Schedule III - REAL ESTATE AND ACCUMULATED DEPRECIATION

12 Months Ended

Dec. 31, 2024

REAL ESTATE AND ACCUMULATED DEPRECIATION

REAL ESTATE AND ACCUMULATED DEPRECIATION

SCHEDULE III

JBG SMITH PROPERTIES

REAL ESTATE AND ACCUMULATED DEPRECIATION

December 31, 2024

(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
WestEnd25	$	97,500	$	67,049	$	5,039	$	116,329	$	69,232	$	119,185	$	188,417	$	47,525	2009	2007
F1RST Residences		77,512		31,064		133,256		2,108		31,091		135,337		166,428		25,961	2017	2019
1221 Van Street		87,253		27,386		63,775		28,998		28,300		91,859		120,159		28,210	2018	2017
RiverHouse Apartments		307,710		118,421		125,078		105,270		139,440		209,329		348,769		106,580	1960	2007
The Bartlett		217,453		41,687		—		229,600		42,018		229,269		271,287		52,462	2016	2007
220 20th Street		80,240		8,434		19,340		104,456		9,044		123,186		132,230		52,846	2009	2017
West Half		—		45,668		17,902		166,379		49,130		180,819		229,949		53,498	2019	2017
The Wren		110,045		14,306		—		141,480		17,780		138,006		155,786		29,850	2020	2017
900 W Street		—		21,685		5,162		39,256		22,182		43,921		66,103		10,932	2020	2017
901 W Street		—		25,992		8,790		66,244		26,956		74,070		101,026		17,317	2020	2017
The Batley		—		44,315		158,408		834		44,421		159,136		203,557		17,979	2019	2021
2221 S. Clark-Residential		—		6,185		16,981		37,288		6,545		53,909		60,454		18,848	1964	2002
Atlantic Plumbing		—		50,287		105,483		938		50,345		106,363		156,708		11,328	2016	2022
The Grace		136,536		7,989		25,276		180,976		11,823		202,418		214,241		8,253	2023	2002
Reva		137,084		8,822		27,911		177,762		13,053		201,442		214,495		7,461	2024	2002
Commercial Operating Assets
2121 Crystal Drive		—		21,503		87,329		67,691		24,697		151,826		176,523		70,046	1985	2002
2345 Crystal Drive		—		23,126		93,918		62,235		24,287		154,992		179,279		87,768	1988	2002
2231 Crystal Drive		—		20,611		83,705		35,060		22,062		117,314		139,376		67,476	1987	2002
1550 Crystal Drive		—		22,182		70,525		190,420		42,796		240,331		283,127		78,387	1980, 2020	2002
2011 Crystal Drive		—		18,940		76,921		63,490		19,976		139,375		159,351		71,716	1984	2002
2451 Crystal Drive		—		11,669		68,047		53,547		12,594		120,669		133,263		64,550	1990	2002
1235 S. Clark Street		75,140		15,826		56,090		31,131		16,753		86,294		103,047		50,889	1981	2002
241 18th Street S.		—		13,867		54,169		66,124		24,076		110,084		134,160		62,564	1977	2002
251 18th Street S.		—		12,305		49,360		63,663		15,589		109,739		125,328		62,899	1975	2002
1215 S. Clark Street		105,000		13,636		48,380		56,057		14,419		103,654		118,073		59,848	1983	2002
201 12th Street S.		—		8,432		52,750		31,370		9,126		83,426		92,552		50,136	1987	2002
800 North Glebe Road		—		28,168		140,983		6,538		28,168		147,521		175,689		37,432	2012	2017
1225 S. Clark Street		85,000		11,176		43,495		39,790		11,825		82,636		94,461		43,984	1982	2002
1901 South Bell Street		—		—		36,918		(30,382)		85		6,451		6,536		506	1968	2002
200 12th Street S.		—		8,016		30,552		15,911		8,483		45,996		54,479		28,648	1985	2002
Crystal Drive Retail		—		9,300		29,774		(7,300)		8,325		23,449		31,774		16,579	2003	2004
One Democracy Plaza		—		—		33,628		(27,064)		71		6,493		6,564		3,138	1987	2002
1770 Crystal Drive		—		10,771		44,276		72,945		14,416		113,576		127,992		19,183	1980, 2020	2002
Ground Leases
1700 M Street		—		34,178		46,938		(26,130)		54,986		—		54,986		—	2024	2002, 2006
1831/1861 Wiehle Avenue		—		39,529		—		3,677		43,206		—		43,206		—	1984	2017
Under-Construction Assets
2000/2001 South Bell Street (5)		167,301		7,300		8,805		301,810		4,716		313,199		317,915		937	2024	2002
Development Pipeline		—		183,303		97,533		46,277		147,156		179,957		327,113		48,400		various
Corporate
Corporate		805,000		—		—		17,039		—		17,039		17,039		5,847		2017
		2,488,774		1,033,128		1,966,497		2,531,817		1,109,172		4,422,270		5,531,442		1,419,983
Held for sale
8001 Woodmont		99,959		28,621		180,775		(18,833)		28,158		162,405		190,563		765	2021	2022
	$	2,588,733	$	1,061,749	$	2,147,272	$	2,512,984	$	1,137,330	$	4,584,675	$	5,722,005	$	1,420,748

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 $657.3 million higher than the amounts reported in our consolidated balance sheet as of December 31, 2024.

(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 November 2024, a portion of 2000/2001 South Bell Street was placed into service.

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

	Year Ended December 31,
	2024		2023		2022
Real Estate: (1)
Balance at beginning of the year	$	5,875,162	$	6,158,082	$	6,310,361
Acquisitions		—		—		365,166
Additions		202,602		347,757		352,034
Assets sold or written‑off		(249,016)		(444,480)		(869,479)
Real estate impaired (2)		(106,743)		(186,197)		—
Balance at end of the year	$	5,722,005	$	5,875,162	$	6,158,082
Accumulated Depreciation:
Balance at beginning of the year	$	1,338,403	$	1,335,000	$	1,368,012
Depreciation expense		191,020		187,988		184,678
Accumulated depreciation on assets sold or written‑off		(57,359)		(88,614)		(217,690)
Accumulated depreciation on real estate impaired (2)		(51,316)		(95,971)		—
Balance at end of the year	$	1,420,748	$	1,338,403	$	1,335,000

(1) Includes assets held for sale.

(2) In 2024, we determined that 1901 South Bell Street, 2101 L Street, 8001 Woodmont and two development parcels were impaired and recorded an impairment loss totaling $55.4 million. 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. See Note 19 to the consolidated financial statements for additional information. 2100 Crystal Drive and 2200 Crystal were taken out of service and subsequently reported in the development pipeline in 2024.