Schedule III - REAL ESTATE AND ACCUMULATED DEPRECIATION

12 Months Ended

Dec. 31, 2021

REAL ESTATE AND ACCUMULATED DEPRECIATION

REAL ESTATE AND ACCUMULATED DEPRECIATION

SCHEDULE III

JBG SMITH PROPERTIES

REAL ESTATE AND ACCUMULATED DEPRECIATION

December 31, 2021

(Dollars in thousands)

							Costs
							Capitalized		Gross Amounts at Which Carried						Accumulated
			Initial Cost to Company				Subsequent		at Close of Period						Depreciation
			Land and		Buildings and		to		Land and		Buildings and				and		Date of	Date
Description	Encumbrances(1)		Improvements		Improvements		Acquisition(2)		Improvements		Improvements		Total		Amortization		Construction(3)	Acquired
Commercial Operating Assets
Universal Buildings	$	—	$	69,393	$	143,320	$	13,557	$	68,612	$	157,658	$	226,270	$	61,799	1956	2007
2101 L Street		127,576		32,815		51,642		93,454		39,768		138,143		177,911		50,779	1975	2003
1730 M Street		47,500		10,095		17,541		19,902		10,687		36,851		47,538		17,692	1964	2002
1700 M Street		—		34,178		46,938		(26,135)		54,981		—		54,981		—		2002, 2006
Courthouse Plaza 1 and 2		—		—		105,475		61,132		—		166,607		166,607		79,032	1989	2002
2121 Crystal Drive		131,535		21,503		87,329		34,817		22,855		120,794		143,649		57,235	1985	2002
2345 Crystal Drive		—		23,126		93,918		60,830		24,165		153,709		177,874		71,931	1988	2002
2231 Crystal Drive		—		20,611		83,705		26,839		21,784		109,371		131,155		54,729	1987	2002
1550 Crystal Drive		—		22,182		70,525		133,794		24,375		202,126		226,501		53,120	1980, 2020	2002
RTC - West		117,300		33,220		134,108		21,153		33,390		155,091		188,481		29,467	1988, 2017	2017
2011 Crystal Drive		—		18,940		76,921		47,156		19,716		123,301		143,017		58,670	1984	2002
2451 Crystal Drive		—		11,669		68,047		42,881		12,496		110,101		122,597		50,621	1990	2002
1235 S. Clark Street		78,000		15,826		56,090		34,954		16,660		90,210		106,870		45,088	1981	2002
241 18th Street S.		—		13,867		54,169		53,944		17,236		104,744		121,980		45,256	1977	2002
251 18th Street S.		34,152		12,305		49,360		57,178		15,509		103,334		118,843		50,177	1975	2002
1215 S. Clark Street		105,000		13,636		48,380		55,558		14,338		103,236		117,574		45,990	1983	2002
201 12th Street S.		32,728		8,432		52,750		28,665		9,039		80,808		89,847		40,584	1987	2002
800 North Glebe Road		107,500		28,168		140,983		2,364		28,168		143,347		171,515		26,065	2012	2017
2200 Crystal Drive		—		10,136		30,050		36,767		10,756		66,197		76,953		25,943	1968	2002
1225 S. Clark Street		85,000		11,176		43,495		36,405		11,758		79,318		91,076		33,827	1982	2002
1901 South Bell Street		—		11,669		36,918		20,875		12,273		57,189		69,462		30,471	1968	2002
Crystal City Marriott		—		8,000		47,191		23,334		8,050		70,475		78,525		30,424	1968	2004
2100 Crystal Drive		—		7,957		23,590		9,118		8,496		32,169		40,665		1,497	1968	2002
1800 South Bell Street		—		9,072		28,702		9,891		9,299		38,366		47,665		19,368	1969	2002
200 12th Street S.		16,439		8,016		30,552		20,528		8,434		50,662		59,096		27,581	1985	2002
Crystal City Shops at 2100		—		4,059		9,309		3,584		4,049		12,903		16,952		6,377	1968	2002
Crystal Drive Retail		—		5,241		20,465		3,306		5,401		23,611		29,012		15,035	2003	2004
7200 Wisconsin Avenue		—		34,683		92,059		(18,210)		30,447		78,085		108,532		10	1986	2017
One Democracy Plaza		—		—		33,628		(27,353)		—		6,275		6,275		872	1987	2002
4747 Bethesda Avenue		175,000		31,510		21,870		140,160		32,518		161,022		193,540		15,360	2016, 2019	2017
1770 Crystal Drive		—		10,771		44,276		69,335		11,540		112,842		124,382		3,932	1980, 2020	2002
2221 S. Clark Street-Office		—		985		2,704		6,757		1,045		9,401		10,446		2,169	1964	2002
Multifamily Operating Assets
Fort Totten Square		—		24,390		90,404		1,379		24,407		91,766		116,173		16,921	2015	2017
WestEnd25		—		67,049		5,039		112,656		68,343		116,401		184,744		37,156	2009	2007
F1RST Residences		—		31,064		133,256		165		31,064		133,421		164,485		10,514	2017	2019
1221 Van Street		87,253		27,386		63,775		27,429		28,208		90,382		118,590		16,736	2018	2017
North End Retail		—		5,847		9,333		(327)		5,871		8,982		14,853		1,353	2015	2017
RiverHouse Apartments		307,710		118,421		125,078		95,346		138,994		199,851		338,845		85,421	1960	2007
The Bartlett		217,453		41,687		—		226,547		41,901		226,333		268,234		33,545	2016	2007
220 20th Street		80,240		8,434		19,340		102,757		8,917		121,614		130,531		42,021	2009	2017
Falkland Chase - South & West		37,873		18,530		44,232		1,703		18,662		45,803		64,465		9,295	1938	2017
Falkland Chase - North		—		9,810		22,706		(1,535)		8,999		21,982		30,981		4,480	1938	2017
West Half		—		45,668		17,902		161,432		48,899		176,103		225,002		21,967	2019	2017

							Costs
							Capitalized		Gross Amounts at Which Carried						Accumulated
			Initial Cost to Company				Subsequent		at Close of Period						Depreciation
			Land and		Buildings and		to		Land and		Buildings and				and		Date of	Date
Description	Encumbrances(1)		Improvements		Improvements		Acquisition(2)		Improvements		Improvements		Total		Amortization		Construction(3)	Acquired
The Wren	$	—	$	14,306	$	—	$	140,345	$	17,741	$	136,910	$	154,651	$	10,499	2020	2017
900 W Street		—		21,685		5,162		39,125		22,182		43,790		65,972		3,115	2020	2017
901 W Street		—		25,992		8,790		64,696		26,898		72,580		99,478		6,020	2020	2017
The Batley		—		44,315		158,408		—		44,315		158,408		202,723		677	2019	2021
2221 S. Clark Street-Residential		—		5,200		14,277		35,332		5,477		49,332		54,809		11,471	1964	2002
Multifamily Construction Assets
1900 Crystal Drive		—		16,811		53,187		58,524		—		128,522		128,522		—		2002
Near-Term Development Pipeline
5 M Street Southwest		—		15,550		6,451		4,454		12,672		13,783		26,455		1,022		2005
2000 South Bell Street		—		3,882		8,805		1,847		—		14,534		14,534		—		2002
2001 South Bell Street				3,418		7,941		1,647		—		13,006		13,006		—		2002
223 23rd Street		—		3,910		6,546		5,388		—		15,844		15,844		—	1969	2002
2250 Crystal Drive				3,974		8,644		7,557		—		20,175		20,175		—	1969	2002
Gallaudet Parcel 1-3		—		—		—		7,494		—		7,494		7,494		—		2017
2525 Crystal Drive		—		5,086		—		6,312		5,086		6,312		11,398		—		2002
RTC - West Trophy Office		—		8,687		—		(475)		5,596		2,616		8,212		—		2017
101 12th Street		—		6,335		—		4,141		6,335		4,141		10,476		—		2002
Future Development Pipeline		—		212,444		1,522		35,600		219,806		29,760		249,566		195		various
Corporate
Corporate		700,000		—		—		10,467		—		10,467		10,467		4,494		2017
		2,488,259		1,333,122		2,656,808		2,246,546		1,378,218		4,858,258		6,236,476		1,368,003
Held for sale
Pen Place		—		104,473		55		(30,643)		61,970		11,915		73,885		9		2007
	$	2,488,259	$	1,437,595	$	2,656,863	$	2,215,903	$	1,440,188	$	4,870,173	$	6,310,361	$	1,368,012

Note:  Depreciation of the buildings and improvements is calculated over lives ranging from the life of the lease to 40 years. The net basis of our assets and liabilities for tax reporting purposes is approximately $297.0 million higher than the amounts reported in our consolidated balance sheet as of December 31, 2021.

(1) Represents the contractual debt obligations.

(2) Includes asset impairments recognized, amounts written off in connection with redevelopment activities and partial sale of assets.

(3) Date of original construction, many assets have had substantial renovation or additional construction. See "Costs Capitalized Subsequent to Acquisition" column.

The following is a reconciliation of real estate and accumulated depreciation:

	Year Ended December 31,
	2021		2020		2019
Real Estate:
Balance at beginning of the year	$	6,074,516	$	5,943,970	$	5,895,953
Acquisitions		202,565		65,270		164,320
Additions		165,930		252,306		469,450
Assets sold or written‑off		(92,332)		(152,000)		(585,753)
Real estate impaired (1)		(40,318)		(35,030)		—
Balance at end of the year	$	6,310,361	$	6,074,516	$	5,943,970
Accumulated Depreciation:
Balance at beginning of the year	$	1,232,699	$	1,119,612	$	1,086,844
Depreciation expense		201,649		194,190		161,937
Accumulated depreciation on assets sold or written‑off		(51,162)		(53,878)		(129,169)
Accumulated depreciation on real estate impaired (1)		(15,174)		(27,225)		—
Balance at end of the year	$	1,368,012	$	1,232,699	$	1,119,612

(1) In connection with the preparation and review of our 2021 annual consolidated financial statements, we determined that 7200 Wisconsin Avenue, RTC-West and a future development asset, non-core assets, were impaired due to shortened expected holding periods, based on contracts under negotiation as of December 31, 2021, and recorded impairment losses totaling $25.1 million. In connection with the preparation and review of our 2020 annual consolidated financial statements, we determined that One Democracy Plaza, a non-core commercial asset, was impaired due to a decline in the fair value of the asset and recorded an impairment loss of $10.2 million, of which $7.8 million related to real estate. The remaining $2.4 million of the impairment loss was attributable to the right-of-use asset associated with the property's ground lease.