JBG SMITH Revenue Rises to $132.4 Million as Q3 Loss Widens

JBG SMITH Properties posted $132.4 million in third-quarter revenue, while its net loss attributable to common shareholders widened to $82.0 million as its impairment loss increased sharply from a year earlier.

The Maryland real estate investment trust announced results Nov. 6 for the quarter ended Sept. 30. Revenue rose from $123.870 million in the year-earlier quarter. Net loss was $82.006 million, or $1.41 per diluted share, compared with $28.555 million, or $0.48 per diluted share.

The quarter included a $69.175 million impairment loss, compared with $4.771 million a year earlier. JBG SMITH’s properties are concentrated in and around Washington, D.C., including National Landing.

Standard funds from operations (FFO) attributable to common shareholders was $10.4 million, or $0.18 per diluted share, up from $10.1 million, or $0.17, a year earlier. Core FFO was $12.7 million, or $0.22 per diluted share, compared with $9.1 million, or $0.15.

The company defines FFO and Core FFO as non-GAAP measures. Core FFO adjusts FFO for items the company considers unrepresentative of ongoing operating results. The measures do not represent cash generated from operations or replace GAAP net income as a performance measure.

Same Store net operating income at the company’s share rose 3.3% to $60.8 million. At Sept. 30, the operating multifamily portfolio was 92.9% leased and 91.5% occupied. The commercial portfolio was 78.5% leased and 76.8% occupied.