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Dec 31, 2025
JBG SMITH Q4 2025 Earnings Report
JBG SMITH Q4 2025 Earnings Report
Key Takeaways
JBG SMITH reported a net loss of $45.5 million for Q4 2025, with total revenue at $127.6 million. The company's strategic focus on National Landing continues to yield results, with strong leasing activity in defense and technology industries, and significant progress in development projects.
Net loss attributable to common shareholders was $45.5 million for Q4 2025, compared to $59.9 million in Q4 2024.
Total revenue for Q4 2025 was $127.6 million, a slight decrease from $130.8 million in Q4 2024.
The company sold or recapitalized $660.3 million of multifamily and land assets at a weighted average capitalization rate of 4.3% during 2025.
Leased approximately 723,000 square feet of office space in 2025, with 327,000 square feet of new leasing.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
JBG SMITH anticipates continued uneven growth in the macro-economic environment but expects the DC region to find its footing, driven by defense and intelligence spending. The company will focus on disciplined capital allocation and leveraging its mixed-use platform.
Positive Outlook
- Federal workforce has absorbed the bulk of last year's adjustments, with Congress restoring funding in several key areas.
- Defense and intelligence spending is set to grow meaningfully in the years ahead, reinforcing long-term demand drivers.
- Northern Virginia continues to show relative resilience across multifamily and office asset classes with potential upside.
- Transformation of National Landing continues to bear fruit and deepen its relevance as a defense-tech hub.
- Distressed office acquisitions offer comparably compelling economics in the current market environment.
Challenges Ahead
- Macro-economic environment remains mixed and defined by uneven growth and shifting interest-rate expectations.
- Continued uncertainty around federal spending.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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