JBG SMITH Properties (JBGS) Financials

$23.79 +0.03 (+0.11%)

Closing price 09/22/2025 03:58 PM Eastern

Extended Trading

$23.72 -0.07 (-0.28%)

As of 04:09 AM Eastern

Annual Income Statements for JBG SMITH Properties

This table shows JBG SMITH Properties' income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Income / (Loss) Attributable to Common Shareholders	50	62	-72	40	66	-62	-79	85	-80	-144
Consolidated Net Income / (Loss)	50	62	-79	47	74	-67	-90	99	-92	-178
Net Income / (Loss) Continuing Operations	50	62	-79	47	74	-67	-90	99	-92	-178
Total Pre-Tax Income	50	63	-89	46	73	-72	-86	100	-92	-177
Total Revenue	422	430	510	572	595	540	575	545	511	434
Net Interest Income / (Expense)	-48	-49	-56	-59	-47	-63	-59	-57	-93	-122
Total Interest Income	2.56	2.99	1.79	15	5.39	-0.63	8.84	19	16	12
Investment Securities Interest Income	2.56	2.99	1.79	15	5.39	-0.63	8.84	19	16	12
Total Interest Expense	51	52	58	74	53	62	68	76	109	134
Long-Term Debt Interest Expense	51	52	58	74	53	62	68	76	109	134
Total Non-Interest Income	471	479	567	631	642	603	634	603	604	557
Other Service Charges	11	5.38	28	32	34	30	21	25	29	21
Net Realized & Unrealized Capital Gains on Investments	0.00	0.00	24	-13	-5.81	-0.06	0.00	-3.07	-0.45	9.24
Other Non-Interest Income	460	473	515	612	614	573	614	581	575	526
Total Non-Interest Expense	368	366	595	566	520	591	659	428	576	604
Salaries and Employee Benefits	0.00	0.00	29	36	42	32	16	5.39	0.55	0.00
Net Occupancy & Equipment Expense	102	100	119	148	138	146	151	150	144	147
Other Operating Expenses	122	126	285	222	254	241	242	220	210	191
Depreciation Expense	145	133	162	211	192	222	236	214	210	208
Impairment Charge	-	-	-	0.00	0.00	10	25	0.00	90	55
Other Special Charges	-	0.00	0.00	-52	-105	-59	-11	-162	-79	2.75
Nonoperating Income / (Expense), net	-4.28	-0.95	-4.14	39	-1.40	-20	-2.07	-17	-27	-7.12
Income Tax Expense	0.42	1.08	-9.91	-0.74	-1.30	-4.27	3.54	1.26	-0.30	0.76
Net Income / (Loss) Attributable to Noncontrolling Interest	0.00	0.00	-7.33	6.69	8.57	-4.96	-10	14	-12	-34
Basic Earnings per Share	$0.49	$0.62	($0.70)	$0.31	$0.48	($0.49)	($0.63)	$0.70	($0.78)	($1.65)
Weighted Average Basic Shares Outstanding	100.57M	100.57M	105.36M	119.18M	130.69M	133.45M	130.84M	119.01M	105.10M	88.33M
Diluted Earnings per Share	$0.49	$0.62	($0.70)	$0.31	$0.48	($0.49)	($0.63)	$0.70	($0.78)	($1.65)
Weighted Average Diluted Shares Outstanding	100.57M	100.57M	105.36M	119.18M	130.69M	133.45M	130.84M	119.01M	105.10M	88.33M
Weighted Average Basic & Diluted Shares Outstanding	100.57M	100.57M	105.36M	119.18M	130.69M	133.45M	127.55M	114.02M	91.93M	82.45M
Cash Dividends to Common per Share	$0.00	$0.00	$0.45	$1.00	$0.90	$0.90	$0.90	$0.90	$0.68	$0.88

This table shows JBG SMITH Properties' income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025
Period end date	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025
Net Income / (Loss) Attributable to Common Shareholders	-19	21	-11	-58	-33	-32	-24	-27	-60	-46	-19
Consolidated Net Income / (Loss)	-21	24	-12	-66	-38	-42	-33	-31	-71	-54	-23
Net Income / (Loss) Continuing Operations	-21	24	-12	-66	-38	-42	-33	-31	-71	-54	-23
Total Pre-Tax Income	-22	24	-12	-66	-39	-44	-33	-30	-70	-54	-23
Total Revenue	127	130	128	131	121	117	139	105	105	81	129
Net Interest Income / (Expense)	-24	-23	-24	-20	-26	-28	3.43	-31	-35	-35	0.70
Total Interest Income	1.72	4.08	2.28	7.77	1.65	2.10	3.43	4.57	1.49	0.53	0.70
Investment Securities Interest Income	1.72	4.08	2.28	7.77	1.65	2.10	3.43	4.57	1.49	0.53	0.70
Total Interest Expense	26	27	26	28	28	30	0.00	35	37	35	0.00
Total Non-Interest Income	151	153	152	152	148	145	135	136	140	116	129
Other Service Charges	6.40	6.15	8.64	7.33	6.88	4.68	5.39	5.62	5.21	4.27	5.17
Net Realized & Unrealized Capital Gains on Investments	-	-	-0.45	0.00	-	0.00	0.00	0.04	-	-4.64	2.23
Other Non-Interest Income	144	147	143	144	141	141	130	130	126	116	121
Total Non-Interest Expense	144	106	140	195	134	162	139	135	168	135	118
Net Occupancy & Equipment Expense	38	36	36	38	35	35	36	39	36	33	35
Other Operating Expenses	53	58	55	49	49	53	51	40	47	46	46
Depreciation Expense	56	53	49	50	57	57	51	50	50	48	48
Impairment Charge	-	0.00	0.00	59	31	17	1.03	0.00	37	8.48	32
Other Special Charges	-3.26	-41	0.00	-0.91	-38	-0.20	-0.09	5.35	-2.31	-0.54	-42
Nonoperating Income / (Expense), net	-4.60	0.43	0.51	-2.26	-26	0.98	-32	-0.75	-7.13	-0.59	-34
Income Tax Expense	-1.34	-0.02	0.61	0.08	-0.97	-1.47	0.60	0.83	0.80	-0.20	-0.08
Net Income / (Loss) Attributable to Noncontrolling Interest	-2.27	3.14	-1.71	-8.09	-5.07	-9.91	-9.04	-4.33	-11	-7.98	-3.94
Basic Earnings per Share	($0.15)	$0.19	($0.10)	($0.58)	($0.29)	($0.36)	($0.27)	($0.32)	($0.70)	($0.56)	($0.29)
Weighted Average Basic Shares Outstanding	119.01M	114.05M	109.70M	101.45M	105.10M	92.64M	91.03M	85.29M	88.33M	81.52M	68.29M
Diluted Earnings per Share	($0.15)	$0.19	($0.10)	($0.58)	($0.29)	($0.36)	($0.27)	($0.32)	($0.70)	($0.56)	($0.29)
Weighted Average Diluted Shares Outstanding	119.01M	114.05M	109.70M	101.45M	105.10M	92.64M	91.03M	85.29M	88.33M	81.52M	68.29M
Weighted Average Basic & Diluted Shares Outstanding	114.02M	111.44M	103.44M	95.70M	91.93M	91.90M	86.51M	84.48M	82.45M	73.05M	61.72M

This table details how cash moves in and out of JBG SMITH Properties' business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Change in Cash & Equivalents	64	-48	306	61	-257	121	39	-28	-74	-17
Net Cash From Operating Activities	178	160	74	188	174	169	218	178	183	129
Net Cash From Continuing Operating Activities	178	160	74	188	174	169	218	178	183	129
Net Income / (Loss) Continuing Operations	50	62	-79	47	74	-67	-90	99	-92	-178
Consolidated Net Income / (Loss)	50	62	-79	47	74	-67	-90	99	-92	-178
Depreciation Expense	147	135	165	216	196	226	240	218	216	215
Amortization Expense	-0.23	2.24	3.16	3.19	5.55	6.16	6.78	6.61	0.75	5.79
Non-Cash Adjustments to Reconcile Net Income	-0.17	-2.35	13	-33	-58	26	57	-130	80	77
Changes in Operating Assets and Liabilities, net	-19	-38	-27	-48	-45	-21	3.23	-15	-22	9.37
Net Cash From Investing Activities	-237	-259	-7.68	66	-241	-168	-369	524	-98	144
Net Cash From Continuing Investing Activities	-237	-259	-7.68	66	-241	-168	-369	524	-98	144
Purchase of Property, Leasehold Improvements and Equipment	-	-	0.00	-409	-441	-307	-173	-327	-334	-218
Purchase of Investment Securities	-244	-263	-229	-32	-185	-86	-250	-157	-58	-13
Sale and/or Maturity of Investments	0.00	0.00	58	95	385	226	55	1,008	294	375
Net Cash From Financing Activities	123	51	240	-194	-190	119	190	-730	-159	-291
Net Cash From Continuing Financing Activities	123	51	240	-194	-190	119	190	-730	-159	-291
Issuance of Debt	438	80	536	403	202	1,180	490	430	887	506
Repayment of Debt	-332	-24	-426	-467	-720	-822	-32	-676	-609	-498
Repurchase of Common Equity	-	-	-	0.00	0.00	-105	-158	-361	-335	-171
Payment of Dividends	0.00	-3.76	-31	-125	-147	-135	-136	-124	-109	-74
Other Financing Activities, Net	16	-0.22	0.00	-5.07	1.57	1.67	26	1.13	8.10	-54
Cash Interest Paid	54	45	52	65	49	57	62	72	89	116
Cash Income Taxes Paid	0.68	1.17	3.40	1.97	0.28	-1.19	0.82	1.21	1.92	0.12

This table details how cash moves in and out of JBG SMITH Properties' business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025
Period end date	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025
Net Change in Cash & Equivalents	-198	48	-119	-34	32	60	-54	-36	13	-63	-29
Net Cash From Operating Activities	48	43	47	25	68	37	24	26	42	13	19
Net Cash From Continuing Operating Activities	48	43	47	25	68	37	24	26	42	13	19
Net Income / (Loss) Continuing Operations	-21	24	-12	-66	-38	-42	-33	-31	-71	-54	-23
Consolidated Net Income / (Loss)	-21	24	-12	-66	-38	-42	-33	-31	-71	-54	-23
Depreciation Expense	57	55	50	52	59	58	53	52	52	49	49
Amortization Expense	1.31	0.49	0.34	0.22	-0.29	2.75	0.80	0.82	1.42	3.80	3.11
Non-Cash Adjustments to Reconcile Net Income	8.61	-36	13	68	34	20	13	5.20	39	22	-6.28
Changes in Operating Assets and Liabilities, net	1.56	-1.25	-5.23	-28	13	-2.03	-9.65	-0.08	21	-8.96	-4.21
Net Cash From Investing Activities	-150	-27	-109	12	25	124	-62	20	62	161	109
Net Cash From Continuing Investing Activities	-150	-27	-109	12	25	124	-62	20	62	161	109
Purchase of Property, Leasehold Improvements and Equipment	-108	-78	-86	-77	-92	-48	-65	-59	-46	-29	-33
Purchase of Investment Securities	-53	-17	-22	-14	-4.66	-2.54	-1.26	-7.70	-1.14	-1.38	-53
Sale and/or Maturity of Investments	11	69	-	103	122	174	5.10	87	109	192	195
Net Cash From Financing Activities	-95	32	-57	-72	-62	-101	-17	-83	-91	-237	-158
Net Cash From Continuing Financing Activities	-95	32	-57	-72	-62	-101	-17	-83	-91	-237	-158
Issuance of Debt	45	223	320	161	182	62	201	73	170	462	444
Repayment of Debt	-102	-141	-215	-97	-156	-93	-104	-84	-217	-533	-468
Repurchase of Common Equity	-	-20	-136	-118	-61	-49	-67	-52	-2.40	-148	-225
Payment of Dividends	-30	-30	-28	-27	-25	-19	-19	-18	-18	-18	-15
Other Financing Activities, Net	-8.89	-0.65	0.65	9.14	-1.04	-1.18	-28	-1.28	-24	-0.86	107
Cash Interest Paid	19	23	22	21	23	26	27	31	32	33	30

This table presents JBG SMITH Properties' assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Total Assets	3,661	6,072	5,997	5,986	6,080	6,386	5,903	5,519	5,021
Cash and Due from Banks	29	317	261	126	226	264	241	165	146
Restricted Cash	3.26	22	139	16	38	38	33	36	37
Loans and Leases, Net of Allowance	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Premises and Equipment, Net	3,225	5,006	4,741	4,656	4,768	4,868	4,823	4,537	4,111
Deferred Acquisition Cost	-	-	-	-	-	-	94	81	70
Intangible Assets	-	-	-	-	-	202	68	57	47
Other Assets	329	727	857	1,188	1,048	1,014	644	643	609
Total Liabilities & Shareholders' Equity	3,661	6,072	5,997	5,986	6,080	6,386	5,903	5,519	5,021
Total Liabilities	1,539	2,488	2,452	1,987	2,343	2,925	2,708	2,826	2,788
Short-Term Debt	0.00	116	0.00	200	0.00	300	0.00	62	85
Other Short-Term Payables	324	139	131	158	103	106	138	125	101
Long-Term Debt	1,165	2,072	2,136	1,423	1,992	2,176	2,437	2,500	2,485
Other Long-Term Liabilities	49	161	185	206	248	343	133	139	117
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Redeemable Noncontrolling Interest	0.00	609	558	613	531	523	481	441	424
Total Equity & Noncontrolling Interests	2,122	2,975	2,987	3,387	3,206	2,938	2,714	2,252	1,809
Total Preferred & Common Equity	0.00	2,971	2,987	3,386	3,206	2,916	2,682	2,223	0.00
Preferred Stock	-	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	0.00	2,971	2,987	3,386	3,206	2,916	2,682	2,223	1,809
Common Stock	-	3,065	3,156	3,634	3,659	3,541	3,265	2,980	2,791
Retained Earnings	-	-96	-176	-231	-413	-609	-629	-777	-997
Accumulated Other Comprehensive Income / (Loss)	-	1.61	6.70	-17	-40	-16	46	20	15

This table presents JBG SMITH Properties' assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q2 2022	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025
Period end date	6/30/2022	9/30/2022	3/31/2023	6/30/2023	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025	6/30/2025
Total Assets	5,580	5,896	5,835	5,784	5,666	5,405	5,325	5,182	4,733	4,549
Cash and Due from Banks	162	259	280	157	131	221	164	137	81	61
Restricted Cash	213	213	42	46	38	40	42	33	39	30
Loans and Leases, Net of Allowance	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Premises and Equipment, Net	4,349	4,564	4,688	4,741	4,600	4,520	4,526	4,430	4,091	3,776
Deferred Acquisition Cost	-	-	-	-	-	80	80	78	69	71
Intangible Assets	158	156	149	144	140	54	52	49	46	53
Other Assets	698	704	676	696	758	491	460	455	407	559
Total Liabilities & Shareholders' Equity	5,580	5,896	5,835	5,784	5,666	5,405	5,325	5,182	4,733	4,549
Total Liabilities	2,235	2,618	2,638	2,737	2,817	2,796	2,854	2,842	2,743	2,683
Short-Term Debt	0.00	100	-	62	92	0.00	40	90	162	226
Other Short-Term Payables	113	130	124	129	135	133	108	100	92	81
Long-Term Debt	2,011	2,288	2,349	2,406	2,444	2,534	2,594	2,534	2,345	2,259
Other Long-Term Liabilities	112	99	165	139	146	129	112	118	144	117
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Redeemable Noncontrolling Interest	521	491	458	456	444	436	437	445	418	543
Total Equity & Noncontrolling Interests	2,823	2,787	2,739	2,591	2,405	2,173	2,035	1,896	1,571	1,323
Total Preferred & Common Equity	2,792	2,755	2,708	2,559	2,373	2,149	2,020	1,882	0.00	0.00
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	2,792	2,755	2,708	2,559	2,373	2,149	2,020	1,882	1,571	1,323
Common Stock	3,287	3,267	3,283	3,158	3,044	2,943	2,857	2,790	2,608	2,398
Retained Earnings	-514	-559	-607	-642	-723	-825	-866	-908	-1,043	-1,075
Accumulated Other Comprehensive Income / (Loss)	19	47	32	43	52	31	29	-0.48	6.15	-0.40

This table displays calculated financial ratios and metrics derived from JBG SMITH Properties' official financial filings.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Growth Metrics	-	-	-	-	-	-	-	-	-	-
Revenue Growth	0.00%	1.75%	18.76%	12.11%	3.93%	-9.24%	6.58%	-5.18%	-6.34%	-15.03%
EBITDA Growth	0.00%	0.11%	-58.83%	171.83%	22.31%	-34.48%	-9.66%	109.73%	-55.76%	-66.36%
EBIT Growth	0.00%	17.80%	-232.57%	107.62%	1,048.11%	-168.95%	-64.32%	239.90%	-155.24%	-161.31%
NOPAT Growth	0.00%	16.76%	-194.42%	111.06%	1,050.13%	-147.42%	-64.32%	297.34%	-139.16%	-161.31%
Net Income Growth	0.00%	24.88%	-227.61%	158.94%	59.06%	-190.72%	-33.40%	210.32%	-192.65%	-93.82%
EPS Growth	0.00%	26.53%	-212.90%	144.29%	54.84%	-202.08%	-28.57%	211.11%	-211.43%	-111.54%
Operating Cash Flow Growth	0.00%	-10.49%	-53.50%	153.69%	-7.55%	-2.85%	28.75%	-18.19%	3.00%	-29.44%
Free Cash Flow Firm Growth	0.00%	0.00%	21.08%	103.83%	37.51%	-205.92%	-88.53%	257.27%	-21.05%	0.23%
Invested Capital Growth	0.00%	0.00%	75.60%	-1.58%	-1.03%	1.89%	3.65%	-5.13%	-6.71%	-8.60%
Revenue Q/Q Growth	0.00%	0.00%	0.00%	2.76%	-2.50%	-1.80%	0.41%	-0.88%	-1.09%	-3.63%
EBITDA Q/Q Growth	0.00%	0.00%	0.00%	8.23%	13.98%	-25.17%	-1.50%	7.61%	3.26%	-52.03%
EBIT Q/Q Growth	0.00%	0.00%	0.00%	102.32%	199.81%	-317.78%	3.73%	29.31%	6.65%	-41.66%
NOPAT Q/Q Growth	0.00%	0.00%	0.00%	21.17%	205.25%	-221.86%	9.45%	23.81%	6.65%	-41.66%
Net Income Q/Q Growth	0.00%	0.00%	0.00%	73.50%	103.44%	-411.41%	-17.20%	75.19%	-22.45%	-22.95%
EPS Q/Q Growth	0.00%	0.00%	0.00%	416.67%	118.18%	-545.45%	-16.67%	70.73%	-21.88%	-33.06%
Operating Cash Flow Q/Q Growth	0.00%	0.00%	-9.03%	0.40%	5.98%	-10.67%	11.27%	-8.03%	12.80%	-16.88%
Free Cash Flow Firm Q/Q Growth	0.00%	0.00%	0.00%	0.00%	99.89%	46.12%	-247.99%	222.45%	42.99%	-1.22%
Invested Capital Q/Q Growth	0.00%	0.00%	0.00%	-0.31%	-0.60%	-3.71%	4.10%	-0.60%	-2.43%	-3.26%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-
EBITDA Margin	47.61%	46.85%	16.24%	39.38%	46.34%	33.46%	28.36%	62.73%	29.63%	11.73%
EBIT Margin	12.86%	14.89%	-16.63%	1.13%	12.48%	-9.48%	-14.62%	21.58%	-12.72%	-39.13%
Profit (Net Income) Margin	11.75%	14.42%	-15.50%	8.15%	12.47%	-12.46%	-15.60%	18.15%	-17.95%	-40.95%
Tax Burden Percent	99.16%	98.28%	88.86%	101.61%	101.79%	94.04%	104.11%	98.74%	99.68%	100.43%
Interest Burden Percent	92.12%	98.52%	104.88%	709.48%	98.12%	139.73%	102.46%	85.19%	141.53%	104.19%
Effective Tax Rate	0.84%	1.72%	0.00%	-1.61%	-1.79%	0.00%	0.00%	1.26%	0.00%	0.00%
Return on Invested Capital (ROIC)	0.00%	3.83%	-1.31%	0.11%	1.34%	-0.63%	-1.01%	2.01%	-0.84%	-2.36%
ROIC Less NNEP Spread (ROIC-NNEP)	0.00%	3.67%	-2.49%	1.97%	1.26%	-2.37%	-2.39%	1.31%	-2.68%	-4.66%
Return on Net Nonoperating Assets (RNNOA)	0.00%	2.01%	-1.46%	1.19%	0.63%	-1.11%	-1.48%	0.97%	-2.28%	-4.85%
Return on Equity (ROE)	0.00%	5.84%	-2.77%	1.31%	1.97%	-1.74%	-2.49%	2.97%	-3.12%	-7.22%
Cash Return on Invested Capital (CROIC)	0.00%	-196.17%	-56.17%	1.70%	2.37%	-2.50%	-4.59%	7.28%	6.11%	6.62%
Operating Return on Assets (OROA)	0.00%	1.75%	-1.74%	0.11%	1.24%	-0.85%	-1.35%	1.92%	-1.14%	-3.22%
Return on Assets (ROA)	0.00%	1.69%	-1.63%	0.77%	1.24%	-1.11%	-1.44%	1.61%	-1.61%	-3.37%
Return on Common Equity (ROCE)	0.00%	0.00%	-1.44%	1.09%	1.66%	-1.48%	-2.12%	2.50%	-2.59%	-5.91%
Return on Equity Simple (ROE_SIMPLE)	0.00%	0.00%	-2.66%	1.56%	2.19%	-2.10%	-3.08%	3.69%	-4.13%	-9.83%
Net Operating Profit after Tax (NOPAT)	54	63	-59	6.57	76	-36	-59	116	-46	-119
NOPAT Margin	12.76%	14.64%	-11.64%	1.15%	12.71%	-6.64%	-10.24%	21.30%	-8.91%	-27.39%
Net Nonoperating Expense Percent (NNEP)	0.00%	0.16%	1.17%	-1.85%	0.08%	1.74%	1.38%	0.70%	1.85%	2.29%
SG&A Expenses to Revenue	24.04%	23.34%	29.02%	32.18%	30.23%	32.85%	29.03%	28.49%	28.30%	33.77%
Operating Expenses to Revenue	87.14%	85.11%	116.63%	98.87%	87.52%	109.48%	114.62%	78.42%	112.72%	139.13%
Earnings before Interest and Taxes (EBIT)	54	64	-85	6.47	74	-51	-84	118	-65	-170
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	201	201	83	225	276	181	163	342	151	51
Valuation Ratios	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.00	0.00	1.09	1.15	1.32	1.11	1.13	0.73	0.69	0.72
Price to Tangible Book Value (P/TBV)	0.00	0.00	1.09	1.15	1.32	1.11	1.21	0.75	0.71	0.74
Price to Revenue (P/Rev)	0.00	0.00	6.36	6.00	7.50	6.59	5.73	3.58	3.02	2.99
Price to Earnings (P/E)	0.00	0.00	0.00	85.92	68.03	0.00	0.00	22.85	0.00	0.00
Dividend Yield	0.00%	0.00%	1.63%	3.17%	2.71%	3.35%	3.54%	5.25%	5.59%	5.69%
Earnings Yield	0.00%	0.00%	0.00%	1.16%	1.47%	0.00%	0.00%	4.38%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	0.00	0.00	0.99	1.01	1.17	1.02	1.01	0.82	0.83	0.86
Enterprise Value to Revenue (EV/Rev)	0.00	0.00	11.19	10.01	11.02	10.78	10.46	8.48	8.56	9.47
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	68.89	25.41	23.78	32.22	36.88	13.53	28.88	80.70
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	885.31	88.29	0.00	0.00	39.33	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	871.30	86.74	0.00	0.00	39.83	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	0.00	76.98	30.42	37.67	34.42	27.64	25.99	23.84	31.76
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	58.72	48.89	0.00	0.00	10.99	13.15	12.33
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.00	0.55	0.61	0.60	0.41	0.53	0.72	0.76	0.95	1.15
Long-Term Debt to Equity	0.00	0.55	0.58	0.60	0.36	0.53	0.63	0.76	0.93	1.11
Financial Leverage	0.00	0.55	0.59	0.61	0.50	0.47	0.62	0.74	0.85	1.04
Leverage Ratio	0.00	1.73	1.71	1.69	1.59	1.56	1.73	1.85	1.94	2.14
Compound Leverage Factor	0.00	1.70	1.79	12.01	1.56	2.18	1.77	1.57	2.75	2.23
Debt to Total Capital	0.00%	35.44%	37.91%	37.59%	28.87%	34.77%	41.71%	43.27%	48.76%	53.51%
Short-Term Debt to Total Capital	0.00%	0.00%	2.01%	0.00%	3.56%	0.00%	5.05%	0.00%	1.18%	1.77%
Long-Term Debt to Total Capital	0.00%	35.44%	35.90%	37.59%	25.31%	34.77%	36.65%	43.27%	47.58%	51.74%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	64.56%	10.63%	9.83%	10.90%	9.27%	9.18%	9.12%	8.94%	8.82%
Common Equity to Total Capital	0.00%	0.00%	51.47%	52.58%	60.23%	55.96%	49.11%	47.61%	42.30%	37.67%
Debt to EBITDA	0.00	5.79	26.40	9.48	5.89	11.03	15.18	7.12	16.93	50.48
Net Debt to EBITDA	0.00	5.63	22.31	7.70	5.37	9.57	13.33	6.32	15.60	46.88
Long-Term Debt to EBITDA	0.00	5.79	25.00	9.48	5.16	11.03	13.34	7.12	16.52	48.81
Debt to NOPAT	0.00	18.52	-36.84	325.04	21.48	-55.58	-42.06	20.98	-56.31	-21.61
Net Debt to NOPAT	0.00	18.01	-31.14	264.23	19.59	-48.23	-36.93	18.62	-51.90	-20.07
Long-Term Debt to NOPAT	0.00	18.52	-34.89	325.04	18.83	-55.58	-36.96	20.98	-54.94	-20.90
Noncontrolling Interest Sharing Ratio	0.00%	100.00%	47.94%	16.43%	15.52%	14.79%	14.95%	15.91%	16.70%	18.14%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	0.00	-3,224	-2,544	97	134	-142	-268	421	332	333
Operating Cash Flow to CapEx	0.00%	0.00%	0.00%	0.00%	39.45%	54.97%	125.66%	54.49%	54.94%	59.35%
Free Cash Flow to Firm to Interest Expense	0.00	-62.26	-43.76	1.31	2.54	-2.28	-3.94	5.55	3.06	2.48
Operating Cash Flow to Interest Expense	3.51	3.08	1.28	2.53	3.30	2.71	3.20	2.34	1.69	0.97
Operating Cash Flow Less CapEx to Interest Expense	3.51	3.08	1.28	2.58	-5.07	-2.22	0.65	-1.96	-1.38	-0.66
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.00	0.12	0.10	0.09	0.10	0.09	0.09	0.09	0.09	0.08
Fixed Asset Turnover	0.00	0.13	0.12	0.12	0.13	0.11	0.12	0.11	0.11	0.10
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-
Invested Capital	0.00	3,287	5,772	5,681	5,623	5,729	5,938	5,633	5,255	4,803
Invested Capital Turnover	0.00	0.26	0.11	0.10	0.11	0.10	0.10	0.09	0.09	0.09
Increase / (Decrease) in Invested Capital	0.00	3,287	2,485	-91	-58	106	209	-305	-378	-452
Enterprise Value (EV)	0.00	0.00	5,710	5,724	6,554	5,818	6,016	4,628	4,372	4,109
Market Capitalization	0.00	0.00	3,248	3,430	4,461	3,559	3,296	1,951	1,540	1,298
Book Value per Share	$0.00	$0.00	$25.18	$24.70	$25.25	$24.20	$22.48	$23.57	$23.23	$21.41
Tangible Book Value per Share	$0.00	$0.00	$25.18	$24.70	$25.25	$24.20	$20.92	$22.97	$22.64	$20.86
Total Capital	0.00	3,287	5,772	5,681	5,623	5,729	5,938	5,633	5,255	4,803
Total Debt	0.00	1,165	2,188	2,136	1,623	1,992	2,476	2,437	2,562	2,570
Total Long-Term Debt	0.00	1,165	2,072	2,136	1,423	1,992	2,176	2,437	2,500	2,485
Net Debt	0.00	1,133	1,849	1,736	1,481	1,728	2,174	2,163	2,362	2,387
Capital Expenditures (CapEx)	0.00	0.00	0.00	-3.89	441	307	173	327	334	218
Net Nonoperating Expense (NNE)	4.25	0.93	20	-40	1.42	31	31	17	46	59
Net Nonoperating Obligations (NNO)	0.00	1,165	2,188	2,136	1,623	1,992	2,476	2,437	2,562	2,570
Total Depreciation and Amortization (D&A)	147	137	168	219	201	232	247	224	216	221
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.49	$0.62	($0.70)	$0.31	$0.48	($0.49)	($0.63)	$0.70	($0.78)	($1.65)
Adjusted Weighted Average Basic Shares Outstanding	100.57M	100.57M	117.95M	122.59M	130.69M	131.60M	130.84M	119.01M	105.10M	88.33M
Adjusted Diluted Earnings per Share	$0.49	$0.62	($0.70)	$0.31	$0.48	($0.49)	($0.63)	$0.70	($0.78)	($1.65)
Adjusted Weighted Average Diluted Shares Outstanding	100.57M	100.57M	117.95M	119.18M	130.69M	131.60M	130.84M	119.01M	105.10M	88.33M
Adjusted Basic & Diluted Earnings per Share	$0.49	$0.00	$0.00	$0.00	$0.48	($0.49)	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	100.57M	100.57M	105.36M	119.18M	134.88M	133.45M	127.55M	114.02M	91.93M	82.45M
Normalized Net Operating Profit after Tax (NOPAT)	54	69	-59	-32	-22	-70	-49	-44	-38	-78
Normalized NOPAT Margin	12.76%	16.12%	-11.64%	-5.59%	-3.62%	-13.03%	-8.55%	-8.00%	-7.41%	-18.01%
Pre Tax Income Margin	11.85%	14.67%	-17.44%	8.02%	12.25%	-13.25%	-14.98%	18.38%	-18.01%	-40.77%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	1.07	1.24	-1.46	0.09	1.41	-0.82	-1.24	1.55	-0.60	-1.27
NOPAT to Interest Expense	1.06	1.21	-1.02	0.09	1.43	-0.58	-0.87	1.53	-0.42	-0.89
EBIT Less CapEx to Interest Expense	1.07	1.24	-1.46	0.14	-6.96	-5.76	-3.79	-2.75	-3.67	-2.89
NOPAT Less CapEx to Interest Expense	1.06	1.21	-1.02	0.14	-6.94	-5.51	-3.41	-2.77	-3.49	-2.51
Payout Ratios	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	6.07%	-39.34%	268.40%	198.57%	-200.77%	-151.48%	125.37%	-119.20%	-41.39%
Augmented Payout Ratio	0.00%	6.07%	-39.34%	268.40%	198.57%	-356.54%	-327.23%	490.11%	-484.83%	-137.46%

This table displays calculated financial ratios and metrics derived from JBG SMITH Properties' official financial filings.

Metric	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025
Period end date	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-3.68%	-18.29%	-1.54%	1.71%	-4.44%	-10.04%	-16.64%	-19.83%	-13.50%	-30.52%	-6.73%
EBITDA Growth	145.92%	37.39%	-80.55%	-126.15%	11.72%	-79.01%	-45.19%	293.34%	-121.28%	-100.36%	19.83%
EBIT Growth	60.26%	746.11%	-108.30%	-744.74%	26.34%	-287.05%	-168.17%	53.37%	-385.69%	-19.43%	1,914.89%
NOPAT Growth	54.60%	1,023.63%	-105.93%	-744.74%	26.34%	-230.85%	-168.17%	53.37%	-385.69%	-19.43%	1,914.89%
Net Income Growth	67.08%	31,671.43%	-108.66%	-206.29%	-80.64%	-273.55%	-172.68%	52.63%	-88.08%	-27.28%	30.62%
EPS Growth	65.91%	0.00%	-109.80%	-241.18%	-93.33%	-289.47%	-170.00%	44.83%	-141.38%	-55.56%	-7.41%
Operating Cash Flow Growth	-24.58%	-38.75%	22.99%	12.08%	43.65%	-13.11%	-49.21%	3.59%	-38.37%	-65.08%	-20.84%
Free Cash Flow Firm Growth	223.98%	1,475.41%	-133.91%	652.41%	26.08%	76.97%	330.08%	69.24%	10.63%	63.79%	86.34%
Invested Capital Growth	-5.13%	-3.25%	2.98%	-4.96%	-6.71%	-7.27%	-7.43%	-7.82%	-8.60%	-12.58%	-14.78%
Revenue Q/Q Growth	-1.89%	2.70%	-1.62%	2.61%	-7.83%	-3.32%	-8.83%	-1.31%	-0.55%	-22.35%	59.03%
EBITDA Q/Q Growth	-9.76%	93.76%	-51.06%	-130.55%	485.61%	-63.59%	27.77%	7.77%	-142.44%	99.39%	108,072.88%
EBIT Q/Q Growth	-132.99%	235.68%	-150.93%	-424.65%	79.69%	-244.58%	26.98%	8.77%	-111.59%	15.27%	121.04%
NOPAT Q/Q Growth	-132.99%	293.96%	-135.63%	-424.65%	79.69%	-244.58%	26.98%	8.77%	-111.59%	15.27%	121.04%
Net Income Q/Q Growth	3.39%	216.59%	-150.41%	-439.42%	43.02%	-12.02%	20.80%	6.30%	-126.26%	24.20%	56.83%
EPS Q/Q Growth	11.76%	226.67%	-152.63%	-480.00%	50.00%	-24.14%	25.00%	-18.52%	-118.75%	20.00%	48.21%
Operating Cash Flow Q/Q Growth	109.85%	-10.57%	9.77%	-45.59%	168.95%	-45.91%	-35.83%	10.97%	60.00%	-69.35%	45.47%
Free Cash Flow Firm Q/Q Growth	830.36%	-28.12%	-179.94%	240.76%	55.90%	0.89%	3.92%	3.54%	1.91%	49.38%	25.07%
Invested Capital Q/Q Growth	-0.60%	-1.54%	-0.56%	-2.34%	-2.43%	-2.13%	-0.73%	-2.76%	-3.26%	-6.39%	-3.23%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
EBITDA Margin	32.15%	60.67%	30.18%	-8.99%	37.59%	14.16%	19.84%	21.67%	-9.25%	-0.07%	49.23%
EBIT Margin	-13.87%	18.33%	-9.49%	-48.51%	-10.69%	-38.11%	-30.52%	-28.22%	-60.03%	-65.51%	8.67%
Profit (Net Income) Margin	-16.45%	18.67%	-9.57%	-50.29%	-31.09%	-36.02%	-31.29%	-29.71%	-67.60%	-65.99%	-17.91%
Tax Burden Percent	93.98%	100.07%	105.25%	100.12%	97.49%	96.64%	101.82%	102.73%	101.15%	99.63%	99.64%
Interest Burden Percent	126.16%	101.81%	95.80%	103.55%	298.25%	97.82%	100.69%	102.51%	111.33%	101.11%	-207.42%
Effective Tax Rate	0.00%	-0.07%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Invested Capital (ROIC)	-0.92%	1.68%	-0.63%	-3.17%	-0.70%	-2.48%	-1.92%	-1.72%	-3.63%	-3.79%	0.50%
ROIC Less NNEP Spread (ROIC-NNEP)	-1.26%	1.70%	-0.80%	-4.05%	-1.85%	-2.93%	-2.33%	-2.13%	-4.67%	-4.44%	-0.71%
Return on Net Nonoperating Assets (RNNOA)	-0.93%	1.20%	-0.56%	-3.25%	-1.57%	-2.47%	-2.16%	-2.11%	-4.87%	-4.87%	-0.84%
Return on Equity (ROE)	-1.85%	2.87%	-1.19%	-6.43%	-2.27%	-4.95%	-4.07%	-3.83%	-8.50%	-8.66%	-0.34%
Cash Return on Invested Capital (CROIC)	7.28%	5.85%	-3.11%	4.21%	6.11%	5.80%	5.68%	6.52%	6.62%	10.83%	13.49%
Operating Return on Assets (OROA)	-1.23%	1.56%	-0.86%	-4.33%	-0.96%	-3.38%	-2.62%	-2.34%	-4.95%	-5.15%	0.68%
Return on Assets (ROA)	-1.46%	1.59%	-0.87%	-4.49%	-2.78%	-3.19%	-2.68%	-2.47%	-5.57%	-5.19%	-1.41%
Return on Common Equity (ROCE)	-1.55%	2.41%	-0.99%	-5.38%	-1.89%	-4.14%	-3.38%	-3.14%	-6.95%	-7.00%	-0.26%
Return on Equity Simple (ROE_SIMPLE)	0.00%	4.56%	-1.19%	-3.16%	0.00%	-7.36%	-8.88%	-7.68%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	-12	24	-8.51	-45	-9.07	-31	-23	-21	-44	-37	7.85
NOPAT Margin	-9.71%	18.34%	-6.64%	-33.96%	-7.48%	-26.68%	-21.37%	-19.75%	-42.02%	-45.85%	6.07%
Net Nonoperating Expense Percent (NNEP)	0.35%	-0.02%	0.17%	0.87%	1.14%	0.45%	0.42%	0.41%	1.04%	0.65%	1.21%
SG&A Expenses to Revenue	30.41%	27.62%	28.04%	28.63%	28.96%	30.12%	33.95%	37.26%	34.18%	41.09%	26.95%
Operating Expenses to Revenue	113.87%	81.67%	109.49%	148.51%	110.69%	138.11%	130.52%	128.22%	160.03%	165.51%	91.33%
Earnings before Interest and Taxes (EBIT)	-18	24	-12	-64	-13	-45	-33	-30	-63	-53	11
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	41	79	39	-12	46	17	21	23	-9.69	-0.06	64
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.73	0.59	0.61	0.60	0.69	0.68	0.69	0.80	0.72	0.85	0.96
Price to Tangible Book Value (P/TBV)	0.75	0.62	0.65	0.64	0.71	0.70	0.70	0.83	0.74	0.87	1.00
Price to Revenue (P/Rev)	3.58	3.07	3.05	2.76	3.02	2.95	2.91	3.36	2.99	3.33	3.25
Price to Earnings (P/E)	22.85	14.88	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Dividend Yield	5.25%	6.47%	6.38%	6.54%	5.59%	5.54%	6.80%	5.58%	5.69%	5.43%	4.05%
Earnings Yield	4.38%	6.72%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	0.82	0.74	0.78	0.79	0.83	0.82	0.84	0.89	0.86	0.92	0.97
Enterprise Value to Revenue (EV/Rev)	8.48	7.94	8.41	8.26	8.56	8.44	8.95	9.82	9.47	10.38	10.80
Enterprise Value to EBITDA (EV/EBITDA)	13.53	11.28	21.24	29.11	28.88	47.24	59.64	41.68	80.70	120.59	93.74
Enterprise Value to EBIT (EV/EBIT)	39.33	28.24	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	39.83	28.63	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	25.99	27.15	27.05	26.25	23.84	23.64	27.56	28.42	31.76	39.26	41.87
Enterprise Value to Free Cash Flow (EV/FCFF)	10.99	12.44	0.00	18.36	13.15	13.56	14.13	13.12	12.33	7.92	6.59
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.76	0.73	0.81	0.89	0.95	0.97	1.07	1.12	1.15	1.26	1.33
Long-Term Debt to Equity	0.76	0.73	0.79	0.86	0.93	0.97	1.05	1.08	1.11	1.18	1.21
Financial Leverage	0.74	0.70	0.70	0.80	0.85	0.84	0.92	0.99	1.04	1.10	1.18
Leverage Ratio	1.85	1.84	1.78	1.89	1.94	1.94	2.01	2.09	2.14	2.20	2.28
Compound Leverage Factor	2.33	1.87	1.70	1.95	5.79	1.89	2.03	2.14	2.38	2.23	-4.72
Debt to Total Capital	43.27%	42.36%	44.75%	47.09%	48.76%	49.27%	51.59%	52.85%	53.51%	55.76%	57.11%
Short-Term Debt to Total Capital	0.00%	0.00%	1.12%	1.71%	1.18%	0.00%	0.78%	1.81%	1.77%	3.60%	5.19%
Long-Term Debt to Total Capital	43.27%	42.36%	43.63%	45.38%	47.58%	49.27%	50.81%	51.04%	51.74%	52.15%	51.92%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	9.12%	8.81%	8.84%	8.85%	8.94%	8.95%	8.85%	9.24%	8.82%	9.30%	12.48%
Common Equity to Total Capital	47.61%	48.83%	46.41%	44.06%	42.30%	41.78%	39.56%	37.91%	37.67%	34.94%	30.40%
Debt to EBITDA	7.12	6.46	12.12	17.30	16.93	28.48	36.84	24.72	50.48	73.14	55.45
Net Debt to EBITDA	6.32	5.58	11.13	16.15	15.60	25.56	33.96	23.12	46.88	69.63	53.42
Long-Term Debt to EBITDA	7.12	6.46	11.82	16.67	16.52	28.48	36.28	23.87	48.81	68.41	50.40
Debt to NOPAT	20.98	16.40	-262.60	-52.03	-56.31	-27.12	-24.44	-31.26	-21.61	-20.06	-21.29
Net Debt to NOPAT	18.62	14.15	-241.02	-48.56	-51.90	-24.33	-22.53	-29.23	-20.07	-19.09	-20.51
Long-Term Debt to NOPAT	20.98	16.40	-256.00	-50.14	-54.94	-27.12	-24.07	-30.19	-20.90	-18.76	-19.36
Noncontrolling Interest Sharing Ratio	15.91%	16.07%	16.28%	16.32%	16.70%	16.35%	17.02%	18.02%	18.14%	19.10%	22.94%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	293	210	-168	237	369	372	387	400	408	609	762
Operating Cash Flow to CapEx	44.18%	54.42%	54.14%	33.26%	74.11%	77.20%	36.32%	45.00%	91.79%	44.46%	56.46%
Free Cash Flow to Firm to Interest Expense	11.39	7.83	-6.51	8.48	13.13	12.34	12.09	11.35	11.13	17.31	0.00
Operating Cash Flow to Interest Expense	1.86	1.59	1.81	0.91	2.44	1.23	0.74	0.75	1.15	0.37	0.00
Operating Cash Flow Less CapEx to Interest Expense	-2.35	-1.33	-1.53	-1.83	-0.85	-0.36	-1.30	-0.91	-0.10	-0.46	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.09	0.09	0.09	0.09	0.09	0.09	0.09	0.08	0.08	0.08	0.08
Fixed Asset Turnover	0.11	0.11	0.11	0.11	0.11	0.11	0.10	0.10	0.10	0.09	0.09
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	5,633	5,546	5,515	5,386	5,255	5,143	5,105	4,964	4,803	4,496	4,351
Invested Capital Turnover	0.09	0.09	0.09	0.09	0.09	0.09	0.09	0.09	0.09	0.08	0.08
Increase / (Decrease) in Invested Capital	-305	-186	160	-281	-378	-403	-410	-421	-452	-647	-754
Enterprise Value (EV)	4,628	4,102	4,324	4,267	4,372	4,203	4,265	4,424	4,109	4,133	4,201
Market Capitalization	1,951	1,585	1,571	1,423	1,540	1,469	1,385	1,512	1,298	1,328	1,264
Book Value per Share	$23.57	$23.75	$22.96	$22.94	$23.23	$23.20	$21.98	$21.76	$21.41	$19.05	$18.11
Tangible Book Value per Share	$22.97	$22.44	$21.67	$21.59	$22.64	$22.61	$21.41	$21.19	$20.86	$18.50	$17.38
Total Capital	5,633	5,546	5,515	5,386	5,255	5,143	5,105	4,964	4,803	4,496	4,351
Total Debt	2,437	2,349	2,468	2,536	2,562	2,534	2,634	2,624	2,570	2,507	2,485
Total Long-Term Debt	2,437	2,349	2,406	2,444	2,500	2,534	2,594	2,534	2,485	2,345	2,259
Net Debt	2,163	2,027	2,265	2,367	2,362	2,274	2,428	2,454	2,387	2,386	2,394
Capital Expenditures (CapEx)	108	78	86	77	92	48	65	59	46	29	33
Net Nonoperating Expense (NNE)	8.54	-0.43	3.75	21	29	11	11	10	27	16	31
Net Nonoperating Obligations (NNO)	2,437	2,349	2,468	2,536	2,562	2,534	2,634	2,624	2,570	2,507	2,485
Total Depreciation and Amortization (D&A)	58	55	51	52	58	61	54	53	53	53	52
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($0.15)	$0.19	($0.10)	($0.58)	($0.29)	($0.36)	($0.27)	($0.32)	($0.70)	($0.56)	($0.29)
Adjusted Weighted Average Basic Shares Outstanding	119.01M	114.05M	109.70M	101.45M	105.10M	92.64M	91.03M	85.29M	88.33M	81.52M	68.29M
Adjusted Diluted Earnings per Share	($0.15)	$0.19	($0.10)	($0.58)	($0.29)	($0.36)	($0.27)	($0.32)	($0.70)	($0.56)	($0.29)
Adjusted Weighted Average Diluted Shares Outstanding	119.01M	114.05M	109.70M	101.45M	105.10M	92.64M	91.03M	85.29M	88.33M	81.52M	68.29M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	114.02M	111.44M	103.44M	95.70M	91.93M	91.90M	86.51M	84.48M	82.45M	73.05M	61.72M
Normalized Net Operating Profit after Tax (NOPAT)	-15	-12	-8.51	-3.75	-14	-19	-22	-17	-20	-32	0.84
Normalized NOPAT Margin	-11.51%	-9.05%	-6.64%	-2.85%	-11.42%	-16.51%	-20.75%	-16.20%	-18.73%	-39.02%	0.65%
Pre Tax Income Margin	-17.50%	18.66%	-9.09%	-50.23%	-31.89%	-37.28%	-30.73%	-28.92%	-66.83%	-66.23%	-17.98%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	-0.68	0.89	-0.47	-2.29	-0.46	-1.48	-1.02	-0.84	-1.72	-1.51	0.00
NOPAT to Interest Expense	-0.48	0.89	-0.33	-1.60	-0.32	-1.04	-0.71	-0.59	-1.20	-1.06	0.00
EBIT Less CapEx to Interest Expense	-4.89	-2.03	-3.82	-5.03	-3.75	-3.07	-3.07	-2.51	-2.97	-2.34	0.00
NOPAT Less CapEx to Interest Expense	-4.68	-2.03	-3.68	-4.34	-3.61	-2.63	-2.76	-2.25	-2.45	-1.89	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	125.37%	98.12%	-384.95%	-151.85%	-119.20%	-62.38%	-50.17%	-56.11%	-41.39%	-38.14%	-38.26%
Augmented Payout Ratio	490.11%	333.18%	-1,108.72%	-517.50%	-484.83%	-292.87%	-215.09%	-215.08%	-137.46%	-180.23%	-276.92%

Financials Breakdown Chart

Key Financial Trends

JBG SMITH Properties (NYSE: JBGS) has shown some noteworthy financial trends and metrics over the past four years based on the quarterly data from Q2 2022 through Q2 2025.

Revenue and Income Trends:

The company has recorded consistent net losses from continuing operations over recent quarters, with the net income continuing operations negative in Q2 2025 at approximately -$23.2 million, continuing a streak of quarterly losses.
Total non-interest expenses remain high, with significant depreciation and impairment charges (e.g., Q2 2025 depreciation around $49.4 million and impairments over $31.8 million), pressuring operating margins.
Total revenue fluctuates seasonally but generally remains in the range of $80 million to $140 million per quarter over the last several years.
Net interest expense was negative (a cost) in most quarters, with interest expense ranging from around $16 million (Q2 2022) to over $35 million in early 2025, indicating consistent financing costs due to debt.
Nonoperating income has been negative, impacting pre-tax income negatively (e.g., -$34.5 million in Q2 2025), suggesting challenges outside core operations.

Cash Flow and Capital Management:

Operating cash flow from continuing operations shows positive values, such as $18.8 million in Q2 2025 from an accounting loss, reflecting non-cash charges like depreciation added back.
Significant investment activities, especially in purchasing property and equipment (around $33.3 million in Q2 2025), show continued capital expenditure commitments that may pressure free cash flow.
High debt issuance and repayment activity is evident, with net cash outflow from financing activities of about -$157.6 million in Q2 2025, reflecting active balance sheet management but potentially high leverage.
Consistent repurchases of common equity at large scale in recent quarters (e.g., $225 million repurchase in Q2 2025) may pressure liquidity, despite paying dividends (~$15 million in Q2 2025).
Cash and equivalents have declined from $279.6 million in Q1 2023 to about $61.4 million in Q2 2025, indicating reduced liquidity buffers.

Balance Sheet Highlights:

Total assets have remained substantial around $4.5 billion to $5.8 billion over recent quarters, mainly driven by premises and equipment (real estate holdings) valued at over $3.7 billion.
Total liabilities increased moderately, with long-term debt held around $2.0 - $2.6 billion, reflecting a consistent debt structure.
Retained earnings are negative, about -$1.07 billion as of Q2 2025, reflecting cumulative losses.
Redeemable noncontrolling interest remains sizable (e.g., $543 million in Q2 2025), affecting equity but typical for real estate investment structures.

Summary Analysis for Investors:

Positive operating cash flow despite accounting losses suggests good cash earnings from property operations, supported by non-cash charges.
Continued net losses and large impairment charges raise concerns on asset valuations and profitability sustainability.
High leverage and sizable refinancing activity expose the company to interest rate and liquidity risks.
Decreasing cash balances alongside active share repurchases and dividends could pressure financial flexibility.
Stability in revenue and large asset base may provide a platform for recovery if operational efficiencies improve and market conditions become favorable.

In summary, JBGS faces headwinds from losses and financial leverage, but maintains positive operating cash flows and significant real estate assets. Investors should watch for improvements in profitability, cash flow sustainability, and debt management in upcoming quarters.

09/23/25 06:46 AM ETAI Generated. May Contain Errors.

Frequently Asked Questions About JBG SMITH Properties' Financials

When does JBG SMITH Properties' financial year end?

According to the most recent income statement we have on file, JBG SMITH Properties' fiscal year ends in December. Their fiscal year 2024 ended on December 31, 2024.

How has JBG SMITH Properties' net income changed over the last 9 years?

JBG SMITH Properties' net income appears to be on an upward trend, with a most recent value of -$177.75 million in 2024, falling from $49.63 million in 2015. The previous period was -$91.71 million in 2023. Check out JBG SMITH Properties' forecast to explore projected trends and price targets.

How has JBG SMITH Properties' revenue changed over the last 9 years?

Over the last 9 years, JBG SMITH Properties' total revenue changed from $422.34 million in 2015 to $434.08 million in 2024, a change of 2.8%.

How much debt does JBG SMITH Properties have?

JBG SMITH Properties' total liabilities were at $2.79 billion at the end of 2024, a 1.3% decrease from 2023, and a 81.2% increase since 2016.

How much cash does JBG SMITH Properties have?

In the past 8 years, JBG SMITH Properties' cash and equivalents has ranged from $29 million in 2016 to $316.68 million in 2017, and is currently $145.80 million as of their latest financial filing in 2024.

How has JBG SMITH Properties' book value per share changed over the last 9 years?

Over the last 9 years, JBG SMITH Properties' book value per share changed from 0.00 in 2015 to 21.41 in 2024, a change of 2,141.5%.

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This page (NYSE:JBGS) was last updated on 9/23/2025 by MarketBeat.com Staff

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JBG SMITH Properties (JBGS) Financials

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JBG SMITH Properties (JBGS) Financials

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