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Management Letter

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October 28, 2025

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Our Fellow Shareholders:

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The third quarter showcased our team’s ability to execute on our strategic priorities, even as the broader economic environment remained uncertain. We made meaningful progress across our portfolio, driven by strong leasing momentum, disciplined capital allocation, and the continued transformation of National Landing into a vibrant, mixed-use destination. Notably, we accelerated office leasing during a typically slow period, converting a robust pipeline of prospective tenants into signed leases – particularly in National Landing. This momentum reflects the enduring appeal of our placemaking efforts and the area’s proximity to the Pentagon, which continues to attract defense technology tenants.

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While the freeze on federal procurement activity earlier this year thawed through the second and into the third quarter, and business activity had begun to normalize and even grow, the current government shutdown has the potential to significantly disrupt that normalization. It has already impacted economic activity in our region and, if prolonged, could begin to hinder tenants’ desire to make leasing decisions, and significantly dampen regional economic activity. The uncertainty surrounding federal operations and procurement, particularly in a market as closely tied to government and defense spending as ours, poses real risks to growth and stability. We remain focused on navigating these dynamics with agility and discipline, being good partners to our customers as they try to do the same, and positioning the portfolio to weather near-term volatility and capitalize on long-term growth opportunities.

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The following are highlights from this quarter:

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Completed construction of Valen, a 355-unit multifamily tower in the heart of National Landing. This is the fourth multifamily tower we have delivered in National Landing since the beginning of 2024 for a total of almost 1,600 new units. Leasing at these new towers continues to be strong, driven by the previous lack of new supply in the submarket and demand drivers such as Amazon and the vibrant amenities we’ve created through our placemaking interventions.

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Leased 182,000 square feet of office space. Our office leasing had a weighted average lease term of 4.3 years and included 108,000 square feet of new leases in National Landing. While the third quarter is typically slower than the second and fourth quarters, demand in National Landing remains strong, driven by the growing defense tech sector’s desire for proximity to the Pentagon and the appeal of the highly amenitized neighborhood we’ve created.

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Entitled 2100 and 2200 Crystal Drive, two obsolete office buildings in National Landing, for conversion to hospitality and multifamily uses. These assets were among the first to be approved through Arlington County’s new Adaptive Reuse Policy. 2100 Crystal Drive is entitled to be converted into a 345-key, dual-brand hotel and is under contract to be sold to a hotel owner/operator. 2200 Crystal Drive was approved to be converted into approximately 195 multifamily units, and we expect to commence construction next year.

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Capital Allocation

Our capital allocation strategy remains anchored in our core objective: maximizing long-term NAV per share growth. Leveraging our deep expertise in mixed-use, urban infill real estate, we have consistently rotated across asset classes based on relative value, cost of capital, and risk-adjusted return potential. In prior cycles, we divested low cap rate CBD office and reallocated capital to multifamily development. More recently, multifamily assets have commanded relatively attractive pricing in the private market. Monetizing these assets – especially when we can achieve premiums to NAV – has provided an efficient source of capital for opportunistic investments. This disciplined approach allows us to recycle capital into opportunities that we believe offer the greatest potential for long-term NAV per share growth.

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Looking ahead, we continue to pursue new growth opportunities that align with our strategy and competitive advantages as a mixed-use owner, operator, and developer. We believe the current market dislocation is creating some of the most compelling office investment opportunities in nearly two decades, as demonstrated by our acquisition of Tysons Dulles Plaza in May. In parallel, we continue to explore opportunities to monetize our land bank and selectively recapitalize certain assets, generating incremental fee revenue and carried interest income through joint ventures with third-party investors.

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Given the substantial discount our shares have historically traded at relative to NAV, we allocated a significant amount of our capital to share repurchases. So far this year, we have repurchased 26.8 million shares at an average price of $16.52 per share, totaling $443.1 million. Since launching our share repurchase program in 2020, we have repurchased 83.6 million shares, which is approximately 62% of the shares outstanding as of December 31, 2019, at an average price of $18.79 per share, totaling $1.6 billion.

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As we have done throughout our time as a public company, we intend to fund growth opportunities through a combination of asset sales, private equity joint ventures, and selective issuances of public equity. Which of these we access at any given point in time depends upon their relative cost of capital and availability. Across all channels, our capital allocation strategy remains focused on enhancing long-term shareholder value and positioning the portfolio for sustained NAV per share growth.

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Financial and Operating Metrics

For the three months ended September 30, 2025, we reported Core FFO attributable to common shares of $9.1 million, or $0.15 per diluted share. Annualized NOI decreased 3.8% quarter over quarter, totaling $232.9 million, excluding the assets that were sold, recapitalized, and recently acquired. Our multifamily portfolio ended the quarter at 89.1% leased and 87.2% occupied. Our office portfolio ended the quarter at 77.6% leased and 75.7% occupied. Our portfolio Same Store NOI decreased 6.7% for the three months ended September 30, 2025.

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As of September 30, 2025, our Net Debt to Annualized Adjusted EBITDA was 12.6x. We are currently operating at elevated leverage levels while our newly constructed multifamily assets (The Grace, Reva, The Zoe, and Valen) lease up. We expect our leverage will moderate through: (i) additional income from the stabilization of these newly constructed multifamily assets; (ii) rent growth in our existing multifamily portfolio given the limited multifamily supply pipeline in the DC metro area; (iii) additional commercial revenue from our signed but not yet commenced leases; and (iv) office demand in National Landing from prospective tenants seeking proximity to the Pentagon, local tech talent, and the placemaking attractions we have delivered.

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Our floating rate exposure remains low, with 88.1% of our debt fixed or hedged as of the end of the third quarter, after accounting for in-place interest rate swaps and caps. The floating rate exposure is tied to our revolving credit facility and assets where the business plan warrants preserving flexibility. We continue to be well positioned with respect to our balance sheet and our debt, which has a weighted average maturity of three years, after adjusting for

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by-right extension options. Our non-recourse asset-level financing strategy continues to be most valuable in an environment like today, providing a floor on our downside risk.

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Operating Portfolio

Multifamily Trends

Our Same Store multifamily portfolio ended the quarter at 93.1% leased, down 1.6%, and 92.2% occupied, down 0.6% quarter over quarter. In our Same Store multifamily portfolio, effective rents increased 2.2% blended across both new and renewal leases while achieving a 56.3% renewal rate. Our multifamily portfolio Same Store NOI decreased 2.2% for the three months ended September 30, 2025, driven by lower occupancy and increased operating expenses.

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This quarter, we completed construction of Valen, a 355-unit multifamily tower with 11,000 square feet of ground floor retail in the heart of National Landing which began leasing during the second quarter and is approximately 29% leased as of this week. We continue to make progress leasing The Grace and Reva, which were 82.5% leased, and The Zoe, which was 50.8% leased, as of September 30, 2025. Since Amazon brought their employees back to the office five days a week on January 2^nd, we have seen a 40% increase in the number of Amazonians living in our National Landing multifamily portfolio. We believe that the amenity-rich environment we have developed in National Landing and proximity to transit are key factors contributing to the successful leasing performance.

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DC Metro Multifamily Trends (based on CoStar, Apartment List, and BLS data)

Multifamily rent growth and occupancy across the DC metro area remained relatively flat with occupancy at approximately 94%, despite a sharp slowdown in new deliveries – approximately 10,000 units year-to-date, the lowest level in the past decade – and only one new start within our submarkets this quarter. While a seasonal slowdown following the summer is normal, the larger-than-normal loss in occupancy and a continuation of a deceleration in rent growth that have persisted since the spring has us monitoring the health of the market closely. We take solace in the fact that new construction starts dwindled materially through 2023, 2024, and 2025 leaving the next few years with historically limited new deliveries – ideal conditions for tightened occupancy and strong rent growth as long as the demand side cooperates. Additionally, the market is bolstered by the structurally limited inventory of new for-sale housing and resulting high prices, as well as the potential for strong growth in sectors like defense and technology – which are increasingly relevant in the region’s growth story and likely to benefit from federal spending priorities post-shutdown.

In the near term, we expect demand to remain tepid at a regional level due to disruptions and uncertainty around the federal government and its all-important procurement spending. As of the August BLS print, the region is essentially flat year-over-year from an employment perspective and down about 13,000 jobs from the beginning of the year. In contrast, by last August we had already added approximately 21,000 jobs making this year a significant reversal in trajectory even if the absolute numbers are somewhat modest in the scale of the overall economy. The reversal to date may not be the extent of the economic impact, however, as federal employees who took the “fork in the road” buyouts were paid through September 30^th, with their resignations becoming effective on that day. These numbers also do not factor in any additional impacts from a long-term federal government shutdown – all to say that the demand picture through the end of the year remains uncertain.

Office Trends

Our office portfolio ended the quarter at 77.6% leased, up 1.1% quarter over quarter, and 75.7% occupied, up 0.9% quarter over quarter. The spread between our leased and occupied percentages represents over $7.5 million of contractual annualized rent which is expected to commence by the end of next year. In the third quarter, we executed 182,000 square feet of leases with a weighted average lease term of 4.3 years. For second generation leases, the rental rate mark-to-market was positive 11.1%.

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Leasing activity continued to be strong during the third quarter when we typically see a slowdown relative to the second quarter. Leasing in National Landing continues to be driven primarily by office users who fall into three categories: (i) companies who need SCIF/secure facility space; (ii) technology-related new tenants largely attracted by the recent delivery of our placemaking interventions; and (iii) defense-related tenants who have long called this submarket home. 100% of our third quarter leasing activity and approximately 95% of our year-to-date leasing activity was with tenants in the defense and technology industries. Demand for SCIF spaces that meet the current standard is particularly strong, and the ability to deliver new SCIF or assign existing SCIF is often a major differentiator in our tenant conversations. Looking forward, we have modest lease roll over the next five years in National Landing, averaging approximately 6% per year, and we expect our retention rate to improve given approximately 70% of our tenancy in our National Landing portfolio comprises defense-tech tenants.

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Our leasing efforts continue to focus on buildings with long-term potential, concentrating occupancy in areas of National Landing that we have enhanced through our placemaking interventions and that are accessible via multi-modal transportation. In total, we will have taken over 1.0 million square feet of obsolete office space out of service in National Landing. Our rationale for reducing competitive stock in National Landing remains the same: to help foster a healthier long-term office market while repurposing older, underutilized buildings for redevelopment or conversion to multifamily housing, hospitality, or other complimentary uses that will support a vibrant mixed-use environment.

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Northern Virginia Office Trends (based on JLL and CBRE data)

As has become the norm, metro-wide statistics reflect nearly flat absorption, although CBRE reported that the year had turned to net positive absorption for the first time since 2019. That report reflects a cautiously expressed sentiment that the office market, which had run aground, was slowly lifting off the muddy bottom. For one thing, vacancy rates are starting to decline across the board. That decline, however, is not yet driven by demand but by inventory coming offline. In the third quarter, JLL reported that 2.6 million square feet had come offline in Northern Virginia with an additional 10.3 million square feet in the pipeline to be demolished for other uses. We expect more inventory to come offline as dramatic re-pricing of office and demand for suburban housing sites overlap. This reduction in inventory should steadily drive down vacancy – faster if demand expands – and compounds the trend of a shrinking “truly” competitive market that’s further reduced by “zombie” buildings which are not truly competitive in the market. While some of those buildings will ultimately trade and become competitive again via reset basis, many of them will disappear forever as they’re scraped for new uses. In short, the truly competitive vacancy rate is likely far lower than the roughly 20% (and dropping) that’s quoted in the statistics. Finally, JLL and CBRE both report single-digit vacancy rates for the “best” new product in the market, suggesting that, in the absence of new construction (which remains largely prohibitively expensive), demand is likely to compress to the “best of the rest” as it resumes – a trend we see playing out real-time in the market particularly among government contractors who place value for money high on their list of desirable characteristics in a building.

We also believe that the Northern Virginia market, unlike the rest of the region, remains strongly aligned with the spending priorities of the current administration, and that a mandate to remain competitive in defense and technology is likely one of the few truly bipartisan issues left in Washington. Until the shutdown, this demand had already been filling our pipeline and that of Northern Virginia. However, there is some near-term risk of a protracted shutdown disrupting the spending authorization for contracts, which at the very least will likely lead to leasing decisions being put on pause and companies implementing austerity measures until it is resolved.
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As we look ahead, we remain focused on the disciplined execution of our business plans and our capital allocation strategy. Our platform is built to navigate uncertainty and capitalize on dislocations, and we believe the current environment presents compelling opportunities to deploy capital into assets that offer attractive risk-adjusted returns. We are encouraged by the momentum in our office leasing pipeline, the resilience of our multifamily portfolio, the strength of our balance sheet, and the continued evolution of National Landing into a vibrant, 18-hour neighborhood. Above all, we remain committed to maximizing long-term NAV per share growth, and we believe our current positioning and investment discipline will allow us to drive meaningful value creation for shareholders over time.

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Thank you for your continued trust and partnership.

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Sincerely,

W. Matthew Kelly

Chief Executive Officer

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Section Two – Earnings Release

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Earnings Release

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CONTACT

Kevin Connolly

Executive Vice President, Portfolio Management & Investor Relations

(240) 333-3837

kconnolly@jbgsmith.com

JBG SMITH ANNOUNCES THIRD QUARTER 2025 RESULTS

Bethesda, MD (October 28, 2025) - JBG SMITH (NYSE: JBGS), a leading owner, operator, and developer of mixed-use properties in the Washington, DC market, today filed its Form 10-Q for the quarter ended September 30, 2025 and reported its financial results.

Additional information regarding our results of operations, properties, and tenants can be found in our Third Quarter 2025 Investor Package, which is posted in the Investor Relations section of our website at www.jbgsmith.com. We encourage investors to consider the information presented here with the information in that document.

Third Quarter 2025 Highlights

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Operating Portfolio

Development Portfolio

Under-Construction

Development Pipeline

Third-Party Asset Management and Real Estate Services Business

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Balance Sheet

Investing and Financing Activities

Subsequent to September 30, 2025

Dividends

About JBG SMITH

JBG SMITH owns, operates, and develops mixed-use properties concentrated in amenity-rich, Metro-served submarkets in and around Washington, DC, most notably National Landing, that we believe have long-term growth potential and appeal to residential, office, and retail tenants. Through an intense focus on placemaking, JBG SMITH cultivates vibrant, highly amenitized, walkable neighborhoods throughout the Washington, DC metropolitan area. Approximately 75.0% of JBG SMITH's holdings are in the National Landing submarket in Northern Virginia, which is anchored by four key demand drivers: Amazon's headquarters; Virginia Tech's $1 billion Innovation Campus; proximity to the Pentagon; and our placemaking initiatives and public infrastructure improvements. JBG SMITH's dynamic portfolio currently comprises 11.8 million square feet at share of multifamily, office and retail assets, 98% of which are Metro-served. It also maintains a development pipeline encompassing 8.7 million square feet of mixed-use, primarily multifamily, development opportunities. JBG SMITH is committed to the operation and development of green, smart, and healthy buildings. For more information on JBG SMITH please visit www.jbgsmith.com.

Forward-Looking Statements

Certain statements contained herein may constitute "forward-looking statements" as such term is defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements are not guarantees of performance. They represent our intentions, plans,

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expectations and beliefs and are subject to numerous assumptions, risks and uncertainties. Consequently, the future results, financial condition and business of JBG SMITH Properties ("JBG SMITH," the "Company," "we," "us," "our" or similar terms) may differ materially from those expressed in these forward-looking statements. You can find many of these statements by looking for words such as "approximate," "hypothetical," "potential," "believes," "expects," "anticipates," "estimates," "intends," "plans," "would," "may" or similar expressions in this earnings release. We also note the following forward-looking statements: whether in the case of our under-construction assets and assets in the development pipeline, estimated square feet, estimated number of units and estimated potential development density are accurate; expected timing, completion, and delivery dates for the projects we are developing and the ability of any or all of our demand drivers to materialize and their effect on economic impact, job growth, expansion of public transportation and related demand in the National Landing submarket.

Many of the factors that will determine the outcome of these and our other forward-looking statements are beyond our ability to control or predict. These factors include, among others: adverse economic conditions in the Washington, DC metropolitan area, including reductions in federal government spending, headcount, or leasing and the impacts of the government shutdown, the timing of and costs associated with development and property improvements, tariffs and other trade barriers, supply chain disruptions, financing commitments, and general competitive factors. 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, 2024 and other periodic reports the Company files with the Securities and Exchange Commission. For these statements, we claim the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. You are cautioned not to place undue reliance on our forward-looking statements. All subsequent written and oral forward-looking statements attributable to us or any person acting on our behalf are expressly qualified in their entirety by the cautionary statements contained or referred to in this section. We do not undertake any obligation to release publicly any revisions to our forward-looking statements to reflect events or circumstances occurring after the date hereof.

Pro Rata Information

We present certain financial information and metrics in this release "at JBG SMITH Share," which refers to our ownership percentage of consolidated and unconsolidated assets in real estate ventures (collectively, "real estate ventures") as applied to these financial measures and metrics. Financial information "at JBG SMITH Share" is calculated on an asset-by-asset basis by applying our percentage economic interest to each applicable line item of that asset's financial information. "At JBG SMITH Share" information, which we also refer to as being "at share," "our pro rata share" or "our share," is not, and is not intended to be, a presentation in accordance with GAAP. Given that a portion of our assets are held through real estate ventures, we believe this form of presentation, which presents our economic interests in the partially owned entities, provides investors valuable information regarding a significant component of our portfolio, its composition, performance and capitalization.

We do not control the unconsolidated real estate ventures and do not have a legal claim to our co-venturers' share of assets, liabilities, revenue and expenses. The operating agreements of the unconsolidated real estate ventures generally allow each co-venturer to receive cash distributions to the extent there is available cash from operations. The amount of cash each investor receives is based upon specific provisions of each operating agreement and

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varies depending on certain factors including the amount of capital contributed by each investor and whether any investors are entitled to preferential distributions.

With respect to any such third-party arrangement, we would not be in a position to exercise sole decision-making authority regarding the property, real estate venture or other entity, and may, under certain circumstances, be exposed to economic risks not present were a third-party not involved. We and our respective co-venturers may each have the right to trigger a buy-sell or forced sale arrangement, which could cause us to sell our interest, or acquire our co-venturers' interests, or to sell the underlying asset, either on unfavorable terms or at a time when we otherwise would not have initiated such a transaction. Our real estate ventures may be subject to debt, and the repayment or refinancing of such debt may require equity capital calls. To the extent our co-venturers do not meet their obligations to us or our real estate ventures or they act inconsistent with the interests of the real estate venture, we may be adversely affected. Because of these limitations, the non-GAAP "at JBG SMITH Share" financial information should not be considered in isolation or as a substitute for our consolidated financial statements as reported under GAAP.

Occupancy, non-GAAP financial measures, leverage metrics, operating assets and operating metrics presented in our investor package exclude our 10.0% subordinated interest in one commercial building and our 33.5% subordinated interest in four commercial buildings, as well as the associated non-recourse mortgage loans, held through unconsolidated real estate ventures, as our investment in each real estate venture is zero, we do not anticipate receiving any near-term cash flow distributions from the real estate ventures, and we have not guaranteed their obligations or otherwise committed to providing financial support.

Non-GAAP Financial Measures

This release includes non-GAAP financial measures. For these measures, we have provided an explanation of how these non-GAAP measures are calculated and why JBG SMITH's management believes that the presentation of these measures provides useful information to investors regarding JBG SMITH's financial condition and results of operations. Reconciliations of certain non-GAAP measures to the most directly comparable GAAP financial measure are included in this earnings release. Our presentation of non-GAAP financial measures may not be comparable to similar non-GAAP measures used by other companies. In addition to "at share" financial information, the following non-GAAP measures are included in this release:

Earnings Before Interest, Taxes, Depreciation and Amortization ("EBITDA"), EBITDA for Real Estate ("EBITDAre") and "Adjusted EBITDA" are non-GAAP financial measures. EBITDA and EBITDAre are used by management as supplemental operating performance measures, which we believe help investors and lenders meaningfully evaluate and compare our operating performance from period-to-period by removing from our operating results the impact of our capital structure (primarily interest charges from our outstanding debt and the impact of our interest rate swaps and caps) and certain non-cash expenses (primarily depreciation and amortization expense on our assets). EBITDAre is computed in accordance with the definition established by the National Association of Real Estate Investment Trusts ("Nareit"). Nareit defines EBITDAre as GAAP net income (loss) adjusted to exclude interest expense, income taxes, depreciation and amortization expense, gains (losses) on sales of real estate and impairment write-downs of certain real estate assets and investments in entities when the impairment is directly attributable to decreases in the value of depreciable real estate held by the entity, including our share of such adjustments for unconsolidated real estate ventures. These supplemental measures may help investors and lenders understand our ability to incur and service debt and to make capital expenditures. EBITDA

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and EBITDAre are not substitutes for net income (loss) (computed in accordance with GAAP) and may not be comparable to similarly titled measures used by other companies.

Adjusted EBITDA represents EBITDAre adjusted for items we believe are not representative of ongoing operating results, such as Transaction and Other Costs, impairment write-downs of non-depreciable real estate, 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 from investments. We believe that adjusting such items not considered part of our comparable operations provides a meaningful measure to evaluate and compare our performance from period-to-period.

Because EBITDA, EBITDAre and Adjusted EBITDA have limitations as analytical tools, we use EBITDA, EBITDAre and Adjusted EBITDA to supplement GAAP financial measures. Additionally, we believe that users of these measures should consider EBITDA, EBITDAre and Adjusted EBITDA in conjunction with net income (loss) and other GAAP measures in understanding our operating results.

Funds from Operations ("FFO"), "Core FFO" and Funds Available for Distribution ("FAD") are non-GAAP financial measures. FFO is computed in accordance with the definition established by Nareit in the Nareit FFO White Paper - 2018 Restatement. Nareit defines FFO as net income (loss) (computed in accordance with GAAP), excluding depreciation and amortization expense related to real estate, gains (losses) from the sale of certain real estate assets, gains (losses) from change in control and impairment write-downs of certain real estate assets and investments in entities when the impairment is directly attributable to decreases in the value of depreciable real estate held by the entity, including our share of such adjustments for unconsolidated real estate ventures.

Core FFO represents FFO adjusted to exclude items which we believe are not representative of ongoing operating results, such as Transaction and Other Costs, impairment write-downs of non-depreciable real estate, 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 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.

FAD represents Core FFO adjusted for recurring capital expenditures and Second-generation tenant improvements and leasing commissions, net deferred rent activity, third-party lease liability assumption payments, recurring share-based compensation expense, accretion of acquired below-market leases, net of amortization of acquired above-market leases, amortization of debt issuance costs and other non-cash income and charges, including our share of such adjustments for unconsolidated real estate ventures. FAD is presented solely as a supplemental disclosure that management believes provides useful information as it relates to our ability to fund dividends.

We believe FFO, Core FFO and FAD are meaningful non-GAAP financial measures useful in comparing our levered operating performance from period-to-period and as compared to similar real estate companies because these non-GAAP measures exclude real estate depreciation and amortization expense, which implicitly assumes that the value of real estate diminishes predictably over time rather than fluctuating based on market conditions, and other non-comparable income and expenses. FFO, Core FFO and FAD do not represent cash generated from operating activities and are not necessarily indicative of cash available to fund cash requirements and should not be considered as an alternative to net income (loss) (computed in accordance with GAAP) as a performance measure

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or cash flow as a liquidity measure. FFO, Core FFO and FAD may not be comparable to similarly titled measures used by other companies.

"Net Debt" is a non-GAAP financial measurement. Net Debt represents our total consolidated and unconsolidated indebtedness less cash and cash equivalents at our share. Net Debt is an important component in the calculations of Net Debt to Annualized Adjusted EBITDA and Net Debt / total enterprise value. We believe that Net Debt is a meaningful non-GAAP financial measure useful to investors because we review Net Debt as part of the management of our overall financial flexibility, capital structure and leverage. We may utilize a considerable portion of our cash and cash equivalents at any given time for purposes other than debt reduction. In addition, cash and cash equivalents at our share may not be solely controlled by us. The deduction of cash and cash equivalents at our share from consolidated and unconsolidated indebtedness in the calculation of Net Debt, therefore, should not be understood to mean that it is available exclusively for debt reduction at any given time.

Net Operating Income ("NOI"), "Same Store NOI" and "Annualized NOI" are non-GAAP financial measures management uses to assess an asset's performance. The most directly comparable GAAP measure is net income (loss) attributable to common shareholders. We use NOI internally as a performance measure and believe NOI, Same Store NOI and Annualized NOI provide useful information to investors regarding our financial condition and results of operations because it reflects only property related revenue (which includes base rent, tenant reimbursements and other operating revenue, net of Free Rent and payments associated with assumed lease liabilities) less operating expenses and ground rent for operating leases, if applicable. NOI excludes deferred (straight-line) rent, commercial lease termination revenue, related party management fees, interest expense, and certain other non-cash adjustments, including the accretion of acquired below-market leases and the amortization of acquired above-market leases and below-market ground lease intangibles. Management uses NOI, which includes our proportionate share of revenue and expenses attributable to real estate ventures, as a supplemental performance measure and believes it provides useful information to investors because it reflects only those revenue and expense items that are incurred at the asset level, excluding non-cash items. In addition, NOI is considered by many in the real estate industry to be a useful starting point for determining the value of a real estate asset or group of assets. However, because NOI excludes depreciation and amortization expense and captures neither the changes in the value of our assets that result from use or market conditions, nor the level of capital expenditures and capitalized leasing commissions necessary to maintain the operating performance of our assets, all of which have real economic effect and could materially impact the financial performance of our assets, the utility of NOI as a measure of the operating performance of our assets is limited. NOI presented by us may not be comparable to NOI reported by other real estate investment trusts that define these measures differently. We believe to facilitate a clear understanding of our operating results, NOI should be examined in conjunction with net income (loss) attributable to common shareholders as presented in our consolidated financial statements. NOI should not be considered as an alternative to net income (loss) attributable to common shareholders as an indication of our performance or to cash flows as a measure of liquidity or our ability to make distributions. Annualized NOI represents NOI for the three months ended September 30, 2025 multiplied by four. Management believes Annualized NOI provides useful information in understanding our financial performance over a 12-month period, however, investors and other users are cautioned against attributing undue certainty to our calculation of Annualized NOI. Actual NOI for any 12-month period will depend on a number of factors beyond our ability to control or predict, including general capital markets and economic conditions, any bankruptcy, insolvency, default or other failure to pay rent by one or more of our tenants and the destruction of one or more of our assets due to terrorist attack, natural disaster or other casualty,

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among others. We do not undertake any obligation to update our calculation to reflect events or circumstances occurring after the date of this earnings release. There can be no assurance that the Annualized NOI shown will reflect our actual results of operations over any 12-month period.

Definitions

"Development Pipeline" refers to assets that have the potential to commence construction subject to receipt of full entitlements, completion of design and/or market conditions where we (i) own land or control the land through a ground lease or (ii) are under a long-term conditional contract to purchase, or enter into, a leasehold interest with respect to land.

"Estimated Potential Development Density" reflects management's estimate of developable gross square feet based on our current business plans with respect to real estate owned or controlled as of September 30, 2025. Our current business plans may contemplate development of less than the maximum potential development density for individual assets. As market conditions change, our business plans, and therefore, the Estimated Potential Development Density, could change accordingly. Given timing, zoning requirements and other factors, we make no assurance that Estimated Potential Development Density amounts will become actual density to the extent we complete development of assets for which we have made such estimates.

"First-generation" is a lease on space that had been vacant for at least nine months or a lease on newly delivered space.

"Free Rent" means the amount of base rent and tenant reimbursements that are abated according to the applicable lease agreement(s).

"GAAP" means accounting principles generally accepted in the United States of America.

"In-Service" refers to multifamily or commercial operating assets that are at or above 90% leased or have been operating and collecting rent for more than 12 months as of September 30, 2025.

"Non-Same Store" refers to all operating assets excluded from the Same Store pool.

"Same Store" refers to the pool of assets that were In-Service for the entirety of both periods being compared, excluding assets for which significant redevelopment, renovation or repositioning occurred during either of the periods being compared.

"Second-generation" is a lease on space that had been vacant for less than nine months.

"Transaction and Other Costs" include costs related to completed, potential and pursued transactions, demolition costs, severance and other costs.

"Under-Construction" refers to assets that were under construction during the three months ended September 30, 2025.

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CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)

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Note: For complete financial statements, please refer to our Quarterly Report on Form 10-Q for the quarter ended September 30, 2025.

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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

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Note: For complete financial statements, please refer to our Quarterly Report on Form 10-Q for the quarter ended September 30, 2025.

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EBITDA, EBITDAre AND ADJUSTED EBITDA RECONCILIATIONS (NON-GAAP)

(Unaudited)

Note: All EBITDA measures as shown above are attributable to common limited partnership units ("OP Units") and certain fully vested incentive equity awards that may be convertible into OP Units.

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FFO, CORE FFO AND FAD RECONCILIATIONS (NON-GAAP)

(Unaudited)

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See footnotes on page 14.

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FFO, CORE FFO AND FAD RECONCILIATIONS (NON-GAAP)

(Unaudited)

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NOI RECONCILIATIONS (NON-GAAP)

(Unaudited)