JBG SMITH Properties

jbgsmith.com

What Do They Do?

Owns, operates and develops mixed-use apartment, office and retail properties for tenants, and provides real estate services to third parties.

How Do They Make Money?

Tenants pay rent for space under leases over the lease term; some commercial tenants also pay expense reimbursements or sales-based extra rent. Third parties pay fees for real estate services.

FY2025 revenue

Who Are Their Customers?

Apartment and commercial tenants lease space in its properties; it also provides fee-based real estate services to third parties, including LEO.

Do Revenues Turn Into Profits?

No. It lost $139.1M in FY2025.

Net income, FY2025

−28% of revenue

▼ −3% (Loss) vs FY2024 (−$143.5M, −26%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q2 FY2026, the three months to Jun 30, 2026

Revenue: ▲ +2%; vs $126.5M in Q2 FY2025
Net income: ▲ +207% (Loss); vs −$19.2M in Q2 FY2025

Shrinking. Revenue fell 21% in 4 years, from $634.4M in FY2021 to $498.6M in FY2025, about 6% a year.

Broader redevelopment uses Earlier plans emphasized new multifamily and office development with retail; the latest report also describes converting obsolete office buildings to residential and hospitality uses and developing townhomes.

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