JBG SMITH Properties (JBGS): Business Model Canvas [Dec-2025 Updated]

You're looking to understand how a major player like JBG SMITH Properties (JBGS) actually makes money by transforming urban landscapes, especially with that massive Amazon HQ2 development anchoring the National Landing area. Honestly, their model is a masterclass in concentrated, high-growth real estate plays, balancing a $3.8 billion asset base as of Q3 2025 with a pipeline of nearly 8.7 million square feet ready for placemaking. We've broken down their entire operation-from key partnerships like the one with Amazon to their $123.9 million quarterly revenue-into the nine essential blocks of the Business Model Canvas below, so you can see exactly where the value is created and where the risks lie.

JBG SMITH Properties (JBGS) - Canvas Business Model: Key Partnerships

You're looking at the structure of JBG SMITH Properties' (JBGS) most critical alliances, the ones that anchor its value proposition in National Landing and the broader D.C. metro area. These aren't just handshake deals; they involve massive capital deployment and long-term commitments.

Amazon: Exclusive Developer for their New Headquarters (HQ2) in National Landing

JBG SMITH Properties acts as the primary development partner, property manager, and retail leasing agent for Amazon's HQ2 presence. This relationship is deeply embedded in the physical assets of National Landing. To give you a sense of the scale, Amazon agreed to purchase development sites from JBG SMITH Properties totaling 4.1 million square feet of potential development density for $294 million, which works out to $72 per square foot.

Amazon is actively building out its initial footprint. They are investing upwards of $95 million in tenant renovations across several buildings. For instance, the entirety of the 258,000 square foot building at 1770 Crystal Drive accounts for $80 million of those renovations. As of late 2025, JBG SMITH Properties' National Landing holdings, excluding Amazon's land purchase, include 6.2 million square feet of existing office, 2,850 multifamily units, and control over 7.4 million square feet of additional development opportunities.

Virginia Tech: Partnering on the $1 Billion Innovation Campus Adjacent to Their Properties

The proximity to talent generation is a key part of the National Landing thesis. Virginia Tech's Innovation Campus is a $1 billion investment, backed by a pledge of $250 million from the Commonwealth of Virginia. This campus is designed to feed job-ready talent directly into the tech ecosystem anchored by Amazon's HQ2. To be clear, approximately 75.0% of JBG SMITH Properties' total holdings are concentrated in this National Landing submarket, directly benefiting from this educational anchor.

Washington Housing Conservancy: Partner in the Washington Housing Initiative Impact Pool for Affordable Housing

The Washington Housing Initiative (WHI) Impact Pool is a major social impact commitment managed by a JBG SMITH Properties subsidiary. The Pool closed with $114.5 million in private sector capital commitments. This vehicle aims to preserve and develop affordable workforce housing, targeting after-tax returns equivalent to many traditional investment funds, specifically aiming for a 7% internal rate of return over the investment life.

The Impact Pool has already surpassed its initial goal of preserving 3,000 units by 2025, having deployed $21.8 million to preserve 1,151 units as of early 2024 reporting. Key transactions include:

• Acquisition of Crystal House (825 units) via a $6.7 million subordinate loan to the Washington Housing Conservancy.
• Mezzanine loan of $15.1 million to the Alexandria Housing Development Corporation (AHDC) for the acquisition of Parkstone (326 units).

The Crystal House acquisition, located near Amazon's HQ2, also received $339.9 million in loans from Amazon itself.

MainStreet Bank and Other Investors: Capital Partners in the Impact Pool for Affordable Workforce Housing

MainStreet Bank, alongside other undisclosed investors and primarily institutional investors, participated in the final closing of the Impact Pool. This capital infusion helped bring the total private sector commitments to $114.5 million. These partners are essential for providing the subordinate financing that allows JBG SMITH Properties to execute on its affordable housing preservation strategy.

Co-venturers: Partners in Unconsolidated Real Estate Ventures for Property Ownership and Development

JBG SMITH Properties frequently engages in real estate ventures where ownership and control are shared. This structure exposes the company to certain risks, as co-venturers may trigger buy-sell or forced sale arrangements, potentially forcing a sale on unfavorable terms. Furthermore, repayment or refinancing of venture debt can lead to equity capital calls. For the three months ended September 30, 2025, revenue from third-party real estate services, which includes reimbursements from these ventures, totaled $14.7 million. Within that, property and asset management fees, excluding reimbursements and service revenue from the ventures themselves, were $4.4 million.

Here's a quick look at the structure's financial reporting:

You need to remember that financial information presented 'at JBG SMITH Share' should not be viewed in isolation from these third-party arrangements.

JBG SMITH Properties (JBGS) - Canvas Business Model: Key Activities

You're looking at the core actions JBG SMITH Properties takes to execute its strategy, especially focusing on the high-growth National Landing submarket. Here's the quick math on what they are actively doing right now, based on late 2025 figures.

Placemaking: Cultivating vibrant, walkable, amenity-rich mixed-use neighborhoods.

JBG SMITH Properties' placemaking is intensely focused geographically. Approximately 75.0% of JBG SMITH Properties' holdings are concentrated in the National Landing submarket in Northern Virginia. This activity involves creating neighborhoods that mix high-quality multifamily and commercial buildings with retail and planned public areas.

Development and Redevelopment: Executing a pipeline of 8.7-8.9 million square feet, primarily multifamily.

The development pipeline remains a major focus, currently standing at 8.7 million square feet of estimated potential development density at their share as of September 30, 2025. This pipeline is predominantly focused on multifamily opportunities. This follows a pipeline size of 8.9 million square feet reported earlier in 2025.

Property Management: Overseeing a portfolio of approximately 11.8 million square feet of assets.

The active, dynamic portfolio that JBG SMITH Properties owns, operates, and develops currently totals 11.8 million square feet at their share, covering multifamily, office, and retail assets as of the third quarter of 2025. A key feature of this managed portfolio is its connectivity; 98% of these assets are Metro-served.

Here's a snapshot of the portfolio and pipeline metrics:

Asset Recycling: Strategic sales of non-core assets, like the $155.0 million sale of The Batley in Q3 2025.

JBG SMITH Properties is actively recycling capital through strategic sales, shifting focus to multifamily assets outside of National Landing where office values are seen as distressed. The sale of The Batley, a 432-unit property in northeast D.C., closed in July 2025 for $155 million. This was below the initial asking price of $180 million and the 2021 purchase price of $205 million. Earlier in 2025, the company also sold a 322-unit property in Bethesda for $194 million.

Adaptive Reuse: Converting vacant office space into residential units and hotels in National Landing.

The company is executing on significant office-to-residential conversions under Arlington County's policy. JBG SMITH Properties received approval to convert more than 550,000 square feet of vacant office space across two buildings in National Landing. This conversion activity is set to yield:

• 195-unit apartment complex at 2200 Crystal Drive.
• 344-room, dual-branded hotel at 2100 Crystal Drive, which JBG SMITH Properties is under contract to sell upon completion.

This builds on prior experience; JBG SMITH Properties has already converted over 1,300 units from commercial buildings in the area.

JBG SMITH Properties (JBGS) - Canvas Business Model: Key Resources

The Key Resources for JBG SMITH Properties are heavily concentrated in its physical assets and strategic location within the Washington, DC metropolitan area. You should note that approximately 75.0% of JBG SMITH Properties' holdings are concentrated in the National Landing submarket in Northern Virginia.

The total real estate assets owned, operated, and developed by JBG SMITH Properties were valued at $3.8 billion as of the third quarter of 2025. This portfolio is strategically focused on high-growth, Metro-served, urban-infill submarkets.

The development pipeline represents significant future density. While the outline suggests 8.7 million square feet of future development density, JBG SMITH Properties reported 8.9 million square feet of estimated potential development density at their share as of March 31, 2025. This pipeline is primarily multifamily development opportunities.

Financial capital access is a critical resource, providing flexibility for operations and investment. As of March 31, 2025, JBG SMITH Properties had $572.8 million of undrawn capacity available under its revolving credit facility. Cash and cash equivalents at that time were $81.3 million in total.

The specialized team and philosophy around placemaking is a non-tangible but vital resource. This expertise cultivates vibrant, amenity-rich, walkable neighborhoods throughout the Capital region. This focus is a key anchor for the value proposition in National Landing.

Here is a quick look at the core quantitative resources as of early to mid-2025:

The intangible and operational resources supporting the physical assets include:

• Placemaking Expertise: Specialized team for urban design and mixed-use integration.
• Metro-Served Assets: 98% of the portfolio is Metro-served as of Q1 2025.
• Development Focus: Pipeline is mainly multifamily density.
• Green Commitment: Plans to maintain carbon neutral operations annually.

Finance: review the impact of the Q3 2025 impairment losses of $4.8 million on the Q3 2025 asset valuation.

JBG SMITH Properties (JBGS) - Canvas Business Model: Value Propositions

You're looking at the core value JBG SMITH Properties (JBGS) offers its stakeholders and the market, which is heavily concentrated in the high-growth National Landing area.

Strategic Location: Proximity to the Pentagon, Amazon HQ2, and Metro-served submarkets

JBG SMITH Properties anchors its value proposition in the National Landing submarket, where approximately 75.0% of its holdings reside. This area is defined by major demand drivers, including Amazon's headquarters, Virginia Tech's $1 billion Innovation Campus, and proximity to the Pentagon. The firm's dynamic operating portfolio as of the first quarter of 2025 comprised 11.9 million square feet at share of multifamily, office, and retail assets, with 98% of that space being Metro-served. Furthermore, JBGS controls a significant development pipeline of 8.9 million square feet of mixed-use opportunities, primarily multifamily. The company is actively transforming older assets, pitching proposals to convert over 550,000 square feet of out-of-use commercial space into residential units, such as the plan for 315 new residential units across two South Bell Street buildings.

Mixed-Use, 24/7 Destination: Creating integrated live-work-play environments like National Landing

JBG SMITH is orchestrating a transformation in National Landing, moving it from an 8-hour office environment to a vibrant, mixed-use urban destination. This placemaking strategy is evident in recent leasing activity and new developments. Since 2024, the company has brought nearly 1,600 new apartment units online in National Landing, including The Grace, Reva, Zoe, and Valen, with The Grace and Reva seeing over 80% lease-up within a year of opening. The newly completed asset, The Zoe, includes approximately 8,000 square feet of fully leased ground floor retail. The firm controls 8.2 million square feet of additional development density in the area, intending to triple the amount of street-level retail.

Premium, Amenitized Properties: High-quality office, multifamily, and retail spaces with modern amenities

The commitment to high-quality, amenitized spaces supports premium leasing performance. For context on the quality of the portfolio, here are key occupancy metrics as of June 30, 2025, at JBG SMITH's share:

The office portfolio saw strong demand from defense and technology industries, which accounted for 81.9% of executed leases on a square footage basis in 2024. The firm's 2024 weighted average office portfolio occupancy was 87.7%, and residential was 93.4%.

Sustainability Commitment: Aiming to maintain carbon-neutral operations annually

JBG SMITH Properties is committed to environmental leadership in real estate. The company took the initiative to achieve carbon neutrality across its operating portfolio in 2021 and intends to maintain this commitment annually. This is supported by specific 2030 performance targets:

• Reduce predicted energy use by 25%.
• Reduce predicted water use by 20%.
• Reduce embodied carbon by 20%.

The strategy involves using Renewable Energy Credits (RECs) for scope 2 emissions and verified carbon offset purchases for scope 1 emissions as immediate actions while developing a more robust net-zero strategy.

Workforce Housing: Providing affordable units through the Washington Housing Initiative Impact Pool

The Washington Housing Initiative Impact Pool (WHIIP), managed by a JBG SMITH subsidiary, is an approximately $115 million investment vehicle targeting affordable workforce housing. The Impact Pool closed 2020 with $114.5 million in private sector capital commitments. The initiative has already surpassed its goal, helping to create and preserve more than 3,000 units of quality workforce housing across the Washington region since 2020, ahead of its 2025 deadline. To date, the Impact Pool has deployed $21.8 million to preserve 1,151 units. The structure dictates that 50% of units must be at or below 80% AMI (Area Median Income), and the Impact Pool typically provides up to 20% of total project costs via mezzanine/second trust financing.

Finance: draft 13-week cash view by Friday.

JBG SMITH Properties (JBGS) - Canvas Business Model: Customer Relationships

You're looking at how JBG SMITH Properties manages the day-to-day experience for its tenants, which is critical given their focus on high-quality, amenity-rich, Metro-served submarkets in and around Washington, DC. The relationship strategy centers on dedicated, always-on support and active community integration.

Dedicated Property Management: In-house teams for commercial and residential tenant relations

JBG SMITH Properties emphasizes an in-house approach, ensuring that the teams managing the properties are fully aligned with the company's operational standards. This is evident in the leasing performance metrics, which reflect direct management control over tenant relations and asset performance. For instance, as of September 30, 2025, the operating commercial portfolio stood at 77.6% leased and 75.7% occupied at their share. The multifamily operating occupancy saw improvement, reaching 87.2% as of that same date.

Leasing activity in the third quarter of 2025 showed strong execution in the office sector, with 182,000 SF executed, which included approximately 149,000 SF of new leases. Furthermore, second-generation office leases in that quarter commanded a rental rate increase of +11.1% on a cash basis and +12.3% on a GAAP basis, suggesting effective retention and renewal management by the in-house teams. For the residential side, the Same Store multifamily portfolio achieved a renewal rate of 56.3% during the third quarter of 2025.

Tenant Service Center: Centralized 24/7 support for service requests and building operations

The commitment to immediate support is embodied by the Tenant Service Center (TSC), which functions as the operational control and emergency response hub. The Center operates 24 hours a day, 7 days a week, 365 days a year. This constant monitoring, utilizing state-of-the-art building automation systems, allows for remote control and monitoring of mechanical systems, which in turn helps on-site Building Engineers provide a higher level of responsiveness.

This operational efficiency translates directly into cost savings that benefit tenants through lower operating expenses. JBG SMITH Properties reports that through monitoring and intelligent system control strategies, their properties benefit from an average annual energy expense approximately 11% below the Building Owners and Managers Association International (BOMA) average for utility expense in the greater Washington D.C. metropolitan area. For non-emergency, specialized support, JBG SMITH Property Services on-call technicians can be reached for proposals at 703.769.1211.

Direct Leasing Teams: Managing leasing for office, multifamily, and retail spaces

The leasing function is integrated with property management, driving the occupancy and rental rate performance across the portfolio. The dynamic portfolio at share comprised 11.9 million square feet of multifamily, office, and retail assets as of Q1 2025. The leasing teams are focused on the National Landing submarket, a key growth area. The leasing success is quantified by the rent mark-to-market figures mentioned above, which are a direct result of the leasing teams' efforts in securing favorable terms upon lease expiration or commencement.

Community Engagement: Actively participating in local initiatives and placemaking efforts

JBG SMITH Properties integrates customer relationships beyond the lease line through social impact investing and placemaking, which supports the overall vibrancy of their communities. The Washington Housing Initiative Impact Pool, managed by JBG SMITH, has deployed $21.8 million to date to preserve 1,151 units of affordable workforce housing. This initiative, which closed with $114.5 million in private sector capital commitments, recently provided a $6.7 million subordinate loan for the purchase of Crystal House, an 825-unit complex in Arlington, Virginia.

The company's commitment to the environment is also a form of engagement, as sustainability is viewed as a key part of the placemaking strategy. Their sustainability priorities include maintaining a carbon-neutral portfolio and setting interim performance targets for 2030.

Here are key operational metrics related to tenant occupancy and leasing as of late 2025:

The quarterly cash dividend remained steady at $0.175 per common share as of the Q3 2025 reporting period.

The company's focus on service and operational excellence is a core differentiator in attracting and retaining tenants in the competitive Washington, DC market.

JBG SMITH Properties (JBGS) - Canvas Business Model: Channels

You're looking at how JBG SMITH Properties gets its product-prime, Metro-served real estate in the DC area-to its customers. It's a mix of direct sales, digital outreach, and established third-party networks. Here's the breakdown of the channels they use as of late 2025.

Direct Leasing Teams

JBG SMITH Properties relies heavily on its internal teams for direct engagement, especially for its core assets concentrated in the National Landing submarket, which accounts for approximately 75.0% of their holdings. This direct channel handles both office and multifamily leasing.

For the office segment, leasing activity in the third quarter ending September 30, 2025, saw them execute approximately 182,000 square feet of leases at their share, with about 149,000 square feet of that being new leases. Over the first nine months of 2025, they executed approximately 461,000 square feet of office leases at their share.

The multifamily side is managed through on-site teams, reflecting the high occupancy rates they maintain across their in-service portfolio.

Property Websites/Portals

Digital platforms are key for service and initial tenant contact. JBG SMITH Connect serves as the digital hub for service requests and tenant communication. The company's overall portfolio comprises 11.8 million square feet at share of multifamily, office, and retail assets, with 98% of that being Metro-served, meaning digital accessibility is critical for a large portion of their tenants.

The success of new residential deliveries shows the effectiveness of their leasing channels, including digital ones. For instance, The Zoe, a 420-unit multifamily tower, began leasing at the end of last year, and by Q1 2025, the approximately 8,000 square feet of ground floor retail space was fully leased, showing strong initial interest likely driven by digital marketing.

Brokerage Networks

External commercial real estate brokers are essential for securing larger office tenants, especially given the current office market dynamics. While direct leasing is active, the brokerage network helps navigate the market where leasing volume can fluctuate; for example, in Q1 2025, office leasing volume was anemic, with only 71,000 square feet executed.

The use of brokers is implied in the overall leasing strategy for their commercial assets, which stood at 77.6% leased as of September 30, 2025.

On-Site Management Offices

The physical presence is non-negotiable for managing a portfolio focused on placemaking and highly amenitized neighborhoods. These offices handle daily operations and tenant relations for both residential and commercial spaces.

Leasing performance metrics directly reflect the effectiveness of on-site management and property condition:

Investor Relations

Direct communication with shareholders is formalized through regular financial reporting and investor packages. JBG SMITH Properties releases its quarterly investor package, which includes the earnings press release and supplemental information, on its Investor Relations section at investors.jbgsmith.com.

Key financial reporting dates and associated data points illustrate this channel's activity:

• Q3 2025 financial results were announced on October 28, 2025.
• The quarterly dividend declared in Q1 2025 was $0.175 per common share.
• As of the trading day December 4, 2025, the Annualized Dividend was reported as $0.70.
• For the three months ended September 30, 2025, Funds From Operations (FFO) was reported as $9.1 million, or 15 cents per share.

Finance: draft 13-week cash view by Friday.

JBG SMITH Properties (JBGS) - Canvas Business Model: Customer Segments

JBG SMITH Properties owns, operates, and develops a dynamic portfolio comprising 12.0 million square feet at share of multifamily, office, and retail assets as of the third quarter of 2025. Approximately 98% of these assets are Metro-served.

The customer base is segmented across several key groups within the Washington, DC metropolitan area, with a heavy concentration in National Landing.

Geographic Concentration:

• Approximately 75.0% of JBG SMITH Properties holdings are in the National Landing submarket in Northern Virginia.

Large Corporate/Tech Tenants:

This segment is heavily influenced by major corporate anchors in the National Landing area. The office portfolio ended the third quarter of 2025 at 75.7% occupied.

Government/Defense Contractors:

Office properties benefit from proximity to the Pentagon, one of the four key demand drivers in National Landing. The office portfolio features on-site and surrounding amenities attractive to government tenants.

Multifamily Residents:

Renters seek amenity-rich, Metro-served urban living options. The operating multifamily portfolio saw varied performance metrics as of September 30, 2025.

• Operating Multifamily Portfolio Occupancy: 87.2%
• Same Store Multifamily Portfolio Occupancy: 92.2%
• Same Store Renewal Rate (Q3 2025): 56.3%

Retail/Service Tenants:

This segment includes destination restaurants, grocers, and local artisans that JBG SMITH Properties integrates into its placemaking strategy to create vibrant streetscapes adjacent to office and residential properties.

Institutional Investors:

JBG SMITH Properties holds substantially all its assets through JBG SMITH LP, its operating partnership. Institutional investors are key partners in this structure and as public shareholders.

The company also maintains a development pipeline of 8.7 million square feet of mixed-use, primarily multifamily, development opportunities.

JBG SMITH Properties (JBGS) - Canvas Business Model: Cost Structure

You're looking at the major drains on JBG SMITH Properties' cash flow as of late 2025. Real estate is capital-intensive, so these costs drive everything.

Property Operating Expenses: Major costs like real estate taxes, utilities, and repairs/maintenance.

Property operating expenses are the day-to-day costs of keeping the 12.0 million square feet portfolio running. For the quarter ending June 2025, JBG SMITH Properties reported quarterly Operating Expenses of $128.2Mn. Also significant are the Other Operating Expenses, which hit $111.5Mn for the same quarter ending June 2025. Remember, Net Operating Income (NOI) calculations explicitly exclude interest expense and certain non-cash adjustments, so these figures represent the direct property-level costs.

Here's a snapshot of the scale of these costs based on the latest quarterly data available:

Interest Expense: Significant cost due to debt financing, with a fixed rate of 5.03% on the RiverHouse refinancing.

Debt financing is a core component of the cost structure for JBG SMITH Properties, given its development focus. While the specific dollar amount for total Interest Expense for the nine months ended September 30, 2025, is not explicitly detailed here, the structure includes a key financing term you mentioned: a fixed rate of 5.03% on the RiverHouse refinancing. This fixed rate provides certainty against rising rate environments, which is a plus.

Development and Construction Costs: Capital expenditures for the 8.7 million sq ft pipeline.

The future cost base is heavily influenced by the development pipeline, which JBG SMITH Properties maintains at approximately 8.7 million square feet of mixed-use, primarily multifamily, development opportunities as of late 2025. This pipeline represents significant future capital deployment, which translates directly into construction costs, land carrying costs, and associated financing expenses until stabilization.

The pipeline size contextually:

• Development Pipeline Density: 8.7 million square feet.
• Portfolio Size: 12.0 million square feet operating assets.
• Office Portfolio Lease Rate (Sept 30, 2025): 77.6% leased.

General and Administrative (G&A): Corporate overhead, including employee compensation and executive salaries.

Corporate overhead, or G&A, is managed through efficiency drives. JBG SMITH Properties streamlined operations, realizing total G&A savings of approximately 8% for the year ending December 31, 2024, contributing to a total savings of approximately 34% since 2019. Absolute G&A dollar figures for 2025 are not present, but the focus on cost control is evident in these historical savings metrics.

Tenant Improvements/Leasing Commissions: Costs associated with securing new leases, especially for office space.

Securing tenants for the office portfolio, which was 77.6% leased as of September 30, 2025, involves direct leasing costs. For context on the scale of these activities, in the first quarter of 2024, revenue from third-party real estate services included $1.1 million in leasing fees. Tenant Improvements (TIs) and Leasing Commissions (LCs) are variable costs tied directly to lease execution, especially for office space where tenant demands are higher.

Finance: draft 13-week cash view by Friday.

JBG SMITH Properties (JBGS) - Canvas Business Model: Revenue Streams

For JBG SMITH Properties, the revenue streams are fundamentally tied to owning, operating, and developing its portfolio of office and multifamily properties in the Washington, DC market. You see the core of the business in the recurring income from leases, but the strategic asset recycling also provides significant, albeit lumpy, boosts to the top line.

The total reported revenue for the third quarter ended September 30, 2025, was $123.9 million. This figure captures all sources for the quarter, but it's helpful to break down where that money actually came from to understand the underlying business health.

Here's a look at the key revenue components for Q3 2025, at JBG SMITH Share, where applicable:

Property Rental Income is what you'd expect to be the most stable part of the equation, driven by office and multifamily leases. While the exact breakdown isn't explicitly stated for the $104.0 million implied core revenue, the underlying portfolio performance gives you a sense of the rental base. For instance, the operating multifamily portfolio was 89.1% leased as of September 30, 2025. The operating commercial portfolio stood at 77.6% leased.

The Third-Party Real Estate Services stream is a distinct business line for JBG SMITH Properties. It's fee-based income, which is different from the capital-intensive property ownership. You can see that the core management fees were $4.4 million, while the total revenue from this segment, including reimbursements, hit $14.7 million for the quarter.

The Gain on Sale of Real Estate is tied directly to asset recycling. The sale of The Batley in July 2025 for $155.0 million was a key event contributing to the $4.7 million gain recognized in Q3 2025. This is how JBG SMITH Properties manages its balance sheet, selling assets to fund new development or reduce leverage.

Parking and Other Income is generally bundled into the core operating revenue that makes up the implied rental income figure, or sometimes within the 'Other' category of the third-party services if it relates to property operations managed for others. We don't have a standalone number for parking revenue, so it's embedded within the primary operating income stream.

To give you context on the overall operating performance that underpins the rental revenue, the Annualized Net Operating Income (Annualized NOI) at JBG SMITH Share for the three months ended September 30, 2025, was $242.3 million. If you exclude assets recently sold or recapitalized, the comparable Annualized NOI was $232.9 million.

You should also keep an eye on the forward-looking estimates, even though we are focused on actuals. The consensus revenue estimate for the full fiscal year ending December 2025 is $425.26 million.

• Property Rental Income is the largest component, implied to be around $104.0 million for Q3 2025.
• Third-Party Services revenue was $14.7 million in Q3 2025.
• Gain on Sale contributed $4.7 million in Q3 2025.
• The total revenue for the quarter was $123.9 million.
• The company sold a multifamily asset for $155.0 million in July 2025.