JBG SMITH Properties (JBGS) 10-Q 9 May 23 2023 Q1 Quarterly report Financial data

Cover Page

Cover Page - shares	3 Months Ended
	Mar. 31, 2023	May 05, 2023
Cover page.
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2023
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		111,443,983
Entity Central Index Key	0001689796
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q1
Amendment Flag	false

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Real estate, at cost:
Land and improvements	$ 1,267,022	$ 1,302,569
Buildings and improvements	4,157,110	4,310,821
Construction in progress, including land	619,111	544,692
Real estate, at cost	6,043,243	6,158,082
Less: accumulated depreciation	(1,355,655)	(1,335,000)
Real estate, net	4,687,588	4,823,082
Cash and cash equivalents	279,553	241,098
Restricted cash	42,339	32,975
Tenant and other receivables	46,241	56,304
Deferred rent receivable	159,287	170,824
Investments in unconsolidated real estate ventures	312,651	299,881
Intangible assets, net	149,243	162,246
Other assets, net	158,118	117,028
TOTAL ASSETS	5,835,020	5,903,438
Liabilities:
Mortgage loans, net	1,802,051	1,890,174
Unsecured term loans, net	547,256	547,072
Accounts payable and accrued expenses	124,268	138,060
Other liabilities, net	164,627	132,710
Total liabilities	2,638,202	2,708,016
Commitments and contingencies
Redeemable noncontrolling interests	457,778	481,310
Shareholders' equity:
Preferred shares, $0.01 par value - 200,000 shares authorized; none issued
Common shares, $0.01 par value - 500,000 shares authorized; 113,583 and 114,013 shares issued and outstanding as of March 31, 2023 and December 31, 2022	1,137	1,141
Additional paid-in capital	3,282,290	3,263,738
Accumulated deficit	(607,465)	(628,636)
Accumulated other comprehensive income	32,036	45,644
Total shareholders' equity of JBG SMITH Properties	2,707,998	2,681,887
Noncontrolling interests	31,042	32,225
Total equity	2,739,040	2,714,112
TOTAL LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY	$ 5,835,020	$ 5,903,438

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares shares in Thousands	Mar. 31, 2023	Dec. 31, 2022
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	113,583	114,013
Common shares, shares outstanding	113,583	114,013

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
REVENUE
Property rental	$ 124,033	$ 131,598
Third-party real estate services, including reimbursements	22,784	23,970
Other revenue	6,145	6,397
Total revenue	152,962	161,965
EXPENSES
Depreciation and amortization	53,431	58,062
Property operating	35,612	40,644
Real estate taxes	15,224	18,186
General and administrative:
Corporate and other	16,123	15,815
Third-party real estate services	23,823	27,049
Share-based compensation related to Formation Transaction and special equity awards	351	2,244
Transaction and other costs	2,472	899
Total expenses	147,036	162,899
OTHER INCOME (EXPENSE)
Income from unconsolidated real estate ventures, net	433	3,145
Interest and other income, net	4,077	14,246
Interest expense	(26,842)	(16,278)
Gain (loss) on the sale of real estate, net	40,700	(136)
Loss on the extinguishment of debt		(591)
Total other income (expense)	18,368	386
INCOME (LOSS) BEFORE INCOME TAX BENEFIT	24,294	(548)
Income tax benefit	16	471
NET INCOME (LOSS)	24,310	(77)
Net income attributable to redeemable noncontrolling interests	(3,363)	(10)
Net loss attributable to noncontrolling interests	224	55
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON SHAREHOLDERS	$ 21,171	$ (32)
EARNINGS (LOSS) PER COMMON SHARE:
EARNINGS (LOSS) PER COMMON SHARE - BASIC	$ 0.19
EARNINGS (LOSS) PER COMMON SHARE - DILUTED	$ 0.19
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING - BASIC	114,052	126,682
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING - DILUTED	114,052	126,682

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Condensed Consolidated Statements of Comprehensive Income
NET INCOME (LOSS)	$ 24,310	$ (77)
OTHER COMPREHENSIVE INCOME (LOSS):
Change in fair value of derivative financial instruments	(8,969)	25,095
Reclassification of net (income) loss on derivative financial instruments from accumulated other comprehensive income into interest expense	(7,816)	3,756
Total other comprehensive income (loss)	(16,785)	28,851
COMPREHENSIVE INCOME	7,525	28,774
Net income attributable to redeemable noncontrolling interests	(3,363)	(10)
Net loss attributable to noncontrolling interests	224	55
Other comprehensive (income) loss attributable to redeemable noncontrolling interests	2,225	(2,966)
Other comprehensive loss attributable to noncontrolling interests	952
COMPREHENSIVE INCOME ATTRIBUTABLE TO JBG SMITH PROPERTIES	$ 7,563	$ 25,853

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, 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
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss) attributable to common shareholders and noncontrolling interests			(32)		(55)	(87)
Conversion of common limited partnership units ("OP Units") to common shares	$ 2	6,012				6,014
Conversion of common limited partnership units ("OP Units") to common shares (in shares)	208
Common shares repurchased	$ (34)	(93,114)				(93,148)
Common shares repurchased (in shares)	(3,341)
Common shares issued pursuant to employee incentive compensation plan and Employee Share Purchase Plan ("ESPP")		286				286
Common shares issued pursuant to employee incentive compensation plan and Employee Share Purchase Plan ("ESPP") (in shares)	3
Contributions from noncontrolling interests, net					5,986	5,986
Redeemable noncontrolling interests redemption value adjustment and total other comprehensive loss allocation		(8,307)		(2,966)		(11,273)
Other comprehensive income (loss)				28,851		28,851
Balance at end of period (in shares) at Mar. 31, 2022	124,248
Balance at end of period at Mar. 31, 2022	$ 1,243	3,444,793	(609,363)	9,935	28,438	2,875,046
Balance at beginning of period at Dec. 31, 2022	$ 1,141	3,263,738	(628,636)	45,644	32,225	$ 2,714,112
Balance at beginning of period (in shares) at Dec. 31, 2022	114,013					114,013
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss) attributable to common shareholders and noncontrolling interests			21,171		(224)	$ 20,947
Conversion of common limited partnership units ("OP Units") to common shares	$ 8	13,774				13,782
Conversion of common limited partnership units ("OP Units") to common shares (in shares)	756
Common shares repurchased	$ (12)	(20,086)				(20,098)
Common shares repurchased (in shares)	(1,205)
Common shares issued pursuant to employee incentive compensation plan and Employee Share Purchase Plan ("ESPP")		624				624
Common shares issued pursuant to employee incentive compensation plan and Employee Share Purchase Plan ("ESPP") (in shares)	19
Distributions to noncontrolling interests, net					(7)	(7)
Redeemable noncontrolling interests redemption value adjustment and total other comprehensive loss allocation		24,240		2,225		26,465
Other comprehensive income (loss)				(16,785)		(16,785)
Other comprehensive loss attributable to noncontrolling interests				952	(952)	$ 952
Balance at end of period (in shares) at Mar. 31, 2023	113,583					113,583
Balance at end of period at Mar. 31, 2023	$ 1,137	$ 3,282,290	$ (607,465)	$ 32,036	$ 31,042	$ 2,739,040

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
OPERATING ACTIVITIES:
Net income (loss)	$ 24,310	$ (77)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Share-based compensation expense	10,428	12,904
Depreciation and amortization expense, including amortization of deferred financing costs	54,637	59,162
Deferred rent	(8,733)	(3,706)
Income from unconsolidated real estate ventures, net	(433)	(3,145)
Amortization of market lease intangibles, net	(253)	(353)
Amortization of lease incentives	741	2,374
(Gain) loss on the sale of real estate, net	(40,700)	136
(Income) loss on operating lease and other receivables	(1,215)	587
Income from investments, net	(1,798)	(14,071)
Return on capital from unconsolidated real estate ventures	3,861	2,879
Other non-cash items	3,032	(3,105)
Changes in operating assets and liabilities:
Tenant and other receivables	11,624	(1,793)
Other assets, net	1,420	(1,367)
Accounts payable and accrued expenses	(16,069)	(4,575)
Other liabilities, net	1,780	23,748
Net cash provided by operating activities	42,632	69,598
INVESTING ACTIVITIES:
Development costs, construction in progress and real estate additions	(78,332)	(52,686)
Acquisition of real estate	(450)
Proceeds from the sale of real estate	68,998	3,149
Proceeds from the sale of investments		17,796
Distributions of capital from unconsolidated real estate ventures		6,020
Investments in unconsolidated real estate ventures and other investments	(16,889)	(7,230)
Net cash used in investing activities	(26,673)	(32,951)
FINANCING ACTIVITIES:
Borrowings under mortgage loans	223,303
Repayments of mortgage loans	(133,860)	(1,178)
Debt issuance and modification costs	(7,206)	(531)
Redemption of partner's noncontrolling interest	(647)
Common shares repurchased	(20,098)	(91,148)
Dividends paid to common shareholders	(25,664)	(28,665)
Distributions to redeemable noncontrolling interests	(3,968)	(4,005)
Contributions from noncontrolling interests		5,998
Net cash provided by (used in) financing activities	31,860	(119,529)
Net increase (decrease) in cash and cash equivalents, and restricted cash	47,819	(82,882)
Cash and cash equivalents, and restricted cash, beginning of period	274,073	302,095
Cash and cash equivalents, and restricted cash, end of period	321,892	219,213
SUPPLEMENTAL DISCLOSURE OF CASH FLOW AND NON-CASH INFORMATION:
Cash paid for interest (net of capitalized interest of $5,175 and $1,771 in 2023 and 2022)	22,705	18,219
Accrued capital expenditures included in accounts payable and accrued expenses	72,375	60,044
Write-off of fully depreciated assets	192	8,341
Conversion of OP Units to common shares	13,782	6,014
Recognition of operating lease right-of-use asset	61,443
Recognition of liabilities related to operating lease right-of-use asset	61,443
Cash paid for amounts included in the measurement of lease liabilities for operating leases	$ 398	$ 546

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022	Dec. 31, 2021
CASH AND CASH EQUIVALENTS, AND RESTRICTED CASH, END OF PERIOD:
Cash and cash equivalents	$ 279,553	$ 189,140	$ 241,098
Restricted cash	42,339	30,073	32,975
Cash and cash equivalents, and restricted cash	321,892	219,213	$ 274,073	$ 302,095
Capitalized interest	$ 5,175	$ 1,771

Organization and Basis of Prese

Organization and Basis of Presentation	3 Months Ended
	Mar. 31, 2023
Organization and Basis of Presentation
Organization and Basis of Presentation	1. Organization JBG SMITH Properties ("JBG SMITH"), a Maryland real estate investment trust, owns and operates a portfolio of multifamily and commercial 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 March 31, 2023, our Operating Portfolio consisted of 51 operating assets comprising 31 commercial assets totaling 9.7 million square feet (8.2 million square feet at our share), 18 multifamily assets totaling 6,756 units (6,756 units at our share) and two wholly owned land assets for which we are the ground lessor. Additionally, we have two under-construction multifamily assets with 1,583 units (1,583 units at our share) and 20 assets in the development pipeline totaling 12.5 million square feet (9.8 million square feet at our share) of estimated potential development density. We derive our revenue primarily from leases with multifamily and commercial tenants, which include fixed and percentage rents, and reimbursements from tenants for certain expenses such as real estate taxes, property operating expenses, and repairs and maintenance. In addition, our third-party asset management and real estate services business provides fee-based real estate services. Basis of Presentation The accompanying unaudited condensed consolidated financial statements and notes are prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") for interim financial information and with the instructions of Form 10-Q and Article 10 of Regulation S-X. Accordingly, these condensed consolidated financial statements do not contain certain information required in annual financial statements and notes as required under GAAP. In our opinion, all adjustments considered necessary for a fair presentation have been included, and all such adjustments are of a normal recurring nature. All intercompany transactions and balances have been eliminated. The results of operations for the three months ended March 31, 2023 and 2022 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, 2022, filed with the Securities and Exchange Commission on February 21, 2023 ("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 March 31, 2023 and December 31, 2022, and for the three months ended March 31, 2023 and 2022. References to our balance sheets refer to our condensed consolidated balance sheets as of March 31, 2023 and December 31, 2022. References to our statements of operations refer to our condensed consolidated statements of operations for the three months ended March 31, 2023 and 2022. References to our statements of comprehensive income refer to our condensed consolidated statements of comprehensive income for the three months ended March 31, 2023 and 2022. Income Taxes We have elected to be taxed as a real estate investment trust ("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.

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2023
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 the 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. Actual results could differ from those estimates. Recent Accounting Pronouncements Reference Rate Reform In March 2020, the Financial Accounting Standards Board issued Accounting Standards Update ("ASU") 2020-04, Reference Rate Reform ("Topic 848"), which was amended in December 2022 by ASU 2022-06, 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 through December 31, 2024 as reference rate reform activities occur. We elected to apply the hedge accounting expedients that allow us to (i) continue to amortize previously deferred gains and losses in accumulated other comprehensive income 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 also 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.

Dispositions

Dispositions	3 Months Ended
	Mar. 31, 2023
Dispositions
Dispositions	3. Dispositions The following is a summary of activity for the three months ended March 31, 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 17, 2023 ​ Development Parcel ​ Other ​ Arlington, Virginia ​ — ​ $ 5,500 ​ $ 4,954 ​ $ (53) March 23, 2023 ​ 4747 Bethesda Avenue (1) ​ Commercial ​ Bethesda, Maryland ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 40,053 ​ ​ Other (2) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 700 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 40,700 (1) We sold an 80.0% interest in the asset for a gross sales price of $196.0 million, representing a gross valuation of $245.0 million. See Note 4 for additional information. (2) Represents recognition of contingent consideration related to a prior period disposition. ​

Investments in Unconsolidated R

Investments in Unconsolidated Real Estate Ventures	3 Months Ended
	Mar. 31, 2023
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 the composition of our investments in unconsolidated real estate ventures: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Effective ​ ​ ​ ​ ​ ​ ​ Ownership ​ ​ ​ ​ ​ ​ Real Estate Venture Interest (1) March 31, 2023 December 31, 2022 ​ ​ ​ ​ (In thousands) Prudential Global Investment Management 50.0% ​ $ 200,578 ​ $ 203,529 J.P. Morgan Global Alternatives ("J.P. Morgan") (2) ​ 50.0% ​ ​ 66,771 ​ ​ 64,803 4747 Bethesda Venture (3) ​ 20.0% ​ ​ 13,799 ​ ​ — Brandywine Realty Trust 30.0% ​ 13,757 ​ 13,678 CBREI Venture 9.9% - 10.0% ​ 12,508 ​ 12,516 Landmark Partners (4) 18.0% ​ 4,669 ​ 4,809 Other ​ ​ 569 ​ ​ 546 Total investments in unconsolidated real estate ventures (5) (6) ​ ​ ​ $ 312,651 ​ $ 299,881 (1) Reflects our effective ownership interests in the underlying real estate as of March 31, 2023. We have multiple investments with certain venture partners with varying ownership interests in the underlying real estate. (2) J.P. Morgan is the advisor for an institutional investor. (3) In March 2023, we sold an 80.0% interest in 4747 Bethesda Avenue for a gross sales price of $196.0 million, representing a gross valuation of $245.0 million and retained a 20.0% interest. We will provide leasing, property management and other real estate services to the venture. In connection with the transaction, the real estate venture assumed the related $175.0 million mortgage loan. (4) Excludes the L'Enfant Plaza Assets for which we have a zero investment balance and discontinued applying the equity method of accounting after September 30, 2022. (5) Excludes (i) 10.0% subordinated interest in one commercial building, (ii) the Fortress Assets and (iii) the L'Enfant Plaza Assets held through unconsolidated real estate ventures. For more information see Note 1. Also, excludes our interest in an investment in the real estate venture that owns 1101 17th Street for which we have discontinued applying the equity method of accounting since June 30, 2018 because we received distributions in excess of our contributions and share of earnings, which reduced our investment to zero ; further, we are not obligated to provide for losses, have not guaranteed its obligations or otherwise committed to provide financial support. (6) As of March 31, 2023 and December 31, 2022, our total investments in unconsolidated real estate ventures were greater than our share of the net book value of the underlying assets by $6.9 million and $ 8.9 million, resulting principally from capitalized interest and our zero investment balance in certain real estate ventures . We provide leasing, property management and other real estate services to our unconsolidated real estate ventures. We recognized revenue, including expense reimbursements, of $5.3 million and $5.5 million for the three months ended March 31, 2023 and 2022 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. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ ​ ​ ​ ​ Average Effective ​ ​ ​ Interest Rate (1) March 31, 2023 December 31, 2022 ​ ​ ​ ​ (In thousands) Variable rate (2) 5.90% ​ $ 358,768 ​ $ 184,099 Fixed rate (3) 4.13% ​ 60,000 ​ 60,000 Mortgage loans (4) ​ ​ ​ 418,768 ​ 244,099 Unamortized deferred financing costs and premium / discount, net ​ ​ ​ (10,814) ​ (411) Mortgage loans, net (4) (5) ​ ​ ​ $ 407,954 ​ $ 243,688 (1) Weighted average effective interest rate as of March 31, 2023. (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 mortgage loans related to the Fortress Assets and the L'Enfant Plaza Assets. (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: ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2023 December 31, 2022 ​ (In thousands) Combined balance sheet information: (1) ​ ​ ​ ​ ​ ​ Real estate, net ​ $ 1,072,386 ​ $ 888,379 Other assets, net ​ 201,713 ​ 160,015 Total assets ​ $ 1,274,099 ​ $ 1,048,394 ​ ​ ​ ​ ​ ​ ​ Mortgage loans, net ​ $ 407,954 ​ $ 243,688 Other liabilities, net ​ 54,143 ​ 54,639 Total liabilities ​ 462,097 ​ 298,327 Total equity ​ 812,002 ​ 750,067 Total liabilities and equity ​ $ 1,274,099 ​ $ 1,048,394 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ 2023 2022 ​ (In thousands) Combined income statement information: (1) ​ ​ ​ ​ ​ ​ Total revenue ​ $ 20,033 ​ $ 42,874 Operating income (2) ​ 2,491 ​ 48,426 Net income (loss) (2) ​ (1,720) ​ 39,283 (1) Excludes amounts related to the Fortress Assets. Excludes combined balance sheet information for both periods presented and combined income statement information for the three months ended March 31, 2023 related to the L'Enfant Plaza Assets as we discontinued applying the equity method of accounting after September 30, 2022. (2) Includes the gain on the sale of various assets totaling $45.1 million during the three months ended March 31, 2022.

Variable Interest Entities

Variable Interest Entities	3 Months Ended
	Mar. 31, 2023
Variable Interest Entities
Variable Interest Entities	5. We hold various interests in entities deemed to be VIEs, which we evaluate at acquisition, formation, after a change in the ownership agreement, after a change in the entity's economics or after any other reconsideration event to determine if the VIE should be consolidated in our financial statements or should no longer be considered a VIE. An entity is a VIE because it is in the development stage and/or does not hold sufficient equity at risk, or conducts substantially all its operations on behalf of an investor with disproportionately few voting rights. We will consolidate a VIE if we are the primary beneficiary of the VIE, which entails having the power to direct the activities that most significantly impact the VIE’s economic performance. Certain criteria we assess in determining whether we are the primary beneficiary of the VIE include our influence over significant business activities, our voting rights and any noncontrolling interest kick-out or participating rights. Unconsolidated VIEs As of March 31, 2023 and December 31, 2022, we had interests in entities deemed to be VIEs. Although we may be responsible for managing the day-to-day operations of these investees, we are not the primary beneficiary of these VIEs, as we do not hold unilateral power over activities that, when taken together, most significantly impact the respective VIE's economic performance. We account for our investment in these entities under the equity method. As of March 31, 2023 and December 31, 2022, the net carrying amounts of our investment in these entities were $85.3 million and $83.2 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 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 88.5% of the limited partnership interest in JBG SMITH LP, act as the general partner and exercise full responsibility, discretion and control over its day-to-day management. The noncontrolling interests of JBG SMITH LP do not have substantive liquidation rights, substantive kick-out rights without cause or substantive participating rights that could be exercised by a simple majority of noncontrolling interest limited partners (including by such a limited partner unilaterally). Because the noncontrolling interest holders do not have these rights, JBG SMITH LP is a VIE. As general partner, we have the power to direct the activities of JBG SMITH LP that most significantly affect its economic performance, and through our majority interest, we have both the right to receive benefits from and the obligation to absorb losses of JBG SMITH LP. Accordingly, we are the primary beneficiary of JBG SMITH LP and consolidate it in our financial statements. Because we conduct our business through JBG SMITH LP, its total assets and liabilities comprise substantially all our consolidated assets and liabilities. As of March 31, 2023 and December 31, 2022, excluding JBG SMITH LP, we consolidated two VIEs (1900 Crystal Drive and 2000/2001 South Bell Street) with total assets of $326.0 million and $265.5 million, and liabilities of $158.2 million and $116.3 million, primarily consisting of construction in process and mortgage loans. The assets of the VIEs can only be used to settle the obligations of the VIEs, and the liabilities include third-party liabilities of the VIEs for which the creditors or beneficial interest holders do not have recourse against us.

Other Assets, Net

Other Assets, Net	3 Months Ended
	Mar. 31, 2023
Other Assets, Net.
Other Assets, Net	6. The following is a summary of other assets, net: ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2023 December 31, 2022 ​ ​ (In thousands) Prepaid expenses ​ $ 14,429 ​ $ 16,440 Derivative agreements, at fair value ​ ​ 41,689 ​ ​ 61,622 Deferred financing costs, net ​ 5,003 ​ 5,516 Deposits ​ 386 ​ 483 Operating lease right-of-use assets (1) ​ ​ 62,688 ​ ​ 1,383 Investments in funds (2) ​ ​ 18,645 ​ ​ 16,748 Other investments (3) ​ ​ 3,563 ​ ​ 3,524 Other ​ 11,715 ​ 11,312 Total other assets, net ​ $ 158,118 ​ $ 117,028 (1) Includes our corporate office lease at 4747 Bethesda Avenue as of March 31, 2023. (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 months ended March 31, 2023 and 2022, unrealized gains related to these investments were $2.0 million and $156,000 , which were included in "Interest and other income, net" in our statements of operations . During the three months ended March 31, 2023, realized losses related to these investments were $129,000 , which were included in "Interest and other income, net" in our statement of operations. (3) Primarily consists of equity investments that are carried at cost. During the three months ended March 31, 2022, realized gains related to these investments were $13.9 million, which were included in "Interest and other income, net" in our statement of operations .

Debt

Debt	3 Months Ended
	Mar. 31, 2023
Debt
Debt	7. Mortgage Loans The following is a summary of mortgages loans: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted Average ​ ​ ​ ​ ​ ​ ​ ​ Effective ​ ​ ​ ​ Interest Rate (1) March 31, 2023 December 31, 2022 ​ ​ ​ ​ (In thousands) Variable rate (2) 5.47% ​ $ 754,281 ​ $ 892,268 Fixed rate (3) 4.43% ​ 1,063,634 ​ 1,009,607 Mortgage loans ​ ​ ​ 1,817,915 ​ 1,901,875 Unamortized deferred financing costs and premium / discount, net (4) ​ ​ ​ (15,864) ​ (11,701) Mortgage loans, net ​ ​ ​ $ 1,802,051 ​ $ 1,890,174 (1) Weighted average effective interest rate as of March 31, 2023. (2) Includes variable rate mortgage loans with interest rate cap agreements. For mortgage loans with interest rate caps, the weighted average interest rate cap strike is 2.35% , and the weighted average maturity date of the interest rate caps is August 1, 2023. The interest rate cap strike is exclusive of the credit spreads associated with the mortgage loans. As of March 31, 2023, one-month LIBOR was 4.86% and one-month term Secured Overnight Financing Rate ("SOFR") was 4.80% . (3) Includes variable rate mortgages with interest rates fixed by interest rate swap agreements. (4) As of March 31, 2023 and December 31, 2022, excludes $2.1 million and $2.2 million of net deferred financing costs related to unfunded mortgage loans that were included in "Other assets, net" in our balance sheets. As of March 31, 2023 and December 31, 2022, the net carrying value of real estate collateralizing our mortgage loans totaled $2.2 billion. Our mortgage loans 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 mortgage loans are recourse to us. See Note 17 for additional information. In January 2023, we entered into a $187.6 million loan facility, collateralized by The Wren and F1RST Residences. The loan has a seven-year term and a fixed interest rate of 5.13%. This loan is the initial advance under a Fannie Mae multifamily credit facility which provides flexibility for collateral substitutions, future advances tied to performance, ability to mix fixed and floating rates, and staggered maturities. Proceeds from the loan were used, in part, to repay the $131.5 million mortgage loan on 2121 Crystal Drive, which had a fixed interest rate of 5.51%. As of March 31, 2023 and December 31, 2022, we had various interest rate swap and cap agreements on certain mortgage loans with an aggregate notional value of $1.2 billion and $1.3 billion. See Note 15 for additional information. Credit Facility As of March 31, 2023 and December 31, 2022, our $1.6 billion credit facility consisted of an undrawn $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 $350.0 million unsecured term loan ("Tranche A-2 Term Loan") maturing in January 2028, which has a $50.0 million additional advance available, which we will draw in May 2023. The following is a summary of amounts outstanding under the credit facility: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Effective ​ ​ ​ ​ Interest Rate (1) ​ March 31, 2023 December 31, 2022 ​ ​ ​ ​ ​ (In thousands) Revolving credit facility (2) (3) 5.95% ​ ​ $ — ​ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Tranche A-1 Term Loan (4) 2.61% ​ ​ $ 200,000 ​ $ 200,000 Tranche A-2 Term Loan (4) 3.39% ​ ​ 350,000 ​ 350,000 Unsecured term loans ​ ​ 550,000 ​ 550,000 Unamortized deferred financing costs, net ​ ​ (2,744) ​ (2,928) Unsecured term loans, net ​ ​ $ 547,256 ​ $ 547,072 (1) Effective interest rate as of March 31, 2023. The interest rate for our revolving credit facility excludes a 0.15% facility fee. (2) As of March 31, 2023, one-month term SOFR was 4.80% . As of March 31, 2023 and December 31, 2022, letters of credit with an aggregate face amount of $467,000 were outstanding under our revolving credit facility. (3) As of March 31, 2023 and December 31, 2022, excludes $2.9 million and $3.3 million of net deferred financing costs related to our revolving credit facility that were included in "Other assets, net" in our balance sheets. (4) As of March 31, 2023 and December 31, 2022, the outstanding balance was fixed by interest rate swap agreements, which fix SOFR at a weighted average interest rate of 1.46% for the Tranche A-1 Term Loan and 2.14% for the Tranche A-2 Term Loan . Interest rate swaps for the Tranche A-1 Term Loan with a total notional value of $200.0 million mature in July 2024. Interest rate swaps for the Tranche A-2 Term Loan with a total notional value of $200.0 million mature in July 2024 and with a total notional value of $150.0 million mature in January 2028. We have two forward-starting interest rate swaps that will be effective July 2024 with a total notional value of $200.0 million, which will effectively fix SOFR at a weighted average interest rate of 2.61% through the maturity date. The interest rate for our Tranche A-2 Term Loan excludes a 0.15% per annum commitment fee on the undrawn $50.0 million of commitments.

Other Liabilities, Net

Other Liabilities, Net	3 Months Ended
	Mar. 31, 2023
Other Liabilities, Net.
Other Liabilities, Net	8. Other Liabilities, Net The following is a summary of other liabilities, net: ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2023 December 31, 2022 ​ ​ (In thousands) Lease intangible liabilities, net ​ $ 6,839 ​ $ 7,275 Lease assumption liabilities ​ 1,964 ​ 2,647 Lease incentive liabilities ​ 11,434 ​ 11,539 Liabilities related to operating lease right-of-use assets (1) ​ 66,511 ​ 5,308 Prepaid rent ​ 18,295 ​ 15,923 Security deposits ​ 13,432 ​ 13,963 Environmental liabilities ​ 17,990 ​ 17,990 Deferred tax liability, net ​ 4,887 ​ 4,903 Dividends payable ​ — ​ 29,621 Derivative agreements, at fair value ​ 166 ​ — Deferred purchase price related to the acquisition of a development parcel ​ ​ 19,047 ​ ​ 19,447 Other ​ 4,062 ​ 4,094 Total other liabilities, net ​ $ 164,627 ​ $ 132,710 (1) Includes our corporate office lease at 4747 Bethesda Avenue as of March 31, 2023.

Redeemable Noncontrolling Inter

Redeemable Noncontrolling Interests	3 Months Ended
	Mar. 31, 2023
Redeemable Noncontrolling Interests
Redeemable Noncontrolling Interests	9. JBG SMITH LP OP Units held by persons other than JBG SMITH are redeemable for cash or, at our election, our common shares, subject to certain limitations. Vested LTIP Units are redeemable into OP Units. During the three months ended March 31, 2023 and 2022, unitholders redeemed 756,356 and 207,882 OP Units, which we elected to redeem for an equivalent number of our common shares. As of March 31, 2023, outstanding OP Units and redeemable LTIP Units totaled 14.8 million, representing an 11.5% 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 common share at the end of the period. In April 2023, unitholders redeemed 685,132 OP Units and LTIP Units, which we elected to redeem for an equivalent number of our common shares. Consolidated Real Estate Venture We were a partner in a consolidated real estate venture that owned a multifamily asset, The Wren, located in Washington, D.C. As of March 31, 2022, we held a 96.0% ownership interest in the real estate venture. In October 2022, one partner redeemed its 3.7% interest, and in February 2023, another partner The following is a summary of the activity of redeemable noncontrolling interests: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ ​ 2023 ​ 2022 ​ ​ ​ ​ ​ Consolidated ​ ​ ​ ​ ​ ​ ​ Consolidated ​ ​ ​ ​ ​ JBG ​ Real Estate ​ ​ ​ ​ JBG ​ Real Estate ​ ​ ​ ​ SMITH LP Venture Total SMITH LP Venture Total ​ (In thousands) Balance, beginning of period ​ $ 480,663 ​ $ 647 ​ $ 481,310 ​ $ 513,268 ​ $ 9,457 ​ $ 522,725 Redemptions ​ (13,782) ​ (647) ​ (14,429) ​ (6,014) ​ — ​ (6,014) LTIP Units issued in lieu of cash bonuses (1) ​ 4,456 ​ — ​ 4,456 ​ 5,597 ​ — ​ 5,597 Net income (loss) ​ 3,363 ​ — ​ 3,363 ​ (3) ​ 13 ​ 10 Other comprehensive income (loss) ​ (2,225) ​ — ​ (2,225) ​ 2,966 ​ — ​ 2,966 Distributions ​ — ​ — ​ — ​ — ​ (69) ​ (69) Share-based compensation expense ​ 9,543 ​ — ​ 9,543 ​ 12,527 ​ — ​ 12,527 Adjustment to redemption value ​ (24,240) ​ — ​ (24,240) ​ 8,384 ​ (77) ​ 8,307 Balance, end of period ​ $ 457,778 ​ $ — ​ $ 457,778 ​ $ 536,725 ​ $ 9,324 ​ $ 546,049 (1) See Note 11 for additional information.

Property Rental Revenue

Property Rental Revenue	3 Months Ended
	Mar. 31, 2023
Property Rental Revenue
Property Rental Revenue	10. Property Rental Revenue The following is a summary of property rental revenue from our non-cancellable leases: ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ 2023 2022 ​ (In thousands) Fixed $ 113,071 ​ $ 120,637 Variable ​ 10,962 ​ ​ 10,961 Property rental revenue $ 124,033 ​ $ 131,598 ​

Share-Based Payments

Share-Based Payments	3 Months Ended
	Mar. 31, 2023
Share-Based Payments
Share-Based Payments	11. LTIP Units and Time-Based LTIP Units During the three months ended March 31, 2023, we granted to certain employees 922,459 LTIP Units with time-based vesting requirements ("Time-Based LTIP Units") and a weighted average grant-date fair value of $17.73 per unit that primarily vest ratably over four years subject to continued employment. Compensation expense for these units is primarily being recognized over a four-year period. In February 2023, we granted 280,342 fully vested LTIP Units to certain employees, who elected to receive all or a portion of their cash bonuses related to 2022 service as LTIP Units. The LTIP units had a grant-date fair value of $15.90 per unit. Compensation expense totaling $4.5 million for these LTIP Units was recognized in 2022. The aggregate grant-date fair value of the Time-Based LTIP Units and the LTIP Units granted during the three months ended March 31, 2023 was $20.8 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 26.0% Risk-free interest rate 4.6% to 4.8% Post-grant restriction periods 2 years ​ In May 2023, as part of their annual compensation, we granted to non-employee trustees a total of 155,523 fully vested LTIP Units with a grant-date fair value of $11.30 per unit, which includes LTIP Units elected in lieu of cash retainers. The LTIP Units may not be sold while a trustee is serving on the Board of Trustees. Appreciation-Only LTIP Units ("AO LTIP Units") In January 2023, we granted to certain employees 1.7 million performance-based AO LTIP Units with a grant-date fair value of $3.73 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 $20.83 . 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 three months ended March 31, 2023 was $6.4 million, valued using Monte Carlo simulations based on the following significant assumptions: ​ ​ ​ ​ Expected volatility 30.0% Dividend yield 3.2% Risk-free interest rate 4.1% ​ LTIP Units with Performance-Based Vesting Requirements ("Performance-Based LTIP Units") In January 2023, 470,773 Performance-Based LTIP Units, which were unvested as of December 31, 2022, were forfeited because the performance measures were not met. Restricted Share Units ("RSUs") In January 2023, we granted to certain non-executive employees 78,681 time-based RSUs ("Time-Based RSUs") with a grant-date fair value of $18.94 per unit. Vesting requirements and compensation expense recognition for the Time-Based RSUs are primarily consistent to those of the Time-Based LTIP Units granted in 2023. The aggregate grant-date fair value of the RSUs granted during the three months ended March 31, 2023 was $1.5 million. The Time-Based RSUs were valued based on the closing common share price on the date of grant. Share-Based Compensation Expense The following is a summary of share-based compensation expense: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ 2023 2022 ​ (In thousands) Time-Based LTIP Units ​ $ 5,532 ​ $ 6,126 AO LTIP Units and Performance-Based LTIP Units ​ 3,660 ​ 4,157 Other equity awards (1) ​ 1,536 ​ 1,427 Share-based compensation expense - other ​ 10,728 ​ 11,710 Formation awards, OP Units and LTIP Units (2) ​ 108 ​ 957 Special Time-Based LTIP Units and Special Performance-Based LTIP Units (3) ​ 243 ​ 1,287 Share-based compensation related to Formation Transaction and special equity awards (4) ​ 351 ​ 2,244 Total share-based compensation expense ​ 11,079 ​ 13,954 Less: amount capitalized ​ (651) ​ (1,050) Share-based compensation expense ​ $ 10,428 ​ $ 12,904 (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) RSUs and (iii) shares issued under our ESPP. (2) Includes share-based compensation expense for formation awards, 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 our statements of operations. As of March 31, 2023, we had $53.2 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 2.8 years.

Transaction and Other Costs

Transaction and Other Costs	3 Months Ended
	Mar. 31, 2023
Transaction and Other Costs.
Transaction and Other Costs	12. Transaction and Other Costs The following is a summary of transaction and other costs: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ 2023 2022 ​ (In thousands) Completed, potential and pursued transaction expenses (1) ​ $ 47 ​ $ 732 Severance and other costs ​ 1,448 ​ 145 Demolition costs ​ ​ 977 ​ ​ 22 Transaction and other costs ​ $ 2,472 ​ $ 899 (1) Primarily consists of legal costs related to pursued transactions.

Interest Expense

Interest Expense	3 Months Ended
	Mar. 31, 2023
Interest Expense
Interest Expense	13. Interest Expense The following is a summary of interest expense: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ 2023 2022 ​ (In thousands) Interest expense before capitalized interest ​ $ 27,908 ​ $ 18,442 Amortization of deferred financing costs ​ 1,279 ​ 1,130 Interest expense related to finance lease right-of-use assets ​ ​ — ​ ​ 1,844 Net (gain) loss on derivative financial instruments designated as ineffective hedges: ​ ​ ​ ​ Net unrealized (gain) loss ​ 2,697 ​ (3,367) Net realized loss ​ 133 ​ — Capitalized interest ​ (5,175) ​ (1,771) Interest expense ​ $ 26,842 ​ $ 16,278 ​

Shareholders' Equity and Earnin

Shareholders' Equity and Earnings (Loss) Per Common Share	3 Months Ended
	Mar. 31, 2023
Shareholders' Equity and Earnings (Loss) Per Common Share
Shareholders' Equity and Earnings (Loss) Per Common Share	14. Common Shares Repurchased Our Board of Trustees previously authorized the repurchase of up to $1.0 billion of our outstanding common shares, and in May 2023, increased the common share repurchase authorization to $1.5 billion. During the three months ended March 31, 2023, we repurchased and retired 1.2 million common shares for $20.1 million, a weighted average purchase price per share of $16.66. During the three months ended March 31, 2022, we repurchased and retired 3.3 million common shares for $93.1 million, a weighted average purchase price per share of $27.86. Since we began the share repurchase program, as of March 31, 2023, we have repurchased and retired 24.5 million common shares for $643.6 million, a weighted average purchase price per share of $26.25. During the second quarter of 2023, through the date of this filing, we repurchased and retired 2.8 million common shares for $40.1 million, a weighted average purchase price per share of $14.16, pursuant to a repurchase plan under Rule 10b5-1 of the Securities Exchange Act of 1934, as amended. 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) attributable to common shareholders used in calculating basic and diluted earnings (loss) per common share: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ ​ 2023 2022 ​ ​ (In thousands, except per share amounts) Net income (loss) ​ $ 24,310 ​ $ (77) Net income attributable to redeemable noncontrolling interests ​ (3,363) ​ (10) Net loss attributable to noncontrolling interests ​ 224 ​ 55 Net income (loss) attributable to common shareholders ​ $ 21,171 ​ $ (32) ​ ​ ​ ​ ​ ​ ​ Weighted average number of common shares outstanding - basic and diluted ​ 114,052 ​ 126,682 ​ ​ ​ ​ ​ ​ ​ Earnings (loss) per common share - basic and diluted ​ $ 0.19 ​ $ — ​ The effect of the redemption of OP Units, Time-Based LTIP Units, fully vested LTIP Units and Special Time-Based LTIP Units that were outstanding as of March 31, 2023 and 2022 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 5.5 million and 6.0 million for the three months ended March 31, 2023 and 2022, 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 May 2023 On May 4, 2023, our Board of Trustees declared a quarterly dividend of $0.225 per common share, payable on June 30, 2023 to shareholders of record as of June 23, 2023.

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2023
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. As of March 31, 2023 and December 31, 2022, 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 on our derivative financial instruments designated as effective hedges was $37.1 million and $55.0 million as of March 31, 2023 and December 31, 2022 and was recorded in "Accumulated other comprehensive income" in our balance sheets, of which a portion was allocated to "Redeemable noncontrolling interests." Within the next 12 months, we expect to reclassify $26.0 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) March 31, 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivative financial instruments designated as effective hedges: ​ ​ ​ ​ Classified as assets in "Other assets, net" ​ $ 36,381 ​ ​ — ​ $ 36,381 ​ ​ — Classified as liabilities in "Other liabilities, net" ​ ​ 166 ​ — ​ ​ 166 ​ — Derivative financial instruments designated as ineffective hedges: ​ ​ ​ ​ Classified as assets in "Other assets, net" ​ 5,308 ​ — ​ 5,308 ​ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2022 ​ ​ ​ ​ Derivative financial instruments designated as effective hedges: ​ ​ ​ ​ Classified as assets in "Other assets, net" ​ $ 53,515 ​ ​ — ​ $ 53,515 ​ ​ — Derivative financial instruments designated as ineffective hedges: ​ ​ ​ ​ Classified as assets in "Other assets, net" ​ 8,107 ​ — ​ 8,107 ​ — ​ The fair values of our derivative financial instruments were determined using widely accepted valuation techniques, including discounted cash flow analysis on the expected cash flows of the derivative financial instrument. This analysis reflected the contractual terms of the derivative, including the period to maturity, and used observable market-based inputs, including interest rate market data and implied volatilities in such interest rates. While it was determined that the majority of the inputs used to value the derivatives fall within Level 2 of the fair value hierarchy under authoritative accounting guidance, the credit valuation adjustments associated with the derivatives also utilized Level 3 inputs, such as estimates of current credit spreads to evaluate the likelihood of default. However, as of March 31, 2023 and December 31, 2022, the significance of the impact of the credit valuation adjustments on the overall valuation of the derivative financial instruments was assessed, and it was determined that these adjustments were not significant to the overall valuation of the derivative financial instruments. As a result, it was determined that the derivative financial instruments in their entirety should be classified in Level 2 of the fair value hierarchy. The net unrealized gains and losses included in "Other comprehensive income (loss)" in our statements of comprehensive income for the three months ended March 31, 2023 and 2022 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 March 31, 2023 and December 31, 2022, all financial assets and liabilities were reflected in our balance sheets at amounts which, in our estimation, reasonably approximated their fair values, except for the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2023 ​ December 31, 2022 ​ Carrying ​ Carrying ​ ​ ​ Amount (1) ​ Fair Value ​ Amount (1) ​ Fair Value ​ (In thousands) Financial liabilities: ​ ​ ​ ​ Mortgage loans ​ $ 1,817,915 ​ $ 1,741,108 ​ $ 1,901,875 ​ $ 1,830,651 Unsecured term loans ​ 550,000 ​ 550,929 ​ 550,000 ​ 551,369 (1) The carrying amount consists of principal only. The fair values of the mortgage loans and unsecured term loans were determined using Level 2 inputs of the fair value hierarchy. The fair value of our mortgage loans is estimated by discounting the future contractual cash flows of these instruments using current risk-adjusted rates available to borrowers with similar credit profiles based on market sources. The fair value of our unsecured term loans is calculated based on the net present value of payments over the term of the facilities using estimated market rates for similar notes and remaining terms.

Segment Information

Segment Information	3 Months Ended
	Mar. 31, 2023
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 (multifamily, commercial, and third-party asset management and real estate services) based on the economic characteristics and nature of our assets and services. The CODM measures and evaluates the performance of our operating segments, with the exception of the third-party asset management and real estate services business, based on the net operating income ("NOI") of properties within each segment. NOI includes property rental revenue and parking revenue, and deducts property operating expenses and real estate taxes. With respect to the third-party asset management and real estate services business, the CODM reviews revenue streams generated by this segment ("Third-party real estate services, including reimbursements"), as well as the expenses attributable to the segment ("General and administrative: third-party real estate services"), which are both disclosed separately in our statements of operations. The following represents the components of revenue from our third-party asset management and real estate services business: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ 2023 2022 ​ (In thousands) Property management fees ​ $ 4,952 ​ $ 4,808 Asset management fees ​ 1,103 ​ 1,771 Development fees ​ 1,986 ​ 3,539 Leasing fees ​ 1,356 ​ 1,839 Construction management fees ​ 340 ​ 150 Other service revenue ​ 1,224 ​ 816 Third-party real estate services revenue, excluding reimbursements ​ 10,961 ​ 12,923 Reimbursement revenue (1) ​ 11,823 ​ 11,047 Third-party real estate services revenue, including reimbursements ​ ​ 22,784 ​ ​ 23,970 Third-party real estate services expenses ​ ​ 23,823 ​ ​ 27,049 Third-party real estate services revenue less expenses ​ $ (1,039) ​ $ (3,079) ​ (1) 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 $12.2 million and $13.7 million as of March 31, 2023 and December 31, 2022, which were included 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 March 31, ​ 2023 2022 ​ (in thousands) Net income (loss) attributable to common shareholders ​ $ 21,171 ​ $ (32) Add: ​ ​ Depreciation and amortization expense ​ 53,431 ​ 58,062 General and administrative expense: ​ ​ Corporate and other ​ 16,123 ​ 15,815 Third-party real estate services ​ 23,823 ​ 27,049 Share-based compensation related to Formation Transaction and special equity awards ​ 351 ​ 2,244 Transaction and other costs ​ 2,472 ​ 899 Interest expense ​ 26,842 ​ 16,278 Loss on the extinguishment of debt ​ — ​ 591 Income tax benefit ​ (16) ​ (471) Net income attributable to redeemable noncontrolling interests ​ 3,363 ​ 10 Net loss attributable to noncontrolling interests ​ ​ (224) ​ ​ (55) Less: ​ ​ Third-party real estate services, including reimbursements revenue ​ 22,784 ​ 23,970 Other revenue ​ 1,726 ​ 2,196 Income from unconsolidated real estate ventures, net ​ 433 ​ 3,145 Interest and other income, net ​ 4,077 ​ 14,246 Gain (loss) on the sale of real estate, net ​ 40,700 ​ (136) Consolidated NOI ​ $ 77,616 ​ $ 76,969 ​ ​ The following is a summary of NOI by segment. Items classified in the Other column include development assets, corporate entities, land assets for which we are the ground lessor and the elimination of inter-segment activity. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, 2023 ​ Commercial Multifamily Other Total ​ (In thousands) Property rental revenue ​ $ 71,917 ​ $ 49,910 ​ $ 2,206 ​ $ 124,033 Parking revenue ​ 4,138 ​ 224 ​ 57 ​ 4,419 Total property revenue ​ 76,055 ​ 50,134 ​ 2,263 ​ 128,452 Property expense: ​ ​ ​ ​ ​ Property operating ​ 19,371 ​ 17,455 ​ (1,214) ​ 35,612 Real estate taxes ​ 9,001 ​ 5,608 ​ 615 ​ 15,224 Total property expense ​ 28,372 ​ 23,063 ​ (599) ​ 50,836 Consolidated NOI ​ $ 47,683 ​ $ 27,071 ​ $ 2,862 ​ $ 77,616 ​ ​ Three Months Ended March 31, 2022 ​ Commercial Multifamily Other Total ​ ​ (In thousands) Property rental revenue ​ $ 87,621 ​ $ 42,108 ​ $ 1,869 ​ $ 131,598 Parking revenue ​ 4,012 ​ 134 ​ 55 ​ 4,201 Total property revenue ​ 91,633 ​ 42,242 ​ 1,924 ​ 135,799 Property expense: ​ ​ ​ ​ Property operating ​ 26,202 ​ 13,755 ​ 687 ​ 40,644 Real estate taxes ​ 11,777 ​ 5,221 ​ 1,188 ​ 18,186 Total property expense ​ 37,979 ​ 18,976 ​ 1,875 ​ 58,830 Consolidated NOI ​ $ 53,654 ​ $ 23,266 ​ $ 49 ​ $ 76,969 ​ The following is a summary of certain balance sheet data by segment: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commercial Multifamily Other Total ​ ​ (In thousands) March 31, 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Real estate, at cost ​ $ 2,567,810 ​ $ 3,055,495 ​ $ 419,938 ​ $ 6,043,243 Investments in unconsolidated real estate ventures ​ 229,642 ​ — ​ 83,009 ​ 312,651 Total assets ​ 2,507,262 ​ 2,444,022 ​ 883,736 ​ 5,835,020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2022 ​ ​ ​ ​ Real estate, at cost ​ $ 2,754,832 ​ $ 2,986,907 ​ $ 416,343 ​ $ 6,158,082 Investments in unconsolidated real estate ventures ​ 218,723 ​ 304 ​ 80,854 ​ 299,881 Total assets ​ 2,829,576 ​ 2,483,902 ​ 589,960 ​ 5,903,438 ​

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2023
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 mortgage loans secured by our properties, a revolving credit facility and unsecured term loans, contains customary covenants requiring adequate insurance coverage. Although we believe that we currently have adequate insurance coverage, we may not be able to obtain an equivalent amount of coverage at a reasonable cost in the future. If lenders insist on greater coverage than we are able to obtain, it could adversely affect our ability to finance or refinance our properties. Construction Commitments As of March 31, 2023, we had assets under construction that, based on our current plans and estimates, require an additional $346.5 million to complete, which we anticipate will be primarily expended over the next three years. These capital expenditures are generally due as the work is performed, and we expect to finance them with debt proceeds, proceeds from asset sales and recapitalizations, and available cash. 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 as of March 31, 2023 and December 31, 2022 and are included in "Other liabilities, net" in our balance sheets. Other As of March 31, 2023, we had committed tenant-related obligations totaling $60.6 million ($58.6 million related to our consolidated entities and $2.0 million related to our unconsolidated real estate ventures at our share). The timing and amounts of payments for tenant-related obligations are uncertain and may only be due upon satisfactory performance of certain conditions. There are various legal actions against us in the ordinary course of business. In our opinion, the outcome of such matters will not have a material adverse effect on our financial condition, results of operations or cash flows. From time to time, we (or ventures in which we have an ownership interest) have agreed, and may in the future agree with respect to unconsolidated real estate ventures, to (i) guarantee portions of the principal, interest and other amounts in connection with borrowings, (ii) provide customary environmental indemnifications and nonrecourse carve-outs (e.g., guarantees against fraud, misrepresentation and bankruptcy) in connection with borrowings or (iii) provide guarantees to lenders and other third parties for the completion of development projects. We customarily have agreements with our outside venture partners whereby the partners agree to reimburse the real estate venture or us for their share of any payments made under certain of these guarantees. At times, we also have agreements with certain of our outside venture partners whereby we agree to either indemnify the partners and/or the associated ventures with respect to certain contingent liabilities associated with operating assets or to reimburse our partner for its share of any payments made by them under certain guarantees. Guarantees (excluding environmental) customarily terminate either upon the satisfaction of specified circumstances or repayment of the underlying debt. Amounts that we may be required to pay in future periods in relation to guarantees associated with budget overruns or operating losses are not estimable. As of March 31, 2023, we had additional capital commitments and certain recorded guarantees to our unconsolidated real estate ventures and other investments totaling $62.6 million. As of March 31, 2023, we had no principal payment guarantees related to our unconsolidated real estate ventures. ​ Additionally, with respect to borrowings of our consolidated entities, we have agreed, and may in the future agree, to (i) guarantee portions of the principal, interest and other amounts, (ii) provide customary environmental indemnifications and nonrecourse carve-outs (e.g., guarantees against fraud, misrepresentation and bankruptcy) or (iii) provide guarantees to lenders, tenants and other third parties for the completion of development projects. In connection with the Formation Transaction, we have an agreement with Vornado regarding tax matters (the "Tax Matters Agreement") that provides special rules that allocate tax liabilities if the distribution of JBG SMITH shares by Vornado, together with certain related transactions, is determined not to be tax-free. Under the Tax Matters Agreement, we may be required to indemnify Vornado against any taxes and related amounts and costs resulting from a violation by us of the Tax Matters Agreement.

Transactions with Related Parti

Transactions with Related Parties	3 Months Ended
	Mar. 31, 2023
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 March 31, 2023, the WHI Impact Pool had completed closings of capital commitments totaling $114.4 million, which included a commitment from us of $11.2 million. As of March 31, 2023, our remaining unfunded commitment was $4.3 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 $5.0 million and $5.5 million for the three months ended March 31, 2023 and 2022. As of March 31, 2023 and December 31, 2022, we had receivables from the JBG Legacy Funds and the WHI Impact Pool and its affiliates totaling $5.2 million and $4.5 million for such services. Commencing in March 2023, in connection with the sale of an 80.0% interest in 4747 Bethesda Avenue, we leased our corporate offices from an unconsolidated real estate venture and incurred $158,000 of rent expense for the three months ended March 31, 2023, which is included in "General and administrative expense" in our statement of operations. 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 $2.4 million and $3.1 million during the three months ended March 31, 2023 and 2022, which is included in "Property operating expenses" in our statements of operations.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2023
Summary of Significant Accounting Policies
Basis of Presentation	Basis of Presentation The accompanying unaudited condensed consolidated financial statements and notes are prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") for interim financial information and with the instructions of Form 10-Q and Article 10 of Regulation S-X. Accordingly, these condensed consolidated financial statements do not contain certain information required in annual financial statements and notes as required under GAAP. In our opinion, all adjustments considered necessary for a fair presentation have been included, and all such adjustments are of a normal recurring nature. All intercompany transactions and balances have been eliminated. The results of operations for the three months ended March 31, 2023 and 2022 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, 2022, filed with the Securities and Exchange Commission on February 21, 2023 ("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 March 31, 2023 and December 31, 2022, and for the three months ended March 31, 2023 and 2022. References to our balance sheets refer to our condensed consolidated balance sheets as of March 31, 2023 and December 31, 2022. References to our statements of operations refer to our condensed consolidated statements of operations for the three months ended March 31, 2023 and 2022. References to our statements of comprehensive income refer to our condensed consolidated statements of comprehensive income for the three months ended March 31, 2023 and 2022.
Income Taxes	Income Taxes We have elected to be taxed as a real estate investment trust ("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.
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 the 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. Actual results could differ from those estimates.
Recent Accounting Pronouncements	Recent Accounting Pronouncements Reference Rate Reform In March 2020, the Financial Accounting Standards Board issued Accounting Standards Update ("ASU") 2020-04, Reference Rate Reform ("Topic 848"), which was amended in December 2022 by ASU 2022-06, 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 through December 31, 2024 as reference rate reform activities occur. We elected to apply the hedge accounting expedients that allow us to (i) continue to amortize previously deferred gains and losses in accumulated other comprehensive income 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 also 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.

Dispositions (Tables)

Dispositions (Tables)	3 Months Ended
	Mar. 31, 2023
Dispositions
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 17, 2023 ​ Development Parcel ​ Other ​ Arlington, Virginia ​ — ​ $ 5,500 ​ $ 4,954 ​ $ (53) March 23, 2023 ​ 4747 Bethesda Avenue (1) ​ Commercial ​ Bethesda, Maryland ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 40,053 ​ ​ Other (2) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 700 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 40,700 (1) We sold an 80.0% interest in the asset for a gross sales price of $196.0 million, representing a gross valuation of $245.0 million. See Note 4 for additional information. (2) Represents recognition of contingent consideration related to a prior period disposition.

Investments in Unconsolidated_2

Investments in Unconsolidated Real Estate Ventures (Tables)	3 Months Ended
	Mar. 31, 2023
Investments in Unconsolidated Real Estate Ventures
Summary of unconsolidated investments	The following is a summary of the composition of our investments in unconsolidated real estate ventures: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Effective ​ ​ ​ ​ ​ ​ ​ Ownership ​ ​ ​ ​ ​ ​ Real Estate Venture Interest (1) March 31, 2023 December 31, 2022 ​ ​ ​ ​ (In thousands) Prudential Global Investment Management 50.0% ​ $ 200,578 ​ $ 203,529 J.P. Morgan Global Alternatives ("J.P. Morgan") (2) ​ 50.0% ​ ​ 66,771 ​ ​ 64,803 4747 Bethesda Venture (3) ​ 20.0% ​ ​ 13,799 ​ ​ — Brandywine Realty Trust 30.0% ​ 13,757 ​ 13,678 CBREI Venture 9.9% - 10.0% ​ 12,508 ​ 12,516 Landmark Partners (4) 18.0% ​ 4,669 ​ 4,809 Other ​ ​ 569 ​ ​ 546 Total investments in unconsolidated real estate ventures (5) (6) ​ ​ ​ $ 312,651 ​ $ 299,881 (1) Reflects our effective ownership interests in the underlying real estate as of March 31, 2023. We have multiple investments with certain venture partners with varying ownership interests in the underlying real estate. (2) J.P. Morgan is the advisor for an institutional investor. (3) In March 2023, we sold an 80.0% interest in 4747 Bethesda Avenue for a gross sales price of $196.0 million, representing a gross valuation of $245.0 million and retained a 20.0% interest. We will provide leasing, property management and other real estate services to the venture. In connection with the transaction, the real estate venture assumed the related $175.0 million mortgage loan. (4) Excludes the L'Enfant Plaza Assets for which we have a zero investment balance and discontinued applying the equity method of accounting after September 30, 2022. (5) Excludes (i) 10.0% subordinated interest in one commercial building, (ii) the Fortress Assets and (iii) the L'Enfant Plaza Assets held through unconsolidated real estate ventures. For more information see Note 1. Also, excludes our interest in an investment in the real estate venture that owns 1101 17th Street for which we have discontinued applying the equity method of accounting since June 30, 2018 because we received distributions in excess of our contributions and share of earnings, which reduced our investment to zero ; further, we are not obligated to provide for losses, have not guaranteed its obligations or otherwise committed to provide financial support. (6) As of March 31, 2023 and December 31, 2022, our total investments in unconsolidated real estate ventures were greater than our share of the net book value of the underlying assets by $6.9 million and $ 8.9 million, resulting principally from capitalized interest and our zero investment balance in certain real estate ventures . ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ ​ ​ ​ ​ Average Effective ​ ​ ​ Interest Rate (1) March 31, 2023 December 31, 2022 ​ ​ ​ ​ (In thousands) Variable rate (2) 5.90% ​ $ 358,768 ​ $ 184,099 Fixed rate (3) 4.13% ​ 60,000 ​ 60,000 Mortgage loans (4) ​ ​ ​ 418,768 ​ 244,099 Unamortized deferred financing costs and premium / discount, net ​ ​ ​ (10,814) ​ (411) Mortgage loans, net (4) (5) ​ ​ ​ $ 407,954 ​ $ 243,688 (1) Weighted average effective interest rate as of March 31, 2023. (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 mortgage loans related to the Fortress Assets and the L'Enfant Plaza Assets. (5) See Note 17 for additional information on guarantees of the debt of certain of our unconsolidated real estate ventures. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2023 December 31, 2022 ​ (In thousands) Combined balance sheet information: (1) ​ ​ ​ ​ ​ ​ Real estate, net ​ $ 1,072,386 ​ $ 888,379 Other assets, net ​ 201,713 ​ 160,015 Total assets ​ $ 1,274,099 ​ $ 1,048,394 ​ ​ ​ ​ ​ ​ ​ Mortgage loans, net ​ $ 407,954 ​ $ 243,688 Other liabilities, net ​ 54,143 ​ 54,639 Total liabilities ​ 462,097 ​ 298,327 Total equity ​ 812,002 ​ 750,067 Total liabilities and equity ​ $ 1,274,099 ​ $ 1,048,394 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ 2023 2022 ​ (In thousands) Combined income statement information: (1) ​ ​ ​ ​ ​ ​ Total revenue ​ $ 20,033 ​ $ 42,874 Operating income (2) ​ 2,491 ​ 48,426 Net income (loss) (2) ​ (1,720) ​ 39,283 (1) Excludes amounts related to the Fortress Assets. Excludes combined balance sheet information for both periods presented and combined income statement information for the three months ended March 31, 2023 related to the L'Enfant Plaza Assets as we discontinued applying the equity method of accounting after September 30, 2022. (2) Includes the gain on the sale of various assets totaling $45.1 million during the three months ended March 31, 2022.

Other Assets, Net (Tables)

Other Assets, Net (Tables)	3 Months Ended
	Mar. 31, 2023
Other Assets, Net.
Summary of other assets, net	​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2023 December 31, 2022 ​ ​ (In thousands) Prepaid expenses ​ $ 14,429 ​ $ 16,440 Derivative agreements, at fair value ​ ​ 41,689 ​ ​ 61,622 Deferred financing costs, net ​ 5,003 ​ 5,516 Deposits ​ 386 ​ 483 Operating lease right-of-use assets (1) ​ ​ 62,688 ​ ​ 1,383 Investments in funds (2) ​ ​ 18,645 ​ ​ 16,748 Other investments (3) ​ ​ 3,563 ​ ​ 3,524 Other ​ 11,715 ​ 11,312 Total other assets, net ​ $ 158,118 ​ $ 117,028 (1) Includes our corporate office lease at 4747 Bethesda Avenue as of March 31, 2023. (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 months ended March 31, 2023 and 2022, unrealized gains related to these investments were $2.0 million and $156,000 , which were included in "Interest and other income, net" in our statements of operations . During the three months ended March 31, 2023, realized losses related to these investments were $129,000 , which were included in "Interest and other income, net" in our statement of operations. (3) Primarily consists of equity investments that are carried at cost. During the three months ended March 31, 2022, realized gains related to these investments were $13.9 million, which were included in "Interest and other income, net" in our statement of operations .

Debt (Tables)

Debt (Tables)	3 Months Ended
	Mar. 31, 2023
Mortgage loans
Debt Instrument [Line Items]
Summary of debt	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted Average ​ ​ ​ ​ ​ ​ ​ ​ Effective ​ ​ ​ ​ Interest Rate (1) March 31, 2023 December 31, 2022 ​ ​ ​ ​ (In thousands) Variable rate (2) 5.47% ​ $ 754,281 ​ $ 892,268 Fixed rate (3) 4.43% ​ 1,063,634 ​ 1,009,607 Mortgage loans ​ ​ ​ 1,817,915 ​ 1,901,875 Unamortized deferred financing costs and premium / discount, net (4) ​ ​ ​ (15,864) ​ (11,701) Mortgage loans, net ​ ​ ​ $ 1,802,051 ​ $ 1,890,174 (1) Weighted average effective interest rate as of March 31, 2023. (2) Includes variable rate mortgage loans with interest rate cap agreements. For mortgage loans with interest rate caps, the weighted average interest rate cap strike is 2.35% , and the weighted average maturity date of the interest rate caps is August 1, 2023. The interest rate cap strike is exclusive of the credit spreads associated with the mortgage loans. As of March 31, 2023, one-month LIBOR was 4.86% and one-month term Secured Overnight Financing Rate ("SOFR") was 4.80% . (3) Includes variable rate mortgages with interest rates fixed by interest rate swap agreements. (4) As of March 31, 2023 and December 31, 2022, excludes $2.1 million and $2.2 million of net deferred financing costs related to unfunded mortgage loans that were included in "Other assets, net" in our balance sheets.
Line of credit
Debt Instrument [Line Items]
Summary of debt	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Effective ​ ​ ​ ​ Interest Rate (1) ​ March 31, 2023 December 31, 2022 ​ ​ ​ ​ ​ (In thousands) Revolving credit facility (2) (3) 5.95% ​ ​ $ — ​ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Tranche A-1 Term Loan (4) 2.61% ​ ​ $ 200,000 ​ $ 200,000 Tranche A-2 Term Loan (4) 3.39% ​ ​ 350,000 ​ 350,000 Unsecured term loans ​ ​ 550,000 ​ 550,000 Unamortized deferred financing costs, net ​ ​ (2,744) ​ (2,928) Unsecured term loans, net ​ ​ $ 547,256 ​ $ 547,072 (1) Effective interest rate as of March 31, 2023. The interest rate for our revolving credit facility excludes a 0.15% facility fee. (2) As of March 31, 2023, one-month term SOFR was 4.80% . As of March 31, 2023 and December 31, 2022, letters of credit with an aggregate face amount of $467,000 were outstanding under our revolving credit facility. (3) As of March 31, 2023 and December 31, 2022, excludes $2.9 million and $3.3 million of net deferred financing costs related to our revolving credit facility that were included in "Other assets, net" in our balance sheets. (4) As of March 31, 2023 and December 31, 2022, the outstanding balance was fixed by interest rate swap agreements, which fix SOFR at a weighted average interest rate of 1.46% for the Tranche A-1 Term Loan and 2.14% for the Tranche A-2 Term Loan . Interest rate swaps for the Tranche A-1 Term Loan with a total notional value of $200.0 million mature in July 2024. Interest rate swaps for the Tranche A-2 Term Loan with a total notional value of $200.0 million mature in July 2024 and with a total notional value of $150.0 million mature in January 2028. We have two forward-starting interest rate swaps that will be effective July 2024 with a total notional value of $200.0 million, which will effectively fix SOFR at a weighted average interest rate of 2.61% through the maturity date. The interest rate for our Tranche A-2 Term Loan excludes a 0.15% per annum commitment fee on the undrawn $50.0 million of commitments.

Other Liabilities, Net (Tables)

Other Liabilities, Net (Tables)	3 Months Ended
	Mar. 31, 2023
Other Liabilities, Net.
Composition of other liabilities net	​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2023 December 31, 2022 ​ ​ (In thousands) Lease intangible liabilities, net ​ $ 6,839 ​ $ 7,275 Lease assumption liabilities ​ 1,964 ​ 2,647 Lease incentive liabilities ​ 11,434 ​ 11,539 Liabilities related to operating lease right-of-use assets (1) ​ 66,511 ​ 5,308 Prepaid rent ​ 18,295 ​ 15,923 Security deposits ​ 13,432 ​ 13,963 Environmental liabilities ​ 17,990 ​ 17,990 Deferred tax liability, net ​ 4,887 ​ 4,903 Dividends payable ​ — ​ 29,621 Derivative agreements, at fair value ​ 166 ​ — Deferred purchase price related to the acquisition of a development parcel ​ ​ 19,047 ​ ​ 19,447 Other ​ 4,062 ​ 4,094 Total other liabilities, net ​ $ 164,627 ​ $ 132,710 (1) Includes our corporate office lease at 4747 Bethesda Avenue as of March 31, 2023.

Redeemable Noncontrolling Int_2

Redeemable Noncontrolling Interests (Tables)	3 Months Ended
	Mar. 31, 2023
Redeemable Noncontrolling Interests
Summary of redeemable noncontrolling interests	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ ​ 2023 ​ 2022 ​ ​ ​ ​ ​ Consolidated ​ ​ ​ ​ ​ ​ ​ Consolidated ​ ​ ​ ​ ​ JBG ​ Real Estate ​ ​ ​ ​ JBG ​ Real Estate ​ ​ ​ ​ SMITH LP Venture Total SMITH LP Venture Total ​ (In thousands) Balance, beginning of period ​ $ 480,663 ​ $ 647 ​ $ 481,310 ​ $ 513,268 ​ $ 9,457 ​ $ 522,725 Redemptions ​ (13,782) ​ (647) ​ (14,429) ​ (6,014) ​ — ​ (6,014) LTIP Units issued in lieu of cash bonuses (1) ​ 4,456 ​ — ​ 4,456 ​ 5,597 ​ — ​ 5,597 Net income (loss) ​ 3,363 ​ — ​ 3,363 ​ (3) ​ 13 ​ 10 Other comprehensive income (loss) ​ (2,225) ​ — ​ (2,225) ​ 2,966 ​ — ​ 2,966 Distributions ​ — ​ — ​ — ​ — ​ (69) ​ (69) Share-based compensation expense ​ 9,543 ​ — ​ 9,543 ​ 12,527 ​ — ​ 12,527 Adjustment to redemption value ​ (24,240) ​ — ​ (24,240) ​ 8,384 ​ (77) ​ 8,307 Balance, end of period ​ $ 457,778 ​ $ — ​ $ 457,778 ​ $ 536,725 ​ $ 9,324 ​ $ 546,049 (1) See Note 11 for additional information.

Property Rental Revenue (Tables

Property Rental Revenue (Tables)	3 Months Ended
	Mar. 31, 2023
Property Rental Revenue
Summary of property rental revenue	​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ 2023 2022 ​ (In thousands) Fixed $ 113,071 ​ $ 120,637 Variable ​ 10,962 ​ ​ 10,961 Property rental revenue $ 124,033 ​ $ 131,598

Share-Based Payments (Tables)

Share-Based Payments (Tables)	3 Months Ended
	Mar. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Summary of share-based compensation expense	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ 2023 2022 ​ (In thousands) Time-Based LTIP Units ​ $ 5,532 ​ $ 6,126 AO LTIP Units and Performance-Based LTIP Units ​ 3,660 ​ 4,157 Other equity awards (1) ​ 1,536 ​ 1,427 Share-based compensation expense - other ​ 10,728 ​ 11,710 Formation awards, OP Units and LTIP Units (2) ​ 108 ​ 957 Special Time-Based LTIP Units and Special Performance-Based LTIP Units (3) ​ 243 ​ 1,287 Share-based compensation related to Formation Transaction and special equity awards (4) ​ 351 ​ 2,244 Total share-based compensation expense ​ 11,079 ​ 13,954 Less: amount capitalized ​ (651) ​ (1,050) Share-based compensation expense ​ $ 10,428 ​ $ 12,904 (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) RSUs and (iii) shares issued under our ESPP. (2) Includes share-based compensation expense for formation awards, 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 our 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 26.0% Risk-free interest rate 4.6% to 4.8% Post-grant restriction periods 2 years
AO 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% Dividend yield 3.2% Risk-free interest rate 4.1%

Transaction and Other Costs (Ta

Transaction and Other Costs (Tables)	3 Months Ended
	Mar. 31, 2023
Transaction and Other Costs.
Schedule of transaction and other costs	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ 2023 2022 ​ (In thousands) Completed, potential and pursued transaction expenses (1) ​ $ 47 ​ $ 732 Severance and other costs ​ 1,448 ​ 145 Demolition costs ​ ​ 977 ​ ​ 22 Transaction and other costs ​ $ 2,472 ​ $ 899 (1) Primarily consists of legal costs related to pursued transactions.

Interest Expense (Tables)

Interest Expense (Tables)	3 Months Ended
	Mar. 31, 2023
Interest Expense
Schedule of interest expense	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ 2023 2022 ​ (In thousands) Interest expense before capitalized interest ​ $ 27,908 ​ $ 18,442 Amortization of deferred financing costs ​ 1,279 ​ 1,130 Interest expense related to finance lease right-of-use assets ​ ​ — ​ ​ 1,844 Net (gain) loss on derivative financial instruments designated as ineffective hedges: ​ ​ ​ ​ Net unrealized (gain) loss ​ 2,697 ​ (3,367) Net realized loss ​ 133 ​ — Capitalized interest ​ (5,175) ​ (1,771) Interest expense ​ $ 26,842 ​ $ 16,278

Shareholders' Equity and Earn_2

Shareholders' Equity and Earnings (Loss) Per Common Share (Tables)	3 Months Ended
	Mar. 31, 2023
Shareholders' Equity and Earnings (Loss) Per Common Share
Schedule of basic and diluted earnings per common share to net income (loss)	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ ​ 2023 2022 ​ ​ (In thousands, except per share amounts) Net income (loss) ​ $ 24,310 ​ $ (77) Net income attributable to redeemable noncontrolling interests ​ (3,363) ​ (10) Net loss attributable to noncontrolling interests ​ 224 ​ 55 Net income (loss) attributable to common shareholders ​ $ 21,171 ​ $ (32) ​ ​ ​ ​ ​ ​ ​ Weighted average number of common shares outstanding - basic and diluted ​ 114,052 ​ 126,682 ​ ​ ​ ​ ​ ​ ​ Earnings (loss) per common share - basic and diluted ​ $ 0.19 ​ $ — ​

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2023
Fair Value Measurements
Summary of assets and liabilities measured at fair value on a recurring basis	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Value Measurements ​ Total Level 1 Level 2 Level 3 ​ ​ (In thousands) March 31, 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivative financial instruments designated as effective hedges: ​ ​ ​ ​ Classified as assets in "Other assets, net" ​ $ 36,381 ​ ​ — ​ $ 36,381 ​ ​ — Classified as liabilities in "Other liabilities, net" ​ ​ 166 ​ — ​ ​ 166 ​ — Derivative financial instruments designated as ineffective hedges: ​ ​ ​ ​ Classified as assets in "Other assets, net" ​ 5,308 ​ — ​ 5,308 ​ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2022 ​ ​ ​ ​ Derivative financial instruments designated as effective hedges: ​ ​ ​ ​ Classified as assets in "Other assets, net" ​ $ 53,515 ​ ​ — ​ $ 53,515 ​ ​ — Derivative financial instruments designated as ineffective hedges: ​ ​ ​ ​ Classified as assets in "Other assets, net" ​ 8,107 ​ — ​ 8,107 ​ — ​
Schedule of financial instruments and liabilities were reflected in our balance sheets	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2023 ​ December 31, 2022 ​ Carrying ​ Carrying ​ ​ ​ Amount (1) ​ Fair Value ​ Amount (1) ​ Fair Value ​ (In thousands) Financial liabilities: ​ ​ ​ ​ Mortgage loans ​ $ 1,817,915 ​ $ 1,741,108 ​ $ 1,901,875 ​ $ 1,830,651 Unsecured term loans ​ 550,000 ​ 550,929 ​ 550,000 ​ 551,369 (1) The carrying amount consists of principal only.

Segment Information (Tables)

Segment Information (Tables)	3 Months Ended
	Mar. 31, 2023
Segment Information
Schedule of components of revenue from third-party real estate services business	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ 2023 2022 ​ (In thousands) Property management fees ​ $ 4,952 ​ $ 4,808 Asset management fees ​ 1,103 ​ 1,771 Development fees ​ 1,986 ​ 3,539 Leasing fees ​ 1,356 ​ 1,839 Construction management fees ​ 340 ​ 150 Other service revenue ​ 1,224 ​ 816 Third-party real estate services revenue, excluding reimbursements ​ 10,961 ​ 12,923 Reimbursement revenue (1) ​ 11,823 ​ 11,047 Third-party real estate services revenue, including reimbursements ​ ​ 22,784 ​ ​ 23,970 Third-party real estate services expenses ​ ​ 23,823 ​ ​ 27,049 Third-party real estate services revenue less expenses ​ $ (1,039) ​ $ (3,079) ​ (1) 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	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ 2023 2022 ​ (in thousands) Net income (loss) attributable to common shareholders ​ $ 21,171 ​ $ (32) Add: ​ ​ Depreciation and amortization expense ​ 53,431 ​ 58,062 General and administrative expense: ​ ​ Corporate and other ​ 16,123 ​ 15,815 Third-party real estate services ​ 23,823 ​ 27,049 Share-based compensation related to Formation Transaction and special equity awards ​ 351 ​ 2,244 Transaction and other costs ​ 2,472 ​ 899 Interest expense ​ 26,842 ​ 16,278 Loss on the extinguishment of debt ​ — ​ 591 Income tax benefit ​ (16) ​ (471) Net income attributable to redeemable noncontrolling interests ​ 3,363 ​ 10 Net loss attributable to noncontrolling interests ​ ​ (224) ​ ​ (55) Less: ​ ​ Third-party real estate services, including reimbursements revenue ​ 22,784 ​ 23,970 Other revenue ​ 1,726 ​ 2,196 Income from unconsolidated real estate ventures, net ​ 433 ​ 3,145 Interest and other income, net ​ 4,077 ​ 14,246 Gain (loss) on the sale of real estate, net ​ 40,700 ​ (136) Consolidated NOI ​ $ 77,616 ​ $ 76,969 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, 2023 ​ Commercial Multifamily Other Total ​ (In thousands) Property rental revenue ​ $ 71,917 ​ $ 49,910 ​ $ 2,206 ​ $ 124,033 Parking revenue ​ 4,138 ​ 224 ​ 57 ​ 4,419 Total property revenue ​ 76,055 ​ 50,134 ​ 2,263 ​ 128,452 Property expense: ​ ​ ​ ​ ​ Property operating ​ 19,371 ​ 17,455 ​ (1,214) ​ 35,612 Real estate taxes ​ 9,001 ​ 5,608 ​ 615 ​ 15,224 Total property expense ​ 28,372 ​ 23,063 ​ (599) ​ 50,836 Consolidated NOI ​ $ 47,683 ​ $ 27,071 ​ $ 2,862 ​ $ 77,616 ​ ​ Three Months Ended March 31, 2022 ​ Commercial Multifamily Other Total ​ ​ (In thousands) Property rental revenue ​ $ 87,621 ​ $ 42,108 ​ $ 1,869 ​ $ 131,598 Parking revenue ​ 4,012 ​ 134 ​ 55 ​ 4,201 Total property revenue ​ 91,633 ​ 42,242 ​ 1,924 ​ 135,799 Property expense: ​ ​ ​ ​ Property operating ​ 26,202 ​ 13,755 ​ 687 ​ 40,644 Real estate taxes ​ 11,777 ​ 5,221 ​ 1,188 ​ 18,186 Total property expense ​ 37,979 ​ 18,976 ​ 1,875 ​ 58,830 Consolidated NOI ​ $ 53,654 ​ $ 23,266 ​ $ 49 ​ $ 76,969 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commercial Multifamily Other Total ​ ​ (In thousands) March 31, 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Real estate, at cost ​ $ 2,567,810 ​ $ 3,055,495 ​ $ 419,938 ​ $ 6,043,243 Investments in unconsolidated real estate ventures ​ 229,642 ​ — ​ 83,009 ​ 312,651 Total assets ​ 2,507,262 ​ 2,444,022 ​ 883,736 ​ 5,835,020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2022 ​ ​ ​ ​ Real estate, at cost ​ $ 2,754,832 ​ $ 2,986,907 ​ $ 416,343 ​ $ 6,158,082 Investments in unconsolidated real estate ventures ​ 218,723 ​ 304 ​ 80,854 ​ 299,881 Total assets ​ 2,829,576 ​ 2,483,902 ​ 589,960 ​ 5,903,438

Organization and Basis of Pre_2

Organization and Basis of Presentation - Narrative (Details) ft² in Millions, $ in Billions	3 Months Ended
	Mar. 31, 2023 USD ($) ft² item property building
Real estate properties
Number of Real Estate Properties	51
Number of key demand drivers | item	4
National Landing, Northern Virginia
Real estate properties
Percentage of operating portfolio by the entity	66.67%
Future Development
Real estate properties
Number of Real Estate Properties	20
Area of real estate property | ft²	12.5
Commercial Real Estate
Real estate properties
Number of Real Estate Properties	31
Area of real estate property | ft²	9.7
One Commercial Building
Real estate properties
Number of Real Estate Properties | building	1
Subordinated interest	10%
Four Commercial Buildings
Real estate properties
Number of Real Estate Properties | building	4
Subordinated interest	33.50%
Three Commercial Buildings
Real estate properties
Number of Real Estate Properties | building	3
Subordinated interest	49%
Multifamily
Real estate properties
Number of Real Estate Properties	18
Number of Units in Real Estate Property | item	6,756
Multifamily | Asset under Construction
Real estate properties
Number of Real Estate Properties	2
Number of Units in Real Estate Property | item	1,583
Wholly Owned Properties
Real estate properties
Number of properties for ground lease	2
Wholly Owned Properties | Future Development
Real estate properties
Area of real estate property | ft²	9.8
Wholly Owned Properties | Commercial Real Estate
Real estate properties
Area of real estate property | ft²	8.2
Wholly Owned Properties | Multifamily
Real estate properties
Number of Units in Real Estate Property | item	6,756
Wholly Owned Properties | Multifamily | Asset under Construction
Real estate properties
Number of Units in Real Estate Property | item	1,583
Virginia Tech
Real estate properties
Under-construction property value developed by Virginia Tech | $	$ 1
JBG Smith, LP
Real estate properties
Ownership interest by parent	88.50%

Dispositions - Summary of the D

Dispositions - Summary of the Disposition Activity (Details) - Disposal Group, Disposed of by Sale $ in Thousands	1 Months Ended	3 Months Ended
	Mar. 31, 2023 USD ($)	Mar. 31, 2023 USD ($)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain (Loss) on the Sale of Real Estate		$ 40,700
Development Parcel
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gross Sales Price	$ 5,500	5,500
Cash Proceeds from Sale		4,954
Gain (Loss) on the Sale of Real Estate		(53)
4747 Bethesda Avenue
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gross Sales Price	$ 196,000	196,000
Gain (Loss) on the Sale of Real Estate		$ 40,053
Percentage of ownership interest in assets sold	80%	80%
Gross valuation of assets sold	$ 245,000	$ 245,000
Other
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain (Loss) on the Sale of Real Estate		$ 700

Investments in Unconsolidated_3

Investments in Unconsolidated Real Estate Ventures - Summary of Composition of Investments (Details) $ in Thousands	1 Months Ended	3 Months Ended
	Mar. 31, 2023 USD ($) property building	Mar. 31, 2023 USD ($) property building	Dec. 31, 2022 USD ($)
Schedule of Equity Method Investments [Line Items]
Total investments in unconsolidated real estate ventures	$ 312,651	$ 312,651	$ 299,881
Difference between the investments in unconsolidated real estate ventures and the net book value of the underlying assets	$ 6,900	$ 6,900	8,900
Number of Real Estate Properties | property	51	51
One Commercial Building
Schedule of Equity Method Investments [Line Items]
Subordinated interest	10%	10%
Number of Real Estate Properties | building	1	1
Disposal Group, Disposed of by Sale | 4747 Bethesda Avenue
Schedule of Equity Method Investments [Line Items]
Percentage of ownership interest in assets sold	80%	80%
Gross Sales Price	$ 196,000	$ 196,000
Gross valuation of assets sold	$ 245,000	$ 245,000
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	$ 200,578	$ 200,578	203,529
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	$ 66,771	$ 66,771	64,803
4747 Bethesda Avenue
Schedule of Equity Method Investments [Line Items]
Ownership interest (as percent)	20%	20%
Total investments in unconsolidated real estate ventures	$ 13,799	$ 13,799
4747 Bethesda Avenue | 4747 Bethesda Avenue
Schedule of Equity Method Investments [Line Items]
Mortgage assumed due to sale of interests	$ 175,000	$ 175,000
Brandywine Realty Trust
Schedule of Equity Method Investments [Line Items]
Ownership interest (as percent)	30%	30%
Total investments in unconsolidated real estate ventures	$ 13,757	$ 13,757	13,678
CBREI Venture
Schedule of Equity Method Investments [Line Items]
Total investments in unconsolidated real estate ventures	$ 12,508	$ 12,508	12,516
CBREI Venture | Minimum
Schedule of Equity Method Investments [Line Items]
Ownership interest (as percent)	9.90%	9.90%
CBREI Venture | Maximum
Schedule of Equity Method Investments [Line Items]
Ownership interest (as percent)	10%	10%
Landmark
Schedule of Equity Method Investments [Line Items]
Ownership interest (as percent)	18%	18%
Total investments in unconsolidated real estate ventures	$ 4,669	$ 4,669	4,809
Other Investment
Schedule of Equity Method Investments [Line Items]
Total investments in unconsolidated real estate ventures	569	569	546
L'Enfant Plaza Assets
Schedule of Equity Method Investments [Line Items]
Total investments in unconsolidated real estate ventures	0	0	0
Certain Ventures
Schedule of Equity Method Investments [Line Items]
Total investments in unconsolidated real estate ventures	0	0	0
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) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Investments in Unconsolidated Real Estate Ventures
Schedule of Equity Method Investments [Line Items]
Property management fee revenue	$ 5.3	$ 5.5

Investments in Unconsolidated_5

Investments in Unconsolidated Real Estate Ventures - Summary of Debt (Details) - Mortgage loans - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Schedule of Equity Method Investments
Variable interest rate	5.47%
Variable rate amount	$ 754,281	$ 892,268
Fixed interest rate	4.43%
Fixed rate amount	$ 1,063,634	1,009,607
Debt, gross	1,817,915	1,901,875
Unamortized deferred financing costs and premium / discount, net	(15,864)	(11,701)
Long-term debt, net	$ 1,802,051	1,890,174
Investments in Unconsolidated Real Estate Ventures
Schedule of Equity Method Investments
Variable interest rate	5.90%
Variable rate amount	$ 358,768	184,099
Fixed interest rate	4.13%
Fixed rate amount	$ 60,000	60,000
Debt, gross	418,768	244,099
Unamortized deferred financing costs and premium / discount, net	(10,814)	(411)
Long-term debt, net	$ 407,954	$ 243,688

Investments in Unconsolidated_6

Investments in Unconsolidated Real Estate Ventures - Financial Information - Table (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Schedule of Equity Method Investments
Gain (loss) on sale of real estate	$ 40,700	$ (136)
Combined balance sheet information:
Real estate, net	4,687,588		$ 4,823,082
Other assets, net	158,118		117,028
TOTAL ASSETS	5,835,020		5,903,438
Mortgage loans, net	1,802,051		1,890,174
Other liabilities, net	164,627		132,710
Total liabilities	2,638,202		2,708,016
Total equity	2,707,998		2,681,887
TOTAL LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY	5,835,020		5,903,438
Combined income statement information:
Revenues	152,962	161,965
Net income (loss)	24,310	(77)
Investments in Unconsolidated Real Estate Ventures
Schedule of Equity Method Investments
Gain (loss) on sale of real estate		45,100
Combined balance sheet information:
Real estate, net	1,072,386		888,379
Other assets, net	201,713		160,015
TOTAL ASSETS	1,274,099		1,048,394
Mortgage loans, net	407,954		243,688
Other liabilities, net	54,143		54,639
Total liabilities	462,097		298,327
Total equity	812,002		750,067
TOTAL LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY	1,274,099		$ 1,048,394
Combined income statement information:
Revenues	20,033	42,874
Operating income	2,491	48,426
Net income (loss)	$ (1,720)	$ 39,283

Variable Interest Entities (Det

Variable Interest Entities (Details) $ in Thousands	Mar. 31, 2023 USD ($) item	Dec. 31, 2022 USD ($)
Variable Interest Entity [Line Items]
Assets	$ 5,835,020	$ 5,903,438
Liabilities	$ 2,638,202	2,708,016
JBG Smith, LP
Variable Interest Entity [Line Items]
Ownership interest by parent	88.50%
Unconsolidated VIEs
Variable Interest Entity [Line Items]
Equity Method Investments	$ 85,300	83,200
Consolidated VIEs
Variable Interest Entity [Line Items]
Number of consolidated variable interest entities | item	2
Assets	$ 326,000	265,500
Liabilities	$ 158,200	$ 116,300

Other Assets, Net - Summary (De

Other Assets, Net - Summary (Details) - USD ($)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Finite-Lived Intangible Assets [Line Items]
Prepaid expenses	$ 14,429,000		$ 16,440,000
Derivative agreements, at fair value	41,689,000		61,622,000
Deferred financing costs, net	5,003,000		5,516,000
Deposits	386,000		483,000
Operating lease right-of-use assets	62,688,000		1,383,000
Investments in funds	18,645,000		16,748,000
Other investments	3,563,000		3,524,000
Other	11,715,000		11,312,000
Total other assets, net	158,118,000		$ 117,028,000
Interest and Other Income (loss), Net
Finite-Lived Intangible Assets [Line Items]
Investment funds unrealized gains	2,000,000	$ 156,000
Investment funds realized losses	$ 129,000
Other investments realized gains (losses)		$ 13,900,000

Debt - Schedule of Mortgages Pa

Debt - Schedule of Mortgages Payable (Details) - Mortgage loans - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Variable interest rate	5.47%
Variable rate amount	$ 754,281	$ 892,268
Fixed interest rate	4.43%
Fixed rate amount	$ 1,063,634	1,009,607
Debt, gross	1,817,915	1,901,875
Unamortized deferred financing costs and premium/ discount, net	(15,864)	(11,701)
Long-term debt, net	$ 1,802,051	1,890,174
Weighted average interest rate cap strike	2.35%
LIBOR	4.86%
SOFR	4.80%
Other Assets Net
Debt Instrument [Line Items]
Net deferred finance costs	$ 2,100	$ 2,200

Debt - Narrative (Details)

Debt - Narrative (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended
	Jan. 31, 2023	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Mortgages and Line of Credit Facility [Line Items]
Repayments of mortgage loans		$ 133,860	$ 1,178
Mortgage loans
Mortgages and Line of Credit Facility [Line Items]
Net carrying value of real estate collateralizing the mortgages loans		$ 2,200,000		$ 2,200,000
Fixed interest rate		4.43%
Mortgage loans | Interest rate swaps and caps
Mortgages and Line of Credit Facility [Line Items]
Derivative notional amount		$ 1,200,000		1,300,000
Line of credit
Mortgages and Line of Credit Facility [Line Items]
Credit facility, maximum borrowing capacity		1,600,000		$ 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
Line of credit | Tranche A-2 Term Loan
Mortgages and Line of Credit Facility [Line Items]
Credit facility, maximum borrowing capacity		350,000
Line of credit | Tranche A-2 Term Loan - Delayed Draw Feature
Mortgages and Line of Credit Facility [Line Items]
Remaining borrowing capacity		$ 50,000
Wren And First Residence [Member] | Mortgage loans | Collateral Pledged
Mortgages and Line of Credit Facility [Line Items]
Principal amount	$ 187,600
Fixed interest rate	5.13%
2121 Crystal Drive | Mortgage loans | Collateral Pledged
Mortgages and Line of Credit Facility [Line Items]
Repayments of mortgage loans	$ 131,500
Fixed interest rate	5.51%

Debt - Summary of Amounts Outst

Debt - Summary of Amounts Outstanding under the Credit Facility (Details)	3 Months Ended
	Mar. 31, 2023 USD ($) DerivativeInstrument	Dec. 31, 2022 USD ($)
Line of Credit Facility [Line Items]
Deferred financing costs on credit facility	$ 5,003,000	$ 5,516,000
Line of credit | Revolving Credit Facility
Line of Credit Facility [Line Items]
Effective interest rate	5.95%
Facility fee (as percentage)	0.15%
SOFR	4.80%
Aggregate face amount outstanding	$ 467,000	467,000
Line of credit | Revolving Credit Facility | Other Assets Net
Line of Credit Facility [Line Items]
Deferred financing costs on credit facility	$ 2,900,000	3,300,000
Line of credit | Tranche A-1 Term Loan
Line of Credit Facility [Line Items]
Effective interest rate	2.61%
Debt, gross	$ 200,000,000	$ 200,000,000
Line of credit | Tranche A-1 Term Loan | Interest rate swap | Secured Overnight Financing Rate ("SOFR")
Line of Credit Facility [Line Items]
Weighted average interest rate	1.46%	1.46%
Line of credit | Tranche A-1 Term Loan | Interest Rate Swaps Maturing July 2024
Line of Credit Facility [Line Items]
Derivative notional amount	$ 200,000,000	$ 200,000,000
Line of credit | Tranche A-2 Term Loan
Line of Credit Facility [Line Items]
Effective interest rate	3.39%
Debt, gross	$ 350,000,000	$ 350,000,000
Line of credit | Tranche A-2 Term Loan | Forward Interest Rate Swap Effective July 2024
Line of Credit Facility [Line Items]
Number of interest rate swaps | DerivativeInstrument	2
Derivative notional amount	$ 200,000,000
Line of credit | Tranche A-2 Term Loan | Forward Interest Rate Swap Effective July 2024 | Secured Overnight Financing Rate ("SOFR")
Line of Credit Facility [Line Items]
Derivative fixed average interest rate	2.61%
Line of credit | Tranche A-2 Term Loan | Interest rate swap | London Interbank Offered Rate (LIBOR)
Line of Credit Facility [Line Items]
Weighted average interest rate	2.14%	2.14%
Line of credit | Tranche A-2 Term Loan | Interest Rate Swaps Maturing July 2024
Line of Credit Facility [Line Items]
Derivative notional amount	$ 200,000,000	$ 200,000,000
Line of credit | Tranche A-2 Term Loan | Interest Rate Swaps Maturing January 2028
Line of Credit Facility [Line Items]
Derivative notional amount	$ 150,000,000	150,000,000
Line of credit | Tranche A-2 Term Loan - Delayed Draw Feature
Line of Credit Facility [Line Items]
Commitment fee (as a percentage)	0.15%
Remaining borrowing capacity	$ 50,000,000
Line of credit | Tranche A-1 and A-2 Loans
Line of Credit Facility [Line Items]
Debt, gross	550,000,000	550,000,000
Unamortized deferred financing costs and premium / discount, net	(2,744,000)	(2,928,000)
Long-term debt, net	$ 547,256,000	$ 547,072,000

Other Liabilities, Net (Details

Other Liabilities, Net (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Other Liabilities, Net.
Lease intangible liabilities, net	$ 6,839	$ 7,275
Lease assumption liabilities	1,964	2,647
Lease incentive liabilities	11,434	11,539
Liabilities related to operating lease right-of-use assets	$ 66,511	$ 5,308
Operating Lease, Liability, Statement of Financial Position [Extensible List]	Total other liabilities, net	Total other liabilities, net
Prepaid rent	$ 18,295	$ 15,923
Security deposits	13,432	13,963
Environmental liabilities	17,990	17,990
Deferred tax liability, net	4,887	4,903
Dividends payable		29,621
Derivative agreements, at fair value	166
Deferred purchase price related to the acquisition of a development parcel	19,047	19,447
Other	4,062	4,094
Total other liabilities, net	$ 164,627	$ 132,710

Redeemable Noncontrolling Int_3

Redeemable Noncontrolling Interests - Narrative (Details)	1 Months Ended			3 Months Ended
	Apr. 30, 2023 shares	Feb. 28, 2023 item	Oct. 31, 2022 item	Mar. 31, 2023 shares	Mar. 31, 2022 shares
OP Units
Noncontrolling Interest [Line Items]
Conversion of common limited partnership units to common shares				756,356	207,882
Subsequent Event | OP Units
Noncontrolling Interest [Line Items]
Conversion of common limited partnership units to common shares	685,132
JBG Smith, LP
Noncontrolling Interest [Line Items]
Ownership interest by parent				88.50%
JBG Smith, LP | OP Units
Noncontrolling Interest [Line Items]
Units outstanding				14,800,000
Ownership interest by parent				11.50%
Consolidated Real Estate Venture
Noncontrolling Interest [Line Items]
Ownership interest by parent				100%	96%
Number of partners who redeemed interest during period | item		1	1
Interest redeemed		0.30%	3.70%

Redeemable Noncontrolling Int_4

Redeemable Noncontrolling Interests - Summary of the Activity of Redeemable Noncontrolling Interests (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Temporary Equity
Balance, beginning of period	$ 481,310	$ 522,725
Redemptions	(14,429)	(6,014)
LTIP Units issued in lieu of cash bonuses (1)	4,456	5,597
Net income (loss)	3,363	10
Other comprehensive income (loss)	(2,225)	2,966
Distributions		(69)
Share-based compensation expense	9,543	12,527
Adjustment to redemption value	(24,240)	8,307
Balance, end of period	457,778	546,049
JBG Smith, LP
Temporary Equity
Balance, beginning of period	480,663	513,268
Redemptions	(13,782)	(6,014)
LTIP Units issued in lieu of cash bonuses (1)	4,456	5,597
Net income (loss)	3,363	(3)
Other comprehensive income (loss)	(2,225)	2,966
Share-based compensation expense	9,543	12,527
Adjustment to redemption value	(24,240)	8,384
Balance, end of period	457,778	536,725
Consolidated Real Estate Venture
Temporary Equity
Balance, beginning of period	647	9,457
Redemptions	$ (647)
Net income (loss)		13
Distributions		(69)
Adjustment to redemption value		(77)
Balance, end of period		$ 9,324

Property Rental Revenue (Detail

Property Rental Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Property Rental Revenue
Fixed	$ 113,071	$ 120,637
Variable	10,962	10,961
Property rental revenue	$ 124,033	$ 131,598

Share-Based Payments - LTIP Uni

Share-Based Payments - LTIP Units and Time-Based LTIP Units (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended		3 Months Ended		12 Months Ended
	May 31, 2023	Feb. 28, 2023	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Share-based compensation arrangement by share-based payment award, equity instruments other than options
Compensation expense recognition period (in years)			2 years 9 months 18 days
Share-based compensation expense			$ 10,428	$ 12,904
Time-Based LTIP Units
Share-based compensation arrangement by share-based payment award, equity instruments other than options
Vesting period			4 years
Compensation expense recognition period (in years)			4 years
Unvested Shares
Granted (in shares)			922,459
Weighted Average Grant-Date Fair Value
Weighted average grant-date fair value (in dollars per share)			$ 17.73
LTIP and Time-Based LTIP Units
Share-based compensation arrangement by share-based payment award, equity instruments other than options
Fair value of awards on grant date			$ 20,800
Expected volatility			26%
Post-grant restriction periods			2 years
Certain Employees | LTIP Units
Share-based compensation arrangement by share-based payment award, equity instruments other than options
Share-based compensation expense					$ 4,500
Unvested Shares
Granted (in shares)		280,342
Weighted Average Grant-Date Fair Value
Vested grant-date fair value (in dollars per share)		$ 15.90
Trustees | Subsequent Event | LTIP Units
Unvested Shares
Granted (in shares)	155,523
Weighted Average Grant-Date Fair Value
Vested grant-date fair value (in dollars per share)	$ 11.30
Minimum | LTIP and Time-Based LTIP Units
Share-based compensation arrangement by share-based payment award, equity instruments other than options
Risk-free interest rate			4.60%
Maximum | LTIP and Time-Based LTIP Units
Share-based compensation arrangement by share-based payment award, equity instruments other than options
Risk-free interest rate			4.80%

Share-Based Payments - AO LTIP

Share-Based Payments - AO LTIP Units (Details) - AO LTIP Units - USD ($) $ / shares in Units, shares in Millions, $ in Millions	1 Months Ended	3 Months Ended
	Jan. 31, 2023	Mar. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award
Vesting period	3 years
Award term	10 years
Fair value of awards on grant date		$ 6.4
Expected volatility		30%
Dividend yield		3.20%
Risk-free interest rate		4.10%
Units earned (as a percent)	25%
Threshold Price of Common Share At Conversion of Awards	$ 20.83
Unvested Shares
Granted (in shares)	1.7
Weighted Average Grant-Date Fair Value
Weighted average grant-date fair value (in dollars per share)	$ 3.73
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, 2023 shares
Performance LTIP Units
Unvested Shares
Units forfeited	470,773

Share-Based Payments - Restrict

Share-Based Payments - Restricted Share Units ("RSUs") (Details) - USD ($) $ / shares in Units, $ in Millions	1 Months Ended	3 Months Ended
	Jan. 31, 2023	Mar. 31, 2023
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award
Fair value of awards on grant date		$ 1.5
Time-Based RSUs
Unvested Shares
Granted (in shares)	78,681
Weighted Average Grant-Date Fair Value
Granted (in dollars per share)	$ 18.94

Share-Based Payments - Summary

Share-Based Payments - Summary of Share-Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award
Total share-based compensation expense	$ 11,079	$ 13,954
Less amount capitalized	(651)	(1,050)
Share-based compensation expense	10,428	12,904
Total unrecognized compensation expense	$ 53,200
Compensation expense recognition period (in years)	2 years 9 months 18 days
Share Based Compensation - Other
Share-based Compensation Arrangement by Share-based Payment Award
Total share-based compensation expense	$ 10,728	11,710
Time-Based LTIP Units
Share-based Compensation Arrangement by Share-based Payment Award
Total share-based compensation expense	$ 5,532	6,126
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	$ 3,660	4,157
Other Equity Awards
Share-based Compensation Arrangement by Share-based Payment Award
Total share-based compensation expense	1,536	1,427
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	351	2,244
Formation awards, OP Units and LTIP Units
Share-based Compensation Arrangement by Share-based Payment Award
Total share-based compensation expense	108	957
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	$ 243	$ 1,287

Transaction and Other Costs (De

Transaction and Other Costs (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Transaction and Other Costs.
Completed, potential and pursued transaction expenses	$ 47	$ 732
Severance and other costs	1,448	145
Demolition costs	977	22
Transaction and other costs	$ 2,472	$ 899

Interest Expense (Details)

Interest Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Interest Expense
Interest expense before capitalized interest	$ 27,908	$ 18,442
Amortization of deferred financing costs	1,279	1,130
Interest expense related to finance lease right-of-use assets		1,844
Net (gain) loss on derivative financial instruments designated as ineffective hedges:
Net unrealized (gain) loss	2,697	(3,367)
Net realized loss	133
Capitalized interest	(5,175)	(1,771)
Interest expense	$ 26,842	$ 16,278

Shareholders' Equity and Earn_3

Shareholders' Equity and Earnings (Loss) Per Common Share - Common Shares Repurchased (Details) - USD ($) $ / shares in Units, $ in Thousands, shares in Millions	1 Months Ended	3 Months Ended		37 Months Ended
	May 09, 2023	Mar. 31, 2023	Mar. 31, 2022	Mar. 31, 2023
Sale of stock
Authorized value of shares for repurchase	$ 1,500,000	$ 1,000,000		$ 1,000,000
Repurchase and retired common shares		1.2	3.3	24.5
Repurchase and retired common shares, Value		$ 20,100	$ 93,100	$ 643,600
Average purchase price		$ 16.66	$ 27.86	$ 26.25
Common shares repurchased		$ 20,098	$ 93,148
Subsequent Event
Sale of stock
Repurchase and retired common shares	2.8
Repurchase and retired common shares, Value	$ 40,100
Average purchase price	$ 14.16

Shareholders' Equity and Earn_4

Shareholders' Equity and Earnings (Loss) Per Common Share - Basic and Diluted Earnings (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Shareholders' Equity and Earnings (Loss) Per Common Share
Net income (loss)	$ 24,310	$ (77)
Net income attributable to redeemable noncontrolling interests	(3,363)	(10)
Net loss attributable to noncontrolling interests	224	55
Net income (loss) attributable to common shareholders	$ 21,171	$ (32)
Weighted average number of common shares outstanding - basic	114,052	126,682
Weighted average number of common shares outstanding - diluted	114,052	126,682
Earnings (loss) per common share - basic	$ 0.19
Earnings (loss) per common share - diluted	$ 0.19

Shareholders' Equity and Earn_5

Shareholders' Equity and Earnings (Loss) Per Common Share - Antidilutive (Details) - $ / shares shares in Millions		3 Months Ended
	May 04, 2023	Mar. 31, 2023	Mar. 31, 2022
Antidilutive securities excluded from computation of earnings per share
Antidilutive securities excluded from computation of earnings per share (in shares)		5.5	6
Subsequent Event
Antidilutive securities excluded from computation of earnings per share
Dividends cash declared	$ 0.225

Fair Value Measurements - Narra

Fair Value Measurements - Narrative (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Fair Value Measurements
Net unrealized gain (loss) on derivative designated as effective hedge	$ 37.1	$ 55
Gain (loss) expected to be reclassified into interest expense within the next 12 months	$ 26

Fair Value Measurements - Sched

Fair Value Measurements - Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis (Details) - Interest rate swaps and caps - Recurring - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
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	$ 36,381	$ 53,515
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	36,381	53,515
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	5,308	8,107
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	5,308	$ 8,107
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	166
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	$ 166

Fair Value Measurements - Finan

Fair Value Measurements - Financial Assets and Liabilities Not Measured at Fair Value (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Mortgage loans | Fair Value
Financial liabilities:
Financial liabilities	$ 1,741,108	$ 1,830,651
Mortgage loans | Carrying Amount
Financial liabilities:
Financial liabilities	1,817,915	1,901,875
Unsecured term loans | Fair Value
Financial liabilities:
Financial liabilities	550,929	551,369
Unsecured term loans | Carrying Amount
Financial liabilities:
Financial liabilities	$ 550,000	$ 550,000

Segment Information - Narrative

Segment Information - Narrative (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2023 USD ($) segment	Dec. 31, 2022 USD ($)
Segment Reporting Information
Number of reportable segments | segment	3
Intangible assets, net	$ 149,243	$ 162,246
Third-Party Real Estate Services Segment
Segment Reporting Information
Intangible assets, net	$ 12,200	$ 13,700

Segment Information - Summary o

Segment Information - Summary of Third-party Asset Management and Real Estate Services (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Segment Reporting Information
Third-party real estate services revenue, excluding reimbursements	$ 10,961	$ 12,923
Reimbursement revenue	11,823	11,047
Third-party real estate services revenue, including reimbursements	22,784	23,970
Third-party real estate services expenses	23,823	27,049
Third-party real estate services revenue less expenses	(1,039)	(3,079)
Property management fees
Segment Reporting Information
Third-party real estate services revenue, excluding reimbursements	4,952	4,808
Asset management fees
Segment Reporting Information
Third-party real estate services revenue, excluding reimbursements	1,103	1,771
Development fees
Segment Reporting Information
Third-party real estate services revenue, excluding reimbursements	1,986	3,539
Leasing fees
Segment Reporting Information
Third-party real estate services revenue, excluding reimbursements	1,356	1,839
Construction management fees
Segment Reporting Information
Third-party real estate services revenue, excluding reimbursements	340	150
Other service revenue
Segment Reporting Information
Third-party real estate services revenue, excluding reimbursements	$ 1,224	$ 816

Segment Information - Schedule

Segment Information - Schedule of Reconciliation of Net Income (Loss) Attributable to Common Shareholders to Consolidated NOI (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Segment Information
Net income (loss) attributable to common shareholders	$ 21,171	$ (32)
Depreciation and amortization expense	53,431	58,062
Corporate and other	16,123	15,815
Third-party real estate services	23,823	27,049
Share-based compensation related to Formation Transaction and special equity awards	351	2,244
Transaction and other costs	2,472	899
Interest expense	26,842	16,278
Loss on the extinguishment of debt		591
Income tax benefit	(16)	(471)
Net income attributable to redeemable noncontrolling interests	3,363	10
Net loss attributable to noncontrolling interests	(224)	(55)
Third-party real estate services, including reimbursements revenue	22,784	23,970
Other revenue	1,726	2,196
Income from unconsolidated real estate ventures, net	433	3,145
Interest and other income, net	4,077	14,246
Gain (loss) on the sale of real estate, net	40,700	(136)
Consolidated NOI	$ 77,616	$ 76,969

Segment Information - Summary_2

Segment Information - Summary of NOI by Segment (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Segment Reporting Information
Property rental revenue	$ 124,033	$ 131,598
Total property revenue	128,452	135,799
Property operating	35,612	40,644
Real estate taxes	15,224	18,186
Total property expense	50,836	58,830
Consolidated NOI	77,616	76,969
Parking
Segment Reporting Information
Revenue	4,419	4,201
Operating Segments | Commercial Segment
Segment Reporting Information
Property rental revenue	71,917	87,621
Total property revenue	76,055	91,633
Property operating	19,371	26,202
Real estate taxes	9,001	11,777
Total property expense	28,372	37,979
Consolidated NOI	47,683	53,654
Operating Segments | Commercial Segment | Parking
Segment Reporting Information
Revenue	4,138	4,012
Operating Segments | Multifamily Segment
Segment Reporting Information
Property rental revenue	49,910	42,108
Total property revenue	50,134	42,242
Property operating	17,455	13,755
Real estate taxes	5,608	5,221
Total property expense	23,063	18,976
Consolidated NOI	27,071	23,266
Operating Segments | Multifamily Segment | Parking
Segment Reporting Information
Revenue	224	134
Other
Segment Reporting Information
Property rental revenue	2,206	1,869
Total property revenue	2,263	1,924
Property operating	(1,214)	687
Real estate taxes	615	1,188
Total property expense	(599)	1,875
Consolidated NOI	2,862	49
Other | Parking
Segment Reporting Information
Revenue	$ 57	$ 55

Segment Information - Summary_3

Segment Information - Summary of Certain Balance Sheet Data by Segment (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Segment Reporting Information
Real estate, at cost	$ 6,043,243	$ 6,158,082
Investments in unconsolidated real estate ventures	312,651	299,881
Total assets	5,835,020	5,903,438
Operating Segments | Commercial Segment
Segment Reporting Information
Real estate, at cost	2,567,810	2,754,832
Investments in unconsolidated real estate ventures	229,642	218,723
Total assets	2,507,262	2,829,576
Operating Segments | Multifamily Segment
Segment Reporting Information
Real estate, at cost	3,055,495	2,986,907
Investments in unconsolidated real estate ventures		304
Total assets	2,444,022	2,483,902
Other
Segment Reporting Information
Real estate, at cost	419,938	416,343
Investments in unconsolidated real estate ventures	83,009	80,854
Total assets	$ 883,736	$ 589,960

Commitments and Contingencies -

Commitments and Contingencies - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Real estate properties
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	$ 346,500
Construction commitment period	3 years
Environmental liabilities included in Other liabilities, net	$ 17,990	$ 17,990
Tenant-related obligations	60,600
Consolidated Properties
Real estate properties
Tenant-related obligations	58,600
Principal payment guarantees	8,300
Unconsolidated Properties
Real estate properties
Tenant-related obligations	2,000
Additional capital funding committed amount	62,600
Principal payment guarantees	$ 0

Transactions with Related Par_2

Transactions with Related Parties (Details) - USD ($)	1 Months Ended	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Disposal Group, Disposed of by Sale | 4747 Bethesda Avenue
Transactions with Related Parties
Percentage of ownership interest in assets sold	80%	80%
Affiliated Entity | Washington Housing Initiative
Transactions with Related Parties
Completed capital commitments	$ 114,400,000	$ 114,400,000
Commitment	11,200,000	11,200,000
Remaining unfunded commitment	4,300,000	4,300,000
Affiliated Entity | Supervisory Services of Properties | BMS
Transactions with Related Parties
Related party payments		2,400,000	$ 3,100,000
Affiliated Entity | Fees from Legacy JBG Funds and Washington Housing Initiative | Legacy JBG Funds and Washington Housing Initiative
Transactions with Related Parties
Revenue from related parties		5,000,000	$ 5,500,000
Receivables	$ 5,200,000	5,200,000		$ 4,500,000
Affiliated Entity | Office Rent | Unconsolidated Real Estate Ventures
Transactions with Related Parties
Related party payments		$ 158,000