20. Segment Information

We own, operate and develop mixed-use properties concentrated in and around Washington, D.C. We derive our revenue primarily from leases with multifamily and commercial tenants. In addition, our third-party real estate services business provides fee-based real estate services. Our operating segments are aligned with our method of internal reporting and the way our Chief Executive Officer, who is also our Chief Operating Decision Maker ("CODM"), makes key operating decisions, evaluates financial results, allocates resources and manages our business. Accordingly, our three operating and reportable segments are multifamily, commercial, and third-party real estate services.

The CODM measures and evaluates the performance of our operating segments based on only the following measures at our share pertaining to each of our segments:

●

NOI (multifamily and commercial) - which includes our proportionate share of revenue and expenses attributable to real estate ventures. NOI includes property rental revenue and other property revenue, and deducts property expenses. NOI excludes deferred rent, commercial lease termination revenue, related party management fees, interest expense, and certain other non-cash adjustments, including the accretion of acquired below-market leases and the amortization of acquired above-market leases and below-market ground lease intangibles.

●

Net third-party real estate services, excluding reimbursements - which includes revenue streams generated by this segment, excluding reimbursement revenue, as well as the expenses attributable to this segment at our proportionate share, calculated by excluding real estate services revenue from our interests in such real estate ventures.

The CODM uses these measures predominantly in the annual budget and forecasting process as well as in his review of our quarterly financial results when making decisions about the allocation of operating and capital resources to each segment. We have included disclosure of NOI and the results of our third-party real estate services business at our share to align with our internal reporting and the information used by our CODM.

The following tables summarize NOI at our share for our multifamily and commercial segments, including a reconciliation to our total NOI at share:


		Year Ended December 31, 2025
		Multifamily			Commercial			Total

		(In thousands, at our share)
Property rental revenue		$	203,096		$	210,467		$	413,563
Other property revenue			2,841			16,776			19,617
Total property revenue			205,937			227,243			433,180
Property expense:
Real estate taxes			23,106			22,436			45,542
Payroll			14,714			12,735			27,449
Utilities			15,341			14,166			29,507
Repairs and maintenance			23,469			21,102			44,571
Other property operating			12,338			21,456			33,794
Total property expense			88,968			91,895			180,863
NOI from reportable segments		$	116,969		$	135,348			252,317
Other NOI ⁽¹⁾									(2,185)
NOI								$	250,132


		Year Ended December 31, 2024
		Multifamily			Commercial			Total

		(In thousands, at our share)
Property rental revenue		$	214,431		$	230,039		$	444,470
Other property revenue			3,677			17,517			21,194
Total property revenue			218,108			247,556			465,664
Property expense:
Real estate taxes			22,197			27,103			49,300
Payroll			16,347			13,293			29,640
Utilities			15,337			14,311			29,648
Repairs and maintenance			22,396			22,088			44,484
Other property operating			11,612			17,733			29,345
Total property expense			87,889			94,528			182,417
NOI from reportable segments		$	130,219		$	153,028			283,247
Other NOI ⁽¹⁾									(5,968)
NOI								$	277,279


		Year Ended December 31, 2023
		Multifamily			Commercial			Total

		(In thousands, at our share)
Property rental revenue		$	205,061		$	285,652		$	490,713
Other property revenue			8,068			19,106			27,174
Total property revenue			213,129			304,758			517,887
Property expense:
Real estate taxes			21,924			37,698			59,622
Payroll			19,060			15,245			34,305
Utilities			14,905			16,949			31,854
Repairs and maintenance			15,978			24,043			40,021
Other property operating			11,862			20,616			32,478
Total property expense			83,729			114,551			198,280
NOI from reportable segments		$	129,400		$	190,207			319,607
Other NOI ⁽¹⁾									(1,115)
NOI								$	318,492

(1)	Includes activity related to development assets and land assets for which we are the ground lessor.

The following table summarizes our third-party real estate services business at our share:


		Year Ended December 31,
		2025		2024		2023

		(In thousands, at our share)
Property management fees		$	13,423	$	16,138	$	18,983
Asset management fees			3,461		4,088		4,925
Development fees			1,755		2,573		10,253
Leasing fees			2,879		3,757		5,538
Construction management fees			1,111		1,210		1,383
Other service revenue			4,125		5,038		4,840
Third-party real estate services revenue, excluding reimbursements			26,754		32,804		45,922
Third-party real estate services expenses, excluding reimbursements			24,228		36,836		42,403
Net third-party real estate services, excluding reimbursements		$	2,526	$	(4,032)	$	3,519

The following table reconciles revenue at our share to total revenue per the consolidated statements of operations:


		Year Ended December 31,
		2025			2024			2023

		(In thousands)
Total property revenue at our share		$	433,180		$	465,664		$	517,887
Third-party real estate services revenue, excluding reimbursements, at our share			26,754			32,804			45,922
Reimbursement revenue ⁽¹⁾			35,031			35,332			43,520
Our share of revenue attributable to unconsolidated real estate ventures			(7,502)			(10,807)			(27,893)
Real estate venture partner’s share of revenue attributable to consolidated real estate ventures			3,551			—			—
Other property revenue			3,247			4,889			(835)
Other adjustments ⁽²⁾			4,337			19,430			25,597
Total revenue per statements of operations		$	498,598		$	547,312		$	604,198

(1)	Represents reimbursements of expenses incurred by us on behalf of third parties, including allocated payroll costs and amounts paid to third-party contractors for construction management projects

(2)	Adjustment to include deferred rent, above/below market lease amortization/accretion, commercial lease termination revenue and lease incentive amortization.

The following table reconciles NOI at our share to net loss before income tax (expense) benefit:


		Year Ended December 31,
		2025			2024			2023

		(In thousands)
NOI at our share		$	250,132		$	277,279		$	318,492
Net third-party real estate services, excluding reimbursements, at our share			2,526			(4,032)			3,519
Add:
Loss from unconsolidated real estate ventures, net			(4,420)			(7,122)			(26,999)
Interest and other income, net			4,211			11,598			15,781
Gain (loss) on the sale of real estate, net			46,633			(2,753)			79,335
Less:
Depreciation and amortization expense			190,064			208,180			210,195
General and administrative expense:
Corporate and other			59,169			58,790			54,838
Share-based compensation related to Formation Transaction and special equity awards			—			—			549
Transaction and other costs			6,223			5,317			8,737
Interest expense			142,037			134,068			108,660
(Gain) loss on the extinguishment of debt, net			2,402			(9,235)			450
Impairment loss			65,847			55,427			90,226
Adjustments:
Our share of net third-party real estate services attributable to real estate ventures			(893)			(767)			(416)
NOI attributable to unconsolidated real estate ventures at our share			(4,162)			(6,808)			(19,452)
Real estate venture partner’s share of NOI attributable to consolidated real estate ventures			1,975			—			—
Non-cash rent adjustments ⁽¹⁾			(2,838)			9,482			23,482
Other adjustments ⁽²⁾			687			(1,321)			(12,092)
Total adjustments			(5,231)			586			(8,478)
Loss before income tax (expense) benefit		$	(171,891)		$	(176,991)		$	(92,005)

(1)	Adjustment to include deferred rent, above/below market lease amortization/accretion and lease incentive amortization.

(2)	Adjustment to include payments associated with assumed lease liabilities related to operating properties and to exclude commercial lease termination revenue, related party management fees, corporate entity activity and inter-segment activity.

Historical Timeline

Fiscal Year	Filed
2025	Feb 17, 2026	Showing above
2024	Feb 18, 2025

2023	Feb 20, 2024

2022	Feb 21, 2023

2021	Feb 22, 2022

2020	Feb 23, 2021

2019	Feb 25, 2020

2018	Feb 26, 2019

2017	Mar 12, 2018

About Segments Disclosures

Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.

Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.

JBG SMITH Properties Segments Disclosure

Historical Timeline

About Segments Disclosures

Other Available Disclosures