B QUARTERLY INVESTOR PACKAGE | Q1 2025 JBG SMITH JBG SMITH TABLE OF CONTENTS LETTER TO SHAREHOLDERS SECTION ONE Q1 2025 EARNINGS RELEASE SECTION TWO Q1 2025 SUPPLEMENTAL INFORMATION SECTION THREE Management Letter April 29, 2025 Our Fellow Shareholders: The past few months have brought continued uncertainty and buffeting headwinds to the DC metro economy. As we expressed last quarter, it remains too early to tell how political events will impact economic activity, but a few themes are emerging. First, DC se ...