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JBG SMITH Announces Third Quarter 2025 Results

JBGS
  • JBG SMITH filed its Form 10-Q for the quarter ended September 30, 2025, reporting a net loss attributable to common shareholders of $28.6 million for the three months ended September 30, 2025.
  • Funds From Operations (FFO) for the three months ended September 30, 2025, were $10.1 million ($0.17 per diluted share), while Core FFO was $9.1 million ($0.15 per diluted share).
  • Annualized Net Operating Income (NOI) for the three months ended September 30, 2025, was $242.3 million, decreasing from $268.4 million in the prior quarter due to higher utilities, operating expenses, 3 concessions, 3 & lower occupancy in the commercial portfolio.
  • Same Store NOI (SSNOI) decreased 6.7% quarter-over-quarter to $54.1 million, driven by lower occupancy 3 & parking revenue in commercial assets, partially offset by higher rents in multifamily.
  • The multifamily portfolio occupancy was 87.2% as of September 30, 2025, with 89.1% leased, while the commercial portfolio occupancy was 75.7% leased 3 & occupied at 77.6%.
  • The company completed construction of Valen, a 355-unit multifamily asset, 3 & maintains 19 assets in its development pipeline totaling 8.7 million square feet.
  • In July 2025, JBG SMITH sold The Batley, a 432-unit multifamily asset in Washington, DC, for $155.0 million.
  • During the third quarter of 2025, the company repurchased 3.1 million common shares for $62.9 million, with a subsequent repurchase of 383,758 shares through October 24, 2025, for $7.9 million.
  • The Board declared a quarterly dividend of $0.175 per share on October 23, 2025, payable on November 20, 2025, to shareholders of record as of November 6, 2025.
  • Net Debt to annualized Adjusted EBITDA was 12.6x, 3 & Net Debt to total enterprise value stood at 59.8% as of September 30, 2025.
  • Total enterprise value was approximately $4.0 billion, comprising $1.6 billion in equity 3 & $2.5 billion in debt (net of cash) at the company's share.
  • The company holds $64.4 million in cash 3 & cash equivalents, 3 & has $585.2 million of undrawn capacity under its revolving credit facility.
  • Approximately 75.0% of JBG SMITH's holdings are located in the National Landing submarket, anchored by Amazon's headquarters 3 & Virginia Tech's Innovation Campus.