JBG SMITH Properties, a Maryland-based REIT specializing in mixed-use properties in the Washington, D.C. metropolitan area, reported a net loss attributable to common shareholders of $139.1 million, or $2.09 per diluted common share, for the year ended December 31, 2025. This compares to a net loss of $143.5 million, or $1.65 per diluted common share, for the previous year. The company's operating portfolio consists of 39 assets, including multifamily and commercial properties, as well as land assets.
The company's financial performance saw several significant changes compared to the prior year. Property rental revenue decreased by 8.8% to $416.8 million, primarily due to lower revenue from both commercial and multifamily assets, influenced by dispositions and reduced occupancy. Third-party real estate services revenue also declined by 10.4% to $62.2 million. Offsetting these declines, depreciation and amortization expense decreased by 8.7% to $190.1 million, and the company reported a net gain on the sale of real estate of $46.6 million, a stark contrast to the $2.8 million loss in the prior year.
Strategic developments during the year included the acquisition of Tysons Dulles Plaza and Dulles View, as well as the sale of several multifamily assets and development parcels. The company also refinanced the RiverHouse Apartments mortgage loan. These actions are part of JBG SMITH's strategy to reposition its holdings, particularly in National Landing, and capitalize on demand catalysts in the area. The company's development pipeline, which excludes unentitled land parcels and land parcels controlled through an option agreement, totaled 4.9 million square feet of estimated potential development density as of December 31, 2025.
Key operational developments included the stabilization of recently delivered multifamily assets and efforts to lease up the office portfolio. As of December 31, 2025, the company's multifamily assets were 84.7% leased, while the commercial assets were 77.5% leased. The company is also focused on monetizing its development pipeline through land sales, ground leases, and joint ventures. JBG SMITH's strategy involves placemaking, which aims to create vibrant, walkable neighborhoods by strategically mixing high-quality multifamily and commercial buildings with retail and public spaces. The company expects to complete construction on a new office amenity hub at 2011 Crystal Drive in the first half of 2026.
About JBG SMITH Properties
JBG SMITH is a real estate investment trust focused on owning, operating, and developing mixed-use properties in high-growth, transit-oriented submarkets around Washington, D.C. Its portfolio includes residential, office, and retail assets, with a strategic emphasis on placemaking, sustainability, and value creation. The company leverages development, asset management, and third-party services to maximize long-term NAV and shareholder value.
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