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Quarterly Investor Package

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JBGS Divider

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Management Letter

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February 23, 2021

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To Our Fellow Shareholders:

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We hope this letter finds you healthy and out of harm’s way during these difficult times.

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2020 was a year like no other. We started the year firing on all cylinders, including a host of recent and planned new asset deliveries, commencement of construction on Amazon’s new headquarters, and preparations for our next phase of development in National Landing, including the Virginia Tech Innovation Campus and 3,100 new multifamily units. While we were surprised by the pandemic and the political, racial, and social unrest that dominated 2020, we were not unprepared. There is no doubt that our business suffered like most others throughout the year, but the impact was mitigated by deliberate actions taken in prior years to fortify our balance sheet and prepare for a downturn. We are also fortunate to operate in a market that typically outperforms during downturns, especially when a single political party controls federal spending.

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While our portfolio performed consistently throughout the year, with rent collections and occupancy remaining relatively stable, we believe the COVID-19 downturn will continue to impact our business into 2022. Consequently, we have addressed those tenants we believe are most at-risk through the write-off of accounts receivable, rent deferrals, and straight-line rent receivables during 2020, thereby reducing the potential for negative surprises as we start 2021. Over the medium and longer term, we continue to focus intently on our planned repositioning of National Landing, the buildout of Amazon’s fast-growing HQ2, and the Virginia Tech Innovation Campus. We believe these powerful demand drivers will fuel demand for projects in our Near-Term Development Pipeline and, as a result, long-term NAV per share growth.

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This letter follows our new format, including highlights from the full year 2020 and the fourth quarter. In addition, we have included a summary of our company for those less familiar with our story and have posted a presentation on our website summarizing these highlights. Before diving into details, we will share our thinking on what the coming year may offer.

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The number one question on our mind is when things will return to “normal”, whatever that will mean. While we certainly do not have a crystal ball (soon to be rebranded “National Landing” ball), we anticipate COVID-19 will have a lasting impact on the real estate industry, with different implications for office, multifamily, and retail fundamentals and values. Over the short term, uncertainty surrounding the pandemic will likely continue to suppress net new demand for office space and bias multifamily leasing to renewals. Retail failures are likely to accelerate, and an already competitive marketplace will favor tenants for several years to come.

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Over the longer term, however, the story is likely to be more nuanced. We believe the increased adoption of remote work is here to stay, and that this phenomenon, similar to the trend from the past decade toward a lower square footage per employee (“densification”), will provide a continuing headwind for office rent growth. We also believe that full-time work-from-home policies and the resulting flight from dense urban environments will be temporary. In our view, the negative impact of these trends on urban multifamily rents and occupancy will reverse and likely accelerate rent recovery and growth in the coming years, particularly as the supply pipeline shrinks. We expect

office assets to reprice downward to reflect the new absorption reality, and multifamily assets to reprice upward for similar reasons. As long as young knowledge workers continue to favor walkability, amenities, convenience, and companionship, we are believers in the long-term strength of dense, urban places.

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While Washington may be categorized with other gateway markets across the United States, it has always performed differently, especially in downturns. Like in the past, the Washington market’s recession resilience is reflected by its unemployment rate which, according to the Bureau of Labor Statistics data, was just 5.6% in December of 2020. While elevated relative to pre-pandemic levels, 5.6% remains the lowest among gateway markets, particularly when compared to New York at 8.4%. Not only is Washington historically more economically resilient than other gateway markets, it is also less physically dense and more affordable. Research conducted by Goldman Sachs on USPS data shows that the percentage increase in out-of-city migration in Washington has been nearly five times less than the average percentage increase in out-of-city migration in New York and San Francisco. On top of pandemic-era resilience, JLL has noted that single-party political control of the federal government has historically produced increased federal spending and growth, with outsized impacts during downturns and periods of stimulus spending. All told, we believe that these factors, which may take several years to play out, are powerful indicators that DC should continue to feel the effects of the pandemic far less than other gateway markets.

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JBG SMITH Overview

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We own and operate urban mixed-use properties concentrated in the highest growth submarkets of the historically recession-resilient Washington, DC metro area. Our concentration in these submarkets, our substantial portfolio of operating and development opportunities, including our extensive 15.6 million square foot development pipeline, 76% of which is planned as multifamily, and our market leading platform uniquely position us to capitalize on the significant growth anticipated in our target submarkets for many years to come.

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Over half our holdings are in the National Landing submarket in Northern Virginia, directly across the Potomac River from Washington, DC, where Amazon’s new headquarters is expected to house 38,000 or more employees, and where Virginia Tech’s planned new $1 billion Innovation Campus will be located. Amazon’s growth in National Landing is expected to increase the daytime population in the submarket from approximately 50,000 people today to nearly 90,000 people in the future, representing dramatic growth of more than 70%, based on data from the National Landing Business Improvement District. The balance of our portfolio is concentrated in what we believe are the highest growth submarkets in the Washington, DC metro region, the majority of which are within a 20-minute commute of the growing technology ecosystem in National Landing. We believe the strong technology sector tailwinds created by Amazon, the Virginia Tech Innovation Campus, and our National Landing Smart City initiative will drive substantial long-term NAV per share growth.

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We have ample liquidity and balance sheet capacity to fund our growth, including the now fully entitled 810-unit multifamily building at 1900 Crystal Drive in the heart of National Landing, on which we expect to commence construction in the first quarter of 2021. This project will represent the first new development start in our 5.6 million square foot Near-Term Development Pipeline, which includes approximately 3,100 multifamily units in National Landing. Our Near-Term Development Pipeline includes the most accretive and strategic development opportunities in our growth pipeline – those which have the potential to commence construction over the next 36 months, subject to receipt of final entitlements, completion of design, and market conditions. Assets within our Near-Term Development Pipeline are concentrated in the National Landing, Ballpark, and Union Market/NoMa/H Street submarkets, which we believe are poised for growth.

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In addition to the sale of $1.6 billion of non-core, primarily office assets since our launch in 2017, we intend to opportunistically sell at least another $1.5 billion of non-core assets in the coming years. Recycling the proceeds

from these sales will not only help fund our planned growth but will also further advance the intentional shift of our portfolio to majority multifamily.

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2020 Year In Review

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The pandemic did not stall our efforts to reposition National Landing, where Amazon’s commitment to the area continued to grow in 2020. As Amazon’s development partner, we broke ground on its new headquarters on the Metropolitan Park site (which we sold to Amazon in January 2020), and we remain on track to deliver this first phase, which includes 2.1 million square feet of office, in 2023. In November 2020, Amazon took occupancy of 100% of the office portion of our redeveloped 1770 Crystal Drive and, in February 2021, submitted for entitlement approvals of the second phase of its new headquarters at Pen Place (2.8 million square feet of office, along with an iconic structure, known as The Helix). We are under firm contract to sell the Pen Place land to Amazon and anticipate this transaction will close later this year upon receipt of full entitlements. Through 2020, Amazon surpassed its minimum commitment to the Commonwealth of Virginia, hiring over 1,600 employees in National Landing, with 600 open positions. Amazon also publicly affirmed its commitment to in-person office occupancy.

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Since our formation in 2017, we have deliberately positioned our balance sheet to manage through an expected downturn and, as a result, we entered the pandemic on solid footing. We recast our $1 billion credit facility in January 2020 extending the maturity date to 2025, raised $385 million in loan proceeds collateralized by three multifamily assets in the third quarter, and maintained just under $2 billion of liquidity (a combination of cash, potential multifamily borrowing capacity, and $1 billion of availability under our current credit facility), with limited near-term liabilities. From a capital allocation perspective, we used the proceeds from the sale of $1.6 billion of non-core, primarily office assets over the past three years combined with our 2019 equity raise to fund our under-construction assets and to deleverage our balance sheet. On the operating front, our defensive early blend-and-extend leasing strategy implemented between 2017 and 2019 significantly reduced our exposure to lease expirations during the next few years. Although we could not have predicted the cause of this downturn, and while our business has been negatively impacted, our careful planning more than prepared us to weather the pandemic while also preserving capacity for our longer-term growth plans.

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The performance of our Operating Portfolio was adversely impacted by the pandemic in 2020 in several ways. While rent collections have remained consistently strong for the majority of our portfolio since the onset of the pandemic, we nonetheless saw lower leasing volumes in our commercial portfolio, income declines in our residential assets, slower lease up of recently delivered assets in our multifamily portfolio, lower rent collections from our retail and co-working tenants, and depressed income from parking and the Crystal City Marriott. In the short term, we expect the economic fallout from the pandemic to worsen and continue to adversely impact our business before a market recovery positively impacts fundamentals. We believe this recovery will likely commence during the second half of 2021 and continue for several years.

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Notwithstanding our pandemic-influenced performance, I am exceptionally proud of what we accomplished in 2020 and am pleased to highlight several of those achievements below.

Supported the Health and Safety of our Customers and Team

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Completed over 800,000 Square Feet of Office Leasing Activity

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Continued to Advance our Development Pipeline

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Commenced Construction on 2.1 Million Square Feet of Office at Amazon’s New Headquarters (Metropolitan Park)

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Secured Entitlements for First Phase of Virginia Tech Innovation Campus

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Launched Smart City Initiative in National Landing to Advance 5G Rollout and Other Connectivity Enhancements

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Maintained Disciplined Capital Allocation Strategy

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Preserved our Balance Sheet Strength

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Advanced ESG Goals through the Washington Housing Initiative (WHI) and 5-Star Global Real Estate Sustainability Benchmark (GRESB) Rating

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Q4 2020 Highlights

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Development Growth Pipeline

Our growth pipeline consists of five assets that we have recently delivered, two assets that are under construction, and 15.6 million square feet of land for new development. The five assets that were delivered over the past 12 months are in various stages of lease up, with the office buildings 85.4% leased and the multifamily buildings 46.2% leased at the end of 2020. During the fourth quarter, we completed the redevelopment of 1770 Crystal Drive, the office portion of which is 100% leased by Amazon. The opening of 1770 Crystal Drive coincides with the two-year anniversary of Amazon’s selection of National Landing as the location of its second headquarters and JBG SMITH as its partner to house and develop the project. We completed the asset ahead of schedule and under budget.

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Given our strong liquidity position, this economic downturn presents a unique opportunity for us to play offense by growing our multifamily portfolio alongside Amazon during a period of potentially lower construction costs, reduced competitive supply, and an expected significant future increase in residential demand. Although the pandemic will continue to impact our business, we remain laser focused on the long term, as the relative stability of the Washington, DC metro economy and Amazon’s continued strong growth allow us to turn our attention to the next phase of our growth in National Landing and other select high-growth submarkets in the region. To that end, we continued to make progress on our Near-Term Development Pipeline, advancing design and entitlements for 10 assets comprising 5.6 million square feet of estimated potential density. We anticipate 1900 Crystal Drive will be the first of these to commence construction in the first quarter of 2021.

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Strategic Acquisition in National Landing

In December, we acquired the former Americana Hotel, a 1.4-acre development site immediately across the street from Metropolitan Park, the under-construction phase of Amazon’s HQ2, with the potential to accommodate up to approximately 550,000 square feet of new development density. Given the proximity to Amazon’s headquarters, visibility from Route 1, and potential for follow-on assemblage with complimentary adjacent sites, we view this as one of the best development opportunities in National Landing. The site was acquired for an initial payment of $27.3 million and a future payment of $20.0 million tied to entitlement approval – a structure that reduces risk by deferring a portion of the purchase price until the project is closer to shovel-ready.

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Financial and Operating Metrics

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The impact of the ongoing pandemic is reflected in our operating results for the quarter. For the three months ended December 31, 2020, we reported a net loss attributable to common shareholders of $45.7 million and Core FFO attributable to common shareholders of $32.7 million or $0.25 per share. Same Store NOI decreased 10.6% or $8.3 million, of which we believe $14.6 million is attributable to the COVID-19 pandemic. Excluding the impact of COVID-19, we believe our Same Store NOI would have increased by 8.0% compared to the fourth quarter of 2019.

Our operating portfolio ended the quarter at 87.6% leased and 85.6% occupied. For second generation leases, the rental rate mark-to-market was 7.6%. While our performance this quarter was positive, our mark-to-market will vary from quarter to quarter depending on the leases signed.

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During the fourth quarter, we believe NOI was reduced by at least $15.1 million attributable to the COVID-19 pandemic comprising reserves and rent deferrals for office (primarily co-working) and retail tenants, a decline in NOI in our Same Store multifamily assets, a decline in parking NOI, and a decline in NOI from the Crystal City Marriott. While the COVID-19 pandemic negatively impacted these income streams in the short term, we expect many will respond favorably to a recovery in demand as the pandemic abates. During the fourth quarter, we believe Adjusted EBITDA was negatively impacted by $24.0 million due to a decline in NOI noted above and a write-off of straight-line rent receivables attributable to the COVID-19 pandemic.

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We believe the write-off of accounts receivable, rent deferrals, and straight-line rent receivables this quarter, together with the write-offs and credit losses we took earlier during the year, covers substantially all of our at-risk office and retail tenants significantly impacted to date by the pandemic. These tenants include all co-working tenants and all retailers except for grocers, pharmacies, essential businesses, and certain national credit tenants. Our financial results in future periods will not be negatively impacted by the collectability of rent deferrals from these tenants because we have fully written off the receivable balances. Revenue related to these executed or pending rent deferrals is not included in our fourth quarter NOI, Adjusted EBITDA, or Core FFO. While this is the most conservative approach, we favor this position in the interest of avoiding future negative surprises.

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As of December 31, 2020, our Net Debt/Total Enterprise Value was 32.0%, and on a trailing 12-month basis, our Net Debt/Adjusted EBITDA was 8.4x. Our Net Debt/Annualized Adjusted EBITDA increased to 9.2x in the fourth quarter and remains higher than historical levels primarily due to the impacts of COVID-19 on income streams from our multifamily portfolio, parking, and the Crystal City Marriott and the write-off of accounts receivable, rent deferrals, and straight-line rent receivables. Adjusting for the COVID-19 Impact, we believe our Net Debt/Annualized Adjusted EBITDA would have been 6.5x. We believe our leverage levels will continue to be elevated in the short-term given the pandemic’s impact on certain income streams described above. As economic recovery takes hold, we expect our leverage metrics to decrease as income streams recover, potentially offset by increases during periods of active development.

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Operating Portfolio

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Office Trends

During the fourth quarter, our rent collections remained consistent with the third quarter, with the bulk of non-collections continuing to be concentrated in retail and co-working. Parking income remained well below normal levels as overall building populations did not increase materially during the quarter. During 2020, our team achieved approximately 812,000 square feet of leasing volume across 84 transactions within our office portfolio. 80% of this leasing activity comprises renewals, a clear reflection of the limited amount of new tenant demand across the market. As we have discussed previously, we are fortunate to have been able to achieve such a high volume of blend-and-extend lease renewals across our portfolio from 2017 to 2019, reducing our exposure to lease expirations during the current period. Forward-looking leasing tour activity, while slowly increasing, remains muted, especially since the spike in virus cases this past Fall. We expect limited new tour activity to continue until vaccination rates reach a significantly higher level.

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While co-working tenants are a small component of our overall office portfolio and comprise only 3.5% of annualized rent, they face serious headwinds in the current environment; consequently, we have completed or are in the process of documenting agreed-upon lease modifications with virtually all at-risk co-working tenants across

our portfolio. After an evaluation of each of our co-working tenants, as of the fourth quarter we have written off all accounts receivable and straight-line rent receivables of the struggling operators and have converted them to a cash basis of accounting.

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The entire Washington, DC metro market reflected the trends observed in our portfolio, with JLL reporting negative 5.2 million square feet of year-to-date total net absorption across the market with renewals comprising 52.5% of leasing activity. Most tenants continued to take a “wait and see” attitude to any major office expansions, particularly when such a large share of the market remained in a work-from-home posture. Some tenants with lease expirations chose to contract, reinforcing the prudence of our early blend-and-extend strategy executed pre-pandemic. Actual physical occupancy, illustrated by data from Kastle Systems, which tracks keycard access to buildings, remained largely consistent with summer levels, with DC at 21.7% as of February 1^st. Notably, DC occupancy remained above New York (14.4%) and San Francisco (11.7%).

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Multifamily Trends

COVID-19 continues to adversely impact residential leasing demand. During the fourth quarter, we saw demand stabilize at relatively low levels and occupancy remain below pre-pandemic levels. That said, our team made good progress in increasing overall occupancy within our residential portfolio during the quarter. Our in-service operating portfolio ended the year at 87.8% occupied. This includes West Half, an operating asset in the Ballpark completed in the third quarter of 2019, which is still in lease-up (49.2% occupied at year end) and where we have executed 127 new leases since the onset of the pandemic. Excluding West Half, the in-service portfolio was 91.5% occupied in the fourth quarter, 340 bps higher than the third quarter. Despite the uptick in occupancy, reduced demand kept rental rates and concession packages under pressure, impacting the financial results within our multifamily portfolio this quarter.

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Although urban apartments were hit hard and fast due to the mobility of the workforce that underpins demand, we believe that as the vaccine rollout reaches critical mass, that same demand pool should return fairly rapidly. While there is work to do on vaccinations, we believe that post-vaccine, young knowledge workers will continue to prefer highly amenitized, walkable, and accessible urban markets.

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Another contributor to an eventual multifamily recovery is the slowdown in new supply. During 2020, only 6,100 units commenced construction, with the vast majority (54.4%) of those starting in the first quarter, pre-COVID-19. This number is a material reduction (34.4%) from last year, when roughly 9,300 units started construction. While we observed a shrinking pipeline of new multifamily before the pandemic, this drop-off in new starts following the first quarter of 2020 only amplified that trend. From 2010 through 2019, the DC market saw an average of 9,200 units delivering per year, with a peak of 15,000 units in 2014. By contrast, 2020 – 2023 will likely only see an average of 6,900 units delivering per year. Given required construction timelines, it is unlikely that those numbers will move materially, suggesting the potential for real supply limitations just as we expect demand to return to the market post-COVID-19.

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Apartment List’s metro-level data on multifamily markets show that the DC metro is particularly insulated when compared to other gateway cities. Since the end of 2019, DC metro rents fell 7.7%, compared to a 10.5% decline across New York, San Francisco, and Boston. Occupancy decline was equivalent among DC and other gateway markets at 1.2%, suggesting that other markets had to drop rents further to maintain the same level of occupancy. This data could suggest that, with a return of demand and rebound in occupancy, rents will bounce back faster in the DC metro region.

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Retail Trends

The onset of winter weather put additional strain on an already-battered retail sector. Many of our restaurant tenants continued to struggle through the fourth quarter, and some closed their doors for the winter given the limited ability to provide outdoor dining, as well as difficulty converting their business model to takeout. Alternatively, retailers operating in essential categories, such as grocery and pharmacy, continued to outperform. Our posture with our struggling retailers has not changed, and we continue to work with smaller, non-credit tenants on a case-by-case basis to help them survive until operations and sales return to more stable levels.

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Capital Allocation

While significant progress was made throughout our National Landing portfolio, it is important to recognize that the pandemic dramatically slowed the pace of our capital recycling plans in 2020, and likely will do so in 2021 as well. Consequently, while the capital markets remain too uncertain to estimate how much recycling we will accomplish in 2021, we nonetheless expect to market for sale approximately one-third of the $1.5 billion of assets that we intend to opportunistically sell in the coming years. Likewise, any decision to acquire new assets depends on market conditions and whether we believe our capital is better allocated elsewhere, such as development opportunities and share repurchases. In March of 2020, our Board of Trustees authorized a share repurchase plan for up to $500 million of common shares outstanding. During the fourth quarter, we repurchased 0.9 million shares at a weighted average price of $27.41, totaling $25.2 million, bringing our total shares repurchased in 2020 to $104.8 million.

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Environmental, Social, and Governance

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In mid-2018 we launched the Washington Housing Initiative (WHI) in partnership with the Federal City Council to preserve or build up to 3,000 units of affordable workforce housing in the DC region.  WHI consists of a third-party non-profit, the Washington Housing Conservancy (WHC), and the WHI Impact Pool, a JBG SMITH-managed, third-party, debt financing vehicle. In December, WHC closed on the acquisition of Crystal House, an existing 825-unit multifamily building located in National Landing, one block away from Amazon’s future headquarters. WHC purchased the asset with $340 million in below market financing from Amazon and $6.7 million from the WHI Impact Pool at an approximately 3.6% cap rate on in-place income. JBG SMITH will manage this asset on behalf of the WHC. With this transaction, the WHI Impact Pool has financed approximately 1,150 units to date.

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In November, we received a 5-star rating from GRESB, establishing our rank within the top 20% of mixed-use office and multifamily portfolios, and attaining Global Listed Sector Leader status in the 2020 Real Estate Assessment. Our score in the GRESB assessment outperformed the average score in our category for operational assets by 22%. We are proud to earn our highest rating to date, and the highest rating available, in this year’s assessment.

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We pride ourselves on a culture that is focused on the long term, including proactive succession planning and the cultivation of talent. At the end of 2020, we announced three executive promotions to our leadership team that took effect January 1, 2021. Moina Banerjee assumed the role of Chief Financial Officer, George Xanders is now our Chief Investment Officer, and Carey Goldberg was promoted to Chief Human Resources Officer. Having served with these distinguished individuals for much of my career, I believe they represent the best of our industry and will serve the JBG SMITH team and our fellow shareholders with distinction for many years to come. We are also incredibly grateful to Steve Theriot for his able leadership in building world-class teams handling our accounting, tax, and information technology functions since our formation as a public company.

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Finally, we are pleased to welcome Phyllis Caldwell to our Board of Trustees effective March 1, 2021. Phyllis brings to our board significant expertise in financial services, government, community development and affordable housing as well as deep public company board experience.

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2020 tested us in ways we never anticipated, and while our short-term financial performance undoubtedly suffered, I believe that our future growth opportunities have only improved. Our strongest tailwinds, including big tech and government, will likely blow stronger in the coming years, and the pandemic has only reinforced our desire for community and connection in ways that should strengthen the long-term trends of urbanization and the desire for walkable, connected, amenity-rich places. While the recovery will likely span a period of years, our long-term focus and discipline will serve us well. As downturn fundamentals give way to those of a recovery, our contrarian approach to new development and overall capital allocation should also pay dividends. We do not know the future, but believe we are well prepared for what it may bring and will continue to work as hard as we can to maintain the trust and confidence that you have placed in us.

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Thank you and stay healthy,

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W. Matthew Kelly

Chief Executive Officer

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Section Two – Earnings ReleaseClick or tap here to enter text.

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Earnings Release

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CONTACT

Moina Banerjee

Chief Financial Officer

(240) 333-3655

mbanerjee@jbgsmith.com

JBG SMITH ANNOUNCES FOURTH QUARTER 2020 RESULTS

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Bethesda, MD (February 23, 2021) - JBG SMITH (NYSE: JBGS), a leading owner and developer of high-growth, mixed-use properties in the Washington, DC market, today filed its Form 10-K for the year ended December 31, 2020 and reported its financial results.

Additional information regarding our results of operations, properties and tenants can be found in our Fourth Quarter 2020 Investor Package, which is posted in the Investor Relations section of our website at www.jbgsmith.com. We encourage investors to consider the information presented here with the information in that document.

Fourth Quarter 2020 Financial Results

Year Ended December 31, 2020 Financial Results

Operating Portfolio Highlights

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During the fourth quarter, we entered into rent deferral agreements with tenants totaling $2.1 million. Additionally, we recognized $1.8 million of credit losses for rent deferral agreements that are in negotiation. We believe the write-off of accounts receivable, rent deferrals and straight-line rent receivables this quarter, together with the write-offs and credit losses we took earlier during the year, covers substantially all of our at-risk office and retail tenants significantly impacted to date by the pandemic. These tenants include all co-working tenants and all retailers except for grocers, pharmacies, essential businesses and certain national credit tenants. Our financial results in future periods will not be negatively impacted by the collectability of rent deferrals from these tenants because we have fully written off the receivable balances. Revenue related to

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these executed or pending rent deferrals is not included in our fourth quarter NOI, Adjusted EBITDA or Core FFO.

Development Portfolio Highlights

Under-Construction

Near-Term Development Pipeline

Future Development Pipeline

Third-Party Asset Management and Real Estate Services Business

Balance Sheet

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Investing and Financing Activities

Dividends

About JBG SMITH

JBG SMITH is an S&P 400 company that owns, operates, invests in and develops a dynamic portfolio of high-growth mixed-use properties in and around Washington, DC. Through an intense focus on placemaking, JBG SMITH cultivates vibrant, amenity-rich, walkable neighborhoods throughout the Capital region, including National Landing where it serves as the exclusive developer for Amazon's new headquarters. JBG SMITH's portfolio currently comprises 16.7 million square feet of high-growth office, multifamily and retail assets at share, 98% at share of which are Metro-served. It also maintains a development pipeline encompassing 17.6 million square feet of mixed-use development opportunities. For more 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

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future results of JBG SMITH Properties ("JBG SMITH", the "Company", "we", "us", "our" or similar terms) 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", "hypothetical", "potential", "believes", "expects", "anticipates", "estimates", "intends", "plans", "would", "may" or similar expressions in this earnings release. One of the most significant factors that could cause actual outcomes to differ materially from our forward-looking statements is the adverse effect of the current pandemic of the novel coronavirus, or COVID-19, and the ensuing economic turmoil on the Company, our financial condition, results of operations, cash flows, performance, our tenants, the real estate market, and the global economy and financial markets. The extent to which COVID-19 continues to impact us and our tenants depends on future developments, many of which are highly uncertain and cannot be predicted with confidence. These developments include: the continued severity, duration, transmission rate and geographic spread of COVID-19 in the United States, the speed of the vaccine roll-out, the effectiveness and willingness of people to take COVID-19 vaccines, the duration of associated immunity and vaccine efficacy against emerging variants of COVID-19, the extent and effectiveness of other containment measures taken, and the response of the overall economy, the financial markets and the population, particularly in areas in which we operate, once the current containment measures are lifted and whether the residential market in the Washington, DC region and any of our properties will be materially impacted by the various moratoriums on residential evictions, among others. Moreover, investors are cautioned to interpret many of the risks identified under the section titled "Risk Factors" in our Annual Report on Form 10-K for the fiscal year ended December 31, 2020 as being heightened as a result of the ongoing and numerous adverse impacts of the COVID-19 pandemic. We also note the following forward-looking statements: the impact of COVID-19 and the ensuing economic turmoil on our Company, net operating income, same store net operating income, net asset value, stock price, occupancy rates, revenue from our multifamily and commercial portfolios, operating costs, deferrals of rent, uncollectable operating lease receivables, parking revenue, and burn-off of rent abatement; the impact of disruptions to the credit and capital markets on our ability to access capital, including refinancing maturing debt; changes to the amount and manner in which tenants use space; whether we incur additional costs or make additional concessions or offer other incentives to existing or prospective tenants to reconfigure space; whether the Washington, DC region will be more resilient than other parts of the country in any recession resulting from COVID-19; our annual dividend per share and dividend yield; annualized net operating income; in the case of our construction and near-term development assets, estimated square feet, estimated number of units and in the case of our future development assets, estimated potential development density; expected key Amazon transaction terms and timeframes for closing any Amazon transactions not yet closed; planned infrastructure and education improvements related to Amazon's additional headquarters (including whether the incentives bill will have the desired effect on jobs growth, whether state and local governments will make the anticipated infrastructure and education investments and whether the anticipated private investments in National Landing will occur) and the Virginia Tech Innovation Campus; the economic impact of Amazon's additional headquarters on the DC region and National Landing; the impact of our role as the exclusive developer, property manager and retail leasing agent in connection with Amazon's new headquarters; our development plans related to Amazon's additional headquarters; whether any of our tenants succeed in obtaining government assistance under the CARES Act and other programs and use any resulting proceeds to make lease payments owed to us; whether we can access agency debt secured by our currently unencumbered multifamily assets timely, on reasonable terms or at all; whether the delay in our planned 2020 discretionary operating asset capital expenditures had or will have any negative impact on our properties or our ability to generate revenue; and the allocation of capital to our share repurchase plan and any impact on our stock price.

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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, including in relation to COVID-19, 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," "Management's Discussion and Analysis of Financial Condition and Results of Operations" and the Cautionary Statement Concerning Forward-Looking Statements in the Company's Annual Report on Form 10-K for the year ended December 31, 2020. 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 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 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 a substantial portion of our assets are held through real estate ventures, we believe this form of presentation, which presents our economic interests in the partially owned entities, provides investors valuable 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.

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 repayment or 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 act 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"

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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 earnings 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" financial information, the following non-GAAP measures are included in this release:

Earnings Before Interest, Taxes, Depreciation and Amortization ("EBITDA"), EBITDA for Real Estate ("EBITDAre") and "Adjusted EBITDA" are non-GAAP financial measures. EBITDA and EBITDAre are used by management as supplemental operating performance measures, which they believe help 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 outstanding debt and the impact of our interest rate swaps) and certain non-cash expenses (primarily depreciation and amortization on our assets). EBITDAre is computed in accordance with the definition established by the National Association of Real Estate Investment Trusts ("NAREIT"). NAREIT defines EBITDAre as GAAP net income (loss) adjusted to exclude interest expense, income taxes, depreciation and amortization expenses, gains and losses on sales of real estate and impairment write-downs of certain real estate assets and investments in entities when the impairment is directly attributable to decreases in the value of depreciable real estate held by the entity, including our share of such adjustments of unconsolidated real estate ventures. These supplemental measures may help investors and lenders understand our ability to incur and service debt and to make capital expenditures. EBITDA and EBITDAre are not substitutes for net income (loss) (computed in accordance with GAAP) and may not be comparable to similarly titled measures used by other companies.

Adjusted EBITDA represents EBITDAre adjusted for items we believe are not representative of ongoing operating results, such as transaction and other costs, impairment write-downs of right-of-use assets associated with leases in which we are a lessee, gain (loss) on the extinguishment of debt, distributions in excess of our investment in unconsolidated real estate ventures, lease liability adjustments and share-based compensation expense related to the Formation Transaction and special equity awards. 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, EBITDAre and Adjusted EBITDA have limitations as analytical tools, we use EBITDA, EBITDAre and Adjusted EBITDA to supplement GAAP financial measures. Additionally, we believe that users of these measures should consider EBITDA, EBITDAre and Adjusted EBITDA in conjunction with net income (loss) and other GAAP measures in understanding our operating results.

Funds from Operations ("FFO"), "Core FFO" and Funds Available for Distribution ("FAD") are non-GAAP financial measures. FFO is computed in accordance with the definition established by NAREIT in the NAREIT FFO White Paper - 2018 Restatement. NAREIT defines FFO as net income (loss) (computed in accordance with GAAP),

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excluding depreciation and amortization related to real estate, gains and losses from the sale of certain real estate assets, gains and losses from change in control and impairment write-downs of certain real estate assets and investments in entities when the impairment is directly attributable to decreases in the value of depreciable real estate held by the entity, including our share of such adjustments for unconsolidated real estate ventures.

Core FFO represents FFO adjusted to exclude items (net of tax) which we believe are not representative of ongoing operating results, such as transaction and other costs, impairment write-downs of right-of-use assets associated with leases in which we are a lessee, gains (or losses) on extinguishment of debt, distributions in excess of our investment in unconsolidated real estate ventures, share-based compensation expense related to the Formation Transaction and special equity awards, lease liability adjustments, amortization of the management contracts intangible and the mark-to-market of derivative instruments.

FAD represents FFO less recurring tenant improvements, leasing commissions and other capital expenditures, net deferred rent activity, third-party lease liability assumption payments, recurring 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 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 (loss) (computed in accordance with GAAP) as a performance measure or cash flow as a liquidity measure. FFO, Core FFO and FAD may not be comparable to similarly titled measures used by other companies.

Net Operating Income ("NOI") and "Annualized NOI" are non-GAAP financial measures management uses to assess a segment's performance. The most directly comparable GAAP measure is net income (loss) attributable to common shareholders. We use NOI internally as a performance measure and believe NOI provides useful information to investors regarding our financial condition and results of operations because it reflects only property related revenue (which includes base rent, tenant reimbursements and other operating revenue, net of free rent and payments associated with assumed lease liabilities) 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. Management uses NOI as a supplemental performance measure for our assets and believes it provides useful information to investors because it reflects 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 NOI as a

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measure of the operating performance of our assets is limited. NOI presented by us may not be comparable to NOI reported by other REITs that define these measures differently. We believe that to facilitate a clear understanding of our operating results, NOI should be examined in conjunction with net income (loss) attributable to common shareholders as presented in our financial statements. NOI should not be considered as an alternative to net income (loss) attributable to common shareholders as an indication of our performance or to cash flows as a measure of liquidity or our ability to make distributions. Annualized NOI, for all assets except Crystal City Marriott, represents NOI for the three months ended December 31, 2020 multiplied by four. Due to seasonality in the hospitality business, annualized NOI for Crystal City Marriott represents the trailing 12-month NOI as of December 31, 2020. Management believes Annualized NOI provides useful information in understanding our 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 earnings release. There can be no assurance that the annualized NOI shown will reflect our actual results of operations over any 12-month period.

"Non-same store" refers to all operating assets excluded from the same store pool.

"Same store" refers to the pool of assets that were in-service 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.

Definitions

"GAAP" refers to accounting principles generally accepted in the United States of America.

"In-service" refers to commercial or multifamily assets that are at or above 90% leased or have been operating and collecting rent for more than 12 months as of December 31, 2020.

"Formation Transaction" refers collectively to the spin-off on July 17, 2017 of substantially all of the assets and liabilities of Vornado Realty Trust's Washington, DC segment, which operated as Vornado / Charles E. Smith, and the acquisition of the management business and certain assets and liabilities of The JBG Companies.

"JBG Legacy Funds" refers to the legacy funds formerly organized by The JBG Companies.

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Note: For complete financial statements, please refer to our Annual Report on Form 10-K for the year ended December 31, 2020.

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Note: All EBITDA measures as shown above are attributable to common limited partnership units ("OP Units").

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See footnotes on page 14.

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