Schedule III - Real Estate and Accumulated Deprecation

12 Months Ended

Dec. 31, 2017

SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Abstract]

SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure

SCHEDULE III

JBG SMITH PROPERTIES

REAL ESTATE AND ACCUMULATED DEPRECIATION

December 31, 2017

			Initial Cost to Company							Gross Amounts at Which Carried at Close of Period
Description	Encumbrances(1)		Land and Improvements		Buildings and Improvements		Costs Capitalized Subsequent to Acquisition(2)			Land and Improvements		Buildings and Improvements		Total		Accumulated Depreciation and Amortization		Date of Construction(3)	Date Acquired
Office Operating Assets
Universal Buildings	$	184,357	$	69,393	$	143,320	$	22,547		$	68,612	$	166,648	$	235,260	$	48,187	1956	2007
2101 L Street	140,493		32,815		51,642		83,766			39,768		128,455		168,223		40,822		1975	2003
Bowen Building	—		30,077		98,962		6,238			30,176		105,101		135,277		32,854		1922	2005
1730 M Street	—		10,095		17,541		16,111			10,687		33,060		43,747		12,537		1964	2002
1233 20th Street	42,684		30,505		23,130		338			30,505		23,468		53,973		735		1984	2017
Executive Tower	—		33,481		67,363		9,306			34,178		75,972		110,150		13,180		2001	2011
1600 K Street	—		19,870		10,308		193			19,870		10,501		30,371		402		1950	2017
Courthouse Plaza 1 and 2	2,000		—		105,475		56,173			—		161,648		161,648		67,974		1989	2002
2345 Crystal Drive	—		23,126		93,918		35,612			23,546		129,110		152,656		54,253		1988	2002
2121 Crystal Drive	139,134		21,503		87,329		47,790			21,934		134,688		156,622		65,256		1985	2002
1550 Crystal Drive	—		22,182		70,525		19,796			21,585		90,918		112,503		37,886		1980	2002
RTC - West	107,720		30,326		134,108		(110		)	30,397		133,927		164,324		3,330		1988	2017
2231 Crystal Drive	—		20,611		83,705		18,856			21,001		102,171		123,172		38,807		1987	2002
2011 Crystal Drive	—		18,940		76,921		33,139			18,871		110,129		129,000		45,263		1984	2002
2451 Crystal Drive	—		16,755		68,047		27,307			17,090		95,019		112,109		35,934		1990	2002
Commerce Executive	—		13,401		58,705		26,122			13,140		85,088		98,228		33,829		1987	2002
1235 S. Clark Street	78,000		15,826		56,090		27,075			16,189		82,802		98,991		30,358		1981	2002
241 18th Street S.	—		13,867		54,169		25,164			14,894		78,306		93,200		30,915		1977	2002
251 18th Street S.	35,792		12,305		49,360		50,928			12,809		99,784		112,593		34,678		1975	2002
1215 S. Clark Street	34,299		13,636		48,380		54,196			13,926		102,286		116,212		27,373		1983	2002
201 12th Street S.	—		14,766		52,750		22,680			15,036		75,160		90,196		27,838		1987	2002
800 North Glebe Road	107,500		28,168		140,983		2,182			28,168		143,165		171,333		2,737		2012	2017
1225 S. Clark Street	—		11,176		43,495		19,649			11,413		62,907		74,320		23,247		1982	2002
2200 Crystal Drive	—		13,104		30,050		32,798			13,378		62,574		75,952		18,075		1968	2002
1901 South Bell Street	—		11,669		36,918		22,584			11,669		59,502		71,171		24,931		1968	2002
2100 Crystal Drive	—		10,287		23,590		31,712			10,520		55,069		65,589		22,490		1968	2002
200 12th Street S.	17,227		8,016		30,552		19,423			8,186		49,805		57,991		18,490		1985	2002
2001 Jefferson Davis Highway	—		7,300		16,746		11,297			7,281		28,062		35,343		10,135		1967	2002
Summit I	29,500		7,317		30,626		379			7,317		31,005		38,322		662		1987	2017
Summit II	29,500		5,535		28,463		332			5,535		28,795		34,330		741		1986	2017
1800 South Bell Street	—		—		28,702		7,220			—		35,922		35,922		14,835		1969	2002
Crystal City Shops at 2100	—		4,059		9,309		5,229			4,049		14,548		18,597		5,611		1968	2002
Wiehle Avenue Office Building	—		—		96		—			—		96		96		48		1984	2017
1831 Wiehle Avenue	—		—		—		24			—		24		24		2		1983	2017
Crystal Drive Retail	—		—		20,465		6,034			55		26,444		26,499		12,133		2003	2004
7200 Wisconsin Avenue	83,130		34,683		92,059		885			34,683		92,944		127,627		1,763		1986	2017
One Democracy Plaza	—		—		33,628		6,572			—		40,200		40,200		21,915		1987	2002
4749 Bethesda Avenue Retail	—		—		11,830		2,664			—		14,494		14,494		—		2016	2017
RTC - West Retail	—		2,894		—		7,011			2,894		7,011		9,905		103		2017	2017
Office Construction Assets
1900 N Street	—		—		8,865		86,336			—		95,201		95,201		—			2017
CEB Tower at Central Place	178,783		—		230,280		117,898			—		348,178		348,178		—			2017
4747 Bethesda Avenue	—		—		10,040		46,782			—		56,822		56,822		—			2017
Multifamily Operating Assets
Fort Totten Square	73,600		24,390		90,404		566			24,390		90,970		115,360		1,785		2015	2017
WestEnd25	99,456		67,049		5,039		109,922			68,201		113,809		182,010		23,983		2009	2007
RiverHouse Apartments	307,710		118,421		125,078		82,825			138,763		187,561		326,324		56,476		1960	2007
The Bartlett	220,000		41,687		—		224,805			41,687		224,805		266,492		10,074		2016	2007
220 20th Street	—		8,434		19,340		99,259			8,693		118,340		127,033		27,749		2009	2017
2221 South Clark Street	—		7,405		16,981		41,598			7,386		58,598		65,984		4,109		1964	2002

			Initial Cost to Company							Gross Amounts at Which Carried at Close of Period
Description	Encumbrances(1)		Land and Improvements		Buildings and Improvements		Costs Capitalized Subsequent to Acquisition(2)			Land and Improvements		Buildings and Improvements		Total		Accumulated Depreciation and Amortization		Date of Construction(3)	Date Acquired
Falkland Chase - South & West	41,976		18,530		44,232		107			18,530		44,339		62,869		910		1938	2017
Falkland Chase - North	22,566		9,810		22,706		6			9,810		22,712		32,522		477		1938	2017
Multifamily Construction Assets
West Half	1,338		—		17,902		69,424			—		87,326		87,326		—			2017
965 Florida Avenue	—		—		—		22,665			—		22,665		22,665		—			2017
1221 Van Street	59,194		—		63,775		46,834			—		110,609		110,609		1			2017
Atlantic Plumbing C	—		—		13,952		63,269			—		77,221		77,221		—			2017
Other Operating Assets
North End Retail	—		5,847		9,333		(107		)	5,847		9,226		15,073		179		2015	2017
Vienna Retail	—		1,763		641		41			1,763		682		2,445		213		1981	2005
Crystal City Marriott Hotel	—		8,000		47,191		12,595			8,224		59,562		67,786		20,529		1968	2004
Future Development Assets
Metropolitan Park 6-8	—		65,259		1,326		26,574			82,898		10,261		93,159		27			2007
Pen Place - Land Parcel	—		104,473		55		(32,322		)	61,970		10,236		72,206		—			2007
1700 M Street Dev	—		34,178		46,938		(26,487		)	34,183		20,446		54,629		—			2002, 2006
Capitol Point - North	—		32,730		—		147			32,846		31		32,877		—			2017
Potomac Yard Land Bay G - Parcels A - F	—		20,318		—		132			20,318		132		20,450		—			2017
Square 649	—		15,550		6,451		(2,328		)	12,803		6,870		19,673		367			2005
Other Future Development Assets	—		140,919		112,653		(9,091		)	170,620		73,861		244,481		62			2017
Corporate	—		—		—		21,939			—		21,939		21,939		4,060			2017
	2,035,959		1,332,451		2,922,442		1,762,611			1,368,294		4,649,210		6,017,504		1,011,330
Held for sale:
Summit II	—		1,699		—		—			1,699		—		1,699		—			2017
Potomac Yard Land Bay G - Parcel G	—		6,594		—		—			6,594		—		6,594		—			2017
	—		8,293		—		—			8,293		—		8,293		—
	$	2,035,959	$	1,340,744	$	2,922,442	$	1,762,611		$	1,376,587	$	4,649,210	$	6,025,797	$	1,011,330

_______________

Note: Depreciation of the buildings and improvements is calculated over lives ranging from the life of the lease to 40 years. As of December 31, 2017, the cost of real estate, net of accumulated depreciation, for federal income tax purposes was approximately $3.5 billion.

⁽¹⁾  Represents the contractual debt obligations.

⁽²⁾  Includes asset impairments recognized and amounts written off in connection with redevelopment activities.

⁽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,
	2017			2016			2015
	(In thousands)
Real Estate:
Balance at beginning of the year	$	4,155,391		$	4,038,206		$	3,809,213
Additions during the year:
Land and improvements	428,702			—			—
Buildings and improvements	1,489,409			217,261			252,113
Held for sale	8,293			—			—
Less: Assets written‑off	(55,998		)	(100,076		)	(23,120		)
Balance at end of the year	$	6,025,797		$	4,155,391		$	4,038,206
Accumulated Depreciation:
Balance at beginning of period	$	930,769		$	908,233		$	797,806
Additions charged to operating expenses	136,559			122,612			133,582
Less: Accumulated depreciation on assets written‑off	(55,998		)	(100,076		)	(23,155		)
Balance at end of period	$	1,011,330		$	930,769		$	908,233