JBG SMITH Properties SEC 10-Q Report

JBG SMITH Properties, a prominent real estate investment trust (REIT) specializing in urban properties in the Washington, D.C. metropolitan area, has released its Form 10-Q for the third quarter of 2025. The report provides a detailed overview of the company's financial performance and operational activities, reflecting the challenges and strategic initiatives undertaken during the period.

Financial Highlights

Total Revenue: $123.9 million, reflecting a decrease from $136.0 million in the prior year period, primarily due to lower property rental and third-party real estate services revenue.

Net Income (Loss): $(35.0) million, compared to $(31.3) million in the prior year period, indicating a larger loss primarily due to decreased revenue and increased transaction and other costs.

Net Loss Attributable to Common Shareholders: $(28.6) million, compared to $(27.0) million in the prior year period, reflecting the impact of lower revenue and higher expenses.

Loss Per Common Share - Basic and Diluted: $(0.48), compared to $(0.32) in the prior year period, due to the increased net loss and a decrease in the weighted average number of common shares outstanding.

Business Highlights

Segment Performance: The company operates in three primary segments: multifamily, commercial, and third-party real estate services. The multifamily segment reported property rental revenue of $47.5 million for the three months ended September 30, 2025, while the commercial segment reported $52.6 million. The third-party real estate services segment generated $6.6 million in revenue, excluding reimbursements, for the same period.

Operational Portfolio: As of September 30, 2025, the company's operating portfolio consisted of 37 operating assets, including 14 multifamily assets with 6,164 units and 21 commercial assets totaling 7.0 million square feet. Additionally, there is one under-construction multifamily asset with 355 units and 19 assets in the development pipeline.

Geographical Focus: Approximately 75% of the company's holdings are concentrated in the National Landing submarket in Northern Virginia, which is strategically significant due to its proximity to Amazon's headquarters, Virginia Tech's Innovation Campus, and the Pentagon.

Development and Construction: The company is actively engaged in development activities, with one asset under construction, Valen, and a new amenity hub at 2011 Crystal Drive, requiring an additional $26.1 million to complete.

Future Outlook: The company remains focused on its strategic initiatives in the Washington, D.C. metropolitan area, particularly in the National Landing submarket, which is expected to drive long-term growth and appeal to residential, office, and retail tenants.

SEC Filing: JBG SMITH Properties [ JBGS ] - 10-Q - Oct. 28, 2025