JBG SMITH Properties SEC 10-Q Report

JBG SMITH Properties, a prominent real estate investment trust (REIT) specializing in multifamily and commercial properties, has released its Form 10-Q report for the second quarter of 2025. The report provides a comprehensive overview of the company's financial performance and operational highlights, reflecting the challenges and strategic initiatives undertaken during the period.

Financial Highlights

• Total Revenue: $247.2 million, reflecting a decrease from the previous period due to lower property rental and third-party real estate services revenue.
• Net Income (Loss): $(76.9) million, indicating a larger loss compared to the same period last year, primarily due to increased interest expenses and impairment losses.
• Net Loss Attributable to Common Shareholders: $(64.9) million, highlighting the impact of reduced revenue and increased expenses on shareholder returns.
• Loss Per Common Share - Basic and Diluted: $(0.87), reflecting the impact of the net loss on per-share earnings.

Business Highlights

• Revenue Segments: The company operates in three main segments: multifamily, commercial, and third-party real estate services. The multifamily segment generated property rental revenue of $108.2 million, while the commercial segment contributed $101.4 million for the six months ended June 30, 2025. The third-party real estate services segment, excluding reimbursements, generated $13.2 million in revenue.
• Geographical Performance: Approximately 75% of the company's holdings are concentrated in the National Landing submarket in Northern Virginia, which is a key area due to its proximity to Amazon's headquarters, Virginia Tech's Innovation Campus, and the Pentagon.
• Sales Units: The company's operating portfolio includes 15 multifamily assets totaling 6,596 units and 21 commercial assets totaling 7.0 million square feet. Additionally, there is one under-construction multifamily asset with 355 units.
• New Production Launches: The company is constructing a new amenity hub at 2011 Crystal Drive and has one asset under construction, Valen, which together require an additional $35.2 million to complete.
• Future Outlook: The company plans to continue focusing on its core markets in and around Washington, D.C., with a significant emphasis on the National Landing area. It anticipates completing the construction of its current projects over the next year, primarily financed through debt proceeds.

SEC Filing: JBG SMITH Properties [ JBGS ] - 10-Q - Jul. 29, 2025