JBG SMITH Properties (JBGS) 8-K 3Q 2017 Quarterly Investor Package West Half

3Q 2017 QUARTERLY INVESTOR PACKAGE WEST HALF

T A B L E O F C O N T E N T S M A N A G E M E N T L E T T E R 3 Q 1 7 S U P P L E M E N T A L I N F O R M AT I O N 3 Q 1 7 E A R N I N G S R E L E A S E S E C T I O N O N E S E C T I O N T W O S E C T I O N T H R E E WEST HALF

M A N A G E M E N T L E T T E R 1

1   November 13, 2017 To Our Shareholders: We are pleased to report on our performance in our first quarter as a public company. For details regarding our financial and operating results, please see our third quarter earnings release and supplemental information, which follow this letter. Since closing the spin-off transaction in mid-July, we have been hard at work completing the integration of the JBG and Vornado/Charles E. Smith platforms, executing on leasing and development opportunities, pursuing our capital allocation strategy, and responding to an ever-evolving market landscape. The integration of The JBG Companies and the Vornado/Charles E. Smith businesses into JBG SMITH has been seamless, largely as a result of the eight-month effort that went into preparing for the merger. It was time very well spent. On the day of the closing, we consolidated all corporate personnel into our Chevy Chase headquarters and we began implementing the organizational structure that the two teams worked collaboratively to create. We are pleased to report that all market-facing aspects of our business are fully integrated and operating as one JBG SMITH team. Due to regulatory requirements, the accounting and IT integrations were unable to commence until the transaction closing in July. This process has been following a well-choreographed plan, and we expect to complete our IT, accounting and infrastructure integration by the end of 2018. The local market reaction to the combination has been very positive. This reaction has been most important and pronounced in Crystal City, especially for our long-term repositioning plans for that submarket. After signing the initial anchor lease with a transformational tenant, Alamo Cinema Drafthouse, we successfully filed our initial zoning application for the retail portion of our Phase I redevelopment of what will become the retail heart of Crystal City. This filing is consistent with underlying zoning, was submitted ahead of schedule, and seeks approval to develop approximately 154,000-square feet of anchor and amenity retail, featuring primarily service and experience-based offerings. Phase I will also include the adaptive repurposing of 1750 Crystal Drive into a taller multifamily asset, as well as a new Metro entrance at the corner of 18th Street and Crystal Drive, all of which were featured in our June investor presentation. Phase I is the cornerstone of our Crystal City placemaking efforts and will provide the foundation for our plans to move the needle on our other holdings there. Since closing, and more specifically since the filing of the zoning application, we have received incredibly positive feedback on our plans from existing and prospective office and retail tenants, tenant brokers, county officials and other stakeholders in the local marketplace. As an early indicator of this response, we have seen an increase in leasing tour activity since closing and we are on track for a strong finish to the year. Although the first components of Phase I will not deliver until 2020, we are aggressively marketing our plans to prospective and existing tenants and we are confident in our ability to reinvigorate Crystal City as we apply our skills and the many lessons learned from our decades of experience as a mixed-use investor in the Washington, DC market. Suffice it to say that we are encouraged by the market’s response to our efforts, and we are highly focused on converting that enthusiasm into leasing traction, income growth, and long-term value creation. We are tracking ahead of our timeline for realizing the $35 million of expected synergies arising from the integration of the JBG and Vornado/Charles E. Smith businesses that was detailed in our June investor presentation, and we remain on track to realize the full benefit of these synergies by the end of 2018.

2   Washington, DC Market Update We see five primary themes in the market today supported by market data from JLL: 1) The office market’s recovery is uneven and is not always reflected in the top-line fundamentals. There are trends on a submarket and building class level that defy the high-level story of DC market malaise. The best way to look at the uneven performance of the overall market, and the pockets of opportunity concealed within it, is to look through the lens of three trends – amenity versus non-amenity submarkets, Trophy versus “commodity Class A”, and the outperformance of Class B office. The metro-served and amenity-rich submarkets where 98% of JBG SMITH’s portfolio is concentrated accounted for 74% of direct net absorption year-to-date, despite making up just 66% of total market inventory. JLL estimates that these submarkets have a direct vacancy rate of 14.1% compared to 20.5% for the non-Metro served, amenity-barren markets. For context, direct vacancy for all Metro DC markets is 16.2%. We believe the relative strength of our submarkets is obscured when looking at only high-level, market-wide statistics. An excellent example of this disparity is the comparison of Suburban Maryland overall, which had a direct vacancy rate of 16.6% in the third quarter, and Bethesda, which had a vacancy rate of 9.7%. Tenants strongly prefer the urban amenities and transit access of Bethesda, and have been fleeing surrounding suburban office locations such as Rock Spring where vacancy is more than 23%. One example of this broader trend is Marriott’s move from a suburban office park location in Maryland to downtown Bethesda where we believe they will downsize their leased square footage and increase their per square foot rental rate. Marriott’s move, and other similar migrations, are often masked by the overall statistics, which treat them as net-zero or net-negative to the overall market because they are moving between submarkets, often downsizing, and not bringing net new demand into the broader market. A similar trend is found in the continued performance gap between “Trophy” and “Class A” assets, sometimes called “Commodity A” buildings. High-end tenants continue to relocate to newer, more efficient Trophy buildings, almost always at the expense of older Class A product. Improved space utilization often offsets substantially higher rental rates, mitigating the impact on the total rent check for the newer spaces. While the Trophy sector continues to strongly outperform commodity Class A, Trophy buildings face a growing oversupply issue with 1.9 million square feet currently under construction. To add to the leasing challenge, many of these new Trophy buildings have leased from the top down, with remaining vacancy in the less desirable lower floors, which appeal to a smaller pool of tenants. The most well-positioned offerings remain top-floor spaces in the highest quality Trophy buildings, which have continued to see strong interest and high rental rates. We have managed the leasing of our under-construction office assets to mitigate this risk with approximately 70% of our vacancy in the upper half of our Trophy buildings. The most challenged segment continues to be Class A where there is an ongoing “arms race” of amenities as the landlords of these less-desirable spaces try to distinguish the older, less appealing assets in this category. Despite large capital investments by landlords, only the best among these buildings have seen leasing success, and we believe there will be continued softness in the Class A space for at least the next 24 months. Our portfolio is relatively well-insulated from this softness over the short term. Prior to 2020, we have less than 1.2% of our total portfolio square footage rolling in Class A buildings.

3   At the other end of the market, Class B assets in downtown DC are thriving, due in part to a reduction in supply driven by the conversion of many Class B buildings into Trophy development sites. According to JLL, Class B assets have vacancy rates of 8.2% compared to 18.4% in the commodity Class A space in Washington, DC. The supply of Class B space in the District has been reduced by 9% over the past seven years, while rents have grown 8.6%. We have witnessed the same phenomenon in our portfolio where our downtown DC Class B assets had a vacancy rate of 3.5% as of the end of the third quarter. Another benefit of a tightening Class B market downtown is that growing rents may drive some value-oriented tenants, such as those in the association and non- profit sectors, to our properties in close-in locations in Crystal City and Rosslyn, Virginia. The Class B rent spread between DC and Arlington has almost returned to peak levels last seen in 2007 (rents are nearly 34% lower in Arlington as of the third quarter), making the value proposition of our Crystal City and Rosslyn assets even more compelling, especially as these Northern Virginia submarkets continue to close the amenity gap with their DC counterparts. Despite the uneven market recovery, we have fashioned our capital deployment decisions around these market dynamics to help position our portfolio for success. Except for submarkets like Bethesda where vacancy rates are exceptionally low and speculative development may be prudent, we have generally subjected new office starts to meaningful pre-leasing requirements and high development yields. Our focus on preleasing new developments from the bottom up has positioned most of our speculative leasing risk in the tops of our buildings, which has been the best-performing segment of the market. Finally, our focus on investing in amenity-rich, urban infill locations helps insulate us from the negative absorption trends in amenity-deficient and suburban submarkets. 2) Administrative gridlock has stalled GSA demand. Net absorption year-to-date has been almost entirely driven by the private sector. A lack of clear budget expectations and a raft of senior government agency leadership vacancies have indefinitely postponed many large new GSA procurements, although renewal activity has largely continued as expirations arise. We expect the pent-up demand this trend causes to positively impact the market when needs that have been put on hold are ultimately fulfilled. This impact could take time, and we are not counting on it in our expectations of market growth. Despite muted GSA activity, we signed two new leases, totaling 30,000 square feet, with government contracting tenants in Crystal City during the third quarter. An additional bright spot is that the planned “rightsizing” of existing government leases will pause, as GSA and individual government agencies lack the funding for new lease consolidations or contractions in place that would otherwise have resulted in negative absorption. While this pause dampens activity associated with new leases, only 7.5% of our operating portfolio based on square footage is exposed to GSA expirations before 2020 and less than 2% of our square footage at share is related to government agencies exposed to budget cuts based on the current administration’s priorities. 3) Although 2017 has been a peak year for multifamily supply, we expect supply declines through 2018 and 2019 to drive rent growth. This year’s record number of deliveries, totaling more than 11,000 units, has slowed, but not stopped Class A multifamily rent growth, as absorption continues to largely match deliveries. Limited access to debt and equity capital and elevated supply levels have constrained the number of new projects entering the pipeline, with 10,855 units and 5,310 units expected to deliver in 2018 and 2019, respectively, according to JLL. With robust job and population growth continuing to drive strong demand, this decline in supply bodes well for future multifamily rent growth. Consistent with what we’re seeing in the office market, there has been continued outperformance in the best multifamily submarkets. JBG SMITH’s urban, transit-oriented

4   submarkets continue to outperform, boasting 34% to 40% rent premiums as compared to the overall market each year since 2000. 4) Uneven fundamentals notwithstanding, investment sales activity remains robust. Office sales volume of institutional-quality assets through September was $5.6 billion - one of the strongest periods since the recession, with still another quarter of activity to go. 51.0% of those transactions year-to-date involved foreign investment, and in the third quarter, foreign capital represented 61.2% of the office sales activity. This has resulted not only in high volume, but also record pricing for core and build-to-core office assets. Multifamily asset sales activity, which had been lagging through the first half of the year, has dramatically ticked up, with more than $1.8 billion in the third quarter alone, bringing the year-to-date total to roughly $3.5 billion. The transaction profile for multifamily, however, is very different than office, with a discrete focus on Class B assets, which accounted for almost 68.1% of sales year-to-date. Equity capital for Class A and new multifamily has been more limited, but pricing remains elevated, especially for low risk, core assets. We respond to aggressive pricing in the market by diligently pursuing opportunities to recycle capital where we can sell a portion or the entirety of an asset at or above replacement cost, and redeploy that capital into delevering our balance sheet and/or higher yielding acquisition and development opportunities. 5) Contrary to broader macro headwinds in the retail sector, the DC retail market continues to perform well. Retail vacancy hovers just above 5.0% with continued upward pressure on rents that have grown 8.4% since the end of 2014. While a market recognition of the value of “amenity” retail has shifted leverage firmly in favor of the best restaurant tenants who are able to obtain substantial tenant allowances, the retail market continues to be healthy. We are focused on experiential, amenity-serving retailers that are integrated into our office and residential assets such as grocery stores, restaurants, and entertainment retail. These retailers tend to be more resistant to replacement by the internet, a fact implicit in Amazon’s purchase of Whole Foods. Our strategy, by definition, leaves us with very limited exposure to soft-goods and other e-commerce threatened retail categories, which represent only 6% of our total retail square footage.   Operating Portfolio Our operating office portfolio had solid performance in the third quarter compared to the second quarter as a result of the burn off of rental abatement, higher parking revenue in Crystal City, and lower expenses at the property level. As of the end of the third quarter, our operating office assets were 88.2% leased. We signed approximately 206,000 square feet of office leases at our share during the third quarter across all submarkets and commercial product types (this excludes JBG SMITH’s lease for approximately 80,200 square feet at 4747 Bethesda Avenue).  In Crystal City, we completed renewals/expansions with a number of private sector tenants, as well as several renewals with the GSA. We signed a lease with Alamo Cinema Drafthouse for approximately 49,000-square feet in May, and welcomed four new office tenants to Crystal City, totaling approximately 33,400 square feet during the third quarter. In total, we signed approximately 127,800-square feet of office and retail leases (at JBG SMITH’s share) in Crystal City in the third quarter. Fundamentals remain strong for our 1.2 million square feet of Class B office inventory in the CBD and East End submarkets of DC. With our vacancy rate for these assets currently at 3.5%, we anticipate continued rental growth within this asset class.

5   Consistent with the broader market, we have seen continued weakness in commodity Class A product, and we anticipate continued pressure on this category in DC. With that in mind, we are preparing for approximately 126,000-square feet of vacancy at the Bowen Building when Paul Hastings, a law firm, vacates in third quarter of 2020. Baker Botts, also a law firm, has indicated that they are likely to vacate approximately 155,000-square feet in the Warner Building in the first quarter of 2020 when their lease expires. Both of these tenants are among our top 20 tenants. Fortunately, these buildings are in core DC locations within walking distance to the White House. Both vacancies are at the top of iconic buildings with outdoor terraces and premier rooftops with commanding views. In both cases, we have over two years before the existing leases expire to execute asset level repositionings and targeted marketing strategies. Our operating multifamily assets continue to experience consistently strong performance in both occupancy and monthly rent per unit despite the influx of new supply. As of the end of the third quarter, our operating multifamily assets were 96.2% leased. Performance has been particularly strong at recently delivered assets, such as The Bartlett in Arlington, Virginia, which completed its initial lease-up and is experiencing net effective rent growth due to lower concessions on renewals. Our focus on expense management also contributed to the NOI growth in our multifamily assets during the third quarter. Development Portfolio The projects in our development portfolio, nine assets actively under construction and one near-term development project, are progressing on time and on budget. As detailed in our third quarter supplemental information, we expect that these assets will generate approximately $100 million of NOI upon stabilization. In the third quarter, we delivered RTC West – Retail into our operating portfolio, and started construction on Stonebridge at Potomac Town Center – Phase II. We also reclassified West Half II and III into one asset, as well as Atlantic Plumbing C – North and South into one asset, and moved Phase III of Stonebridge at Potomac Town Center into the Future Development Pipeline. Consistent with our risk mitigation strategy for development, we have executed guaranteed maximum price (GMP) contracts on all our under construction assets, which insulates us from escalations in construction pricing. This is especially important in a supply market that can be materially impacted by spikes in demand, such as those associated with the rebuilding of hurricane or fire ravaged areas of the country. Our development portfolio is comprised of 42% multifamily and 58% office, of which 51.1% is preleased, based on expected stabilized NOI at JBG SMITH’s share. During the third quarter we signed approximately 41,200 square feet of leases at our share (which excludes JBG SMITH’s lease for approximately 80,200 square feet at 4747 Bethesda Avenue) in our under construction assets, and we expect strong leasing activity for the remainder the year. In July, we delivered 40,025-square feet at RTC West – Retail, located in Reston, Virginia and connected to RTC West, a 446,078-square foot operating office building. This project delivered on-time and on-budget, and was approximately 77.5% leased as of the end of the third quarter. . Under Construction We continue to experience strong demand for our Trophy office assets currently under construction. During the third quarter, we signed a lease with a management consulting company at Central Place in Rosslyn, Virginia, bringing the building to approximately 71.9% preleased, and with only the upper floors remaining, we are seeing solid activity on the balance of the space. The Urban Institute exercised its pre-delivery expansion right at 500 L’Enfant Plaza and expanded its footprint to approximately 140,000-square feet, which brings the building to 65.1% preleased, also entirely from the bottom up.

6   We have seen strong leasing activity at 4747 Bethesda Avenue, a 287,000-square foot office building in the Bethesda CBD. In late 2019 we will relocate our headquarters to this asset occupying the bottom 27.9% of the building. Interest in the upper floors is robust as tenants seek to occupy the submarket’s first Trophy asset with a substantial retail and amenity base to deliver in over a decade. At 1900 N Street, an under construction, 271,000-square foot, Trophy office building located in the downtown CBD, we signed an 80,000-square foot lease with the law firm Goodwin Proctor in June, bringing the building to 29.6% preleased. We are in talks with a number of smaller users who are interested in the distinct architecture of the building, as well as the highly amenitized, Metro-served location. Near-Term Development As of the end of the third quarter, the one asset in our near-term development pipeline was 965 Florida Avenue, a 433-unit (303-unit at our share) multifamily building with approximately 46,000-square feet of retail that will be anchored by a Whole Foods, located in the U Street/Shaw submarket of Washington, DC. This asset is adjacent to our Under Construction and Operating Atlantic Plumbing assets, and we believe the Whole Foods will be a compelling amenity for our holdings there. We recently signed a GMP contract for this development and anticipate starting construction in the first quarter of 2018. Future Development Pipeline The real estate cycle is an important factor when we think about accessing opportunities in our Future Development Pipeline. There are times when we are active developers, times when we have very little development activity, and times when we unlock value by recapitalizing or selling land outright. To be considered for net new investment, any development opportunity must present a rich enough risk-adjusted return relative to our cost of capital for us to consider allocating capital to build an asset. Likewise, it must compare favorably, on a risk-adjusted basis, to other potential uses of capital, including acquisition opportunities or deleveraging to accrue longer-term future investment capacity. At the moment, the only project in our Future Development Pipeline we are committed to building is Phase I of Crystal City. This investment opportunity is unique in its potential to move the needle for our overall placemaking plans for that submarket. As mentioned earlier, we filed our detailed zoning application for the retail component of Phase I in September. The market reaction to our plans has been overwhelmingly positive, and we are encouraged by the cooperation we have received from Arlington County and Virginia state officials. As to the remaining phases of new development in Crystal City, we are in the process of translating our neighborhood master plan into street-by-street, block-by-block detailed designs so that they can be candidates for new development as quickly as possible. Once those detailed plans are complete, we intend to file the final round of zoning applications for the future phases of development in Crystal City development. New starts will only commence when market conditions and our balance sheet capacity are appropriate to do so. In addition, we are continuing to advance the entitlement process on the other assets in our Future Development Pipeline. We believe bringing land to shovel-ready condition is the best way to maximize value because it gives us flexibility to develop ourselves, to recapitalize with a lower cost capital partner or to sell at a peak land valuation. If there is land in our Future Development Pipeline that can be sold alongside an attached income-producing asset, we may do so, as long as we are able to extract premium value for both. Any such sales would allow us to monetize some of our Future Development Pipeline without the need for additional capital or development risk.

7   Amazon A single prospective tenant would not typically warrant its own section in a letter like this, however with the potential to bring 50,000 jobs and consume eight million square feet, Amazon is the exception. We are working with regional authorities on the HQ2 submission, as we believe that the Washington, DC Metro region is a strong contender for the award. Our position as the best-educated Metro region in the country with the highest concentration of millennials is an excellent workforce proposition for Amazon. Furthermore, our housing cost as a share of income is lower than the other “Gateway” cities where their target talent pool could otherwise be found. While many sites are submitting in the region, we believe Crystal City is, by far, the most appealing location for Amazon, boasting three proximate Metro stations, commuter rail access, and direct flights to New York, San Francisco, and Seattle from Regan National Airport, all within walking distance (yes, walking distance!). Within five miles of Crystal City there are also 111,000 units of rental housing affordable to the income profile of the average Amazon employee, located in the same neighborhoods that already contain much of the millennial workforce between 25 and 34 years old. The large development envelope in Crystal City and its plentiful infill development sites, coupled with our redevelopment plans there, can readily accommodate Amazon’s space needs without the costs or delays often inherent in achieving scale in such a close-in location. Unlike farther flung suburban locations that lack infrastructure and amenities, we have both, as well as abundant in-place parking, which could enable us to deliver new space at a cost advantage to greenfield construction. We believe this combination of workforce, affordability, and access is unrivaled in the region and, perhaps, in the country. All of this said, we know it will be fiercely competitive. We intend to put our best foot forward, expect nothing, and hope for the best. Balance Sheet A critical component of the spin/merger transaction structure was the establishment of a strong balance sheet, with low leverage and a well-laddered debt maturity profile. As of the third quarter, we had approximately $368 million of cash and $1.2 billion of capacity under our credit facility. We intend to execute our growth plans while maintaining prudent leverage levels. To manage our leverage and fund future development activity, we expect to access capital from a wide range of sources, including:  Secured and unsecured debt  Selective joint ventures  Opportunistic capital recycling transactions; and  Equity issuance, subject to market conditions Although we do not intend to be an active borrower of corporate level debt in the intermediate term, it is our goal to obtain an investment grade credit rating over time, which will afford us optionality in the financing markets. On July 18, 2017, we closed a $1.4 billion credit facility comprised of a $1.0 billion revolver and two $200.0 million term loans. The revolver has a four-year initial term, while the term loans have 5.5-year and 7-year terms. As of the end of the third quarter, we had $165.8 million outstanding under our credit facility. In general, we intend to finance our business with non-recourse, asset-level financing. We further intend to prioritize financing office assets over multifamily assets to keep more of our multifamily assets unencumbered so that we can use them as a source of liquidity in cyclical downturns. Our experience has shown that during periods of distress access to debt at reasonable interest rates is more easily obtained for

8   multifamily assets than other asset classes. To that end, during the third quarter, we closed on a $145.0 million construction loan for one asset and we signed term sheets for $229.0 million of financings on three assets. We also paid down loans on six assets, totaling approximately $182.0 million, at a weighted average interest rate of 5.3%. We will use our lines of credit for speed, when necessary, and for financing the parts of our business that are more expensive to finance and short term in nature. In addition, in the fourth quarter of 2017, we expect to execute swap arrangements to fix the interest rates on approximately $840.0 million of our floating rate debt, which would increase the portion of our debt that is fixed rate to approximately 74%, achieving the year-end goal we outlined in our June investor presentation Acquisition and Disposition Activity On the acquisition and new investment front, we have been most active in pursuing assets with redevelopment potential in emerging growth neighborhoods, as well as assets adjacent to our existing holdings. Prices in some submarkets remain elevated, and we continue to be selective with where we are allocating capital. On the disposition side, we are pursuing good opportunities to raise capital in the private markets through single asset transactions. These opportunities would allow us to deleverage our balance sheet and source attractively priced capital. Potential sales candidates include under construction and to-be-built core office assets, selected stabilized properties, and well-located land assets. While investors should not count on any such transactions, we will be keenly focused on these potential opportunities for the next several quarters, as they may allow us to take advantage of market conditions for sellers, as well as source capital for higher- returning future growth opportunities within the portfolio. Third-Party Asset Management and Real Estate Services Business As outlined in our third quarter supplemental information, our share of the third-party asset management and real estate services business was $14.8 million in revenue, primarily driven by $11.1 million in asset management and property management fees. During the third quarter, we sold several fund assets, which impacted revenue. In addition, the G&A expense allocated to the third-party business increased as a result of this activity. The quarterly fees associated with the legacy JBG Funds totaled $8.4 million as of the third quarter. As we discussed in our June presentation, we intend to wind down the fund portion of this business over the next five to seven years, and we expect that many of the fees associated with that business will decline over that time. We also expect a corresponding reduction in G&A expenses as the fund business winds down. * * * Finally, while we do not intend to comment on our stock price with any regularity, we believe JBG SMITH represents a compelling value for investors today. As this is our first official communication post-spin and the stock has traded off since our launch in July, we want to share our thoughts on value. Our perspective is that, at the current price, investors are getting most of the components of potential growth in our portfolio for free. Our $32.66 stock price (as of November 10, 2017) reflects a 5.5% cap rate on our operating real estate portfolio, assuming zero value for our assets under construction ($657 million historical cost), our near-term development pipeline ($1.9 million historical cost), our future development pipeline ($555 million historical cost), and our fee income business. That’s zero value for a growth portfolio that we believe has the potential

9   to create approximately $100 million of NOI when stabilized. When evaluating our growth portfolio and our ability to extract value from non-income producing assets, it is important to keep in mind our track record of successful capital allocation, focus on risk mitigation, and value creation expertise. The opportunity in Crystal City was tailor made for our skillset and our team. Our plans there come straight out of the mixed- use value creation playbook we have been following for decades. Finally, our team has a long history of preserving liquidity at the right times in the cycle, of delivering on downside protection, and of taking advantage of attractive recycling opportunities when they are available in the market. We want to thank you for investing your time and effort to get to know the JBG SMITH team and story. We saw many of you at our investor days and in one-on-one meetings during our roadshow, and we will continue to be thorough and transparent in our communication with investors. We welcome your feedback and questions, and we encourage you to visit us in person to see our unique real estate portfolio and to meet our team. In addition to this quarterly investor package, we intend to participate in select industry conferences starting in 2018 and to repeat the series of investor days that proved effective in showcasing our portfolio, our many growth opportunities, and our organization. We look forward to getting to know you better in the years to come, and we thank you for your trust and confidence. W. Matthew Kelly Chief Executive Officer

3 Q 1 7 E A R N I N G S R E L E A S E 2

FOR IMMEDIATE RELEASE CONTACT Jaime Marcus SVP, Investor Relations (240) 333-3643 jmarcus@jbgsmith.com JBG SMITH ANNOUNCES THIRD QUARTER 2017 RESULTS Chevy Chase, MD (November 13, 2017) — JBG SMITH (NYSE: JBGS), a leading owner and developer of high-quality, mixed-use properties in the Washington, DC market, today filed its Form 10-Q and reported results for the quarter ended September 30, 2017. Additional information regarding our results of operations, properties and tenants can be found in our Third Quarter 2017 Investor Report, which is posted on the investor relations section of our website at www.jbgsmith.com. Third Quarter 2017 Financial Results  Net loss attributable to common shareholders was $(69.8) million, or $(0.61) per diluted share.  Funds From Operations (“FFO”) attributable to common shareholders was $(27.3) million, or $(0.24) per diluted share.  Core Funds From Operations (“Core FFO”) attributable to common shareholders was $54.8 million, or $0.48 per diluted share.  Note that our acquisition of the management business and certain assets and liabilities of The JBG Companies (the “JBG Assets”) has been accounted for as a business combination and the results from these operations have been included in our financial results commencing on July 18, 2017. Accordingly, these amounts exclude the net loss, FFO, and Core FFO from the JBG Assets for the period July 1, 2017 to July 17, 2017. Operating Portfolio Highlights Unless otherwise specified, for purposes of our operating portfolio highlights, we have combined the financial and operating information of the properties received from Vornado Realty Trust (the “Vornado Included Assets”) in the spin-off on July 17, 2017 and the JBG Assets as if the Vornado Included Assets and the JBG Assets had been combined since the beginning of the applicable periods.  Annualized Net Operating Income (“NOI”) was $362.2 million for the three months ended September 30, 2017, compared to $354.1 million for the three months ended June 30, 2017.  The operating office portfolio was 88.2% leased and 87.5% occupied as of September 30, 2017, compared to 87.5% and 86.2% as of June 30, 2017.  The operating multifamily portfolio was 96.2% leased and 94.6% occupied as of September 30, 2017, compared to 96.8% and 93.9% as of June 30, 2017.

2  The operating other portfolio (excluding the Crystal City Marriott Hotel) was 98.8% leased and 97.6% occupied as of September 30, 2017, compared to 96.3% and 96.3% as of June 30, 2017.  Executed approximately 206,000 square feet of office leases at JBG SMITH’s share, consisting of 19 new office leases, totaling approximately 111,000 square feet, and approximately 95,000 square feet of second generation leases, generating flat rent spreads on a GAAP basis and negative 2.1% on a cash basis.  Same Store Net Operating Income (“SSNOI”) increased 6.3% to $70.3 million for the three months ended September 30, 2017, compared to $66.1 million for the three months ended September 30, 2016 and 3.1% to $205.4 million for the nine months ended September 30, 2017, compared to $199.1 million for the nine months ended September 30, 2016. The increase in SSNOI is largely attributable to the expiration of rent abatements and higher rental revenue from lease commencements. The same store pool as of September 30, 2017 includes only the assets that were stabilized for the entirety of both periods being compared and does not include any JBG Assets. If the JBG Assets that had been stabilized for the entirety of both periods being compared had been included in the same store pool, the increase in SSNOI in 2017 would have been slightly higher in both comparison periods. Development Portfolio Highlights Under Construction  As of September 30, 2017, there were nine assets under construction (four office assets, four multifamily assets, and one other asset), consisting of 1.2 million square feet and 1,149 units both at our share.  During the third quarter, we commenced construction on one asset (Stonebridge at Potomac Town Center – Phase II). Near-Term Development  As of September 30, 2017, there was one asset in near-term development, a multifamily asset, consisting of 303 units at our share. Future Development Pipeline  As of September 30, 2017, there were 42 future development assets consisting of 17.6 million square feet of estimated potential density at our share. Third-Party Asset Management and Real Estate Services Business  For the three months ended September 30, 2017, revenue from third-party real estate services, including reimbursements was $25.1 million. Our share of revenue from the third-party asset management and real estate services business was $14.8 million of which approximately $5.2 million came from property management fees, $5.9 million came from asset management fees, $1.2 million came from leasing fees, $1.6 million came from development fees, $0.7 million came from construction management fees, and $0.2 million came from other service revenue.  The general and administrative expenses allocated to the third-party asset management and real estate services business were $21.2 million for the three months ended September 30, 2017, or $10.8 million at our share.  These amounts exclude both revenue and allocated general and administrative expenses for the JBG Assets for the period July 1, 2017 to July 17, 2017.

3 Balance Sheet  We had $2.15 billion of debt ($2.52 billion including our share of debt of unconsolidated ventures) as of September 30, 2017. Of the $2.52 billion of debt at our share, approximately 42.0% was fixed-rate and approximately 58% was variable-rate.  As of September 30, 2017, our enterprise value was approximately $6.86 billion, comprised of 137.74 million common shares and units valued at $4.71 billion, and net debt at our share of $2.15 billion.  The weighted average interest rate of our debt was 3.73% at September 30, 2017.  As of September 30, 2017, we had $367.9 million of cash and cash equivalents and $1.23 billion of capacity under our credit facility.  Net Debt / Adjusted EBITDA at our share was 6.6x and our Net Debt / Total Enterprise Value was 31.3%. Financing Activities  On July 18, 2017, we entered into a $1.4 billion credit facility, consisting of a $1.0 billion revolving credit facility with a four-year term, and two $200.0 million term loans with 5.5-year and 7-year terms, respectively.  Additionally, during the third quarter we:  Closed a $145.0 million construction loan on West Half, an under construction multifamily asset located in the Ballpark/Southeast submarket in Washington, DC. The loan has a four-year initial term and is interest-only at LIBOR + 2.85%.  Repaid approximately $181.7 million of secured debt, including:  A $74.3 million loan on 2011 Crystal Drive, an office asset in Crystal City, Virginia;  Two loans with an aggregate balance of approximately $28.4 million at 1900 N Street, an under- construction office asset in the CBD of Washington, DC;  Two loans with an aggregate balance of approximately $43.6 million at 1700 M Street, land in the future development pipeline;  A $15.0 million mezzanine loan at 7200 Wisconsin Avenue, an office asset in Bethesda, Maryland;  A $12.5 million loan at 4747 Bethesda Avenue, an office asset in Bethesda, Maryland, and  A $7.9 million loan at North End Retail, a retail asset located in the U Street/Shaw submarket in Washington, DC.  Subsequent to September 30, 2017, we:  Closed a $78.0 million loan on 1235 South Clark, an office asset in Crystal City, Virginia. The loan has a 10-year term and a fixed interest rate of 3.94%.  Closed a $110.0 million refinancing on Atlantic Plumbing, a multifamily asset in the U Street/Shaw submarket of Washington, DC. The loan has a 5-year term and a floating interest rate of LIBOR + 1.50%. A prior swap agreement has been novated to synthetically fix the interest rate through September 2020. At closing, $100.0 million was funded, which was used in part to repay the existing $88.4 million loan. We have the ability to draw an additional $10.0 million based on the asset’s performance.  Repaid a $67.3 million loan at 220 20th Street, a multifamily asset located in Crystal City, Virginia.  Entered into agreements in the specified notional amounts to swap variable interest rates to fixed rates on the following debt instruments:  $50.0 million related to our Tranche A-1 Term Loan;  $107.7 million related to our mortgage loan on RTC - West; and  $107.5 million related to our mortgage loan on 800 North Glebe Road.

4 Dividends On November 9, 2017, we declared a dividend of $0.225 per common share, equating to an annualized dividend of $0.90 per common share. The dividend is payable on November 30, 2017 to common shareholders of record as of November 20, 2017. About JBG SMITH JBG SMITH is an S&P 400 company that owns, operates, invests in and develops assets concentrated in leading urban infill submarkets in and around Washington, DC. Our mixed-use operating portfolio comprises approximately 20 million square feet of high-quality office, multifamily and retail assets, 98% of which are Metro-served. With a focus on placemaking, we drive synergies across the portfolio and create amenity-rich, walkable neighborhoods. JBG SMITH’s future development pipeline includes 17.6 million square feet of potential development density. For additional information on JBG SMITH please visit www.jbgsmith.com. Forward Looking Statements Certain statements contained herein may constitute “forward-looking statements” as such term is defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements are not guarantees of performance. They represent our intentions, plans, expectations and beliefs and are subject to numerous assumptions, risks and uncertainties. Consequently, the future results of JBG SMITH Properties (“JBG SMITH” or the “Company”) may differ materially from those expressed in these forward-looking statements. You can find many of these statements by looking for words such as “approximate”, “believes”, “expects”, “anticipates”, “estimates”, “intends”, “plans”, “would”, “may” or similar expressions in this press release. We also note the following forward-looking statements: our expected annualized dividend per share and dividend yield, in the case of our construction and near-term development assets, the estimated square feet and units; and in the case of our future development assets, estimated potential development density. Many of the factors that will determine the outcome of these and our other forward-looking statements are beyond our ability to control or predict. These factors include, among others: adverse economic conditions in the Washington, DC metropolitan area, the timing of and costs associated with development and property improvements, financing commitments, and general competitive factors. For further discussion of factors that could materially affect the outcome of our forward looking statements and other risks and uncertainties, see “Risk Factors” and the Cautionary Statement Concerning Forward-Looking Statements in JBG SMITH’s Registration Statement on Form 10, as amended, filed with the Securities and Exchange Commission (the “SEC”) and declared effective on June 26, 2017 as well as the final Information Statement (the “Information Statement”) filed with the SEC as Exhibit 99.1 to our Current Report on Form 8-K filed on June 27, 2017. For these statements, we claim the protection of the safe harbor for forward- looking statements contained in the Private Securities Litigation Reform Act of 1995. You are cautioned not to place undue reliance on our forward-looking statements. All subsequent written and oral forward- looking statements attributable to us or any person acting on our behalf are expressly qualified in their

5 entirety by the cautionary statements contained or referred to in this section. We do not undertake any obligation to release publicly any revisions to our forward-looking statements after the date hereof. Pro Rata Information We present certain financial information and metrics in this release “at JBG SMITH Share,” which refers to our ownership percentage of consolidated and unconsolidated assets in real estate ventures (collectively, “real estate ventures”) as applied to these financial measures and metrics. Financial information “at JBG SMITH Share” is calculated on an entity-by-entity basis by applying our percentage economic interest to each applicable line item of that entity’s financial information. “At JBG SMITH Share” information, which we also refer to as being “at share,” “our pro rata share” or “our share,” is not, and is not intended to be, a presentation in accordance with GAAP. Given that greater than 29% of our assets, as measured by total square feet, are held through real estate ventures, we believe this form of presentation, which presents our economic interests in the partially owned entities, provides investors important information regarding a significant component of our portfolio, its composition, performance and capitalization. We do not control the unconsolidated real estate ventures and do not have a legal claim to our co- venturers’ share of assets, liabilities, revenue and expenses. The operating agreements of the unconsolidated real estate ventures generally allow each co-venturer to receive cash distributions to the extent there is available cash from operations. The amount of cash each investor receives is based upon specific provisions of each operating agreement and varies depending on certain factors including the amount of capital contributed by each investor and whether any investors are entitled to preferential distributions. For risks related to our real estate ventures, whether consolidated or unconsolidated, please refer to the risk factors contained in the Information Statement. The non-GAAP “at JBG SMITH Share” financial information should not be considered in isolation or as a substitute for our financial statements as reported under GAAP. Non-GAAP Financial Measures This release includes non-GAAP financial measures. For these measures, we have provided an explanation of how these non-GAAP measures are calculated and why JBG SMITH’s management believes that the presentation of these measures provides useful information to investors regarding JBG SMITH’s financial condition and results of operations. Reconciliations of certain non-GAAP measures to the most directly comparable GAAP financial measure are included in this release. Our presentation of non-GAAP financial measures may not be comparable to similar non-GAAP measures used by other companies. In addition to “at share” measures corresponding to each non-GAAP measure set forth below and the “at share” measure corresponding to third-party asset management and real estate services business revenue, the following non-GAAP measures are included in this release: Earnings Before Interest, Taxes, Depreciation and Amortization ("EBITDA") and Adjusted EBITDA Management uses EBITDA as a supplemental operating performance measure and believes it helps investors and lenders meaningfully evaluate and compare our operating performance from period to- period by removing from our operating results the impact of our capital structure (primarily interest charges from our consolidated outstanding debt and the impact of our interest rate swaps) and certain non-cash expenses (primarily depreciation and amortization on our assets). This supplemental measure

6 may help investors and lenders understand our ability to incur and service debt and to make capital expenditures. EBITDA is not a substitute for net income (loss) (computed in accordance with GAAP) and may not be comparable to similarly titled measures used by other companies. “Adjusted EBITDA,” a non-GAAP financial measure, represents EBITDA adjusted for items we believe are not representative of ongoing operating results, such as non-recurring transaction and other costs, gain (loss) on the extinguishment of debt, gain on the bargain purchase of a business, impairment of real estate and investments in unconsolidated joint ventures, share-based compensation expense related to the formation transaction, and the mark-to-market of interest rate swaps. We believe that adjusting such items not considered part of our comparable operations, provides a meaningful measure to evaluate and compare our performance from period-to-period. Because EBITDA and Adjusted EBITDA have limitations as analytical tools, we use EBITDA and Adjusted EBITDA to supplement GAAP financial measures. Additionally, we believe that users of these measures should consider EBITDA and Adjusted EBITDA in conjunction with net income (loss) and other GAAP measures in understanding our operating results. Funds from Operations ("FFO") and Core FFO FFO is a non-GAAP financial measure computed in accordance with the definition established by the National Association of Real Estate Investment Trusts (“NAREIT”). NAREIT defines FFO as “net income (computed in accordance with GAAP), excluding gains (or losses) from sales of, or impairment charges related to, depreciable operating properties, plus depreciation and amortization, and after adjustments for unconsolidated partnerships and joint ventures.” "Core FFO" represents FFO adjusted to exclude items which we believe are not representative of ongoing operating results, such as transaction and other costs, gains (or losses) on extinguishment of debt, gain on the bargain purchase of a business, gains (or losses) on the disposal of non-depreciable assets, share-based compensation expense related to the Formation Transaction, and the mark-to-market of interest rate swaps. We believe FFO and Core FFO are meaningful non‑GAAP financial measures useful in comparing our levered operating performance from period to period and as compared to similar real estate companies because these non‑GAAP measures exclude real estate depreciation and amortization expense and other non-comparable income and expenses, which implicitly assumes that the value of real estate diminishes predictably over time rather than fluctuating based on market conditions. FFO and Core FFO do not represent cash generated from operating activities and are not necessarily indicative of cash available to fund cash requirements and should not be considered as an alternative to net income as a performance measure or cash flow as a liquidity measure. FFO and Core FFO may not be comparable to similarly titled measures used by other companies. Net Operating Income ("NOI") and Annualized NOI “NOI” is a non-GAAP financial measure management uses to measure the operating performance of our assets and consists of property-related revenue (which includes base rent, tenant reimbursements and other operating revenue) less operating expenses and ground rent, if applicable. NOI also excludes deferred rent, related party management fees, interest expense, and certain other non-cash adjustments, including the accretion of acquired below-market leases and amortization of acquired above-market

7 leases and below-market ground lease intangibles. Annualized NOI represents NOI for the three months ended September 30, 2017 multiplied by four. Management believes annualized NOI provides useful information in understanding JBG SMITH’s financial performance over a 12-month period, however, investors and other users are cautioned against attributing undue certainty to our calculation of Annualized NOI. Actual NOI for any 12-month period will depend on a number of factors beyond our ability to control or predict, including general capital markets and economic conditions, any bankruptcy, insolvency, default or other failure to pay rent by one or more of our tenants and the destruction of one or more of our assets due to terrorist attack, natural disaster or other casualty, among others. We do not undertake any obligation to update our calculation to reflect events or circumstances occurring after the date of this supplemental information package. There can be no assurance that the annualized NOI shown will reflect JBG SMITH’s actual results of operations over any 12-month period. Same Store and Non-Same Store “Same store” refers to the pool of assets that were stabilized for the entirety of both periods being compared, except for assets for which significant redevelopment, renovation, or repositioning occurred during either of the periods being compared. No JBG Assets are included in the same store pool.

8 CONDENSED CONSOLIDATED AND COMBINED BALANCE SHEETS in thousands, September 30, 2017 December 31, 2016 ASSETS Real estate, at cost: Land and improvements $ 1,272,997 $ 939,592 Buildings and improvements 3,662,853 3,064,466 Construction in progress, including land 906,680 151,333 5,842,530 4,155,391 Less accumulated depreciation (982,454))) (930,769) Real estate, net 4,860,076 3,224,622 Cash and cash equivalents 367,896 29,000 Restricted cash 17,521 3,263 Tenant and other receivables, net 50,474 33,380 Deferred rent receivable, net 145,683 136,582 Investments in and advances to unconsolidated real estate ventures 284,986 45,776 Receivable from former parent — 75,062 Other assets, net 288,391 112,955 TOTAL ASSETS $ 6,015,027 $ 3,660,640 LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY Liabilities: Mortgages payable, net $ 1,977,674 $ 1,165,014 Revolving credit facility 115,751 — Unsecured term loan, net 46,389 — Payable to former parent — 283,232 Accounts payable and accrued expenses 131,627 40,923 Other liabilities, net 100,774 49,487 Total liabilities 2,372,215 1,538,656 Commitments and contingencies Redeemable noncontrolling interests 567,001 — Total equity 3,075,811 2,121,984 TOTAL LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY $ 6,015,027 $ 3,660,640 __________________ Note: For complete financial statements, please refer to the Company's Quarterly Report on Form 10-Q for the period ended September 30, 2017.

9 CONDENSED CONSOLIDATED AND COMBINED STATEMENTS OF OPERATIONS in thousands, except per share data Three Months Ended September 30, Nine Months Ended September 30, 2017 2016 2017 2016 REVENUE Property rentals $ 116,458 $ 103,265 $ 316,899 $ 299,497 Tenant reimbursements 9,593 10,231 27,161 28,428 Third-party real estate services, including reimbursements 25,141 8,297 38,881 24,617 Other income 1,158 1,564 3,701 3,938 Total revenue 152,350 123,357 386,642 356,480 EXPENSES Depreciation and amortization 43,951 31,377 109,726 98,291 Property operating 29,634 27,287 77,341 75,087 Real estate taxes 17,194 14,462 47,978 43,712 General and administrative: Corporate and other 10,593 10,913 35,536 36,040 Third-party real estate services 21,178 4,779 30,362 14,272 Share-based compensation related to Formation Transaction 14,445 — 14,445 — Transaction and other costs 104,095 1,528 115,173 1,528 Total operating expenses 241,090 90,346 430,561 268,930 OPERATING (LOSS) INCOME (88,740) 33,011 (43,919) 87,550 (Loss) income from unconsolidated real estate ventures (1,679) 584 (1,365) (952) Interest and other (loss) income, net (379) 749 1,366 2,292 Interest expense (15,309) (13,028) (43,813) (38,662) Loss on extinguishment of debt (689) — (689) — Gain on bargain purchase 27,771 — 27,771 — (LOSS) INCOME BEFORE INCOME TAX EXPENSE (79,025) 21,316 (60,649) 50,228 Income tax benefit (expense) 1,034 (302) 317 (884) NET (LOSS) INCOME (77,991) 21,014 (60,332) 49,344 Net loss attributable to redeemable noncontrolling interests JBG SMITH LP 8,160 — 2,481 — NET (LOSS) INCOME ATTRIBUTABLE TO JBG SMITH PROPERTIES $ (69,831) $ 21,014 $ (57,851 ) $ 49,344 (LOSS) EARNINGS PER COMMON SHARE: Basic $ (0.61) $ 0.21 $ (0.55 ) $ 0.49 Diluted $ (0.61) $ 0.21 $ (0.55 ) $ 0.49 WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING - Basic and Diluted 114,744 100,571 105,347 100,571 __________________ Note: For complete financial statements, please refer to the Company's Quarterly Report on Form 10-Q for the period ended September 30, 2017.

10 EBITDA AND ADJUSTED EBITDA (NON-GAAP) dollars in thousands Three Months Ended September 30, 2017 EBITDA and Adjusted EBITDA Net loss $ (77,991) Depreciation and amortization expense 43,951 Interest expense (1) 15,309 Income tax expense (1,034) Unconsolidated real estate ventures allocated share of above adjustments 9,151 EBITDA $ (10,614) Transaction and other costs 104,095 Loss on extinguishment of debt 689 Gain on bargain purchase (27,771) Share-based compensation related to Formation Transaction 14,445 Adjusted EBITDA $ 80,844 Net Debt to Adjusted EBITDA (2) 6.6x September 30, 2017 Net Debt (at JBG SMITH Share) Consolidated indebtedness $ 2,140,037 Unconsolidated indebtedness 389,237 Total consolidated and unconsolidated indebtedness 2,529,274 Less: cash and cash equivalents 383,363 Net Debt (at JBG SMITH Share) $ 2,145,911 ____________________ Note: Excludes the financial information of the JBG Assets for the period July 1, 2017 to July 17, 2017. (1) Interest expense includes amortization of deferred financing costs, premiums/discounts and the mark-to-market of interest rate swaps and caps. (2) Adjusted EBITDA for the three months ended September 30, 2017 is annualized by multiplying by four.

11 FFO AND CORE FFO (NON-GAAP) in thousands, except per share data Three Months Ended September 30, 2017 FFO and Core FFO Net Loss attributable to JBG SMITH Properties $ (69,831) Net loss attributable to redeemable noncontrolling interests (8,160) Net loss (77,991) Real estate depreciation and amortization 41,393 Pro rata share of real estate depreciation and amortization from unconsolidated real estate ventures 6,059 FFO attributable to the operating partnership common units $ (30,539) FFO attributable to redeemable noncontrolling interests 3,195 FFO attributable to diluted common shareholders (A) (27,344) FFO attributable to the operating partnership common units (30,539) Transaction and other costs 104,095 Loss on extinguishment of debt 689 Gain on bargain purchase (27,771) Share-based compensation related to Formation Transaction 14,445 Amortization of management contract intangible 1,753 Core FFO attributable to the operating partnership common units $ 62,672 Core FFO attributable to redeemable noncontrolling interests (7,825) Core FFO attributable to diluted common shareholders (B) $ 54,847 FFO per diluted common share (A÷C) $ (0.24) Core FFO per diluted common share (B÷C) $ 0.48 Weighted average diluted shares (C) 114,744 _______________ Note: Excludes net income (loss) from JBG Assets for the period July 1, 2017 to July 17, 2017.

12 NOI RECONCILIATIONS (NON-GAAP) dollars in thousands Three Months Ended September 30, 2017 Nine Months Ended September 30, 2017 Net (loss) income attributable to JBG SMITH Properties $ (69,831) $ (57,851) Add: Depreciation and amortization expense 43,951 109,726 General and administrative expense: Corporate and other 10,593 35,536 Third-party real estate services 21,178 30,362 Share-based compensation related to Formation Transaction 14,445 14,445 Transaction and other costs 104,095 115,173 Interest expense 15,309 43,813 Loss on extinguishment of debt 689 689 Income tax benefit (1,034) (317) Less: Third-party real estate services, including reimbursements 25,141 38,881 Other income 1,158 3,701 (Loss) income from unconsolidated real estate ventures (1,679) (1,365) Interest and other (loss) income, net (379) 1,366 Gain on bargain purchase 27,771 27,771 Net loss attributable to redeemable noncontrolling interests 8,160 2,481 Total 79,223 218,741 Adjustment (1) 11,315 45,645 NOI $ 90,538 $ 264,386 Non-same store NOI 20,266 59,029 Same store NOI $ 70,272 $ 205,357 Number of properties in same store pool 36 36 __________________ (1) Adjustment to: (i) include the financial information of the JBG Assets as if the Combination had been completed as of the beginning of the periods presented; (ii) include proportionate share of NOI attributable to unconsolidated real estate ventures; (iii) include other income related to operating properties; (iv) exclude straight-line rent, above/below market lease amortization and lease incentive amortization; and (v) exclude NOI related to non-operating assets.

13 NOI RECONCILIATIONS (NON-GAAP) __________________ (1) Adjustment to: (i) include the financial information of the JBG Assets as if the Combination had been completed as of the beginning of the periods presented; (ii) include proportionate share of NOI attributable to unconsolidated real estate ventures; (iii) include other income related to operating properties; (iv) exclude straight-line rent, above/below market lease amortization and lease incentive amortization; and (v) exclude NOI related to non-operating assets. dollars in thousands Three Months Ended September 30, 2016 Nine Months Ended September 30, 2016 Net (loss) income attributable to JBG SMITH Properties $ 21,014 $ 49,344 Add: Depreciation and amortization expense 31,377 98,291 General and administrative expense: Corporate and other 10,913 36,040 Third-party real estate services 4,779 14,272 Transaction and other costs 1,528 1,528 Interest expense 13,028 38,662 Income tax expense 302 884 Less: Third-party real estate services, including reimbursements 8,297 24,617 Other income 1,564 3,938 Income (loss) from unconsolidated real estate ventures 584 (952) Interest and other income, net 749 2,292 Total 71,747 209,126 Adjustments (1) 10,492 30,762 NOI $ 82,238 $ 239,888 Non-same store NOI 16,137 40,792 Same store NOI $ 66,102 $ 199,096 Number of properties in same store pool 36 36

3 Q 1 7 S U P P L E M E N TA L I N F O R M AT I O N 3

Page Overview Disclosures 3-4 Company Profile 5-6 Financial Highlights 7 Portfolio Overview 8-9 Financial Information Condensed Consolidated and Combined Balance Sheets 10 Condensed Consolidated and Combined Statements of Operations 11 Unconsolidated Real Estate Ventures - Balance Sheet and Operating Information 12 Other Tangible Assets and Liabilities, Net 13 EBITDA and Adjusted EBITDA (Non-GAAP) 14 FFO, Core FFO and FAD (Non-GAAP) 15-16 Third-Party Asset Management and Real Estate Services Business (Non-GAAP) 17 Pro Rata Adjusted General and Administrative Expenses (Non-GAAP) 18 Operating Assets 19 Summary & Same Store NOI (Non-GAAP) 20-21 Summary NOI (Non-GAAP) 22 Summary NOI - Office (Non-GAAP) 23 Summary NOI - Multifamily (Non-GAAP) 24 NOI Reconciliations (Non-GAAP) 25-26 Leasing Activity Leasing Activity - Office 27 Lease Expirations 28 Signed But Not Yet Commenced Leases 29 Tenant Concentration 30 Industry Diversity 31 Property Data Portfolio Summary 32 Property Tables: Office 33-36 Multifamily 37-39 Other 40-41 Under Construction 42 Near-Term Development 43 Future Development 44 Debt Debt Summary 45 Debt by Instrument 46-47 Real Estate Ventures Consolidated Real Estate Ventures 48 Unconsolidated Real Estate Ventures 49-50 Definitions 51-54 TABLE OF CONTENTS SEPTEMBER 30, 2017 Page 2

Forward-Looking Statements Certain statements contained herein may constitute “forward-looking statements” as such term is defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements are not guarantees of performance. They represent our intentions, plans, expectations and beliefs and are subject to numerous assumptions, risks and uncertainties. Consequently, the future results of JBG SMITH Properties (“JBG SMITH” or the “Company”) may differ materially from those expressed in these forward-looking statements. You can find many of these statements by looking for words such as “approximate”, “believes”, “expects”, “anticipates”, “estimates”, “intends”, “plans”, “would”, “may” or similar expressions in this document. We also note the following forward-looking statements: our expected annualized dividend per share and dividend yield, estimated net operating income; in the case of our construction and near-term development assets, estimated square feet, estimated number of units, the estimated completion date, estimated stabilization date, estimated incremental investment, total investment, and projected net operating income yield; and in the case of our future development assets, estimated potential development density, estimated commercial SF/multifamily units to be replaced, remaining acquisition cost, estimated capitalized cost and estimated total investment. Many of the factors that will determine the outcome of these and our other forward-looking statements are beyond our ability to control or predict. These factors include, among others: adverse economic conditions in the Washington, DC metropolitan area, the timing of and costs associated with development and property improvements, financing commitments, and general competitive factors. For further discussion of factors that could materially affect the outcome of our forward-looking statements and other risks and uncertainties, see “Risk Factors” and the Cautionary Statement Concerning Forward-Looking Statements in JBG SMITH’s Registration Statement on Form 10, as amended, filed with the Securities and Exchange Commission (the “SEC”) and declared effective on June 26, 2017 as well as the final Information Statement filed with the SEC as Exhibit 99.1 to our Current Report on Form 8-K filed on June 27, 2017. For these statements, we claim the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. You are cautioned not to place undue reliance on our forward-looking statements. All subsequent written and oral forward-looking statements attributable to us or any person acting on our behalf are expressly qualified in their entirety by the cautionary statements contained or referred to in this section. We do not undertake any obligation to release publicly any revisions to our forward-looking statements to reflect events or circumstances occurring after the issuance of the Quarterly Report on Form 10-Q, as applicable, and this supplemental information package. Organization and Basis of Presentation JBG SMITH was organized by Vornado Realty Trust (“Vornado”) as a Maryland real estate investment trust (“REIT”) on October 27, 2016 (capitalized on November 22, 2016). JBG SMITH was formed for the purpose of receiving on July 17, 2017, substantially all of the assets and liabilities of Vornado’s Washington, DC segment, which operated as Vornado / Charles E. Smith, (the “Vornado Included Assets”). On July 18, 2017, JBG SMITH acquired the management business and certain assets of The JBG Companies (“JBG” or “JBG Assets”). The spin-off from Vornado and combination with JBG are collectively referred to as the "Formation Transaction." The Vornado Included Assets are considered the accounting predecessor. As a result, the financial results of the JBG Assets are only included in the combined company’s financial statements from July 18, 2017 forward and are not reflected in the combined company’s historical financial statements for any prior period. We believe, however, that presenting certain supplemental adjusted financial and operational information at the property-level that is "adjusted" to include the results of the JBG Assets for periods prior to the acquisition date may be useful to investors. No other adjustments have been made to this supplemental adjusted information, which is purely informational and does not purport to be indicative of what would have happened had the acquisition of the JBG Assets occurred at the beginning of the periods presented. The information contained in this supplemental information package does not purport to disclose all items required by the accounting principles generally accepted in the United States of America (“GAAP”) and is unaudited information. Pro Rata Information We present certain financial information and metrics in this supplemental information package “at JBG SMITH Share,” which refers to our ownership percentage of consolidated and unconsolidated assets in real estate ventures (collectively, “real estate ventures”) as applied to these financial measures and metrics. Financial information “at JBG SMITH Share” is calculated on an asset-by-asset basis by applying our percentage economic interest to each applicable line item of that asset’s financial information. “At JBG SMITH Share” information, which we also refer to as being “at share,” “our pro rata share” or “our share,” is not, and is not intended to be, a presentation in accordance with GAAP. Given that greater than 29% of our assets, as measured by total square feet, are held through real estate ventures, we believe this form of presentation, which presents our economic interests in the partially owned entities, provides investors important information regarding a significant component of our portfolio, its composition, performance and capitalization. We do not control the unconsolidated real estate ventures and do not have a legal claim to our co-venturers’ share of assets, liabilities, revenue and expenses. The operating agreements of the unconsolidated real estate ventures generally allow each co-venturer to receive cash distributions to the extent there is available cash from operations. The DISCLOSURES SEPTEMBER 30, 2017 Page 3

amount of cash each investor receives is based upon specific provisions of each operating agreement and varies depending on certain factors including the amount of capital contributed by each investor and whether any investors are entitled to preferential distributions. With respect to any such third-party arrangement, we would not be in a position to exercise sole decision making authority regarding the property, real estate venture or other entity, and may, under certain circumstances, be exposed to economic risks not present were a third-party not involved. We and our respective co-venturers may each have the right to trigger a buy-sell or forced sale arrangement, which could cause us to sell our interest, or acquire our co-venturers’ interests, or to sell the underlying asset, either on unfavorable terms or at a time when we otherwise would not have initiated such a transaction. Our real estate ventures may be subject to debt, and the refinancing of such debt may require equity capital calls. To the extent our co-venturers do not meet their obligations to us or our real estate ventures or they take action inconsistent with the interests of the real estate venture, we may be adversely affected. Because of these limitations, the non-GAAP “at JBG SMITH Share” financial information should not be considered in isolation or as a substitute for our financial statements as reported under GAAP. Market Data Market data and industry forecasts are used in this Investor Report, including data obtained from publicly available sources. These sources generally state that the information they provide has been obtained from sources believed to be the reliable but the accuracy and completeness of the information is not assured. The Company has not independently verified any such information. Definitions See pages 51-54 for definitions of terms used in this supplemental information package. Non-GAAP Measures This supplemental information package includes non-GAAP measures. For these measures, we have provided an explanation of how these non-GAAP measures are calculated and why JBG SMITH’s management believes that the presentation of these measures provides useful information to investors regarding JBG SMITH’s financial condition and results of operations. Reconciliations of certain non-GAAP measures to the most directly comparable GAAP financial measure are included in this supplemental information Investor Report. Our presentation of non-GAAP financial measures may not be comparable to similar non-GAAP measures used by other companies. In addition to "at share" financial information, the following non-GAAP measures are included in this supplemental information package: • Earnings Before Interest, Taxes, Depreciation and Amortization ("EBITDA") • Adjusted EBITDA • Funds from Operations ("FFO") • Core FFO • Funds Available for Distribution ("FAD") • Net Operating Income ("NOI") • Annualized NOI • Adjusted Annualized NOI • Estimated Stabilized NOI • Projected NOI Yield • Same Store NOI • Adjusted Consolidated and Unconsolidated Indebtedness • Net Debt • Adjusted General and Administrative Expenses DISCLOSURES SEPTEMBER 30, 2017 Page 4

Company Overview JBG SMITH is an S&P 400 company that owns, operates, invests in and develops assets concentrated in leading urban infill submarkets in and around Washington, DC.  We own and operate a portfolio of high-quality office and multifamily assets, many of which are amenitized with ancillary retail. Our portfolio reflects our longstanding strategy of concentrating in downtown Washington, DC and other leading urban-infill submarkets with proximity to downtown Washington, DC that have high barriers to entry and key urban amenities, including being within walking distance of the Metro. Our revenues are derived primarily from leases with office and multifamily tenants, including fixed rents and reimbursements from tenants for certain expenses such as real estate taxes, property operating expenses, and repairs and maintenance. In addition to our portfolio, we have a third-party real estate services business that provides fee- based real estate services to our real estate ventures, legacy funds formerly organized by JBG and other third parties. 3Q 2017 Financial Results ▪ Net loss attributable to common shareholders was $(69.8) million, or $(0.61) per diluted share. ▪ Funds From Operations (“FFO”) attributable to common shareholders was $(27.3) million, or $(0.24) per diluted share. ▪ Core Funds From Operations (“Core FFO”) attributable to common shareholders was $54.8 million, or $0.48 per diluted share. ▪ Note that our acquisition of the JBG Assets has been accounted for as a business combination and the results from these operations have been included in our financial results commencing on July 18, 2017.  Accordingly, these amounts exclude the net loss, FFO, and Core FFO from the JBG Assets for the period July 1, 2017 to July 17, 2017. 3Q 2017 to 2Q 2017 Comparison Below are the key highlights regarding quarter over quarter changes in the JBG SMITH portfolio. Operating Assets ▪ Annualized NOI for the operating portfolio increased to $362.2 million for the three months ended September 30, 2017, compared to $354.1 million for the three months ended June 30, 2017. ▪ The operating office portfolio was 88.2% leased and 87.5% occupied as of September 30, 2017, compared to 87.5% and 86.2% as of June 30, 2017. ▪ The operating multifamily portfolio was 96.2% leased and 94.6% occupied as of September 30, 2017, compared to 96.8% and 93.9% as of June 30, 2017. ▪ The operating other portfolio (excluding the Crystal City Marriott Hotel) was 98.8% leased and 97.6% occupied as of September 30, 2017, compared to 96.3% and 96.3% as of June 30, 2017. ▪ Same store NOI increased 6.3% to $70.3 million for the three months ended September 30, 2017, as compared to $66.1 million for the three months ended September 30, 2016 and 3.1% to $205.4 million for the nine months ended September 30, 2017 as compared to $199.1 million for the nine months ended September 30, 2016. The increase in same store NOI is largely attributable to the expiration of rent abatements and higher rental revenue from lease commencements. The same store pool as of September 30, 2017 includes only the assets that were stabilized for the entirety of both periods being compared and does not include any JBG Assets. If the JBG Assets that had been stabilized for the entirety of both periods being compared had been included in the same store pool, the increase in same store NOI in 2017 would have been slightly higher in both comparison periods. See page 53 for the definition of same store. Under Construction ▪ As of September 30, 2017, there were nine assets under construction (four office assets, four multifamily assets and one other asset), consisting of 1.2 million square feet and 1,149 units both at our share. ▪ During the third quarter, we commenced construction on one asset (Stonebridge at Potomac Town Center - Phase II). Near-Term Development ▪ As of September 30, 2017, there was one asset in near-term development, a multifamily asset, consisting of 303 units at our share. Future Development ▪ As of September 30, 2017, there were 42 future development assets consisting of 17.6 million square feet of estimated potential density at our share. COMPANY PROFILE SEPTEMBER 30, 2017 (Unaudited) Page 5

Company Overview Executive Officers & Key Employees Company Snapshot as of September 30, 2017 W. Matthew Kelly Chief Executive Officer and Trustee Exchange/ticker NYSE: JBGS Robert A. Stewart Executive Vice Chairman and Trustee Insider ownership * 13.0% David P. Paul President and Chief Operating Officer Expected annualized dividend per share $0.90 Stephen W. Theriot Chief Financial Officer Dividend yield 2.6% James L. Iker Chief Investment Officer Brian P. Coulter Co-Chief Development Officer Total Enterprise Value (dollars in billions, except share price) Kevin P. Reynolds Co-Chief Development Officer Share price $34.21 Patrick J. Tyrrell Chief Administrative Officer Shares and units outstanding (in millions) 137.74 Steven A. Museles Chief Legal Officer Total market capitalization $4.71 Angela F. Valdes Chief Accounting Officer Total consolidated and unconsolidated indebtedness at JBG SMITH share 2.53 Less: cash and cash equivalents at JBG SMITH share (0.38) Net debt 2.15 Total Enterprise Value $6.86 * Insider Ownership includes JBG SMITH trustees, executive officers, and other employees. COMPANY PROFILE SEPTEMBER 30, 2017 (Unaudited) Page 6

dollars in thousands, except per share data Three Months Ended September 30, 2017 Summary Financial Results Total revenue $ 152,350 Net loss attributable to common shareholders $ (69,831) Per diluted common share $ (0.61) Total NOI $ 90,538 FFO attributable to common shareholders $ (27,344) Per diluted common share $ (0.24) Core FFO attributable to common shareholders $ 54,847 Per diluted common share $ 0.48 FAD attributable to the operating partnership common units (including units owned by JBG SMITH Properties) $ 47,651 FAD payout ratio 65.2% EBITDA attributable to operating partnership common units $ (10,614) Adjusted EBITDA attributable to operating partnership common units $ 80,844 Debt Summary and Key Ratios (at JBG SMITH Share) Total consolidated indebtedness, net $ 2,139,814 Total consolidated and unconsolidated indebtedness $ 2,529,274 Weighted average interest rates: Variable rate debt 3.05% Fixed rate debt 4.67% Total debt 3.73% Net debt / annualized adjusted EBITDA 6.6x FINANCIAL HIGHLIGHTS SEPTEMBER 30, 2017 (Unaudited) Page 7

100% Share At JBG SMITH Share Number of Assets Square Feet/ Units Square Feet/ Units % Leased Annualized Rent (in thousands) Annualized Rent per Square Foot/ Monthly Rent Per Unit (1) Annualized NOI (2) (in thousands) Operating Office In service 49 13,690,816 11,775,900 88.2% $ 450,806 $ 44.41 $ 283,756 Recently delivered 2 53,658 53,658 83.2% 2,492 — — Total / weighted average 51 13,744,474 11,829,558 88.2% $ 453,298 $ 44.41 $ 283,756 Multifamily In service 14 6,016 4,232 96.2% $ 104,628 $ 2,142 $ 73,344 Other (3) In service 4 764,612 348,242 98.8% $ 2,832 $ 35.30 $ 5,052 Operating - Total / Weighted Average 69 14,509,086 SF/6,016 Units 12,177,800 SF/ 4,232 Units 90.3% $ 560,758 $44.33 per SF/ $2,142 per unit $ 362,152 Development (4) Under Construction Office (5) 4 1,303,798 1,194,043 51.1% Multifamily 4 1,334 1,149 N/A Other 1 41,050 4,105 100.0% Total / weighted average 9 1,344,848 SF/ 1,334 Units 1,198,148 SF/ 1,149 Units 52.6% Near-Term Development Multifamily 1 433 303 Development - Total 10 1,344,848 SF/ 1,767 Units 1,198,148 SF/ 1,452 Units Future Development 42 21,339,800 17,626,300 See footnotes on page 9. PORTFOLIO OVERVIEW SEPTEMBER 30, 2017 (Unaudited) Page 8

Footnotes (1) For office assets, represents annualized office rent divided by occupied office square feet; annualized retail rent and retail square feet are excluded from this metric. For multifamily assets, represents monthly multifamily rent divided by occupied units; retail rent is excluded from this metric. For other assets, represents annualized rent divided by occupied square feet; the Crystal City Marriott is excluded from annualized rent per square foot metrics. Occupied square footage may differ from leased square footage because leased square footage includes leases that have been signed but have not yet commenced. (2) Includes the financial information of the JBG Assets as if the July 18, 2017 acquisition of the JBG Assets had been completed as of the beginning of the period presented. (3) Includes three standalone retail assets and the Crystal City Marriott, a standalone hotel totaling 266,000 square feet and 345 rooms. The Crystal City Marriott is excluded from percent leased, annualized rent, and annualized rent per square foot metrics. (4) Refer to pages 42-44 for detail on under construction, near-term development and future development assets. (5) Includes JBG SMITH’s lease for approximately 80,200 square feet at 4747 Bethesda Avenue. PORTFOLIO OVERVIEW SEPTEMBER 30, 2017 (Unaudited) Page 9

in thousands, except par value amounts September 30, 2017 December 31, 2016 ASSETS Real estate, at cost: Land and improvements $ 1,272,997 $ 939,592 Buildings and improvements 3,662,853 3,064,466 Construction in progress, including land 906,680 151,333 5,842,530 4,155,391 Less accumulated depreciation (982,454) (930,769) Real estate, net 4,860,076 3,224,622 Cash and cash equivalents 367,896 29,000 Restricted cash 17,521 3,263 Tenant and other receivables, net 50,474 33,380 Deferred rent receivable, net 145,683 136,582 Investments in and advances to unconsolidated real estate ventures 284,986 45,776 Receivable from former parent — 75,062 Other assets, net 288,391 112,955 TOTAL ASSETS $ 6,015,027 $ 3,660,640 LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY Liabilities: Mortgages payable, net $ 1,977,674 $ 1,165,014 Revolving credit facility 115,751 — Unsecured term loan, net 46,389 — Payable to former parent — 283,232 Accounts payable and accrued expenses 131,627 40,923 Other liabilities, net 100,774 49,487 Total liabilities 2,372,215 1,538,656 Commitments and contingencies Redeemable noncontrolling interests 567,001 — Total equity 3,075,811 2,121,984 TOTAL LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY $ 6,015,027 $ 3,660,640 _______________ Note: For complete financial statements, please refer to the Company's Quarterly Report on Form 10-Q for the period ended September 30, 2017. CONDENSED CONSOLIDATED AND COMBINED BALANCE SHEETS SEPTEMBER 30, 2017 (Unaudited) Page 10

in thousands, except per share data Three Months Ended September 30, Nine Months Ended September 30, 2017 2016 2017 2016 REVENUE Property rentals $ 116,458 $ 103,265 $ 316,899 $ 299,497 Tenant reimbursements 9,593 10,231 27,161 28,428 Third-party real estate services, including reimbursements 25,141 8,297 38,881 24,617 Other income 1,158 1,564 3,701 3,938 Total revenue 152,350 123,357 386,642 356,480 EXPENSES Depreciation and amortization 43,951 31,377 109,726 98,291 Property operating 29,634 27,287 77,341 75,087 Real estate taxes 17,194 14,462 47,978 43,712 General and administrative: Corporate and other 10,593 10,913 35,536 36,040 Third-party real estate services 21,178 4,779 30,362 14,272 Share-based compensation related to Formation Transaction 14,445 — 14,445 — Transaction and other costs 104,095 1,528 115,173 1,528 Total operating expenses 241,090 90,346 430,561 268,930 OPERATING (LOSS) INCOME (88,740) 33,011 (43,919) 87,550 (Loss) income from unconsolidated real estate ventures (1,679) 584 (1,365) (952) Interest and other (loss) income, net (379) 749 1,366 2,292 Interest expense (15,309) (13,028) (43,813) (38,662) Loss on extinguishment of debt (689) — (689) — Gain on bargain purchase 27,771 — 27,771 — (LOSS) INCOME BEFORE INCOME TAX EXPENSE (79,025) 21,316 (60,649) 50,228 Income tax benefit (expense) 1,034 (302) 317 (884) NET (LOSS) INCOME (77,991) 21,014 (60,332) 49,344 Net loss attributable to redeemable noncontrolling interests JBG SMITH LP 8,160 — 2,481 — NET (LOSS) INCOME ATTRIBUTABLE TO JBG SMITH PROPERTIES $ (69,831) $ 21,014 $ (57,851) $ 49,344 (LOSS) EARNINGS PER COMMON SHARE: Basic $ (0.61) $ 0.21 $ (0.55) $ 0.49 Diluted $ (0.61) $ 0.21 $ (0.55) $ 0.49 WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING - Basic and Diluted 114,744 100,571 105,347 100,571 ___________________ Note: For complete financial statements, please refer to the Company's Quarterly Report on Form 10-Q for the period ended September 30, 2017. CONDENSED CONSOLIDATED AND COMBINED STATEMENTS OF OPERATIONS SEPTEMBER 30, 2017 (Unaudited) Page 11

in thousands BALANCE SHEET INFORMATION September 30, 2017 Cash and cash equivalents $ 15,571 Total real estate, at cost 693,598 Less accumulated depreciation (60,536) Real estate, net 633,062 Other assets, net 288,056 Total assets $ 936,689 Debt, net 389,237 Other liabilities, net 26,091 Total liabilities $ 415,328 OPERATING INFORMATION Three Months Ended September 30, 2017 Total revenue $ 13,774 Expenses: Depreciation and amortization 5,950 Property operating 3,656 Real estate taxes 2,638 Total operating expenses 12,244 Operating loss 1,529 Interest expense (3,590) Gain on other investments 397 LOSS BEFORE INCOME TAX EXPENSE (1,664) Income tax expense (15) Net loss $ (1,679) ____________________ Note: At JBG SMITH share. UNCONSOLIDATED REAL ESTATE VENTURES - BALANCE SHEET AND OPERATING INFORMATION SEPTEMBER 30, 2017 (Unaudited) Page 12

in thousands September 30, 2017 Other Tangible Assets, Net (1) Restricted cash $ 20,229 Tenant and other receivables, net 54,306 Other assets, net 27,255 Total Other Tangible Assets, Net $ 101,790 Other Tangible Liabilities, Net (2) Accounts payable and accrued liabilities $ 143,495 Other liabilities 33,045 Total Other Tangible Liabilities, Net $ 176,540 ____________________ Note: At JBG SMITH share. (1) Excludes cash and cash equivalents. (2) Excludes debt. OTHER TANGIBLE ASSETS AND LIABILITIES, NET SEPTEMBER 30, 2017 (Unaudited) Page 13

dollars in thousands Three Months Ended September 30, 2017 EBITDA and Adjusted EBITDA Net loss $ (77,991) Depreciation and amortization expense 43,951 Interest expense (1) 15,309 Income tax expense (1,034) Unconsolidated real estate ventures allocated share of above adjustments 9,151 EBITDA $ (10,614) Transaction and other costs 104,095 Loss on extinguishment of debt 689 Gain on bargain purchase (27,771) Share-based compensation related to Formation Transaction 14,445 Adjusted EBITDA $ 80,844 Net Debt to Adjusted EBITDA (2) 6.6x September 30, 2017 Net Debt (at JBG SMITH Share) Consolidated indebtedness $ 2,140,037 Unconsolidated indebtedness 389,237 Total consolidated and unconsolidated indebtedness 2,529,274 Less: cash and cash equivalents 383,363 Net Debt (at JBG SMITH Share) $ 2,145,911 ____________________ Note: Excludes the financial information of the JBG Assets for the period July 1, 2017 to July 17, 2017. (1) Interest expense includes amortization of deferred financing costs, premiums/discounts and the mark-to-market of interest rate swaps and caps. (2) Adjusted EBITDA for the three months ended September 30, 2017 is annualized by multiplying by four. EBITDA AND ADJUSTED EBITDA (NON-GAAP) SEPTEMBER 30, 2017 (Unaudited) Page 14

in thousands, except per share data Three Months Ended September 30, 2017 FFO and Core FFO Loss attributable to JBG SMITH Properties $ (69,831) Net loss attributable to redeemable noncontrolling interests (8,160) Net loss (77,991) Real estate depreciation and amortization 41,393 Pro rata share of real estate depreciation and amortization from unconsolidated real estate ventures 6,059 FFO attributable to the operating partnership common units $ (30,539) FFO attributable to redeemable noncontrolling interests 3,195 FFO attributable to diluted common shareholders (A) $ (27,344) FFO attributable to the operating partnership common units $ (30,539) Transaction and other costs 104,095 Loss on extinguishment of debt 689 Gain on bargain purchase (27,771) Share-based compensation related to Formation Transaction 14,445 Amortization of management contract intangible 1,753 Core FFO attributable to the operating partnership common units $ 62,672 Core FFO attributable to redeemable noncontrolling interests (7,825) Core FFO attributable to diluted common shareholders (B) $ 54,847 FFO per diluted common share (A÷C) $ (0.24) Core FFO per diluted common share (B÷C) $ 0.48 Weighted average diluted shares (C) 114,744 _______________ Note: Excludes net income (loss) from JBG Assets for the period July 1, 2017 to July 17, 2017. FFO, CORE FFO AND FAD (NON-GAAP) SEPTEMBER 30, 2017 (Unaudited) Page 15

in thousands, except per share data Three Months Ended September 30, 2017 FAD Core FFO attributable to the operating partnership common units $ 62,672 Recurring capital expenditures and second generation tenant improvements and leasing commissions (12,915) Share of recurring capital expenditures and second generation tenant improvements and leasing commissions from unconsolidated real estate ventures (3,060) Straight-line and other rent adjustments (1) (1,556) Share of straight-line rent from unconsolidated real estate ventures (528) Share-based compensation expense 1,539 Amortization of debt issuance costs 1,525 Share of debt issuance costs from unconsolidated real estate ventures 32 Mark-to-market on derivative instruments (467) Share of gain from mark-to-market on derivatives held by unconsolidated real estate ventures (396) Non-real estate depreciation and amortization 805 FAD available to the Operating Partnership Common Units (A) $ 47,651 Distributions to common shareholders and unitholders (B) $ 31,083 FAD Payout Ratio (B÷A) (2) 65.2% Capital Expenditures Maintenance and recurring capital expenditures $ 3,541 Share of maintenance capital and recurring expenditures from unconsolidated joint ventures 344 Second generation tenant improvements and leasing commissions 9,374 Share of second generation tenant improvements and leasing commissions from unconsolidated real estate ventures 2,716 Recurring capital expenditures and second generation tenant improvements and leasing commissions 15,975 Non recurring capital expenditures 2,106 Share of non recurring capital expenditures from unconsolidated joint ventures 442 Non recurring capital expenditures 2,548 Total JBG SMITH Share of Capital Expenditures $ 18,523 _______________ Note: Excludes net income (loss) from the JBG Assets for the period July 1, 2017 to July 17, 2017. (1) Includes straight-line rent, above/below market lease amortization and lease incentive amortization (2) The FAD payout ratio on a quarterly basis is not necessarily indicative of an amount for the full year due to fluctuation in timing of capital expenditures, the commencement of new leases and the seasonality of our operations. FFO, CORE FFO AND FAD (NON-GAAP) SEPTEMBER 30, 2017 (Unaudited) Page 16

dollars in thousands Three Months Ended September 30, 2017 Source of Revenue JBG SMITH JV Partner (1) Legacy JBG Funds (2) Third-Party Management Total Service Revenue Property management fees $ 1,450 $ 1,438 $ 2,284 $ 5,172 Asset management fees 513 5,433 — 5,946 Leasing fees 413 121 657 1,191 Development fees 220 1,032 381 1,633 Construction management fees 226 287 166 679 Other service revenue 17 125 69 211 Total Revenue (3) $ 2,839 $ 8,436 $ 3,557 $ 14,832 Allocated general and administrative expenses (4) (10,777) Total Services Revenue Less Allocated General and Administrative Expenses $ 4,055 ____________________ Note: At JBG SMITH share. Excludes service revenue and allocated general and administrative expenses of the JBG Assets for the period July 1, 2017 to July 17, 2017. (1) Service revenues from joint ventures are calculated on an asset-by-asset basis by applying our real estate venture partners’ respective economic interests to the fees we earned from each consolidated and unconsolidated real estate venture. (2) Includes $2.1 million of revenue for JBG Assets and sold assets that were charged to legacy JBG funds during the three months ended September 30, 2017 that will no longer be charged starting October 1, 2017. (3) Included in “third-party real estate services, including reimbursements” in our consolidated statement of operations are $9.2 million of reimbursement revenue and $1.1 million of service revenue from our economic interest in consolidated and unconsolidated real estate ventures that are excluded from this table. (4) Our personnel perform services for wholly owned properties and properties we manage on behalf of real estate ventures, legacy JBG funds and third-parties. We allocate personnel and other costs to wholly owned properties (included in "property operating expenses" and "general and administrative expense: corporate and other" in our consolidated statement of operations) and to properties owned by the real estate ventures, legacy JBG funds and third parties (included in "general and administrative expense: third-party real estate services" in our consolidated statement of operations) using the estimates of the time spent performing services related to properties in the respective portfolios and other allocation methodologies. Allocated general and administrative expenses related to real estate ventures are calculated on an asset-by-asset basis by applying our real estate venture partners’ respective economic interests to the total general and administrative expenses allocated to each asset. For the three months ended September 30, 2017, allocated general and administrative expenses related to our real estate ventures partners’ interests totaled $10.8 million. THIRD-PARTY ASSET MANAGEMENT AND REAL ESTATE SERVICES BUSINESS (NON-GAAP) SEPTEMBER 30, 2017 (Unaudited) Page 17

dollars in thousands Three Months Ended September 30, 2017 Per Statement of Operations Adjustments Pro Rata AdjustedA B C D General and Administrative Expenses Corporate and other $ 10,593 $ — $ — $ 855 $ (75) $ 11,373 Third-party real estate services 21,178 — (9,546) (855) — 10,777 Share-based compensation related to Formation Transaction 14,445 (14,445) — — — — Total $ 46,216 $ (14,445) $ (9,546) $ — $ (75) $ 22,150 _______________ Note: Excludes general and administrative ("G&A") expenses of the JBG Assets for the period July 1, 2017 to July 17, 2017. Adjustment Explanations: A - Removes share-based compensation related to the Formation Transaction. B - Removes $9.2 million of G&A expenses reimbursed by third-party owners of real estate we manage and $0.3 million of other expenses related to revenue which has been excluded from Service Revenue on page 17. Revenue from reimbursements is included in "Third-party real estate services, including reimbursements" in our consolidated statement of operations. C - Reflects an adjustment to allocate our share of G&A expenses of unconsolidated real estate ventures to "Corporate and other" and our consolidated real estate venture partners' share of G&A expenses to "Third-party real estate services." D - Reflects an adjustment to capitalized G&A expenses related to "Corporate and other" allocation in Adjustment C. PRO RATA ADJUSTED GENERAL AND ADMINISTRATIVE EXPENSES (NON-GAAP) SEPTEMBER 30, 2017 (Unaudited) Page 18

dollars in thousands, at JBG SMITH share Plus: Signed But Not Yet Commenced Leases Plus: Lease Up of Recently Delivered Assets (1) Adjusted Annualized NOI 3Q 2017 NOI Annualized NOI% Occupied Office DC 93.7% $ 20,374 $ 81,496 $ 396 $ — $ 81,892 VA 85.9% 48,171 192,684 4,197 454 197,335 MD 81.8% 2,394 9,576 231 — 9,807 Total / weighted average 87.5% $ 70,939 $ 283,756 $ 4,824 $ 454 $ 289,034 Multifamily DC 93.4% $ 5,186 $ 20,744 $ 61 $ — $ 20,805 VA 95.0% 11,680 46,720 — — 46,720 MD 94.4% 1,470 5,880 — — 5,880 Total / weighted average 94.6% $ 18,336 $ 73,344 $ 61 $ — $ 73,405 Other (2) Total / weighted average 97.6% $ 1,263 $ 5,052 $ 22 $ — $ 5,074 Total 89.3% $ 90,538 $ 362,152 $ 4,907 $ 454 $ 367,513 ____________________ Note: Includes the financial information of the JBG Assets as if the July 18, 2017 acquisition of the JBG Assets had been completed as of July 1, 2017. (1) Incremental revenue of a recently delivered office asset calculated as the product of square feet available for lease up to 95.0% occupancy and the average annualized rent per square foot based on signed leases as of September 30, 2017. (2) Includes three standalone retail assets and the Crystal City Marriott, a standalone hotel totaling 266,000 square feet and 345 rooms. The Crystal City Marriott is excluded from the percent occupied metric. OPERATING ASSETS SEPTEMBER 30, 2017 (Unaudited) Page 19

dollars in thousands 100% Share At JBG SMITH Share NOI for the Three Months Ended September 30, Number of Assets Square Feet/ Units Square Feet/ Units % Leased (1) % Occupied (1) 2017 2016 % Change Same Store (2) DC 9 2,835,794 SF/ 283 Units 2,094,050 SF/ 283 Units 95.2% 95.7% $ 19,165 $ 17,582 9.0 % VA 26 7,472,600 SF/ 2,151 Units 7,472,600 SF/ 2,151 Units 88.2% 84.4% 50,361 47,518 6.0 % MD 1 214,019 SF 214,019 SF 98.4% 98.9% 746 1,002 (25.5)% Total / weighted average 36 10,522,413 SF/ 2,434 Units 9,780,669 SF/ 2,434 Units 89.7% 87.2% $ 70,272 $ 66,102 6.3 % Non-Same Store DC 10 1,382,994 SF/ 1,258 Units 721,202 SF/ 574 Units 91.4% 87.8% $ 6,515 VA 14 2,215,707 SF/ 1,045 Units 1,373,000 SF/ 734 Units 94.4% 94.2% 10,633 MD 9 387,972 SF/ 1,279 Units 302,929 SF/ 490 Units 84.6% 68.3% 3,118 Total / weighted average 33 3,986,673 SF/ 3,582 Units 2,397,131 SF/ 1,798 Units 91.7% 89.2% $ 20,266 Total Operating Portfolio DC 19 4,218,788 SF/ 1,541 Units 2,815,252 SF/ 857 Units 93.8% 93.8% $ 25,680 VA 40 9,688,307 SF/ 3,196 Units 8,845,600 SF/ 2,885 Units 89.3% 86.0% 60,994 MD 10 601,991 SF/ 1,279 Units 516,948 SF/ 490 Units 87.9% 81.8% 3,864 Operating Portfolio - Total / Weighted Average 69 14,509,086 SF/ 6,016 Units 12,177,800 SF/ 4,232 Units 90.3% 89.3% $ 90,538 ____________________ Note: Includes the financial information of the JBG Assets as if the July 18, 2017 acquisition of the JBG Assets had been completed as of July 1, 2017. (1) The Crystal City Marriott is excluded from the percent leased and percent occupied metrics. (2) Same store refers to the pool of assets that were stabilized for the entirety of both periods being compared, except for assets for which significant redevelopment, renovation, or repositioning occurred during either of the periods being compared. No JBG Assets are included in the same store pool. SUMMARY & SAME STORE NOI (NON-GAAP) SEPTEMBER 30, 2017 (Unaudited) Page 20

dollars in thousands 100% Share At JBG SMITH Share NOI for the Nine Months Ended September 30, Number of Assets Square Feet/ Units Square Feet/ Units % Leased (1) % Occupied (1) 2017 2016 % Change Same Store (2) DC 9 2,835,794 SF/ 283 Units 2,094,050 SF/ 283 Units 95.2% 95.7% $ 54,733 $ 53,597 2.1 % VA 26 7,472,600 SF/ 2,151 Units 7,472,600 SF/ 2,151 Units 88.2% 84.4% 147,838 142,601 3.7 % MD 1 214,019 SF 214,019 SF 98.4% 98.9% 2,786 2,898 (3.9)% Total / weighted average 36 10,522,413 SF/ 2,434 Units 9,780,669 SF/ 2,434 Units 89.7% 87.2% $ 205,357 $ 199,096 3.1 % Non-Same Store DC 10 1,382,994 SF/ 1,258 Units 721,202 SF/ 574 Units 91.4% 87.8% $ 17,735 VA 14 2,215,707 SF/ 1,045 Units 1,373,000 SF/ 734 Units 94.4% 94.2% 31,127 MD 9 387,972 SF/ 1,279 Units 302,929 SF/ 490 Units 84.6% 68.3% 10,167 Total / weighted average 33 3,986,673 SF/ 3,582 Units 2,397,131 SF/ 1,798 Units 91.7% 89.2% $ 59,029 Total Operating Portfolio DC 19 4,218,788 SF/ 1,541 Units 2,815,252 SF/ 857 Units 93.8% 93.8% $ 72,468 VA 40 9,688,307 SF/ 3,196 Units 8,845,600 SF/ 2,885 Units 89.3% 86.0% 178,965 MD 10 601,991 SF/ 1,279 Units 516,948 SF/ 490 Units 87.9% 81.8% 12,953 Operating Portfolio - Total / Weighted Average 69 14,509,086 SF/ 6,016 Units 12,177,800 SF/ 4,232 Units 90.3% 89.3% $ 264,386 See footnotes on page 20. SUMMARY & SAME STORE NOI (NON-GAAP) SEPTEMBER 30, 2017 (Unaudited) Page 21

dollars in thousands NOI for the Three Months Ended September 30, 2017 at JBG SMITH Share Consolidated Unconsolidated Office Multifamily Other Total Number of operating assets 50 19 51 14 4 69 Property rentals $ 109,947 $ 11,209 $ 94,482 $ 25,262 $ 1,412 $ 121,156 Tenant expense reimbursement 9,805 2,533 10,521 1,690 127 12,338 Other revenue 9,046 984 8,395 1,626 9 10,030 Total revenue 128,798 14,726 113,398 28,578 1,548 143,524 Ground rent expense (533) (10) (533) (10) — (543) Other operating expenses (46,185) (6,258) (41,926) (10,232) (285) (52,443) Total expenses (46,718) (6,268) (42,459) (10,242) (285) (52,986) NOI (1) $ 82,080 $ 8,458 $ 70,939 $ 18,336 $ 1,263 $ 90,538 Annualized NOI $ 328,320 $ 33,832 $ 283,756 $ 73,344 $ 5,052 $ 362,152 Additional Information Free rent (at 100% share) $ 7,638 $ 2,542 $ 8,806 $ 1,361 $ 13 $ 10,180 Free rent (at JBG SMITH share) $ 7,638 $ 969 $ 7,665 $ 941 $ 1 $ 8,607 Annualized free rent (at JBG SMITH share) (2) $ 30,553 $ 3,875 $ 30,658 $ 3,765 $ 5 $ 34,428 % occupied (3) 89.0% 92.5% 87.5% 94.6% 97.6% 89.3% Annualized base rent of signed leases, not commenced (at 100% share) (4) $ 4,426 $ 1,614 $ 5,762 $ 61 $ 217 $ 6,040 Annualized base rent of signed leases, not commenced (at JBG SMITH share) (4) $ 4,426 $ 481 $ 4,824 $ 61 $ 22 $ 4,907 ___________________ Note: Includes the financial information of the JBG Assets as if the July 18, 2017 acquisition of the JBG Assets had been completed as of July 1, 2017. (1) NOI excludes management fees and straight-line rent adjustments. (2) Represents JBG SMITH share of free rent for the three months ended September 30, 2017 multiplied by four. (3) Weighted by JBG SMITH share of square feet. The Crystal City Marriott is excluded from the percent occupied metric. (4) Represents monthly base rent before free rent and straight line rent adjustments, plus estimated tenant reimbursements for the month in which the lease commences, multiplied by 12. Triple net leases are converted to a gross basis by adding estimated tenant reimbursements to monthly base rent. SUMMARY NOI (NON-GAAP) SEPTEMBER 30, 2017 (Unaudited) Page 22

dollars in thousands NOI for the Three Months Ended September 30, 2017 at JBG SMITH Share Consolidated Unconsolidated DC VA MD Total Number of operating assets 39 12 14 32 5 51 Property rentals $ 85,757 $ 8,725 $ 26,412 $ 64,143 $ 3,927 $ 94,482 Tenant expense reimbursement 8,172 2,349 6,340 4,114 67 10,521 Other revenue 7,571 824 1,922 6,030 443 8,395 Total revenue 101,500 11,898 34,674 74,287 4,437 113,398 Ground rent expense (533) — (200) (135) (198) (533) Other operating expenses (36,566) (5,360) (14,100) (25,981) (1,845) (41,926) Total expenses (37,099) (5,360) (14,300) (26,116) (2,043) (42,459) NOI (1) $ 64,401 $ 6,538 $ 20,374 $ 48,171 $ 2,394 $ 70,939 Annualized NOI $ 257,604 $ 26,152 $ 81,496 $ 192,684 $ 9,576 $ 283,756 Additional Information Free rent (at 100% share) $ 6,804 $ 2,002 $ 3,591 $ 5,013 $ 202 $ 8,806 Free rent (at JBG SMITH share) $ 6,804 $ 861 $ 2,730 $ 4,765 $ 170 $ 7,665 Annualized free rent (at JBG SMITH share) (2) $ 27,216 $ 3,442 $ 10,919 $ 19,059 $ 680 $ 30,658 % occupied (3) 87.1% 92.6% 93.7% 85.9% 81.8% 87.5% Annualized base rent of signed leases, not commenced (at 100% share) (4) $ 4,365 $ 1,397 $ 1,050 $ 4,424 $ 288 $ 5,762 Annualized base rent of signed leases, not commenced (at JBG SMITH share) (4) $ 4,365 $ 459 $ 396 $ 4,197 $ 231 $ 4,824 See footnotes on page 22. SUMMARY NOI - OFFICE (NON-GAAP) SEPTEMBER 30, 2017 (Unaudited) Page 23

dollars in thousands NOI for the Three Months Ended September 30, 2017 at JBG SMITH Share Consolidated Unconsolidated DC VA MD Total Number of operating assets 8 6 4 5 5 14 Property rentals $ 23,042 $ 2,220 $ 6,608 $ 16,353 $ 2,301 $ 25,262 Tenant expense reimbursement 1,599 91 531 1,103 56 1,690 Other revenue 1,474 152 504 1,036 86 1,626 Total revenue 26,115 2,463 7,643 18,492 2,443 28,578 Ground rent expense — (10) — — (10) (10) Other operating expenses (9,443) (789) (2,457) (6,812) (963) (10,232) Total expenses (9,443) (799) (2,457) (6,812) (973) (10,242) NOI (1) $ 16,672 $ 1,664 $ 5,186 $ 11,680 $ 1,470 $ 18,336 Annualized NOI $ 66,688 $ 6,656 $ 20,744 $ 46,720 $ 5,880 $ 73,344 Additional Information Free rent (at 100% share) $ 834 $ 527 $ 376 $ 692 $ 293 $ 1,361 Free rent (at JBG SMITH share) $ 834 $ 107 $ 243 $ 681 $ 17 $ 941 Annualized free rent (at JBG SMITH share) (2) $ 3,337 $ 428 $ 972 $ 2,725 $ 68 $ 3,765 % occupied (3) 94.9% 91.7% 93.4% 95.0% 94.4% 94.6% Annualized base rent of signed leases, not commenced (at 100% share) (4) $ 61 — $ 61 — — $ 61 Annualized base rent of signed leases, not commenced (at JBG SMITH share) (4) $ 61 — $ 61 — — $ 61 See footnotes on page 22. SUMMARY NOI - MULTIFAMILY (NON-GAAP) SEPTEMBER 30, 2017 (Unaudited) Page 24

Three Months Ended September 30, 2017 Nine Months Ended September 30, 2017 (in thousands) Net (loss) income attributable to JBG SMITH Properties $ (69,831) $ (57,851) Add: Depreciation and amortization expense 43,951 109,726 General and administrative expense: Corporate and other 10,593 35,536 Third-party real estate services 21,178 30,362 Share-based compensation related to Formation Transaction 14,445 14,445 Transaction and other costs 104,095 115,173 Interest expense 15,309 43,813 Loss on extinguishment of debt 689 689 Income tax (benefit) expense (1,034) (317) Less: Third-party real estate services, including reimbursements 25,141 38,881 Other income 1,158 3,701 (Loss) income from unconsolidated real estate ventures (1,679) (1,365) Interest and other (loss) income, net (379) 1,366 Gain on bargain purchase 27,771 27,771 Net loss attributable to redeemable noncontrolling interests 8,160 2,481 Total 79,223 218,741 Adjustment (1) 11,315 45,645 NOI $ 90,538 $ 264,386 Non-same store NOI 20,266 59,029 Same store NOI $ 70,272 $ 205,357 Number of properties in same store pool 36 36 ___________________ (1) Adjustment to: (i) include the financial information of the JBG Assets as if the Combination had been completed as of the beginning of the periods presented; (ii) include proportionate share of NOI attributable to unconsolidated real estate ventures; (iii) include other income related to operating properties; (iv) exclude straight-line rent, above/below market lease amortization and lease incentive amortization; and (v) exclude NOI related to non-operating assets. NOI RECONCILIATIONS (NON-GAAP) SEPTEMBER 30, 2017 (Unaudited) Page 25

Three Months Ended September 30, 2016 Nine Months Ended September 30, 2016 (In thousands) Net (loss) income attributable to JBG SMITH Properties $ 21,014 $ 49,344 Add: Depreciation and amortization expense 31,377 98,291 General and administrative expense: Corporate and other 10,913 36,040 Third-party real estate services 4,779 14,272 Transaction and other costs 1,528 1,528 Interest expense 13,028 38,662 Income tax (benefit) expense 302 884 Less: Third-party real estate services, including reimbursements 8,297 24,617 Other income 1,564 3,938 Income (loss) from unconsolidated real estate ventures 584 (952) Interest and other income, net 749 2,292 Total 71,747 209,126 Adjustment (1) 10,492 30,762 NOI $ 82,239 $ 239,888 Non-same store NOI 16,137 40,792 Same store NOI $ 66,102 $ 199,096 Number of properties in same store pool 36 36 See footnotes on page 25. NOI RECONCILIATIONS (NON-GAAP) SEPTEMBER 30, 2017 (Unaudited) Page 26

square feet in thousands Three Months Ended September 30, 2017 Nine Months Ended September 30, 2017 Square feet leased: (1) At 100% share 289 1,158 At JBG SMITH share 206 1,011 Initial rent (2) $ 43.08 $ 46.40 Weighted average lease term (years) 7.0 8.4 Weighted average free rent period (months) 7.0 7.4 Second generation space: Square feet 95 737 GAAP basis: Straight-line rent (3) $ 37.96 $ 43.12 Prior straight-line rent $ 37.95 $ 41.34 % change — 4.3 % Cash basis: Initial rent $ 40.29 $ 42.55 Prior escalated rent $ 41.14 $ 44.95 % change (2.1)% (5.3)% Tenant improvements: Per square foot $ 46.71 $ 55.03 Per square foot per annum $ 6.67 $ 6.58 % of initial rent 15.5 % 14.2 % Leasing commissions: Per square foot $ 13.08 $ 12.94 Per square foot per annum $ 1.87 $ 1.55 % of initial rent 4.3 % 3.3 % ___________________ Note: At JBG SMITH share. The leasing activity and related statistics are based on leases signed during the period and are not intended to coincide with the commencement of rental revenue in accordance with GAAP. Second generation space represents square footage that had not been vacant for more than nine months. Includes the leasing activity of the JBG Assets as if the July 18, 2017 acquisition of the JBG Assets had been completed as of the beginning of the periods presented. (1) Leasing activity excludes JBG SMITH’s lease for approximately 80,200 square feet at 4747 Bethesda Avenue. (2) Represents the cash basis weighted average starting rent per square foot, which is generally indicative of market rents. Most leases include free rent and periodic step-ups in rent which are not included in the initial cash basis rent per square foot but are included in the GAAP basis deferred rent per square foot. (3) Represents the GAAP basis weighted average rent per square foot that is recognized over the term of the respective leases, and includes the effect of free rent and fixed step-ups in rent. LEASING ACTIVITY - OFFICE SEPTEMBER 30, 2017 (Unaudited) Page 27

At JBG SMITH Share Year of Lease Expiration Number of Leases Square Feet % of Total Square Feet Annualized Rent (in thousands) % of Total Annualized Rent Annualized Rent Per Square Foot Estimated Annualized Rent Per Square Foot at Expiration (1) Month-to-Month 75 167,134 1.6% $ 4,654 1.0% $ 27.85 $ 27.85 2017 39 137,372 1.3% 4,989 1.1% 36.32 36.79 2018 199 1,252,780 11.8% 55,584 12.1% 44.37 44.83 2019 169 1,267,102 12.0% 57,398 12.5% 45.30 46.20 2020 189 1,429,249 13.5% 67,608 14.7% 47.30 50.11 2021 126 1,089,801 10.3% 49,341 10.7% 45.28 49.15 2022 119 1,324,056 12.5% 61,070 13.3% 46.12 49.64 2023 68 417,149 3.9% 16,276 3.5% 39.02 45.62 2024 72 601,880 5.7% 27,138 5.9% 45.09 53.09 2025 56 417,164 3.9% 16,185 3.5% 38.80 46.26 Thereafter 196 2,493,403 23.5% 99,660 21.7% 39.97 49.01 In‑Place Leases - Total/Weighted Average 1,308 10,597,090 100.0% $ 459,903 100.0% $ 43.40 $ 47.92 ____________________ Note: Includes all leases for office and retail space within JBG SMITH's operating portfolio. (1) Represents monthly base rent before free rent, plus tenant reimbursements, as of lease expiration multiplied by 12 and divided by square feet. Triple net leases are converted to a gross basis by adding tenant reimbursements to monthly base rent. Tenant reimbursements at lease expiration are estimated by escalating tenant reimbursements as of September 30, 2017, or management’s estimate thereof, by 2.75% annually through the lease expiration year. LEASE EXPIRATIONS SEPTEMBER 30, 2017 (Unaudited) Page 28

in thousands Estimated Rent (1) at JBG SMITH Share Quarter Ending Total Annualized Estimated Rent Thereafter (3)Assets C/U (2) December 31, 2017 March 31, 2018 June 30, 2018 September 30, 2018 December 31, 2018 March 31, 2019 Office Operating C $ 339 $ 925 $ 1,039 $ 1,057 $ 1,091 $ 1,091 $ 4,366 Operating U 55 104 111 115 115 115 459 Under construction (4) C 31 5,799 5,938 6,218 6,218 6,218 36,406 Under construction U — — — — — 309 3,702 Total $ 425 $ 6,828 $ 7,088 $ 7,390 $ 7,424 $ 7,733 $ 44,933 Multifamily Operating C $ 15 $ 15 $ 15 $ 15 $ 15 $ 15 $ 61 Under construction C — — — — — — 353 Under construction U — — — — — — 356 Near‑term development U — — — — — — 1,012 Total $ 15 $ 15 $ 15 $ 15 $ 15 $ 15 $ 1,782 Other Operating U $ 5 $ 5 $ 5 $ 5 $ 5 $ 5 $ 22 Under construction U — — — — 33 33 133 Total $ 5 $ 5 $ 5 $ 5 $ 38 $ 38 $ 155 Total $ 445 $ 6,848 $ 7,108 $ 7,410 $ 7,477 $ 7,786 $ 46,870 ____________________ Note: Includes only leases for office and retail spaces that were vacant as of September 30, 2017. (1) Represents contractual monthly base rent before free rent, plus estimated tenant reimbursements for the month in which the lease is estimated to commence, multiplied by the applicable number of months for each quarter based on the lease’s estimated commencement date. Triple net leases are converted to a gross basis by adding estimated tenant reimbursements to monthly base rent. (2) “C” denotes a consolidated interest. “U” denotes an unconsolidated interest. (3) Represents contractual monthly base rent before free rent, plus estimated tenant reimbursements for the month in which the lease is expected to commence, multiplied by 12. Triple net leases are converted to a gross basis by adding estimated tenant reimbursements to monthly base rent. (4) Total Annualized Estimated Rent Thereafter includes contractual revenue of $4.6 million from JBG SMITH’s lease at 4747 Bethesda Avenue. SIGNED BUT NOT YET COMMENCED LEASES SEPTEMBER 30, 2017 (Unaudited) Page 29

dollars in thousands At JBG SMITH Share Tenant Number of Leases Square Feet % of Total Square Feet Annualized Rent % of Total Annualized Rent 1 U.S. Government (GSA) 80 2,571,075 24.3% $ 102,351 22.3% 2 Family Health International 9 320,791 3.0% 15,631 3.4% 3 Lockheed Martin Corporation 5 274,361 2.6% 13,401 2.9% 4 Arlington County 9 241,288 2.3% 11,585 2.5% 5 Paul Hastings LLP 5 125,863 1.2% 9,700 2.1% 6 Greenberg Traurig LLP 1 115,315 1.1% 8,581 1.9% 7 Baker Botts 2 85,090 0.8% 6,761 1.5% 8 Public Broadcasting Service 5 140,885 1.3% 5,557 1.2% 9 Accenture LLP 1 102,756 1.0% 5,545 1.2% 10 WeWork 3 122,271 1.2% 5,499 1.2% 11 Cooley LLP 5 71,541 0.7% 5,375 1.2% 12 Evolent Health LLC 1 90,905 0.9% 4,676 1.0% 13 DRS Tech Inc dba Finmeccanica 3 92,834 0.9% 4,433 1.0% 14 RTKL Associates Inc 2 64,003 0.6% 4,317 0.9% 15 National Consumer Cooperative 5 87,243 0.8% 3,983 0.9% 16 Noblis Inc 2 160,503 1.5% 3,911 0.9% 17 Conservation Intl. Foundation 1 86,996 0.8% 3,907 0.8% 18 U.S. Green Building Council 1 54,675 0.5% 3,756 0.8% 19 The Int'l Justice Mission 8 74,833 0.7% 3,673 0.8% 20 Cushman & Wakefield Inc. 3 58,641 0.6% 3,610 0.8% Other 1,157 5,655,221 53.2% 233,651 50.7% In-Place Leases - Total 1,308 10,597,090 100.0% $ 459,903 100.0% _______________ Note: Includes all in-place leases for office and retail space within JBG SMITH's operating portfolio. TENANT CONCENTRATION SEPTEMBER 30, 2017 (Unaudited) Page 30

dollars in thousands At JBG SMITH Share Industry Number of Leases Square Feet % of Total Square Feet Annualized Rent % of Total Annualized Rent 1 Government 101 2,888,212 27.3% $ 117,413 25.5% 2 Government Contractors 156 1,797,731 17.0% 79,404 17.3% 3 Business Services 193 1,470,273 13.9% 61,617 13.4% 4 Member Organizations 118 1,001,108 9.4% 46,798 10.2% 5 Legal Services 92 620,421 5.9% 40,781 8.9% 6 Real Estate 72 483,001 4.6% 20,509 4.5% 7 Health Services 72 414,911 3.9% 17,677 3.8% 8 Food and Beverage 131 233,236 2.2% 12,254 2.7% 9 Communications 28 255,148 2.4% 9,674 2.1% 10 Educational Services 34 234,844 2.2% 9,394 2.0% Other 311 1,198,205 11.2% 44,382 9.6% In-Place Leases - Total 1,308 10,597,090 100.0% $ 459,903 100.0% _______________ Note: Includes all in-place leases for office and retail space within JBG SMITH's operating portfolio. INDUSTRY DIVERSITY SEPTEMBER 30, 2017 (Unaudited) Page 31

Number of Assets Rentable Square Feet Number of Units (1) Estimated Potential Development Density (2) Wholly Owned Operating 50 14,496,566 3,908 — Under construction 5 1,540,690 547 — Future development 25 — — 16,461,700 Total 80 16,037,256 4,455 16,461,700 Real Estate Ventures Operating 19 5,319,570 2,108 — Under construction 4 1,003,434 787 — Near-term development 1 336,092 433 — Future development 17 — — 4,878,100 Total 41 6,659,096 3,328 4,878,100 Total Portfolio 121 22,696,352 7,783 21,339,800 Total Portfolio (at JBG SMITH Share) 121 18,257,794 5,684 17,626,300 ____________________ Note: At 100% share, unless otherwise indicated. (1) For assets under construction and near-term development assets, represents estimated number of units based on current design plans. (2) Includes estimated potential office, multifamily and retail development density. PORTFOLIO SUMMARY SEPTEMBER 30, 2017 (Unaudited) Page 32

Office Assets Submarket % Ownership C/U (1) Same Store (2): Q3 2016-2017 / YTD 2016-2017 Year Built / Renovated Total Square Feet Office Square Feet Retail Square Feet % Leased Office % Occupied Retail % Occupied Annualized Rent (in thousands) Office Annualized Rent Per Square Foot (3) Retail Annualized Rent Per Square Foot (4) DC Universal Buildings Uptown 100.0 % C Y / Y 1959 / 1990 686,873 568,797 91,075 97.8 % 98.9 % 99.6 % $ 31,517 $ 47.39 $ 50.65 2101 L Street CBD 100.0 % C Y / Y 1975 / 2007 380,375 346,588 31,320 98.7 % 99.0 % 100.0 % 25,324 68.34 58.88 Bowen Building East End 100.0 % C Y / Y 1922 / 2004 231,390 229,931 — 84.6 % 84.5 % — 13,799 70.82 — 1730 M Street (5) CBD 100.0 % C Y / Y 1964 / 1998 205,287 196,684 8,018 93.9 % 96.0 % 43.0 % 8,466 43.88 49.33 1233 20th Street CBD 100.0 % C N / N 1984 / 2003 151,695 150,577 — 86.8 % 87.2 % — 5,986 45.58 — Executive Tower East End 100.0 % C Y / Y 2001 / 2016 129,683 124,488 4,237 78.5 % 80.0 % 52.6 % 8,143 79.80 88.09 1600 K Street CBD 100.0 % C N / N 1950 / 2000 84,841 69,620 12,391 94.0 % 92.7 % 100.0 % 4,056 49.92 65.40 L’Enfant Plaza Office-East (5) Southwest 49.0 % U N / N 1972 / 2012 437,504 395,520 — 89.0 % 87.4 % — 16,165 46.35 — L’Enfant Plaza Office-North Southwest 49.0 % U N / N 1969 / 2014 305,157 279,848 19,474 85.6 % 83.8 % 100.0 % 11,028 45.17 22.36 L’Enfant Plaza Retail (5) Southwest 49.0 % U N / N 1968 / 2014 143,620 13,628 102,768 76.9 % 100.0 % 77.2 % 4,603 35.99 49.59 The Warner East End 55.0 % U Y / Y 1924 / 2012 584,991 526,276 57,133 98.2 % 99.6 % 86.5 % 39,243 72.26 27.06 Investment Building East End 5.0 % U Y / Y 1924 / 2001 401,520 375,840 18,140 91.3 % 91.1 % 100.0 % 25,969 71.61 73.12 The Foundry Georgetown 9.9 % U N / N 1973 / 2017 232,745 221,479 9,755 85.1 % 86.0 % 70.3 % 8,973 45.66 38.16 1101 17th Street CBD 55.0 % U Y / Y 1964 / 1999 215,675 200,678 9,758 98.5 % 100.0 % 82.7 % 10,522 49.34 66.35 VA Courthouse Plaza 1 and 2 (5) Clarendon/ Courthouse 100.0 % C Y / Y 1989 / 2013 639,339 575,397 57,193 93.3 % 91.1 % 100.0 % $ 26,797 $ 47.09 $ 34.33 2345 Crystal Drive Crystal City 100.0 % C Y / Y 1988 / N/A 507,336 498,324 4,206 92.2 % 92.6 % 100.0 % 21,360 45.82 38.53 2121 Crystal Drive Crystal City 100.0 % C Y / Y 1985 / 2006 505,912 505,507 405 98.4 % 95.6 % — 23,586 48.80 — 1550 Crystal Drive (6) Crystal City 100.0 % C Y / Y 1980 / 2001 489,997 450,508 28,725 78.7 % 76.3 % 75.5 % 14,816 40.58 39.72 RTC-West (6) Reston 100.0 % C N / N 1988 / 2014 446,078 446,078 — 93.6 % 92.8 % — 15,118 36.53 — 2231 Crystal Drive Crystal City 100.0 % C Y / Y 1987 / 2009 465,383 414,423 50,960 89.0 % 85.8 % 100.0 % 17,086 42.84 36.29 2011 Crystal Drive Crystal City 100.0 % C Y / Y 1984 / 2006 444,905 433,247 6,762 82.8 % 83.0 % 100.0 % 16,140 43.77 51.81 2451 Crystal Drive Crystal City 100.0 % C Y / Y 1990 / N/A 402,172 386,182 11,690 75.6 % 74.8 % 100.0 % 12,450 41.50 34.05 Commerce Executive (6) Reston 100.0 % C Y / Y 1987 / 2015 393,527 372,190 16,260 89.8 % 89.9 % 95.2 % 12,553 36.03 28.11 1235 S. Clark Street Crystal City 100.0 % C Y / Y 1981 / 2007 384,025 335,526 48,346 83.0 % 81.0 % 97.2 % 11,967 40.80 18.69 241 18th Street S. Crystal City 100.0 % C Y / Y 1977 / 2013 355,813 325,434 28,457 77.3 % 73.7 % 89.9 % 9,709 36.67 35.48 251 18th Street S. Crystal City 100.0 % C Y / Y 1975 / 2013 346,476 296,218 46,581 97.1 % 97.8 % 95.8 % 13,358 40.06 38.50 1215 S. Clark Street Crystal City 100.0 % C Y / Y 1983 / 2002 336,159 333,546 2,613 100.0 % 100.0 % 100.0 % 10,795 32.11 31.69 201 12th Street S. Crystal City 100.0 % C Y / Y 1987 / N/A 333,838 317,672 12,213 95.3 % 96.2 % 100.0 % 11,477 36.08 36.44 800 North Glebe Road Ballston 100.0 % C N / N 2012 / N/A 305,039 277,397 26,247 99.5 % 100.0 % 100.0 % 14,441 47.71 45.97 1225 S. Clark Street Crystal City 100.0 % C Y / Y 1982 / 2013 283,812 270,757 12,850 51.5 % 49.2 % 100.0 % 5,243 37.56 18.90 PROPERTY TABLE - OFFICE SEPTEMBER 30, 2017 (Unaudited) Page 33

Office Assets Submarket % Ownership C/U (1) Same Store (2): Q3 2016-2017 / YTD 2016-2017 Year Built / Renovated Total Square Feet Office Square Feet Retail Square Feet % Leased Office % Occupied Retail % Occupied Annualized Rent (in thousands) Office Annualized Rent Per Square Foot (3) Retail Annualized Rent Per Square Foot (4) 2200 Crystal Drive Crystal City 100.0 % C Y / Y 1968 / 2006 282,920 282,920 — 45.6 % 45.6 % — $ 4,881 $ 37.80 $ — 1901 South Bell Street Crystal City 100.0 % C Y / Y 1968 / 2008 276,954 275,030 1,924 100.0 % 100.0 % 100.0 % 11,184 40.65 2.14 2100 Crystal Drive Crystal City 100.0 % C Y / Y 1968 / 2006 249,281 249,281 — 100.0 % 100.0 % — 10,013 40.17 — 200 12th Street S. Crystal City 100.0 % C Y / Y 1985 / 2013 202,736 202,736 — 83.1 % 83.1 % — 7,238 42.95 — 2001 Jefferson Davis Highway Crystal City 100.0 % C Y / Y 1967 / N/A 160,748 159,615 — 59.1 % 58.9 % — 3,094 32.90 — Summit I Reston 100.0 % C N / N 1987 / 2012 145,768 145,768 — 100.0 % 100.0 % — 3,564 24.45 — Summit II (6) Reston 100.0 % C N / N 1986 / 2012 138,350 136,878 1,472 100.0 % 100.0 % 100.0 4,528 33.03 4.08 1800 South Bell Street (6) Crystal City 100.0 % C N / N 1969 / 2007 74,701 49,792 24,479 100.0 % 100.0 % 100.0 % 2,499 45.99 8.20 Crystal City Shops at 2100 Crystal City 100.0 % C Y / Y 1968 / 2006 79,755 — 78,245 93.3 % — 93.5 % 1,685 — 22.80 Wiehle Avenue Office Building Reston 100.0 % C N / N 1984 / N/A 77,528 74,658 — 55.9 % 57.5 % — 1,153 26.75 — 1831 Wiehle Avenue (6) Reston 100.0 % C N / N 1983 / N/A 29,675 29,675 — 100.0 % 100.0 % — 801 26.99 — Crystal Drive Retail Crystal City 100.0 % C Y / Y 2003 / N/A 56,965 — 56,965 100.0 % — 100.0 % 2,938 — 51.57 Pickett Industrial Park Eisenhower Avenue 10.0 % U N / N 1973 / N/A 246,145 246,145 — 89.7 % 89.7 % — 3,414 15.46 — Rosslyn Gateway-North Rosslyn 18.0 % U N / N 1996 / 2014 144,042 130,841 12,754 92.8 % 92.6 % 96.0 % 5,302 40.90 28.30 Rosslyn Gateway-South Rosslyn 18.0 % U N / N 1961 / N/A 105,723 94,477 7,584 77.7 % 80.1 % 40.4 % 1,959 24.15 40.06 MD 7200 Wisconsin Avenue Bethesda CBD 100.0 % C N / N 1986 / 2015 270,628 250,071 16,662 68.0 % 67.6 % 82.2 % $ 8,863 $ 48.65 $ 44.75 One Democracy Plaza* (5) Bethesda‑Rock Spring 100.0 % C Y / Y 1987 / 2013 214,019 210,762 2,138 98.4 % 98.9 % 100.0 % 6,886 32.70 31.42 11333 Woodglen Drive Rockville Pike Corridor 18.0 % U N / N 2004 / N/A 63,875 55,077 8,573 96.1 % 91.4 % 100.0 % 2,208 35.01 51.61 NoBe II Office (6) Rockville Pike Corridor 18.0 % U N / N 1965 / 2005 39,836 31,402 8,434 63.4 % 53.6 % 100.0 % 632 22.89 29.31 Total / Weighted Average 13,690,816 12,563,488 936,807 88.4 % 87.8 % 92.5 % $ 533,532 $ 45.17 $ 38.77 Recently Delivered VA RTC - West Retail Reston 100.0 % C N / N 2017 / N/A 40,025 — 40,025 77.5 % — 53.1 % 1,394 — 65.60 MD 4749 Bethesda Avenue Retail Bethesda CBD 100.0 % C N / N 2016 / 2016 13,633 — 13,633 100.0 % — 100.0 % 1,098 — 80.56 Total / Weighted Average 53,658 — 53,658 83.2 % — 65.0 % $ 2,492 — $ 71.44 Operating - Total / Weighted Average 13,744,474 12,563,488 990,465 88.4 % 87.8 % 91.0 % $ 536,024 $ 45.17 $ 40.04 PROPERTY TABLE - OFFICE SEPTEMBER 30, 2017 (Unaudited) Page 34

GLA Reconciliation Number of At 100% Share At JBG SMITH Share Operating Assets Assets Square Feet Square Feet 2Q 2017 50 13,887,482 11,884,931 Placed in service 1 40,025 40,025 Out-of-service adjustment — (183,358) (96,357) Building re-measurements — 325 959 3Q 2017 51 13,744,474 11,829,558 See footnotes on page 36. Office Assets Submarket % Ownership C/U (1) Same Store (2): Q3 2016-2017 / YTD 2016-2017 Year Built / Renovated Total Square Feet Office Square Feet Retail Square Feet % Leased Office % Occupied Retail % Occupied Annualized Rent (in thousands) Office Annualized Rent Per Square Foot (3) Retail Annualized Rent Per Square Foot (4) Under Construction DC 1900 N Street (5) CBD 100.0 % C 271,433 258,931 12,502 29.6 % L’Enfant Plaza Office-Southeast Southwest 49.0 % U 215,185 215,185 — 65.1 % VA CEB Tower at Central Place (5) Rosslyn 100.0 % C 529,997 518,255 11,742 71.9 % MD 4747 Bethesda Avenue (7) Bethesda CBD 100.0 % C 287,183 281,020 6,163 27.9 % Under Construction - Total / Weighted Average 1,303,798 1,273,391 30,407 52.3 % Total / Weighted Average 15,048,272 13,836,879 1,020,872 85.2 % Totals at JBG SMITH Share Operating assets 11,829,558 10,851,093 841,368 88.2 % 87.5 % 92.2 % $ 453,298 $ 44.41 $ 39.44 Under construction assets 1,194,043 1,163,636 30,407 51.1 % PROPERTY TABLE - OFFICE SEPTEMBER 30, 2017 (Unaudited) Page 35

Footnotes * Not Metro-Served. Note: At 100% share. Excludes our 10% subordinated interests in five commercial buildings held through a real estate venture in which we have no economic interest. (1) “C” denotes a consolidated interest. “U” denotes an unconsolidated interest. (2) “Y” denotes an asset as same store and “N” denotes an asset as non-same store. (3) Represents annualized office rent divided by occupied office square feet; annualized retail rent and retail square feet are excluded from this metric. Occupied office square footage may differ from leased office square footage because leased office square footage includes leases that have been signed but have not yet commenced. (4) Represents annualized retail rent divided by occupied retail square feet. Occupied retail square footage may differ from leased retail square footage because leased retail square footage includes leases that have been signed but have not yet commenced. (5) The following assets are subject to ground leases: Office Asset Ground LeaseExpiration Date 1730 M Street 4/30/2061 L'Enfant Plaza Office - East 11/23/2064 L'Enfant Plaza Retail 11/23/2064 Courthouse Plaza 1 and 2 1/19/2062 One Democracy Plaza 11/17/2084 1900 N Street** 5/31/2106 CEB Tower at Central Place*** 6/2/2102 ** Only a portion of the asset is subject to a ground lease. *** We have an option to purchase the ground lease at a fixed price. (6) The following assets contain space that is held for development or not otherwise available for lease. This out-of-service square footage is excluded from area, leased, and occupancy metrics in the above table. Office Asset In-Service Not Available for Lease 1550 Crystal Drive 489,997 18,293 RTC - West 446,078 19,911 Commerce Executive 393,527 14,085 Summit II 138,350 6,480 1800 South Bell Street 74,701 146,079 1831 Wiehle Avenue 29,675 45,516 NoBe II Office 39,836 96,983 (7) Includes JBG SMITH’s lease for approximately 80,200 square feet. PROPERTY TABLE - OFFICE SEPTEMBER 30, 2017 (Unaudited) Page 36

Multifamily Assets Submarket % Ownership C/U (1) Same Store (2): Q3 2016-2017 / YTD 2016-2017 Year Built / Renovated Number of Units Total Square Feet Multifamily Square Feet Retail Square Feet % Leased Multifamily % Occupied Retail % Occupied Annualized Rent (in thousands) Monthly Rent Per Unit (3) (4) Monthly Rent Per Square Foot (4) (5) DC Fort Totten Square Brookland/Fort Totten 100.0 % C N / N 2015 / N/A 345 384,316 253,652 130,664 96.9 % 93.0 % 98.7 % $ 8,884 $ 1,857 $ 2.53 WestEnd25 West End 100.0 % C Y / Y 2009 / N/A 283 273,264 273,264 — 96.6 % 95.2 % — 11,404 3,526 3.65 The Gale Eckington H Street/NoMa 5.0 % U N / N 2013 / 2017 603 466,716 465,516 1,200 93.7 % 89.8 % 100.0 % 13,457 2,065 2.68 Atlantic Plumbing U Street/Shaw 64.0 % U N / N 2015 / N/A 310 245,527 221,788 23,739 94.9 % 91.8 % 100.0 % 10,554 2,765 3.87 VA RiverHouse Apartments Pentagon City 100.0 % C Y / Y 1960 / 2013 1,670 1,322,016 1,319,354 2,662 96.3 % 95.3 % 100.0 % $ 33,564 $ 1,754 $ 2.22 The Bartlett Pentagon City 100.0 % C N / N 2016 / N/A 699 619,372 577,295 42,077 95.4 % 93.3 % 100.0 % 22,402 2,692 3.26 220 20th Street Crystal City 100.0 % C Y / Y 2009 / N/A 265 271,790 269,913 1,877 95.3 % 94.0 % 83.3 % 7,751 2,579 2.53 2221 South Clark Street Crystal City 100.0 % C Y / Y 1964 / 2016 216 171,080 164,743 — 100.0 % 100.0 % — 3,232 N/A N/A Fairway Apartments* Reston 10.0 % U N / N 1969 / 2005 346 370,850 370,850 — 94.9 % 93.6 % — 6,266 1,612 1.50 MD Falkland Chase-South & West Downtown Silver Spring 100.0 % C N / N 1938 / 2011 268 222,949 222,949 — 95.7 % 94.2 % — $ 5,303 $ 1,750 $ 2.10 Falkland Chase-North (6) Downtown Silver Spring 100.0 % C N / N 1938 / 1986 162 106,159 106,159 — 96.6 % 96.0 % — 2,712 1,454 2.22 Galvan Rockville Pike Corridor 1.8 % U N / N 2015 / N/A 356 390,650 295,033 95,617 94.0 % 89.5 % 96.8 % 10,564 1,835 2.21 The Alaire (7) Rockville Pike Corridor 18.0 % U N / N 2010 / N/A 279 266,497 251,691 14,806 93.9 % 91.6 % 100.0 % 5,832 1,707 1.89 The Terano (6) (7) Rockville Pike Corridor 1.8 % U N / N 2015 / N/A 214 195,864 183,496 12,368 94.1 % 91.4 % 76.2 % 4,454 1,778 2.07 Operating - Total / Weighted Average 6,016 5,307,050 4,975,703 325,010 95.5 % 93.6 % 97.5 % $ 146,379 $ 2,068 $ 2.50 Under Construction DC 1221 Van Street Ballpark/Southeast 100.0 % C 291 226,546 202,988 23,558 West Half Ballpark/Southeast 94.8 % C 465 388,174 346,415 41,759 Atlantic Plumbing C U Street/Shaw 100.0 % C 256 225,531 206,057 19,474 MD 7900 Wisconsin Avenue Bethesda CBD 50.0 % U 322 359,025 338,990 20,035 Under Construction - Total 1,334 1,199,276 1,094,450 104,826 Total 7,350 6,506,326 6,070,153 429,836 PROPERTY TABLE - MULTIFAMILY SEPTEMBER 30, 2017 (Unaudited) Page 37

GLA Reconciliation Number of At 100% Share At JBG SMITH Share Operating Assets Assets Square Feet/Units Square Feet/Units 2Q 2017 14 5,320,334 SF/ 6,016 Units 3,660,315 SF/ 4,232 Units Placed in service — — — Out-of-service adjustment — (13,284 SF)/ 0 Units (13,284 SF)/ 0 Units Building re-measurements — — — 3Q 2017 14 5,307,050 SF/ 6,016 Units 3,647,031 SF/ 4,232 Units Leasing Activity - Multifamily Number of Monthly Rent Per Unit (3) Multifamily % Occupied Annualized Rent (in thousands) Units 3Q 2017 3Q 2016 % Change 3Q 2017 3Q 2016 % Change 3Q 2017 3Q 2016 % Change DC 628 $ 2,619 $ 2,612 0.3% 94.0% 92.0% 2.0 % $ 18,556 $ 18,099 2.5% VA 1,970 1,862 1,831 1.7% 95.1% 96.5% (1.4)% 41,831 41,775 0.1% MD 484 1,646 1,618 1.7% 94.4% 94.9% (0.5)% 9,024 8,916 1.2% Total/Weighted Average 3.082 $ 1,981 $ 1,951 1.5% 94.8% 95.3% (0.5)% $ 69,411 $ 68,790 0.9% Note: At JBG SMITH share. Includes both Vornado Included Assets and JBG Assets placed in service prior to July 1, 2016. See footnotes on page 39. Multifamily Assets Submarket % Ownership C/U (1) Same Store (2): Q3 2016-2017 / YTD 2016-2017 Year Built / Renovated Number of Units Total Square Feet Multifamily Square Feet Retail Square Feet % Leased Multifamily % Occupied Retail % Occupied Annualized Rent (in thousands) Monthly Rent Per Unit (3) (4) Monthly Rent Per Square Foot (4) (5) Near‑Term Development DC 965 Florida Avenue U Street/Shaw 70.0 % U 433 336,092 290,296 45,796 Totals at JBG SMITH Share Operating assets 4,232 3,647,031 3,443,552 197,142 96.2 % 94.6 % 98.9 % $ 104,628 $ 2,142 $ 2.62 Under construction assets 1,149 999,550 906,916 92,634 Near‑term development assets 303 235,264 203,207 32,057 PROPERTY TABLE - MULTIFAMILY SEPTEMBER 30, 2017 (Unaudited) Page 38

Footnotes * Not Metro-Served. Note: At 100% share. (1) “C” denotes a consolidated interest. “U” denotes an unconsolidated interest. (2) “Y” denotes an asset as same store and “N” denotes an asset as non-same store. (3) Represents multifamily rent divided by occupied multifamily units; retail rent is excluded from this metric. Occupied units may differ from leased units because leased units include leases that have been signed but have not yet commenced. (4) Excludes 2221 South Clark Street (WeLive). (5) Represents multifamily rent divided by occupied multifamily square feet; retail rent and retail square feet are excluded from this metric. Occupied multifamily square footage may differ from leased multifamily square footage because leased multifamily square footage includes leases that have been signed but have not yet commenced. (6) The following asset contains space that is held for development or not otherwise available for lease. This out-of-service square footage is excluded from area, leased, and occupancy metrics in the above table. Multifamily Asset In-Service Not Available for Lease Falkland Chase - North 106,159 13,284 The Terano 195,864 3,904 (7) The following assets are subject to ground leases: Multifamily Asset Ground Lease Expiration Date The Alaire 3/27/2107 The Terano 8/5/2112 PROPERTY TABLE - MULTIFAMILY SEPTEMBER 30, 2017 (Unaudited) Page 39

Other Assets Submarket % Ownership C/U (1) Same Store (2): Q3 2016-2017 / YTD 2016-2017 Year Built / Renovated Total Square Feet (3) % Leased % Occupied Annualized Rent (in thousands) Annualized Rent Per Square Foot (4) Retail DC North End Retail U Street/Shaw 100.0% C N / N 2015 / N/A 27,432 100.0% 100.0% $ 1,146 $ 41.76 VA Vienna Retail* Vienna 100.0% C Y / Y 1981 / N/A 8,547 100.0% 100.0% 383 44.83 Stonebridge at Potomac Town Center-Phase I* Prince William County 10.0% U N / N 2012 / N/A 462,633 97.8% 95.7% 13,030 29.44 Total / Weighted Average 498,612 98.0% 96.0% $ 14,559 $ 30.43 Hotel VA Crystal City Marriott Hotel Crystal City 100.0% C Y / Y 266,000 (345 Rooms) Total 764,612 Under Construction VA Stonebridge at Potomac Town Center-Phase II* Prince William County 10.0% U 41,050 100.0% Totals at JBG SMITH Share Operating assets 348,242 98.8% 97.6% $ 2,832 $ 35.30 Under construction assets 4,105 100.0% GLA Reconciliation Number of At 100% Share At JBG SMITH Share Operating Assets Assets Square Feet Square Feet 2Q 2017 4 764,546 348,188 Placed in service — — — Out-of-service adjustment — — — Building re-measurements — 66 54 3Q 2017 4 764,612 348,242 See footnotes on page 41. PROPERTY TABLE - OTHER SEPTEMBER 30, 2017 (Unaudited) Page 40

Footnotes * Not Metro-Served. Note: At 100% share. (1) “C” denotes a consolidated interest. “U” denotes an unconsolidated interest. (2) “Y” denotes an asset as same store and “N” denotes an asset as non-same store. (3) Does not include over 1.0 million square feet of retail within our operating and under construction office portfolio and approximately 430,000 square feet of retail within our operating and under construction multifamily portfolio. (4) Represents annualized rent divided by occupied square feet. Occupied square footage may differ from leased square footage because leased square footage includes leases that have been signed but have not yet commenced. PROPERTY TABLE - OTHER SEPTEMBER 30, 2017 (Unaudited) Page 41

dollars in thousands, except per square foot data % Ownership Estimated Square Feet % Pre- Leased Weighted Average Pre-Lease Rent Per Square Foot (2) Estimated Number of Units Schedule (1) At JBG SMITH Share Construction Start Date Estimated Completion Date Estimated Stabilization Date Historical Cost Estimated Incremental Investment Estimated Total InvestmentAsset Submarket Office DC 1900 N Street CBD 100.0% 271,433 29.6% $ 86.71 — Q2 2017 Q2 2020 Q4 2022 $ 66,367 $ 138,455 $ 204,822 L'Enfant Plaza Office - Southeast Southwest 49.0% 215,185 65.1% 53.95 — Q1 2017 Q3 2019 Q2 2021 20,861 27,079 47,940 VA CEB Tower at Central Place Rosslyn 100.0% 529,997 71.9% 65.31 — Q4 2014 Q2 2018 Q2 2020 269,393 93,882 363,275 MD 4747 Bethesda Avenue (3) Bethesda CBD 100.0% 287,183 27.9% 57.00 — Q2 2017 Q4 2019 Q2 2021 41,435 122,029 163,464 Total/weighted average 1,303,798 52.3% $ 64.52 — Q1 2016 Q1 2019 Q1 2021 $ 398,056 $ 381,445 $ 779,501 Multifamily DC 1221 Van Street Ballpark/ Southeast 100.0% 226,546 — — 291 Q4 2015 Q2 2018 Q2 2019 $ 94,960 $ 21,387 $ 116,347 West Half Ballpark/ Southeast 94.8% 388,174 — — 465 Q1 2017 Q1 2020 Q1 2021 70,301 146,206 216,507 Atlantic Plumbing C U Street/Shaw 100.0% 225,531 — — 256 Q1 2017 Q4 2019 Q3 2020 66,850 89,178 156,028 MD 7900 Wisconsin Avenue Bethesda CBD 50.0% 359,025 — — 322 Q2 2017 Q3 2020 Q4 2021 26,592 67,872 94,464 Total/weighted average 1,199,276 — — 1,334 Q4 2016 Q3 2019 Q3 2020 $ 258,703 $ 324,643 $ 583,346 Other VA Stonebridge at Potomac Town Center - Phase II Prince William County 10.0% 41,050 100.0% $ 32.40 — Q3 2017 Q1 2019 Q1 2019 108 1,701 1,809 Under Construction - Total / Weighted Average (4) 2,544,124 53.7% $ 65.03 1,334 Q3 2016 Q2 2019 Q4 2020 $ 656,867 $ 707,789 $ 1,364,656 Office Multifamily Other Total Weighted average projected NOI yield at JBG SMITH share: Estimated total project cost (5) 7.8% 6.3% 6.0% 7.2% Consol 611,137 Estimated total investment 7.5% 5.9% 6.0% 6.8% Unconsol 96,652 Estimated incremental investment 15.3% 10.6% 6.4% 13.1% Estimated Stabilized NOI at JBG SMITH Share (dollars in millions) $ 58.3 $ 34.5 $ 0.1 $ 92.9 ____________________ Note: At 100% share, unless otherwise noted. (1) Average dates are weighted by JBG SMITH share of estimated square feet. (2) Based on leases signed as of September 30, 2017 and calculated as contractual monthly base rent before free rent, plus estimated tenant reimbursements for the month in which the lease commences, multiplied by 12. Triple net leases are converted to a gross basis by adding estimated tenant reimbursements to contractual monthly base rent. (3) Includes JBG SMITH’s lease for approximately 80,200 square feet. (4) Multifamily assets are excluded from the % pre-leased and the weighted average pre-lease rent per square foot metrics. (5) Estimated total project cost is estimated total investment excluding purchase price allocation adjustments. PROPERTY TABLE - UNDER CONSTRUCTION SEPTEMBER 30, 2017 (Unaudited) Page 42

% Estimated Asset Submarket Ownership Square Feet Units Multifamily DC 965 Florida Avenue U Street/Shaw 70.0% 336,092 433 Near-Term Development Investment at JBG SMITH Share as of September 30, 2017 (dollars in thousands) Historical cost $ 1,903 Estimated incremental investment 102,726 Estimated Total Investment $ 104,629 Office Multifamily Other Total Weighted average projected NOI yield at JBG SMITH share: Estimated total project cost (1) — 6.6% — 6.6% Estimated total investment — 6.6% — 6.6% Estimated incremental investment — 6.8% — 6.8% Estimated Stabilized NOI at JBG SMITH Share (dollars in millions) — $ 7.0 — $ 7.0 ____________________ Note: At 100% share, unless otherwise noted. (1) Estimated total project cost is estimated total investment excluding purchase price allocation adjustments. PROPERTY TABLE - NEAR-TERM DEVELOPMENT SEPTEMBER 30, 2017 (Unaudited) Page 43

dollars in thousands, except per square foot data Estimated Commercial SF / Multifamily Units to be Replaced (1) Estimated Capitalized Cost of SF / Units to Be Replaced (3) Estimated Capitalized Cost of Ground Rent Payments (4) Estimated Total Investment per SF Number of Assets Estimated Remaining Acquisition Cost (2) Estimated Total Investment Estimated Potential Development Density (SF) Historical CostRegion Total Office Multifamily Retail Owned DC 8 1,595,400 636,500 938,100 20,800 — $ 115,950 N/A $ — $ — $ 115,950 $ 72.68 VA 25 13,024,800 3,288,200 9,067,900 668,700 204,107 SF / 15 units 401,210 N/A 54,944 2,337 458,491 35.20 MD 5 1,402,800 19,200 1,244,900 138,700 7,170 SF / 162 units 18,637 N/A 25,467 416 44,520 31.74 Total / weighted average 38 16,023,000 3,943,900 11,250,900 828,200 211,277 SF / 177 units $ 535,797 N/A $ 80,411 $ 2,753 $ 618,961 $ 38.63 Optioned (5) DC 3 1,592,000 78,800 1,312,300 200,900 — $ 19,497 $ 35,850 $ — $ 69,718 $ 125,065 $ 78.56 VA 1 11,300 — 10,400 900 — 10 995 — — 1,005 88.94 Total / weighted average 4 1,603,300 78,800 1,322,700 201,800 — $ 19,507 $ 36,845 $ — $ 69,718 $ 126,070 $ 78.63 Total / Weighted Average 42 17,626,300 4,022,700 12,573,600 1,030,000 211,277 SF /177 units $ 555,304 $ 36,845 $ 80,411 $ 72,471 $ 745,031 $ 42.27 ____________________ Note: At JBG SMITH share. (1) Represents management's estimate of the total office and/or retail rentable square feet and multifamily units that would need to be redeveloped to access some of the estimated potential development density. (2) Represents management's estimate of remaining deposits, option payments, and option strike prices as of September 30, 2017. (3) Capitalized value of estimated commercial square feet / multifamily units to be replaced, which generated approximately $1.2 million of NOI for the three months ended September 30, 2017 (included in the NOI of the operating segment), at a 6.0% capitalization rate. (4) Capitalized value of stabilized annual ground rent payments associated with leasehold assets at a 5.0% capitalization rate. Two owned parcels and one optioned parcel are leasehold interests with estimated annual stabilized ground rent payments totaling $3.6 million. (5) As of September 30, 2017 JBG SMITH no longer has an option on a portion of one asset in DC, an option on one asset in VA, and an option on one asset in MD totaling approximately 736,000 SF at JBG SMITH share. JBG SMITH had ascribed zero value to these options. PROPERTY TABLE - FUTURE DEVELOPMENT SEPTEMBER 30, 2017 (Unaudited) Page 44

dollars in thousands 2017 2018 2019 2020 2021 Thereafter Total Consolidated and Unconsolidated Principal Balance Unsecured Debt: Revolving credit facility ($1 billion commitment) $ — $ — $ — $ — $ 115,751 $ — $ 115,751 Term loans ($400 million commitment) — — — — — 50,000 50,000 Total unsecured debt — — — — 115,751 50,000 165,751 Secured Debt: Consolidated principal balance — 376,019 227,919 215,096 99,841 1,069,373 1,988,248 Unconsolidated principal balance 58,822 30,530 118,976 19,382 — 161,999 389,709 Total secured debt 58,822 406,549 346,895 234,478 99,841 1,231,372 2,377,957 Total Consolidated and Unconsolidated Principal Balance $ 58,822 $ 406,549 $ 346,895 $ 234,478 $ 215,592 $ 1,281,372 $ 2,543,708 % of total debt maturing 2.3% 16.0% 13.6% 9.2% 8.5% 50.4% 100.0% % floating rate (1) 3.7% 30.7% 87.6% 94.9% 53.7% 55.2% 58.1% % fixed rate (2) 96.3% 69.3% 12.4% 5.1% 46.3% 44.8% 41.9% Weighted Average Interest Rates Variable rate 3.75% 3.05% 3.77% 3.46% 2.34% 2.73% 3.05% Fixed rate 6.04% 4.04% 4.38% 3.31% 4.88% 4.85% 4.67% Total Weighted Average Interest Rates 5.96% 3.74% 3.85% 3.45% 3.52% 3.68% 3.73% Credit Facility Revolving Credit Facility Tranche A-1 Term Loan Tranche A-2 Term Loan Total/Weighted Average Credit limit $ 1,000,000 $ 200,000 $ 200,000 $ 1,400,000 Outstanding principal balance $ 115,751 $ 50,000 $ — $ 165,751 Letters of credit $ 5,243 $ — $ — $ 5,243 Undrawn capacity $ 879,006 $ 150,000 $ 200,000 $ 1,229,006 Interest rate spread (3) 1.10% 1.20% 1.55% 1.13% All-In interest rate 2.34% 2.44% 2.79% 2.37% Maturity date Jul-22 Jan-23 Jul-24 — Delayed draw availability period — Jul-19 Jul-18 — ____________________ Note: At JBG SMITH share. (1) Floating rate debt includes floating rate loans with interest rate caps. (2) Fixed rate debt includes floating rate loans with interest rate swaps. (3) The interest rate spread for the revolving credit facility excludes 0.15% facility fee. DEBT SUMMARY SEPTEMBER 30, 2017 (Unaudited) Page 45

dollars in thousands Asset % Ownership Principal Balance Stated Interest Rate Interest Rate Hedge Current Annual Interest Rate (1) Initial Maturity Date Extended Maturity Date (2) Consolidated 220 20th Street 100.0% $ 67,285 4.61% Fixed 4.61% 02/01/18 02/01/18 Fort Totten Square 100.0% 73,600 L + 2.15% Swap 4.26% 06/09/18 12/09/18 7200 Wisconsin Avenue 100.0% 83,130 L + 1.75% Cap 2.99% 12/23/18 12/23/19 Courthouse Plaza 1 and 2 100.0% 11,000 L + 1.60% — 2.84% 05/10/18 05/10/20 Summit I & II 100.0% 59,000 L + 1.70% Cap 2.94% 08/04/20 08/04/20 RTC - West 100.0% 107,720 L + 2.20% — 3.44% 04/12/20 04/12/21 WestEnd25 100.0% 99,841 4.88% Fixed 4.88% 06/01/21 06/01/21 Universal Buildings 100.0% 185,000 L + 1.90% Cap 3.14% 08/12/19 08/12/21 CEB Tower at Central Place 100.0% 141,004 L + 2.45% Swap 3.66% 11/07/18 11/07/21 The Bartlett 100.0% 220,000 L + 1.70% — 2.94% 06/20/22 06/20/22 Credit Facility - Revolving Credit Facility 100.0% 115,751 L + 1.10% — 2.34% 07/16/21 07/18/22 Credit Facility - Tranche A-1 Term Loan 100.0% 50,000 L + 1.20% — 2.44% 01/18/23 01/18/23 2121 Crystal Drive (3) 100.0% 139,770 5.51% Fixed 5.51% 03/01/23 03/01/23 Falkland Chase - South & West 100.0% 42,214 3.78% Fixed 3.78% 06/01/23 06/01/23 Falkland Chase - North 100.0% 22,670 L + 2.32% Cap 3.56% 06/01/23 06/01/23 West Half 94.8% — L + 2.85% — 4.09% 07/31/21 07/31/23 1221 Van Street 100.0% 48,376 L + 2.65% — 3.89% 08/31/20 08/31/23 800 North Glebe Road 100.0% 107,500 L + 1.60% — 2.84% 06/30/22 06/30/24 Credit Facility - Tranche A-2 Term Loan 100.0% — L + 1.55% — 2.79% 07/18/24 07/18/24 2101 L Street 100.0% 141,238 3.97% Fixed 3.97% 08/15/24 08/15/24 1233 20th Street 100.0% 42,919 4.38% Fixed 4.38% 11/01/19 11/01/24 1215 S. Clark Street, 200 12th Street S., and 251 18th Street S. 100.0% 88,270 7.94% Fixed 7.94% 01/01/25 01/01/25 RiverHouse Apartments 100.0% 307,710 L + 1.28% Cap 2.52% 04/01/25 04/01/25 Total Consolidated Principal Balance 2,153,998 Total premium / (discount) (14,184) Total Consolidated Indebtedness $ 2,139,814 Total Consolidated Indebtedness Reconciliation (net of deferred financing costs) Mortgages payable $ 1,977,674 Revolving credit facility 115,751 Unsecured term loan 46,389 Total Consolidated Indebtedness $ 2,139,814 Unconsolidated 1101 17th Street 55.0% $ 31,000 L + 1.25% — 2.49% 01/19/18 01/19/18 Galvan 1.8% 84,113 L + 2.70% — 3.94% 12/12/17 12/12/18 Capitol Point - North 59.0% 10,996 L + 4.00% — 5.24% 03/30/18 03/30/19 DEBT BY INSTRUMENT SEPTEMBER 30, 2017 (Unaudited) Page 46

____________________ (1) September 30, 2017 LIBOR of 1.24% applied to loans which are denoted as floating (no hedge) or floating with a cap, except as otherwise noted. (2) Represents the maturity date based on execution of all extension options. Many of these extensions are subject to lender covenant tests. (3) The lender of this loan currently has the right to require defeasance of the loan prior to maturity on 90 days’ notice. We currently estimate that the cost of such defeasance would be approximately $22.7 million. (4) The base rate for the loan is three-month LIBOR, which was 1.33% as of September 30, 2017. dollars in thousands Asset % Ownership Principal Balance Stated Interest Rate Interest Rate Hedge Current Annual Interest Rate (1) Initial Maturity Date Extended Maturity Date (2) The Terano 1.8% 38,026 L + 2.10% Cap 3.34% 11/08/17 11/08/19 11333 Woodglen Drive 18.0% 13,327 L + 1.90% Swap 3.52% 01/01/20 01/01/20 The Alaire 18.0% 38,848 L + 2.10% Cap 3.34% 03/13/18 03/13/20 Atlantic Plumbing 64.0% 88,475 L + 2.25% Swap 6.04% 11/09/17 11/09/20 Rosslyn Gateway - North, Rosslyn Gateway - South 18.0% 47,277 L + 2.00% Cap 3.00% 11/17/19 11/17/21 The Foundry 9.9% 51,395 L + 1.85% Cap 3.09% 12/12/19 12/12/21 L'Enfant Plaza Office - North, L'Enfant Plaza Office - East, L'Enfant Plaza Retail (4) 49.0% 215,099 L + 3.65% Cap 4.98% 05/08/19 05/08/22 L'Enfant Plaza Office - Southeast 49.0% 15,235 L + 3.75% Cap 4.99% 05/08/20 05/08/22 Stonebridge at Potomac Town Center 10.0% 95,188 L + 1.70% Swap 3.25% 12/10/20 12/10/22 The Warner 55.0% 273,000 3.65% Fixed 3.65% 06/01/23 06/01/23 Fairway Apartments 10.0% 39,575 L + 1.60% Swap 3.70% 07/01/22 07/01/25 7900 Wisconsin Avenue 50.0% — 4.82% Fixed 4.82% 07/15/25 07/15/25 The Gale Eckington 5.0% 110,636 L + 1.60% Swap 3.56% 07/31/22 07/31/25 Pickett Industrial Park 10.0% 23,600 L + 1.45% Swap 3.56% 09/04/25 09/04/25 Total Unconsolidated Principal Balance 1,175,790 Total premium / (discount) (860) Total Unconsolidated Indebtedness $ 1,174,930 Principal Balance at JBG SMITH Share Consolidated principal balance at JBG SMITH share $ 2,153,998 Unconsolidated principal balance at JBG SMITH share 389,710 Total Consolidated and Unconsolidated Principal Balance at JBG SMITH Share $ 2,543,708 Indebtedness at JBG SMITH Share (net of deferred financing costs) Consolidated indebtedness at JBG SMITH Share $ 2,140,037 Unconsolidated indebtedness at JBG SMITH Share 389,237 Total Consolidated and Unconsolidated Indebtedness at JBG SMITH Share $ 2,529,274 DEBT BY INSTRUMENT SEPTEMBER 30, 2017 (Unaudited) Page 47

Asset Type City Submarket % Ownership Total Square Feet Akridge West Half Multifamily Washington, D.C. Ballpark/Southeast 94.8% 388,174 ____________________ Note: At 100% share. CONSOLIDATED REAL ESTATE VENTURES SEPTEMBER 30, 2017 (Unaudited) Page 48

Asset Type City Submarket % Ownership Total Square Feet Landmark L'Enfant Plaza Office - East Office Washington, D.C. Southwest 49.0% 437,504 L'Enfant Plaza Office - North Office Washington, D.C. Southwest 49.0% 305,157 L'Enfant Plaza Office - Southeast Office Washington, D.C. Southwest 49.0% 215,185 L'Enfant Plaza Retail Office Washington, D.C. Southwest 49.0% 143,620 Rosslyn Gateway - North Office Arlington, VA Rosslyn 18.0% 144,042 Rosslyn Gateway - South Office Arlington, VA Rosslyn 18.0% 105,723 NoBe II Office Office Rockville, MD Rockville Pike Corridor 18.0% 39,836 11333 Woodglen Drive Office Rockville, MD Rockville Pike Corridor 18.0% 63,875 Galvan Multifamily Rockville, MD Rockville Pike Corridor 1.8% 390,650 The Alaire Multifamily Rockville, MD Rockville Pike Corridor 18.0% 266,497 The Terano Multifamily Rockville, MD Rockville Pike Corridor 1.8% 195,864 NoBe II Land Future Development Rockville, MD Rockville Pike Corridor 18.0% 589,000 Rosslyn Gateway - North Land Future Development Arlington, VA Rosslyn 18.0% 311,000 Rosslyn Gateway - South Land Future Development Arlington, VA Rosslyn 18.0% 498,500 Capitol Point - North Future Development Washington, D.C. NoMa 59.0% 409,100 Capitol Point - North Option Future Development Washington, D.C. NoMa 59.0% 315,500 L'Enfant Plaza Office - Center Future Development Washington, D.C. Southwest 49.0% 350,000 Courthouse Metro Land Future Development Arlington, VA Clarendon/Courthouse 18.0% 286,500 Courthouse Metro Land - Option Future Development Arlington, VA Clarendon/Courthouse 18.0% 62,500 5615 Fishers Drive Future Development Rockville, MD Rockville Pike Corridor 18.0% 106,500 12511 Parklawn Drive Future Development Rockville, MD Rockville Pike Corridor 18.0% 6,500 Woodglen Future Development Rockville, MD Rockville Pike Corridor 18.0% — 5,243,053 CBREI Venture Pickett Industrial Park Office Alexandria, VA Eisenhower Avenue 10.0% 246,145 The Foundry Office Washington, DC Georgetown 9.9% 232,745 The Gale Eckington Multifamily Washington, DC H Street/NoMa 5.0% 466,716 Fairway Apartments Multifamily Reston, VA Reston 10.0% 370,850 Atlantic Plumbing Multifamily Washington, DC U Street/Shaw 64.0% 245,527 Stonebridge at Potomac Town Center - Phase I Other Woodbridge, VA Prince William County 10.0% 462,633 Stonebridge at Potomac Town Center - Phase II Other Woodbridge, VA Prince William County 10.0% 41,050 Stonebridge at Potomac Town Center - Phase III Future Development Woodbridge, VA Prince William County 10.0% 232,700 Fairway Land Future Development Reston, VA Reston 10.0% 526,200 2,824,566 UNCONSOLIDATED REAL ESTATE VENTURES - BALANCE SHEET AND OPERATING INFORMATION SEPTEMBER 30, 2017 (Unaudited) Page 49

____________________ Note: At 100% share. Asset Type City Submarket % Ownership Total Square Feet Canadian Pension Plan Investment Board The Warner Office Washington, DC East End 55.0% 584,991 1101 17th Street Office Washington, DC CBD 55.0% 215,675 800,666 Forest City Waterfront Station Future Development Washington, DC Southwest 2.5% 662,600 Brandywine 1250 1st Street Future Development Washington, DC NoMa 30.0% 265,800 50 Patterson Street Future Development Washington, DC NoMa 30.0% 142,200 51 N Street Future Development Washington, DC NoMa 30.0% 177,500 585,500 Berkshire Group 7900 Wisconsin Avenue Multifamily Bethesda, MD Bethesda CBD 50.0% 359,025 MRP Realty 965 Florida Avenue Multifamily Washington, DC U Street/Shaw 70.0% 336,092 JP Morgan Investment Building Office Washington, DC East End 5.0% 401,520 Total Unconsolidated Real Estate Ventures 11,213,022 UNCONSOLIDATED REAL ESTATE VENTURES - BALANCE SHEET AND OPERATING INFORMATION SEPTEMBER 30, 2017 (Unaudited) Page 50

Adjusted General and Administrative (“G&A”) Expenses "Adjusted G&A expenses", a non-GAAP financial measure, represents G&A expenses adjusted for non-recurring share-based compensation expense related to the Formation Transaction and the G&A expenses of our third-party real estate services and asset management business that are directly reimbursed. We believe that adjusting such items not considered part of our comparable operations provides a meaningful measure to assess our G&A expenses as compared to similar real estate companies and in general. Annualized Rent “Annualized rent” is defined as (i) for office and other assets, or the retail component of a mixed-use asset, the in-place monthly base rent before free rent, plus tenant reimbursements as of September 30, 2017, multiplied by 12, with triple net leases converted to a gross basis by adding estimated tenant reimbursements to monthly base rent, and (ii) for multifamily assets, or the multifamily component of a mixed-use asset, the in-place monthly base rent before free rent as of September 30, 2017, multiplied by 12. Annualized rent excludes rent from signed but not yet commenced leases. Annualized Rent Per Square Foot “Annualized rent per square foot” is defined as (i) for office assets, annualized office rent divided by occupied office square feet; annualized retail rent and retail square feet are excluded from this metric, (ii) for multifamily assets, monthly multifamily rent divided by occupied multifamily square feet; annualized retail rent and retail square feet are excluded from this metric, and (iii) for other assets, annualized rent divided by occupied square feet. Occupied square footage may differ from leased square footage because leased square footage includes leases that have been signed but have not yet commenced. Earnings Before Interest, Taxes, Depreciation and Amortization ("EBITDA") and Adjusted EBITDA Management uses EBITDA as a supplemental operating performance measure and believes it helps investors and lenders meaningfully evaluate and compare our operating performance from period- to-period by removing from our operating results the impact of our capital structure (primarily interest charges from our consolidated outstanding debt and the impact of our interest rate swaps) and certain non-cash expenses (primarily depreciation and amortization on our assets). This supplemental measure may help investors and lenders understand our ability to incur and service debt and to make capital expenditures. EBITDA is not a substitute for net income (loss) (computed in accordance with GAAP) and may not be comparable to similarly titled measures used by other companies. “Adjusted EBITDA,” a non-GAAP financial measure, represents EBITDA adjusted for items we believe are not representative of ongoing operating results, such as non-recurring transaction and other costs, gain (loss) on the extinguishment of debt, gain on the bargain purchase of a business, impairment of real estate and investments in unconsolidated joint ventures, share-based compensation expense related to the formation transaction, and the mark-to-market of interest rate swaps. We believe that adjusting such items not considered part of our comparable operations, provides a meaningful measure to evaluate and compare our performance from period-to-period. Because EBITDA and Adjusted EBITDA have limitations as analytical tools, we use EBITDA and Adjusted EBITDA to supplement GAAP financial measures. Additionally, we believe that users of these measures should consider EBITDA and Adjusted EBITDA in conjunction with net income (loss) and other GAAP measures in understanding our operating results. A reconciliation of net income (loss) to EBITDA and Adjusted EBITDA is presented on page 14. Estimated Potential Development Density ‘‘Estimated potential development density’’ reflects management’s estimate of developable gross square feet based on our current business plans with respect to real estate owned or controlled as of September 30, 2017. Free Rent ‘‘Free rent’’ means the amount of base rent and tenant reimbursements that are abated according to the applicable lease agreement(s). Funds from Operations ("FFO"), Core FFO and Funds Available for Distribution ("FAD") FFO is a non-GAAP financial measure computed in accordance with the definition established by the National Association of Real Estate Investment Trusts (“NAREIT”). NAREIT defines FFO as “net income (computed in accordance with GAAP), excluding gains (or losses) from sales of, or impairment charges related to, depreciable operating properties, plus depreciation and amortization, and after adjustments for unconsolidated partnerships and joint ventures.” "Core FFO" represents FFO adjusted to exclude items which we believe are not representative of ongoing operating results, such as transaction and other costs, gains (or losses) on extinguishment of debt, gain on the bargain purchase of a business, gains (or losses) on the disposal of non-depreciable assets, share-based compensation expense related to the Formation Transaction, and the mark-to-market of interest rate swaps. "FAD" is a non-GAAP financial measure and represents FFO less cash basis recurring tenant improvements, leasing commissions and other capital expenditures, net deferred rent activity, share- based compensation expense, accretion of acquired below-market leases, net of amortization of acquired above-market leases, amortization of debt issuance costs and other non-cash income, and other non-cash charges. FAD is presented solely as a supplemental disclosure that management believes provides useful information as it relates to our ability to fund dividends. We believe FFO, Core FFO and FAD are meaningful non‑GAAP financial measures useful in comparing our levered operating performance from period to period and as compared to similar real estate companies because these non‑GAAP measures exclude real estate depreciation and amortization expense and other non-comparable income and expenses, which implicitly assumes that the value of real estate diminishes predictably over time rather than fluctuating based on market conditions. FFO, Core FFO and FAD do not represent cash generated from operating activities and are not necessarily indicative of cash available to fund cash requirements and should not be considered as an alternative to net income as a performance measure or cash flow as a liquidity measure. DEFINITIONS SEPTEMBER 30, 2017 Page 51

FFO, Core FFO and FAD may not be comparable to similarly titled measures used by other companies. A reconciliation of net income (loss) to FFO, Core FFO and FAD is presented on pages 15-16. Future Development “Future development” refers to assets that are development opportunities on which we do not intend to commence construction within 18 months of September 30, 2017 where we (i) own land or control the land through a ground lease or (ii) are under a long-term conditional contract to purchase, or enter into a leasehold interest with respect to land. Historical Cost, Estimated Incremental Investment, Estimated Total Investment and Estimated Total Project Cost “Historical cost” is a non-GAAP measure which includes the total historical cost incurred by JBG SMITH, on a cash basis, with respect to the development of an asset, including any acquisition costs, hard costs, soft costs, tenant improvements, leasing costs and other similar costs, but excluding any financing costs, ground rent expenses and capitalized payroll costs incurred as of September 30, 2017. “Estimated incremental investment” means management’s estimate of the remaining cost to be incurred in connection with the development of an asset as of September 30, 2017, including all remaining acquisition costs, hard costs, soft costs, tenant improvements, leasing costs and other similar costs to develop and stabilize the asset but excluding any financing costs, ground rent expenses and capitalized payroll costs. “Estimated total investment” means, with respect to the development of an asset, the sum of the historical cost in such asset and the estimated incremental investment for such asset. "Estimated total project cost" is estimated total investment excluding purchase price allocation adjustments. Actual incremental investment, actual total investment and actual total project cost may differ substantially from our estimates due to numerous factors, including unanticipated expenses, delays in the estimated start and/or completion date, changes in design and other contingencies. Metro-Served “Metro-served” means locations, submarkets or assets that are generally nearby and within walking distance of a Metro station, defined as being within 0.5 miles of an existing or planned Metro station. Monthly Rent Per Unit For multifamily assets, represents multifamily rent for the month ended September 30, 2017 divided by occupied units; retail rent is excluded from this metric. Near-Term Development ‘‘Near-term development’’ refers to assets that have substantially completed the entitlement process and on which we intend to commence construction within 18 months following September 30, 2017, subject to market conditions. Net Operating Income ("NOI"), Adjusted Annualized NOI, Estimated Stabilized NOI and Projected NOI Yield “NOI” is a non-GAAP financial measure management uses to measure the operating performance of our assets and consists of property-related revenue (which includes base rent, tenant reimbursements and other operating revenue) less operating expenses and ground rent, if applicable. NOI also excludes deferred rent, related party management fees, interest expense, and certain other non-cash adjustments, including the accretion of acquired below-market leases and amortization of acquired above-market leases and below-market ground lease intangibles. Annualized NOI represents NOI for the three months ended September 30, 2017 multiplied by four. Management believes Annualized NOI provides useful information in understanding JBG SMITH’s financial performance over a 12-month period, however, investors and other users are cautioned against attributing undue certainty to our calculation of Annualized NOI. Actual NOI for any 12-month period will depend on a number of factors beyond our ability to control or predict, including general capital markets and economic conditions, any bankruptcy, insolvency, default or other failure to pay rent by one or more of our tenants and the destruction of one or more of our assets due to terrorist attack, natural disaster or other casualty, among others. We do not undertake any obligation to update our calculation to reflect events or circumstances occurring after the date of this supplemental information package. There can be no assurance that the annualized NOI shown will reflect JBG SMITH’s actual results of operations over any 12-month period. We also report adjusted annualized NOI which includes signed but not yet commenced leases and incremental revenue from recently delivered assets assuming stabilization. This supplemental information package also contains management’s estimate of stabilized NOI and projections of NOI yield for under construction and near-term development assets, which are based on management’s estimates of property-related revenue and operating expenses for each asset. Such estimates are inherently uncertain and represent management’s plans, expectations and beliefs and are subject to numerous assumptions, risks and uncertainties. The property-related revenues and operating expenses for our assets may differ materially from the estimates included in this supplemental information package. Management’s projections of NOI yield are not projections of JBG SMITH’s overall financial performance or cash flow, and there can be no assurance that the projected NOI yield set forth in this supplemental information package will be achieved. “Projected NOI yield” means our estimated stabilized NOI reported as a percentage of 1) estimated total project costs, 2) estimated total investment and 3) estimated incremental investment. Actual initial full year stabilized NOI yield may vary from the projected NOI yield based on the actual total investment to complete the asset and its actual initial full year stabilized NOI, and there can be no assurance that we will achieve the projected NOI yields described in this supplemental information package. DEFINITIONS SEPTEMBER 30, 2017 Page 52

The Company does not provide reconciliations for non-GAAP estimates on a future basis, including adjusted annualized NOI and estimated stabilized NOI because it is unable to provide a meaningful or accurate calculation or estimate of reconciling items and the information is not available without unreasonable effort. This is due to inherent difficulty of forecasting the timing and/or amounts of various items that would impact net income. Additionally, no reconciliation of projected NOI yield to the most directly comparable GAAP measure is included in this supplemental information package because we are unable to quantify certain amounts that would be required to be included in the comparable GAAP financial measures without unreasonable efforts because such data is not currently available or cannot be currently estimated with confidence. Accordingly, we believe such reconciliations would imply a degree of precision that would be confusing or misleading to investors. Management uses each of these measures as supplemental performance measures for its assets and believes they provide useful information to investors because they reflect only those revenue and expense items that are incurred at the asset level, excluding non-cash items. In addition, NOI is considered by many in the real estate industry to be a useful starting point for determining the value of a real estate asset or group of assets. However, because NOI excludes depreciation and amortization and captures neither the changes in the value of our assets that result from use or market conditions, nor the level of capital expenditures and capitalized leasing commissions necessary to maintain the operating performance of our assets, all of which have real economic effect and could materially impact the financial performance of our assets, the utility of this measure of the operating performance of our assets is limited. Moreover, our method of calculating NOI may differ from other real estate companies and, accordingly, may not be comparable. NOI should be considered only as a supplement to net operating income (loss) (computed in accordance with GAAP) as a measure of the operating performance of our assets. Percent Leased ‘‘Percent leased’’ is based on leases signed as of September 30, 2017, and is calculated as total rentable square feet less rentable square feet available for lease divided by total rentable square feet expressed as a percentage. Out-of-service square feet are excluded from this calculation. Percent Pre-Leased ‘‘Percent pre-leased’’ is based on leases signed as of September 30, 2017, and is calculated as the estimated rentable square feet leased divided by estimated total rentable square feet expressed as a percentage. Percent Occupied ‘‘Percent occupied’’ is based on occupied rentable square feet/units as of September 30, 2017, and is calculated as (i) for office and retail space, total rentable square feet less unoccupied square feet divided by total rentable square feet, (ii) for multifamily space, total units less the average of the unoccupied units at the beginning and end of the three months ended September 30, 2017 divided by total units, expressed as a percentage. Out-of-service square feet are excluded from this calculation. Recently Delivered “Recently delivered” refers to assets that have been delivered within the 12 months ended September 30, 2017. Same Store and Non-Same Store “Same store” refers to the pool of assets that were stabilized for the entirety of both periods being compared, except for assets for which significant redevelopment, renovation, or repositioning occurred during either of the periods being compared. No JBG Assets are included in the same store pool. “Non-same store” refers to all assets excluded from the same store pool. Second Generation Lease “Second generation lease” is a lease on space that had been vacant for less than nine months. Signed But Not Yet Commenced Leases “Signed but not yet commenced leases” means leases for assets in JBG SMITH’s portfolio that, as of September 30, 2017, have been executed but for which the contractual lease term had not yet begun, and no rental payments had yet been charged to the tenant. Square Feet ‘‘Square feet’’ or ‘‘SF’’ refers to the area that can be rented to tenants, defined as (i) for office and other assets, rentable square footage defined in the current lease and for vacant space the rentable square footage defined in the previous lease for that space, (ii) for multifamily assets, management’s estimate of approximate rentable square feet, (iii) for the assets under construction and the near- term development assets, management’s estimate of approximate rentable square feet based on current design plans as of September 30, 2017, or (iv) for future development assets, management’s estimate of developable gross square feet based on its current business plans with respect to real estate owned or controlled as of September 30, 2017. Stabilized and Stabilization ‘‘Stabilized and stabilization’’ refers to office, multifamily or other assets that are at or above 90% leased or have been in service collecting rent for more than 12 months as of September 30, 2017. DEFINITIONS SEPTEMBER 30, 2017 Page 53

Transaction and Other Costs Transaction and other costs include costs associated with the spin-off from Vornado and combination with JBG including closing costs, professional and consulting fees (investment banking, legal, accounting), severance charges, retention payments, system integration, and costs incurred under the transition services agreement with Vornado. Transaction and other costs also includes dead deal expenses. Under Construction ‘‘Under construction’’ refers to assets that were under construction as of September 30, 2017. DEFINITIONS SEPTEMBER 30, 2017 Page 54