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JBGS

JBG SMITH Properties

JBGS

JBG SMITH Properties • NYSE
$18.23 ▼ -0.98% (-0.18)
Market Cap $1.08 B
52w High $24.30
52w Low $13.28
Dividend Yield 0.70%
P/E -8.89
Volume 255.60K
Outstanding Shares 59.18M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $123.87M ▼ $61.378M ▼ $-28.555M ▼ -23.052% ▼ $-0.48 ▼ $47.222M ▼
Q2-2025 $126.479M ▲ $64.28M ▲ $-19.241M ▲ -15.213% ▲ $-0.29 ▲ $58.044M ▲
Q1-2025 $120.686M ▼ $63.144M ▼ $-45.72M ▲ -37.883% ▲ $-0.56 ▲ $26.57M ▲
Q4-2024 $130.782M ▼ $64.904M ▲ $-59.897M ▼ -45.799% ▼ $-0.7 ▼ $13.009M ▼
Q3-2024 $136.026M $61.931M $-26.98M -19.834% $-0.32 $52.507M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $64.437M ▲ $4.417B ▼ $2.66B ▼ $1.191B ▼
Q2-2025 $61.432M ▼ $4.549B ▼ $2.683B ▼ $1.323B ▼
Q1-2025 $81.338M ▼ $4.733B ▼ $2.743B ▼ $1.571B ▼
Q4-2024 $145.804M ▲ $5.021B ▼ $2.788B ▼ $1.809B ▼
Q3-2024 $136.983M $5.182B $2.842B $1.882B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-35.012M ▼ $8.873M ▼ $126.398M ▼ $-138.454M ▲ $-3.183M ▲ $37.964M ▲
Q2-2025 $-19.695M ▲ $19.053M ▲ $209.174M ▲ $-257.6M ▼ $-29.373M ▲ $-14.273M ▲
Q1-2025 $-53.698M ▲ $12.935M ▼ $161.314M ▲ $-237.106M ▼ $-62.857M ▼ $-16.156M ▼
Q4-2024 $-70.84M ▼ $42.203M ▲ $61.738M ▲ $-90.893M ▼ $13.048M ▲ $-3.775M ▲
Q3-2024 $-31.309M $26.377M $20.425M $-82.56M $-35.758M $-32.237M

Revenue by Products

Product Q3-2024Q1-2025Q2-2025Q3-2025
Commercial Segment
Commercial Segment
 $0 ▲$50.00M ▲$60.00M ▲$60.00M ▲
Multifamily Segment
Multifamily Segment
 $0 ▲$60.00M ▲$0 ▼$0 ▲
Asset management fees
Asset management fees
 $0 ▲$0 ▲$0 ▲$0 ▲
Construction management fees
Construction management fees
 $0 ▲$0 ▲$0 ▲$0 ▲
Development fees
Development fees
 $0 ▲$0 ▲$0 ▲$0 ▲
Leasing fees
Leasing fees
 $0 ▲$0 ▲$0 ▲$0 ▲
Other service revenue
Other service revenue
 $0 ▲$0 ▲$0 ▲$0 ▲
Property management fees
Property management fees
 $0 ▲$0 ▲$0 ▲$0 ▲

Five-Year Company Overview

Income Statement

Income Statement JBGS’s income statement shows a business that is stable in size but struggling to turn that stability into consistent profits. Revenue has been fairly flat over the past several years, which is typical for a mature office-focused real estate portfolio, but it means growth is not currently the story. Profitability at the property level looks reasonable, yet by the time corporate and other costs are included, operating profit is only slightly positive. Net income has been negative in most recent years, with only a single profitable year in the last five. That pattern points to pressure from depreciation, interest costs, and the broader weakness in office real estate. Overall, the business is covering many of its operating costs but not consistently generating bottom-line profits for shareholders.

Balance Sheet

Balance Sheet The balance sheet reflects a large, asset-heavy real estate owner that has become more financially stretched over time. Total assets have edged down from their peak, suggesting modest portfolio shrinkage or writedowns rather than active expansion. Debt sits at a meaningful level relative to the size of the company and has generally trended higher compared with a few years ago, while shareholder equity has been moving lower. That combination implies rising leverage and thinner cushions for absorbing future shocks. Cash on hand is modest but fairly steady, which is typical for a REIT that relies on ongoing cash flows and financing markets. The key takeaway is that JBGS has valuable real estate but is operating with a tighter balance sheet than in the past, leaving it more sensitive to interest rates, valuations, and leasing conditions.

Cash Flow

Cash Flow Cash flow tells a mixed story: the properties generate cash, but heavy investment demands have weighed on free cash flow. Operating cash flow has been consistently positive, which means the core portfolio is producing real cash earnings even when accounting profits are weak. However, JBGS has been spending heavily on development and capital projects, so free cash flow has been negative in most years, with only a brief period of relief. This pattern is typical for a company in active development mode: cash from existing assets is being recycled into new projects like National Landing. The opportunity is future growth and modernization; the trade-off is ongoing reliance on external funding and a shorter margin for error if leasing or development timing slips.

Competitive Edge

Competitive Edge JBGS has a distinctive competitive position built around deep concentration in one core submarket: National Landing in the Washington, D.C. region. By controlling a large share of this area, the company can shape the neighborhood in a coordinated way, something fragmented landlords cannot easily do. Anchor presences such as Amazon’s HQ2 and the Virginia Tech Innovation Campus add credibility and steady demand, while proximity to the Pentagon, federal agencies, and a major airport strengthens the long-term appeal to technology, government, and defense-related tenants. The flip side is concentration risk. Because so much of the company’s value is tied to one geography and a heavy mix of office uses, JBGS is especially exposed to local economic swings, federal budget dynamics, office demand trends, and execution in this single district. Its moat is powerful but narrow.

Innovation and R&D

Innovation and R&D While real estate companies do not have traditional R&D labs, JBGS is clearly leaning into innovation through its smart-city and sustainability strategy. The 5G-enabled, fiber-rich vision for National Landing, built with partners like AT&T, is an attempt to create a next-generation urban tech hub. This includes advanced connectivity, edge data centers, and support for technologies such as IoT, AI, and potentially autonomous systems. Coupled with a strong emphasis on green buildings and carbon-neutral operations, JBGS is positioning itself as a forward-looking, ESG-focused landlord. Future value here depends on execution: delivering the development pipeline on time and on budget, successfully rolling out smart-building features, and attracting a critical mass of innovative tenants that actually use and pay for these capabilities. The innovation strategy has potential to differentiate JBGS, but it is still in the build-out phase and carries execution and adoption risks.

Summary

JBGS is a concentrated, development-heavy office and mixed-use REIT with a bold vision but uneven financial results so far. On the financial side, revenues are steady but not growing strongly, profitability is thin and often negative at the net income level, leverage has crept higher, and free cash flow has been pressured by large ongoing investments. The core properties do generate cash, but much of it is being plowed back into projects, especially in National Landing. On the strategic side, JBGS stands out through its dominant presence in a single, high-profile submarket and its push to build a 5G-enabled, sustainable urban tech district anchored by major tenants like Amazon and Virginia Tech. This creates a clear story and potential competitive moat, but it also concentrates risk in one geography, one concept, and a challenging office environment. Overall, JBGS represents a trade-off between a differentiated, tech-forward, placemaking strategy and the financial pressures of high leverage, heavy development spending, and a still-evolving office market. Outcomes will hinge on leasing, execution of the National Landing build-out, and broader interest rate and real estate conditions in the coming years.

NEWS

October 28, 2025 · 4:15 PM UTC

JBG SMITH Announces Third Quarter 2025 Results

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October 23, 2025 · 4:15 PM UTC

JBG SMITH Declares a Quarterly Common Dividend of $0.175 Per Share

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October 7, 2025 · 4:15 PM UTC

JBG SMITH Announces Date of Third Quarter 2025 Results

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