JBG SMITH Properties (JBGS) 10-K 22 Feb 22 2021 FY Annual report Financial data

Cover Page

Cover Page - USD ($) $ / shares in Units, $ in Billions	12 Months Ended
	Dec. 31, 2021	Feb. 18, 2022	Jun. 30, 2021
Cover page.
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2021
Document Transition Report	false
Entity File Number	001-37994
Entity Registrant Name	JBG SMITH PROPERTIES
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	81-4307010
Entity Address, Address Line One	4747 Bethesda Avenue
Entity Address, Address Line Two	Suite 200
Entity Address, City or Town	Bethesda
Entity Address, State or Province	MD
Entity Address, Postal Zip Code	20814
City Area Code	240
Local Phone Number	333-3600
Title of 12(b) Security	Common Shares, par value $0.01 per share
Trading Symbol	JBGS
Security Exchange Name	NYSE
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		127,553,236
Entity Public Float			$ 4.1
ICFR Auditor Attestation Flag	true
Share Price			$ 31.51
Entity Central Index Key	0001689796
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	FY
Amendment Flag	false
Auditor Name	Deloitte & Touche LLP
Auditor Firm ID	34
Auditor Location	McLean, Virginia

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Real estate, at cost:
Land and improvements	$ 1,378,218	$ 1,391,472
Buildings and improvements	4,513,606	4,341,103
Construction in progress, including land	344,652	268,056
Real estate, at cost	6,236,476	6,000,631
Less: accumulated depreciation	(1,368,003)	(1,232,690)
Real estate, net	4,868,473	4,767,941
Cash and cash equivalents	264,356	225,600
Restricted cash	37,739	37,736
Tenant and other receivables	44,496	55,903
Deferred rent receivable	192,265	170,547
Investments in unconsolidated real estate ventures	462,885	461,369
Other assets, net	442,116	286,575
Assets held for sale	73,876	73,876
TOTAL ASSETS	6,386,206	6,079,547
Liabilities:
Mortgages payable, net	1,777,699	1,593,738
Revolving credit facility	300,000
Unsecured term loans, net	398,664	397,979
Accounts payable and accrued expenses	106,136	103,102
Other liabilities, net	342,565	247,774
Total liabilities	2,925,064	2,342,593
Commitments and contingencies
Redeemable noncontrolling interests	522,725	530,748
Shareholders' equity:
Preferred shares, $0.01 par value - 200,000 shares authorized; none issued
Common shares, $0.01 par value - 500,000 shares authorized; 127,378 and 131,778 shares issued and outstanding as of December 31, 2021 and 2020	1,275	1,319
Additional paid-in capital	3,539,916	3,657,643
Accumulated deficit	(609,331)	(412,944)
Accumulated other comprehensive loss	(15,950)	(39,979)
Total shareholders' equity of JBG SMITH Properties	2,915,910	3,206,039
Noncontrolling interests	22,507	167
Total equity	2,938,417	3,206,206
TOTAL LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY	$ 6,386,206	$ 6,079,547

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares shares in Thousands	Dec. 31, 2021	Dec. 31, 2020
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	127,378	131,778
Common shares, shares outstanding	127,378	131,778

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
REVENUE
Property rental	$ 499,586	$ 458,958	$ 493,273
Third-party real estate services, including reimbursements	114,003	113,939	120,886
Other revenue	20,773	29,826	33,611
Total revenue	634,362	602,723	647,770
EXPENSES
Depreciation and amortization	236,303	221,756	191,580
Property operating	150,638	145,625	137,622
Real estate taxes	70,823	70,958	70,493
General and administrative:
Corporate and other	53,819	46,634	46,822
Third-party real estate services	107,159	114,829	113,495
Share-based compensation related to Formation Transaction and special equity awards	16,325	31,678	42,162
Transaction and other costs	10,429	8,670	23,235
Total expenses	645,496	640,150	625,409
OTHER INCOME (EXPENSE)
Loss from unconsolidated real estate ventures, net	(2,070)	(20,336)	(1,395)
Interest and other income (loss), net	8,835	(625)	5,385
Interest expense	(67,961)	(62,321)	(52,695)
Gain on sale of real estate	11,290	59,477	104,991
Loss on extinguishment of debt		(62)	(5,805)
Impairment loss	(25,144)	(10,232)
Total other income (expense)	(75,050)	(34,099)	50,481
INCOME (LOSS) BEFORE INCOME TAX (EXPENSE) BENEFIT	(86,184)	(71,526)	72,842
Income tax (expense) benefit	(3,541)	4,265	1,302
NET INCOME (LOSS)	(89,725)	(67,261)	74,144
Net (income) loss attributable to redeemable noncontrolling interests	8,728	4,958	(8,573)
Net loss attributable to noncontrolling interests	1,740
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON SHAREHOLDERS	$ (79,257)	$ (62,303)	$ 65,571
EARNINGS (LOSS) PER COMMON SHARE:
EARNINGS (LOSS) PER COMMON SHARE - BASIC	$ (0.63)	$ (0.49)	$ 0.48
EARNINGS (LOSS) PER COMMON SHARE - DILUTED	$ (0.63)	$ (0.49)	$ 0.48
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING - BASIC	130,839	133,451	130,687
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING - DILUTED	130,839	133,451	130,687

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Consolidated Statements of Comprehensive Income (Loss)
NET INCOME (LOSS)	$ (89,725)	$ (67,261)	$ 74,144
OTHER COMPREHENSIVE INCOME (LOSS):
Change in fair value of derivative financial instruments	11,326	(38,137)	(27,722)
Reclassification of net loss on derivative financial instruments from accumulated other comprehensive loss into interest expense	15,378	11,912	1,694
Other comprehensive income (loss)	26,704	(26,225)	(26,028)
COMPREHENSIVE INCOME (LOSS)	(63,021)	(93,486)	48,116
Net (income) loss attributable to redeemable noncontrolling interests	8,728	4,958	(8,573)
Net loss attributable to noncontrolling interests	1,740
Other comprehensive (income) loss attributable to redeemable noncontrolling interests	(2,675)	2,990	2,584
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO JBG SMITH PROPERTIES	$ (55,228)	$ (85,538)	$ 42,127

Consolidated Statements of Equi

Consolidated Statements of Equity - USD ($) shares in Thousands, $ in Thousands	Common Stock	Additional Paid-In Capital	Accumulated Deficit	Accumulated Other Comprehensive Income	Noncontrolling Interests in Consolidated Subsidiaries	Total
Balance at beginning of period at Dec. 31, 2018	$ 1,210	$ 3,155,256	$ (176,018)	$ 6,700	$ 204	$ 2,987,352
Balance at beginning of period (in shares) at Dec. 31, 2018	120,937
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss) attributable to common shareholders and noncontrolling interests			65,571			65,571
Common shares issued	$ 115	472,665				472,780
Common shares issued (in shares)	11,500
Conversion of common limited partnership units to common shares	$ 17	57,301				57,318
Conversion of common limited partnership units to common shares (in shares)	1,664
Common shares issued pursuant to Employee Share Purchase Plan ("ESPP")		1,803				1,803
Common shares issued pursuant to Employee Share Purchase Plan ("ESPP") ( in shares)	47
Dividends declared on common shares			(120,717)			(120,717)
Distributions to noncontrolling interests					(3)	(3)
Redeemable noncontrolling interests redemption value adjustment and other comprehensive loss allocation		(53,983)		2,584		(51,399)
Other comprehensive income (loss)				(26,028)		(26,028)
Balance at end of period (in shares) at Dec. 31, 2019	134,148
Balance at end of period at Dec. 31, 2019	$ 1,342	3,633,042	(231,164)	(16,744)	201	3,386,677
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss) attributable to common shareholders and noncontrolling interests			(62,303)			(62,303)
Conversion of common limited partnership units to common shares	$ 13	47,504				47,517
Conversion of common limited partnership units to common shares (in shares)	1,338
Common shares repurchased	$ (37)	(104,737)				(104,774)
Common shares repurchased (in shares)	(3,776)
Common shares issued pursuant to Employee Share Purchase Plan ("ESPP")	$ 1	2,241				2,242
Common shares issued pursuant to Employee Share Purchase Plan ("ESPP") ( in shares)	68
Dividends declared on common shares			(119,477)			(119,477)
Distributions to noncontrolling interests					(34)	(34)
Redeemable noncontrolling interests redemption value adjustment and other comprehensive loss allocation		79,593		2,990		82,583
Other comprehensive income (loss)				(26,225)		$ (26,225)
Balance at end of period (in shares) at Dec. 31, 2020	131,778					131,778
Balance at end of period at Dec. 31, 2020	$ 1,319	3,657,643	(412,944)	(39,979)	167	$ 3,206,206
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss) attributable to common shareholders and noncontrolling interests			(79,257)		(1,740)	(80,997)
Conversion of common limited partnership units to common shares	$ 9	29,625				29,634
Conversion of common limited partnership units to common shares (in shares)	906
Common shares repurchased	$ (54)	(157,632)				(157,686)
Common shares repurchased (in shares)	(5,370)
Common shares issued pursuant to employee incentive compensation plan and ESPP	$ 1	2,426				2,427
Common shares issued pursuant to employee incentive compensation plan and ESPP (in shares)	64
Dividends declared on common shares			(117,130)			(117,130)
Contributions from noncontrolling interests, net					24,080	24,080
Redeemable noncontrolling interests redemption value adjustment and other comprehensive loss allocation		7,854		(2,675)		5,179
Other comprehensive income (loss)				26,704		$ 26,704
Balance at end of period (in shares) at Dec. 31, 2021	127,378					127,378
Balance at end of period at Dec. 31, 2021	$ 1,275	$ 3,539,916	$ (609,331)	$ (15,950)	$ 22,507	$ 2,938,417

Consolidated Statements of Eq_2

Consolidated Statements of Equity (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Consolidated Statements of Equity
Dividends cash declared	$ 0.90	$ 0.90	$ 0.90

Consolidated Statements of Cash

Consolidated Statements of Cash Flows $ in Thousands	12 Months Ended
	Dec. 31, 2021USD ($)	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)
OPERATING ACTIVITIES:
Net income (loss)	$ (89,725)	$ (67,261)	$ 74,144
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Share-based compensation expense	51,551	66,051	65,273
Depreciation and amortization, including amortization of deferred financing costs	240,454	225,597	195,795
Deferred rent	(21,964)	(20,084)	(39,174)
Loss from unconsolidated real estate ventures, net	2,070	20,336	1,395
Amortization of market lease intangibles, net	(1,189)	(442)	(791)
Amortization of lease incentives	7,973	6,603	6,336
Loss on extinguishment of debt		62	5,805
Impairment loss	25,144	10,232
Gain on sale of real estate	(11,290)	(59,477)	(104,991)
Loss on operating lease and other receivables	2,595	25,805	1,560
Income from investment funds, net	(3,620)
Return on capital from unconsolidated real estate ventures	15,912	4,302	2,690
Other non-cash items	(922)	4,326	567
Impairment of corporate assets			10,170
Changes in operating assets and liabilities:
Tenant and other receivables	8,812	(9,231)	(8,382)
Other assets, net	(12,780)	(11,075)	(9,177)
Accounts payable and accrued expenses	8,700	591	(7,678)
Other liabilities, net	(4,099)	(27,314)	(19,556)
Net cash provided by operating activities	217,622	169,021	173,986
INVESTING ACTIVITIES:
Development costs, construction in progress and real estate additions	(173,177)	(307,497)	(441,014)
Acquisition of real estate	(208,342)	(45,688)	(165,208)
Deposits for real estate and other acquisitions		(25,424)	(850)
Proceeds from sale of real estate	14,370	154,493	377,511
Distributions of capital from unconsolidated real estate ventures	40,188	71,065	7,557
Investments in unconsolidated real estate ventures and other	(41,780)	(14,639)	(18,668)
Net cash used in investing activities	(368,741)	(167,690)	(240,672)
FINANCING ACTIVITIES:
Borrowings under mortgages payable	190,000	580,105	2,200
Borrowings under revolving credit facility	300,000	500,000	200,000
Borrowings under unsecured term loans		100,000
Repayments of mortgages payable	(5,611)	(104,083)	(719,003)
Repayments of revolving credit facility		(700,000)
Debt issuance costs	(6,610)	(14,856)	(515)
Finance lease payments	(19,970)	(3,531)	(137)
Proceeds from the issuance of common stock, net of issuance costs			472,780
Proceeds from common shares issued pursuant to ESPP	1,594	1,715	1,457
Common shares repurchased	(157,686)	(104,774)
Dividends paid to common shareholders	(118,115)	(120,011)	(129,834)
Distributions to redeemable noncontrolling interests	(17,804)	(15,030)	(17,390)
Distributions to noncontrolling interests	(46)	(46)	(95)
Contributions from noncontrolling interests	24,126		207
Net cash provided by (used in) financing activities	189,878	119,489	(190,330)
Net increase (decrease) in cash and cash equivalents and restricted cash	38,759	120,820	(257,016)
Cash and cash equivalents and restricted cash, beginning of period	263,336	142,516	399,532
Cash and cash equivalents and restricted cash, end of period	302,095	263,336	142,516
SUPPLEMENTAL DISCLOSURE OF CASH FLOW AND NON-CASH INFORMATION:
Cash paid for interest (net of capitalized interest of $6,734, $13,189 and $29,806 in 2021, 2020 and 2019)	61,928	56,961	49,437
Accrued capital expenditures included in accounts payable and accrued expenses	43,290	43,188	84,076
Write-off of fully depreciated assets	61,123	30,798	66,533
Cash (paid) received for income taxes	(815)	1,187	282
Deconsolidation of real estate asset	26,476		181,813
Accrued dividends to common shareholders	28,665	29,650	30,184
Accrued distributions to redeemable noncontrolling interests	3,938	4,425	3,828
Conversion of common limited partnership units to common shares	29,634	47,517	57,318
Recognition (derecognition) of operating lease right-of-use assets	(1,596)	(13,151)	35,318
Recognition (derecognition) of liabilities related to operating lease right-of-use assets	(1,587)	(13,151)	37,922
Recognition of finance lease right-of-use assets	139,507	42,354
Recognition of liabilities related to finance lease right-of-use assets	141,574	40,684
Cash paid for amounts included in the measurement of lease liabilities for operating leases	$ 2,295	5,201	$ 6,202
Deferred purchase price related to acquisition		$ 19,479

Consolidated Statements of Ca_2

Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, END OF THE PERIOD:
Cash and cash equivalents	$ 264,356	$ 225,600	$ 126,413
Restricted cash	37,739	37,736	16,103
Cash and cash equivalents and restricted cash	302,095	263,336	142,516	$ 399,532
Capitalized interest	$ 6,734	$ 13,189	$ 29,806

Organization and Basis of Prese

Organization and Basis of Presentation	12 Months Ended
	Dec. 31, 2021
Organization and Basis of Presentation
Organization and Basis of Presentation	1. Organization and Basis of Presentation Organization JBG SMITH Properties ("JBG SMITH"), a Maryland real estate investment trust ("REIT"), owns and operates a portfolio of commercial and multifamily assets amenitized with ancillary retail. JBG SMITH's portfolio reflects its longstanding strategy of owning and operating assets within Metro-served submarkets in the Washington, D.C. metropolitan area with 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 developer for Amazon.com, Inc.'s ("Amazon") new headquarters and where Virginia Tech's $1 billion Innovation Campus is under construction. 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 December 31, 2021, JBG SMITH, as its sole general partner, controlled JBG SMITH LP and owned 89.5% of its common limited partnership units ("OP Units"), after incorporating the conversion of certain vested long-term incentive partnership units ("LTIP Units") that are convertible into OP Units. JBG SMITH is referred to herein as "we," "us," "our" or other similar terms. References to "our share" refer to our ownership percentage of consolidated and unconsolidated assets in real estate ventures. We were organized for the purpose of receiving, via the spin-off on July 17, 2017 (the "Separation"), substantially all of the assets and liabilities of Vornado Realty Trust's ("Vornado") Washington, D.C. segment. On July 18, 2017, we acquired the management business and certain assets and liabilities of JBG (the "Combination"). The Separation and the Combination are collectively referred to as the "Formation Transaction." As of December 31, 2021, our Operating Portfolio consisted of 64 operating assets comprising 42 commercial assets totaling 13.1 million square feet (11.3 million square feet at our share) and 22 multifamily assets totaling 8,208 units (6,557 units at our share). Additionally, we have: (i) one under-construction multifamily asset totaling 808 units (808 units at our share); (ii) 11 near-term development pipeline 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 pipeline 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. Only the U.S. federal government accounted for 10% or more of our rental revenue, which consists of property rental and other property revenue, as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ 2021 2020 2019 ​ ​ (Dollars in thousands) Rental revenue from the U.S. federal government ​ $ 83,256 ​ $ 84,086 ​ $ 86,644 ​ Percentage of commercial segment rental revenue ​ 22.0 % 23.4 % 21.2 % Percentage of total rental revenue ​ 16.2 % 17.8 % 16.7 % ​ Basis of Presentation The accompanying consolidated financial statements and notes are prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP"). All intercompany transactions and balances have been eliminated. The accompanying consolidated financial statements include our accounts and those of our wholly owned subsidiaries and consolidated variable interest entities ("VIEs"), including JBG SMITH LP. See Note 6 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 consolidated financial statements.

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2021
Summary of Significant Accounting Policies
Summary of Significant Accounting Policies	2. Summary of Significant Accounting Policies Use of Estimates The preparation of the consolidated financial statements in conformity with GAAP requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities, and the disclosure of contingent assets and liabilities as of the date of the consolidated financial statements and the reported amounts of revenue and expenses during the reporting period. The most significant of these estimates include: (i) the underlying cash flows and anticipated holding periods used in assessing impairment; (ii) the determination of useful lives for tangible and intangible assets; and (iii) the assessment of the collectability of receivables, including deferred rent receivables. Longer anticipated 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. During the years ended December 31, 2021 and 2020, we recorded $1.1 million and $11.2 million of credit losses against billed rent receivables, and $19.6 million against deferred (straight-line) rent receivables during the year ended December 31, 2020. These losses were due to the effects of COVID-19, primarily from co-working and retail tenants, that were unable to pay rent while businesses were closed, not operating at full capacity or while employees continue to work from home. 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. We provided rent deferrals that had been contractually due during 2020 and 2021 totaling $10.1 million, of which $4.0 million was subsequently abated and $1.2 million was collected. During 2021, revenue for the majority of these tenants continued to be recognized on the cash basis of accounting. While we have seen some improvement in performance and cash collections, our retailers and co-working tenants are still experiencing some impact from the effects of COVID-19 and may continue to experience such impact. During the fourth quarter of 2021, we received $4.5 million of business interruption insurance proceeds for COVID-19 related losses, which were included in "Interest and other income (loss), net" in our consolidated statement of operations. Asset Acquisitions We account for asset acquisitions at cost, which includes the consolidation of previously unconsolidated real estate ventures, including transaction costs, plus the fair value of any assumed debt. We estimate the fair values of acquired tangible assets (consisting of real estate, tenant and other receivables, and other assets, as applicable), identified intangible assets and liabilities (consisting of in-place leases, above- and below-market leases, options to enter into ground leases and management contracts, as applicable), assumed debt and other liabilities, and noncontrolling interests, as applicable, based on our evaluation of information and estimates available at the date of acquisition. Based on these estimates, we allocate the purchase price, including all transaction costs related to the acquisition and any contingent consideration, to the identified assets acquired and liabilities assumed based on their relative fair value. The results of operations of acquisitions are prospectively included in our consolidated financial statements beginning with the date of the acquisition. The fair values of buildings are determined using the "as-if vacant" approach whereby we use discounted cash flow models with inputs and assumptions that we believe are consistent with current market conditions for similar assets. The most significant assumptions in determining the allocation of the purchase price to buildings are the exit capitalization rate, discount rate, estimated market rents and hypothetical expected lease-up periods. We assess the fair value of land based on market comparisons and development projects using an income approach of cost plus a margin. The fair values of identified intangible assets are determined based on the following: ● The value allocable to the above- or below-market component of an acquired in-place lease is determined based upon the present value (using a discount rate which reflects the risks associated with the acquired lease) of the difference between: (i) the contractual amounts to be received pursuant to the lease over its remaining term and (ii) management's estimate of the amounts that would be received using market rates over the remaining term of the lease. Amounts allocated to above- market leases are recorded as lease intangible assets in "Other assets, net" in our consolidated balance sheets, and amounts allocated to below-market leases are recorded as lease intangible liabilities in "Other liabilities, net" in our consolidated balance sheets. These intangibles are amortized to "Property rental revenue" in our consolidated statements of operations over the remaining terms of the respective leases; and ● Factors considered in determining the value allocable to in-place leases during hypothetical lease-up periods related to space that is leased at the time of acquisition include: (i) lost rent and operating cost recoveries during the hypothetical lease-up period and (ii) theoretical leasing commissions required to execute similar leases. These intangible assets are recorded as lease intangible assets in "Other assets, net" in our consolidated balance sheets and are amortized to "Depreciation and amortization expense" in our consolidated statements of operations over the remaining term of the existing lease. Real Estate Real estate is carried at cost, net of accumulated depreciation and amortization. Maintenance and repairs are expensed as incurred and are included in "Property operating expenses" in our consolidated statements of operations. As real estate is undergoing redevelopment activities, all property operating expenses directly associated with and attributable to the redevelopment, including interest expense, are capitalized to the extent that we believe such costs are recoverable through the value of the property. The capitalization period ends when the asset is ready for its intended use, but no later than one year from substantial completion of major construction activities. General and administrative costs are expensed as incurred. Depreciation and amortization require an estimate of the useful life of each property and improvement as well as an allocation of the costs associated with a property to its various components. Depreciation and amortization are recognized on a straight-line basis over estimated useful lives, which range from three Construction in progress, including land, is carried at cost, and no depreciation is recorded. Real estate undergoing significant renovations and improvements is considered to be under development. All direct and indirect costs related to development activities are capitalized into "Construction in progress, including land" in our consolidated balance sheets, except for certain demolition costs, which are expensed as incurred. Direct development costs incurred include: pre-development expenditures directly related to a specific project, development and construction costs, interest, insurance and real estate taxes. Indirect development costs include: employee salaries and benefits, travel and other related costs that are directly associated with the development. Our method of calculating capitalized interest expense is based upon applying our weighted average borrowing rate to the actual accumulated expenditures if the property does not have property specific debt. If the property is encumbered by specific debt, we will capitalize both the interest incurred applicable to that debt and additional interest expense using our weighted average borrowing rate for any accumulated expenditures in excess of the principal balance of the debt encumbering the property. The capitalization of such expenses ceases when the real estate is ready for its intended use, but no later than one-year from substantial completion of major construction activities. Our real estate and related intangible assets are reviewed for impairment whenever there are changes in circumstances or indicators that the carrying amount of the assets may not be recoverable. These indicators may include operating performance, shortened anticipated holding periods, costs in excess of budgets for under-construction assets and adverse changes in circumstances. An impairment exists when the carrying amount of an asset exceeds the sum of the undiscounted cash flows expected to result from the use and eventual disposition of the asset. Estimates of future cash flows are based on our current plans, anticipated holding periods and available market information at the time the analyses are prepared. An impairment loss is recognized if the carrying amount of the asset is not recoverable and is measured based on the excess of the property's carrying amount over its estimated fair value. Estimated fair values are calculated based on the following information in order of preference, dependent upon availability: (i) pending or executed agreements, (ii) market prices for comparable properties or (iii) the sum of discounted cash flows. If our estimates of future cash flows, anticipated holding periods, or fair values change, based on market conditions, anticipated selling prices or other factors, our evaluation of impairment losses may be different and such differences could be material to our consolidated financial statements. Estimates of future cash flows are subjective and are based, in part, on assumptions regarding future occupancy, rental rates and capital requirements that could differ materially from actual results. Cash and Cash Equivalents Cash and cash equivalents consist of highly liquid investments with a purchase date life to maturity of three months or less and are carried at cost, which approximates fair value due to their short-term maturities. Restricted Cash Restricted cash consists primarily of proceeds from property dispositions held in escrow, security deposits held on behalf of our tenants and cash escrowed under loan agreements for debt service, real estate taxes, property insurance and capital improvements. Investments in Real Estate Ventures We analyze each real estate venture to determine whether the entity should be consolidated. If it is determined that an entity is a VIE in which we have a variable interest, we assess whether we are the primary beneficiary of the VIE to determine whether it should be consolidated. We are not the primary beneficiary of a VIE when we do not have voting control, lack the power to direct the activities that most significantly impact the entity's economic performance, or the limited partners (or non-managing members) have substantive participatory rights. If it is determined that the entity is not a VIE, then the determination as to whether we consolidate is based on whether we have a controlling financial interest in the entity, which is based on our voting interests and the degree of influence we have over the entity. Management uses judgment when determining if we are the primary beneficiary of or have a controlling financial interest in a VIE. Factors considered in determining whether we have the power to direct the activities that most significantly impact the entity's economic performance include voting rights, involvement in day-to-day capital and operating decisions, and the extent of our involvement in the entity. We use the equity method of accounting for investments in unconsolidated real estate ventures when we have significant influence, but do not have a controlling financial interest. Significant influence is typically indicated through ownership of 20% or more of the voting interests. Under the equity method, we record our investments in these entities in "Investments in unconsolidated real estate ventures" in our consolidated balance sheets, and our proportionate share of earnings or losses earned by the real estate venture is recognized in "Loss from unconsolidated real estate ventures, net" in the accompanying consolidated statements of operations. We earn revenue from the management services we provide to unconsolidated real estate ventures. These fees are determined in accordance with the terms specific to each arrangement and may include property and asset management fees, or transactional fees for leasing, acquisition, development and construction, financing and legal services provided. We account for this revenue gross of our ownership interest in each respective real estate venture and recognize such revenue in "Third-party real estate services, including reimbursements" in our consolidated statements of operations when earned. Our proportionate share of related expenses is recognized in "Loss from unconsolidated real estate ventures, net" in our consolidated statements of operations. We may also earn incremental promote distributions if certain financial return benchmarks are achieved upon ultimate disposition of the underlying properties. Promote revenue is recognized when certain earnings events have occurred, and the amount of revenue is determinable and collectible. Any promote revenue is reflected in "Loss from unconsolidated real estate ventures, net" in our consolidated statements of operations. With regard to distributions from unconsolidated real estate ventures, we use the information that is available to us to determine the nature of the underlying activity that generated the distributions. Using the nature of distribution approach, cash flows generated from the operations of an unconsolidated real estate venture are classified as a return on investment (cash inflow from operating activities) and cash flows from property sales, debt refinancing or sales of our investments are classified as a return of investment (cash inflow from investing activities). On a periodic basis, we evaluate our investments in unconsolidated real estate ventures for impairment. An investment in a real estate venture is considered impaired if we determine that its fair value is less than the net carrying value of the investment in that real estate venture on an other-than-temporary basis. Cash flow projections for the investments consider property level factors such as expected future operating income, trends and prospects, anticipated holding periods, as well as the effects of demand, competition and other factors. We consider various qualitative factors to determine if a decrease in the value of our investment is other-than-temporary. These factors include the age of the venture, our intent and ability to retain our investment in the entity, financial condition and long-term prospects of the entity and relationships with our partners and banks. If we believe that the decline in the fair value of the investment is temporary, no impairment loss is recorded. If our analysis indicates that there is an other-than temporary impairment related to the investment in a particular real estate venture, the carrying value of the venture will be adjusted to an amount that reflects the estimated fair value of the investment. Intangibles Intangible assets consist of: (i) in-place leases, below-market ground rent obligations, above-market real estate leases and options to enter into ground leases that were recorded in connection with the acquisition of properties and (ii) management and leasing contracts acquired in the Combination. Intangible liabilities consist of above-market ground rent obligations and below-market real estate leases that are also recorded in connection with the acquisition of properties. Both intangible assets and liabilities are amortized and accreted using the straight-line method over their applicable remaining useful life. When a lease or contract is terminated early, any remaining unamortized or unaccreted balances are charged to earnings. The useful lives of intangible assets are evaluated each reporting period with any changes in estimated useful lives being accounted for over the revised remaining useful life. Intangible assets also include the wireless spectrum licenses we acquired. 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. Investments Investments in equity securities without readily determinable fair values are carried at cost. Investments in investment funds without readily determinable fair values that qualify for the net asset value ("NAV") practical expedient are carried at fair value based on their reported NAV. Investments in equity securities and investment funds are included in "Other assets" in our consolidated balance sheets. Realized and unrealized gains and losses are included in “Interest and other income (loss), net” in our consolidated statements of operations. Assets Held for Sale Assets, primarily consisting of real estate, are classified as held for sale when all the necessary criteria are met. The criteria include: (i) management, having the authority to approve action, commits to a plan to sell the property in its present condition, (ii) the sale of the property is at a price reasonable in relation to its current fair value and (iii) the sale is probable and expected to be completed within one year. Real estate held for sale is carried at the lower of carrying amounts or estimated fair value less disposal costs. Depreciation and amortization is not recognized on real estate classified as held for sale. Deferred Costs Deferred financing costs consist of loan issuance costs directly related to financing transactions that are deferred and amortized over the term of the related loan as a component of interest expense. Unamortized deferred financing costs related to our mortgages payable and unsecured term loans are presented as a direct deduction from the carrying amounts of the related debt instruments, while such costs related to our revolving credit facility are included in other assets. Noncontrolling Interests We identify our noncontrolling interests separately in our consolidated balance sheets. Amounts of consolidated net income (loss) attributable to redeemable noncontrolling interests and to the noncontrolling interests in consolidated subsidiaries are presented separately in our consolidated statements of operations. Redeemable Noncontrolling Interests Noncontrolling Interests Derivative Financial Instruments and Hedge Accounting Derivative financial instruments are used at times to manage exposure to variable interest rate risk. Derivative financial instruments are recognized as either assets or liabilities and are measured at fair value. The accounting for changes in the fair value of a derivative depends on the intended use of the derivative and the resulting designation. Derivative Financial Instruments Designated as Cash Flow Hedges Derivative instruments and hedging activities require management to make judgments on the nature of its derivatives and their effectiveness as hedges. These judgments determine if the changes in fair value of the derivative instruments are reported in our consolidated statements of operations, or in our consolidated statements of comprehensive income (loss). Derivative Financial Instruments Not Designated as Accounting Hedges Fair Value of Assets and Liabilities Accounting Standards Codification ("ASC") 820 ("Topic 820"), Fair Value Measurement and Disclosures, defines fair value and establishes a framework for measuring fair value. The objective of fair value is to determine the price that would be received upon the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (the exit price). Topic 820 establishes a fair value hierarchy that prioritizes observable and unobservable inputs used to measure fair value into three levels: Level 1 — quoted prices (unadjusted) in active markets that are accessible at the measurement date for assets or liabilities; Level 2 — observable prices that are based on inputs not quoted in active markets, but corroborated by market data; and Level 3 — unobservable inputs that are used when little or no market data is available. The fair value hierarchy gives the highest priority to Level 1 inputs and the lowest priority to Level 3 inputs. In determining fair value, we utilize valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible as well as consider counterparty credit risk in our assessment of fair value. Revenue Recognition We have leases with various tenants across our portfolio of properties, which generate rental income and operating cash flows for our benefit. Through these leases, we provide tenants with the right to control the use of our real estate, which tenants agree to use and control. The right to control our real estate conveys to our tenants substantially all of the economic benefits and the right to direct how and for what purpose the real estate is used throughout the period of use, thereby meeting the definition of a lease. Leases will be classified as either operating, sales-type or direct finance leases based on whether the lease is structured in effect as a financed purchase. Property rental revenue includes base rent each tenant pays in accordance with the terms of its respective lease and is reported on a straight-line basis over the non-cancellable term of the lease, which includes the effects of periodic step-ups in rent and rent abatements under the lease. When a renewal option is included within the lease, we assess whether the option is reasonably certain of being exercised against relevant economic factors to determine whether the option period should be included as part of the lease term. Further, property rental revenue includes tenant reimbursement revenue from the recovery of all or a portion of the operating expenses and real estate taxes of the respective assets. Tenant reimbursements, which vary each period, are non-lease components that are not the predominant activity within the contract. We have elected the practical expedient that allows us to combine certain lease and non-lease components of our operating leases. Non-lease components are recognized together with fixed base rent in "Property rental revenue", as variable lease income in the same periods as the related expenses are incurred. Certain commercial leases may also provide for the payment by the lessee of additional rents based on a percentage of sales, which are recorded as variable lease income in the period the additional rents are earned. We commence rental revenue recognition when the tenant takes possession of the leased space or controls the physical use of the leased space and when the leased space is substantially ready for its intended use. In circumstances where we provide a tenant improvement allowance for improvements that are owned by the tenant, we recognize the allowance as a reduction of property rental revenue on a straight-line basis over the term of the lease commencing when the tenant takes possession of the space. Differences between rental revenue recognized and amounts due under the respective lease agreements are recorded as an increase or decrease to "Deferred rent receivable, net" in our consolidated balance sheets. Property rental revenue also includes the amortization or accretion of acquired above-and below-market leases. We periodically evaluate the collectability of amounts due from tenants and recognize an adjustment to property rental revenue for accounts receivable and deferred rent receivable if we conclude it is not probable we will collect the remaining lease payments under the lease agreements. Any changes to the provision for lease revenue determined to be not probable of collection are included in "Property rental revenue" in our consolidated statements of operations. We exercise judgment in assessing the probability of collection and consider payment history and current credit status in making this determination. Third-party real estate services revenue, including reimbursements, includes property and asset management fees, and transactional fees for leasing, acquisition, development and construction, financing, and legal services. These fees are determined in accordance with the terms specific to each arrangement and are recognized as the related services are performed. Development fees are earned from providing services to third-party property owners and our unconsolidated real estate ventures. The performance obligations associated with our development services contracts are satisfied over time and we recognize our development fee revenue using a time-based measure of progress over the course of the development project due to the stand-ready nature of the promised services. The transaction prices for our performance obligations that are expected to be completed in greater than twelve months are variable based on the costs ultimately incurred to develop the underlying assets. Judgments impacting the timing and amount of revenue recognized from our development services contracts include the determination of the nature and number of performance obligations within a contract, estimates of total development project costs, from which the fees are typically derived, and estimates of the period of time over which the development services are expected to be performed, which is the period over which the revenue is recognized. We recognize development fees earned from unconsolidated real estate venture projects to the extent of our venture partners' ownership interest. Third-Party Real Estate Services Expenses Third-party real estate services expenses include the costs associated with the management services provided to our unconsolidated real estate ventures and other third parties, including amounts paid to third-party contractors for construction projects that we manage. We allocate personnel and other overhead costs using estimates of the time spent performing services for our third-party real estate services and other allocation methodologies. Lessee Accounting We are obligated under non-cancellable operating and finance leases, including ground leases on certain of our properties with terms extending through the year 2118. When a renewal option is included within a lease, we assess whether the option is reasonably certain of being exercised against relevant economic factors to determine whether the option period should be included as part of the lease term. Lease payments associated with renewal periods that we are reasonably certain will be exercised are included in the measurement of the corresponding lease liability and right-of-use asset. Lease expense for our operating leases is recognized on a straight-line basis over the expected lease term and is included in our consolidated statements of operations in "Property operating expenses." Amortization of the right-of-use asset associated with a finance lease is recognized on a straight-line basis over the expected lease term and is included in our consolidated statements of operations in "Depreciation and amortization expense" with the related interest on our outstanding lease liability included in "Interest expense." Certain lease agreements include variable lease payments that, in the future, will vary based on changes in inflationary measures, market rates or our share of expenditures of the leased premises. Such variable payments are recognized in lease expense in the period in which the variability is determined. Certain lease agreements may also include various non-lease components that primarily relate to property operating expenses associated with our office leases, which also vary each period. We have elected the practical expedient which allows us to combine lease and non-lease components for our ground and office leases and recognize variable non-lease components in lease expense when incurred. We discount our future lease payments for each lease to calculate the related lease liability using an estimated incremental borrowing rate computed based on observable corporate borrowing rates reflective of the general economic environment, taking into consideration our creditworthiness and various financing and asset specific considerations, adjusted to approximate a secured borrowing for the lease term. We made a policy election to forgo recording right-of-use assets and the related lease liabilities for leases with initial terms of 12 months or less. Income Taxes We have elected to be taxed as a REIT under sections 856-860 of the Internal Revenue Code of 1986, as amended (the "Code"). Under those sections, a REIT which distributes at least 90% of its REIT taxable income as dividends to its shareholders each year and which meets certain other conditions will not be taxed on that portion of its taxable income which is distributed to its shareholders. Prior to the Separation, Vornado operated as a REIT and distributed 100% of its REIT taxable income to its shareholders; accordingly, no provision for federal income taxes has been made in the accompanying consolidated financial statements for the periods prior to the Separation. We currently adhere and intend to continue to adhere to these requirements and to maintain our REIT status in future periods. As a REIT, we can reduce our taxable income by distributing all or a portion of such taxable income to shareholders. Future distributions will be declared and paid at the discretion of the Board of Trustees and will depend upon cash generated by operating activities, our financial condition, capital requirements, annual dividend requirements under the REIT provisions of the Code and such other factors as our Board of Trustees deems relevant. We also participate in the activities conducted by our subsidiary entities that have elected to be treated as taxable REIT subsidiaries ("TRS") under the Code. As such, we are subject to federal, state, and local taxes on the income from these activities. Income taxes attributable to our TRSs are accounted for under the asset and liability method. Under the asset and liability method, deferred income taxes arise from temporary differences between the tax basis of assets and liabilities and their reported amounts in our consolidated financial statements, which will result in taxable or deductible amounts in the future. We provide for a valuation allowance for deferred income tax assets if we believe all or some portion of the deferred tax asset may not be realized. Any increase or decrease in the valuation allowance that results from a change in circumstances that causes a change in the estimated ability to realize the related deferred tax asset is included in deferred tax benefit (expense). ASC 740 ("Topic 740"), Income Taxes, provides guidance for how uncertain tax posit

Acquisitions, Dispositions and

Acquisitions, Dispositions and Assets Held for Sale	12 Months Ended
	Dec. 31, 2021
Acquisitions, Dispositions And Assets Held for Sale
Acquisitions, Dispositions and Assets Held for Sale	3. Acquisitions, Dispositions and Assets Held for Sale Acquisitions In November 2021, we acquired The Batley, a 432-unit multifamily asset in the Union Market submarket of Washington, D.C., for $205.3 million, exclusive of $3.1 million of transaction costs that were capitalized as part of the acquisition. We intend to use The Batley as a replacement property in a like-kind exchange for the sale of Pen Place, which is expected to close during the second quarter of 2022. See Note 6 for additional information. ​ In December 2020, we acquired a 1.4-acre future development parcel in National Landing, which was formerly occupied by the Americana Hotel, and three other parcels for an aggregate total of $65.0 million, exclusive of $688,000 of transaction costs that were capitalized as part of the acquisition. Of the total purchase price, $47.3 million was allocated to the former Americana Hotel site, of which $20.0 million has been deferred until the earlier of the approval of certain entitlements or January 1, 2023, and $17.7 million was allocated to the other three parcels. The former Americana Hotel site has the potential to accommodate up to approximately 550,000 square feet of new development density and is located directly across the street from Amazon's future headquarters. In December 2019, we acquired F1RST Residences, a 325-unit multifamily asset in the Ballpark submarket of Washington, D.C. with approximately 21,000 square feet of street level retail, for $160.5 million, exclusive of $4.7 million of transaction costs that were capitalized as part of the acquisition. We used F1RST Residences as a replacement property in a like-kind exchange for the sale of Metropolitan Park in January 2020. See Note 6 for additional information. Dispositions In April 2021, we invested cash in and contributed land to two real estate ventures and recognized an $11.3 million gain on the disposition of land, which is included in "Gain on sale of real estate" in our consolidated statement of operations for the year ended December 31, 2021. See Note 5 for additional information. In January 2020, we sold Metropolitan Park for $155.0 million and recognized a $59.5 million gain, which is included in "Gain on sale of real estate" in our consolidated statement of operations for the year ended December 31, 2020. During the year ended December 31, 2019, we sold three commercial assets for a gross sales price of $165.4 million and a 50.0% interest in a real estate venture that owned Central Place Tower for a gross sales price of $220.0 million, resulting in a $105.0 million aggregate gain, which is included in "Gain on sale of real estate" in our consolidated statement of operations for the year ended December 31, 2019. During the years ended December 31, 2021 and 2020, we recognized our proportionate share of the gain (loss) from the sale of various assets by our unconsolidated real estate ventures. See Note 5 for additional information. On February 11, 2022, we entered into a definitive agreement with affiliates of Fortress Investment Group LLC to form a real estate venture in which we will have a noncontrolling interest. The unconsolidated real estate venture will acquire a 1.6 million square foot portfolio of four wholly owned commercial assets from us. The assets include 7200 Wisconsin Avenue, 1730 M Street, RTC-West and Courthouse Plaza 1 and 2. The transaction is expected to close in the first half of 2022, subject to financing and customary closing conditions. Assets Held for Sale The amounts included in "Assets held for sale" in our consolidated balance sheets primarily represent the carrying value of real estate. The following is a summary of assets held for sale: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total ​ Assets Held Assets Segment Location Square Feet (1) for Sale ​ ​ ​ ​ ​ ​ (In thousands) December 31, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ Pen Place (2) ​ Other ​ Arlington, Virginia ​ 2,082 ​ $ 73,876 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. In December 2021, we finalized the agreement for the sale of Pen Place for $198.0 million, which represents a $48.1 million increase over the previously estimated contract value.

Tenant and Other Receivables

Tenant and Other Receivables	12 Months Ended
	Dec. 31, 2021
Tenant and Other Receivables
Tenant and Other Receivables	4. Tenant and Other Receivables The following is a summary of tenant and other receivables: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ 2021 2020 ​ ​ (In thousands) Tenants ​ $ 31,504 ​ $ 39,077 Third-party real estate services ​ 12,563 ​ 15,658 Other ​ 429 ​ 1,168 Total tenant and other receivables ​ $ 44,496 ​ $ 55,903 ​

Investments in Unconsolidated R

Investments in Unconsolidated Real Estate Ventures	12 Months Ended
	Dec. 31, 2021
Investments in Unconsolidated Real Estate Ventures
Investments in Unconsolidated Real Estate Ventures	5. Investments in Unconsolidated Real Estate Ventures The following is a summary of the composition of our investments in unconsolidated real estate ventures: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Effective ​ ​ ​ ​ Ownership ​ December 31, Real Estate Venture Partners Interest (1) 2021 2020 ​ ​ ​ ​ (In thousands) Prudential Global Investment Management ("PGIM") 50.0% ​ $ 208,421 ​ $ 216,939 Landmark Partners ("Landmark") 1.8% - 49.0% ​ 28,298 ​ 66,724 CBREI Venture 5.0% - 64.0% ​ 57,812 ​ 65,190 Canadian Pension Plan Investment Board ("CPPIB") 55.0% ​ 48,498 ​ 47,522 J.P. Morgan Global Alternatives ("J.P. Morgan") (2) ​ 50.0% ​ ​ 52,769 ​ ​ — Berkshire Group 50.0% ​ 52,770 ​ ​ 50,649 Brandywine Realty Trust 30.0% ​ 13,693 ​ 13,710 Other ​ ​ 624 ​ ​ 635 Total investments in unconsolidated real estate ventures (3) ​ ​ ​ $ 462,885 ​ $ 461,369 (1) Reflects our effective ownership interests in the underlying real estate as of December 31, 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 December 31, 2021 and 2020, our total investments in unconsolidated real estate ventures were greater than our share of the net book value of the underlying assets by $18.6 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. We provide leasing, property management and other real estate services to our unconsolidated real estate ventures. We recognized revenue, including expense reimbursements, of $23.7 million, $25.5 million and $28.5 million for each of the three years in the period ended December 31, 2021, for such services. We evaluate reconsideration events as we become aware of them. Reconsideration events include amendments to real estate venture agreements or changes in our partner's ability to make contributions to the venture. Under certain circumstances, we may purchase our partner's interest. A reconsideration event could cause us to consolidate an unconsolidated real estate venture in the future or deconsolidate a consolidated entity. The following is a summary of disposition activity by our unconsolidated real estate ventures: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Mortgage ​ Proportionate ​ ​ Real Estate ​ ​ ​ ​ ​ Gross ​ Payable ​ Share of ​ ​ Venture ​ ​ ​ Ownership ​ Sales ​ Repaid by ​ Aggregate Date Disposed Partners ​ Assets ​ Percentage Price ​ Venture ​ Gain (Loss) (1) ​ ​ ​ ​ ​ ​ ​ ​ (In thousands) Year Ended December 31, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ May 3, 2021 CBREI Venture ​ Fairway Apartments/Fairway Land ("Fairway") ​ 10.0% $ 93,000 ​ $ 45,343 ​ $ 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 ​ 49.0% ​ ​ 166,500 ​ ​ 80,000 ​ ​ 23,137 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 28,326 Year Ended December 31, 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 5, 2020 ​ Landmark ​ 11333 Woodglen Drive/NoBe II Land/Woodglen ("Woodglen") ​ 18.0% ​ $ 17,750 ​ $ 12,213 ​ $ (2,952) October 28, 2020 ​ CBREI Venture ​ Pickett Industrial Park ​ 10.0% ​ ​ 46,250 ​ ​ 23,572 ​ ​ 800 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ (2,152) (1) Included in "Loss from unconsolidated real estate ventures, net" in our consolidated statements of operations. PGIM In December 2019, we sold a 50.0% interest in a real estate venture that owns Central Place Tower, a 552,000 square foot office building located in Arlington, Virginia, to PGIM for $220.0 million. Per the terms of the venture agreement, we determined the venture was not a VIE and we do not have a controlling financial interest in the venture. As a result, we deconsolidated our remaining 50.0% interest in the real estate venture and recorded a gain as our unconsolidated interest was increased to reflect its fair value. We recognized an aggregate $53.4 million gain, net of certain liabilities, which was included in "Gain on sale of real estate" in our consolidated statement of operations for the year ended December 31, 2019, on the partial sale and remeasurement of our remaining interest in the real estate venture subsequent to the transfer of control. Landmark In connection with the preparation and review of their 2021 annual financial statements, our unconsolidated real estate venture with Landmark recorded an aggregate impairment loss of $48.7 million on the L'Enfant Plaza assets. Our proportionate share of the impairment loss was $23.9 million, which was included in "Loss from unconsolidated real estate ventures, net" in our consolidated statement of operations for the year ended December 31, 2021. In January 2022, our unconsolidated real estate venture with Landmark sold The Alaire, The Terano and 12511 Parklawn Drive, multifamily and future development assets located in Rockville, Maryland, for $137.5 million. Additionally, the venture repaid the related mortgages payable of $79.8 million. Our ownership in these assets ranged from 1.8% to 18.0%. CPPIB As of December 31, 2021 and 2020, we had a zero investment balance in the real estate venture that owns 1101 17th Street and had suspended equity loss recognition for the venture since June 30, 2018. We will recognize as income any future distributions from the venture until our share of unrecorded earnings and contributions exceeds the cumulative excess distributions previously recognized in income. During the year ended December 31, 2019, we recognized income of $6.4 million related to distributions from this venture, which was included in "Loss from unconsolidated real estate ventures, net" in our consolidated statement of operations. In April 2020, our real estate venture with CPPIB entered into a mortgage loan with a maximum principal balance of $160.0 million collateralized by 1900 N Street, and as a result, we received a distribution of $70.8 million from the venture during the second quarter of 2020. JP Morgan 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 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 consolidated statement of operations for the year ended December 31, 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. PacLife During the second quarter of 2020, we determined that our investment in the venture that owned The Marriott Wardman Park hotel was impaired due to a decline in the fair value of the underlying asset and recorded an impairment loss of $6.5 million, which reduced the net book value of our investment to zero, and we suspended equity loss recognition for the venture after June 30, 2020. On October 1, 2020, we transferred our interest in this venture to PacLife. The following is a summary of the debt of our unconsolidated real estate ventures: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ ​ ​ ​ ​ Average Effective ​ December 31, ​ Interest Rate (1) 2021 2020 ​ ​ ​ ​ (In thousands) Variable rate (2) 2.50% ​ $ 785,369 ​ $ 863,617 Fixed rate (3) 4.20% ​ 309,813 ​ 323,050 Mortgages payable ​ ​ ​ 1,095,182 ​ 1,186,667 Unamortized deferred financing costs ​ ​ ​ (5,239) ​ (7,479) Mortgages payable, net (4) ​ ​ ​ $ 1,089,943 ​ $ 1,179,188 (1) Weighted average effective interest rate as of December 31, 2021. (2) Includes variable rate mortgages payable with interest rate cap agreements. (3) Includes variable rate mortgages payable with interest rates fixed by interest rate swap agreements. (4) See Note 19 for additional information on guarantees of the debt of certain of our unconsolidated real estate ventures. The following is a summary of the financial information for our unconsolidated real estate ventures: ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ 2021 2020 ​ (In thousands) Combined balance sheet information: ​ ​ ​ ​ ​ ​ Real estate, net ​ $ 2,116,290 ​ $ 2,247,384 Other assets, net ​ 264,397 ​ 270,516 Total assets ​ $ 2,380,687 ​ $ 2,517,900 ​ ​ ​ ​ ​ ​ ​ Mortgages payable, net ​ $ 1,089,943 ​ $ 1,179,188 Other liabilities, net ​ 118,752 ​ 140,304 Total liabilities ​ 1,208,695 ​ 1,319,492 Total equity ​ 1,171,992 ​ 1,198,408 Total liabilities and equity ​ $ 2,380,687 ​ $ 2,517,900 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ 2021 2020 2019 ​ (In thousands) Combined income statement information: (1) ​ ​ ​ ​ ​ ​ ​ ​ ​ Total revenue ​ $ 187,252 ​ $ 203,456 ​ $ 266,653 Operating income (loss) (2) ​ 48,214 ​ (21,639) ​ 18,041 Net income (loss) (2) ​ 16,051 ​ (65,756) ​ (32,507) (1) Excludes information related to the venture that owned The Marriott Wardman Park hotel for the second half of 2020 as we suspended equity loss recognition for the venture after June 30, 2020 . On October 1, 2020, we transferred our interest in this venture to our venture partner. (2) Includes the gain from the sale of Fairway, Courthouse Metro, 5615 Fishers Lane and 500 L'Enfant Plaza totaling $85.5 million during the year ended December 31, 2021. Includes the impairment loss recognized by the unconsolidated real estate venture that owns the L'Enfant Plaza assets totaling $48.7 million during the year ended December 31, 2021. Includes the loss from the sale of Woodglen of $16.4 million and the gain from the sale of Pickett Industrial Park of $8.0 million during the year ended December 31, 2020.

Variable Interest Entities

Variable Interest Entities	12 Months Ended
	Dec. 31, 2021
Variable Interest Entities
Variable Interest Entities	6. Variable Interest Entities We hold various interests in entities deemed to be VIEs, which we evaluate at acquisition, formation, after a change in the ownership agreement, after a change in the 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 December 31, 2021 and 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 December 31, 2021 and 2020, the net carrying amounts of our investment in these entities were $145.2 million and $116.2 million, which were included in "Investments in unconsolidated real estate ventures" in our consolidated balance sheets. Our equity in the income of unconsolidated VIEs is included in "Loss from unconsolidated real estate ventures, net" in our consolidated statements of operations. Our maximum loss exposure in these entities is limited to our investments, construction commitments and debt guarantees. See Note 19 for additional information. Consolidated VIEs JBG SMITH LP is our most significant consolidated VIE. We hold 89.5% of the limited partnership interest in JBG SMITH LP, act as the general partner and exercise full responsibility, discretion and control over its day-to-day management. The noncontrolling interests of JBG SMITH LP do not have substantive liquidation rights, substantive kick-out rights without cause, or substantive participating rights that could be exercised by a simple majority of noncontrolling interest limited partners (including by such a limited partner unilaterally). Because the noncontrolling interest holders do not have these rights, JBG SMITH LP is a VIE. As general partner, we have the power to direct the activities of JBG SMITH LP that most significantly affect its 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. In conjunction with the acquisition of The Batley in November 2021, we entered into an agreement with a third-party intermediary to facilitate a like-kind exchange. As a result, the third-party intermediary was the legal owner of the entity that owned this property as of December 31, 2021. We determined that the entity that owns the Batley was a VIE, and we are the primary beneficiary of the VIE. We consolidated the property and its operations as of the acquisition date. Legal ownership of this entity will be transferred to us by the third-party intermediary when the like-kind exchange agreement is completed with the sale of Pen Place, which we expect to close during the second quarter of 2022. As of December 31, 2021, the VIE had total assets, consisting of primarily real estate, and liabilities of $207.2 million and $792,000. In March 2021, we leased the land underlying 1900 Crystal Drive located in National 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 December 31, 2021, no and provided certain non-recourse carve-outs (e.g., guarantees against fraud, misrepresentation, bankruptcy and certain environmental liabilities). The ground lessee invested $17.5 million of equity funding and we are obligated to provide additional project funding through a mezzanine loan to the ground lessee estimated at $104.8 million, of which $34.9 million has been funded as of December 31, 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 consolidated balance sheet. The aforementioned ground lease, the mezzanine loan and the master lease are eliminated in consolidation. As of December 31, 2021, the VIE had total assets, consisting of primarily construction in process, and liabilities of $58.6 million and $12.0 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. In December 2021, we leased the land underlying 2000 South Bell Street and 2001 South Bell Street ("2000/2001 South Bell Street") located in National Landing to a lessee, which plans to construct a 775-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 2000/2001 South Bell Street, 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 December 2021, the ground lessee entered into a mortgage loan collateralized by the leasehold interest with a maximum principal balance of $208.5 million and an interest rate of LIBOR plus 2.15% per annum. As of December 31, 2021, no

Other Assets, Net

Other Assets, Net	12 Months Ended
	Dec. 31, 2021
Other Assets, Net.
Other Assets, Net	7. Other Assets, Net The following is a summary of other assets, net: ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ 2021 2020 ​ ​ (In thousands) Deferred leasing costs, net ​ $ 124,742 ​ $ 117,141 Lease intangible assets, net ​ 14,736 ​ 15,565 Other identified intangible assets ​ ​ 36,698 ​ ​ 43,012 Wireless spectrum licenses (1) ​ ​ 25,780 ​ ​ — Operating lease right-of-use assets ​ 1,660 ​ 3,542 Finance lease right-of-use assets (2) ​ ​ 180,956 ​ ​ 41,996 Prepaid expenses ​ 17,104 ​ 14,000 Deferred financing costs, net ​ 11,436 ​ 6,656 Deposits (1) ​ 1,938 ​ 28,560 Other (3) ​ 27,066 ​ 16,103 Total other assets, net ​ $ 442,116 ​ $ 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. (2) Includes $139.4 million as of December 31, 2021 related to the amendment of the ground lease for Courthouse Plaza 1 and 2, which was executed in December 2021. The amendment extended the expiration date of the lease from January 2062 to December 2119, and resulted in a change in its classification from an operating lease to a finance lease. (3) As of December 31, 2021, included $9.8 million of investments in funds, which invest in real estate focused technology companies, that are recorded at their fair value based on their reported NAV. During the fourth quarter of 2021, we recorded unrealized gains totaling $4.6 million related to these investments, which are included in "Interest and other income (loss), net" in our consolidated statement of operations . The following is a summary of the composition of deferred leasing costs, lease intangible assets and other identified intangible assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 ​ December 31, 2020 ​ Gross Accumulated Amortization ​ Net ​ Gross Accumulated Amortization ​ Net ​ ​ (In thousands) Deferred leasing costs ​ $ 219,751 ​ $ (95,009) ​ $ 124,742 ​ $ 202,940 ​ $ (85,799) ​ $ 117,141 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Lease intangible assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ In-place leases ​ $ 27,793 ​ $ (15,241) ​ $ 12,552 ​ $ 27,363 ​ $ (15,027) ​ $ 12,336 Above-market real estate leases ​ 6,585 ​ (4,401) ​ 2,184 ​ 7,515 ​ (4,286) ​ 3,229 ​ ​ $ 34,378 ​ $ (19,642) ​ $ 14,736 ​ $ 34,878 ​ $ (19,313) ​ $ 15,565 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Other identified intangible assets: ​ ​ ​ ​ ​ ​ Option to enter into ground lease ​ $ 17,090 ​ $ — ​ $ 17,090 ​ $ 17,090 ​ $ — ​ $ 17,090 Management and leasing contracts ​ 45,900 ​ (26,292) ​ 19,608 ​ 45,900 ​ (20,388) ​ 25,512 Other ​ — ​ — ​ — ​ 410 ​ — ​ 410 ​ ​ $ 62,990 ​ $ (26,292) ​ $ 36,698 ​ $ 63,400 ​ $ (20,388) ​ $ 43,012 ​ The following is a summary of amortization expense related to lease and other identified intangible assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ 2021 2020 2019 ​ ​ (In thousands) In-place lease amortization (1) ​ $ 4,171 ​ $ 5,695 ​ $ 7,375 Above-market real estate lease amortization (2) ​ 1,032 ​ 1,582 ​ 1,730 Management and leasing contract amortization (1) ​ 5,905 ​ 6,002 ​ 7,088 Other amortization ​ — ​ 16 ​ (240) Total amortization expense related to lease and other identified intangible assets ​ $ 11,108 ​ $ 13,295 ​ $ 15,953 (1) Amounts are included in "Depreciation and amortization expense" in our consolidated statements of operations. (2) Amounts are included in "Property rental revenue" in our consolidated statements of operations. The following is a summary of the estimated amortization related to lease and other identified intangible assets for the next five years and thereafter as of December 31, 2021: ​ ​ ​ ​ Year ending December 31, Amount ​ ​ (In thousands) 2022 ​ $ 9,571 2023 ​ 8,954 2024 ​ 8,376 2025 ​ 3,972 2026 ​ 1,669 Thereafter ​ 1,802 Total (1) ​ $ 34,344 (1) Estimated amortization related to the option to enter into ground lease is excluded from the amortization table above as the ground lease does not have a definite start date . Estimated amortization related to wireless spectrum licenses is excluded from the amortization table above as they are indefinite-lived.

Debt

Debt	12 Months Ended
	Dec. 31, 2021
Debt
Debt	8. Debt Mortgages Payable The following is a summary of mortgages payable: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted Average ​ ​ ​ ​ ​ ​ ​ ​ ​ Effective ​ ​ December 31, ​ Interest Rate (1) ​ 2021 2020 ​ ​ ​ ​ ​ (In thousands) Variable rate (2) 2.01% ​ ​ $ 867,246 ​ $ 678,346 Fixed rate (3) 4.32% ​ ​ 921,013 ​ 925,523 Mortgages payable ​ ​ ​ ​ 1,788,259 ​ 1,603,869 Unamortized deferred financing costs and premium / discount, net (4) ​ ​ ​ (10,560) ​ (10,131) Mortgages payable, net ​ ​ ​ ​ $ 1,777,699 ​ $ 1,593,738 (1) Weighted average effective interest rate as of December 31, 2021. (2) Includes variable rate mortgages payable with interest rate cap agreements. (3) Includes variable rate mortgages payable with interest rates fixed by interest rate swap agreements . (4) As of December 31, 2021, excludes $6.4 million of net deferred financing costs related to unfunded mortgage loans that were included in "Other assets, net." As of December 31, 2021 and 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 19 for additional information. We were not in default under any mortgage loan as of December 31, 2021. During the year ended December 31, 2021, we entered into two separate mortgage loans with an aggregate principal balance of $190.0 million, collateralized by 1225 S. Clark Street and 1215 S. Clark Street. During the year ended December 31, 2020, we entered into four separate mortgage loans with an aggregate principal balance of $560.0 million, collateralized by 4747 Bethesda Avenue, The Bartlett, 1221 Van Street and 220 20th Street, and refinanced the mortgage payable collateralized by RTC-West, increasing the principal balance by $20.2 million. In December 2020, we repaid the mortgage payable collateralized by WestEnd25 with a principal balance of $94.7 million. As of December 31, 2021 and 2020, we had various interest rate swap and cap agreements on certain of our mortgages payable with an aggregate notional value of $1.3 billion. See Note 17 for additional information. Credit Facility As of December 31, 2021 and 2020, our $1.4 billion credit facility consisted of a $1.0 billion revolving credit facility maturing in January 2025, a $200.0 million unsecured term loan ("Tranche A-1 Term Loan") maturing in January 2023 and a $200.0 million unsecured term loan ("Tranche A-2 Term Loan") maturing in July 2024. Based on the terms as of December 31, 2021, the interest rate for the credit facility varies based on a ratio of our total outstanding indebtedness to a valuation of certain real property and assets, and ranges (i) in the case of the revolving credit facility from LIBOR plus 1.05% to LIBOR plus 1.50%, (ii) in the case of the Tranche A-1 Term Loan, from LIBOR plus 1.20% to LIBOR plus 1.70% and (iii) in the case of the Tranche A-2 Term Loan, from LIBOR plus 1.15% to LIBOR plus 1.70%. There are various LIBOR options in the credit facility, and we elected the one-month LIBOR option as of December 31, 2021. We were not in default under our credit facility as of December 31, 2021. Effective as of January 14, 2022, the Tranche A-1 Term Loan was amended to extend the maturity date to January 2025 with two one-year extension options, and to amend the interest rate to Secured Overnight Financing Rate ("SOFR") plus 1.05% to SOFR plus 1.65%, in each case including a credit spread adjustment. In connection with the loan amendment, we amended the related LIBOR-based interest rate swaps, extending the maturity to July 2024 and converting the hedged rate from one-month LIBOR to one-month SOFR. The following is a summary of amounts outstanding under the credit facility: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Effective ​ ​ December 31, ​ Interest Rate (1) ​ 2021 2020 ​ ​ ​ ​ ​ (In thousands) Revolving credit facility (2) (3) (4) 1.15% ​ ​ $ 300,000 ​ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 ​ ​ (1,336) ​ (2,021) Unsecured term loans, net ​ ​ $ 398,664 ​ $ 397,979 (1) Effective interest rate as of December 31, 2021. (2) As of December 31, 2021 and 2020, letters of credit with an aggregate face amount of $911,000 and $1.5 million were outstanding under our revolving credit facility. (3) As of December 31, 2021 and 2020, excludes net deferred financing costs related to our revolving credit facility of $5.0 million and $6.7 million that were included in "Other assets, net." (4) The interest rate for the revolving credit facility excludes a 0.15% facility fee. (5) As of December 31, 2021 and 2020, the outstanding balance was fixed by interest rate swap agreements. As of December 31, 2021, the interest rate swaps mature concurrently with the respective term loan and fix LIBOR at 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. Principal Maturities The following is a summary of principal maturities of debt outstanding, including mortgages payable, revolving credit facility and the term loans, as of December 31, 2021: ​ ​ ​ ​ Year ending December 31, Amount ​ ​ (In thousands) 2022 ​ $ 112,516 2023 ​ 373,344 2024 ​ 322,571 2025 ​ 858,890 2026 ​ 113,845 Thereafter ​ 707,093 Total ​ $ 2,488,259 ​

Other Liabilities, Net

Other Liabilities, Net	12 Months Ended
	Dec. 31, 2021
Other Liabilities, Net.
Other Liabilities, Net	9. Other Liabilities, Net The following is a summary of other liabilities, net: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ 2021 2020 ​ ​ (In thousands) Lease intangible liabilities ​ $ 32,893 ​ $ 33,256 Accumulated amortization ​ (24,621) ​ (22,956) Lease intangible liabilities, net ​ ​ 8,272 ​ ​ 10,300 Lease assumption liabilities ​ 5,399 ​ 10,126 Lease incentive liabilities ​ 21,163 ​ 13,913 Liabilities related to operating lease right-of-use assets ​ 6,910 ​ 10,752 Liabilities related to finance lease right-of-use assets (1) ​ 162,510 ​ 40,221 Prepaid rent ​ 19,852 ​ 19,809 Security deposits ​ 18,188 ​ 13,654 Environmental liabilities ​ 18,168 ​ 18,242 Deferred tax liability, net ​ 5,340 ​ 2,509 Dividends payable ​ 32,603 ​ 34,075 Derivative agreements, at fair value ​ 18,361 ​ 44,222 Deferred purchase price (2) ​ ​ 19,691 ​ ​ 19,479 Other ​ 6,108 ​ 10,472 Total other liabilities, net ​ $ 342,565 ​ $ 247,774 (1) Includes $121.6 million as of December 31, 2021 related to the amendment of the ground lease for Courthouse Plaza 1 and 2, which was executed in December 2021. The amendment extended the expiration date of the lease from January 2062 to December 2119, and resulted in a change in its classification from an operating lease to a finance lease. (2) Deferred purchase price associated with the acquisition of the former Americana Hotel site. See Note 3 for additional information. Amortization expense included in "Property rental revenue" in our consolidated statements of operations related to lease intangible liabilities for each of the three years in the period ended December 31, 2021 was $2.2 million, $2.0 million and $2.5 million. The following is a summary of the estimated amortization of lease intangible liabilities for the next five years and thereafter as of December 31, 2021: ​ ​ ​ ​ ​ Year ending December 31, Amount ​ ​ (In thousands) 2022 ​ $ 1,769 2023 ​ 1,761 2024 ​ 1,743 2025 ​ 1,179 2026 ​ 319 Thereafter ​ 1,501 Total ​ $ 8,272 ​

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2021
Income Taxes
Income Taxes	10. Income Taxes We have elected to be taxed as a REIT, and accordingly, we have incurred no federal income tax expense related to our REIT subsidiaries except for our TRSs. Our consolidated financial statements include the operations of our TRSs, which are subject to federal, state and local income taxes on their taxable income. As a REIT, we may also be subject to federal excise taxes if we engage in certain types of transactions. Continued qualification as a REIT depends on our ability to satisfy the REIT distribution tests, stock ownership requirements and various other qualification tests. Our TRSs have estimated federal and state net operating loss (“NOL”) carry forwards of $4.8 million and $11.0 million as of December 31, 2021 and 2020, all of which are subject to limitations. The net basis of our assets and liabilities for tax reporting purposes is approximately $297.0 million higher than the amounts reported in our consolidated balance sheet as of December 31, 2021. The following is a summary of our income tax (expense) benefit: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ 2021 2020 2019 ​ ​ (In thousands) Current tax (expense) benefit ​ $ (709) ​ $ 1,232 ​ $ (34) Deferred tax (expense) benefit ​ (2,832) ​ 3,033 ​ 1,336 Income tax (expense) benefit ​ $ (3,541) ​ $ 4,265 ​ $ 1,302 ​ As of December 31, 2021 and 2020, we have a net deferred tax liability of $5.3 million and $2.5 million primarily related to the management and leasing contracts assumed in the Combination, partially offset by deferred tax assets associated with tax versus book differences, related general and administrative expenses and the NOL carry forward from 2020 and 2019, as well as NOLs converted from charitable contribution carry forwards from 2021 and 2020. We are subject to federal, state and local income tax examinations by taxing authorities for the tax years ending in 2018 through 2021. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ 2021 2020 ​ ​ (In thousands) Deferred tax assets: ​ ​ Accrued bonus ​ $ 388 ​ $ 1,921 NOL ​ 1,206 ​ 2,770 Deferred revenue ​ 1,473 ​ — Capital loss ​ 3,130 ​ 1,283 Charitable contributions ​ 1,091 ​ 1,533 Other ​ 302 ​ 265 Total deferred tax assets ​ 7,590 ​ 7,772 Valuation allowance ​ (3,969) ​ (2,072) Total deferred tax assets, net of valuation allowance ​ 3,621 ​ 5,700 Deferred tax liabilities: ​ ​ Basis difference - intangible assets ​ (4,911) ​ (5,887) Basis difference - real estate ​ ​ (3,033) ​ ​ (2,164) Basis difference - investments ​ ​ (989) ​ ​ — Other ​ (28) ​ (158) Total deferred tax liabilities ​ (8,961) ​ (8,209) Net deferred tax liability ​ $ (5,340) ​ $ (2,509) ​ During the year ended December 31, 2021, our Board of Trustees declared cash dividends totaling $0.90 of which $0.252 was taxable as ordinary income for federal income tax purposes, $0.423 were capital gain distributions and the remaining $0.225 will be determined in 2022. During the year ended December 31, 2020, our Board of Trustees declared cash dividends totaling $0.90 of which $0.489 was taxable as ordinary income for federal income tax purposes and $0.411 were capital gain distributions. During the year ended December 31, 2019, our Board of Trustees declared cash dividends totaling $0.90 of which $0.468 was taxable as ordinary income for federal income tax purposes and $0.432 were capital gain distributions.

Redeemable Noncontrolling Inter

Redeemable Noncontrolling Interests	12 Months Ended
	Dec. 31, 2021
Redeemable Noncontrolling Interests
Redeemable Noncontrolling Interests	11. Redeemable Noncontrolling Interests JBG SMITH LP Op Units held by persons other than JBG SMITH are redeemable for cash or, at our election, our common shares, subject to certain limitations. Vested LTIP Units are redeemable into OP Units and, in turn cash or, at our election, our common shares, subject to certain limitations. During the years ended December 31, 2021 and 2020, unitholders redeemed 906,126 and 1.3 million OP Units and LTIP Units, which we elected to redeem for an equivalent number of our common shares. As of December 31, 2021, outstanding OP Units and redeemable LTIP Units totaled 14.9 million, representing a 10.5% ownership interest in JBG SMITH LP. In our consolidated balance sheets, our OP Units and certain vested 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 2022, as of the date of this filing, unitholders redeemed 205,455 OP Units and LTIP Units, which we elected to redeem for an equivalent number of our common shares. Consolidated Real Estate Venture We are a partner in The Wren, 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 December 31, 2021, we held a 96.0% ownership interest in the real estate venture. The following is a summary of the activity of redeemable noncontrolling interests: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ 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 ​ (29,634) ​ — ​ (29,634) ​ (47,517) ​ — ​ (47,517) LTIP Units issued in lieu of cash bonuses (1) ​ 5,614 ​ — ​ 5,614 ​ 4,066 ​ — ​ 4,066 Net loss attributable to redeemable noncontrolling interests ​ (8,671) ​ (57) ​ (8,728) ​ (4,818) ​ (140) ​ (4,958) Other comprehensive income (loss) ​ 2,675 ​ — ​ 2,675 ​ (2,990) ​ — ​ (2,990) Distributions ​ (17,170) ​ (148) ​ (17,318) ​ (15,629) ​ — ​ (15,629) Share-based compensation expense ​ 47,222 ​ — ​ 47,222 ​ 64,611 ​ — ​ 64,611 Adjustment to redemption value ​ (9,650) ​ 1,796 ​ (7,854) ​ (81,540) ​ 1,947 ​ (79,593) Balance, end of period ​ $ 513,268 ​ $ 9,457 ​ $ 522,725 ​ $ 522,882 ​ $ 7,866 ​ $ 530,748 (1) See Note 13 for additional information.

Property Rental Revenue

Property Rental Revenue	12 Months Ended
	Dec. 31, 2021
Property Rental Revenue
Property Rental Revenue	12. Property Rental Revenue The following is a summary of property rental revenue from our non-cancellable leases: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ 2021 2020 ​ 2019 ​ ​ (In thousands) Fixed ​ $ 456,393 ​ $ 420,521 ​ $ 458,329 Variable ​ ​ 43,193 ​ ​ 38,437 ​ ​ 34,944 Property rental revenue ​ $ 499,586 ​ $ 458,958 ​ $ 493,273 ​ As of December 31, 2021, the amounts that are contractually due, including amounts due from tenants that were placed on a cash basis, from lease payments under our operating leases on an annual basis for the next five years and thereafter are as follows: ​ ​ ​ ​ ​ Year ending December 31, Amount ​ ​ (In thousands) 2022 ​ $ 384,901 2023 ​ 303,558 2024 ​ 270,820 2025 ​ 230,133 2026 ​ 205,752 Thereafter ​ 2,215,589

Share-Based Payments and Employ

Share-Based Payments and Employment Benefits	12 Months Ended
	Dec. 31, 2021
Share-Based Payments and Employee Benefits
Share-Based Payments and Employee Benefits	13. Share-Based Payments and Employee Benefits OP UNITS Certain OP Units issued in the Combination to the former owners of JBG/Operating Partners, L.P. are subject to post-combination vesting over a period of 60 months The following is a summary of the OP Units activity: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ Unvested ​ Average Grant- ​ Shares Date Fair Value Unvested as of December 31, 2020 ​ 1,520,570 ​ $ 33.39 Vested (1,079,472) ​ 33.39 Unvested as of December 31, 2021 441,098 ​ 33.39 ​ The total-grant date fair value of the OP Units that vested for each of the three years in the period ended December 31, 2021 was $36.0 million, $45.1 million and $4.3 million. JBG SMITH 2017 Omnibus Share Plan On June 23, 2017, our Board of Trustees adopted the JBG SMITH 2017 Omnibus Share Plan (the "Plan"), effective as of July 17, 2017, and authorized the reservation of 10.3 million of our common shares pursuant to the Plan. In April 2021, our shareholders approved an amendment to the Plan to increase the common shares reserved under the Plan by 8.0 million. As of December 31, 2021, there were 8.9 million common shares available for issuance under the Plan. Formation Awards The formation awards issued in the Combination ("Formation Awards") were structured in the form of profits interests in JBG SMITH LP that provide for a share of appreciation determined by the increase in the value of a common share at the time of conversion over the volume-weighted average price of a common share at the time the formation unit was granted. The Formation Awards, subject to certain conditions, generally vest 25% on each of the third and fourth anniversaries and 50% on the fifth anniversary of the date granted, subject to continued employment. Compensation expense for these awards is being recognized over a five-year period through July 2022. The value of vested Formation Awards is realized through conversion of the award into a number of LTIP Units, and subsequent conversion into a number of OP Units determined based on the difference between the volume-weighted average price of a common share at the time the Formation Award was granted and the value of a common share on the conversion date. The conversion ratio between Formation Awards and LTIP Units, which starts at zero, is the quotient of: (i) the excess of the value of a common share on the conversion date above the per share value at the time the Formation Award was granted over (ii) the value of a common share as of the date of conversion. Formation Awards have a finite 10-year term over which their value is allowed to increase and during which they may be converted into LTIP Units (and in turn, OP Units). Holders of Formation Awards will not receive distributions or allocations of net income (net loss) prior to conversion to LTIP Units. The following is a summary of the Formation Awards activity: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ Unvested ​ Average Grant- ​ Shares Date Fair Value Unvested as of December 31, 2020 ​ 1,697,555 ​ $ 8.80 Vested ​ (682,297) ​ ​ 8.81 Forfeited (7,745) ​ 8.04 Unvested as of December 31, 2021 1,007,513 ​ 8.80 ​ The total-grant date fair value of the Formation Awards that vested for each of the three years in the period ended December 31, 2021 was $6.0 million, $6.9 million and $1.4 million. Time-Based LTIP Units, LTIP Units and Special Time-Based LTIP Units During each of the three years in the period ended December 31, 2021, we granted to certain employees 498,955, 381,504 and 351,982 LTIP Units with time-based vesting requirements ("Time-Based LTIP Units") with a weighted average grant-date fair value of $29.21, $38.52 and $34.26 per unit that primarily vest over four years subject to continued employment. Compensation expense for these units is being recognized over a four-year period. Additionally, in July 2021, we granted to certain employees as part of a long-term retention incentive award 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 During each of the three years in the period ended December 31, 2021, we granted 163,065, 90,094 and 91,636 fully vested LTIP Units to certain employees, who elected to receive all or a portion of their cash bonus, related to prior service, as LTIP Units. The LTIP Units had a grant-date fair value of $29.54, $40.13 and $34.21 per unit. During each of the three years in the period ended December 31, 2021, as part of their annual compensation, we granted to non-employee trustees a total of 71,792, 54,607 and 50,159 fully vested LTIP Units with a grant-date fair value of $26.31, $28.38 and $36.28. The LTIP Units may not be sold while a trustee is serving on the Board of Trustees. The aggregate grant-date fair value of the Time-Based LTIP Units and LTIP Units granted (collectively "Granted LTIPs") for each of the three years in the period ended December 31, 2021 was $40.6 million, $19.9 million and $17.0 million. Holders of the Granted LTIPs and the Time-Based LTIP Units issued in 2018 related to our successful pursuit of Amazon's new headquarters ("Special Time-Based LTIP Units") have the right to convert vested units into OP Units, which are then subsequently exchangeable for our common shares. Granted LTIPs and Special Time-Based LTIP Units do not have redemption rights, but any OP Units into which units are converted are entitled to redemption rights. Granted LTIPs and Special Time-Based LTIP Units, generally, vote with the OP Units and do not have any separate voting rights except in connection with actions that would materially and adversely affect the rights of the Granted LTIPs and Special Time-Based LTIP Units. The Granted LTIPs 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 the Granted LTIPs: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ 2021 2020 2019 Expected volatility 34.0% to 39.0% ​ 18.0% to 29.0% ​ 18.0% to 24.0% Risk-free interest rate 0.1% to 0.4% ​ 0.3% to 1.5% ​ 2.3% to 2.6% Post-grant restriction periods 2 to 3 years ​ 2 to 3 years 2 to 3 years ​ The following is a summary of the Granted LTIPs and Special Time-Based LTIP Units activity: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ Unvested ​ Average Grant- ​ Shares Date Fair Value Unvested as of December 31, 2020 ​ 1,171,551 ​ $ 35.90 Granted ​ 1,342,137 ​ ​ 30.24 Vested ​ (592,929) ​ ​ 32.19 Forfeited ​ (13,945) ​ ​ 32.68 Unvested as of December 31, 2021 ​ 1,906,814 ​ ​ 33.10 ​ The total-grant date fair value of the Granted LTIPs and Special Time-Based LTIP Units that vested for each of the three years in the period ended December 31, 2021 was $19.1 million, $15.3 million and $12.0 million. Performance-Based LTIP Units During each of the three years in the period ended December 31, 2021, we granted to certain employees 627,874, 593,100 and 478,411 LTIP Units with performance-based vesting requirements ("Performance-Based LTIP Units") with a weighted average grant-date fair value of $15.14, $18.67 and $19.49 per unit. Performance-Based LTIP Units are performance-based equity compensation pursuant to which participants have the opportunity to earn LTIP Units based on the relative performance of the total shareholder return ("TSR") of our common shares compared to the companies in the FTSE Nareit Equity Office Index, over the defined performance period beginning on the grant date, inclusive of dividends and stock price appreciation. Our Performance-Based LTIP Units have a three-year performance period. 50% of any Performance-Based LTIP Units that are earned vest at the end of the three-year performance period and the remaining 50% vest on the fourth anniversary of the date of grant, subject to continued employment. If, however, the Performance-Based LTIP Units do not achieve a positive absolute TSR at the end of the three-year performance period, but achieve at least the threshold level of the relative performance criteria thereof, 50% of the units that otherwise could have been earned will be forfeited, and the remaining 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 . Additionally, in July 2021, we granted to certain employees as part of a long-term retention incentive award 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 anniversary of the grant date and ending on the sixth anniversary of the grant date. Compensation expense for these units is being recognized over a seven-year period. The aggregate grant-date fair value of the Performance-Based LTIP Units granted for each of the three years in the period ended December 31, 2021 was $29.0 million, $11.1 million and $9.3 million, valued using Monte Carlo simulations. The following is a summary of the significant assumptions used to value the Performance-Based LTIP Units: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ 2021 2020 2019 Expected volatility 31.0% - 34.0% ​ 15.0% ​ 19.0% to 23.0% ​ Dividend yield 2.6% ​ 2.3% ​ 2.3% to 2.5% ​ Risk-free interest rate 0.2% - 1.0% ​ 1.3% ​ 2.3% to 2.6% ​ ​ The following is a summary of the Performance-Based LTIP activity: ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ Unvested ​ Average Grant- ​ ​ Shares ​ Date Fair Value Unvested as of December 31, 2020 2,126,597 ​ $ 19.29 Granted 1,471,944 ​ 19.69 Vested (1) ​ (299,832) ​ ​ 17.07 Forfeited / cancelled (2) (522,467) ​ 22.10 Unvested as of December 31, 2021 (3) 2,776,242 ​ 19.21 (1) Primarily represents the Performance-Based LTIP Units granted in February 2018. Based on our relative performance and absolute TSR over the three-year performance period, all of the outstanding units were earned, with half of the units vesting at the end of the performance period and the remaining half vesting in February 2022. (2) Includes 506,182 Performance-Based LTIP Units issued in 2018 related to our successful pursuit of Amazon’s new headquarters ("Special Performance-Based LTIP Units") that were forfeited in November 2021 as the performance measures were not met. (3) In January 2022, 469,624 Performance-Based LTIP Units, which were unvested as of December 31, 2021, were forfeited as the performance measures were not met . ​ The total-grant date fair value of the Performance-Based LTIP that vested for the year ended December 31, 2021 and 2020 was $5.1 million and $4.6 million. 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 similar to those of the Time-Based LTIP Units and Performance-Based LTIP Units granted in 2021. The aggregate grant-date fair value of the RSUs granted during the year ended December 31, 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. The following is a summary of the RSUs activity: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Time-Based RSUs ​ Performance-Based RSUs ​ ​ Weighted ​ ​ Weighted ​ ​ Unvested ​ Average Grant- ​ Unvested ​ Average Grant- ​ ​ Shares ​ Date Fair Value ​ Shares ​ Date Fair Value Unvested as of December 31, 2020 — ​ $ — ​ — ​ $ — Granted 22,194 ​ 31.52 ​ 13,516 ​ 15.16 Forfeited (616) ​ 32.44 ​ — ​ — Unvested as of December 31, 2021 21,578 ​ 31.50 ​ 13,516 ​ 15.16 ​ ESPP The ESPP authorized the issuance of up to 2.1 million common shares. The ESPP provides eligible employees an option to contribute up to $25,000 in any calendar year, through payroll deductions, toward the purchase of our common shares at a discount of 15.0% of the closing price of a common share on relevant determination dates. As of December 31, 2021, there were 1.9 million common shares available for issuance under the ESPP. Pursuant to the ESPP, employees purchased 64,321, 68,047 and 47,022 common shares for $1.6 million, $1.7 million and $1.5 million during each of the three years in the period ended December 31, 2021. The following is a summary of the significant assumptions used to value the ESPP common shares using the Black-Scholes model: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ 2021 ​ 2020 ​ 2019 Expected volatility 22.0% to 39% ​ 13.0% to 67.0% ​ 18.0% to 28.0% Dividend yield 1.5% to 3.1% ​ 1.1% to 3.3% ​ 2.6% to 3.5% Risk-free interest rate 0.1% ​ 0.1% to 1.7% ​ 2.2% to 2.4% Expected life ​ 6 months ​ 6 months ​ 6 months ​ Share-Based Compensation Expense The following is a summary of share-based compensation expense: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ 2021 2020 2019 ​ (In thousands) Time-Based LTIP Units ​ $ 16,705 ​ $ 14,018 ​ $ 11,386 Performance-Based LTIP Units ​ 13,101 ​ 17,815 ​ 8,716 LTIP Units ​ 1,091 ​ 1,100 ​ 1,000 Other equity awards (1) ​ 7,355 ​ 6,024 ​ 4,535 Share-based compensation expense - other ​ 38,252 ​ 38,957 ​ 25,637 Formation Awards ​ 2,874 ​ 4,242 ​ 5,734 OP Units and LTIP Units (2) ​ 7,927 ​ 21,836 ​ 30,282 Special Time-Based LTIP Units and Special Performance-Based LTIP Units ​ 5,524 ​ 5,600 ​ 6,146 Share-based compensation related to Formation Transaction and special equity awards (3) ​ 16,325 ​ 31,678 ​ 42,162 Total share-based compensation expense ​ 54,577 ​ 70,635 ​ 67,799 Less: amount capitalized ​ (3,026) ​ (4,584) ​ (2,526) Share-based compensation expense ​ $ 51,551 ​ $ 66,051 ​ $ 65,273 (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) Included in "General and administrative expense: Share-based compensation related to Formation Transaction and special equity awards" in the accompanying consolidated statements of operations. As of December 31, 2021, we had $62.6 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 3.6 years. Employee Benefits We have a 401(k) defined contribution plan covering substantially all of our officers and employees which permits participants to defer compensation up to the maximum amount permitted by law. We provide a discretionary matching contribution. Employees' contributions, which vests after one year of service. Our contributions for each of the three years in the period ended December 31, 2021 were $2.4 million, $2.2 million and $2.0 million. 2022 Grants Beginning in 2022, certain employees were granted performance-based, appreciation-only LTIP Units ("AO LTIP Units"). The AO LTIP Units are structured in the form of profit interests that provide for a share of appreciation determined by the increase in the value of a common share at the time of conversion over the participation threshold of $32.30. The AO LTIP Units have a three-year performance period. 50% of any AO 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. The AO LTIP Units are subject to a TSR modifier whereby the number of AO LTIP Units that will ultimately be earned will be increased or reduced by as much as 25%. In January 2022, we granted 1.5 million AO LTIP Units, 702,888 Time-Based LTIP Units, 21,705 Performance-Based LTIP Units and 39,536 Time-Based RSUs to certain employees with an estimated aggregate grant-date fair value of $27.3 million. In February 2022, we granted 252,206 fully vested LTIP Units, with a total grant-date fair value of $5.6 million, to certain employees who elected to receive all or a portion of their cash bonus earned, related to 2021 service, as LTIP Units.

Transaction and Other Costs

Transaction and Other Costs	12 Months Ended
	Dec. 31, 2021
Transaction and Other Costs.
Transaction and Other Costs	14. Transaction and Other Costs The following is a summary of transaction and other costs: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ 2021 2020 2019 ​ (In thousands) Demolition costs ​ $ 3,573 ​ $ 682 ​ $ 5,432 Integration and severance costs ​ 1,038 ​ 3,694 ​ 5,252 Completed, potential and pursued transaction expenses (1) ​ 5,818 ​ 294 ​ 651 Relocation of corporate headquarters (2) ​ ​ — ​ ​ — ​ ​ 10,900 Other (3) ​ — ​ 4,000 ​ 1,000 Transaction and other costs ​ $ 10,429 ​ $ 8,670 ​ $ 23,235 (1) Includes primarily legal and dead deal costs. (2) In November 2019, we relocated our corporate headquarters and incurred an impairment loss on the right-of-use assets for leases related to our former corporate headquarters as well as other costs. (3) Related to charitable commitments to the Washington Housing Conservancy, a non-profit that acquires and owns affordable workforce housing in the Washington D.C. metropolitan area .

Interest Expense

Interest Expense	12 Months Ended
	Dec. 31, 2021
Interest Expense
Interest Expense	15. Interest Expense The following is a summary of interest expense: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ 2021 2020 2019 ​ (In thousands) Interest expense before capitalized interest ​ $ 68,485 ​ $ 70,561 ​ $ 78,313 Amortization of deferred financing costs ​ 4,291 ​ 3,315 ​ 3,217 Interest expense related to finance lease right-of-use assets ​ ​ 2,261 ​ ​ 1,450 ​ ​ 921 Net unrealized (gain) loss on derivative financial instruments not designated as accounting hedges ​ (342) ​ 184 ​ 50 Capitalized interest ​ (6,734) ​ (13,189) ​ (29,806) Interest expense ​ $ 67,961 ​ $ 62,321 ​ $ 52,695 ​

Shareholders' Equity and Earnin

Shareholders' Equity and Earnings (Loss) Per Common Share	12 Months Ended
	Dec. 31, 2021
Shareholders' Equity and Earnings (Loss) Per Common Share
Shareholders' Equity and Earnings (Loss) Per Common Share	16. Shareholders' Equity and Earnings (Loss) Per Common Share Common Shares Repurchased In March 2020, our Board of Trustees authorized the repurchase of up to $500.0 million of our outstanding common shares. During the year ended December 31, 2021, we repurchased and retired 5.4 million common shares for $157.7 million, a weighted average purchase price per share of $29.34. During the year ended December 31, 2020, we repurchased and retired 3.8 million common shares for $104.8 million, a weighted average purchase price per share of $27.72. Since we began the share repurchase program, we have repurchased and retired 9.1 million common shares for $262.4 million, a weighted average purchase price per share of $28.67. Shareholders' Equity In April 2019, we closed an underwritten public offering of 11.5 million common shares (including 1.5 million common shares related to the exercise of the underwriters' option to cover overallotments) at $42.00 per share, which generated net proceeds, after deducting the underwriting discounts and commissions and other offering expenses, of $472.8 million. Earnings (Loss) Per Common Share The following is a summary of the calculation of basic and diluted earnings (loss) per common share and a reconciliation of the amounts of net income (loss) available to common shareholders used in calculating basic and diluted earnings (loss) per common share to net income (loss): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ 2021 2020 2019 ​ ​ (In thousands, except per share amounts) Net income (loss) ​ $ (89,725) ​ $ (67,261) ​ $ 74,144 Net (income) loss attributable to redeemable noncontrolling interests ​ 8,728 ​ 4,958 ​ (8,573) Net loss attributable to noncontrolling interests ​ 1,740 ​ — ​ — Net income (loss) attributable to common shareholders ​ ​ (79,257) ​ ​ (62,303) ​ 65,571 Distributions to participating securities ​ (2,854) ​ (3,100) ​ (2,489) Net income (loss) available to common shareholders - basic and diluted ​ $ (82,111) ​ $ (65,403) ​ $ 63,082 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average number of common shares outstanding - basic and diluted ​ 130,839 ​ 133,451 ​ 130,687 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Earnings (loss) per common share - basic and diluted ​ $ (0.63) ​ $ (0.49) ​ 0.48 ​ The effect of the redemption of OP Units, Time-Based LTIP Units, fully vested LTIP Units and Special Time-Based LTIP Units that were outstanding as of December 31, 2021 and 2020 is excluded in the computation of diluted earnings (loss) 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 (loss) per share). Since OP Units, Time-Based LTIP Units, LTIP Units and Special 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 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 (loss) per common share. Performance-Based LTIP Units, Formation Awards and RSUs, which totaled 4.5 million, 4.7 million and 4.7 million for each of the three years in the period ended December 31, 2021, were excluded from the calculation of diluted earnings (loss) per common share as they were antidilutive, but potentially could be dilutive in the future.

Fair Value Measurements

Fair Value Measurements	12 Months Ended
	Dec. 31, 2021
Fair Value Measurements
Fair Value Measurements	17. Fair Value Measurements Fair Value Measurements on a Recurring Basis To manage or hedge our exposure to interest rate risk, we follow established risk management policies and procedures, including the use of a variety of derivative financial instruments. We do not enter into derivative financial instruments for speculative purposes. As of December 31, 2021 and 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 $17.2 million and $43.9 million as of December 31, 2021 and 2020 and was recorded in "Accumulated other comprehensive loss" in our consolidated balance sheets, of which a portion was reclassified to "Redeemable noncontrolling interests." Within the next 12 months, we expect to reclassify $11.4 million of the net unrealized loss as an increase to interest expense. The fair values of the derivative financial instruments are based on the estimated amounts we would receive or pay to terminate the contracts at the reporting date and are determined using interest rate pricing models and observable inputs. The derivative financial instruments are classified within Level 2 of the valuation hierarchy. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Value Measurements ​ Total Level 1 Level 2 Level 3 ​ ​ (In thousands) December 31, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivative financial instruments designated as cash flow hedges: ​ ​ ​ ​ Classified as assets in "Other assets, net" ​ $ 393 ​ ​ — ​ $ 393 ​ ​ — Classified as liabilities in "Other liabilities, net" ​ ​ 18,361 ​ — ​ ​ 18,361 ​ — Derivative financial instruments not designated as accounting hedges: ​ ​ ​ ​ Classified as assets in "Other assets, net" ​ 558 ​ — ​ 558 ​ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 accounting 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 December 31, 2021 and 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 consolidated statements of comprehensive income (loss) for each of the three years in the period ended December 31, 2021 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 consolidated statements of operations as the interest rate swaps were documented and qualified as hedging instruments. Fair Value Measurements on a Nonrecurring Basis We evaluate the carrying amount of our assets for impairment. An impairment exists when the carrying amount of an asset exceeds the sum of the undiscounted cash flows expected to result from the use and eventual disposition of the asset. In connection with the preparation and review of our 2021 annual consolidated financial statements, we assessed the recoverability of the carrying amount of our real estate and related intangible assets. This assessment resulted in the remeasurement of 7200 Wisconsin Avenue, RTC-West and a future development parce1, which are non-core assets that were written down to their estimated aggregate fair value of $309.0 million and were classified as Level 2 in the fair value hierarchy. Our estimates of the fair values were based on expected sales prices as determined by contracts under negotiation as of December 31, 2021, after adjusting for estimated selling costs. The remeasurements results in impairment losses totaling $25.1 million, which are included in "Impairment loss" in our consolidated statement of operations. In connection with the preparation and review of our 2020 annual consolidated financial statements, we assessed the recoverability of the carrying amount of our real estate and related intangible assets. This assessment resulted in the remeasurement of One Democracy Plaza, a non-core commercial asset which was written down to its estimated fair value of $3.3 million, including the right-of-use asset associated with the property's ground lease, and was classified as Level 3 in the fair value hierarchy. Our estimate of fair value was determined using a discounted cash flow model, which considers, among other things, the anticipated holding period, current market conditions and utilizes unobservable quantitative inputs, including appropriate capitalization and discount rates. The remeasurements resulted in an impairment loss of $10.2 million, which is included in "Impairment loss" in our consolidated statement of operations. There were no other assets measured at fair value on a nonrecurring basis as of December 31, 2021 and 2020. Financial Assets and Liabilities Not Measured at Fair Value As of December 31, 2021 and 2020, all financial instruments and liabilities were reflected in our consolidated balance sheets at amounts which, in our estimation, reasonably approximated their fair values, except for the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 ​ December 31, 2020 ​ Carrying ​ Carrying ​ ​ ​ Amount (1) ​ Fair Value ​ Amount (1) ​ Fair Value ​ (In thousands) Financial liabilities: ​ ​ ​ ​ Mortgages payable ​ $ 1,788,259 ​ $ 1,814,780 ​ $ 1,603,869 ​ $ 1,606,470 Revolving credit facility ​ 300,000 ​ 300,363 ​ — ​ — Unsecured term loans ​ 400,000 ​ 400,519 ​ 400,000 ​ 399,678 (1) The carrying amount consists of principal only. The fair values of the mortgages payable, revolving credit facility and unsecured term loans were determined using Level 2 inputs of the fair value hierarchy. 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 revolving credit facility and 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	12 Months Ended
	Dec. 31, 2021
Segment Information
Segment Information	18. Segment Information We review operating and financial data for each property on an individual basis; therefore, each of our individual properties is a separate operating segment. We define our reportable segments to be aligned with our method of internal reporting and the way our Chief Executive Officer, who is also our Chief Operating Decision Maker ("CODM"), makes key operating decisions, evaluates financial results, allocates resources and manages our business. Accordingly, we aggregate our operating segments into three reportable segments (commercial, multifamily, and third-party asset management and real estate services) based on the economic characteristics and nature of our assets and services. The CODM measures and evaluates the performance of our operating segments, with the exception of the third-party asset management and real estate services business, based on the net operating income ("NOI") of properties within each segment. NOI includes property rental revenue and 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 consolidated statements of operations. The following represents the components of revenue from our third-party asset management and real estate services business: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ 2021 2020 2019 ​ (In thousands) Property management fees ​ $ 19,427 ​ $ 20,178 ​ $ 22,437 Asset management fees ​ 8,468 ​ 9,791 ​ 14,045 Development fees (1) ​ 25,493 ​ 11,496 ​ 15,655 Leasing fees ​ 5,833 ​ 5,594 ​ 7,377 Construction management fees ​ 512 ​ 2,966 ​ 1,669 Other service revenue ​ 6,146 ​ 7,255 ​ 4,269 Third-party real estate services revenue, excluding reimbursements ​ 65,879 ​ 57,280 ​ 65,452 Reimbursement revenue (2) ​ 48,124 ​ 56,659 ​ 55,434 Third-party real estate services revenue, including reimbursements ​ ​ 114,003 ​ ​ 113,939 ​ ​ 120,886 Third-party real estate services expenses ​ ​ 107,159 ​ ​ 114,829 ​ ​ 113,495 Third-party real estate services revenue less expenses ​ $ 6,844 ​ $ (890) ​ $ 7,391 (1) As of December 31, 2021 , we had estimated unrecognized development fee revenue totaling $48.6 million, of which $13.8 million, $12.0 million and $6.3 million is expected to be recognized in 2022 , 2023 and 2024 , and $ 16.5 million is expected to be recognized thereafter through 2027 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 $19.6 million and $25.5 million as of December 31, 2021 and 2020, which are classified in "Other assets, net" in our consolidated 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: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ 2021 2020 2019 ​ (In thousands) Net income (loss) attributable to common shareholders ​ $ (79,257) ​ $ (62,303) ​ $ 65,571 Add: ​ ​ ​ Depreciation and amortization expense ​ 236,303 ​ 221,756 ​ 191,580 General and administrative expense: ​ ​ ​ Corporate and other ​ 53,819 ​ 46,634 ​ 46,822 Third-party real estate services ​ 107,159 ​ 114,829 ​ 113,495 Share-based compensation related to Formation Transaction and special equity awards ​ 16,325 ​ 31,678 ​ 42,162 Transaction and other costs ​ 10,429 ​ 8,670 ​ 23,235 Interest expense ​ 67,961 ​ 62,321 ​ 52,695 Loss on extinguishment of debt ​ — ​ 62 ​ 5,805 Impairment loss ​ ​ 25,144 ​ ​ 10,232 ​ ​ — Income tax expense (benefit) ​ 3,541 ​ (4,265) ​ (1,302) Net income (loss) attributable to redeemable noncontrolling interests ​ (8,728) ​ (4,958) ​ 8,573 Net loss attributable to noncontrolling interests ​ ​ (1,740) ​ ​ — ​ ​ — Less: ​ ​ ​ Third-party real estate services, including reimbursements revenue ​ 114,003 ​ 113,939 ​ 120,886 Other revenue ​ 7,671 ​ 15,372 ​ 7,638 Loss from unconsolidated real estate ventures, net ​ (2,070) ​ (20,336) ​ (1,395) Interest and other income (loss), net ​ 8,835 ​ (625) ​ 5,385 Gain on sale of real estate ​ 11,290 ​ 59,477 ​ 104,991 Consolidated NOI ​ $ 291,227 ​ $ 256,829 ​ $ 311,131 ​ The following is a summary of NOI by segment. Items classified in the Other column include future development pipeline assets, corporate entities and the elimination of intersegment activity. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, 2021 ​ Commercial Multifamily Other Total ​ (In thousands) Property rental revenue ​ $ 365,869 ​ $ 139,918 ​ $ (6,201) ​ $ 499,586 Parking revenue ​ 12,441 ​ 415 ​ 246 ​ 13,102 Total property revenue ​ 378,310 ​ 140,333 ​ (5,955) ​ 512,688 Property expense: ​ ​ ​ ​ ​ Property operating ​ 103,022 ​ 52,527 ​ (4,911) ​ 150,638 Real estate taxes ​ 45,701 ​ 20,207 ​ 4,915 ​ 70,823 Total property expense ​ 148,723 ​ 72,734 ​ 4 ​ 221,461 Consolidated NOI ​ $ 229,587 ​ $ 67,599 ​ $ (5,959) ​ $ 291,227 ​ ​ Year Ended December 31, 2020 ​ Commercial Multifamily Other Total ​ ​ (In thousands) Property rental revenue ​ $ 345,403 ​ $ 121,559 ​ $ (8,004) ​ $ 458,958 Parking revenue ​ 13,888 ​ 327 ​ 239 ​ 14,454 Total property revenue ​ 359,291 ​ 121,886 ​ (7,765) ​ 473,412 Property expense: ​ ​ ​ ​ Property operating ​ 105,489 ​ 47,508 ​ (7,372) ​ 145,625 Real estate taxes ​ 47,607 ​ 19,233 ​ 4,118 ​ 70,958 Total property expense ​ 153,096 ​ 66,741 ​ (3,254) ​ 216,583 Consolidated NOI ​ $ 206,195 ​ $ 55,145 ​ $ (4,511) ​ $ 256,829 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, 2019 ​ Commercial Multifamily Other Total ​ ​ (In thousands) Property rental revenue ​ $ 383,311 ​ $ 116,330 ​ $ (6,368) ​ $ 493,273 Parking revenue ​ 25,593 ​ 380 ​ — ​ 25,973 Total property revenue ​ 408,904 ​ 116,710 ​ (6,368) ​ 519,246 Property expense: ​ ​ ​ ​ ​ Property operating ​ 113,177 ​ 35,236 ​ (10,791) ​ 137,622 Real estate taxes ​ 50,115 ​ 15,021 ​ 5,357 ​ 70,493 Total property expense ​ 163,292 ​ 50,257 ​ (5,434) ​ 208,115 Consolidated NOI ​ $ 245,612 ​ $ 66,453 ​ $ (934) ​ $ 311,131 ​ The following is a summary of certain balance sheet data by segment: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commercial Multifamily Other Total ​ ​ (In thousands) December 31, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Real estate, at cost ​ $ 3,477,260 ​ $ 2,367,712 ​ $ 391,504 ​ $ 6,236,476 Investments in unconsolidated real estate ventures ​ 281,515 ​ 103,389 ​ 77,981 ​ 462,885 Total assets ​ 3,739,902 ​ 1,797,807 ​ 848,497 ​ 6,386,206 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 ​ 3,430,509 ​ 1,787,718 ​ 861,320 ​ 6,079,547 ​

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2021
Commitments and Contingencies
Commitments and Contingencies	19. 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 a reasonable cost 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 December 31, 2021, we had assets under construction that will, based on our current plans and estimates, require an additional $291.4 million to complete, which we anticipate will be primarily expended over the next two 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 December 31, 2021 and 2020, and are included in "Other liabilities, net" in our consolidated balance sheets. Operating and Finance Leases As of December 31, 2021, our operating and finance lease liabilities were calculated based on the weighted average discount rates of 5.5% and 4.5%, and had weighted average remaining lease terms of 5.4 years and 97.7 years. As of December 31, 2021, future minimum lease payments under our non-cancellable operating and finance leases are as follows: ​ ​ ​ ​ ​ ​ ​ ​ Year ending December 31, Operating Finance ​ ​ (In thousands) 2022 ​ $ 1,897 ​ $ 3,611 2023 ​ 1,102 ​ 3,703 2024 ​ 1,163 ​ 4,797 2025 ​ 1,227 ​ 4,893 2026 ​ 1,294 ​ 4,991 Thereafter ​ 1,404 ​ 1,343,761 Total future minimum lease payments ​ 8,087 ​ 1,365,756 Imputed interest ​ (1,177) ​ (1,203,246) Total liabilities related to lease right-of-use assets ​ $ 6,910 ​ $ 162,510 ​ During the year ended December 31, 2021, we incurred $731,000 and $2.8 million of fixed operating and finance lease expenses, and $2.6 million of variable operating lease expenses. During the year ended December 31, 2020, we incurred $1.1 million and $1.8 million of fixed operating and finance lease costs, and $1.6 million of variable operating lease costs. Other As of December 31, 2021, we had committed tenant-related obligations totaling $76.0 million ($70.7 million related to our consolidated entities and $5.3 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 December 31, 2021, we had additional capital commitments and certain recorded guarantees to our unconsolidated real estate ventures totaling $66.9 million. As of December 31, 2021, we had no principal payment guarantees related to our unconsolidated real estate ventures. ​ Additionally, with respect to borrowings of our consolidated entities, we have agreed, and may in the future agree, to (i) guarantee portions of the principal, interest and other amounts, (ii) provide customary environmental indemnifications and nonrecourse carve-outs (e.g., guarantees against fraud, misrepresentation and bankruptcy) or (iii) provide guarantees to lenders, tenants and other third parties for the completion of development projects. In connection with the Formation Transaction, we have an agreement with Vornado regarding tax matters (the "Tax Matters Agreement") that provides special rules that allocate tax liabilities if the distribution of JBG SMITH shares by Vornado, together with certain related transactions, is determined not to be tax-free. Under the Tax Matters Agreement, we may be required to indemnify Vornado against any taxes and related amounts and costs resulting from a violation by us of the Tax Matters Agreement.

Transactions with Related Parti

Transactions with Related Parties	12 Months Ended
	Dec. 31, 2021
Transactions with Related Parties
Transactions with Related Parties	20. Transactions with Related Parties Our third-party asset management and real estate services business provides fee-based real estate services to the WHI, Amazon, the JBG Legacy Funds and other third parties. In connection with the contribution to us of certain 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 team 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 financing vehicle of the WHI. As of December 31, 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 December 31, 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 $22.6 million, $22.4 million and $36.5 million for each of the three years in the period ended December 31, 2021. As of December 31, 2021 and 2020, we had receivables from the JBG Legacy Funds and the WHI Impact Pool totaling $3.2 million and $7.5 million for such services. We rented our former corporate offices from an unconsolidated real estate venture and made payments totaling $1.3 million, $4.6 million and $5.0 million for each of the three years in the period ended December 31, 2021. ​ 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 $18.6 million, $16.9 million and $21.8 million for each of the three years in the period ended December 31, 2021, which is included in "Property operating expenses" in our statements of operations.

Schedule III - REAL ESTATE AND

Schedule III - REAL ESTATE AND ACCUMULATED DEPRECIATION	12 Months Ended
	Dec. 31, 2021
REAL ESTATE AND ACCUMULATED DEPRECIATION
REAL ESTATE AND ACCUMULATED DEPRECIATION	SCHEDULE III JBG SMITH PROPERTIES REAL ESTATE AND ACCUMULATED DEPRECIATION December 31, 2021 (Dollars in thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Costs ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Capitalized ​ Gross Amounts at Which Carried ​ Accumulated ​ ​ ​ ​ ​ ​ ​ ​ ​ Initial Cost to Company ​ Subsequent ​ at Close of Period ​ Depreciation ​ ​ ​ ​ ​ ​ ​ ​ ​ Land and ​ Buildings and ​ to ​ Land and ​ Buildings and ​ ​ ​ ​ and ​ Date of ​ Date Description ​ Encumbrances (1) ​ Improvements ​ Improvements ​ Acquisition (2) ​ Improvements ​ Improvements ​ Total ​ Amortization ​ Construction (3) ​ Acquired Commercial Operating Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Universal Buildings ​ $ — ​ $ 69,393 ​ $ 143,320 ​ $ 13,557 ​ $ 68,612 ​ $ 157,658 ​ $ 226,270 ​ $ 61,799 1956 2007 2101 L Street ​ 127,576 ​ 32,815 ​ 51,642 ​ 93,454 ​ 39,768 ​ 138,143 ​ 177,911 ​ 50,779 1975 2003 1730 M Street ​ 47,500 ​ 10,095 ​ 17,541 ​ 19,902 ​ 10,687 ​ 36,851 ​ 47,538 ​ 17,692 1964 2002 1700 M Street ​ — ​ 34,178 ​ 46,938 ​ (26,135) ​ 54,981 ​ — ​ 54,981 ​ — ​ 2002, 2006 Courthouse Plaza 1 and 2 ​ — ​ — ​ 105,475 ​ 61,132 ​ — ​ 166,607 ​ 166,607 ​ 79,032 1989 2002 2121 Crystal Drive ​ 131,535 ​ 21,503 ​ 87,329 ​ 34,817 ​ 22,855 ​ 120,794 ​ 143,649 ​ 57,235 1985 2002 2345 Crystal Drive ​ — ​ 23,126 ​ 93,918 ​ 60,830 ​ 24,165 ​ 153,709 ​ 177,874 ​ 71,931 1988 2002 2231 Crystal Drive ​ — ​ 20,611 ​ 83,705 ​ 26,839 ​ 21,784 ​ 109,371 ​ 131,155 ​ 54,729 1987 2002 1550 Crystal Drive ​ — ​ 22,182 ​ 70,525 ​ 133,794 ​ 24,375 ​ 202,126 ​ 226,501 ​ 53,120 1980, 2020 2002 RTC - West ​ 117,300 ​ 33,220 ​ 134,108 ​ 21,153 ​ 33,390 ​ 155,091 ​ 188,481 ​ 29,467 1988, 2017 2017 2011 Crystal Drive ​ — ​ 18,940 ​ 76,921 ​ 47,156 ​ 19,716 ​ 123,301 ​ 143,017 ​ 58,670 1984 2002 2451 Crystal Drive ​ — ​ 11,669 ​ 68,047 ​ 42,881 ​ 12,496 ​ 110,101 ​ 122,597 ​ 50,621 1990 2002 1235 S. Clark Street ​ 78,000 ​ 15,826 ​ 56,090 ​ 34,954 ​ 16,660 ​ 90,210 ​ 106,870 ​ 45,088 1981 2002 241 18th Street S. ​ — ​ 13,867 ​ 54,169 ​ 53,944 ​ 17,236 ​ 104,744 ​ 121,980 ​ 45,256 1977 2002 251 18th Street S. ​ 34,152 ​ 12,305 ​ 49,360 ​ 57,178 ​ 15,509 ​ 103,334 ​ 118,843 ​ 50,177 1975 2002 1215 S. Clark Street ​ 105,000 ​ 13,636 ​ 48,380 ​ 55,558 ​ 14,338 ​ 103,236 ​ 117,574 ​ 45,990 1983 2002 201 12th Street S. ​ 32,728 ​ 8,432 ​ 52,750 ​ 28,665 ​ 9,039 ​ 80,808 ​ 89,847 ​ 40,584 1987 2002 800 North Glebe Road ​ 107,500 ​ 28,168 ​ 140,983 ​ 2,364 ​ 28,168 ​ 143,347 ​ 171,515 ​ 26,065 2012 2017 2200 Crystal Drive ​ — ​ 10,136 ​ 30,050 ​ 36,767 ​ 10,756 ​ 66,197 ​ 76,953 ​ 25,943 1968 2002 1225 S. Clark Street ​ 85,000 ​ 11,176 ​ 43,495 ​ 36,405 ​ 11,758 ​ 79,318 ​ 91,076 ​ 33,827 1982 2002 1901 South Bell Street ​ — ​ 11,669 ​ 36,918 ​ 20,875 ​ 12,273 ​ 57,189 ​ 69,462 ​ 30,471 1968 2002 Crystal City Marriott ​ — ​ 8,000 ​ 47,191 ​ 23,334 ​ 8,050 ​ 70,475 ​ 78,525 ​ 30,424 1968 2004 2100 Crystal Drive ​ — ​ 7,957 ​ 23,590 ​ 9,118 ​ 8,496 ​ 32,169 ​ 40,665 ​ 1,497 1968 2002 1800 South Bell Street ​ — ​ 9,072 ​ 28,702 ​ 9,891 ​ 9,299 ​ 38,366 ​ 47,665 ​ 19,368 1969 2002 200 12th Street S. ​ 16,439 ​ 8,016 ​ 30,552 ​ 20,528 ​ 8,434 ​ 50,662 ​ 59,096 ​ 27,581 1985 2002 Crystal City Shops at 2100 ​ — ​ 4,059 ​ 9,309 ​ 3,584 ​ 4,049 ​ 12,903 ​ 16,952 ​ 6,377 1968 2002 Crystal Drive Retail ​ — ​ 5,241 ​ 20,465 ​ 3,306 ​ 5,401 ​ 23,611 ​ 29,012 ​ 15,035 2003 2004 7200 Wisconsin Avenue ​ — ​ 34,683 ​ 92,059 ​ (18,210) ​ 30,447 ​ 78,085 ​ 108,532 ​ 10 1986 2017 One Democracy Plaza ​ — ​ — ​ 33,628 ​ (27,353) ​ — ​ 6,275 ​ 6,275 ​ 872 1987 2002 4747 Bethesda Avenue ​ 175,000 ​ 31,510 ​ 21,870 ​ 140,160 ​ 32,518 ​ 161,022 ​ 193,540 ​ 15,360 2016, 2019 2017 1770 Crystal Drive ​ ​ — ​ ​ 10,771 ​ ​ 44,276 ​ ​ 69,335 ​ ​ 11,540 ​ ​ 112,842 ​ ​ 124,382 ​ ​ 3,932 ​ 1980, 2020 ​ 2002 2221 S. Clark Street-Office ​ ​ — ​ ​ 985 ​ ​ 2,704 ​ ​ 6,757 ​ ​ 1,045 ​ ​ 9,401 ​ ​ 10,446 ​ ​ 2,169 ​ 1964 ​ 2002 Multifamily Operating Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fort Totten Square ​ — ​ 24,390 ​ 90,404 ​ 1,379 ​ 24,407 ​ 91,766 ​ 116,173 ​ 16,921 2015 2017 WestEnd25 ​ — ​ 67,049 ​ 5,039 ​ 112,656 ​ 68,343 ​ 116,401 ​ 184,744 ​ 37,156 2009 2007 F1RST Residences ​ — ​ 31,064 ​ 133,256 ​ 165 ​ 31,064 ​ 133,421 ​ 164,485 ​ 10,514 2017 2019 1221 Van Street ​ 87,253 ​ 27,386 ​ 63,775 ​ 27,429 ​ 28,208 ​ 90,382 ​ 118,590 ​ 16,736 2018 2017 North End Retail ​ — ​ 5,847 ​ 9,333 ​ (327) ​ 5,871 ​ 8,982 ​ 14,853 ​ 1,353 2015 2017 RiverHouse Apartments ​ 307,710 ​ 118,421 ​ 125,078 ​ 95,346 ​ 138,994 ​ 199,851 ​ 338,845 ​ 85,421 1960 2007 The Bartlett ​ 217,453 ​ 41,687 ​ — ​ 226,547 ​ 41,901 ​ 226,333 ​ 268,234 ​ 33,545 2016 2007 220 20th Street ​ 80,240 ​ 8,434 ​ 19,340 ​ 102,757 ​ 8,917 ​ 121,614 ​ 130,531 ​ 42,021 2009 2017 Falkland Chase - South & West ​ 37,873 ​ 18,530 ​ 44,232 ​ 1,703 ​ 18,662 ​ 45,803 ​ 64,465 ​ 9,295 1938 2017 Falkland Chase - North ​ — ​ 9,810 ​ 22,706 ​ (1,535) ​ 8,999 ​ 21,982 ​ 30,981 ​ 4,480 1938 2017 West Half ​ — ​ 45,668 ​ 17,902 ​ 161,432 ​ 48,899 ​ 176,103 ​ 225,002 ​ 21,967 2019 2017 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Costs ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Capitalized ​ Gross Amounts at Which Carried ​ Accumulated ​ ​ ​ ​ ​ ​ ​ ​ ​ Initial Cost to Company ​ Subsequent ​ at Close of Period ​ Depreciation ​ ​ ​ ​ ​ ​ ​ ​ ​ Land and ​ Buildings and ​ to ​ Land and ​ Buildings and ​ ​ ​ ​ and ​ Date of ​ Date Description ​ Encumbrances (1) ​ Improvements ​ Improvements ​ Acquisition (2) ​ Improvements ​ Improvements ​ Total ​ Amortization ​ Construction (3) ​ Acquired The Wren $ — $ 14,306 $ — $ 140,345 $ 17,741 $ 136,910 $ 154,651 $ 10,499 2020 ​ 2017 900 W Street ​ ​ — ​ ​ 21,685 ​ ​ 5,162 ​ ​ 39,125 ​ ​ 22,182 ​ ​ 43,790 ​ ​ 65,972 ​ ​ 3,115 ​ 2020 ​ 2017 901 W Street ​ — ​ 25,992 ​ 8,790 ​ 64,696 ​ 26,898 ​ 72,580 ​ 99,478 ​ 6,020 2020 ​ 2017 The Batley ​ ​ — ​ ​ 44,315 ​ ​ 158,408 ​ ​ — ​ ​ 44,315 ​ ​ 158,408 ​ ​ 202,723 ​ ​ 677 ​ 2019 ​ 2021 2221 S. Clark Street-Residential ​ ​ — ​ ​ 5,200 ​ ​ 14,277 ​ ​ 35,332 ​ ​ 5,477 ​ ​ 49,332 ​ ​ 54,809 ​ ​ 11,471 ​ 1964 ​ 2002 Multifamily Construction Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 1900 Crystal Drive ​ ​ — ​ ​ 16,811 ​ ​ 53,187 ​ ​ 58,524 ​ ​ — ​ ​ 128,522 ​ ​ 128,522 ​ ​ — ​ ​ ​ 2002 Near-Term Development Pipeline ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 5 M Street Southwest ​ ​ — ​ ​ 15,550 ​ ​ 6,451 ​ ​ 4,454 ​ ​ 12,672 ​ ​ 13,783 ​ ​ 26,455 ​ ​ 1,022 ​ ​ ​ 2005 2000 South Bell Street ​ ​ — ​ ​ 3,882 ​ ​ 8,805 ​ ​ 1,847 ​ ​ — ​ ​ 14,534 ​ ​ 14,534 ​ ​ — ​ ​ ​ 2002 2001 South Bell Street ​ ​ ​ ​ ​ 3,418 ​ ​ 7,941 ​ ​ 1,647 ​ ​ — ​ ​ 13,006 ​ ​ 13,006 ​ ​ — ​ ​ ​ 2002 223 23rd Street ​ ​ — ​ ​ 3,910 ​ ​ 6,546 ​ ​ 5,388 ​ ​ — ​ ​ 15,844 ​ ​ 15,844 ​ ​ — ​ 1969 ​ 2002 2250 Crystal Drive ​ ​ ​ ​ ​ 3,974 ​ ​ 8,644 ​ ​ 7,557 ​ ​ — ​ ​ 20,175 ​ ​ 20,175 ​ ​ — ​ 1969 ​ 2002 Gallaudet Parcel 1-3 ​ ​ — ​ ​ — ​ ​ — ​ ​ 7,494 ​ ​ — ​ ​ 7,494 ​ ​ 7,494 ​ ​ — ​ ​ ​ 2017 2525 Crystal Drive ​ ​ — ​ ​ 5,086 ​ ​ — ​ ​ 6,312 ​ ​ 5,086 ​ ​ 6,312 ​ ​ 11,398 ​ ​ — ​ ​ ​ 2002 RTC - West Trophy Office ​ ​ — ​ ​ 8,687 ​ ​ — ​ ​ (475) ​ ​ 5,596 ​ ​ 2,616 ​ ​ 8,212 ​ ​ — ​ ​ ​ 2017 101 12th Street ​ ​ — ​ ​ 6,335 ​ ​ — ​ ​ 4,141 ​ ​ 6,335 ​ ​ 4,141 ​ ​ 10,476 ​ ​ — ​ ​ ​ 2002 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Future Development Pipeline — ​ 212,444 ​ 1,522 ​ 35,600 ​ 219,806 ​ 29,760 ​ 249,566 ​ 195 ​ ​ various Corporate ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Corporate ​ 700,000 ​ — ​ — ​ 10,467 ​ — ​ 10,467 ​ 10,467 ​ 4,494 ​ ​ 2017 ​ ​ 2,488,259 ​ 1,333,122 ​ 2,656,808 ​ 2,246,546 ​ 1,378,218 ​ 4,858,258 ​ 6,236,476 ​ 1,368,003 ​ ​ ​ ​ Held for sale ​ ​ ​ ​ ​ ​ ​ ​ Pen Place ​ — ​ 104,473 ​ 55 ​ (30,643) ​ 61,970 ​ 11,915 ​ 73,885 ​ 9 2007 ​ ​ $ 2,488,259 ​ $ 1,437,595 ​ $ 2,656,863 ​ $ 2,215,903 ​ $ 1,440,188 ​ $ 4,870,173 ​ $ 6,310,361 ​ $ 1,368,012 ​ ​ ​ ​ Note: Depreciation of the buildings and improvements is calculated over lives ranging from the life of the lease to 40 years . The net basis of our assets and liabilities for tax reporting purposes is approximately $297.0 million higher than the amounts reported in our consolidated balance sheet as of December 31, 2021. (1) Represents the contractual debt obligations. (2) Includes asset impairments recognized, amounts written off in connection with redevelopment activities and partial sale of assets. (3) Date of original construction, many assets have had substantial renovation or additional construction. See "Costs Capitalized Subsequent to Acquisition" column. ​ The following is a reconciliation of real estate and accumulated depreciation: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ 2021 2020 2019 Real Estate: ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance at beginning of the year ​ $ 6,074,516 ​ $ 5,943,970 ​ $ 5,895,953 Acquisitions ​ 202,565 ​ 65,270 ​ 164,320 Additions ​ 165,930 ​ 252,306 ​ 469,450 Assets sold or written‑off ​ (92,332) ​ (152,000) ​ (585,753) Real estate impaired (1) ​ ​ (40,318) ​ ​ (35,030) ​ ​ — Balance at end of the year ​ $ 6,310,361 ​ $ 6,074,516 ​ $ 5,943,970 Accumulated Depreciation: ​ ​ ​ Balance at beginning of the year ​ $ 1,232,699 ​ $ 1,119,612 ​ $ 1,086,844 Depreciation expense ​ 201,649 ​ 194,190 ​ 161,937 Accumulated depreciation on assets sold or written‑off ​ (51,162) ​ (53,878) ​ (129,169) Accumulated depreciation on real estate impaired (1) ​ ​ (15,174) ​ ​ (27,225) ​ ​ — Balance at end of the year ​ $ 1,368,012 ​ $ 1,232,699 ​ $ 1,119,612 (1) In connection with the preparation and review of our 2021 annual consolidated financial statements, we determined that 7200 Wisconsin Avenue, RTC-West and a future development asset, non-core assets, were impaired due to shortened expected holding periods, based on contracts under negotiation as of December 31, 2021, and recorded impairment losses totaling $25.1 million. In connection with the preparation and review of our 2020 annual consolidated financial statements, we determined that One Democracy Plaza, a non-core commercial asset, was impaired due to a decline in the fair value of the asset and recorded an impairment loss of $10.2 million, of which $7.8 million related to real estate. The remaining $2.4 million of the impairment loss was attributable to the right-of-use asset associated with the property's ground lease.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2021
Summary of Significant Accounting Policies
Basis of Presentation	Basis of Presentation The accompanying consolidated financial statements and notes are prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP"). All intercompany transactions and balances have been eliminated. The accompanying consolidated financial statements include our accounts and those of our wholly owned subsidiaries and consolidated variable interest entities ("VIEs"), including JBG SMITH LP. See Note 6 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 consolidated financial statements.
Use of Estimates	Use of Estimates The preparation of the consolidated financial statements in conformity with GAAP requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities, and the disclosure of contingent assets and liabilities as of the date of the consolidated financial statements and the reported amounts of revenue and expenses during the reporting period. The most significant of these estimates include: (i) the underlying cash flows and anticipated holding periods used in assessing impairment; (ii) the determination of useful lives for tangible and intangible assets; and (iii) the assessment of the collectability of receivables, including deferred rent receivables. Longer anticipated 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. During the years ended December 31, 2021 and 2020, we recorded $1.1 million and $11.2 million of credit losses against billed rent receivables, and $19.6 million against deferred (straight-line) rent receivables during the year ended December 31, 2020. These losses were due to the effects of COVID-19, primarily from co-working and retail tenants, that were unable to pay rent while businesses were closed, not operating at full capacity or while employees continue to work from home. 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. We provided rent deferrals that had been contractually due during 2020 and 2021 totaling $10.1 million, of which $4.0 million was subsequently abated and $1.2 million was collected. During 2021, revenue for the majority of these tenants continued to be recognized on the cash basis of accounting. While we have seen some improvement in performance and cash collections, our retailers and co-working tenants are still experiencing some impact from the effects of COVID-19 and may continue to experience such impact. During the fourth quarter of 2021, we received $4.5 million of business interruption insurance proceeds for COVID-19 related losses, which were included in "Interest and other income (loss), net" in our consolidated statement of operations.
Asset Acquisitions	Asset Acquisitions We account for asset acquisitions at cost, which includes the consolidation of previously unconsolidated real estate ventures, including transaction costs, plus the fair value of any assumed debt. We estimate the fair values of acquired tangible assets (consisting of real estate, tenant and other receivables, and other assets, as applicable), identified intangible assets and liabilities (consisting of in-place leases, above- and below-market leases, options to enter into ground leases and management contracts, as applicable), assumed debt and other liabilities, and noncontrolling interests, as applicable, based on our evaluation of information and estimates available at the date of acquisition. Based on these estimates, we allocate the purchase price, including all transaction costs related to the acquisition and any contingent consideration, to the identified assets acquired and liabilities assumed based on their relative fair value. The results of operations of acquisitions are prospectively included in our consolidated financial statements beginning with the date of the acquisition. The fair values of buildings are determined using the "as-if vacant" approach whereby we use discounted cash flow models with inputs and assumptions that we believe are consistent with current market conditions for similar assets. The most significant assumptions in determining the allocation of the purchase price to buildings are the exit capitalization rate, discount rate, estimated market rents and hypothetical expected lease-up periods. We assess the fair value of land based on market comparisons and development projects using an income approach of cost plus a margin. The fair values of identified intangible assets are determined based on the following: ● The value allocable to the above- or below-market component of an acquired in-place lease is determined based upon the present value (using a discount rate which reflects the risks associated with the acquired lease) of the difference between: (i) the contractual amounts to be received pursuant to the lease over its remaining term and (ii) management's estimate of the amounts that would be received using market rates over the remaining term of the lease. Amounts allocated to above- market leases are recorded as lease intangible assets in "Other assets, net" in our consolidated balance sheets, and amounts allocated to below-market leases are recorded as lease intangible liabilities in "Other liabilities, net" in our consolidated balance sheets. These intangibles are amortized to "Property rental revenue" in our consolidated statements of operations over the remaining terms of the respective leases; and ● Factors considered in determining the value allocable to in-place leases during hypothetical lease-up periods related to space that is leased at the time of acquisition include: (i) lost rent and operating cost recoveries during the hypothetical lease-up period and (ii) theoretical leasing commissions required to execute similar leases. These intangible assets are recorded as lease intangible assets in "Other assets, net" in our consolidated balance sheets and are amortized to "Depreciation and amortization expense" in our consolidated statements of operations over the remaining term of the existing lease.
Real Estate	Real Estate Real estate is carried at cost, net of accumulated depreciation and amortization. Maintenance and repairs are expensed as incurred and are included in "Property operating expenses" in our consolidated statements of operations. As real estate is undergoing redevelopment activities, all property operating expenses directly associated with and attributable to the redevelopment, including interest expense, are capitalized to the extent that we believe such costs are recoverable through the value of the property. The capitalization period ends when the asset is ready for its intended use, but no later than one year from substantial completion of major construction activities. General and administrative costs are expensed as incurred. Depreciation and amortization require an estimate of the useful life of each property and improvement as well as an allocation of the costs associated with a property to its various components. Depreciation and amortization are recognized on a straight-line basis over estimated useful lives, which range from three Construction in progress, including land, is carried at cost, and no depreciation is recorded. Real estate undergoing significant renovations and improvements is considered to be under development. All direct and indirect costs related to development activities are capitalized into "Construction in progress, including land" in our consolidated balance sheets, except for certain demolition costs, which are expensed as incurred. Direct development costs incurred include: pre-development expenditures directly related to a specific project, development and construction costs, interest, insurance and real estate taxes. Indirect development costs include: employee salaries and benefits, travel and other related costs that are directly associated with the development. Our method of calculating capitalized interest expense is based upon applying our weighted average borrowing rate to the actual accumulated expenditures if the property does not have property specific debt. If the property is encumbered by specific debt, we will capitalize both the interest incurred applicable to that debt and additional interest expense using our weighted average borrowing rate for any accumulated expenditures in excess of the principal balance of the debt encumbering the property. The capitalization of such expenses ceases when the real estate is ready for its intended use, but no later than one-year from substantial completion of major construction activities. Our real estate and related intangible assets are reviewed for impairment whenever there are changes in circumstances or indicators that the carrying amount of the assets may not be recoverable. These indicators may include operating performance, shortened anticipated holding periods, costs in excess of budgets for under-construction assets and adverse changes in circumstances. An impairment exists when the carrying amount of an asset exceeds the sum of the undiscounted cash flows expected to result from the use and eventual disposition of the asset. Estimates of future cash flows are based on our current plans, anticipated holding periods and available market information at the time the analyses are prepared. An impairment loss is recognized if the carrying amount of the asset is not recoverable and is measured based on the excess of the property's carrying amount over its estimated fair value. Estimated fair values are calculated based on the following information in order of preference, dependent upon availability: (i) pending or executed agreements, (ii) market prices for comparable properties or (iii) the sum of discounted cash flows. If our estimates of future cash flows, anticipated holding periods, or fair values change, based on market conditions, anticipated selling prices or other factors, our evaluation of impairment losses may be different and such differences could be material to our consolidated financial statements. Estimates of future cash flows are subjective and are based, in part, on assumptions regarding future occupancy, rental rates and capital requirements that could differ materially from actual results.
Cash and Cash Equivalents	Cash and Cash Equivalents Cash and cash equivalents consist of highly liquid investments with a purchase date life to maturity of three months or less and are carried at cost, which approximates fair value due to their short-term maturities.
Restricted Cash	Restricted Cash Restricted cash consists primarily of proceeds from property dispositions held in escrow, security deposits held on behalf of our tenants and cash escrowed under loan agreements for debt service, real estate taxes, property insurance and capital improvements.
Investments in Real Estate Ventures	Investments in Real Estate Ventures We analyze each real estate venture to determine whether the entity should be consolidated. If it is determined that an entity is a VIE in which we have a variable interest, we assess whether we are the primary beneficiary of the VIE to determine whether it should be consolidated. We are not the primary beneficiary of a VIE when we do not have voting control, lack the power to direct the activities that most significantly impact the entity's economic performance, or the limited partners (or non-managing members) have substantive participatory rights. If it is determined that the entity is not a VIE, then the determination as to whether we consolidate is based on whether we have a controlling financial interest in the entity, which is based on our voting interests and the degree of influence we have over the entity. Management uses judgment when determining if we are the primary beneficiary of or have a controlling financial interest in a VIE. Factors considered in determining whether we have the power to direct the activities that most significantly impact the entity's economic performance include voting rights, involvement in day-to-day capital and operating decisions, and the extent of our involvement in the entity. We use the equity method of accounting for investments in unconsolidated real estate ventures when we have significant influence, but do not have a controlling financial interest. Significant influence is typically indicated through ownership of 20% or more of the voting interests. Under the equity method, we record our investments in these entities in "Investments in unconsolidated real estate ventures" in our consolidated balance sheets, and our proportionate share of earnings or losses earned by the real estate venture is recognized in "Loss from unconsolidated real estate ventures, net" in the accompanying consolidated statements of operations. We earn revenue from the management services we provide to unconsolidated real estate ventures. These fees are determined in accordance with the terms specific to each arrangement and may include property and asset management fees, or transactional fees for leasing, acquisition, development and construction, financing and legal services provided. We account for this revenue gross of our ownership interest in each respective real estate venture and recognize such revenue in "Third-party real estate services, including reimbursements" in our consolidated statements of operations when earned. Our proportionate share of related expenses is recognized in "Loss from unconsolidated real estate ventures, net" in our consolidated statements of operations. We may also earn incremental promote distributions if certain financial return benchmarks are achieved upon ultimate disposition of the underlying properties. Promote revenue is recognized when certain earnings events have occurred, and the amount of revenue is determinable and collectible. Any promote revenue is reflected in "Loss from unconsolidated real estate ventures, net" in our consolidated statements of operations. With regard to distributions from unconsolidated real estate ventures, we use the information that is available to us to determine the nature of the underlying activity that generated the distributions. Using the nature of distribution approach, cash flows generated from the operations of an unconsolidated real estate venture are classified as a return on investment (cash inflow from operating activities) and cash flows from property sales, debt refinancing or sales of our investments are classified as a return of investment (cash inflow from investing activities). On a periodic basis, we evaluate our investments in unconsolidated real estate ventures for impairment. An investment in a real estate venture is considered impaired if we determine that its fair value is less than the net carrying value of the investment in that real estate venture on an other-than-temporary basis. Cash flow projections for the investments consider property level factors such as expected future operating income, trends and prospects, anticipated holding periods, as well as the effects of demand, competition and other factors. We consider various qualitative factors to determine if a decrease in the value of our investment is other-than-temporary. These factors include the age of the venture, our intent and ability to retain our investment in the entity, financial condition and long-term prospects of the entity and relationships with our partners and banks. If we believe that the decline in the fair value of the investment is temporary, no impairment loss is recorded. If our analysis indicates that there is an other-than temporary impairment related to the investment in a particular real estate venture, the carrying value of the venture will be adjusted to an amount that reflects the estimated fair value of the investment.
Intangibles	Intangibles Intangible assets consist of: (i) in-place leases, below-market ground rent obligations, above-market real estate leases and options to enter into ground leases that were recorded in connection with the acquisition of properties and (ii) management and leasing contracts acquired in the Combination. Intangible liabilities consist of above-market ground rent obligations and below-market real estate leases that are also recorded in connection with the acquisition of properties. Both intangible assets and liabilities are amortized and accreted using the straight-line method over their applicable remaining useful life. When a lease or contract is terminated early, any remaining unamortized or unaccreted balances are charged to earnings. The useful lives of intangible assets are evaluated each reporting period with any changes in estimated useful lives being accounted for over the revised remaining useful life. Intangible assets also include the wireless spectrum licenses we acquired. 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.
Investments	Investments Investments in equity securities without readily determinable fair values are carried at cost. Investments in investment funds without readily determinable fair values that qualify for the net asset value ("NAV") practical expedient are carried at fair value based on their reported NAV. Investments in equity securities and investment funds are included in "Other assets" in our consolidated balance sheets. Realized and unrealized gains and losses are included in “Interest and other income (loss), net” in our consolidated statements of operations.
Assets Held for Sale	Assets Held for Sale Assets, primarily consisting of real estate, are classified as held for sale when all the necessary criteria are met. The criteria include: (i) management, having the authority to approve action, commits to a plan to sell the property in its present condition, (ii) the sale of the property is at a price reasonable in relation to its current fair value and (iii) the sale is probable and expected to be completed within one year. Real estate held for sale is carried at the lower of carrying amounts or estimated fair value less disposal costs. Depreciation and amortization is not recognized on real estate classified as held for sale.
Deferred Costs	Deferred Costs Deferred financing costs consist of loan issuance costs directly related to financing transactions that are deferred and amortized over the term of the related loan as a component of interest expense. Unamortized deferred financing costs related to our mortgages payable and unsecured term loans are presented as a direct deduction from the carrying amounts of the related debt instruments, while such costs related to our revolving credit facility are included in other assets.
Noncontrolling Interests	Noncontrolling Interests We identify our noncontrolling interests separately in our consolidated balance sheets. Amounts of consolidated net income (loss) attributable to redeemable noncontrolling interests and to the noncontrolling interests in consolidated subsidiaries are presented separately in our consolidated statements of operations. Redeemable Noncontrolling Interests Noncontrolling Interests
Derivative Financial Instruments and Hedge Accounting	Derivative Financial Instruments and Hedge Accounting Derivative financial instruments are used at times to manage exposure to variable interest rate risk. Derivative financial instruments are recognized as either assets or liabilities and are measured at fair value. The accounting for changes in the fair value of a derivative depends on the intended use of the derivative and the resulting designation. Derivative Financial Instruments Designated as Cash Flow Hedges Derivative instruments and hedging activities require management to make judgments on the nature of its derivatives and their effectiveness as hedges. These judgments determine if the changes in fair value of the derivative instruments are reported in our consolidated statements of operations, or in our consolidated statements of comprehensive income (loss). Derivative Financial Instruments Not Designated as Accounting Hedges
Fair Value of Assets and Liabilities	Fair Value of Assets and Liabilities Accounting Standards Codification ("ASC") 820 ("Topic 820"), Fair Value Measurement and Disclosures, defines fair value and establishes a framework for measuring fair value. The objective of fair value is to determine the price that would be received upon the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (the exit price). Topic 820 establishes a fair value hierarchy that prioritizes observable and unobservable inputs used to measure fair value into three levels: Level 1 — quoted prices (unadjusted) in active markets that are accessible at the measurement date for assets or liabilities; Level 2 — observable prices that are based on inputs not quoted in active markets, but corroborated by market data; and Level 3 — unobservable inputs that are used when little or no market data is available. The fair value hierarchy gives the highest priority to Level 1 inputs and the lowest priority to Level 3 inputs. In determining fair value, we utilize valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible as well as consider counterparty credit risk in our assessment of fair value.
Revenue Recognition	Revenue Recognition We have leases with various tenants across our portfolio of properties, which generate rental income and operating cash flows for our benefit. Through these leases, we provide tenants with the right to control the use of our real estate, which tenants agree to use and control. The right to control our real estate conveys to our tenants substantially all of the economic benefits and the right to direct how and for what purpose the real estate is used throughout the period of use, thereby meeting the definition of a lease. Leases will be classified as either operating, sales-type or direct finance leases based on whether the lease is structured in effect as a financed purchase. Property rental revenue includes base rent each tenant pays in accordance with the terms of its respective lease and is reported on a straight-line basis over the non-cancellable term of the lease, which includes the effects of periodic step-ups in rent and rent abatements under the lease. When a renewal option is included within the lease, we assess whether the option is reasonably certain of being exercised against relevant economic factors to determine whether the option period should be included as part of the lease term. Further, property rental revenue includes tenant reimbursement revenue from the recovery of all or a portion of the operating expenses and real estate taxes of the respective assets. Tenant reimbursements, which vary each period, are non-lease components that are not the predominant activity within the contract. We have elected the practical expedient that allows us to combine certain lease and non-lease components of our operating leases. Non-lease components are recognized together with fixed base rent in "Property rental revenue", as variable lease income in the same periods as the related expenses are incurred. Certain commercial leases may also provide for the payment by the lessee of additional rents based on a percentage of sales, which are recorded as variable lease income in the period the additional rents are earned. We commence rental revenue recognition when the tenant takes possession of the leased space or controls the physical use of the leased space and when the leased space is substantially ready for its intended use. In circumstances where we provide a tenant improvement allowance for improvements that are owned by the tenant, we recognize the allowance as a reduction of property rental revenue on a straight-line basis over the term of the lease commencing when the tenant takes possession of the space. Differences between rental revenue recognized and amounts due under the respective lease agreements are recorded as an increase or decrease to "Deferred rent receivable, net" in our consolidated balance sheets. Property rental revenue also includes the amortization or accretion of acquired above-and below-market leases. We periodically evaluate the collectability of amounts due from tenants and recognize an adjustment to property rental revenue for accounts receivable and deferred rent receivable if we conclude it is not probable we will collect the remaining lease payments under the lease agreements. Any changes to the provision for lease revenue determined to be not probable of collection are included in "Property rental revenue" in our consolidated statements of operations. We exercise judgment in assessing the probability of collection and consider payment history and current credit status in making this determination. Third-party real estate services revenue, including reimbursements, includes property and asset management fees, and transactional fees for leasing, acquisition, development and construction, financing, and legal services. These fees are determined in accordance with the terms specific to each arrangement and are recognized as the related services are performed. Development fees are earned from providing services to third-party property owners and our unconsolidated real estate ventures. The performance obligations associated with our development services contracts are satisfied over time and we recognize our development fee revenue using a time-based measure of progress over the course of the development project due to the stand-ready nature of the promised services. The transaction prices for our performance obligations that are expected to be completed in greater than twelve months are variable based on the costs ultimately incurred to develop the underlying assets. Judgments impacting the timing and amount of revenue recognized from our development services contracts include the determination of the nature and number of performance obligations within a contract, estimates of total development project costs, from which the fees are typically derived, and estimates of the period of time over which the development services are expected to be performed, which is the period over which the revenue is recognized. We recognize development fees earned from unconsolidated real estate venture projects to the extent of our venture partners' ownership interest.
Third-Party Real Estate Services Expenses	Third-Party Real Estate Services Expenses Third-party real estate services expenses include the costs associated with the management services provided to our unconsolidated real estate ventures and other third parties, including amounts paid to third-party contractors for construction projects that we manage. We allocate personnel and other overhead costs using estimates of the time spent performing services for our third-party real estate services and other allocation methodologies.
Lessee Accounting	Lessee Accounting We are obligated under non-cancellable operating and finance leases, including ground leases on certain of our properties with terms extending through the year 2118. When a renewal option is included within a lease, we assess whether the option is reasonably certain of being exercised against relevant economic factors to determine whether the option period should be included as part of the lease term. Lease payments associated with renewal periods that we are reasonably certain will be exercised are included in the measurement of the corresponding lease liability and right-of-use asset. Lease expense for our operating leases is recognized on a straight-line basis over the expected lease term and is included in our consolidated statements of operations in "Property operating expenses." Amortization of the right-of-use asset associated with a finance lease is recognized on a straight-line basis over the expected lease term and is included in our consolidated statements of operations in "Depreciation and amortization expense" with the related interest on our outstanding lease liability included in "Interest expense." Certain lease agreements include variable lease payments that, in the future, will vary based on changes in inflationary measures, market rates or our share of expenditures of the leased premises. Such variable payments are recognized in lease expense in the period in which the variability is determined. Certain lease agreements may also include various non-lease components that primarily relate to property operating expenses associated with our office leases, which also vary each period. We have elected the practical expedient which allows us to combine lease and non-lease components for our ground and office leases and recognize variable non-lease components in lease expense when incurred. We discount our future lease payments for each lease to calculate the related lease liability using an estimated incremental borrowing rate computed based on observable corporate borrowing rates reflective of the general economic environment, taking into consideration our creditworthiness and various financing and asset specific considerations, adjusted to approximate a secured borrowing for the lease term. We made a policy election to forgo recording right-of-use assets and the related lease liabilities for leases with initial terms of 12 months or less.
Income Taxes	Income Taxes We have elected to be taxed as a REIT under sections 856-860 of the Internal Revenue Code of 1986, as amended (the "Code"). Under those sections, a REIT which distributes at least 90% of its REIT taxable income as dividends to its shareholders each year and which meets certain other conditions will not be taxed on that portion of its taxable income which is distributed to its shareholders. Prior to the Separation, Vornado operated as a REIT and distributed 100% of its REIT taxable income to its shareholders; accordingly, no provision for federal income taxes has been made in the accompanying consolidated financial statements for the periods prior to the Separation. We currently adhere and intend to continue to adhere to these requirements and to maintain our REIT status in future periods. As a REIT, we can reduce our taxable income by distributing all or a portion of such taxable income to shareholders. Future distributions will be declared and paid at the discretion of the Board of Trustees and will depend upon cash generated by operating activities, our financial condition, capital requirements, annual dividend requirements under the REIT provisions of the Code and such other factors as our Board of Trustees deems relevant. We also participate in the activities conducted by our subsidiary entities that have elected to be treated as taxable REIT subsidiaries ("TRS") under the Code. As such, we are subject to federal, state, and local taxes on the income from these activities. Income taxes attributable to our TRSs are accounted for under the asset and liability method. Under the asset and liability method, deferred income taxes arise from temporary differences between the tax basis of assets and liabilities and their reported amounts in our consolidated financial statements, which will result in taxable or deductible amounts in the future. We provide for a valuation allowance for deferred income tax assets if we believe all or some portion of the deferred tax asset may not be realized. Any increase or decrease in the valuation allowance that results from a change in circumstances that causes a change in the estimated ability to realize the related deferred tax asset is included in deferred tax benefit (expense). ASC 740 ("Topic 740"), Income Taxes, provides guidance for how uncertain tax positions should be recognized, measured, presented and disclosed in our consolidated financial statements. Topic 740 requires the evaluation of tax positions taken in the course of preparing our tax returns to determine whether the tax positions are "more-likely-than-not" of being sustained by the applicable tax authority. Tax benefits of positions not deemed to meet the more-likely-than-not threshold are recorded as a tax expense in the current year.
Earnings (Loss) Per Common Share	Earnings (Loss) Per Common Share Basic earnings (loss) per common share is computed by dividing net income (loss) attributable to common shareholders by the weighted average common shares outstanding during the period. Unvested share-based compensation awards that entitle holders to receive non-forfeitable dividends are considered participating securities. Consequently, we are required to apply the two-class method of computing basic and diluted earnings (loss) that would otherwise have been available to common shareholders. Under the two-class method, earnings for the period are allocated between common shareholders and participating securities based on their respective rights to receive dividends. During periods of net loss, losses are allocated only to the extent the participating securities are required to absorb their share of such losses. Diluted earnings (loss) per common share reflects the potential dilution of the assumed exchange of various unit and share-based compensation awards into common shares to the extent they are dilutive.
Share-Based Compensation	Share-Based Compensation The fair value of share-based compensation awards granted to our trustees, management or employees is determined, depending on the type of award, using the Monte Carlo or Black-Scholes methods, which is intended to estimate the fair value of the awards at the grant date using dividend yields, expected volatilities that are primarily based on available implied data and peer group companies' historical data and post-vesting restriction periods. The risk-free interest rate is based on the U.S. Treasury yield curve in effect at the time of grant. The shortcut method is used for determining the expected life used in the valuation method. Compensation expense is based on the fair value of our common shares at the date of the grant and is recognized ratably over the vesting period using a graded vesting attribution model. Compensation expense for share-based compensation awards made to retirement eligible employees is recognized over a six-month period after the grant date or over the remaining period until they become retirement eligible. We account for forfeitures as they occur. Distributions paid on unvested OP Units and LTIP Units are recorded to "Redeemable noncontrolling interests" in our consolidated balance sheets. Distributions paid on unvested Restricted Share Units ("RSUs") are recorded to "Additional paid-in capital" in our consolidated balance sheets.
Recent Accounting Pronouncements	Recent Accounting Pronouncements Reference Rate Reform In March 2020, the Financial Accounting Standards Board 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 year ended December 31, 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.

Organization and Basis of Pre_2

Organization and Basis of Presentation (Tables)	12 Months Ended
	Dec. 31, 2021
Organization and Basis of Presentation
Schedule of property rental and other property revenue	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ 2021 2020 2019 ​ ​ (Dollars in thousands) Rental revenue from the U.S. federal government ​ $ 83,256 ​ $ 84,086 ​ $ 86,644 ​ Percentage of commercial segment rental revenue ​ 22.0 % 23.4 % 21.2 % Percentage of total rental revenue ​ 16.2 % 17.8 % 16.7 %

Acquisitions, Dispositions an_2

Acquisitions, Dispositions and Assets Held for Sale (Tables)	12 Months Ended
	Dec. 31, 2021
Acquisitions, 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) December 31, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ Pen Place (2) ​ Other ​ Arlington, Virginia ​ 2,082 ​ $ 73,876 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. In December 2021, we finalized the agreement for the sale of Pen Place for $198.0 million, which represents a $48.1 million increase over the previously estimated contract value.

Tenant and Other Receivables (T

Tenant and Other Receivables (Tables)	12 Months Ended
	Dec. 31, 2021
Tenant and Other Receivables
Schedule of tenant and other receivables	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ 2021 2020 ​ ​ (In thousands) Tenants ​ $ 31,504 ​ $ 39,077 Third-party real estate services ​ 12,563 ​ 15,658 Other ​ 429 ​ 1,168 Total tenant and other receivables ​ $ 44,496 ​ $ 55,903

Investments in Unconsolidated_2

Investments in Unconsolidated Real Estate Ventures (Tables)	12 Months Ended
	Dec. 31, 2021
Investments in Unconsolidated Real Estate Ventures
Summary of Unconsolidated Investments	The following is a summary of the composition of our investments in unconsolidated real estate ventures: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Effective ​ ​ ​ ​ Ownership ​ December 31, Real Estate Venture Partners Interest (1) 2021 2020 ​ ​ ​ ​ (In thousands) Prudential Global Investment Management ("PGIM") 50.0% ​ $ 208,421 ​ $ 216,939 Landmark Partners ("Landmark") 1.8% - 49.0% ​ 28,298 ​ 66,724 CBREI Venture 5.0% - 64.0% ​ 57,812 ​ 65,190 Canadian Pension Plan Investment Board ("CPPIB") 55.0% ​ 48,498 ​ 47,522 J.P. Morgan Global Alternatives ("J.P. Morgan") (2) ​ 50.0% ​ ​ 52,769 ​ ​ — Berkshire Group 50.0% ​ 52,770 ​ ​ 50,649 Brandywine Realty Trust 30.0% ​ 13,693 ​ 13,710 Other ​ ​ 624 ​ ​ 635 Total investments in unconsolidated real estate ventures (3) ​ ​ ​ $ 462,885 ​ $ 461,369 (1) Reflects our effective ownership interests in the underlying real estate as of December 31, 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 December 31, 2021 and 2020, our total investments in unconsolidated real estate ventures were greater than our share of the net book value of the underlying assets by $18.6 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 ​ December 31, ​ Interest Rate (1) 2021 2020 ​ ​ ​ ​ (In thousands) Variable rate (2) 2.50% ​ $ 785,369 ​ $ 863,617 Fixed rate (3) 4.20% ​ 309,813 ​ 323,050 Mortgages payable ​ ​ ​ 1,095,182 ​ 1,186,667 Unamortized deferred financing costs ​ ​ ​ (5,239) ​ (7,479) Mortgages payable, net (4) ​ ​ ​ $ 1,089,943 ​ $ 1,179,188 (1) Weighted average effective interest rate as of December 31, 2021. (2) Includes variable rate mortgages payable with interest rate cap agreements. (3) Includes variable rate mortgages payable with interest rates fixed by interest rate swap agreements. (4) See Note 19 for additional information on guarantees of the debt of certain of our unconsolidated real estate ventures. The following is a summary of the financial information for our unconsolidated real estate ventures: ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ 2021 2020 ​ (In thousands) Combined balance sheet information: ​ ​ ​ ​ ​ ​ Real estate, net ​ $ 2,116,290 ​ $ 2,247,384 Other assets, net ​ 264,397 ​ 270,516 Total assets ​ $ 2,380,687 ​ $ 2,517,900 ​ ​ ​ ​ ​ ​ ​ Mortgages payable, net ​ $ 1,089,943 ​ $ 1,179,188 Other liabilities, net ​ 118,752 ​ 140,304 Total liabilities ​ 1,208,695 ​ 1,319,492 Total equity ​ 1,171,992 ​ 1,198,408 Total liabilities and equity ​ $ 2,380,687 ​ $ 2,517,900 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ 2021 2020 2019 ​ (In thousands) Combined income statement information: (1) ​ ​ ​ ​ ​ ​ ​ ​ ​ Total revenue ​ $ 187,252 ​ $ 203,456 ​ $ 266,653 Operating income (loss) (2) ​ 48,214 ​ (21,639) ​ 18,041 Net income (loss) (2) ​ 16,051 ​ (65,756) ​ (32,507) (1) Excludes information related to the venture that owned The Marriott Wardman Park hotel for the second half of 2020 as we suspended equity loss recognition for the venture after June 30, 2020 . On October 1, 2020, we transferred our interest in this venture to our venture partner. (2) Includes the gain from the sale of Fairway, Courthouse Metro, 5615 Fishers Lane and 500 L'Enfant Plaza totaling $85.5 million during the year ended December 31, 2021. Includes the impairment loss recognized by the unconsolidated real estate venture that owns the L'Enfant Plaza assets totaling $48.7 million during the year ended December 31, 2021. Includes the loss from the sale of Woodglen of $16.4 million and the gain from the sale of Pickett Industrial Park of $8.0 million during the year ended December 31, 2020.
Summary of unconsolidated investments disposition activity	The following is a summary of disposition activity by our unconsolidated real estate ventures: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Mortgage ​ Proportionate ​ ​ Real Estate ​ ​ ​ ​ ​ Gross ​ Payable ​ Share of ​ ​ Venture ​ ​ ​ Ownership ​ Sales ​ Repaid by ​ Aggregate Date Disposed Partners ​ Assets ​ Percentage Price ​ Venture ​ Gain (Loss) (1) ​ ​ ​ ​ ​ ​ ​ ​ (In thousands) Year Ended December 31, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ May 3, 2021 CBREI Venture ​ Fairway Apartments/Fairway Land ("Fairway") ​ 10.0% $ 93,000 ​ $ 45,343 ​ $ 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 ​ 49.0% ​ ​ 166,500 ​ ​ 80,000 ​ ​ 23,137 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 28,326 Year Ended December 31, 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 5, 2020 ​ Landmark ​ 11333 Woodglen Drive/NoBe II Land/Woodglen ("Woodglen") ​ 18.0% ​ $ 17,750 ​ $ 12,213 ​ $ (2,952) October 28, 2020 ​ CBREI Venture ​ Pickett Industrial Park ​ 10.0% ​ ​ 46,250 ​ ​ 23,572 ​ ​ 800 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ (2,152) (1) Included in "Loss from unconsolidated real estate ventures, net" in our consolidated statements of operations.

Other Assets, Net (Tables)

Other Assets, Net (Tables)	12 Months Ended
	Dec. 31, 2021
Other Assets, Net.
Summary of other assets, net	The following is a summary of other assets, net: ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ 2021 2020 ​ ​ (In thousands) Deferred leasing costs, net ​ $ 124,742 ​ $ 117,141 Lease intangible assets, net ​ 14,736 ​ 15,565 Other identified intangible assets ​ ​ 36,698 ​ ​ 43,012 Wireless spectrum licenses (1) ​ ​ 25,780 ​ ​ — Operating lease right-of-use assets ​ 1,660 ​ 3,542 Finance lease right-of-use assets (2) ​ ​ 180,956 ​ ​ 41,996 Prepaid expenses ​ 17,104 ​ 14,000 Deferred financing costs, net ​ 11,436 ​ 6,656 Deposits (1) ​ 1,938 ​ 28,560 Other (3) ​ 27,066 ​ 16,103 Total other assets, net ​ $ 442,116 ​ $ 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. (2) Includes $139.4 million as of December 31, 2021 related to the amendment of the ground lease for Courthouse Plaza 1 and 2, which was executed in December 2021. The amendment extended the expiration date of the lease from January 2062 to December 2119, and resulted in a change in its classification from an operating lease to a finance lease. (3) As of December 31, 2021, included $9.8 million of investments in funds, which invest in real estate focused technology companies, that are recorded at their fair value based on their reported NAV. During the fourth quarter of 2021, we recorded unrealized gains totaling $4.6 million related to these investments, which are included in "Interest and other income (loss), net" in our consolidated statement of operations .
Schedule of deferred leasing costs, lease intangible assets and other identified intangible assets	The following is a summary of the composition of deferred leasing costs, lease intangible assets and other identified intangible assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 ​ December 31, 2020 ​ Gross Accumulated Amortization ​ Net ​ Gross Accumulated Amortization ​ Net ​ ​ (In thousands) Deferred leasing costs ​ $ 219,751 ​ $ (95,009) ​ $ 124,742 ​ $ 202,940 ​ $ (85,799) ​ $ 117,141 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Lease intangible assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ In-place leases ​ $ 27,793 ​ $ (15,241) ​ $ 12,552 ​ $ 27,363 ​ $ (15,027) ​ $ 12,336 Above-market real estate leases ​ 6,585 ​ (4,401) ​ 2,184 ​ 7,515 ​ (4,286) ​ 3,229 ​ ​ $ 34,378 ​ $ (19,642) ​ $ 14,736 ​ $ 34,878 ​ $ (19,313) ​ $ 15,565 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Other identified intangible assets: ​ ​ ​ ​ ​ ​ Option to enter into ground lease ​ $ 17,090 ​ $ — ​ $ 17,090 ​ $ 17,090 ​ $ — ​ $ 17,090 Management and leasing contracts ​ 45,900 ​ (26,292) ​ 19,608 ​ 45,900 ​ (20,388) ​ 25,512 Other ​ — ​ — ​ — ​ 410 ​ — ​ 410 ​ ​ $ 62,990 ​ $ (26,292) ​ $ 36,698 ​ $ 63,400 ​ $ (20,388) ​ $ 43,012
Schedule of intangible assets amortization expense	The following is a summary of amortization expense related to lease and other identified intangible assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ 2021 2020 2019 ​ ​ (In thousands) In-place lease amortization (1) ​ $ 4,171 ​ $ 5,695 ​ $ 7,375 Above-market real estate lease amortization (2) ​ 1,032 ​ 1,582 ​ 1,730 Management and leasing contract amortization (1) ​ 5,905 ​ 6,002 ​ 7,088 Other amortization ​ — ​ 16 ​ (240) Total amortization expense related to lease and other identified intangible assets ​ $ 11,108 ​ $ 13,295 ​ $ 15,953 (1) Amounts are included in "Depreciation and amortization expense" in our consolidated statements of operations. (2) Amounts are included in "Property rental revenue" in our consolidated statements of operations.
Schedule of finite-lived intangible assets, future amortization expense	The following is a summary of the estimated amortization related to lease and other identified intangible assets for the next five years and thereafter as of December 31, 2021: ​ ​ ​ ​ Year ending December 31, Amount ​ ​ (In thousands) 2022 ​ $ 9,571 2023 ​ 8,954 2024 ​ 8,376 2025 ​ 3,972 2026 ​ 1,669 Thereafter ​ 1,802 Total (1) ​ $ 34,344 (1) Estimated amortization related to the option to enter into ground lease is excluded from the amortization table above as the ground lease does not have a definite start date . Estimated amortization related to wireless spectrum licenses is excluded from the amortization table above as they are indefinite-lived.

Debt (Tables)

Debt (Tables)	12 Months Ended
	Dec. 31, 2021
Debt Instrument [Line Items]
Schedule of maturities of long-term debt	Principal Maturities The following is a summary of principal maturities of debt outstanding, including mortgages payable, revolving credit facility and the term loans, as of December 31, 2021: ​ ​ ​ ​ Year ending December 31, Amount ​ ​ (In thousands) 2022 ​ $ 112,516 2023 ​ 373,344 2024 ​ 322,571 2025 ​ 858,890 2026 ​ 113,845 Thereafter ​ 707,093 Total ​ $ 2,488,259
Mortgages Payable
Debt Instrument [Line Items]
Summary of debt	Mortgages Payable The following is a summary of mortgages payable: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted Average ​ ​ ​ ​ ​ ​ ​ ​ ​ Effective ​ ​ December 31, ​ Interest Rate (1) ​ 2021 2020 ​ ​ ​ ​ ​ (In thousands) Variable rate (2) 2.01% ​ ​ $ 867,246 ​ $ 678,346 Fixed rate (3) 4.32% ​ ​ 921,013 ​ 925,523 Mortgages payable ​ ​ ​ ​ 1,788,259 ​ 1,603,869 Unamortized deferred financing costs and premium / discount, net (4) ​ ​ ​ (10,560) ​ (10,131) Mortgages payable, net ​ ​ ​ ​ $ 1,777,699 ​ $ 1,593,738 (1) Weighted average effective interest rate as of December 31, 2021. (2) Includes variable rate mortgages payable with interest rate cap agreements. (3) Includes variable rate mortgages payable with interest rates fixed by interest rate swap agreements . (4) As of December 31, 2021, excludes $6.4 million of net deferred financing costs related to unfunded mortgage loans that were included in "Other assets, net."
Line of credit
Debt Instrument [Line Items]
Summary of debt	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Effective ​ ​ December 31, ​ Interest Rate (1) ​ 2021 2020 ​ ​ ​ ​ ​ (In thousands) Revolving credit facility (2) (3) (4) 1.15% ​ ​ $ 300,000 ​ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 ​ ​ (1,336) ​ (2,021) Unsecured term loans, net ​ ​ $ 398,664 ​ $ 397,979 (1) Effective interest rate as of December 31, 2021. (2) As of December 31, 2021 and 2020, letters of credit with an aggregate face amount of $911,000 and $1.5 million were outstanding under our revolving credit facility. (3) As of December 31, 2021 and 2020, excludes net deferred financing costs related to our revolving credit facility of $5.0 million and $6.7 million that were included in "Other assets, net." (4) The interest rate for the revolving credit facility excludes a 0.15% facility fee. (5) As of December 31, 2021 and 2020, the outstanding balance was fixed by interest rate swap agreements. As of December 31, 2021, the interest rate swaps mature concurrently with the respective term loan and fix LIBOR at 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)	12 Months Ended
	Dec. 31, 2021
Other Liabilities, Net.
Composition of other liabilities net	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ 2021 2020 ​ ​ (In thousands) Lease intangible liabilities ​ $ 32,893 ​ $ 33,256 Accumulated amortization ​ (24,621) ​ (22,956) Lease intangible liabilities, net ​ ​ 8,272 ​ ​ 10,300 Lease assumption liabilities ​ 5,399 ​ 10,126 Lease incentive liabilities ​ 21,163 ​ 13,913 Liabilities related to operating lease right-of-use assets ​ 6,910 ​ 10,752 Liabilities related to finance lease right-of-use assets (1) ​ 162,510 ​ 40,221 Prepaid rent ​ 19,852 ​ 19,809 Security deposits ​ 18,188 ​ 13,654 Environmental liabilities ​ 18,168 ​ 18,242 Deferred tax liability, net ​ 5,340 ​ 2,509 Dividends payable ​ 32,603 ​ 34,075 Derivative agreements, at fair value ​ 18,361 ​ 44,222 Deferred purchase price (2) ​ ​ 19,691 ​ ​ 19,479 Other ​ 6,108 ​ 10,472 Total other liabilities, net ​ $ 342,565 ​ $ 247,774 (1) Includes $121.6 million as of December 31, 2021 related to the amendment of the ground lease for Courthouse Plaza 1 and 2, which was executed in December 2021. The amendment extended the expiration date of the lease from January 2062 to December 2119, and resulted in a change in its classification from an operating lease to a finance lease. (2) Deferred purchase price associated with the acquisition of the former Americana Hotel site. See Note 3 for additional information.
Summary of estimated amortization of lease intangible liabilities	​ ​ ​ ​ ​ Year ending December 31, Amount ​ ​ (In thousands) 2022 ​ $ 1,769 2023 ​ 1,761 2024 ​ 1,743 2025 ​ 1,179 2026 ​ 319 Thereafter ​ 1,501 Total ​ $ 8,272

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2021
Income Taxes
Schedule of income tax benefit	The following is a summary of our income tax (expense) benefit: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ 2021 2020 2019 ​ ​ (In thousands) Current tax (expense) benefit ​ $ (709) ​ $ 1,232 ​ $ (34) Deferred tax (expense) benefit ​ (2,832) ​ 3,033 ​ 1,336 Income tax (expense) benefit ​ $ (3,541) ​ $ 4,265 ​ $ 1,302
Schedule of deferred tax assets and liabilities	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ 2021 2020 ​ ​ (In thousands) Deferred tax assets: ​ ​ Accrued bonus ​ $ 388 ​ $ 1,921 NOL ​ 1,206 ​ 2,770 Deferred revenue ​ 1,473 ​ — Capital loss ​ 3,130 ​ 1,283 Charitable contributions ​ 1,091 ​ 1,533 Other ​ 302 ​ 265 Total deferred tax assets ​ 7,590 ​ 7,772 Valuation allowance ​ (3,969) ​ (2,072) Total deferred tax assets, net of valuation allowance ​ 3,621 ​ 5,700 Deferred tax liabilities: ​ ​ Basis difference - intangible assets ​ (4,911) ​ (5,887) Basis difference - real estate ​ ​ (3,033) ​ ​ (2,164) Basis difference - investments ​ ​ (989) ​ ​ — Other ​ (28) ​ (158) Total deferred tax liabilities ​ (8,961) ​ (8,209) Net deferred tax liability ​ $ (5,340) ​ $ (2,509)

Redeemable Noncontrolling Int_2

Redeemable Noncontrolling Interests (Tables)	12 Months Ended
	Dec. 31, 2021
Redeemable Noncontrolling Interests
Summary of redeemable noncontrolling interests	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ 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 ​ (29,634) ​ — ​ (29,634) ​ (47,517) ​ — ​ (47,517) LTIP Units issued in lieu of cash bonuses (1) ​ 5,614 ​ — ​ 5,614 ​ 4,066 ​ — ​ 4,066 Net loss attributable to redeemable noncontrolling interests ​ (8,671) ​ (57) ​ (8,728) ​ (4,818) ​ (140) ​ (4,958) Other comprehensive income (loss) ​ 2,675 ​ — ​ 2,675 ​ (2,990) ​ — ​ (2,990) Distributions ​ (17,170) ​ (148) ​ (17,318) ​ (15,629) ​ — ​ (15,629) Share-based compensation expense ​ 47,222 ​ — ​ 47,222 ​ 64,611 ​ — ​ 64,611 Adjustment to redemption value ​ (9,650) ​ 1,796 ​ (7,854) ​ (81,540) ​ 1,947 ​ (79,593) Balance, end of period ​ $ 513,268 ​ $ 9,457 ​ $ 522,725 ​ $ 522,882 ​ $ 7,866 ​ $ 530,748 (1) See Note 13 for additional information.

Property Rental Revenue (Tables

Property Rental Revenue (Tables)	12 Months Ended
	Dec. 31, 2021
Property Rental Revenue
Property Rental Revenue	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ 2021 2020 ​ 2019 ​ ​ (In thousands) Fixed ​ $ 456,393 ​ $ 420,521 ​ $ 458,329 Variable ​ ​ 43,193 ​ ​ 38,437 ​ ​ 34,944 Property rental revenue ​ $ 499,586 ​ $ 458,958 ​ $ 493,273
Schedule of Operating Lease Payments	​ ​ ​ ​ ​ Year ending December 31, Amount ​ ​ (In thousands) 2022 ​ $ 384,901 2023 ​ 303,558 2024 ​ 270,820 2025 ​ 230,133 2026 ​ 205,752 Thereafter ​ 2,215,589

Share-Based Payments and Empl_2

Share-Based Payments and Employee Benefits (Tables)	12 Months Ended
	Dec. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Schedule of RSU activity	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Time-Based RSUs ​ Performance-Based RSUs ​ ​ Weighted ​ ​ Weighted ​ ​ Unvested ​ Average Grant- ​ Unvested ​ Average Grant- ​ ​ Shares ​ Date Fair Value ​ Shares ​ Date Fair Value Unvested as of December 31, 2020 — ​ $ — ​ — ​ $ — Granted 22,194 ​ 31.52 ​ 13,516 ​ 15.16 Forfeited (616) ​ 32.44 ​ — ​ — Unvested as of December 31, 2021 21,578 ​ 31.50 ​ 13,516 ​ 15.16 ​
Summary of share-based compensation expense	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ 2021 2020 2019 ​ (In thousands) Time-Based LTIP Units ​ $ 16,705 ​ $ 14,018 ​ $ 11,386 Performance-Based LTIP Units ​ 13,101 ​ 17,815 ​ 8,716 LTIP Units ​ 1,091 ​ 1,100 ​ 1,000 Other equity awards (1) ​ 7,355 ​ 6,024 ​ 4,535 Share-based compensation expense - other ​ 38,252 ​ 38,957 ​ 25,637 Formation Awards ​ 2,874 ​ 4,242 ​ 5,734 OP Units and LTIP Units (2) ​ 7,927 ​ 21,836 ​ 30,282 Special Time-Based LTIP Units and Special Performance-Based LTIP Units ​ 5,524 ​ 5,600 ​ 6,146 Share-based compensation related to Formation Transaction and special equity awards (3) ​ 16,325 ​ 31,678 ​ 42,162 Total share-based compensation expense ​ 54,577 ​ 70,635 ​ 67,799 Less: amount capitalized ​ (3,026) ​ (4,584) ​ (2,526) Share-based compensation expense ​ $ 51,551 ​ $ 66,051 ​ $ 65,273 (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) Included in "General and administrative expense: Share-based compensation related to Formation Transaction and special equity awards" in the accompanying consolidated statements of operations.
Performance LTIP Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Summary of of the significant assumptions of awards	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ 2021 2020 2019 Expected volatility 31.0% - 34.0% ​ 15.0% ​ 19.0% to 23.0% ​ Dividend yield 2.6% ​ 2.3% ​ 2.3% to 2.5% ​ Risk-free interest rate 0.2% - 1.0% ​ 1.3% ​ 2.3% to 2.6% ​
Summary of activity	​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ Unvested ​ Average Grant- ​ ​ Shares ​ Date Fair Value Unvested as of December 31, 2020 2,126,597 ​ $ 19.29 Granted 1,471,944 ​ 19.69 Vested (1) ​ (299,832) ​ ​ 17.07 Forfeited / cancelled (2) (522,467) ​ 22.10 Unvested as of December 31, 2021 (3) 2,776,242 ​ 19.21
Employee Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Summary of of the significant assumptions of awards	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ 2021 ​ 2020 ​ 2019 Expected volatility 22.0% to 39% ​ 13.0% to 67.0% ​ 18.0% to 28.0% Dividend yield 1.5% to 3.1% ​ 1.1% to 3.3% ​ 2.6% to 3.5% Risk-free interest rate 0.1% ​ 0.1% to 1.7% ​ 2.2% to 2.4% Expected life ​ 6 months ​ 6 months ​ 6 months
OP Units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Summary of activity	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ Unvested ​ Average Grant- ​ Shares Date Fair Value Unvested as of December 31, 2020 ​ 1,520,570 ​ $ 33.39 Vested (1,079,472) ​ 33.39 Unvested as of December 31, 2021 441,098 ​ 33.39
Formation Awards [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Summary of activity	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ Unvested ​ Average Grant- ​ Shares Date Fair Value Unvested as of December 31, 2020 ​ 1,697,555 ​ $ 8.80 Vested ​ (682,297) ​ ​ 8.81 Forfeited (7,745) ​ 8.04 Unvested as of December 31, 2021 1,007,513 ​ 8.80
LTIP, Time-Based LTIP and Special Time-Based LTIP Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Summary of of the significant assumptions of awards	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ 2021 2020 2019 Expected volatility 34.0% to 39.0% ​ 18.0% to 29.0% ​ 18.0% to 24.0% Risk-free interest rate 0.1% to 0.4% ​ 0.3% to 1.5% ​ 2.3% to 2.6% Post-grant restriction periods 2 to 3 years ​ 2 to 3 years 2 to 3 years
Summary of activity	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ Unvested ​ Average Grant- ​ Shares Date Fair Value Unvested as of December 31, 2020 ​ 1,171,551 ​ $ 35.90 Granted ​ 1,342,137 ​ ​ 30.24 Vested ​ (592,929) ​ ​ 32.19 Forfeited ​ (13,945) ​ ​ 32.68 Unvested as of December 31, 2021 ​ 1,906,814 ​ ​ 33.10

Transaction and Other Costs (Ta

Transaction and Other Costs (Tables)	12 Months Ended
	Dec. 31, 2021
Transaction and Other Costs.
Schedule of transaction and other costs	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ 2021 2020 2019 ​ (In thousands) Demolition costs ​ $ 3,573 ​ $ 682 ​ $ 5,432 Integration and severance costs ​ 1,038 ​ 3,694 ​ 5,252 Completed, potential and pursued transaction expenses (1) ​ 5,818 ​ 294 ​ 651 Relocation of corporate headquarters (2) ​ ​ — ​ ​ — ​ ​ 10,900 Other (3) ​ — ​ 4,000 ​ 1,000 Transaction and other costs ​ $ 10,429 ​ $ 8,670 ​ $ 23,235 (1) Includes primarily legal and dead deal costs. (2) In November 2019, we relocated our corporate headquarters and incurred an impairment loss on the right-of-use assets for leases related to our former corporate headquarters as well as other costs. (3) Related to charitable commitments to the Washington Housing Conservancy, a non-profit that acquires and owns affordable workforce housing in the Washington D.C. metropolitan area .

Interest Expense (Tables)

Interest Expense (Tables)	12 Months Ended
	Dec. 31, 2021
Interest Expense
Schedule of interest expense	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ 2021 2020 2019 ​ (In thousands) Interest expense before capitalized interest ​ $ 68,485 ​ $ 70,561 ​ $ 78,313 Amortization of deferred financing costs ​ 4,291 ​ 3,315 ​ 3,217 Interest expense related to finance lease right-of-use assets ​ ​ 2,261 ​ ​ 1,450 ​ ​ 921 Net unrealized (gain) loss on derivative financial instruments not designated as accounting hedges ​ (342) ​ 184 ​ 50 Capitalized interest ​ (6,734) ​ (13,189) ​ (29,806) Interest expense ​ $ 67,961 ​ $ 62,321 ​ $ 52,695

Shareholders' Equity and Earn_2

Shareholders' Equity and Earnings (Loss) Per Common Share (Tables)	12 Months Ended
	Dec. 31, 2021
Shareholders' Equity and Earnings (Loss) Per Common Share
Schedule of basic and diluted earnings per common share to net income (loss)	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ 2021 2020 2019 ​ ​ (In thousands, except per share amounts) Net income (loss) ​ $ (89,725) ​ $ (67,261) ​ $ 74,144 Net (income) loss attributable to redeemable noncontrolling interests ​ 8,728 ​ 4,958 ​ (8,573) Net loss attributable to noncontrolling interests ​ 1,740 ​ — ​ — Net income (loss) attributable to common shareholders ​ ​ (79,257) ​ ​ (62,303) ​ 65,571 Distributions to participating securities ​ (2,854) ​ (3,100) ​ (2,489) Net income (loss) available to common shareholders - basic and diluted ​ $ (82,111) ​ $ (65,403) ​ $ 63,082 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average number of common shares outstanding - basic and diluted ​ 130,839 ​ 133,451 ​ 130,687 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Earnings (loss) per common share - basic and diluted ​ $ (0.63) ​ $ (0.49) ​ 0.48

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	12 Months Ended
	Dec. 31, 2021
Fair Value Measurements
Summary of assets and liabilities measured at fair value on a recurring basis	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Value Measurements ​ Total Level 1 Level 2 Level 3 ​ ​ (In thousands) December 31, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivative financial instruments designated as cash flow hedges: ​ ​ ​ ​ Classified as assets in "Other assets, net" ​ $ 393 ​ ​ — ​ $ 393 ​ ​ — Classified as liabilities in "Other liabilities, net" ​ ​ 18,361 ​ — ​ ​ 18,361 ​ — Derivative financial instruments not designated as accounting hedges: ​ ​ ​ ​ Classified as assets in "Other assets, net" ​ 558 ​ — ​ 558 ​ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 accounting hedges: ​ ​ ​ ​ Classified as assets in "Other assets, net" ​ 35 ​ — ​ 35 ​ —
Schedule of financial instruments and liabilities were reflected in our balance sheets	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 ​ December 31, 2020 ​ Carrying ​ Carrying ​ ​ ​ Amount (1) ​ Fair Value ​ Amount (1) ​ Fair Value ​ (In thousands) Financial liabilities: ​ ​ ​ ​ Mortgages payable ​ $ 1,788,259 ​ $ 1,814,780 ​ $ 1,603,869 ​ $ 1,606,470 Revolving credit facility ​ 300,000 ​ 300,363 ​ — ​ — Unsecured term loans ​ 400,000 ​ 400,519 ​ 400,000 ​ 399,678 (1) The carrying amount consists of principal only.

Segment Information (Tables)

Segment Information (Tables)	12 Months Ended
	Dec. 31, 2021
Segment Information
Schedule of components of revenue from third-party real estate services business	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ 2021 2020 2019 ​ (In thousands) Property management fees ​ $ 19,427 ​ $ 20,178 ​ $ 22,437 Asset management fees ​ 8,468 ​ 9,791 ​ 14,045 Development fees (1) ​ 25,493 ​ 11,496 ​ 15,655 Leasing fees ​ 5,833 ​ 5,594 ​ 7,377 Construction management fees ​ 512 ​ 2,966 ​ 1,669 Other service revenue ​ 6,146 ​ 7,255 ​ 4,269 Third-party real estate services revenue, excluding reimbursements ​ 65,879 ​ 57,280 ​ 65,452 Reimbursement revenue (2) ​ 48,124 ​ 56,659 ​ 55,434 Third-party real estate services revenue, including reimbursements ​ ​ 114,003 ​ ​ 113,939 ​ ​ 120,886 Third-party real estate services expenses ​ ​ 107,159 ​ ​ 114,829 ​ ​ 113,495 Third-party real estate services revenue less expenses ​ $ 6,844 ​ $ (890) ​ $ 7,391 (1) As of December 31, 2021 , we had estimated unrecognized development fee revenue totaling $48.6 million, of which $13.8 million, $12.0 million and $6.3 million is expected to be recognized in 2022 , 2023 and 2024 , and $ 16.5 million is expected to be recognized thereafter through 2027 as unsatisfied performance obligations are completed. (2) Represents reimbursement of expenses incurred by us on behalf of third parties, including allocated payroll costs and amounts paid to third-party contractors for construction management projects.
Segment information	The following is the reconciliation of net income (loss) attributable to common shareholders to consolidated NOI: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ 2021 2020 2019 ​ (In thousands) Net income (loss) attributable to common shareholders ​ $ (79,257) ​ $ (62,303) ​ $ 65,571 Add: ​ ​ ​ Depreciation and amortization expense ​ 236,303 ​ 221,756 ​ 191,580 General and administrative expense: ​ ​ ​ Corporate and other ​ 53,819 ​ 46,634 ​ 46,822 Third-party real estate services ​ 107,159 ​ 114,829 ​ 113,495 Share-based compensation related to Formation Transaction and special equity awards ​ 16,325 ​ 31,678 ​ 42,162 Transaction and other costs ​ 10,429 ​ 8,670 ​ 23,235 Interest expense ​ 67,961 ​ 62,321 ​ 52,695 Loss on extinguishment of debt ​ — ​ 62 ​ 5,805 Impairment loss ​ ​ 25,144 ​ ​ 10,232 ​ ​ — Income tax expense (benefit) ​ 3,541 ​ (4,265) ​ (1,302) Net income (loss) attributable to redeemable noncontrolling interests ​ (8,728) ​ (4,958) ​ 8,573 Net loss attributable to noncontrolling interests ​ ​ (1,740) ​ ​ — ​ ​ — Less: ​ ​ ​ Third-party real estate services, including reimbursements revenue ​ 114,003 ​ 113,939 ​ 120,886 Other revenue ​ 7,671 ​ 15,372 ​ 7,638 Loss from unconsolidated real estate ventures, net ​ (2,070) ​ (20,336) ​ (1,395) Interest and other income (loss), net ​ 8,835 ​ (625) ​ 5,385 Gain on sale of real estate ​ 11,290 ​ 59,477 ​ 104,991 Consolidated NOI ​ $ 291,227 ​ $ 256,829 ​ $ 311,131 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, 2021 ​ Commercial Multifamily Other Total ​ (In thousands) Property rental revenue ​ $ 365,869 ​ $ 139,918 ​ $ (6,201) ​ $ 499,586 Parking revenue ​ 12,441 ​ 415 ​ 246 ​ 13,102 Total property revenue ​ 378,310 ​ 140,333 ​ (5,955) ​ 512,688 Property expense: ​ ​ ​ ​ ​ Property operating ​ 103,022 ​ 52,527 ​ (4,911) ​ 150,638 Real estate taxes ​ 45,701 ​ 20,207 ​ 4,915 ​ 70,823 Total property expense ​ 148,723 ​ 72,734 ​ 4 ​ 221,461 Consolidated NOI ​ $ 229,587 ​ $ 67,599 ​ $ (5,959) ​ $ 291,227 ​ ​ Year Ended December 31, 2020 ​ Commercial Multifamily Other Total ​ ​ (In thousands) Property rental revenue ​ $ 345,403 ​ $ 121,559 ​ $ (8,004) ​ $ 458,958 Parking revenue ​ 13,888 ​ 327 ​ 239 ​ 14,454 Total property revenue ​ 359,291 ​ 121,886 ​ (7,765) ​ 473,412 Property expense: ​ ​ ​ ​ Property operating ​ 105,489 ​ 47,508 ​ (7,372) ​ 145,625 Real estate taxes ​ 47,607 ​ 19,233 ​ 4,118 ​ 70,958 Total property expense ​ 153,096 ​ 66,741 ​ (3,254) ​ 216,583 Consolidated NOI ​ $ 206,195 ​ $ 55,145 ​ $ (4,511) ​ $ 256,829 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, 2019 ​ Commercial Multifamily Other Total ​ ​ (In thousands) Property rental revenue ​ $ 383,311 ​ $ 116,330 ​ $ (6,368) ​ $ 493,273 Parking revenue ​ 25,593 ​ 380 ​ — ​ 25,973 Total property revenue ​ 408,904 ​ 116,710 ​ (6,368) ​ 519,246 Property expense: ​ ​ ​ ​ ​ Property operating ​ 113,177 ​ 35,236 ​ (10,791) ​ 137,622 Real estate taxes ​ 50,115 ​ 15,021 ​ 5,357 ​ 70,493 Total property expense ​ 163,292 ​ 50,257 ​ (5,434) ​ 208,115 Consolidated NOI ​ $ 245,612 ​ $ 66,453 ​ $ (934) ​ $ 311,131

Commitments and Contingencies (

Commitments and Contingencies (Tables)	12 Months Ended
	Dec. 31, 2021
Commitments and Contingencies
Schedule of future minimum lease payments under our non-cancellable operating leases	As of December 31, 2021, future minimum lease payments under our non-cancellable operating and finance leases are as follows: ​ ​ ​ ​ ​ ​ ​ ​ Year ending December 31, Operating Finance ​ ​ (In thousands) 2022 ​ $ 1,897 ​ $ 3,611 2023 ​ 1,102 ​ 3,703 2024 ​ 1,163 ​ 4,797 2025 ​ 1,227 ​ 4,893 2026 ​ 1,294 ​ 4,991 Thereafter ​ 1,404 ​ 1,343,761 Total future minimum lease payments ​ 8,087 ​ 1,365,756 Imputed interest ​ (1,177) ​ (1,203,246) Total liabilities related to lease right-of-use assets ​ $ 6,910 ​ $ 162,510
Schedule of future minimum lease payments under our non-cancellable finance leases	​ ​ ​ ​ ​ ​ ​ ​ Year ending December 31, Operating Finance ​ ​ (In thousands) 2022 ​ $ 1,897 ​ $ 3,611 2023 ​ 1,102 ​ 3,703 2024 ​ 1,163 ​ 4,797 2025 ​ 1,227 ​ 4,893 2026 ​ 1,294 ​ 4,991 Thereafter ​ 1,404 ​ 1,343,761 Total future minimum lease payments ​ 8,087 ​ 1,365,756 Imputed interest ​ (1,177) ​ (1,203,246) Total liabilities related to lease right-of-use assets ​ $ 6,910 ​ $ 162,510

Organization and Basis of Pre_3

Organization and Basis of Presentation - Narrative (Details) ft² in Millions, $ in Billions	Dec. 31, 2021USD ($)ft²itemproperty
Real Estate Properties [Line Items]
Number of Real Estate Properties | property	64
Near-Term Development
Real Estate Properties [Line Items]
Number of Real Estate Properties | property	11
Area of real estate property	5.3
Future Development
Real Estate Properties [Line Items]
Number of Real Estate Properties | property	25
Area of real estate property	14.3
Commercial Real Estate
Real Estate Properties [Line Items]
Number of Real Estate Properties | property	42
Area of real estate property	13.1
Multifamily
Real Estate Properties [Line Items]
Number of Real Estate Properties | property	22
Number of Units in Real Estate Property | item	8,208
Multifamily | Asset under Construction
Real Estate Properties [Line Items]
Number of Real Estate Properties | item	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	5
Wholly Owned Properties | Future Development
Real Estate Properties [Line Items]
Area of real estate property	11.6
Wholly Owned Properties | Commercial Real Estate
Real Estate Properties [Line Items]
Area of real estate property	11.3
Wholly Owned Properties | Multifamily
Real Estate Properties [Line Items]
Number of Units in Real Estate Property | item	6,557
Wholly Owned Properties | Multifamily | Asset under Construction
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	89.50%

Organization and Basis of Pre_4

Organization and Basis of Presentation Schedule of Revenue by Major Customer (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Disaggregation of Revenue [Line Items]
Revenues	$ 634,362	$ 602,723	$ 647,770
Government Contracts Concentration Risk
Disaggregation of Revenue [Line Items]
Revenues	$ 83,256	$ 84,086	$ 86,644
Government Contracts Concentration Risk | Sales Revenue, Segment | Commercial Segment Rental Customer
Disaggregation of Revenue [Line Items]
Concentration Risk, Percentage	22.00%	23.40%	21.20%
Government Contracts Concentration Risk | Sales Revenue, Net | Commercial Segment Rental Customer
Disaggregation of Revenue [Line Items]
Concentration Risk, Percentage	16.20%	17.80%	16.70%

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended		24 Months Ended
	Dec. 31, 2021	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2021
Lessor, Lease, Description [Line Items]
Credit losses against billed rent receivables - COVID		$ 1.1	$ 11.2
Credit losses against deferred (straight-line) rent receivables - COVID			$ 19.6
Rent deferrals - COVID-19				$ 10.1
Abated deferred rent - COVID-19				4
Collection of deferred rent - COVID -19				$ 1.2
Proceeds from insurance for COVID-19 related losses	$ 4.5
Minimum
Lessor, Lease, Description [Line Items]
Estimated useful lives		3 years
Maximum
Lessor, Lease, Description [Line Items]
Estimated useful lives		40 years

Acquisitions, Dispositions an_3

Acquisitions, Dispositions and Assets Held for Sale - Narrative (Details)	Feb. 11, 2022ft²USD ($)	Nov. 30, 2021USD ($)property	Apr. 30, 2021USD ($)ft²item	Dec. 31, 2020USD ($)ft²aproperty	Jan. 31, 2020USD ($)	Dec. 31, 2019USD ($)ft²item	Dec. 31, 2021USD ($)property	Dec. 31, 2020USD ($)ft²aproperty	Dec. 31, 2019USD ($)ft²propertyitem
Schedule of Equity Method Investments [Line Items]
Acquisition of real estate							$ 208,342,000	$ 45,688,000	$ 165,208,000
Number of Real Estate Properties | property							64
Income (loss) from unconsolidated real estate ventures, net							$ (2,070,000)	(20,336,000)	(1,395,000)
Proceeds from sale of real estate							14,370,000	154,493,000	377,511,000
Gain on sale of real estate							$ 11,290,000	59,477,000	$ 104,991,000
The Batley
Schedule of Equity Method Investments [Line Items]
Number Of Units Acquired | property		432
Purchase consideration		$ 205,300,000
Transaction costs		$ 3,100,000
Former Americana Hotel Site
Schedule of Equity Method Investments [Line Items]
Acquisition of real estate				$ 47,300,000
Future Development Parcel and Other Assets
Schedule of Equity Method Investments [Line Items]
Purchase consideration				65,000,000
Transaction costs				688,000
Deferred payment until approval of certain entitlements				$ 20,000,000				$ 20,000,000
Area of Real Estate Property | a				1.4				1.4
Acquisition of Other Parcels
Schedule of Equity Method Investments [Line Items]
Acquisition of real estate				$ 17,700,000
Number of Real Estate Properties | property				3				3
Washington, D.C. | Multifamily Segment | F1RST Residences
Schedule of Equity Method Investments [Line Items]
Acquisition of real estate						$ 160,500,000
Transaction costs						$ 4,700,000
Number of Units in Real Estate Property | item						325			325
Washington, D.C. | Retail Site | F1RST Residences
Schedule of Equity Method Investments [Line Items]
Area of Real Estate Property | ft²						21,000			21,000
Maximum | Former Americana Hotel Site
Schedule of Equity Method Investments [Line Items]
Area of Real Estate Property | ft²				550,000				550,000
Disposal Group, Disposed of by Sale | Metropolitan Park
Schedule of Equity Method Investments [Line Items]
Proceeds from sale of real estate					$ 155,000,000
Gain on sale of real estate					$ 59,500,000
Disposal Group, Disposed of by Sale | Commercial Assets
Schedule of Equity Method Investments [Line Items]
Number of real estate properties sold | property									3
Proceeds from sale of real estate									$ 165,400,000
Disposal Group, Disposed of by Sale | Commercial Assets And Real Estate Venture
Schedule of Equity Method Investments [Line Items]
Gain on sale of real estate									105,000,000
Fortress Investment Group Real Estate Venture | Subsequent Event
Schedule of Equity Method Investments [Line Items]
Area of Real Estate Property | ft²	1,600,000
Fortress Investment Group Real Estate Venture | Commercial Assets | Subsequent Event
Schedule of Equity Method Investments [Line Items]
Number of real estate units to be acquired	4
Potomac Yard Mixed Use Development | J.P. Morgan Global Alternatives ("J.P. Morgan")
Schedule of Equity Method Investments [Line Items]
Gain from contribution to real estate ventures			$ 11,300,000
Area of Real Estate Property | ft²			2,000,000
Number of real estate ventures | item			2
Central Place Tower | Unconsolidated Real Estate Ventures
Schedule of Equity Method Investments [Line Items]
Proceeds from sale of real estate						$ 220,000,000			220,000,000
Gain on sale of real estate									$ 53,400,000
Area of Real Estate Property | ft²						552,000			552,000
Equity method investment ownership percentage sold						50.00%			50.00%

Acquisitions, Dispositions an_4

Acquisitions, Dispositions and Assets Held for Sale (Details) ft² in Thousands, $ in Thousands	1 Months Ended
	Dec. 31, 2021USD ($)ft²	Dec. 31, 2020USD ($)ft²
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Assets held for sale	$ 73,876	$ 73,876
Disposal Group, Held-for-sale | Pen Place - Land Parcel | Arlington, Virginia
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Area of Real Estate Property | ft²	2,082	2,082
Assets held for sale	$ 73,876	$ 73,876
Disposal Group, Disposed of by Sale | Pen Place - Land Parcel | Arlington, Virginia
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gross Sales Price	198,000
Increase over previously disclosed contract price	$ 48,100

Tenant and Other Receivables (D

Tenant and Other Receivables (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Tenant and Other Receivables
Tenants	$ 31,504	$ 39,077
Third-party real estate services	12,563	15,658
Other	429	1,168
Total tenant and other receivables	$ 44,496	$ 55,903

Investments in Unconsolidated_3

Investments in Unconsolidated Real Estate Ventures - Summary of Composition of Investments (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Schedule of Equity Method Investments [Line Items]
Total investments in unconsolidated real estate ventures	$ 462,885	$ 461,369
Difference between the investments in unconsolidated real estate ventures and the net book value of the underlying assets	$ 18,600	18,900
Prudential Global Investment Management (PGIM) [Member]
Schedule of Equity Method Investments [Line Items]
Ownership interest (as percent)	50.00%
Total investments in unconsolidated real estate ventures	$ 208,421	216,939
Landmark
Schedule of Equity Method Investments [Line Items]
Total investments in unconsolidated real estate ventures	$ 28,298	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	$ 57,812	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	$ 48,498	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	$ 52,769
Berkshire Group
Schedule of Equity Method Investments [Line Items]
Ownership interest (as percent)	50.00%
Total investments in unconsolidated real estate ventures	$ 52,770	50,649
Brandywine
Schedule of Equity Method Investments [Line Items]
Ownership interest (as percent)	30.00%
Total investments in unconsolidated real estate ventures	$ 13,693	13,710
Other Investment
Schedule of Equity Method Investments [Line Items]
Total investments in unconsolidated real estate ventures	624	635
1101 17th Street [Member] | 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 Thousands	1 Months Ended			3 Months Ended		12 Months Ended
	Jan. 31, 2022USD ($)	Apr. 30, 2021USD ($)ft²item	Dec. 31, 2019USD ($)ft²	Jun. 30, 2021USD ($)	Jun. 30, 2020USD ($)	Dec. 31, 2021USD ($)	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)ft²	Apr. 30, 2020USD ($)
Schedule of Equity Method Investments [Line Items]
Gain (loss) on sale of real estate						$ 11,290	$ 59,477	$ 104,991
Proceeds from sale of real estate						14,370	154,493	377,511
Investments in unconsolidated real estate ventures						462,885	461,369
Income (loss) from unconsolidated real estate ventures, net						(2,070)	(20,336)	(1,395)
Distributions of capital from unconsolidated real estate ventures						$ 40,188	71,065	7,557
J.P. Morgan Global Alternatives ("J.P. Morgan")
Schedule of Equity Method Investments [Line Items]
Ownership interest (as percent)						50.00%
Investments in unconsolidated real estate ventures						$ 52,769
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		$ 11,300
Real estate venture promote interest paid				$ 17,500
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				$ 4,200
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
Investments in Unconsolidated Real Estate Ventures [Member]
Schedule of Equity Method Investments [Line Items]
Property management fee revenue						23,700	25,500	28,500
Landmark
Schedule of Equity Method Investments [Line Items]
Investments in unconsolidated real estate ventures						$ 28,298	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%
Landmark | L'Enfant Plaza
Schedule of Equity Method Investments [Line Items]
Impairment loss						$ 23,900
Landmark | Rockville, Maryland [Member] | Minimum | Subsequent Event
Schedule of Equity Method Investments [Line Items]
Equity method investment ownership percentage sold	1.80%
Landmark | Rockville, Maryland [Member] | Maximum | Subsequent Event
Schedule of Equity Method Investments [Line Items]
Equity method investment ownership percentage sold	18.00%
Landmark | Landmark Venture Partner | L'Enfant Plaza
Schedule of Equity Method Investments [Line Items]
Impairment loss						$ 48,700
Landmark | Landmark Venture Partner | Rockville, Maryland [Member] | Subsequent Event
Schedule of Equity Method Investments [Line Items]
Proceeds from sale of real estate	$ 137,500
Repayments of secured debt	$ 79,800
Canadian Pension Plan Investment Board (CPPIB)
Schedule of Equity Method Investments [Line Items]
Ownership interest (as percent)						55.00%
Investments in unconsolidated real estate ventures						$ 48,498	47,522
Canadian Pension Plan Investment Board (CPPIB) | 1101 17th Street [Member]
Schedule of Equity Method Investments [Line Items]
Investments in unconsolidated real estate ventures						$ 0	$ 0
Income (loss) from unconsolidated real estate ventures, net								$ 6,400
Canadian Pension Plan Investment Board (CPPIB) | 1900 N Street [Member]
Schedule of Equity Method Investments [Line Items]
Distributions of capital from unconsolidated real estate ventures					$ 70,800
Canadian Pension Plan Investment Board (CPPIB) | CPPIB Venture Partner | 1900 N Street [Member]
Schedule of Equity Method Investments [Line Items]
Maximum borrowing capacity									$ 160,000
CIM/PacLife [Member]
Schedule of Equity Method Investments [Line Items]
Investments in unconsolidated real estate ventures					0
CIM/PacLife [Member] | The Marriott Wardman Park hotel
Schedule of Equity Method Investments [Line Items]
Impairment loss					$ 6,500
Unconsolidated Real Estate Ventures | Central Place Tower [Tower]
Schedule of Equity Method Investments [Line Items]
Ownership interest (as percent)			50.00%					50.00%
Area of real estate property | ft²			552,000					552,000
Gain (loss) on sale of real estate								$ 53,400
Equity method investment ownership percentage sold			50.00%					50.00%
Proceeds from sale of real estate			$ 220,000					$ 220,000

Investments in Unconsolidated_5

Investments in Unconsolidated Real Estate Ventures - Summary of Dispositions (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Schedule of Equity Method Investments [Line Items]
Income (loss) from unconsolidated real estate ventures, net	$ (2,070)	$ (20,336)	$ (1,395)
Landmark and CBREI
Schedule of Equity Method Investments [Line Items]
Income (loss) from unconsolidated real estate ventures, net	$ 28,326	$ (2,152)
CBREI Venture | Fairway
Schedule of Equity Method Investments [Line Items]
Equity Method Investment, Ownership Percentage	10.00%
Gross Sales Price	$ 93,000
Repayment of mortgage	45,343
Income (loss) from unconsolidated real estate ventures, net	$ 2,094
CBREI Venture | Pickett Industrial Park
Schedule of Equity Method Investments [Line Items]
Equity Method Investment, Ownership Percentage		10.00%
Gross Sales Price		$ 46,250
Repayment of mortgage		23,572
Income (loss) from unconsolidated real estate ventures, net		$ 800
Landmark | Courthouse Metro
Schedule of Equity Method Investments [Line Items]
Equity Method Investment, Ownership Percentage	18.00%
Gross Sales Price	$ 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%
Gross Sales Price	$ 6,500
Income (loss) from unconsolidated real estate ventures, net	$ 743
Landmark | 500 L'Enfant Plaza
Schedule of Equity Method Investments [Line Items]
Equity Method Investment, Ownership Percentage	49.00%
Gross Sales Price	$ 166,500
Repayment of mortgage	80,000
Income (loss) from unconsolidated real estate ventures, net	$ 23,137
Landmark | Woodglen
Schedule of Equity Method Investments [Line Items]
Equity Method Investment, Ownership Percentage		18.00%
Gross Sales Price		$ 17,750
Repayment of mortgage		12,213
Income (loss) from unconsolidated real estate ventures, net		$ (2,952)

Investments in Unconsolidated_6

Investments in Unconsolidated Real Estate Ventures - Summary of Debt (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Schedule of Equity Method Investments
Debt, gross	$ 2,488,259
Mortgages Payable
Schedule of Equity Method Investments
Variable interest rate	2.01%
Variable rate amount	$ 867,246	$ 678,346
Fixed interest rate	4.32%
Fixed rate amount	$ 921,013	925,523
Debt, gross	1,788,259	1,603,869
Unamortized deferred financing costs, net	(10,560)	(10,131)
Long-term debt, net	$ 1,777,699	1,593,738
Investments in Unconsolidated Real Estate Ventures | Mortgages Payable
Schedule of Equity Method Investments
Variable interest rate	2.50%
Variable rate amount	$ 785,369	863,617
Fixed interest rate	4.20%
Fixed rate amount	$ 309,813	323,050
Debt, gross	1,095,182	1,186,667
Unamortized deferred financing costs, net	(5,239)	(7,479)
Long-term debt, net	$ 1,089,943	$ 1,179,188

Investments in Unconsolidated_7

Investments in Unconsolidated Real Estate Ventures - Financial Information - Table (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Schedule of Equity Method Investments
Gain (loss) on sale of real estate	$ 11,290	$ 59,477	$ 104,991
Combined balance sheet information:
Real estate, net	4,868,473	4,767,941
Other assets, net	442,116	286,575
TOTAL ASSETS	6,386,206	6,079,547
Mortgages payable, net	1,777,699	1,593,738
Other liabilities, net	342,565	247,774
Total liabilities	2,925,064	2,342,593
Total equity	2,915,910	3,206,039
TOTAL LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY	6,386,206	6,079,547
Combined income statement information:
Revenues	634,362	602,723	647,770
Net income (loss)	(89,725)	(67,261)	74,144
Investments in Unconsolidated Real Estate Ventures [Member]
Combined balance sheet information:
Real estate, net	2,116,290	2,247,384
Other assets, net	264,397	270,516
TOTAL ASSETS	2,380,687	2,517,900
Mortgages payable, net	1,089,943	1,179,188
Other liabilities, net	118,752	140,304
Total liabilities	1,208,695	1,319,492
Total equity	1,171,992	1,198,408
TOTAL LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY	2,380,687	2,517,900
Combined income statement information:
Revenues	187,252	203,456	266,653
Operating income (loss)	48,214	(21,639)	18,041
Net income (loss)	16,051	(65,756)	$ (32,507)
Landmark | L'Enfant Plaza
Schedule of Equity Method Investments
Impairment loss	23,900
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 Venture Partner | Landmark | L'Enfant Plaza
Schedule of Equity Method Investments
Impairment loss	$ 48,700
Landmark Venture Partner | Landmark | Woodglen
Schedule of Equity Method Investments
Gain (loss) on sale of real estate		(16,400)
CBREI Venture Partner | CBREI Venture | Pickett Industrial Park
Schedule of Equity Method Investments
Gain (loss) on sale of real estate		$ 8,000

Variable Interest Entities (Det

Variable Interest Entities (Details)	1 Months Ended		10 Months Ended
	Dec. 31, 2021USD ($)item	Mar. 31, 2021USD ($)item	Dec. 31, 2021USD ($)item	Dec. 31, 2020USD ($)
Variable Interest Entity [Line Items]
Assets	$ 6,386,206,000		$ 6,386,206,000	$ 6,079,547,000
Liabilities	$ 2,925,064,000		$ 2,925,064,000	2,342,593,000
JBG Smith, LP
Variable Interest Entity [Line Items]
Ownership interest by parent	89.50%		89.50%
Variable Interest Entity, Not Primary Beneficiary [Member]
Variable Interest Entity [Line Items]
Carrying value of investments	$ 145,200,000		$ 145,200,000	$ 116,200,000
Variable Interest Entity, Primary Beneficiary | The Batley
Variable Interest Entity [Line Items]
Assets	207,200,000		207,200,000
Liabilities	792,000		792,000
Variable Interest Entity, Primary Beneficiary | 1900 Crystal Drive
Variable Interest Entity [Line Items]
Assets	58,600,000		58,600,000
Liabilities	12,000,000		12,000,000
Number of Units in Real Estate Property | item		808
Number of Towers in Real Estate Property | item		2
Ground lessee equity funding obligation		$ 17,500,000
Mezzanine loan project funding to ground lessee		104,800,000
Mezzanine loan funded to the ground lessee	34,900,000		34,900,000
Variable Interest Entity, Primary Beneficiary | 1900 Crystal Drive | Mortgages Payable
Variable Interest Entity [Line Items]
Principal amount		$ 227,000,000
Proceeds from issuance of mortgage loan			0
Variable Interest Entity, Primary Beneficiary | 1900 Crystal Drive | 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 | 2000 and 2001 South Bell Street
Variable Interest Entity [Line Items]
Assets	3,900,000		3,900,000
Liabilities	$ 1,100,000		$ 1,100,000
Number of Units in Real Estate Property | item	775		775
Number of Towers in Real Estate Property | item	2		2
Ground lessee equity funding obligation	$ 16,000,000		$ 16,000,000
Ground lessee equity funding	6,700,000		6,700,000
Mezzanine loan project funding to ground lessee	96,200,000		96,200,000
Mezzanine loan funded to the ground lessee	0		0
Variable Interest Entity, Primary Beneficiary | 2000 and 2001 South Bell Street | London Interbank Offered Rate (LIBOR)
Variable Interest Entity [Line Items]
Principal amount	$ 208,500,000		$ 208,500,000
Debt Instrument basis spread on variable rate	2.15%
Variable Interest Entity, Primary Beneficiary | 2000 and 2001 South Bell Street | Mortgages Payable
Variable Interest Entity [Line Items]
Proceeds from issuance of mortgage loan	$ 0

Other Assets, Net - Summary (De

Other Assets, Net - Summary (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Finite-Lived Intangible Assets [Line Items]
Deferred leasing costs, net	$ 124,742	$ 117,141
Intangible assets, net	14,736	15,565
Operating lease right-of-use assets	$ 1,660	$ 3,542
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Total other assets, net	Total other assets, net
Finance lease right-of-use assets	$ 180,956	$ 41,996
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Total other assets, net	Total other assets, net
Prepaid expenses	$ 17,104	$ 14,000
Deferred financing costs, net	11,436	6,656
Deposits	1,938	28,560
Other	27,066	16,103
Total other assets, net	442,116	286,575
Investments at fair value	9,800
Unrealized gains	4,600
Courthouse Plaza 1 and 2
Finite-Lived Intangible Assets [Line Items]
Ground lease, ROU	139,400
Lease intangible assets, net
Finite-Lived Intangible Assets [Line Items]
Intangible assets, net	14,736	15,565
Other Intangible Assets
Finite-Lived Intangible Assets [Line Items]
Other identified intangible assets, net	36,698	43,012
Wireless spectrum licenses
Finite-Lived Intangible Assets [Line Items]
Wireless spectrum licenses	$ 25,780
Deposit to acquire wireless spectrum licenses		$ 25,300

Other Assets, Net - Composition

Other Assets, Net - Composition (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Schedule of Other Intangible Assets [Line Items]
Deferred leasing costs, Gross	$ 219,751	$ 202,940
Deferred leasing costs, Accumulated Amortization	(95,009)	(85,799)
Deferred leasing costs, Net	124,742	117,141
Lease intangible assets, Gross	34,378	34,878
Lease intangible assets, Assets, Accumulated Amortization	(19,642)	(19,313)
Lease intangible assets, Net	14,736	15,565
In-place leases
Schedule of Other Intangible Assets [Line Items]
Lease intangible assets, Gross	27,793	27,363
Lease intangible assets, Assets, Accumulated Amortization	(15,241)	(15,027)
Lease intangible assets, Net	12,552	12,336
Above-market real estate leases
Schedule of Other Intangible Assets [Line Items]
Lease intangible assets, Gross	6,585	7,515
Lease intangible assets, Assets, Accumulated Amortization	(4,401)	(4,286)
Lease intangible assets, Net	2,184	3,229
Option to enter into ground lease amortization (3)
Schedule of Other Intangible Assets [Line Items]
Other identified intangible assets, Gross	17,090	17,090
Other identified intangible assets, Net	17,090	17,090
Management and leasing contracts
Schedule of Other Intangible Assets [Line Items]
Other identified intangible assets, Gross	45,900	45,900
Other identified intangible assets, Accumulated Amortization	(26,292)	(20,388)
Other identified intangible assets, Net	19,608	25,512
Other Intangible Assets
Schedule of Other Intangible Assets [Line Items]
Other identified intangible assets, Gross	62,990	63,400
Other identified intangible assets, Accumulated Amortization	(26,292)	(20,388)
Other identified intangible assets, Net	$ 36,698	43,012
Other Intangibles
Schedule of Other Intangible Assets [Line Items]
Other identified intangible assets, Gross		410
Other identified intangible assets, Net		$ 410

Other Assets, Net - Amortizatio

Other Assets, Net - Amortization Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Finite-Lived Intangible Assets
Amortization of intangible assets	$ 11,108	$ 13,295	$ 15,953
In-place leases
Finite-Lived Intangible Assets
Amortization of intangible assets	4,171	5,695	7,375
Above-market real estate leases
Finite-Lived Intangible Assets
Amortization of intangible assets	1,032	1,582	1,730
Management and leasing contracts
Finite-Lived Intangible Assets
Amortization of intangible assets	$ 5,905	6,002	7,088
Other Intangibles
Finite-Lived Intangible Assets
Amortization of intangible assets		$ 16	$ (240)

Other Assets, Net - Estimated A

Other Assets, Net - Estimated Amortization of Intangible Assets (Details) $ in Thousands	Dec. 31, 2021USD ($)
Other Assets, Net.
2022	$ 9,571
2023	8,954
2024	8,376
2025	3,972
2026	1,669
Thereafter	1,802
Total	$ 34,344

Debt - Schedule of Mortgages Pa

Debt - Schedule of Mortgages Payable (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Debt, gross	$ 2,488,259
Mortgages Payable
Debt Instrument [Line Items]
Variable interest rate	2.01%
Variable rate amount	$ 867,246	$ 678,346
Fixed interest rate	4.32%
Fixed rate amount	$ 921,013	925,523
Debt, gross	1,788,259	1,603,869
Unamortized deferred financing costs and premium/ discount, net	(10,560)	(10,131)
Long-term debt, net	1,777,699	$ 1,593,738
Mortgages Payable | Other Assets Net
Debt Instrument [Line Items]
Net deferred finance costs	$ 6,400

Debt - Narrative (Details)

Debt - Narrative (Details)	Jan. 14, 2022item	Dec. 31, 2020USD ($)	Dec. 31, 2021USD ($)loan	Dec. 31, 2020USD ($)loan
Mortgages Payable
Mortgages and Line of Credit Facility [Line Items]
Net carrying value of real estate collateralizing the mortgages payable		$ 1,800,000,000	$ 1,800,000,000	$ 1,800,000,000
Mortgages Payable | Interest rate swaps and caps
Mortgages and Line of Credit Facility [Line Items]
Derivative notional amount		1,300,000,000	1,300,000,000	1,300,000,000
Line of credit
Mortgages and Line of Credit Facility [Line Items]
Credit facility, maximum borrowing capacity		1,400,000,000	1,400,000,000	1,400,000,000
Line of credit | Revolving Credit Facility
Mortgages and Line of Credit Facility [Line Items]
Credit facility, maximum borrowing capacity		1,000,000,000	1,000,000,000	1,000,000,000
Letters of Credit Outstanding, Amount		1,500,000	911,000	1,500,000
Line of credit | Tranche A-1 Term Loan
Mortgages and Line of Credit Facility [Line Items]
Credit facility, maximum borrowing capacity		200,000,000	200,000,000	200,000,000
Line of credit | Tranche A-2 Term Loan
Mortgages and Line of Credit Facility [Line Items]
Credit facility, maximum borrowing capacity		200,000,000	$ 200,000,000	$ 200,000,000
Minimum | London Interbank Offered Rate (LIBOR) | Line of credit | Revolving Credit Facility
Mortgages and Line of Credit Facility [Line Items]
Debt Instrument basis spread on variable rate			1.05%
Minimum | London Interbank Offered Rate (LIBOR) | Line of credit | Tranche A-1 Term Loan
Mortgages and Line of Credit Facility [Line Items]
Debt Instrument basis spread on variable rate			1.20%
Minimum | London Interbank Offered Rate (LIBOR) | Line of credit | Tranche A-2 Term Loan
Mortgages and Line of Credit Facility [Line Items]
Debt Instrument basis spread on variable rate			1.15%
Maximum | London Interbank Offered Rate (LIBOR) | Line of credit | Revolving Credit Facility
Mortgages and Line of Credit Facility [Line Items]
Debt Instrument basis spread on variable rate			1.50%
Maximum | London Interbank Offered Rate (LIBOR) | Line of credit | Tranche A-1 Term Loan
Mortgages and Line of Credit Facility [Line Items]
Debt Instrument basis spread on variable rate			1.70%
Maximum | London Interbank Offered Rate (LIBOR) | Line of credit | Tranche A-2 Term Loan
Mortgages and Line of Credit Facility [Line Items]
Debt Instrument basis spread on variable rate			1.70%
Subsequent Event [Member] | Line of credit | Tranche A-1 Term Loan
Mortgages and Line of Credit Facility [Line Items]
Debt Instrument, Number Of Term Extension Options | item	2
Debt Instrument, Extension Period	1 year
Subsequent Event [Member] | Minimum | Secured Overnight Financing Rate [Member] | Line of credit | Tranche A-1 Term Loan
Mortgages and Line of Credit Facility [Line Items]
Debt Instrument basis spread on variable rate	1.05%
Subsequent Event [Member] | Maximum | Secured Overnight Financing Rate [Member] | Line of credit | Tranche A-1 Term Loan
Mortgages and Line of Credit Facility [Line Items]
Debt Instrument basis spread on variable rate	1.65%
4747 Bethesda Avenue, The Bartlett, 1221 Van Street and 220 20th Street | Mortgages Payable
Mortgages and Line of Credit Facility [Line Items]
Number of mortgage loans | loan				4
Principal amount		560,000,000		$ 560,000,000
RTC West | Mortgages Payable
Mortgages and Line of Credit Facility [Line Items]
Increase in principal balance				$ 20,200,000
West End25 | Mortgages Payable
Mortgages and Line of Credit Facility [Line Items]
Repayments of secured debt		$ 94,700,000
1225 S Clark Street and S Clark Street 1215 | Mortgages Payable
Mortgages and Line of Credit Facility [Line Items]
Number of mortgage loans | loan			2
Principal amount			$ 190,000,000

Debt - Summary of Amounts Outst

Debt - Summary of Amounts Outstanding under the Credit Facility (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Line of Credit Facility [Line Items]
Debt, gross	$ 2,488,259,000
Deferred financing costs on credit facility	$ 11,436,000	$ 6,656,000
Line of credit | Revolving Credit Facility
Line of Credit Facility [Line Items]
Effective interest rate	1.15%
Debt, gross	$ 300,000,000
Letters of Credit Outstanding, Amount	$ 911,000	$ 1,500,000
Percentage of line of credit facility	0.15%	0.15%
Line of credit | Revolving Credit Facility | Other Assets Net
Line of Credit Facility [Line Items]
Deferred financing costs on credit facility	$ 5,000,000	$ 6,700,000
Line of credit | Tranche A-1 Term Loan
Line of Credit Facility [Line Items]
Effective interest rate	2.59%
Debt, gross	$ 200,000,000	200,000,000
Line of credit | Tranche A-1 Term Loan | Interest rate swaps
Line of Credit Facility [Line Items]
Weighted average interest rate	1.39%
Line of credit | Tranche A-2 Term Loan
Line of Credit Facility [Line Items]
Effective interest rate	2.49%
Debt, gross	$ 200,000,000	200,000,000
Line of credit | Tranche A-2 Term Loan | Interest rate swaps
Line of Credit Facility [Line Items]
Weighted average interest rate	1.34%
Line of credit | Tranche A-1 and A-2 Loans
Line of Credit Facility [Line Items]
Debt, gross	$ 400,000,000	400,000,000
Unamortized deferred financing costs, net	(1,336,000)	(2,021,000)
Long-term debt, net	$ 398,664,000	$ 397,979,000

Debt - Principal Maturities (De

Debt - Principal Maturities (Details) $ in Thousands	Dec. 31, 2021USD ($)
Debt
2022	$ 112,516
2023	373,344
2024	322,571
2025	858,890
2026	113,845
Thereafter	707,093
Debt, gross	$ 2,488,259

Other Liabilities, Net (Details

Other Liabilities, Net (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Schedule of Other Liabilities [Line Items]
Lease intangible liabilities	$ 32,893	$ 33,256
Accumulated amortization	(24,621)	(22,956)
Lease intangible liabilities, net	8,272	10,300
Lease assumption liabilities	5,399	10,126
Lease incentive liabilities	21,163	13,913
Liabilities related to operating lease right-of-use assets	$ 6,910	$ 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	$ 162,510	$ 40,221
Finance Lease, Liability, Statement of Financial Position [Extensible List]	Total other liabilities, net	Total other liabilities, net
Prepaid rent	$ 19,852	$ 19,809
Security deposits	18,188	13,654
Environmental liabilities	18,168	18,242
Deferred tax liability, net	5,340	2,509
Dividends payable	32,603	34,075
Derivative agreements, at fair value	18,361	44,222
Deferred Purchase Price	19,691	19,479
Other	6,108	10,472
Total other liabilities, net	342,565	247,774
Amortization of Intangible Liabilities	2,200	$ 2,000	$ 2,500
Courthouse Plaza 1 and 2
Schedule of Other Liabilities [Line Items]
Ground lease liability	$ 121,600

Other Liabilities, Net - Amorti

Other Liabilities, Net - Amortization of Intangible Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Other Liabilities, Net.
2022	$ 1,769
2023	1,761
2024	1,743
2025	1,179
2026	319
Thereafter	1,501
Total intangible liabilities	$ 8,272	$ 10,300

Income Taxes - Narrative (Detai

Income Taxes - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Income Taxes
Net operating loss	$ 4,800	$ 11,000
Federal income tax basis difference	297,000
Deferred tax liabilities net	$ 5,340	$ 2,509
Dividends cash declared	$ 0.90	$ 0.90	$ 0.90
Taxable ordinary income federal income tax purposes	0.252	0.489	0.468
Capital gain distributions	0.423	$ 0.411	$ 0.432
Capital gain distributions remaining	$ 0.225

Income Taxes - Schedule of Comp

Income Taxes - Schedule of Components of Income Tax Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Income Taxes
Current tax (expense) benefit	$ (709)	$ 1,232	$ (34)
Deferred tax (expense) benefit	(2,832)	3,033	1,336
Income tax (expense) benefit	$ (3,541)	$ 4,265	$ 1,302

Income Taxes - Schedule of Defe

Income Taxes - Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Income Taxes
Accrued bonus	$ 388	$ 1,921
NOL	1,206	2,770
Deferred revenue	1,473
Capital loss	3,130	1,283
Charitable contributions	1,091	1,533
Other	302	265
Total deferred tax assets	7,590	7,772
Valuation allowance	(3,969)	(2,072)
Total deferred tax assets, net of valuation allowance	3,621	5,700
Basis difference - intangible assets	(4,911)	(5,887)
Basis difference - real estate	(3,033)	(2,164)
Basis difference - investments	(989)
Other	(28)	(158)
Total deferred tax liabilities	(8,961)	(8,209)
Net deferred tax liability	$ (5,340)	$ (2,509)

Redeemable Noncontrolling Int_3

Redeemable Noncontrolling Interests - Narrative (Details) - shares	2 Months Ended	12 Months Ended
	Feb. 22, 2022	Dec. 31, 2021	Dec. 31, 2020
OP Units [Member]
Noncontrolling Interest [Line Items]
Conversion of common limited partnership units to common shares		906,126	1,300,000
Subsequent Event [Member] | OP Units [Member]
Noncontrolling Interest [Line Items]
Conversion of common limited partnership units to common shares	205,455
JBG Smith, LP
Noncontrolling Interest [Line Items]
Ownership interest by parent		89.50%
JBG Smith, LP | OP Units [Member]
Noncontrolling Interest [Line Items]
Units outstanding		14,900,000
Ownership interest by parent		10.50%
Consolidated Real Estate Venture
Noncontrolling Interest [Line Items]
Ownership interest by parent		96.00%
Consolidated Real Estate Venture | Maximum
Noncontrolling Interest [Line Items]
Ownership interest by parent		97.00%

Redeemable Noncontrolling Int_4

Redeemable Noncontrolling Interests - Summary of the Activity of Redeemable Noncontrolling Interests (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Temporary Equity
Balance as of the beginning of the period	$ 530,748	$ 612,758
OP Unit redemptions	(29,634)	(47,517)
LTIP Units issued in lieu of cash bonuses (1)	5,614	4,066
Net loss attributable to redeemable noncontrolling interests	(8,728)	(4,958)
Other comprehensive income (loss)	2,675	(2,990)
Distributions	(17,318)	(15,629)
Share-based compensation expense	47,222	64,611
Adjustment to redemption value	(7,854)	(79,593)
Balance as of the end of the period	522,725	530,748
JBG Smith, LP
Temporary Equity
Balance as of the beginning of the period	522,882	606,699
OP Unit redemptions	(29,634)	(47,517)
LTIP Units issued in lieu of cash bonuses (1)	5,614	4,066
Net loss attributable to redeemable noncontrolling interests	(8,671)	(4,818)
Other comprehensive income (loss)	2,675	(2,990)
Distributions	(17,170)	(15,629)
Share-based compensation expense	47,222	64,611
Adjustment to redemption value	(9,650)	(81,540)
Balance as of the end of the period	513,268	522,882
Consolidated Real Estate Venture
Temporary Equity
Balance as of the beginning of the period	7,866	6,059
Net loss attributable to redeemable noncontrolling interests	(57)	(140)
Distributions	(148)
Adjustment to redemption value	1,796	1,947
Balance as of the end of the period	$ 9,457	$ 7,866

Property Rental Revenue (Detail

Property Rental Revenue (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Property Rental Revenue
Fixed	$ 456,393	$ 420,521	$ 458,329
Variable	43,193	38,437	34,944
Property rental revenue	$ 499,586	$ 458,958	$ 493,273

Property Rental Revenue - Matur

Property Rental Revenue - Maturities (Details) $ in Thousands	Dec. 31, 2021USD ($)
Property Rental Revenue
2022	$ 384,901
2023	303,558
2024	270,820
2025	230,133
2026	205,752
Thereafter	$ 2,215,589

Share-Based Payments and Empl_3

Share-Based Payments and Employee Benefits - OP Units (Details) - OP Units - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award
Vesting over period	60 months
Unvested Shares
Beginning balance	1,520,570
Vested	(1,079,472)
Ending balance	441,098	1,520,570
Weighted Average Grant-Date Fair Value
Beginning balance	$ 33.39
Vested (in dollars per share)	33.39
Ending balance	$ 33.39	$ 33.39
Total-grant date fair value for vested awards	$ 36	$ 45.1	$ 4.3

Share-Based Payments and Empl_4

Share-Based Payments and Employee Benefits - Omnibus Share Plan and Formation Awards (Details) - USD ($) $ / shares in Units, $ in Millions	1 Months Ended	12 Months Ended
	Apr. 30, 2021	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Jul. 17, 2017
Share-based Compensation Arrangement by Share-based Payment Award
Compensation expense recognition period (in years)		3 years 7 months 6 days
2017 Omnibus Share Plan
Share-based Compensation Arrangement by Share-based Payment Award
Number of shares authorized					10,300,000
Additional shares authorized	8,000,000
Shares available for grant		8,900,000
Formation Awards [Member]
Share-based Compensation Arrangement by Share-based Payment Award
Vesting over period		10 years
Compensation expense recognition period (in years)		5 years
Unvested Shares
Beginning balance		1,697,555
Vested		(682,297)
Forfeited		(7,745)
Ending balance		1,007,513	1,697,555
Weighted Average Grant-Date Fair Value
Beginning balance		$ 8.80
Vested (in dollars per share)		8.81
Forfeited		8.04
Ending balance		$ 8.80	$ 8.80
Total-grant date fair value for vested awards		$ 6	$ 6.9	$ 1.4
Share-based Compensation Award, Tranche One [Member] | Formation Awards [Member]
Share-based Compensation Arrangement by Share-based Payment Award
Vesting (as a percent)		25.00%
Share-based Compensation Award, Tranche Two [Member] | Formation Awards [Member]
Share-based Compensation Arrangement by Share-based Payment Award
Vesting (as a percent)		50.00%

Share-Based Payments and Empl_5

Share-Based Payments and Employee Benefits - LTIP Units and Time-Based LTIP Units (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended	12 Months Ended
	Jul. 31, 2021	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
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 7 months 6 days
Share-based compensation expense		$ 51,551	$ 66,051	$ 65,273
Time-Based Long-Term Incentive Partnership Units [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Additional Disclosures [Abstract]
Vesting period		4 years
Vesting (as a percent)	50.00%
Compensation expense recognition period (in years)	7 years	4 years
Unvested Shares
Granted (in shares)	608,325	498,955	381,504	351,982
Weighted Average Grant-Date Fair Value
Granted	$ 31.73	$ 29.21	$ 38.52	$ 34.26
LTIP, Time-Based LTIP and Special Time-Based LTIP Units
Share-based Compensation Arrangement by Share-based Payment Award
Total-grant date fair value for vested awards		$ 19,100	$ 15,300	$ 12,000
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Additional Disclosures [Abstract]
Fair value of awards on grant date		$ 40,600	$ 19,900	$ 17,000
Unvested Shares
Beginning balance		1,171,551
Granted (in shares)		1,342,137
Vested		(592,929)
Forfeited		(13,945)
Ending balance		1,906,814	1,171,551
Weighted Average Grant-Date Fair Value
Beginning balance		$ 35.90
Granted		30.24
Vested (in dollars per share)		32.19
Forfeited		32.68
Ending balance		$ 33.10	$ 35.90
Certain Executives | LTIP Units [Member]
Unvested Shares
Granted (in shares)		163,065	90,094	91,636
Weighted Average Grant-Date Fair Value
Granted		$ 29.54	$ 40.13	$ 34.21
Trustees | LTIP Units [Member]
Unvested Shares
Granted (in shares)		71,792	54,607	50,159
Weighted Average Grant-Date Fair Value
Granted		$ 26.31	$ 28.38	$ 36.28
Minimum | LTIP, Time-Based LTIP and Special Time-Based LTIP Units
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Additional Disclosures [Abstract]
Expected volatility		34.00%	18.00%	18.00%
Risk-free interest rate		0.10%	0.30%	2.30%
Post-grant restriction periods		2 years	2 years	2 years
Maximum | LTIP, Time-Based LTIP and Special Time-Based LTIP Units
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Additional Disclosures [Abstract]
Expected volatility		39.00%	29.00%	24.00%
Risk-free interest rate		0.40%	1.50%	2.60%
Post-grant restriction periods		3 years	3 years	3 years
Share-based Compensation Award, Tranche Two [Member] | Time-Based Long-Term Incentive Partnership Units [Member]
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 Compensation Award, Tranche Three [Member] | Time-Based Long-Term Incentive Partnership Units [Member]
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 and Empl_6

Share-Based Payments and Employee Benefits - Performance-Based LTIP Units (Details) $ / shares in Units, $ in Millions	1 Months Ended			12 Months Ended
	Jan. 31, 2022$ / sharesshares	Nov. 30, 2021shares	Jul. 31, 2021item$ / sharesshares	Dec. 31, 2021USD ($)$ / sharesshares	Dec. 31, 2020USD ($)$ / sharesshares	Dec. 31, 2019USD ($)$ / sharesshares
Share-based Compensation Arrangement by Share-based Payment Award
Compensation expense recognition period (in years)				3 years 7 months 6 days
Performance Shares and Special Performance-Based LTIP Units [Member]
Unvested Shares
Beginning balance	2,776,242			2,126,597
Granted (in shares)				1,471,944
Vested				(299,832)
Forfeited/cancelled				(522,467)
Ending balance				2,776,242	2,126,597
Weighted Average Grant-Date Fair Value
Beginning balance | $ / shares	$ 19.21			$ 19.29
Granted | $ / shares				19.69
Vested (in dollars per share) | $ / shares				17.07
Forfeited/cancelled | $ / shares				22.10
Ending balance | $ / shares				$ 19.21	$ 19.29
Performance LTIP Units
Share-based Compensation Arrangement by Share-based Payment Award
Vesting period				3 years
Vesting (as a percent)			50.00%
Share price targets | item			4
Fair value of awards on grant date | $				$ 29	$ 11.1	$ 9.3
Compensation expense recognition period (in years)			7 years	4 years
Expected volatility					15.00%
Dividend yield				2.60%	2.30%
Risk-free interest rate					1.30%
Total-grant date fair value for vested awards | $				$ 5.1	$ 4.6
Unvested Shares
Granted (in shares)			844,070	627,874	593,100	478,411
Weighted Average Grant-Date Fair Value
Granted | $ / shares			$ 23.08	$ 15.14	$ 18.67	$ 19.49
Performance LTIP Units | Subsequent Event
Unvested Shares
Granted (in shares)	21,705
Forfeited/cancelled	(469,624)
Performance LTIP Units | Share-based Compensation Award, Tranche One [Member]
Share-based Compensation Arrangement by Share-based Payment Award
Vesting (as a percent)				50.00%
Performance LTIP Units | Share-based Compensation Award, Tranche Two [Member]
Share-based Compensation Arrangement by Share-based Payment Award
Vesting (as a percent)			25.00%	50.00%
Performance LTIP Units | Share-based Compensation Award, Tranche Three [Member]
Share-based Compensation Arrangement by Share-based Payment Award
Vesting (as a percent)			25.00%
Performance LTIP Units | If Positive Absolute Total Shareholder Return, Not Achieved
Share-based Compensation Arrangement by Share-based Payment Award
Vesting period				3 years
Performance LTIP Units | If Positive Absolute Total Shareholder Return, Achieved
Share-based Compensation Arrangement by Share-based Payment Award
Vesting period				7 years
Special Performance-Based LTIP Units [Member]
Unvested Shares
Forfeited/cancelled		(506,182)
Minimum | Performance LTIP Units
Share-based Compensation Arrangement by Share-based Payment Award
Expected volatility				31.00%		19.00%
Dividend yield						2.30%
Risk-free interest rate				0.20%		2.30%
Maximum | Performance LTIP Units
Share-based Compensation Arrangement by Share-based Payment Award
Expected volatility				34.00%		23.00%
Dividend yield						2.50%
Risk-free interest rate				1.00%		2.60%

Share-Based Payments and Empl_7

Share-Based Payments and Employee Benefits - Restricted Share Units ("RSUs") (Details) - USD ($)	1 Months Ended	12 Months Ended
	Jan. 31, 2021	Dec. 31, 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	22,194
Granted	$ 31.52	$ 31.52
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Beginning Balance		21,578
Grants in period (in shares)	22,194	22,194
Forfeited		(616)
Ending balance		21,578
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Beginning balance
Weighted average grant-date fair value (in dollars per share)	$ 31.52	$ 31.52
Forfeited		32.44
Ending balance		$ 31.50
Performance-Based RSUs
Share-based Compensation Arrangement by Share-based Payment Award
Granted (in shares)	13,516	13,516
Granted	$ 15.16	$ 15.16
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Beginning Balance		13,516
Grants in period (in shares)	13,516	13,516
Ending balance		13,516
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Beginning balance
Weighted average grant-date fair value (in dollars per share)	$ 15.16	$ 15.16
Ending balance		$ 15.16

Share-Based Payments and Empl_8

Share-Based Payments and Employee Benefits - ESPP (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award
Proceeds from common shares issued pursuant to ESPP	$ 1,594,000	$ 1,715,000	$ 1,457,000
ESPP
Share-based Compensation Arrangement by Share-based Payment Award
Number of shares authorized	2,100,000
Option to purchase	$ 25,000
Percentage of discount	15.00%
Common shares available for issuance	1,900,000
Common shares issued pursuant to employee share purchase plan (in shares)	64,321	68,047	47,022
Proceeds from common shares issued pursuant to ESPP	$ 1,600,000	$ 1,700,000	$ 1,500,000
Risk-free interest rate	0.10%
Expected life	6 months	6 months	6 months
Minimum | ESPP
Share-based Compensation Arrangement by Share-based Payment Award
Expected volatility	22.00%	13.00%	18.00%
Dividend yield	1.50%	1.10%	2.60%
Risk-free interest rate		0.10%	2.20%
Maximum | ESPP
Share-based Compensation Arrangement by Share-based Payment Award
Expected volatility	39.00%	67.00%	28.00%
Dividend yield	3.10%	3.30%	3.50%
Risk-free interest rate		1.70%	2.40%

Share-Based Payments and Empl_9

Share-Based Payments and Employee Benefits - Summary of Share-Based Compensation Expense (Details) - USD ($) $ in Thousands	1 Months Ended	12 Months Ended
	Jul. 31, 2021	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award
Total share-based compensation expense		$ 54,577	$ 70,635	$ 67,799
Less amount capitalized		(3,026)	(4,584)	(2,526)
Share-based compensation expense		51,551	66,051	65,273
Total unrecognized compensation expense		$ 62,600
Compensation expense recognition period (in years)		3 years 7 months 6 days
Share Based Compensation - Other
Share-based Compensation Arrangement by Share-based Payment Award
Total share-based compensation expense		$ 38,252	38,957	25,637
Time-Based Long-Term Incentive Partnership Units [Member]
Share-based Compensation Arrangement by Share-based Payment Award
Total share-based compensation expense		$ 16,705	14,018	11,386
Compensation expense recognition period (in years)	7 years	4 years
Performance Shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award
Total share-based compensation expense		$ 13,101	17,815	8,716
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	1,000
Other Equity Awards
Share-based Compensation Arrangement by Share-based Payment Award
Total share-based compensation expense		7,355	6,024	4,535
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		16,325	31,678	42,162
Formation Awards [Member]
Share-based Compensation Arrangement by Share-based Payment Award
Total share-based compensation expense		$ 2,874	4,242	5,734
Compensation expense recognition period (in years)		5 years
OP Units [Member]
Share-based Compensation Arrangement by Share-based Payment Award
Total share-based compensation expense		$ 7,927	21,836	30,282
Special Performance-Based LTIP Units [Member]
Share-based Compensation Arrangement by Share-based Payment Award
Total share-based compensation expense		$ 5,524	$ 5,600	$ 6,146

Share-Based Payments and Emp_10

Share-Based Payments and Employee Benefits - Contributions (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Share-Based Payments and Employee Benefits
Employer matching contribution vesting period	1 year
Contributions	$ 2.4	$ 2.2	$ 2

Share-Based Payments and Emp_11

Share-Based Payments and Employee Benefits - AO LTIP Units (Details) - USD ($) $ / shares in Units, $ in Millions	Jan. 01, 2022	Feb. 22, 2022	Jan. 31, 2022	Jul. 31, 2021	Jan. 31, 2021	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
AO LTIP Units | Subsequent Event [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Participation Threshold Share Price	$ 32.30
Vesting period	3 years
Vesting (as a percent)	50.00%
Percentage of (Increase) (Decrease) in Units Earned	25.00%
Grants in period (in shares)			1,500,000
Time-Based LTIP Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period						4 years
Vesting (as a percent)				50.00%
Grants in period (in shares)				608,325		498,955	381,504	351,982
Time-Based LTIP Units | Subsequent Event [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grants in period (in shares)			702,888
Performance LTIP Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period						3 years
Vesting (as a percent)				50.00%
Grants in period (in shares)				844,070		627,874	593,100	478,411
Fair value of awards on grant date						$ 29	$ 11.1	$ 9.3
Performance LTIP Units | Subsequent Event [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grants in period (in shares)			21,705
Time-Based RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grants in period (in shares)					22,194	22,194
Time-Based RSUs | Subsequent Event [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grants in period (in shares)			39,536
LTIP Units [Member] | Subsequent Event [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value of awards on grant date		$ 5.6
Fully vested grants (in shares)		252,206
2022 Grants | Subsequent Event [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value of awards on grant date			$ 27.3

Transaction and Other Costs (De

Transaction and Other Costs (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Transaction and Other Costs.
Demolition Costs	$ 3,573	$ 682	$ 5,432
Integration and severance costs	1,038	3,694	5,252
Completed, potential and pursued transaction expenses	5,818	294	651
Relocation of corporate headquarters			10,900
Other		4,000	1,000
Transaction and other costs	$ 10,429	$ 8,670	$ 23,235

Interest Expense (Details)

Interest Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Interest Expense
Interest expense before capitalized interest	$ 68,485	$ 70,561	$ 78,313
Amortization of deferred financing costs	4,291	3,315	3,217
Interest expense related to finance lease right-of-use assets	2,261	1,450	921
Net unrealized (gain) loss on derivative financial instruments not designated as accounting hedges	(342)	184	50
Capitalized interest	(6,734)	(13,189)	(29,806)
Interest expense	$ 67,961	$ 62,321	$ 52,695

Shareholders' Equity and Earn_3

Shareholders' Equity and Earnings (Loss) Per Common Share - Common Shares Repurchased (Details) - USD ($) $ / shares in Units, $ in Thousands, shares in Millions	1 Months Ended	12 Months Ended			22 Months Ended
	Apr. 30, 2019	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2021	Mar. 31, 2020
Sale of stock
Authorized value of shares for repurchase						$ 500,000
Repurchase and retired common shares		5.4	3.8		9.1
Repurchase and retired common shares, Value		$ 157,700	$ 104,800		$ 262,400
Average purchase price		$ 29.34	$ 27.72		$ 28.67
Shares issued	11.5
Public offering per share	$ 42
Proceeds from common stock	$ 472,800			$ 472,780
Over-Allotment Option
Sale of stock
Shares issued	1.5

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	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Shareholders' Equity and Earnings (Loss) Per Common Share
Net income (loss)	$ (89,725)	$ (67,261)	$ 74,144
Net (income) loss attributable to redeemable noncontrolling interests	8,728	4,958	(8,573)
Net loss attributable to noncontrolling interests	1,740
Net income (loss) attributable to common shareholders	(79,257)	(62,303)	65,571
Distributions to participating securities	(2,854)	(3,100)	(2,489)
Net income (loss) available to common shareholders - basic	(82,111)	(65,403)	63,082
Net income (loss) available to common shareholders - diluted	$ (82,111)	$ (65,403)	$ 63,082
Weighted average number of common shares outstanding - basic	130,839	133,451	130,687
Weighted average number of common shares outstanding - diluted	130,839	133,451	130,687
Earnings (loss) per common share - basic	$ (0.63)	$ (0.49)	$ 0.48
Earnings (loss) per common share - diluted	$ (0.63)	$ (0.49)	$ 0.48

Shareholders' Equity and Earn_5

Shareholders' Equity and Earnings (Loss) Per Common Share - Antidilutive (Details) shares in Millions	12 Months Ended
	Dec. 31, 2021shares
Performance-Based LTIP Units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	4.5
Special Performance-Based LTIP Units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	4.7
Formation Awards
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	4.7

Fair Value Measurements - Narra

Fair Value Measurements - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Fair Value
Net unrealized loss on derivative designated as cash flow hedge	$ 17,200	$ 43,900
Loss expected to be reclassified into interest expense within the next 12 months	11,400
Impairment loss	25,144	10,232
Level 2 | Nonrecurring
Fair Value
Impairment loss	25,100
Estimated fair value	$ 309,000
One Democracy Plaza | Nonrecurring
Fair Value
Impairment loss		$ 3,300

Fair Value Measurements - Sched

Fair Value Measurements - Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis (Details) - Recurring - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Other Assets Net | Designated as Hedging Instrument
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Classified as assets in Other assets, net	$ 393
Other Assets Net | Designated as Hedging Instrument | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Classified as assets in Other assets, net	393
Other Assets Net | Not Designated as Hedging Instrument | Interest rate swaps and caps
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Classified as assets in Other assets, net	558	$ 35
Other Assets Net | Not Designated as Hedging Instrument | Level 2 | Interest rate swaps and caps
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Classified as assets in Other assets, net	558	35
Other Liabilities, Net | Designated as Hedging Instrument | Interest rate swaps and caps
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Classified as liabilities in Other liabilities, net	18,361	44,222
Other Liabilities, Net | Designated as Hedging Instrument | Level 2 | Interest rate swaps and caps
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Classified as liabilities in Other liabilities, net	$ 18,361	$ 44,222

Fair Value Measurements - Finan

Fair Value Measurements - Financial Assets and Liabilities Not Measured at Fair Value (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Mortgages Payable | Fair Value
Financial liabilities:
Financial liabilities	$ 1,814,780	$ 1,606,470
Mortgages Payable | Carrying Amount
Financial liabilities:
Financial liabilities	1,788,259	1,603,869
Revolving Credit Facility | Fair Value
Financial liabilities:
Financial liabilities	300,363
Revolving Credit Facility | Carrying Amount
Financial liabilities:
Financial liabilities	300,000
Unsecured term loans | Fair Value
Financial liabilities:
Financial liabilities	400,519	399,678
Unsecured term loans | Carrying Amount
Financial liabilities:
Financial liabilities	$ 400,000	$ 400,000

Segment Information - Narrative

Segment Information - Narrative (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2021USD ($)segment	Dec. 31, 2020USD ($)
Segment Reporting Information
Number of reportable segments | segment	3
Other assets, net	$ 442,116	$ 286,575
Third-Party Real Estate Services Segment
Segment Reporting Information
Other assets, net	$ 19,600	$ 25,500

Segment Information - Summary o

Segment Information - Summary of Third-party Asset Management and Real Estate Services (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Segment Reporting Information
Third-party real estate services revenue, excluding reimbursements	$ 65,879	$ 57,280	$ 65,452
Reimbursement revenue	48,124	56,659	55,434
Third-party real estate services revenue, including reimbursements	114,003	113,939	120,886
Third-party real estate services expenses	107,159	114,829	113,495
Third-party real estate services revenue less expenses	6,844	(890)	7,391
Property management fees
Segment Reporting Information
Third-party real estate services revenue, excluding reimbursements	19,427	20,178	22,437
Asset management fees
Segment Reporting Information
Third-party real estate services revenue, excluding reimbursements	8,468	9,791	14,045
Development fees
Segment Reporting Information
Third-party real estate services revenue, excluding reimbursements	25,493	11,496	15,655
Revenue, Remaining Performance Obligation, Amount	48,600
Development fees | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01
Segment Reporting Information
Revenue, Remaining Performance Obligation, Amount	$ 13,800
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period	1 year
Development fees | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01
Segment Reporting Information
Revenue, Remaining Performance Obligation, Amount	$ 12,000
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period	1 year
Development fees | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01
Segment Reporting Information
Revenue, Remaining Performance Obligation, Amount	$ 6,300
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period	1 year
Development fees | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01
Segment Reporting Information
Revenue, Remaining Performance Obligation, Amount	$ 16,500
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period	1 year
Development fees | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01
Segment Reporting Information
Revenue, Remaining Performance Obligation, Amount	$ 16,500
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period	1 year
Development fees | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-01-01
Segment Reporting Information
Revenue, Remaining Performance Obligation, Amount	$ 16,500
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period	1 year
Leasing fees
Segment Reporting Information
Third-party real estate services revenue, excluding reimbursements	$ 5,833	5,594	7,377
Construction management fees
Segment Reporting Information
Third-party real estate services revenue, excluding reimbursements	512	2,966	1,669
Other service revenue
Segment Reporting Information
Third-party real estate services revenue, excluding reimbursements	$ 6,146	$ 7,255	$ 4,269

Segment Information - Schedule

Segment Information - Schedule of Reconciliation of Net Income (loss) Attributable to Common Shareholders to Consolidated NOI (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Segment Information
Net income (loss) attributable to common shareholders	$ (79,257)	$ (62,303)	$ 65,571
Depreciation and amortization expense	236,303	221,756	191,580
Corporate and other	53,819	46,634	46,822
Third-party real estate services	107,159	114,829	113,495
Share-based compensation related to Formation Transaction and special equity awards	16,325	31,678	42,162
Transaction and other costs	10,429	8,670	23,235
Interest expense	67,961	62,321	52,695
Loss on extinguishment of debt		62	5,805
Impairment loss	25,144	10,232
Income tax expense (benefit)	3,541	(4,265)	(1,302)
Net income (loss) attributable to redeemable noncontrolling interests	(8,728)	(4,958)	8,573
Net loss attributable to noncontrolling interests	(1,740)
Third-party real estate services, including reimbursements revenue	114,003	113,939	120,886
Other revenue	7,671	15,372	7,638
Loss from unconsolidated real estate ventures, net	(2,070)	(20,336)	(1,395)
Interest and other income (loss), net	8,835	(625)	5,385
Gain on sale of real estate	11,290	59,477	104,991
Consolidated NOI	$ 291,227	$ 256,829	$ 311,131

Segment Information - Summary_2

Segment Information - Summary of NOI by Segment (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Segment Reporting Information
Property rental revenue	$ 499,586	$ 458,958	$ 493,273
Total rental revenue	512,688	473,412	519,246
Property operating	150,638	145,625	137,622
Real estate taxes	70,823	70,958	70,493
Total property expense	221,461	216,583	208,115
Consolidated NOI	291,227	256,829	311,131
Parking
Segment Reporting Information
Revenue	13,102	14,454	25,973
Operating Segments | Commercial Segment
Segment Reporting Information
Property rental revenue	365,869	345,403	383,311
Total rental revenue	378,310	359,291	408,904
Property operating	103,022	105,489	113,177
Real estate taxes	45,701	47,607	50,115
Total property expense	148,723	153,096	163,292
Consolidated NOI	229,587	206,195	245,612
Operating Segments | Commercial Segment | Parking
Segment Reporting Information
Revenue	12,441	13,888	25,593
Operating Segments | Multifamily Segment
Segment Reporting Information
Property rental revenue	139,918	121,559	116,330
Total rental revenue	140,333	121,886	116,710
Property operating	52,527	47,508	35,236
Real estate taxes	20,207	19,233	15,021
Total property expense	72,734	66,741	50,257
Consolidated NOI	67,599	55,145	66,453
Operating Segments | Multifamily Segment | Parking
Segment Reporting Information
Revenue	415	327	380
Other
Segment Reporting Information
Property rental revenue	(6,201)	(8,004)	(6,368)
Total rental revenue	(5,955)	(7,765)	(6,368)
Property operating	(4,911)	(7,372)	(10,791)
Real estate taxes	4,915	4,118	5,357
Total property expense	4	(3,254)	(5,434)
Consolidated NOI	(5,959)	(4,511)	$ (934)
Other | Parking
Segment Reporting Information
Revenue	$ 246	$ 239

Segment Information - Summary_3

Segment Information - Summary of Certain Balance Sheet Data by Segment (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Segment Reporting Information
Real estate, at cost	$ 6,236,476	$ 6,000,631
Investments in unconsolidated real estate ventures	462,885	461,369
Total assets (1)	6,386,206	6,079,547
Operating Segments | Commercial Segment
Segment Reporting Information
Real estate, at cost	3,477,260	3,459,171
Investments in unconsolidated real estate ventures	281,515	327,798
Total assets (1)	3,739,902	3,430,509
Operating Segments | Multifamily Segment
Segment Reporting Information
Real estate, at cost	2,367,712	2,036,131
Investments in unconsolidated real estate ventures	103,389	108,593
Total assets (1)	1,797,807	1,787,718
Other
Segment Reporting Information
Real estate, at cost	391,504	505,329
Investments in unconsolidated real estate ventures	77,981	24,978
Total assets (1)	$ 848,497	$ 861,320

Commitments and Contingencies -

Commitments and Contingencies - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Real Estate Properties [Line Items]
General liability insurance limit	$ 150,000
Property and rental value insurance coverage limit	1,500,000
Terrorist acts insurance coverage limit	2,000,000
Purchase obligation	291,400
Environmental liabilities included in Other liabilities, net	18,168	$ 18,242
Tenant-related obligations	76,000
Consolidated Properties
Real Estate Properties [Line Items]
Tenant-related obligations	70,700
Principal payment guarantees	8,300
Unconsolidated Properties
Real Estate Properties [Line Items]
Tenant-related obligations	5,300
Additional capital funding committed amount	66,900
Principal payment guarantees	$ 0
Minimum
Real Estate Properties [Line Items]
Construction commitment period	2 years
Maximum
Real Estate Properties [Line Items]
Construction commitment period	3 years

Commitments and Contingencies_2

Commitments and Contingencies - Operating and Finance Leases (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Commitments and Contingencies
Operating lease, weighted average discount rate	5.50%
Finance lease, weighted average discount rate	4.50%
Operating lease, weighted average remaining lease term	5 years 4 months 24 days
Finance lease, weighted average remaining lease term	97 years 8 months 12 days
Operating lease
2022	$ 1,897,000
2023	1,102,000
2024	1,163,000
2025	1,227,000
2026	1,294,000
Thereafter	1,404,000
Total future minimum lease payments	8,087,000
Imputed interest	(1,177,000)
Total	6,910,000	$ 10,752,000
Finance lease
2022	3,611,000
2023	3,703,000
2024	4,797,000
2025	4,893,000
2026	4,991,000
Thereafter	1,343,761,000
Finance Lease, Liability, Payment, Due, Total	1,365,756,000
Imputed interest	(1,203,246,000)
Total	162,510,000	40,221,000
Fixed operating lease cost	731,000	1,100,000
Fixed lease finance cost	2,800,000	1,800,000
Variable operating lease costs	$ 2,600,000	$ 1,600,000

Transactions with Related Par_2

Transactions with Related Parties (Details) - Affiliated Entity - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Washington Housing Initiative
Related Party Transaction [Line Items]
Completed capital commitments	$ 114.4
Commitment	11.2
Remaining commitment	8.3
Supervisory Services of Properties | BMS
Related Party Transaction [Line Items]
Related party transaction amount	18.6	$ 16.9	$ 21.8
Fees from Legacy JBG Funds and Washington Housing Initiative | Legacy JBG Funds and Washington Housing Initiative
Related Party Transaction [Line Items]
Revenue from related parties	22.6	22.4	36.5
Receivables	3.2	7.5
Office Rent | Unconsolidated Real Estate Ventures
Related Party Transaction [Line Items]
Related party expenses	$ 1.3	$ 4.6	$ 5

Schedule III - REAL ESTATE AN_2

Schedule III - REAL ESTATE AND ACCUMULATED DEPRECIATION - Reconciliation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Schedule III
Encumbrances	$ 2,488,259
Initial Cost to Company, Land and Improvements	1,437,595
Initial Cost to Company, Buildings and Improvements	2,656,863
Cost Capitalized Subsequent to Acquisition	2,215,903
Gross Amounts at Which Carried at Close of Period, Land and Improvements	1,440,188
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements	4,870,173
Gross Amounts at Which Carried at Close of Period, Total	6,310,361	$ 6,074,516	$ 5,943,970	$ 5,895,953
Accumulated Depreciation and Amortization	$ 1,368,012	$ 1,232,699	$ 1,119,612	$ 1,086,844
Life of lease	40 years
Income tax basis difference	$ 297,000
Operating Real Estate
Schedule III
Encumbrances	2,488,259
Initial Cost to Company, Land and Improvements	1,333,122
Initial Cost to Company, Buildings and Improvements	2,656,808
Cost Capitalized Subsequent to Acquisition	2,246,546
Gross Amounts at Which Carried at Close of Period, Land and Improvements	1,378,218
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements	4,858,258
Gross Amounts at Which Carried at Close of Period, Total	6,236,476
Accumulated Depreciation and Amortization	1,368,003
Operating Real Estate | Universal Buildings, Washington DC
Schedule III
Initial Cost to Company, Land and Improvements	69,393
Initial Cost to Company, Buildings and Improvements	143,320
Cost Capitalized Subsequent to Acquisition	13,557
Gross Amounts at Which Carried at Close of Period, Land and Improvements	68,612
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements	157,658
Gross Amounts at Which Carried at Close of Period, Total	226,270
Accumulated Depreciation and Amortization	$ 61,799
Date of Construction	1956
Date Acquired	2007
Operating Real Estate | 2101 L Street
Schedule III
Encumbrances	$ 127,576
Initial Cost to Company, Land and Improvements	32,815
Initial Cost to Company, Buildings and Improvements	51,642
Cost Capitalized Subsequent to Acquisition	93,454
Gross Amounts at Which Carried at Close of Period, Land and Improvements	39,768
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements	138,143
Gross Amounts at Which Carried at Close of Period, Total	177,911
Accumulated Depreciation and Amortization	$ 50,779
Date of Construction	1975
Date Acquired	2003
Operating Real Estate | 1730 M Street
Schedule III
Encumbrances	$ 47,500
Initial Cost to Company, Land and Improvements	10,095
Initial Cost to Company, Buildings and Improvements	17,541
Cost Capitalized Subsequent to Acquisition	19,902
Gross Amounts at Which Carried at Close of Period, Land and Improvements	10,687
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements	36,851
Gross Amounts at Which Carried at Close of Period, Total	47,538
Accumulated Depreciation and Amortization	$ 17,692
Date of Construction	1964
Date Acquired	2002
Operating Real Estate | 1700 M Street
Schedule III
Initial Cost to Company, Land and Improvements	$ 34,178
Initial Cost to Company, Buildings and Improvements	46,938
Cost Capitalized Subsequent to Acquisition	(26,135)
Gross Amounts at Which Carried at Close of Period, Land and Improvements	54,981
Gross Amounts at Which Carried at Close of Period, Total	$ 54,981
Date Acquired	2002, 2006
Operating Real Estate | Courthouse Plaza 1 and 2
Schedule III
Initial Cost to Company, Buildings and Improvements	$ 105,475
Cost Capitalized Subsequent to Acquisition	61,132
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements	166,607
Gross Amounts at Which Carried at Close of Period, Total	166,607
Accumulated Depreciation and Amortization	$ 79,032
Date of Construction	1989
Date Acquired	2002
Operating Real Estate | 2121 Crystal Drive
Schedule III
Encumbrances	$ 131,535
Initial Cost to Company, Land and Improvements	21,503
Initial Cost to Company, Buildings and Improvements	87,329
Cost Capitalized Subsequent to Acquisition	34,817
Gross Amounts at Which Carried at Close of Period, Land and Improvements	22,855
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements	120,794
Gross Amounts at Which Carried at Close of Period, Total	143,649
Accumulated Depreciation and Amortization	$ 57,235
Date of Construction	1985
Date Acquired	2002
Operating Real Estate | 2345 Crystal Drive
Schedule III
Initial Cost to Company, Land and Improvements	$ 23,126
Initial Cost to Company, Buildings and Improvements	93,918
Cost Capitalized Subsequent to Acquisition	60,830
Gross Amounts at Which Carried at Close of Period, Land and Improvements	24,165
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements	153,709
Gross Amounts at Which Carried at Close of Period, Total	177,874
Accumulated Depreciation and Amortization	$ 71,931
Date of Construction	1988
Date Acquired	2002
Operating Real Estate | 2231 Crystal Drive
Schedule III
Initial Cost to Company, Land and Improvements	$ 20,611
Initial Cost to Company, Buildings and Improvements	83,705
Cost Capitalized Subsequent to Acquisition	26,839
Gross Amounts at Which Carried at Close of Period, Land and Improvements	21,784
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements	109,371
Gross Amounts at Which Carried at Close of Period, Total	131,155
Accumulated Depreciation and Amortization	$ 54,729
Date of Construction	1987
Date Acquired	2002
Operating Real Estate | 1550 Crystal Drive
Schedule III
Initial Cost to Company, Land and Improvements	$ 22,182
Initial Cost to Company, Buildings and Improvements	70,525
Cost Capitalized Subsequent to Acquisition	133,794
Gross Amounts at Which Carried at Close of Period, Land and Improvements	24,375
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements	202,126
Gross Amounts at Which Carried at Close of Period, Total	226,501
Accumulated Depreciation and Amortization	$ 53,120
Date of Construction	1980, 2020
Date Acquired	2002
Operating Real Estate | RTC West
Schedule III
Encumbrances	$ 117,300
Initial Cost to Company, Land and Improvements	33,220
Initial Cost to Company, Buildings and Improvements	134,108
Cost Capitalized Subsequent to Acquisition	21,153
Gross Amounts at Which Carried at Close of Period, Land and Improvements	33,390
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements	155,091
Gross Amounts at Which Carried at Close of Period, Total	188,481
Accumulated Depreciation and Amortization	$ 29,467
Date of Construction	1988, 2017
Date Acquired	2017
Operating Real Estate | 2011 Crystal Drive
Schedule III
Initial Cost to Company, Land and Improvements	$ 18,940
Initial Cost to Company, Buildings and Improvements	76,921
Cost Capitalized Subsequent to Acquisition	47,156
Gross Amounts at Which Carried at Close of Period, Land and Improvements	19,716
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements	123,301
Gross Amounts at Which Carried at Close of Period, Total	143,017
Accumulated Depreciation and Amortization	$ 58,670
Date of Construction	1984
Date Acquired	2002
Operating Real Estate | 2451 Crystal Drive
Schedule III
Initial Cost to Company, Land and Improvements	$ 11,669
Initial Cost to Company, Buildings and Improvements	68,047
Cost Capitalized Subsequent to Acquisition	42,881
Gross Amounts at Which Carried at Close of Period, Land and Improvements	12,496
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements	110,101
Gross Amounts at Which Carried at Close of Period, Total	122,597
Accumulated Depreciation and Amortization	$ 50,621
Date of Construction	1990
Date Acquired	2002
Operating Real Estate | 1235 S. Clark Street
Schedule III
Encumbrances	$ 78,000
Initial Cost to Company, Land and Improvements	15,826
Initial Cost to Company, Buildings and Improvements	56,090
Cost Capitalized Subsequent to Acquisition	34,954
Gross Amounts at Which Carried at Close of Period, Land and Improvements	16,660
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements	90,210
Gross Amounts at Which Carried at Close of Period, Total	106,870
Accumulated Depreciation and Amortization	$ 45,088
Date of Construction	1981
Date Acquired	2002
Operating Real Estate | 241 18th Street S.
Schedule III
Initial Cost to Company, Land and Improvements	$ 13,867
Initial Cost to Company, Buildings and Improvements	54,169
Cost Capitalized Subsequent to Acquisition	53,944
Gross Amounts at Which Carried at Close of Period, Land and Improvements	17,236
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements	104,744
Gross Amounts at Which Carried at Close of Period, Total	121,980
Accumulated Depreciation and Amortization	$ 45,256
Date of Construction	1977
Date Acquired	2002
Operating Real Estate | 251 18th Street S.
Schedule III
Encumbrances	$ 34,152
Initial Cost to Company, Land and Improvements	12,305
Initial Cost to Company, Buildings and Improvements	49,360
Cost Capitalized Subsequent to Acquisition	57,178
Gross Amounts at Which Carried at Close of Period, Land and Improvements	15,509
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements	103,334
Gross Amounts at Which Carried at Close of Period, Total	118,843
Accumulated Depreciation and Amortization	$ 50,177
Date of Construction	1975
Date Acquired	2002
Operating Real Estate | 1215 S. Clark Street
Schedule III
Encumbrances	$ 105,000
Initial Cost to Company, Land and Improvements	13,636
Initial Cost to Company, Buildings and Improvements	48,380
Cost Capitalized Subsequent to Acquisition	55,558
Gross Amounts at Which Carried at Close of Period, Land and Improvements	14,338
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements	103,236
Gross Amounts at Which Carried at Close of Period, Total	117,574
Accumulated Depreciation and Amortization	$ 45,990
Date of Construction	1983
Date Acquired	2002
Operating Real Estate | 201 12th Street S.
Schedule III
Encumbrances	$ 32,728
Initial Cost to Company, Land and Improvements	8,432
Initial Cost to Company, Buildings and Improvements	52,750
Cost Capitalized Subsequent to Acquisition	28,665
Gross Amounts at Which Carried at Close of Period, Land and Improvements	9,039
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements	80,808
Gross Amounts at Which Carried at Close of Period, Total	89,847
Accumulated Depreciation and Amortization	$ 40,584
Date of Construction	1987
Date Acquired	2002
Operating Real Estate | 800 North Glebe Road
Schedule III
Encumbrances	$ 107,500
Initial Cost to Company, Land and Improvements	28,168
Initial Cost to Company, Buildings and Improvements	140,983
Cost Capitalized Subsequent to Acquisition	2,364
Gross Amounts at Which Carried at Close of Period, Land and Improvements	28,168
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements	143,347
Gross Amounts at Which Carried at Close of Period, Total	171,515
Accumulated Depreciation and Amortization	$ 26,065
Date of Construction	2012
Date Acquired	2017
Operating Real Estate | 2200 Crystal Drive
Schedule III
Initial Cost to Company, Land and Improvements	$ 10,136
Initial Cost to Company, Buildings and Improvements	30,050
Cost Capitalized Subsequent to Acquisition	36,767
Gross Amounts at Which Carried at Close of Period, Land and Improvements	10,756
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements	66,197
Gross Amounts at Which Carried at Close of Period, Total	76,953
Accumulated Depreciation and Amortization	$ 25,943
Date of Construction	1968
Date Acquired	2002
Operating Real Estate | A 1225 S. Clark Street
Schedule III
Encumbrances	$ 85,000
Initial Cost to Company, Land and Improvements	11,176
Initial Cost to Company, Buildings and Improvements	43,495
Cost Capitalized Subsequent to Acquisition	36,405
Gross Amounts at Which Carried at Close of Period, Land and Improvements	11,758
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements	79,318
Gross Amounts at Which Carried at Close of Period, Total	91,076
Accumulated Depreciation and Amortization	$ 33,827
Date of Construction	1982
Date Acquired	2002
Operating Real Estate | 1901 South Bell Street
Schedule III
Initial Cost to Company, Land and Improvements	$ 11,669
Initial Cost to Company, Buildings and Improvements	36,918
Cost Capitalized Subsequent to Acquisition	20,875
Gross Amounts at Which Carried at Close of Period, Land and Improvements	12,273
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements	57,189
Gross Amounts at Which Carried at Close of Period, Total	69,462
Accumulated Depreciation and Amortization	$ 30,471
Date of Construction	1968
Date Acquired	2002
Operating Real Estate | Crystal City Marriott
Schedule III
Initial Cost to Company, Land and Improvements	$ 8,000
Initial Cost to Company, Buildings and Improvements	47,191
Cost Capitalized Subsequent to Acquisition	23,334
Gross Amounts at Which Carried at Close of Period, Land and Improvements	8,050
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements	70,475
Gross Amounts at Which Carried at Close of Period, Total	78,525
Accumulated Depreciation and Amortization	$ 30,424
Date of Construction	1968
Date Acquired	2004
Operating Real Estate | 2100 Crystal Drive
Schedule III
Initial Cost to Company, Land and Improvements	$ 7,957
Initial Cost to Company, Buildings and Improvements	23,590
Cost Capitalized Subsequent to Acquisition	9,118
Gross Amounts at Which Carried at Close of Period, Land and Improvements	8,496
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements	32,169
Gross Amounts at Which Carried at Close of Period, Total	40,665
Accumulated Depreciation and Amortization	$ 1,497
Date of Construction	1968
Date Acquired	2002
Operating Real Estate | 1800 South Bell Street
Schedule III
Initial Cost to Company, Land and Improvements	$ 9,072
Initial Cost to Company, Buildings and Improvements	28,702
Cost Capitalized Subsequent to Acquisition	9,891
Gross Amounts at Which Carried at Close of Period, Land and Improvements	9,299
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements	38,366
Gross Amounts at Which Carried at Close of Period, Total	47,665
Accumulated Depreciation and Amortization	$ 19,368
Date of Construction	1969
Date Acquired	2002
Operating Real Estate | 200 12th Street S.
Schedule III
Encumbrances	$ 16,439
Initial Cost to Company, Land and Improvements	8,016
Initial Cost to Company, Buildings and Improvements	30,552
Cost Capitalized Subsequent to Acquisition	20,528
Gross Amounts at Which Carried at Close of Period, Land and Improvements	8,434
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements	50,662
Gross Amounts at Which Carried at Close of Period, Total	59,096
Accumulated Depreciation and Amortization	$ 27,581
Date of Construction	1985
Date Acquired	2002
Operating Real Estate | Crystal City Shops at 2100
Schedule III
Initial Cost to Company, Land and Improvements	$ 4,059
Initial Cost to Company, Buildings and Improvements	9,309
Cost Capitalized Subsequent to Acquisition	3,584
Gross Amounts at Which Carried at Close of Period, Land and Improvements	4,049
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements	12,903
Gross Amounts at Which Carried at Close of Period, Total	16,952
Accumulated Depreciation and Amortization	$ 6,377
Date of Construction	1968
Date Acquired	2002
Operating Real Estate | Crystal Drive Retail
Schedule III
Initial Cost to Company, Land and Improvements	$ 5,241
Initial Cost to Company, Buildings and Improvements	20,465
Cost Capitalized Subsequent to Acquisition	3,306
Gross Amounts at Which Carried at Close of Period, Land and Improvements	5,401
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements	23,611
Gross Amounts at Which Carried at Close of Period, Total	29,012
Accumulated Depreciation and Amortization	$ 15,035
Date of Construction	2003
Date Acquired	2004
Operating Real Estate | 7200 Wisconsin Avenue
Schedule III
Initial Cost to Company, Land and Improvements	$ 34,683
Initial Cost to Company, Buildings and Improvements	92,059
Cost Capitalized Subsequent to Acquisition	(18,210)
Gross Amounts at Which Carried at Close of Period, Land and Improvements	30,447
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements	78,085
Gross Amounts at Which Carried at Close of Period, Total	108,532
Accumulated Depreciation and Amortization	$ 10
Date of Construction	1986
Date Acquired	2017
Operating Real Estate | One Democracy Plaza
Schedule III
Initial Cost to Company, Buildings and Improvements	$ 33,628
Cost Capitalized Subsequent to Acquisition	(27,353)
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements	6,275
Gross Amounts at Which Carried at Close of Period, Total	6,275
Accumulated Depreciation and Amortization	$ 872
Date of Construction	1987
Date Acquired	2002
Operating Real Estate | 4747 Bethesda Avenue
Schedule III
Encumbrances	$ 175,000
Initial Cost to Company, Land and Improvements	31,510
Initial Cost to Company, Buildings and Improvements	21,870
Cost Capitalized Subsequent to Acquisition	140,160
Gross Amounts at Which Carried at Close of Period, Land and Improvements	32,518
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements	161,022
Gross Amounts at Which Carried at Close of Period, Total	193,540
Accumulated Depreciation and Amortization	$ 15,360
Date of Construction	2016, 2019
Date Acquired	2017
Operating Real Estate | 1770 Crystal Drive
Schedule III
Initial Cost to Company, Land and Improvements	$ 10,771
Initial Cost to Company, Buildings and Improvements	44,276
Cost Capitalized Subsequent to Acquisition	69,335
Gross Amounts at Which Carried at Close of Period, Land and Improvements	11,540
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements	112,842
Gross Amounts at Which Carried at Close of Period, Total	124,382
Accumulated Depreciation and Amortization	$ 3,932
Date of Construction	1980, 2020
Date Acquired	2002
Operating Real Estate | 2221 S Clark Street
Schedule III
Initial Cost to Company, Land and Improvements	$ 985
Initial Cost to Company, Buildings and Improvements	2,704
Cost Capitalized Subsequent to Acquisition	6,757
Gross Amounts at Which Carried at Close of Period, Land and Improvements	1,045
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements	9,401
Gross Amounts at Which Carried at Close of Period, Total	10,446
Accumulated Depreciation and Amortization	$ 2,169
Date of Construction	1964
Date Acquired	2002
Operating Real Estate | Fort Totten Square
Schedule III
Initial Cost to Company, Land and Improvements	$ 24,390
Initial Cost to Company, Buildings and Improvements	90,404
Cost Capitalized Subsequent to Acquisition	1,379
Gross Amounts at Which Carried at Close of Period, Land and Improvements	24,407
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements	91,766
Gross Amounts at Which Carried at Close of Period, Total	116,173
Accumulated Depreciation and Amortization	$ 16,921
Date of Construction	2015
Date Acquired	2017
Operating Real Estate | West End25
Schedule III
Initial Cost to Company, Land and Improvements	$ 67,049
Initial Cost to Company, Buildings and Improvements	5,039
Cost Capitalized Subsequent to Acquisition	112,656
Gross Amounts at Which Carried at Close of Period, Land and Improvements	68,343
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements	116,401
Gross Amounts at Which Carried at Close of Period, Total	184,744
Accumulated Depreciation and Amortization	$ 37,156
Date of Construction	2009
Date Acquired	2007
Operating Real Estate | F1RST Residences [Member]
Schedule III
Initial Cost to Company, Land and Improvements	$ 31,064
Initial Cost to Company, Buildings and Improvements	133,256
Cost Capitalized Subsequent to Acquisition	165
Gross Amounts at Which Carried at Close of Period, Land and Improvements	31,064
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements	133,421
Gross Amounts at Which Carried at Close of Period, Total	164,485
Accumulated Depreciation and Amortization	$ 10,514
Date of Construction	2017
Date Acquired	2019
Operating Real Estate | 1221 Van Street
Schedule III
Encumbrances	$ 87,253
Initial Cost to Company, Land and Improvements	27,386
Initial Cost to Company, Buildings and Improvements	63,775
Cost Capitalized Subsequent to Acquisition	27,429
Gross Amounts at Which Carried at Close of Period, Land and Improvements	28,208
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements	90,382
Gross Amounts at Which Carried at Close of Period, Total	118,590
Accumulated Depreciation and Amortization	$ 16,736
Date of Construction	2018
Date Acquired	2017
Operating Real Estate | North End Retail
Schedule III
Initial Cost to Company, Land and Improvements	$ 5,847
Initial Cost to Company, Buildings and Improvements	9,333
Cost Capitalized Subsequent to Acquisition	(327)
Gross Amounts at Which Carried at Close of Period, Land and Improvements	5,871
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements	8,982
Gross Amounts at Which Carried at Close of Period, Total	14,853
Accumulated Depreciation and Amortization	$ 1,353
Date of Construction	2015
Date Acquired	2017
Operating Real Estate | River House Apartments
Schedule III
Encumbrances	$ 307,710
Initial Cost to Company, Land and Improvements	118,421
Initial Cost to Company, Buildings and Improvements	125,078
Cost Capitalized Subsequent to Acquisition	95,346
Gross Amounts at Which Carried at Close of Period, Land and Improvements	138,994
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements	199,851
Gross Amounts at Which Carried at Close of Period, Total	338,845
Accumulated Depreciation and Amortization	$ 85,421
Date of Construction	1960
Date Acquired	2007
Operating Real Estate | The Bartlett
Schedule III
Encumbrances	$ 217,453
Initial Cost to Company, Land and Improvements	41,687
Cost Capitalized Subsequent to Acquisition	226,547
Gross Amounts at Which Carried at Close of Period, Land and Improvements	41,901
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements	226,333
Gross Amounts at Which Carried at Close of Period, Total	268,234
Accumulated Depreciation and Amortization	$ 33,545
Date of Construction	2016
Date Acquired	2007
Operating Real Estate | 220 20th Street
Schedule III
Encumbrances	$ 80,240
Initial Cost to Company, Land and Improvements	8,434
Initial Cost to Company, Buildings and Improvements	19,340
Cost Capitalized Subsequent to Acquisition	102,757
Gross Amounts at Which Carried at Close of Period, Land and Improvements	8,917
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements	121,614
Gross Amounts at Which Carried at Close of Period, Total	130,531
Accumulated Depreciation and Amortization	$ 42,021
Date of Construction	2009
Date Acquired	2017
Operating Real Estate | Falkland Chase-South & West
Schedule III
Encumbrances	$ 37,873
Initial Cost to Company, Land and Improvements	18,530
Initial Cost to Company, Buildings and Improvements	44,232
Cost Capitalized Subsequent to Acquisition	1,703
Gross Amounts at Which Carried at Close of Period, Land and Improvements	18,662
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements	45,803
Gross Amounts at Which Carried at Close of Period, Total	64,465
Accumulated Depreciation and Amortization	$ 9,295
Date of Construction	1938
Date Acquired	2017
Operating Real Estate | Falkland Chase-North
Schedule III
Initial Cost to Company, Land and Improvements	$ 9,810
Initial Cost to Company, Buildings and Improvements	22,706
Cost Capitalized Subsequent to Acquisition	(1,535)
Gross Amounts at Which Carried at Close of Period, Land and Improvements	8,999
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements	21,982
Gross Amounts at Which Carried at Close of Period, Total	30,981
Accumulated Depreciation and Amortization	$ 4,480
Date of Construction	1938
Date Acquired	2017
Operating Real Estate | West Half
Schedule III
Initial Cost to Company, Land and Improvements	$ 45,668
Initial Cost to Company, Buildings and Improvements	17,902
Cost Capitalized Subsequent to Acquisition	161,432
Gross Amounts at Which Carried at Close of Period, Land and Improvements	48,899
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements	176,103
Gross Amounts at Which Carried at Close of Period, Total	225,002
Accumulated Depreciation and Amortization	$ 21,967
Date of Construction	2019
Date Acquired	2017
Operating Real Estate | The Wren
Schedule III
Initial Cost to Company, Land and Improvements	$ 14,306
Cost Capitalized Subsequent to Acquisition	140,345
Gross Amounts at Which Carried at Close of Period, Land and Improvements	17,741
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements	136,910
Gross Amounts at Which Carried at Close of Period, Total	154,651
Accumulated Depreciation and Amortization	$ 10,499
Date of Construction	2020
Date Acquired	2017
Operating Real Estate | 900 W Street
Schedule III
Initial Cost to Company, Land and Improvements	$ 21,685
Initial Cost to Company, Buildings and Improvements	5,162
Cost Capitalized Subsequent to Acquisition	39,125
Gross Amounts at Which Carried at Close of Period, Land and Improvements	22,182
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements	43,790
Gross Amounts at Which Carried at Close of Period, Total	65,972
Accumulated Depreciation and Amortization	$ 3,115
Date of Construction	2020
Date Acquired	2017
Operating Real Estate | 901 W Street
Schedule III
Initial Cost to Company, Land and Improvements	$ 25,992
Initial Cost to Company, Buildings and Improvements	8,790
Cost Capitalized Subsequent to Acquisition	64,696
Gross Amounts at Which Carried at Close of Period, Land and Improvements	26,898
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements	72,580
Gross Amounts at Which Carried at Close of Period, Total	99,478
Accumulated Depreciation and Amortization	$ 6,020
Date of Construction	2020
Date Acquired	2017
Operating Real Estate | The Batley
Schedule III
Initial Cost to Company, Land and Improvements	$ 44,315
Initial Cost to Company, Buildings and Improvements	158,408
Gross Amounts at Which Carried at Close of Period, Land and Improvements	44,315
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements	158,408
Gross Amounts at Which Carried at Close of Period, Total	202,723
Accumulated Depreciation and Amortization	$ 677
Date of Construction	2019
Date Acquired	2021
Operating Real Estate | 2221 S Clark Street Residential
Schedule III
Initial Cost to Company, Land and Improvements	$ 5,200
Initial Cost to Company, Buildings and Improvements	14,277
Cost Capitalized Subsequent to Acquisition	35,332
Gross Amounts at Which Carried at Close of Period, Land and Improvements	5,477
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements	49,332
Gross Amounts at Which Carried at Close of Period, Total	54,809
Accumulated Depreciation and Amortization	$ 11,471
Date of Construction	1964
Date Acquired	2002
Operating Real Estate | A 1900 Crystal Drive
Schedule III
Initial Cost to Company, Land and Improvements	$ 16,811
Initial Cost to Company, Buildings and Improvements	53,187
Cost Capitalized Subsequent to Acquisition	58,524
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements	128,522
Gross Amounts at Which Carried at Close of Period, Total	$ 128,522
Date Acquired	2002
Operating Real Estate | 5 M Street Southwest
Schedule III
Initial Cost to Company, Land and Improvements	$ 15,550
Initial Cost to Company, Buildings and Improvements	6,451
Cost Capitalized Subsequent to Acquisition	4,454
Gross Amounts at Which Carried at Close of Period, Land and Improvements	12,672
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements	13,783
Gross Amounts at Which Carried at Close of Period, Total	26,455
Accumulated Depreciation and Amortization	$ 1,022
Date Acquired	2005
Operating Real Estate | 2000 South Bell Street
Schedule III
Initial Cost to Company, Land and Improvements	$ 3,882
Initial Cost to Company, Buildings and Improvements	8,805
Cost Capitalized Subsequent to Acquisition	1,847
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements	14,534
Gross Amounts at Which Carried at Close of Period, Total	$ 14,534
Date Acquired	2002
Operating Real Estate | 2001 South Bell Street
Schedule III
Initial Cost to Company, Land and Improvements	$ 3,418
Initial Cost to Company, Buildings and Improvements	7,941
Cost Capitalized Subsequent to Acquisition	1,647
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements	13,006
Gross Amounts at Which Carried at Close of Period, Total	$ 13,006
Date Acquired	2002
Operating Real Estate | 223 23rd Street
Schedule III
Initial Cost to Company, Land and Improvements	$ 3,910
Initial Cost to Company, Buildings and Improvements	6,546
Cost Capitalized Subsequent to Acquisition	5,388
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements	15,844
Gross Amounts at Which Carried at Close of Period, Total	$ 15,844
Date of Construction	1969
Date Acquired	2002
Operating Real Estate | 2250 Crystal Drive
Schedule III
Initial Cost to Company, Land and Improvements	$ 3,974
Initial Cost to Company, Buildings and Improvements	8,644
Cost Capitalized Subsequent to Acquisition	7,557
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements	20,175
Gross Amounts at Which Carried at Close of Period, Total	$ 20,175
Date of Construction	1969
Date Acquired	2002
Operating Real Estate | Gallaudet Parcel 1-3
Schedule III
Cost Capitalized Subsequent to Acquisition	$ 7,494
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements	7,494
Gross Amounts at Which Carried at Close of Period, Total	$ 7,494
Date Acquired	2017
Operating Real Estate | 2525 Crystal Drive
Schedule III
Initial Cost to Company, Land and Improvements	$ 5,086
Cost Capitalized Subsequent to Acquisition	6,312
Gross Amounts at Which Carried at Close of Period, Land and Improvements	5,086
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements	6,312
Gross Amounts at Which Carried at Close of Period, Total	$ 11,398
Date Acquired	2002
Operating Real Estate | 101 12th Street
Schedule III
Initial Cost to Company, Land and Improvements	$ 6,335
Cost Capitalized Subsequent to Acquisition	4,141
Gross Amounts at Which Carried at Close of Period, Land and Improvements	6,335
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements	4,141
Gross Amounts at Which Carried at Close of Period, Total	$ 10,476
Date Acquired	2002
Operating Real Estate | RTC West Trophy Office
Schedule III
Initial Cost to Company, Land and Improvements	$ 8,687
Cost Capitalized Subsequent to Acquisition	(475)
Gross Amounts at Which Carried at Close of Period, Land and Improvements	5,596
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements	2,616
Gross Amounts at Which Carried at Close of Period, Total	$ 8,212
Date Acquired	2017
Operating Real Estate | Future Development Pipeline
Schedule III
Initial Cost to Company, Land and Improvements	$ 212,444
Initial Cost to Company, Buildings and Improvements	1,522
Cost Capitalized Subsequent to Acquisition	35,600
Gross Amounts at Which Carried at Close of Period, Land and Improvements	219,806
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements	29,760
Gross Amounts at Which Carried at Close of Period, Total	249,566
Accumulated Depreciation and Amortization	$ 195
Date Acquired	various
Operating Real Estate | Corporation [Member]
Schedule III
Encumbrances	$ 700,000
Cost Capitalized Subsequent to Acquisition	10,467
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements	10,467
Gross Amounts at Which Carried at Close of Period, Total	10,467
Accumulated Depreciation and Amortization	$ 4,494
Date Acquired	2017
Held-for-Sale | Pen Place - Land Parcel
Schedule III
Initial Cost to Company, Land and Improvements	$ 104,473
Initial Cost to Company, Buildings and Improvements	55
Cost Capitalized Subsequent to Acquisition	(30,643)
Gross Amounts at Which Carried at Close of Period, Land and Improvements	61,970
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements	11,915
Gross Amounts at Which Carried at Close of Period, Total	73,885
Accumulated Depreciation and Amortization	$ 9
Date Acquired	2007

Schedule III - REAL ESTATE AN_3

Schedule III - REAL ESTATE AND ACCUMULATED DEPRECIATION (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Real Estate:
Balance at beginning of the year	$ 6,074,516	$ 5,943,970	$ 5,895,953
Acquisitions	202,565	65,270	164,320
Additions	165,930	252,306	469,450
Assets sold or writtenoff	(92,332)	(152,000)	(585,753)
Real estate impaired	(40,318)	(35,030)
Balance at end of the year	6,310,361	6,074,516	5,943,970
Accumulated Depreciation:
Balance at beginning of the year	1,232,699	1,119,612	1,086,844
Depreciation expense	201,649	194,190	161,937
Accumulated depreciation on assets sold or writtenoff	(51,162)	(53,878)	(129,169)
Accumulated depreciation on real estate impaired	(15,174)	(27,225)
Balance at end of the year	1,368,012	1,232,699	$ 1,119,612
Impairment loss	$ 25,144	10,232
Impairment of real estate		7,800
Impairment of right-of-use asset from operating lease		$ 2,400