$JBGS

JBG SMITH Properties

CIK:0001689796|SEC Filings

Condensed Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
REVENUE
Property rental	$ 106,632	$ 106,509	$ 212,488	$ 208,008
Third-party real estate services, including reimbursements	17,002	14,805	34,210	29,719
Other revenue	5,741	5,165	10,279	9,438
Total revenue	129,375	126,479	256,977	247,165
EXPENSES
Depreciation and amortization	44,791	47,560	90,096	95,147
Property operating	35,964	34,875	72,182	68,312
Real estate taxes	12,309	12,651	24,355	24,823
General and administrative:
Corporate and other	15,404	16,720	30,691	32,277
Third-party real estate services	16,364	13,562	33,362	29,633
Transaction and other costs	685	2,846	10,526	4,757
Total expenses	125,517	128,214	261,212	254,949
OTHER INCOME (EXPENSE)
Income (loss) from unconsolidated real estate ventures, net	(586)	1,091	(960)	499
Interest and other income, net	4,658	698	6,058	1,223
Interest expense	(36,029)	(35,571)	(71,577)	(70,771)
Gain (loss) on the sale of real estate, net	(285)	41,832	20,790	42,369
Gain (loss) on the extinguishment of debt, net		2,234		(2,402)
Impairment loss	(44,065)	(31,813)	(45,565)	(40,296)
Total other income (expense)	(76,307)	(21,529)	(91,254)	(69,378)
LOSS BEFORE INCOME TAX (EXPENSE) BENEFIT	(72,449)	(23,264)	(95,489)	(77,162)
Income tax (expense) benefit		83	(7)	283
NET LOSS	(72,449)	(23,181)	(95,496)	(76,879)
Net loss attributable to redeemable noncontrolling interests	13,381	3,940	17,731	11,918
Net income attributable to noncontrolling interests	(87)		(87)
NET LOSS ATTRIBUTABLE TO COMMON SHAREHOLDERS	$ (59,155)	$ (19,241)	$ (77,852)	$ (64,961)
LOSS PER COMMON SHARE:
LOSS PER COMMON SHARE - BASIC	$ (1.03)	$ (0.29)	$ (1.34)	$ (0.87)
LOSS PER COMMON SHARE - DILUTED	$ (1.03)	$ (0.29)	$ (1.34)	$ (0.87)
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING - BASIC	58,284	68,287	58,676	74,867
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING - DILUTED	58,284	68,287	58,676	74,867

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
OPERATING ACTIVITIES
Net income (loss)	$ (95,496)	$ (76,879)
Adjustments to reconcile net loss to net cash provided by operating activities:
Share-based compensation expense	16,980	14,887
Depreciation and amortization expense, including amortization of deferred financing costs	93,915	98,829
Deferred rent	(4,820)	(5,544)
(Income) loss from unconsolidated real estate ventures, net	960	(499)
Amortization (accretion) of market lease intangibles, net	164	(34)
Amortization of lease incentives	1,022	6,940
Loss on the extinguishment of debt, net		5,053
Impairment loss	45,565	40,296
Gain on the sale of real estate, net	(20,790)	(42,369)
Loss on operating lease and other receivables	375	957
(Income) loss from investments, net	(4,321)	270
Return on capital from unconsolidated real estate ventures	881	864
Other non-cash items	152	2,148
Changes in operating assets and liabilities:
Tenant and other receivables	(3,706)	1,104
Other assets, net	1,215	(1,915)
Accounts payable and accrued expenses	(10,011)	(12,213)
Other liabilities, net	(2,841)	(143)
Net cash provided by operating activities	19,244	31,752
INVESTING ACTIVITIES
Development costs, construction in progress and real estate additions	(43,145)	(62,417)
Acquisition of real estate		(42,713)
Proceeds from the sale of real estate	46,582	381,607
Proceeds from derivative financial instruments	3,631	4,967
Payments on derivative financial instruments		(7,995)
Distributions of capital from unconsolidated real estate ventures and other investments	3,977	701
Investments in unconsolidated real estate ventures and other investments	(4,096)	(3,426)
Net cash provided by investing activities	6,949	270,724
FINANCING ACTIVITIES
Borrowings under mortgage loans	24,391	275,027
Borrowings under revolving credit facility	85,000	631,000
Repayments of mortgage loans	(3,008)	(505,897)
Repayments of revolving credit facility	(80,000)	(490,000)
Proceeds from derivative financial instruments		7,835
Payments on derivative financial instruments	(1,581)	(2,161)
Debt issuance and modification costs	(1,109)	(5,207)
Redemption of noncontrolling interests	(1,077)
Proceeds from common shares issued pursuant to ESPP	452	487
Common shares repurchased	(28,401)	(372,848)
Dividends paid to common shareholders	(20,666)	(27,221)
Distributions to redeemable noncontrolling interests	(7,030)	(5,721)
Proceeds from the sale of interest in consolidated real estate venture	11,813	100,000
Distributions to noncontrolling interests	(200)
Net cash used in financing activities	(21,416)	(394,706)
Net increase (decrease) in cash and cash equivalents, and restricted cash	4,777	(92,230)
Cash and cash equivalents, and restricted cash, beginning of period	103,290	183,192
Cash and cash equivalents, and restricted cash, end of period	108,067	90,962
SUPPLEMENTAL DISCLOSURE OF CASH FLOW AND NON-CASH INFORMATION
Cash paid for interest (net of capitalized interest of $778 and $3,128 in 2026 and 2025)	65,815	62,995
Accrued capital expenditures	27,639	36,479
Write-off of fully depreciated assets	13,242	17,805
Cash paid for income taxes	7	61
Contribution of land to unconsolidated real estate venture	9,906
Redemption of OP Units for common shares	11,034	10,854
Redeemable noncontrolling interests redemption value adjustment	(6,683)	32,624
Cash paid for amounts included in the measurement of lease liabilities for operating leases	$ 2,712	$ 3,329

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Real estate, at cost:
Land and improvements	$ 987,802	$ 1,019,967
Buildings and improvements	4,016,401	3,973,514
Construction in progress, including land	111,275	175,673
Real estate, at cost	5,115,478	5,169,154
Less: accumulated depreciation	(1,478,008)	(1,408,641)
Real estate, net	3,637,470	3,760,513
Cash and cash equivalents	74,803	75,270
Restricted cash	33,264	28,020
Tenant and other receivables	25,141	21,810
Deferred rent receivable	187,747	182,891
Investments in unconsolidated real estate ventures	115,603	105,711
Deferred leasing costs, net	63,246	66,356
Intangible assets, net	11,497	30,333
Other assets, net	112,064	117,287
TOTAL ASSETS	4,260,835	4,388,191
Liabilities:
Mortgage loans, net	1,601,618	1,579,158
Revolving credit facility	210,000	205,000
Term loans, net	718,832	718,408
Accounts payable and accrued expenses	65,630	84,748
Other liabilities, net	94,057	131,945
Total liabilities	2,690,137	2,719,259
Commitments and contingencies
Redeemable noncontrolling interests	492,712	511,342
Shareholders' equity:
Preferred shares, $0.01 par value - 200,000 shares authorized; none issued
Additional paid-in capital	2,328,305	2,338,881
Accumulated deficit	(1,268,511)	(1,180,410)
Accumulated other comprehensive income (loss)	5,873	(1,613)
Total shareholders' equity of JBG SMITH Properties	1,066,413	1,157,590
Noncontrolling interests	11,573
Total equity	1,077,986	1,157,590
TOTAL LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY	4,260,835	4,388,191
Common shares
Shareholders' equity:
Common shares	585	596
Class B Common Shares
Shareholders' equity:
Common shares	$ 161	$ 136