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 ___________________________________________________________________ ...

PART I – FINANCIAL INFORMATION [Item 1. Financial Statements](index=3&type=section&id=Item%201.%20Financial%20Statements) This section presents the unaudited condensed consolidated financial statements for JBG SMITH Properties as of June 30, 2020, and for the three and six-month periods ended June 30, 2020 and 2019, including balance sheets, statements of operations, comprehensive loss, equity, and cash flows, along with accompanying notes [Condensed Consolidated Balance Sheets](index=3&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) The balance sheet as of June 30, 2020, shows total assets of **$6.5 billion**, an increase from **$6.0 billion** at year-end 2019, driven by a significant increase in cash and cash equivalents to **$710.7 million**, while total liabilities also rose to **$2.56 billion** from **$1.99 billion**, primarily due to increased borrowings Condensed Consolidated Balance Sheet Highlights (in thousands) | Account | June 30, 2020 | December 31, 2019 | | :--- | :--- | :--- | | **Assets** | | | | Real estate, net | $4,719,348 | $4,655,948 | | Cash and cash equivalents | $710,677 | $126,413 | | Investments in unconsolidated real estate ventures | $464,437 | $543,026 | | **TOTAL ASSETS** | **$6,495,777** | **$5,986,251** | | **Liabilities & Equity** | | | | Mortgages payable, net | $1,312,524 | $1,125,777 | | Revolving credit facility | $500,000 | $200,000 | | Unsecured term loans, net | $397,637 | $297,295 | | **Total liabilities** | **$2,556,008** | **$1,986,816** | | **Total equity** | **$3,440,686** | **$3,386,677** | [Condensed Consolidated Statements of Operations](index=5&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) For the second quarter of 2020, the company reported a net loss attributable to common shareholders of **$36.8 million**, a significant increase from the **$3.0 million** loss in Q2 2019, with total revenue decreasing to **$145.0 million** from **$160.6 million** year-over-year, while for the six-month period, net income was **$6.1 million**, down from **$21.8 million** in the prior year, despite a **$59.5 million** gain on the sale of real estate Statement of Operations Highlights (in thousands, except per share data) | Metric | Q2 2020 | Q2 2019 | Six Months 2020 | Six Months 2019 | | :--- | :--- | :--- | :--- | :--- | | Total revenue | $144,952 | $160,617 | $303,059 | $315,816 | | Total expenses | $156,962 | $149,140 | $314,893 | $303,674 | | Gain on sale of real estate | $0 | $0 | $59,477 | $39,033 | | Net Income (Loss) | $(40,263) | $(3,328) | $7,912 | $24,920 | | Net Income (Loss) Attributable to Common Shareholders | $(36,780) | $(3,040) | $6,145 | $21,821 | | Diluted EPS | $(0.28) | $(0.03) | $0.04 | $0.16 | [Condensed Consolidated Statements of Cash Flows](index=10&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) For the six months ended June 30, 2020, net cash provided by operating activities increased to **$85.5 million** from **$52.8 million** in the prior-year period, investing activities provided **$33.3 million** in cash, a reversal from a **$68.7 million** use of cash in 2019, driven by **$154.5 million** in proceeds from real estate sales, and financing activities provided a substantial **$469.7 million**, mainly from borrowings, compared to an **$86.8 million** use of cash in 2019 Cash Flow Summary (in thousands) | Cash Flow Activity | Six Months Ended June 30, 2020 | Six Months Ended June 30, 2019 | | :--- | :--- | :--- | | Net cash provided by operating activities | $85,519 | $52,783 | | Net cash provided by (used in) investing activities | $33,346 | $(68,708) | | Net cash provided by (used in) financing activities | $469,652 | $(86,829) | | **Net increase (decrease) in cash** | **$588,517** | **$(102,754)** | [Notes to Condensed Consolidated Financial Statements](index=11&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) The notes provide detailed information on the company's organization, accounting policies, and financial activities, including the impact of COVID-19, the sale of Metropolitan Park to Amazon for **$155.0 million**, a **$6.5 million** impairment charge on The Marriott Wardman Park hotel investment, details on debt and credit facilities, and the repurchase of **1.4 million** common shares for **$41.2 million** - As of June 30, 2020, the company's operating portfolio consisted of **63 assets**, including **43 commercial properties** (**13.3 million sq. ft.**) and **20 multifamily properties** (**7,367 units**)[25](index=25&type=chunk) - The company sold the Metropolitan Park development site to Amazon for **$155.0 million** in January 2020, resulting in a gain of **$59.5 million**[43](index=43&type=chunk)[46](index=46&type=chunk) - A **$6.5 million** impairment charge was recorded on the investment in the venture owning The Marriott Wardman Park hotel, reducing its book value to zero due to a decline in fair value[50](index=50&type=chunk) - In response to COVID-19, the company recorded credit losses of **$4.7 million** against billed rent and **$3.6 million** against deferred rent for the six months ended June 30, 2020, primarily from retail tenants[41](index=41&type=chunk) - The company repurchased and retired **1.4 million** common shares for **$41.2 million** at an average price of **$29.01 per share** during the first six months of 2020[93](index=93&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=29&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) This section details management's perspective on the company's financial performance and condition, heavily emphasizing the adverse effects of the COVID-19 pandemic, including decreased retail and parking revenue, increased credit losses, and operational challenges, while highlighting the resilience of the D.C. market and the strategic importance of its relationship with Amazon in National Landing, covering operating results, segment performance, liquidity measures, and cash flow analysis [Overview and 2020 Outlook](index=30&type=section&id=Overview%20and%202020%20Outlook) Management discusses the significant negative impact of the COVID-19 pandemic on operations, particularly on retail tenants, parking revenue, and hotel income, with rent collections for Q2 2020 strong for office (**98.5%**) and multifamily (**98.5%**) but weak for retail (**61.8%**), while despite near-term headwinds, the company expects the D.C. market to be recession-resilient, bolstered by government and Amazon-related activity, having executed leases totaling **857,000 sq. ft.** with Amazon - The COVID-19 pandemic has negatively impacted retail revenue, parking income, and near-term leasing activity, leading the company to record significant credit losses and reserves against receivables[156](index=156&type=chunk)[158](index=158&type=chunk) Q2 2020 Rent Collections (Consolidated) | Tenant Type | Rent Collected | 2019 Historical Average | | :--- | :--- | :--- | | Commercial Office | 98.5% | 99.7% | | Multifamily | 98.5% | 99.9% | | Commercial Retail | 61.8% | 98.4% | - Management believes the D.C. metropolitan area will prove more recession-resilient than other markets, with potential for countercyclical growth driven by government spending and accelerated hiring by Amazon[154](index=154&type=chunk)[161](index=161&type=chunk) [Results of Operations](index=34&type=section&id=Results%20of%20Operations) This sub-section provides a detailed comparison of operating results for the three and six months ended June 30, 2020, versus 2019, where key drivers for the decline in revenue and increase in net loss were the sale of several properties, reduced rental income due to COVID-19 impacts, and a **$6.5 million** impairment charge on an unconsolidated hotel venture, partially offset by income from newly service-placed assets like 4747 Bethesda Avenue and West Half, with FFO per share decreasing to **$0.18** in Q2 2020 from **$0.30** in Q2 2019 - Q2 2020 property rental revenue decreased by **5.6%** YoY to **$115.5 million**, primarily due to disposed properties and COVID-19 impacts on rent collection[173](index=173&type=chunk) - Loss from unconsolidated real estate ventures increased significantly to **$13.5 million** in Q2 2020 from **$1.8 million** in Q2 2019, driven by a **$6.5 million** impairment charge on The Marriott Wardman Park hotel and a **$3.0 million** loss on the sale of Woodglen[184](index=184&type=chunk) Funds from Operations (FFO) per Share | Period | FFO per Share (Diluted) | YoY Change | | :--- | :--- | :--- | | Q2 2020 | $0.18 | -40.0% | | Q2 2019 | $0.30 | N/A | | Six Months 2020 | $0.45 | -23.7% | | Six Months 2019 | $0.59 | N/A | - Same Store NOI decreased by **3.0%** for Q2 2020 compared to Q2 2019, driven by lower multifamily occupancy and reduced commercial revenue due to the COVID-19 pandemic[211](index=211&type=chunk) [Liquidity and Capital Resources](index=44&type=section&id=Liquidity%20and%20Capital%20Resources) The company's primary liquidity source is property rental income, and in response to COVID-19 uncertainty, it took steps to enhance liquidity, including drawing **$500 million** on its revolving credit facility (repaid in July 2020) and deferring approximately **$69 million** in planned discretionary capital expenditures, with total debt standing at **$2.2 billion** as of June 30, 2020, and **$41.2 million** of common shares repurchased in H1 2020 - To mitigate the impact of COVID-19, the company deferred approximately **$69 million** of planned discretionary capital expenditures for 2020 and 2021[244](index=244&type=chunk) - The company increased its cash balance by drawing **$500 million** from its revolving credit facility and **$100 million** from its Tranche A-1 Term Loan during H1 2020, with the revolver balance repaid in July 2020[244](index=244&type=chunk) - As of June 30, 2020, the company had **$52.6 million** in remaining construction commitments, which it expects to fund with debt proceeds, asset sales, and available cash[120](index=120&type=chunk)[268](index=268&type=chunk) - A quarterly dividend of **$0.225 per common share** was declared on July 30, 2020[134](index=134&type=chunk)[248](index=248&type=chunk) [Quantitative and Qualitative Disclosures about Market Risk](index=51&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) This section outlines the company's exposure to market risks, primarily interest rate risk, with significant variable-rate debt as of June 30, 2020, including **$500 million** on its revolving credit facility and **$294.5 million** in mortgages, and the company uses derivative instruments like interest rate swaps and caps to hedge this exposure, with a total notional value of **$1.34 billion** in hedging agreements Debt Exposure to Interest Rate Risk (as of June 30, 2020, in thousands) | Debt Category | Balance | Type | Effect of 1% Rate Change | | :--- | :--- | :--- | :--- | | Mortgages payable | $294,500 | Variable | $2,986 | | Revolving credit facility | $500,000 | Variable | $5,069 | | Unsecured term loans | $200,000 | Variable (unhedged portion) | $0 (fully hedged) | | Pro rata share of unconsolidated debt | $303,918 | Variable | $3,081 | - The company utilizes interest rate swaps and caps to manage interest rate risk, having agreements designated as cash flow hedges with a notional value of **$862.7 million** and non-designated hedges with a notional value of **$482.7 million** as of June 30, 2020[284](index=284&type=chunk)[285](index=285&type=chunk) [Controls and Procedures](index=52&type=section&id=Item%204.%20Controls%20and%20Procedures) Management, including the CEO and CFO, evaluated the company's disclosure controls and procedures and concluded they were effective as of June 30, 2020, with no material changes to internal control over financial reporting during the quarter, despite many employees working remotely due to the COVID-19 pandemic - The CEO and CFO concluded that as of June 30, 2020, the company's disclosure controls and procedures were effective[286](index=286&type=chunk) - No material changes in internal control over financial reporting occurred during the quarter ended June 30, 2020[287](index=287&type=chunk) PART II – OTHER INFORMATION [Legal Proceedings](index=52&type=section&id=Item%201.%20Legal%20Proceedings) The company is involved in various legal actions in the ordinary course of business but does not expect the outcomes to have a material adverse effect on its financial position, results of operations, or cash flows - The company states that the outcome of ordinary course legal actions is not expected to have a material adverse effect on its financial condition[288](index=288&type=chunk) [Risk Factors](index=53&type=section&id=Item%201A.%20Risk%20Factors) This section adds a significant new risk factor detailing the impacts of the COVID-19 pandemic, warning that the outbreak has already disrupted business and is expected to continue to have a significant, and possibly materially adverse, impact, with key risks highlighted including reduced rental income, declining demand for office and retail space, potential deterioration of the 'Placemaking' model, difficulty accessing capital, and increased operational costs and litigation risks - A new, extensive risk factor has been added regarding the significant and ongoing adverse impact of the COVID-19 pandemic on the company's business, financial performance, and cash flows[290](index=290&type=chunk) - Specific risks include tenants' inability to pay rent, with retail tenants being particularly affected (**38.2%** of consolidated retail tenants had not paid Q2 rent)[291](index=291&type=chunk) - Demand for office space is likely to decline due to the economic downturn and increased teleworking, which could negatively impact occupancy and rental rates[291](index=291&type=chunk) - The company's 'Placemaking' model, which relies on amenity-rich, walkable, Metro-served neighborhoods, may become less appealing due to changes in work habits and perceptions of public transportation[293](index=293&type=chunk) - Increased indebtedness, which rose by **$590.7 million** since year-end 2019, combined with decreased revenues, could heighten the risk of default on debt covenants[295](index=295&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=56&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) This item is marked as 'Not applicable' in the report, indicating no unregistered sales of equity securities or specific use of proceeds to report for the period - The report indicates 'Not applicable' for this item[302](index=302&type=chunk) [Defaults Upon Senior Securities](index=56&type=section&id=Item%203.%20Defaults%20Upon%20Senior%20Securities) The company reports 'None,' indicating there were no defaults upon senior securities during the reporting period - The company reported no defaults upon senior securities[299](index=299&type=chunk) [Mine Safety Disclosures](index=56&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This item is marked as 'Not applicable,' as the company's operations do not involve mine safety - The report indicates 'Not applicable' for this item[300](index=300&type=chunk) [Other Information](index=57&type=section&id=Item%205.%20Other%20Information) The company reports 'None,' indicating no other material information was required to be disclosed in this section for the period - The company reported no other information under this item[304](index=304&type=chunk) [Exhibits](index=58&type=section&id=Item%206.%20Exhibits) This section lists the exhibits filed with the Form 10-Q, including corporate governance documents, compensatory plan agreements, and certifications by the CEO and CFO as required by the Sarbanes-Oxley Act - Exhibits filed include CEO and CFO certifications (31.1, 31.2, 32.1) and XBRL data files[306](index=306&type=chunk)

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].

Go Nats! D JBG SMITH QUARTERLY INVESTOR PACKAGE | Q4 2019 West Half B JBG SMITH TABLE OF CONTENTS MANAGEMENT LETTER SECTION ONE Q4 2019 EARNINGS RELEASE SECTION TWO Q4 2019 SUPPLEMENTAL INFORMATION SECTION THREE 1900 N Street Illustrative 101 12ª Street MANAGEMENT LETTER SECTION ONE February 25, 2020 To Our Fellow Shareholders: 2019 was another extraordinary year for JBG SMITH. The year began with the execution of the Amazon HQ2 agreements and ended with an additional full-building lease to Amazon for 272,0 ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 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, 2019 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 ________________________________________________________________________________ (Exact name ...

JBG SM ESTOR PRESENTATION NOVEMBER 2019 COR DANIELA'S Hastrative Central District Retail | --- ...

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, 2019 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 ________________________________________________________________________________ (Ex ...

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, 2019 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 ________________________________________________________________________________ (Exact n ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ý QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2019 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 ________________________________________________________________________________ (Exact ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ý ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2018 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 ________________________________________________________________________________ (Exact name ...