Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ___________ to ___________ Commission file number 001-37994 JBG SMITH PROPERTIES For the fiscal year ended December 31, 2025 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 (Exact name of Registrant as specified in its charter) Maryland 81-4307010 ...

Asset Management - In 2025, the company sold or recapitalized $660.3 million of multifamily and land assets at a weighted average capitalization rate of 4.3%[5] - The company acquired $61.2 million of office assets at a weighted average capitalization rate of 17.9%, with an acquisition price of $87 per square foot[6] - The company leased approximately 723,000 square feet of office space, with a weighted average lease term of 4.1 years, including 327,000 square feet of new leasing[7] - The company executed approximately 262,000 square feet of office leases in Q4 2025, including 77,000 square feet of new leases, with second-generation leases showing a 3.2% rental rate decrease on a cash basis[48] - The company sold Potomac Yard Landbay H, a land parcel with 347,700 SF of potential development density, for $50.7 million in February 2026[195] - On May 28, 2025, the company sold a 40.0% interest in a real estate venture owning West Half, a multifamily asset with 465 units, for $100 million[197] Financial Performance - The company reported Core FFO attributable to common shares of $9.9 million, or $0.17 per diluted share for the three months ended December 31, 2025[16] - JBG SMITH reported a net loss of $45.5 million for Q4 2025, compared to a net loss of $59.9 million in Q4 2024, with a per diluted share loss of $0.78[41] - Funds From Operations (FFO) for Q4 2025 was $(7.3) million, down from $11.1 million in Q4 2024, while Core FFO was $9.9 million, compared to $11.6 million in the same period last year[41] - Total revenue for the year ended December 31, 2025, was $498,598, a decrease of 8.9% from $547,312 in 2024[84] - Net loss attributable to common shareholders for the year ended December 31, 2025, was $139,063, compared to a net loss of $143,526 in 2024, reflecting a 3.2% improvement[84] - EBITDA for the year ended December 31, 2025, was $165,533, a decrease of 4.5% from $173,423 in 2024[87] - Adjusted EBITDA for the year ended December 31, 2025, was $195,136, down 15.0% from $229,595 in 2024[87] Occupancy and Leasing - The multifamily portfolio ended the quarter at 84.7% leased and 82.7% occupied, while the office portfolio ended at 77.5% leased and 75.1% occupied[16] - The operating multifamily portfolio was 84.7% leased and 82.7% occupied as of December 31, 2025, down from 89.1% and 87.2% in Q3 2025[48] - The average occupancy rate across multifamily assets is 90.2%, with a total of 5,744 units and an annualized rent of $162,764,000[183] - The percentage occupied at JBG SMITH Share was 78.3%, an increase from 75.3% in the previous year[154] - The overall occupancy rate for commercial assets is 77.8%, with office occupancy at 75.5% and retail occupancy at 88.9%[190] Debt and Financial Ratios - The company’s debt has a weighted average maturity of 2.8 years, with 84.7% of its debt fixed or hedged as of the end of the fourth quarter[18] - The company reported a net debt to annualized adjusted EBITDA ratio of 12.5x as of December 31, 2025, compared to 10.8x in 2024[87] - The company has a total consolidated and unconsolidated indebtedness of $2,532,587,000, with a net debt to total enterprise value ratio of 66.5%[122] - The weighted average interest rate for total debt is 5.10%, with variable rate debt at 5.25% and fixed rate debt at 5.03%[122] Development Pipeline - The development pipeline as of December 31, 2025, consisted of 3.6 million square feet of estimated potential development density at the company's share[45] - The estimated potential development density in National Landing is 3,395,700 SF, including 2,659,700 SF for multifamily, 656,400 SF for office, and 79,600 SF for retail[194] - The company placed one new asset into service in Q4 2025, adding 302,803 SF and 355 units[191] Revenue and Expenses - Property rental revenue for Q4 2025 was $104.8 million, down from $108.4 million in Q4 2024, reflecting a year-over-year decline of 1.4%[130] - Total operating portfolio NOI for the three months ended December 31, 2025, was $61.331 million, down 10.0% from $68.143 million in 2024[152] - The FAD payout ratio for Q4 2025 was 102.1%, significantly higher than 236.0% in Q4 2024[95] - Pro Rata Adjusted General and Administrative Expenses totaled $19.725 million after adjustments, reflecting a significant reduction from the reported $30.581 million[150] Impairment and Losses - The company incurred a $20.8 million impairment loss related to wireless spectrum licenses for the year ended December 31, 2025[89] - The company incurred an impairment loss of $65.8 million for the year ended December 31, 2025[130] - The company incurred a real estate impairment loss of $36,584,000 for the year ended December 31, 2025, compared to $37,191,000 in 2024, reflecting a slight improvement[141] Tenant Information - The U.S. Government (GSA) is the largest tenant, occupying 1,452,629 square feet, which is 26.5% of the total square footage, contributing $58,304,000 in annualized rent (23.6% of total rent)[179] - Government contractors represent the largest industry segment with 88 leases, accounting for 1,329,736 square feet (24.2%) and $64,814,000 in annualized rent (26.3%)[181] - The largest tenant, Amazon, occupies 357,339 square feet, contributing $16,851,000 in annualized rent (6.8% of total rent)[179]

Managem ent Letter February 17, 2026 Our Fellow Shareholders: As we begin 2026, the macro-economic environment remains mixed and defined by uneven growth, shifting interest-rate expectations, and continued uncertainty around federal spending. Yet even with this backdrop, the DC region appears to be finding its footing. The federal workforce has absorbed the bulk of last year's adjustments, and with Congress restoring funding in several key areas and putting guardrails around future cuts, the sense is that t ...

Core Viewpoint - JBG SMITH will report its fourth quarter and year-end 2025 financial results on February 17, 2026, after market close [1] Company Overview - JBG SMITH is a prominent owner, operator, and developer of mixed-use properties in the Washington, DC market, focusing on amenity-rich, Metro-served submarkets [2] - The company has a significant presence in the National Landing submarket, with approximately 75.0% of its holdings located there, driven by key demand factors such as Amazon's headquarters and Virginia Tech's $1 billion Innovation Campus [2] - JBG SMITH's portfolio includes 11.8 million square feet of multifamily, office, and retail assets, with 98% being Metro-served [2] - The company has a development pipeline of 8.7 million square feet, primarily focused on mixed-use and multifamily opportunities [2] - JBG SMITH is dedicated to developing green, smart, and healthy buildings [2]

Group 1 - The article does not provide any relevant content regarding company or industry insights [1]

Core Viewpoint - JBG SMITH has declared a quarterly dividend of $0.175 per common share, reflecting its commitment to returning value to shareholders [1] Company Summary - JBG SMITH is a leading owner, operator, and developer of mixed-use properties in the Washington, DC market [1] - The dividend will be paid on January 13, 2026, to shareholders of record as of December 30, 2025 [1]

Core Insights - JBGS reported an earnings per share (EPS) of -$0.48, slightly better than the estimated EPS of -$0.49, while revenue reached approximately $123.87 million, exceeding the estimated $120.57 million [2][6] Financial Performance - The company has a price-to-earnings (P/E) ratio of approximately -9.60, reflecting negative earnings over the past year [3] - The price-to-sales ratio is about 2.56, indicating that investors are willing to pay $2.56 for every dollar of sales, suggesting confidence in revenue potential [3] - JBGS's enterprise value to sales ratio is approximately 7.38, and the enterprise value to operating cash flow ratio is around 37.81, highlighting its valuation relative to sales and cash flow [4] Financial Health - The debt-to-equity ratio stands at approximately 1.92, indicating a higher reliance on debt financing [5][6] - The current ratio is about 0.77, suggesting potential liquidity challenges in covering short-term liabilities with current assets [5][6] - The negative earnings yield of -10.41% is consistent with the negative P/E ratio, indicating challenges in profitability [4]

Financial Performance - The company reported a net loss attributable to common shareholders of $28.6 million, or $0.48 per diluted common share, for the three months ended September 30, 2025, compared to a net loss of $27.0 million, or $0.32 per diluted common share, for the same period in 2024[162]. - A decrease in same store net operating income (NOI) of 6.7% to $54.1 million for the three months ended September 30, 2025, compared to $57.9 million for the same period in 2024[162]. - FFO attributable to common shareholders was $10.1 million for the three months ended September 30, 2025, compared to $19.5 million for the same period in 2024[195]. - The company reported a net loss of $35.0 million in Q3 2025 compared to a net loss of $31.3 million in Q3 2024[201]. - Same store NOI decreased $3.9 million, or 6.7%, to $54.1 million for the three months ended September 30, 2025 from $57.9 million for the same period in 2024[199]. - Same store NOI decreased $9.6 million, or 5.4%, to $168.7 million for the nine months ended September 30, 2025 from $178.4 million for the same period in 2024[199]. Revenue and Occupancy - As of September 30, 2025, the operating multifamily portfolio occupancy was 87.2%, an increase of 140 basis points compared to June 30, 2025[156]. - The effective rents for new leases decreased by 0.8% while renewal rents increased by 4.6% with a renewal rate of 56.3% across the portfolio[156]. - The operating commercial portfolio occupancy was 75.7% as of September 30, 2025, an increase of 90 basis points compared to June 30, 2025[157]. - Property rental revenue decreased by approximately $36.5 million, or 10.5%, to $312.0 million in 2025 from $348.5 million in 2024, primarily due to a $36.3 million decrease in revenue from commercial assets[180]. - Property rental revenue for the multifamily segment decreased by $8.2 million, or 14.5%, to $48.3 million in Q3 2025 from $56.5 million in Q3 2024[207]. - Property revenue for the commercial segment decreased by $3.5 million, or 5.9%, to $56.8 million in Q3 2025 from $60.3 million in Q3 2024[208]. Asset Sales and Acquisitions - The company sold three multifamily assets and one development parcel for total gross sales proceeds of $546.0 million during the nine months ended September 30, 2025[155]. - The company acquired Tysons Dulles Plaza and a 45.0% interest in an unconsolidated real estate venture that owned 1101 17th Street during the nine months ended September 30, 2025[166]. - Gain on the sale of real estate was $47.0 million in 2025, primarily due to the sale of WestEnd25[191]. Expenses and Liabilities - Interest expense increased by approximately $8.2 million, or 8.4%, to $105.6 million in 2025 from $97.4 million in 2024, influenced by higher interest on term loans and an increased balance on the revolving credit facility[179]. - General and administrative expense: corporate and other increased by approximately $1.6 million, or 3.7%, to $45.5 million in 2025 from $43.9 million in 2024[187]. - General and administrative expense: third-party real estate services decreased by approximately $13.4 million, or 23.4%, to $43.7 million in 2025 from $57.1 million in 2024[188]. - Impairment loss increased by approximately $26.8 million, or 147.1%, to $45.1 million in 2025 from $18.2 million in 2024, primarily related to 2200 Crystal Drive[179]. - Real estate taxes expense decreased by approximately $2.9 million, or 7.2%, to $37.1 million in 2025 from $40.0 million in 2024, primarily due to reductions related to disposed properties[179]. Shareholder Actions - The company intends to continue repurchasing shares through its share repurchase plan, which had a capacity of $436.3 million as of September 30, 2025[155]. - The company repurchased and retired 26.4 million common shares for $435.3 million, with a weighted average purchase price per share of $16.46[167]. - The company repurchased and retired 3.1 million common shares for $62.9 million during the three months ended September 30, 2025, at a weighted average purchase price of $20.21 per share[230]. - The company declared a quarterly dividend of $0.175 per common share, payable on November 20, 2025[167]. Development and Future Plans - The company has 10.7 million square feet of estimated potential development density in its development pipeline[159]. - The company anticipates capital expenditures of $26.1 million to complete ongoing construction projects, primarily over the next year[239]. - As of September 30, 2025, the company had one asset under construction, requiring an additional $26.1 million to complete, primarily to be expended over the next year[248]. Debt and Financing - The company had outstanding debt of $2.5 billion as of September 30, 2025, down from $2.6 billion as of December 31, 2024[236]. - The company expects to satisfy material cash requirements through cash flows from operations, distributions from real estate ventures, and undrawn capacity under its revolving credit facility of $585.2 million as of September 30, 2025[239]. - The weighted average interest rate for the revolving credit facility was 5.73% as of September 30, 2025[227]. - The estimated fair value of the company's consolidated debt was $2.5 billion as of September 30, 2025[259]. Legal and Environmental Matters - The District of Columbia filed a lawsuit against the company and others, seeking $185.0 million in compensatory damages related to alleged construction deficiencies[250]. - The company maintains general liability insurance with limits of $100.0 million per occurrence and property insurance coverage with limits of $1.0 billion per occurrence[245]. - The company may not be able to obtain equivalent insurance coverage at reasonable costs in the future, which could adversely affect financing capabilities[247]. - Environmental liabilities totaled $17.5 million as of September 30, 2025, included in "Other liabilities, net" in the balance sheets[257].

Financial Performance - Core FFO attributable to common shares for Q3 2025 was $9.1 million, or $0.15 per diluted share[14] - Funds From Operations (FFO) for the third quarter of 2025 was $10.1 million, or $0.17 per diluted share, down from $19.5 million, or $0.23 per diluted share in the third quarter of 2024[38] - Core FFO for the third quarter of 2025 was $9.1 million, or $0.15 per diluted share, compared to $19.3 million, or $0.23 per diluted share in the same quarter of 2024[38] - For the three months ended September 30, 2025, the net loss attributable to common shareholders was $28.6 million, or $(0.48) per diluted share, compared to a net loss of $27.0 million, or $(0.32) per diluted share for the same period in 2024[38] - Total revenue for Q3 2025 was $123,870,000, a decrease of 9% compared to $136,026,000 in Q3 2024[81] - Net loss attributable to common shareholders for Q3 2025 was $28,555,000, compared to a net loss of $26,980,000 in Q3 2024[89] - Total expenses for Q3 2025 were $124,778,000, a decrease of 4% from $129,756,000 in Q3 2024[81] - EBITDA for Q3 2025 was $49,807,000, down from $56,676,000 in Q3 2024, indicating a decline of 12%[84] - The company experienced a real estate impairment loss of $4,771,000 in Q3 2025, compared to no impairment loss in Q3 2024[89] Portfolio Occupancy and Leasing - Multifamily portfolio ended the quarter at 89.1% leased and 87.2% occupied, while office portfolio ended at 77.6% leased and 75.7% occupied[14] - 100% of Q3 leasing activity was with tenants in the defense and technology industries, highlighting strong demand in National Landing[24] - The operating multifamily portfolio was 89.1% leased and 87.2% occupied as of September 30, 2025, compared to 89.0% leased and 85.8% occupied as of June 30, 2025[44] - The occupancy rate for the operating portfolio was 82.3%, with a percentage leased of 80.4%[121] - The overall occupancy rate for operating assets is 89.1%, with a weighted average rent of $2,605 per unit[179] Development and Construction - As of September 30, 2025, there were 19 assets in the development pipeline, representing an estimated potential development density of 8.7 million square feet[42] - The company entitled two obsolete office buildings for conversion: 2100 Crystal Drive into a 345-key hotel and 2200 Crystal Drive into approximately 195 multifamily units[8] - The Valen multifamily project in National Landing has an estimated total investment of $179.881 million, with a projected NOI yield of 6.0%[191] - The estimated potential development density for the RiverHouse Land project is 2,046,900 square feet, with 1,515 units planned[193] - The company has a total of 7,685 units planned across its development pipeline, with 5,390 units in National Landing, 1,465 units in DC, and 300 units in Other VA[193] Financial Ratios and Debt - As of September 30, 2025, the total enterprise value was approximately $4.0 billion, with net debt to annualized Adjusted EBITDA at 12.6x[48] - The company reported a net debt of $2,419,544,000 as of September 30, 2025, down from $2,540,748,000 in 2024[84] - The company reported a net debt to annualized adjusted EBITDA ratio of 12.6x as of September 30, 2025, compared to 10.6x for the same period in 2024[133] - Total consolidated and unconsolidated indebtedness at JBG SMITH Share was $2.49 billion, with a net debt of $2.42 billion[115] - The weighted average interest rate for total debt was 5.12%[119] Shareholder Returns and Equity - The company repurchased 26.8 million shares at an average price of $16.52 per share, totaling $443.1 million in 2025[12] - A quarterly dividend of $0.175 per common share was declared on October 23, 2025, payable on November 20, 2025[46] - Total equity decreased from $1,809,058,000 to $1,190,581,000, representing a decline of approximately 34.2%[78] Revenue and Income Metrics - Annualized NOI decreased by 3.8% quarter over quarter, totaling $232.9 million, excluding sold and recapitalized assets[14] - Same Store NOI (SSNOI) decreased by 6.7% quarter-over-quarter to $54.1 million for the three months ended September 30, 2025, primarily due to lower occupancy and higher operating expenses[44] - The annualized base rent of signed leases not yet commenced was $8,384,000, indicating potential future revenue[161] - Property rental revenue for the nine months ended September 30, 2025, was $311,989, down 10.5% from $348,521 for the same period in 2024[126] Market Conditions and Future Outlook - The company anticipates potential impacts on its portfolio due to federal government spending adjustments and economic conditions in the Northern Virginia area[103] - Approximately 75.0% of JBG SMITH's holdings are concentrated in the National Landing submarket, driven by key demand factors including Amazon's headquarters and Virginia Tech's $1 billion Innovation Campus[105]

Financial Performance - Core FFO attributable to common shares was $9.1 million, or $0.15 per diluted share for the three months ended September 30, 2025[14] - Annualized NOI decreased 3.8% quarter over quarter, totaling $232.9 million, excluding certain assets[14] - Same Store NOI decreased 6.7% for the three months ended September 30, 2025[14] - Net Debt to Annualized Adjusted EBITDA was 12.6x as of September 30, 2025[15] Portfolio Operations - Multifamily portfolio was 89.1% leased and 87.2% occupied as of September 30, 2025[14] - Same Store multifamily portfolio was 93.1% leased and 92.2% occupied[18] - Office portfolio was 77.6% leased and 75.7% occupied as of September 30, 2025[14] - 182,000 square feet of office space was leased with a weighted average lease term of 4.3 years[8] Capital Allocation - 26.8 million shares were repurchased this year at an average price of $16.52 per share, totaling $443.1 million[12] - Since 2020, 83.6 million shares have been repurchased at an average price of $18.79 per share, totaling $1.6 billion[12]