Short answer
JBG SMITH Properties (JBGS) filed its fiscal 2025 10-K annual report with the SEC on Feb 17, 2026. It reported revenue of $499M (−8.9% year over year) and net income of −$139M.
- Top risk flagged: Regulatory compliance cost and risk related to federal lease requirements under Civil Rights Act 1964 and Rehabilitation Act 1973 affecting 19 tenant leases expiring 2026-2030
FY2025 key financial metrics · XBRL
- Revenue
- $499M
- −8.9% YoY
- Net income
- −$139M
- +3.1% YoY
- EPS (diluted)
- −$2.09
- −26.7% YoY
- ROE
- -12.0%
- −4.1 pp YoY
- Operating cash flow
- $73M
- −43.4% YoY
Source: XBRL data from the JBG SMITH Properties (JBGS) FY2025 10-K on SEC EDGAR. USD.
JBG SMITH Properties FY2025 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core business model: Ownership, operation, and development of mixed-use real estate in Metro-served, amenity-rich submarkets primarily around Washington, D.C.
- Emphasis on National Landing as key submarket focus with placemaking to create walkable, highly amenitized neighborhoods
- Operating portfolio of 39 assets including 15 multifamily buildings (6,519 units total) and 22 commercial properties (7.3M sq ft total)
- Development pipeline expanded to 4.9 million sq ft potential density, excluding unentitled or optioned land parcels
- Ownership structure: JBG SMITH controls 82.0% of JBG SMITH LP OP Units after LTIP conversion as of Dec 31, 2025
Management Discussion & Analysis
- Revenue $479.0M total (Property rental $416.8M down 8.8% YoY; Third-party services $62.2M down 10.4%)
- Operating margin via NOI: Multifamily NOI $117.0M down 10.2%, Commercial NOI $135.3M down 11.6%; Same store NOI down 5.1%
- Best segment: Multifamily with property revenue $205.9M (-5.6%) and NOI $117.0M (-10.2%); Worst segment: Commercial with revenue $227.2M (-8.2%) and NOI $135.3M (-11.6%)
- Cash flow/capex: $142.0M interest expense (+5.9%); mortgage loans net $1.58B (down $188.0M); repaid $197.2M mortgage loans; refinanced $273.6M mortgage loan; no specific buyback/dividends noted
- Outlook: Expect cash flows, financings, asset sales sufficient for operations, debt service, capex, dividends; key risk includes lower occupancy and asset disposition impacts
Risk Factors
- Regulatory compliance cost and risk related to federal lease requirements under Civil Rights Act 1964 and Rehabilitation Act 1973 affecting 19 tenant leases expiring 2026-2030
- Macroeconomic risk: Washington, D.C. area job losses with federal government downsizing 52,400 jobs Nov 2024-Nov 2025 impacting office and multifamily demand
- Operational supply chain risk: construction cost inflation and labor shortages delaying and increasing redevelopment expenses in Washington, D.C. metro area
- Competitive risk: decline in retail tenants due to online retailers and discount stores threatening retail asset occupancy and related Placemaking strategy
- Financial risk: revenue concentration, with five assets generating 29.9% of annualized rent, exposing company to material impact from adverse events on those assets
Generated from the filing text; verify against the original. How to read a 10-K
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