9.Redeemable Noncontrolling Interests

JBG SMITH LP

OP Units held by persons other than JBG SMITH are redeemable for cash or, at our election, our common shares, subject to certain limitations. Vested LTIP Units are convertible into OP Units. During the six months ended June 30, 2025 and 2024, unitholders redeemed 712,735 and 625,166 OP Units, which we elected to redeem for an equivalent number of our common shares. As of June 30, 2025, outstanding OP Units and convertible LTIP Units totaled 14.1 million, representing an 18.5% ownership interest in JBG SMITH LP. Our OP Units and certain vested LTIP Units are presented at the higher of their redemption value or their carrying value, with adjustments to the redemption value recognized in "Additional paid-in

capital" in our balance sheets. Redemption value per OP Unit is equivalent to the market value of one common share at the end of the period.

Consolidated Real Estate Venture

In May 2025, we sold a 40.0% noncontrolling interest in a real estate venture that owns West Half, a multifamily asset in Washington, D.C., for $100.0 million. Following this transaction, we retained a 60.0% ownership interest and control the venture. We accounted for this transaction as an equity transaction and will continue to account for the property on a consolidated basis. Pursuant to the terms of the venture agreement: (i) operating distributions are made in accordance with ownership percentages and liquidity event distributions are made pursuant to a waterfall structure whereby our venture partner is entitled to a priority return; (ii) we are required to fund all cash flow deficits; (iii) we have the right to cause a sale of the property as long as the proceeds from the sale are sufficient to cover our venture partner’s interest and required return; and (iv) our venture partner has the right, but not the obligation, to cause a sale of the property after the second-year anniversary of closing upon which we can either acquire our venture partner’s interest or market the asset for sale.

Given these rights held by our venture partner, we account for its interest in the venture as a redeemable noncontrolling interest. The carrying amount of the redeemable noncontrolling interest is adjusted at each reporting period to reflect the greater of (i) the initial carrying amount, increased or decreased for the noncontrolling interest’s share of net income (loss) and distributions, or (ii) the redemption value at the balance sheet date. Any adjustments to the carrying amount are recognized in "Additional paid-in capital" in our balance sheets.

The following is a summary of the activity of redeemable noncontrolling interests:

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