JBG SMITH Properties (JBGS) FY2025 10-K Annual Report
JBG SMITH Properties (JBGS) 10-K annual report for fiscal year 2025, filed with SEC EDGAR on Feb 17, 2026. This page provides AI-powered analysis including business overview, management discussion & analysis (MD&A), risk factors, and key financial data such as revenue, net income, gross margin, operating margin, and return on equity (ROE) extracted from XBRL.
JBG SMITH Properties FY2025 10-K Analysis
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
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%
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
JBG SMITH Properties FY2025 Key Financial MetricsXBRL
Revenue
$499M
▼ -8.9% YoY
Net Income
-$139M
▲ +3.1% YoY
Net Margin
-27.9%
▼ -167bp YoY
ROE
-12.0%
▼ -408bp YoY
Total Assets
$4.4B
▼ -12.6% YoY
EPS (Diluted)
$-2.09
▼ -26.7% YoY
Operating Cash Flow
$73M
▼ -43.4% YoY
Source: XBRL data from JBG SMITH Properties FY2025 10-K filing on SEC EDGAR. All figures in USD.
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