JBG SMITH Properties (JBGS) 10-Q 7 Nov 23 2023 Q3 Quarterly report Financial data

Cover Page

Cover Page - shares	9 Months Ended
	Sep. 30, 2023	Nov. 03, 2023
Cover page.
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 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		95,700,250
Entity Central Index Key	0001689796
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q3
Amendment Flag	false

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Real estate, at cost:
Land and improvements	$ 1,207,873	$ 1,302,569
Buildings and improvements	4,037,280	4,310,821
Construction in progress, including land	709,878	544,692
Real estate, at cost	5,955,031	6,158,082
Less: accumulated depreciation	(1,355,355)	(1,335,000)
Real estate, net	4,599,676	4,823,082
Cash and cash equivalents	130,522	241,098
Restricted cash	38,257	32,975
Tenant and other receivables	44,080	56,304
Deferred rent receivable	171,121	170,824
Investments in unconsolidated real estate ventures	296,397	299,881
Intangible assets, net	139,876	162,246
Other assets, net	217,903	117,028
Assets held for sale	28,336	0
TOTAL ASSETS	5,666,168	5,903,438
Liabilities:
Mortgage loans, net	1,727,133	1,890,174
Revolving credit facility	92,000
Term loans, net	716,953	547,072
Accounts payable and accrued expenses	135,085	138,060
Other liabilities, net	145,550	132,710
Total liabilities	2,816,721	2,708,016
Commitments and contingencies
Redeemable noncontrolling interests	444,361	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; 97,717 and 114,013 shares issued and outstanding as of September 30, 2023 and December 31, 2022	978	1,141
Additional paid-in capital	3,043,036	3,263,738
Accumulated deficit	(722,847)	(628,636)
Accumulated other comprehensive income	51,668	45,644
Total shareholders' equity of JBG SMITH Properties	2,372,835	2,681,887
Noncontrolling interests	32,251	32,225
Total equity	2,405,086	2,714,112
TOTAL LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY	$ 5,666,168	$ 5,903,438

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares shares in Thousands	Sep. 30, 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	97,717	114,013
Common shares, shares outstanding	97,717	114,013

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
REVENUE
Property rental	$ 120,294	$ 119,811	$ 364,919	$ 368,445
Third-party real estate services, including reimbursements	23,942	21,845	69,588	67,972
Other revenue	7,326	5,958	22,112	18,667
Total revenue	151,562	147,614	456,619	455,084
EXPENSES
Depreciation and amortization	50,265	50,056	152,914	157,597
Property operating	37,588	36,380	109,112	112,469
Real estate taxes	14,413	14,738	44,061	47,870
General and administrative:
Corporate and other	11,246	12,072	42,462	42,669
Third-party real estate services	21,405	21,230	67,333	72,422
Share-based compensation related to Formation Transaction and special equity awards	46	548	397	4,369
Transaction and other costs	1,830	1,746	7,794	4,632
Total expenses	136,793	136,770	424,073	442,028
OTHER INCOME (EXPENSE)
Loss from unconsolidated real estate ventures, net	(2,263)	(13,867)	(1,320)	(12,829)
Interest and other income, net	7,774	984	14,132	16,902
Interest expense	(27,903)	(17,932)	(80,580)	(50,251)
Gain on the sale of real estate, net	906		41,606	158,631
Loss on the extinguishment of debt		(1,444)	(450)	(3,073)
Impairment loss	(59,307)		(59,307)
Total other income (expense)	(80,793)	(32,259)	(85,919)	109,380
INCOME (LOSS) BEFORE INCOME TAX EXPENSE	(66,024)	(21,415)	(53,373)	122,436
Income tax expense	(77)	(166)	(672)	(2,600)
NET INCOME (LOSS)	(66,101)	(21,581)	(54,045)	119,836
Net (income) loss attributable to redeemable noncontrolling interests	7,926	2,546	5,961	(15,712)
Net (income) loss attributable to noncontrolling interests	168	(258)	703	(174)
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON SHAREHOLDERS	$ (58,007)	$ (19,293)	$ (47,381)	$ 103,950
EARNINGS (LOSS) PER COMMON SHARE:
EARNINGS (LOSS) PER COMMON SHARE - BASIC	$ (0.58)	$ (0.17)	$ (0.45)	$ 0.86
EARNINGS (LOSS) PER COMMON SHARE - DILUTED	$ (0.58)	$ (0.17)	$ (0.45)	$ 0.86
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING - BASIC	101,445	114,360	108,351	120,741
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING - DILUTED	101,445	114,360	108,351	120,741

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Condensed Consolidated Statements of Comprehensive Income
NET INCOME (LOSS)	$ (66,101)	$ (21,581)	$ (54,045)	$ 119,836
OTHER COMPREHENSIVE INCOME:
Change in fair value of derivative financial instruments	19,679	32,939	32,499	65,259
Reclassification of net (income) loss on derivative financial instruments from accumulated other comprehensive income into interest expense	(9,470)	(333)	(24,820)	6,214
Total other comprehensive income	10,209	32,606	7,679	71,473
COMPREHENSIVE INCOME (LOSS)	(55,892)	11,025	(46,366)	191,309
Net (income) loss attributable to redeemable noncontrolling interests	7,926	2,546	5,961	(15,712)
Net (income) loss attributable to noncontrolling interests	168	(258)	703	(174)
Other comprehensive income attributable to redeemable noncontrolling interests	(1,346)	(4,376)	(902)	(8,653)
Other comprehensive income attributable to noncontrolling interests	(686)		(753)
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO JBG SMITH PROPERTIES	$ (49,830)	$ 8,937	$ (41,357)	$ 166,770

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			103,950		174	104,124
Redemption of OP units for common shares	$ 5	12,662				12,667
Redemption of OP units for common shares (in shares)	493
Common shares repurchased	$ (142)	(360,900)				$ (361,042)
Repurchase and retired common shares	(14,151)					(14,200)
Common shares issued pursuant to employee incentive compensation plan and ESPP		1,806				$ 1,806
Common shares issued pursuant to employee incentive compensation plan and ESPP (in shares)	44
Dividends declared on common shares			(53,407)			(53,407)
Distributions from noncontrolling interests, net					9,209	9,209
Redeemable noncontrolling interests redemption value adjustment and total other comprehensive income allocation		72,175		(8,653)		63,522
Total other comprehensive income				71,473		71,473
Balance at end of period (in shares) at Sep. 30, 2022	113,764
Balance at end of period at Sep. 30, 2022	$ 1,138	3,265,659	(558,788)	46,870	31,890	2,786,769
Balance at beginning of period at Jun. 30, 2022	$ 1,160	3,285,511	(513,746)	18,640	31,640	2,823,205
Balance at beginning of period (in shares) at Jun. 30, 2022	115,862
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss) attributable to common shareholders and noncontrolling interests			(19,293)		258	(19,035)
Redemption of OP units for common shares	$ 2	4,889				4,891
Redemption of OP units for common shares (in shares)	213
Common shares repurchased	$ (24)	(53,979)				$ (54,003)
Repurchase and retired common shares	(2,311)					(2,300)
Common shares issued pursuant to employee incentive compensation plan and ESPP		377				$ 377
Dividends declared on common shares			(25,749)			(25,749)
Distributions from noncontrolling interests, net					(8)	(8)
Redeemable noncontrolling interests redemption value adjustment and total other comprehensive income allocation		28,861		(4,376)		24,485
Total other comprehensive income				32,606		32,606
Balance at end of period (in shares) at Sep. 30, 2022	113,764
Balance at end of period at Sep. 30, 2022	$ 1,138	3,265,659	(558,788)	46,870	31,890	2,786,769
Balance at beginning of period at 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			(47,381)		(703)	$ (48,084)
Redemption of OP units for common shares	$ 21	33,089				33,110
Redemption of OP units for common shares (in shares)	2,068
Common shares repurchased	$ (184)	(276,500)				$ (276,684)
Repurchase and retired common shares	(18,446)					(18,400)
Common shares issued pursuant to employee incentive compensation plan and ESPP		1,865				$ 1,865
Common shares issued pursuant to employee incentive compensation plan and ESPP (in shares)	82
Dividends declared on common shares			(46,830)			(46,830)
Distributions to noncontrolling interests, net					(24)	(24)
Redeemable noncontrolling interests redemption value adjustment and total other comprehensive income allocation		20,844		(902)		19,942
Total other comprehensive income				7,679		7,679
Other comprehensive income attributable to noncontrolling interests				(753)	753	$ (753)
Balance at end of period (in shares) at Sep. 30, 2023	97,717					97,717
Balance at end of period at Sep. 30, 2023	$ 978	3,043,036	(722,847)	51,668	32,251	$ 2,405,086
Balance at beginning of period at Jun. 30, 2023	$ 1,052	3,156,511	(641,813)	43,491	31,741	2,590,982
Balance at beginning of period (in shares) at Jun. 30, 2023	105,139
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss) attributable to common shareholders and noncontrolling interests			(58,007)		(168)	(58,175)
Redemption of OP units for common shares	$ 5	7,597				7,602
Redemption of OP units for common shares (in shares)	491
Common shares repurchased	$ (79)	(120,760)				$ (120,839)
Repurchase and retired common shares	(7,920)					(7,900)
Common shares issued pursuant to employee incentive compensation plan and ESPP		69				$ 69
Common shares issued pursuant to employee incentive compensation plan and ESPP (in shares)	7
Dividends declared on common shares			(23,027)			(23,027)
Distributions to noncontrolling interests, net					(8)	(8)
Redeemable noncontrolling interests redemption value adjustment and total other comprehensive income allocation		(381)		(1,346)		(1,727)
Total other comprehensive income				10,209		10,209
Other comprehensive income attributable to noncontrolling interests				(686)	686	$ (686)
Balance at end of period (in shares) at Sep. 30, 2023	97,717					97,717
Balance at end of period at Sep. 30, 2023	$ 978	$ 3,043,036	$ (722,847)	$ 51,668	$ 32,251	$ 2,405,086

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Equity (Parenthetical) - $ / shares	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Condensed Consolidated Statements of Equity
Dividends cash declared	$ 0.225	$ 0.225	$ 0.45	$ 0.45

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
OPERATING ACTIVITIES:
Net income (loss)	$ (54,045)	$ 119,836
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Share-based compensation expense	27,011	32,324
Depreciation and amortization expense, including amortization of deferred financing costs	156,841	160,797
Deferred rent	(20,594)	(14,764)
Loss from unconsolidated real estate ventures, net	1,320	12,829
Amortization of market lease intangibles, net	(767)	(874)
Amortization of lease incentives	1,812	6,175
Loss on the extinguishment of debt	450	3,073
Impairment loss	59,307
Gain on the sale of real estate, net	(41,606)	(158,631)
(Income) loss on operating lease and other receivables	(67)	1,392
Income from investments, net	(1,163)	(14,733)
Return on capital from unconsolidated real estate ventures	12,633	8,483
Other non-cash items	8,586	(7,352)
Changes in operating assets and liabilities:
Tenant and other receivables	12,223	(5,044)
Other assets, net	(22,305)	(20,552)
Accounts payable and accrued expenses	(18,129)	(3,648)
Other liabilities, net	(6,614)	11,055
Net cash provided by operating activities	114,893	130,366
INVESTING ACTIVITIES:
Development costs, construction in progress and real estate additions	(241,336)	(218,835)
Acquisition of real estate	(19,551)	(15,232)
Deposits for real estate and other acquisitions		(1,750)
Proceeds from the sale of real estate	162,092	923,108
Proceeds from the sale of investments		19,030
Proceeds from derivative financial instruments	465
Payments on derivative financial instruments	(9,830)
Distributions of capital from unconsolidated real estate ventures and other investments	9,264	54,759
Investments in unconsolidated real estate ventures and other investments	(24,344)	(86,678)
Net cash (used in) provided by investing activities	(123,240)	674,402
FINANCING ACTIVITIES:
Borrowings under mortgage loans	287,582	134,263
Borrowings under revolving credit facility	247,000	100,000
Borrowings under term loans	170,000	150,000
Repayments of mortgage loans	(280,135)	(268,627)
Repayments of revolving credit facility	(155,000)	(300,000)
Proceeds from derivative financial instruments	9,600
Payments on derivative financial instruments	(465)
Debt issuance and modification costs	(17,579)	(5,135)
Redemption of partner's noncontrolling interest	(647)
Proceeds from common shares issued pursuant to ESPP	665	800
Common shares repurchased	(273,851)	(361,042)
Dividends paid to common shareholders	(72,483)	(82,072)
Distributions to redeemable noncontrolling interests	(11,619)	(12,398)
Distributions to noncontrolling interests	(15)	(166)
Contributions from noncontrolling interests		9,383
Net cash used in financing activities	(96,947)	(634,994)
Net (decrease) increase in cash and cash equivalents, and restricted cash	(105,294)	169,774
Cash and cash equivalents, and restricted cash, beginning of period	274,073	302,095
Cash and cash equivalents, and restricted cash, end of period	168,779	471,869
SUPPLEMENTAL DISCLOSURE OF CASH FLOW AND NON-CASH INFORMATION:
Cash paid for interest (net of capitalized interest of $11,013 and $6,816 in 2023 and 2022)	65,416	52,620
Accrued capital expenditures included in accounts payable and accrued expenses	80,946	74,735
Write-off of fully depreciated assets	3,489	10,642
Conversion of OP Units to common shares	33,110	12,667
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	$ 3,567	$ 1,638

Condensed Consolidated Statem_6

Condensed Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
CASH AND CASH EQUIVALENTS, AND RESTRICTED CASH, END OF PERIOD:
Cash and cash equivalents	$ 130,522	$ 258,871
Restricted cash	38,257	212,998
Cash and cash equivalents, and restricted cash	168,779	471,869
Capitalized interest	$ 11,013	$ 6,816

Organization and Basis of Prese

Organization and Basis of Presentation	9 Months Ended
	Sep. 30, 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, operates, invests in and develops mixed-use properties in high growth and high barrier-to-entry submarkets in and around Washington, D.C. Through an intense focus on placemaking, JBG SMITH cultivates vibrant, amenity-rich, walkable neighborhoods throughout the Washington, D.C. metropolitan area. Approximately two-thirds Substantially all our assets are held by, and our operations are conducted through, JBG SMITH Properties LP ("JBG SMITH LP"), our operating partnership. As of September 30, 2023, JBG SMITH, as its sole general partner, controlled JBG SMITH LP and owned 87.7% of its OP Units, after giving effect to the conversion of certain vested long-term incentive partnership units ("LTIP Units") that are convertible into OP Units. JBG SMITH is referred to herein as "we," "us," "our" or other similar terms. References to "our share" refer to our ownership percentage of consolidated and unconsolidated assets in real estate ventures, but exclude our: (i) 10.0% subordinated interest in one commercial building, (ii) 33.5% subordinated interest in four commercial buildings (the "Fortress Assets") and (iii) 49.0% interest in three commercial buildings (the "L'Enfant Plaza Assets"), as well as the associated non-recourse mortgage loans, held through unconsolidated real estate ventures; these interests and debt are excluded because our investment in each real estate venture is zero, we do not anticipate receiving any near-term cash flow distributions from the real estate ventures, and we have not guaranteed their obligations or otherwise committed to providing financial support. We were organized for the purpose of receiving, via the spin-off on July 17, 2017 (the "Separation"), substantially all of the assets and liabilities of Vornado Realty Trust's ("Vornado") Washington, D.C. segment. On July 18, 2017, we acquired the management business, and certain assets and liabilities of JBG (the "Combination"). The Separation and the Combination are collectively referred to as the "Formation Transaction." As of September 30, 2023, our Operating Portfolio consisted of 48 operating assets comprising 30 commercial assets totaling 9.2 million square feet (8.1 million square feet at our share), 16 multifamily assets totaling 6,318 units (6,318 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 and nine months ended September 30, 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 September 30, 2023 and December 31, 2022, and for the three and nine months ended September 30, 2023 and 2022. References to our balance sheets refer to our condensed consolidated balance sheets as of September 30, 2023 and December 31, 2022. References to our statements of operations refer to our condensed consolidated statements of operations for the three and nine months ended September 30, 2023 and 2022. References to our statements of comprehensive income (loss) refer to our condensed consolidated statements of comprehensive income (loss) for the three and nine months ended September 30, 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	9 Months Ended
	Sep. 30, 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. As of September 30, 2023, we have converted all our London Interbank Offered Rate-indexed debt and derivative financial instruments to Secured Overnight Financing Rate ("SOFR")-based indexes. For all derivative financial instruments designated as effective hedges, we utilized the elective relief in Topic 848 that allows for the continuation of hedge accounting through the transition process.

Acquisition, Dispositions and A

Acquisition, Dispositions and Assets Held for Sale	9 Months Ended
	Sep. 30, 2023
Acquisition, Dispositions and Assets Held for Sale
Acquisition, Dispositions and Assets Held for Sale	3. Acquisition During the nine months ended September 30, 2023, we paid the deferred purchase price of $19.6 million related to the 2020 acquisition of a development parcel, formerly the Americana hotel. Dispositions The following is a summary of activity for the nine months ended September 30, 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gain (Loss) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gross ​ Cash ​ on the Sale ​ ​ ​ ​ ​ ​ ​ ​ Total ​ Sales ​ Proceeds ​ of Real Date Disposed Assets Segment Location Units 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 September 20, 2023 ​ Falkland Chase-South & West and Falkland Chase-North ​ Multifamily ​ Silver Spring, Maryland ​ 438 ​ ​ 95,000 ​ ​ 93,094 ​ ​ 1,208 ​ ​ Other (2) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 398 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 41,606 (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) Related to prior period dispositions. Assets Held for Sale The following is a summary of assets held for sale as of September 30, 2023. There were no assets held for sale as of December 31, 2022. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total ​ Assets Held Assets Segment Location Square Feet for Sale ​ ​ ​ ​ ​ ​ (In thousands) 5 M Street Southwest (1) ​ Other ​ Washington, D.C. ​ 665 ​ $ 28,336 (1) Sold on October 4, 2023 for $29.5 million. Total square feet represent estimated potential development density.

Investments in Unconsolidated R

Investments in Unconsolidated Real Estate Ventures	9 Months Ended
	Sep. 30, 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) September 30, 2023 December 31, 2022 ​ ​ ​ ​ (In thousands) Prudential Global Investment Management 50.0% ​ $ 196,389 ​ $ 203,529 J.P. Morgan Global Alternatives ("J.P. Morgan") (2) ​ 50.0% ​ ​ 69,860 ​ ​ 64,803 4747 Bethesda Venture (3) ​ 20.0% ​ ​ 13,349 ​ ​ — Brandywine Realty Trust 30.0% ​ 13,756 ​ 13,678 CBREI Venture (4) 9.9% ​ 464 ​ 12,516 Landmark Partners (5) 18.0% ​ 1,992 ​ 4,809 Other ​ ​ 587 ​ ​ 546 Total investments in unconsolidated real estate ventures (6) (7) ​ ​ ​ $ 296,397 ​ $ 299,881 (1) Reflects our effective ownership interests in the underlying real estate as of September 30, 2023. We have multiple investments with certain venture partners 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. In connection with the transaction, the real estate venture assumed the related $175.0 million mortgage loan. (4) In connection with the preparation and review of the third quarter 2023 financial statements, an impairment loss of $3.3 million associated with a commercial asset located in Washington, D.C. was included in "Loss from unconsolidated real estate ventures, net" in our statements of operations for the three and nine months ended September 30, 2023. (5) 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. (6) 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. (7) As of September 30, 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 $5.4 million and $16.3 million for the three and nine months ended September 30, 2023, and $6.1 million and $18.2 million for the three and nine months ended September 30, 2022 for such services. The following is a summary of disposition activity by our unconsolidated real estate ventures: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Mortgage ​ Proportionate ​ ​ Real Estate ​ ​ ​ ​ ​ Gross ​ Loans ​ Share of ​ ​ Venture ​ ​ ​ Ownership ​ Sales ​ Repaid by ​ Aggregate Date Disposed Partner ​ Assets ​ Percentage Price ​ Venture ​ Gain ​ ​ ​ ​ ​ ​ ​ ​ (In thousands) August 24, 2023 ​ CBREI Venture ​ Stonebridge at Potomac Town Center ​ 10.0% ​ $ 172,500 ​ $ 79,600 ​ $ 641 ​ The following is a summary of the debt of our unconsolidated real estate ventures: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ ​ ​ ​ ​ Average Effective ​ ​ ​ Interest Rate (1) September 30, 2023 December 31, 2022 ​ ​ ​ ​ (In thousands) Variable rate (2) 6.19% ​ $ 278,175 ​ $ 184,099 Fixed rate (3) 4.13% ​ 60,000 ​ 60,000 Mortgage loans (4) ​ ​ ​ 338,175 ​ 244,099 Unamortized deferred financing costs and premium / discount, net ​ ​ ​ (9,252) ​ (411) Mortgage loans, net (4) (5) ​ ​ ​ $ 328,923 ​ $ 243,688 (1) Weighted average effective interest rate as of September 30, 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: ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2023 December 31, 2022 ​ (In thousands) Combined balance sheet information: (1) ​ ​ ​ ​ ​ ​ Real estate, net ​ $ 879,369 ​ $ 888,379 Other assets, net ​ 170,007 ​ 160,015 Total assets ​ $ 1,049,376 ​ $ 1,048,394 ​ ​ ​ ​ ​ ​ ​ Mortgage loans, net ​ $ 328,923 ​ $ 243,688 Other liabilities, net ​ 47,424 ​ 54,639 Total liabilities ​ 376,347 ​ 298,327 Total equity ​ 673,029 ​ 750,067 Total liabilities and equity ​ $ 1,049,376 ​ $ 1,048,394 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended September 30, ​ Nine Months Ended September 30, ​ 2023 2022 X 2023 2022 ​ (In thousands) Combined income statement information: (1) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total revenue ​ $ 23,570 ​ $ 40,881 ​ $ 68,555 ​ $ 125,135 Operating income (loss) (2) ​ ​ (20,584) ​ ​ (7,468) ​ (13,005) ​ 77,066 Net income (loss) (2) ​ ​ (27,622) ​ ​ (15,034) ​ (31,557) ​ 49,376 (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 and nine months ended September 30, 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 Stonebridge at Potomac Town Center of $4.6 million for the three and nine months ended September 30, 2023. Includes the gain on the sale of various assets totaling $77.4 million during the nine months ended September 30, 2022. Includes impairment losses of $30.1 million and $16.1 million during the three and nine months ended September 30, 2023 and 2022.

Variable Interest Entities

Variable Interest Entities	9 Months Ended
	Sep. 30, 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 September 30, 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 September 30, 2023 and December 31, 2022, the net carrying amounts of our investment in these entities were $85.9 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 was included in "Loss from unconsolidated real estate ventures, net" in our statements of operations. Our maximum loss exposure in these entities is limited to our investments, construction commitments and debt guarantees. See Note 17 for additional information. Consolidated VIEs JBG SMITH LP is our most significant consolidated VIE. We hold 87.7% 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 September 30, 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 $456.1 million and $265.5 million, and liabilities of $245.1 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	9 Months Ended
	Sep. 30, 2023
Other Assets, Net.
Other Assets, Net	6. The following is a summary of other assets, net: ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2023 December 31, 2022 ​ ​ (In thousands) Prepaid expenses ​ $ 27,427 ​ $ 16,440 Derivative financial instruments, at fair value ​ ​ 79,421 ​ ​ 61,622 Deferred financing costs, net ​ 12,732 ​ 5,516 Deposits ​ 584 ​ 483 Operating lease right-of-use assets (1) ​ ​ 61,122 ​ ​ 1,383 Investments in funds (2) ​ ​ 20,366 ​ ​ 16,748 Other investments (3) ​ ​ 3,446 ​ ​ 3,524 Other ​ 12,805 ​ 11,312 Total other assets, net ​ $ 217,903 ​ $ 117,028 (1) Includes our corporate office lease at 4747 Bethesda Avenue as of September 30, 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 and nine months ended September 30, 2023, unrealized gains (losses) related to these investments were ($492,000) and $1.2 million . During the three and nine months ended September 30, 2022, unrealized gains (losses) related to these investments were ($267,000) and $928,000 . During the three and nine months ended September 30, 2023, realized losses related to these investments were $165,000 and $483,000 . Unrealized gains (losses) and realized losses were included in "Interest and other income, net" in our statements of operations. (3) Primarily consists of equity investments that are carried at cost. During the three and nine months ended September 30, 2023, realized gains related to these investments were $436,000 . During the three and nine months ended September 30, 2022, realized gains (losses) related to these investments were ($300,000) and $13.8 million. Realized gains (losses) were included in "Interest and other income, net" in our statements of operations .

Debt

Debt	9 Months Ended
	Sep. 30, 2023
Debt
Debt	7. Mortgage Loans The following is a summary of mortgage loans: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted Average ​ ​ ​ ​ ​ ​ ​ ​ Effective ​ ​ ​ ​ Interest Rate (1) September 30, 2023 December 31, 2022 ​ ​ ​ ​ (In thousands) Variable rate (2) 6.16% ​ $ 550,048 ​ $ 892,268 Fixed rate (3) 4.78% ​ 1,191,362 ​ 1,009,607 Mortgage loans ​ ​ ​ 1,741,410 ​ 1,901,875 Unamortized deferred financing costs and premium / discount, net (4) ​ ​ ​ (14,277) ​ (11,701) Mortgage loans, net ​ ​ ​ $ 1,727,133 ​ $ 1,890,174 (1) Weighted average effective interest rate as of September 30, 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 was 3.16% , and the weighted average maturity date of the interest rate caps is December 2024. The interest rate cap strike is exclusive of the credit spreads associated with the mortgage loans. As of September 30, 2023, one-month term SOFR was 5.32% . (3) Includes variable rate mortgages with interest rates fixed by interest rate swap agreements. (4) As of September 30, 2023 and December 31, 2022, excludes $1.8 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 September 30, 2023 and December 31, 2022, the net carrying value of real estate collateralizing our mortgage loans totaled $2.1 billion and $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 collateralized by 2121 Crystal Drive, which had a fixed interest rate of 5.51%. In June 2023, we repaid $142.4 million in mortgage loans collateralized by Falkland Chase-South & West and 800 North Glebe Road. As of September 30, 2023 and December 31, 2022, we had various interest rate swap and cap agreements on certain mortgage loans with an aggregate notional value of $1.6 billion and $1.3 billion. See Note 15 for additional information. Revolving Credit Facility and Term Loans As of September 30, 2023, our unsecured revolving credit facility and term loans totaling $1.5 billion consisted of a $750.0 million revolving credit facility maturing in June 2027, a $200.0 million term loan ("Tranche A-1 Term Loan") maturing in January 2025, a $400.0 million term loan ("Tranche A-2 Term Loan") maturing in January 2028 and a $120.0 million term loan ("2023 Term Loan") maturing in June 2028. Effective as of June 29, 2023, the revolving credit facility was amended to: (i) reduce the borrowing capacity from $1.0 billion to $750.0 million, (ii) extend the maturity date from January 2025 to June 2027 and (iii) amend the interest rate to daily SOFR plus 1.40% to daily SOFR plus 1.85%, varying based on a ratio of our total outstanding indebtedness to a valuation of certain real property and assets. We have the option to increase the $750.0 million revolving credit facility or add term loans up to $500.0 million, and we have the right to extend the maturity date beyond June 2027 via two six-month extension options. In addition, on June 29, 2023, we entered into a $120.0 million term loan maturing in June 2028 with an interest rate of one-month term SOFR plus 1.25% to one-month term SOFR plus 1.80%, varying based on a ratio of our total outstanding indebtedness to a valuation of certain real property and assets. We also entered into an interest rate swap with a total notional value of $120.0 million, which fixes SOFR at an interest rate of 4.01% through the maturity date. In July 2023, we amended the covenants related to the Tranche A-1 Term Loan and the Tranche A-2 Term Loan to be consistent with the revolving credit facility and 2023 Term Loan covenants. The following is a summary of amounts outstanding under the revolving credit facility and term loans: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Effective ​ ​ ​ ​ Interest Rate (1) ​ September 30, 2023 December 31, 2022 ​ ​ ​ ​ ​ (In thousands) Revolving credit facility (2) (3) 6.71% ​ ​ $ 92,000 ​ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Tranche A-1 Term Loan (4) 2.60% ​ ​ $ 200,000 ​ $ 200,000 Tranche A-2 Term Loan (4) 3.53% ​ ​ 400,000 ​ 350,000 2023 Term Loan (5) ​ 5.26% ​ ​ ​ 120,000 ​ ​ — Term loans ​ ​ 720,000 ​ 550,000 Unamortized deferred financing costs, net ​ ​ (3,047) ​ (2,928) Term loans, net ​ ​ $ 716,953 ​ $ 547,072 (1) Effective interest rate as of September 30, 2023. The interest rate for our revolving credit facility excludes a 0.15% facility fee. (2) As of September 30, 2023, daily SOFR was 5.31% . As of September 30, 2023 and December 31, 2022, letters of credit with an aggregate face amount of $467,000 were outstanding under our revolving credit facility. In October 2023, we drew an additional $50.0 million under the revolving credit facility. (3) As of September 30, 2023 and December 31, 2022, excludes $10.9 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 September 30, 2023 and December 31, 2022, the outstanding balance was fixed by interest rate swap agreements. As of September 30, 2023, these interest rate swap agreements fix SOFR at a weighted average interest rate of 1.46% for the Tranche A-1 Term Loan and 2.29% for the Tranche A-2 Term Loa n. 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 $200.0 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 for the Tranche A-2 Term Loan at a weighted average interest rate of 2.81% through the maturity date . (5) As of September 30, 2023, the outstanding balance was fixed by an interest rate swap agreement, which fixes SOFR at an interest rate of 4.01% through the maturity date.

Other Liabilities, Net

Other Liabilities, Net	9 Months Ended
	Sep. 30, 2023
Other Liabilities, Net.
Other Liabilities, Net	8. Other Liabilities, Net The following is a summary of other liabilities, net: ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2023 December 31, 2022 ​ ​ (In thousands) Lease intangible liabilities, net ​ $ 5,967 ​ $ 7,275 Lease assumption liabilities ​ 501 ​ 2,647 Lease incentive liabilities ​ 7,649 ​ 11,539 Liabilities related to operating lease right-of-use assets (1) ​ 65,198 ​ 5,308 Prepaid rent ​ 14,982 ​ 15,923 Security deposits ​ 12,297 ​ 13,963 Environmental liabilities ​ 17,990 ​ 17,990 Deferred tax liability, net ​ 4,903 ​ 4,903 Dividends payable ​ — ​ 29,621 Derivative financial instruments, at fair value ​ 9,242 ​ — Deferred purchase price related to the acquisition of a development parcel ​ ​ — ​ ​ 19,447 Other ​ 6,821 ​ 4,094 Total other liabilities, net ​ $ 145,550 ​ $ 132,710 (1) Includes our corporate office lease at 4747 Bethesda Avenue as of September 30, 2023.

Redeemable Noncontrolling Inter

Redeemable Noncontrolling Interests	9 Months Ended
	Sep. 30, 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 nine months ended September 30, 2023 and 2022, unitholders redeemed 2.1 million and 493,596 OP Units, which we elected to redeem for an equivalent number of our common shares. As of September 30, 2023, outstanding OP Units and redeemable LTIP Units totaled 13.7 million, representing a 12.3% 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. 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 September 30, 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 September 30, ​ ​ 2023 ​ 2022 ​ ​ ​ ​ ​ Consolidated ​ ​ ​ ​ ​ ​ ​ Consolidated ​ ​ ​ ​ ​ JBG ​ Real Estate ​ ​ ​ ​ JBG ​ Real Estate ​ ​ ​ ​ SMITH LP Venture Total SMITH LP Venture Total ​ (In thousands) Balance, beginning of period ​ $ 455,886 ​ $ — ​ $ 455,886 ​ $ 513,426 ​ $ 7,966 ​ $ 521,392 Redemptions ​ (7,602) ​ — ​ (7,602) ​ (4,891) ​ — ​ (4,891) Net income (loss) ​ (7,926) ​ — ​ (7,926) ​ (2,557) ​ 11 ​ (2,546) Other comprehensive income ​ 1,346 ​ — ​ 1,346 ​ 4,376 ​ — ​ 4,376 Distributions ​ (3,727) ​ — ​ (3,727) ​ (4,083) ​ (119) ​ (4,202) Share-based compensation expense ​ 6,003 ​ — ​ 6,003 ​ 6,211 ​ — ​ 6,211 Adjustment to redemption value ​ 381 ​ — ​ 381 ​ (30,681) ​ 1,820 ​ (28,861) Balance, end of period ​ $ 444,361 ​ $ — ​ $ 444,361 ​ $ 481,801 ​ $ 9,678 ​ $ 491,479 ​ ​ Nine Months Ended September 30, ​ ​ 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 ​ (33,110) ​ (647) ​ (33,757) ​ (12,667) ​ — ​ (12,667) LTIP Units issued in lieu of cash compensation (1) ​ 5,213 ​ — ​ 5,213 ​ 6,584 ​ — ​ 6,584 Net income (loss) ​ (5,961) ​ — ​ (5,961) ​ 15,680 ​ 32 ​ 15,712 Other comprehensive income ​ 902 ​ — ​ 902 ​ 8,653 ​ — ​ 8,653 Distributions ​ (7,654) ​ — ​ (7,654) ​ (8,193) ​ (267) ​ (8,460) Share-based compensation expense ​ 25,152 ​ — ​ 25,152 ​ 31,107 ​ — ​ 31,107 Adjustment to redemption value ​ (20,844) ​ — ​ (20,844) ​ (72,631) ​ 456 ​ (72,175) Balance, end of period ​ $ 444,361 ​ $ — ​ $ 444,361 ​ $ 481,801 ​ $ 9,678 ​ $ 491,479 (1) See Note 11 for additional information.

Property Rental Revenue

Property Rental Revenue	9 Months Ended
	Sep. 30, 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 September 30, ​ Nine Months Ended September 30, ​ 2023 2022 X 2023 2022 ​ ​ (In thousands) Fixed ​ $ 110,333 ​ $ 109,193 ​ $ 331,528 ​ $ 335,328 Variable ​ ​ 9,961 ​ ​ 10,618 ​ ​ 33,391 ​ ​ 33,117 Property rental revenue ​ $ 120,294 ​ $ 119,811 ​ $ 364,919 ​ $ 368,445 ​

Share-Based Payments

Share-Based Payments	9 Months Ended
	Sep. 30, 2023
Share-Based Payments
Share-Based Payments	11. LTIP Units and Time-Based LTIP Units During the nine months ended September 30, 2023, we granted to certain employees 979,138 LTIP Units with time-based vesting requirements ("Time-Based LTIP Units") and a weighted average grant-date fair value of $17.56 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. 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. The aggregate grant-date fair value of the Time-Based LTIP Units and the LTIP Units granted during the nine months ended September 30, 2023 was $23.4 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% to 31.0% Risk-free interest rate 3.4% to 4.9% Post-grant restriction periods 2 to 6 years ​ 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 earned vesting at the end of the three-year performance period and the remaining 50% vesting on the fourth anniversary of the grant date, subject to continued employment. The AO LTIP Units expire on the ten th anniversary of their grant date. The aggregate grant-date fair value of the AO LTIP Units granted during the nine months ended September 30, 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 nine months ended September 30, 2023 was $1.5 million. The Time-Based RSUs were valued based on the closing common share price on the date of grant. ESPP Pursuant to the ESPP, employees purchased 52,089 common shares for $665,000 during the nine months ended September 30, 2023. The following is a summary of the significant assumptions used to value the ESPP common shares using the Black-Scholes model: ​ ​ ​ ​ Expected volatility 30.0% Dividend yield 2.4% Risk-free interest rate 4.7% Expected life ​ 6 months ​ Share-Based Compensation Expense The following is a summary of share-based compensation expense: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended September 30, ​ Nine Months Ended September 30, ​ 2023 2022 X 2023 2022 ​ (In thousands) Time-Based LTIP Units ​ $ 3,517 ​ $ 3,496 ​ $ 14,373 ​ $ 15,824 AO LTIP Units and Performance-Based LTIP Units ​ 2,440 ​ 2,167 ​ 9,382 ​ 9,914 LTIP Units ​ — ​ — ​ 1,000 ​ 1,000 Other equity awards (1) ​ 912 ​ 1,413 ​ 3,710 ​ 4,239 Share-based compensation expense - other ​ 6,869 ​ 7,076 ​ 28,465 ​ 30,977 Formation awards, OP Units and LTIP Units (2) ​ — ​ (142) ​ 108 ​ 1,832 Special Time-Based LTIP Units and Special Performance-Based LTIP Units (3) ​ 46 ​ 690 ​ 289 ​ 2,537 Share-based compensation related to Formation Transaction and special equity awards (4) ​ 46 ​ 548 ​ 397 ​ 4,369 Total share-based compensation expense ​ 6,915 ​ 7,624 ​ 28,862 ​ 35,346 Less: amount capitalized ​ (418) ​ (675) ​ (1,851) ​ (3,022) Share-based compensation expense ​ $ 6,497 ​ $ 6,949 ​ $ 27,011 ​ $ 32,324 (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 September 30, 2023, we had $31.5 million of total unrecognized compensation expense related to unvested share-based payment arrangements, which is expected to be recognized over a weighted average period of 3.0 years.

Transaction and Other Costs

Transaction and Other Costs	9 Months Ended
	Sep. 30, 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 September 30, ​ Nine Months Ended September 30, ​ 2023 2022 X 2023 2022 ​ (In thousands) Completed, potential and pursued transaction expenses (1) ​ $ 622 ​ $ 600 ​ $ 896 ​ $ 2,186 Severance and other costs ​ 1,033 ​ 1,146 ​ 4,280 ​ 2,018 Demolition costs ​ ​ 175 ​ ​ — ​ ​ 2,618 ​ ​ 428 Transaction and other costs ​ $ 1,830 ​ $ 1,746 ​ $ 7,794 ​ $ 4,632 (1) Primarily consists of legal costs related to pursued transactions.

Interest Expense

Interest Expense	9 Months Ended
	Sep. 30, 2023
Interest Expense
Interest Expense	13. Interest Expense The following is a summary of interest expense: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended September 30, ​ Nine Months Ended September 30, ​ 2023 2022 X 2023 2022 ​ (In thousands) Interest expense before capitalized interest ​ $ 30,229 ​ $ 22,801 ​ $ 85,942 ​ $ 60,100 Amortization of deferred financing costs ​ 3,381 ​ 1,118 ​ 6,011 ​ 3,369 Interest expense related to finance lease right-of-use assets ​ ​ — ​ ​ — ​ ​ — ​ ​ 2,091 Net (gain) loss on derivative financial instruments designated as ineffective hedges: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net unrealized (gain) loss ​ 1,742 ​ (3,099) ​ 7,383 ​ (8,493) Net realized gain ​ (230) ​ — ​ — ​ — Capitalized interest ​ (7,219) ​ (2,888) ​ (18,756) ​ (6,816) Interest expense ​ $ 27,903 ​ $ 17,932 ​ $ 80,580 ​ $ 50,251 ​

Shareholders' Equity and Earnin

Shareholders' Equity and Earnings (Loss) Per Common Share	9 Months Ended
	Sep. 30, 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 and nine months ended September 30, 2023, we repurchased and retired 7.9 million and 18.4 million common shares for $120.8 million and $276.7 million, a weighted average purchase price per share of $15.24 and $14.98. During the three and nine months ended September 30, 2022, we repurchased and retired 2.3 million and 14.2 million common shares for $54.0 million and $361.0 million, a weighted average purchase price per share of $23.35 and $25.49. Since we began the share repurchase program through September 30, 2023, we have repurchased and retired 41.7 million common shares for $900.2 million, a weighted average purchase price per share of $21.54. During the fourth quarter of 2023, through the date of this filing, we repurchased and retired 2.0 million common shares for $28.0 million, a weighted average purchase price per share of $13.85, pursuant to a repurchase plan under Rule 10b5-1 of the Securities Exchange Act of 1934, as amended. Earnings (Loss) Per Common Share Basic earnings (loss) per common share is computed by dividing net income (loss) available to common shareholders by the weighted average common shares outstanding during the period. Unvested share-based compensation awards that entitle holders to receive non-forfeitable distributions are considered participating securities. Consequently, we are required to apply the two-class method of computing basic and diluted earnings (loss) that would otherwise have been available to common shareholders. Under the two-class method, earnings for the period are allocated between common shareholders and participating securities based on their respective rights to receive dividends. During periods of net loss, losses are allocated only to the extent the participating securities are required to absorb their share of such losses. Distributions to participating securities in excess of their allocated income or loss are shown as a reduction to net income (loss) attributable to common shareholders. Diluted earnings (loss) per common share reflects the potential dilution of the assumed exchange of various unit and share-based compensation awards into common shares to the extent they are dilutive. The following is a summary of the calculation of basic and diluted earnings (loss) per common share and a reconciliation of net income (loss) to the amounts of net income (loss) available to common shareholders used in calculating basic and diluted earnings (loss) per common share: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended September 30, ​ Nine Months Ended September 30, ​ ​ 2023 2022 X 2023 2022 ​ ​ (In thousands, except per share amounts) Net income (loss) ​ $ (66,101) ​ $ (21,581) ​ $ (54,045) ​ $ 119,836 Net (income) loss attributable to redeemable noncontrolling interests ​ ​ 7,926 ​ 2,546 ​ 5,961 ​ (15,712) Net (income) loss attributable to noncontrolling interests ​ ​ 168 ​ (258) ​ 703 ​ (174) Net income (loss) attributable to common shareholders ​ ​ (58,007) ​ ​ (19,293) ​ ​ (47,381) ​ ​ 103,950 Distributions to participating securities ​ ​ (689) ​ ​ (658) ​ (1,406) ​ (671) Net income (loss) available to common shareholders - basic and diluted ​ $ (58,696) ​ $ (19,951) ​ $ (48,787) ​ $ 103,279 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average number of common shares outstanding - basic and diluted ​ ​ 101,445 ​ ​ 114,360 ​ 108,351 ​ 120,741 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Earnings (loss) per common share - basic and diluted ​ $ (0.58) ​ $ (0.17) ​ $ (0.45) ​ $ 0.86 ​ The effect of the redemption of OP Units, Time-Based LTIP Units, fully vested LTIP Units and Special Time-Based LTIP Units that were outstanding as of September 30, 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 6.6 million and 6.9 million for the three and nine months ended September 30, 2023, and 5.9 million for the three and nine months ended September 30, 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 August 2023 On October 31, 2023, our Board of Trustees declared a quarterly dividend of $0.225 per common share, payable on December 1, 2023 to shareholders of record as of November 17, 2023.

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Sep. 30, 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 September 30, 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 $59.7 million and $55.0 million as of September 30, 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 $35.9 million of the net unrealized gain as a decrease to interest expense. Accounting Standards Codification 820 ("Topic 820"), Fair Value Measurement and Disclosures, defines fair value and establishes a framework for measuring fair value. The objective of fair value is to determine the price that would be received upon the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (the exit price). Topic 820 establishes a fair value hierarchy that prioritizes observable and unobservable inputs used to measure fair value into three levels: Level 1 — quoted prices (unadjusted) in active markets that are accessible at the measurement date for assets or liabilities; Level 2 — observable prices that are based on inputs not quoted in active markets, but corroborated by market data; and Level 3 — unobservable inputs that are used when little or no market data is available. The fair values of the derivative financial instruments are based on the estimated amounts we would receive or pay to terminate the contracts at the reporting date and are determined using interest rate pricing models and observable inputs. The derivative financial instruments are classified within Level 2 of the valuation hierarchy. The following is a summary of assets and liabilities measured at fair value on a recurring basis: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Value Measurements ​ Total Level 1 Level 2 Level 3 ​ ​ (In thousands) September 30, 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivative financial instruments designated as effective hedges: ​ ​ ​ ​ Classified as assets in "Other assets, net" ​ $ 69,499 ​ ​ — ​ $ 69,499 ​ ​ — Derivative financial instruments designated as ineffective hedges: ​ ​ ​ ​ Classified as assets in "Other assets, net" ​ 9,922 ​ — ​ 9,922 ​ — Classified as liabilities in "Other liabilities, net" ​ 9,242 ​ — ​ 9,242 ​ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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, the credit valuation adjustments associated with the derivatives also utilized Level 3 inputs, such as estimates of current credit spreads to evaluate the likelihood of default. However, as of September 30, 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" in our statements of comprehensive income (loss) for the three and nine months ended September 30, 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. Realized and unrealized gains related to ineffective hedges are included in "Interest expense" in our statements of operations. Fair Value Measurements on a Nonrecurring Basis Our real estate assets are reviewed for impairment whenever there are changes in circumstances or indicators that the carrying amount of the assets may not be recoverable. This assessment resulted in the impairment of 2101 L Street and 2100 Crystal Drive, which were written down to their estimated aggregate fair value of $148.9 million and were classified as Level 3 in the fair value hierarchy in connection with the preparation and review of our third quarter 2023 financial statements. Our estimate of fair value for 2101 L Street and 2100 Crystal Drive was determined using a discounted cash flow model, which considers, among other things, the anticipated holding period, current market conditions and utilizes unobservable quantitative inputs, including appropriate capitalization and discount rates. The assessment also resulted in the impairment of a development parcel, which was written down to its estimated fair value of $11.3 million based on an expected sales price as determined by a contract under negotiation as of September 30, 2023 and was classified as Level 2 in the fair value hierarchy. The impairment loss totaled $59.3 million, which is included in "Impairment loss" in our statements of operations for the three and nine months ended September 30, 2023. There were no assets measured at fair value on a nonrecurring basis as of December 31, 2022. Financial Assets and Liabilities Not Measured at Fair Value As of September 30, 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: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2023 ​ December 31, 2022 ​ Carrying ​ Carrying ​ ​ ​ Amount (1) ​ Fair Value ​ Amount (1) ​ Fair Value ​ (In thousands) Financial liabilities: ​ ​ ​ ​ Mortgage loans ​ $ 1,741,410 ​ $ 1,655,832 ​ $ 1,901,875 ​ $ 1,830,651 Revolving credit facility ​ 92,000 ​ 92,107 ​ — ​ — Term loans ​ 720,000 ​ 714,987 ​ 550,000 ​ 551,369 (1) The carrying amount consists of principal only. The fair values of the mortgage loans, revolving credit facility and 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 revolving credit facility and term loans is calculated based on the net present value of payments over the term of the facilities using estimated market rates for similar notes and remaining terms.

Segment Information

Segment Information	9 Months Ended
	Sep. 30, 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 September 30, ​ Nine Months Ended September 30, ​ 2023 2022 X 2023 2022 ​ (In thousands) Property management fees ​ $ 4,910 ​ $ 4,791 ​ $ 14,879 ​ $ 14,575 Asset management fees ​ 1,155 ​ 1,479 ​ 3,513 ​ 4,763 Development fees ​ 4,296 ​ 1,426 ​ 9,038 ​ 7,113 Leasing fees ​ 1,036 ​ 1,713 ​ 3,648 ​ 4,590 Construction management fees ​ 266 ​ 169 ​ 909 ​ 356 Other service revenue ​ 1,399 ​ 1,909 ​ 4,045 ​ 4,224 Third-party real estate services revenue, excluding reimbursements ​ 13,062 ​ 11,487 ​ 36,032 ​ 35,621 Reimbursement revenue (1) ​ 10,880 ​ 10,358 ​ 33,556 ​ 32,351 Third-party real estate services revenue, including reimbursements ​ ​ 23,942 ​ ​ 21,845 ​ ​ 69,588 ​ ​ 67,972 Third-party real estate services expenses ​ ​ 21,405 ​ ​ 21,230 ​ ​ 67,333 ​ ​ 72,422 Third-party real estate services revenue less expenses ​ $ 2,537 ​ $ 615 ​ $ 2,255 ​ $ (4,450) ​ (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 $9.5 million and $13.7 million as of September 30, 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 September 30, ​ Nine Months Ended September 30, ​ 2023 2022 X 2023 2022 ​ (in thousands) Net income (loss) attributable to common shareholders ​ $ (58,007) ​ $ (19,293) ​ $ (47,381) ​ $ 103,950 Add: ​ ​ ​ ​ Depreciation and amortization expense ​ 50,265 ​ 50,056 ​ 152,914 ​ 157,597 General and administrative expense: ​ ​ ​ ​ Corporate and other ​ 11,246 ​ 12,072 ​ 42,462 ​ 42,669 Third-party real estate services ​ 21,405 ​ 21,230 ​ 67,333 ​ 72,422 Share-based compensation related to Formation Transaction and special equity awards ​ 46 ​ 548 ​ 397 ​ 4,369 Transaction and other costs ​ 1,830 ​ 1,746 ​ 7,794 ​ 4,632 Interest expense ​ 27,903 ​ 17,932 ​ 80,580 ​ 50,251 Loss on the extinguishment of debt ​ — ​ 1,444 ​ 450 ​ 3,073 Impairment loss ​ ​ 59,307 ​ — ​ ​ 59,307 ​ ​ — Income tax expense ​ 77 ​ 166 ​ 672 ​ 2,600 Net income (loss) attributable to redeemable noncontrolling interests ​ (7,926) ​ (2,546) ​ (5,961) ​ 15,712 Net income (loss) attributable to noncontrolling interests ​ ​ (168) ​ ​ 258 ​ ​ (703) ​ ​ 174 Less: ​ ​ ​ ​ Third-party real estate services, including reimbursements revenue ​ 23,942 ​ 21,845 ​ 69,588 ​ 67,972 Other revenue ​ 2,704 ​ 1,764 ​ 8,276 ​ 5,758 Loss from unconsolidated real estate ventures, net ​ (2,263) ​ (13,867) ​ (1,320) ​ (12,829) Interest and other income, net ​ 7,774 ​ 984 ​ 14,132 ​ 16,902 Gain on the sale of real estate, net ​ 906 ​ — ​ 41,606 ​ 158,631 Consolidated NOI ​ $ 72,915 ​ $ 72,887 ​ $ 225,582 ​ $ 221,015 ​ 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 September 30, 2023 ​ Commercial Multifamily Other Total ​ (In thousands) Property rental revenue ​ $ 63,940 ​ $ 52,461 ​ $ 3,893 ​ $ 120,294 Parking revenue ​ 4,310 ​ 248 ​ 64 ​ 4,622 Total property revenue ​ 68,250 ​ 52,709 ​ 3,957 ​ 124,916 Property expense: ​ ​ ​ ​ ​ ​ ​ Property operating ​ 18,866 ​ 19,379 ​ (657) ​ 37,588 Real estate taxes ​ 8,210 ​ 5,581 ​ 622 ​ 14,413 Total property expense ​ 27,076 ​ 24,960 ​ (35) ​ 52,001 Consolidated NOI ​ $ 41,174 ​ $ 27,749 ​ $ 3,992 ​ $ 72,915 ​ ​ Three Months Ended September 30, 2022 ​ Commercial Multifamily Other Total ​ (In thousands) Property rental revenue ​ $ 71,257 ​ $ 45,639 ​ $ 2,915 ​ $ 119,811 Parking revenue ​ 3,859 ​ 248 ​ 87 ​ 4,194 Total property revenue ​ 75,116 ​ 45,887 ​ 3,002 ​ 124,005 Property expense: ​ ​ ​ ​ ​ Property operating ​ 20,151 ​ 16,108 ​ 121 ​ 36,380 Real estate taxes ​ 8,603 ​ 5,311 ​ 824 ​ 14,738 Total property expense ​ 28,754 ​ 21,419 ​ 945 ​ 51,118 Consolidated NOI ​ $ 46,362 ​ $ 24,468 ​ $ 2,057 ​ $ 72,887 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nine Months Ended September 30, 2023 ​ Commercial Multifamily Other Total ​ (In thousands) Property rental revenue ​ $ 200,178 ​ $ 154,814 ​ $ 9,927 ​ $ 364,919 Parking revenue ​ 12,874 ​ 767 ​ 195 ​ 13,836 Total property revenue ​ 213,052 ​ 155,581 ​ 10,122 ​ 378,755 Property expense: ​ ​ ​ ​ ​ Property operating ​ 56,489 ​ 55,228 ​ (2,605) ​ 109,112 Real estate taxes ​ 25,406 ​ 16,837 ​ 1,818 ​ 44,061 Total property expense ​ 81,895 ​ 72,065 ​ (787) ​ 153,173 Consolidated NOI ​ $ 131,157 ​ $ 83,516 ​ $ 10,909 ​ $ 225,582 ​ ​ Nine Months Ended September 30, 2022 ​ Commercial Multifamily Other Total ​ ​ (In thousands) Property rental revenue ​ $ 230,781 ​ $ 130,686 ​ $ 6,978 ​ $ 368,445 Parking revenue ​ 12,058 ​ 632 ​ 219 ​ 12,909 Total property revenue ​ 242,839 ​ 131,318 ​ 7,197 ​ 381,354 Property expense: ​ ​ ​ ​ Property operating ​ 65,977 ​ 44,733 ​ 1,759 ​ 112,469 Real estate taxes ​ 29,398 ​ 15,586 ​ 2,886 ​ 47,870 Total property expense ​ 95,375 ​ 60,319 ​ 4,645 ​ 160,339 Consolidated NOI ​ $ 147,464 ​ $ 70,999 ​ $ 2,552 ​ $ 221,015 The following is a summary of certain balance sheet data by segment: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commercial Multifamily Other Total ​ ​ (In thousands) September 30, 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Real estate, at cost ​ $ 2,492,590 ​ $ 3,087,068 ​ $ 375,373 ​ $ 5,955,031 Investments in unconsolidated real estate ventures ​ 210,619 ​ — ​ 85,778 ​ 296,397 Total assets ​ 2,729,353 ​ 2,524,199 ​ 412,616 ​ 5,666,168 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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	9 Months Ended
	Sep. 30, 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 $1.0 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 conventional 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 term loans, contains customary covenants requiring adequate insurance coverage. Although we believe that we currently have adequate insurance coverage, we may not be able to obtain an equivalent amount of coverage at a reasonable cost in the future. If lenders insist on greater coverage than we are able to obtain, it could adversely affect our ability to finance or refinance our properties. Construction Commitments As of September 30, 2023, we had assets under construction that, based on our current plans and estimates, require an additional $230.5 million to complete, which we anticipate will be primarily expended over the next two 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 September 30, 2023 and December 31, 2022 and are included in "Other liabilities, net" in our balance sheets. Other As of September 30, 2023, we had committed tenant-related obligations totaling $47.7 million ($46.3 million related to our consolidated entities and $1.4 million related to our unconsolidated real estate ventures at our share). The timing and amounts of payments for tenant-related obligations are uncertain and may only be due upon satisfactory performance of certain conditions. There are various legal actions against us in the ordinary course of business. In our opinion, the outcome of such matters will not have a material adverse effect on our financial condition, results of operations or cash flows. During the three months ended September 30, 2023, we recognized a $6.0 million gain from the settlement of litigation, which was included in "Interest and other income, net" in our statements of operations. From time to time, we (or ventures in which we have an ownership interest) have agreed, and may in the future agree with respect to unconsolidated real estate ventures, to (i) guarantee portions of the principal, interest and other amounts in connection with borrowings, (ii) provide customary environmental indemnifications and nonrecourse carve-outs (e.g., guarantees against fraud, misrepresentation and bankruptcy) in connection with borrowings, or (iii) provide guarantees to lenders and other third parties for the completion of development projects. We customarily have agreements with our outside venture partners whereby the partners agree to reimburse the real estate venture or us for their share of any payments made under certain of these guarantees. At times, we also have agreements with certain of our outside venture partners whereby we agree to either indemnify the partners and/or the associated ventures with respect to certain contingent liabilities associated with operating assets or to reimburse our partner for its share of any payments made by them under certain guarantees. Guarantees (excluding environmental) customarily terminate either upon the satisfaction of specified circumstances or repayment of the underlying debt. Amounts that we may be required to pay in future periods in relation to guarantees associated with budget overruns or operating losses are not estimable. As of September 30, 2023, we had additional capital commitments and certain recorded guarantees to our unconsolidated real estate ventures and other investments totaling $63.0 million. As of September 30, 2023, we had no debt principal payment guarantees related to our unconsolidated real estate ventures. ​ Additionally, with respect to borrowings of our consolidated entities, we have agreed, and may in the future agree, to (i) guarantee portions of the principal, interest and other amounts, (ii) provide customary environmental indemnifications and nonrecourse carve-outs (e.g., guarantees against fraud, misrepresentation and bankruptcy) or (iii) provide guarantees to lenders, tenants and other third parties for the completion of development projects. In connection with the Formation Transaction, we have an agreement with Vornado regarding tax matters (the "Tax Matters Agreement") that provides special rules that allocate tax liabilities if the distribution of JBG SMITH shares by Vornado, together with certain related transactions, is determined not to be tax-free. Under the Tax Matters Agreement, we may be required to indemnify Vornado against any taxes and related amounts and costs resulting from a violation by us of the Tax Matters Agreement.

Transactions with Related Parti

Transactions with Related Parties	9 Months Ended
	Sep. 30, 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 investment vehicle of the WHI. As of September 30, 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 September 30, 2023, our remaining unfunded commitment was $3.5 million. The third-party real estate services revenue, including expense reimbursements, from the JBG Legacy Funds and the WHI Impact Pool and its affiliates was $4.8 million and $15.7 million for the three and nine months ended September 30, 2023, and $4.9 million and $15.1 million for the three and nine months ended September 30, 2022. As of September 30, 2023 and December 31, 2022, we had receivables from the JBG Legacy Funds and the WHI Impact Pool and its affiliates totaling $2.3 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 $1.6 million and $3.4 million of rent expense for the three and nine months ended September 30, 2023, which was included in "General and administrative expense" in our statements 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 $2.3 million and $7.0 million for the three and nine months ended September 30, 2023, and $2.7 million and $7.8 million for the three and nine months ended September 30, 2022, which was included in "Property operating expenses" in our statements of operations.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 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 and nine months ended September 30, 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 September 30, 2023 and December 31, 2022, and for the three and nine months ended September 30, 2023 and 2022. References to our balance sheets refer to our condensed consolidated balance sheets as of September 30, 2023 and December 31, 2022. References to our statements of operations refer to our condensed consolidated statements of operations for the three and nine months ended September 30, 2023 and 2022. References to our statements of comprehensive income (loss) refer to our condensed consolidated statements of comprehensive income (loss) for the three and nine months ended September 30, 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. As of September 30, 2023, we have converted all our London Interbank Offered Rate-indexed debt and derivative financial instruments to Secured Overnight Financing Rate ("SOFR")-based indexes. For all derivative financial instruments designated as effective hedges, we utilized the elective relief in Topic 848 that allows for the continuation of hedge accounting through the transition process.

Acquisition, Dispositions and_2

Acquisition, Dispositions and Assets Held for Sale (Tables)	9 Months Ended
	Sep. 30, 2023
Acquisition, Dispositions and Assets Held for Sale
Summary of disposition activity	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gain (Loss) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gross ​ Cash ​ on the Sale ​ ​ ​ ​ ​ ​ ​ ​ Total ​ Sales ​ Proceeds ​ of Real Date Disposed Assets Segment Location Units 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 September 20, 2023 ​ Falkland Chase-South & West and Falkland Chase-North ​ Multifamily ​ Silver Spring, Maryland ​ 438 ​ ​ 95,000 ​ ​ 93,094 ​ ​ 1,208 ​ ​ Other (2) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 398 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 41,606 (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) Related to prior period dispositions.
Summary of assets held for sale	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total ​ Assets Held Assets Segment Location Square Feet for Sale ​ ​ ​ ​ ​ ​ (In thousands) 5 M Street Southwest (1) ​ Other ​ Washington, D.C. ​ 665 ​ $ 28,336 (1) Sold on October 4, 2023 for $29.5 million. Total square feet represent estimated potential development density.

Investments in Unconsolidated_2

Investments in Unconsolidated Real Estate Ventures (Tables)	9 Months Ended
	Sep. 30, 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) September 30, 2023 December 31, 2022 ​ ​ ​ ​ (In thousands) Prudential Global Investment Management 50.0% ​ $ 196,389 ​ $ 203,529 J.P. Morgan Global Alternatives ("J.P. Morgan") (2) ​ 50.0% ​ ​ 69,860 ​ ​ 64,803 4747 Bethesda Venture (3) ​ 20.0% ​ ​ 13,349 ​ ​ — Brandywine Realty Trust 30.0% ​ 13,756 ​ 13,678 CBREI Venture (4) 9.9% ​ 464 ​ 12,516 Landmark Partners (5) 18.0% ​ 1,992 ​ 4,809 Other ​ ​ 587 ​ ​ 546 Total investments in unconsolidated real estate ventures (6) (7) ​ ​ ​ $ 296,397 ​ $ 299,881 (1) Reflects our effective ownership interests in the underlying real estate as of September 30, 2023. We have multiple investments with certain venture partners 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. In connection with the transaction, the real estate venture assumed the related $175.0 million mortgage loan. (4) In connection with the preparation and review of the third quarter 2023 financial statements, an impairment loss of $3.3 million associated with a commercial asset located in Washington, D.C. was included in "Loss from unconsolidated real estate ventures, net" in our statements of operations for the three and nine months ended September 30, 2023. (5) 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. (6) 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. (7) As of September 30, 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) September 30, 2023 December 31, 2022 ​ ​ ​ ​ (In thousands) Variable rate (2) 6.19% ​ $ 278,175 ​ $ 184,099 Fixed rate (3) 4.13% ​ 60,000 ​ 60,000 Mortgage loans (4) ​ ​ ​ 338,175 ​ 244,099 Unamortized deferred financing costs and premium / discount, net ​ ​ ​ (9,252) ​ (411) Mortgage loans, net (4) (5) ​ ​ ​ $ 328,923 ​ $ 243,688 (1) Weighted average effective interest rate as of September 30, 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. ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2023 December 31, 2022 ​ (In thousands) Combined balance sheet information: (1) ​ ​ ​ ​ ​ ​ Real estate, net ​ $ 879,369 ​ $ 888,379 Other assets, net ​ 170,007 ​ 160,015 Total assets ​ $ 1,049,376 ​ $ 1,048,394 ​ ​ ​ ​ ​ ​ ​ Mortgage loans, net ​ $ 328,923 ​ $ 243,688 Other liabilities, net ​ 47,424 ​ 54,639 Total liabilities ​ 376,347 ​ 298,327 Total equity ​ 673,029 ​ 750,067 Total liabilities and equity ​ $ 1,049,376 ​ $ 1,048,394 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended September 30, ​ Nine Months Ended September 30, ​ 2023 2022 X 2023 2022 ​ (In thousands) Combined income statement information: (1) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total revenue ​ $ 23,570 ​ $ 40,881 ​ $ 68,555 ​ $ 125,135 Operating income (loss) (2) ​ ​ (20,584) ​ ​ (7,468) ​ (13,005) ​ 77,066 Net income (loss) (2) ​ ​ (27,622) ​ ​ (15,034) ​ (31,557) ​ 49,376 (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 and nine months ended September 30, 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 Stonebridge at Potomac Town Center of $4.6 million for the three and nine months ended September 30, 2023. Includes the gain on the sale of various assets totaling $77.4 million during the nine months ended September 30, 2022. Includes impairment losses of $30.1 million and $16.1 million during the three and nine months ended September 30, 2023 and 2022.
Summary of unconsolidated investments disposition activity	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Mortgage ​ Proportionate ​ ​ Real Estate ​ ​ ​ ​ ​ Gross ​ Loans ​ Share of ​ ​ Venture ​ ​ ​ Ownership ​ Sales ​ Repaid by ​ Aggregate Date Disposed Partner ​ Assets ​ Percentage Price ​ Venture ​ Gain ​ ​ ​ ​ ​ ​ ​ ​ (In thousands) August 24, 2023 ​ CBREI Venture ​ Stonebridge at Potomac Town Center ​ 10.0% ​ $ 172,500 ​ $ 79,600 ​ $ 641

Other Assets, Net (Tables)

Other Assets, Net (Tables)	9 Months Ended
	Sep. 30, 2023
Other Assets, Net.
Summary of other assets, net	​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2023 December 31, 2022 ​ ​ (In thousands) Prepaid expenses ​ $ 27,427 ​ $ 16,440 Derivative financial instruments, at fair value ​ ​ 79,421 ​ ​ 61,622 Deferred financing costs, net ​ 12,732 ​ 5,516 Deposits ​ 584 ​ 483 Operating lease right-of-use assets (1) ​ ​ 61,122 ​ ​ 1,383 Investments in funds (2) ​ ​ 20,366 ​ ​ 16,748 Other investments (3) ​ ​ 3,446 ​ ​ 3,524 Other ​ 12,805 ​ 11,312 Total other assets, net ​ $ 217,903 ​ $ 117,028 (1) Includes our corporate office lease at 4747 Bethesda Avenue as of September 30, 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 and nine months ended September 30, 2023, unrealized gains (losses) related to these investments were ($492,000) and $1.2 million . During the three and nine months ended September 30, 2022, unrealized gains (losses) related to these investments were ($267,000) and $928,000 . During the three and nine months ended September 30, 2023, realized losses related to these investments were $165,000 and $483,000 . Unrealized gains (losses) and realized losses were included in "Interest and other income, net" in our statements of operations. (3) Primarily consists of equity investments that are carried at cost. During the three and nine months ended September 30, 2023, realized gains related to these investments were $436,000 . During the three and nine months ended September 30, 2022, realized gains (losses) related to these investments were ($300,000) and $13.8 million. Realized gains (losses) were included in "Interest and other income, net" in our statements of operations .

Debt (Tables)

Debt (Tables)	9 Months Ended
	Sep. 30, 2023
Mortgage loans
Debt Instrument [Line Items]
Summary of debt	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted Average ​ ​ ​ ​ ​ ​ ​ ​ Effective ​ ​ ​ ​ Interest Rate (1) September 30, 2023 December 31, 2022 ​ ​ ​ ​ (In thousands) Variable rate (2) 6.16% ​ $ 550,048 ​ $ 892,268 Fixed rate (3) 4.78% ​ 1,191,362 ​ 1,009,607 Mortgage loans ​ ​ ​ 1,741,410 ​ 1,901,875 Unamortized deferred financing costs and premium / discount, net (4) ​ ​ ​ (14,277) ​ (11,701) Mortgage loans, net ​ ​ ​ $ 1,727,133 ​ $ 1,890,174 (1) Weighted average effective interest rate as of September 30, 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 was 3.16% , and the weighted average maturity date of the interest rate caps is December 2024. The interest rate cap strike is exclusive of the credit spreads associated with the mortgage loans. As of September 30, 2023, one-month term SOFR was 5.32% . (3) Includes variable rate mortgages with interest rates fixed by interest rate swap agreements. (4) As of September 30, 2023 and December 31, 2022, excludes $1.8 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) ​ September 30, 2023 December 31, 2022 ​ ​ ​ ​ ​ (In thousands) Revolving credit facility (2) (3) 6.71% ​ ​ $ 92,000 ​ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Tranche A-1 Term Loan (4) 2.60% ​ ​ $ 200,000 ​ $ 200,000 Tranche A-2 Term Loan (4) 3.53% ​ ​ 400,000 ​ 350,000 2023 Term Loan (5) ​ 5.26% ​ ​ ​ 120,000 ​ ​ — Term loans ​ ​ 720,000 ​ 550,000 Unamortized deferred financing costs, net ​ ​ (3,047) ​ (2,928) Term loans, net ​ ​ $ 716,953 ​ $ 547,072 (1) Effective interest rate as of September 30, 2023. The interest rate for our revolving credit facility excludes a 0.15% facility fee. (2) As of September 30, 2023, daily SOFR was 5.31% . As of September 30, 2023 and December 31, 2022, letters of credit with an aggregate face amount of $467,000 were outstanding under our revolving credit facility. In October 2023, we drew an additional $50.0 million under the revolving credit facility. (3) As of September 30, 2023 and December 31, 2022, excludes $10.9 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 September 30, 2023 and December 31, 2022, the outstanding balance was fixed by interest rate swap agreements. As of September 30, 2023, these interest rate swap agreements fix SOFR at a weighted average interest rate of 1.46% for the Tranche A-1 Term Loan and 2.29% for the Tranche A-2 Term Loa n. 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 $200.0 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 for the Tranche A-2 Term Loan at a weighted average interest rate of 2.81% through the maturity date . (5) As of September 30, 2023, the outstanding balance was fixed by an interest rate swap agreement, which fixes SOFR at an interest rate of 4.01% through the maturity date.

Other Liabilities, Net (Tables)

Other Liabilities, Net (Tables)	9 Months Ended
	Sep. 30, 2023
Other Liabilities, Net.
Composition of other liabilities net	​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2023 December 31, 2022 ​ ​ (In thousands) Lease intangible liabilities, net ​ $ 5,967 ​ $ 7,275 Lease assumption liabilities ​ 501 ​ 2,647 Lease incentive liabilities ​ 7,649 ​ 11,539 Liabilities related to operating lease right-of-use assets (1) ​ 65,198 ​ 5,308 Prepaid rent ​ 14,982 ​ 15,923 Security deposits ​ 12,297 ​ 13,963 Environmental liabilities ​ 17,990 ​ 17,990 Deferred tax liability, net ​ 4,903 ​ 4,903 Dividends payable ​ — ​ 29,621 Derivative financial instruments, at fair value ​ 9,242 ​ — Deferred purchase price related to the acquisition of a development parcel ​ ​ — ​ ​ 19,447 Other ​ 6,821 ​ 4,094 Total other liabilities, net ​ $ 145,550 ​ $ 132,710 (1) Includes our corporate office lease at 4747 Bethesda Avenue as of September 30, 2023.

Redeemable Noncontrolling Int_2

Redeemable Noncontrolling Interests (Tables)	9 Months Ended
	Sep. 30, 2023
Redeemable Noncontrolling Interests
Summary of redeemable noncontrolling interests	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended September 30, ​ ​ 2023 ​ 2022 ​ ​ ​ ​ ​ Consolidated ​ ​ ​ ​ ​ ​ ​ Consolidated ​ ​ ​ ​ ​ JBG ​ Real Estate ​ ​ ​ ​ JBG ​ Real Estate ​ ​ ​ ​ SMITH LP Venture Total SMITH LP Venture Total ​ (In thousands) Balance, beginning of period ​ $ 455,886 ​ $ — ​ $ 455,886 ​ $ 513,426 ​ $ 7,966 ​ $ 521,392 Redemptions ​ (7,602) ​ — ​ (7,602) ​ (4,891) ​ — ​ (4,891) Net income (loss) ​ (7,926) ​ — ​ (7,926) ​ (2,557) ​ 11 ​ (2,546) Other comprehensive income ​ 1,346 ​ — ​ 1,346 ​ 4,376 ​ — ​ 4,376 Distributions ​ (3,727) ​ — ​ (3,727) ​ (4,083) ​ (119) ​ (4,202) Share-based compensation expense ​ 6,003 ​ — ​ 6,003 ​ 6,211 ​ — ​ 6,211 Adjustment to redemption value ​ 381 ​ — ​ 381 ​ (30,681) ​ 1,820 ​ (28,861) Balance, end of period ​ $ 444,361 ​ $ — ​ $ 444,361 ​ $ 481,801 ​ $ 9,678 ​ $ 491,479 ​ ​ Nine Months Ended September 30, ​ ​ 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 ​ (33,110) ​ (647) ​ (33,757) ​ (12,667) ​ — ​ (12,667) LTIP Units issued in lieu of cash compensation (1) ​ 5,213 ​ — ​ 5,213 ​ 6,584 ​ — ​ 6,584 Net income (loss) ​ (5,961) ​ — ​ (5,961) ​ 15,680 ​ 32 ​ 15,712 Other comprehensive income ​ 902 ​ — ​ 902 ​ 8,653 ​ — ​ 8,653 Distributions ​ (7,654) ​ — ​ (7,654) ​ (8,193) ​ (267) ​ (8,460) Share-based compensation expense ​ 25,152 ​ — ​ 25,152 ​ 31,107 ​ — ​ 31,107 Adjustment to redemption value ​ (20,844) ​ — ​ (20,844) ​ (72,631) ​ 456 ​ (72,175) Balance, end of period ​ $ 444,361 ​ $ — ​ $ 444,361 ​ $ 481,801 ​ $ 9,678 ​ $ 491,479 (1) See Note 11 for additional information.

Property Rental Revenue (Tables

Property Rental Revenue (Tables)	9 Months Ended
	Sep. 30, 2023
Property Rental Revenue
Summary of property rental revenue	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended September 30, ​ Nine Months Ended September 30, ​ 2023 2022 X 2023 2022 ​ ​ (In thousands) Fixed ​ $ 110,333 ​ $ 109,193 ​ $ 331,528 ​ $ 335,328 Variable ​ ​ 9,961 ​ ​ 10,618 ​ ​ 33,391 ​ ​ 33,117 Property rental revenue ​ $ 120,294 ​ $ 119,811 ​ $ 364,919 ​ $ 368,445 ​

Share-Based Payments (Tables)

Share-Based Payments (Tables)	9 Months Ended
	Sep. 30, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Summary of share-based compensation expense	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended September 30, ​ Nine Months Ended September 30, ​ 2023 2022 X 2023 2022 ​ (In thousands) Time-Based LTIP Units ​ $ 3,517 ​ $ 3,496 ​ $ 14,373 ​ $ 15,824 AO LTIP Units and Performance-Based LTIP Units ​ 2,440 ​ 2,167 ​ 9,382 ​ 9,914 LTIP Units ​ — ​ — ​ 1,000 ​ 1,000 Other equity awards (1) ​ 912 ​ 1,413 ​ 3,710 ​ 4,239 Share-based compensation expense - other ​ 6,869 ​ 7,076 ​ 28,465 ​ 30,977 Formation awards, OP Units and LTIP Units (2) ​ — ​ (142) ​ 108 ​ 1,832 Special Time-Based LTIP Units and Special Performance-Based LTIP Units (3) ​ 46 ​ 690 ​ 289 ​ 2,537 Share-based compensation related to Formation Transaction and special equity awards (4) ​ 46 ​ 548 ​ 397 ​ 4,369 Total share-based compensation expense ​ 6,915 ​ 7,624 ​ 28,862 ​ 35,346 Less: amount capitalized ​ (418) ​ (675) ​ (1,851) ​ (3,022) Share-based compensation expense ​ $ 6,497 ​ $ 6,949 ​ $ 27,011 ​ $ 32,324 (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% to 31.0% Risk-free interest rate 3.4% to 4.9% Post-grant restriction periods 2 to 6 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%
ESPP
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 2.4% Risk-free interest rate 4.7% Expected life ​ 6 months

Transaction and Other Costs (Ta

Transaction and Other Costs (Tables)	9 Months Ended
	Sep. 30, 2023
Transaction and Other Costs.
Schedule of transaction and other costs	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended September 30, ​ Nine Months Ended September 30, ​ 2023 2022 X 2023 2022 ​ (In thousands) Completed, potential and pursued transaction expenses (1) ​ $ 622 ​ $ 600 ​ $ 896 ​ $ 2,186 Severance and other costs ​ 1,033 ​ 1,146 ​ 4,280 ​ 2,018 Demolition costs ​ ​ 175 ​ ​ — ​ ​ 2,618 ​ ​ 428 Transaction and other costs ​ $ 1,830 ​ $ 1,746 ​ $ 7,794 ​ $ 4,632 (1) Primarily consists of legal costs related to pursued transactions.

Interest Expense (Tables)

Interest Expense (Tables)	9 Months Ended
	Sep. 30, 2023
Interest Expense
Schedule of interest expense	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended September 30, ​ Nine Months Ended September 30, ​ 2023 2022 X 2023 2022 ​ (In thousands) Interest expense before capitalized interest ​ $ 30,229 ​ $ 22,801 ​ $ 85,942 ​ $ 60,100 Amortization of deferred financing costs ​ 3,381 ​ 1,118 ​ 6,011 ​ 3,369 Interest expense related to finance lease right-of-use assets ​ ​ — ​ ​ — ​ ​ — ​ ​ 2,091 Net (gain) loss on derivative financial instruments designated as ineffective hedges: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net unrealized (gain) loss ​ 1,742 ​ (3,099) ​ 7,383 ​ (8,493) Net realized gain ​ (230) ​ — ​ — ​ — Capitalized interest ​ (7,219) ​ (2,888) ​ (18,756) ​ (6,816) Interest expense ​ $ 27,903 ​ $ 17,932 ​ $ 80,580 ​ $ 50,251 ​

Shareholders' Equity and Earn_2

Shareholders' Equity and Earnings (Loss) Per Common Share (Tables)	9 Months Ended
	Sep. 30, 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 September 30, ​ Nine Months Ended September 30, ​ ​ 2023 2022 X 2023 2022 ​ ​ (In thousands, except per share amounts) Net income (loss) ​ $ (66,101) ​ $ (21,581) ​ $ (54,045) ​ $ 119,836 Net (income) loss attributable to redeemable noncontrolling interests ​ ​ 7,926 ​ 2,546 ​ 5,961 ​ (15,712) Net (income) loss attributable to noncontrolling interests ​ ​ 168 ​ (258) ​ 703 ​ (174) Net income (loss) attributable to common shareholders ​ ​ (58,007) ​ ​ (19,293) ​ ​ (47,381) ​ ​ 103,950 Distributions to participating securities ​ ​ (689) ​ ​ (658) ​ (1,406) ​ (671) Net income (loss) available to common shareholders - basic and diluted ​ $ (58,696) ​ $ (19,951) ​ $ (48,787) ​ $ 103,279 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average number of common shares outstanding - basic and diluted ​ ​ 101,445 ​ ​ 114,360 ​ 108,351 ​ 120,741 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Earnings (loss) per common share - basic and diluted ​ $ (0.58) ​ $ (0.17) ​ $ (0.45) ​ $ 0.86

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Sep. 30, 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) September 30, 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivative financial instruments designated as effective hedges: ​ ​ ​ ​ Classified as assets in "Other assets, net" ​ $ 69,499 ​ ​ — ​ $ 69,499 ​ ​ — Derivative financial instruments designated as ineffective hedges: ​ ​ ​ ​ Classified as assets in "Other assets, net" ​ 9,922 ​ — ​ 9,922 ​ — Classified as liabilities in "Other liabilities, net" ​ 9,242 ​ — ​ 9,242 ​ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2023 ​ December 31, 2022 ​ Carrying ​ Carrying ​ ​ ​ Amount (1) ​ Fair Value ​ Amount (1) ​ Fair Value ​ (In thousands) Financial liabilities: ​ ​ ​ ​ Mortgage loans ​ $ 1,741,410 ​ $ 1,655,832 ​ $ 1,901,875 ​ $ 1,830,651 Revolving credit facility ​ 92,000 ​ 92,107 ​ — ​ — Term loans ​ 720,000 ​ 714,987 ​ 550,000 ​ 551,369 (1) The carrying amount consists of principal only.

Segment Information (Tables)

Segment Information (Tables)	9 Months Ended
	Sep. 30, 2023
Segment Information
Schedule of components of revenue from third-party real estate services business	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended September 30, ​ Nine Months Ended September 30, ​ 2023 2022 X 2023 2022 ​ (In thousands) Property management fees ​ $ 4,910 ​ $ 4,791 ​ $ 14,879 ​ $ 14,575 Asset management fees ​ 1,155 ​ 1,479 ​ 3,513 ​ 4,763 Development fees ​ 4,296 ​ 1,426 ​ 9,038 ​ 7,113 Leasing fees ​ 1,036 ​ 1,713 ​ 3,648 ​ 4,590 Construction management fees ​ 266 ​ 169 ​ 909 ​ 356 Other service revenue ​ 1,399 ​ 1,909 ​ 4,045 ​ 4,224 Third-party real estate services revenue, excluding reimbursements ​ 13,062 ​ 11,487 ​ 36,032 ​ 35,621 Reimbursement revenue (1) ​ 10,880 ​ 10,358 ​ 33,556 ​ 32,351 Third-party real estate services revenue, including reimbursements ​ ​ 23,942 ​ ​ 21,845 ​ ​ 69,588 ​ ​ 67,972 Third-party real estate services expenses ​ ​ 21,405 ​ ​ 21,230 ​ ​ 67,333 ​ ​ 72,422 Third-party real estate services revenue less expenses ​ $ 2,537 ​ $ 615 ​ $ 2,255 ​ $ (4,450) ​ (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 September 30, ​ Nine Months Ended September 30, ​ 2023 2022 X 2023 2022 ​ (in thousands) Net income (loss) attributable to common shareholders ​ $ (58,007) ​ $ (19,293) ​ $ (47,381) ​ $ 103,950 Add: ​ ​ ​ ​ Depreciation and amortization expense ​ 50,265 ​ 50,056 ​ 152,914 ​ 157,597 General and administrative expense: ​ ​ ​ ​ Corporate and other ​ 11,246 ​ 12,072 ​ 42,462 ​ 42,669 Third-party real estate services ​ 21,405 ​ 21,230 ​ 67,333 ​ 72,422 Share-based compensation related to Formation Transaction and special equity awards ​ 46 ​ 548 ​ 397 ​ 4,369 Transaction and other costs ​ 1,830 ​ 1,746 ​ 7,794 ​ 4,632 Interest expense ​ 27,903 ​ 17,932 ​ 80,580 ​ 50,251 Loss on the extinguishment of debt ​ — ​ 1,444 ​ 450 ​ 3,073 Impairment loss ​ ​ 59,307 ​ — ​ ​ 59,307 ​ ​ — Income tax expense ​ 77 ​ 166 ​ 672 ​ 2,600 Net income (loss) attributable to redeemable noncontrolling interests ​ (7,926) ​ (2,546) ​ (5,961) ​ 15,712 Net income (loss) attributable to noncontrolling interests ​ ​ (168) ​ ​ 258 ​ ​ (703) ​ ​ 174 Less: ​ ​ ​ ​ Third-party real estate services, including reimbursements revenue ​ 23,942 ​ 21,845 ​ 69,588 ​ 67,972 Other revenue ​ 2,704 ​ 1,764 ​ 8,276 ​ 5,758 Loss from unconsolidated real estate ventures, net ​ (2,263) ​ (13,867) ​ (1,320) ​ (12,829) Interest and other income, net ​ 7,774 ​ 984 ​ 14,132 ​ 16,902 Gain on the sale of real estate, net ​ 906 ​ — ​ 41,606 ​ 158,631 Consolidated NOI ​ $ 72,915 ​ $ 72,887 ​ $ 225,582 ​ $ 221,015 ​ 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 September 30, 2023 ​ Commercial Multifamily Other Total ​ (In thousands) Property rental revenue ​ $ 63,940 ​ $ 52,461 ​ $ 3,893 ​ $ 120,294 Parking revenue ​ 4,310 ​ 248 ​ 64 ​ 4,622 Total property revenue ​ 68,250 ​ 52,709 ​ 3,957 ​ 124,916 Property expense: ​ ​ ​ ​ ​ ​ ​ Property operating ​ 18,866 ​ 19,379 ​ (657) ​ 37,588 Real estate taxes ​ 8,210 ​ 5,581 ​ 622 ​ 14,413 Total property expense ​ 27,076 ​ 24,960 ​ (35) ​ 52,001 Consolidated NOI ​ $ 41,174 ​ $ 27,749 ​ $ 3,992 ​ $ 72,915 ​ ​ Three Months Ended September 30, 2022 ​ Commercial Multifamily Other Total ​ (In thousands) Property rental revenue ​ $ 71,257 ​ $ 45,639 ​ $ 2,915 ​ $ 119,811 Parking revenue ​ 3,859 ​ 248 ​ 87 ​ 4,194 Total property revenue ​ 75,116 ​ 45,887 ​ 3,002 ​ 124,005 Property expense: ​ ​ ​ ​ ​ Property operating ​ 20,151 ​ 16,108 ​ 121 ​ 36,380 Real estate taxes ​ 8,603 ​ 5,311 ​ 824 ​ 14,738 Total property expense ​ 28,754 ​ 21,419 ​ 945 ​ 51,118 Consolidated NOI ​ $ 46,362 ​ $ 24,468 ​ $ 2,057 ​ $ 72,887 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nine Months Ended September 30, 2023 ​ Commercial Multifamily Other Total ​ (In thousands) Property rental revenue ​ $ 200,178 ​ $ 154,814 ​ $ 9,927 ​ $ 364,919 Parking revenue ​ 12,874 ​ 767 ​ 195 ​ 13,836 Total property revenue ​ 213,052 ​ 155,581 ​ 10,122 ​ 378,755 Property expense: ​ ​ ​ ​ ​ Property operating ​ 56,489 ​ 55,228 ​ (2,605) ​ 109,112 Real estate taxes ​ 25,406 ​ 16,837 ​ 1,818 ​ 44,061 Total property expense ​ 81,895 ​ 72,065 ​ (787) ​ 153,173 Consolidated NOI ​ $ 131,157 ​ $ 83,516 ​ $ 10,909 ​ $ 225,582 ​ ​ Nine Months Ended September 30, 2022 ​ Commercial Multifamily Other Total ​ ​ (In thousands) Property rental revenue ​ $ 230,781 ​ $ 130,686 ​ $ 6,978 ​ $ 368,445 Parking revenue ​ 12,058 ​ 632 ​ 219 ​ 12,909 Total property revenue ​ 242,839 ​ 131,318 ​ 7,197 ​ 381,354 Property expense: ​ ​ ​ ​ Property operating ​ 65,977 ​ 44,733 ​ 1,759 ​ 112,469 Real estate taxes ​ 29,398 ​ 15,586 ​ 2,886 ​ 47,870 Total property expense ​ 95,375 ​ 60,319 ​ 4,645 ​ 160,339 Consolidated NOI ​ $ 147,464 ​ $ 70,999 ​ $ 2,552 ​ $ 221,015 The following is a summary of certain balance sheet data by segment: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commercial Multifamily Other Total ​ ​ (In thousands) September 30, 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Real estate, at cost ​ $ 2,492,590 ​ $ 3,087,068 ​ $ 375,373 ​ $ 5,955,031 Investments in unconsolidated real estate ventures ​ 210,619 ​ — ​ 85,778 ​ 296,397 Total assets ​ 2,729,353 ​ 2,524,199 ​ 412,616 ​ 5,666,168 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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	9 Months Ended
	Sep. 30, 2023 USD ($) ft² property building item
Real estate properties
Number of Real Estate Properties	48
Number of key demand drivers | item	4
National Landing Sub-market, 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	30
Area of real estate property | ft²	9.2
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	16
Number of Units in Real Estate Property | item	6,318
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	8.1
Wholly Owned Properties | Multifamily
Real estate properties
Number of Units in Real Estate Property | item	6,318
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	87.70%

Acquisition, Dispositions and_3

Acquisition, Dispositions and Assets Held for Sale - Summary of the Disposition Activity (Details) ft² in Thousands, $ in Thousands	1 Months Ended	9 Months Ended
	Mar. 31, 2023 USD ($)	Sep. 30, 2023 USD ($) ft²
Development Parcel
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Deferred purchase price paid		$ 19,600
Disposal Group, Disposed of by Sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain (Loss) on the Sale of Real Estate		41,606
Development Parcel | Disposal Group, Disposed of by Sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gross sales price		5,500
Cash Proceeds from Sale		4,954
Gain (Loss) on the Sale of Real Estate		(53)
4747 Bethesda Avenue | Disposal Group, Disposed of by Sale
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
Falkland Chase-South & West and Falkland Chase-North | Disposal Group, Disposed of by Sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Area of Real Estate Property | ft²		438
Gross sales price		$ 95,000
Cash Proceeds from Sale		93,094
Gain (Loss) on the Sale of Real Estate		1,208
Other | Disposal Group, Disposed of by Sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain (Loss) on the Sale of Real Estate		$ 398

Acquisition, Dispositions and_4

Acquisition, Dispositions and Assets Held for Sale - Assets Held for Sale (Details) ft² in Thousands, $ in Thousands	Oct. 04, 2023 USD ($)	Sep. 30, 2023 USD ($) ft²	Dec. 31, 2022 USD ($)
Schedule of Equity Method Investments [Line Items]
Assets held for sale		$ 28,336	$ 0
5 M Street Southwest | Subsequent Event
Schedule of Equity Method Investments [Line Items]
Sale of property	$ 29,500
Washington, D.C. | Assets Held For Sale | 5 M Street Southwest
Schedule of Equity Method Investments [Line Items]
Total Square Feet | ft²		665
Assets held for sale		$ 28,336

Investments in Unconsolidated_3

Investments in Unconsolidated Real Estate Ventures - Summary of Composition of Investments (Details) $ in Thousands	1 Months Ended	3 Months Ended	9 Months Ended
	Mar. 31, 2023 USD ($)	Sep. 30, 2023 USD ($) property building	Sep. 30, 2023 USD ($) property building	Dec. 31, 2022 USD ($)
Schedule of Equity Method Investments
Total investments in unconsolidated real estate ventures		$ 296,397	$ 296,397	$ 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		48	48
One Commercial Building
Schedule of Equity Method Investments
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
Percentage of ownership interest in assets sold	80%		80%
Gross sales price	$ 196,000	$ 196,000	$ 196,000
Gross valuation of assets sold	245,000		$ 245,000
Prudential Global Investment Management (PGIM)
Schedule of Equity Method Investments
Ownership interest (as percent)		50%	50%
Total investments in unconsolidated real estate ventures		$ 196,389	$ 196,389	203,529
J.P. Morgan Global Alternatives ("J.P. Morgan")
Schedule of Equity Method Investments
Ownership interest (as percent)		50%	50%
Total investments in unconsolidated real estate ventures		$ 69,860	$ 69,860	64,803
4747 Bethesda Avenue
Schedule of Equity Method Investments
Ownership interest (as percent)		20%	20%
Total investments in unconsolidated real estate ventures		$ 13,349	$ 13,349
4747 Bethesda Avenue | 4747 Bethesda Avenue
Schedule of Equity Method Investments
Mortgage assumed by real estate venture due to sale of interests	$ 175,000
Brandywine Realty Trust
Schedule of Equity Method Investments
Ownership interest (as percent)		30%	30%
Total investments in unconsolidated real estate ventures		$ 13,756	$ 13,756	13,678
CBREI Venture
Schedule of Equity Method Investments
Ownership interest (as percent)		9.90%	9.90%
Total investments in unconsolidated real estate ventures		$ 464	$ 464	12,516
CBREI Venture | Washington, D.C. | Loss from unconsolidated real estate ventures, net
Schedule of Equity Method Investments
Impairment of real estate		$ 3,300
Landmark
Schedule of Equity Method Investments
Ownership interest (as percent)		18%	18%
Total investments in unconsolidated real estate ventures		$ 1,992	$ 1,992	4,809
Other Investment
Schedule of Equity Method Investments
Total investments in unconsolidated real estate ventures		587	587	546
L'Enfant Plaza Assets
Schedule of Equity Method Investments
Total investments in unconsolidated real estate ventures		0	0	0
Certain Ventures
Schedule of Equity Method Investments
Total investments in unconsolidated real estate ventures		0	0	0
1101 17th Street | Canadian Pension Plan Investment Board (CPPIB)
Schedule of Equity Method Investments
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		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Investments in Unconsolidated Real Estate Ventures
Schedule of Equity Method Investments
Property management fee revenue	$ 5.4	$ 6.1	$ 16.3	$ 18.2

Investments in Unconsolidated_5

Investments in Unconsolidated Real Estate Ventures - Summary of disposition activity (Details) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
	Aug. 24, 2023	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Schedule of Equity Method Investments [Line Items]
Income from unconsolidated real estate ventures, net		$ (2,263)	$ (13,867)	$ (1,320)	$ (12,829)
CBREI Venture
Schedule of Equity Method Investments [Line Items]
Ownership percentage		9.90%		9.90%
Stonebridge at Potomac Town Center | Disposal Group, Disposed of by Sale | CBREI Venture
Schedule of Equity Method Investments [Line Items]
Ownership percentage	10%
Gross sales price	$ 172,500
Repayment of mortgage	79,600
Income from unconsolidated real estate ventures, net	$ 641

Investments in Unconsolidated_6

Investments in Unconsolidated Real Estate Ventures - Summary of Debt (Details) - Mortgage loans - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Schedule of Equity Method Investments
Variable interest rate	6.16%
Variable rate amount	$ 550,048	$ 892,268
Fixed interest rate	4.78%
Fixed rate amount	$ 1,191,362	1,009,607
Debt, gross	1,741,410	1,901,875
Unamortized deferred financing costs and premium / discount, net	(14,277)	(11,701)
Long-term debt, net	$ 1,727,133	1,890,174
Investments in Unconsolidated Real Estate Ventures
Schedule of Equity Method Investments
Variable interest rate	6.19%
Variable rate amount	$ 278,175	184,099
Fixed interest rate	4.13%
Fixed rate amount	$ 60,000	60,000
Debt, gross	338,175	244,099
Unamortized deferred financing costs and premium / discount, net	(9,252)	(411)
Long-term debt, net	$ 328,923	$ 243,688

Investments in Unconsolidated_7

Investments in Unconsolidated Real Estate Ventures - Financial Information - Table (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Schedule of Equity Method Investments
Gain (loss) on sale of real estate	$ 906		$ 41,606	$ 158,631
Combined balance sheet information:
Real estate, net	4,599,676		4,599,676		$ 4,823,082
Other assets, net	217,903		217,903		117,028
TOTAL ASSETS	5,666,168		5,666,168		5,903,438
Mortgage loans, net	1,727,133		1,727,133		1,890,174
Other liabilities, net	145,550		145,550		132,710
Total liabilities	2,816,721		2,816,721		2,708,016
Total equity	2,372,835		2,372,835		2,681,887
TOTAL LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY	5,666,168		5,666,168		5,903,438
Combined income statement information:
Total revenue	151,562	$ 147,614	456,619	455,084
Net income (loss)	(66,101)	(21,581)	(54,045)	119,836
Investments in Unconsolidated Real Estate Ventures
Schedule of Equity Method Investments
Gain (loss) on sale of real estate				77,400
Impairment of real estate	30,100	16,100	30,100	16,100
Combined balance sheet information:
Real estate, net	879,369		879,369		888,379
Other assets, net	170,007		170,007		160,015
TOTAL ASSETS	1,049,376		1,049,376		1,048,394
Mortgage loans, net	328,923		328,923		243,688
Other liabilities, net	47,424		47,424		54,639
Total liabilities	376,347		376,347		298,327
Total equity	673,029		673,029		750,067
TOTAL LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY	1,049,376		1,049,376		$ 1,048,394
Combined income statement information:
Total revenue	23,570	40,881	68,555	125,135
Operating income (loss)	(20,584)	(7,468)	(13,005)	77,066
Net income (loss)	(27,622)	$ (15,034)	(31,557)	$ 49,376
CBREI Venture Partner | Stonebridge at Potomac Town Center
Schedule of Equity Method Investments
Gain (loss) on sale of real estate	$ 4,600		$ 4,600

Variable Interest Entities (Det

Variable Interest Entities (Details) $ in Thousands	Sep. 30, 2023 USD ($) item	Dec. 31, 2022 USD ($) item
Variable Interest Entity [Line Items]
Assets	$ 5,666,168	$ 5,903,438
Liabilities	$ 2,816,721	2,708,016
JBG Smith, LP
Variable Interest Entity [Line Items]
Ownership interest by parent	87.70%
Unconsolidated VIEs
Variable Interest Entity [Line Items]
Equity Method Investments	$ 85,900	$ 83,200
Consolidated VIEs
Variable Interest Entity [Line Items]
Number of consolidated variable interest entities | item	2	2
Assets	$ 456,100	$ 265,500
Liabilities	$ 245,100	$ 116,300

Other Assets, Net - Summary (De

Other Assets, Net - Summary (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Finite-Lived Intangible Assets [Line Items]
Prepaid expenses	$ 27,427,000		$ 27,427,000		$ 16,440,000
Derivative financial instruments, at fair value	79,421,000		79,421,000		61,622,000
Deferred financing costs, net	12,732,000		12,732,000		5,516,000
Deposits	584,000		584,000		483,000
Operating lease right-of-use assets	61,122,000		61,122,000		1,383,000
Investments in funds	20,366,000		20,366,000		16,748,000
Other investments	3,446,000		3,446,000		3,524,000
Other	12,805,000		12,805,000		11,312,000
Total other assets, net	217,903,000		217,903,000		$ 117,028,000
Interest and Other Income (loss), Net
Finite-Lived Intangible Assets [Line Items]
Investment funds unrealized gains (losses)	(492,000)	$ (267,000)	1,200,000	$ 928,000
Investment funds realized losses	165,000		483,000
Other investments realized gains (losses)	$ 436,000	$ (300,000)	$ 436,000	$ 13,800,000

Debt - Schedule of Mortgages Pa

Debt - Schedule of Mortgages Payable (Details) - Mortgage loans - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Variable interest rate	6.16%
Variable rate amount	$ 550,048	$ 892,268
Fixed interest rate	4.78%
Fixed rate amount	$ 1,191,362	1,009,607
Debt, gross	1,741,410	1,901,875
Unamortized deferred financing costs and premium/ discount, net	(14,277)	(11,701)
Long-term debt, net	$ 1,727,133	1,890,174
Weighted average interest rate cap strike	3.16%
One-Month Term SOFR
Debt Instrument [Line Items]
SOFR	5.32%
Other Assets Net
Debt Instrument [Line Items]
Net deferred finance costs	$ 1,800	$ 2,200

Debt - Narrative (Details)

Debt - Narrative (Details) $ in Thousands		1 Months Ended		9 Months Ended
	Jun. 29, 2023 USD ($) item	Jun. 30, 2023 USD ($)	Jan. 31, 2023 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2022 USD ($)	Jun. 28, 2023 USD ($)	Dec. 31, 2022 USD ($)
Mortgages and Line of Credit Facility [Line Items]
Repayments of mortgage loans				$ 280,135	$ 268,627
Mortgage loans
Mortgages and Line of Credit Facility [Line Items]
Fixed interest rate				4.78%
Mortgage loans | Asset Pledged as Collateral [Member]
Mortgages and Line of Credit Facility [Line Items]
Net carrying value of real estate collateralizing the mortgages loans				$ 2,100,000			$ 2,200,000
Mortgage loans | Interest rate swaps and caps
Mortgages and Line of Credit Facility [Line Items]
Derivative notional amount				1,600,000			$ 1,300,000
Line of credit
Mortgages and Line of Credit Facility [Line Items]
Credit facility, maximum borrowing capacity				1,500,000
Line of credit | Revolving Credit Facility
Mortgages and Line of Credit Facility [Line Items]
Credit facility, maximum borrowing capacity	$ 750,000			750,000		$ 1,000,000
Additional borrowing capacity for term loans	$ 500,000
Number of extension options | item	2
Extension period	6 months
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-1 Term Loan | Interest rate swap | Secured Overnight Financing Rate ("SOFR")
Mortgages and Line of Credit Facility [Line Items]
Derivative fixed average interest rate				1.46%
Line of credit | Tranche A-2 Term Loan
Mortgages and Line of Credit Facility [Line Items]
Credit facility, maximum borrowing capacity				$ 400,000
Line of credit | Tranche A-2 Term Loan | Interest rate swap | Secured Overnight Financing Rate ("SOFR")
Mortgages and Line of Credit Facility [Line Items]
Derivative fixed average interest rate				2.29%
Line of credit | 2023 Term Loan
Mortgages and Line of Credit Facility [Line Items]
Credit facility, maximum borrowing capacity	$ 120,000			$ 120,000
Line of credit | 2023 Term Loan | Interest rate swap
Mortgages and Line of Credit Facility [Line Items]
Derivative notional amount	$ 120,000
Line of credit | 2023 Term Loan | Interest rate swap | Secured Overnight Financing Rate ("SOFR")
Mortgages and Line of Credit Facility [Line Items]
Derivative fixed interest rate (in percent)	4.01%			4.01%
Minimum | Line of credit | Revolving Credit Facility | Secured Overnight Financing Rate ("SOFR")
Mortgages and Line of Credit Facility [Line Items]
Basis spread on variable rate (in percent)	1.40%
Minimum | Line of credit | 2023 Term Loan | Secured Overnight Financing Rate ("SOFR")
Mortgages and Line of Credit Facility [Line Items]
Basis spread on variable rate (in percent)	1.25%
Maximum | Line of credit | Revolving Credit Facility | Secured Overnight Financing Rate ("SOFR")
Mortgages and Line of Credit Facility [Line Items]
Basis spread on variable rate (in percent)	1.85%
Maximum | Line of credit | 2023 Term Loan | Secured Overnight Financing Rate ("SOFR")
Mortgages and Line of Credit Facility [Line Items]
Basis spread on variable rate (in percent)	1.80%
Wren And First Residence [Member] | Mortgage loans | Asset Pledged as Collateral [Member]
Mortgages and Line of Credit Facility [Line Items]
Principal amount			$ 187,600
Debt term			7 years
Fixed interest rate			5.13%
2121 Crystal Drive | Mortgage loans | Asset Pledged as Collateral [Member]
Mortgages and Line of Credit Facility [Line Items]
Repayments of mortgage loans			$ 131,500
Fixed interest rate			5.51%
Falkland Chase South & West and 800 North Glebe Road [Member] | Mortgage loans | Asset Pledged as Collateral [Member]
Mortgages and Line of Credit Facility [Line Items]
Repayments of secured debt		$ 142,400

Debt - Summary of Amounts Outst

Debt - Summary of Amounts Outstanding under the Credit Facility (Details)	1 Months Ended	9 Months Ended
	Oct. 31, 2023 USD ($)	Sep. 30, 2023 USD ($) DerivativeInstrument	Sep. 30, 2022 USD ($)	Jun. 29, 2023 USD ($)	Dec. 31, 2022 USD ($)
Line of Credit Facility [Line Items]
Deferred financing costs on credit facility		$ 12,732,000			$ 5,516,000
Borrowings under revolving credit facility		$ 247,000,000	$ 100,000,000
Line of credit | Revolving Credit Facility
Line of Credit Facility [Line Items]
Effective interest rate		6.71%
Long-term debt, net		$ 92,000,000
Facility fee (as percentage)		0.15%
Aggregate face amount outstanding		$ 467,000			467,000
Line of credit | Revolving Credit Facility | Daily SOTR
Line of Credit Facility [Line Items]
SOFR		5.31%
Line of credit | Revolving Credit Facility | Other Assets Net
Line of Credit Facility [Line Items]
Deferred financing costs on credit facility		$ 10,900,000			3,300,000
Line of credit | Revolving Credit Facility | Subsequent Event
Line of Credit Facility [Line Items]
Borrowings under revolving credit facility	$ 50,000,000
Line of credit | Term Loans [Member]
Line of Credit Facility [Line Items]
Debt, gross		720,000,000			550,000,000
Unamortized deferred financing costs and premium / discount, net		(3,047,000)			(2,928,000)
Long-term debt, net		$ 716,953,000			547,072,000
Line of credit | Tranche A-1 Term Loan
Line of Credit Facility [Line Items]
Effective interest rate		2.60%
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]
Derivative fixed average interest rate		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		3.53%
Debt, gross		$ 400,000,000			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		2.81%
Line of credit | Tranche A-2 Term Loan | Interest rate swap | Secured Overnight Financing Rate ("SOFR")
Line of Credit Facility [Line Items]
Derivative fixed average interest rate		2.29%
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		$ 200,000,000			$ 200,000,000
Line of credit | Term Loan Credit Facility 2023 [Member]
Line of Credit Facility [Line Items]
Effective interest rate		5.26%
Debt, gross		$ 120,000,000
Line of credit | Term Loan Credit Facility 2023 [Member] | Interest rate swap
Line of Credit Facility [Line Items]
Derivative notional amount				$ 120,000,000
Line of credit | Term Loan Credit Facility 2023 [Member] | Interest rate swap | Secured Overnight Financing Rate ("SOFR")
Line of Credit Facility [Line Items]
Derivative fixed interest rate (in percent)		4.01%		4.01%

Other Liabilities, Net (Details

Other Liabilities, Net (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Other Liabilities, Net.
Lease intangible liabilities, net	$ 5,967	$ 7,275
Lease assumption liabilities	501	2,647
Lease incentive liabilities	7,649	11,539
Liabilities related to operating lease right-of-use assets	$ 65,198	$ 5,308
Liabilities related to operating lease right-of-use assets	Total other liabilities, net	Total other liabilities, net
Prepaid rent	$ 14,982	$ 15,923
Security deposits	12,297	13,963
Environmental liabilities	17,990	17,990
Deferred tax liability, net	4,903	4,903
Dividends payable		29,621
Derivative instruments, at fair value	9,242
Deferred purchase price related to the acquisition of a development parcel		19,447
Other	6,821	4,094
Total other liabilities, net	$ 145,550	$ 132,710

Redeemable Noncontrolling Int_3

Redeemable Noncontrolling Interests - Narrative (Details)	1 Months Ended		9 Months Ended
	Feb. 28, 2023 item	Oct. 31, 2022 item	Sep. 30, 2023 shares	Sep. 30, 2022 shares
OP Units
Noncontrolling Interest [Line Items]
Redemption of common limited partnership units to common shares			2,100,000	493,596
JBG Smith, LP
Noncontrolling Interest [Line Items]
Ownership interest by parent			87.70%
JBG Smith, LP | OP Units
Noncontrolling Interest [Line Items]
Units outstanding			13,700,000
Ownership interest by parent			12.30%
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		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Temporary Equity
Balance, beginning of period	$ 455,886	$ 521,392	$ 481,310	$ 522,725
Redemptions	(7,602)	(4,891)	(33,757)	(12,667)
LTIP Units issued in lieu of cash compensation			5,213	6,584
Net income (loss)	(7,926)	(2,546)	(5,961)	15,712
Other comprehensive income	1,346	4,376	902	8,653
Distributions	(3,727)	(4,202)	(7,654)	(8,460)
Share-based compensation expense	6,003	6,211	25,152	31,107
Adjustment to redemption value	381	(28,861)	(20,844)	(72,175)
Balance, end of period	444,361	491,479	444,361	491,479
JBG Smith, LP
Temporary Equity
Balance, beginning of period	455,886	513,426	480,663	513,268
Redemptions	(7,602)	(4,891)	(33,110)	(12,667)
LTIP Units issued in lieu of cash compensation			5,213	6,584
Net income (loss)	(7,926)	(2,557)	(5,961)	15,680
Other comprehensive income	1,346	4,376	902	8,653
Distributions	(3,727)	(4,083)	(7,654)	(8,193)
Share-based compensation expense	6,003	6,211	25,152	31,107
Adjustment to redemption value	381	(30,681)	(20,844)	(72,631)
Balance, end of period	$ 444,361	481,801	444,361	481,801
Consolidated Real Estate Venture
Temporary Equity
Balance, beginning of period		7,966	647	9,457
Redemptions			$ (647)
Net income (loss)		11		32
Distributions		(119)		(267)
Adjustment to redemption value		1,820		456
Balance, end of period		$ 9,678		$ 9,678

Property Rental Revenue (Detail

Property Rental Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Property Rental Revenue
Fixed	$ 110,333	$ 109,193	$ 331,528	$ 335,328
Variable	9,961	10,618	33,391	33,117
Property rental revenue	$ 120,294	$ 119,811	$ 364,919	$ 368,445

Share-Based Payments - LTIP Uni

Share-Based Payments - LTIP Units and Time-Based LTIP Units (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended		3 Months Ended		9 Months Ended		12 Months Ended
	May 31, 2023	Feb. 28, 2023	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Share-based compensation arrangement by share-based payment award, equity instruments other than options
Compensation expense recognition period (in years)					3 years
Share-based compensation expense			$ 6,497	$ 6,949	$ 27,011	$ 32,324
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)					979,138
Weighted Average Grant-Date Fair Value
Weighted average grant-date fair value (in dollars per share)					$ 17.56
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					$ 23,400
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 | 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
Expected volatility					26%
Risk-free interest rate					3.40%
Post-grant restriction periods					2 years
Maximum | LTIP and Time-Based LTIP Units
Share-based compensation arrangement by share-based payment award, equity instruments other than options
Expected volatility					31%
Risk-free interest rate					4.90%
Post-grant restriction periods					6 years

Share-Based Payments - AO LTIP

Share-Based Payments - AO LTIP Units (Details) - AO LTIP Units - USD ($) $ / shares in Units, shares in Millions, $ in Millions	1 Months Ended	9 Months Ended
	Jan. 31, 2023	Sep. 30, 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	9 Months Ended
	Jan. 31, 2023	Sep. 30, 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 - ESPP (De

Share-Based Payments - ESPP (Details) - USD ($)	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Share-based Compensation Arrangement by Share-based Payment Award
Proceeds from common shares issued pursuant to ESPP	$ 665,000	$ 800,000
ESPP
Share-based Compensation Arrangement by Share-based Payment Award
Common shares issued pursuant to employee share purchase plan (in shares)	52,089
Proceeds from common shares issued pursuant to ESPP	$ 665,000
Expected volatility	30%
Dividend yield	2.40%
Risk-free interest rate	4.70%
Award term	6 months

Share-Based Payments - Summary

Share-Based Payments - Summary of Share-Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Share-based Compensation Arrangement by Share-based Payment Award
Total share-based compensation expense	$ 6,915	$ 7,624	$ 28,862	$ 35,346
Less amount capitalized	(418)	(675)	(1,851)	(3,022)
Share-based compensation expense	6,497	6,949	27,011	32,324
Total unrecognized compensation expense	31,500		$ 31,500
Compensation expense recognition period (in years)			3 years
Share Based Compensation - Other
Share-based Compensation Arrangement by Share-based Payment Award
Total share-based compensation expense	6,869	7,076	$ 28,465	30,977
Time-Based LTIP Units
Share-based Compensation Arrangement by Share-based Payment Award
Total share-based compensation expense	3,517	3,496	$ 14,373	15,824
Compensation expense recognition period (in years)			4 years
AO LTIP Units and Performance-Based LTIP Units
Share-based Compensation Arrangement by Share-based Payment Award
Total share-based compensation expense	2,440	2,167	$ 9,382	9,914
Other Equity Awards
Share-based Compensation Arrangement by Share-based Payment Award
Total share-based compensation expense	912	1,413	3,710	4,239
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	46	548	397	4,369
LTIP Units
Share-based Compensation Arrangement by Share-based Payment Award
Total share-based compensation expense			1,000	1,000
Formation awards, OP Units and LTIP Units
Share-based Compensation Arrangement by Share-based Payment Award
Total share-based compensation expense		(142)	108	1,832
Special Time-Based LTIP Units and Special Performance-Based LTIP Units
Share-based Compensation Arrangement by Share-based Payment Award
Total share-based compensation expense	$ 46	$ 690	$ 289	$ 2,537

Transaction and Other Costs (De

Transaction and Other Costs (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Transaction and Other Costs.
Completed, potential and pursued transaction expenses	$ 622	$ 600	$ 896	$ 2,186
Severance and other costs	1,033	1,146	4,280	2,018
Demolition costs	175		2,618	428
Transaction and other costs	$ 1,830	$ 1,746	$ 7,794	$ 4,632

Interest Expense (Details)

Interest Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Interest Expense
Interest expense before capitalized interest	$ 30,229	$ 22,801	$ 85,942	$ 60,100
Amortization of deferred financing costs	3,381	1,118	6,011	3,369
Interest expense related to finance lease right-of-use assets				2,091
Net (gain) loss on derivative financial instruments designated as ineffective hedges:
Net unrealized (gain) loss	1,742	(3,099)	7,383	(8,493)
Net realized gain	(230)
Capitalized interest	(7,219)	(2,888)	(18,756)	(6,816)
Interest expense	$ 27,903	$ 17,932	$ 80,580	$ 50,251

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		9 Months Ended		43 Months Ended
	Nov. 07, 2023	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	May 31, 2023	Mar. 01, 2020
Sale of stock
Authorized value of shares for repurchase							$ 1,500,000	$ 1,000,000
Repurchase and retired common shares		7.9	2.3	18.4	14.2	41.7
Repurchase and retired common shares, Value		$ 120,839	$ 54,003	$ 276,684	$ 361,042	$ 900,200
Average purchase price		$ 15.24	$ 23.35	$ 14.98	$ 25.49	$ 21.54
Subsequent Event
Sale of stock
Repurchase and retired common shares	2
Repurchase and retired common shares, Value	$ 28,000
Average purchase price	$ 13.85

Shareholders' Equity and Earn_4

Shareholders' Equity and Earnings (Loss) Per Common Share - Basic and Diluted Earnings (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Shareholders' Equity and Earnings (Loss) Per Common Share
NET INCOME (LOSS)	$ (66,101)	$ (21,581)	$ (54,045)	$ 119,836
Net (income) loss attributable to redeemable noncontrolling interests	7,926	2,546	5,961	(15,712)
Net (income) loss attributable to noncontrolling interests	168	(258)	703	(174)
Net Income (Loss)	(58,007)	(19,293)	(47,381)	103,950
Distributions to participating securities	(689)	(658)	(1,406)	(671)
Net income (loss) available to common shareholders - basic	(58,696)	(19,951)	(48,787)	103,279
Net income (loss) available to common shareholders - diluted	$ (58,397)	$ (19,951)	$ (48,488)	$ 103,279
Weighted average number of common shares outstanding - basic	101,445	114,360	108,351	120,741
Weighted average number of common shares outstanding - diluted	101,445	114,360	108,351	120,741
Earnings (loss) per common share - basic	$ (0.58)	$ (0.17)	$ (0.45)	$ 0.86
Earnings (loss) per common share - diluted	$ (0.58)	$ (0.17)	$ (0.45)	$ 0.86

Shareholders' Equity and Earn_5

Shareholders' Equity and Earnings (Loss) Per Common Share - Antidilutive (Details) - $ / shares shares in Millions		3 Months Ended		9 Months Ended
	Oct. 31, 2023	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Antidilutive securities excluded from computation of earnings per share
Antidilutive securities excluded from computation of earnings per share (in shares)		6.6	5.9	6.9	5.9
Dividends cash declared		$ 0.225	$ 0.225	$ 0.45	$ 0.45
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 Thousands	3 Months Ended	9 Months Ended	12 Months Ended
	Sep. 30, 2023	Sep. 30, 2023	Dec. 31, 2022
Fair Value
Net unrealized gain (loss) on derivative designated as effective hedge		$ 59,700	$ 55,000
Gain (loss) expected to be reclassified into interest expense within the next 12 months		35,900
Impairment loss	$ 59,307	59,307
Nonrecurring
Fair Value
Impairment loss	59,300	59,300
Nonrecurring | Fair Value
Fair Value
Estimated fair value			$ 0
2101 L Street and 2100 Crystal Drive | Level 3 | Nonrecurring
Fair Value
Estimated fair value	148,900	148,900
Development Parcel | Level 2 | Nonrecurring
Fair Value
Estimated fair value	$ 11,300	$ 11,300

Fair Value Measurements - Sched

Fair Value Measurements - Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Designated as Hedging Instrument
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Derivative Asset, Statement of Financial Position [Extensible Enumeration]	Other Assets	Other Assets
Designated as Hedging Instrument | Interest rate swaps and caps | Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Classified as assets in Other assets, net	$ 69,499	$ 53,515
Designated as Hedging Instrument | Level 2 | Interest rate swaps and caps | Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Classified as assets in Other assets, net	$ 69,499	$ 53,515
Not Designated as Hedging Instrument
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Derivative Asset, Statement of Financial Position [Extensible Enumeration]	Other Assets	Other Assets
Derivative Liability, Statement of Financial Position [Extensible Enumeration]	Other Liabilities
Not Designated as Hedging Instrument | Interest rate swaps and caps | Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Classified as assets in Other assets, net	$ 9,922	$ 8,107
Classified as liabilities in Other liabilities, net	9,242
Not Designated as Hedging Instrument | Level 2 | Interest rate swaps and caps | Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Classified as assets in Other assets, net	9,922	$ 8,107
Classified as liabilities in Other liabilities, net	$ 9,242

Fair Value Measurements - Finan

Fair Value Measurements - Financial Assets and Liabilities Not Measured at Fair Value (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Mortgage loans | Fair Value
Financial liabilities:
Financial liabilities	$ 1,655,832	$ 1,830,651
Mortgage loans | Carrying Amount
Financial liabilities:
Financial liabilities	1,741,410	1,901,875
Revolving credit facility | Fair Value
Financial liabilities:
Financial liabilities	92,107
Revolving credit facility | Carrying Amount
Financial liabilities:
Financial liabilities	92,000
Term loans | Fair Value
Financial liabilities:
Financial liabilities	714,987	551,369
Term loans | Carrying Amount
Financial liabilities:
Financial liabilities	$ 720,000	$ 550,000

Segment Information - Narrative

Segment Information - Narrative (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2023 USD ($) segment	Dec. 31, 2022 USD ($)
Segment Information
Number of reportable segments | segment	3
Intangible assets, net	$ 139,876	$ 162,246
Third-Party Real Estate Services Segment
Segment Information
Intangible assets, net	$ 9,500	$ 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		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Segment Information
Third-party real estate services revenue, excluding reimbursements	$ 13,062	$ 11,487	$ 36,032	$ 35,621
Reimbursement revenue	10,880	10,358	33,556	32,351
Third-party real estate services revenue, including reimbursements	23,942	21,845	69,588	67,972
Third-party real estate services expenses	21,405	21,230	67,333	72,422
Third-party real estate services revenue less expenses	2,537	615	2,255	(4,450)
Property management fees
Segment Information
Third-party real estate services revenue, excluding reimbursements	4,910	4,791	14,879	14,575
Asset management fees
Segment Information
Third-party real estate services revenue, excluding reimbursements	1,155	1,479	3,513	4,763
Development fees
Segment Information
Third-party real estate services revenue, excluding reimbursements	4,296	1,426	9,038	7,113
Leasing fees
Segment Information
Third-party real estate services revenue, excluding reimbursements	1,036	1,713	3,648	4,590
Construction management fees
Segment Information
Third-party real estate services revenue, excluding reimbursements	266	169	909	356
Other service revenue
Segment Information
Third-party real estate services revenue, excluding reimbursements	$ 1,399	$ 1,909	$ 4,045	$ 4,224

Segment Information - Schedule

Segment Information - Schedule of Reconciliation of Net Income (Loss) Attributable to Common Shareholders to Consolidated NOI (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Segment Information
Net income (loss) attributable to common shareholders	$ (58,007)	$ (19,293)	$ (47,381)	$ 103,950
Depreciation and amortization expense	50,265	50,056	152,914	157,597
Corporate and other	11,246	12,072	42,462	42,669
Third-party real estate services	21,405	21,230	67,333	72,422
Share-based compensation related to Formation Transaction and special equity awards	46	548	397	4,369
Transaction and other costs	1,830	1,746	7,794	4,632
Interest expense	27,903	17,932	80,580	50,251
Loss on the extinguishment of debt		1,444	450	3,073
Impairment loss	59,307		59,307
Income tax expense	77	166	672	2,600
Net income (loss) attributable to redeemable noncontrolling interests	(7,926)	(2,546)	(5,961)	15,712
Net income (loss) attributable to noncontrolling interests	(168)	258	(703)	174
Third-party real estate services, including reimbursements revenue	23,942	21,845	69,588	67,972
Other revenue	2,704	1,764	8,276	5,758
Loss from unconsolidated real estate ventures, net	(2,263)	(13,867)	(1,320)	(12,829)
Interest and other income, net	7,774	984	14,132	16,902
Gain on the sale of real estate, net	906		41,606	158,631
Consolidated NOI	$ 72,915	$ 72,887	$ 225,582	$ 221,015

Segment Information - Summary_2

Segment Information - Summary of NOI by Segment (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Segment Information
Property rental revenue	$ 120,294	$ 119,811	$ 364,919	$ 368,445
Total property revenue	124,916	124,005	378,755	381,354
Property operating	37,588	36,380	109,112	112,469
Real estate taxes	14,413	14,738	44,061	47,870
Total property expense	52,001	51,118	153,173	160,339
Consolidated NOI	72,915	72,887	225,582	221,015
Parking
Segment Information
Parking revenue	4,622	4,194	13,836	12,909
Operating Segments | Commercial Segment
Segment Information
Property rental revenue	63,940	71,257	200,178	230,781
Total property revenue	68,250	75,116	213,052	242,839
Property operating	18,866	20,151	56,489	65,977
Real estate taxes	8,210	8,603	25,406	29,398
Total property expense	27,076	28,754	81,895	95,375
Consolidated NOI	41,174	46,362	131,157	147,464
Operating Segments | Commercial Segment | Parking
Segment Information
Parking revenue	4,310	3,859	12,874	12,058
Operating Segments | Multifamily Segment
Segment Information
Property rental revenue	52,461	45,639	154,814	130,686
Total property revenue	52,709	45,887	155,581	131,318
Property operating	19,379	16,108	55,228	44,733
Real estate taxes	5,581	5,311	16,837	15,586
Total property expense	24,960	21,419	72,065	60,319
Consolidated NOI	27,749	24,468	83,516	70,999
Operating Segments | Multifamily Segment | Parking
Segment Information
Parking revenue	248	248	767	632
Other
Segment Information
Property rental revenue	3,893	2,915	9,927	6,978
Total property revenue	3,957	3,002	10,122	7,197
Property operating	(657)	121	(2,605)	1,759
Real estate taxes	622	824	1,818	2,886
Total property expense	(35)	945	(787)	4,645
Consolidated NOI	3,992	2,057	10,909	2,552
Other | Parking
Segment Information
Parking revenue	$ 64	$ 87	$ 195	$ 219

Segment Information - Summary_3

Segment Information - Summary of Certain Balance Sheet Data by Segment (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Segment Information
Real estate, at cost	$ 5,955,031	$ 6,158,082
Investments in unconsolidated real estate ventures	296,397	299,881
Total assets	5,666,168	5,903,438
Operating Segments | Commercial Segment
Segment Information
Real estate, at cost	2,492,590	2,754,832
Investments in unconsolidated real estate ventures	210,619	218,723
Total assets	2,729,353	2,829,576
Operating Segments | Multifamily Segment
Segment Information
Real estate, at cost	3,087,068	2,986,907
Investments in unconsolidated real estate ventures		304
Total assets	2,524,199	2,483,902
Other
Segment Information
Real estate, at cost	375,373	416,343
Investments in unconsolidated real estate ventures	85,778	80,854
Total assets	$ 412,616	$ 589,960

Commitments and Contingencies -

Commitments and Contingencies - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2023	Dec. 31, 2022
Real estate properties
General liability insurance limit		$ 150,000
Property and rental value insurance coverage limit		1,000,000
Terrorist acts insurance coverage limit		2,000,000
Construction commitment	$ 230,500	$ 230,500
Construction commitment period		2 years
Environmental liabilities included in Other liabilities, net	17,990	$ 17,990	$ 17,990
Tenant-related obligations		47,700
Gain on settlement of litigation	6,000
Consolidated Properties
Real estate properties
Tenant-related obligations		46,300
Principal payment guarantees	8,300	8,300
Unconsolidated Properties
Real estate properties
Tenant-related obligations		1,400
Additional capital funding committed amount	63,000	63,000
Principal payment guarantees	$ 0	$ 0

Transactions with Related Par_2

Transactions with Related Parties (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended		9 Months Ended
	Mar. 31, 2023	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Transactions with Related Parties
Revenues		$ 151,562	$ 147,614	$ 456,619	$ 455,084
Disposal Group, Disposed of by Sale | 4747 Bethesda Avenue
Transactions with Related Parties
Percentage of ownership interest in assets sold	80%			80%
Related party | Washington Housing Initiative
Transactions with Related Parties
Completed capital commitments		114,400		$ 114,400
Commitment		11,200		11,200
Remaining unfunded commitment		3,500		3,500
Related party | Supervisory Services of Properties | BMS
Transactions with Related Parties
Related party payments		2,300	2,700	7,000	7,800
Related party | Fees from Legacy JBG Funds and Washington Housing Initiative | Legacy JBG Funds and Washington Housing Initiative
Transactions with Related Parties
Revenues		4,800	$ 4,900	15,700	$ 15,100
Receivables		2,300		2,300		$ 4,500
Related party | Office Rent | Unconsolidated Real Estate Ventures
Transactions with Related Parties
Related party payments		$ 1,600		$ 3,400

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Pay vs Performance Disclosure
Net Income (Loss)	$ (58,007)	$ (19,293)	$ (47,381)	$ 103,950

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Sep. 30, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false