JBG SMITH Announces Initial Closing for Washington Housing Initiative Impact Pool

Leading Banks and Real Estate Firms Commit More than $78 Million in New Model to Preserve Workforce Housing

JBG SMITH (NYSE: JBGS), a leading owner and developer of high-quality, mixed-use properties in the Washington, DC market, announced the first closing of its newly established Impact Pool, a social impact investment vehicle managed by JBG SMITH to support the creation and preservation of affordable workforce housing across the Washington, DC area. Investors, including leading local developers and some of the country's largest banking institutions, have committed more than $78 million to the Impact Pool, including a commitment from JBG SMITH of approximately $7.6 million.

The Impact Pool is the social impact investment vehicle of the Washington Housing Initiative, a transformational market-driven approach to preserving affordable workforce housing, preventing displacement, and sharing the benefits of economic growth in the Washington, DC region. The Initiative was launched by JBG SMITH and the Federal City Council in June 2018 as a scalable market-driven model that uses private capital to help address the scarcity of housing for middle income families. The program expects to preserve or build between 2,000 and 3,000 units of affordable workforce housing in the Washington metro region.

"We are excited to bring new private capital to the preservation and production of affordable workforce housing in our region. Having the support of so many institutional investors allows us to hit the ground running with a scalable, replicable, market-based approach to preserving affordability, preventing displacement, and strengthening inclusive communities," said JBG SMITH Executive Vice President of Social Impact Investing, AJ Jackson. "To make a meaningful difference for our region's working families, we need solutions that can invest private capital at scale. We believe that the Impact Pool will be an important tool to improve housing affordability for working families."

The first closing of the Impact Pool is another example of JBG SMITH's continued commitment to invest in communities across the DC region. "The closing of the Impact Pool is a crucial step in fulfilling our mission to provide innovative, resident-focused affordable housing for working Washingtonians," said JBG SMITH CEO, Matt Kelly. "Access to affordable housing is as important to economic growth as education and job skills. We are excited to combine our platform and the financial resources of the Impact Pool to address this critical need in our local economy."

JBG SMITH would like to thank the Impact Pool's founding investors, including Bank of America, PNC Bank, SunTrust, JPMorgan Chase, BB&T, United Bank, Wells Fargo, Bernstein Management, Buchanan Partners, and Bob Buchanan for sharing our vision. For more information on the Washington Housing Initiative and the Impact Pool please visit, www.washingtonhousinginitiative.com.

About JBG SMITH

JBG SMITH is an S&P 400 company that owns, operates, invests in and develops a dynamic portfolio of high-quality mixed-use properties in and around Washington, DC. Through an intense focus on placemaking, JBG SMITH cultivates vibrant, amenity-rich, walkable neighborhoods throughout the Capital region, including National Landing where it now serves as the exclusive developer for Amazon's new headquarters. JBG SMITH's operating portfolio currently comprises approximately 18 million square feet of high-quality office, multifamily and retail assets, 98% at our share of which are Metro-served. It also maintains a robust future pipeline encompassing approximately 18.7 million square feet of mixed-use development opportunities. For more information on JBG SMITH please visit www.jbgsmith.com.

The Impact Pool is a separate legal entity from JBG SMITH. While the manager of the Impact Pool is controlled by JBG SMITH, an investment in the Impact Pool is not an investment in JBG SMITH.

Forward-Looking Statements

Certain statements contained herein constitute forward-looking statements within the meaning of the federal securities laws. Forward-looking statements are not guarantees of future performance. They represent our intentions, plans, expectations and beliefs and are subject to numerous assumptions, risks and uncertainties. Our future results, financial condition and business may differ materially from those expressed in these forward-looking statements. You can find many of these statements by looking for words such as "approximates," "believes," "expects," "anticipates," "estimates," "intends," "plans," "would," "may" or other similar expressions. 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. For further discussion of factors that could materially affect the outcome of our forward-looking statements and other risks and uncertainties, see "Risk Factors" and the Cautionary Statement Concerning Forward-Looking Statements in the Company's Annual Report on Form 10-K for the year ended December 31, 2018 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.

Securities Laws

The interests in the Impact Pool have not been registered under the Securities Act of 1933, as amended, any state securities laws or the securities laws of any other jurisdiction, and may not be offered or sold in the United States absent registration or in a transaction exempt from or not subject to registration requirements. Sales of interests in the Impact Pool will be made only to investors qualifying as "accredited investors" within the meaning of the U.S. federal securities laws.

This press release does not constitute an offer to sell nor a solicitation of an offer to purchase any securities in any jurisdiction in which such an offer or solicitation is not authorized and does not constitute an offer within any jurisdiction to any person to whom such offer would be unlawful.

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