JBG SMITH Properties (JBGS) 10-Q 1 Nov 22 2022 Q3 Quarterly report Financial data

Cover Page

Cover Page - shares	9 Months Ended
	Sep. 30, 2022	Oct. 28, 2022
Cover page.
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 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		113,787,934
Entity Central Index Key	0001689796
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q3
Amendment Flag	false

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Real estate, at cost:
Land and improvements	$ 1,273,947	$ 1,378,218
Buildings and improvements	4,117,823	4,513,606
Construction in progress, including land	471,867	344,652
Real estate, at cost	5,863,637	6,236,476
Less: accumulated depreciation	(1,299,818)	(1,368,003)
Real estate, net	4,563,819	4,868,473
Cash and cash equivalents	258,871	264,356
Restricted cash	212,998	37,739
Tenant and other receivables	48,221	44,496
Deferred rent receivable	161,994	192,265
Investments in unconsolidated real estate ventures	360,846	462,885
Intangible assets, net	155,812	201,956
Other assets, net	133,419	240,160
Assets held for sale	0	73,876
TOTAL ASSETS	5,895,980	6,386,206
Liabilities:
Mortgages payable, net	1,741,605	1,777,699
Revolving credit facility	100,000	300,000
Unsecured term loans, net	546,888	398,664
Accounts payable and accrued expenses	130,408	106,136
Other liabilities, net	98,831	342,565
Total liabilities	2,617,732	2,925,064
Commitments and contingencies
Redeemable noncontrolling interests	491,479	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; 113,764 and 127,378 shares issued and outstanding as of September 30, 2022 and December 31, 2021	1,138	1,275
Additional paid-in capital	3,265,659	3,539,916
Accumulated deficit	(558,788)	(609,331)
Accumulated other comprehensive income (loss)	46,870	(15,950)
Total shareholders' equity of JBG SMITH Properties	2,754,879	2,915,910
Noncontrolling interests	31,890	22,507
Total equity	2,786,769	2,938,417
TOTAL LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY	$ 5,895,980	$ 6,386,206

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares shares in Thousands	Sep. 30, 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	113,764	127,378
Common shares, shares outstanding	113,764	127,378

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
REVENUE
Property rental	$ 119,811	$ 125,900	$ 368,445	$ 370,960
Third-party real estate services, including reimbursements	21,845	25,842	67,972	90,694
Other revenue	5,958	5,280	18,667	15,301
Total revenue	147,614	157,022	455,084	476,955
EXPENSES
Depreciation and amortization	50,056	56,726	157,597	178,130
Property operating	36,380	40,198	112,469	109,929
Real estate taxes	14,738	18,259	47,870	55,127
General and administrative:
Corporate and other	12,072	12,105	42,669	38,475
Third-party real estate services	21,230	25,542	72,422	80,035
Share-based compensation related to Formation Transaction and special equity awards	548	3,480	4,369	12,866
Transaction and other costs	1,746	2,951	4,632	8,911
Total expenses	136,770	159,261	442,028	483,473
OTHER INCOME (EXPENSE)
Income (loss) from unconsolidated real estate ventures, net	(13,867)	20,503	(12,829)	23,513
Interest and other income, net	984	192	16,902	163
Interest expense	(17,932)	(17,243)	(50,251)	(50,312)
Gain on the sale of real estate, net			158,631	11,290
Loss on the extinguishment of debt	(1,444)		(3,073)
Total other income (expense)	(32,259)	3,452	109,380	(15,346)
INCOME (LOSS) BEFORE INCOME TAX EXPENSE	(21,415)	1,213	122,436	(21,864)
Income tax expense	(166)	(217)	(2,600)	(4,527)
NET INCOME (LOSS)	(21,581)	996	119,836	(26,391)
Net (income) loss attributable to redeemable noncontrolling interests	2,546	(103)	(15,712)	2,472
Net (income) loss attributable to noncontrolling interests	(258)		(174)	1,108
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON SHAREHOLDERS	$ (19,293)	$ 893	$ 103,950	$ (22,811)
EARNINGS (LOSS) PER COMMON SHARE:
EARNINGS (LOSS) PER COMMON SHARE - BASIC	$ (0.17)	$ 0	$ 0.86	$ (0.18)
EARNINGS (LOSS) PER COMMON SHARE - DILUTED	$ (0.17)	$ 0	$ 0.86	$ (0.18)
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING - BASIC	114,360	131,351	120,741	131,456
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING - DILUTED	114,360	131,351	120,741	131,456

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Condensed Consolidated Statements of Comprehensive Income (Loss)
NET INCOME (LOSS)	$ (21,581)	$ 996	$ 119,836	$ (26,391)
OTHER COMPREHENSIVE INCOME:
Change in fair value of derivative financial instruments	32,939	(329)	65,259	4,678
Reclassification of net (income) loss on derivative financial instruments from accumulated other comprehensive income (loss) into interest expense	(333)	3,901	6,214	11,476
Total other comprehensive income	32,606	3,572	71,473	16,154
COMPREHENSIVE INCOME (LOSS)	11,025	4,568	191,309	(10,237)
Net (income) loss attributable to redeemable noncontrolling interests	2,546	(103)	(15,712)	2,472
Net (income) loss attributable to noncontrolling interests	(258)		(174)	1,108
Other comprehensive income attributable to redeemable noncontrolling interests	(4,376)	(413)	(8,653)	(1,621)
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO JBG SMITH PROPERTIES	$ 8,937	$ 4,052	$ 166,770	$ (8,278)

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Equity - USD ($) shares in Thousands, $ in Thousands	Common Stock	Additional Paid-In Capital	Accumulated Deficit	Accumulated Other Comprehensive 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 income (loss) attributable to common shareholders and noncontrolling interests			(22,811)		(1,108)	(23,919)
Conversion of common limited partnership units ("OP Units") to common shares	$ 8	27,342				27,350
Conversion of common limited partnership units ("OP Units") to common shares (in shares)	829
Common shares repurchased	$ (29)	(88,104)				(88,133)
Common shares repurchased (in shares)	(2,937)
Common shares issued pursuant to employee incentive compensation plan and Employee Share Purchase Plan ("ESPP")		1,549				1,549
Common shares issued pursuant to employee incentive compensation plan and Employee Share Purchase Plan ("ESPP") (in shares)	34
Dividends declared on common shares			(59,278)			(59,278)
Distributions/Contributions from noncontrolling interests, net					17,436	17,436
Redeemable noncontrolling interests redemption value adjustment and total other comprehensive loss allocation		8,032		(1,621)		6,411
Total other comprehensive income				16,154		16,154
Balance at end of period (in shares) at Sep. 30, 2021	129,704
Balance at end of period at Sep. 30, 2021	$ 1,298	3,606,462	(495,033)	(25,446)	16,495	3,103,776
Balance at beginning of period at Jun. 30, 2021	$ 1,319	3,650,217	(466,230)	(28,605)	16,540	3,173,241
Balance at beginning of period (in shares) at Jun. 30, 2021	131,841
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss) attributable to common shareholders and noncontrolling interests			893			893
Conversion of common limited partnership units ("OP Units") to common shares	$ 2	5,668				5,670
Conversion of common limited partnership units ("OP Units") to common shares (in shares)	180
Common shares repurchased	$ (23)	(68,907)				(68,930)
Common shares repurchased (in shares)	(2,317)
Common shares issued pursuant to employee incentive compensation plan and Employee Share Purchase Plan ("ESPP")		210				210
Dividends declared on common shares			(29,696)			(29,696)
Distributions/Contributions from noncontrolling interests, net					(45)	(45)
Redeemable noncontrolling interests redemption value adjustment and total other comprehensive loss allocation		19,274		(413)		18,861
Total other comprehensive income				3,572		3,572
Balance at end of period (in shares) at Sep. 30, 2021	129,704
Balance at end of period at Sep. 30, 2021	$ 1,298	3,606,462	(495,033)	(25,446)	16,495	3,103,776
Balance at beginning of period at 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
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss) attributable to common shareholders and noncontrolling interests			103,950		174	$ 104,124
Conversion of common limited partnership units ("OP Units") to common shares	$ 5	12,662				12,667
Conversion of common limited partnership units ("OP Units") to common shares (in shares)	493
Common shares repurchased	$ (142)	(360,900)				(361,042)
Common shares repurchased (in shares)	(14,151)
Common shares issued pursuant to employee incentive compensation plan and Employee Share Purchase Plan ("ESPP")		1,806				1,806
Common shares issued pursuant to employee incentive compensation plan and Employee Share Purchase Plan ("ESPP") (in shares)	44
Dividends declared on common shares			(53,407)			(53,407)
Distributions/Contributions from noncontrolling interests, net					9,209	9,209
Redeemable noncontrolling interests redemption value adjustment and total other comprehensive loss allocation		72,175		(8,653)		63,522
Total other comprehensive income				71,473		$ 71,473
Balance at end of period (in shares) at Sep. 30, 2022	113,764					113,764
Balance at end of period at Sep. 30, 2022	$ 1,138	3,265,659	(558,788)	46,870	31,890	$ 2,786,769
Balance at beginning of period at Jun. 30, 2022	$ 1,160	3,285,511	(513,746)	18,640	31,640	2,823,205
Balance at beginning of period (in shares) at Jun. 30, 2022	115,862
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss) attributable to common shareholders and noncontrolling interests			(19,293)		258	(19,035)
Conversion of common limited partnership units ("OP Units") to common shares	$ 2	4,889				4,891
Conversion of common limited partnership units ("OP Units") to common shares (in shares)	213
Common shares repurchased	$ (24)	(53,979)				(54,003)
Common shares repurchased (in shares)	(2,311)
Common shares issued pursuant to employee incentive compensation plan and Employee Share Purchase Plan ("ESPP")		377				377
Dividends declared on common shares			(25,749)			(25,749)
Distributions/Contributions from noncontrolling interests, net					(8)	(8)
Redeemable noncontrolling interests redemption value adjustment and total other comprehensive loss allocation		28,861		(4,376)		24,485
Total other comprehensive income				32,606		$ 32,606
Balance at end of period (in shares) at Sep. 30, 2022	113,764					113,764
Balance at end of period at Sep. 30, 2022	$ 1,138	$ 3,265,659	$ (558,788)	$ 46,870	$ 31,890	$ 2,786,769

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Equity (Parenthetical) - $ / shares	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Condensed Consolidated Statements of Equity
Dividends cash declared	$ 0.225	$ 0.225	$ 0.45	$ 0.45

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
OPERATING ACTIVITIES:
Net income (loss)	$ 119,836	$ (26,391)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Share-based compensation expense	32,324	38,320
Depreciation and amortization, including amortization of deferred financing costs	160,797	181,217
Deferred rent	(14,764)	(17,463)
(Income) loss from unconsolidated real estate ventures, net	12,829	(23,513)
Amortization of market lease intangibles, net	(874)	(896)
Amortization of lease incentives	6,175	6,083
Loss on the extinguishment of debt	3,073
Gain on the sale of real estate, net	(158,631)	(11,290)
Loss on operating lease and other receivables	1,392	1,071
Income from investments, net	(14,733)
Return on capital from unconsolidated real estate ventures	8,483	13,212
Other non-cash items	(7,352)	583
Changes in operating assets and liabilities:
Tenant and other receivables	(5,044)	3,704
Other assets, net	(20,552)	(12,059)
Accounts payable and accrued expenses	(3,648)	5,954
Other liabilities, net	11,055	(4,120)
Net cash provided by operating activities	130,366	154,412
INVESTING ACTIVITIES:
Development costs, construction in progress and real estate additions	(218,835)	(108,361)
Acquisition of real estate	(15,232)
Deposits for real estate and other acquisitions	(1,750)	(10,263)
Proceeds from the sale of real estate	923,108	14,370
Proceeds from the sale of investments	19,030
Distributions of capital from unconsolidated real estate ventures	54,759	40,188
Investments in unconsolidated real estate ventures and other investments	(86,678)	(32,685)
Net cash provided by (used in) investing activities	674,402	(96,751)
FINANCING ACTIVITIES:
Borrowings under mortgages payable	134,263	85,000
Borrowings under revolving credit facility	100,000
Borrowings under unsecured term loans	150,000
Repayments of mortgages payable	(268,627)	(4,462)
Repayments of revolving credit facility	(300,000)
Debt issuance and modification costs	(5,135)	(5,747)
Proceeds from common shares issued pursuant to ESPP	800	880
Common shares repurchased	(361,042)	(82,300)
Dividends paid to common shareholders	(82,072)	(88,928)
Distributions to redeemable noncontrolling interests	(12,398)	(13,705)
Distributions to noncontrolling interests	(166)	(22)
Contributions from noncontrolling interests	9,383	17,464
Net cash used in financing activities	(634,994)	(91,820)
Net increase (decrease) in cash and cash equivalents, and restricted cash	169,774	(34,159)
Cash and cash equivalents, and restricted cash, beginning of period	302,095	263,336
Cash and cash equivalents, and restricted cash, end of period	471,869	229,177
SUPPLEMENTAL DISCLOSURE OF CASH FLOW AND NON-CASH INFORMATION:
Cash paid for interest (net of capitalized interest of $6,816 and $4,854 in 2022 and 2021)	52,620	46,010
Accrued capital expenditures included in accounts payable and accrued expenses	74,735	41,660
Write-off of fully depreciated assets	10,642	46,278
Deconsolidation of real estate asset		26,476
Conversion of OP Units to common shares	12,667	27,350
Cash paid for amounts included in the measurement of lease liabilities for operating leases	$ 1,638	$ 1,761

Condensed Consolidated Statem_6

Condensed Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021	Dec. 31, 2020
CASH AND CASH EQUIVALENTS, AND RESTRICTED CASH, END OF PERIOD:
Cash and cash equivalents	$ 258,871	$ 194,277	$ 258,871	$ 194,277	$ 264,356
Restricted cash	212,998	34,900	212,998	34,900	37,739
Cash and cash equivalents, and restricted cash	471,869	229,177	471,869	229,177	$ 302,095	$ 263,336
Capitalized interest	$ 2,888	$ 1,598	$ 6,816	$ 4,854

Organization and Basis of Prese

Organization and Basis of Presentation	9 Months Ended
	Sep. 30, 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. Approximately two-thirds We were organized for the purpose of receiving, via the spin-off on July 17, 2017 (the "Separation"), substantially all of the assets and liabilities of Vornado Realty Trust's ("Vornado") Washington, D.C. segment. On July 18, 2017, we acquired the management business, and certain assets and liabilities of JBG (the "Combination"). The Separation and the Combination are collectively referred to as the "Formation Transaction." As of September 30, 2022, our Operating Portfolio consisted of 56 operating assets comprising 35 commercial assets totaling 10.5 million square feet (8.9 million square feet at our share), 19 multifamily assets totaling 7,359 units (6,608 units at our share) and two wholly owned land assets 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) eight near-term development assets totaling 3.7 million square feet (3.5 million square feet at our share) of estimated potential development density; and (iii) 16 future development assets totaling 8.8 million square feet (6.3 million square feet at our share) of estimated potential development density. We derive our revenue primarily from leases with commercial and multifamily tenants, which include fixed and percentage rents, and reimbursements from tenants for certain expenses such as real estate taxes, property operating expenses, and repairs and maintenance. In addition, our third-party asset management and real estate services business provides fee-based real estate services. Basis of Presentation The accompanying unaudited condensed consolidated financial statements and notes are prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") for interim financial information and with the instructions of Form 10-Q and Article 10 of Regulation S-X. Accordingly, these condensed consolidated financial statements do not contain certain information required in annual financial statements and notes as required under GAAP. In our opinion, all adjustments considered necessary for a fair presentation have been included, and all such adjustments are of a normal recurring nature. All intercompany transactions and balances have been eliminated. The results of operations for the three and nine months ended September 30, 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 unaudited condensed consolidated financial statements as of September 30, 2022 and December 31, 2021, and for the three and nine months ended September 30, 2022 and 2021. References to our balance sheets refer to our condensed consolidated balance sheets as of September 30, 2022 and December 31, 2021. References to our statements of operations refer to our condensed consolidated statements of operations for the three and nine months ended September 30, 2022 and 2021. References to our statements of comprehensive income (loss) refer to our condensed consolidated statements of comprehensive income (loss) for the three and nine months ended September 30, 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 those activities. Reclassification Intangible assets totaling $202.0 million were reclassified from "Other assets, net" to "Intangible assets, net" in our balance sheet as of December 31, 2021 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	9 Months Ended
	Sep. 30, 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 nine months ended September 30, 2022, we elected to apply the hedge accounting expedients that allows us to (i) continue to amortize previously deferred gains and losses in accumulated other comprehensive income (loss) related to terminated hedges into earnings in accordance with the underlying hedged forecasted transactions, (ii) modify loan agreements to replace the reference rate without treating the change as a contract modification and (iii) modify the reference rate of the hedging instruments without it being considered a change in critical terms requiring redesignation. 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 the past presentation of our derivatives. We will continue to evaluate the impact of the guidance and may apply other elections, as applicable.

Acquisition, Dispositions and A

Acquisition, Dispositions and Assets Held for Sale	9 Months Ended
	Sep. 30, 2022
Acquisition, Dispositions And Assets Held for Sale
Dispositions and Assets Held for Sale	3. Acquisition On August 1, 2022, we acquired the remaining 36.0% ownership interest in an unconsolidated real estate venture that owned Atlantic Plumbing, a multifamily asset, which was encumbered by a $100.0 million mortgage, for a purchase price of $19.7 million and our partner’s share of the working capital. The mortgage was repaid on August 10, 2022. Atlantic Plumbing was consolidated as of the date of acquisition. Dispositions The following is a summary of activity for the nine months ended September 30, 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gain (Loss) ​ ​ ​ ​ ​ ​ ​ ​ Total ​ Gross ​ Cash ​ on the Sale ​ ​ ​ ​ ​ ​ ​ ​ Square ​ Sales ​ Proceeds ​ of Real Date Disposed Assets Segment Location Feet Price from Sale Estate ​ ​ ​ ​ ​ ​ ​ ​ (In thousands) March 28, 2022 ​ Development Parcel ​ Other ​ Arlington, Virginia ​ — ​ $ 3,250 ​ $ 3,149 ​ $ (136) April 1, 2022 ​ Universal Buildings (1) ​ Commercial ​ Washington, D.C. ​ 659 ​ ​ 228,000 ​ ​ 194,737 ​ ​ 41,245 April 13, 2022 7200 Wisconsin Avenue, 1730 M Street, RTC-West and Courthouse Plaza 1 and 2 (2) Commercial/ Bethesda, Maryland, Washington, D.C., Reston, Virginia, Arlington, Virginia 2,944 ​ ​ 580,000 ​ 527,694 ​ ​ (3,980) May 25, 2022 ​ Pen Place (3) ​ Other ​ Arlington, Virginia ​ 2,082 ​ ​ 198,000 ​ ​ 197,528 ​ ​ 121,502 ​ ​ ​ ​ ​ ​ ​ 5,685 ​ $ 1,009,250 ​ $ 923,108 ​ $ 158,631 (1) Cash proceeds from sale excludes a lease termination fee of $24.3 million received during the first quarter of 2022. (2) Assets were sold to an unconsolidated real estate venture. See Note 4 for additional information. "RTC-West" refers to RTC-West, RTC-West Trophy Office and RTC-West Land. Total square feet include 1.4 million square feet of estimated potential development density. In April 2022, $164.8 million of mortgages payable related to 1730 M Street and RTC-West were repaid. (3) Total square feet represents estimated or approved potential development density. During the nine months ended September 30, 2022, our unconsolidated real estate ventures sold several assets. See Note 4 for additional information. Assets Held for Sale There were no assets held for sale as of September 30, 2022. The following is a summary of assets held for sale as of December 31, 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total ​ Assets Held Assets Segment Location Square Feet for Sale ​ ​ ​ ​ ​ ​ (In thousands) Pen Place (1) ​ Other ​ Arlington, Virginia ​ 2,082 ​ $ 73,876 (1) Sold to Amazon in May 2022. Total square feet represents estimated or approved potential development density. ​

Investments in Unconsolidated R

Investments in Unconsolidated Real Estate Ventures	9 Months Ended
	Sep. 30, 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) September 30, 2022 December 31, 2021 ​ ​ ​ ​ (In thousands) Prudential Global Investment Management 50.0% ​ $ 207,236 ​ $ 208,421 Landmark Partners ("Landmark") (2) 18.0% - 49.0% ​ 8,835 ​ 28,298 CBREI Venture (3) 5.0% - 10.0% ​ 17,074 ​ 57,812 Canadian Pension Plan Investment Board ("CPPIB") (4) 55.0% ​ — ​ 48,498 J.P. Morgan Global Alternatives ("J.P. Morgan") (5) ​ 50.0% ​ ​ 62,441 ​ ​ 52,769 Berkshire Group (6) 50.0% ​ 50,963 ​ ​ 52,770 Brandywine Realty Trust 30.0% ​ 13,755 ​ 13,693 Other ​ ​ 542 ​ ​ 624 Total investments in unconsolidated real estate ventures (7) ​ ​ ​ $ 360,846 ​ $ 462,885 (1) Reflects our effective ownership interests in the underlying real estate as of September 30, 2022. We have multiple investments with certain venture partners with varying ownership interests in the underlying real estate. (2) In connection with the preparation and review of the third quarter 2022 financial statements, an impairment loss of $15.4 million associated with certain commercial and future development assets located in Washington, D.C. was included in "Income (loss) from unconsolidated real estate ventures, net" in our statements of operations for the three and nine months ended September 30, 2022. (3) On August 1, 2022, we acquired the remaining 36.0% ownership interest in an unconsolidated real estate venture that owned Atlantic Plumbing, a multifamily asset. (4) Our effective ownership interest reflects an investment in the real estate venture that owns 1101 17 th Street for which we have a zero investment balance and discontinued applying the equity method of accounting. (5) J.P. Morgan is the advisor for an institutional investor. (6) On October 5, 2022, we acquired the remaining 50.0% ownership interest in 8001 Woodmont, a multifamily asset owned by the venture, for a purchase price of $115.0 million, including the assumption of the $51.9 million mortgage at our share. The asset is encumbered by a $103.8 million mortgage, which is consolidated in our balance sheet as of the date of acquisition. (7) As of September 30, 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 $4.4 million and $ 18.6 million, resulting principally from capitalized interest and our zero investment balance in certain real estate ventures . 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 and Courthouse Plaza 1 and 2). Additionally, we contributed $66.1 million in cash for a 33.5% interest in the venture, while Fortress contributed $131.0 million for a 66.5% interest in the venture. In connection with the transaction, the venture obtained mortgage loans totaling $458.0 million secured by the properties, of which $402.0 million was drawn at closing. We 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. As of the transaction date, our investment in the venture was zero , and we have discontinued applying the equity method as we have not guaranteed its obligations or otherwise committed to providing financial support. We provide leasing, property management and other real estate services to our unconsolidated real estate ventures. We recognized revenue, including expense reimbursements, of $6.1 million and $18.2 million for the three and nine months ended September 30, 2022, and $5.9 million and $17.8 million for the three and nine months ended September 30, 2021, for such services. We evaluate reconsideration events as we become aware of them. Reconsideration events include, among other criteria, amendments to real estate venture agreements or changes in the capital requirements of the real estate venture. A reconsideration event could cause us to consolidate an unconsolidated real estate venture or deconsolidate a consolidated entity. The following is a summary of disposition activity by our unconsolidated real estate ventures for the nine months ended September 30, 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 May 10, 2022 ​ Landmark ​ Galvan ​ 1.8% ​ ​ 152,500 ​ ​ 89,500 ​ ​ 407 June 1, 2022 ​ CPPIB ​ 1900 N Street ​ 55.0% ​ ​ 265,000 ​ ​ 151,709 ​ ​ 529 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 6,179 (1) Included in "Income (loss) from unconsolidated real estate ventures, net" in our statements of operations. ​ The following is a summary of the debt of our unconsolidated real estate ventures: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ ​ ​ ​ ​ Average Effective ​ ​ ​ Interest Rate (1) September 30, 2022 December 31, 2021 ​ ​ ​ ​ (In thousands) Variable rate (2) 5.67% ​ $ 509,393 ​ $ 785,369 Fixed rate (3) 4.57% ​ 163,810 ​ 309,813 Mortgages payable (4) ​ ​ ​ 673,203 ​ 1,095,182 Unamortized deferred financing costs ​ ​ ​ (393) ​ (5,239) Mortgages payable, net (4) (5) ​ ​ ​ $ 672,810 ​ $ 1,089,943 (1) Weighted average effective interest rate as of September 30, 2022. (2) Includes variable rate mortgages with interest rate cap agreements. (3) Includes variable rate mortgages with interest rates fixed by interest rate swap agreements. (4) Excludes mortgages related to the unconsolidated real estate venture with Fortress. (5) See Note 17 for additional information on guarantees of the debt of certain of our unconsolidated real estate ventures. ​ The following is a summary of financial information for our unconsolidated real estate ventures: ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2022 December 31, 2021 ​ (In thousands) Combined balance sheet information: (1) ​ ​ ​ ​ ​ ​ Real estate, net ​ $ 1,507,159 ​ $ 2,116,290 Other assets, net ​ 215,099 ​ 264,397 Total assets ​ $ 1,722,258 ​ $ 2,380,687 ​ ​ ​ ​ ​ ​ ​ Mortgages payable, net ​ $ 672,810 ​ $ 1,089,943 Other liabilities, net ​ 77,706 ​ 118,752 Total liabilities ​ 750,516 ​ 1,208,695 Total equity ​ 971,742 ​ 1,171,992 Total liabilities and equity ​ $ 1,722,258 ​ $ 2,380,687 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended September 30, ​ Nine Months Ended September 30, ​ 2022 2021 X 2022 2021 ​ (In thousands) Combined income statement information: (1) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total revenue ​ $ 40,881 ​ $ 45,289 ​ $ 125,135 ​ $ 141,370 Operating income (loss) (2) ​ ​ (7,468) ​ ​ 51,068 ​ 77,066 ​ 94,275 Net income (loss) (2) ​ ​ (15,034) ​ ​ 42,261 ​ 49,376 ​ 69,091 (1) Excludes amounts related to the unconsolidated real estate venture with Fortress. (2) Includes the gain on the sale of various assets totaling $77.4 million during the nine months ended September 30, 2022, and $47.4 million and $85.5 million during the three and nine months ended September 30, 2021. Includes an impairment loss of $16.1 million during the three and nine months ended September 30, 2022.

Variable Interest Entities

Variable Interest Entities	9 Months Ended
	Sep. 30, 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 September 30, 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 September 30, 2022 and December 31, 2021, the net carrying amounts of our investment in these entities was $84.7 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 88.3% 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 through JBG SMITH LP, its total assets and liabilities comprise substantially all of our consolidated assets and liabilities. In conjunction with the acquisition of The Batley in November 2021, we entered into an agreement with a qualified intermediary to facilitate a like-kind exchange. As a result, the qualified intermediary was the legal owner of the entity that owned this property as of December 31, 2021. We determined that the entity that owned the Batley was a VIE, and we were the primary beneficiary of the VIE. We consolidated the property and its operations as of the acquisition date. Legal ownership of this entity was transferred to us by the qualified intermediary when the like-kind exchange agreement was completed with the sale of Pen Place in May 2022. As of September 30, 2022, excluding JBG SMITH LP, we consolidated two VIEs with total assets of $199.5 million and liabilities of $69.7 million. As of December 31, 2021, excluding JBG SMITH LP, we consolidated three VIEs with total assets of $269.7 million and liabilities of $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	9 Months Ended
	Sep. 30, 2022
Other Assets, Net.
Other Assets, Net	6. The following is a summary of other assets, net: ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2022 December 31, 2021 ​ ​ (In thousands) Prepaid expenses ​ $ 30,895 ​ $ 17,104 Derivative agreements, at fair value ​ ​ 62,055 ​ ​ 951 Deferred financing costs, net ​ 6,064 ​ 11,436 Deposits ​ 3,661 ​ 1,938 Operating lease right-of-use assets ​ ​ 1,452 ​ ​ 1,660 Finance lease right-of-use assets (1) ​ ​ — ​ ​ 180,956 Investments in funds (2) ​ ​ 15,894 ​ ​ 9,840 Other investments (3) ​ ​ 3,746 ​ ​ 8,869 Other ​ 9,652 ​ 7,406 Total other assets, net ​ $ 133,419 ​ $ 240,160 (1) Represents assets related to finance ground leases at 1730 M Street and Courthouse Plaza 1 and 2, which were sold to an unconsolidated real estate venture in April 2022. (2) Consists of investments in real estate focused technology companies, which are recorded at their fair value based on their reported net asset value. During the three and nine months ended September 30, 2022, we recorded unrealized gains (losses) totaling ($267,000) and $928,000 related to these investments, which are included in "Interest and other income, net" in our statements of operations . (3) Primarily consists of equity investments that are carried at cost. During the three and nine months ended September 30, 2022, we recorded realized gains (losses) of ($300,000) and $13.8 million related to these investments, which is included in "Interest and other income, net" in our statements of operations .

Debt

Debt	9 Months Ended
	Sep. 30, 2022
Debt
Debt	7. Mortgages Payable The following is a summary of mortgages payable: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted Average ​ ​ ​ ​ ​ ​ ​ ​ Effective ​ ​ ​ ​ ​ ​ ​ Interest Rate (1) September 30, 2022 December 31, 2021 ​ ​ ​ ​ (In thousands) Variable rate (2) 4.60% ​ $ 846,432 ​ $ 867,246 Fixed rate (3) 4.40% ​ 907,516 ​ 921,013 Mortgages payable ​ ​ ​ 1,753,948 ​ 1,788,259 Unamortized deferred financing costs and premium / discount, net (4) ​ ​ ​ (12,343) ​ (10,560) Mortgages payable, net ​ ​ ​ $ 1,741,605 ​ $ 1,777,699 (1) Weighted average effective interest rate as of September 30, 2022. (2) Includes variable rate mortgages with interest rate cap agreements. As of September 30, 2022, one-month LIBOR was 3.14% and one-month term Secured Overnight Financing Rate ("SOFR") was 3.04% , as applicable. (3) Includes variable rate mortgages with interest rates fixed by interest rate swap agreements. (4) As of September 30, 2022 and December 31, 2021, excludes $2.3 million and $6.4 million of net deferred financing costs related to unfunded mortgage loans that were included in "Other assets, net." As of September 30, 2022 and December 31, 2021, the net carrying value of real estate collateralizing our mortgages payable totaled $1.9 billion and $1.8 billion. Our mortgages payable contain covenants that limit our ability to incur additional indebtedness on these properties and, in certain circumstances, require lender approval of tenant leases and/or yield maintenance upon repayment prior to maturity. Certain mortgages payable are recourse to us. See Note 17 for additional information. In August 2022, we entered into a mortgage with a principal balance of $97.5 million collateralized by WestEnd25. The mortgage loan has a seven-year term and an interest rate of SOFR plus 1.45%. We also entered into an interest rate swap with a total notional value of $97.5 million, which effectively fixes SOFR at an average interest rate of 2.71% through the maturity date. As of September 30, 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 As of September 30, 2022, our $1.6 billion credit facility consisted of a $1.0 billion revolving credit facility maturing in January 2025, a $200.0 million unsecured term loan ("Tranche A-1 Term Loan") maturing in January 2025, and a $400.0 million unsecured term loan ("Tranche A-2 Term Loan") maturing in January 2028, of which $50.0 million remains available to be borrowed until July 2023. In January 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 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 term SOFR. In July 2022, the Tranche A-2 Term Loan was amended to increase its borrowing capacity by $200.0 million. The incremental $200.0 million includes a delayed draw feature, of which $150.0 million was drawn in September 2022 and the remaining $50.0 million was undrawn as of the date of this filing. The amendment extends the maturity date of the term loan from July 2024 to January 2028 and amends the interest rate to SOFR plus 1.25% to SOFR plus 1.80%, varying based on a ratio of our total outstanding indebtedness to a valuation of certain real property and assets. We entered into two interest rate swaps with an effective date of September 30, 2022 and a total notional value of $150.0 million, which effectively fix SOFR at a weighted average interest rate of 2.15% through the maturity date. We also entered into two forward-starting interest rate swaps with an effective date of July 2024 and a total notional value of $200.0 million, which will effectively fix SOFR at a weighted average interest rate of 2.80% through the maturity date. Additionally, we amended the interest rate of the revolving credit facility to SOFR plus 1.15% to SOFR plus 1.60%, varying based on a ratio of our total outstanding indebtedness to a valuation of certain real property and assets. The following is a summary of amounts outstanding under the credit facility: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Effective ​ ​ ​ ​ Interest Rate (1) ​ September 30, 2022 December 31, 2021 ​ ​ ​ ​ ​ (In thousands) Revolving credit facility (2) (3) 4.19% ​ ​ $ 100,000 ​ $ 300,000 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Tranche A-1 Term Loan (4) 2.61% ​ ​ $ 200,000 ​ $ 200,000 Tranche A-2 Term Loan (4) 3.40% ​ ​ 350,000 ​ 200,000 Unsecured term loans ​ ​ 550,000 ​ 400,000 Unamortized deferred financing costs, net ​ ​ (3,112) ​ (1,336) Unsecured term loans, net ​ ​ $ 546,888 ​ $ 398,664 (1) Effective interest rate as of September 30, 2022. The interest rate for our revolving credit facility excludes a 0.15% facility fee. (2) As of September 30, 2022, one-month term SOFR was 3.04% . As of September 30, 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. In October 2022, we repaid the outstanding balance under our revolving credit facility. (3) As of September 30, 2022 and December 31, 2021, excludes $3.8 million and $5.0 million of net deferred financing costs related to our revolving credit facility that were included in "Other assets, net." (4) As of September 30, 2022 and December 31, 2021, the outstanding balance was fixed by interest rate swap agreements. As of September 30, 2022, the interest rate swaps fix SOFR at a weighted average interest rate of 1.46% for the Tranche A-1 Term Loan and 2.15% for the Tranche A-2 Term Loan .

Other Liabilities, Net

Other Liabilities, Net	9 Months Ended
	Sep. 30, 2022
Other Liabilities, Net.
Other Liabilities, Net	8. Other Liabilities, Net The following is a summary of other liabilities, net: ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2022 December 31, 2021 ​ ​ (In thousands) Lease intangible liabilities, net ​ ​ 7,715 ​ ​ 8,272 Lease assumption liabilities ​ 3,349 ​ 5,399 Lease incentive liabilities ​ 5,419 ​ 21,163 Liabilities related to operating lease right-of-use assets ​ 5,499 ​ 6,910 Liabilities related to finance lease right -of-use assets (1) ​ — ​ 162,510 Prepaid rent ​ 15,402 ​ 19,852 Security deposits ​ 13,802 ​ 18,188 Environmental liabilities ​ 18,009 ​ 18,168 Deferred tax liability, net ​ 5,680 ​ 5,340 Dividends payable ​ — ​ 32,603 Derivative agreements, at fair value ​ — ​ 18,361 Deferred purchase price related to the acquisition of a future development parcel ​ ​ 19,845 ​ ​ 19,691 Other ​ 4,111 ​ 6,108 Total other liabilities, net ​ $ 98,831 ​ $ 342,565 ​ (1) Represents liabilities related to finance ground leases at 1730 M Street and Courthouse Plaza 1 and 2, which were sold to an unconsolidated real estate venture in April 2022.

Redeemable Noncontrolling Inter

Redeemable Noncontrolling Interests	9 Months Ended
	Sep. 30, 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 convertible into OP Units. During the nine months ended September 30, 2022 and 2021, unitholders redeemed 493,596 and 829,107 OP Units, which we elected to redeem for an equivalent number of our common shares. As of September 30, 2022, outstanding OP Units and redeemable LTIP Units totaled 15.1 million, representing an 11.7% ownership interest in JBG SMITH LP. 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" in our balance sheets. 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 a consolidated real estate venture that owns a multifamily asset, The Wren, located in Washington, D.C. Our partners can redeem their interest for cash under certain conditions. As of September 30, 2022, we held a 96.0% ownership interest in the real estate venture. On October 4, 2022, one of our partners redeemed their interest for $9.5 million, increasing our ownership interest to 99.7%. The following is a summary of the activity of redeemable noncontrolling interests: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended September 30, ​ ​ 2022 ​ 2021 ​ ​ ​ ​ ​ Consolidated ​ ​ ​ ​ ​ ​ ​ Consolidated ​ ​ ​ ​ ​ JBG ​ Real Estate ​ ​ ​ ​ JBG ​ Real Estate ​ ​ ​ ​ SMITH LP Venture Total SMITH LP Venture Total ​ (In thousands) Balance, beginning of period ​ $ 513,426 ​ $ 7,966 ​ $ 521,392 ​ $ 536,171 ​ $ 8,468 ​ $ 544,639 OP Unit redemptions ​ (4,891) ​ — ​ (4,891) ​ (5,670) ​ — ​ (5,670) Net income (loss) ​ (2,557) ​ 11 ​ (2,546) ​ 116 ​ (13) ​ 103 Other comprehensive income ​ 4,376 ​ — ​ 4,376 ​ 413 ​ — ​ 413 Distributions ​ (4,083) ​ (119) ​ (4,202) ​ (3,993) ​ — ​ (3,993) Share-based compensation expense ​ 6,211 ​ — ​ 6,211 ​ 10,695 ​ — ​ 10,695 Adjustment to redemption value ​ (30,681) ​ 1,820 ​ (28,861) ​ (20,748) ​ 1,474 ​ (19,274) Balance, end of period ​ $ 481,801 ​ $ 9,678 ​ $ 491,479 ​ $ 516,984 ​ $ 9,929 ​ $ 526,913 ​ ​ Nine Months Ended September 30, ​ ​ 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 ​ (12,667) ​ — ​ (12,667) ​ (27,350) ​ — ​ (27,350) LTIP Units issued in lieu of cash bonuses (1) ​ 6,584 ​ — ​ 6,584 ​ 5,614 ​ — ​ 5,614 Net income (loss) ​ 15,680 ​ 32 ​ 15,712 ​ (2,400) ​ (72) ​ (2,472) Other comprehensive income ​ 8,653 ​ — ​ 8,653 ​ 1,621 ​ — ​ 1,621 Distributions ​ (8,193) ​ (267) ​ (8,460) ​ (9,282) ​ — ​ (9,282) Share-based compensation expense ​ 31,107 ​ — ​ 31,107 ​ 36,066 ​ — ​ 36,066 Adjustment to redemption value ​ (72,631) ​ 456 ​ (72,175) ​ (10,167) ​ 2,135 ​ (8,032) Balance, end of period ​ $ 481,801 ​ $ 9,678 ​ $ 491,479 ​ $ 516,984 ​ $ 9,929 ​ $ 526,913 ​ (1) See Note 11 for additional information.

Property Rental Revenue

Property Rental Revenue	9 Months Ended
	Sep. 30, 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 September 30, ​ Nine Months Ended September 30, ​ 2022 2021 X 2022 2021 ​ ​ (In thousands) Fixed ​ $ 109,193 ​ $ 114,100 ​ $ 335,328 ​ $ 339,321 Variable ​ ​ 10,618 ​ ​ 11,800 ​ ​ 33,117 ​ ​ 31,639 Property rental revenue ​ $ 119,811 ​ $ 125,900 ​ $ 368,445 ​ $ 370,960 ​

Share-Based Payments

Share-Based Payments	9 Months Ended
	Sep. 30, 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. In April 2022, as part of their annual compensation, we granted to non-employee trustees a total of 95,084 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. The aggregate grant-date fair value of the Time-Based LTIP Units and the LTIP Units granted during the nine months ended September 30, 2022 was $25.7 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 based on the following significant assumptions: ​ ​ ​ ​ Expected volatility 30.0% to 41.0% Risk-free interest rate 0.4% to 2.9% Post-grant restriction periods 2 to 6 years ​ 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 LTIP Units expire on the ten th anniversary of their grant date. The aggregate grant-date fair value of the AO LTIP Units granted during the nine months ended September 30, 2022 was $6.6 million, valued using Monte Carlo simulations based on the following significant assumptions: ​ ​ ​ ​ 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. ESPP Pursuant to the ESPP, employees purchased 39,851 common shares for $801,000 during the nine months ended September 30, 2022. The following is a summary of the significant assumptions used to value the ESPP common shares using the Black-Scholes model: ​ ​ ​ ​ Expected volatility 23.0% Dividend yield 1.6% Risk-free interest rate 0.2% Expected life ​ 6 months ​ Share-Based Compensation Expense The following is a summary of share-based compensation expense: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended September 30, ​ Nine Months Ended September 30, ​ 2022 2021 X 2022 2021 ​ (In thousands) Time-Based LTIP Units ​ $ 3,496 ​ $ 3,999 ​ $ 15,824 ​ $ 12,494 AO LTIP Units and Performance-Based LTIP Units ​ 2,167 ​ 3,216 ​ 9,914 ​ 9,615 LTIP Units ​ — ​ — ​ 1,000 ​ 1,091 Other equity awards (1) ​ 1,413 ​ 1,473 ​ 4,239 ​ 4,395 Share-based compensation expense - other ​ 7,076 ​ 8,688 ​ 30,977 ​ 27,595 Formation Awards ​ 281 ​ 476 ​ 1,424 ​ 1,923 OP Units and LTIP Units (2) ​ (423) ​ 1,676 ​ 408 ​ 6,725 Special Time-Based LTIP Units and Special Performance-Based LTIP Units (3) ​ 690 ​ 1,328 ​ 2,537 ​ 4,218 Share-based compensation related to Formation Transaction and special equity awards (4) ​ 548 ​ 3,480 ​ 4,369 ​ 12,866 Total share-based compensation expense ​ 7,624 ​ 12,168 ​ 35,346 ​ 40,461 Less: amount capitalized ​ (675) ​ (740) ​ (3,022) ​ (2,141) Share-based compensation expense ​ $ 6,949 ​ $ 11,428 ​ $ 32,324 ​ $ 38,320 (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) Includes share-based compensation expense for LTIP Units and OP Units issued in the Formation Transaction, which fully vested in July 2022. (3) Represents equity awards issued related to our successful pursuit of Amazon's additional headquarters in National Landing. (4) Included in "General and administrative expense: Share-based compensation related to Formation Transaction and special equity awards" in the accompanying statements of operations . As of September 30, 2022, we had $50.5 million of total unrecognized compensation expense related to unvested share-based payment arrangements, which is expected to be recognized over a weighted average period of 3.2 years.

Transaction and Other Costs

Transaction and Other Costs	9 Months Ended
	Sep. 30, 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 September 30, ​ Nine Months Ended September 30, ​ 2022 2021 X 2022 2021 ​ (In thousands) Demolition costs ​ $ — ​ $ 1,422 ​ $ 428 ​ $ 2,869 Integration and severance costs ​ 1,146 ​ 154 ​ 2,018 ​ 616 Completed, potential and pursued transaction expenses (1) ​ 600 ​ 1,375 ​ 2,186 ​ 5,426 Transaction and other costs ​ $ 1,746 ​ $ 2,951 ​ $ 4,632 ​ $ 8,911 (1) Primarily consists of legal and dead deal costs related to pursued transactions.

Interest Expense

Interest Expense	9 Months Ended
	Sep. 30, 2022
Interest Expense
Interest Expense	13. Interest Expense The following is a summary of interest expense: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended September 30, ​ Nine Months Ended September 30, ​ 2022 2021 X 2022 2021 ​ (In thousands) Interest expense before capitalized interest ​ $ 22,801 ​ $ 17,278 ​ $ 60,100 ​ $ 50,744 Amortization of deferred financing costs ​ 1,118 ​ 1,096 ​ 3,369 ​ 3,188 Interest expense related to finance lease right-of-use assets ​ ​ — ​ ​ 430 ​ ​ 2,091 ​ ​ 1,284 Net unrealized (gain) loss on derivative financial instruments designated as ineffective hedges ​ (3,099) ​ 37 ​ (8,493) ​ (50) Capitalized interest ​ (2,888) ​ (1,598) ​ (6,816) ​ (4,854) Interest expense ​ $ 17,932 ​ $ 17,243 ​ $ 50,251 ​ $ 50,312 ​

Shareholders' Equity and Earnin

Shareholders' Equity and Earnings (Loss) Per Common Share	9 Months Ended
	Sep. 30, 2022
Shareholders' Equity and Earnings (Loss) Per Common Share
Shareholders' Equity and Earnings (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, which it increased to an aggregate of $1.0 billion in June 2022. During the three and nine months ended September 30, 2022, we repurchased and retired 2.3 million and 14.2 million common shares for $54.0 million and $361.0 million, a weighted average purchase price per share of $23.35 and $25.49. During the three and nine months ended September 30, 2021, we repurchased and retired 2.3 million and 2.9 million common shares for $68.9 million and $88.1 million, a weighted average purchase price per share of $29.73 and $29.99. Since we began the share repurchase program, we have repurchased and retired 23.3 million common shares for $623.5 million, a weighted average purchase price per share of $26.74. Earnings (Loss) Per Common Share The following is a summary of the calculation of basic and diluted earnings (loss) per common share and a reconciliation of net income (loss) to the amounts of net income (loss) available to common shareholders used in calculating basic and diluted earnings (loss) per common share: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended September 30, ​ Nine Months Ended September 30, ​ ​ 2022 2021 X 2022 2021 ​ ​ (In thousands, except per share amounts) Net income (loss) ​ $ (21,581) ​ $ 996 ​ $ 119,836 ​ $ (26,391) Net (income) loss attributable to redeemable noncontrolling interests ​ ​ 2,546 ​ (103) ​ (15,712) ​ 2,472 Net (income) loss attributable to noncontrolling interests ​ ​ (258) ​ — ​ (174) ​ 1,108 Net income (loss) attributable to common shareholders ​ ​ (19,293) ​ ​ 893 ​ ​ 103,950 ​ ​ (22,811) Distributions to participating securities ​ ​ (658) ​ ​ (763) ​ (671) ​ (1,497) Net income (loss) available to common shareholders - basic and diluted ​ $ (19,951) ​ $ 130 ​ $ 103,279 ​ $ (24,308) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average number of common shares outstanding - basic and diluted ​ ​ 114,360 ​ ​ 131,351 ​ 120,741 ​ 131,456 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Earnings (loss) per common share - basic and diluted ​ $ (0.17) ​ $ 0.00 ​ $ 0.86 ​ $ (0.18) ​ 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 September 30, 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 5.9 million for the three and nine months ended September 30, 2022, and 5.2 million and 4.9 million for the three and nine months ended September 30, 2021, were excluded from the calculation of diluted earnings (loss) per common share as they were antidilutive, but potentially could be dilutive in the future. ​ Dividends Declared in October 2022 On October 25, 2022, our Board of Trustees declared a quarterly dividend of $0.225 per common share, payable on November 22, 2022 to shareholders of record as of November 8, 2022.

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Sep. 30, 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 September 30, 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 $54.2 million and ($17.2) million as of September 30, 2022 and December 31, 2021 and was recorded in "Accumulated other comprehensive income (loss)" in our balance sheets, of which a portion was allocated to "Redeemable noncontrolling interests." Within the next 12 months, we expect to reclassify $22.8 million of the net unrealized gain as a decrease to interest expense. Accounting Standards Codification 820 ("Topic 820"), Fair Value Measurement and Disclosures, defines fair value and establishes a framework for measuring fair value. The objective of fair value is to determine the price that would be received upon the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (the exit price). Topic 820 establishes a fair value hierarchy that prioritizes observable and unobservable inputs used to measure fair value into three levels: Level 1 — quoted prices (unadjusted) in active markets that are accessible at the measurement date for assets or liabilities; Level 2 — observable prices that are based on inputs not quoted in active markets, but corroborated by market data; and Level 3 — unobservable inputs that are used when little or no market data is available. The fair values of the derivative financial instruments are based on the estimated amounts we would receive or pay to terminate the contracts at the reporting date and are determined using interest rate pricing models and observable inputs. The derivative financial instruments are classified within Level 2 of the valuation hierarchy. The following is a summary of assets and liabilities measured at fair value on a recurring basis: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Value Measurements ​ Total Level 1 Level 2 Level 3 ​ ​ (In thousands) September 30, 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivative financial instruments designated as effective hedges: ​ ​ ​ ​ Classified as assets in "Other assets, net" ​ $ 52,618 ​ ​ — ​ $ 52,618 ​ ​ — Derivative financial instruments designated as ineffective hedges: ​ ​ ​ ​ Classified as assets in "Other assets, net" ​ 9,437 ​ — ​ 9,437 ​ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 September 30, 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" in our statements of comprehensive income (loss) for the three and nine months ended September 30, 2022 and 2021 were attributable to the net change in unrealized gains or losses related to effective interest rate swaps that were outstanding during those periods, none of which were reported in our statements of operations as the interest rate swaps were documented and qualified as hedging instruments. Financial Assets and Liabilities Not Measured at Fair Value As of September 30, 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: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2022 ​ December 31, 2021 ​ Carrying ​ Carrying ​ ​ ​ Amount (1) ​ Fair Value ​ Amount (1) ​ Fair Value ​ (In thousands) Financial liabilities: ​ ​ ​ ​ Mortgages payable ​ $ 1,753,948 ​ $ 1,650,983 ​ $ 1,788,259 ​ $ 1,814,780 Revolving credit facility ​ 100,000 ​ 100,030 ​ 300,000 ​ 300,363 Unsecured term loans ​ 550,000 ​ 550,816 ​ 400,000 ​ 400,519 (1) The carrying amount consists of principal only. The fair values of the mortgages payable, revolving credit facility and unsecured term loans were determined using Level 2 inputs of the fair value hierarchy. The fair value of our mortgages payable is estimated by discounting the future contractual cash flows of these instruments using current risk-adjusted rates available to borrowers with similar credit profiles based on market sources. The fair value of our revolving credit facility and unsecured term loans is calculated based on the net present value of payments over the term of the facilities using estimated market rates for similar notes and remaining terms.

Segment Information

Segment Information	9 Months Ended
	Sep. 30, 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 September 30, ​ Nine Months Ended September 30, ​ 2022 2021 X 2022 2021 ​ (In thousands) Property management fees ​ $ 4,791 ​ $ 4,831 ​ $ 14,575 ​ $ 14,549 Asset management fees ​ 1,479 ​ 2,145 ​ 4,763 ​ 6,602 Development fees (1) ​ 1,426 ​ 4,032 ​ 7,113 ​ 22,705 Leasing fees ​ 1,713 ​ 1,822 ​ 4,590 ​ 4,106 Construction management fees ​ 169 ​ — ​ 356 ​ 375 Other service revenue ​ 1,909 ​ 1,295 ​ 4,224 ​ 4,783 Third-party real estate services revenue, excluding reimbursements ​ 11,487 ​ 14,125 ​ 35,621 ​ 53,120 Reimbursement revenue (2) ​ 10,358 ​ 11,717 ​ 32,351 ​ 37,574 Third-party real estate services revenue, including reimbursements ​ ​ 21,845 ​ ​ 25,842 ​ ​ 67,972 ​ ​ 90,694 Third-party real estate services expenses ​ ​ 21,230 ​ ​ 25,542 ​ ​ 72,422 ​ ​ 80,035 Third-party real estate services revenue less expenses ​ $ 615 ​ $ 300 ​ $ (4,450) ​ $ 10,659 ​ (1) As of September 30, 2022, we had estimated unrecognized development fee revenue totaling $41.1 million, of which $3.6 million, $12.4 million and $6.8 million is expected to be recognized during the remainder of 2022 , 2023 and 2024 , and $18.3 million is expected to be recognized thereafter through 2027 as unsatisfied performance obligations are completed. Changes in the timing and costs of planned development projects may impact these amounts. (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 $15.2 million and $19.6 million as of September 30, 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 income (loss) attributable to common shareholders to consolidated NOI: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended September 30, ​ Nine Months Ended September 30, ​ 2022 2021 X 2022 2021 ​ (In thousands) Net income (loss) attributable to common shareholders ​ $ (19,293) ​ $ 893 ​ $ 103,950 ​ $ (22,811) Add: ​ ​ ​ ​ Depreciation and amortization expense ​ 50,056 ​ 56,726 ​ 157,597 ​ 178,130 General and administrative expense: ​ ​ ​ ​ Corporate and other ​ 12,072 ​ 12,105 ​ 42,669 ​ 38,475 Third-party real estate services ​ 21,230 ​ 25,542 ​ 72,422 ​ 80,035 Share-based compensation related to Formation Transaction and special equity awards ​ 548 ​ 3,480 ​ 4,369 ​ 12,866 Transaction and other costs ​ 1,746 ​ 2,951 ​ 4,632 ​ 8,911 Interest expense ​ 17,932 ​ 17,243 ​ 50,251 ​ 50,312 Loss on the extinguishment of debt ​ 1,444 ​ — ​ 3,073 ​ — Income tax expense ​ 166 ​ 217 ​ 2,600 ​ 4,527 Net income (loss) attributable to redeemable noncontrolling interests ​ (2,546) ​ 103 ​ 15,712 ​ (2,472) Net income (loss) attributable to noncontrolling interests ​ ​ 258 ​ ​ — ​ ​ 174 ​ ​ (1,108) Less: ​ ​ ​ ​ Third-party real estate services, including reimbursements revenue ​ 21,845 ​ 25,842 ​ 67,972 ​ 90,694 Other revenue ​ 1,764 ​ 1,568 ​ 5,758 ​ 5,658 Income (loss) from unconsolidated real estate ventures, net ​ (13,867) ​ 20,503 ​ (12,829) ​ 23,513 Interest and other income, net ​ 984 ​ 192 ​ 16,902 ​ 163 Gain on the sale of real estate, net ​ — ​ — ​ 158,631 ​ 11,290 Consolidated NOI ​ $ 72,887 ​ $ 71,155 ​ $ 221,015 ​ $ 215,547 ​ 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 September 30, 2022 ​ Commercial Multifamily Other Total ​ (In thousands) Property rental revenue ​ $ 71,257 ​ $ 45,639 ​ $ 2,915 ​ $ 119,811 Parking revenue ​ 3,859 ​ 248 ​ 87 ​ 4,194 Total property revenue ​ 75,116 ​ 45,887 ​ 3,002 ​ 124,005 Property expense: ​ ​ ​ ​ ​ ​ ​ Property operating ​ 20,151 ​ 16,108 ​ 121 ​ 36,380 Real estate taxes ​ 8,603 ​ 5,311 ​ 824 ​ 14,738 Total property expense ​ 28,754 ​ 21,419 ​ 945 ​ 51,118 Consolidated NOI ​ $ 46,362 ​ $ 24,468 ​ $ 2,057 ​ $ 72,887 ​ ​ Three Months Ended September 30, 2021 ​ Commercial Multifamily Other Total ​ (In thousands) Property rental revenue ​ $ 89,099 ​ $ 35,020 ​ $ 1,781 ​ $ 125,900 Parking revenue ​ 3,520 ​ 111 ​ 81 ​ 3,712 Total property revenue ​ 92,619 ​ 35,131 ​ 1,862 ​ 129,612 Property expense: ​ ​ ​ ​ ​ Property operating ​ 27,064 ​ 14,212 ​ (1,078) ​ 40,198 Real estate taxes ​ 12,098 ​ 4,930 ​ 1,231 ​ 18,259 Total property expense ​ 39,162 ​ 19,142 ​ 153 ​ 58,457 Consolidated NOI ​ $ 53,457 ​ $ 15,989 ​ $ 1,709 ​ $ 71,155 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nine Months Ended September 30, 2022 ​ Commercial Multifamily Other Total ​ (In thousands) Property rental revenue ​ $ 230,781 ​ $ 130,686 ​ $ 6,978 ​ $ 368,445 Parking revenue ​ 12,058 ​ 632 ​ 219 ​ 12,909 Total property revenue ​ 242,839 ​ 131,318 ​ 7,197 ​ 381,354 Property expense: ​ ​ ​ ​ ​ Property operating ​ 65,977 ​ 44,733 ​ 1,759 ​ 112,469 Real estate taxes ​ 29,398 ​ 15,586 ​ 2,886 ​ 47,870 Total property expense ​ 95,375 ​ 60,319 ​ 4,645 ​ 160,339 Consolidated NOI ​ $ 147,464 ​ $ 70,999 ​ $ 2,552 ​ $ 221,015 ​ ​ Nine Months Ended September 30, 2021 ​ Commercial Multifamily Other Total ​ ​ (In thousands) Property rental revenue ​ $ 265,469 ​ $ 100,324 ​ $ 5,167 ​ $ 370,960 Parking revenue ​ 9,169 ​ 286 ​ 188 ​ 9,643 Total property revenue ​ 274,638 ​ 100,610 ​ 5,355 ​ 380,603 Property expense: ​ ​ ​ ​ Property operating ​ 76,125 ​ 38,449 ​ (4,645) ​ 109,929 Real estate taxes ​ 36,018 ​ 15,240 ​ 3,869 ​ 55,127 Total property expense ​ 112,143 ​ 53,689 ​ (776) ​ 165,056 Consolidated NOI ​ $ 162,495 ​ $ 46,921 ​ $ 6,131 ​ $ 215,547 ​ The following is a summary of certain balance sheet data by segment: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commercial Multifamily Other Total ​ ​ (In thousands) September 30, 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Real estate, at cost ​ $ 2,747,473 ​ $ 2,707,292 ​ $ 408,872 ​ $ 5,863,637 Investments in unconsolidated real estate ventures ​ 225,283 ​ 56,984 ​ 78,579 ​ 360,846 Total assets ​ 3,025,885 ​ 2,042,272 ​ 827,823 ​ 5,895,980 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	9 Months Ended
	Sep. 30, 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 September 30, 2022, we had assets under construction that, based on our current plans and estimates, require an additional $468.1 million to complete, which we anticipate will be primarily expended over the next two Environmental Matters Most of our assets have been subject 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 $18.0 million and $18.2 million as of September 30, 2022 and December 31, 2021 and are included in "Other liabilities, net" in our balance sheets. Other As of September 30, 2022, we had committed tenant-related obligations totaling $67.3 million ($64.9 million related to our consolidated entities and $2.4 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 September 30, 2022, we had additional capital commitments and certain recorded guarantees to our unconsolidated real estate ventures and other investments totaling $64.0 million. As of September 30, 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	9 Months Ended
	Sep. 30, 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. 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 September 30, 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 September 30, 2022, our remaining unfunded commitment was $6.2 million. The third-party real estate services revenue, including expense reimbursements, from the JBG Legacy Funds and the WHI Impact Pool and its affiliates was $4.9 million and $15.1 million for the three and nine months ended September 30, 2022, and $5.6 million and $17.2 million for the three and nine months ended September 30, 2021. As of September 30, 2022 and December 31, 2021, we had receivables from the JBG Legacy Funds and the WHI Impact Pool and its affiliates totaling $4.1 million and $3.2 million for such services. We rented our former corporate offices from an unconsolidated real estate venture and made payments totaling $214,000 and $922,000 for the three and nine months ended September 30, 2022, and $246,000 and $1.0 million for the three and nine months ended September 30, 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 $2.7 million and $7.8 million during the three and nine months ended September 30, 2022, and $4.9 million and $13.4 million for the three and nine months ended September 30, 2021, which is included in "Property operating expenses" in our statements of operations.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 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 and nine months ended September 30, 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 unaudited condensed consolidated financial statements as of September 30, 2022 and December 31, 2021, and for the three and nine months ended September 30, 2022 and 2021. References to our balance sheets refer to our condensed consolidated balance sheets as of September 30, 2022 and December 31, 2021. References to our statements of operations refer to our condensed consolidated statements of operations for the three and nine months ended September 30, 2022 and 2021. References to our statements of comprehensive income (loss) refer to our condensed consolidated statements of comprehensive income (loss) for the three and nine months ended September 30, 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 those activities.
Reclassification	Reclassification Intangible assets totaling $202.0 million were reclassified from "Other assets, net" to "Intangible assets, net" in our balance sheet as of December 31, 2021 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 nine months ended September 30, 2022, we elected to apply the hedge accounting expedients that allows us to (i) continue to amortize previously deferred gains and losses in accumulated other comprehensive income (loss) related to terminated hedges into earnings in accordance with the underlying hedged forecasted transactions, (ii) modify loan agreements to replace the reference rate without treating the change as a contract modification and (iii) modify the reference rate of the hedging instruments without it being considered a change in critical terms requiring redesignation. 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 the past presentation of our derivatives. We will continue to evaluate the impact of the guidance and may apply other elections, as applicable.

Acquisition, Dispositions and_2

Acquisition, Dispositions and Assets Held for Sale (Tables)	9 Months Ended
	Sep. 30, 2022
Acquisition, Dispositions And Assets Held for Sale
Summary of disposition activity	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gain (Loss) ​ ​ ​ ​ ​ ​ ​ ​ Total ​ Gross ​ Cash ​ on the Sale ​ ​ ​ ​ ​ ​ ​ ​ Square ​ Sales ​ Proceeds ​ of Real Date Disposed Assets Segment Location Feet Price from Sale Estate ​ ​ ​ ​ ​ ​ ​ ​ (In thousands) March 28, 2022 ​ Development Parcel ​ Other ​ Arlington, Virginia ​ — ​ $ 3,250 ​ $ 3,149 ​ $ (136) April 1, 2022 ​ Universal Buildings (1) ​ Commercial ​ Washington, D.C. ​ 659 ​ ​ 228,000 ​ ​ 194,737 ​ ​ 41,245 April 13, 2022 7200 Wisconsin Avenue, 1730 M Street, RTC-West and Courthouse Plaza 1 and 2 (2) Commercial/ Bethesda, Maryland, Washington, D.C., Reston, Virginia, Arlington, Virginia 2,944 ​ ​ 580,000 ​ 527,694 ​ ​ (3,980) May 25, 2022 ​ Pen Place (3) ​ Other ​ Arlington, Virginia ​ 2,082 ​ ​ 198,000 ​ ​ 197,528 ​ ​ 121,502 ​ ​ ​ ​ ​ ​ ​ 5,685 ​ $ 1,009,250 ​ $ 923,108 ​ $ 158,631 (1) Cash proceeds from sale excludes a lease termination fee of $24.3 million received during the first quarter of 2022. (2) Assets were sold to an unconsolidated real estate venture. See Note 4 for additional information. "RTC-West" refers to RTC-West, RTC-West Trophy Office and RTC-West Land. Total square feet include 1.4 million square feet of estimated potential development density. In April 2022, $164.8 million of mortgages payable related to 1730 M Street and RTC-West were repaid. (3) Total square feet represents estimated or approved potential development density.
Summary of assets held for sale	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total ​ Assets Held Assets Segment Location Square Feet for Sale ​ ​ ​ ​ ​ ​ (In thousands) Pen Place (1) ​ Other ​ Arlington, Virginia ​ 2,082 ​ $ 73,876 (1) Sold to Amazon in May 2022. Total square feet represents estimated or approved potential development density.

Investments in Unconsolidated_2

Investments in Unconsolidated Real Estate Ventures (Tables)	9 Months Ended
	Sep. 30, 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) September 30, 2022 December 31, 2021 ​ ​ ​ ​ (In thousands) Prudential Global Investment Management 50.0% ​ $ 207,236 ​ $ 208,421 Landmark Partners ("Landmark") (2) 18.0% - 49.0% ​ 8,835 ​ 28,298 CBREI Venture (3) 5.0% - 10.0% ​ 17,074 ​ 57,812 Canadian Pension Plan Investment Board ("CPPIB") (4) 55.0% ​ — ​ 48,498 J.P. Morgan Global Alternatives ("J.P. Morgan") (5) ​ 50.0% ​ ​ 62,441 ​ ​ 52,769 Berkshire Group (6) 50.0% ​ 50,963 ​ ​ 52,770 Brandywine Realty Trust 30.0% ​ 13,755 ​ 13,693 Other ​ ​ 542 ​ ​ 624 Total investments in unconsolidated real estate ventures (7) ​ ​ ​ $ 360,846 ​ $ 462,885 (1) Reflects our effective ownership interests in the underlying real estate as of September 30, 2022. We have multiple investments with certain venture partners with varying ownership interests in the underlying real estate. (2) In connection with the preparation and review of the third quarter 2022 financial statements, an impairment loss of $15.4 million associated with certain commercial and future development assets located in Washington, D.C. was included in "Income (loss) from unconsolidated real estate ventures, net" in our statements of operations for the three and nine months ended September 30, 2022. (3) On August 1, 2022, we acquired the remaining 36.0% ownership interest in an unconsolidated real estate venture that owned Atlantic Plumbing, a multifamily asset. (4) Our effective ownership interest reflects an investment in the real estate venture that owns 1101 17 th Street for which we have a zero investment balance and discontinued applying the equity method of accounting. (5) J.P. Morgan is the advisor for an institutional investor. (6) On October 5, 2022, we acquired the remaining 50.0% ownership interest in 8001 Woodmont, a multifamily asset owned by the venture, for a purchase price of $115.0 million, including the assumption of the $51.9 million mortgage at our share. The asset is encumbered by a $103.8 million mortgage, which is consolidated in our balance sheet as of the date of acquisition. (7) As of September 30, 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 $4.4 million and $ 18.6 million, resulting principally from capitalized interest and our zero investment balance in certain real estate ventures . ​ The following is a summary of the debt of our unconsolidated real estate ventures: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ ​ ​ ​ ​ Average Effective ​ ​ ​ Interest Rate (1) September 30, 2022 December 31, 2021 ​ ​ ​ ​ (In thousands) Variable rate (2) 5.67% ​ $ 509,393 ​ $ 785,369 Fixed rate (3) 4.57% ​ 163,810 ​ 309,813 Mortgages payable (4) ​ ​ ​ 673,203 ​ 1,095,182 Unamortized deferred financing costs ​ ​ ​ (393) ​ (5,239) Mortgages payable, net (4) (5) ​ ​ ​ $ 672,810 ​ $ 1,089,943 (1) Weighted average effective interest rate as of September 30, 2022. (2) Includes variable rate mortgages with interest rate cap agreements. (3) Includes variable rate mortgages with interest rates fixed by interest rate swap agreements. (4) Excludes mortgages related to the unconsolidated real estate venture with Fortress. (5) See Note 17 for additional information on guarantees of the debt of certain of our unconsolidated real estate ventures. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2022 December 31, 2021 ​ (In thousands) Combined balance sheet information: (1) ​ ​ ​ ​ ​ ​ Real estate, net ​ $ 1,507,159 ​ $ 2,116,290 Other assets, net ​ 215,099 ​ 264,397 Total assets ​ $ 1,722,258 ​ $ 2,380,687 ​ ​ ​ ​ ​ ​ ​ Mortgages payable, net ​ $ 672,810 ​ $ 1,089,943 Other liabilities, net ​ 77,706 ​ 118,752 Total liabilities ​ 750,516 ​ 1,208,695 Total equity ​ 971,742 ​ 1,171,992 Total liabilities and equity ​ $ 1,722,258 ​ $ 2,380,687 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended September 30, ​ Nine Months Ended September 30, ​ 2022 2021 X 2022 2021 ​ (In thousands) Combined income statement information: (1) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total revenue ​ $ 40,881 ​ $ 45,289 ​ $ 125,135 ​ $ 141,370 Operating income (loss) (2) ​ ​ (7,468) ​ ​ 51,068 ​ 77,066 ​ 94,275 Net income (loss) (2) ​ ​ (15,034) ​ ​ 42,261 ​ 49,376 ​ 69,091 (1) Excludes amounts related to the unconsolidated real estate venture with Fortress. (2) Includes the gain on the sale of various assets totaling $77.4 million during the nine months ended September 30, 2022, and $47.4 million and $85.5 million during the three and nine months ended September 30, 2021. Includes an impairment loss of $16.1 million during the three and nine months ended September 30, 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 May 10, 2022 ​ Landmark ​ Galvan ​ 1.8% ​ ​ 152,500 ​ ​ 89,500 ​ ​ 407 June 1, 2022 ​ CPPIB ​ 1900 N Street ​ 55.0% ​ ​ 265,000 ​ ​ 151,709 ​ ​ 529 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 6,179 (1) Included in "Income (loss) from unconsolidated real estate ventures, net" in our statements of operations.

Other Assets, Net (Tables)

Other Assets, Net (Tables)	9 Months Ended
	Sep. 30, 2022
Other Assets, Net.
Summary of other assets, net	​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2022 December 31, 2021 ​ ​ (In thousands) Prepaid expenses ​ $ 30,895 ​ $ 17,104 Derivative agreements, at fair value ​ ​ 62,055 ​ ​ 951 Deferred financing costs, net ​ 6,064 ​ 11,436 Deposits ​ 3,661 ​ 1,938 Operating lease right-of-use assets ​ ​ 1,452 ​ ​ 1,660 Finance lease right-of-use assets (1) ​ ​ — ​ ​ 180,956 Investments in funds (2) ​ ​ 15,894 ​ ​ 9,840 Other investments (3) ​ ​ 3,746 ​ ​ 8,869 Other ​ 9,652 ​ 7,406 Total other assets, net ​ $ 133,419 ​ $ 240,160 (1) Represents assets related to finance ground leases at 1730 M Street and Courthouse Plaza 1 and 2, which were sold to an unconsolidated real estate venture in April 2022. (2) Consists of investments in real estate focused technology companies, which are recorded at their fair value based on their reported net asset value. During the three and nine months ended September 30, 2022, we recorded unrealized gains (losses) totaling ($267,000) and $928,000 related to these investments, which are included in "Interest and other income, net" in our statements of operations . (3) Primarily consists of equity investments that are carried at cost. During the three and nine months ended September 30, 2022, we recorded realized gains (losses) of ($300,000) and $13.8 million related to these investments, which is included in "Interest and other income, net" in our statements of operations .

Debt (Tables)

Debt (Tables)	9 Months Ended
	Sep. 30, 2022
Mortgages Payable
Debt Instrument [Line Items]
Summary of debt	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted Average ​ ​ ​ ​ ​ ​ ​ ​ Effective ​ ​ ​ ​ ​ ​ ​ Interest Rate (1) September 30, 2022 December 31, 2021 ​ ​ ​ ​ (In thousands) Variable rate (2) 4.60% ​ $ 846,432 ​ $ 867,246 Fixed rate (3) 4.40% ​ 907,516 ​ 921,013 Mortgages payable ​ ​ ​ 1,753,948 ​ 1,788,259 Unamortized deferred financing costs and premium / discount, net (4) ​ ​ ​ (12,343) ​ (10,560) Mortgages payable, net ​ ​ ​ $ 1,741,605 ​ $ 1,777,699 (1) Weighted average effective interest rate as of September 30, 2022. (2) Includes variable rate mortgages with interest rate cap agreements. As of September 30, 2022, one-month LIBOR was 3.14% and one-month term Secured Overnight Financing Rate ("SOFR") was 3.04% , as applicable. (3) Includes variable rate mortgages with interest rates fixed by interest rate swap agreements. (4) As of September 30, 2022 and December 31, 2021, excludes $2.3 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) ​ September 30, 2022 December 31, 2021 ​ ​ ​ ​ ​ (In thousands) Revolving credit facility (2) (3) 4.19% ​ ​ $ 100,000 ​ $ 300,000 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Tranche A-1 Term Loan (4) 2.61% ​ ​ $ 200,000 ​ $ 200,000 Tranche A-2 Term Loan (4) 3.40% ​ ​ 350,000 ​ 200,000 Unsecured term loans ​ ​ 550,000 ​ 400,000 Unamortized deferred financing costs, net ​ ​ (3,112) ​ (1,336) Unsecured term loans, net ​ ​ $ 546,888 ​ $ 398,664 (1) Effective interest rate as of September 30, 2022. The interest rate for our revolving credit facility excludes a 0.15% facility fee. (2) As of September 30, 2022, one-month term SOFR was 3.04% . As of September 30, 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. In October 2022, we repaid the outstanding balance under our revolving credit facility. (3) As of September 30, 2022 and December 31, 2021, excludes $3.8 million and $5.0 million of net deferred financing costs related to our revolving credit facility that were included in "Other assets, net." (4) As of September 30, 2022 and December 31, 2021, the outstanding balance was fixed by interest rate swap agreements. As of September 30, 2022, the interest rate swaps fix SOFR at a weighted average interest rate of 1.46% for the Tranche A-1 Term Loan and 2.15% for the Tranche A-2 Term Loan .

Other Liabilities, Net (Tables)

Other Liabilities, Net (Tables)	9 Months Ended
	Sep. 30, 2022
Other Liabilities, Net.
Composition of other liabilities net	​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2022 December 31, 2021 ​ ​ (In thousands) Lease intangible liabilities, net ​ ​ 7,715 ​ ​ 8,272 Lease assumption liabilities ​ 3,349 ​ 5,399 Lease incentive liabilities ​ 5,419 ​ 21,163 Liabilities related to operating lease right-of-use assets ​ 5,499 ​ 6,910 Liabilities related to finance lease right -of-use assets (1) ​ — ​ 162,510 Prepaid rent ​ 15,402 ​ 19,852 Security deposits ​ 13,802 ​ 18,188 Environmental liabilities ​ 18,009 ​ 18,168 Deferred tax liability, net ​ 5,680 ​ 5,340 Dividends payable ​ — ​ 32,603 Derivative agreements, at fair value ​ — ​ 18,361 Deferred purchase price related to the acquisition of a future development parcel ​ ​ 19,845 ​ ​ 19,691 Other ​ 4,111 ​ 6,108 Total other liabilities, net ​ $ 98,831 ​ $ 342,565 ​ (1) Represents liabilities related to finance ground leases at 1730 M Street and Courthouse Plaza 1 and 2, which were sold to an unconsolidated real estate venture in April 2022.

Redeemable Noncontrolling Int_2

Redeemable Noncontrolling Interests (Tables)	9 Months Ended
	Sep. 30, 2022
Redeemable Noncontrolling Interests
Summary of redeemable noncontrolling interests	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended September 30, ​ ​ 2022 ​ 2021 ​ ​ ​ ​ ​ Consolidated ​ ​ ​ ​ ​ ​ ​ Consolidated ​ ​ ​ ​ ​ JBG ​ Real Estate ​ ​ ​ ​ JBG ​ Real Estate ​ ​ ​ ​ SMITH LP Venture Total SMITH LP Venture Total ​ (In thousands) Balance, beginning of period ​ $ 513,426 ​ $ 7,966 ​ $ 521,392 ​ $ 536,171 ​ $ 8,468 ​ $ 544,639 OP Unit redemptions ​ (4,891) ​ — ​ (4,891) ​ (5,670) ​ — ​ (5,670) Net income (loss) ​ (2,557) ​ 11 ​ (2,546) ​ 116 ​ (13) ​ 103 Other comprehensive income ​ 4,376 ​ — ​ 4,376 ​ 413 ​ — ​ 413 Distributions ​ (4,083) ​ (119) ​ (4,202) ​ (3,993) ​ — ​ (3,993) Share-based compensation expense ​ 6,211 ​ — ​ 6,211 ​ 10,695 ​ — ​ 10,695 Adjustment to redemption value ​ (30,681) ​ 1,820 ​ (28,861) ​ (20,748) ​ 1,474 ​ (19,274) Balance, end of period ​ $ 481,801 ​ $ 9,678 ​ $ 491,479 ​ $ 516,984 ​ $ 9,929 ​ $ 526,913 ​ ​ Nine Months Ended September 30, ​ ​ 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 ​ (12,667) ​ — ​ (12,667) ​ (27,350) ​ — ​ (27,350) LTIP Units issued in lieu of cash bonuses (1) ​ 6,584 ​ — ​ 6,584 ​ 5,614 ​ — ​ 5,614 Net income (loss) ​ 15,680 ​ 32 ​ 15,712 ​ (2,400) ​ (72) ​ (2,472) Other comprehensive income ​ 8,653 ​ — ​ 8,653 ​ 1,621 ​ — ​ 1,621 Distributions ​ (8,193) ​ (267) ​ (8,460) ​ (9,282) ​ — ​ (9,282) Share-based compensation expense ​ 31,107 ​ — ​ 31,107 ​ 36,066 ​ — ​ 36,066 Adjustment to redemption value ​ (72,631) ​ 456 ​ (72,175) ​ (10,167) ​ 2,135 ​ (8,032) Balance, end of period ​ $ 481,801 ​ $ 9,678 ​ $ 491,479 ​ $ 516,984 ​ $ 9,929 ​ $ 526,913 ​ (1) See Note 11 for additional information.

Property Rental Revenue (Tables

Property Rental Revenue (Tables)	9 Months Ended
	Sep. 30, 2022
Property Rental Revenue
Summary of property rental revenue	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended September 30, ​ Nine Months Ended September 30, ​ 2022 2021 X 2022 2021 ​ ​ (In thousands) Fixed ​ $ 109,193 ​ $ 114,100 ​ $ 335,328 ​ $ 339,321 Variable ​ ​ 10,618 ​ ​ 11,800 ​ ​ 33,117 ​ ​ 31,639 Property rental revenue ​ $ 119,811 ​ $ 125,900 ​ $ 368,445 ​ $ 370,960

Share-Based Payments (Tables)

Share-Based Payments (Tables)	9 Months Ended
	Sep. 30, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Summary of share-based compensation expense	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended September 30, ​ Nine Months Ended September 30, ​ 2022 2021 X 2022 2021 ​ (In thousands) Time-Based LTIP Units ​ $ 3,496 ​ $ 3,999 ​ $ 15,824 ​ $ 12,494 AO LTIP Units and Performance-Based LTIP Units ​ 2,167 ​ 3,216 ​ 9,914 ​ 9,615 LTIP Units ​ — ​ — ​ 1,000 ​ 1,091 Other equity awards (1) ​ 1,413 ​ 1,473 ​ 4,239 ​ 4,395 Share-based compensation expense - other ​ 7,076 ​ 8,688 ​ 30,977 ​ 27,595 Formation Awards ​ 281 ​ 476 ​ 1,424 ​ 1,923 OP Units and LTIP Units (2) ​ (423) ​ 1,676 ​ 408 ​ 6,725 Special Time-Based LTIP Units and Special Performance-Based LTIP Units (3) ​ 690 ​ 1,328 ​ 2,537 ​ 4,218 Share-based compensation related to Formation Transaction and special equity awards (4) ​ 548 ​ 3,480 ​ 4,369 ​ 12,866 Total share-based compensation expense ​ 7,624 ​ 12,168 ​ 35,346 ​ 40,461 Less: amount capitalized ​ (675) ​ (740) ​ (3,022) ​ (2,141) Share-based compensation expense ​ $ 6,949 ​ $ 11,428 ​ $ 32,324 ​ $ 38,320 (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) Includes share-based compensation expense for LTIP Units and OP Units issued in the Formation Transaction, which fully vested in July 2022. (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 .
LTIP and Time-Based LTIP Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Summary of of the significant assumptions of awards	​ ​ ​ ​ Expected volatility 30.0% to 41.0% Risk-free interest rate 0.4% to 2.9% Post-grant restriction periods 2 to 6 years
ESPP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Summary of of the significant assumptions of awards	​ ​ ​ ​ Expected volatility 23.0% Dividend yield 1.6% Risk-free interest rate 0.2% Expected life ​ 6 months
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%

Transaction and Other Costs (Ta

Transaction and Other Costs (Tables)	9 Months Ended
	Sep. 30, 2022
Transaction and Other Costs.
Schedule of transaction and other costs	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended September 30, ​ Nine Months Ended September 30, ​ 2022 2021 X 2022 2021 ​ (In thousands) Demolition costs ​ $ — ​ $ 1,422 ​ $ 428 ​ $ 2,869 Integration and severance costs ​ 1,146 ​ 154 ​ 2,018 ​ 616 Completed, potential and pursued transaction expenses (1) ​ 600 ​ 1,375 ​ 2,186 ​ 5,426 Transaction and other costs ​ $ 1,746 ​ $ 2,951 ​ $ 4,632 ​ $ 8,911 (1) Primarily consists of legal and dead deal costs related to pursued transactions.

Interest Expense (Tables)

Interest Expense (Tables)	9 Months Ended
	Sep. 30, 2022
Interest Expense
Schedule of interest expense	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended September 30, ​ Nine Months Ended September 30, ​ 2022 2021 X 2022 2021 ​ (In thousands) Interest expense before capitalized interest ​ $ 22,801 ​ $ 17,278 ​ $ 60,100 ​ $ 50,744 Amortization of deferred financing costs ​ 1,118 ​ 1,096 ​ 3,369 ​ 3,188 Interest expense related to finance lease right-of-use assets ​ ​ — ​ ​ 430 ​ ​ 2,091 ​ ​ 1,284 Net unrealized (gain) loss on derivative financial instruments designated as ineffective hedges ​ (3,099) ​ 37 ​ (8,493) ​ (50) Capitalized interest ​ (2,888) ​ (1,598) ​ (6,816) ​ (4,854) Interest expense ​ $ 17,932 ​ $ 17,243 ​ $ 50,251 ​ $ 50,312

Shareholders' Equity and Earn_2

Shareholders' Equity and Earnings (Loss) Per Common Share (Tables)	9 Months Ended
	Sep. 30, 2022
Shareholders' Equity and Earnings (Loss) Per Common Share
Schedule of basic and diluted earnings per common share to net income (loss)	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended September 30, ​ Nine Months Ended September 30, ​ ​ 2022 2021 X 2022 2021 ​ ​ (In thousands, except per share amounts) Net income (loss) ​ $ (21,581) ​ $ 996 ​ $ 119,836 ​ $ (26,391) Net (income) loss attributable to redeemable noncontrolling interests ​ ​ 2,546 ​ (103) ​ (15,712) ​ 2,472 Net (income) loss attributable to noncontrolling interests ​ ​ (258) ​ — ​ (174) ​ 1,108 Net income (loss) attributable to common shareholders ​ ​ (19,293) ​ ​ 893 ​ ​ 103,950 ​ ​ (22,811) Distributions to participating securities ​ ​ (658) ​ ​ (763) ​ (671) ​ (1,497) Net income (loss) available to common shareholders - basic and diluted ​ $ (19,951) ​ $ 130 ​ $ 103,279 ​ $ (24,308) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average number of common shares outstanding - basic and diluted ​ ​ 114,360 ​ ​ 131,351 ​ 120,741 ​ 131,456 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Earnings (loss) per common share - basic and diluted ​ $ (0.17) ​ $ 0.00 ​ $ 0.86 ​ $ (0.18)

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Sep. 30, 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) September 30, 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivative financial instruments designated as effective hedges: ​ ​ ​ ​ Classified as assets in "Other assets, net" ​ $ 52,618 ​ ​ — ​ $ 52,618 ​ ​ — Derivative financial instruments designated as ineffective hedges: ​ ​ ​ ​ Classified as assets in "Other assets, net" ​ 9,437 ​ — ​ 9,437 ​ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2022 ​ December 31, 2021 ​ Carrying ​ Carrying ​ ​ ​ Amount (1) ​ Fair Value ​ Amount (1) ​ Fair Value ​ (In thousands) Financial liabilities: ​ ​ ​ ​ Mortgages payable ​ $ 1,753,948 ​ $ 1,650,983 ​ $ 1,788,259 ​ $ 1,814,780 Revolving credit facility ​ 100,000 ​ 100,030 ​ 300,000 ​ 300,363 Unsecured term loans ​ 550,000 ​ 550,816 ​ 400,000 ​ 400,519 (1) The carrying amount consists of principal only.

Segment Information (Tables)

Segment Information (Tables)	9 Months Ended
	Sep. 30, 2022
Segment Information
Schedule of components of revenue from third-party real estate services business	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended September 30, ​ Nine Months Ended September 30, ​ 2022 2021 X 2022 2021 ​ (In thousands) Property management fees ​ $ 4,791 ​ $ 4,831 ​ $ 14,575 ​ $ 14,549 Asset management fees ​ 1,479 ​ 2,145 ​ 4,763 ​ 6,602 Development fees (1) ​ 1,426 ​ 4,032 ​ 7,113 ​ 22,705 Leasing fees ​ 1,713 ​ 1,822 ​ 4,590 ​ 4,106 Construction management fees ​ 169 ​ — ​ 356 ​ 375 Other service revenue ​ 1,909 ​ 1,295 ​ 4,224 ​ 4,783 Third-party real estate services revenue, excluding reimbursements ​ 11,487 ​ 14,125 ​ 35,621 ​ 53,120 Reimbursement revenue (2) ​ 10,358 ​ 11,717 ​ 32,351 ​ 37,574 Third-party real estate services revenue, including reimbursements ​ ​ 21,845 ​ ​ 25,842 ​ ​ 67,972 ​ ​ 90,694 Third-party real estate services expenses ​ ​ 21,230 ​ ​ 25,542 ​ ​ 72,422 ​ ​ 80,035 Third-party real estate services revenue less expenses ​ $ 615 ​ $ 300 ​ $ (4,450) ​ $ 10,659 ​ (1) As of September 30, 2022, we had estimated unrecognized development fee revenue totaling $41.1 million, of which $3.6 million, $12.4 million and $6.8 million is expected to be recognized during the remainder of 2022 , 2023 and 2024 , and $18.3 million is expected to be recognized thereafter through 2027 as unsatisfied performance obligations are completed. Changes in the timing and costs of planned development projects may impact these amounts. (2) Represents reimbursement of expenses incurred by us on behalf of third parties, including allocated payroll costs and amounts paid to third-party contractors for construction management projects.
Segment information	The following is the reconciliation of net income (loss) attributable to common shareholders to consolidated NOI: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended September 30, ​ Nine Months Ended September 30, ​ 2022 2021 X 2022 2021 ​ (In thousands) Net income (loss) attributable to common shareholders ​ $ (19,293) ​ $ 893 ​ $ 103,950 ​ $ (22,811) Add: ​ ​ ​ ​ Depreciation and amortization expense ​ 50,056 ​ 56,726 ​ 157,597 ​ 178,130 General and administrative expense: ​ ​ ​ ​ Corporate and other ​ 12,072 ​ 12,105 ​ 42,669 ​ 38,475 Third-party real estate services ​ 21,230 ​ 25,542 ​ 72,422 ​ 80,035 Share-based compensation related to Formation Transaction and special equity awards ​ 548 ​ 3,480 ​ 4,369 ​ 12,866 Transaction and other costs ​ 1,746 ​ 2,951 ​ 4,632 ​ 8,911 Interest expense ​ 17,932 ​ 17,243 ​ 50,251 ​ 50,312 Loss on the extinguishment of debt ​ 1,444 ​ — ​ 3,073 ​ — Income tax expense ​ 166 ​ 217 ​ 2,600 ​ 4,527 Net income (loss) attributable to redeemable noncontrolling interests ​ (2,546) ​ 103 ​ 15,712 ​ (2,472) Net income (loss) attributable to noncontrolling interests ​ ​ 258 ​ ​ — ​ ​ 174 ​ ​ (1,108) Less: ​ ​ ​ ​ Third-party real estate services, including reimbursements revenue ​ 21,845 ​ 25,842 ​ 67,972 ​ 90,694 Other revenue ​ 1,764 ​ 1,568 ​ 5,758 ​ 5,658 Income (loss) from unconsolidated real estate ventures, net ​ (13,867) ​ 20,503 ​ (12,829) ​ 23,513 Interest and other income, net ​ 984 ​ 192 ​ 16,902 ​ 163 Gain on the sale of real estate, net ​ — ​ — ​ 158,631 ​ 11,290 Consolidated NOI ​ $ 72,887 ​ $ 71,155 ​ $ 221,015 ​ $ 215,547 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended September 30, 2022 ​ Commercial Multifamily Other Total ​ (In thousands) Property rental revenue ​ $ 71,257 ​ $ 45,639 ​ $ 2,915 ​ $ 119,811 Parking revenue ​ 3,859 ​ 248 ​ 87 ​ 4,194 Total property revenue ​ 75,116 ​ 45,887 ​ 3,002 ​ 124,005 Property expense: ​ ​ ​ ​ ​ ​ ​ Property operating ​ 20,151 ​ 16,108 ​ 121 ​ 36,380 Real estate taxes ​ 8,603 ​ 5,311 ​ 824 ​ 14,738 Total property expense ​ 28,754 ​ 21,419 ​ 945 ​ 51,118 Consolidated NOI ​ $ 46,362 ​ $ 24,468 ​ $ 2,057 ​ $ 72,887 ​ ​ Three Months Ended September 30, 2021 ​ Commercial Multifamily Other Total ​ (In thousands) Property rental revenue ​ $ 89,099 ​ $ 35,020 ​ $ 1,781 ​ $ 125,900 Parking revenue ​ 3,520 ​ 111 ​ 81 ​ 3,712 Total property revenue ​ 92,619 ​ 35,131 ​ 1,862 ​ 129,612 Property expense: ​ ​ ​ ​ ​ Property operating ​ 27,064 ​ 14,212 ​ (1,078) ​ 40,198 Real estate taxes ​ 12,098 ​ 4,930 ​ 1,231 ​ 18,259 Total property expense ​ 39,162 ​ 19,142 ​ 153 ​ 58,457 Consolidated NOI ​ $ 53,457 ​ $ 15,989 ​ $ 1,709 ​ $ 71,155 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nine Months Ended September 30, 2022 ​ Commercial Multifamily Other Total ​ (In thousands) Property rental revenue ​ $ 230,781 ​ $ 130,686 ​ $ 6,978 ​ $ 368,445 Parking revenue ​ 12,058 ​ 632 ​ 219 ​ 12,909 Total property revenue ​ 242,839 ​ 131,318 ​ 7,197 ​ 381,354 Property expense: ​ ​ ​ ​ ​ Property operating ​ 65,977 ​ 44,733 ​ 1,759 ​ 112,469 Real estate taxes ​ 29,398 ​ 15,586 ​ 2,886 ​ 47,870 Total property expense ​ 95,375 ​ 60,319 ​ 4,645 ​ 160,339 Consolidated NOI ​ $ 147,464 ​ $ 70,999 ​ $ 2,552 ​ $ 221,015 ​ ​ Nine Months Ended September 30, 2021 ​ Commercial Multifamily Other Total ​ ​ (In thousands) Property rental revenue ​ $ 265,469 ​ $ 100,324 ​ $ 5,167 ​ $ 370,960 Parking revenue ​ 9,169 ​ 286 ​ 188 ​ 9,643 Total property revenue ​ 274,638 ​ 100,610 ​ 5,355 ​ 380,603 Property expense: ​ ​ ​ ​ Property operating ​ 76,125 ​ 38,449 ​ (4,645) ​ 109,929 Real estate taxes ​ 36,018 ​ 15,240 ​ 3,869 ​ 55,127 Total property expense ​ 112,143 ​ 53,689 ​ (776) ​ 165,056 Consolidated NOI ​ $ 162,495 ​ $ 46,921 ​ $ 6,131 ​ $ 215,547 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commercial Multifamily Other Total ​ ​ (In thousands) September 30, 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Real estate, at cost ​ $ 2,747,473 ​ $ 2,707,292 ​ $ 408,872 ​ $ 5,863,637 Investments in unconsolidated real estate ventures ​ 225,283 ​ 56,984 ​ 78,579 ​ 360,846 Total assets ​ 3,025,885 ​ 2,042,272 ​ 827,823 ​ 5,895,980 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	Sep. 30, 2022 USD ($) ft² property item building
Real Estate Properties [Line Items]
Number of Real Estate Properties	56
National Landing, Northern Virginia
Real Estate Properties [Line Items]
Percentage of operating portfolio by the entity	66.67%
Near-Term Development
Real Estate Properties [Line Items]
Number of Real Estate Properties	8
Area of real estate property | ft²	3.7
Future Development
Real Estate Properties [Line Items]
Number of Real Estate Properties	16
Area of real estate property | ft²	8.8
Commercial Real Estate
Real Estate Properties [Line Items]
Number of Real Estate Properties	35
Area of real estate property | ft²	10.5
One Commercial Building
Real Estate Properties [Line Items]
Number of Units in Real Estate Property | building	1
Subordinated interest	10%
Four Commercial Buildings
Real Estate Properties [Line Items]
Number of Real Estate Properties | building	4
Subordinated interest	33.50%
Multifamily
Real Estate Properties [Line Items]
Number of Real Estate Properties	19
Number of Units in Real Estate Property | item	7,359
Multifamily | Asset under Construction
Real Estate Properties [Line Items]
Number of Real Estate Properties	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	2
Wholly Owned Properties | Near-Term Development
Real Estate Properties [Line Items]
Area of real estate property | ft²	3.5
Wholly Owned Properties | Future Development
Real Estate Properties [Line Items]
Area of real estate property | ft²	6.3
Wholly Owned Properties | Commercial Real Estate
Real Estate Properties [Line Items]
Area of real estate property | ft²	8.9
Wholly Owned Properties | Multifamily
Real Estate Properties [Line Items]
Number of Units in Real Estate Property | item	6,608
Wholly Owned Properties | Multifamily | Asset under Construction
Real Estate Properties [Line Items]
Number of Units in Real Estate Property | item	1,583
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	88.30%

Organization and Basis of Pre_3

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

Acquisition, Dispositions and_3

Acquisition, Dispositions and Assets Held for Sale - Acquisition (Details) - Atlantic Plumbing Acquisition [Member] $ in Millions	Aug. 01, 2022 USD ($)
Asset Acquisition [Line Items]
Ownership Percentage Acquired	36%
Asset Acquisition Mortgage assumed	$ 100
Payments to acquire business	$ 19.7

Acquisition, Dispositions and_4

Acquisition, Dispositions and Assets Held for Sale - Summary of the Disposition Activity (Details) - Disposal Group, Disposed of by Sale ft² in Thousands, $ in Thousands	1 Months Ended	3 Months Ended	9 Months Ended
	Apr. 30, 2022 USD ($)	Mar. 31, 2022 USD ($)	Sep. 30, 2022 USD ($) ft²
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Area of Real Estate Property | ft²			5,685
Gross Sales Price			$ 1,009,250
Cash Proceeds from Sale			923,108
Gain (Loss) on the Sale of Real Estate			158,631
Development Parcel
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
Gain (Loss) on the Sale of Real Estate			$ (136)
Universal Buildings
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Area of Real Estate Property | ft²			659
Gross Sales Price			$ 228,000
Cash Proceeds from Sale			194,737
Gain (Loss) on the Sale of Real Estate			$ 41,245
Lease termination fee		$ 24,300
7200 Wisconsin Avenue, 1730 M Street, RTC-West and Courthouse Plaza 1 and 2
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Area of Real Estate Property | ft²			2,944
Gross Sales Price			$ 580,000
Cash Proceeds from Sale			527,694
Gain (Loss) on the Sale of Real Estate			$ (3,980)
Area Of Real Estate Property Estimated For Potential Development Density | ft²			1,400
Pen Place - Land Parcel
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Area of Real Estate Property | ft²			2,082
Gross Sales Price			$ 198,000
Cash Proceeds from Sale			197,528
Gain (Loss) on the Sale of Real Estate			$ 121,502
1730 M Street and RTC-West | Mortgage Loan
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Repayments of Long-term Debt	$ 164,800

Acquisition, Dispositions and_5

Acquisition, Dispositions and Assets Held for Sale - Summary of assets held for sale (Details) ft² in Thousands, $ in Thousands	Sep. 30, 2022 USD ($)	Dec. 31, 2021 USD ($) ft²
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Assets held for sale	$ 0	$ 73,876
Disposal Group, Held-for-sale | Pen Place - Land Parcel | Arlington, Virginia
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Area of real estate property | ft²		2,082
Assets held for sale		$ 73,876

Investments in Unconsolidated_3

Investments in Unconsolidated Real Estate Ventures - Summary of Composition of Investments (Details) - USD ($) $ in Thousands			3 Months Ended	9 Months Ended
	Oct. 05, 2022	Aug. 01, 2022	Sep. 30, 2022	Sep. 30, 2022	Dec. 31, 2021
Schedule of Equity Method Investments [Line Items]
Total investments in unconsolidated real estate ventures			$ 360,846	$ 360,846	$ 462,885
Difference between the investments in unconsolidated real estate ventures and the net book value of the underlying assets			4,400	4,400	18,600
Mortgages Payable
Schedule of Equity Method Investments [Line Items]
Long-term Debt			$ 1,741,605	$ 1,741,605	1,777,699
Atlantic Plumbing
Schedule of Equity Method Investments [Line Items]
Ownership Percentage Acquired		36%
Payments to acquire business		$ 19,700
Asset Acquisition Mortgage assumed		$ 100,000
8001 Woodmont | Subsequent Event
Schedule of Equity Method Investments [Line Items]
Ownership Percentage Acquired	50%
Payments to acquire business	$ 115,000
Asset Acquisition Mortgage assumed	51,900
Prudential Global Investment Management (PGIM)
Schedule of Equity Method Investments [Line Items]
Ownership interest (as percent)			50%	50%
Total investments in unconsolidated real estate ventures			$ 207,236	$ 207,236	208,421
Landmark
Schedule of Equity Method Investments [Line Items]
Total investments in unconsolidated real estate ventures			8,835	8,835	28,298
Landmark | Washington, D.C.
Schedule of Equity Method Investments [Line Items]
Impairment of real estate			$ 15,400	$ 15,400
Landmark | Minimum
Schedule of Equity Method Investments [Line Items]
Ownership interest (as percent)			18%	18%
Landmark | Maximum
Schedule of Equity Method Investments [Line Items]
Ownership interest (as percent)			49%	49%
CBREI Venture
Schedule of Equity Method Investments [Line Items]
Total investments in unconsolidated real estate ventures			$ 17,074	$ 17,074	57,812
CBREI Venture | Minimum
Schedule of Equity Method Investments [Line Items]
Ownership interest (as percent)			5%	5%
CBREI Venture | Maximum
Schedule of Equity Method Investments [Line Items]
Ownership interest (as percent)			10%	10%
Canadian Pension Plan Investment Board (CPPIB)
Schedule of Equity Method Investments [Line Items]
Ownership interest (as percent)			55%	55%
Total investments in unconsolidated real estate ventures					48,498
J.P. Morgan Global Alternatives ("J.P. Morgan")
Schedule of Equity Method Investments [Line Items]
Ownership interest (as percent)			50%	50%
Total investments in unconsolidated real estate ventures			$ 62,441	$ 62,441	52,769
Berkshire Group
Schedule of Equity Method Investments [Line Items]
Ownership interest (as percent)			50%	50%
Total investments in unconsolidated real estate ventures			$ 50,963	$ 50,963	52,770
Brandywine
Schedule of Equity Method Investments [Line Items]
Ownership interest (as percent)			30%	30%
Total investments in unconsolidated real estate ventures			$ 13,755	$ 13,755	13,693
Other Investment
Schedule of Equity Method Investments [Line Items]
Total investments in unconsolidated real estate ventures			542	542	624
8001 Woodmont | Subsequent Event | Mortgages Payable
Schedule of Equity Method Investments [Line Items]
Long-term Debt	$ 103,800
1101 17th Street | Canadian Pension Plan Investment Board (CPPIB)
Schedule of Equity Method Investments [Line Items]
Total investments in unconsolidated real estate ventures			$ 0	$ 0	$ 0

Investments in Unconsolidated_4

Investments in Unconsolidated Real Estate Ventures - Narratives (Details) $ in Thousands, ft² in Millions		3 Months Ended		9 Months Ended
	Apr. 13, 2022 USD ($) ft² property	Sep. 30, 2022 USD ($)	Sep. 30, 2021 USD ($)	Sep. 30, 2022 USD ($)	Sep. 30, 2021 USD ($)	Dec. 31, 2021 USD ($)
Schedule of Equity Method Investments [Line Items]
Payments for investments in unconsolidated real estate ventures				$ 86,678	$ 32,685
Borrowings under mortgages payable				134,263	85,000
Investments in unconsolidated real estate ventures		$ 360,846		360,846		$ 462,885
Investments in Unconsolidated Real Estate Ventures
Schedule of Equity Method Investments [Line Items]
Property management fee revenue		$ 6,100	$ 5,900	$ 18,200	$ 17,800
Fortress Investment Group Real Estate Venture
Schedule of Equity Method Investments [Line Items]
Area of land | ft²	1.6
Gross sales price	$ 580,000
Number of units acquired | property	4
Ownership interest (as percent)	33.50%
Payments for investments in unconsolidated real estate ventures	$ 66,100
Percentage of preferred return subordinated to counter-party ownership interest	15%
Investments in unconsolidated real estate ventures	$ 0
Fortress Investment Group Real Estate Venture | Fortress Investment Group LLC
Schedule of Equity Method Investments [Line Items]
Ownership interest (as percent)	66.50%
Payments for investments in unconsolidated real estate ventures	$ 131,000
Fortress Investment Group Real Estate Venture | Fortress Investment Group LLC | Mortgage Loan
Schedule of Equity Method Investments [Line Items]
Principal amount	458,000
Borrowings under mortgages payable	$ 402,000

Investments in Unconsolidated_5

Investments in Unconsolidated Real Estate Ventures - Summary of Dispositions (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Schedule of Equity Method Investments [Line Items]
Income (loss) from unconsolidated real estate ventures, net	$ (13,867)	$ 20,503	$ (12,829)	$ 23,513
Disposal Group, Disposed of by Sale
Schedule of Equity Method Investments [Line Items]
Income (loss) from unconsolidated real estate ventures, net			$ 6,179
Landmark | Minimum
Schedule of Equity Method Investments [Line Items]
Ownership interest (as percent)	18%		18%
Landmark | Maximum
Schedule of Equity Method Investments [Line Items]
Ownership interest (as percent)	49%		49%
Landmark | The Alaire,The Terano and Parklawn Drive | Disposal Group, Disposed of by Sale
Schedule of Equity Method Investments [Line Items]
Gross sales price	$ 137,500		$ 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 | Disposal Group, Disposed of by Sale | Minimum
Schedule of Equity Method Investments [Line Items]
Ownership interest (as percent)	1.80%		1.80%
Landmark | The Alaire,The Terano and Parklawn Drive | Disposal Group, Disposed of by Sale | Maximum
Schedule of Equity Method Investments [Line Items]
Ownership interest (as percent)	18%		18%
Landmark | Galvan | Disposal Group, Disposed of by Sale
Schedule of Equity Method Investments [Line Items]
Ownership interest (as percent)	1.80%		1.80%
Gross sales price	$ 152,500		$ 152,500
Repayment of mortgage			89,500
Income (loss) from unconsolidated real estate ventures, net			$ 407
CPPIB Venture Partner | 1900 N Street | Disposal Group, Disposed of by Sale
Schedule of Equity Method Investments [Line Items]
Ownership interest (as percent)	55%		55%
Gross sales price	$ 265,000		$ 265,000
Repayment of mortgage			151,709
Income (loss) from unconsolidated real estate ventures, net			$ 529

Investments in Unconsolidated_6

Investments in Unconsolidated Real Estate Ventures - Summary of Debt (Details) - Mortgages Payable - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Schedule of Equity Method Investments
Variable interest rate	4.60%
Variable rate amount	$ 846,432	$ 867,246
Fixed interest rate	4.40%
Fixed rate amount	$ 907,516	921,013
Debt, gross	1,753,948	1,788,259
Unamortized deferred financing costs, net	(12,343)	(10,560)
Long-term debt, net	$ 1,741,605	1,777,699
Investments in Unconsolidated Real Estate Ventures
Schedule of Equity Method Investments
Variable interest rate	5.67%
Variable rate amount	$ 509,393	785,369
Fixed interest rate	4.57%
Fixed rate amount	$ 163,810	309,813
Debt, gross	673,203	1,095,182
Unamortized deferred financing costs, net	(393)	(5,239)
Long-term debt, net	$ 672,810	$ 1,089,943

Investments in Unconsolidated_7

Investments in Unconsolidated Real Estate Ventures - Financial Information - Table (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Schedule of Equity Method Investments
Gain on sale of real estate			$ 158,631	$ 11,290
Combined balance sheet information:
Real estate, net	$ 4,563,819		4,563,819		$ 4,868,473
Other assets, net	133,419		133,419		240,160
TOTAL ASSETS	5,895,980		5,895,980		6,386,206
Mortgages payable, net	1,741,605		1,741,605		1,777,699
Other liabilities, net	98,831		98,831		342,565
Total liabilities	2,617,732		2,617,732		2,925,064
Total equity	2,754,879		2,754,879		2,915,910
TOTAL LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY	5,895,980		5,895,980		6,386,206
Combined income statement information:
Revenues	147,614	$ 157,022	455,084	476,955
Net income (loss)	(21,581)	996	119,836	(26,391)
Investments in Unconsolidated Real Estate Ventures
Schedule of Equity Method Investments
Gain on sale of real estate		47,400	77,400	85,500
Combined balance sheet information:
Real estate, net	1,507,159		1,507,159		2,116,290
Other assets, net	215,099		215,099		264,397
TOTAL ASSETS	1,722,258		1,722,258		2,380,687
Mortgages payable, net	672,810		672,810		1,089,943
Other liabilities, net	77,706		77,706		118,752
Total liabilities	750,516		750,516		1,208,695
Total equity	971,742		971,742		1,171,992
TOTAL LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY	1,722,258		1,722,258		$ 2,380,687
Combined income statement information:
Revenues	40,881	45,289	125,135	141,370
Operating income	(7,468)	51,068	77,066	94,275
Net income (loss)	(15,034)	$ 42,261	49,376	$ 69,091
Investments in Unconsolidated Real Estate Ventures
Schedule of Equity Method Investments
Impairment loss	$ 16,100		$ 16,100

Variable Interest Entities (Det

Variable Interest Entities (Details) $ in Thousands	Sep. 30, 2022 USD ($) item	Dec. 31, 2021 USD ($) item
Variable Interest Entity [Line Items]
Assets	$ 5,895,980	$ 6,386,206
Liabilities	$ 2,617,732	2,925,064
JBG Smith, LP
Variable Interest Entity [Line Items]
Ownership interest by parent	88.30%
Unconsolidated VIEs
Variable Interest Entity [Line Items]
Assets	$ 84,700	$ 145,200
Consolidated VIEs
Variable Interest Entity [Line Items]
Number of consolidated variable interest entities | item	2	3
Assets	$ 199,500	$ 269,700
Liabilities	$ 69,700	$ 13,900

Other Assets, Net - Summary (De

Other Assets, Net - Summary (Details) - USD ($)	3 Months Ended	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2022	Dec. 31, 2021
Finite-Lived Intangible Assets [Line Items]
Prepaid expenses	$ 30,895,000	$ 30,895,000	$ 17,104,000
Derivative agreements, at fair value	62,055,000	62,055,000	951,000
Deferred financing costs, net	6,064,000	6,064,000	11,436,000
Deposits	3,661,000	3,661,000	1,938,000
Operating lease right-of-use assets	1,452,000	1,452,000	1,660,000
Finance lease right-of-use assets			180,956,000
Investments in funds	15,894,000	15,894,000	9,840,000
Other investments	3,746,000	3,746,000	8,869,000
Other	9,652,000	9,652,000	7,406,000
Total other assets, net	133,419,000	133,419,000	$ 240,160,000
Interest and Other Income,(loss) Net
Finite-Lived Intangible Assets [Line Items]
Unrealized gains (losses)	(267,000)	928,000
Realized gains (losses)	$ (300,000)	$ 13,800,000

Debt - Schedule of Mortgages Pa

Debt - Schedule of Mortgages Payable (Details) - Mortgages Payable - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Variable interest rate	4.60%
Variable rate amount	$ 846,432	$ 867,246
Fixed interest rate	4.40%
Fixed rate amount	$ 907,516	921,013
Debt, gross	1,753,948	1,788,259
Unamortized deferred financing costs and premium/ discount, net	(12,343)	(10,560)
Long-term debt, net	$ 1,741,605	1,777,699
LIBOR	3.14%
SOFR	3.04%
Other Assets Net
Debt Instrument [Line Items]
Net deferred finance costs	$ 2,300	$ 6,400

Debt - Narrative (Details)

Debt - Narrative (Details) $ in Thousands	1 Months Ended			9 Months Ended
	Aug. 31, 2022 USD ($)	Jul. 31, 2022 USD ($) DerivativeInstrument	Jan. 31, 2022 item	Sep. 30, 2022 USD ($)	Nov. 01, 2022 USD ($)	Dec. 31, 2021 USD ($)
Mortgages and Line of Credit Facility [Line Items]
Borrowings under unsecured term loans				$ 150,000
Mortgages Payable
Mortgages and Line of Credit Facility [Line Items]
Net carrying value of real estate collateralizing the mortgages payable				1,900,000		$ 1,800,000
Mortgages Payable | Interest rate swaps and caps
Mortgages and Line of Credit Facility [Line Items]
Derivative notional amount				1,300,000		$ 1,300,000
Line of credit
Mortgages and Line of Credit Facility [Line Items]
Credit facility, maximum borrowing capacity				1,600,000
Line of credit | Revolving Credit Facility
Mortgages and Line of Credit Facility [Line Items]
Credit facility, maximum borrowing capacity				1,000,000
Line of credit | Tranche A-1 Term Loan
Mortgages and Line of Credit Facility [Line Items]
Credit facility, maximum borrowing capacity				200,000
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				400,000
Line of credit facility, increase		$ 200,000
Line of credit | Tranche A-2 Term Loan | Forward Interest Rate Swap Effective September 2022
Mortgages and Line of Credit Facility [Line Items]
Derivative notional amount		$ 150,000
Number of interest rate swaps | DerivativeInstrument		2
Line of credit | Tranche A-2 Term Loan | Forward Interest Rate Swap Effective July 2024
Mortgages and Line of Credit Facility [Line Items]
Derivative notional amount		$ 200,000
Number of interest rate swaps | DerivativeInstrument		2
Line of credit | Tranche A-2 Term Loan - Delayed Draw Feature
Mortgages and Line of Credit Facility [Line Items]
Remaining borrowing capacity				$ 50,000	$ 50,000
Borrowings under unsecured term loans		$ 150,000
Secured Overnight Financing Rate ("SOFR") | Line of credit | Tranche A-2 Term Loan | Forward Interest Rate Swap Effective September 2022
Mortgages and Line of Credit Facility [Line Items]
Derivative fixed average interest rate		2.15%
Secured Overnight Financing Rate ("SOFR") | Line of credit | Tranche A-2 Term Loan | Forward Interest Rate Swap Effective July 2024
Mortgages and Line of Credit Facility [Line Items]
Derivative fixed average interest rate		2.80%
Minimum | Secured Overnight Financing Rate ("SOFR") | Revolving Credit Facility
Mortgages and Line of Credit Facility [Line Items]
Debt Instrument basis spread on variable rate		1.15%
Minimum | Secured Overnight Financing Rate ("SOFR") | 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%
Minimum | Secured Overnight Financing Rate ("SOFR") | Line of credit | Tranche A-2 Term Loan
Mortgages and Line of Credit Facility [Line Items]
Debt Instrument basis spread on variable rate		1.25%
Maximum | Secured Overnight Financing Rate ("SOFR") | Line of credit
Mortgages and Line of Credit Facility [Line Items]
Debt Instrument basis spread on variable rate		1.60%
Maximum | Secured Overnight Financing Rate ("SOFR") | Line of credit | Tranche A-2 Term Loan
Mortgages and Line of Credit Facility [Line Items]
Debt Instrument basis spread on variable rate		1.80%	1.75%
West End25 | Mortgages Payable | Collateral Pledged
Mortgages and Line of Credit Facility [Line Items]
Principal amount	$ 97,500
Debt term	7 years
West End25 | Mortgages Payable | Interest rate swaps and caps
Mortgages and Line of Credit Facility [Line Items]
Derivative notional amount	$ 97,500
Derivative fixed average interest rate	2.71%
West End25 | Secured Overnight Financing Rate ("SOFR") | Mortgages Payable | Collateral Pledged
Mortgages and Line of Credit Facility [Line Items]
Debt Instrument basis spread on variable rate	1.45%

Debt - Summary of Amounts Outst

Debt - Summary of Amounts Outstanding under the Credit Facility (Details) - USD ($)	1 Months Ended		9 Months Ended	12 Months Ended
	Jul. 31, 2022	Jan. 31, 2022	Sep. 30, 2022	Dec. 31, 2021
Line of Credit Facility [Line Items]
Deferred financing costs on credit facility			$ 6,064,000	$ 11,436,000
Revolving Credit Facility | Secured Overnight Financing Rate ("SOFR") | Minimum
Line of Credit Facility [Line Items]
Debt Instrument basis spread on variable rate	1.15%
Line of credit | Secured Overnight Financing Rate ("SOFR") | Maximum
Line of Credit Facility [Line Items]
Debt Instrument basis spread on variable rate	1.60%
Line of credit | Revolving Credit Facility
Line of Credit Facility [Line Items]
Effective interest rate			4.19%
SOFR			3.04%
Long-term debt, net			$ 100,000,000	$ 300,000,000
Percentage of line of credit facility			0.15%	0.15%
Aggregate face amount outstanding			$ 467,000	$ 911,000
Line of credit | Revolving Credit Facility | Other Assets Net
Line of Credit Facility [Line Items]
Deferred financing costs on credit facility			$ 3,800,000	5,000,000
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 | Secured Overnight Financing Rate ("SOFR") | Minimum
Line of Credit Facility [Line Items]
Debt Instrument basis spread on variable rate		1.15%
Line of credit | Tranche A-1 Term Loan | Interest rate swaps | Secured Overnight Financing Rate ("SOFR")
Line of Credit Facility [Line Items]
Weighted average interest rate			1.46%
Line of credit | Tranche A-2 Term Loan
Line of Credit Facility [Line Items]
Effective interest rate			3.40%
Debt, gross			$ 350,000,000	200,000,000
Line of credit | Tranche A-2 Term Loan | Secured Overnight Financing Rate ("SOFR") | Minimum
Line of Credit Facility [Line Items]
Debt Instrument basis spread on variable rate	1.25%
Line of credit | Tranche A-2 Term Loan | Secured Overnight Financing Rate ("SOFR") | Maximum
Line of Credit Facility [Line Items]
Debt Instrument basis spread on variable rate	1.80%	1.75%
Line of credit | Tranche A-2 Term Loan | Interest rate swaps | London Interbank Offered Rate (LIBOR)
Line of Credit Facility [Line Items]
Weighted average interest rate			2.15%
Line of credit | Tranche A-1 and A-2 Loans
Line of Credit Facility [Line Items]
Debt, gross			$ 550,000,000	400,000,000
Unamortized deferred financing costs, net			(3,112,000)	(1,336,000)
Long-term debt, net			$ 546,888,000	$ 398,664,000

Other Liabilities, Net (Details

Other Liabilities, Net (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Other Liabilities, Net.
Lease intangible liabilities, net	$ 7,715	$ 8,272
Lease assumption liabilities	3,349	5,399
Lease incentive liabilities	5,419	21,163
Liabilities related to operating lease right-of-use assets	$ 5,499	$ 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
Finance Lease, Liability, Statement of Financial Position [Extensible List]		Total other liabilities, net
Prepaid rent	$ 15,402	$ 19,852
Security deposits	13,802	18,188
Environmental liabilities	18,009	18,168
Deferred tax liability, net	5,680	5,340
Dividends payable		32,603
Derivative agreements, at fair value		18,361
Deferred purchase price related to the acquisition of a future development parcel	19,845	19,691
Other	4,111	6,108
Total other liabilities, net	$ 98,831	$ 342,565

Redeemable Noncontrolling Int_3

Redeemable Noncontrolling Interests - Narrative (Details) $ in Millions		9 Months Ended
	Oct. 04, 2022 USD ($) item	Sep. 30, 2022 shares	Sep. 30, 2021 shares
OP Units
Noncontrolling Interest [Line Items]
Conversion of common limited partnership units to common shares		493,596	829,107
Subsequent Event
Noncontrolling Interest [Line Items]
Number of partners who redeemed interest during period | item	1
Payments for redemption of interest | $	$ 9.5
JBG Smith, LP
Noncontrolling Interest [Line Items]
Ownership interest by parent		88.30%
JBG Smith, LP | OP Units
Noncontrolling Interest [Line Items]
Units outstanding		15,100,000
Ownership interest by parent		11.70%
Consolidated Real Estate Venture
Noncontrolling Interest [Line Items]
Ownership interest by parent		96%
Consolidated Real Estate Venture | Subsequent Event
Noncontrolling Interest [Line Items]
Ownership interest by parent	99.70%

Redeemable Noncontrolling Int_4

Redeemable Noncontrolling Interests - Summary of the Activity of Redeemable Noncontrolling Interests (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Temporary Equity
Balance as of the beginning of the period	$ 521,392	$ 544,639	$ 522,725	$ 530,748
OP Unit redemptions	(4,891)	(5,670)	(12,667)	(27,350)
LTIP Units issued in lieu of cash bonuses (1)			6,584	5,614
Net income (loss)	(2,546)	103	15,712	(2,472)
Other comprehensive income	4,376	413	8,653	1,621
Distributions	(4,202)	(3,993)	(8,460)	(9,282)
Share-based compensation expense	6,211	10,695	31,107	36,066
Adjustment to redemption value	(28,861)	(19,274)	(72,175)	(8,032)
Balance as of the end of the period	491,479	526,913	491,479	526,913
JBG Smith, LP
Temporary Equity
Balance as of the beginning of the period	513,426	536,171	513,268	522,882
OP Unit redemptions	(4,891)	(5,670)	(12,667)	(27,350)
LTIP Units issued in lieu of cash bonuses (1)			6,584	5,614
Net income (loss)	(2,557)	116	15,680	(2,400)
Other comprehensive income	4,376	413	8,653	1,621
Distributions	(4,083)	(3,993)	(8,193)	(9,282)
Share-based compensation expense	6,211	10,695	31,107	36,066
Adjustment to redemption value	(30,681)	(20,748)	(72,631)	(10,167)
Balance as of the end of the period	481,801	516,984	481,801	516,984
Consolidated Real Estate Venture
Temporary Equity
Balance as of the beginning of the period	7,966	8,468	9,457	7,866
Net income (loss)	11	(13)	32	(72)
Distributions	(119)		(267)
Adjustment to redemption value	1,820	1,474	456	2,135
Balance as of the end of the period	$ 9,678	$ 9,929	$ 9,678	$ 9,929

Property Rental Revenue (Detail

Property Rental Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Property Rental Revenue
Fixed	$ 109,193	$ 114,100	$ 335,328	$ 339,321
Variable	10,618	11,800	33,117	31,639
Property rental revenue	$ 119,811	$ 125,900	$ 368,445	$ 370,960

Share-Based Payments - LTIP Uni

Share-Based Payments - LTIP Units and Time-Based LTIP Units (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended			3 Months Ended		9 Months Ended		12 Months Ended
	Apr. 30, 2022	Feb. 28, 2022	Jan. 31, 2022	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 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				$ 6,949	$ 11,428	$ 32,324	$ 38,320
Time-Based LTIP Units
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Additional Disclosures [Abstract]
Vesting period			4 years
Compensation expense recognition period (in years)			4 years
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
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
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Additional Disclosures [Abstract]
Fair value of awards on grant date						$ 25,700
Trustees | LTIP Units
Share-based Compensation Arrangement by Share-based Payment Award
Fully vested grants (in shares)	95,084
Weighted Average Grant-Date Fair Value
Weighted average grant-date fair value (in dollars per share)	$ 20.90
Minimum | LTIP and Time-Based LTIP Units
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Additional Disclosures [Abstract]
Expected volatility						30%
Risk-free interest rate						0.40%
Post-grant restriction periods						2 years
Maximum | LTIP and Time-Based LTIP Units
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Additional Disclosures [Abstract]
Expected volatility						41%
Risk-free interest rate						2.90%
Post-grant restriction periods						6 years

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	9 Months Ended
	Jan. 31, 2022	Sep. 30, 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%
Dividend yield		2.70%
Risk-free interest rate		1.60%
Units earned (as a percent)	25%
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
Vesting at the end of three-year performance period
Share-based Compensation Arrangement by Share-based Payment Award
Vesting (as a percent)	50%
Vesting on the fourth anniversary of the grant date
Share-based Compensation Arrangement by Share-based Payment Award
Vesting (as a percent)	50%

Share-Based Payments - Performa

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

Share-Based Payments - ESPP (De

Share-Based Payments - ESPP (Details) - USD ($)	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Share-based Compensation Arrangement by Share-based Payment Award
Proceeds from common shares issued pursuant to ESPP	$ 800,000	$ 880,000
ESPP
Share-based Compensation Arrangement by Share-based Payment Award
Common shares issued pursuant to employee share purchase plan (in shares)	39,851
Proceeds from common shares issued pursuant to ESPP	$ 801,000
Expected volatility	23%
Dividend yield	1.60%
Risk-free interest rate	0.20%
Award term	6 months

Share-Based Payments - Summary

Share-Based Payments - Summary of Share-Based Compensation Expense (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended		9 Months Ended
	Jan. 31, 2022	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Share-based Compensation Arrangement by Share-based Payment Award
Total share-based compensation expense		$ 7,624	$ 12,168	$ 35,346	$ 40,461
Less amount capitalized		(675)	(740)	(3,022)	(2,141)
Share-based compensation expense		6,949	11,428	32,324	38,320
Total unrecognized compensation expense		50,500		$ 50,500
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		7,076	8,688	$ 30,977	27,595
Time-Based LTIP Units
Share-based Compensation Arrangement by Share-based Payment Award
Total share-based compensation expense		3,496	3,999	15,824	12,494
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		2,167	3,216	9,914	9,615
Other Equity Awards
Share-based Compensation Arrangement by Share-based Payment Award
Total share-based compensation expense		1,413	1,473	4,239	4,395
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		548	3,480	4,369	12,866
Formation Awards
Share-based Compensation Arrangement by Share-based Payment Award
Total share-based compensation expense		281	476	1,424	1,923
OP Units and LTIP Units
Share-based Compensation Arrangement by Share-based Payment Award
Total share-based compensation expense		(423)	1,676	408	6,725
LTIP Units
Share-based Compensation Arrangement by Share-based Payment Award
Total share-based compensation expense				1,000	1,091
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		$ 690	$ 1,328	$ 2,537	$ 4,218

Transaction and Other Costs (De

Transaction and Other Costs (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Transaction and Other Costs.
Demolition Costs		$ 1,422	$ 428	$ 2,869
Integration and severance costs	$ 1,146	154	2,018	616
Completed, potential and pursued transaction expenses	600	1,375	2,186	5,426
Transaction and other costs	$ 1,746	$ 2,951	$ 4,632	$ 8,911

Interest Expense (Details)

Interest Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Interest Expense
Interest expense before capitalized interest	$ 22,801	$ 17,278	$ 60,100	$ 50,744
Amortization of deferred financing costs	1,118	1,096	3,369	3,188
Interest expense related to finance lease right-of-use assets		430	2,091	1,284
Net unrealized (gain) loss on derivative financial instruments designated as ineffective hedges	(3,099)	37	(8,493)	(50)
Capitalized interest	(2,888)	(1,598)	(6,816)	(4,854)
Interest expense	$ 17,932	$ 17,243	$ 50,251	$ 50,312

Shareholders' Equity and Earn_3

Shareholders' Equity and Earnings (Loss) Per Common Share - Common Shares Repurchased (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended		9 Months Ended		31 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2020
Shareholders' Equity and Earnings (Loss) Per Common Share
Authorized value of shares for repurchase						$ 1,000	$ 500
Repurchase and retired common shares	2.3	2.3	14.2	2.9	23.3
Repurchase and retired common shares, Value	$ 54	$ 68.9	$ 361	$ 88.1	$ 623.5
Average purchase price	$ 23.35	$ 29.73	$ 25.49	$ 29.99	$ 26.74

Shareholders' Equity and Earn_4

Shareholders' Equity and Earnings (Loss) Per Common Share - Basic and Diluted Earnings (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Shareholders' Equity and Earnings (Loss) Per Common Share
Net income (loss)	$ (21,581)	$ 996	$ 119,836	$ (26,391)
Net (income) loss attributable to redeemable noncontrolling interests	2,546	(103)	(15,712)	2,472
Net (income) loss attributable to noncontrolling interests	(258)		(174)	1,108
Net income (loss) attributable to common shareholders	(19,293)	893	103,950	(22,811)
Distributions to participating securities	(658)	(763)	(671)	(1,497)
Net income (loss) available to common shareholders - basic	(19,951)	130	103,279	(24,308)
Net income (loss) available to common shareholders - diluted	$ (19,951)	$ 130	$ 103,279	$ (24,308)
Weighted average number of common shares outstanding - basic	114,360	131,351	120,741	131,456
Weighted average number of common shares outstanding - diluted	114,360	131,351	120,741	131,456
Earnings (loss) per common share - basic	$ (0.17)	$ 0	$ 0.86	$ (0.18)
Earnings (loss) per common share - diluted	$ (0.17)	$ 0	$ 0.86	$ (0.18)

Shareholders' Equity and Earn_5

Shareholders' Equity and Earnings (Loss) Per Common Share - Antidilutive (Details) - $ / shares shares in Millions		3 Months Ended		9 Months Ended
	Oct. 25, 2022	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)		5.9	5.2	5.9	4.9
Dividends cash declared		$ 0.225	$ 0.225	$ 0.45	$ 0.45
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	9 Months Ended	12 Months Ended
	Sep. 30, 2022	Dec. 31, 2021
Fair Value Measurements
Net unrealized gain (loss) on derivative designated as cash flow hedge	$ 54.2	$ (17.2)
Gain expected to be reclassified into interest expense within the next 12 months	$ 22.8

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	Sep. 30, 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	$ 52,618	$ 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	52,618	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	9,437	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	$ 9,437	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		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		$ 18,361

Fair Value Measurements - Finan

Fair Value Measurements - Financial Assets and Liabilities Not Measured at Fair Value (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Mortgages Payable | Fair Value
Financial liabilities:
Financial liabilities	$ 1,650,983	$ 1,814,780
Mortgages Payable | Carrying Amount
Financial liabilities:
Financial liabilities	1,753,948	1,788,259
Revolving Credit Facility | Fair Value
Financial liabilities:
Financial liabilities	100,030	300,363
Revolving Credit Facility | Carrying Amount
Financial liabilities:
Financial liabilities	100,000	300,000
Unsecured term loans | Fair Value
Financial liabilities:
Financial liabilities	550,816	400,519
Unsecured term loans | Carrying Amount
Financial liabilities:
Financial liabilities	$ 550,000	$ 400,000

Segment Information - Narrative

Segment Information - Narrative (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2022 USD ($) segment	Dec. 31, 2021 USD ($)
Segment Reporting Information
Number of reportable segments | segment	3
Intangible assets, net	$ 155,812	$ 201,956
Third-Party Real Estate Services Segment
Segment Reporting Information
Intangible assets, net	$ 15,200	$ 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		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Segment Reporting Information
Third-party real estate services revenue, excluding reimbursements	$ 11,487	$ 14,125	$ 35,621	$ 53,120
Reimbursement revenue	10,358	11,717	32,351	37,574
Third-party real estate services revenue, including reimbursements	21,845	25,842	67,972	90,694
Third-party real estate services expenses	21,230	25,542	72,422	80,035
Third-party real estate services revenue less expenses	615	300	(4,450)	10,659
Property management fees
Segment Reporting Information
Third-party real estate services revenue, excluding reimbursements	4,791	4,831	14,575	14,549
Asset management fees
Segment Reporting Information
Third-party real estate services revenue, excluding reimbursements	1,479	2,145	4,763	6,602
Development fees
Segment Reporting Information
Third-party real estate services revenue, excluding reimbursements	1,426	4,032	7,113	22,705
Revenue, Remaining Performance Obligation, Amount	41,100		41,100
Development fees | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-10-01
Segment Reporting Information
Revenue, Remaining Performance Obligation, Amount	$ 3,600		$ 3,600
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period	3 months		3 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	$ 12,400		$ 12,400
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period	1 year		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	$ 6,800		$ 6,800
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period	1 year		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	$ 18,300		$ 18,300
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period	3 years		3 years
Leasing fees
Segment Reporting Information
Third-party real estate services revenue, excluding reimbursements	$ 1,713	1,822	$ 4,590	4,106
Construction management fees
Segment Reporting Information
Third-party real estate services revenue, excluding reimbursements	169		356	375
Other service revenue
Segment Reporting Information
Third-party real estate services revenue, excluding reimbursements	$ 1,909	$ 1,295	$ 4,224	$ 4,783

Segment Information - Schedule

Segment Information - Schedule of Reconciliation of Net Income (Loss) Attributable to Common Shareholders to Consolidated NOI (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Segment Information
Net income (loss) attributable to common shareholders	$ (19,293)	$ 893	$ 103,950	$ (22,811)
Depreciation and amortization expense	50,056	56,726	157,597	178,130
Corporate and other	12,072	12,105	42,669	38,475
Third-party real estate services	21,230	25,542	72,422	80,035
Share-based compensation related to Formation Transaction and special equity awards	548	3,480	4,369	12,866
Transaction and other costs	1,746	2,951	4,632	8,911
Interest expense	17,932	17,243	50,251	50,312
Loss on the extinguishment of debt	1,444		3,073
Income tax expense	166	217	2,600	4,527
Net income (loss) attributable to redeemable noncontrolling interests	(2,546)	103	15,712	(2,472)
Net income (loss) attributable to noncontrolling interests	258		174	(1,108)
Third-party real estate services, including reimbursements revenue	21,845	25,842	67,972	90,694
Other revenue	1,764	1,568	5,758	5,658
Income (loss) from unconsolidated real estate ventures, net	(13,867)	20,503	(12,829)	23,513
Interest and other income, net	984	192	16,902	163
Gain on the sale of real estate, net			158,631	11,290
Consolidated NOI	$ 72,887	$ 71,155	$ 221,015	$ 215,547

Segment Information - Summary_2

Segment Information - Summary of NOI by Segment (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Segment Reporting Information
Property rental revenue	$ 119,811	$ 125,900	$ 368,445	$ 370,960
Total rental revenue	124,005	129,612	381,354	380,603
Property operating	36,380	40,198	112,469	109,929
Real estate taxes	14,738	18,259	47,870	55,127
Total property expense	51,118	58,457	160,339	165,056
Consolidated NOI	72,887	71,155	221,015	215,547
Parking
Segment Reporting Information
Revenue	4,194	3,712	12,909	9,643
Operating Segments | Commercial Segment
Segment Reporting Information
Property rental revenue	71,257	89,099	230,781	265,469
Total rental revenue	75,116	92,619	242,839	274,638
Property operating	20,151	27,064	65,977	76,125
Real estate taxes	8,603	12,098	29,398	36,018
Total property expense	28,754	39,162	95,375	112,143
Consolidated NOI	46,362	53,457	147,464	162,495
Operating Segments | Commercial Segment | Parking
Segment Reporting Information
Revenue	3,859	3,520	12,058	9,169
Operating Segments | Multifamily Segment
Segment Reporting Information
Property rental revenue	45,639	35,020	130,686	100,324
Total rental revenue	45,887	35,131	131,318	100,610
Property operating	16,108	14,212	44,733	38,449
Real estate taxes	5,311	4,930	15,586	15,240
Total property expense	21,419	19,142	60,319	53,689
Consolidated NOI	24,468	15,989	70,999	46,921
Operating Segments | Multifamily Segment | Parking
Segment Reporting Information
Revenue	248	111	632	286
Other
Segment Reporting Information
Property rental revenue	2,915	1,781	6,978	5,167
Total rental revenue	3,002	1,862	7,197	5,355
Property operating	121	(1,078)	1,759	(4,645)
Real estate taxes	824	1,231	2,886	3,869
Total property expense	945	153	4,645	(776)
Consolidated NOI	2,057	1,709	2,552	6,131
Other | Parking
Segment Reporting Information
Revenue	$ 87	$ 81	$ 219	$ 188

Segment Information - Summary_3

Segment Information - Summary of Certain Balance Sheet Data by Segment (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Segment Reporting Information
Real estate, at cost	$ 5,863,637	$ 6,236,476
Investments in unconsolidated real estate ventures	360,846	462,885
Total assets	5,895,980	6,386,206
Operating Segments | Commercial Segment
Segment Reporting Information
Real estate, at cost	2,747,473	3,422,278
Investments in unconsolidated real estate ventures	225,283	281,515
Total assets	3,025,885	3,591,839
Operating Segments | Multifamily Segment
Segment Reporting Information
Real estate, at cost	2,707,292	2,367,712
Investments in unconsolidated real estate ventures	56,984	103,389
Total assets	2,042,272	1,797,807
Other
Segment Reporting Information
Real estate, at cost	408,872	446,486
Investments in unconsolidated real estate ventures	78,579	77,981
Total assets	$ 827,823	$ 996,560

Commitments and Contingencies -

Commitments and Contingencies - Narrative (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 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	468,100
Environmental liabilities included in Other liabilities, net	18,009	$ 18,168
Tenant-related obligations	67,300
Consolidated Properties
Real Estate Properties [Line Items]
Tenant-related obligations	64,900
Principal payment guarantees	8,300
Unconsolidated Properties
Real Estate Properties [Line Items]
Tenant-related obligations	2,400
Additional capital funding committed amount	64,000
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		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Washington Housing Initiative
Related Party Transaction [Line Items]
Completed capital commitments	$ 114,400,000		$ 114,400,000
Commitment	11,200,000		11,200,000
Remaining unfunded commitment	6,200,000		6,200,000
Supervisory Services of Properties | BMS
Related Party Transaction [Line Items]
Related party payments	2,700,000	$ 4,900,000	7,800,000	$ 13,400,000
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	4,900,000	5,600,000	15,100,000	17,200,000
Receivables	4,100,000		4,100,000		$ 3,200,000
Office Rent | Unconsolidated Real Estate Ventures
Related Party Transaction [Line Items]
Related party payments	$ 214,000	$ 246,000	$ 922,000	$ 1,000,000