Schedule III - REAL ESTATE AND ACCUMULATED DEPRECIATION

12 Months Ended

Dec. 31, 2023

REAL ESTATE AND ACCUMULATED DEPRECIATION

REAL ESTATE AND ACCUMULATED DEPRECIATION

SCHEDULE III

JBG SMITH PROPERTIES

REAL ESTATE AND ACCUMULATED DEPRECIATION

December 31, 2023

(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 (3)		Improvements		Total		Amortization		Construction(4)	Acquired
Multifamily Operating Assets
Fort Totten Square	$	—	$	24,390	$	90,404	$	2,009	$	24,424	$	92,379	$	116,803	$	23,985	2015	2017
WestEnd25		97,500		67,049		5,039		115,308		69,177		118,219		187,396		44,004	2009	2007
F1RST Residences		77,512		31,064		133,256		1,034		31,069		134,285		165,354		20,740	2017	2019
1221 Van Street		87,253		27,386		63,775		27,952		28,263		90,850		119,113		24,748	2018	2017
North End Retail (5)		—		5,847		9,333		(109)		5,871		9,200		15,071		1,987	2015	2017
RiverHouse Apartments		307,710		118,421		125,078		101,369		139,341		205,527		344,868		100,055	1960	2007
The Bartlett		217,453		41,687		—		228,710		41,993		228,404		270,397		46,040	2016	2007
220 20th Street		80,240		8,434		19,340		103,748		9,030		122,492		131,522		49,363	2009	2017
West Half		—		45,668		17,902		164,575		49,079		179,066		228,145		43,091	2019	2017
The Wren		110,045		14,306		—		140,978		17,767		137,517		155,284		23,580	2020	2017
900 W Street		—		21,685		5,162		39,214		22,182		43,879		66,061		8,323	2020	2017
901 W Street		—		25,992		8,790		65,715		26,905		73,592		100,497		13,478	2020	2017
The Batley		—		44,315		158,408		403		44,412		158,714		203,126		12,175	2019	2021
2221 S. Clark-Residential		—		6,185		16,981		37,084		6,540		53,710		60,250		16,563	1964	2002
8001 Woodmont Ave		101,720		28,621		180,775		(3,714)		28,641		177,041		205,682		7,596	2021	2022
Atlantic Plumbing		—		50,287		105,483		567		50,307		106,030		156,337		6,528	2016	2022
Commercial Operating Assets
2101 L Street		120,307		32,815		51,642		16,727		29,834		71,350		101,184		1,315	1975	2003
2121 Crystal Drive		—		21,503		87,329		62,516		24,613		146,735		171,348		64,534	1985	2002
2345 Crystal Drive		—		23,126		93,918		62,152		24,260		154,936		179,196		82,224	1988	2002
2231 Crystal Drive		—		20,611		83,705		32,476		21,969		114,823		136,792		63,041	1987	2002
1550 Crystal Drive		—		22,182		70,525		185,485		42,560		235,632		278,192		68,700	1980, 2020	2002
2011 Crystal Drive		—		18,940		76,921		55,542		19,897		131,506		151,403		67,615	1984	2002
2451 Crystal Drive		—		11,669		68,047		53,057		12,573		120,200		132,773		59,539	1990	2002
1235 S. Clark Street		76,537		15,826		56,090		36,146		16,733		91,329		108,062		52,722	1981	2002
241 18th Street S.		—		13,867		54,169		64,746		24,076		108,706		132,782		57,420	1977	2002
251 18th Street S.		34,152		12,305		49,360		60,206		15,572		106,299		121,871		58,313	1975	2002
1215 S. Clark Street		105,000		13,636		48,380		55,905		14,401		103,520		117,921		55,243	1983	2002
201 12th Street S.		32,728		8,432		52,750		31,264		9,106		83,340		92,446		47,072	1987	2002
800 North Glebe Road		—		28,168		140,983		1,865		28,168		142,848		171,016		34,589	2012	2017
2200 Crystal Drive		—		10,136		30,050		(23,390)		3,680		13,116		16,796		281	1968	2002
1225 S. Clark Street		85,000		11,176		43,495		38,712		11,810		81,573		93,383		40,465	1982	2002
1901 South Bell Street		—		11,669		36,918		19,034		12,325		55,296		67,621		32,242	1968	2002
2100 Crystal Drive		—		7,957		23,590		(11,148)		4,650		15,749		20,399		6,873	1968	2002
1800 South Bell Street (6)		—		9,072		28,702		9,989		9,299		38,464		47,763		36,978	1969	2002
200 12th Street S.		16,439		8,016		30,552		21,349		8,473		51,444		59,917		32,323	1985	2002
Crystal City Shops at 2100		—		4,059		9,309		(5,992)		2,940		4,436		7,376		1,870	1968	2002
Crystal Drive Retail		—		5,241		20,465		(1,230)		5,375		19,101		24,476		11,786	2003	2004
One Democracy Plaza		—		—		33,628		(27,590)		71		5,967		6,038		2,219	1987	2002
1770 Crystal Drive		—		10,771		44,276		72,722		14,385		113,384		127,769		13,965	1980, 2020	2002
Ground Leases and Other
1700 M Street		—		34,178		46,938		(26,130)		54,986		—		54,986		—		2002, 2006
1831/1861 Wiehle Avenue		—		39,529		—		3,677		43,206		—		43,206		—		2017
Under-Construction Assets
1900 Crystal Drive (7)		187,358		16,811		53,187		335,465		7,989		397,474		405,463		136	2023	2002
2000/2001 South Bell Street		61,271		7,300		8,805		194,793		—		210,898		210,898		—		2002
Development Pipeline		—		144,471		15,189		90,356		136,785		113,231		250,016		25
Corporate
Corporate		782,000		—		—		18,163		—		18,163		18,163		4,657		2017
	$	2,580,225	$	1,124,803	$	2,298,649	$	2,451,710	$	1,194,737	$	4,680,425	$	5,875,162	$	1,338,403

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 $422.1 million higher than the amounts reported in our consolidated balance sheet as of December 31, 2023.

(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) Land associated with buildings under construction was included in construction in progress which is reflected in the Building and Improvements column.

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

(5) In January 2024, we sold North End Retail for a gross sales price of $14.3 million.

(6) In the first quarter of 2024, 1800 South Bell Street was taken out of service.

(7) In December 2023, a portion of 1900 Crystal Drive was placed into service.

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

	Year Ended December 31,
	2023		2022		2021
Real Estate: (1)
Balance at beginning of the year	$	6,158,082	$	6,310,361	$	6,074,516
Acquisitions		—		365,166		202,565
Additions		347,757		352,034		165,930
Assets sold or written‑off		(444,480)		(869,479)		(92,332)
Real estate impaired (2)		(186,197)		—		(40,318)
Balance at end of the year	$	5,875,162	$	6,158,082	$	6,310,361
Accumulated Depreciation:
Balance at beginning of the year	$	1,335,000	$	1,368,012	$	1,232,699
Depreciation expense		187,988		184,678		201,649
Accumulated depreciation on assets sold or written‑off		(88,614)		(217,690)		(51,162)
Accumulated depreciation on real estate impaired (2)		(95,971)		—		(15,174)
Balance at end of the year	$	1,338,403	$	1,335,000	$	1,368,012

(1) Includes assets held for sale.

(2) In 2023, we determined that 2101 L Street, 2100 Crystal Drive, 2200 Crystal Drive and a development parcel were impaired and recorded an impairment loss totaling $90.2 million. In 2021, we determined that 7200 Wisconsin Avenue, RTC-West and a development parcel were impaired and recorded an impairment loss totaling $25.1 million. See Note 19 to the consolidated financial statements for additional information.