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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.
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Q3 2025 earnings summary28 Oct, 2025

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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