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Management Letter

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August 10, 2026

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Our Fellow Shareholders:

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The second quarter unfolded against a backdrop of continued macroeconomic uncertainty. The conflict in the Middle East disrupted global energy markets and complicated the inflation outlook, while elevated interest rates, wider risk premiums, and higher return requirements continued to weigh on real estate capital markets. With inflation risks lingering and the labor market slowing, the Federal Reserve has maintained a cautious posture, leaving transaction activity below the levels we anticipated entering 2026.

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While the metro area continues to work through the effects of last year's spending cuts and workforce reductions, Northern Virginia is benefiting from growing defense, intelligence, and technology spending. Demand for secure and specialized office space continues to strengthen, our National Landing office leasing pipeline is the strongest it has been in several years, and multifamily fundamentals are beginning to modestly improve against a backdrop of historically limited new supply. These trends reinforce our conviction that our portfolio is concentrated in markets aligned with enduring long-term demand drivers. While we remain measured in our expectations for the pace of recovery in the transaction markets, our priorities remain unchanged: allocate capital with discipline, preserve balance sheet flexibility, and maximize long-term NAV per share growth.

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Capital Allocation

We are actively pursuing new growth opportunities that align with our strategy and leverage our competitive strengths as a mixed-use owner, operator, and developer. We expect to fund growth opportunities through a combination of asset sales and private equity joint ventures — choosing among these sources based on their relative cost of capital and availability at the time. Across all channels, our capital allocation strategy remains focused on enhancing long-term shareholder value and positioning our portfolio for sustained NAV per share growth.

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During the second quarter, we sold a 50% interest in Tysons Dulles Plaza, an approximately 491,500-square-foot commercial asset in Tysons, Virginia. Additionally, we contributed 2200 Crystal Drive, an obsolete office building in National Landing, to a real estate venture that is converting the building into a 195-unit multifamily asset. We are the developer and the property manager, and our partner has committed to contribute the equity required to fund the construction for a 70% interest in the venture. This transaction is another demonstration of our ability to attract third-party capital, execute complex repositioning projects, and transform obsolete office buildings into durable, income-producing multifamily assets. These joint ventures further our goal of attracting private capital partners to scale and diversify our distressed office investment strategy and fund the construction of multifamily assets in our development pipeline while also enhancing the efficiency of our platform with incremental fee revenue and potential carried interest income.

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Financial and Operating Metrics

For the three months ended June 30, 2026, we reported Core FFO attributable to common shares of $10.4 million, or $0.18 per diluted share. Annualized NOI increased 1.3% quarter over quarter, totaling $249.2 million, adjusting for assets that were sold or recapitalized. Our multifamily portfolio ended the quarter at 89.6% leased and 86.6%

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occupied. Our office portfolio ended the quarter at 78.0% leased and 75.4% occupied. Our Same Store NOI declined 4.0% for the three months ended June 30, 2026.

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As of June 30, 2026, our Net Debt to Annualized Adjusted EBITDA was 12.4x. We are currently operating at elevated leverage levels while we lease up our newly constructed multifamily assets (The Grace, Reva, The Zoe, and Valen). In the near term, we expect our leverage will moderate through additional income from the stabilization of these newly constructed multifamily assets and additional commercial revenue from our signed but not yet commenced leases.

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Our floating rate exposure remains low, with 84.2% 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. Our debt has a weighted average maturity of 2.3 years, after adjusting for 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

The Same Store multifamily portfolio ended the quarter at 94.3% leased, up 80 basis points quarter over quarter, and 92.0% occupied, flat from March 2026. June asking rents were up 1.0% from March and 2.6% from December 2025. Momentum carried into July, as of month end the portfolio was 94.4% leased, occupancy climbed to 92.3%, and asking rents rose another 1.9% from June. Our multifamily portfolio NOI increased approximately 1.0% from Q1 2026.

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We continue to make progress leasing our recently completed assets — The Grace and Reva were 90.4% leased and The Zoe and Valen were 58.8% leased as of quarter end, leasing velocity continued into July bringing the assets to 92.8% and 68.9% leased, respectively, as of month end. 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)

The multifamily market continues to grapple with the effects of the federal workforce disruption that began in 2025. While we believe the risk of another wave of significant federal job cuts has largely subsided and that the market is in the early stages of recovery, it is a long and slow climb out of the valley. That climb is steepest for segments of the economy most linked to civilian federal employment, contracting, and grantmaking. Jobs data provide some helpful context: DC metro area employment appears to have bottomed in February and has since recovered by 17,400 jobs. This pace suggests a return to more typical labor market conditions given average annual growth of approximately 40,000 jobs in recent years. Unlike employment, metro-wide vacancy reached 6.8% in February and has yet to moderate, although rental rate trends have begun to improve. Asking rents declined 4.3% from their June 2025 peak to their January low but have since rebounded 2.4% through June – a modest but encouraging indicator.

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The supply side of the equation remains a telling and positive contributor to the market, with a pipeline that has slowed to a trickle relative to historic levels. Just over 2,200 units are slated to deliver in 2026 – a far cry from the 14,000 or more that delivered in peak years. The entire forward pipeline, inclusive of 2026 deliveries, is just over 9,000 units expected to deliver through 2028, representing just over 1.6% of regional inventory. This constrained supply, coupled with continued resilient home pricing in the DC metro region, has provided an important buffer against the recent demand shock. As a result, the market remains relatively well-occupied at 93.2% and has seen year-over-year rent declines of less than 2%. Looking ahead, these favorable supply dynamics should support a

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return to rental rate growth, particularly in Northern Virginia, where expanding defense-tech employment is helping to drive demand.

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Office Trends

Our office portfolio ended the quarter at 78.0% leased, up 1.1% quarter over quarter, and 75.4% occupied, up 0.2% quarter over quarter, and NOI increased 1.6% from Q1 2026, adjusting for the recapitalization of Tysons Dulles Plaza. The spread between our leased and occupied percentages represents approximately $12.7 million of contractual annualized rent, which is expected to commence over the next 12 months. In the second quarter, we executed 151,000 square feet of leases (148,000 square feet in National Landing), including 88,000 square feet of new leases. For second generation leases, the rental rate mark-to-market was negative 2.0%. Our year-to-date leasing activity represents over 66% of our 2025 leasing activity, underscoring the continued momentum in our office leasing demand.

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Looking forward, lease rollover in National Landing is modest, averaging approximately 7% annually over the next five years. We expect our tenant retention rate to improve, as defense-tech tenants comprise approximately 70% of the portfolio’s tenancy. Over the last 18 months, we have achieved an 80% retention rate among these tenants and have expanded their footprints by an average of 9% upon renewal. We continue to execute upon our leasing pipeline, which currently stands at over 300,000 square feet of tenants looking to occupy space in National Landing over the next 12 months. Leasing activity in National Landing continues to be driven primarily by three categories of office users: (i) companies requiring a Sensitive Compartmented Information Facility (SCIF) or other forms of secure facilities; (ii) technology-related tenants attracted by the recent delivery of our placemaking interventions; and (iii) defense-related tenants who have long called this submarket home. 91% of our second quarter leasing activity was with tenants in the defense and technology industries. Demand for office space that has a SCIF is particularly strong, as these facilities require significant capital investments which can exceed $500 per square foot and extended construction timelines which can stretch over 18 months driven by security and certification requirements. The ability to deliver new SCIF or assign existing SCIF continues to be a key differentiator in our tenant discussions — currently, 92% of our National Landing GSA tenancy has a SCIF in their space, representing a lasting competitive advantage that is difficult to replicate elsewhere in the market.

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To support a healthier long-term office market in National Landing, we have reduced our office inventory by more than 25% since our formation by repurposing older, underutilized office buildings for redevelopment or conversion to multifamily housing, hospitality, and other complementary uses that create a vibrant mixed-use environment. At 1900 Crystal Drive and 2001 Richmond Highway, we demolished two obsolete office buildings and developed the sites into four new multifamily assets currently in lease up — The Grace, Reva, The Zoe, and Valen. We redeveloped 1770 Crystal Drive, an aging office property, into a best-in-class office building that was 100% pre-leased to Amazon and remains fully leased to Amazon today. More recently, we expanded this strategy through adaptive reuse and conversion of four obsolete office buildings. We entitled 2100 Crystal Drive for conversion into a 345-key, dual-branded hotel before selling the asset to a hotel developer. We recapitalized and commenced construction on the conversion of 2200 Crystal Drive into a 195-unit multifamily asset. During the second quarter we received entitlement approval to convert 1800 and 1901 South Bell Street into multifamily, advancing the next phase of inventory reduction and repositioning within the submarket. Our leasing efforts continue to focus on buildings with long-term potential, concentrating occupancy in areas of National Landing that are accessible via multi-modal transportation and that we have enhanced through our placemaking interventions, including the recent delivery of our new office amenity hub at 2011 Crystal Drive.

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

The Northern Virginia office market continued to distinguish itself from the broader region’s economic challenges during the second quarter, driven largely by the rapid growth of the defense technology sector. According to CBRE,

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the market recorded its sixth consecutive quarter of positive absorption, reaching 535,000 square feet year to date, while headline vacancy fell to 21.3%. Leasing activity was similarly strong, with 3 million square feet year to date, including 14 transactions over 50,000 square feet according to CBRE. Notably, 46% of that leasing activity was directly attributable to defense or technology firms. JLL similarly highlighted the market’s momentum, reporting that second quarter leasing activity exceeded the prior 3-year average by 13.5%. Supply dynamics continued to strengthen as well. JLL noted that the office redevelopment pipeline has grown to 17 million square feet, with nearly half of the new uses already jurisdictionally approved. While some of this inventory will ultimately add to apartment supply via conversions and wood frame multifamily sites, a significant share of it is slated for townhome and data center development.

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This is the healthiest office market we have seen since the pandemic, as Northern Virginia establishes itself as a leading hub for a new generation of defense technology companies. We continue to believe that this strong tenant demand, coupled with unprecedented levels of inventory removal and virtually no new starts, will drive vacancy rates to far healthier levels. This dynamic should benefit both our National Landing portfolio and our recent acquisitions in the path of defense tech growth. Perhaps even more important, demand is being driven not only by new business flowing to existing tenants in the market, but also by net new entrants who are often relatively new defense technology companies in critical areas like AI, cybersecurity, and space. Many of these new entrants have significant valuations backed by growing government contract revenue and are moving at speeds much more like private tech companies than traditional beltway players. We believe National Landing remains exceptionally well-positioned to capture more than its fair share of this demand; and we will continue to diligently pursue other opportunities to acquire assets elsewhere in the path of similar growth as they arise.

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As we look ahead, our priorities remain clear and consistent: execute with discipline, preserve balance sheet flexibility, and allocate capital toward opportunities that offer compelling long-term risk-adjusted returns. While the macroeconomic environment remains uncertain, the underlying trends most important to our business continue to move in a favorable direction. Multifamily fundamentals are improving as new supply remains constrained, demand from defense, intelligence, and technology-oriented tenants continues to support leasing activity in National Landing, and our recent recapitalization and financing transactions have further strengthened our ability to pursue attractive investment opportunities.

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We believe the actions we have taken over the past several years — transforming National Landing through placemaking, recycling capital into higher-return opportunities, reducing obsolete office inventory, and strengthening relationships with institutional capital partners — have positioned us to benefit as market conditions normalize. As always, our focus remains on maximizing long-term NAV per share growth and creating value for our shareholders.

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Finally, we would like to provide additional context regarding the recent ruling by the DC Superior Court on the Wardman Tower matter. We, along with multiple other parties, are named defendants in a lawsuit arising out of a condominium development project known as Wardman Tower in Washington, DC. The lawsuit was filed by the Wardman Tower Residential Condominium Unit Owners Association. The building has 32 units which were originally purchased for prices totaling in aggregate approximately $115.0 million, equating to an average purchase price of approximately $3.6 million per unit. The lawsuit seeks damages resulting primarily from alleged construction and design deficiencies, and alleged misrepresentations and omissions, including claims under the DC Consumer Protection Procedures Act ("CPPA"). The Wardman Tower project was designed and constructed by other parties and was substantially complete prior to our formation. We have never had any ownership interest in the project. One of our subsidiary entities, which was only made a defendant in the litigation during the trial, had acted under a project management agreement with the project owner. The lawsuit sought $185.0 million in compensatory

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damages and asked that those damages be trebled under the CPPA, for a total of approximately $555.0 million in damages – nearly 5x the aggregate original purchase price of all condominium units – plus attorneys’ fees.

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On July 31^st, the court entered judgment in favor of the condominium association, found damages in the amount of $118.7 million, very close to the aggregate of the purchase prices the original owners paid for their units, and ordered the defendants, which include us, to pay treble that amount, or approximately $356.1 million in damages, plus attorneys’ fees in an amount to be determined. For a multitude of reasons which we intend to detail during the appeal process, we believe the judgment against us, including its conclusion that we are liable for acts of employees of a subsidiary providing services under a project management agreement between the project owner and another subsidiary, is not supported by the facts of the case or applicable law regarding corporate separateness. If upheld, this ruling could have implications far beyond this case by disrupting the principles of corporate separateness relied upon by companies across Washington, DC and throughout the United States. It could also discourage future real estate investment in the District and constrain development of new housing, particularly for-sale housing and adaptive-reuse conversions of older buildings to residential. We believe there are substantial grounds to challenge both the liability findings against us and the size and trebling of the award. We intend to appeal the judgment promptly and continue to defend ourselves vigorously in this matter. While we maintain substantial insurance coverage, we also believe that JBG SMITH should not have been named as a defendant in this case and should not bear any liability with respect to this matter. These arguments are expected to be addressed through the appellate process. 

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The appeal could take years to conclude; any final resolution will not be determined until that process has run its course. We have high confidence in our grounds for appeal, and we believe that the court’s decision to hold JBG SMITH liable is not justifiable. For that reason, we do not believe a loss is probable, and, therefore, a liability has not been recognized in our financial statements. While the arguments we plan to make in our appeal will become public as that process unfolds, it is unlikely we will know the outcome of this process until the end. This judgment was a shocking surprise, and we do not like surprises any more than any other owner of the company. As the largest group of individual shareholders of JBG SMITH, our team is committed to doing everything we can to reverse this unfortunate and unjust outcome, and we will not rest until we do so.

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Thank you for your continued trust and confidence.

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Sincerely,

W. Matthew Kelly

Chief Executive Officer

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Section Two – Earnings Release

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gs 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 2026 RESULTS

Bethesda, MD (August 10, 2026) - 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, 2026 and reported its financial results.

Additional information regarding our results of operations, properties, and tenants can be found in our Second Quarter 2026 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 2026 Highlights

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Operating Portfolio

Development Portfolio

Under-Construction

Development Pipeline

Third-Party Real Estate Services Business

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Balance Sheet

Investing and Financing Activities

Dividends

Wardman Tower Litigation

We, along with multiple other parties, are named defendants in a lawsuit arising out of a condominium development project known as Wardman Tower in Washington, DC. The lawsuit was filed by the Wardman Tower Residential Condominium Unit Owners Association in the Superior Court of the District of Columbia on November 25, 2020. The lawsuit seeks damages resulting primarily from alleged construction and design deficiencies, and alleged misrepresentations and omissions, including claims under the DC Consumer Protection Procedures Act ("CPPA"). The Wardman Tower project was designed and constructed by other parties and was substantially complete prior to our formation. We have never had any ownership interest in the project. One of our subsidiary entities, which was only made a defendant in the litigation during the trial, had acted under a project management agreement with the project owner. The lawsuit sought compensatory damages and asked that those damages be trebled under the CPPA, plus attorneys' fees.

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The bench trial began on November 10, 2025, and the last witness testified on March 5, 2026. On July 31, 2026, the Court entered judgment in favor of Wardman Tower Residential Condominium Unit Owners Association, found damages in the amount of $118.7 million, and ordered the defendants, which include us, to pay treble that amount, or approximately $356.1 million in damages, plus attorneys’ fees in an amount to be determined. We believe the judgment against us, including its conclusion that we are liable for acts of employees of a subsidiary providing services under a project management agreement between the project owner and another subsidiary, is not supported by the facts of the case or applicable law regarding corporate separateness. We believe there are substantial grounds to challenge both the liability findings against us and the size and trebling of the award, and intend to appeal the judgment promptly, and continue to defend ourselves vigorously in this matter. The timing and success of any appeal is uncertain, and we cannot be certain of the ultimate outcome of the case. We anticipate that one or more bonds will be posted by the defendants to stay enforcement of the judgment pending the expected appeal, and to the extent we are required to collateralize any portion of the bonds, it may impact our liquidity. As of June 30, 2026, we have concluded that a loss attributable to us from this case is not probable at this time and, therefore, a liability has not been recorded with respect to this case. Please refer to our Quarterly Report on Form 10-Q for the quarter ended June 30, 2026 for additional information.

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, where through our focus on placemaking, we cultivate vibrant, highly amenitized, walkable neighborhoods. JBG SMITH's portfolio comprises 11.8 million square feet at share of multifamily, office, and retail assets, and a 3.5 million square-foot development pipeline. 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: the impacts and ultimate outcome of the Wardman Tower litigation; the potential need for one or more bonds to be posted by the defendants and the extent to which we would be required to collateralize any portion of such bonds; whether our current ownership in the 2200 Crystal Drive real estate venture will reduce on the terms and timing anticipated or at all; whether in the case of our under-construction assets and assets in the development pipeline, estimated square feet and estimated number of units are accurate; whether expected timing, completion, and delivery dates for our under-construction assets are accurate; and whether expected equity contributions of venture partners will be realized.

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

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Washington, DC metropolitan area, including reductions in federal government spending, headcount, or leasing, trends in multifamily housing demand 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, 2025 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 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.

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Occupancy, non-GAAP financial measures, leverage metrics, operating assets and operating metrics presented in our investor package exclude our 33.5% subordinated interest in four commercial buildings, as well as the associated non-recourse mortgage loans, held through an unconsolidated real estate venture, as our investment in the real estate venture is zero, we do not anticipate receiving any near-term cash flow distributions from the real estate venture, and we have not guaranteed its 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 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, 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 (loss) 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.

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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, 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 (loss) 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, lease incentive amortization, accretion of acquired below-market leases, amortization of acquired above-market leases, recurring share-based compensation expense, 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 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

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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 June 30, 2026 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 owned and entitled land on which we have the potential to commence construction subject to completion of design and/or market conditions. Excludes unentitled land parcels and land parcels controlled through an option agreement.

"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 as of June 30, 2026. 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.

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"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, 2026.

"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, and other costs.

"Under-Construction" refers to assets that were under construction during the period.

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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, 2026.

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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 June 30, 2026.

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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. The prior year EBITDAre amounts have been restated to conform to the current year presentation. There was no change to EBITDA or Adjusted EBITDA.

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

(Unaudited)

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See footnotes on page 15.

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

(Unaudited)

Note: The prior year FFO amounts have been restated to conform to the current year presentation. There was no change to Core FFO.

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NOI RECONCILIATIONS (NON-GAAP)

(Unaudited)