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JBG SMITH Properties (JBGS) investor relations material
JBG SMITH Properties Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
- Reported a Q3 2025 net loss attributable to common shareholders of $28.6 million ($0.48 per share), with a nine-month net loss of $93.5 million ($1.35 per share), both higher than prior year periods. 
- Achieved strong leasing momentum in National Landing, signing 182,000 sq. ft. of office leases, and completed construction of Valen, a 355-unit multifamily tower. 
- Revenue declines were driven by asset dispositions, lower occupancy, and assets taken out of service, partially offset by new multifamily deliveries and acquisitions. 
- Continued asset recycling strategy, selling three multifamily assets and one development parcel for $546 million, and a 40% interest in a multifamily venture for $100 million. 
- Share repurchases remained a priority, with 26.4 million shares repurchased for $435.3 million YTD, and $436.3 million remaining under the repurchase plan as of September 30, 2025. 
Financial highlights
- Q3 2025 property rental revenue fell 8.3% year-over-year to $104.0 million; total revenue for Q3 was $123.9 million, down from $136.0 million in Q3 2024. 
- Core FFO attributable to common shareholders was $9.1 million ($0.15 per share), down from $19.3 million ($0.23 per share) in Q3 2024. 
- Annualized NOI for Q3 2025 was $242.3 million, down from $268.4 million in Q2 2025; excluding asset sales and acquisitions, annualized NOI was $232.9 million. 
- Same Store NOI decreased 6.7% quarter-over-quarter to $54.1 million, driven by lower occupancy and higher expenses. 
- Operating multifamily portfolio was 89.1% leased and 87.2% occupied; commercial portfolio was 77.6% leased and 75.7% occupied as of September 30, 2025. 
Outlook and guidance
- Management remains focused on maximizing long-term NAV per share through disciplined capital allocation, including asset sales, joint ventures, and share repurchases. 
- Near-term demand is expected to remain tepid due to federal government uncertainty and potential impacts from a government shutdown. 
- Long-term growth opportunities are anticipated from defense and technology sector expansion and limited new multifamily supply. 
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