JBG SMITH Properties

Transaction volumes were gradually building, debt costs had moderated from 2024 peaks, and interest rates appeared to be gradually declining.

SEC original ↗JBG SMITH Properties — Earnings release (8-K exhibit)EX-99May 5, 2026

As of March 31, 2026, our Net Debt to Annualized Adjusted EBITDA was 12.7x.

SEC original ↗JBG SMITH Properties — Earnings release (8-K exhibit)EX-99May 5, 2026

Our floating rate exposure remains low, with 83.9% of our debt fixed or hedged as of the end of the first quarter, after accounting for in-place interest rate swaps and caps.

SEC original ↗JBG SMITH Properties — Earnings release (8-K exhibit)EX-99May 5, 2026

The floating rate exposure is tied to our revolving credit facility and assets where the business plan warrants preserving flexibility.

SEC original ↗JBG SMITH Properties — Earnings release (8-K exhibit)EX-99May 5, 2026

We continue to be well positioned with respect to our near-term debt maturities.

SEC original ↗JBG SMITH Properties — Earnings release (8-K exhibit)EX-99May 5, 2026

Our debt has a weighted average maturity of 2.6 years, after adjusting for by-right extension options.

SEC original ↗JBG SMITH Properties — Earnings release (8-K exhibit)EX-99May 5, 2026

Our near-term outlook for both the recovery of operating fundamentals and transaction markets remains judicious, and our strategic priorities are unchanged.

SEC original ↗JBG SMITH Properties — Earnings release (8-K exhibit)EX-99May 5, 2026

We continue to focus on disciplined capital allocation, balance sheet flexibility, and maximizing long-term NAV per share growth.

SEC original ↗JBG SMITH Properties — Earnings release (8-K exhibit)EX-99May 5, 2026

This strategic joint venture follows through on our plan to attract private capital partners to scale and diversify our distressed office investment strategy while also enhancing the efficiency of our platform with incremental fee revenue and potential carried interest income.

SEC original ↗JBG SMITH Properties — Earnings release (8-K exhibit)EX-99May 5, 2026

1 Capital Allocation Our capital allocation strategy remains anchored in our core objective: maximizing long-term NAV per share growth.

SEC original ↗JBG SMITH Properties — Earnings release (8-K exhibit)EX-99May 5, 2026

Alternatively, during cycles marked by strong private-market demand, we have focused on monetizing multifamily assets often at premiums to NAV creating efficient sources of capital for opportunistic investments.

SEC original ↗JBG SMITH Properties — Earnings release (8-K exhibit)EX-99May 5, 2026

Geopolitical uncertainty has further bolstered the prudence of long-term defense and intelligence budgets which disproportionately benefit Northern Virginia with its inventory of secure spaces and deep repository of national security talent.

SEC original ↗JBG SMITH Properties — Earnings release (8-K exhibit)EX-99May 5, 2026

The durability of our demand drivers, combined with our mixed-use, amenity-rich portfolio in high-barrier-to-entry submarkets, positions us well to navigate ongoing macro uncertainty.

SEC original ↗JBG SMITH Properties — Earnings release (8-K exhibit)EX-99May 5, 2026

They represent our intentions, plans, expectations and beliefs and are subject to numerous assumptions, risks and uncertainties.

SEC original ↗JBG SMITH Properties — Earnings release (8-K exhibit)EX-99May 5, 2026

For further discussion of factors that could materially affect the outcome of our forward-looking statements and other risks and uncertainties, see "Risk Factors," "Management s Discussion and Analysis of Financial Condition and Results of Operations" and the Cautionary Statement Concerning Forward-Looking Statements in the Company s Annual Report on Form 10-K for the year ended December 31, 2025 and other periodic reports the Company files with the Securities and Exchange Commission.

SEC original ↗JBG SMITH Properties — Earnings release (8-K exhibit)EX-99May 5, 2026

Adjusted EBITDA represents EBITDAre adjusted for items we believe are not representative of ongoing operating results, such as Transaction and Other Costs, gain (loss) on the extinguishment of debt, earnings (losses) and distributions in excess of our investment in unconsolidated real estate ventures, lease liability adjustments, litigation costs and income (loss) from investments.

SEC original ↗JBG SMITH Properties — Earnings release (8-K exhibit)EX-99May 5, 2026

Core FFO represents FFO adjusted to exclude items which we believe are not representative of ongoing operating results, such as Transaction and Other Costs , gain (loss) on the extinguishment of debt, earnings (losses) and distributions in excess of our investment in unconsolidated real estate ventures, lease liability adjustments, litigation costs, income (loss) from investments, amortization of the management contracts intangible and the mark-to-market of derivative instruments, including our share of such adjustments for unconsolidated real estate ventures.

SEC original ↗JBG SMITH Properties — Earnings release (8-K exhibit)EX-99May 5, 2026