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Management Letter

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July 29, 2025

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Our Fellow Shareholders:

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As we close the second quarter of 2025, we remain steadfast in our commitment to long-term NAV per share growth, even as macroeconomic and political uncertainties persist. The evolving federal landscape continues to shape the DC real estate market. Notably, the adverse impact of federal spending cuts and headcount reductions appears to be materializing. We continue to expect uncertain economic growth and a more cautious, though still active, leasing environment. In this context, we continue to lean into our role as disciplined capital allocators. Drawing on our deep expertise in mixed-use, urban infill real estate, we are strategically repositioning the portfolio to align with evolving market conditions. With office values at historically low levels and multifamily assets still commanding attractive pricing, we are executing a deliberate pivot: reallocating capital from multifamily assets toward office investments through both opportunistic acquisitions and share repurchases, reinforcing our focus on long-term NAV per share growth. This shift reflects our conviction that office now offers a more compelling risk-adjusted return profile.

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The following are a few highlights since last quarter.

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Sold $452.0 million of assets at a 4.6% capitalization rate (4.9% on the income-producing multifamily assets). We continue to dispose of select multifamily and land assets to match-fund, either before or after the fact, our share repurchases and other opportunistic investments.

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Acquired Tysons Dulles Plaza, a three-building office campus in Tysons, Virginia for $42.3 million, representing over a 20% in-place capitalization rate. The three office buildings comprise approximately 491,500 square feet; we intend to redevelop one of the buildings into approximately 300,000 square feet (300 units) of new multifamily. Given our extremely low basis, we have the ability to offer attractive lease terms to incentivize external demand while maintaining the flexibility to relocate existing tenancy while we re-entitle one of the buildings for residential use.

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Completed 208,000 square feet of office leases, and our multifamily portfolio continued to exhibit resilience. Our office leasing had a weighted average lease term of 5.8 years and included 82,000 square feet of new leases in National Landing. Our In-Service multifamily portfolio ended the quarter at 94.8% leased and 92.9% occupied. In our Same Store multifamily portfolio, we increased effective rents by 1.0% for new leases and 8.9% upon renewal while achieving a 49.0% renewal rate. We have also seen strong demand for our most recently completed asset, The Zoe, which was 40.0% leased as of this week.

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LEO Impact Capital, our investment management platform focused on preserving affordability for middle-income residents, had an initial closing of its new multi-market fund, LEO Impact Housing Fund, totaling $64.5 million (including accordions). The LEO Impact Housing Fund will invest in high impact neighborhoods characterized by low rates of poverty, high levels of educational achievement, and access to jobs and good schools with a focus in Atlanta, Charlotte, DC, Nashville, and Raleigh. This milestone reflects growing investor confidence in

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our investment management platform and its mission. We are grateful to our investors – especially Bank of America and Truist – for their support in this endeavor.

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Capital Allocation

Our capital allocation strategy remains anchored in our core objective: maximizing long-term NAV per share growth. With 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, this meant selling low cap rate CBD office and investing in multifamily development. More recently, as our share price implied little to no value for our office portfolio, repurchasing our own discounted shares became the most accretive use of capital. Today, with office values at historically distressed levels, selling into this market would be value-destructive and likely will remain so for some time. By contrast, multifamily assets continue to command attractive pricing in the private market. Monetizing these more liquid assets – particularly where we can achieve premiums to NAV – provides the most efficient source of capital for share repurchases and other opportunistic investments. This disciplined approach allows us to recycle capital into opportunities that we believe offer the greatest potential for NAV per share growth.

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During the second quarter, we sold: WestEnd25, a 283-unit multifamily asset in the West End submarket of Washington, DC, for $186.0 million; a 40% interest in West Half, a 465-unit multifamily asset in the Ballpark submarket of Washington, DC, for $100.0 million; and Capitol Point North, a development parcel in the NoMa submarket of Washington, DC, for $11.0 million. Subsequent to quarter end, we sold The Batley, a 432-unit multifamily asset in the Union Market neighborhood of Washington, DC, for $155.0 million. These sales represent an average capitalization rate of 4.9% on the income-producing multifamily assets and further advance our strategy to more highly concentrate our portfolio in National Landing and recycle capital out of assets that are most liquid in today’s capital markets at or above NAV and into high-conviction opportunities, including share repurchases and distressed office investments.

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As always, we intend to pursue new investments that align with our strategy and competitive advantages. We expect to fund these investments primarily through asset recycling, either in advance or retrospectively. Given the substantial discount of our share price relative to NAV, we have allocated a significant amount of our capital to share repurchases. Our strong balance sheet and substantial liquidity enable us to take advantage of this disparity. So far this year, we have repurchased 23.6 million shares at an average price of $15.98 per share, totaling $376.9 million. Since launching our share repurchase program in 2020, we have repurchased 80.4 million shares, which is approximately 60% of the shares outstanding as of December 31, 2019, at an average price of $18.72 per share, totaling $1.5 billion.

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In addition to share repurchases, we continue to explore opportunities to capitalize on distressed office pricing, monetize our land bank, and generate incremental fee revenue and carried interest income via joint ventures with third-party investors. During the second quarter, we acquired Tysons Dulles Plaza, a 491,500-square-foot, three-building office campus in Tysons, Virginia, with the opportunity to redevelop one of the buildings into approximately 300,000 square feet (300 units) of new multifamily, for $42.3 million. The acquisition represents a capitalization rate of over 20.0% on in-place NOI. We believe the current market distress is creating some of the most attractive office investment opportunities in nearly two decades. Our low basis enables us to offer competitive lease terms to attract new tenants while preserving the flexibility to relocate existing tenancy as we pursue re-entitlement of one of the buildings for residential use. We are actively evaluating additional investments with similar profiles – particularly where we can apply our proven mixed-use and development expertise to unlock long-term value.

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Financial and Operating Metrics

For the three months ended June 30, 2025, we reported Core FFO attributable to common shares of $12.7 million, or $0.19 per diluted share. Annualized NOI is up 0.1% quarter over quarter, totaling $251.0 million, excluding the assets that were sold, recapitalized, and acquired. Our multifamily portfolio ended the quarter at 89.0% leased and 85.8% occupied, and our In-Service multifamily portfolio was 94.8% leased and 92.9% occupied. Our office portfolio ended the quarter at 76.5% leased and 74.8% occupied. Our portfolio Same Store NOI decreased 3.0% for the three months ended June 30, 2025.

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As of June 30, 2025, our Net Debt to Annualized Adjusted EBITDA was 11.8x. We are currently operating at elevated leverage levels as a result of an increase in interest expense as we complete our remaining under-construction asset and cease capitalizing interest on it. We expect the impact on our leverage will be lessened by: (i) additional income from the stabilization of our newly constructed multifamily assets (The Grace, Reva, The Zoe, and Valen); (ii) rent growth in our existing multifamily portfolio given the limited multifamily supply pipeline in the DC metro area; and (iii) 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 84.4% of our debt fixed or hedged as of the end of the second 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 near-term debt maturities. This year we have $33.0 million of debt maturing, representing 1.3% of total debt, which is non-recourse and secured by a DC office asset owned in a joint venture where we believe the outstanding principal balance of the mortgage collateralizing the asset exceeds the asset’s current value. Our remaining debt has a weighted average maturity of 3.4 years, after adjusting for by-right extension options, and we have no other debt maturities until December 2026. 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 In-Service multifamily portfolio ended the quarter at 94.8% leased, down 0.9%, and 92.9% occupied, down 1.4% quarter over quarter. In our Same Store multifamily portfolio, we increased effective rents by 1.0% for new leases and 8.9% upon renewal while achieving a 49.0% renewal rate. Our multifamily portfolio Same Store NOI decreased 1.5% for the three months ended June 30, 2025.

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We continue to make progress leasing The Grace and Reva, which are 83.5% leased as of this week, and The Zoe, which is 40.0% leased as of this week. Since Amazon brought their employees back to the office five days a week on January 2^nd, we have seen a 30.0% 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 regional data)

The DC metro multifamily market has demonstrated resilience during a period of tremendous federal uncertainty that characterized the first half of the year. Year-over-year rent growth of 1.5% did show some deceleration from earlier in the year but it remains significantly above the US average of -0.7% during the same period, according to data from Apartment List. Median absolute rents also remain at a high point with healthy occupancy levels of just below 93.9% – albeit a level slightly below the 94.5% reported at the end of last quarter while remaining above the US average. With the passage of a federal budget and the wind-down of most public federal bloodletting, it's likely that the market will also begin to settle through year end and even start to realize the benefits of an enhanced defense and homeland security budget and the continued record low level of new deliveries.

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On the topic of new supply, the story remains uniformly positive: the pipeline remains constrained with just 1.4% of total inventory under construction, underscoring the formidable barriers to new starts in the current high-cost and rate environment. We saw only one new start break ground during the second quarter – and that was for a wood frame job in the exurbs of the market. This trickle of new supply, coupled with strong employment fundamentals, should create a robust environment for growth.

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Office Trends

Our office portfolio ended the quarter at 76.5% leased, down 1.8% quarter over quarter, and 74.8% occupied, down 1.6% quarter over quarter. In the second quarter, we executed 208,000 square feet of leases with a weighted average lease term of 5.8 years. For second generation leases, the rental rate mark-to-market was negative 6.1%.

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Leasing activity picked up in the second quarter despite the overhang of continued uncertainty regarding federal government staffing and spending changes. 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. Approximately 93% of our second quarter leasing activity was with tenants in the defense and technology industries. Looking forward, we have modest lease roll in National Landing over the next five years, averaging approximately 6.2% 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 initiatives 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)

The biggest news in the office market was the recent passage of the “Big Beautiful Bill,” particularly the adoption of a historic $1.0 trillion defense budget which should disproportionately benefit Northern Virginia. We believe its focus on both innovative new technology and lethal systems will drive demand to National Landing given its massive concentration of contractors and proximity to the Pentagon, Amazon, and Virginia Tech. While there is likely to be broader market fallout from budget cuts elsewhere, we expect that those impacts will be most concentrated in Maryland and DC with their greater exposure to life sciences and other civilian functions of the federal government.

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Notwithstanding the promise of greater defense funding to come, CBRE and JLL both reported a sluggish first half, with net absorption essentially flat year-to-date, largely reflective of tenant caution ahead of the federal budget process and the DOGE efforts – “unknowns” which have started to become much closer to “knowns” – both good and bad. That uncertainty created a backlog of demand, with CBRE reporting 4.3 million square feet of active but not-yet-signed requirements out in the Northern Virginia market. This backlog is positive for absorption through the balance of the year and coupled with the 12.4 million square feet of office space that JLL has identified as slated for residential conversion, it suggests that vacancy could begin to abate. As positive as these two data points are, they will take some time to meaningfully impact the market’s 23.0% direct vacancy rate. This makes us long-term believers in Northern Virginia office – particularly National Landing and other defense nodes – but we also recognize that health will come back to the market over a period of years and not quarters.

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Despite a constantly shifting landscape, our strategy remains clear: we are focused on long-term value creation, not short-term noise. Our transformation of National Landing is a testament to our ability to execute with vision and discipline, and we remain committed to enhancing the stability and enduring strength of both our office and multifamily portfolios. With office valuations at generational lows and our shares trading at a meaningful discount to NAV, we see a rare window to deploy capital into high-conviction opportunities that we believe will drive substantial NAV per share growth over time.

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We appreciate your continued trust and partnership as we pursue opportunities that we believe will deliver enduring value for our shareholders.

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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 SECOND QUARTER 2025 RESULTS

Bethesda, MD (July 29, 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 June 30, 2025 and reported its financial results.

Additional information regarding our results of operations, properties, and tenants can be found in our Second 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.

Second 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 June 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 12.0 million square feet at share of multifamily, office and retail assets, 98%

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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 and plans to maintain carbon neutral operations annually. 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, 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, 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,"

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"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 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

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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 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 tenant improvements, leasing commissions and other capital expenditures, net deferred rent activity, third-party lease liability assumption (payments) refunds, 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.

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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 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

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flows as a measure of liquidity or our ability to make distributions. Annualized NOI represents NOI for the three months ended June 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, 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 June 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 June 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.

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

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

​

​

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

​

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

​

​

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)

​

​

See footnotes on page 15.

​

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

(Unaudited)

​

​

NOI RECONCILIATIONS (NON-GAAP)

(Unaudited)