JBG SMITH Properties

Listed Company

JBGSCIK 0001689796NYSELarge AcceleratedReal Estate Investment TrustsMarylandFY ends Dec 31

Period

FY 2025

Revenue

$498.60M

Net Income

$-139.06M

Total Assets

$4.39B

Equity

$1.16B

Shares Out

59.18M

Op. Cash Flow

$73.26M

Business

JBG SMITH Properties owns, operates and develops urban mixed-use real estate concentrated in amenity-rich, Metro-served submarkets, most notably National Landing in the Washington, D.C. area. Its main offerings include multifamily housing, office buildings, retail spaces, ground leases and placemaking-driven development and property management services. The company operates through three business segments: multifamily, commercial (office and retail) and third-party asset management and real estate services. It distributes and leases properties primarily across the Washington, D.C. metropolitan area, focusing on transit-oriented, walkable neighborhoods and fee-based third-party arrangements.

Summary from filing dated 2025-02-18

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Property rental	417	457	483	492	500
Third-party real estate services, including reimbursements	62	69	92	—	—
Other revenue	20	21	29	25	21
Total revenue	499	547	604	606	634
Depreciation and amortization	190	208	210	214	236
Property operating	142	147	144	150	151
Real estate taxes	49	53	58	62	71
Corporate and other	59	59	55	58	54
Third-party real estate services	61	74	89	95	107
Share-based compensation related to Formation Transaction and special equity awards	—	—	549,000	5	16
Transaction and other costs	6	5	9	6	10
Total expenses	507	546	565	590	645
Loss from unconsolidated real estate ventures, net	−4	−7	−27	−17	−2
Interest and other income, net	4	12	16	19	9
Interest expense	−142	−134	−109	−76	—
Gain (loss) on the sale of real estate, net	47	−3	79	162	11
Gain (loss) on the extinguishment of debt, net	−2	9	−450,000	−3	—
Impairment loss	−66	−55	−90	—	−25
Total other income (expense)	−164	−179	−131	84	−75
LOSS BEFORE INCOME TAX (EXPENSE) BENEFIT	−172	−177	−92	100	−86
Income tax (expense) benefit	4	−762,000	296,000	−1	−4
NET LOSS	−168	−178	−92	99	−90
Net loss attributable to redeemable noncontrolling interests	29	22	11	−13	9
Net loss attributable to noncontrolling interests	—	12	1	−371,000	2
NET LOSS ATTRIBUTABLE TO COMMON SHAREHOLDERS	−139	−144	−80	85	−79
LOSS PER COMMON SHARE - BASIC	−2.09	−1.65	−0.78	0.7	−0.63
LOSS PER COMMON SHARE - DILUTED	−2.09	−1.65	−0.78	0.7	−0.63
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING - BASIC	67	88	105	119	131
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING - DILUTED	67	88	105	119	131

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Land and improvements	1,020	1,109	1,195	1,303	1,378
Buildings and improvements	3,974	4,084	4,021	4,311	4,514
Construction in progress, including land	176	338	659	545	345
Real estate, at cost	5,169	5,531	5,875	6,158	6,236
Less: accumulated depreciation	−1,409	−1,420	−1,338	−1,335	−1,368
Real estate, net	3,761	4,111	4,537	4,823	4,868
Cash and cash equivalents	75	146	165	241	264
Restricted cash	28	37	36	33	38
Tenant and other receivables	22	23	44	56	44
Deferred rent receivable	183	170	171	171	192
Investments in unconsolidated real estate ventures	106	94	264	300	463
Deferred leasing costs, net	66	70	81	94	—
Intangible assets, net	30	47	57	68	202
Other assets, net	117	131	163	117	240
Assets held for sale	0	190	0	0	74
TOTAL ASSETS	4,388	5,021	5,519	5,903	6,386
Mortgage loans, net	1,579	1,767	1,783	1,890	1,778
Revolving credit facility	205	85	62	—	300
Term loans, net	718	718	717	547	399
Accounts payable and accrued expenses	85	101	125	138	106
Other liabilities, net	132	116	139	133	343
Liabilities related to assets held for sale	—	901,000	—	—	—
Total liabilities	2,719	2,788	2,826	2,708	2,925
Commitments and contingencies	—	—	—	—	—
Redeemable noncontrolling interests	511	424	441	481	523
Preferred shares, $0.01 par value - 200,000 shares authorized; none issued	—	—	—	—	—
Additional paid-in capital	2,339	2,790	2,979	3,264	3,540
Accumulated deficit	−1,180	−997	−777	−629	−609
Accumulated other comprehensive income (loss)	−2	15	20	46	−16
Total equity	1,158	1,809	2,252	2,714	2,938
TOTAL LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY	4,388	5,021	5,519	5,903	6,386

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Share-based compensation expense	25	30	32	41	52
Depreciation and amortization expense, including amortization of deferred financing costs	197	215	216	218	240
Deferred rent	−13	−16	−21	−24	−22
Amortization/accretion of market lease intangibles, net	131,000	161,000	−960,000	−1	−1
Amortization of lease incentives	12	6	2	8	8
(Gain) loss on the extinguishment of debt, net	5	−9	450,000	—	—
Loss on operating lease and other receivables	2	3	882,000	2	3
Income from investments, net	−2	−3	−972,000	−14	−4
Return on capital from unconsolidated real estate ventures	2	2	21	11	16
Other non-cash items	−952,000	6	11	−6	−922,000
Tenant and other receivables	−53,000	18	11	−13	9
Other assets, net	−4	−2	−9	−11	−13
Accounts payable and accrued expenses	−5	606,000	−11	−1	9
Other liabilities, net	−1	−7	−13	10	−4
Net cash provided by operating activities	73	129	183	178	218
Development costs, construction in progress and real estate additions	−122	−218	−334	−327	−173
Acquisition of real estate	−40	—	−20	−65	−208
Proceeds from the sale of real estate	545	202	282	929	14
Proceeds from derivative financial instruments	10	8	2	—	—
Payments on derivative financial instruments	−13	−6	−10	—	—
Distributions of capital from unconsolidated real estate ventures and other investments	4	165	11	60	40
Investments in unconsolidated real estate ventures and other investments	−26	−6	−29	−92	−42
Net cash provided by (used in) investing activities	357	144	−98	524	−369
Borrowings under mortgage loans	283	188	345	180	190
Borrowings under revolving credit facility	836	318	372	100	300
Borrowings under term loans	—	—	170	150	—
Repayments of mortgage loans	−508	−198	−282	−271	−6
Repayments of revolving credit facility	−716	−295	−310	−400	—
Proceeds from derivative financial instruments	8	—	10	—	—
Payments on derivative financial instruments	−4	−6	−2	—	—
Debt issuance and modification costs	−5	−5	−18	−5	−7
Acquisition/redemption of noncontrolling interests	—	−49	−647,000	−10	—
Proceeds from common shares issued pursuant to ESPP	800,000	945,000	1	1	2
Common shares repurchased	−444	−171	−335	−361	−158
Dividends paid to common shareholders	−48	−62	−94	−108	−118
Distributions to redeemable noncontrolling interests	−13	−12	−15	−16	−18
Proceeds from the sale of interest in consolidated real estate venture	100	—	—	—	—
Distributions to noncontrolling interests	—	−41,000	−32,000	−182,000	−46,000
Net cash used in financing activities	−510	−291	−159	−730	190
Net decrease in cash and cash equivalents, and restricted cash	−80	−17	−74	−28	39
Cash paid for interest (net of capitalized interest of $4,507, $10,383 and $17,357 in 2025, 2024 and 2023)	128	116	89	72	62
Accrued capital expenditures	35	39	63	74	43
Write-off of fully depreciated assets	100	32	6	20	61
Cash paid for income taxes	61,000	117,000	2	1	815,000
Redemption of OP Units for common shares	31	17	45	17	30
Redeemable noncontrolling interests redemption value adjustment	41	7	−3	—	—
Recognition (derecognition) of operating lease right-of-use asset	—	−14	61	—	−2
Recognition (derecognition)of liabilities related to operating lease right-of-use asset	—	−14	61	—	−2
Cash paid for amounts included in the measurement of lease liabilities for operating leases	7	10	5	2	2

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