| DISCLOSURES
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 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 Investor Presentation.
We also note the following may impact our forward-looking statements: the risks associated with the failure to enter into and/or complete contemplated acquisitions or dispositions within the price ranges anticipated and on
the terms and timing anticipated, or at all; the impact of potential widespread and localized outbreaks of infectious diseases and other health concerns; whether the Washington housing initiative will preserve affordability
for DC region residents and deliver long-term value for our investors; the impact of disruptions to the credit and capital markets on our ability to access capital, including refinancing maturing debt; our ability to achieve our
target leverage; whether we will continue to have access to multiple sources of capital and our leverage profile supports long-term value creation; changes to the amount and manner in which tenants use space; whether
multifamily demand and rents in the DC region will be more resilient than other parts of the country, including the Sunbelt; whether a limited supply of rental units in the DC region will lead to accelerated future rent growth;
whether our expected tenant vacancies will occur on the anticipated timeline and the extent to which, if at all, some those properties will be taken out of service; whether our transition to majority multifamily will be
completed on the anticipated timeline, including the sales of our non-core assets; whether our concertation in National Landing will be further increased on the anticipated timeline or at all; whether our future capital
recycling efforts will be successful and will be at or above NAV; whether in the case of our under-construction and other-use development assets, estimated square feet, estimated rental revenue, estimated number of units
and in the case of our near-term and future development assets, estimated potential development density are accurate; whether our expected occupancy, annualized rents, leasing costs, stabilized NOI, weighted average
NOI yield and potential NOI growth and related assumptions are accurate, whether our Placemaking expertise will maximize the value of our real estate through retail interventions and infrastructure improvements; whether
our to-be-opened retail tenants will open on the anticipated timeline and reflect the anticipated composition; whether new retail tenants, amenities and demand drivers will attract new multifamily tenants and employers to
National Landing; the amount, specifications, and timing of planned infrastructure and educational improvements in National Landing related to Amazon.com, Inc.’s (“Amazon”) additional headquarters and the Virginia
Tech Innovation Campus; the economic impact, job growth and related demand for multifamily and commercial properties of Amazon’s additional headquarters on the DC region and National Landing and the speed with
which such impact occurs and Amazon’s plans for hiring and in-person work requirements; whether Amazon’s workers will prefer to live within walking or biking distance to work; the impact of our role as the exclusive
developer, property manager and retail leasing agent in connection with Amazon’s new headquarters; our development plans related to Amazon’s additional headquarters; whether and the extent to which the new Virginia
Tech Innovation Campus, once completed, will enroll new students and attract tenants to National Landing; whether National Landing will benefit economically from its proximity to the Department of Defense, large defense
contractors, and elevated defense spending; whether private investment in defense technology will continue to grow and the recipients of such investments will choose to locate near the Pentagon and prime contractors;
whether the planned construction and improvements in and around National Landing will be completed on time or at all; whether the Route 1 renovation will result in new acreage of developable land in National Landing;
whether our plans related to our investment in 5G wireless spectrum across National Landing will create the anticipated benefits; whether future supply or construction delays will inhibit our ability to time new multifamily
deliveries to meet market demand; whether the number of retailers and multifamily units in National Landing will increase on the anticipated timelines; whether the entitlement process for our Development Pipeline will be
completed at all and on the expected timeline; in the case of our Under Construction and Development Pipeline, the estimated completion and entitlement dates, and total and National Landing density; whether we will be
able to monetize our land bank through land sales, ground leases, and/or recapitalizations; whether we can access agency debt secured by our currently unencumbered multifamily assets in a timely manner, in the amounts
we estimate, on reasonable terms or at all; whether our estimated borrowing capacity is accurate; whether proceeds from ongoing capital recycling will be used to de-lever; whether our newly delivered assets and the assets
in our Development Pipeline will stabilize on the timing anticipated; whether hybrid work trends will increase tenant desire to repurpose space; expected increase in annualized interest expense associated with new deliveries;
whether there will be continued downward pressure on third-party asset management and real estate services from asset sales in the JBG legacy funds and lowered development fees due to delayed starts; whether we will be
able to refinance loans once assets stabilize; and whether the allocation of capital to our share repurchase plan has any impact on our share price.
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, the timing of and costs associated with development and property improvements, 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, 2023 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.
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