Schedule III - REAL ESTATE AND ACCUMULATED DEPRECIATION

12 Months Ended

Dec. 31, 2025

REAL ESTATE AND ACCUMULATED DEPRECIATION

REAL ESTATE AND ACCUMULATED DEPRECIATION

SCHEDULE III

JBG SMITH PROPERTIES

REAL ESTATE AND ACCUMULATED DEPRECIATION

December 31, 2025

(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
F1RST Residences		$	77,512		$	31,064		$	133,256		$	3,731		$	31,091		$	136,960		$	168,051		$	30,952		2017		2019
1221 Van Street			86,994			27,386			63,775			29,278			28,294			92,145			120,439			31,135		2018		2017
RiverHouse Apartments			258,936			118,421			125,078			88,207			139,452			192,254			331,706			93,511		1960		2007
The Bartlett			216,807			41,687			—			229,764			42,677			228,774			271,451			58,123		2016		2007
220 20th Street			80,002			8,434			19,340			101,914			9,050			120,638			129,688			52,997		2009		2017
West Half			—			45,668			17,902			168,321			49,073			182,818			231,891			61,010		2019		2017
The Wren			110,045			14,306			—			141,430			17,780			137,956			155,736			35,041		2020		2017
900 W Street			—			21,685			5,162			38,676			22,182			43,341			65,523			12,639		2020		2017
901 W Street			—			25,992			8,790			65,771			27,013			73,540			100,553			20,094		2020		2017
2221 S. Clark-Residential			—			6,185			16,981			37,049			6,547			53,668			60,215			20,696		1964		2002
Atlantic Plumbing			—			50,287			105,483			1,118			50,345			106,543			156,888			15,998		2016		2022
The Grace			136,536			7,989			25,276			186,128			11,936			207,457			219,393			17,825		2023		2002
Reva			137,084			8,822			27,911			179,901			13,215			203,419			216,634			16,722		2024		2002
The Zoe			95,029			3,449			4,160			152,842			5,361			155,090			160,451			7,728		2024		2002
Valen			99,063			3,851			4,645			174,575			7,060			176,011			183,071			3,158		2025		2002
Commercial Operating Assets
2121 Crystal Drive			—			21,503			87,329			69,537			24,005			154,364			178,369			74,096		1985		2002
2345 Crystal Drive			—			23,126			93,918			56,489			24,298			149,235			173,533			86,994		1988		2002
2231 Crystal Drive			—			20,611			83,705			28,506			21,909			110,913			132,822			66,599		1987		2002
1550 Crystal Drive			—			22,182			70,525			189,647			42,947			239,407			282,354			86,372		1980, 2020		2002
2011 Crystal Drive			—			18,940			76,921			91,773			20,017			167,617			187,634			67,529		1984		2002
2451 Crystal Drive			—			11,669			68,047			51,562			12,600			118,678			131,278			67,171		1990		2002
1235 S. Clark Street			73,679			15,826			56,090			28,323			16,762			83,477			100,239			50,886		1981		2002
241 18th Street S.			—			13,867			54,169			62,065			24,084			106,017			130,101			64,423		1977		2002
251 18th Street S.			—			12,305			49,360			63,453			15,596			109,522			125,118			60,974		1975		2002
1215 S. Clark Street			105,000			13,636			48,380			54,935			14,427			102,524			116,951			63,280		1983		2002
201 12th Street S.			—			8,432			52,750			24,589			9,145			76,626			85,771			45,748		1987		2002
800 North Glebe Road			—			28,168			140,983			6,981			28,168			147,964			176,132			42,290		2012		2017
1225 S. Clark Street			85,000			11,176			43,495			38,286			11,831			81,126			92,957			44,850		1982		2002
1901 South Bell Street			—			—			36,918			(30,707)			85			6,126			6,211			1,757		1968		2002
200 12th Street S.			—			8,016			30,552			15,116			8,488			45,196			53,684			29,551		1985		2002
Crystal Drive Retail			—			9,300			29,774			(10,890)			6,439			21,745			28,184			14,580		2003		2004
One Democracy Plaza			—			—			33,628			(28,087)			71			5,470			5,541			2,952		1987		2002
1770 Crystal Drive			—			10,771			44,276			73,028			14,470			113,605			128,075			24,174		1980, 2020		2002
1101 17th Street			59,902			23,958			5,030			175			23,958			5,205			29,163			305		1964		2025
Tysons Dulles Plaza			—			8,376			17,621			199			8,382			17,814			26,196			1,463		1988		2025
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
Development Pipeline			—			102,475			30,051			8,289			96,044			44,771			140,815			1,008				various
Other Land Assets ⁽⁵⁾			—			46,565			43,892			62,382			36,973			115,866			152,839			27,934				various
Corporate
Corporate			925,000			—			—			15,305			—			15,305			15,305			6,076				2017
		$	2,546,589		$	919,835		$	1,802,111		$	2,447,208		$	1,019,967		$	4,149,187		$	5,169,154		$	1,408,641

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 $878.8 million higher than the amounts reported in our consolidated balance sheet as of December 31, 2025.

(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, when applicable.

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

(5)	Includes unentitled land parcels and land parcels controlled through an option agreement.

The following table reconciles real estate and accumulated depreciation:


		Year Ended December 31,
		2025			2024			2023
Real Estate: ⁽¹⁾
Balance at beginning of the year		$	5,722,005		$	5,875,162		$	6,158,082
Acquisitions			61,407			—			—
Additions			121,068			202,602			347,757
Assets sold or written‑off			(665,287)			(249,016)			(444,480)
Real estate impaired ⁽²⁾			(70,039)			(106,743)			(186,197)
Balance at end of the year		$	5,169,154		$	5,722,005		$	5,875,162
Accumulated Depreciation:
Balance at beginning of the year		$	1,420,748		$	1,338,403		$	1,335,000
Depreciation expense			172,508			191,020			187,988
Accumulated depreciation on assets sold or written‑off			(159,643)			(57,359)			(88,614)
Accumulated depreciation on real estate impaired ⁽²⁾			(24,972)			(51,316)			(95,971)
Balance at end of the year		$	1,408,641		$	1,420,748		$	1,338,403

(1)	Includes assets held for sale.

(2)

In 2025, we determined that The Batley, 2200 Crystal Drive and a development parcel were impaired and recorded an impairment loss totaling $45.1 million on these assets. 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.