Variable Interest Entities	12 Months Ended
Dec. 31, 2024
Variable Interest Entities
Variable Interest Entities	6. Variable Interest Entities Unconsolidated VIEs As of December 31, 2024 and 2023, we had interests in entities deemed to be VIEs. Although we may be responsible for managing the day-to-day operations of these investees, we are not the primary beneficiary of these VIEs, as we do not hold unilateral power over activities that, when taken together, most significantly impact the respective VIE's economic performance. We account for our investment in these entities under the equity method. As of December 31, 2024 and 2023, the net carrying amounts of our investment in these entities were $82.0 million and $87.3 million, which were included in "Investments in unconsolidated real estate ventures" in our consolidated balance sheets. Our equity in the income of unconsolidated VIEs was included in "Loss from unconsolidated real estate ventures, net" in our consolidated statements of operations. Our maximum loss exposure in these entities is limited to our investments, construction commitments and debt guarantees. See Note 21 for additional information. Consolidated VIEs JBG SMITH LP is our most significant consolidated VIE. We hold 86.0% of the limited partnership interest in JBG SMITH LP, act as the general partner and exercise full responsibility, discretion and control over its day-to-day management. The noncontrolling interests of JBG SMITH LP do not have substantive liquidation rights, substantive kick-out rights without cause or substantive participating rights that could be exercised by a simple majority of noncontrolling interest limited partners (including by such a limited partner unilaterally). Because the noncontrolling interest holders do not have these rights, JBG SMITH LP is a VIE. As general partner, we have the power to direct the activities of JBG SMITH LP that most significantly affect its economic performance, and through our majority interest, we have both the right to receive benefits from and the obligation to absorb losses of JBG SMITH LP. Accordingly, we are the primary beneficiary of JBG SMITH LP and consolidate it in our financial statements. Because we conduct our business through JBG SMITH LP, its total assets and liabilities comprise substantially all of our consolidated assets and liabilities. In March 2021, we leased the land underlying 1900 Crystal Drive located in National Landing to a lessee, which constructed an 808-unit multifamily asset comprising two towers, The Grace and Reva, with ground floor retail. The ground lessee engaged us to be the development manager for the construction of 1900 Crystal Drive, and separately, we were the lessee in a master lease of the asset. In June 2024, we acquired the ground lessee's interest in 1900 Crystal Drive for $26.6 million of which $4.7 million was a reduction of "Noncontrolling interests" in our consolidated balance sheet. In December 2021, we leased the land underlying 2000 South Bell Street and 2001 South Bell Street ("2000/2001 South Bell Street") located in National Landing to a lessee, which is constructing a 775-unit multifamily asset comprising two towers, Valen and The Zoe, with ground floor retail. The ground lessee engaged us to be the development manager for the construction of 2000/2001 South Bell Street, and separately, we were the lessee in a master lease of the asset. In December 2024, we acquired the ground lessee's interest in 2000/2001 South Bell Street for $22.8 million of which $14.3 million was a reduction of "Noncontrolling interests" in our consolidated balance sheet. As of December 31, 2023, we determined that 1900 Crystal Drive and 2000/2001 South Bell Street were VIEs and that we were the primary beneficiary of the VIEs. Accordingly, we consolidated the VIEs with the lessee's ownership interest shown as "Noncontrolling interests" in our consolidated balance sheet. As of December 31, 2023, we consolidated 1900 Crystal Drive and 2000/2001 South Bell Street with total assets of $503.2 million, and liabilities of $293.3 million. VIE assets primarily consisted of construction in progress and VIE liabilities primarily consisted of mortgage loans. As of December 31, 2024, as a result of the above transactions, 1900 Crystal Drive and 2000/2001 South Bell Street were no longer VIEs.

Variable Interest Entities

12 Months Ended

Dec. 31, 2024

6. Variable Interest Entities

Unconsolidated VIEs

As of December 31, 2024 and 2023, we had interests in entities deemed to be VIEs. Although we may be responsible for managing the day-to-day operations of these investees, we are not the primary beneficiary of these VIEs, as we do not hold unilateral power over activities that, when taken together, most significantly impact the respective VIE's economic performance. We account for our investment in these entities under the equity method. As of December 31, 2024 and 2023, the net carrying amounts of our investment in these entities were $82.0 million and $87.3 million, which were included in "Investments in unconsolidated real estate ventures" in our consolidated balance sheets. Our equity in the income of unconsolidated VIEs was included in "Loss from unconsolidated real estate ventures, net" in our consolidated statements of operations. Our maximum loss exposure in these entities is limited to our investments, construction commitments and debt guarantees. See Note 21 for additional information.

Consolidated VIEs

JBG SMITH LP is our most significant consolidated VIE. We hold 86.0% of the limited partnership interest in JBG SMITH LP, act as the general partner and exercise full responsibility, discretion and control over its day-to-day management. The noncontrolling interests of JBG SMITH LP do not have substantive liquidation rights, substantive kick-out rights without cause or substantive participating rights that could be exercised by a simple majority of noncontrolling interest limited partners (including by such a limited partner unilaterally). Because the noncontrolling interest holders do not have these rights, JBG SMITH LP is a VIE. As general partner, we have the power to direct the activities of JBG SMITH LP that most significantly affect its economic performance, and through our majority interest, we have both the right to receive benefits from and the obligation to absorb losses of JBG SMITH LP. Accordingly, we are the primary beneficiary of JBG SMITH LP and consolidate it in our financial statements. Because we conduct our business through JBG SMITH LP, its total assets and liabilities comprise substantially all of our consolidated assets and liabilities.

In March 2021, we leased the land underlying 1900 Crystal Drive located in National Landing to a lessee, which constructed an 808-unit multifamily asset comprising two towers, The Grace and Reva, with ground floor retail. The ground lessee engaged us to be the development manager for the construction of 1900 Crystal Drive, and separately, we were the lessee in a master lease of the asset. In June 2024, we acquired the ground lessee's interest in 1900 Crystal Drive for $26.6 million of which $4.7 million was a reduction of "Noncontrolling interests" in our consolidated balance sheet.

In December 2021, we leased the land underlying 2000 South Bell Street and 2001 South Bell Street ("2000/2001 South Bell Street") located in National Landing to a lessee, which is constructing a 775-unit multifamily asset comprising two towers, Valen and The Zoe, with ground floor retail. The ground lessee engaged us to be the development manager for the construction of 2000/2001 South Bell Street, and separately, we were the lessee in a master lease of the asset. In December

2024, we acquired the ground lessee's interest in 2000/2001 South Bell Street for $22.8 million of which $14.3 million was a reduction of "Noncontrolling interests" in our consolidated balance sheet.

As of December 31, 2023, we determined that 1900 Crystal Drive and 2000/2001 South Bell Street were VIEs and that we were the primary beneficiary of the VIEs. Accordingly, we consolidated the VIEs with the lessee's ownership interest shown as "Noncontrolling interests" in our consolidated balance sheet. As of December 31, 2023, we consolidated 1900 Crystal Drive and 2000/2001 South Bell Street with total assets of $503.2 million, and liabilities of $293.3 million. VIE assets primarily consisted of construction in progress and VIE liabilities primarily consisted of mortgage loans. As of December 31, 2024, as a result of the above transactions, 1900 Crystal Drive and 2000/2001 South Bell Street were no longer VIEs.