JBG SMITH Properties : 2Q21 Investor Package

August 3, 2021

To Our Fellow Shareholders:

The pandemic continues to evolve daily, and while we are optimistic about the future, given the rapid rise of new COVID-19 infections and the prevalence of new variants, uncertainty and unpredictably persist. Fortunately, the DC metro area is approximately 60% fully vaccinated, and market fundamentals have improved significantly in the past few months. Most important, the demand tailwinds driving our performance have only strengthened, and our long- term growth trajectory remains very much on track.

Amazon's accelerated hiring pace continues to be a significant growth catalyst in National Landing. To

date, Amazon has made great strides on the job creation front in National Landing, hiring over 1,600 employees, and is on track to surpass its minimum commitment to the Commonwealth of Virginia of 3,544 new hires by year end 2021. We believe this robust hiring, coupled with Amazon's recently announced return-to-work plan, which requires that all corporate employees be physically present in the office at least three days per week for 11 months of the year, bodes very well for the continued growth of National Landing. To accommodate this surge in hiring, in the second quarter, Amazon leased 167,000 square feet of additional short-term space in National Landing, bringing the total existing office space leased from JBG SMITH to 1.0 million square feet. This reflects not only their strong hiring pace, but also our expectation that they will occupy a combination of both owned and leased space as HQ2 continues to grow. We remain on pace with the under-construction 2.1 million square foot Metropolitan Park and continue to advance the entitlements of the planned Pen Place, which includes the iconic Helix building.

Virginia Tech continues to expand its commitment in National Landing, partnering with aircraft manufacturer Boeing, which has committed to provide Virginia Tech with $50 million to support the $1 billion Innovation Campus. Virginia Tech expects to commence in-personinstruction in National Landing in the fall, which we believe will cement the Innovation Campus as a talent incubator for corporations looking to relocate to the submarket.

Fundamentals continue to improve within our commercial and multifamily portfolios. Tour activity in our commercial portfolio over the past several months has ranged from 50 to 75% of pre-pandemiclevels, and we leased more space in June than in any month since the start of the pandemic, both strong indicators that the market is finally making a comeback. Asking rents in our multifamily portfolio have almost fully recovered, now only 2% below March 2020 levels.

Year-to-date we have commenced marketing over $400 million of non-core assets, and plan to launch

additional assets for sale in the coming months. We are beginning to see early indications that the capital markets are open for business, with private institutions representing a new and significant driver of available capital. This should ultimately support asset values, but it's still too early to tell where pricing will land.

100% of our 5.0 million square foot Near-Term Development Pipeline is either fully entitled or has been

submitted for final entitlements. During the second quarter, we secured final entitlements for two multifamily buildings in National Landing, 2000 and 2001 South Bell Street. With these approvals, approximately 45% of our

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5.0 million square foot Near-Term Development Pipeline is fully entitled, with the remaining 55% expected to receive final entitlement approval by the end of next year.

We partnered with AT&T and Arlington County to make National Landing the nation's first 5G Smart City at

scale. As a follow-on to our acquisition of CBRS spectrum licenses, the agreements we signed with AT&T and Arlington County are the first of several we plan to execute as part of our larger initiative to cement National Landing as one of the nation's premier innovation districts with world-class tech infrastructure, corporate, and educational anchors. These initiatives are key differentiators that make National Landing a top contender for relocation of technology companies and other businesses, paving the way for substantial growth and superior tenant retention for years to come.

We provide more detail on each of these growth drivers below in our Q2 2021 and Recent Highlights section. We also encourage you to read our updated JBG SMITH Overview section.

JBG SMITH Overview

We own and operate urban mixed-use properties concentrated in what we believe are the highest growth submarkets of the historically recession-resilient Washington, DC metro area.

Our concentration in these submarkets, our substantial portfolio of operating and development opportunities, and our market-leading platform position us to capitalize on the significant growth anticipated in our target submarkets.

>50% of our holdings are in the National Landing submarket in Northern Virginia, directly across the Potomac River from Washington, DC, where Amazon's new headquarters and Virginia Tech's planned new $1 billion Innovation Campus are located.

The Commonwealth of Virginia has incentivized Amazon to bring up to 38,000 new jobs to National Landing, which, based on data from the National Landing Business Improvement District, would increase the daytime population in the submarket from approximately 50,000 people today to nearly 90,000 people in the future, representing dramatic growth of more than 70%. Amazon has publicly indicated its intention to bring people back to the office and recently announced its return-to-work plan, requiring all corporate employees be physically present in the office at least three days per week for 11 months of the year. In Seattle, where Amazon's first headquarters is located, approximately 20% of Amazon's employees have elected to live within walking or biking distance to work, and Amazon recently announced $350 monthly stipends for employees who bike to HQ2. Using Amazon's Seattle employee patterns and preferences as a proxy for behaviors that might be expected at HQ2, 20% of employees, or up to 7,600 Amazonians, could be expected to live within the National Landing submarket. This potential influx of demand for additional multifamily units aligns well with our plans to deliver new multifamily supply to the submarket. In addition to the 808-units at 1900 Crystal Drive currently under construction, we have the potential to develop as many as 2,545 new multifamily units within our Near-Term Development Pipeline in National Landing.

While we control 77% of the existing office supply and 79% of the unencumbered development density in National Landing, the balance of our portfolio is concentrated in what we believe are the highest growth submarkets in the Washington, DC metro region, the majority of which are within a 20-minute commute of the growing technology ecosystem in National Landing.

We believe the strong technology sector tailwinds created by Amazon, the Virginia Tech Innovation Campus, and our National Landing Smart City initiative, including our recently announced 5G rollout and other connectivity enhancements with best-in-class partners, will drive substantial long-term NAV per share growth.

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