JBG史密斯地产 2025年季度报告

Washington, D.C. 20549 FORM10-Q ☒QUARTERLY REPORT PURSUANT TO SECTION13 OR 15(d)OF THE SECURITIES EXCHANGE ACT OF 1934For the quarterly period endedJune30,2025OR JBG SMITH PROPERTIES________________________________________________________________________________ (Exact name of Registrant as specified in its charter) Registrant's telephone number, including area code:(240)333-3600_______________________________ Securities registered pursuant to Section12(b)of the Act: Indicate by check mark whether the Registrant (1)has filed all reports required to be filed by Section13 or 15(d)of the SecuritiesExchange Act of 1934 during the preceding 12months (or for such shorter period that the Registrant was required to file suchreports), and (2)has been subject to such filing requirements for the past 90days.Yes☒No☐ Indicate by check mark whether the Registrant has submitted electronically every Interactive Data File required to be submittedpursuant to Rule405 of Regulations S-T (§232.405 of this chapter) during the preceding 12months (or for such shorter period thatthe registrant was required to submit such files).Yes☒No☐ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smallerreporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smallerreporting company" and "emerging growth company" in Rule12b-2 of the Exchange Act. Large accelerated filer☒Accelerated filer☐Non-accelerated filer☐Smaller reporting company☐Emerginggrowth company☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period forcomplying with any new or revised financial accounting standards provided pursuant to Section13(a)of the Exchange Act.☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule12b-2 of the Exchange Act) Yes☐No☒As of July 25, 2025, JBG SMITH Properties had61,724,341common shares outstanding. JBG SMITH PROPERTIESQUARTERLY REPORT ON FORM10-QQUARTER ENDED JUNE30,2025 TABLE OF CONTENTS PART I – FINANCIAL INFORMATION Item 1.Financial StatementsPageCondensed Consolidated Balance Sheets (unaudited) as of June 30, 2025and December31, 20243Condensed Consolidated Statements of Operations (unaudited) for thethree and six months ended June 30, 2025 and 20244Condensed Consolidated Statements of Comprehensive Loss (unaudited)for the three and six months ended June 30, 2025 and 20245Condensed Consolidated Statements of Equity (unaudited) for the threeand six months ended June 30, 2025 and 20246Condensed Consolidated Statements of Cash Flows (unaudited) for thesix months ended June 30, 2025 and 20248Notes to Condensed Consolidated Financial Statements (unaudited)10 Item 2.Management's Discussion and Analysis of Financial Condition andResults of Operations30Item 3.Quantitative and Qualitative Disclosures about Market Risk48Item 4.Controls and Procedures49 PART II – OTHER INFORMATION Item 1.Legal Proceedings50Item 1A.Risk Factors50Item 2.Unregistered Sales of Equity Securities and Use of Proceeds50Item 3.Defaults Upon Senior Securities51Item 4.Mine Safety Disclosures51Item 5.Other Information51Item 6.Exhibits52Signatures53 PARTI- FINANCIAL INFORMATION ITEM1. Financial Statements JBG SMITH PROPERTIESCondensed Consolidated Balance Sheets(Unaudited)(In thousands, except par value amounts) June30,2025December31,2024ASSETSReal estate, at cost:Land and improvements$995,504$1,109,172Buildings and improvements3,860,1054,083,937Construction in progress, including land340,944338,3335,196,5535,531,442Less: accumulated depreciation(1,420,865)(1,419,983)Real estate, net3,775,6884,111,459Cash and cash equivalents61,432145,804Restricted cash29,53037,388Tenant and other receivables21,37223,478Deferred rent receivable175,709170,153Investments in unconsolidated real estate ventures93,85993,654Deferred leasing costs, net70,68469,821Intangible assets, net52,86347,000Other assets, net117,076131,318Assets held for sale151,082190,465TOTAL ASSETS$4,549,295$5,020,540 LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS ANDEQUITYLiabilities: JBG SMITH PROPERTIESCondensed Consolidated Statements of Operations(Unaudited)(In thousands, except per share data) JBG SMITH PROPERTIESCondensed Consolidated Statements of ComprehensiveLoss(Unaudited)(In thousands) JBG SMITH PROPERTIESCondensed Consolidated Statements of Equity(Unaudited)(In thousands) See accompanying notes to the condensed consolidated financial statements (unaudited). JBG SMITH PROPERTIESCondensed Consolidated Statements of Cash Flows(Unaudited)(In thousands) JBG SMITH PROPERTIESCondensed Consolidated Statements of Cash Flows(Unaudited)(In thousands) Six Months Ended June30, See accompanying notes to the condensed consolidated financial statements (unaudited). JBG SMITH PROPERTIESNotesto Condensed Consolidated Financial Statements(Unaudited) 1.Organization