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JBG SMITH Announces Second Quarter 2025 Results
BETHESDA, Md.--(BUSINESS WIRE)--JBG SMITH (NYSE: JBGS), a leading owner, operator, and developer of mixed-use properties in the Washington, DC market, today filed its Form 10-Q for the quarter ended June 30, 2025 and reported its financial results. Additional information regarding our results of operations, properties, and tenants can be found in our Second Quarter 2025 Investor Package, which is posted in the Investor Relations section of our website at We encourage investors to consider the information presented here with the information in that document. Second Quarter 2025 Highlights Net loss, Funds From Operations ("FFO") and Core FFO attributable to common shareholders were: ________________________ (1) Includes gains on the sale of real estate of $41.8 million and $42.4 million for the three and six months ended June 30, 2025. Includes real estate impairment losses of $31.8 million for the three and six months ended June 30, 2025. (2) Includes impairment losses related to non-depreciable real estate assets of $8.5 million and $18.2 million for the six months ended June 30, 2025 and 2024. Expand Annualized Net Operating Income ("Annualized NOI") for the three months ended June 30, 2025 was $268.4 million, compared to $270.1 million for the three months ended March 31, 2025, at our share. Excluding the assets that were sold, recapitalized, and acquired through June 30, 2025, Annualized NOI for the three months ended June 30, 2025 was $251.0 million, compared to $250.8 million for the three months ended March 31, 2025, at our share. Same Store NOI ("SSNOI") at our share decreased 3.0% quarter-over-quarter to $59.5 million for the three months ended June 30, 2025. The decrease in SSNOI was substantially attributable to (i) lower occupancy and higher operating expenses, partially offset by higher rents in our multifamily portfolio and (ii) lower occupancy and recovery revenue, partially offset by lower real estate taxes in our commercial portfolio. Operating Portfolio The operating multifamily portfolio was 89.0% leased and 85.8% occupied as of June 30, 2025, compared to 93.0% and 91.3% as of March 31, 2025. Our operating In-Service multifamily portfolio was 94.8% leased and 92.9% occupied as of June 30, 2025, compared to 95.7% and 94.3% as of March 31, 2025. In our Same Store multifamily portfolio, we increased effective rents by 1.0% for new leases and 8.9% upon renewal for second quarter lease expirations while achieving a 49.0% renewal rate. The operating commercial portfolio was 76.5% leased and 74.8% occupied as of June 30, 2025, compared to 78.3% and 76.4% as of March 31, 2025, at our share. Executed approximately 208,000 square feet of office leases at our share during the three months ended June 30, 2025, including approximately 87,000 square feet of new leases. Second-generation leases generated a 6.1% rental rate decrease on a cash basis and a 4.8% rental rate decrease on a GAAP basis. Executed approximately 279,000 square feet of office leases at our share during the six months ended June 30, 2025, including approximately 101,000 square feet of new leases. Second-generation leases generated a 4.6% rental rate decrease on a cash basis and a 3.5% rental rate decrease on a GAAP basis. Development Portfolio Under-Construction As of June 30, 2025, we had one multifamily asset under construction, Valen (formerly 2000 South Bell Street), consisting of 355 units at our share. Development Pipeline As of June 30, 2025, we had 19 assets in the development pipeline consisting of 8.7 million square feet of estimated potential development density at our share. Third-Party Asset Management and Real Estate Services Business For the three months ended June 30, 2025, revenue from third-party real estate services, including reimbursements, was $14.8 million. Excluding reimbursements and service revenue from our interests in real estate ventures, revenue from our third-party asset management and real estate services business was $6.9 million, primarily driven by $4.0 million of property and asset management fees, $1.1 million of leasing fees and $1.0 million of other service revenue. Balance Sheet As of June 30, 2025, our total enterprise value was approximately $3.8 billion, comprising 76.0 million common shares and units valued at $1.3 billion, and debt (net of premium / (discount) and deferred financing costs) at our share of $2.5 billion, less cash and cash equivalents at our share of $65.6 million. As of June 30, 2025, we had $61.4 million of cash and cash equivalents ($65.6 million of cash and cash equivalents at our share), and $524.0 million of undrawn capacity under our revolving credit facility. Net Debt to annualized Adjusted EBITDA at our share for the three months ended June 30, 2025 was 11.8x, and our Net Debt / total enterprise value was 65.3% as of June 30, 2025. Investing and Financing Activities In May 2025, we acquired Tysons Dulles Plaza, a 491,494-square-foot three-building office campus in Tysons, Virginia, with the opportunity to redevelop one of the buildings into approximately 300,000 square feet (300 units) of new multifamily, for $42.3 million. In May 2025, we a sold a 40.0% interest in a real estate venture that owns West Half, a multifamily asset with 465 units in Washington, DC, for $100.0 million. In June 2025, we sold Capitol Point – North, a development parcel in Washington, DC, for $11.0 million. In June 2025, we sold WestEnd25, a multifamily asset with 283 units in Washington, DC, for $186.0 million. In connection with the disposition, we repaid the related $97.5 million mortgage loan. During the second quarter of 2025, we repurchased and retired 11.2 million common shares for $184.9 million, a weighted average purchase price per share of $16.54. Subsequent to June 30, 2025 In July 2025, we sold The Batley, a multifamily asset with 432 units in Washington, DC, for $155.0 million. Through July 25, 2025, we repurchased and retired 264,209 common shares for $4.6 million, a weighted average purchase price per share of $17.26, pursuant to a repurchase plan under Rule 10b5-1 of the Securities Exchange Act of 1934, as amended. Dividends On July 24, 2025, our Board of Trustees declared a quarterly dividend of $0.175 per common share, payable on August 21, 2025 to shareholders of record as of August 7, 2025. About JBG SMITH JBG SMITH owns, operates, and develops mixed-use properties concentrated in amenity-rich, Metro-served submarkets in and around Washington, DC, most notably National Landing, that we believe have long-term growth potential and appeal to residential, office, and retail tenants. Through an intense focus on placemaking, JBG SMITH cultivates vibrant, highly amenitized, walkable neighborhoods throughout the Washington, DC metropolitan area. Approximately 75.0% of JBG SMITH's holdings are in the National Landing submarket in Northern Virginia, which is anchored by four key demand drivers: Amazon's headquarters; Virginia Tech's $1 billion Innovation Campus; proximity to the Pentagon; and our placemaking initiatives and public infrastructure improvements. JBG SMITH's dynamic portfolio currently comprises 12.0 million square feet at share of multifamily, office and retail assets, 98% of which are Metro-served. It also maintains a development pipeline encompassing 8.7 million square feet of mixed-use, primarily multifamily, development opportunities. JBG SMITH is committed to the operation and development of green, smart, and healthy buildings and plans to maintain carbon neutral operations annually. For more information on JBG SMITH please visit Forward-Looking Statements Certain statements contained herein may constitute "forward-looking statements" as such term is defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements are not guarantees of performance. They represent our intentions, plans, expectations and beliefs and are subject to numerous assumptions, risks and uncertainties. Consequently, the future results, financial condition and business of JBG SMITH Properties ("JBG SMITH," the "Company," "we," "us," "our" or similar terms) may differ materially from those expressed in these forward-looking statements. You can find many of these statements by looking for words such as "approximate," "hypothetical," "potential," "believes," "expects," "anticipates," "estimates," "intends," "plans," "would," "may" or similar expressions in this earnings release. We also note the following forward-looking statements: whether in the case of our under-construction assets and assets in the development pipeline, estimated square feet, estimated number of units and estimated potential development density are accurate; expected timing, completion, and delivery dates for the projects we are developing and the ability of any or all of our demand drivers to materialize and their effect on economic impact, job growth, expansion of public transportation and related demand in the National Landing submarket. Many of the factors that will determine the outcome of these and our other forward-looking statements are beyond our ability to control or predict. These factors include, among others: adverse economic conditions in the Washington, DC metropolitan area, including reductions in federal government spending, headcount, or leasing, the timing of and costs associated with development and property improvements, tariffs and other trade barriers, supply chain disruptions, financing commitments, and general competitive factors. For further discussion of factors that could materially affect the outcome of our forward-looking statements and other risks and uncertainties, see "Risk Factors," "Management's Discussion and Analysis of Financial Condition and Results of Operations" and the Cautionary Statement Concerning Forward-Looking Statements in the Company's Annual Report on Form 10‑K for the year ended December 31, 2024 and other periodic reports the Company files with the Securities and Exchange Commission. For these statements, we claim the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. You are cautioned not to place undue reliance on our forward-looking statements. All subsequent written and oral forward-looking statements attributable to us or any person acting on our behalf are expressly qualified in their entirety by the cautionary statements contained or referred to in this section. We do not undertake any obligation to release publicly any revisions to our forward-looking statements to reflect events or circumstances occurring after the date hereof. Pro Rata Information We present certain financial information and metrics in this release "at JBG SMITH Share," which refers to our ownership percentage of consolidated and unconsolidated assets in real estate ventures (collectively, "real estate ventures") as applied to these financial measures and metrics. Financial information "at JBG SMITH Share" is calculated on an asset-by-asset basis by applying our percentage economic interest to each applicable line item of that asset's financial information. "At JBG SMITH Share" information, which we also refer to as being "at share," "our pro rata share" or "our share," is not, and is not intended to be, a presentation in accordance with GAAP. Given that a portion of our assets are held through real estate ventures, we believe this form of presentation, which presents our economic interests in the partially owned entities, provides investors valuable information regarding a significant component of our portfolio, its composition, performance and capitalization. We do not control the unconsolidated real estate ventures and do not have a legal claim to our co-venturers' share of assets, liabilities, revenue and expenses. The operating agreements of the unconsolidated real estate ventures generally allow each co-venturer to receive cash distributions to the extent there is available cash from operations. The amount of cash each investor receives is based upon specific provisions of each operating agreement and varies depending on certain factors including the amount of capital contributed by each investor and whether any investors are entitled to preferential distributions. With respect to any such third-party arrangement, we would not be in a position to exercise sole decision-making authority regarding the property, real estate venture or other entity, and may, under certain circumstances, be exposed to economic risks not present were a third-party not involved. We and our respective co-venturers may each have the right to trigger a buy-sell or forced sale arrangement, which could cause us to sell our interest, or acquire our co-venturers' interests, or to sell the underlying asset, either on unfavorable terms or at a time when we otherwise would not have initiated such a transaction. Our real estate ventures may be subject to debt, and the repayment or refinancing of such debt may require equity capital calls. To the extent our co-venturers do not meet their obligations to us or our real estate ventures or they act inconsistent with the interests of the real estate venture, we may be adversely affected. Because of these limitations, the non-GAAP "at JBG SMITH Share" financial information should not be considered in isolation or as a substitute for our consolidated financial statements as reported under GAAP. Occupancy, non-GAAP financial measures, leverage metrics, operating assets and operating metrics presented in our investor package exclude our 10.0% subordinated interest in one commercial building and our 33.5% subordinated interest in four commercial buildings, as well as the associated non-recourse mortgage loans, held through unconsolidated real estate ventures, as our investment in each real estate venture is zero, we do not anticipate receiving any near-term cash flow distributions from the real estate ventures, and we have not guaranteed their obligations or otherwise committed to providing financial support. Non-GAAP Financial Measures This release includes non-GAAP financial measures. For these measures, we have provided an explanation of how these non-GAAP measures are calculated and why JBG SMITH's management believes that the presentation of these measures provides useful information to investors regarding JBG SMITH's financial condition and results of operations. Reconciliations of certain non-GAAP measures to the most directly comparable GAAP financial measure are included in this earnings release. Our presentation of non-GAAP financial measures may not be comparable to similar non-GAAP measures used by other companies. In addition to "at share" financial information, the following non-GAAP measures are included in this release: Earnings Before Interest, Taxes, Depreciation and Amortization ("EBITDA"), EBITDA for Real Estate ("EBITDAre") and "Adjusted EBITDA" are non-GAAP financial measures. EBITDA and EBITDAre are used by management as supplemental operating performance measures, which we believe help investors and lenders meaningfully evaluate and compare our operating performance from period-to-period by removing from our operating results the impact of our capital structure (primarily interest charges from our outstanding debt and the impact of our interest rate swaps and caps) and certain non-cash expenses (primarily depreciation and amortization expense on our assets). EBITDAre is computed in accordance with the definition established by the National Association of Real Estate Investment Trusts ("Nareit"). Nareit defines EBITDAre as GAAP net income (loss) adjusted to exclude interest expense, income taxes, depreciation and amortization expense, gains (losses) on sales of real estate and impairment write-downs of certain real estate assets and investments in entities when the impairment is directly attributable to decreases in the value of depreciable real estate held by the entity, including our share of such adjustments for unconsolidated real estate ventures. These supplemental measures may help investors and lenders understand our ability to incur and service debt and to make capital expenditures. EBITDA and EBITDAre are not substitutes for net income (loss) (computed in accordance with GAAP) and may not be comparable to similarly titled measures used by other companies. Adjusted EBITDA represents EBITDAre adjusted for items we believe are not representative of ongoing operating results, such as Transaction and Other Costs, impairment write-downs of non-depreciable real estate, gain (loss) on the extinguishment of debt, earnings (losses) and distributions in excess of our investment in unconsolidated real estate ventures, lease liability adjustments, litigation costs and income from investments. We believe that adjusting such items not considered part of our comparable operations provides a meaningful measure to evaluate and compare our performance from period-to-period. Because EBITDA, EBITDAre and Adjusted EBITDA have limitations as analytical tools, we use EBITDA, EBITDAre and Adjusted EBITDA to supplement GAAP financial measures. Additionally, we believe that users of these measures should consider EBITDA, EBITDAre and Adjusted EBITDA in conjunction with net income (loss) and other GAAP measures in understanding our operating results. Funds from Operations ("FFO"), "Core FFO" and Funds Available for Distribution ("FAD") are non-GAAP financial measures. FFO is computed in accordance with the definition established by Nareit in the Nareit FFO White Paper - 2018 Restatement. Nareit defines FFO as net income (loss) (computed in accordance with GAAP), excluding depreciation and amortization expense related to real estate, gains (losses) from the sale of certain real estate assets, gains (losses) from change in control and impairment write-downs of certain real estate assets and investments in entities when the impairment is directly attributable to decreases in the value of depreciable real estate held by the entity, including our share of such adjustments for unconsolidated real estate ventures. Core FFO represents FFO adjusted to exclude items which we believe are not representative of ongoing operating results, such as Transaction and Other Costs, impairment write-downs of non-depreciable real estate, gain (loss) on the extinguishment of debt, earnings (losses) and distributions in excess of our investment in unconsolidated real estate ventures, lease liability adjustments, litigation costs, income from investments, amortization of the management contracts intangible and the mark-to-market of derivative instruments, including our share of such adjustments for unconsolidated real estate ventures. FAD represents Core FFO adjusted for recurring tenant improvements, leasing commissions and other capital expenditures, net deferred rent activity, third-party lease liability assumption (payments) refunds, recurring share-based compensation expense, accretion of acquired below-market leases, net of amortization of acquired above-market leases, amortization of debt issuance costs and other non-cash income and charges, including our share of such adjustments for unconsolidated real estate ventures. FAD is presented solely as a supplemental disclosure that management believes provides useful information as it relates to our ability to fund dividends. We believe FFO, Core FFO and FAD are meaningful non‑GAAP financial measures useful in comparing our levered operating performance from period-to-period and as compared to similar real estate companies because these non‑GAAP measures exclude real estate depreciation and amortization expense, which implicitly assumes that the value of real estate diminishes predictably over time rather than fluctuating based on market conditions, and other non-comparable income and expenses. FFO, Core FFO and FAD do not represent cash generated from operating activities and are not necessarily indicative of cash available to fund cash requirements and should not be considered as an alternative to net income (loss) (computed in accordance with GAAP) as a performance measure or cash flow as a liquidity measure. FFO, Core FFO and FAD may not be comparable to similarly titled measures used by other companies. "Net Debt" is a non-GAAP financial measurement. Net Debt represents our total consolidated and unconsolidated indebtedness less cash and cash equivalents at our share. Net Debt is an important component in the calculations of Net Debt to Annualized Adjusted EBITDA and Net Debt / total enterprise value. We believe that Net Debt is a meaningful non-GAAP financial measure useful to investors because we review Net Debt as part of the management of our overall financial flexibility, capital structure and leverage. We may utilize a considerable portion of our cash and cash equivalents at any given time for purposes other than debt reduction. In addition, cash and cash equivalents at our share may not be solely controlled by us. The deduction of cash and cash equivalents at our share from consolidated and unconsolidated indebtedness in the calculation of Net Debt, therefore, should not be understood to mean that it is available exclusively for debt reduction at any given time. Net Operating Income ("NOI"), "Same Store NOI" and "Annualized NOI" are non-GAAP financial measures management uses to assess an asset's performance. The most directly comparable GAAP measure is net income (loss) attributable to common shareholders. We use NOI internally as a performance measure and believe NOI, Same Store NOI and Annualized NOI provide useful information to investors regarding our financial condition and results of operations because it reflects only property related revenue (which includes base rent, tenant reimbursements and other operating revenue, net of Free Rent and payments associated with assumed lease liabilities) less operating expenses and ground rent for operating leases, if applicable. NOI excludes deferred (straight-line) rent, commercial lease termination revenue, related party management fees, interest expense, and certain other non-cash adjustments, including the accretion of acquired below-market leases and the amortization of acquired above-market leases and below-market ground lease intangibles. Management uses NOI, which includes our proportionate share of revenue and expenses attributable to real estate ventures, as a supplemental performance measure and believes it provides useful information to investors because it reflects only those revenue and expense items that are incurred at the asset level, excluding non-cash items. In addition, NOI is considered by many in the real estate industry to be a useful starting point for determining the value of a real estate asset or group of assets. However, because NOI excludes depreciation and amortization expense and captures neither the changes in the value of our assets that result from use or market conditions, nor the level of capital expenditures and capitalized leasing commissions necessary to maintain the operating performance of our assets, all of which have real economic effect and could materially impact the financial performance of our assets, the utility of NOI as a measure of the operating performance of our assets is limited. NOI presented by us may not be comparable to NOI reported by other real estate investment trusts that define these measures differently. We believe to facilitate a clear understanding of our operating results, NOI should be examined in conjunction with net income (loss) attributable to common shareholders as presented in our consolidated financial statements. NOI should not be considered as an alternative to net income (loss) attributable to common shareholders as an indication of our performance or to cash flows as a measure of liquidity or our ability to make distributions. Annualized NOI represents NOI for the three months ended June 30, 2025 multiplied by four. Management believes Annualized NOI provides useful information in understanding our financial performance over a 12‑month period, however, investors and other users are cautioned against attributing undue certainty to our calculation of Annualized NOI. Actual NOI for any 12‑month period will depend on a number of factors beyond our ability to control or predict, including general capital markets and economic conditions, any bankruptcy, insolvency, default or other failure to pay rent by one or more of our tenants and the destruction of one or more of our assets due to terrorist attack, natural disaster or other casualty, among others. We do not undertake any obligation to update our calculation to reflect events or circumstances occurring after the date of this earnings release. There can be no assurance that the Annualized NOI shown will reflect our actual results of operations over any 12‑month period. Definitions "Development Pipeline" refers to assets that have the potential to commence construction subject to receipt of full entitlements, completion of design and/or market conditions where we (i) own land or control the land through a ground lease or (ii) are under a long-term conditional contract to purchase, or enter into, a leasehold interest with respect to land. "Estimated Potential Development Density" reflects management's estimate of developable gross square feet based on our current business plans with respect to real estate owned or controlled as of June 30, 2025. Our current business plans may contemplate development of less than the maximum potential development density for individual assets. As market conditions change, our business plans, and therefore, the Estimated Potential Development Density, could change accordingly. Given timing, zoning requirements and other factors, we make no assurance that Estimated Potential Development Density amounts will become actual density to the extent we complete development of assets for which we have made such estimates. "First-generation" is a lease on space that had been vacant for at least nine months or a lease on newly delivered space. "Free Rent" means the amount of base rent and tenant reimbursements that are abated according to the applicable lease agreement(s). "GAAP" means accounting principles generally accepted in the United States of America. "In-Service" refers to multifamily or commercial operating assets that are at or above 90% leased or have been operating and collecting rent for more than 12 months as of June 30, 2025. "Non-Same Store" refers to all operating assets excluded from the Same Store pool. "Same Store" refers to the pool of assets that were In-Service for the entirety of both periods being compared, excluding assets for which significant redevelopment, renovation or repositioning occurred during either of the periods being compared. "Second-generation" is a lease on space that had been vacant for less than nine months. "Transaction and Other Costs" include costs related to completed, potential and pursued transactions, demolition costs, and severance and other costs. "Under-Construction" refers to assets that were under construction during the three months ended June 30, 2025. ________________________ Note: For complete financial statements, please refer to our Quarterly Report on Form 10-Q for the quarter ended June 30, 2025. Expand CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) in thousands, except per share data Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 REVENUE Property rental $ 106,509 $ 112,536 $ 208,008 $ 235,172 Third-party real estate services, including reimbursements 14,805 17,397 29,719 35,265 Other revenue 5,165 5,387 9,438 10,067 Total revenue 126,479 135,320 247,165 280,504 EXPENSES Depreciation and amortization 47,560 51,306 95,147 108,161 Property operating 34,875 36,254 68,312 71,533 Real estate taxes 12,651 14,399 24,823 28,194 General and administrative: Corporate and other 16,720 17,001 32,277 31,974 Third-party real estate services 13,562 18,650 29,633 40,977 Transaction and other costs 2,846 824 4,757 2,338 Total expenses 128,214 138,434 254,949 283,177 OTHER INCOME (EXPENSE) Income (loss) from unconsolidated real estate ventures, net 1,091 (226 ) 499 749 Interest and other income, net 698 3,432 1,223 5,532 Interest expense (35,571 ) (31,973 ) (70,771 ) (62,133 ) Gain on the sale of real estate, net 41,832 89 42,369 286 Gain (loss) on the extinguishment of debt, net 2,234 — (2,402 ) — Impairment loss (31,813 ) (1,025 ) (40,296 ) (18,236 ) Total other income (expense) (21,529 ) (29,703 ) (69,378 ) (73,802 ) LOSS BEFORE INCOME TAX (EXPENSE) BENEFIT (23,264 ) (32,817 ) (77,162 ) (76,475 ) Income tax (expense) benefit 83 (597 ) 283 871 NET LOSS (23,181 ) (33,414 ) (76,879 ) (75,604 ) Net loss attributable to redeemable noncontrolling interests 3,940 3,454 11,918 7,988 Net loss attributable to noncontrolling interests — 5,587 — 10,967 $ (19,241 ) $ (24,373 ) $ (64,961 ) $ (56,649 ) LOSS PER COMMON SHARE - BASIC AND DILUTED $ (0.29 ) $ (0.27 ) $ (0.87 ) $ (0.63 ) WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING - BASIC AND DILUTED 68,287 91,030 74,867 91,832 Expand ________________________ Note: For complete financial statements, please refer to our Quarterly Report on Form 10-Q for the quarter ended June 30, 2025. Expand (Unaudited) dollars in thousands Three Months Ended June 30, Six Months Ended June 30, EBITDA, EBITDAre and Adjusted EBITDA Net loss $ (23,181 ) $ (33,414 ) $ (76,879 ) $ (75,604 ) Depreciation and amortization expense 47,560 51,306 95,147 108,161 Interest expense 35,571 31,973 70,771 62,133 Income tax expense (benefit) (83 ) 597 (283 ) (871 ) Unconsolidated real estate ventures allocated share of above adjustments 1,835 1,830 3,617 4,382 EBITDA attributable to redeemable noncontrolling interests in consolidated real estate ventures (270 ) — (270 ) — EBITDA $ 61,432 $ 52,292 $ 92,103 $ 98,201 Gain on the sale of real estate, net (41,832 ) (89 ) (42,369 ) (286 ) Pro rata share of gain on the sale of unconsolidated real estate assets (1,500 ) — (1,500 ) (480 ) Real estate impairment loss 31,813 — 31,813 — EBITDAre $ 49,913 $ 52,203 $ 80,047 $ 97,435 Transaction and other costs (1) 2,846 824 4,757 2,338 Litigation costs (2) 2,500 — 2,500 — (Income) loss from investments, net (98 ) (614 ) 278 (672 ) Impairment loss related to non-depreciable real estate — 1,025 8,483 18,236 (Gain) loss on the extinguishment of debt, net (2,234 ) — 2,402 — Earnings and distributions in excess of our investment in unconsolidated real estate venture (217 ) (458 ) (401 ) (671 ) Adjusted EBITDA $ 52,710 $ 52,980 $ 98,066 $ 116,666 June 30, 2025 June 30, 2024 Net Debt (at JBG SMITH Share) Consolidated indebtedness (4) $ 2,479,101 $ 2,625,329 Unconsolidated indebtedness (4) 67,114 66,553 Total consolidated and unconsolidated indebtedness 2,546,215 2,691,882 Less: cash and cash equivalents 65,606 169,278 Net Debt (at JBG SMITH Share) $ 2,480,609 $ 2,522,604 Expand ________________________ Note: All EBITDA measures as shown above are attributable to common limited partnership units ("OP Units") and certain fully vested incentive equity awards that may be convertible into OP Units. (1) Includes costs related to completed, potential and pursued transactions, demolition costs, severance and other costs. (2) Represents accrual for loss contingencies related to unresolved legal matters. Included in 'Corporate and other general and administrative expense' in the Condensed Consolidated Statements of Operations. (3) Quarterly Adjusted EBITDA is annualized by multiplying by four. Adjusted EBITDA for the six months ended June 30, 2025 and 2024 months is annualized by multiplying by two. (4) Net of premium/discount and deferred financing costs. Expand FFO, CORE FFO AND FAD RECONCILIATIONS (NON-GAAP) (Unaudited) in thousands, except per share data Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 FAD Core FFO attributable to OP Units $ 15,743 $ 18,962 $ 24,403 $ 50,755 Recurring capital expenditures and Second-generation tenant improvements and leasing commissions (3) (9,108 ) (12,095 ) (20,886 ) (21,130 ) Straight-line and other rent adjustments (4) 71 (2,509 ) 2,510 (3,939 ) Third-party lease liability assumption (payments) refunds — (25 ) — (25 ) Share-based compensation expense 7,345 10,864 13,877 20,243 Amortization of debt issuance costs 3,700 4,031 7,835 7,933 Unconsolidated real estate ventures allocated share of above adjustments 206 201 355 660 Non-real estate depreciation and amortization 251 299 509 593 FAD available to OP Units (A) $ 18,208 $ 19,728 $ 28,603 $ 55,090 Distributions to common shareholders and unitholders (B) $ 15,332 $ 19,012 $ 32,942 $ 38,010 FAD Payout Ratio (B÷A) (5) 84.2 % 96.4 % 115.2 % 69.0 % Capital Expenditures Maintenance and recurring capital expenditures $ 3,268 $ 4,362 $ 6,856 $ 5,557 Share of maintenance and recurring capital expenditures from unconsolidated real estate ventures 9 14 9 16 Second-generation tenant improvements and leasing commissions 5,818 7,719 13,764 15,536 Share of Second-generation tenant improvements and leasing commissions from unconsolidated real estate ventures 13 — 257 21 Recurring capital expenditures and Second-generation tenant improvements and leasing commissions 9,108 12,095 20,886 21,130 Non-recurring capital expenditures 8,917 3,268 14,151 6,790 Share of non-recurring capital expenditures from unconsolidated real estate ventures — 14 — 28 First-generation tenant improvements and leasing commissions 2,272 2,322 5,920 5,217 Share of First-generation tenant improvements and leasing commissions from unconsolidated real estate ventures 46 36 83 87 Non-recurring capital expenditures 11,235 5,640 20,154 12,122 Total JBG SMITH Share of Capital Expenditures $ 20,343 $ 17,735 $ 41,040 $ 33,252 Expand ________________________ (1) Includes costs related to completed, potential and pursued transactions, demolition costs, severance and other costs. (2) Represents accrual for loss contingencies related to unresolved legal matters. Included in 'Corporate and other general and administrative expense' in the Condensed Consolidated Statements of Operations. (3) Includes amounts, at JBG SMITH Share, related to unconsolidated real estate ventures. (4) Includes straight-line rent, above/below market lease amortization and lease incentive amortization. (5) The quarterly FAD payout ratio is not necessarily indicative of an amount for the full year due to fluctuation in the timing of capital expenditures, the commencement of new leases and the seasonality of our operations. Expand NOI RECONCILIATIONS (NON-GAAP) (Unaudited) Net loss attributable to common shareholders $ (19,241 ) $ (24,373 ) $ (64,961 ) $ (56,649 ) Net loss attributable to redeemable noncontrolling interests (3,940 ) (3,454 ) (11,918 ) (7,988 ) Net loss attributable to noncontrolling interests — (5,587 ) — (10,967 ) Net loss (23,181 ) (33,414 ) (76,879 ) (75,604 ) Add: Depreciation and amortization expense 47,560 51,306 95,147 108,161 General and administrative expense: Corporate and other 16,720 17,001 32,277 31,974 Third-party real estate services 13,562 18,650 29,633 40,977 Transaction and other costs 2,846 824 4,757 2,338 Interest expense 35,571 31,973 70,771 62,133 (Gain) loss on the extinguishment of debt, net (2,234 ) — 2,402 — Impairment loss 31,813 1,025 40,296 18,236 Income tax expense (benefit) (83 ) 597 (283 ) (871 ) Less: Third-party real estate services, including reimbursements revenue 14,805 17,397 29,719 35,265 Income (loss) from unconsolidated real estate ventures, net 1,091 (226 ) 499 749 Interest and other income, net 698 3,432 1,223 5,532 Gain on the sale of real estate, net 41,832 89 42,369 286 Adjustments: NOI attributable to unconsolidated real estate ventures at our share 1,287 1,168 2,277 4,215 Real estate venture partner's share of NOI attributable to consolidated real estate ventures (272 ) — (272 ) — Non-cash rent adjustments (1) 71 (2,509 ) 2,510 (3,939 ) Other adjustments (2) 399 3,324 2,092 (2,705 ) Total adjustments 1,485 1,983 6,607 (2,429 ) NOI $ 65,633 $ 69,253 $ 130,918 $ 143,083 Less: out-of-service NOI loss (3) (1,469 ) (2,341 ) (3,696 ) (5,374 ) Operating Portfolio NOI $ 67,102 $ 71,594 $ 134,614 $ 148,457 Non-Same Store NOI (4) 7,575 10,254 15,399 23,515 Same Store NOI (5) $ 59,527 $ 61,340 $ 119,215 $ 124,942 Change in Same Store NOI (3.0 ) % (4.6 ) % Number of properties in Same Store pool 34 34 Expand ________________________ (1) Adjustment to exclude deferred (straight-line) rent, above/below market lease amortization and lease incentive amortization. (2) Adjustment to exclude commercial lease termination revenue, related party management fees and corporate entity activity. (3) Includes the results of our Under-Construction assets and assets in the Development Pipeline. (4) Includes the results of properties that were not In-Service for the entirety of both periods being compared, including disposed properties, and properties for which significant redevelopment, renovation or repositioning occurred during either of the periods being compared. (5) Includes the results of the properties that are owned, operated and In-Service for the entirety of both periods being compared. Expand
The Sun
18-07-2025
- Automotive
- The Sun
BMW teases hardcore track-focused M2 package for 2025
BMW is preparing to push its compact performance offering even further with the unveiling of a new track-oriented upgrade for the second-generation M2. Though the current model is still relatively fresh, the German automaker appears keen to expand the M2 range with a package designed to maximise its circuit capabilities while remaining road-legal. The latest development follows closely on the heels of two key M2 announcements earlier this year: the debut of the race-ready M2 variant in April, and the introduction of the M2 CS in May. Now, BMW has teased what appears to be a forthcoming Track Package version, aimed at enthusiasts seeking the most focused driving experience from their high-performance coupe. In a recent Instagram post, BMW previewed the package using a Sao Paulo Yellow M2 test mule with camouflaged front and rear ends, including a sizeable rear wing that remains impossible to miss despite the disguise. While full details remain under wraps, the images hint at subtle aerodynamic revisions such as a more pronounced front splitter and possibly reworked air intakes. However, beyond these surface changes, the package is expected to introduce more substantial upgrades beneath the bodywork. Although BMW has yet to confirm exact specifications, it's anticipated that the Track Package will include suspension enhancements, revised chassis dynamics, and upgraded braking components tailored for high-performance driving. The standard M2 already produces 473hp from its twin-turbocharged 3.0-litre inline-six engine, and BMW may be exploring ways to extract even more performance for this latest evolution, possibly bridging the gap between the standard M2 and the recently unveiled M2 CS. BMW has described the new version as 'pushing BMW M Performance parts to the limit,' suggesting that the package could serve as a showcase for the brand's factory-developed upgrades. It remains unclear whether the Track Package will be sold as a complete bundle or offered in modular form, allowing customers to customise their M2s with selected performance components. Set to arrive sometime in 2025, the upcoming Track Package reflects BMW's continued commitment to offering dynamic and engaging vehicles that appeal to hardcore driving enthusiasts. More information is expected to be released in the months ahead as the car nears its official launch.
Hindustan Times
07-07-2025
- Automotive
- Hindustan Times
Toyota Urban Cruiser Hyryder gets Prestige Package with 10 new accessories
The Prestige Package bring in 10 dealer fitted accesories to the Toyota Urban Cruiser Hyryder Check Offers The Toyota Urban Cruiser Hyryder has been launched with the Prestige Package which brings in 10 dealer-fitted and genuine accessories. These accessories include door visor, hood emblem, rear door lid garnish, fender garnish, body cladding, front bumper garnish, head lamp garnish, rear bumper garnish, rear lamp garnish and back door garnish. Toyota had recently updated the Urban Cruiser Hyryder with a starting price of ₹ 11.34 lakh. The update brought in several features upgrades as well as new variants were introduced. The new 2025 Toyota Urban Cruiser Hyryder has received a plethora of features. Toyota Urban Cruiser Hyryder: Features Toyota has introduced a number of updates to the Urban Cruiser Hyryder. In the higher trims, an 8-way power driver seat and ventilated front seats have been included to add convenience, especially on longer journeys or hot weather. In the meantime, rear door sunshades, ambient lighting, type-C USB fast-charging ports (15W) and LED spot and reading lamps, have also been included in the list. Also Read : 2025 Toyota Urban Cruiser Hyryder launched at ₹ 11.34 lakh. What's new The Tyre Pressure Monitoring System (TPMS) has been extended to additional variants for improved real-time monitoring, while some versions also show air quality levels within the cabin. Toyota has also improved the speedometer for enhanced readability and added new dual-tone exterior colour options in some trims. On the safety front, the 2025 Toyota Urban Cruiser Hyryder is reported to receive structural upgrades on all variants for enhanced safety. Six airbags are also now a standard feature on all variants, and Electronic Parking Brake (EPB) has been included in automatic transmission on some variants. Toyota Urban Cruiser Hyryder: Specs The top-spec V trim of the 2025 Toyota Urban Cruiser Hyryder now comes equipped with a six-speed automatic transmission, which comes paired with an all-wheel drive (AWD) system. However, the AWD version doesn't come with a five-speed manual gearbox. Also watch: Toyota Urban Cruiser HyRyder: First Drive Review Apart from this, the 2025 Toyota Urban Cruiser Hyryder remains mostly the same as far as the spec sheet is concerned. Under the hood, the Urban Cruiser Hyryder SUV comes powered by a 1.5-litre petrol engine that also comes mated to a CNG powertrain and hybrid technology. The petrol-only and CNG variants of the SUV get a five-speed manual and a six-speed automatic gearbox options. It can generate between 87 bhp and 102 bhp of power and torque output between 121 Nm and 136.8 Nm. In the hybrid version, the engine comes mated to an e-Drive transmission unit. It offers 91 bhp of power and up to 141 Nm of maximum torque. The only update made to the spec sheet of the Hyryder is the addition of a 6-speed Automatic Transmission (6AT) in AWD variant, replacing the previously available 5-speed manual gearbox. Check out Upcoming Cars in India 2025, Best SUVs in India. First Published Date: 07 Jul 2025, 13:42 PM IST
Time of India
07-07-2025
- Automotive
- Time of India
Toyota Hyryder ‘Prestige Package' launched: Availability, what you get
Toyota Hyryder 'Prestige Package' launched. Toyota Kirloskar Motor has launched a new limited-period 'Prestige Package' for its Urban Cruiser Hyryder SUV, aiming to boost the vehicle's visual appeal and offer more value to customers. Available from July 2025, the new package comes with a range of dealer-fitted accessories. Toyota says the Prestige Package will be available only for a limited time, and customers can visit authorised dealerships to explore the pricing details and place bookings. Toyota Urban Cruiser Hyryder Prestige Package: Key details This special edition bundle includes new additions like chrome-finished body cladding, door visors, bumper garnishes, and exclusive badging. Other cosmetic upgrades include headlamp and taillight garnishes, a hood emblem, fender garnish, and back door garnish. Kia Carens Clavis first drive review: Carens facelift or more | TOI Auto The Urban Cruiser Hyryder, under the hood, offers both strong-hybrid and mild-hybrid petrol engine options. The strong-hybrid model uses a 1.5-litre Atkinson cycle petrol engine paired with an electric motor. The mild-hybrid version is powered by Suzuki's 1.5-litre K-series engine, available with either a 5-speed manual or 6-speed automatic gearbox. Inside, the Hyryder is packed with features like a panoramic sunroof, ventilated leather seats, a 9-inch touchscreen with wireless Android Auto and Apple CarPlay, wireless phone charging, and ambient lighting. Rear seat passengers get added comfort too, thanks to reclining seats, rear AC vents, USB charging ports, and a 60:40 split-folding seat setup. For safety and convenience, the SUV is also equipped with a 360-degree camera system. With over 1 lakh units sold since its debut in 2022, the Hyryder has found strong footing in the Indian SUV market . This limited-run will help new buyers to personalise their vehicle even further. Furthermore, the company offers a standard 3-year/1,00,000 km warranty and an 8-year/1,60,000 km hybrid battery warranty for the Hyryder. Discover everything about the automotive world at Times of India .
The Citizen
24-06-2025
- Health
- The Citizen
Charlotte Maxeke repairs on track, says Gauteng Health
Phase one, which includes demolition and reconstruction work in critical areas, is expected to be completed by August 2026. The Gauteng Department of Health on Monday confirmed that the remedial work to repair the fire-damaged Charlotte Maxeke Johannesburg Academic Hospital (CMJAH) is progressing well and remains on schedule. The hospital suffered significant damage in a fire in April 2021. Since then, the department has made 'significant strides' in restoring operations, with the hospital now operating at a bed capacity that exceeds pre-fire levels. Project in two phases The repair project is being conducted in two phases. Phase one focuses on repairing Blocks 4 and 5 North, while phase two will involve hospital-wide fire compliance upgrades, which require R1.7 billion in funding. According to the department, a prefeasibility report and concept report have already been approved, and a business case is being developed. 'The department is actively exploring various funding options and private investments to support this critical phase,' it said. Phase one, which includes demolition and reconstruction work in critical areas, is expected to be completed by August 2026. As of April 2025, R139 million of the allocated R426 million budget for Work Package One has been spent. ALSO READ: Alarm raised over 'R1.7bn fire safety gap' at Charlotte Maxeke hospital Restoration milestones reached Key areas that have already been restored and are operational include the Radiation Oncology Unit and the Accident and Emergency Department. 'A new state-of-the-art dry store facility has been constructed to enhance the storage and accessibility of vital medical supplies,' said the department. To improve safety, new fire doors have been installed throughout much of the hospital. A temporary access ramp has also been constructed, enabling staff to access 300 parking bays at the P3 level, although fire-damaged bays remain closed until they are fully repaired. ALSO READ: Operations continue at Tembisa hospital after second fire in less than a week Patient care remains central The department assured the public that safety and care remain top priorities. Instead of scattering services across multiple facilities, the hospital has adopted a decanting strategy to rotate services internally during the ongoing construction. 'This approach ensures that all services remain within the hospital for better patient care,' the department said. Hospital management and project teams have implemented safety measures and committed to maintaining open communication with staff and stakeholders as work progresses. NOW READ: Gauteng Health's warning for parents
