- JBG SMITH reported a **net loss attributable to common shareholders of $(28.6) million** and **Core FFO of $9.1 million, or $0.15 per diluted share**, for the third quarter of 2025.  **[1689796_0001104659-25-103179_jbgs-20251028xex99d1.htm:7]** 
- The company completed construction of **Valen, a 355-unit multifamily tower**, and leased **182,000 square feet of office space** during Q3 2025, including **108,000 square feet of new leases in National Landing**.  **[1689796_0001104659-25-103179_jbgs-20251028xex99d1.htm:1]** 
- Annualized Net Operating Income (NOI) for Q3 2025 was **$242.3 million**, with a **6.7% decrease in Same Store NOI** quarter-over-quarter.  **[1689796_0001104659-25-103179_jbgs-20251028xex99d1.htm:7]** 
- As of September 30, 2025, the multifamily portfolio was **89.1% leased** and **87.2% occupied**, while the office portfolio was **77.6% leased** and **75.7% occupied**.  **[1689796_0001104659-25-103179_jbgs-20251028xex99d1.htm:2]** 
- JBG SMITH repurchased **26.8 million shares** at an average price of **$16.52 per share**, totaling **$443.1 million** year-to-date, and reported a **Net Debt to Annualized Adjusted EBITDA of 12.6x**.  **[1689796_0001104659-25-103179_jbgs-20251028xex99d1.htm:1]** **[1689796_0001104659-25-103179_jbgs-20251028xex99d1.htm:2]**

JBG SMITH Properties Reports Q3 2025 Financial and Operational Results

- JBG SMITH reported a **net loss of $(28.6) million** or **$(0.48) per diluted share** for the third quarter ended September 30, 2025, compared to a net loss of $(27.0) million or $(0.32) per diluted share for the same period in 2024.  **[1689796_bd9917e48890489fbf519e5568586178_0]** 
- **Funds From Operations (FFO)** attributable to common shareholders was **$10.1 million** or **$0.17 per diluted share** in Q3 2025, a decrease from $19.5 million or $0.23 per diluted share in Q3 2024.  **[1689796_bd9917e48890489fbf519e5568586178_0]**  **Core FFO** attributable to common shareholders also decreased to **$9.1 million** or **$0.15 per diluted share** from $19.3 million or $0.23 per diluted share over the same period.  **[1689796_bd9917e48890489fbf519e5568586178_0]** 
- Annualized Net Operating Income (NOI) for the three months ended September 30, 2025, was **$242.3 million**, down from $268.4 million for the three months ended June 30, 2025.  **[1689796_bd9917e48890489fbf519e5568586178_1]**  Same Store NOI (SSNOI) at the company's share **decreased 6.7%** quarter-over-quarter to **$54.1 million** for Q3 2025.  **[1689796_bd9917e48890489fbf519e5568586178_1]** 
- As of September 30, 2025, the operating multifamily portfolio was **89.1% leased** and the operating commercial portfolio was **77.6% leased**.  **[1689796_bd9917e48890489fbf519e5568586178_1]**  The company executed approximately **182,000 square feet of office leases** during Q3 2025, with second-generation leases generating an **11.1% rental rate increase** on a cash basis.  **[1689796_bd9917e48890489fbf519e5568586178_1]** 
- During the quarter, JBG SMITH completed the construction of **Valen, a 355-unit multifamily asset**, and as of September 30, 2025, had **19 assets in its development pipeline** consisting of 8.7 million square feet of estimated potential development density at its share.  **[1689796_bd9917e48890489fbf519e5568586178_1]**

JBG SMITH Announces Third Quarter 2025 Results

- JBG SMITH reported a **Net loss attributable to common shareholders of $(28.6) million**, or **$(0.48) per diluted share**, and **Core FFO of $9.1 million**, or **$0.15 per diluted share**, for Q3 2025.  **[0001689796_2208968:12]** 
- As of September 30, 2025, the office portfolio was **77.6% leased** and **75.7% occupied**, while the multifamily portfolio was **89.1% leased** and **87.2% occupied**.  **[0001689796_2208968:4]** 
- Annualized Net Operating Income (NOI) decreased **3.8%** quarter over quarter to **$232.9 million**, and Same Store NOI decreased **6.7%** for the three months ended September 30, 2025.  **[0001689796_2208968:4]** 
- During Q3 2025, JBG SMITH repurchased and retired **3.1 million common shares** for **$62.9 million** and declared a quarterly dividend of **$0.175 per common share**.  **[0001689796_2208968:16]** 
- The company's Net Debt to Annualized Adjusted EBITDA was **12.6x** as of September 30, 2025, with management expecting leverage to moderate; however, the current government shutdown poses a risk to regional economic activity and leasing decisions.  **[0001689796_2208968:4]** **[0001689796_2208968:16]** **[0001689796_2208968:1]**

JBG SMITH Properties (JBGS)