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JBG SMITH Announces Fourth Quarter and Full Year 2025 Results

JBGS
  • JBG SMITH filed its Form 10-K for the year ended December 31, 2025, reporting a net loss of $139.1 million for the full year 2025, compared to $143.5 million in 2024.
  • For the fourth quarter of 2025, the company reported a net loss of $45.5 million, FFO of $(7.3) million, 8 Core FFO of $9.9 million, 8 and Core FFO per diluted share of $0.17.
  • Annualized NOI for the quarter ended December 31, 2025, was $245.3 million, while Same Store NOI decreased 4.2% quarter-over-quarter to $53.6 million due to lower occupancy 8 higher utilities expenses.
  • The multifamily portfolio occupancy stood at 82.7% leased 8 84.7% occupied as of December 31, 2025, while the commercial portfolio was 75.1% occupied 8 77.5% leased.
  • The company executed approximately 262,000 square feet of office leases in Q4 2025, with second-generation leases showing a 3.2% rental rate decrease on a cash basis.
  • Valen, a 355-unit multifamily asset, was placed into service during the quarter, 8 the development pipeline totaled 3.6 million square feet of estimated potential density.
  • Financial activities included the sale of 2100 Crystal Drive for $8.0 million, the acquisition of Dulles View for $18.9 million (at share), 8 the repurchase of 383,758 shares for $7.9 million.
  • Net Debt to annualized Adjusted EBITDA was 12.5x for the quarter ended December 31, 2025, 8 Net Debt to total enterprise value was 66.5% as of year-end.
  • Subsequent to year-end, the company extended a $200 million term loan maturity to January 2027, sold Potomac Yard Landbay H for $50.7 million, 8 repurchased an additional 647,843 shares for $10.6 million.
  • The Board declared a quarterly dividend of $0.175 per share, paid on January 13, 2026, to shareholders of record as of December 30, 2025.
  • Total enterprise value as of December 31, 2025, was approximately $3.7 billion, comprising $1.2 billion in equity 8 $2.5 billion in net debt.