JBG SMITH Properties (JBGS) 10-Q3 May 222022 Q1 Quarterly reportFinancial data

Company Profile

Cover Page

Cover Page - shares	3 Months Ended
Cover Page - shares	Mar. 31, 2022	Apr. 29, 2022
Cover page.
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2022
Document Transition Report	false
Entity File Number	001-37994
Entity Registrant Name	JBG SMITH PROPERTIES
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	81-4307010
Entity Address, Address Line One	4747 Bethesda Avenue
Entity Address, Address Line Two	Suite 200
Entity Address, City or Town	Bethesda
Entity Address, State or Province	MD
Entity Address, Postal Zip Code	20814
City Area Code	240
Local Phone Number	333-3600
Title of 12(b) Security	Common Shares, par value $0.01 per share
Trading Symbol	JBGS
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		123,548,107
Entity Central Index Key	0001689796
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q1
Amendment Flag	false

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Real estate, at cost:
Land and improvements	$ 1,212,501	$ 1,378,218
Buildings and improvements	3,968,601	4,513,606
Construction in progress, including land	348,523	344,652
Real estate, at cost	5,529,625	6,236,476
Less: accumulated depreciation	(1,216,402)	(1,368,003)
Real estate, net	4,313,223	4,868,473
Cash and cash equivalents	189,140	264,356
Restricted cash	30,073	37,739
Tenant and other receivables	45,702	44,496
Deferred rent receivable	151,024	192,265
Investments in unconsolidated real estate ventures	461,444	462,885
Intangible assets, net	162,139	201,956
Other assets, net	71,385	240,160
Assets held for sale	891,750	73,876
TOTAL ASSETS	6,315,880	6,386,206
Liabilities:
Mortgages payable, net	1,613,082	1,777,699
Revolving credit facility	300,000	300,000
Unsecured term loans, net	398,332	398,664
Accounts payable and accrued expenses	108,436	106,136
Other liabilities, net	106,929	342,565
Liabilities related to assets held for sale	368,006
Total liabilities	2,894,785	2,925,064
Commitments and contingencies
Redeemable noncontrolling interests	546,049	522,725
Shareholders' equity:
Preferred shares, $0.01 par value - 200,000 shares authorized; none issued	0	0
Common shares, $0.01 par value - 500,000 shares authorized; 124,248 and 127,378 shares issued and outstanding as of March 31, 2022 and December 31, 2021	1,243	1,275
Additional paid-in capital	3,444,793	3,539,916
Accumulated deficit	(609,363)	(609,331)
Accumulated other comprehensive income (loss)	9,935	(15,950)
Total shareholders' equity of JBG SMITH Properties	2,846,608	2,915,910
Noncontrolling interests	28,438	22,507
Total equity	2,875,046	2,938,417
TOTAL LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY	$ 6,315,880	$ 6,386,206

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares shares in Thousands	Mar. 31, 2022	Dec. 31, 2021
Condensed Consolidated Balance Sheets
Preferred shares, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred shares, shares authorized	200,000	200,000
Preferred shares, shares issued	0	0
Common shares, par value (in dollars per share)	$ 0.01	$ 0.01
Common shares, shares authorized	500,000	500,000
Common stock, shares issued	124,248	127,378
Common shares, shares outstanding	124,248	127,378

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
REVENUE
Property rental	$ 131,598	$ 122,241
Third-party real estate services, including reimbursements	23,970	38,107
Other revenue	6,397	4,941
Total revenue	161,965	165,289
EXPENSES
Depreciation and amortization	58,062	64,726
Property operating	40,644	34,731
Real estate taxes	18,186	18,310
General and administrative:
Corporate and other	15,815	12,475
Third-party real estate services	27,049	28,936
Share-based compensation related to Formation Transaction and special equity awards	2,244	4,945
Transaction and other costs	899	3,690
Total expenses	162,899	167,813
OTHER INCOME (EXPENSE)
Income (loss) from unconsolidated real estate ventures, net	3,145	(943)
Interest and other income, net	14,246	9
Interest expense	(16,278)	(16,296)
Loss on the sale of real estate	(136)
Loss on the extinguishment of debt	(591)
Total other income (expense)	386	(17,230)
LOSS BEFORE INCOME TAX (EXPENSE) BENEFIT	(548)	(19,754)
Income tax (expense) benefit	471	(4,315)
NET LOSS	(77)	(24,069)
Net (income) loss attributable to redeemable noncontrolling interests	(10)	2,230
Net loss attributable to noncontrolling interests	55	1,108
NET LOSS ATTRIBUTABLE TO COMMON SHAREHOLDERS	$ (32)	$ (20,731)
LOSS PER COMMON SHARE:
LOSS PER COMMON SHARE - BASIC		$ (0.16)
LOSS PER COMMON SHARE - DILUTED		$ (0.16)
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING - BASIC	126,682	131,540
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING - DILUTED	126,682	131,540

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Condensed Consolidated Statements of Comprehensive Income (Loss)
NET LOSS	$ (77)	$ (24,069)
OTHER COMPREHENSIVE INCOME (LOSS):
Change in fair value of derivative financial instruments	25,095	6,411
Reclassification of net loss on derivative financial instruments from accumulated other comprehensive income (loss) into interest expense	3,756	3,741
Other comprehensive income	28,851	10,152
COMPREHENSIVE INCOME (LOSS)	28,774	(13,917)
Net (income) loss attributable to redeemable noncontrolling interests	(10)	2,230
Net loss attributable to noncontrolling interests	55	1,108
Other comprehensive income attributable to redeemable noncontrolling interests	(2,966)	(973)
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO JBG SMITH PROPERTIES	$ 25,853	$ (11,552)

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Equity - USD ($) $ in Thousands	Common Stock	Additional Paid-In Capital	Accumulated Deficit	Accumulated Other Comprehensive Income (Loss)	Noncontrolling Interests in Consolidated Subsidiaries	Total
Balance at beginning of period at Dec. 31, 2020	$ 1,319	$ 3,657,643	$ (412,944)	$ (39,979)	$ 167	$ 3,206,206
Balance at beginning of period (in shares) at Dec. 31, 2020	131,778
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss attributable to common shareholders and noncontrolling interests			(20,731)		(1,108)	(21,839)
Conversion of units to common shares	$ 1	3,918				3,919
Conversion of units to common shares (in shares)	119
Common shares repurchased	$ (6)	(19,197)				(19,203)
Common shares repurchased (in shares)	(620)
Common shares issued pursuant to employee incentive compensation plan and ESPP		249				249
Contributions from noncontrolling interests, net					9,671	9,671
Redeemable noncontrolling interests redemption value adjustment and other comprehensive income (loss) allocation		(11,336)		(973)		(12,309)
Other comprehensive income				10,152		10,152
Balance at end of period (in shares) at Mar. 31, 2021	131,277
Balance at end of period at Mar. 31, 2021	$ 1,314	3,631,277	(433,675)	(30,800)	8,730	3,176,846
Balance at beginning of period at Dec. 31, 2021	$ 1,275	3,539,916	(609,331)	(15,950)	22,507	$ 2,938,417
Balance at beginning of period (in shares) at Dec. 31, 2021	127,378					127,378,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss attributable to common shareholders and noncontrolling interests			(32)		(55)	$ (87)
Conversion of units to common shares	$ 2	6,012				6,014
Conversion of units to common shares (in shares)	208
Common shares repurchased	$ (34)	(93,114)				(93,148)
Common shares repurchased (in shares)	(3,341)
Common shares issued pursuant to employee incentive compensation plan and ESPP		286				286
Common shares issued pursuant to employee incentive compensation plan and ESPP (in shares)	3
Contributions from noncontrolling interests, net					5,986	5,986
Redeemable noncontrolling interests redemption value adjustment and other comprehensive income (loss) allocation		(8,307)		(2,966)		(11,273)
Other comprehensive income				28,851		$ 28,851
Balance at end of period (in shares) at Mar. 31, 2022	124,248					124,248,000
Balance at end of period at Mar. 31, 2022	$ 1,243	$ 3,444,793	$ (609,363)	$ 9,935	$ 28,438	$ 2,875,046

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
OPERATING ACTIVITIES:
Net loss	$ (77)	$ (24,069)
Adjustments to reconcile net loss to net cash provided by operating activities:
Share-based compensation expense	12,904	13,236
Depreciation and amortization, including amortization of deferred financing costs	59,162	65,747
Deferred rent	(3,706)	(6,594)
(Income) loss from unconsolidated real estate ventures, net	(3,145)	943
Amortization of market lease intangibles, net	(353)	(458)
Amortization of lease incentives	2,374	2,345
Loss on the sale of real estate	136
Loss on operating lease and other receivables	587	501
Income from investments, net	(14,071)
Return on capital from unconsolidated real estate ventures	2,879	5,952
Other non-cash items	(3,105)	(633)
Changes in operating assets and liabilities:
Tenant and other receivables	(1,793)	9,836
Other assets, net	(1,367)	2,115
Accounts payable and accrued expenses	(4,575)	(842)
Other liabilities, net	23,748	(1,577)
Net cash provided by operating activities	69,598	66,502
INVESTING ACTIVITIES:
Development costs, construction in progress and real estate additions	(52,686)	(28,499)
Proceeds from the sale of real estate	3,149
Proceeds from the sale of investments	17,796
Distributions of capital from unconsolidated real estate ventures	6,020
Investments in unconsolidated real estate ventures and other investments	(7,230)	(1,016)
Net cash used in investing activities	(32,951)	(29,515)
FINANCING ACTIVITIES:
Repayments of mortgages payable	(1,178)	(2,234)
Debt issuance costs	(531)	(4,587)
Common shares repurchased	(91,148)	(19,203)
Dividends paid to common shareholders	(28,665)	(29,650)
Distributions to redeemable noncontrolling interests	(4,005)	(5,785)
Contributions from noncontrolling interests	5,998	9,683
Net cash used in financing activities	(119,529)	(51,776)
Net decrease in cash and cash equivalents and restricted cash	(82,882)	(14,789)
Cash and cash equivalents and restricted cash, beginning of period	302,095	263,336
Cash and cash equivalents and restricted cash, end of period	219,213	248,547
SUPPLEMENTAL DISCLOSURE OF CASH FLOW AND NON-CASH INFORMATION:
Cash paid for interest (net of capitalized interest of $1,771 and $1,710 in 2022 and 2021)	18,219	14,929
Accrued capital expenditures included in accounts payable and accrued expenses	60,044	38,668
Write-off of fully depreciated assets	8,341	39,920
Conversion of OP Units to common shares	6,014	3,919
Cash paid for amounts included in the measurement of lease liabilities for operating leases	$ 546	$ 610

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021	Dec. 31, 2020
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, END OF THE PERIOD:
Cash and cash equivalents	$ 189,140	$ 208,708	$ 264,356
Restricted cash	30,073	39,839	37,739
Cash and cash equivalents and restricted cash	219,213	248,547	$ 302,095	$ 263,336
Capitalized interest	$ 1,771	$ 1,710

Organization and Basis of Prese

Organization and Basis of Presentation	3 Months Ended
Organization and Basis of Presentation	Mar. 31, 2022
Organization and Basis of Presentation
Organization and Basis of Presentation	1. Organization JBG SMITH Properties ("JBG SMITH"), a Maryland real estate investment trust ("REIT"), owns and operates a portfolio of commercial and multifamily assets amenitized with ancillary retail. JBG SMITH's portfolio reflects its longstanding strategy of owning and operating assets within Metro-served submarkets in the Washington, D.C. metropolitan area 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 over five million square foot 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 Amazon, the Washington Housing Initiative ("WHI") Impact Pool, the legacy funds formerly organized by The JBG Companies ("JBG") (the "JBG Legacy Funds") and other third parties. Substantially all our assets are held by, and our operations are conducted through, JBG SMITH Properties LP ("JBG SMITH LP"), our operating partnership. As of March 31, 2022, JBG SMITH, as its sole general partner, controlled JBG SMITH LP and owned 89.0% of its OP Units, after giving effect to 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 March 31, 2022, our Operating Portfolio consisted of 62 operating assets comprising 41 commercial assets totaling 13.0 million square feet (11.3 million square feet at our share), 20 multifamily assets totaling 7,715 units (6,502 units at our share) and one wholly-owned land asset for which we are the ground lessor. Additionally, we have: (i) two under-construction multifamily assets with 1,583 units (1,583 units at our share); (ii) nine near-term development assets totaling 4.1 million square feet (3.9 million square feet at our share) of estimated potential development density; and (iii) 20 future development assets totaling 13.0 million square feet (10.5 million square feet at our share) of estimated potential development density. We derive our revenue primarily from leases with commercial and multifamily tenants, which include fixed and percentage rents, and reimbursements from tenants for certain expenses such as real estate taxes, property operating expenses and repairs and maintenance. In addition, our third-party asset management and real estate services business provides fee-based real estate services. Basis of Presentation The accompanying unaudited condensed consolidated financial statements and notes are prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") for interim financial information and with the instructions of Form 10-Q and Article 10 of Regulation S-X. Accordingly, these condensed consolidated financial statements do not contain certain information required in annual financial statements and notes as required under GAAP. In our opinion, all adjustments considered necessary for a fair presentation have been included, and all such adjustments are of a normal recurring nature. All intercompany transactions and balances have been eliminated. The results of operations for the three months ended March 31, 2022 and 2021 are not necessarily indicative of the results that may be expected for a full year. These condensed consolidated financial statements should be read in conjunction with our Annual Report on Form 10-K for the year ended December 31, 2021, filed with the Securities and Exchange Commission on February 22, 2022 ("Annual Report"). The accompanying condensed consolidated financial statements include our accounts and those of our wholly owned subsidiaries and consolidated variable interest entities ("VIEs"), including JBG SMITH LP. See Note 5 for additional information on our VIEs. The portions of the equity and net income (loss) of consolidated entities that are not attributable to us are presented separately as amounts attributable to noncontrolling interests in our condensed consolidated financial statements. References to our financial statements refer to our condensed consolidated financial statements as of March 31, 2022 and December 31, 2021, and for the three months ended March 31, 2022 and 2021. References to our balance sheets refer to our condensed consolidated balance sheets as of March 31, 2022 and December 31, 2021. References to our statements of operations refer to our condensed consolidated statements of operations for the three months ended March 31, 2022 and 2021. References to our statements of comprehensive income (loss) refer to our condensed consolidated statements of comprehensive income (loss) for the three months ended March 31, 2022 and 2021. Income Taxes We have elected to be taxed as a REIT under sections 856-860 of the Internal Revenue Code of 1986, as amended (the "Code"). Under those sections, a REIT which distributes at least 90% of its REIT taxable income as dividends to its shareholders each year and which meets certain other conditions will not be taxed on that portion of its taxable income which is distributed to its shareholders. We currently adhere and intend to continue to adhere to these requirements and to maintain our REIT status in future periods. We also participate in the activities conducted by our subsidiary entities that have elected to be treated as taxable REIT subsidiaries under the Code. As such, we are subject to federal, state and local taxes on the income from these activities. Reclassification Intangible assets, net, totaling $202.0 million were reclassified from "Other assets, net" to "Intangible assets, net" on our balance sheet as of December 31, 2021 in order to present intangible assets separately from other assets, which is consistent with our current year presentation.

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
Summary of Significant Accounting Policies	Mar. 31, 2022
Summary of Significant Accounting Policies
Summary of Significant Accounting Policies	2. Significant Accounting Policies There were no material changes to our significant accounting policies disclosed in our Annual Report. Use of Estimates The preparation of the financial statements in conformity with GAAP requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of revenue and expenses during the reporting periods. The most significant of these estimates include: (i) the underlying cash flows and holding periods used in assessing impairment of our real estate assets; (ii) the determination of useful lives for tangible and intangible assets; and (iii) the assessment of the collectability of receivables, including deferred rent receivables. Longer estimated holding periods for real estate assets directly reduce the likelihood of recording an impairment loss. If there is a change in the strategy for an asset or if market conditions dictate an earlier sale date, an impairment loss may be recognized, and such loss could be material. 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 three months ended March 31, 2022, we elected to apply the hedge accounting expedient that allows us to continue to assess whether the underlying hedged forecasted transaction remains probable without regard to the replacement of the contractually specified rate. We have 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.

Dispositions and Assets Held fo

Dispositions and Assets Held for Sale	3 Months Ended
Dispositions and Assets Held for Sale	Mar. 31, 2022
Dispositions And Assets Held for Sale
Dispositions and Assets Held for Sale	3. Dispositions The following is a summary of the disposition activity for the three months ended March 31, 2022: Loss on Gross Cash the Sale Sales Proceeds of Real Date Disposed Assets Segment Location Price from Sale Estate March 28, 2022 Development Parcel Other Arlington, Virginia $ 3,250 $ 3,149 $ (136) During the three months ended March 31, 2022, one of our unconsolidated real estate ventures disposed of several assets. See Note 4 for additional information. On April 1, 2022, we sold the Universal Buildings, commercial assets located in Washington D.C., for a gross sales price of $228.0 million, which were classified as assets held for sale as of March 31, 2022. On April 13, 2022, we formed an unconsolidated real estate venture with affiliates of Fortress Investment Group LLC ("Fortress") to recapitalize a 1.6 million square foot office portfolio and land parcels for a gross sales price of $580.0 million comprising four wholly owned commercial assets (7200 Wisconsin Avenue, 1730 M Street, RTC-West/RTC-West Trophy Office/RTC-West Land ("RTC-West") and Courthouse Plaza 1 and 2), which were classified as assets held for sale as of March 31, 2022. Fortress contributed $131.0 million for a 66.5% interest in the venture. In connection with the transaction, the real estate venture obtained mortgage loans totaling $458.0 million secured by the properties, of which $402.0 million was drawn at closing. We will provide asset management, property management and leasing services to the venture. Because our interest in the venture is subordinated to a 15% preferred return to Fortress, we do not anticipate receiving any near-term cash flow distributions from it. Assets Held for Sale The following is a summary of assets held for sale: Liabilities Related Total Assets Held to Assets Held Assets Segment Location Square Feet for Sale (1) for Sale (2) (In thousands) March 31, 2022 Pen Place (3) Other Arlington, Virginia 2,082 $ 73,876 $ 298 Universal Buildings (4) Commercial Washington, D.C. 659 168,599 15,854 7200 Wisconsin Avenue (4) Commercial Bethesda, Maryland 271 113,471 1,471 1730 M Street (4) Commercial Washington, D.C. 205 77,284 89,515 RTC-West (4) (5) Commercial / Other Reston, Virginia 1,835 191,774 121,206 Courthouse Plaza 1 and 2 (4) Commercial Arlington, Virginia 633 266,746 139,662 5,685 $ 891,750 $ 368,006 December 31, 2021 Pen Place (3) Other Arlington, Virginia 2,082 $ 73,876 $ — (1) Includes $180.5 million of finance lease right-of-use assets related to ground leases at 1730 M Street and Courthouse Plaza 1 and 2. The remaining assets primarily represent the carrying value of real estate. (2) Includes $164.8 million of mortgages payable related to 1730 M Street and RTC-West, which were repaid in April 2022, and $163.5 million of liabilities related to finance lease right-of-use assets related to 1730 M Street and Courthouse Plaza 1 and 2. (3) Under contract for sale to Amazon for $198.0 million, which we expect to close during the second quarter of 2022. Total square feet represent estimated or approved potential development density. (4) These assets were disposed of or recapitalized in April 2022. (5) Total square feet include 1.4 million square feet of estimated potential development density.

Investments in Unconsolidated R

Investments in Unconsolidated Real Estate Ventures	3 Months Ended
Investments in Unconsolidated Real Estate Ventures	Mar. 31, 2022
Investments in Unconsolidated Real Estate Ventures
Investments in Unconsolidated Real Estate Ventures	4. Investments in Unconsolidated Real Estate Ventures The following is a summary of our investments in unconsolidated real estate ventures: Effective Ownership Real Estate Venture Partners Interest (1) March 31, 2022 December 31, 2021 (In thousands) Prudential Global Investment Management 50.0% $ 207,221 $ 208,421 Landmark Partners ("Landmark") 1.8% - 49.0% 26,369 28,298 CBREI Venture 5.0% - 64.0% 57,051 57,812 Canadian Pension Plan Investment Board ("CPPIB") 55.0% 48,179 48,498 J.P. Morgan Global Alternatives ("J.P. Morgan") (2) 50.0% 56,220 52,769 Berkshire Group 50.0% 52,030 52,770 Brandywine Realty Trust 30.0% 13,756 13,693 Other 618 624 Total investments in unconsolidated real estate ventures (3) $ 461,444 $ 462,885 (1) Reflects our effective ownership interests in the underlying real estate as of March 31, 2022. 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 March 31, 2022 and December 31, 2021, our total investments in unconsolidated real estate ventures were greater than our share of the net book value of the underlying assets by $ 17.6 million and $ 18.6 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 $5.5 million and $5.9 million for the three months ended March 31, 2022 and 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 for the three months ended March 31, 2022: Mortgages Proportionate Real Estate Gross Payable Share of Venture Ownership Sales Repaid by Aggregate Date Disposed Partner Assets Percentage Price Venture Gain (1) (In thousands) January 27, 2022 Landmark The Alaire, The Terano and 12511 Parklawn Drive 1.8% - 18.0% $ 137,500 $ 79,829 $ 5,243 (1) Included in "Income (loss) from unconsolidated real estate ventures, net" in our statement of operations. The following is a summary of the debt of our unconsolidated real estate ventures: Weighted Average Effective Interest Rate (1) March 31, 2022 December 31, 2021 (In thousands) Variable rate (2) 2.97% $ 740,782 $ 785,369 Fixed rate (3) 4.16% 275,403 309,813 Mortgages payable 1,016,185 1,095,182 Unamortized deferred financing costs (4,431) (5,239) Mortgages payable, net (4) $ 1,011,754 $ 1,089,943 (1) Weighted average effective interest rate as of March 31, 2022. (2) Includes variable rate mortgages payable with interest rate cap agreements. (3) Includes variable rate mortgages payable with interest rates fixed by interest rate swap agreements. (4) See Note 17 for additional information on guarantees of the debt of certain of our unconsolidated real estate ventures. The following is a summary of financial information for our unconsolidated real estate ventures: March 31, 2022 December 31, 2021 (In thousands) Combined balance sheet information: Real estate, net $ 2,019,377 $ 2,116,290 Other assets, net 246,848 264,397 Total assets $ 2,266,225 $ 2,380,687 Mortgages payable, net $ 1,011,754 $ 1,089,943 Other liabilities, net 93,685 118,752 Total liabilities 1,105,439 1,208,695 Total equity 1,160,786 1,171,992 Total liabilities and equity $ 2,266,225 $ 2,380,687 Three Months Ended March 31, 2022 2021 (In thousands) Combined income statement information: Total revenue $ 42,874 $ 48,217 Operating income (1) 48,426 1,714 Net income (loss) (1) 39,283 (6,526) (1) Includes the gain from the sale of The Alaire, The Terano and 12511 Parklawn Drive totaling $45.1 million during the three months ended March 31, 2022.

Variable Interest Entities

Variable Interest Entities	3 Months Ended
Variable Interest Entities	Mar. 31, 2022
Variable Interest Entities
Variable Interest Entities	5. We hold various interests in entities deemed to be VIEs, which we evaluate at acquisition, formation, after a change in the ownership agreement, after a change in the entity's economics or after any other reconsideration event to determine if the VIE should be consolidated in our financial statements or should no longer be considered a VIE. An entity is a VIE because it is in the development stage and/or does not hold sufficient equity at risk, or conducts substantially all its operations on behalf of an investor with disproportionately few voting rights. We will consolidate a VIE if we are the primary beneficiary of the VIE, which entails having the power to direct the activities that most significantly impact the VIE’s economic performance. Certain criteria we assess in determining whether we are the primary beneficiary of the VIE include our influence over significant business activities, our voting rights and any noncontrolling interest kick-out or participating rights. Unconsolidated VIEs As of March 31, 2022 and December 31, 2021, 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 entities, 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 March 31, 2022 and December 31, 2021, the net carrying amounts of our investment in these entities was $146.1 million and $145.2 million, which were included in "Investments in unconsolidated real estate ventures" in our balance sheets. Our equity in the income of unconsolidated VIEs is included in "Income (loss) from unconsolidated real estate ventures, net" in our statements of operations. Our maximum loss exposure in these entities is limited to our investments, construction commitments and debt guarantees. See Note 17 for additional information. Consolidated VIEs JBG SMITH LP is our most significant consolidated VIE. We hold 89.0% 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. As of March 31, 2022 and December 31, 2021, excluding the operating partnership, we consolidated three VIEs with total assets of $300.2 million and $269.7 million, and liabilities of $21.8 million and $13.9 million. The assets of the VIEs can only be used to settle the obligations of the VIEs, and the liabilities include third-party liabilities of the VIEs for which the creditors or beneficial interest holders do not have recourse against us.

Other Assets, Net

Other Assets, Net	3 Months Ended
Other Assets, Net	Mar. 31, 2022
Other Assets, Net.
Other Assets, Net	6. The following is a summary of other assets, net: March 31, 2022 December 31, 2021 (In thousands) Prepaid expenses $ 16,564 $ 17,104 Derivative agreements, at fair value 15,478 951 Deferred financing costs, net 10,671 11,436 Deposits 1,845 1,938 Operating lease right-of-use assets 1,591 1,660 Finance lease right-of-use assets (1) — 180,956 Other (2) (3) 25,236 26,115 Total other assets, net $ 71,385 $ 240,160 (1) Represents finance ground leases at 1730 M Street and Courthouse Plaza 1 and 2, which were classified as "Assets held for sale" in our balance sheet as of March 31, 2022. (2) As of March 31, 2022 and December 31, 2021, included $11.9 million and $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 net asset value. During the first quarter of 2022, we recorded unrealized gains totaling $156,000 related to these investments, which are included in "Interest and other income, net" in our statement of operations . (3) As of March 31, 2022 and December 31, 2021, included $8.3 million and $11.3 million of equity investments that are carried at cost. During the first quarter of 2022, we recorded a realized gain of $13.9 million related to these investments, which is included in "Interest and other income, net" in our statement of operations .

Debt

Debt	3 Months Ended
Debt	Mar. 31, 2022
Debt
Debt	7. Mortgages Payable The following is a summary of mortgages payable: Weighted Average Effective Interest Rate (1) March 31, 2022 December 31, 2021 (In thousands) Variable rate (2) 2.38% $ 749,946 $ 867,246 Fixed rate (3) 4.35% 872,335 921,013 Mortgages payable 1,622,281 1,788,259 Unamortized deferred financing costs and premium / discount, net (4) (9,199) (10,560) Mortgages payable, net 1,613,082 1,777,699 Mortgages payable, net, related to assets held for sale 2.45% 163,897 — Mortgages payable, net, including mortgages payable related to assets held for sale $ 1,776,979 $ 1,777,699 (1) Weighted average effective interest rate as of March 31, 2022. (2) Includes variable rate mortgages payable with interest rate cap agreements. (3) Includes variable rate mortgages payable with interest rates fixed by interest rate swap agreements. (4) As of March 31, 2022 and December 31, 2021, excludes $6.1 million and $6.4 million of net deferred financing costs related to unfunded mortgage loans that were included in "Other assets, net." As of March 31, 2022 and December 31, 2021, the net carrying value of real estate collateralizing our mortgages payable, including mortgages payable related to assets held for sale, totaled $1.8 billion. Our mortgages payable contain covenants that limit our ability to incur additional indebtedness on these properties and, in certain circumstances, require lender approval of tenant leases and/or yield maintenance upon repayment prior to maturity. Certain mortgages payable are recourse to us. See Note 17 for additional information. As of March 31, 2022 and December 31, 2021, we had various interest rate swap and cap agreements on certain mortgages payable with an aggregate notional value of $1.3 billion. See Note 15 for additional information. Credit Facility Our $1.4 billion credit facility consists 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 2025 and a $200.0 million unsecured term loan ("Tranche A-2 Term Loan") maturing in July 2024. 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 1.15% to SOFR plus 1.75%, varying based on a ratio of our total outstanding indebtedness to a valuation of certain real property and assets. In connection with the loan amendment, we amended the related 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 Interest Rate (1) March 31, 2022 December 31, 2021 (In thousands) Revolving credit facility (2) (3) (4) 1.50% $ 300,000 $ 300,000 Tranche A-1 Term Loan (5) 2.61% $ 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 (1,668) (1,336) Unsecured term loans, net $ 398,332 $ 398,664 (1) Effective interest rate as of March 31, 2022. (2) As of March 31, 2022 and December 31, 2021, letters of credit with an aggregate face amount of $467,000 and $911,000 were outstanding under our revolving credit facility. (3) As of March 31, 2022 and December 31, 2021, excludes $4.6 million and $5.0 million of net deferred financing costs related to our revolving credit facility that were included in "Other assets, net." (4) The interest rate for our revolving credit facility excludes a 0.15% facility fee. In April 2022, we repaid $210.0 million on our revolving credit facility. (5) As of March 31, 2022 and December 31, 2021, the outstanding balance was fixed by interest rate swap agreements. As of March 31, 2022, the interest rate swaps mature in July 2024, and fix SOFR at a weighted average interest rate of 1.46% for the Tranche A-1 Term Loan and fix LIBOR at a weighted average interest rate of 1.34% for the Tranche A-2 Term Loan .

Other Liabilities, Net

Other Liabilities, Net	3 Months Ended
Other Liabilities, Net	Mar. 31, 2022
Other Liabilities, Net.
Other Liabilities, Net	8. Other Liabilities, Net The following is a summary of other liabilities, net: March 31, 2022 December 31, 2021 (In thousands) Lease intangible liabilities, net 7,456 8,272 Lease assumption liabilities 4,707 5,399 Lease incentive liabilities 5,954 21,163 Liabilities related to operating lease right-of-use assets 6,329 6,910 Liabilities related to finance lease right-of-use assets (1) — 162,510 Prepaid rent 18,826 19,852 Security deposits 13,462 18,188 Environmental liabilities 18,168 18,168 Deferred tax liability, net 4,884 5,340 Dividends payable — 32,603 Derivative agreements, at fair value 658 18,361 Deferred purchase price related to the acquisition of a future development parcel 19,741 19,691 Other 6,744 6,108 Total other liabilities, net $ 106,929 $ 342,565 (1) Represents finance ground leases at 1730 M Street and Courthouse Plaza 1 and 2, which were classified as "Assets held for sale" in our balance sheet as of March 31, 2022.

Redeemable Noncontrolling Inter

Redeemable Noncontrolling Interests	3 Months Ended
Redeemable Noncontrolling Interests	Mar. 31, 2022
Redeemable Noncontrolling Interests
Redeemable Noncontrolling Interests	9. JBG SMITH LP OP Units held by persons other than JBG SMITH are redeemable for cash or, at our election, our common shares, subject to certain limitations. 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 three months ended March 31, 2022 and 2021, unitholders redeemed 207,882 and 119,178 OP Units, which we elected to redeem for an equivalent number of our common shares. As of March 31, 2022, outstanding OP Units and redeemable LTIP Units totaled 15.3 million, representing an 11.0% ownership interest in JBG SMITH LP. In our 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. 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 March 31, 2022, we held a 96.0% ownership interest in the real estate venture. The following is a summary of the activity of redeemable noncontrolling interests: Three Months Ended March 31, 2022 2021 Consolidated Consolidated JBG Real Estate JBG Real Estate SMITH LP Venture Total SMITH LP Venture Total (In thousands) Balance, beginning of period $ 513,268 $ 9,457 $ 522,725 $ 522,882 $ 7,866 $ 530,748 OP Unit redemptions (6,014) — (6,014) (3,919) — (3,919) LTIP Units issued in lieu of cash bonuses (1) 5,597 — 5,597 4,817 — 4,817 Net income (loss) (3) 13 10 (2,197) (33) (2,230) Other comprehensive income 2,966 — 2,966 973 — 973 Distributions — (69) (69) (1,362) — (1,362) Share-based compensation expense 12,527 — 12,527 12,564 — 12,564 Adjustment to redemption value 8,384 (77) 8,307 11,293 43 11,336 Balance, end of period $ 536,725 $ 9,324 $ 546,049 $ 545,051 $ 7,876 $ 552,927 (1) See Note 11 for additional information.

Property Rental Revenue

Property Rental Revenue	3 Months Ended
Property Rental Revenue	Mar. 31, 2022
Property Rental Revenue
Property Rental Revenue	10. Property Rental Revenue The following is a summary of property rental revenue from our non-cancellable leases: Three Months Ended March 31, 2022 2021 (In thousands) Fixed $ 120,637 $ 112,249 Variable 10,961 9,992 Property rental revenue $ 131,598 $ 122,241

Share-Based Payments

Share-Based Payments	3 Months Ended
Share-Based Payments	Mar. 31, 2022
Share-Based Payments
Share-Based Payments	11. LTIP Units and Time-Based LTIP Units In January 2022, we granted to certain employees 660,785 LTIP Units with time-based vesting requirements ("Time-Based LTIP Units") and a weighted average grant-date fair value of $27.41 per unit that vest ratably over four years subject to continued employment. Compensation expense for these units is being recognized over a four-year period. In February 2022, we granted 252,206 fully vested LTIP Units to certain employees, who elected to receive all or a portion of their cash bonuses, related to 2021 service, as LTIP Units. The LTIP units had a weighted average grant-date fair value of $22.19 per unit. Compensation expense totaling $5.6 million for these LTIP Units was recognized in 2021. The aggregate grant-date fair value of the Time-Based LTIP Units and the LTIP Units granted during the three months ended March 31, 2022 was $23.7 million. The Time-Based LTIP Units and the LTIP Units were valued based on the closing common share price on the grant date, less a discount for post-grant restrictions. The discount was determined using Monte Carlo simulations and the following is a summary of the significant assumptions used to value these units: Expected volatility 41.0% Risk-free interest rate 0.4% to 1.5% Post-grant restriction periods 2 years In April 2022, as part of their annual compensation, we granted to non-employee trustees a total of 2.0 million fully vested LTIP Units with a grant-date fair value of $20.90 per unit, which includes LTIP Units elected in lieu of cash retainers. The LTIP Units may not be sold while a trustee is serving on the Board of Trustees. Appreciation-Only LTIP Units ("AO LTIP Units") In January 2022, we granted to certain employees 1.5 million performance-based AO LTIP Units with a weighted average grant-date fair value of $4.44 per unit. The AO LTIP Units are structured in the form of profits 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 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% . The AO LTIP Units have a three-year performance period with 50% of the AO LTIP Units that are earned vesting at the end of the three-year performance period and the remaining 50% vesting on the fourth anniversary of the grant date, subject to continued employment. The AO LTIPs have a 10-year term from the grant date. The aggregate grant-date fair value of the AO LTIP Units granted during the three months ended March 31, 2022 was $6.6 million, valued using Monte Carlo simulations. The following is a summary of the significant assumptions used to value the AO LTIP Units: Expected volatility 27.0% Dividend yield 2.7% Risk-free interest rate 1.6% Performance-Based LTIP Units In January 2022, 469,624 LTIP Units with performance-based vesting requirements ("Performance-Based LTIP Units"), which were unvested as of December 31, 2021, were forfeited as the performance measures were not met. Share-Based Compensation Expense The following is a summary of share-based compensation expense: Three Months Ended March 31, 2022 2021 (In thousands) Time-Based LTIP Units $ 6,126 $ 4,380 AO LTIP Units and Performance-Based LTIP Units 4,157 3,239 Other equity awards (1) 1,427 1,463 Share-based compensation expense - other 11,710 9,082 Formation Awards 374 729 OP Units and LTIP Units (2) 583 2,784 Special Time-Based LTIP Units and Special Performance-Based LTIP Units (3) 1,287 1,432 Share-based compensation related to Formation Transaction and special equity awards (4) 2,244 4,945 Total share-based compensation expense 13,954 14,027 Less: amount capitalized (1,050) (791) Share-based compensation expense $ 12,904 $ 13,236 (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 bonuses earned, (ii) restricted share units ("RSUs") and (iii) shares issued under our ESPP. (2) Represents share-based compensation expense for LTIP Units and OP Units issued in the Formation Transaction, which are subject to post-Combination employment obligations. (3) Represents equity awards issued related to our successful pursuit of Amazon's additional headquarters in National Landing. (4) Included in "General and administrative expense: Share-based compensation related to Formation Transaction and special equity awards" in the accompanying statements of operations . As of March 31, 2022, we had $76.0 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 3.2 years.

Transaction and Other Costs

Transaction and Other Costs	3 Months Ended
Transaction and Other Costs	Mar. 31, 2022
Transaction and Other Costs.
Transaction and Other Costs	12. Transaction and Other Costs The following is a summary of transaction and other costs: Three Months Ended March 31, 2022 2021 (In thousands) Demolition costs $ 22 $ 1,008 Integration and severance costs 145 240 Completed, potential and pursued transaction expenses (1) 732 2,442 Transaction and other costs $ 899 $ 3,690 (1) Primarily consists of legal costs related to pursued transactions.

Interest Expense

Interest Expense	3 Months Ended
Interest Expense	Mar. 31, 2022
Interest Expense
Interest Expense	13. Interest Expense The following is a summary of interest expense: Three Months Ended March 31, 2022 2021 (In thousands) Interest expense before capitalized interest $ 18,442 $ 16,666 Amortization of deferred financing costs 1,130 1,047 Interest expense related to finance lease right-of-use assets 1,844 426 Net unrealized gain on derivative financial instruments designated as ineffective hedges (3,367) (133) Capitalized interest (1,771) (1,710) Interest expense $ 16,278 $ 16,296

Shareholders' Equity and Loss P

Shareholders' Equity and Loss Per Common Share	3 Months Ended
Shareholders' Equity and Loss Per Common Share	Mar. 31, 2022
Shareholders' Equity and Loss Per Common Share
Shareholders' Equity and Loss Per Common Share	14. 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 three months ended March 31, 2022, we repurchased and retired 3.3 million common shares for $93.1 million, a weighted average purchase price per share of $27.86. During the three months ended March 31, 2021, we repurchased and retired 619,749 common shares for $19.2 million, a weighted average purchase price per share of $30.96. Since we began the share repurchase program, we have repurchased and retired 12.5 million common shares for $355.6 million, a weighted average purchase price per share of $28.45. In April 2022, we repurchased and retired 707,000 common shares for $19.4 million, a weighted average purchase price per share of $27.39, pursuant to a repurchase plan under Rule 10b5-1 of the Securities Exchange Act of 1934, as amended. Loss Per Common Share The following is a summary of the calculation of basic and diluted loss per common share and a reconciliation of the amounts of net loss attributable to common shareholders used in calculating basic and diluted loss per common share to net loss: Three Months Ended March 31, 2022 2021 (In thousands, except per share amounts) Net loss $ (77) $ (24,069) Net (income) loss attributable to redeemable noncontrolling interests (10) 2,230 Net loss attributable to noncontrolling interests 55 1,108 Net loss attributable to common shareholders $ (32) $ (20,731) Weighted average number of common shares outstanding - basic and diluted 126,682 131,540 Loss per common share - basic and diluted $ — $ (0.16) 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 March 31, 2022 and 2021 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. AO LTIP Units, Performance-Based LTIP Units, Formation Awards and RSUs, which totaled 6.0 million and 3.9 million for the three months ended March 31, 2022 and 2021, were excluded from the calculation of diluted loss per common share as they were antidilutive, but potentially could be dilutive in the future. Dividends Declared in April 2022 On April 29, 2022, our Board of Trustees declared a quarterly dividend of $0.225 per common share, payable on May 27, 2022 to shareholders of record as of May 13, 2022.

Fair Value Measurements

Fair Value Measurements	3 Months Ended
Fair Value Measurements	Mar. 31, 2022
Fair Value Measurements
Fair Value Measurements	15. Fair Value Measurements on a Recurring Basis To manage or hedge our exposure to interest rate risk, we follow established risk management policies and procedures, including the use of a variety of derivative financial instruments. We do not enter into derivative financial instruments for speculative purposes. As of March 31, 2022 and December 31, 2021, 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 gain (loss) on our derivative financial instruments designated as effective hedges was $11.6 million and ($17.2) million as of March 31, 2022 and December 31, 2021 and was recorded in "Accumulated other comprehensive income (loss)" in our balance sheets, of which a portion was reclassified to "Redeemable noncontrolling interests." Within the next 12 months, we expect to reclassify $1.8 million of net unrealized loss as an increase to interest expense. Accounting Standards Codification 820 ("Topic 820"), Fair Value Measurement and Disclosures, defines fair value and establishes a framework for measuring fair value. The objective of fair value is to determine the price that would be received upon the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (the exit price). Topic 820 establishes a fair value hierarchy that prioritizes observable and unobservable inputs used to measure fair value into three levels: Level 1 — quoted prices (unadjusted) in active markets that are accessible at the measurement date for assets or liabilities; Level 2 — observable prices that are based on inputs not quoted in active markets, but corroborated by market data; and Level 3 — unobservable inputs that are used when little or no market data is available. The fair values of the derivative financial instruments are based on the estimated amounts we would receive or pay to terminate the contracts at the reporting date and are determined using interest rate pricing models and observable inputs. The derivative financial instruments are classified within Level 2 of the valuation hierarchy. The following is a summary of assets and liabilities measured at fair value on a recurring basis: Fair Value Measurements Total Level 1 Level 2 Level 3 (In thousands) March 31, 2022 Derivative financial instruments designated as effective hedges: Classified as assets in "Other assets, net" $ 11,553 — $ 11,553 — Classified as liabilities in "Other liabilities, net" 658 — 658 — Derivative financial instruments designated as ineffective hedges: Classified as assets in "Other assets, net" 3,925 — 3,925 — December 31, 2021 Derivative financial instruments designated as effective hedges: Classified as assets in "Other assets, net" $ 393 — $ 393 — Classified as liabilities in "Other liabilities, net" 18,361 — 18,361 — Derivative financial instruments designated as ineffective hedges: Classified as assets in "Other assets, net" 558 — 558 — The fair values of our derivative financial instruments were determined using widely accepted valuation techniques, including discounted cash flow analysis on the expected cash flows of the derivative financial instrument. This analysis reflected the contractual terms of the derivative, including the period to maturity, and used observable market-based inputs, including interest rate market data and implied volatilities in such interest rates. While it was determined that the majority of the inputs used to value the derivatives fall within Level 2 of the fair value hierarchy under authoritative accounting guidance, the credit valuation adjustments associated with the derivatives also utilized Level 3 inputs, such as estimates of current credit spreads to evaluate the likelihood of default. However, as of March 31, 2022 and December 31, 2021, the significance of the impact of the credit valuation adjustments on the overall valuation of the derivative financial instruments was assessed, and it was determined that these adjustments were not significant to the overall valuation of the derivative financial instruments. As a result, it was determined that the derivative financial instruments in their entirety should be classified in Level 2 of the fair value hierarchy. The net unrealized gains and losses included in "Other comprehensive income (loss)" in our statements of comprehensive income (loss) for the three months ended March 31, 2022 and 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 statements of operations as the interest rate swaps were documented and qualified as hedging instruments. Financial Assets and Liabilities Not Measured at Fair Value As of March 31, 2022 and December 31, 2021, all financial assets and liabilities were reflected in our balance sheets at amounts which, in our estimation, reasonably approximated their fair values, except for the following: March 31, 2022 December 31, 2021 Carrying Carrying Amount (1) Fair Value Amount (1) Fair Value (In thousands) Financial liabilities: Mortgages payable (2) $ 1,787,081 $ 1,795,938 $ 1,788,259 $ 1,814,780 Revolving credit facility 300,000 300,376 300,000 300,363 Unsecured term loans 400,000 400,415 400,000 400,519 (1) The carrying amount consists of principal only. (2) Includes mortgages payable related to assets held for sale as of March 31, 2022. 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	3 Months Ended
Segment Information	Mar. 31, 2022
Segment Information
Segment Information	16. We review operating and financial data for each property on an individual basis; therefore, each of our individual properties is a separate operating segment. We define our reportable segments to be aligned with our method of internal reporting and the way our Chief Executive Officer, who is also our Chief Operating Decision Maker ("CODM"), makes key operating decisions, evaluates financial results, allocates resources and manages our business. Accordingly, we aggregate our operating segments into three reportable segments (commercial, multifamily, and third-party asset management and real estate services) based on the economic characteristics and nature of our assets and services. To conform to the current period presentation, we have reclassified the prior period segment financial data for 1700 M Street, for which we are the ground lessor, that had been classified as part of the commercial segment to other to better align with our internal reporting. The CODM measures and evaluates the performance of our operating segments, with the exception of the third-party asset management and real estate services business, based on the net operating income ("NOI") of properties within each segment. NOI includes property rental revenue and parking revenue, and deducts property operating expenses and real estate taxes. With respect to the third-party asset management and real estate services business, the CODM reviews revenue streams generated by this segment ("Third-party real estate services, including reimbursements"), as well as the expenses attributable to the segment ("General and administrative: third-party real estate services"), which are both disclosed separately in our statements of operations. The following represents the components of revenue from our third-party asset management and real estate services business: Three Months Ended March 31, 2022 2021 (In thousands) Property management fees $ 4,808 $ 4,942 Asset management fees 1,771 2,228 Development fees (1) 3,539 14,250 Leasing fees 1,839 860 Construction management fees 150 172 Other service revenue 816 1,698 Third-party real estate services revenue, excluding reimbursements 12,923 24,150 Reimbursement revenue (2) 11,047 13,957 Third-party real estate services revenue, including reimbursements 23,970 38,107 Third-party real estate services expenses 27,049 28,936 Third-party real estate services revenue less expenses $ (3,079) $ 9,171 (1) As of March 31, 2022, we had estimated unrecognized development fee revenue totaling $45.2 million, of which $10.4 million, $12.0 million and $6.3 million is expected to be recognized during the remainder of 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 $18.1 million and $19.6 million as of March 31, 2022 and December 31, 2021, which are classified in "Intangible assets, net" in our balance sheets. Consistent with internal reporting presented to our CODM and our definition of NOI, the third-party asset management and real estate services operating results are excluded from the NOI data below. The following is the reconciliation of net loss attributable to common shareholders to consolidated NOI: Three Months Ended March 31, 2022 2021 (In thousands) Net loss attributable to common shareholders $ (32) $ (20,731) Add: Depreciation and amortization expense 58,062 64,726 General and administrative expense: Corporate and other 15,815 12,475 Third-party real estate services 27,049 28,936 Share-based compensation related to Formation Transaction and special equity awards 2,244 4,945 Transaction and other costs 899 3,690 Interest expense 16,278 16,296 Loss on the extinguishment of debt 591 — Income tax expense (benefit) (471) 4,315 Net income (loss) attributable to redeemable noncontrolling interests 10 (2,230) Net loss attributable to noncontrolling interests (55) (1,108) Less: Third-party real estate services, including reimbursements revenue 23,970 38,107 Other revenue 2,196 2,186 Income (loss) from unconsolidated real estate ventures, net 3,145 (943) Interest and other income, net 14,246 9 Loss on the sale of real estate (136) — Consolidated NOI $ 76,969 $ 71,955 The following is a summary of NOI by segment. Items classified in the Other column include future development assets, assets ground leased to third parties, corporate entities and the elimination of inter-segment activity. Three Months Ended March 31, 2022 Commercial Multifamily Other Total (In thousands) Property rental revenue $ 87,621 $ 42,108 $ 1,869 $ 131,598 Parking revenue 4,012 134 55 4,201 Total property revenue 91,633 42,242 1,924 135,799 Property expense: Property operating 26,202 13,755 687 40,644 Real estate taxes 11,777 5,221 1,188 18,186 Total property expense 37,979 18,976 1,875 58,830 Consolidated NOI $ 53,654 $ 23,266 $ 49 $ 76,969 Three Months Ended March 31, 2021 Commercial Multifamily Other Total (In thousands) Property rental revenue $ 87,181 $ 32,586 $ 2,474 $ 122,241 Parking revenue 2,690 65 — 2,755 Total property revenue 89,871 32,651 2,474 124,996 Property expense: Property operating 23,964 12,195 (1,428) 34,731 Real estate taxes 11,772 5,245 1,293 18,310 Total property expense 35,736 17,440 (135) 53,041 Consolidated NOI $ 54,135 $ 15,211 $ 2,609 $ 71,955 The following is a summary of certain balance sheet data by segment: Commercial Multifamily Other Total (In thousands) March 31, 2022 Real estate, at cost $ 2,674,939 $ 2,434,441 $ 420,245 $ 5,529,625 Investments in unconsolidated real estate ventures 280,913 111,920 68,611 461,444 Total assets 3,594,436 1,836,526 884,918 6,315,880 December 31, 2021 Real estate, at cost $ 3,422,278 $ 2,367,712 $ 446,486 $ 6,236,476 Investments in unconsolidated real estate ventures 281,515 103,389 77,981 462,885 Total assets 3,591,839 1,797,807 996,560 6,386,206

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
Commitments and Contingencies	Mar. 31, 2022
Commitments and Contingencies
Commitments and Contingencies	17. Commitments and Contingencies Insurance We maintain general liability insurance with limits of $150.0 million per occurrence and in the aggregate, and property and rental value insurance coverage with limits of $1.5 billion per occurrence, with sub-limits for certain perils such as floods and earthquakes on each of our properties. We also maintain coverage, through our wholly owned captive insurance subsidiary, for a portion of the first loss on the above limits and for both terrorist acts and for nuclear, biological, chemical or radiological terrorism events with limits of $2.0 billion per occurrence. These policies are partially reinsured by third-party insurance providers. We will continue to monitor the state of the insurance market, and the scope and costs of coverage for acts of terrorism. We cannot anticipate what coverage will be available on commercially reasonable terms in the future. We are responsible for deductibles and losses in excess of the insurance coverage, which could be material. Our debt, consisting of mortgages payable secured by our properties, a revolving credit facility and unsecured term loans, contains customary covenants requiring adequate insurance coverage. Although we believe that we currently have adequate insurance coverage, we may not be able to obtain an equivalent amount of coverage at 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 March 31, 2022, we had assets under construction that will, based on our current plans and estimates, require an additional $569.0 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 March 31, 2022 and December 31, 2021 and are included in "Other liabilities, net" in our balance sheets. Other As of March 31, 2022, we had committed tenant-related obligations totaling $78.6 million ($73.2 million related to our consolidated entities and $5.4 million related to our unconsolidated real estate ventures at our share). The timing and amounts of payments for tenant-related obligations are uncertain and may only be due upon satisfactory performance of certain conditions. There are various legal actions against us in the ordinary course of business. In our opinion, the outcome of such matters will not have a material adverse effect on our financial condition, results of operations or cash flows. From time to time, we (or ventures in which we have an ownership interest) have agreed, and may in the future agree with respect to unconsolidated real estate ventures, to (i) guarantee portions of the principal, interest and other amounts in connection with borrowings, (ii) provide customary environmental indemnifications and nonrecourse carve-outs (e.g., guarantees against fraud, misrepresentation and bankruptcy) in connection with borrowings or (iii) provide guarantees to lenders and other third parties for the completion of development projects. We customarily have agreements with our outside venture partners whereby the partners agree to reimburse the real estate venture or us for their share of any payments made under certain of these guarantees. At times, we also have agreements with certain of our outside venture partners whereby we agree to either indemnify the partners and/or the associated ventures with respect to certain contingent liabilities associated with operating assets or to reimburse our partner for its share of any payments made by them under certain guarantees. Guarantees (excluding environmental) customarily terminate either upon the satisfaction of specified circumstances or repayment of the underlying debt. Amounts that we may be required to pay in future periods in relation to guarantees associated with budget overruns or operating losses are not estimable. As of March 31, 2022, we had additional capital commitments and certain recorded guarantees to our unconsolidated real estate ventures totaling $68.6 million. As of March 31, 2022, 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	3 Months Ended
Transactions with Related Parties	Mar. 31, 2022
Transactions with Related Parties
Transactions with Related Parties	18. Our third-party asset management and real estate services business provides fee-based real estate services to the WHI, the JBG Legacy Funds and other third parties, including Amazon. 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 debt financing vehicle of the WHI. As of March 31, 2022, 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 March 31, 2022, our remaining commitment was $7.5 million. The third-party real estate services revenue, including expense reimbursements, from the JBG Legacy Funds and the WHI Impact Pool was $5.5 million and $5.8 million for the three months ended March 31, 2022 and 2021. As of March 31, 2022 and December 31, 2021, we had receivables from the JBG Legacy Funds and the WHI Impact Pool totaling $2.7 million and $3.2 million for such services. We rented our former corporate offices from an unconsolidated real estate venture and made payments totaling $386,000 and $271,000 for the three months ended March 31, 2022 and 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 $3.1 million and $4.3 million during the three months ended March 31, 2022 and 2021, which is included in "Property operating expenses" in our statements of operations.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
Summary of Significant Accounting Policies (Policies)	Mar. 31, 2022
Summary of Significant Accounting Policies
Basis of Presentation	Basis of Presentation The accompanying unaudited condensed consolidated financial statements and notes are prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") for interim financial information and with the instructions of Form 10-Q and Article 10 of Regulation S-X. Accordingly, these condensed consolidated financial statements do not contain certain information required in annual financial statements and notes as required under GAAP. In our opinion, all adjustments considered necessary for a fair presentation have been included, and all such adjustments are of a normal recurring nature. All intercompany transactions and balances have been eliminated. The results of operations for the three months ended March 31, 2022 and 2021 are not necessarily indicative of the results that may be expected for a full year. These condensed consolidated financial statements should be read in conjunction with our Annual Report on Form 10-K for the year ended December 31, 2021, filed with the Securities and Exchange Commission on February 22, 2022 ("Annual Report"). The accompanying condensed consolidated financial statements include our accounts and those of our wholly owned subsidiaries and consolidated variable interest entities ("VIEs"), including JBG SMITH LP. See Note 5 for additional information on our VIEs. The portions of the equity and net income (loss) of consolidated entities that are not attributable to us are presented separately as amounts attributable to noncontrolling interests in our condensed consolidated financial statements. References to our financial statements refer to our condensed consolidated financial statements as of March 31, 2022 and December 31, 2021, and for the three months ended March 31, 2022 and 2021. References to our balance sheets refer to our condensed consolidated balance sheets as of March 31, 2022 and December 31, 2021. References to our statements of operations refer to our condensed consolidated statements of operations for the three months ended March 31, 2022 and 2021. References to our statements of comprehensive income (loss) refer to our condensed consolidated statements of comprehensive income (loss) for the three months ended March 31, 2022 and 2021.
Income Taxes	Income Taxes We have elected to be taxed as a REIT under sections 856-860 of the Internal Revenue Code of 1986, as amended (the "Code"). Under those sections, a REIT which distributes at least 90% of its REIT taxable income as dividends to its shareholders each year and which meets certain other conditions will not be taxed on that portion of its taxable income which is distributed to its shareholders. We currently adhere and intend to continue to adhere to these requirements and to maintain our REIT status in future periods. We also participate in the activities conducted by our subsidiary entities that have elected to be treated as taxable REIT subsidiaries under the Code. As such, we are subject to federal, state and local taxes on the income from these activities.
Reclassification	Reclassification Intangible assets, net, totaling $202.0 million were reclassified from "Other assets, net" to "Intangible assets, net" on our balance sheet as of December 31, 2021 in order to present intangible assets separately from other assets, which is consistent with our current year presentation.
Use of Estimates	Use of Estimates The preparation of the financial statements in conformity with GAAP requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of revenue and expenses during the reporting periods. The most significant of these estimates include: (i) the underlying cash flows and holding periods used in assessing impairment of our real estate assets; (ii) the determination of useful lives for tangible and intangible assets; and (iii) the assessment of the collectability of receivables, including deferred rent receivables. Longer estimated holding periods for real estate assets directly reduce the likelihood of recording an impairment loss. If there is a change in the strategy for an asset or if market conditions dictate an earlier sale date, an impairment loss may be recognized, and such loss could be material.
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 three months ended March 31, 2022, we elected to apply the hedge accounting expedient that allows us to continue to assess whether the underlying hedged forecasted transaction remains probable without regard to the replacement of the contractually specified rate. We have 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.

Dispositions and Assets Held _2

Dispositions and Assets Held for Sale (Tables)	3 Months Ended
Dispositions and Assets Held for Sale (Tables)	Mar. 31, 2022
Dispositions And Assets Held for Sale
Summary of disposition activity	Loss on Gross Cash the Sale Sales Proceeds of Real Date Disposed Assets Segment Location Price from Sale Estate March 28, 2022 Development Parcel Other Arlington, Virginia $ 3,250 $ 3,149 $ (136)
Summary of assets held for sale	Liabilities Related Total Assets Held to Assets Held Assets Segment Location Square Feet for Sale (1) for Sale (2) (In thousands) March 31, 2022 Pen Place (3) Other Arlington, Virginia 2,082 $ 73,876 $ 298 Universal Buildings (4) Commercial Washington, D.C. 659 168,599 15,854 7200 Wisconsin Avenue (4) Commercial Bethesda, Maryland 271 113,471 1,471 1730 M Street (4) Commercial Washington, D.C. 205 77,284 89,515 RTC-West (4) (5) Commercial / Other Reston, Virginia 1,835 191,774 121,206 Courthouse Plaza 1 and 2 (4) Commercial Arlington, Virginia 633 266,746 139,662 5,685 $ 891,750 $ 368,006 December 31, 2021 Pen Place (3) Other Arlington, Virginia 2,082 $ 73,876 $ — (1) Includes $180.5 million of finance lease right-of-use assets related to ground leases at 1730 M Street and Courthouse Plaza 1 and 2. The remaining assets primarily represent the carrying value of real estate. (2) Includes $164.8 million of mortgages payable related to 1730 M Street and RTC-West, which were repaid in April 2022, and $163.5 million of liabilities related to finance lease right-of-use assets related to 1730 M Street and Courthouse Plaza 1 and 2. (3) Under contract for sale to Amazon for $198.0 million, which we expect to close during the second quarter of 2022. Total square feet represent estimated or approved potential development density. (4) These assets were disposed of or recapitalized in April 2022. (5) Total square feet include 1.4 million square feet of estimated potential development density.

Investments in Unconsolidated_2

Investments in Unconsolidated Real Estate Ventures (Tables)	3 Months Ended
Investments in Unconsolidated Real Estate Ventures (Tables)	Mar. 31, 2022
Investments in Unconsolidated Real Estate Ventures
Summary of Unconsolidated Investments	The following is a summary of our investments in unconsolidated real estate ventures: Effective Ownership Real Estate Venture Partners Interest (1) March 31, 2022 December 31, 2021 (In thousands) Prudential Global Investment Management 50.0% $ 207,221 $ 208,421 Landmark Partners ("Landmark") 1.8% - 49.0% 26,369 28,298 CBREI Venture 5.0% - 64.0% 57,051 57,812 Canadian Pension Plan Investment Board ("CPPIB") 55.0% 48,179 48,498 J.P. Morgan Global Alternatives ("J.P. Morgan") (2) 50.0% 56,220 52,769 Berkshire Group 50.0% 52,030 52,770 Brandywine Realty Trust 30.0% 13,756 13,693 Other 618 624 Total investments in unconsolidated real estate ventures (3) $ 461,444 $ 462,885 (1) Reflects our effective ownership interests in the underlying real estate as of March 31, 2022. 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 March 31, 2022 and December 31, 2021, our total investments in unconsolidated real estate ventures were greater than our share of the net book value of the underlying assets by $ 17.6 million and $ 18.6 million, resulting principally from capitalized interest and our zero investment balance in the real estate venture with CPPIB that owns 1101 17th Street . The following is a summary of the debt of our unconsolidated real estate ventures: Weighted Average Effective Interest Rate (1) March 31, 2022 December 31, 2021 (In thousands) Variable rate (2) 2.97% $ 740,782 $ 785,369 Fixed rate (3) 4.16% 275,403 309,813 Mortgages payable 1,016,185 1,095,182 Unamortized deferred financing costs (4,431) (5,239) Mortgages payable, net (4) $ 1,011,754 $ 1,089,943 (1) Weighted average effective interest rate as of March 31, 2022. (2) Includes variable rate mortgages payable with interest rate cap agreements. (3) Includes variable rate mortgages payable with interest rates fixed by interest rate swap agreements. (4) See Note 17 for additional information on guarantees of the debt of certain of our unconsolidated real estate ventures. March 31, 2022 December 31, 2021 (In thousands) Combined balance sheet information: Real estate, net $ 2,019,377 $ 2,116,290 Other assets, net 246,848 264,397 Total assets $ 2,266,225 $ 2,380,687 Mortgages payable, net $ 1,011,754 $ 1,089,943 Other liabilities, net 93,685 118,752 Total liabilities 1,105,439 1,208,695 Total equity 1,160,786 1,171,992 Total liabilities and equity $ 2,266,225 $ 2,380,687 Three Months Ended March 31, 2022 2021 (In thousands) Combined income statement information: Total revenue $ 42,874 $ 48,217 Operating income (1) 48,426 1,714 Net income (loss) (1) 39,283 (6,526) (1) Includes the gain from the sale of The Alaire, The Terano and 12511 Parklawn Drive totaling $45.1 million during the three months ended March 31, 2022.
Summary of unconsolidated investments disposition activity	Mortgages Proportionate Real Estate Gross Payable Share of Venture Ownership Sales Repaid by Aggregate Date Disposed Partner Assets Percentage Price Venture Gain (1) (In thousands) January 27, 2022 Landmark The Alaire, The Terano and 12511 Parklawn Drive 1.8% - 18.0% $ 137,500 $ 79,829 $ 5,243 (1) Included in "Income (loss) from unconsolidated real estate ventures, net" in our statement of operations.

Other Assets, Net (Tables)

Other Assets, Net (Tables)	3 Months Ended
Other Assets, Net (Tables)	Mar. 31, 2022
Other Assets, Net.
Summary of other assets, net	March 31, 2022 December 31, 2021 (In thousands) Prepaid expenses $ 16,564 $ 17,104 Derivative agreements, at fair value 15,478 951 Deferred financing costs, net 10,671 11,436 Deposits 1,845 1,938 Operating lease right-of-use assets 1,591 1,660 Finance lease right-of-use assets (1) — 180,956 Other (2) (3) 25,236 26,115 Total other assets, net $ 71,385 $ 240,160 (1) Represents finance ground leases at 1730 M Street and Courthouse Plaza 1 and 2, which were classified as "Assets held for sale" in our balance sheet as of March 31, 2022. (2) As of March 31, 2022 and December 31, 2021, included $11.9 million and $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 net asset value. During the first quarter of 2022, we recorded unrealized gains totaling $156,000 related to these investments, which are included in "Interest and other income, net" in our statement of operations . (3) As of March 31, 2022 and December 31, 2021, included $8.3 million and $11.3 million of equity investments that are carried at cost. During the first quarter of 2022, we recorded a realized gain of $13.9 million related to these investments, which is included in "Interest and other income, net" in our statement of operations .

Debt (Tables)

Debt (Tables)	3 Months Ended
Debt (Tables)	Mar. 31, 2022
Mortgages Payable
Debt Instrument [Line Items]
Summary of debt	Weighted Average Effective Interest Rate (1) March 31, 2022 December 31, 2021 (In thousands) Variable rate (2) 2.38% $ 749,946 $ 867,246 Fixed rate (3) 4.35% 872,335 921,013 Mortgages payable 1,622,281 1,788,259 Unamortized deferred financing costs and premium / discount, net (4) (9,199) (10,560) Mortgages payable, net 1,613,082 1,777,699 Mortgages payable, net, related to assets held for sale 2.45% 163,897 — Mortgages payable, net, including mortgages payable related to assets held for sale $ 1,776,979 $ 1,777,699 (1) Weighted average effective interest rate as of March 31, 2022. (2) Includes variable rate mortgages payable with interest rate cap agreements. (3) Includes variable rate mortgages payable with interest rates fixed by interest rate swap agreements. (4) As of March 31, 2022 and December 31, 2021, excludes $6.1 million and $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 Interest Rate (1) March 31, 2022 December 31, 2021 (In thousands) Revolving credit facility (2) (3) (4) 1.50% $ 300,000 $ 300,000 Tranche A-1 Term Loan (5) 2.61% $ 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 (1,668) (1,336) Unsecured term loans, net $ 398,332 $ 398,664 (1) Effective interest rate as of March 31, 2022. (2) As of March 31, 2022 and December 31, 2021, letters of credit with an aggregate face amount of $467,000 and $911,000 were outstanding under our revolving credit facility. (3) As of March 31, 2022 and December 31, 2021, excludes $4.6 million and $5.0 million of net deferred financing costs related to our revolving credit facility that were included in "Other assets, net." (4) The interest rate for our revolving credit facility excludes a 0.15% facility fee. In April 2022, we repaid $210.0 million on our revolving credit facility. (5) As of March 31, 2022 and December 31, 2021, the outstanding balance was fixed by interest rate swap agreements. As of March 31, 2022, the interest rate swaps mature in July 2024, and fix SOFR at a weighted average interest rate of 1.46% for the Tranche A-1 Term Loan and fix LIBOR at a weighted average interest rate of 1.34% for the Tranche A-2 Term Loan .

Other Liabilities, Net (Tables)

Other Liabilities, Net (Tables)	3 Months Ended
Other Liabilities, Net (Tables)	Mar. 31, 2022
Other Liabilities, Net.
Composition of other liabilities net	March 31, 2022 December 31, 2021 (In thousands) Lease intangible liabilities, net 7,456 8,272 Lease assumption liabilities 4,707 5,399 Lease incentive liabilities 5,954 21,163 Liabilities related to operating lease right-of-use assets 6,329 6,910 Liabilities related to finance lease right-of-use assets (1) — 162,510 Prepaid rent 18,826 19,852 Security deposits 13,462 18,188 Environmental liabilities 18,168 18,168 Deferred tax liability, net 4,884 5,340 Dividends payable — 32,603 Derivative agreements, at fair value 658 18,361 Deferred purchase price related to the acquisition of a future development parcel 19,741 19,691 Other 6,744 6,108 Total other liabilities, net $ 106,929 $ 342,565 (1) Represents finance ground leases at 1730 M Street and Courthouse Plaza 1 and 2, which were classified as "Assets held for sale" in our balance sheet as of March 31, 2022.

Redeemable Noncontrolling Int_2

Redeemable Noncontrolling Interests (Tables)	3 Months Ended
Redeemable Noncontrolling Interests (Tables)	Mar. 31, 2022
Redeemable Noncontrolling Interests
Summary of redeemable noncontrolling interests	Three Months Ended March 31, 2022 2021 Consolidated Consolidated JBG Real Estate JBG Real Estate SMITH LP Venture Total SMITH LP Venture Total (In thousands) Balance, beginning of period $ 513,268 $ 9,457 $ 522,725 $ 522,882 $ 7,866 $ 530,748 OP Unit redemptions (6,014) — (6,014) (3,919) — (3,919) LTIP Units issued in lieu of cash bonuses (1) 5,597 — 5,597 4,817 — 4,817 Net income (loss) (3) 13 10 (2,197) (33) (2,230) Other comprehensive income 2,966 — 2,966 973 — 973 Distributions — (69) (69) (1,362) — (1,362) Share-based compensation expense 12,527 — 12,527 12,564 — 12,564 Adjustment to redemption value 8,384 (77) 8,307 11,293 43 11,336 Balance, end of period $ 536,725 $ 9,324 $ 546,049 $ 545,051 $ 7,876 $ 552,927 (1) See Note 11 for additional information.

Property Rental Revenue (Tables

Property Rental Revenue (Tables)	3 Months Ended
Property Rental Revenue (Tables)	Mar. 31, 2022
Property Rental Revenue
Property Rental Revenue	Three Months Ended March 31, 2022 2021 (In thousands) Fixed $ 120,637 $ 112,249 Variable 10,961 9,992 Property rental revenue $ 131,598 $ 122,241

Share-Based Payments (Tables)

Share-Based Payments (Tables)	3 Months Ended
Share-Based Payments (Tables)	Mar. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Summary of share-based compensation expense	Three Months Ended March 31, 2022 2021 (In thousands) Time-Based LTIP Units $ 6,126 $ 4,380 AO LTIP Units and Performance-Based LTIP Units 4,157 3,239 Other equity awards (1) 1,427 1,463 Share-based compensation expense - other 11,710 9,082 Formation Awards 374 729 OP Units and LTIP Units (2) 583 2,784 Special Time-Based LTIP Units and Special Performance-Based LTIP Units (3) 1,287 1,432 Share-based compensation related to Formation Transaction and special equity awards (4) 2,244 4,945 Total share-based compensation expense 13,954 14,027 Less: amount capitalized (1,050) (791) Share-based compensation expense $ 12,904 $ 13,236 (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 bonuses earned, (ii) restricted share units ("RSUs") and (iii) shares issued under our ESPP. (2) Represents share-based compensation expense for LTIP Units and OP Units issued in the Formation Transaction, which are subject to post-Combination employment obligations. (3) Represents equity awards issued related to our successful pursuit of Amazon's additional headquarters in National Landing. (4) Included in "General and administrative expense: Share-based compensation related to Formation Transaction and special equity awards" in the accompanying statements of operations .
AO LTIP Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Summary of of the significant assumptions of awards	Expected volatility 27.0% Dividend yield 2.7% Risk-free interest rate 1.6%
LTIP and Time-Based LTIP Units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Summary of of the significant assumptions of awards	Expected volatility 41.0% Risk-free interest rate 0.4% to 1.5% Post-grant restriction periods 2 years

Transaction and Other Costs (Ta

Transaction and Other Costs (Tables)	3 Months Ended
Transaction and Other Costs (Tables)	Mar. 31, 2022
Transaction and Other Costs.
Schedule of transaction and other costs	Three Months Ended March 31, 2022 2021 (In thousands) Demolition costs $ 22 $ 1,008 Integration and severance costs 145 240 Completed, potential and pursued transaction expenses (1) 732 2,442 Transaction and other costs $ 899 $ 3,690 (1) Primarily consists of legal costs related to pursued transactions.

Interest Expense (Tables)

Interest Expense (Tables)	3 Months Ended
Interest Expense (Tables)	Mar. 31, 2022
Interest Expense
Schedule of interest expense	Three Months Ended March 31, 2022 2021 (In thousands) Interest expense before capitalized interest $ 18,442 $ 16,666 Amortization of deferred financing costs 1,130 1,047 Interest expense related to finance lease right-of-use assets 1,844 426 Net unrealized gain on derivative financial instruments designated as ineffective hedges (3,367) (133) Capitalized interest (1,771) (1,710) Interest expense $ 16,278 $ 16,296

Shareholders' Equity and Loss_2

Shareholders' Equity and Loss Per Common Share (Tables)	3 Months Ended
Shareholders' Equity and Loss Per Common Share (Tables)	Mar. 31, 2022
Shareholders' Equity and Loss Per Common Share
Schedule of basic and diluted earnings per common share to net income (loss)	Three Months Ended March 31, 2022 2021 (In thousands, except per share amounts) Net loss $ (77) $ (24,069) Net (income) loss attributable to redeemable noncontrolling interests (10) 2,230 Net loss attributable to noncontrolling interests 55 1,108 Net loss attributable to common shareholders $ (32) $ (20,731) Weighted average number of common shares outstanding - basic and diluted 126,682 131,540 Loss per common share - basic and diluted $ — $ (0.16)

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
Fair Value Measurements (Tables)	Mar. 31, 2022
Fair Value Measurements
Summary of assets and liabilities measured at fair value on a recurring basis	Fair Value Measurements Total Level 1 Level 2 Level 3 (In thousands) March 31, 2022 Derivative financial instruments designated as effective hedges: Classified as assets in "Other assets, net" $ 11,553 — $ 11,553 — Classified as liabilities in "Other liabilities, net" 658 — 658 — Derivative financial instruments designated as ineffective hedges: Classified as assets in "Other assets, net" 3,925 — 3,925 — December 31, 2021 Derivative financial instruments designated as effective hedges: Classified as assets in "Other assets, net" $ 393 — $ 393 — Classified as liabilities in "Other liabilities, net" 18,361 — 18,361 — Derivative financial instruments designated as ineffective hedges: Classified as assets in "Other assets, net" 558 — 558 —
Schedule of financial instruments and liabilities were reflected in our balance sheets	March 31, 2022 December 31, 2021 Carrying Carrying Amount (1) Fair Value Amount (1) Fair Value (In thousands) Financial liabilities: Mortgages payable (2) $ 1,787,081 $ 1,795,938 $ 1,788,259 $ 1,814,780 Revolving credit facility 300,000 300,376 300,000 300,363 Unsecured term loans 400,000 400,415 400,000 400,519 (1) The carrying amount consists of principal only. (2) Includes mortgages payable related to assets held for sale as of March 31, 2022.

Segment Information (Tables)

Segment Information (Tables)	3 Months Ended
Segment Information (Tables)	Mar. 31, 2022
Segment Information
Schedule of components of revenue from third-party real estate services business	Three Months Ended March 31, 2022 2021 (In thousands) Property management fees $ 4,808 $ 4,942 Asset management fees 1,771 2,228 Development fees (1) 3,539 14,250 Leasing fees 1,839 860 Construction management fees 150 172 Other service revenue 816 1,698 Third-party real estate services revenue, excluding reimbursements 12,923 24,150 Reimbursement revenue (2) 11,047 13,957 Third-party real estate services revenue, including reimbursements 23,970 38,107 Third-party real estate services expenses 27,049 28,936 Third-party real estate services revenue less expenses $ (3,079) $ 9,171 (1) As of March 31, 2022, we had estimated unrecognized development fee revenue totaling $45.2 million, of which $10.4 million, $12.0 million and $6.3 million is expected to be recognized during the remainder of 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 loss attributable to common shareholders to consolidated NOI: Three Months Ended March 31, 2022 2021 (In thousands) Net loss attributable to common shareholders $ (32) $ (20,731) Add: Depreciation and amortization expense 58,062 64,726 General and administrative expense: Corporate and other 15,815 12,475 Third-party real estate services 27,049 28,936 Share-based compensation related to Formation Transaction and special equity awards 2,244 4,945 Transaction and other costs 899 3,690 Interest expense 16,278 16,296 Loss on the extinguishment of debt 591 — Income tax expense (benefit) (471) 4,315 Net income (loss) attributable to redeemable noncontrolling interests 10 (2,230) Net loss attributable to noncontrolling interests (55) (1,108) Less: Third-party real estate services, including reimbursements revenue 23,970 38,107 Other revenue 2,196 2,186 Income (loss) from unconsolidated real estate ventures, net 3,145 (943) Interest and other income, net 14,246 9 Loss on the sale of real estate (136) — Consolidated NOI $ 76,969 $ 71,955 Three Months Ended March 31, 2022 Commercial Multifamily Other Total (In thousands) Property rental revenue $ 87,621 $ 42,108 $ 1,869 $ 131,598 Parking revenue 4,012 134 55 4,201 Total property revenue 91,633 42,242 1,924 135,799 Property expense: Property operating 26,202 13,755 687 40,644 Real estate taxes 11,777 5,221 1,188 18,186 Total property expense 37,979 18,976 1,875 58,830 Consolidated NOI $ 53,654 $ 23,266 $ 49 $ 76,969 Three Months Ended March 31, 2021 Commercial Multifamily Other Total (In thousands) Property rental revenue $ 87,181 $ 32,586 $ 2,474 $ 122,241 Parking revenue 2,690 65 — 2,755 Total property revenue 89,871 32,651 2,474 124,996 Property expense: Property operating 23,964 12,195 (1,428) 34,731 Real estate taxes 11,772 5,245 1,293 18,310 Total property expense 35,736 17,440 (135) 53,041 Consolidated NOI $ 54,135 $ 15,211 $ 2,609 $ 71,955 Commercial Multifamily Other Total (In thousands) March 31, 2022 Real estate, at cost $ 2,674,939 $ 2,434,441 $ 420,245 $ 5,529,625 Investments in unconsolidated real estate ventures 280,913 111,920 68,611 461,444 Total assets 3,594,436 1,836,526 884,918 6,315,880 December 31, 2021 Real estate, at cost $ 3,422,278 $ 2,367,712 $ 446,486 $ 6,236,476 Investments in unconsolidated real estate ventures 281,515 103,389 77,981 462,885 Total assets 3,591,839 1,797,807 996,560 6,386,206

Organization and Basis of Pre_2

Organization and Basis of Presentation - Narrative (Details) ft² in Millions, $ in Billions	Mar. 31, 2022USD ($)ft²propertyitem
Real Estate Properties [Line Items]
Number of Real Estate Properties \| property	62
Near-Term Development
Real Estate Properties [Line Items]
Number of Real Estate Properties \| property	9
Area of real estate property \| ft²	4.1
Future Development
Real Estate Properties [Line Items]
Number of Real Estate Properties \| property	20
Area of real estate property \| ft²	13
Commercial Real Estate
Real Estate Properties [Line Items]
Number of Real Estate Properties \| property	41
Area of real estate property \| ft²	13
Multifamily
Real Estate Properties [Line Items]
Number of Real Estate Properties \| property	20
Number of Units in Real Estate Property \| item	7,715
Multifamily \| Asset under Construction
Real Estate Properties [Line Items]
Number of Real Estate Properties \| property	2
Number of Units in Real Estate Property \| item	1,583
Wholly Owned Properties
Real Estate Properties [Line Items]
Number of properties for ground lease \| property	1
Wholly Owned Properties \| Near-Term Development
Real Estate Properties [Line Items]
Area of real estate property \| ft²	3.9
Wholly Owned Properties \| Future Development
Real Estate Properties [Line Items]
Area of real estate property \| ft²	10.5
Wholly Owned Properties \| Commercial Real Estate
Real Estate Properties [Line Items]
Area of real estate property \| ft²	11.3
Wholly Owned Properties \| Multifamily
Real Estate Properties [Line Items]
Number of Units in Real Estate Property \| item	6,502
Wholly Owned Properties \| Multifamily \| Asset under Construction
Real Estate Properties [Line Items]
Number of Units in Real Estate Property \| item	1,583
Amazon \| Near-Term Development
Real Estate Properties [Line Items]
Area of real estate property \| ft²	5
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	89.00%

Organization and Basis of Pre_3

Organization and Basis of Presentation - Reclassifications (Details) $ in Millions	12 Months Ended
	Dec. 31, 2021USD ($)
Organization and Basis of Presentation
Reclassification from other assets to intangible assets, net	$ 202

Dispositions and Assets Held _3

Dispositions and Assets Held for Sale - Summary of the Disposition Activity (Details) - Development Parcel Assets [Member] - Disposal Group, Disposed of by Sale $ in Thousands	3 Months Ended
	Mar. 31, 2022USD ($)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gross Sales Price	$ 3,250
Cash Proceeds from Sale	3,149
Loss on the Sale of Real Estate	$ (136)

Dispositions and Assets Held _4

Dispositions and Assets Held for Sale - Narrative (Details) $ in Thousands	Apr. 13, 2022USD ($)ft²property	Mar. 31, 2022USD ($)ft²	Mar. 31, 2021USD ($)	Apr. 01, 2022USD ($)
Schedule of Equity Method Investments [Line Items]
Payments for investments in unconsolidated real estate ventures		$ 7,230	$ 1,016
Disposal Group, Disposed of by Sale \| Universal Buildings, Commercial Assets \| Subsequent Event
Schedule of Equity Method Investments [Line Items]
Gross Sales Price				$ 228,000
Disposal Group, Held-for-sale
Schedule of Equity Method Investments [Line Items]
Area of Real Estate Property \| ft²		5,685
Fortress Investment Group Real Estate Venture \| Subsequent Event
Schedule of Equity Method Investments [Line Items]
Gross Sales Price	$ 580,000
Area of Land \| ft²	1,600,000
Percentage Preferred Return, Subordinated to Ownership Interest	15.00%
Fortress Investment Group Real Estate Venture \| Fortress Investment Group LLC \| Subsequent Event
Schedule of Equity Method Investments [Line Items]
Payments for investments in unconsolidated real estate ventures	$ 131,000
Interest in venture (as a percent)	66.50%
Fortress Investment Group Real Estate Venture \| Fortress Investment Group LLC \| Subsequent Event \| Mortgage Loan [Member]
Schedule of Equity Method Investments [Line Items]
Principal amount	$ 458,000
Borrowings under mortgages payable	$ 402,000
Fortress Investment Group Real Estate Venture \| Commercial Assets \| Subsequent Event
Schedule of Equity Method Investments [Line Items]
Number Of Units Acquired \| property	4

Dispositions and Assets Held _5

Dispositions and Assets Held for Sale (Details) $ in Thousands	Apr. 13, 2022USD ($)	Mar. 31, 2022USD ($)ft²	Dec. 31, 2021USD ($)ft²
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Assets held for sale		$ 891,750	$ 73,876
Liabilities related to assets held for sale		$ 368,006
Finance lease right-of-use assets			$ 180,956
Disposal Group, Held-for-sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Area of Real Estate Property \| ft²		5,685
Assets held for sale		$ 891,750
Liabilities related to assets held for sale		368,006
Disposal Group, Held-for-sale \| Pen Place - Land Parcel \| Amazon
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gross Sales Price		$ 198,000
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
Liabilities related to assets held for sale		$ 298
Disposal Group, Held-for-sale \| Universal Buildings \| Washington, D.C
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Area of Real Estate Property \| ft²		659
Assets held for sale		$ 168,599
Liabilities related to assets held for sale		$ 15,854
Disposal Group, Held-for-sale \| 7200 Wisconsin Avenue \| Bethesda, Maryland.
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Area of Real Estate Property \| ft²		271
Assets held for sale		$ 113,471
Liabilities related to assets held for sale		$ 1,471
Disposal Group, Held-for-sale \| 1730 M Street \| Washington, D.C
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Area of Real Estate Property \| ft²		205
Assets held for sale		$ 77,284
Liabilities related to assets held for sale		$ 89,515
Disposal Group, Held-for-sale \| RTC West
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Area Of Real Estate Property Estimated For Potential Development Density \| ft²		1,400,000
Disposal Group, Held-for-sale \| RTC West \| Reston, Virginia
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Area of Real Estate Property \| ft²		1,835
Assets held for sale		$ 191,774
Liabilities related to assets held for sale		$ 121,206
Disposal Group, Held-for-sale \| Courthouse Plaza 1 and 2 \| Arlington, Virginia
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Area of Real Estate Property \| ft²		633
Assets held for sale		$ 266,746
Liabilities related to assets held for sale		139,662
Disposal Group, Held-for-sale \| 1730 M Street and Courthouse Plaza 1 and 2
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Finance lease right-of-use assets		180,500
Finance Lease Liability		$ 163,500
Disposal Group, Disposed of by Sale \| 1730 M Street and RTC-West \| Mortgage Loan [Member] \| Subsequent Event [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Repayments of Long-term Debt	$ 164,800

Investments in Unconsolidated_3

Investments in Unconsolidated Real Estate Ventures - Summary of Composition of Investments (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Schedule of Equity Method Investments [Line Items]
Total investments in unconsolidated real estate ventures	$ 461,444	$ 462,885
Difference between the investments in unconsolidated real estate ventures and the net book value of the underlying assets	$ 17,600	18,600
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	$ 207,221	208,421
Landmark
Schedule of Equity Method Investments [Line Items]
Total investments in unconsolidated real estate ventures	$ 26,369	28,298
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	$ 57,051	57,812
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	$ 48,179	48,498
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	$ 56,220	52,769
Berkshire Group
Schedule of Equity Method Investments [Line Items]
Ownership interest (as percent)	50.00%
Total investments in unconsolidated real estate ventures	$ 52,030	52,770
Brandywine
Schedule of Equity Method Investments [Line Items]
Ownership interest (as percent)	30.00%
Total investments in unconsolidated real estate ventures	$ 13,756	13,693
Other Investment
Schedule of Equity Method Investments [Line Items]
Total investments in unconsolidated real estate ventures	618	624
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 - Revenue (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Investments in Unconsolidated Real Estate Ventures [Member]
Schedule of Equity Method Investments [Line Items]
Property Management Fee Revenue	$ 5.5	$ 5.9

Investments in Unconsolidated_5

Investments in Unconsolidated Real Estate Ventures - Summary of Dispositions (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Schedule of Equity Method Investments [Line Items]
Income (loss) from unconsolidated real estate ventures, net	$ 3,145	$ (943)
Landmark \| Minimum
Schedule of Equity Method Investments [Line Items]
Equity Method Investment, Ownership Percentage	1.80%
Landmark \| Maximum
Schedule of Equity Method Investments [Line Items]
Equity Method Investment, Ownership Percentage	49.00%
Landmark \| The Alaire,The Terano and Parklawn Drive
Schedule of Equity Method Investments [Line Items]
Gross Sales Price	$ 137,500
Repayment of mortgage	79,829
Income (loss) from unconsolidated real estate ventures, net	$ 5,243
Landmark \| The Alaire,The Terano and Parklawn Drive \| Minimum
Schedule of Equity Method Investments [Line Items]
Equity Method Investment, Ownership Percentage	1.80%
Landmark \| The Alaire,The Terano and Parklawn Drive \| Maximum
Schedule of Equity Method Investments [Line Items]
Equity Method Investment, Ownership Percentage	18.00%

Investments in Unconsolidated_6

Investments in Unconsolidated Real Estate Ventures - Summary of Debt (Details) - Mortgages Payable - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Schedule of Equity Method Investments
Variable interest rate	2.38%
Variable rate amount	$ 749,946	$ 867,246
Fixed interest rate	4.35%
Fixed rate amount	$ 872,335	921,013
Debt, gross	1,622,281	1,788,259
Unamortized deferred financing costs, net	(9,199)	(10,560)
Long-term debt, net	$ 1,613,082	1,777,699
Investments in Unconsolidated Real Estate Ventures
Schedule of Equity Method Investments
Variable interest rate	2.97%
Variable rate amount	$ 740,782	785,369
Fixed interest rate	4.16%
Fixed rate amount	$ 275,403	309,813
Debt, gross	1,016,185	1,095,182
Unamortized deferred financing costs, net	(4,431)	(5,239)
Long-term debt, net	$ 1,011,754	$ 1,089,943

Investments in Unconsolidated_7

Investments in Unconsolidated Real Estate Ventures - Financial Information - Table (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Schedule of Equity Method Investments
Gain (loss) on sale of real estate	$ (136)
Combined balance sheet information:
Real estate, net	4,313,223		$ 4,868,473
Other assets, net	71,385		240,160
TOTAL ASSETS	6,315,880		6,386,206
Mortgages payable, net	1,613,082		1,777,699
Other liabilities, net	106,929		342,565
Total liabilities	2,894,785		2,925,064
Total equity	2,846,608		2,915,910
TOTAL LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY	6,315,880		6,386,206
Combined income statement information:
Revenues	161,965	$ 165,289
Net loss	(77)	(24,069)
Investments in Unconsolidated Real Estate Ventures [Member]
Combined balance sheet information:
Real estate, net	2,019,377		2,116,290
Other assets, net	246,848		264,397
TOTAL ASSETS	2,266,225		2,380,687
Mortgages payable, net	1,011,754		1,089,943
Other liabilities, net	93,685		118,752
Total liabilities	1,105,439		1,208,695
Total equity	1,160,786		1,171,992
TOTAL LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY	2,266,225		$ 2,380,687
Combined income statement information:
Revenues	42,874	48,217
Operating income (loss)	48,426	1,714
Net loss	39,283	$ (6,526)
Landmark \| Landmark \| The Alaire,The Terano and Parklawn Drive
Schedule of Equity Method Investments
Gain (loss) on sale of real estate	$ 45,100

Variable Interest Entities (Det

Variable Interest Entities (Details) $ in Thousands	Mar. 31, 2022USD ($)item	Dec. 31, 2021USD ($)item
Variable Interest Entity [Line Items]
Assets	$ 6,315,880	$ 6,386,206
Liabilities	$ 2,894,785	2,925,064
JBG Smith, LP
Variable Interest Entity [Line Items]
Ownership interest by parent	89.00%
Variable Interest Entity, Not Primary Beneficiary [Member]
Variable Interest Entity [Line Items]
Assets	$ 146,100	$ 145,200
Variable Interest Entity, Primary Beneficiary
Variable Interest Entity [Line Items]
Number of consolidated variable interest entities \| item	3	3
Assets	$ 300,200	$ 269,700
Liabilities	$ 21,800	$ 13,900

Other Assets, Net - Summary (De

Other Assets, Net - Summary (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Finite-Lived Intangible Assets [Line Items]
Prepaid expenses	$ 16,564	$ 17,104
Derivative agreements, at fair value	15,478	951
Deferred financing costs, net	10,671	11,436
Deposits	1,845	1,938
Operating lease right-of-use assets	1,591	1,660
Finance lease right-of-use assets		180,956
Other	25,236	26,115
Total other assets, net	71,385	240,160
Interest and Other Income, Net
Finite-Lived Intangible Assets [Line Items]
Unrealized gains	156,000
Realized gains of equity investments	13,900
Other Assets Net
Finite-Lived Intangible Assets [Line Items]
Investment in funds	11,900	9,800
Equity investments carried at cost	$ 8,300	$ 11,300

Debt - Schedule of Mortgages Pa

Debt - Schedule of Mortgages Payable (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Mortgages Payable
Debt Instrument [Line Items]
Variable interest rate	2.38%
Variable rate amount	$ 749,946	$ 867,246
Fixed interest rate	4.35%
Fixed rate amount	$ 872,335	921,013
Debt, gross	1,622,281	1,788,259
Unamortized deferred financing costs and premium/ discount, net	(9,199)	(10,560)
Long-term debt, net	1,613,082	1,777,699
Mortgages Payable \| Other Assets Net
Debt Instrument [Line Items]
Net deferred finance costs	6,100	6,400
Mortgages Payable Related to Assets Held For Sale
Debt Instrument [Line Items]
Long-term debt, net	$ 163,897
Debt Instrument, Interest Rate, Stated Percentage	2.45%
Mortgages Payable Including Mortgages Payable Related to Assets Held For Sale
Debt Instrument [Line Items]
Long-term debt, net	$ 1,776,979	$ 1,777,699

Debt - Narrative (Details)

Debt - Narrative (Details) $ in Millions	Jan. 14, 2022item	Mar. 31, 2022USD ($)	Dec. 31, 2021USD ($)
Mortgages Payable
Mortgages and Line of Credit Facility [Line Items]
Net carrying value of real estate collateralizing the mortgages payable		$ 1,800	$ 1,800
Mortgages Payable \| Interest rate swaps and caps
Mortgages and Line of Credit Facility [Line Items]
Derivative notional amount		1,300	1,300
Line of credit
Mortgages and Line of Credit Facility [Line Items]
Credit facility, maximum borrowing capacity		1,400	1,400
Line of credit \| Revolving Credit Facility
Mortgages and Line of Credit Facility [Line Items]
Credit facility, maximum borrowing capacity		1,000	1,000
Line of credit \| Tranche A-1 Term Loan
Mortgages and Line of Credit Facility [Line Items]
Credit facility, maximum borrowing capacity		200	200
Debt Instrument, Number Of Term Extension Options \| item	2
Debt Instrument, Extension Period	1 year
Line of credit \| Tranche A-2 Term Loan
Mortgages and Line of Credit Facility [Line Items]
Credit facility, maximum borrowing capacity		$ 200	$ 200
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	1.15%
Maximum \| Secured Overnight Financing Rate [Member] \| Line of credit \| Tranche A-2 Term Loan
Mortgages and Line of Credit Facility [Line Items]
Debt Instrument basis spread on variable rate	1.75%

Debt - Summary of Amounts Outst

Debt - Summary of Amounts Outstanding under the Credit Facility (Details) - USD ($)	1 Months Ended	3 Months Ended	12 Months Ended
	Apr. 30, 2022	Mar. 31, 2022	Dec. 31, 2021
Line of Credit Facility [Line Items]
Deferred financing costs on credit facility		$ 10,671,000	$ 11,436,000
Line of credit \| Revolving Credit Facility
Line of Credit Facility [Line Items]
Effective interest rate		1.50%
Long-term debt, net		$ 300,000,000	300,000,000
Letters of Credit Outstanding, Amount		$ 467,000	$ 911,000
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		$ 4,600,000	$ 5,000,000
Line of credit \| Revolving Credit Facility \| Subsequent Event
Line of Credit Facility [Line Items]
Repayments of revolving credit facility	$ 210,000,000
Line of credit \| Tranche A-1 Term Loan
Line of Credit Facility [Line Items]
Effective interest rate		2.61%
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		1.46%	1.46%
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%	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		(1,668,000)	(1,336,000)
Long-term debt, net		$ 398,332,000	$ 398,664,000

Other Liabilities, Net (Details

Other Liabilities, Net (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Other Liabilities, Net.
Lease intangible liabilities, net	$ 7,456	$ 8,272
Lease assumption liabilities	4,707	5,399
Lease incentive liabilities	5,954	21,163
Liabilities related to operating lease right-of-use assets	$ 6,329	$ 6,910
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
Prepaid rent	$ 18,826	19,852
Security deposits	13,462	18,188
Environmental liabilities	18,168	18,168
Deferred tax liability, net	4,884	5,340
Dividends payable		32,603
Derivative agreements, at fair value	658	18,361
Deferred purchase price related to the acquisition of a future development parcel	19,741	19,691
Other	6,744	6,108
Total other liabilities, net	$ 106,929	$ 342,565

Redeemable Noncontrolling Int_3

Redeemable Noncontrolling Interests - Narrative (Details) - shares	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Consolidated Real Estate Venture
Noncontrolling Interest [Line Items]
Ownership interest by parent, threshold for capital contributions to cease	97.00%
OP Units [Member]
Noncontrolling Interest [Line Items]
Conversion of common limited partnership units to common shares	207,882	119,178
JBG Smith, LP
Noncontrolling Interest [Line Items]
Ownership interest by parent	89.00%
JBG Smith, LP \| OP Units [Member]
Noncontrolling Interest [Line Items]
Units outstanding	15,300,000
Ownership interest by parent	11.00%
Consolidated Real Estate Venture
Noncontrolling Interest [Line Items]
Ownership interest by parent	96.00%

Redeemable Noncontrolling Int_4

Redeemable Noncontrolling Interests - Summary of the Activity of Redeemable Noncontrolling Interests (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Temporary Equity
Balance as of the beginning of the period	$ 522,725	$ 530,748
OP Unit redemptions	(6,014)	(3,919)
LTIP Units issued in lieu of cash bonuses (1)	5,597	4,817
Net loss attributable to redeemable noncontrolling interests	10	(2,230)
Other comprehensive income (loss)	2,966	973
Distributions	(69)	(1,362)
Share-based compensation expense	12,527	12,564
Adjustment to redemption value	8,307	11,336
Balance as of the end of the period	546,049	552,927
JBG Smith, LP
Temporary Equity
Balance as of the beginning of the period	513,268	522,882
OP Unit redemptions	(6,014)	(3,919)
LTIP Units issued in lieu of cash bonuses (1)	5,597	4,817
Net loss attributable to redeemable noncontrolling interests	(3)	(2,197)
Other comprehensive income (loss)	2,966	973
Distributions		(1,362)
Share-based compensation expense	12,527	12,564
Adjustment to redemption value	8,384	11,293
Balance as of the end of the period	536,725	545,051
Consolidated Real Estate Venture
Temporary Equity
Balance as of the beginning of the period	9,457	7,866
Net loss attributable to redeemable noncontrolling interests	13	(33)
Distributions	(69)
Adjustment to redemption value	(77)	43
Balance as of the end of the period	$ 9,324	$ 7,876

Property Rental Revenue (Detail

Property Rental Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
Property Rental Revenue (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Mar. 31, 2021
Property Rental Revenue
Fixed	$ 120,637	$ 112,249
Variable	10,961	9,992
Property rental revenue	$ 131,598	$ 122,241

Share-Based Payments - LTIP Uni

Share-Based Payments - LTIP Units and Time-Based LTIP Units (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended			3 Months Ended		12 Months Ended
	Apr. 30, 2022	Feb. 28, 2022	Jan. 31, 2022	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
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 2 months 12 days
Share-based compensation expense				$ 12,904	$ 13,236
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
Compensation expense recognition period (in years)			4 years
Unvested Shares
Granted (in shares)			660,785
Weighted Average Grant-Date Fair Value
Weighted average grant-date fair value (in dollars per share)			$ 27.41
LTIP Units [Member]
Share-based Compensation Arrangement by Share-based Payment Award
Fully vested grants (in shares)		252,206
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Additional Disclosures [Abstract]
Share-based compensation expense						$ 5,600
Weighted Average Grant-Date Fair Value
Weighted average grant-date fair value (in dollars per share)		$ 22.19
LTIP and Time-Based LTIP Units [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Additional Disclosures [Abstract]
Fair value of awards on grant date				$ 23,700
Expected volatility				41.00%
Post-grant restriction periods				2 years
Minimum \| LTIP and Time-Based LTIP Units [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Additional Disclosures [Abstract]
Risk-free interest rate				0.40%
Maximum \| LTIP and Time-Based LTIP Units [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Additional Disclosures [Abstract]
Risk-free interest rate				1.50%
Subsequent Event \| Trustees \| LTIP Units [Member]
Share-based Compensation Arrangement by Share-based Payment Award
Fully vested grants (in shares)	2,000,000
Weighted Average Grant-Date Fair Value
Weighted average grant-date fair value (in dollars per share)	$ 20.90

Share-Based Payments - AO LTIP

Share-Based Payments - AO LTIP Units (Details) - AO LTIP Units - USD ($) $ / shares in Units, shares in Millions, $ in Millions	1 Months Ended	3 Months Ended
	Jan. 31, 2022	Mar. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award
Vesting period	3 years
Award term	10 years
Fair value of awards on grant date		$ 6.6
Expected volatility		27.00%
Dividend yield		2.70%
Risk-free interest rate		1.60%
Units earned (as a percent)	25.00%
Threshold Price of Common Share At Conversion of Awards	$ 32.30
Unvested Shares
Granted (in shares)	1.5
Weighted Average Grant-Date Fair Value
Weighted average grant-date fair value (in dollars per share)	$ 4.44
Share-based Compensation Award, Tranche One [Member]
Share-based Compensation Arrangement by Share-based Payment Award
Vesting (as a percent)	50.00%
Share-based Compensation Award, Tranche Two [Member]
Share-based Compensation Arrangement by Share-based Payment Award
Vesting (as a percent)	50.00%

Share-Based Payments - Performa

Share-Based Payments - Performance-Based LTIP Units (Details)	1 Months Ended
	Jan. 31, 2022shares
Performance LTIP Units
Unvested Shares
Units forfeited	469,624

Share-Based Payments - Summary

Share-Based Payments - Summary of Share-Based Compensation Expense (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended
	Jan. 31, 2022	Mar. 31, 2022	Mar. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award
Total share-based compensation expense		$ 13,954	$ 14,027
Less amount capitalized		(1,050)	(791)
Share-based compensation expense		12,904	13,236
Total unrecognized compensation expense		$ 76,000
Compensation expense recognition period (in years)		3 years 2 months 12 days
Share Based Compensation - Other
Share-based Compensation Arrangement by Share-based Payment Award
Total share-based compensation expense		$ 11,710	9,082
Time-Based LTIP Units
Share-based Compensation Arrangement by Share-based Payment Award
Total share-based compensation expense		6,126	4,380
Compensation expense recognition period (in years)	4 years
AO LTIP Units and Performance-Based LTIP Units
Share-based Compensation Arrangement by Share-based Payment Award
Total share-based compensation expense		4,157	3,239
Other Equity Awards
Share-based Compensation Arrangement by Share-based Payment Award
Total share-based compensation expense		1,427	1,463
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		2,244	4,945
Formation Awards
Share-based Compensation Arrangement by Share-based Payment Award
Total share-based compensation expense		374	729
OP Units and LTIP Units
Share-based Compensation Arrangement by Share-based Payment Award
Total share-based compensation expense		583	2,784
Special Time-Based LTIP Units and Special Performance-Based LTIP Units (3)
Share-based Compensation Arrangement by Share-based Payment Award
Total share-based compensation expense		$ 1,287	$ 1,432

Transaction and Other Costs (De

Transaction and Other Costs (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Transaction and Other Costs.
Demolition Costs	$ 22	$ 1,008
Integration and severance costs	145	240
Completed, potential and pursued transaction expenses	732	2,442
Transaction and other costs	$ 899	$ 3,690

Interest Expense (Details)

Interest Expense (Details) - USD ($) $ in Thousands	3 Months Ended
Interest Expense (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Mar. 31, 2021
Interest Expense
Interest expense before capitalized interest	$ 18,442	$ 16,666
Amortization of deferred financing costs	1,130	1,047
Interest expense related to finance lease right-of-use assets	1,844	426
Net unrealized gain on derivative financial instruments not designated as accounting hedges	(3,367)	(133)
Capitalized interest	(1,771)	(1,710)
Interest expense	$ 16,278	$ 16,296

Shareholders' Equity Loss Per C

Shareholders' Equity Loss Per Common Share - Common Shares Repurchased (Details) - USD ($) $ / shares in Units, $ in Millions	1 Months Ended	3 Months Ended		25 Months Ended
	Apr. 30, 2022	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2022	Mar. 31, 2020
Sale of stock
Authorized value of shares for repurchase					$ 500
Repurchase and retired common shares		3,300,000	619,749	12,500,000
Repurchase and retired common shares, Value		$ 93.1	$ 19.2	$ 355.6
Average purchase price		$ 27.86	$ 30.96	$ 28.45
Subsequent Event
Sale of stock
Repurchase and retired common shares	707,000
Repurchase and retired common shares, Value	$ 19.4
Average purchase price	$ 27.39

Shareholders' Equity and Loss_3

Shareholders' Equity and Loss Per Common Share - Basic and Diluted Earnings (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Shareholders' Equity and Loss Per Common Share
Net loss	$ (77)	$ (24,069)
Net (income) loss attributable to redeemable noncontrolling interests	(10)	2,230
Net loss attributable to noncontrolling interests	55	1,108
Net income (loss) attributable to common shareholders	$ (32)	$ (20,731)
Weighted average number of common shares outstanding - basic	126,682	131,540
Weighted average number of common shares outstanding - diluted	126,682	131,540
Earnings (loss) per common share - basic		$ (0.16)
Earnings (loss) per common share - diluted		$ (0.16)

Shareholders' Equity and Loss_4

Shareholders' Equity and Loss Per Common Share - Antidilutive (Details) - $ / shares shares in Millions	Apr. 29, 2022	Mar. 31, 2022	Mar. 31, 2021
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)		6	3.9
Subsequent Event
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Dividends cash declared	$ 0.225

Fair Value Measurements - Narra

Fair Value Measurements - Narrative (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Fair Value Measurements
Net unrealized loss on derivative designated as cash flow hedge	$ 11.6	$ (17.2)
Loss expected to be reclassified into interest expense within the next 12 months	$ 1.8

Fair Value Measurements - Sched

Fair Value Measurements - Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis (Details) - Interest rate swaps and caps - Recurring - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
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	$ 11,553	$ 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	11,553	393
Other Assets Net \| Not Designated as Hedging Instrument
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Classified as assets in Other assets, net	3,925	558
Other Assets Net \| Not Designated as Hedging Instrument \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Classified as assets in Other assets, net	3,925	558
Other Liabilities, Net \| Designated as Hedging Instrument
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Classified as liabilities in Other liabilities, net	658	18,361
Other Liabilities, Net \| Designated as Hedging Instrument \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Classified as liabilities in Other liabilities, net	$ 658	$ 18,361

Fair Value Measurements - Finan

Fair Value Measurements - Financial Assets and Liabilities Not Measured at Fair Value (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Mortgages Payable \| Fair Value
Financial liabilities:
Financial liabilities	$ 1,795,938	$ 1,814,780
Mortgages Payable \| Carrying Amount
Financial liabilities:
Financial liabilities	1,787,081	1,788,259
Revolving Credit Facility \| Fair Value
Financial liabilities:
Financial liabilities	300,376	300,363
Revolving Credit Facility \| Carrying Amount
Financial liabilities:
Financial liabilities	300,000	300,000
Unsecured term loans \| Fair Value
Financial liabilities:
Financial liabilities	400,415	400,519
Unsecured term loans \| Carrying Amount
Financial liabilities:
Financial liabilities	$ 400,000	$ 400,000

Segment Information - Narrative

Segment Information - Narrative (Details) $ in Thousands	3 Months Ended
Segment Information - Narrative (Details) $ in Thousands	Mar. 31, 2022USD ($)segment	Dec. 31, 2021USD ($)
Segment Reporting Information
Number of reportable segments \| segment	3
Other assets, net	$ 71,385	$ 240,160
Third-Party Real Estate Services Segment
Segment Reporting Information
Other assets, net	$ 18,100	$ 19,600

Segment Information - Summary o

Segment Information - Summary of Third-party Asset Management and Real Estate Services (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Segment Reporting Information
Third-party real estate services revenue, excluding reimbursements	$ 12,923	$ 24,150
Reimbursement revenue	11,047	13,957
Third-party real estate services revenue, including reimbursements	23,970	38,107
Third-party real estate services expenses	27,049	28,936
Third-party real estate services revenue less expenses	(3,079)	9,171
Property management fees
Segment Reporting Information
Third-party real estate services revenue, excluding reimbursements	4,808	4,942
Asset management fees
Segment Reporting Information
Third-party real estate services revenue, excluding reimbursements	1,771	2,228
Development fees
Segment Reporting Information
Third-party real estate services revenue, excluding reimbursements	3,539	14,250
Revenue, Remaining Performance Obligation, Amount	45,200
Development fees \| Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-04-01
Segment Reporting Information
Revenue, Remaining Performance Obligation, Amount	$ 10,400
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period	9 months
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	3 years
Leasing fees
Segment Reporting Information
Third-party real estate services revenue, excluding reimbursements	$ 1,839	860
Construction management fees
Segment Reporting Information
Third-party real estate services revenue, excluding reimbursements	150	172
Other service revenue
Segment Reporting Information
Third-party real estate services revenue, excluding reimbursements	$ 816	$ 1,698

Segment Information - Schedule

Segment Information - Schedule of Reconciliation of Net Income (loss) Attributable to Common Shareholders to Consolidated NOI (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Segment Information
Net income (loss) attributable to common shareholders	$ (32)	$ (20,731)
Depreciation and amortization expense	58,062	64,726
Corporate and other	15,815	12,475
Third-party real estate services	27,049	28,936
Share-based compensation related to Formation Transaction and special equity awards	2,244	4,945
Transaction and other costs	899	3,690
Interest expense	16,278	16,296
Loss on the extinguishment of debt	591
Income tax expense (benefit)	(471)	4,315
Net income (loss) attributable to redeemable noncontrolling interests	10	(2,230)
Net loss attributable to noncontrolling interests	(55)	(1,108)
Third-party real estate services, including reimbursements revenue	23,970	38,107
Other revenue	2,196	2,186
Income (loss) from unconsolidated real estate ventures, net	3,145	(943)
Interest and other income, net	14,246	9
Loss on the sale of real estate	(136)
Consolidated NOI	$ 76,969	$ 71,955

Segment Information - Summary_2

Segment Information - Summary of NOI by Segment (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Segment Reporting Information
Property rental revenue	$ 131,598	$ 122,241
Total rental revenue	135,799	124,996
Property operating	40,644	34,731
Real estate taxes	18,186	18,310
Total property expense	58,830	53,041
Consolidated NOI	76,969	71,955
Parking
Segment Reporting Information
Revenue	4,201	2,755
Operating Segments \| Commercial Segment
Segment Reporting Information
Property rental revenue	87,621	87,181
Total rental revenue	91,633	89,871
Property operating	26,202	23,964
Real estate taxes	11,777	11,772
Total property expense	37,979	35,736
Consolidated NOI	53,654	54,135
Operating Segments \| Commercial Segment \| Parking
Segment Reporting Information
Revenue	4,012	2,690
Operating Segments \| Multifamily Segment
Segment Reporting Information
Property rental revenue	42,108	32,586
Total rental revenue	42,242	32,651
Property operating	13,755	12,195
Real estate taxes	5,221	5,245
Total property expense	18,976	17,440
Consolidated NOI	23,266	15,211
Operating Segments \| Multifamily Segment \| Parking
Segment Reporting Information
Revenue	134	65
Other
Segment Reporting Information
Property rental revenue	1,869	2,474
Total rental revenue	1,924	2,474
Property operating	687	(1,428)
Real estate taxes	1,188	1,293
Total property expense	1,875	(135)
Consolidated NOI	49	$ 2,609
Other \| Parking
Segment Reporting Information
Revenue	$ 55

Segment Information - Summary_3

Segment Information - Summary of Certain Balance Sheet Data by Segment (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Segment Reporting Information
Real estate, at cost	$ 5,529,625	$ 6,236,476
Investments in unconsolidated real estate ventures	461,444	462,885
Total assets (1)	6,315,880	6,386,206
Operating Segments \| Commercial Segment
Segment Reporting Information
Real estate, at cost	2,674,939	3,422,278
Investments in unconsolidated real estate ventures	280,913	281,515
Total assets (1)	3,594,436	3,591,839
Operating Segments \| Multifamily Segment
Segment Reporting Information
Real estate, at cost	2,434,441	2,367,712
Investments in unconsolidated real estate ventures	111,920	103,389
Total assets (1)	1,836,526	1,797,807
Other
Segment Reporting Information
Real estate, at cost	420,245	446,486
Investments in unconsolidated real estate ventures	68,611	77,981
Total assets (1)	$ 884,918	$ 996,560

Commitments and Contingencies -

Commitments and Contingencies - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
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
Construction commitment	569,000
Environmental liabilities included in Other liabilities, net	18,168	$ 18,168
Tenant-related obligations	78,600
Consolidated Properties
Real Estate Properties [Line Items]
Tenant-related obligations	73,200
Principal payment guarantees	8,300
Unconsolidated Properties
Real Estate Properties [Line Items]
Tenant-related obligations	5,400
Additional capital funding committed amount	68,600
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

Transactions with Related Par_2

Transactions with Related Parties (Details) - Affiliated Entity - USD ($)	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Washington Housing Initiative
Related Party Transaction [Line Items]
Completed capital commitments	$ 114,400,000
Commitment	11,200,000
Remaining commitment	7,500,000
Supervisory Services of Properties \| BMS
Related Party Transaction [Line Items]
Related party payments	3,100,000	$ 4,300,000
Fees from Legacy JBG Funds and Washington Housing Initiative \| Legacy JBG Funds and Washington Housing Initiative
Related Party Transaction [Line Items]
Revenue from related parties	5,500,000	5,800,000
Receivables	2,700,000		$ 3,200,000
Office Rent \| Unconsolidated Real Estate Ventures
Related Party Transaction [Line Items]
Related party payments	$ 386,000	$ 271,000