,035	476,955	454,094
EXPENSES
Depreciation and amortization	56,726	56,481	178,130	157,586
Property operating	40,198	37,572	109,929	105,867
Real estate taxes	18,259	17,354	55,127	53,422
General and administrative:
Corporate and other	12,105	11,086	38,475	37,478
Third-party real estate services	25,542	28,207	80,035	86,260
Share-based compensation related to Formation Transaction and special equity awards	3,480	7,133	12,866	25,432
Transaction and other costs	2,951	845	8,911	7,526
Total expenses	159,261	158,678	483,473	473,571
OTHER INCOME (EXPENSE)
Income (loss) from unconsolidated real estate ventures, net	20,503	(965)	23,513	(17,142)
Interest and other income, net	192		163	1,021
Interest expense	(17,243)	(16,885)	(50,312)	(44,660)
Gain on sale of real estate			11,290	59,477
Loss on extinguishment of debt				(33)
Total other income (expense)	3,452	(17,850)	(15,346)	(1,337)
INCOME (LOSS) BEFORE INCOME TAX (EXPENSE) BENEFIT	1,213	(25,493)	(21,864)	(20,814)
Income tax (expense) benefit	(217)	488	(4,527)	3,721
NET INCOME (LOSS)	996	(25,005)	(26,391)	(17,093)
Net (income) loss attributable to redeemable noncontrolling interests	(103)	2,212	2,472	445
Net loss attributable to noncontrolling interests			1,108
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON SHAREHOLDERS	$ 893	$ (22,793)	$ (22,811)	$ (16,648)
EARNINGS (LOSS) PER COMMON SHARE:
EARNINGS (LOSS) PER COMMON SHARE - BASIC	$ 0	$ (0.18)	$ (0.18)	$ (0.14)
EARNINGS (LOSS) PER COMMON SHARE - DILUTED	$ 0	$ (0.18)	$ (0.18)	$ (0.14)
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING - BASIC	131,351	133,620	131,456	133,924
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING - DILUTED	131,351	133,620	131,456	133,924

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Condensed Consolidated Statements of Comprehensive Income (Loss)
NET INCOME (LOSS)	$ 996	$ (25,005)	$ (26,391)	$ (17,093)
OTHER COMPREHENSIVE INCOME (LOSS):
Change in fair value of derivative financial instruments	(329)	(278)	4,678	(39,489)
Reclassification of net loss on derivative financial instruments from accumulated other comprehensive loss into interest expense	3,901	3,823	11,476	8,137
Other comprehensive income (loss)	3,572	3,545	16,154	(31,352)
COMPREHENSIVE INCOME (LOSS)	4,568	(21,460)	(10,237)	(48,445)
Net (income) loss attributable to redeemable noncontrolling interests	(103)	2,212	2,472	445
Net loss attributable to noncontrolling interests			1,108
Other comprehensive (income) loss attributable to redeemable noncontrolling interests	(413)	(309)	(1,621)	3,446
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO JBG SMITH PROPERTIES	$ 4,052	$ (19,557)	$ (8,278)	$ (44,554)

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			(16,648)			(16,648)
Conversion of common limited partnership units to common shares	$ 12	40,662				40,674
Conversion of common limited partnership units to common shares (in shares)	1,112
Common shares repurchased	$ (29)	(79,540)				(79,569)
Common shares repurchased (in shares)	(2,857)
Common shares issued pursuant to Employee Share Purchase Plan ("ESPP")		1,320				1,320
Common shares issued pursuant to Employee Share Purchase Plan ("ESPP") ( in shares)	35
Dividends declared on common shares			(60,163)			(60,163)
Contributions from (distributions to) noncontrolling interests					(22)	(22)
Redeemable noncontrolling interests redemption value adjustment and other comprehensive income (loss) allocation		125,575		3,446		129,021
Other comprehensive income (loss)				(31,352)		(31,352)
Balance at end of period (in shares) at Sep. 30, 2020	132,438
Balance at end of period at Sep. 30, 2020	$ 1,325	3,721,059	(307,975)	(44,650)	179	3,369,938
Balance at beginning of period at Jun. 30, 2020	$ 1,338	3,742,205	(255,162)	(47,886)	191	3,440,686
Balance at beginning of period (in shares) at Jun. 30, 2020	133,708
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss) attributable to common shareholders and noncontrolling interests			(22,793)			(22,793)
Conversion of common limited partnership units to common shares	$ 2	4,794				4,796
Conversion of common limited partnership units to common shares (in shares)	169
Common shares repurchased	$ (15)	(38,362)				(38,377)
Common shares repurchased (in shares)	(1,439)
Common shares issued pursuant to Employee Share Purchase Plan ("ESPP")		186				186
Dividends declared on common shares			(30,020)			(30,020)
Contributions from (distributions to) noncontrolling interests					(12)	(12)
Redeemable noncontrolling interests redemption value adjustment and other comprehensive income (loss) allocation		12,236		(309)		11,927
Other comprehensive income (loss)				3,545		3,545
Balance at end of period (in shares) at Sep. 30, 2020	132,438
Balance at end of period at Sep. 30, 2020	$ 1,325	3,721,059	(307,975)	(44,650)	179	3,369,938
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			(22,811)		(1,108)	$ (23,919)
Conversion of common limited partnership units to common shares	$ 8	27,342				27,350
Conversion of common limited partnership units to common shares (in shares)	829
Common shares repurchased	$ (29)	(88,104)				(88,133)
Common shares repurchased (in shares)	(2,937)
Common shares issued pursuant to employee incentive compensation plan and Employee Share Purchase Plan ("ESPP")		1,549				1,549
Common shares issued pursuant to employee incentive compensation plan and Employee Share Purchase Plan ("ESPP") (in shares)	34
Dividends declared on common shares			(59,278)			(59,278)
Contributions from (distributions to) noncontrolling interests					17,436	17,436
Redeemable noncontrolling interests redemption value adjustment and other comprehensive income (loss) allocation		8,032		(1,621)		6,411
Other comprehensive income (loss)				16,154		$ 16,154
Balance at end of period (in shares) at Sep. 30, 2021	129,704					129,704
Balance at end of period at Sep. 30, 2021	$ 1,298	3,606,462	(495,033)	(25,446)	16,495	$ 3,103,776
Balance at beginning of period at Jun. 30, 2021	$ 1,319	3,650,217	(466,230)	(28,605)	16,540	3,173,241
Balance at beginning of period (in shares) at Jun. 30, 2021	131,841
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss) attributable to common shareholders and noncontrolling interests			893			893
Conversion of common limited partnership units to common shares	$ 2	5,668				5,670
Conversion of common limited partnership units to common shares (in shares)	180
Common shares repurchased	$ (23)	(68,907)				(68,930)
Common shares repurchased (in shares)	(2,317)
Common shares issued pursuant to employee incentive compensation plan and Employee Share Purchase Plan ("ESPP")		210				210
Dividends declared on common shares			(29,696)			(29,696)
Contributions from (distributions to) noncontrolling interests					(45)	(45)
Redeemable noncontrolling interests redemption value adjustment and other comprehensive income (loss) allocation		19,274		(413)		18,861
Other comprehensive income (loss)				3,572		$ 3,572
Balance at end of period (in shares) at Sep. 30, 2021	129,704					129,704
Balance at end of period at Sep. 30, 2021	$ 1,298	$ 3,606,462	$ (495,033)	$ (25,446)	$ 16,495	$ 3,103,776

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Equity (Parenthetical) - $ / shares	Oct. 27, 2021	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Condensed Consolidated Statements of Equity
Dividends cash declared	$ 0.225	$ 0.225	$ 0.225	$ 0.45	$ 0.45

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
OPERATING ACTIVITIES:
Net income (loss)	$ (26,391)	$ (17,093)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Share-based compensation expense	38,320	53,183
Depreciation and amortization, including amortization of deferred financing costs	181,217	160,395
Deferred rent	(17,463)	(19,124)
(Income) loss from unconsolidated real estate ventures, net	(23,513)	17,142
Amortization of market lease intangibles, net	(896)	(356)
Amortization of lease incentives	6,083	5,144
Loss on extinguishment of debt		33
Gain on sale of real estate	(11,290)	(59,477)
Loss on operating lease and other receivables	1,071	14,750
Return on capital from unconsolidated real estate ventures	13,212	3,697
Other non-cash items	583	265
Changes in operating assets and liabilities:
Tenant and other receivables	3,704	(4,757)
Other assets, net	(12,059)	(11,566)
Accounts payable and accrued expenses	5,954	1,366
Other liabilities, net	(4,120)	(15,747)
Net cash provided by operating activities	154,412	127,855
INVESTING ACTIVITIES:
Development costs, construction in progress and real estate additions	(108,361)	(245,456)
Deposits for real estate and other acquisitions	(10,263)	(25,274)
Proceeds from sale of real estate	14,370	154,493
Distributions of capital from unconsolidated real estate ventures	40,188	70,818
Investments in unconsolidated real estate ventures and other	(32,685)	(12,277)
Net cash used in investing activities	(96,751)	(57,696)
FINANCING ACTIVITIES:
Borrowings under mortgages payable	85,000	580,105
Borrowings under revolving credit facility		500,000
Borrowings under unsecured term loans		100,000
Repayments of mortgages payable	(4,462)	(6,680)
Repayments of revolving credit facility		(700,000)
Debt issuance costs	(5,747)	(14,856)
Finance lease payments		(3,281)
Proceeds from common shares issued pursuant to ESPP	880	887
Common shares repurchased	(82,300)	(74,434)
Dividends paid to common shareholders	(88,928)	(90,347)
Distributions to redeemable noncontrolling interests	(13,705)	(11,333)
Distributions to noncontrolling interests	(22)	(23)
Contributions from noncontrolling interests	17,464
Net cash (used in) provided by financing activities	(91,820)	280,038
Net (decrease) increase in cash and cash equivalents and restricted cash	(34,159)	350,197
Cash and cash equivalents and restricted cash, beginning of period	263,336	142,516
Cash and cash equivalents and restricted cash, end of period	229,177	492,713
SUPPLEMENTAL DISCLOSURE OF CASH FLOW AND NON-CASH INFORMATION:
Cash paid for interest (net of capitalized interest of $4,854 and $11,545 in 2021 and 2020)	46,010	40,744
Accrued capital expenditures included in accounts payable and accrued expenses	41,660	51,092
Write-off of fully depreciated assets	46,278	29,393
Deconsolidation of real estate asset	26,476
Conversion of common limited partnership units to common shares	27,350	40,674
Derecognition of operating lease right-of-use assets		(13,151)
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	$ 1,761	$ 4,603

Condensed Consolidated Statem_6

Condensed Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020	Dec. 31, 2019
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, END OF THE PERIOD:
Cash and cash equivalents	$ 194,277	$ 455,111	$ 194,277	$ 455,111	$ 225,600
Restricted cash	34,900	37,602	34,900	37,602	37,736
Cash and cash equivalents and restricted cash	229,177	492,713	229,177	492,713	$ 263,336	$ 142,516
Capitalized interest	$ 1,598	$ 2,912	$ 4,854	$ 11,545

Organization and Basis of Prese

Organization and Basis of Presentation	9 Months Ended
	Sep. 30, 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 in Northern Virginia, where we serve as the exclusive developer for Amazon.com, Inc.'s ("Amazon") new headquarters and where Virginia Tech's under-construction $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 September 30, 2021, JBG SMITH, as its sole general partner, controlled JBG SMITH LP and owned 90.8% 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 September 30, 2021, our Operating Portfolio consisted of 63 operating assets comprising 42 commercial assets totaling 13.1 million square feet (11.3 million square feet at our share) and 21 multifamily assets totaling 7,776 units (6,125 units at our share). Additionally, we have: (i) one under-construction multifamily asset with 808 units (808 units at our share); (ii) 11 near-term development assets totaling 5.3 million square feet (5.0 million square feet at our share) of estimated potential development density; and (iii) 25 future development assets totaling 14.3 million square feet (11.6 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 and nine months ended September 30, 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 September 30, 2021 and December 31, 2020, and for the three and nine months ended September 30, 2021 and 2020. References to our balance sheets refer to our condensed consolidated balance sheets as of September 30, 2021 and December 31, 2020. References to our statements of operations refer to our condensed consolidated statements of operations for the three and nine months ended September 30, 2021 and 2020. References to our statements of comprehensive income (loss) refer to our condensed consolidated statements of comprehensive income (loss) for the three and nine months ended September 30, 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	9 Months Ended
	Sep. 30, 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 of long-lived assets; (ii) the determination of useful lives for tangible and intangible assets; and (iii) the assessment of the collectability of receivables, including deferred rent receivables. Longer estimated holding periods for real estate assets directly reduce the likelihood of recording an impairment loss. If there is a change in the strategy for an asset or if market conditions dictate an earlier sale date, an impairment loss may be recognized, and such loss could be material. 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 distribution, 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 $492,000 of rent that had been contractually due in the third quarter of 2021. We are 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 began recognizing revenue from 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 of March 12, 2020 through December 31, 2022 as reference rate reform activities occur. During the nine months ended September 30, 2021, we did not make any elections. During the year ended December 31, 2020, we elected to apply the hedge accounting expedients related to (i) the assertion that our hedged forecasted transactions remain probable and (ii) the assessments of effectiveness for future London Interbank Offered Rate ("LIBOR") indexed cash flows to assume that the index upon which future hedged transactions will be based matches the index on the corresponding derivatives. Application of these expedients preserves our past presentation of our derivatives. We will continue to evaluate the impact of the guidance and may apply other elections, as applicable.

Acquisition, Dispositions and A

Acquisition, Dispositions and Assets Held for Sale	9 Months Ended
	Sep. 30, 2021
Acquisition, Dispositions and Assets Held for Sale
Acquisition, Dispositions and Assets Held for Sale	3. Acquisition We have agreed, subject to customary closing conditions, to acquire The Batley, a 432-unit multifamily asset in the Union Market submarket of Washington, D.C., for a purchase price of approximately $205 million. The building was 90.7% occupied as of September 30, 2021. We expect the acquisition to close in 2021. We intend to use The Batley as a replacement property in a like-kind exchange for the proceeds from the sale of Pen Place to Amazon, which is expected to close during the second quarter of 2022. Dispositions In April 2021, we invested cash in and contributed land to two real estate ventures and recognized an $11.3 million gain, which is included in "Gain on sale of real estate" in our statements of operations for the nine months ended September 30, 2021. See Note 4 for additional information. During the three and nine months ended September 30, 2021, we recognized our proportionate share of the gain from the sale of various assets by our unconsolidated real estate ventures, which is included in "Income (loss) from unconsolidated real estate ventures, net" in our statements of operations. See Note 4 for additional information. Assets Held for Sale The amounts included in "Assets held for sale" in our balance sheets primarily represent the carrying value of real estate. The following is a summary of assets held for sale: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total ​ Assets Held Assets Segment Location Square Feet (1) for Sale ​ ​ ​ ​ ​ ​ (In thousands) September 30, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ Pen Place (2) ​ Other ​ Arlington, Virginia ​ 2,082 ​ $ 74,174 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 during the second quarter of 2022. ​

Investments in Unconsolidated R

Investments in Unconsolidated Real Estate Ventures	9 Months Ended
	Sep. 30, 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) September 30, 2021 December 31, 2020 ​ ​ ​ ​ (In thousands) Prudential Global Investment Management 50.0% ​ $ 209,261 ​ $ 216,939 Landmark 1.8% - 49.0% ​ 53,295 ​ 66,724 CBREI Venture 5.0% - 64.0% ​ 59,028 ​ 65,190 Canadian Pension Plan Investment Board ("CPPIB") 55.0% ​ 49,098 ​ 47,522 J.P. Morgan Global Alternatives ("J.P. Morgan") (2) ​ 50.0% ​ ​ 47,362 ​ ​ — Berkshire Group 50.0% ​ 53,589 ​ ​ 50,649 Brandywine Realty Trust 30.0% ​ 13,755 ​ 13,710 Other ​ ​ 664 ​ ​ 635 Total investments in unconsolidated real estate ventures (3) ​ ​ ​ $ 486,052 ​ $ 461,369 (1) Reflects our effective ownership interests in the underlying real estate as of September 30, 2021. We have multiple investments with certain venture partners with varying ownership interests in the underlying real estate. (2) J.P. Morgan is the advisor for an institutional investor. (3) As of September 30, 2021 and December 31, 2020, our total investments in unconsolidated real estate ventures were greater than the net book value of the underlying assets by $20.2 million and $18.9 million, resulting principally from capitalized interest and our zero investment balance in the real estate venture with CPPIB that owns 1101 17th Street . In April 2021, we entered into two real estate ventures with an institutional investor advised by J.P. Morgan, 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 at Potomac Yard Landbay F, while we contributed cash and 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. We have determined the ventures are VIEs, but we are not the primary beneficiary of the VIEs and, accordingly, we have not consolidated either venture. We recognized an $11.3 million gain on the land contributed to one of the real estate ventures based on the cash received and the remeasurement of our retained interest in the asset, which was included in "Gain on sale of real estate" in our statements of operations for the nine months ended September 30, 2021. 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. During the second quarter of 2021, the total amount of the promote paid was $17.5 million, of which $4.2 million was paid to certain of our non-employee trustees and certain of our executives. The following is a summary of disposition activity by our unconsolidated real estate ventures for the nine months ended September 30, 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Proportionate ​ ​ Real Estate ​ ​ ​ ​ ​ Gross ​ Share of ​ ​ Venture ​ ​ ​ Ownership ​ Sales ​ Aggregate Date Disposed Partners ​ Assets ​ Percentage Price Gain (1) ​ ​ ​ ​ ​ ​ ​ ​ (In thousands) May 3, 2021 CBREI Venture ​ Fairway Apartments/Fairway Land ("Fairway") (2) ​ 10.0% $ 93,000 ​ $ 2,094 May 19, 2021 ​ Landmark ​ Courthouse Metro Land/Courthouse Metro Land – Option ("Courthouse Metro") ​ 18.0% ​ ​ 3,000 ​ ​ 2,352 May 27, 2021 ​ Landmark ​ 5615 Fishers Lane ​ 18.0% ​ ​ 6,500 ​ ​ 743 September 17, 2021 ​ Landmark ​ 500 L'Enfant Plaza (3) ​ 49.0% ​ ​ 166,500 ​ ​ 23,137 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 28,326 (1) Included in "Income (loss) from unconsolidated real estate ventures, net" in our statements of operations. (2) The venture repaid a related mortgage payable of $45.3 million. (3) The venture repaid a related mortgage payable of $80.0 million. ​ 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 $17.8 million for the three and nine months ended September 30, 2021, and $6.3 million and $19.3 million for the three and nine months ended September 30, 2020, for such services. A reconsideration event could cause us to consolidate an unconsolidated real estate venture 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) September 30, 2021 December 31, 2020 ​ ​ ​ ​ (In thousands) Variable rate (2) 2.59% ​ $ 786,169 ​ $ 863,617 Fixed rate (3) (4) 4.16% ​ 293,920 ​ 323,050 Mortgages payable ​ ​ ​ 1,080,089 ​ 1,186,667 Unamortized deferred financing costs ​ ​ ​ (5,785) ​ (7,479) Mortgages payable, net (4) ​ ​ ​ $ 1,074,304 ​ $ 1,179,188 (1) Weighted average effective interest rate as of September 30, 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 financial information for our unconsolidated real estate ventures: ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2021 December 31, 2020 ​ (In thousands) Combined balance sheet information: ​ ​ ​ ​ ​ ​ Real estate, net ​ $ 2,170,039 ​ $ 2,247,384 Other assets, net ​ 257,138 ​ 270,516 Total assets ​ $ 2,427,177 ​ $ 2,517,900 ​ ​ ​ ​ ​ ​ ​ Mortgages payable, net ​ $ 1,074,304 ​ $ 1,179,188 Other liabilities, net ​ 128,554 ​ 140,304 Total liabilities ​ 1,202,858 ​ 1,319,492 Total equity ​ 1,224,319 ​ 1,198,408 Total liabilities and equity ​ $ 2,427,177 ​ $ 2,517,900 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended September 30, ​ Nine Months Ended September 30, ​ 2021 2020 X 2021 2020 ​ (In thousands) Combined income statement information: (1) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total revenue ​ $ 45,289 ​ $ 47,235 ​ $ 141,370 ​ $ 162,128 Operating income (loss) (2) ​ ​ 51,068 ​ ​ 1,296 ​ 94,275 ​ (24,418) Net income (loss) (2) ​ ​ 42,261 ​ ​ (6,265) ​ 69,091 ​ (60,331) (1) Excludes information related to the venture that owned The Marriott Wardman Park hotel for the three months ended September 30, 2020 as we suspended equity loss recognition for the venture after June 30, 2020. On October 1, 2020, we transferred our interest in the related venture to our venture partner. (2) Includes the gain from the sale 500 L'Enfant Plaza of $47.4 million during the three months ended September 30, 2021. Includes the gain from the sale of Fairway, Courthouse Metro, 5615 Fishers Lane and 500 L'Enfant Plaza totaling $85.5 million during the nine months ended September 30, 2021. Includes the loss from the sale of Woodglen of $16.4 million during the nine months ended September 30, 2020.

Variable Interest Entities

Variable Interest Entities	9 Months Ended
	Sep. 30, 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 September 30, 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 economic performance. We account for our investment in these entities under the equity method. As of September 30, 2021 and December 31, 2020, the net carrying amount of our investment in these entities was $165.4 million and $116.2 million, which is 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 90.8% 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 economic 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 . Landing to a lessee, which plans to construct an 808-unit multifamily asset comprising two towers with ground floor retail. The ground lessee has engaged us to be the development manager for the construction of 1900 Crystal Drive, and separately, we are the lessee in a master lease of the asset. We have an option to acquire the asset until a specified period after completion. In March 2021, the ground lessee entered into a mortgage loan collateralized by the leasehold interest with a maximum principal balance of $227.0 million and an interest rate of LIBOR plus 3.0% per annum. As of September 30, 2021, no proceeds had been received from the mortgage loan. In connection with the mortgage loan, we have guaranteed the completion of the asset and provided certain carve-outs (e.g., guarantees against fraud, misrepresentation and bankruptcy). The ground lessee was obligated to invest $17.5 million of equity funding, all of which has been funded, and we are obligated to provide additional project funding through a mezzanine loan to the ground lessee, of which we have funded $11.7 million as of September 30, 2021. We determined that 1900 Crystal Drive is a VIE and that we are the primary beneficiary of the VIE. Accordingly, we consolidate the VIE with the lessee's ownership interest shown as "Noncontrolling interests" in our balance sheet. The ground lease, the mezzanine loan and the master lease described above are eliminated in consolidation. As of September 30, 2021, the VIE had total assets and liabilities of $29.7 million and $4.5 million. The assets of the VIE can only be used to settle the obligations of the VIE, and the liabilities include third-party liabilities of the VIE for which the creditors or beneficial interest holders do not have recourse against us.

Other Assets, Net

Other Assets, Net	9 Months Ended
	Sep. 30, 2021
Other Assets, Net.
Other Assets, Net	6. The following is a summary of other assets, net: ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2021 December 31, 2020 ​ ​ (In thousands) Deferred leasing costs, net ​ $ 116,544 ​ $ 117,141 Lease intangible assets, net ​ 11,055 ​ 15,565 Management and leasing contracts, net ​ ​ 21,084 ​ ​ 25,512 Other identified intangible assets ​ ​ 17,360 ​ ​ 17,500 Wireless spectrum licenses (1) ​ ​ 25,730 ​ ​ — Operating lease right-of-use assets ​ 3,326 ​ 3,542 Finance lease right-of-use assets ​ ​ 41,675 ​ ​ 41,996 Prepaid expenses ​ 20,171 ​ 14,000 Deferred financing costs, net ​ 9,352 ​ 6,656 Deposits (1) ​ 12,026 ​ 28,560 Other ​ 22,214 ​ 16,103 Total other assets, net ​ $ 300,537 ​ $ 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	9 Months Ended
	Sep. 30, 2021
Debt
Debt	7. Mortgages Payable The following is a summary of mortgages payable: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted Average ​ ​ ​ ​ ​ ​ ​ ​ ​ Effective ​ ​ ​ ​ Interest Rate (1) ​ September 30, 2021 December 31, 2020 ​ ​ ​ ​ ​ (In thousands) Variable rate (2) 2.08% ​ ​ $ 762,246 ​ $ 678,346 Fixed rate (3) 4.32% ​ ​ 922,161 ​ 925,523 Mortgages payable ​ ​ ​ ​ 1,684,407 ​ 1,603,869 Unamortized deferred financing costs and premium / discount, net (4) ​ ​ ​ (10,122) ​ (10,131) Mortgages payable, net ​ ​ ​ ​ $ 1,674,285 ​ $ 1,593,738 (1) Weighted average effective interest rate as of September 30, 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 September 30, 2021, net deferred financing costs related to an unfunded mortgage loan totaling $4.0 million were included in "Other assets, net." As of September 30, 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. In July 2021, we entered into a mortgage loan with a principal balance of $85.0 million, collateralized by 1225 S. Clark Street. The mortgage loan has a seven-year term and an interest rate of LIBOR plus 1.60% per annum. As of September 30, 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 September 30, 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) ​ September 30, 2021 December 31, 2020 ​ ​ ​ ​ ​ (In thousands) Revolving credit facility (2) (3) (4) 1.13% ​ ​ $ — ​ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Tranche A-1 Term Loan (5) 2.59% ​ ​ $ 200,000 ​ $ 200,000 Tranche A-2 Term Loan (5) 2.49% ​ ​ 200,000 ​ 200,000 Unsecured term loans ​ ​ 400,000 ​ 400,000 Unamortized deferred financing costs, net ​ ​ (1,507) ​ (2,021) Unsecured term loans, net ​ ​ $ 398,493 ​ $ 397,979 (1) Effective interest rate as of September 30, 2021. (2) As of September 30, 2021 and December 31, 2020, letters of credit with an aggregate face amount of $1.4 million and $1.5 million were outstanding under our revolving credit facility. (3) As of September 30, 2021 and December 31, 2020, net deferred financing costs related to our revolving credit facility totaling $5.4 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 September 30, 2021 and December 31, 2020, the outstanding balance was fixed by interest rate swap agreements. The interest rate swaps mature concurrently with the respective term loan and provide a weighted average interest rate of 1.39% for the Tranche A-1 Term Loan and 1.34% for the Tranche A-2 Term Loan .

Other Liabilities, Net

Other Liabilities, Net	9 Months Ended
	Sep. 30, 2021
Other Liabilities, Net.
Other Liabilities, Net	8. Other Liabilities, Net The following is a summary of other liabilities, net: ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2021 December 31, 2020 ​ ​ (In thousands) Lease intangible liabilities, net ​ $ 8,567 ​ $ 10,300 Lease assumption liabilities ​ 6,257 ​ 10,126 Lease incentive liabilities ​ 14,125 ​ 13,913 Liabilities related to operating lease right-of-use assets ​ 8,914 ​ 10,752 Liabilities related to finance lease right-of-use assets ​ 40,733 ​ 40,221 Prepaid rent ​ 20,343 ​ 19,809 Security deposits ​ 17,953 ​ 13,654 Environmental liabilities ​ 18,168 ​ 18,242 Deferred tax liability, net ​ 6,290 ​ 2,509 Dividends payable ​ — ​ 34,075 Derivative agreements, at fair value ​ 28,406 ​ 44,222 Deferred purchase price (1) ​ ​ 19,639 ​ ​ 19,479 Other ​ 10,809 ​ 10,472 Total other liabilities, net ​ $ 200,204 ​ $ 247,774 (1) Deferred purchase price associated with the December 2020 acquisition of the former Americana Hotel site.

Redeemable Noncontrolling Inter

Redeemable Noncontrolling Interests	9 Months Ended
	Sep. 30, 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 nine months ended September 30, 2021 and 2020, unitholders redeemed 829,107 and 1.1 million OP Units, which we elected to redeem for an equivalent number of our common shares. As of September 30, 2021, outstanding OP Units totaled 13.1 million, representing a 9.2% 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 adjustments to the redemption value 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 October 2021, unitholders redeemed 20,953 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 are obligated to 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 September 30, 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 September 30, ​ ​ 2021 ​ 2020 ​ ​ ​ ​ ​ Consolidated ​ ​ ​ ​ ​ ​ ​ Consolidated ​ ​ ​ ​ ​ JBG ​ Real Estate ​ ​ ​ ​ JBG ​ Real Estate ​ ​ ​ ​ SMITH LP Venture Total SMITH LP Venture Total ​ (In thousands) Balance, beginning of period ​ $ 536,171 ​ $ 8,468 ​ $ 544,639 ​ $ 493,067 ​ $ 6,016 ​ $ 499,083 OP Unit redemptions ​ (5,670) ​ — ​ (5,670) ​ (4,796) ​ — ​ (4,796) Net income (loss) attributable to redeemable noncontrolling interests ​ 116 ​ (13) ​ 103 ​ (2,176) ​ (36) ​ (2,212) Other comprehensive income ​ 413 ​ — ​ 413 ​ 309 ​ — ​ 309 Distributions ​ (3,993) ​ — ​ (3,993) ​ (3,723) ​ — ​ (3,723) Share-based compensation expense ​ 10,695 ​ — ​ 10,695 ​ 14,496 ​ — ​ 14,496 Adjustment to redemption value ​ (20,748) ​ 1,474 ​ (19,274) ​ (14,012) ​ 1,776 ​ (12,236) Balance, end of period ​ $ 516,984 ​ $ 9,929 ​ $ 526,913 ​ $ 483,165 ​ $ 7,756 ​ $ 490,921 ​ ​ Nine Months Ended September 30, ​ ​ 2021 ​ 2020 ​ ​ ​ ​ ​ Consolidated ​ ​ ​ ​ ​ ​ ​ Consolidated ​ ​ ​ ​ ​ JBG ​ Real Estate ​ ​ ​ ​ JBG ​ Real Estate ​ ​ ​ ​ SMITH LP Venture Total SMITH LP Venture Total ​ (In thousands) Balance, beginning of period ​ $ 522,882 ​ $ 7,866 ​ $ 530,748 ​ $ 606,699 ​ $ 6,059 ​ $ 612,758 OP Unit redemptions ​ (27,350) ​ — ​ (27,350) ​ (40,674) ​ — ​ (40,674) LTIP Units issued in lieu of cash bonuses (1) ​ 5,614 ​ — ​ 5,614 ​ 4,066 ​ — ​ 4,066 Net loss attributable to redeemable noncontrolling interests ​ (2,400) ​ (72) ​ (2,472) ​ (366) ​ (79) ​ (445) Other comprehensive income (loss) ​ 1,621 ​ — ​ 1,621 ​ (3,446) ​ — ​ (3,446) Distributions ​ (9,282) ​ — ​ (9,282) ​ (7,505) ​ — ​ (7,505) Share-based compensation expense ​ 36,066 ​ — ​ 36,066 ​ 51,742 ​ — ​ 51,742 Adjustment to redemption value ​ (10,167) ​ 2,135 ​ (8,032) ​ (127,351) ​ 1,776 ​ (125,575) Balance, end of period ​ $ 516,984 ​ $ 9,929 ​ $ 526,913 ​ $ 483,165 ​ $ 7,756 ​ $ 490,921 (1) See Note 11 for additional information.

Property Rental Revenue

Property Rental Revenue	9 Months Ended
	Sep. 30, 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 September 30, ​ Nine Months Ended September 30, ​ 2021 2020 X 2021 2020 ​ ​ ​ (In thousands) ​ Fixed ​ $ 114,100 ​ $ 109,321 ​ $ 339,321 ​ $ 326,866 ​ Variable ​ ​ 11,800 ​ ​ 9,359 ​ ​ 31,639 ​ ​ 27,653 ​ Property rental revenue ​ $ 125,900 ​ $ 118,680 ​ $ 370,960 ​ $ 354,519 ​ ​

Share-Based Payments

Share-Based Payments	9 Months Ended
	Sep. 30, 2021
Share-Based Payments
Share-Based Payments	11. LTIP Units and Time-Based LTIP Units During the nine months ended September 30, 2021, we granted to certain employees 498,955 LTIP Units with time-based vesting requirements ("Time-Based LTIP Units") with a weighted average grant-date fair value of $29.21 per unit that primarily 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 to certain employees, who elected to receive all or a portion of their cash bonus, related to 2020 service, as LTIP Units. The LTIP units had a grant-date fair value of $29.54 per unit. Compensation expense totaling $4.8 million for these LTIP Units was recognized in 2020. In April 2021, as part of their annual compensation, we granted to non-employee trustees a total of 71,792 fully vested LTIP Units with an aggregate grant-date fair value of $1.9 million. The LTIP Units may not be sold while a trustee is serving on the Board of Trustees. In July 2021, we granted to certain employees 608,325 Time-Based LTIP Units with a weighted average grant-date fair value of $31.73 per unit that vest 50% on the fifth anniversary of the grant date and 25% on each of the sixth and seventh The aggregate grant-date fair value of the Time-Based LTIP Units and LTIP Units granted during the nine months ended September 30, 2021 was $40.6 million. The Time-Based LTIP Units and LTIP Units were valued based on the closing common share price on the date of grant, less a discount for post-grant restrictions. The discount was determined using Monte Carlo simulations, and the following is a summary of the significant assumptions used to value these units: ​ ​ ​ ​ Expected volatility 34.0% to 39.0% Risk-free interest rate 0.1% to 0.4% Post-grant restriction periods 2 to 3 years ​ Performance-Based LTIP Units In January 2021, we granted to certain employees 627,874 LTIP Units with performance-based vesting requirements ("Performance-Based LTIP Units") 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. Compensation expense for these units is generally being recognized over a four-year period. 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. In July 2021, we granted to certain employees 844,070 Performance-Based LTIP Units with a weighted average grant-date fair value of $23.08 per unit that vest 50% on the fifth anniversary of the grant date and 25% on each of the sixth and seventh The aggregate grant-date fair value of the Performance-Based LTIP Units granted during the nine months ended September 30, 2021 was $29.0 million, valued using Monte Carlo simulations. The following is a summary of the significant assumptions used to value the Performance-Based LTIP Units: ​ ​ ​ ​ Expected volatility 31.0% - 34.0% Dividend yield 2.6% Risk-free interest rate 0.2% - 1.0% ​ Restricted Share Units ("RSUs") In January 2021, we granted to certain non-executive employees 22,194 RSUs with time-based vesting requirements ("Time-Based RSUs") with a weighted average grant-date fair value of $31.52 per unit and 13,516 RSUs with performance-based vesting requirements ("Performance-Based RSUs") with a weighted average grant-date fair value of $15.16 per unit. 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 granted in January 2021. The aggregate grant-date fair value of the RSUs granted during the nine months ended September 30, 2021 was $905,000. The Time-Based RSUs were valued based on the closing common share 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. ESPP Pursuant to the ESPP, employees purchased 34,320 common shares for $880,000 during the nine months ended September 30, 2021. The following is a summary of the significant assumptions used to value the ESPP common shares using the Black-Scholes model: ​ ​ ​ ​ Expected volatility 39.0% Dividend yield 1.5% Risk-free interest rate 0.1% Expected life ​ 6 months ​ Share-Based Compensation Expense The following is a summary of share-based compensation expense: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended September 30, ​ Nine Months Ended September 30, ​ 2021 2020 X 2021 2020 ​ (In thousands) Time-Based LTIP Units ​ $ 3,999 ​ $ 3,364 ​ $ 12,494 ​ $ 11,003 Performance-Based LTIP Units ​ 3,216 ​ 3,999 ​ 9,615 ​ 14,207 LTIP Units ​ — ​ — ​ 1,091 ​ 1,100 Other equity awards (1) ​ 1,473 ​ 1,690 ​ 4,395 ​ 4,829 Share-based compensation expense - other ​ 8,688 ​ 9,053 ​ 27,595 ​ 31,139 Formation Awards ​ 476 ​ 875 ​ 1,923 ​ 3,473 OP Units (2) ​ 1,610 ​ 4,780 ​ 6,508 ​ 17,398 LTIP Units (2) ​ 66 ​ 95 ​ 217 ​ 310 Special Performance-Based LTIP Units (3) ​ 629 ​ 657 ​ 2,014 ​ 2,015 Special Time-Based LTIP Units (3) ​ 699 ​ 726 ​ 2,204 ​ 2,236 Share-based compensation related to Formation Transaction and special equity awards (4) ​ 3,480 ​ 7,133 ​ 12,866 ​ 25,432 Total share-based compensation expense ​ 12,168 ​ 16,186 ​ 40,461 ​ 56,571 Less: amount capitalized ​ (740) ​ (1,177) ​ (2,141) ​ (3,388) Share-based compensation expense ​ $ 11,428 ​ $ 15,009 ​ $ 38,320 ​ $ 53,183 (1) Primarily comprising compensation expense for: (i) fully vested LTIP Units issued to certain employees in lieu of all or a portion of any cash bonus earned, (ii) RSUs and (iii) shares issued under 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 September 30, 2021, we had $73.7 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 3.5 years.

Transaction and Other Costs

Transaction and Other Costs	9 Months Ended
	Sep. 30, 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 September 30, ​ Nine Months Ended September 30, ​ 2021 2020 X 2021 2020 ​ (In thousands) Demolition costs ​ $ 1,422 ​ $ 179 ​ $ 2,869 ​ $ 179 Integration and severance costs ​ 154 ​ 406 ​ 616 ​ 3,066 Completed, potential and pursued transaction expenses ​ 1,375 ​ 260 ​ 5,426 ​ 281 Other (1) ​ — ​ — ​ — ​ 4,000 Transaction and other costs ​ $ 2,951 ​ $ 845 ​ $ 8,911 ​ $ 7,526 (1) 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	9 Months Ended
	Sep. 30, 2021
Interest Expense
Interest Expense	13. Interest Expense The following is a summary of interest expense: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended September 30, ​ Nine Months Ended September 30, ​ 2021 2020 X 2021 2020 ​ (In thousands) Interest expense before capitalized interest ​ $ 17,278 ​ $ 18,274 ​ $ 50,744 ​ $ 52,751 Amortization of deferred financing costs ​ 1,096 ​ 857 ​ 3,188 ​ 2,255 Interest expense related to finance lease right-of-use assets ​ ​ 430 ​ ​ 464 ​ ​ 1,284 ​ ​ 1,026 Net unrealized (gain) loss on derivative financial instruments not designated as cash flow hedges ​ 37 ​ 202 ​ (50) ​ 173 Capitalized interest ​ (1,598) ​ (2,912) ​ (4,854) ​ (11,545) Interest expense ​ $ 17,243 ​ $ 16,885 ​ $ 50,312 ​ $ 44,660 ​

Shareholders' Equity and Earnin

Shareholders' Equity and Earnings Per Common Share	9 Months Ended
	Sep. 30, 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 three and nine months ended September 30, 2021, we repurchased and retired 2.3 million and 2.9 million common shares for $68.9 million and $88.1 million, an average purchase price of $29.73 and $29.99 per share. During the three and nine months ended September 30, 2020, we repurchased and retired 1.4 million and 2.9 million common shares for $38.4 million and $79.6 million, an average purchase price of $26.64 and $27.82 per share. Since we began the share repurchase program, we have repurchased and retired 6.7 million common shares for $192.9 million, an average purchase price of $28.71 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 September 30, ​ Nine Months Ended September 30, ​ ​ 2021 2020 X 2021 2020 ​ ​ (In thousands, except per share amounts) Net income (loss) ​ $ 996 ​ $ (25,005) ​ $ (26,391) ​ $ (17,093) Net (income) loss attributable to redeemable noncontrolling interests ​ ​ (103) ​ 2,212 ​ 2,472 ​ 445 Net loss attributable to noncontrolling interests ​ ​ — ​ — ​ 1,108 ​ — Net income (loss) attributable to common shareholders ​ ​ 893 ​ ​ (22,793) ​ ​ (22,811) ​ ​ (16,648) Distributions to participating securities ​ ​ (763) ​ ​ (822) ​ (1,497) ​ (1,729) Net income (loss) available to common shareholders - basic and diluted ​ $ 130 ​ $ (23,615) ​ $ (24,308) ​ $ (18,377) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average number of common shares outstanding - basic and diluted ​ ​ 131,351 ​ ​ 133,620 ​ 131,456 ​ 133,924 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Earnings (loss) per common share - basic and diluted ​ $ 0.00 ​ $ (0.18) ​ $ (0.18) ​ $ (0.14) ​ The effect of the redemption of OP Units, LTIP Units and Time-Based LTIP Units that were outstanding as of September 30, 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, LTIP 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 Units, LTIP Units 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 5.2 million and 4.9 million for the three and nine months ended September 30, 2021, and 4.4 million and 4.9 million for the three and nine months ended September 30, 2020, were excluded from the calculation of diluted earnings per common share as they were antidilutive, but potentially could be dilutive in the future. ​ Dividends Declared in October 2021 On October 27, 2021, our Board of Trustees declared a quarterly dividend of $0.225 per common share, payable on November 24, 2021 to shareholders of record as of November 10, 2021.

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Sep. 30, 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 September 30, 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 $27.8 million and $43.9 million as of September 30, 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 $14.6 million of net unrealized loss 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) September 30, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivative financial instruments designated as cash flow hedges: ​ ​ ​ ​ Classified as liabilities in "Other liabilities, net" ​ $ 28,406 ​ — ​ $ 28,406 ​ — Derivative financial instruments not designated as cash flow hedges: ​ ​ ​ ​ Classified as assets in "Other assets, net" ​ 266 ​ — ​ 266 ​ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 September 30, 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 and nine months ended September 30, 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 September 30, 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: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2021 ​ December 31, 2020 ​ Carrying ​ Carrying ​ ​ ​ Amount (1) ​ Fair Value ​ Amount (1) ​ Fair Value ​ (In thousands) Financial liabilities: ​ ​ ​ ​ Mortgages payable ​ $ 1,684,407 ​ $ 1,739,548 ​ $ 1,603,869 ​ $ 1,606,470 Unsecured term loans ​ 400,000 ​ 400,201 ​ 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	9 Months Ended
	Sep. 30, 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 September 30, ​ Nine Months Ended September 30, ​ 2021 2020 X 2021 2020 ​ (In thousands) Property management fees ​ $ 4,831 ​ $ 4,694 ​ $ 14,549 ​ $ 15,453 Asset management fees ​ 2,145 ​ 2,301 ​ 6,602 ​ 7,400 Development fees (1) ​ 4,032 ​ 2,614 ​ 22,705 ​ 8,474 Leasing fees ​ 1,822 ​ 1,086 ​ 4,106 ​ 3,627 Construction management fees ​ — ​ 584 ​ 375 ​ 2,057 Other service revenue ​ 1,295 ​ 2,000 ​ 4,783 ​ 5,452 Third-party real estate services revenue, excluding reimbursements ​ 14,125 ​ 13,279 ​ 53,120 ​ 42,463 Reimbursement revenue (2) ​ 11,717 ​ 13,708 ​ 37,574 ​ 41,407 Third-party real estate services revenue, including reimbursements ​ ​ 25,842 ​ ​ 26,987 ​ ​ 90,694 ​ ​ 83,870 Third-party real estate services expenses ​ ​ 25,542 ​ ​ 28,207 ​ ​ 80,035 ​ ​ 86,260 Third-party real estate services revenue less expenses ​ $ 300 ​ $ (1,220) ​ $ 10,659 ​ $ (2,390) ​ (1) Estimated development fee revenue totaling $51.2 million as of September 30, 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 $21.1 million and $25.5 million as of September 30, 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 September 30, ​ Nine Months Ended September 30, ​ 2021 2020 X 2021 2020 ​ ​ (In thousands) Net income (loss) attributable to common shareholders ​ $ 893 ​ $ (22,793) ​ $ (22,811) ​ $ (16,648) Add: ​ ​ ​ ​ Depreciation and amortization expense ​ 56,726 ​ 56,481 ​ 178,130 ​ 157,586 General and administrative expense: ​ ​ ​ ​ Corporate and other ​ 12,105 ​ 11,086 ​ 38,475 ​ 37,478 Third-party real estate services ​ 25,542 ​ 28,207 ​ 80,035 ​ 86,260 Share-based compensation related to Formation Transaction and special equity awards ​ 3,480 ​ 7,133 ​ 12,866 ​ 25,432 Transaction and other costs ​ 2,951 ​ 845 ​ 8,911 ​ 7,526 Interest expense ​ 17,243 ​ 16,885 ​ 50,312 ​ 44,660 Loss on extinguishment of debt ​ — ​ — ​ — ​ 33 Income tax expense (benefit) ​ 217 ​ (488) ​ 4,527 ​ (3,721) Net income (loss) attributable to redeemable noncontrolling interests ​ 103 ​ (2,212) ​ (2,472) ​ (445) Net loss attributable to noncontrolling interests ​ ​ — ​ ​ — ​ ​ (1,108) ​ ​ — Less: ​ ​ ​ ​ Third-party real estate services, including reimbursements revenue ​ 25,842 ​ 26,987 ​ 90,694 ​ 83,870 Other revenue ​ 1,568 ​ 2,292 ​ 5,658 ​ 5,438 Income (loss) from unconsolidated real estate ventures, net ​ 20,503 ​ (965) ​ 23,513 ​ (17,142) Interest and other income, net ​ 192 ​ — ​ 163 ​ 1,021 Gain on sale of real estate ​ — ​ — ​ 11,290 ​ 59,477 Consolidated NOI ​ $ 71,155 ​ $ 66,830 ​ $ 215,547 ​ $ 205,497 ​ 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 September 30, 2021 ​ Commercial Multifamily Other Total ​ (In thousands) Property rental revenue ​ $ 92,522 ​ $ 35,020 ​ $ (1,642) ​ $ 125,900 Parking revenue ​ 3,520 ​ 111 ​ 81 ​ 3,712 Total property revenue ​ 96,042 ​ 35,131 ​ (1,561) ​ 129,612 Property expense: ​ ​ ​ ​ ​ ​ ​ Property operating ​ 27,068 ​ 14,212 ​ (1,082) ​ 40,198 Real estate taxes ​ 12,098 ​ 4,930 ​ 1,231 ​ 18,259 Total property expense ​ 39,166 ​ 19,142 ​ 149 ​ 58,457 Consolidated NOI ​ $ 56,876 ​ $ 15,989 ​ $ (1,710) ​ $ 71,155 ​ ​ Three Months Ended September 30, 2020 ​ Commercial Multifamily Other Total ​ (In thousands) Property rental revenue ​ $ 90,050 ​ $ 30,452 ​ $ (1,822) ​ $ 118,680 Parking revenue ​ 3,002 ​ 74 ​ — ​ 3,076 Total property revenue ​ 93,052 ​ 30,526 ​ (1,822) ​ 121,756 Property expense: ​ ​ ​ ​ ​ Property operating ​ 26,701 ​ 13,226 ​ (2,355) ​ 37,572 Real estate taxes ​ 12,136 ​ 4,656 ​ 562 ​ 17,354 Total property expense ​ 38,837 ​ 17,882 ​ (1,793) ​ 54,926 Consolidated NOI ​ $ 54,215 ​ $ 12,644 ​ $ (29) ​ $ 66,830 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nine Months Ended September 30, 2021 ​ Commercial Multifamily Other Total ​ (In thousands) Property rental revenue ​ $ 275,736 ​ $ 100,324 ​ $ (5,100) ​ $ 370,960 Parking revenue ​ 9,169 ​ 286 ​ 188 ​ 9,643 Total property revenue ​ 284,905 ​ 100,610 ​ (4,912) ​ 380,603 Property expense: ​ ​ ​ ​ ​ Property operating ​ 76,155 ​ 38,449 ​ (4,675) ​ 109,929 Real estate taxes ​ 36,018 ​ 15,240 ​ 3,869 ​ 55,127 Total property expense ​ 112,173 ​ 53,689 ​ (806) ​ 165,056 Consolidated NOI ​ $ 172,732 ​ $ 46,921 ​ $ (4,106) ​ $ 215,547 ​ ​ Nine Months Ended September 30, 2020 ​ Commercial Multifamily Other Total ​ ​ (In thousands) Property rental revenue ​ $ 266,823 ​ $ 94,873 ​ $ (7,177) ​ $ 354,519 Parking revenue ​ 10,018 ​ 249 ​ — ​ 10,267 Total property revenue ​ 276,841 ​ 95,122 ​ (7,177) ​ 364,786 Property expense: ​ ​ ​ ​ Property operating ​ 78,645 ​ 34,238 ​ (7,016) ​ 105,867 Real estate taxes ​ 36,532 ​ 14,088 ​ 2,802 ​ 53,422 Total property expense ​ 115,177 ​ 48,326 ​ (4,214) ​ 159,289 Consolidated NOI ​ $ 161,664 ​ $ 46,796 ​ $ (2,963) ​ $ 205,497 ​ The following is a summary of certain balance sheet data by segment: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commercial Multifamily Other Total ​ ​ (In thousands) September 30, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Real estate, at cost ​ $ 3,494,929 ​ $ 2,135,448 ​ $ 395,758 ​ $ 6,026,135 Investments in unconsolidated real estate ventures ​ 300,304 ​ 110,369 ​ 75,379 ​ 486,052 Total assets (1) ​ 3,541,397 ​ 1,779,416 ​ 688,165 ​ 6,008,978 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	9 Months Ended
	Sep. 30, 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 our ability to finance or refinance our properties. Construction Commitments As of September 30, 2021, we had assets under construction that will, based on our current plans and estimates, require an additional $320.3 million to complete, which we anticipate will be primarily expended over the next three 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 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 September 30, 2021 and December 31, 2020 and are included in "Other liabilities, net" in our balance sheets. Other As of September 30, 2021, we had committed tenant-related obligations totaling $76.9 million ($73.6 million related to our consolidated entities and $3.3 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 September 30, 2021, we had additional capital commitments and certain recorded guarantees to our unconsolidated real estate ventures totaling $66.1 million. As of September 30, 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.

Transactions with Related Parti

Transactions with Related Parties	9 Months Ended
	Sep. 30, 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 September 30, 2021, the WHI Impact Pool had completed closings of capital commitments totaling $114.4 million, which included a commitment from us of $11.2 million. As of September 30, 2021, our remaining commitment was $8.3 million. The third-party real estate services revenue, including expense reimbursements, from the JBG Legacy Funds and the WHI Impact Pool was $5.6 million and $17.2 million for the three and nine months ended September 30, 2021, and $4.6 million and $17.3 million for the three and nine months ended September 30, 2020. As of September 30, 2021 and December 31, 2020, we had receivables from the JBG Legacy Funds and the WHI Impact Pool totaling $3.5 million and $7.5 million for such services. We rented our former corporate offices from an unconsolidated real estate venture and made payments totaling $246,000 and $1.0 million for the three and nine months ended September 30, 2021, and $403,000 and $4.1 million for the three and nine months ended September 30, 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 $4.9 million and $13.4 million during the three and nine months ended September 30, 2021, and $4.0 million and $12.6 million for the three and nine months ended September 30, 2020, which is included in "Property operating expenses" in our statements of operations.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 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 and nine months ended September 30, 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 September 30, 2021 and December 31, 2020, and for the three and nine months ended September 30, 2021 and 2020. References to our balance sheets refer to our condensed consolidated balance sheets as of September 30, 2021 and December 31, 2020. References to our statements of operations refer to our condensed consolidated statements of operations for the three and nine months ended September 30, 2021 and 2020. References to our statements of comprehensive income (loss) refer to our condensed consolidated statements of comprehensive income (loss) for the three and nine months ended September 30, 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 of long-lived assets; (ii) the determination of useful lives for tangible and intangible assets; and (iii) the assessment of the collectability of receivables, including deferred rent receivables. Longer estimated holding periods for real estate assets directly reduce the likelihood of recording an impairment loss. If there is a change in the strategy for an asset or if market conditions dictate an earlier sale date, an impairment loss may be recognized, and such loss could be material. 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 distribution, 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 $492,000 of rent that had been contractually due in the third quarter of 2021. We are 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 began recognizing revenue from 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 of March 12, 2020 through December 31, 2022 as reference rate reform activities occur. During the nine months ended September 30, 2021, we did not make any elections. During the year ended December 31, 2020, we elected to apply the hedge accounting expedients related to (i) the assertion that our hedged forecasted transactions remain probable and (ii) the assessments of effectiveness for future London Interbank Offered Rate ("LIBOR") indexed cash flows to assume that the index upon which future hedged transactions will be based matches the index on the corresponding derivatives. Application of these expedients preserves our past presentation of our derivatives. We will continue to evaluate the impact of the guidance and may apply other elections, as applicable.

Acquisition, Dispositions and_2

Acquisition, Dispositions and Assets Held for Sale (Tables)	9 Months Ended
	Sep. 30, 2021
Acquisition, Dispositions and Assets Held for Sale
Summary of assets held for sale	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total ​ Assets Held Assets Segment Location Square Feet (1) for Sale ​ ​ ​ ​ ​ ​ (In thousands) September 30, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ Pen Place (2) ​ Other ​ Arlington, Virginia ​ 2,082 ​ $ 74,174 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 during the second quarter of 2022.

Investments in Unconsolidated_2

Investments in Unconsolidated Real Estate Ventures (Tables)	9 Months Ended
	Sep. 30, 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) September 30, 2021 December 31, 2020 ​ ​ ​ ​ (In thousands) Prudential Global Investment Management 50.0% ​ $ 209,261 ​ $ 216,939 Landmark 1.8% - 49.0% ​ 53,295 ​ 66,724 CBREI Venture 5.0% - 64.0% ​ 59,028 ​ 65,190 Canadian Pension Plan Investment Board ("CPPIB") 55.0% ​ 49,098 ​ 47,522 J.P. Morgan Global Alternatives ("J.P. Morgan") (2) ​ 50.0% ​ ​ 47,362 ​ ​ — Berkshire Group 50.0% ​ 53,589 ​ ​ 50,649 Brandywine Realty Trust 30.0% ​ 13,755 ​ 13,710 Other ​ ​ 664 ​ ​ 635 Total investments in unconsolidated real estate ventures (3) ​ ​ ​ $ 486,052 ​ $ 461,369 (1) Reflects our effective ownership interests in the underlying real estate as of September 30, 2021. We have multiple investments with certain venture partners with varying ownership interests in the underlying real estate. (2) J.P. Morgan is the advisor for an institutional investor. (3) As of September 30, 2021 and December 31, 2020, our total investments in unconsolidated real estate ventures were greater than the net book value of the underlying assets by $20.2 million and $18.9 million, resulting principally from capitalized interest and our zero investment balance in the real estate venture with CPPIB that owns 1101 17th Street . The following is a summary of the debt of our unconsolidated real estate ventures: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ ​ ​ ​ ​ Average Effective ​ ​ ​ Interest Rate (1) September 30, 2021 December 31, 2020 ​ ​ ​ ​ (In thousands) Variable rate (2) 2.59% ​ $ 786,169 ​ $ 863,617 Fixed rate (3) (4) 4.16% ​ 293,920 ​ 323,050 Mortgages payable ​ ​ ​ 1,080,089 ​ 1,186,667 Unamortized deferred financing costs ​ ​ ​ (5,785) ​ (7,479) Mortgages payable, net (4) ​ ​ ​ $ 1,074,304 ​ $ 1,179,188 (1) Weighted average effective interest rate as of September 30, 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. ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2021 December 31, 2020 ​ (In thousands) Combined balance sheet information: ​ ​ ​ ​ ​ ​ Real estate, net ​ $ 2,170,039 ​ $ 2,247,384 Other assets, net ​ 257,138 ​ 270,516 Total assets ​ $ 2,427,177 ​ $ 2,517,900 ​ ​ ​ ​ ​ ​ ​ Mortgages payable, net ​ $ 1,074,304 ​ $ 1,179,188 Other liabilities, net ​ 128,554 ​ 140,304 Total liabilities ​ 1,202,858 ​ 1,319,492 Total equity ​ 1,224,319 ​ 1,198,408 Total liabilities and equity ​ $ 2,427,177 ​ $ 2,517,900 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended September 30, ​ Nine Months Ended September 30, ​ 2021 2020 X 2021 2020 ​ (In thousands) Combined income statement information: (1) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total revenue ​ $ 45,289 ​ $ 47,235 ​ $ 141,370 ​ $ 162,128 Operating income (loss) (2) ​ ​ 51,068 ​ ​ 1,296 ​ 94,275 ​ (24,418) Net income (loss) (2) ​ ​ 42,261 ​ ​ (6,265) ​ 69,091 ​ (60,331) (1) Excludes information related to the venture that owned The Marriott Wardman Park hotel for the three months ended September 30, 2020 as we suspended equity loss recognition for the venture after June 30, 2020. On October 1, 2020, we transferred our interest in the related venture to our venture partner. (2) Includes the gain from the sale 500 L'Enfant Plaza of $47.4 million during the three months ended September 30, 2021. Includes the gain from the sale of Fairway, Courthouse Metro, 5615 Fishers Lane and 500 L'Enfant Plaza totaling $85.5 million during the nine months ended September 30, 2021. Includes the loss from the sale of Woodglen of $16.4 million during the nine months ended September 30, 2020.
Summary of unconsolidated investments disposition activity	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Proportionate ​ ​ Real Estate ​ ​ ​ ​ ​ Gross ​ Share of ​ ​ Venture ​ ​ ​ Ownership ​ Sales ​ Aggregate Date Disposed Partners ​ Assets ​ Percentage Price Gain (1) ​ ​ ​ ​ ​ ​ ​ ​ (In thousands) May 3, 2021 CBREI Venture ​ Fairway Apartments/Fairway Land ("Fairway") (2) ​ 10.0% $ 93,000 ​ $ 2,094 May 19, 2021 ​ Landmark ​ Courthouse Metro Land/Courthouse Metro Land – Option ("Courthouse Metro") ​ 18.0% ​ ​ 3,000 ​ ​ 2,352 May 27, 2021 ​ Landmark ​ 5615 Fishers Lane ​ 18.0% ​ ​ 6,500 ​ ​ 743 September 17, 2021 ​ Landmark ​ 500 L'Enfant Plaza (3) ​ 49.0% ​ ​ 166,500 ​ ​ 23,137 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 28,326 (1) Included in "Income (loss) from unconsolidated real estate ventures, net" in our statements of operations. (2) The venture repaid a related mortgage payable of $45.3 million. (3) The venture repaid a related mortgage payable of $80.0 million.

Other Assets, Net (Tables)

Other Assets, Net (Tables)	9 Months Ended
	Sep. 30, 2021
Other Assets, Net.
Summary of other assets net	​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2021 December 31, 2020 ​ ​ (In thousands) Deferred leasing costs, net ​ $ 116,544 ​ $ 117,141 Lease intangible assets, net ​ 11,055 ​ 15,565 Management and leasing contracts, net ​ ​ 21,084 ​ ​ 25,512 Other identified intangible assets ​ ​ 17,360 ​ ​ 17,500 Wireless spectrum licenses (1) ​ ​ 25,730 ​ ​ — Operating lease right-of-use assets ​ 3,326 ​ 3,542 Finance lease right-of-use assets ​ ​ 41,675 ​ ​ 41,996 Prepaid expenses ​ 20,171 ​ 14,000 Deferred financing costs, net ​ 9,352 ​ 6,656 Deposits (1) ​ 12,026 ​ 28,560 Other ​ 22,214 ​ 16,103 Total other assets, net ​ $ 300,537 ​ $ 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)	9 Months Ended
	Sep. 30, 2021
Mortgages Payable
Debt Instrument [Line Items]
Summary of debt	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted Average ​ ​ ​ ​ ​ ​ ​ ​ ​ Effective ​ ​ ​ ​ Interest Rate (1) ​ September 30, 2021 December 31, 2020 ​ ​ ​ ​ ​ (In thousands) Variable rate (2) 2.08% ​ ​ $ 762,246 ​ $ 678,346 Fixed rate (3) 4.32% ​ ​ 922,161 ​ 925,523 Mortgages payable ​ ​ ​ ​ 1,684,407 ​ 1,603,869 Unamortized deferred financing costs and premium / discount, net (4) ​ ​ ​ (10,122) ​ (10,131) Mortgages payable, net ​ ​ ​ ​ $ 1,674,285 ​ $ 1,593,738 (1) Weighted average effective interest rate as of September 30, 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 September 30, 2021, net deferred financing costs related to an unfunded mortgage loan totaling $4.0 million were included in "Other assets, net."
Credit Facility
Debt Instrument [Line Items]
Summary of debt	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Effective ​ ​ ​ ​ Interest Rate (1) ​ September 30, 2021 December 31, 2020 ​ ​ ​ ​ ​ (In thousands) Revolving credit facility (2) (3) (4) 1.13% ​ ​ $ — ​ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Tranche A-1 Term Loan (5) 2.59% ​ ​ $ 200,000 ​ $ 200,000 Tranche A-2 Term Loan (5) 2.49% ​ ​ 200,000 ​ 200,000 Unsecured term loans ​ ​ 400,000 ​ 400,000 Unamortized deferred financing costs, net ​ ​ (1,507) ​ (2,021) Unsecured term loans, net ​ ​ $ 398,493 ​ $ 397,979 (1) Effective interest rate as of September 30, 2021. (2) As of September 30, 2021 and December 31, 2020, letters of credit with an aggregate face amount of $1.4 million and $1.5 million were outstanding under our revolving credit facility. (3) As of September 30, 2021 and December 31, 2020, net deferred financing costs related to our revolving credit facility totaling $5.4 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 September 30, 2021 and December 31, 2020, the outstanding balance was fixed by interest rate swap agreements. The interest rate swaps mature concurrently with the respective term loan and provide a weighted average interest rate of 1.39% for the Tranche A-1 Term Loan and 1.34% for the Tranche A-2 Term Loan .

Other Liabilities, Net (Tables)

Other Liabilities, Net (Tables)	9 Months Ended
	Sep. 30, 2021
Other Liabilities, Net.
Composition of other liabilities net	​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2021 December 31, 2020 ​ ​ (In thousands) Lease intangible liabilities, net ​ $ 8,567 ​ $ 10,300 Lease assumption liabilities ​ 6,257 ​ 10,126 Lease incentive liabilities ​ 14,125 ​ 13,913 Liabilities related to operating lease right-of-use assets ​ 8,914 ​ 10,752 Liabilities related to finance lease right-of-use assets ​ 40,733 ​ 40,221 Prepaid rent ​ 20,343 ​ 19,809 Security deposits ​ 17,953 ​ 13,654 Environmental liabilities ​ 18,168 ​ 18,242 Deferred tax liability, net ​ 6,290 ​ 2,509 Dividends payable ​ — ​ 34,075 Derivative agreements, at fair value ​ 28,406 ​ 44,222 Deferred purchase price (1) ​ ​ 19,639 ​ ​ 19,479 Other ​ 10,809 ​ 10,472 Total other liabilities, net ​ $ 200,204 ​ $ 247,774 (1) Deferred purchase price associated with the December 2020 acquisition of the former Americana Hotel site.

Redeemable Noncontrolling Int_2

Redeemable Noncontrolling Interests (Tables)	9 Months Ended
	Sep. 30, 2021
Redeemable Noncontrolling Interests
Summary of redeemable noncontrolling interests	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended September 30, ​ ​ 2021 ​ 2020 ​ ​ ​ ​ ​ Consolidated ​ ​ ​ ​ ​ ​ ​ Consolidated ​ ​ ​ ​ ​ JBG ​ Real Estate ​ ​ ​ ​ JBG ​ Real Estate ​ ​ ​ ​ SMITH LP Venture Total SMITH LP Venture Total ​ (In thousands) Balance, beginning of period ​ $ 536,171 ​ $ 8,468 ​ $ 544,639 ​ $ 493,067 ​ $ 6,016 ​ $ 499,083 OP Unit redemptions ​ (5,670) ​ — ​ (5,670) ​ (4,796) ​ — ​ (4,796) Net income (loss) attributable to redeemable noncontrolling interests ​ 116 ​ (13) ​ 103 ​ (2,176) ​ (36) ​ (2,212) Other comprehensive income ​ 413 ​ — ​ 413 ​ 309 ​ — ​ 309 Distributions ​ (3,993) ​ — ​ (3,993) ​ (3,723) ​ — ​ (3,723) Share-based compensation expense ​ 10,695 ​ — ​ 10,695 ​ 14,496 ​ — ​ 14,496 Adjustment to redemption value ​ (20,748) ​ 1,474 ​ (19,274) ​ (14,012) ​ 1,776 ​ (12,236) Balance, end of period ​ $ 516,984 ​ $ 9,929 ​ $ 526,913 ​ $ 483,165 ​ $ 7,756 ​ $ 490,921 ​ ​ Nine Months Ended September 30, ​ ​ 2021 ​ 2020 ​ ​ ​ ​ ​ Consolidated ​ ​ ​ ​ ​ ​ ​ Consolidated ​ ​ ​ ​ ​ JBG ​ Real Estate ​ ​ ​ ​ JBG ​ Real Estate ​ ​ ​ ​ SMITH LP Venture Total SMITH LP Venture Total ​ (In thousands) Balance, beginning of period ​ $ 522,882 ​ $ 7,866 ​ $ 530,748 ​ $ 606,699 ​ $ 6,059 ​ $ 612,758 OP Unit redemptions ​ (27,350) ​ — ​ (27,350) ​ (40,674) ​ — ​ (40,674) LTIP Units issued in lieu of cash bonuses (1) ​ 5,614 ​ — ​ 5,614 ​ 4,066 ​ — ​ 4,066 Net loss attributable to redeemable noncontrolling interests ​ (2,400) ​ (72) ​ (2,472) ​ (366) ​ (79) ​ (445) Other comprehensive income (loss) ​ 1,621 ​ — ​ 1,621 ​ (3,446) ​ — ​ (3,446) Distributions ​ (9,282) ​ — ​ (9,282) ​ (7,505) ​ — ​ (7,505) Share-based compensation expense ​ 36,066 ​ — ​ 36,066 ​ 51,742 ​ — ​ 51,742 Adjustment to redemption value ​ (10,167) ​ 2,135 ​ (8,032) ​ (127,351) ​ 1,776 ​ (125,575) Balance, end of period ​ $ 516,984 ​ $ 9,929 ​ $ 526,913 ​ $ 483,165 ​ $ 7,756 ​ $ 490,921 (1) See Note 11 for additional information.

Property Rental Revenue (Tables

Property Rental Revenue (Tables)	9 Months Ended
	Sep. 30, 2021
Property Rental Revenue
Property Rental Revenue	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended September 30, ​ Nine Months Ended September 30, ​ 2021 2020 X 2021 2020 ​ ​ ​ (In thousands) ​ Fixed ​ $ 114,100 ​ $ 109,321 ​ $ 339,321 ​ $ 326,866 ​ Variable ​ ​ 11,800 ​ ​ 9,359 ​ ​ 31,639 ​ ​ 27,653 ​ Property rental revenue ​ $ 125,900 ​ $ 118,680 ​ $ 370,960 ​ $ 354,519 ​

Share-Based Payments (Tables)

Share-Based Payments (Tables)	9 Months Ended
	Sep. 30, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Summary of share-based compensation expense	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended September 30, ​ Nine Months Ended September 30, ​ 2021 2020 X 2021 2020 ​ (In thousands) Time-Based LTIP Units ​ $ 3,999 ​ $ 3,364 ​ $ 12,494 ​ $ 11,003 Performance-Based LTIP Units ​ 3,216 ​ 3,999 ​ 9,615 ​ 14,207 LTIP Units ​ — ​ — ​ 1,091 ​ 1,100 Other equity awards (1) ​ 1,473 ​ 1,690 ​ 4,395 ​ 4,829 Share-based compensation expense - other ​ 8,688 ​ 9,053 ​ 27,595 ​ 31,139 Formation Awards ​ 476 ​ 875 ​ 1,923 ​ 3,473 OP Units (2) ​ 1,610 ​ 4,780 ​ 6,508 ​ 17,398 LTIP Units (2) ​ 66 ​ 95 ​ 217 ​ 310 Special Performance-Based LTIP Units (3) ​ 629 ​ 657 ​ 2,014 ​ 2,015 Special Time-Based LTIP Units (3) ​ 699 ​ 726 ​ 2,204 ​ 2,236 Share-based compensation related to Formation Transaction and special equity awards (4) ​ 3,480 ​ 7,133 ​ 12,866 ​ 25,432 Total share-based compensation expense ​ 12,168 ​ 16,186 ​ 40,461 ​ 56,571 Less: amount capitalized ​ (740) ​ (1,177) ​ (2,141) ​ (3,388) Share-based compensation expense ​ $ 11,428 ​ $ 15,009 ​ $ 38,320 ​ $ 53,183 (1) Primarily comprising compensation expense for: (i) fully vested LTIP Units issued to certain employees in lieu of all or a portion of any cash bonus earned, (ii) RSUs and (iii) shares issued under 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 34.0% to 39.0% Risk-free interest rate 0.1% to 0.4% Post-grant restriction periods 2 to 3 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 31.0% - 34.0% Dividend yield 2.6% Risk-free interest rate 0.2% - 1.0%
ESPP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Summary of of the significant assumptions of awards	​ ​ ​ ​ Expected volatility 39.0% Dividend yield 1.5% Risk-free interest rate 0.1% Expected life ​ 6 months

Transaction and Other Costs (Ta

Transaction and Other Costs (Tables)	9 Months Ended
	Sep. 30, 2021
Transaction and Other Costs.
Schedule of transaction and other costs	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended September 30, ​ Nine Months Ended September 30, ​ 2021 2020 X 2021 2020 ​ (In thousands) Demolition costs ​ $ 1,422 ​ $ 179 ​ $ 2,869 ​ $ 179 Integration and severance costs ​ 154 ​ 406 ​ 616 ​ 3,066 Completed, potential and pursued transaction expenses ​ 1,375 ​ 260 ​ 5,426 ​ 281 Other (1) ​ — ​ — ​ — ​ 4,000 Transaction and other costs ​ $ 2,951 ​ $ 845 ​ $ 8,911 ​ $ 7,526 (1) 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)	9 Months Ended
	Sep. 30, 2021
Interest Expense
Schedule of interest expense	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended September 30, ​ Nine Months Ended September 30, ​ 2021 2020 X 2021 2020 ​ (In thousands) Interest expense before capitalized interest ​ $ 17,278 ​ $ 18,274 ​ $ 50,744 ​ $ 52,751 Amortization of deferred financing costs ​ 1,096 ​ 857 ​ 3,188 ​ 2,255 Interest expense related to finance lease right-of-use assets ​ ​ 430 ​ ​ 464 ​ ​ 1,284 ​ ​ 1,026 Net unrealized (gain) loss on derivative financial instruments not designated as cash flow hedges ​ 37 ​ 202 ​ (50) ​ 173 Capitalized interest ​ (1,598) ​ (2,912) ​ (4,854) ​ (11,545) Interest expense ​ $ 17,243 ​ $ 16,885 ​ $ 50,312 ​ $ 44,660

Shareholders' Equity and Earn_2

Shareholders' Equity and Earnings Per Common Share (Tables)	9 Months Ended
	Sep. 30, 2021
Shareholders' Equity and Earnings Per Common Share
Schedule of basic and diluted earnings per common share to net income (loss)	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended September 30, ​ Nine Months Ended September 30, ​ ​ 2021 2020 X 2021 2020 ​ ​ (In thousands, except per share amounts) Net income (loss) ​ $ 996 ​ $ (25,005) ​ $ (26,391) ​ $ (17,093) Net (income) loss attributable to redeemable noncontrolling interests ​ ​ (103) ​ 2,212 ​ 2,472 ​ 445 Net loss attributable to noncontrolling interests ​ ​ — ​ — ​ 1,108 ​ — Net income (loss) attributable to common shareholders ​ ​ 893 ​ ​ (22,793) ​ ​ (22,811) ​ ​ (16,648) Distributions to participating securities ​ ​ (763) ​ ​ (822) ​ (1,497) ​ (1,729) Net income (loss) available to common shareholders - basic and diluted ​ $ 130 ​ $ (23,615) ​ $ (24,308) ​ $ (18,377) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average number of common shares outstanding - basic and diluted ​ ​ 131,351 ​ ​ 133,620 ​ 131,456 ​ 133,924 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Earnings (loss) per common share - basic and diluted ​ $ 0.00 ​ $ (0.18) ​ $ (0.18) ​ $ (0.14)

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Sep. 30, 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) September 30, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivative financial instruments designated as cash flow hedges: ​ ​ ​ ​ Classified as liabilities in "Other liabilities, net" ​ $ 28,406 ​ — ​ $ 28,406 ​ — Derivative financial instruments not designated as cash flow hedges: ​ ​ ​ ​ Classified as assets in "Other assets, net" ​ 266 ​ — ​ 266 ​ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2021 ​ December 31, 2020 ​ Carrying ​ Carrying ​ ​ ​ Amount (1) ​ Fair Value ​ Amount (1) ​ Fair Value ​ (In thousands) Financial liabilities: ​ ​ ​ ​ Mortgages payable ​ $ 1,684,407 ​ $ 1,739,548 ​ $ 1,603,869 ​ $ 1,606,470 Unsecured term loans ​ 400,000 ​ 400,201 ​ 400,000 ​ 399,678 (1) The carrying amount consists of principal only.

Segment Information (Tables)

Segment Information (Tables)	9 Months Ended
	Sep. 30, 2021
Segment Information
Schedule of components of revenue from third-party real estate services business	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended September 30, ​ Nine Months Ended September 30, ​ 2021 2020 X 2021 2020 ​ (In thousands) Property management fees ​ $ 4,831 ​ $ 4,694 ​ $ 14,549 ​ $ 15,453 Asset management fees ​ 2,145 ​ 2,301 ​ 6,602 ​ 7,400 Development fees (1) ​ 4,032 ​ 2,614 ​ 22,705 ​ 8,474 Leasing fees ​ 1,822 ​ 1,086 ​ 4,106 ​ 3,627 Construction management fees ​ — ​ 584 ​ 375 ​ 2,057 Other service revenue ​ 1,295 ​ 2,000 ​ 4,783 ​ 5,452 Third-party real estate services revenue, excluding reimbursements ​ 14,125 ​ 13,279 ​ 53,120 ​ 42,463 Reimbursement revenue (2) ​ 11,717 ​ 13,708 ​ 37,574 ​ 41,407 Third-party real estate services revenue, including reimbursements ​ ​ 25,842 ​ ​ 26,987 ​ ​ 90,694 ​ ​ 83,870 Third-party real estate services expenses ​ ​ 25,542 ​ ​ 28,207 ​ ​ 80,035 ​ ​ 86,260 Third-party real estate services revenue less expenses ​ $ 300 ​ $ (1,220) ​ $ 10,659 ​ $ (2,390) ​ (1) Estimated development fee revenue totaling $51.2 million as of September 30, 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 September 30, ​ Nine Months Ended September 30, ​ 2021 2020 X 2021 2020 ​ ​ (In thousands) Net income (loss) attributable to common shareholders ​ $ 893 ​ $ (22,793) ​ $ (22,811) ​ $ (16,648) Add: ​ ​ ​ ​ Depreciation and amortization expense ​ 56,726 ​ 56,481 ​ 178,130 ​ 157,586 General and administrative expense: ​ ​ ​ ​ Corporate and other ​ 12,105 ​ 11,086 ​ 38,475 ​ 37,478 Third-party real estate services ​ 25,542 ​ 28,207 ​ 80,035 ​ 86,260 Share-based compensation related to Formation Transaction and special equity awards ​ 3,480 ​ 7,133 ​ 12,866 ​ 25,432 Transaction and other costs ​ 2,951 ​ 845 ​ 8,911 ​ 7,526 Interest expense ​ 17,243 ​ 16,885 ​ 50,312 ​ 44,660 Loss on extinguishment of debt ​ — ​ — ​ — ​ 33 Income tax expense (benefit) ​ 217 ​ (488) ​ 4,527 ​ (3,721) Net income (loss) attributable to redeemable noncontrolling interests ​ 103 ​ (2,212) ​ (2,472) ​ (445) Net loss attributable to noncontrolling interests ​ ​ — ​ ​ — ​ ​ (1,108) ​ ​ — Less: ​ ​ ​ ​ Third-party real estate services, including reimbursements revenue ​ 25,842 ​ 26,987 ​ 90,694 ​ 83,870 Other revenue ​ 1,568 ​ 2,292 ​ 5,658 ​ 5,438 Income (loss) from unconsolidated real estate ventures, net ​ 20,503 ​ (965) ​ 23,513 ​ (17,142) Interest and other income, net ​ 192 ​ — ​ 163 ​ 1,021 Gain on sale of real estate ​ — ​ — ​ 11,290 ​ 59,477 Consolidated NOI ​ $ 71,155 ​ $ 66,830 ​ $ 215,547 ​ $ 205,497 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended September 30, 2021 ​ Commercial Multifamily Other Total ​ (In thousands) Property rental revenue ​ $ 92,522 ​ $ 35,020 ​ $ (1,642) ​ $ 125,900 Parking revenue ​ 3,520 ​ 111 ​ 81 ​ 3,712 Total property revenue ​ 96,042 ​ 35,131 ​ (1,561) ​ 129,612 Property expense: ​ ​ ​ ​ ​ ​ ​ Property operating ​ 27,068 ​ 14,212 ​ (1,082) ​ 40,198 Real estate taxes ​ 12,098 ​ 4,930 ​ 1,231 ​ 18,259 Total property expense ​ 39,166 ​ 19,142 ​ 149 ​ 58,457 Consolidated NOI ​ $ 56,876 ​ $ 15,989 ​ $ (1,710) ​ $ 71,155 ​ ​ Three Months Ended September 30, 2020 ​ Commercial Multifamily Other Total ​ (In thousands) Property rental revenue ​ $ 90,050 ​ $ 30,452 ​ $ (1,822) ​ $ 118,680 Parking revenue ​ 3,002 ​ 74 ​ — ​ 3,076 Total property revenue ​ 93,052 ​ 30,526 ​ (1,822) ​ 121,756 Property expense: ​ ​ ​ ​ ​ Property operating ​ 26,701 ​ 13,226 ​ (2,355) ​ 37,572 Real estate taxes ​ 12,136 ​ 4,656 ​ 562 ​ 17,354 Total property expense ​ 38,837 ​ 17,882 ​ (1,793) ​ 54,926 Consolidated NOI ​ $ 54,215 ​ $ 12,644 ​ $ (29) ​ $ 66,830 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nine Months Ended September 30, 2021 ​ Commercial Multifamily Other Total ​ (In thousands) Property rental revenue ​ $ 275,736 ​ $ 100,324 ​ $ (5,100) ​ $ 370,960 Parking revenue ​ 9,169 ​ 286 ​ 188 ​ 9,643 Total property revenue ​ 284,905 ​ 100,610 ​ (4,912) ​ 380,603 Property expense: ​ ​ ​ ​ ​ Property operating ​ 76,155 ​ 38,449 ​ (4,675) ​ 109,929 Real estate taxes ​ 36,018 ​ 15,240 ​ 3,869 ​ 55,127 Total property expense ​ 112,173 ​ 53,689 ​ (806) ​ 165,056 Consolidated NOI ​ $ 172,732 ​ $ 46,921 ​ $ (4,106) ​ $ 215,547 ​ ​ Nine Months Ended September 30, 2020 ​ Commercial Multifamily Other Total ​ ​ (In thousands) Property rental revenue ​ $ 266,823 ​ $ 94,873 ​ $ (7,177) ​ $ 354,519 Parking revenue ​ 10,018 ​ 249 ​ — ​ 10,267 Total property revenue ​ 276,841 ​ 95,122 ​ (7,177) ​ 364,786 Property expense: ​ ​ ​ ​ Property operating ​ 78,645 ​ 34,238 ​ (7,016) ​ 105,867 Real estate taxes ​ 36,532 ​ 14,088 ​ 2,802 ​ 53,422 Total property expense ​ 115,177 ​ 48,326 ​ (4,214) ​ 159,289 Consolidated NOI ​ $ 161,664 ​ $ 46,796 ​ $ (2,963) ​ $ 205,497 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commercial Multifamily Other Total ​ ​ (In thousands) September 30, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Real estate, at cost ​ $ 3,494,929 ​ $ 2,135,448 ​ $ 395,758 ​ $ 6,026,135 Investments in unconsolidated real estate ventures ​ 300,304 ​ 110,369 ​ 75,379 ​ 486,052 Total assets (1) ​ 3,541,397 ​ 1,779,416 ​ 688,165 ​ 6,008,978 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) ft² in Millions, $ in Billions	Sep. 30, 2021USD ($)ft²propertyitem
Real Estate Properties [Line Items]
Number of Real Estate Properties | property	63
Near-term Development
Real Estate Properties [Line Items]
Number of Real Estate Properties | property	11
Area of real estate property | ft²	5.3
Future Development
Real Estate Properties [Line Items]
Number of Real Estate Properties | property	25
Area of real estate property | ft²	14.3
Commercial Real Estate
Real Estate Properties [Line Items]
Number of Real Estate Properties | property	42
Area of real estate property | ft²	13.1
Multifamily
Real Estate Properties [Line Items]
Number of Real Estate Properties | property	21
Number of Units in Real Estate Property | item	7,776
Multifamily | Under-construction assets
Real Estate Properties [Line Items]
Number of Real Estate Properties | property	1
Number of Units in Real Estate Property | item	808
Wholly Owned Properties | Near-term Development
Real Estate Properties [Line Items]
Area of real estate property | ft²	5
Wholly Owned Properties | Future Development
Real Estate Properties [Line Items]
Area of real estate property | ft²	11.6
Wholly Owned Properties | Commercial Real Estate
Real Estate Properties [Line Items]
Area of real estate property | ft²	11.3
Wholly Owned Properties | Multifamily
Real Estate Properties [Line Items]
Number of Units in Real Estate Property | item	6,125
Wholly Owned Properties | Multifamily | Under-construction assets
Real Estate Properties [Line Items]
Number of Units in Real Estate Property | item	808
Virginia Tech
Real Estate Properties [Line Items]
Under-construction property value developed by Virginia Tech | $	$ 1
JBG Smith, LP
Real Estate Properties [Line Items]
Ownership interest by parent	90.80%

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Details)	3 Months Ended
	Sep. 30, 2021USD ($)
Summary of Significant Accounting Policies
Lease deferral requests granted - COVID	$ 492,000

Acquisition, Dispositions and_3

Acquisition, Dispositions and Assets Held for Sale - Narrative (Details) $ in Thousands	Sep. 30, 2021USD ($)	Apr. 30, 2021USD ($)property	Sep. 30, 2021USD ($)	Sep. 30, 2020USD ($)	Sep. 30, 2021USD ($)	Sep. 30, 2020USD ($)
Schedule of Equity Method Investments [Line Items]
Income (loss) from unconsolidated real estate ventures, net			$ 20,503	$ (965)	$ 23,513	$ (17,142)
Landmark and CBREI
Schedule of Equity Method Investments [Line Items]
Income (loss) from unconsolidated real estate ventures, net					28,326
Potomac Yard Mixed Use Development | J.P. Morgan Global Alternatives ("J.P. Morgan")
Schedule of Equity Method Investments [Line Items]
Number of real estate ventures in which cash was invested and land contributed | property		2
Gain from contribution to real estate ventures		$ 11,300
The Batley
Schedule of Equity Method Investments [Line Items]
Number of real estate units to be acquired	432
Purchase price	$ 205,000		$ 205,000		$ 205,000
Percentage of occupancy in the multifamily portion of the building	90.70%

Acquisition, Dispositions and_4

Acquisition, Dispositions and Assets Held for Sale (Details) $ in Thousands	Sep. 30, 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	$ 74,174	$ 73,876
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	$ 74,174	$ 73,876

Investments in Unconsolidated_3

Investments in Unconsolidated Real Estate Ventures - Summary of Composition of Investments (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Schedule of Equity Method Investments [Line Items]
Total investments in unconsolidated real estate ventures	$ 486,052	$ 461,369
Difference between the investments in unconsolidated real estate ventures and the net book value of the underlying assets	$ 20,200	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	$ 209,261	216,939
Landmark
Schedule of Equity Method Investments [Line Items]
Total investments in unconsolidated real estate ventures	$ 53,295	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	$ 59,028	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	$ 49,098	47,522
J.P. Morgan Global Alternatives ("J.P. Morgan")
Schedule of Equity Method Investments [Line Items]
Ownership interest (as percent)	50.00%
Total investments in unconsolidated real estate ventures	$ 47,362
Berkshire Group
Schedule of Equity Method Investments [Line Items]
Ownership interest (as percent)	50.00%
Total investments in unconsolidated real estate ventures	$ 53,589	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	$ 13,755	13,710
Other
Schedule of Equity Method Investments [Line Items]
Total investments in unconsolidated real estate ventures	664	635
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 - Narrative (Details) $ in Millions	1 Months Ended	3 Months Ended			9 Months Ended
	Apr. 30, 2021USD ($)ft²item	Sep. 30, 2021USD ($)	Jun. 30, 2021USD ($)	Sep. 30, 2020USD ($)	Sep. 30, 2021USD ($)	Sep. 30, 2020USD ($)
J.P. Morgan Global Alternatives ("J.P. Morgan")
Schedule of Equity Method Investments [Line Items]
Ownership interest (as percent)		50.00%			50.00%
J.P. Morgan Global Alternatives ("J.P. Morgan") | Potomac Yard Mixed Use Development
Schedule of Equity Method Investments [Line Items]
Number of real estate ventures | item	2
Ownership interest (as percent)	50.00%
Area of real estate property | ft²	2,000,000
Gain from contribution to real estate ventures	$ 11.3
Real estate venture promote interest paid			$ 17.5
J.P. Morgan Global Alternatives ("J.P. Morgan") | Potomac Yard Mixed Use Development | Non-employee Trustees and Certain Executives
Schedule of Equity Method Investments [Line Items]
Real estate venture promote interest paid			$ 4.2
J.P. Morgan Global Alternatives ("J.P. Morgan") | Potomac Yard Landbay G
Schedule of Equity Method Investments [Line Items]
Area of real estate property | ft²	700,000
J.P. Morgan Global Alternatives ("J.P. Morgan") | Institutional Investor | Potomac Yard Landbay F
Schedule of Equity Method Investments [Line Items]
Area of real estate property | ft²	1,300,000
Landmark | Courthouse Metro
Schedule of Equity Method Investments [Line Items]
Ownership interest (as percent)		18.00%			18.00%
Investments in Unconsolidated Real Estate Ventures
Schedule of Equity Method Investments [Line Items]
Property management fee revenue		$ 5.9		$ 6.3	$ 17.8	$ 19.3

Investments in Unconsolidated_5

Investments in Unconsolidated Real Estate Ventures - Summary of Dispositions (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Schedule of Equity Method Investments [Line Items]
Income (loss) from unconsolidated real estate ventures, net	$ 20,503	$ (965)	$ 23,513	$ (17,142)
Landmark and CBREI
Schedule of Equity Method Investments [Line Items]
Income (loss) from unconsolidated real estate ventures, net			$ 28,326
CBREI Venture | Fairway
Schedule of Equity Method Investments [Line Items]
Equity Method Investment, Ownership Percentage	10.00%		10.00%
Gross Sales Price	$ 93,000		$ 93,000
Income (loss) from unconsolidated real estate ventures, net			2,094
Repayment of mortgage			$ 45,300
Landmark | Courthouse Metro
Schedule of Equity Method Investments [Line Items]
Equity Method Investment, Ownership Percentage	18.00%		18.00%
Gross Sales Price	$ 3,000		$ 3,000
Income (loss) from unconsolidated real estate ventures, net			$ 2,352
Landmark | 5615 Fishers Lane
Schedule of Equity Method Investments [Line Items]
Equity Method Investment, Ownership Percentage	18.00%		18.00%
Gross Sales Price	$ 6,500		$ 6,500
Income (loss) from unconsolidated real estate ventures, net			$ 743
Landmark | 500 L'Enfant
Schedule of Equity Method Investments [Line Items]
Equity Method Investment, Ownership Percentage	49.00%		49.00%
Gross Sales Price	$ 166,500		$ 166,500
Income (loss) from unconsolidated real estate ventures, net			23,137
Repayment of mortgage			$ 80,000

Investments in Unconsolidated_6

Investments in Unconsolidated Real Estate Ventures - Summary of Debt (Details) - Mortgages Payable - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Schedule of Equity Method Investments
Variable interest rate	2.08%
Variable rate amount	$ 762,246	$ 678,346
Fixed interest rate	4.32%
Fixed rate amount	$ 922,161	925,523
Debt, gross	1,684,407	1,603,869
Unamortized deferred financing costs, net	(10,122)	(10,131)
Long-term debt, net	$ 1,674,285	1,593,738
Investments in Unconsolidated Real Estate Ventures
Schedule of Equity Method Investments
Variable interest rate	2.59%
Variable rate amount	$ 786,169	863,617
Fixed interest rate	4.16%
Fixed rate amount	$ 293,920	323,050
Debt, gross	1,080,089	1,186,667
Unamortized deferred financing costs, net	(5,785)	(7,479)
Long-term debt, net	$ 1,074,304	$ 1,179,188

Investments in Unconsolidated_7

Investments in Unconsolidated Real Estate Ventures - Financial Information - Table (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Schedule of Equity Method Investments
Gain (loss) on sale of real estate			$ 11,290	$ 59,477
Combined balance sheet information:
Real estate, net	$ 4,680,028		4,680,028		$ 4,767,941
Other assets, net	300,537		300,537		286,575
TOTAL ASSETS	6,008,978		6,008,978		6,079,547
Mortgages payable, net	1,674,285		1,674,285		1,593,738
Other liabilities, net	200,204		200,204		247,774
Total liabilities	2,378,289		2,378,289		2,342,593
Total equity	3,087,281		3,087,281		3,206,039
TOTAL LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY	6,008,978		6,008,978		6,079,547
Combined income statement information:
Revenues	157,022	$ 151,035	476,955	454,094
Net income (loss)	996	(25,005)	(26,391)	(17,093)
Investments in Unconsolidated Real Estate Ventures
Combined balance sheet information:
Real estate, net	2,170,039		2,170,039		2,247,384
Other assets, net	257,138		257,138		270,516
TOTAL ASSETS	2,427,177		2,427,177		2,517,900
Mortgages payable, net	1,074,304		1,074,304		1,179,188
Other liabilities, net	128,554		128,554		140,304
Total liabilities	1,202,858		1,202,858		1,319,492
Total equity	1,224,319		1,224,319		1,198,408
TOTAL LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY	2,427,177		2,427,177		$ 2,517,900
Combined income statement information:
Revenues	45,289	47,235	141,370	162,128
Operating income (loss)	51,068	1,296	94,275	(24,418)
Net income (loss)	42,261	$ (6,265)	69,091	(60,331)
Landmark and CBREI | Landmark and CBREI | Fairway, Courthouse Metro, 5615 Fishers Lane and 500 L'Enfant Plaza
Schedule of Equity Method Investments
Gain (loss) on sale of real estate			$ 85,500
Landmark | Landmark | 500 L'Enfant
Schedule of Equity Method Investments
Gain (loss) on sale of real estate	$ 47,400
Landmark | Landmark | Woodglen
Schedule of Equity Method Investments
Gain (loss) on sale of real estate				$ (16,400)

Variable Interest Entities (Det

Variable Interest Entities (Details) $ in Thousands	Sep. 30, 2021USD ($)item	Mar. 31, 2021USD ($)item	Dec. 31, 2020USD ($)
Variable Interest Entity [Line Items]
Assets	$ 6,008,978		$ 6,079,547
Liabilities	$ 2,378,289		2,342,593
Multifamily
Variable Interest Entity [Line Items]
Number of Units in Real Estate Property | item	7,776
JBG Smith, LP
Variable Interest Entity [Line Items]
Ownership interest by parent	90.80%
Unconsolidated VIE
Variable Interest Entity [Line Items]
Assets	$ 165,400		$ 116,200
Variable Interest Entity, Primary Beneficiary
Variable Interest Entity [Line Items]
Assets	29,700
Liabilities	4,500
Ground lessee equity funding	17,500
Ground lessee project funding through a mezzanine loan	11,700
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	9 Months Ended	12 Months Ended
	Sep. 30, 2021	Dec. 31, 2020
Finite-Lived Intangible Assets [Line Items]
Deferred leasing costs, net	$ 116,544	$ 117,141
Management and leasing contracts, net	21,084	25,512
Other identified intangible assets, net	17,360	17,500
Operating lease right-of-use assets	3,326	3,542
Finance lease right-of-use assets	41,675	41,996
Prepaid expenses	20,171	14,000
Deferred financing costs, net	9,352	6,656
Deposits	12,026	28,560
Other	22,214	16,103
Total other assets, net	300,537	286,575
Lease intangible assets, net
Finite-Lived Intangible Assets [Line Items]
Intangible assets, net	11,055	15,565
Wireless spectrum licenses
Finite-Lived Intangible Assets [Line Items]
Wireless spectrum licenses	$ 25,730
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	Sep. 30, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Variable interest rate	2.08%
Variable rate amount	$ 762,246	$ 678,346
Fixed interest rate	4.32%
Fixed rate amount	$ 922,161	925,523
Debt, gross	1,684,407	1,603,869
Unamortized deferred financing costs and premium/ discount, net	(10,122)	(10,131)
Long-term debt, net	1,674,285	$ 1,593,738
Other assets, net
Debt Instrument [Line Items]
Net deferred finance costs	$ 4,000

Debt - Narrative (Details)

Debt - Narrative (Details) - USD ($) $ in Millions	1 Months Ended
	Jul. 31, 2021	Sep. 30, 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
1225 S. Clark Street | Mortgages Payable
Mortgages and Line of Credit Facility [Line Items]
Principal amount	$ 85
Debt term	7 years
1225 S. Clark Street | London Interbank Offered Rate (LIBOR) | Mortgages Payable
Mortgages and Line of Credit Facility [Line Items]
Debt Instrument basis spread on variable rate	1.60%

Debt - Summary of Amounts Outst

Debt - Summary of Amounts Outstanding under the Credit Facility (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2021	Dec. 31, 2020
Line of Credit Facility [Line Items]
Deferred financing costs on credit facility	$ 9,352	$ 6,656
Credit Facility | Revolving Credit Facility
Line of Credit Facility [Line Items]
Effective interest rate	1.13%
Letters of Credit Outstanding, Amount	$ 1,400	$ 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	$ 5,400	$ 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%	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%	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	(1,507)	(2,021)
Long-term debt, net	$ 398,493	$ 397,979

Other Liabilities, Net (Details

Other Liabilities, Net (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Other Liabilities, Net.
Lease intangible liabilities, net	$ 8,567	$ 10,300
Lease assumption liabilities	6,257	10,126
Lease incentive liabilities	14,125	13,913
Liabilities related to operating lease right-of-use assets	$ 8,914	$ 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	$ 40,733	$ 40,221
Finance Lease, Liability, Statement of Financial Position [Extensible List]	Total other liabilities, net	Total other liabilities, net
Prepaid rent	$ 20,343	$ 19,809
Security deposits	17,953	13,654
Environmental liabilities	18,168	18,242
Deferred tax liability, net	6,290	2,509
Dividends payable		34,075
Derivative agreements, at fair value	28,406	44,222
Deferred Purchase Price	19,639	19,479
Other	10,809	10,472
Total other liabilities, net	$ 200,204	$ 247,774

Redeemable Noncontrolling Int_3

Redeemable Noncontrolling Interests - Narrative (Details) - shares	1 Months Ended	9 Months Ended
	Oct. 31, 2021	Sep. 30, 2021	Sep. 30, 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	20,953	829,107	1,100,000
JBG Smith, LP
Noncontrolling Interest [Line Items]
Ownership interest by parent		90.80%
JBG Smith, LP | OP Units
Noncontrolling Interest [Line Items]
Units outstanding		13,100,000
Ownership interest by parent		9.20%
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		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Temporary Equity
Balance as of the beginning of the period	$ 544,639	$ 499,083	$ 530,748	$ 612,758
OP Unit redemptions	(5,670)	(4,796)	(27,350)	(40,674)
LTIP Units issued in lieu of cash bonuses (1)			5,614	4,066
Net income (loss) attributable to redeemable noncontrolling interests	103	(2,212)	(2,472)	(445)
Other comprehensive income (loss)	413	309	1,621	(3,446)
Distributions	(3,993)	(3,723)	(9,282)	(7,505)
Share-based compensation expense	10,695	14,496	36,066	51,742
Adjustment to redemption value	(19,274)	(12,236)	(8,032)	(125,575)
Balance as of the end of the period	526,913	490,921	526,913	490,921
JBG Smith, LP
Temporary Equity
Balance as of the beginning of the period	536,171	493,067	522,882	606,699
OP Unit redemptions	(5,670)	(4,796)	(27,350)	(40,674)
LTIP Units issued in lieu of cash bonuses (1)			5,614	4,066
Net income (loss) attributable to redeemable noncontrolling interests	116	(2,176)	(2,400)	(366)
Other comprehensive income (loss)	413	309	1,621	(3,446)
Distributions	(3,993)	(3,723)	(9,282)	(7,505)
Share-based compensation expense	10,695	14,496	36,066	51,742
Adjustment to redemption value	(20,748)	(14,012)	(10,167)	(127,351)
Balance as of the end of the period	516,984	483,165	516,984	483,165
Consolidated Real Estate Venture
Temporary Equity
Balance as of the beginning of the period	8,468	6,016	7,866	6,059
Net income (loss) attributable to redeemable noncontrolling interests	(13)	(36)	(72)	(79)
Adjustment to redemption value	1,474	1,776	2,135	1,776
Balance as of the end of the period	$ 9,929	$ 7,756	$ 9,929	$ 7,756

Property Rental Revenue (Detail

Property Rental Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Property Rental Revenue
Fixed	$ 114,100	$ 109,321	$ 339,321	$ 326,866
Variable	11,800	9,359	31,639	27,653
Property rental revenue	$ 125,900	$ 118,680	$ 370,960	$ 354,519

Share-Based Payments - LTIP Uni

Share-Based Payments - LTIP Units and Time-Based LTIP Units (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended			3 Months Ended		9 Months Ended		12 Months Ended
	Jul. 31, 2021	Apr. 30, 2021	Jan. 31, 2021	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 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)						3 years 6 months
Share-based compensation expense				$ 11,428	$ 15,009	$ 38,320	$ 53,183
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)	7 years					4 years
Unvested Shares
Granted (in shares)	608,325					498,955
Weighted Average Grant-Date Fair Value
Granted	$ 31.73					$ 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						$ 40,600
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
Minimum | LTIP Units and Time-Based LTIP Units
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Additional Disclosures [Abstract]
Expected volatility						34.00%
Risk-free interest rate						0.10%
Post-grant restriction periods						2 years
Maximum | LTIP Units and Time-Based LTIP Units
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Additional Disclosures [Abstract]
Expected volatility						39.00%
Risk-free interest rate						0.40%
Post-grant restriction periods						3 years
Tranche One | Time-Based LTIP Units
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Additional Disclosures [Abstract]
Vesting (as a percent)	50.00%
Tranche Two | Time-Based LTIP Units
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Additional Disclosures [Abstract]
Vesting (as a percent)	25.00%
Tranche three | Time-Based LTIP Units
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Additional Disclosures [Abstract]
Vesting (as a percent)	25.00%

Share-Based Payments - Performa

Share-Based Payments - Performance-Based LTIP Units (Details) $ / shares in Units, $ in Millions	Feb. 02, 2018	Jul. 31, 2021item$ / sharesshares	Jan. 31, 2021$ / sharesshares	Sep. 30, 2021USD ($)
Share-based Compensation Arrangement by Share-based Payment Award
Compensation expense recognition period (in years)				3 years 6 months
Performance-Based LTIP Units
Share-based Compensation Arrangement by Share-based Payment Award
Vesting period	3 years		3 years
Share price targets | item		4
Fair value of awards on grant date | $				$ 29
Compensation expense recognition period (in years)		7 years	4 years
Dividend yield				2.60%
Units earned (as a percent)			100.00%
Unvested Shares
Granted (in shares) | shares		844,070	627,874
Weighted Average Grant-Date Fair Value
Granted | $ / shares		$ 23.08	$ 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)		25.00%	50.00%
Performance-Based LTIP Units | Tranche three
Share-based Compensation Arrangement by Share-based Payment Award
Vesting (as a percent)		25.00%
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
Minimum | Performance-Based LTIP Units
Share-based Compensation Arrangement by Share-based Payment Award
Expected volatility				31.00%
Risk-free interest rate				0.20%
Maximum | Performance-Based LTIP Units
Share-based Compensation Arrangement by Share-based Payment Award
Expected volatility				34.00%
Risk-free interest rate				1.00%

Share-Based Payments - Restrict

Share-Based Payments - Restricted Share Units ("RSUs") (Details) - USD ($)	1 Months Ended	9 Months Ended
	Jan. 31, 2021	Sep. 30, 2021
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award
Fair value of awards on grant date		$ 905,000
Time-Based RSUs
Share-based Compensation Arrangement by Share-based Payment Award
Granted (in shares)	22,194
Granted	$ 31.52
Performance-Based RSUs
Share-based Compensation Arrangement by Share-based Payment Award
Granted (in shares)	13,516
Granted	$ 15.16

Share-Based Payments - ESPP (De

Share-Based Payments - ESPP (Details) - USD ($)	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Share-based Compensation Arrangement by Share-based Payment Award
Proceeds from common shares issued pursuant to ESPP	$ 880,000	$ 887,000
ESPP
Share-based Compensation Arrangement by Share-based Payment Award
Common shares issued pursuant to employee share purchase plan (in shares)	34,320
Proceeds from common shares issued pursuant to ESPP	$ 880,000
Expected volatility	39.00%
Dividend yield	1.50%
Risk-free interest rate	0.10%
Expected life	6 months

Share-Based Payments - Summary

Share-Based Payments - Summary of Share-Based Compensation Expense (Details) - USD ($) $ in Thousands	1 Months Ended		3 Months Ended		9 Months Ended
	Jul. 31, 2021	Jan. 31, 2021	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Share-based Compensation Arrangement by Share-based Payment Award
Total share-based compensation expense			$ 12,168	$ 16,186	$ 40,461	$ 56,571
Less amount capitalized			(740)	(1,177)	(2,141)	(3,388)
Share-based compensation expense			11,428	15,009	38,320	53,183
Total unrecognized compensation expense			73,700		$ 73,700
Compensation expense recognition period (in years)					3 years 6 months
Share Based Compensation - Other
Share-based Compensation Arrangement by Share-based Payment Award
Total share-based compensation expense			8,688	9,053	$ 27,595	31,139
Time-Based LTIP Units
Share-based Compensation Arrangement by Share-based Payment Award
Total share-based compensation expense			3,999	3,364	$ 12,494	11,003
Compensation expense recognition period (in years)	7 years				4 years
Performance-Based LTIP Units
Share-based Compensation Arrangement by Share-based Payment Award
Total share-based compensation expense			3,216	3,999	$ 9,615	14,207
Compensation expense recognition period (in years)	7 years	4 years
LTIP Units
Share-based Compensation Arrangement by Share-based Payment Award
Total share-based compensation expense					1,091	1,100
Other Equity Awards
Share-based Compensation Arrangement by Share-based Payment Award
Total share-based compensation expense			1,473	1,690	4,395	4,829
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			3,480	7,133	12,866	25,432
Formation Awards
Share-based Compensation Arrangement by Share-based Payment Award
Total share-based compensation expense			476	875	1,923	3,473
OP Units
Share-based Compensation Arrangement by Share-based Payment Award
Total share-based compensation expense			1,610	4,780	6,508	17,398
LTIP Units
Share-based Compensation Arrangement by Share-based Payment Award
Total share-based compensation expense			66	95	217	310
Special Performance-Based LTIP Units
Share-based Compensation Arrangement by Share-based Payment Award
Total share-based compensation expense			629	657	2,014	2,015
Special Time-Based LTIP Units
Share-based Compensation Arrangement by Share-based Payment Award
Total share-based compensation expense			$ 699	$ 726	$ 2,204	$ 2,236

Transaction and Other Costs (De

Transaction and Other Costs (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Transaction and Other Costs.
Demolition Costs	$ 1,422	$ 179	$ 2,869	$ 179
Integration and severance costs	154	406	616	3,066
Completed, potential and pursued transaction expenses	1,375	260	5,426	281
Other				4,000
Transaction and other costs	$ 2,951	$ 845	$ 8,911	$ 7,526

Interest Expense (Details)

Interest Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Interest Expense
Interest expense before capitalized interest	$ 17,278	$ 18,274	$ 50,744	$ 52,751
Amortization of deferred financing costs	1,096	857	3,188	2,255
Interest expense related to finance lease right-of-use assets	430	464	1,284	1,026
Net unrealized (gain) loss on derivative financial instruments not designated as cash flow hedges	37	202	(50)	173
Capitalized interest	(1,598)	(2,912)	(4,854)	(11,545)
Interest expense	$ 17,243	$ 16,885	$ 50,312	$ 44,660

Shareholders' Equity and Earn_3

Shareholders' Equity and Earnings Per Common Share - Common Shares Repurchased (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended		9 Months Ended		19 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Mar. 31, 2020
Shareholders' Equity and Earnings Per Common Share
Authorized value of shares for repurchase						$ 500
Repurchase and retired common shares	2.3	1.4	2.9	2.9	6.7
Repurchase and retired common shares, Value	$ 68.9	$ 38.4	$ 88.1	$ 79.6	$ 192.9
Average purchase price	$ 29.73	$ 26.64	$ 29.99	$ 27.82	$ 28.71

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		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Shareholders' Equity and Earnings Per Common Share
Net income (loss)	$ 996	$ (25,005)	$ (26,391)	$ (17,093)
Net (income) loss attributable to redeemable noncontrolling interests	(103)	2,212	2,472	445
Net loss attributable to noncontrolling interests			1,108
Net income (loss) attributable to common shareholders	893	(22,793)	(22,811)	(16,648)
Distributions to participating securities	(763)	(822)	(1,497)	(1,729)
Net income (loss) available to common shareholders - basic	130	(23,615)	(24,308)	(18,377)
Net income (loss) available to common shareholders - diluted	$ 130	$ (23,615)	$ (24,308)	$ (18,377)
Weighted average number of common shares outstanding - basic	131,351	133,620	131,456	133,924
Weighted average number of common shares outstanding - diluted	131,351	133,620	131,456	133,924
Earnings (loss) per common share - basic	$ 0	$ (0.18)	$ (0.18)	$ (0.14)
Earnings (loss) per common share - diluted	$ 0	$ (0.18)	$ (0.18)	$ (0.14)

Shareholders' Equity and Earn_5

Shareholders' Equity and Earnings (Loss) Per Common Share - Antidilutive (Details) - $ / shares shares in Millions	Oct. 27, 2021	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Shareholders' Equity and Earnings Per Common Share
Antidilutive securities excluded from computation of earnings per share (in shares)		5.2	4.4	4.9	4.9
Dividends cash declared	$ 0.225	$ 0.225	$ 0.225	$ 0.45	$ 0.45

Fair Value Measurements - Narra

Fair Value Measurements - Narrative (Details) - USD ($) $ in Millions	9 Months Ended	12 Months Ended
	Sep. 30, 2021	Dec. 31, 2020
Fair Value Measurements
Net unrealized loss on derivative designated as cash flow hedge	$ 27.8	$ 43.9
Loss expected to be reclassified into interest expense within the next 12 months	$ 14.6

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	Sep. 30, 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	$ 266	$ 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	266	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	28,406	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	$ 28,406	$ 44,222

Fair Value Measurements - Finan

Fair Value Measurements - Financial Assets and Liabilities Not Measured at Fair Value (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Mortgages Payable | Fair Value
Financial liabilities:
Financial liabilities	$ 1,739,548	$ 1,606,470
Mortgages Payable | Carrying Amount
Financial liabilities:
Financial liabilities	1,684,407	1,603,869
Unsecured term loans | Fair Value
Financial liabilities:
Financial liabilities	400,201	399,678
Unsecured term loans | Carrying Amount
Financial liabilities:
Financial liabilities	$ 400,000	$ 400,000

Segment Information - Narrative

Segment Information - Narrative (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2021USD ($)segment	Dec. 31, 2020USD ($)
Segment Reporting Information
Number of reportable segments | segment	3
Other assets, net	$ 300,537	$ 286,575
Third-Party Real Estate Services Segment
Segment Reporting Information
Other assets, net	$ 21,100	$ 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		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Segment Reporting Information
Third-party real estate services revenue, excluding reimbursements	$ 14,125	$ 13,279	$ 53,120	$ 42,463
Reimbursements revenue	11,717	13,708	37,574	41,407
Third-party real estate services revenue, including reimbursements	25,842	26,987	90,694	83,870
Third-party real estate services expenses	25,542	28,207	80,035	86,260
Third-party real estate services revenue less expenses	300	(1,220)	10,659	(2,390)
Property management fees
Segment Reporting Information
Third-party real estate services revenue, excluding reimbursements	4,831	4,694	14,549	15,453
Asset management fees
Segment Reporting Information
Third-party real estate services revenue, excluding reimbursements	2,145	2,301	6,602	7,400
Development fees
Segment Reporting Information
Third-party real estate services revenue, excluding reimbursements	4,032	2,614	22,705	8,474
Development fees | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-10-01
Segment Reporting Information
Revenue, Remaining Performance Obligation, Amount	$ 51,200		$ 51,200
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period	6 years		6 years
Leasing fees
Segment Reporting Information
Third-party real estate services revenue, excluding reimbursements	$ 1,822	1,086	$ 4,106	3,627
Construction management fees
Segment Reporting Information
Third-party real estate services revenue, excluding reimbursements		584	375	2,057
Other service revenue
Segment Reporting Information
Third-party real estate services revenue, excluding reimbursements	$ 1,295	$ 2,000	$ 4,783	$ 5,452

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		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Segment Information
Net income (loss) attributable to common shareholders	$ 893	$ (22,793)	$ (22,811)	$ (16,648)
Depreciation and amortization expense	56,726	56,481	178,130	157,586
Corporate and other	12,105	11,086	38,475	37,478
Third-party real estate services	25,542	28,207	80,035	86,260
Share-based compensation related to Formation Transaction and special equity awards	3,480	7,133	12,866	25,432
Transaction and other costs	2,951	845	8,911	7,526
Interest expense	17,243	16,885	50,312	44,660
Loss on extinguishment of debt				33
Income tax expense (benefit)	217	(488)	4,527	(3,721)
Net income (loss) attributable to redeemable noncontrolling interests	103	(2,212)	(2,472)	(445)
Net loss attributable to noncontrolling interests			(1,108)
Third-party real estate services, including reimbursements revenue	25,842	26,987	90,694	83,870
Other revenue	1,568	2,292	5,658	5,438
Income (loss) from unconsolidated real estate ventures, net	20,503	(965)	23,513	(17,142)
Interest and other income, net	192		163	1,021
Gain on sale of real estate			11,290	59,477
Consolidated NOI	$ 71,155	$ 66,830	$ 215,547	$ 205,497

Segment Information - Summary_2

Segment Information - Summary of NOI by Segment (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Segment Reporting Information
Property rental revenue	$ 125,900	$ 118,680	$ 370,960	$ 354,519
Total rental revenue	129,612	121,756	380,603	364,786
Property operating	40,198	37,572	109,929	105,867
Real estate taxes	18,259	17,354	55,127	53,422
Total property expense	58,457	54,926	165,056	159,289
Consolidated NOI	71,155	66,830	215,547	205,497
Parking
Segment Reporting Information
Revenue	3,712	3,076	9,643	10,267
Operating Segments | Commercial Segment
Segment Reporting Information
Property rental revenue	92,522	90,050	275,736	266,823
Total rental revenue	96,042	93,052	284,905	276,841
Property operating	27,068	26,701	76,155	78,645
Real estate taxes	12,098	12,136	36,018	36,532
Total property expense	39,166	38,837	112,173	115,177
Consolidated NOI	56,876	54,215	172,732	161,664
Operating Segments | Commercial Segment | Parking
Segment Reporting Information
Revenue	3,520	3,002	9,169	10,018
Operating Segments | Multifamily
Segment Reporting Information
Property rental revenue	35,020	30,452	100,324	94,873
Total rental revenue	35,131	30,526	100,610	95,122
Property operating	14,212	13,226	38,449	34,238
Real estate taxes	4,930	4,656	15,240	14,088
Total property expense	19,142	17,882	53,689	48,326
Consolidated NOI	15,989	12,644	46,921	46,796
Operating Segments | Multifamily | Parking
Segment Reporting Information
Revenue	111	74	286	249
Other
Segment Reporting Information
Property rental revenue	(1,642)	(1,822)	(5,100)	(7,177)
Total rental revenue	(1,561)	(1,822)	(4,912)	(7,177)
Property operating	(1,082)	(2,355)	(4,675)	(7,016)
Real estate taxes	1,231	562	3,869	2,802
Total property expense	149	(1,793)	(806)	(4,214)
Consolidated NOI	(1,710)	$ (29)	(4,106)	$ (2,963)
Other | Parking
Segment Reporting Information
Revenue	$ 81		$ 188

Segment Information - Summary_3

Segment Information - Summary of Certain Balance Sheet Data by Segment (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Segment Reporting Information
Real estate, at cost	$ 6,026,135	$ 6,000,631
Investments in unconsolidated real estate ventures	486,052	461,369
Total assets (1)	6,008,978	6,079,547
Operating Segments | Commercial Segment
Segment Reporting Information
Real estate, at cost	3,494,929	3,459,171
Investments in unconsolidated real estate ventures	300,304	327,798
Total assets (1)	3,541,397	3,430,509
Operating Segments | Multifamily
Segment Reporting Information
Real estate, at cost	2,135,448	2,036,131
Investments in unconsolidated real estate ventures	110,369	108,593
Total assets (1)	1,779,416	1,787,718
Other
Segment Reporting Information
Real estate, at cost	395,758	505,329
Investments in unconsolidated real estate ventures	75,379	24,978
Total assets (1)	$ 688,165	$ 861,320

Commitments and Contingencies -

Commitments and Contingencies - Narrative (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 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	$ 320,300
Construction commitment period	3 years
Environmental liabilities included in Other liabilities, net	$ 18,168	$ 18,242
Tenant-related obligations	76,900
Consolidated Properties
Real Estate Properties [Line Items]
Tenant-related obligations	73,600
Principal payment guarantees	8,300
Unconsolidated Properties
Real Estate Properties [Line Items]
Additional capital funding committed amount	66,100
Tenant-related obligations	3,300
Principal payment guarantees	$ 0

Transactions with Related Par_2

Transactions with Related Parties (Details) - Affiliated Entity - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Washington Housing Initiative
Related Party Transaction [Line Items]
Total capital commitments	$ 114,400,000		$ 114,400,000
Commitment	11,200,000		11,200,000
Remaining commitment	8,300,000		8,300,000
Supervisory Services of Properties | BMS
Related Party Transaction [Line Items]
Related party transaction amount	4,900,000	$ 4,000,000	13,400,000	$ 12,600,000
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	5,600,000	4,600,000	17,200,000	17,300,000
Receivables	3,500,000		3,500,000		$ 7,500,000
Office Rent | Unconsolidated Real Estate Ventures
Related Party Transaction [Line Items]
Related party expenses	$ 246,000	$ 403,000	$ 1,000,000	$ 4,100,000