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Management Letter

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November 6, 2026

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Our Fellow Shareholders:

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Just as the lingering effects of government job cuts began to abate this summer, we saw a resurgence of inflation and upward pressure on long-term interest rates. Higher long-term interest rates have increased borrowing costs, widened bid-ask spreads, and placed renewed pressure on real estate valuations. While these factors create a clear headwind to private capital markets investment activity, the underlying fundamentals picture continues to improve in both the multifamily and office sectors, particularly in markets where the expanding defense tech industry continues to drive job growth and demand.

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Against this backdrop, performance within our core markets is improving. During this summer’s peak leasing season, our Same Store multifamily portfolio re-stabilized and demonstrated encouraging demand even after the economic disruption the region experienced over the past year. Across the DC metro region, and especially in Northern Virginia, multifamily fundamentals continue to benefit from historically low levels of new supply and the region’s long-term demand drivers, including growing investment in the defense, intelligence, and technology sectors. The office market is showing similar signs of strength. Demand for space in National Landing and throughout Northern Virginia remains strong, particularly among defense technology, cybersecurity, artificial intelligence, and government contracting companies. Our leasing pipeline continues to strengthen and increasingly reflects the growth of these sectors, with tenants seeking proximity to the Pentagon, secure facilities, technical talent, and the highly amenitized environment we have created. As a result, we believe Northern Virginia remains well-positioned to benefit from demand drivers tied to defense modernization and national security investment that have historically enjoyed broad bipartisan support.

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The following are highlights since last quarter:

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Successfully recast our $690.0 million Revolving Credit Facility and $243.9 million of our Tranche A-2 Term Loan with fully extended maturity dates in August 2031. We are very pleased with lender demand to participate in the recast, which solidifies our strong balance sheet and provides us financial flexibility.

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Recapitalized two office assets, 800 North Glebe and Dulles View, subsequent to quarter end. These strategic joint ventures advance our strategy of attracting private capital partners to grow and diversify our office investment platform while also creating opportunities for incremental fee revenue and potential carried interest income.

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Executed 74,000 square feet of new office leases, 69,000 square feet of which was in National Landing. Despite a seasonally slower third quarter, demand in National Landing remains strong and our pipeline continues to grow. Entering the fourth quarter, we believe we are on track for our strongest year of new leasing since 2019.

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Capital Allocation

Since inception, our capital allocation strategy has focused on maximizing long-term NAV per share growth. Last year we advanced that strategy by recycling out of efficiently valued multifamily assets into more accretive uses, including distressed office acquisitions and share repurchases, increasing our exposure to our portfolio of defense-tech-driven office assets in National Landing. This approach provided shareholders with an opportunity to realize liquidity at increasing prices in the short term, while allowing those who remain invested to participate in the highly accretive reduction of shares at a substantial discount to NAV and gain additional exposure to office, which we believe offers substantially higher expected returns.

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In the first half of this year, the knock-on effects of the 2025 federal workforce reductions temporarily disrupted multifamily fundamentals across the region and slowed transaction activity as investors assessed the durability of these reductions’ impact on demand. Losing over 100,000 jobs was the largest annual employment downturn in the DC region’s history, and the rapid multifamily occupancy decline that followed was jarring. While this uncertainty paused portions of our capital recycling program, operating performance is improving meaningfully in the second half of 2026 as job growth has resumed and multifamily fundamentals stabilized. The DC metro area, particularly Northern Virginia, continues to benefit from growth in defense spending, and our multifamily portfolio has recovered all of the occupancy and most of the rent declines that were suffered earlier this year.

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Accordingly, we are currently in the market to recapitalize several multifamily assets where private market values exceed those implied by the public market. We intend to recycle that capital into a combination of deleveraging and more accretive uses, including acquisitions of high-growth, defense-tech office assets and share repurchases. We expect this strategy to offer the same win-win proposition to investors who favor the value of capital returned through repurchases as well as those who favor longer-term NAV per share accretion and share our conviction in the defense-spending-driven recovery of our National Landing office portfolio. As we have previously articulated, we expect to continue pursuing this approach for the foreseeable future. As this is a relative capital allocation and return strategy, the impact of rising rates will be less significant when the consequence of higher rates is felt in both public and private markets. In other words, if the discount on what we’re buying equals or exceeds any discount on what we’re selling, the allocation is still accretive, and possibly more so.

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As we recycle capital, our DNA as a mixed-use operator will continue to serve as the foundation for how we protect and create value. Over multiple cycles, we believe our ability to allocate capital between product types and unlock development opportunities in ways that single-asset-class investors cannot remains a competitive advantage. Had we been multifamily-only investors, we would not have been able to attract Amazon HQ2. Had we been office-only investors, we would not have been able to unlock millions of square feet of valuable land from obsolete office buildings in National Landing and develop some of the most valuable apartment assets in the submarket, if not the region. These skill sets enable and add value to one another, but the ownership need not be concentrated in our public currency. Either asset type can be owned in the private capital markets while the other can be owned by our public shareholders. Owning a portfolio of liquid and highly valuable multifamily assets alongside a portfolio of illiquid and disfavored office assets enables us to privately capitalize one (multifamily) for the benefit of highly accretive investment in the other (office) through share repurchases and opportunistic office acquisitions.

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While we believe significant value exists within our office portfolio, further improvement in occupancy and private market demand for office investment is likely necessary to realize that value. We expect operating performance to continue to improve in the short run, but a recovery in the private capital markets for office will likely require a longer time horizon. In the meantime, we see compelling opportunities to concentrate capital in attractively priced office acquisitions and our own portfolio of office assets benefiting from the durable growth of defense, intelligence, and technology spending in Northern Virginia. We believe recycling capital out of higher-priced multifamily assets into these opportunities is the surest path to long-term NAV per share growth, which has been our clearly articulated

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strategy from day one. Since launching our share repurchase program in 2020, we have repurchased 86.5 million shares, approximately 65% of the shares outstanding as of December 31, 2019, for $1.6 billion. As the largest group of investors, representing one-quarter of the company, we believe management and unitholders are well aligned with all shareholders in pursuit of this goal.

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Subsequent to quarter end, we sold a 90% interest in 800 North Glebe, an approximately 306,200-square-foot commercial asset in the Ballston submarket of Arlington, Virginia. Additionally, like the recapitalization of Tysons Dulles Plaza earlier this year, we sold 50% of our interest in Dulles View, an approximately 360,500-square-foot commercial asset in Dulles, Virginia. As part of these recapitalizations and despite a challenging financing environment, we secured mortgage financing on both assets at attractive pricing and leverage levels. These joint ventures further our strategy of attracting third-party capital partners to expand and diversify our office investment platform while enhancing the efficiency of our business through incremental fee revenue and potential carried interest opportunities. More broadly, they demonstrate our ability to create value through our operating platform while maintaining the potential for future upside and preserving capital and financial flexibility for additional investment opportunities.

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Financial and Operating Metrics

For the three months ended September 30, 2026, we reported Core FFO attributable to common shares of $12.7 million, or $0.22 per diluted share. Annualized NOI increased 2.9% or $7.2 million quarter over quarter to $256.4 million. Our multifamily portfolio ended the quarter at 92.9% leased and 91.5% occupied. Our office portfolio ended the quarter at 78.5% leased and 76.8% occupied. Our Same Store NOI increased 3.3% for the three months ended September 30, 2026.

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As of September 30, 2026, our Net Debt to Annualized Adjusted EBITDA was 11.6x, an improvement from the prior quarter, as we continued to lease up and stabilize our newly constructed multifamily assets and grow commercial revenue through the commencement of signed leases and conversion of our leasing pipeline. Our floating rate exposure remains low, with 83.9% of our debt fixed or hedged as of the end of the third quarter, after accounting for in-place interest rate swaps and caps. The floating rate exposure is tied to our revolving credit facility and assets where the business plan warrants preserving flexibility. We continue to be well positioned with respect to our near-term debt maturities. Our debt has a weighted average maturity of 2.7 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 94.4% leased, up 90 basis points quarter over quarter, and 93.1% occupied, up 270 basis points quarter over quarter. September asking rents increased 1.7% from June 2026 and 3.7% from December 2025. Our multifamily portfolio NOI increased approximately 3.4% from the second quarter.

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We continue to make progress leasing our recently completed assets — The Grace and Reva were 94.7% leased and The Zoe and Valen were 81.1% leased as of quarter 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 of these assets.

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

The DC metro region’s multifamily market continues along a path of recovery from the disruptions caused by the federal workforce reductions and contractor layoffs last fall and winter; in many ways it is ahead of the broader jobs

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recovery. As of September, Apartment List reported regional vacancy at 6.4%, flat relative to the same period last year, before most of the federal workforce reductions took effect, and improved from a peak of 6.9% earlier this year. While the market responded to the demand shock by reducing rents and introducing concessions, we have seen that trend stabilize alongside the occupancy recovery. Year-over-year rent growth was essentially flat at negative 0.6%, and rents continued to climb during the third quarter, rising 2.3% year-to-date.

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With the employment market not yet fully recovered, a large part of the recovery story remains the lack of new competitive supply. Although there was a modest pickup in new starts this quarter with 3,389 units starting construction compared to 2,259 in the second quarter, only approximately 2% of the region’s inventory is currently under construction, still a strikingly low level from a historical perspective. Against the backdrop of an elevated and rising rate environment, we expect this supply pipeline will remain significantly constrained which should support a longer runway for recovery and growth.

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Office Trends

Our office portfolio ended the quarter at 78.5% leased, up 50 basis points quarter over quarter, and 76.8% occupied, up 140 basis points quarter over quarter, and NOI increased 2.6% from the second quarter. The spread between our leased and occupied percentages represents approximately $8.8 million of contractual annualized rent which is expected to commence over the next 12 months. In the third quarter, we executed 193,000 square feet of leases (188,000 square feet in National Landing), including 74,000 square feet of new leases. For second generation leases, the rental rate mark-to-market was negative 1.9%. Our year-to-date leasing activity represents over 93% 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. Since the beginning of 2025, we have achieved an 81% retention rate among these tenants and have expanded their footprints by an average of 14% upon renewal. We continue to execute upon our leasing pipeline, which currently stands at over 235,000 square feet sought by tenants looking to occupy space in National Landing. 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. 99% of our third quarter leasing activity was with tenants in the defense and technology industries. Demand for office space that has a SCIF is particularly strong, since these facilities require significant capital investments which can exceed $500 per square foot and extended construction timelines which can stretch to 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 — 65% of our defense-tech tenancy has a SCIF or secure facility in their space, which we believe represents 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. Over the past year, 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. We recently 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

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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)

Mirroring what we’ve seen in our own portfolio, the brokerage prints for the third quarter were uniformly positive for the Northern Virginia office environment. Both CBRE and JLL recorded strong quarters for leasing in Northern Virginia, with nearly 1 million square feet of year-to-date absorption according to CBRE’s latest data — a remarkable figure, the best the market has seen since 2019. The same data set shows year-to-date leasing activity is in line with the long-term historical average, a meaningful milestone after years of COVID-driven reduction in office demand. Overall market vacancy ended the quarter at approximately 21%, but that headline masks the real story. Trophy vacancy has now fallen to 12.9% — the lowest CBRE has recorded since tracking began — and pockets of scarcity are beginning to emerge, particularly in buildings and locations such as National Landing with strong amenities and appeal for defense and technology firms. Those firms, many of whom are new entrants to the Northern Virginia market, often start small, establish a footprint, and grow as the Pentagon demands rapid delivery of cutting-edge solutions backed by a $1 trillion budget which we expect will grow next year. This comes alongside increasingly stringent security requirements for SCIFs, which are driving demand in our portfolio both from users who have existing, often older, SCIFs that need to modernize and from users seeking to establish their first SCIF in the market.

Beyond the strengthening demand environment, the supply picture continues to improve through inventory reduction, with over 17 million square feet in various stages of planned or actual redevelopment according to JLL. That is over 10% of the market’s inventory and, once removed, will reduce functional vacancy significantly. Even as a rising rate environment may slow conversions of office to multifamily, it also puts additional pressure on some “on the bubble” office assets, pushing them out of contention for successful leasing; it will likely be some time before their cost basis resets to competitive levels, further limiting effective supply. This dynamic also creates net new investment opportunities for groups like us who can selectively target the best distressed office assets to take advantage of what appears to be a rapidly improving market backdrop. As such, we remain optimistic about the opportunity in office.

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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 elevated interest rates continue to weigh on transaction activity and portions of the real estate capital markets, we believe they are also creating attractive opportunities for patient, well-capitalized investors. We remain focused on allocating capital where we believe it can create the greatest long-term value, with maximizing long-term NAV per share growth serving as our North Star.

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We are encouraged by the continued improvement in the fundamentals of our business, which reinforces our conviction that our markets are benefiting from durable demand drivers that should support enduring growth. Northern Virginia remains at the intersection of several growth drivers, including national security, technological innovation, and federal investment. We believe these drivers, combined with our disciplined approach to capital allocation, position us well to create long-term value for our shareholders.

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The successful recast of our Revolving Credit Facility and Tranche A-2 Term Loan further strengthens our liquidity position and financial flexibility while reinforcing the breadth and quality of our banking relationships. We deeply appreciate the conviction these leading banks and financial institutions have shown JBG SMITH, our strategy, and our team across multiple market cycles, and we are grateful for their continued partnership and support.

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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 THIRD QUARTER 2026 RESULTS

Bethesda, MD (November 6, 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 September 30, 2026 and reported its financial results.

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

Third 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

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Subsequent to September 30, 2026

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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

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placemaking, we cultivate vibrant, highly amenitized, walkable neighborhoods. JBG SMITH's portfolio at share comprises 11.8 million square feet 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: 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; and whether expected timing, completion, and delivery dates for our under-construction assets are accurate.

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, trends in multifamily housing demand in the Washington, DC metropolitan area, 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 in connection with the Wardman Tower litigation, 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,"

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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 this release and 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

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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, gain (loss) on the extinguishment of debt, earnings (losses) and distributions in excess of our investment in unconsolidated real estate ventures, 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.

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, 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.

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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 calculation of Net Debt to Annualized Adjusted EBITDA. 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) 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

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or our ability to make distributions. Annualized NOI represents NOI for the three months ended September 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.

"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 September 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.

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

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

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

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

"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 September 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 September 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 14.

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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)