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Redeemable Noncontrolling Interests

3 Months Ended

Mar. 31, 2025

9.Redeemable Noncontrolling Interests

OP Units held by persons other than JBG SMITH are redeemable for cash or, at our election, our common shares, subject to certain limitations. Vested LTIP Units are redeemable into OP Units. During the three months ended March 31, 2025 and 2024, unitholders redeemed 647,387 and 468,081 OP Units, which we elected to redeem for an equivalent number of our common shares. As of March 31, 2025, outstanding OP Units and redeemable LTIP Units totaled 13.9 million, representing a 16.0% ownership interest in JBG SMITH LP. Our OP Units and certain vested LTIP Units are presented at the higher of their redemption value or their carrying value, with adjustments to the redemption value recognized in

"Additional paid-in capital" in our balance sheets. Redemption value per OP Unit is equivalent to the market value of one common share at the end of the period.

The following is a summary of the activity of redeemable noncontrolling interests:


	Three Months Ended March 31,
	2025		2024

	(In thousands)
Balance, beginning of period	$	423,632	$	440,737
Redemptions		(9,719)		(7,875)
LTIP Units issued in lieu of cash compensation ⁽¹⁾		2,074		2,983
Net loss		(7,978)		(4,534)
Other comprehensive income (loss)		(1,884)		2,026
Distributions		—		(2,931)
Share-based compensation expense		6,160		8,950
Adjustment to redemption value		5,951		(3,827)
Balance, end of period	$	418,236	$	435,529

(1)	See Note 11 for additional information.