Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2022 OR ☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ___________ to ___________ Commission file number 001-37994 JBG SMITH PROPERTIES ________________________________________________________________________ ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2022 OR ☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ___________ to ___________ Commission file number 001-37994 JBG SMITH PROPERTIES _______________________________________________________________________ ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 (Exact name of Registrant as specified in its charter) (State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.) Maryland 81-4307010 For the transition period from ___________ to ___________ FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2021 OR Commission file number 001-37994 JBG SMITH PR ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2021 OR ☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ___________ to ___________ Commission file number 001-37994 JBG SMITH PROPERTIES ___________________________________________________________________ ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2021 OR ☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ___________ to ___________ Commission file number 001-37994 JBG SMITH PROPERTIES ________________________________________________________________________ ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 OR For the quarterly period ended March 31, 2021 ☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ___________ to ___________ Commission file number 001-37994 JBG SMITH PROPERTIES _______________________________________________________________________ ...

Debt and Interest Rate Risk - As of December 31, 2020, approximately $678.3 million of the outstanding consolidated debt was subject to variable interest rates without hedging arrangements, exposing the company to increased interest expense risks [183]. - A hypothetical increase of 100 basis points in interest rates would result in an annual increase of approximately $6.9 million in interest expense based on the variable rate debt outstanding as of December 31, 2020 [183]. - The company has interest rate swap agreements covering $862.7 million of its outstanding consolidated debt, which may reduce overall returns during periods of rising interest rates [184]. - The transition from USD-LIBOR to an alternative reference rate, such as SOFR, is uncertain and could lead to increased interest payments and market volatility [185]. - The company is subject to interest rate risk, which could adversely affect cash flow and the ability to service indebtedness, impacting the market price of common shares [183]. - The company’s fixed rate debt balance was $925.5 million with a weighted average effective interest rate of 4.32% as of December 31, 2020 [421]. - The company’s variable rate mortgages payable included a mortgage with an interest rate cap agreement as of December 31, 2020 [421]. - The weighted average effective interest rate for variable rate mortgages was 2.52% as of December 31, 2020, with total mortgages payable of $1.2 billion [556]. - The company had various interest rate swap and cap agreements on mortgages payable with an aggregate notional value of $1.3 billion as of December 31, 2020 [576]. Financial Performance - Total revenue for 2020 was $602.7 million, a decrease of 6.9% from $647.8 million in 2019 [448]. - Net loss attributable to common shareholders for 2020 was $62.3 million, compared to a net income of $65.6 million in 2019 [448]. - Comprehensive loss for 2020 was $93.5 million, compared to a comprehensive income of $48.1 million in 2019 [450]. - The company’s accumulated deficit grew to $412.9 million in 2020, compared to $231.2 million in 2019, reflecting an increase of 78.5% [446]. - Net income for 2020 was a loss of $67,261 thousand, compared to a profit of $74,144 thousand in 2019, indicating a significant decline in profitability [455]. - Total cash provided by operating activities in 2020 was $169,021 thousand, slightly down from $173,986 thousand in 2019 [455]. - The company reported cash paid for interest of $56,961,000 in 2020, an increase from $49,437,000 in 2019 [457]. - The company declared dividends of $120,011 thousand to common shareholders in 2020, compared to $129,834 thousand in 2019 [455]. Assets and Liabilities - Total assets increased to $6.08 billion in 2020, up from $5.99 billion in 2019, reflecting a growth of 1.6% [446]. - Total liabilities rose to $2.34 billion in 2020, an increase of 18% from $1.99 billion in 2019 [446]. - Cash and cash equivalents increased to $225.6 million in 2020, up from $126.4 million in 2019, representing a growth of 78.5% [446]. - The company’s pro rata share of debt from unconsolidated real estate ventures was $399.0 million as of December 31, 2020 [421]. - As of December 31, 2020, the carrying value of the company's real estate assets was approximately $4.77 billion, with an impairment loss of $7.8 million for the year [440]. - The estimated fair value of the company's consolidated debt was $2.0 billion as of December 31, 2020, compared to $1.7 billion as of December 31, 2019 [424]. - The net carrying value of real estate collateralizing mortgages payable totaled $1.8 billion as of December 31, 2020 [573]. Development and Future Plans - Future development plans are capital intensive and will require significant debt financing, which may involve asset sales and public or private securities offerings [182]. - The total estimated potential development density for future development pipeline assets was 14.8 million square feet as of December 31, 2020 [461]. - The company plans to leverage its role as the exclusive developer for Amazon's new headquarters, which may positively impact its revenue and growth prospects [217]. - In December 2020, the company acquired a 1.4-acre future development parcel for $65.0 million, with $47.3 million allocated to the former Americana Hotel site [532]. COVID-19 Impact - The ongoing COVID-19 pandemic poses significant risks to the company's financial condition, including impacts on occupancy rates and operating income [217]. - The company incurred $11.2 million in credit losses against billed rent receivables and $19.6 million against deferred rent receivables due to COVID-19 impacts [530]. - The company has provided rent deferrals totaling $4.3 million to tenants affected by COVID-19, with ongoing negotiations for additional concessions [528]. - Revenue from management services provided to unconsolidated real estate ventures is recognized in "Third-party real estate services, including reimbursements" when earned [488]. Shareholder Considerations - The limited partnership agreement requires partnership approval for extraordinary transactions, which may reduce the likelihood of such transactions being consummated even if they are in the best interests of shareholders [200]. - The declaration of trust contains ownership limits that may delay or prevent change of control transactions that could involve a premium price for common shares [194]. - Certain conflicts of interest may arise due to the ownership interests of trustees and executive officers in related entities, potentially impacting management's focus on the company's business plan [188]. - The company has elected to maintain its REIT status by distributing at least 90% of its taxable income as dividends to shareholders [516]. Real Estate Ventures - The company uses the equity method for investments in unconsolidated real estate ventures when it has significant influence, typically indicated by ownership of 20% or more of voting interests [488]. - The company's investments in unconsolidated real estate ventures totaled $461.4 million as of December 31, 2020, down from $543.0 million in 2019 [543]. - The combined total revenue for unconsolidated real estate ventures was $203.5 million in 2020, a decrease from $266.7 million in 2019 [558]. - The net loss for unconsolidated real estate ventures was $65.8 million in 2020, compared to a loss of $32.5 million in 2019 [558].

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2020 OR ☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ___________ to ___________ Commission file number 001-37994 JBG SMITH PROPERTIES ___________________________________________________________________ ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2020 OR ☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ___________ to ___________ Commission file number 001-37994 JBG SMITH PROPERTIES ________________________________________________________________________ ...

Portfolio Overview - As of March 31, 2020, the operating portfolio consisted of 64 assets, including 44 commercial assets totaling 13.3 million square feet and 20 multifamily assets totaling 7,367 units[131]. Rent Collections - Rent collections for commercial office assets were 96.7% on a consolidated basis, down from a historical average of 99.7% in 2019[138]. - Rent collections for multifamily assets were 96.1%, compared to a historical average of 99.9% in 2019[138]. - Rent collections for commercial retail assets were 50.9%, significantly lower than the 98.4% historical average[138]. Revenue and Income - Net income attributable to common shareholders for Q1 2020 was $42.9 million, or $0.32 per diluted share, compared to $24.9 million, or $0.20 per diluted share in Q1 2019, reflecting a significant increase[147]. - Property rentals revenue increased by approximately $967,000, or 0.8%, to $120.4 million in Q1 2020 from $119.4 million in Q1 2019, driven by new properties and tenant reimbursements[153]. - Third-party real estate services revenue rose by approximately $2.0 million, or 7.3%, to $29.7 million in Q1 2020 from $27.7 million in Q1 2019, primarily due to increased development fee income[154]. - Same store NOI increased by 5.2% to $78.5 million in Q1 2020 compared to $74.6 million in Q1 2019[147]. - Total property revenue for Q1 2020 was $126.8 million, slightly up from $125.9 million in Q1 2019[187]. - Total property expenses increased to $52.7 million in Q1 2020 from $49.4 million in Q1 2019, an increase of 4.8%[187]. Leasing and Occupancy - Operating commercial portfolio leased and occupied percentages were 91.0% and 88.7% as of March 31, 2020, compared to 91.4% and 88.2% as of December 31, 2019[147]. - Operating multifamily portfolio leased and occupied percentages were 87.0% and 84.5% as of March 31, 2020, down from 89.5% and 87.2% as of December 31, 2019[147]. Debt and Financing - The company had a total outstanding debt of $1.8 billion as of March 31, 2020, an increase of $172.8 million from $1.6 billion as of December 31, 2019[218]. - Increased interest expense from borrowings for liquidity included a $200.0 million draw under the revolving credit facility in March 2020 and a $300.0 million draw in April 2020[138]. - Scheduled debt maturities for 2020 totaled $97.1 million on a consolidated basis, with plans to refinance a significant portion before maturity[211]. - The company entered into a mortgage loan with a principal balance of $175.0 million during the three months ended March 31, 2020, and refinanced another mortgage, increasing its principal balance to $117.3 million[196]. Cash Flow - Cash and cash equivalents increased by $171.5 million to $314.0 million as of March 31, 2020, compared to $142.5 million as of December 31, 2019[218]. - The company reported net cash provided by operating activities of $41.9 million for the three months ended March 31, 2020, compared to $17.9 million for the same period in 2019[217]. - Net cash provided by investing activities was $44.2 million, primarily from $117.7 million in real estate sales, offset by $68.7 million in development costs[226]. Shareholder Returns - The company declared a quarterly dividend of $0.225 per common share, payable on May 27, 2020[153]. - The company repurchased and retired 1.4 million common shares for $41.2 million, averaging $29.01 per share[147]. Development and Projects - The company anticipates delays in development projects due to supply chain and labor disruptions, with one project delayed by two quarters[141]. - The company plans to market over $500 million of assets for sale in 2020, expecting to transact on at least $200 million[142]. Environmental and Risk Management - Environmental liabilities were reported at $17.9 million as of March 31, 2020, consistent with the previous reporting period[243]. - The company evaluates the default risk of counterparties by monitoring their creditworthiness, which could materially affect expenses, net income, and equity[250]. Interest Rate Exposure - The company is exposed to interest rate fluctuations, with variable rate debt totaling $177.2 million at an average effective interest rate of 2.35%[245]. - A 1% change in base rates would result in an increase of $1.797 million in interest expense for the variable rate mortgages payable as of March 31, 2020[245].