Company Unveils Larger Aircraft With a Highly Configurable Cabin and Most Standard Safety Equipment in the Segment, Allowing Operators to Accomplish More
Robinson R88 Interior
Robinson R88 Interior
All-New R88 Powered by Single Engine Safran Arriel 2W and Serenity Package
All-Glass G500H TXi from Garmin
Dual Cyclic Controls and Single-Pilot IFR Operations
Most Affordable to Own, Operate and Maintain in its Class
DALLAS and TORRANCE, Calif., March 09, 2025 (GLOBE NEWSWIRE) -- Robinson Helicopter Company (RHC) announced its first all-new aircraft in nearly 15 years, the R88, a larger, and increasingly capable helicopter designed to meet a wider range of mission requirements while maintaining the company's hallmark reliability, affordability, and safety. The R88 represents a significant expansion of Robinson Helicopter's product portfolio, addressing the increasing demand for versatile and cost-effective single-engine utility helicopters.
The highly configurable R88 is designed for a variety of missions, including aerial firefighting, air medical transport, utility work, passenger transport and more. Its adaptable interior design allows for quick reconfiguration, supporting various mission needs.
"With the unveiling of the R88, we expect to disrupt the single-engine helicopter market, offering superior performance and capabilities at a competitive price," said David Smith, president and CEO of Robinson Helicopter Company. 'As the most vertically integrated manufacturer of helicopters in the world, we have a unique opportunity to provide solutions that no other manufacturer can – a highly-capable and affordable helicopter with readily available parts and predictable maintenance. This is exactly what our 10,000+ existing customers have come to expect from Robinson.'
Robinson Helicopter Company selected the Safran Helicopter Engines' Arriel 2W engine for the R88 and is providing market-leading engine service and support as part of every aircraft purchase in the new Arriel 2W Serenity package, a first of its kind offering for any commercial helicopter. The Serenity package will be included with the purchase of each new R88 helicopter. Serenity includes services, such as unscheduled maintenance coverage for five years or 2,000 flying hours (whichever comes first), premium health monitoring, and advanced digital services. This package from Robinson Helicopter Company and Safran Helicopter Engines offers additional confidence in the maintenance and ongoing support of every Robinson R88 helicopter. The Arriel engine family has accumulated over 66 million flight hours and is used in various demanding missions globally.Key Features and Capabilities:
Size and Capacity: The R88 is the largest and most capable aircraft Robinson Helicopter has designed, with capacity for eight main cabin seats and two cockpit seats. It has approximately 275 cubic feet of cabin volume.
Performance: The R88 offers a range of over 350 nautical miles and endurance exceeding 3.5 hours. The aircraft is expected to have an internal payload of more than 2,800 pounds and will be powered by a 950-shaft horse-power single engine in the Safran Arriel 2W.
Highly Configurable Interior: The highly configurable cabin features a flat floor, allowing for multiple forward and club seating configurations, effective air medical and public safety mission configurations, and multiple future seating options. A fold-down, truck-bed style rear door simplifies cargo loading and accommodates a HEMS stretcher.
Exterior Adaptability: The aircraft is available with standard skids or optional high skids for increased ground clearance and compatibility with a firefighting water tank. Optional equipment includes a 3,000-pound HEC-rated cargo hook, utility basket, wire strike protection kit, and pop-out floats.
Advanced Avionics: The R88 features a Garmin avionics suite, including large G500H TXi displays and GTN navigators with touchscreen controls. The G500H TXi includes a crew alerting system. A standard 4-axis autopilot with features such as level mode, hover assist, limit cueing, and low/high speed protection. Standard data recording with datalink and a health usage monitoring system (HUMS) simplifies operation and maintenance.
Enhanced Safety: The R88 incorporates dual hydraulics for pitch and roll for critical flight controls. Other standard safety features include an inlet barrier filter and impact-resistant windshields certified to Part 29 transport helicopter requirements. New LED exterior lighting, including pulse landing and taxi lights, tail rotor lighting, scene lighting, and entry lights, further enhance safety.
Innovative Design: The R88 introduces dual cyclic controls with removable controls on both sides, allowing the pilot in command to be in either the left or right seat with a passenger in the other seat. The aircraft will be type-certified for optional single-pilot IFR operations. The all-new interior design features comfortable, functional seating, easy-to-maintain materials, and a versatile layout.
Affordability: The R88 is priced starting at $3.3 million USD in current dollars for the highly equipped standard configuration.
The R88 is an all-new type certificate, undergoing rigorous testing and engineering for every aspect of the aircraft. The company will be taking deposits from Authorized Robinson Helicopter Dealers starting on Tuesday, March 11, 2025, at Verticon.
About Robinson Helicopter Company
For more than 50 years, Robinson Helicopter Company has been at the forefront of the helicopter industry by delivering safety-enhancing technologies, including OEM-designed crash-resistant fuel cells, 4K cockpit video cameras, autopilot systems, impact-resistant windshields, and NVG-compatible cockpits. Robinson is committed to developing, manufacturing, and supporting the most reliable and efficient manned and unmanned helicopters in the industry. For additional information, visit www.robinsonheli.com.
Contacts:
Robinson Helicopter CompanyRobyn E. EaglesRobyn.eagles@robinsonheli.com323-547-5102
Lee-Anne Arandalee-anne.aranda@robinsonheli.com310-539-0508 x294
Photos accompanying this announcement are available athttps://www.globenewswire.com/NewsRoom/AttachmentNg/ef5b7aa1-24d2-4733-afc0-93eac848ad5f
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JBG SMITH Announces Second Quarter 2025 Results
BETHESDA, Md.--(BUSINESS WIRE)--JBG SMITH (NYSE: JBGS), a leading owner, operator, and developer of mixed-use properties in the Washington, DC market, today filed its Form 10-Q for the quarter ended June 30, 2025 and reported its financial results. Additional information regarding our results of operations, properties, and tenants can be found in our Second Quarter 2025 Investor Package, which is posted in the Investor Relations section of our website at We encourage investors to consider the information presented here with the information in that document. Second Quarter 2025 Highlights Net loss, Funds From Operations ("FFO") and Core FFO attributable to common shareholders were: ________________________ (1) Includes gains on the sale of real estate of $41.8 million and $42.4 million for the three and six months ended June 30, 2025. Includes real estate impairment losses of $31.8 million for the three and six months ended June 30, 2025. (2) Includes impairment losses related to non-depreciable real estate assets of $8.5 million and $18.2 million for the six months ended June 30, 2025 and 2024. Expand Annualized Net Operating Income ("Annualized NOI") for the three months ended June 30, 2025 was $268.4 million, compared to $270.1 million for the three months ended March 31, 2025, at our share. Excluding the assets that were sold, recapitalized, and acquired through June 30, 2025, Annualized NOI for the three months ended June 30, 2025 was $251.0 million, compared to $250.8 million for the three months ended March 31, 2025, at our share. Same Store NOI ("SSNOI") at our share decreased 3.0% quarter-over-quarter to $59.5 million for the three months ended June 30, 2025. The decrease in SSNOI was substantially attributable to (i) lower occupancy and higher operating expenses, partially offset by higher rents in our multifamily portfolio and (ii) lower occupancy and recovery revenue, partially offset by lower real estate taxes in our commercial portfolio. Operating Portfolio The operating multifamily portfolio was 89.0% leased and 85.8% occupied as of June 30, 2025, compared to 93.0% and 91.3% as of March 31, 2025. Our operating In-Service multifamily portfolio was 94.8% leased and 92.9% occupied as of June 30, 2025, compared to 95.7% and 94.3% as of March 31, 2025. In our Same Store multifamily portfolio, we increased effective rents by 1.0% for new leases and 8.9% upon renewal for second quarter lease expirations while achieving a 49.0% renewal rate. The operating commercial portfolio was 76.5% leased and 74.8% occupied as of June 30, 2025, compared to 78.3% and 76.4% as of March 31, 2025, at our share. Executed approximately 208,000 square feet of office leases at our share during the three months ended June 30, 2025, including approximately 87,000 square feet of new leases. Second-generation leases generated a 6.1% rental rate decrease on a cash basis and a 4.8% rental rate decrease on a GAAP basis. Executed approximately 279,000 square feet of office leases at our share during the six months ended June 30, 2025, including approximately 101,000 square feet of new leases. Second-generation leases generated a 4.6% rental rate decrease on a cash basis and a 3.5% rental rate decrease on a GAAP basis. Development Portfolio Under-Construction As of June 30, 2025, we had one multifamily asset under construction, Valen (formerly 2000 South Bell Street), consisting of 355 units at our share. Development Pipeline As of June 30, 2025, we had 19 assets in the development pipeline consisting of 8.7 million square feet of estimated potential development density at our share. Third-Party Asset Management and Real Estate Services Business For the three months ended June 30, 2025, revenue from third-party real estate services, including reimbursements, was $14.8 million. Excluding reimbursements and service revenue from our interests in real estate ventures, revenue from our third-party asset management and real estate services business was $6.9 million, primarily driven by $4.0 million of property and asset management fees, $1.1 million of leasing fees and $1.0 million of other service revenue. Balance Sheet As of June 30, 2025, our total enterprise value was approximately $3.8 billion, comprising 76.0 million common shares and units valued at $1.3 billion, and debt (net of premium / (discount) and deferred financing costs) at our share of $2.5 billion, less cash and cash equivalents at our share of $65.6 million. As of June 30, 2025, we had $61.4 million of cash and cash equivalents ($65.6 million of cash and cash equivalents at our share), and $524.0 million of undrawn capacity under our revolving credit facility. Net Debt to annualized Adjusted EBITDA at our share for the three months ended June 30, 2025 was 11.8x, and our Net Debt / total enterprise value was 65.3% as of June 30, 2025. Investing and Financing Activities In May 2025, we acquired Tysons Dulles Plaza, a 491,494-square-foot three-building office campus in Tysons, Virginia, with the opportunity to redevelop one of the buildings into approximately 300,000 square feet (300 units) of new multifamily, for $42.3 million. In May 2025, we a sold a 40.0% interest in a real estate venture that owns West Half, a multifamily asset with 465 units in Washington, DC, for $100.0 million. In June 2025, we sold Capitol Point – North, a development parcel in Washington, DC, for $11.0 million. In June 2025, we sold WestEnd25, a multifamily asset with 283 units in Washington, DC, for $186.0 million. In connection with the disposition, we repaid the related $97.5 million mortgage loan. During the second quarter of 2025, we repurchased and retired 11.2 million common shares for $184.9 million, a weighted average purchase price per share of $16.54. Subsequent to June 30, 2025 In July 2025, we sold The Batley, a multifamily asset with 432 units in Washington, DC, for $155.0 million. Through July 25, 2025, we repurchased and retired 264,209 common shares for $4.6 million, a weighted average purchase price per share of $17.26, pursuant to a repurchase plan under Rule 10b5-1 of the Securities Exchange Act of 1934, as amended. Dividends On July 24, 2025, our Board of Trustees declared a quarterly dividend of $0.175 per common share, payable on August 21, 2025 to shareholders of record as of August 7, 2025. About JBG SMITH JBG SMITH owns, operates, and develops mixed-use properties concentrated in amenity-rich, Metro-served submarkets in and around Washington, DC, most notably National Landing, that we believe have long-term growth potential and appeal to residential, office, and retail tenants. Through an intense focus on placemaking, JBG SMITH cultivates vibrant, highly amenitized, walkable neighborhoods throughout the Washington, DC metropolitan area. Approximately 75.0% of JBG SMITH's holdings are in the National Landing submarket in Northern Virginia, which is anchored by four key demand drivers: Amazon's headquarters; Virginia Tech's $1 billion Innovation Campus; proximity to the Pentagon; and our placemaking initiatives and public infrastructure improvements. JBG SMITH's dynamic portfolio currently comprises 12.0 million square feet at share of multifamily, office and retail assets, 98% of which are Metro-served. It also maintains a development pipeline encompassing 8.7 million square feet of mixed-use, primarily multifamily, development opportunities. JBG SMITH is committed to the operation and development of green, smart, and healthy buildings and plans to maintain carbon neutral operations annually. For more information on JBG SMITH please visit Forward-Looking Statements Certain statements contained herein may constitute "forward-looking statements" as such term is defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements are not guarantees of performance. They represent our intentions, plans, expectations and beliefs and are subject to numerous assumptions, risks and uncertainties. Consequently, the future results, financial condition and business of JBG SMITH Properties ("JBG SMITH," the "Company," "we," "us," "our" or similar terms) may differ materially from those expressed in these forward-looking statements. You can find many of these statements by looking for words such as "approximate," "hypothetical," "potential," "believes," "expects," "anticipates," "estimates," "intends," "plans," "would," "may" or similar expressions in this earnings release. We also note the following forward-looking statements: whether in the case of our under-construction assets and assets in the development pipeline, estimated square feet, estimated number of units and estimated potential development density are accurate; expected timing, completion, and delivery dates for the projects we are developing and the ability of any or all of our demand drivers to materialize and their effect on economic impact, job growth, expansion of public transportation and related demand in the National Landing submarket. Many of the factors that will determine the outcome of these and our other forward-looking statements are beyond our ability to control or predict. These factors include, among others: adverse economic conditions in the Washington, DC metropolitan area, including reductions in federal government spending, headcount, or leasing, the timing of and costs associated with development and property improvements, tariffs and other trade barriers, supply chain disruptions, financing commitments, and general competitive factors. For further discussion of factors that could materially affect the outcome of our forward-looking statements and other risks and uncertainties, see "Risk Factors," "Management's Discussion and Analysis of Financial Condition and Results of Operations" and the Cautionary Statement Concerning Forward-Looking Statements in the Company's Annual Report on Form 10‑K for the year ended December 31, 2024 and other periodic reports the Company files with the Securities and Exchange Commission. For these statements, we claim the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. You are cautioned not to place undue reliance on our forward-looking statements. All subsequent written and oral forward-looking statements attributable to us or any person acting on our behalf are expressly qualified in their entirety by the cautionary statements contained or referred to in this section. We do not undertake any obligation to release publicly any revisions to our forward-looking statements to reflect events or circumstances occurring after the date hereof. Pro Rata Information We present certain financial information and metrics in this release "at JBG SMITH Share," which refers to our ownership percentage of consolidated and unconsolidated assets in real estate ventures (collectively, "real estate ventures") as applied to these financial measures and metrics. Financial information "at JBG SMITH Share" is calculated on an asset-by-asset basis by applying our percentage economic interest to each applicable line item of that asset's financial information. "At JBG SMITH Share" information, which we also refer to as being "at share," "our pro rata share" or "our share," is not, and is not intended to be, a presentation in accordance with GAAP. Given that a portion of our assets are held through real estate ventures, we believe this form of presentation, which presents our economic interests in the partially owned entities, provides investors valuable information regarding a significant component of our portfolio, its composition, performance and capitalization. We do not control the unconsolidated real estate ventures and do not have a legal claim to our co-venturers' share of assets, liabilities, revenue and expenses. The operating agreements of the unconsolidated real estate ventures generally allow each co-venturer to receive cash distributions to the extent there is available cash from operations. The amount of cash each investor receives is based upon specific provisions of each operating agreement and varies depending on certain factors including the amount of capital contributed by each investor and whether any investors are entitled to preferential distributions. With respect to any such third-party arrangement, we would not be in a position to exercise sole decision-making authority regarding the property, real estate venture or other entity, and may, under certain circumstances, be exposed to economic risks not present were a third-party not involved. We and our respective co-venturers may each have the right to trigger a buy-sell or forced sale arrangement, which could cause us to sell our interest, or acquire our co-venturers' interests, or to sell the underlying asset, either on unfavorable terms or at a time when we otherwise would not have initiated such a transaction. Our real estate ventures may be subject to debt, and the repayment or refinancing of such debt may require equity capital calls. To the extent our co-venturers do not meet their obligations to us or our real estate ventures or they act inconsistent with the interests of the real estate venture, we may be adversely affected. Because of these limitations, the non-GAAP "at JBG SMITH Share" financial information should not be considered in isolation or as a substitute for our consolidated financial statements as reported under GAAP. Occupancy, non-GAAP financial measures, leverage metrics, operating assets and operating metrics presented in our investor package exclude our 10.0% subordinated interest in one commercial building and our 33.5% subordinated interest in four commercial buildings, as well as the associated non-recourse mortgage loans, held through unconsolidated real estate ventures, as our investment in each real estate venture is zero, we do not anticipate receiving any near-term cash flow distributions from the real estate ventures, and we have not guaranteed their obligations or otherwise committed to providing financial support. Non-GAAP Financial Measures This release includes non-GAAP financial measures. For these measures, we have provided an explanation of how these non-GAAP measures are calculated and why JBG SMITH's management believes that the presentation of these measures provides useful information to investors regarding JBG SMITH's financial condition and results of operations. Reconciliations of certain non-GAAP measures to the most directly comparable GAAP financial measure are included in this earnings release. Our presentation of non-GAAP financial measures may not be comparable to similar non-GAAP measures used by other companies. In addition to "at share" financial information, the following non-GAAP measures are included in this release: Earnings Before Interest, Taxes, Depreciation and Amortization ("EBITDA"), EBITDA for Real Estate ("EBITDAre") and "Adjusted EBITDA" are non-GAAP financial measures. EBITDA and EBITDAre are used by management as supplemental operating performance measures, which we believe help investors and lenders meaningfully evaluate and compare our operating performance from period-to-period by removing from our operating results the impact of our capital structure (primarily interest charges from our outstanding debt and the impact of our interest rate swaps and caps) and certain non-cash expenses (primarily depreciation and amortization expense on our assets). EBITDAre is computed in accordance with the definition established by the National Association of Real Estate Investment Trusts ("Nareit"). Nareit defines EBITDAre as GAAP net income (loss) adjusted to exclude interest expense, income taxes, depreciation and amortization expense, gains (losses) on sales of real estate and impairment write-downs of certain real estate assets and investments in entities when the impairment is directly attributable to decreases in the value of depreciable real estate held by the entity, including our share of such adjustments for unconsolidated real estate ventures. These supplemental measures may help investors and lenders understand our ability to incur and service debt and to make capital expenditures. EBITDA and EBITDAre are not substitutes for net income (loss) (computed in accordance with GAAP) and may not be comparable to similarly titled measures used by other companies. Adjusted EBITDA represents EBITDAre adjusted for items we believe are not representative of ongoing operating results, such as Transaction and Other Costs, impairment write-downs of non-depreciable real estate, gain (loss) on the extinguishment of debt, earnings (losses) and distributions in excess of our investment in unconsolidated real estate ventures, lease liability adjustments, litigation costs and income from investments. We believe that adjusting such items not considered part of our comparable operations provides a meaningful measure to evaluate and compare our performance from period-to-period. Because EBITDA, EBITDAre and Adjusted EBITDA have limitations as analytical tools, we use EBITDA, EBITDAre and Adjusted EBITDA to supplement GAAP financial measures. Additionally, we believe that users of these measures should consider EBITDA, EBITDAre and Adjusted EBITDA in conjunction with net income (loss) and other GAAP measures in understanding our operating results. Funds from Operations ("FFO"), "Core FFO" and Funds Available for Distribution ("FAD") are non-GAAP financial measures. FFO is computed in accordance with the definition established by Nareit in the Nareit FFO White Paper - 2018 Restatement. Nareit defines FFO as net income (loss) (computed in accordance with GAAP), excluding depreciation and amortization expense related to real estate, gains (losses) from the sale of certain real estate assets, gains (losses) from change in control and impairment write-downs of certain real estate assets and investments in entities when the impairment is directly attributable to decreases in the value of depreciable real estate held by the entity, including our share of such adjustments for unconsolidated real estate ventures. Core FFO represents FFO adjusted to exclude items which we believe are not representative of ongoing operating results, such as Transaction and Other Costs, impairment write-downs of non-depreciable real estate, gain (loss) on the extinguishment of debt, earnings (losses) and distributions in excess of our investment in unconsolidated real estate ventures, lease liability adjustments, litigation costs, income from investments, amortization of the management contracts intangible and the mark-to-market of derivative instruments, including our share of such adjustments for unconsolidated real estate ventures. FAD represents Core FFO adjusted for recurring tenant improvements, leasing commissions and other capital expenditures, net deferred rent activity, third-party lease liability assumption (payments) refunds, recurring share-based compensation expense, accretion of acquired below-market leases, net of amortization of acquired above-market leases, amortization of debt issuance costs and other non-cash income and charges, including our share of such adjustments for unconsolidated real estate ventures. FAD is presented solely as a supplemental disclosure that management believes provides useful information as it relates to our ability to fund dividends. We believe FFO, Core FFO and FAD are meaningful non‑GAAP financial measures useful in comparing our levered operating performance from period-to-period and as compared to similar real estate companies because these non‑GAAP measures exclude real estate depreciation and amortization expense, which implicitly assumes that the value of real estate diminishes predictably over time rather than fluctuating based on market conditions, and other non-comparable income and expenses. FFO, Core FFO and FAD do not represent cash generated from operating activities and are not necessarily indicative of cash available to fund cash requirements and should not be considered as an alternative to net income (loss) (computed in accordance with GAAP) as a performance measure or cash flow as a liquidity measure. FFO, Core FFO and FAD may not be comparable to similarly titled measures used by other companies. "Net Debt" is a non-GAAP financial measurement. Net Debt represents our total consolidated and unconsolidated indebtedness less cash and cash equivalents at our share. Net Debt is an important component in the calculations of Net Debt to Annualized Adjusted EBITDA and Net Debt / total enterprise value. We believe that Net Debt is a meaningful non-GAAP financial measure useful to investors because we review Net Debt as part of the management of our overall financial flexibility, capital structure and leverage. We may utilize a considerable portion of our cash and cash equivalents at any given time for purposes other than debt reduction. In addition, cash and cash equivalents at our share may not be solely controlled by us. The deduction of cash and cash equivalents at our share from consolidated and unconsolidated indebtedness in the calculation of Net Debt, therefore, should not be understood to mean that it is available exclusively for debt reduction at any given time. Net Operating Income ("NOI"), "Same Store NOI" and "Annualized NOI" are non-GAAP financial measures management uses to assess an asset's performance. The most directly comparable GAAP measure is net income (loss) attributable to common shareholders. We use NOI internally as a performance measure and believe NOI, Same Store NOI and Annualized NOI provide useful information to investors regarding our financial condition and results of operations because it reflects only property related revenue (which includes base rent, tenant reimbursements and other operating revenue, net of Free Rent and payments associated with assumed lease liabilities) less operating expenses and ground rent for operating leases, if applicable. NOI excludes deferred (straight-line) rent, commercial lease termination revenue, related party management fees, interest expense, and certain other non-cash adjustments, including the accretion of acquired below-market leases and the amortization of acquired above-market leases and below-market ground lease intangibles. Management uses NOI, which includes our proportionate share of revenue and expenses attributable to real estate ventures, as a supplemental performance measure and believes it provides useful information to investors because it reflects only those revenue and expense items that are incurred at the asset level, excluding non-cash items. In addition, NOI is considered by many in the real estate industry to be a useful starting point for determining the value of a real estate asset or group of assets. However, because NOI excludes depreciation and amortization expense and captures neither the changes in the value of our assets that result from use or market conditions, nor the level of capital expenditures and capitalized leasing commissions necessary to maintain the operating performance of our assets, all of which have real economic effect and could materially impact the financial performance of our assets, the utility of NOI as a measure of the operating performance of our assets is limited. NOI presented by us may not be comparable to NOI reported by other real estate investment trusts that define these measures differently. We believe to facilitate a clear understanding of our operating results, NOI should be examined in conjunction with net income (loss) attributable to common shareholders as presented in our consolidated financial statements. NOI should not be considered as an alternative to net income (loss) attributable to common shareholders as an indication of our performance or to cash flows as a measure of liquidity or our ability to make distributions. Annualized NOI represents NOI for the three months ended June 30, 2025 multiplied by four. Management believes Annualized NOI provides useful information in understanding our financial performance over a 12‑month period, however, investors and other users are cautioned against attributing undue certainty to our calculation of Annualized NOI. Actual NOI for any 12‑month period will depend on a number of factors beyond our ability to control or predict, including general capital markets and economic conditions, any bankruptcy, insolvency, default or other failure to pay rent by one or more of our tenants and the destruction of one or more of our assets due to terrorist attack, natural disaster or other casualty, among others. We do not undertake any obligation to update our calculation to reflect events or circumstances occurring after the date of this earnings release. There can be no assurance that the Annualized NOI shown will reflect our actual results of operations over any 12‑month period. Definitions "Development Pipeline" refers to assets that have the potential to commence construction subject to receipt of full entitlements, completion of design and/or market conditions where we (i) own land or control the land through a ground lease or (ii) are under a long-term conditional contract to purchase, or enter into, a leasehold interest with respect to land. "Estimated Potential Development Density" reflects management's estimate of developable gross square feet based on our current business plans with respect to real estate owned or controlled as of June 30, 2025. Our current business plans may contemplate development of less than the maximum potential development density for individual assets. As market conditions change, our business plans, and therefore, the Estimated Potential Development Density, could change accordingly. Given timing, zoning requirements and other factors, we make no assurance that Estimated Potential Development Density amounts will become actual density to the extent we complete development of assets for which we have made such estimates. "First-generation" is a lease on space that had been vacant for at least nine months or a lease on newly delivered space. "Free Rent" means the amount of base rent and tenant reimbursements that are abated according to the applicable lease agreement(s). "GAAP" means accounting principles generally accepted in the United States of America. "In-Service" refers to multifamily or commercial operating assets that are at or above 90% leased or have been operating and collecting rent for more than 12 months as of June 30, 2025. "Non-Same Store" refers to all operating assets excluded from the Same Store pool. "Same Store" refers to the pool of assets that were In-Service for the entirety of both periods being compared, excluding assets for which significant redevelopment, renovation or repositioning occurred during either of the periods being compared. "Second-generation" is a lease on space that had been vacant for less than nine months. "Transaction and Other Costs" include costs related to completed, potential and pursued transactions, demolition costs, and severance and other costs. "Under-Construction" refers to assets that were under construction during the three months ended June 30, 2025. ________________________ Note: For complete financial statements, please refer to our Quarterly Report on Form 10-Q for the quarter ended June 30, 2025. Expand CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) in thousands, except per share data Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 REVENUE Property rental $ 106,509 $ 112,536 $ 208,008 $ 235,172 Third-party real estate services, including reimbursements 14,805 17,397 29,719 35,265 Other revenue 5,165 5,387 9,438 10,067 Total revenue 126,479 135,320 247,165 280,504 EXPENSES Depreciation and amortization 47,560 51,306 95,147 108,161 Property operating 34,875 36,254 68,312 71,533 Real estate taxes 12,651 14,399 24,823 28,194 General and administrative: Corporate and other 16,720 17,001 32,277 31,974 Third-party real estate services 13,562 18,650 29,633 40,977 Transaction and other costs 2,846 824 4,757 2,338 Total expenses 128,214 138,434 254,949 283,177 OTHER INCOME (EXPENSE) Income (loss) from unconsolidated real estate ventures, net 1,091 (226 ) 499 749 Interest and other income, net 698 3,432 1,223 5,532 Interest expense (35,571 ) (31,973 ) (70,771 ) (62,133 ) Gain on the sale of real estate, net 41,832 89 42,369 286 Gain (loss) on the extinguishment of debt, net 2,234 — (2,402 ) — Impairment loss (31,813 ) (1,025 ) (40,296 ) (18,236 ) Total other income (expense) (21,529 ) (29,703 ) (69,378 ) (73,802 ) LOSS BEFORE INCOME TAX (EXPENSE) BENEFIT (23,264 ) (32,817 ) (77,162 ) (76,475 ) Income tax (expense) benefit 83 (597 ) 283 871 NET LOSS (23,181 ) (33,414 ) (76,879 ) (75,604 ) Net loss attributable to redeemable noncontrolling interests 3,940 3,454 11,918 7,988 Net loss attributable to noncontrolling interests — 5,587 — 10,967 $ (19,241 ) $ (24,373 ) $ (64,961 ) $ (56,649 ) LOSS PER COMMON SHARE - BASIC AND DILUTED $ (0.29 ) $ (0.27 ) $ (0.87 ) $ (0.63 ) WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING - BASIC AND DILUTED 68,287 91,030 74,867 91,832 Expand ________________________ Note: For complete financial statements, please refer to our Quarterly Report on Form 10-Q for the quarter ended June 30, 2025. Expand (Unaudited) dollars in thousands Three Months Ended June 30, Six Months Ended June 30, EBITDA, EBITDAre and Adjusted EBITDA Net loss $ (23,181 ) $ (33,414 ) $ (76,879 ) $ (75,604 ) Depreciation and amortization expense 47,560 51,306 95,147 108,161 Interest expense 35,571 31,973 70,771 62,133 Income tax expense (benefit) (83 ) 597 (283 ) (871 ) Unconsolidated real estate ventures allocated share of above adjustments 1,835 1,830 3,617 4,382 EBITDA attributable to redeemable noncontrolling interests in consolidated real estate ventures (270 ) — (270 ) — EBITDA $ 61,432 $ 52,292 $ 92,103 $ 98,201 Gain on the sale of real estate, net (41,832 ) (89 ) (42,369 ) (286 ) Pro rata share of gain on the sale of unconsolidated real estate assets (1,500 ) — (1,500 ) (480 ) Real estate impairment loss 31,813 — 31,813 — EBITDAre $ 49,913 $ 52,203 $ 80,047 $ 97,435 Transaction and other costs (1) 2,846 824 4,757 2,338 Litigation costs (2) 2,500 — 2,500 — (Income) loss from investments, net (98 ) (614 ) 278 (672 ) Impairment loss related to non-depreciable real estate — 1,025 8,483 18,236 (Gain) loss on the extinguishment of debt, net (2,234 ) — 2,402 — Earnings and distributions in excess of our investment in unconsolidated real estate venture (217 ) (458 ) (401 ) (671 ) Adjusted EBITDA $ 52,710 $ 52,980 $ 98,066 $ 116,666 June 30, 2025 June 30, 2024 Net Debt (at JBG SMITH Share) Consolidated indebtedness (4) $ 2,479,101 $ 2,625,329 Unconsolidated indebtedness (4) 67,114 66,553 Total consolidated and unconsolidated indebtedness 2,546,215 2,691,882 Less: cash and cash equivalents 65,606 169,278 Net Debt (at JBG SMITH Share) $ 2,480,609 $ 2,522,604 Expand ________________________ Note: All EBITDA measures as shown above are attributable to common limited partnership units ("OP Units") and certain fully vested incentive equity awards that may be convertible into OP Units. (1) Includes costs related to completed, potential and pursued transactions, demolition costs, severance and other costs. (2) Represents accrual for loss contingencies related to unresolved legal matters. Included in 'Corporate and other general and administrative expense' in the Condensed Consolidated Statements of Operations. (3) Quarterly Adjusted EBITDA is annualized by multiplying by four. Adjusted EBITDA for the six months ended June 30, 2025 and 2024 months is annualized by multiplying by two. (4) Net of premium/discount and deferred financing costs. Expand FFO, CORE FFO AND FAD RECONCILIATIONS (NON-GAAP) (Unaudited) in thousands, except per share data Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 FAD Core FFO attributable to OP Units $ 15,743 $ 18,962 $ 24,403 $ 50,755 Recurring capital expenditures and Second-generation tenant improvements and leasing commissions (3) (9,108 ) (12,095 ) (20,886 ) (21,130 ) Straight-line and other rent adjustments (4) 71 (2,509 ) 2,510 (3,939 ) Third-party lease liability assumption (payments) refunds — (25 ) — (25 ) Share-based compensation expense 7,345 10,864 13,877 20,243 Amortization of debt issuance costs 3,700 4,031 7,835 7,933 Unconsolidated real estate ventures allocated share of above adjustments 206 201 355 660 Non-real estate depreciation and amortization 251 299 509 593 FAD available to OP Units (A) $ 18,208 $ 19,728 $ 28,603 $ 55,090 Distributions to common shareholders and unitholders (B) $ 15,332 $ 19,012 $ 32,942 $ 38,010 FAD Payout Ratio (B÷A) (5) 84.2 % 96.4 % 115.2 % 69.0 % Capital Expenditures Maintenance and recurring capital expenditures $ 3,268 $ 4,362 $ 6,856 $ 5,557 Share of maintenance and recurring capital expenditures from unconsolidated real estate ventures 9 14 9 16 Second-generation tenant improvements and leasing commissions 5,818 7,719 13,764 15,536 Share of Second-generation tenant improvements and leasing commissions from unconsolidated real estate ventures 13 — 257 21 Recurring capital expenditures and Second-generation tenant improvements and leasing commissions 9,108 12,095 20,886 21,130 Non-recurring capital expenditures 8,917 3,268 14,151 6,790 Share of non-recurring capital expenditures from unconsolidated real estate ventures — 14 — 28 First-generation tenant improvements and leasing commissions 2,272 2,322 5,920 5,217 Share of First-generation tenant improvements and leasing commissions from unconsolidated real estate ventures 46 36 83 87 Non-recurring capital expenditures 11,235 5,640 20,154 12,122 Total JBG SMITH Share of Capital Expenditures $ 20,343 $ 17,735 $ 41,040 $ 33,252 Expand ________________________ (1) Includes costs related to completed, potential and pursued transactions, demolition costs, severance and other costs. (2) Represents accrual for loss contingencies related to unresolved legal matters. Included in 'Corporate and other general and administrative expense' in the Condensed Consolidated Statements of Operations. (3) Includes amounts, at JBG SMITH Share, related to unconsolidated real estate ventures. (4) Includes straight-line rent, above/below market lease amortization and lease incentive amortization. (5) The quarterly FAD payout ratio is not necessarily indicative of an amount for the full year due to fluctuation in the timing of capital expenditures, the commencement of new leases and the seasonality of our operations. Expand NOI RECONCILIATIONS (NON-GAAP) (Unaudited) Net loss attributable to common shareholders $ (19,241 ) $ (24,373 ) $ (64,961 ) $ (56,649 ) Net loss attributable to redeemable noncontrolling interests (3,940 ) (3,454 ) (11,918 ) (7,988 ) Net loss attributable to noncontrolling interests — (5,587 ) — (10,967 ) Net loss (23,181 ) (33,414 ) (76,879 ) (75,604 ) Add: Depreciation and amortization expense 47,560 51,306 95,147 108,161 General and administrative expense: Corporate and other 16,720 17,001 32,277 31,974 Third-party real estate services 13,562 18,650 29,633 40,977 Transaction and other costs 2,846 824 4,757 2,338 Interest expense 35,571 31,973 70,771 62,133 (Gain) loss on the extinguishment of debt, net (2,234 ) — 2,402 — Impairment loss 31,813 1,025 40,296 18,236 Income tax expense (benefit) (83 ) 597 (283 ) (871 ) Less: Third-party real estate services, including reimbursements revenue 14,805 17,397 29,719 35,265 Income (loss) from unconsolidated real estate ventures, net 1,091 (226 ) 499 749 Interest and other income, net 698 3,432 1,223 5,532 Gain on the sale of real estate, net 41,832 89 42,369 286 Adjustments: NOI attributable to unconsolidated real estate ventures at our share 1,287 1,168 2,277 4,215 Real estate venture partner's share of NOI attributable to consolidated real estate ventures (272 ) — (272 ) — Non-cash rent adjustments (1) 71 (2,509 ) 2,510 (3,939 ) Other adjustments (2) 399 3,324 2,092 (2,705 ) Total adjustments 1,485 1,983 6,607 (2,429 ) NOI $ 65,633 $ 69,253 $ 130,918 $ 143,083 Less: out-of-service NOI loss (3) (1,469 ) (2,341 ) (3,696 ) (5,374 ) Operating Portfolio NOI $ 67,102 $ 71,594 $ 134,614 $ 148,457 Non-Same Store NOI (4) 7,575 10,254 15,399 23,515 Same Store NOI (5) $ 59,527 $ 61,340 $ 119,215 $ 124,942 Change in Same Store NOI (3.0 ) % (4.6 ) % Number of properties in Same Store pool 34 34 Expand ________________________ (1) Adjustment to exclude deferred (straight-line) rent, above/below market lease amortization and lease incentive amortization. (2) Adjustment to exclude commercial lease termination revenue, related party management fees and corporate entity activity. (3) Includes the results of our Under-Construction assets and assets in the Development Pipeline. (4) Includes the results of properties that were not In-Service for the entirety of both periods being compared, including disposed properties, and properties for which significant redevelopment, renovation or repositioning occurred during either of the periods being compared. (5) Includes the results of the properties that are owned, operated and In-Service for the entirety of both periods being compared. Expand
Tom's Guide
18 hours ago
- Tom's Guide
Huge Garmin sale with up to 40% off at Amazon — 11 deals I recommend buying now
One of the best Garmin watches will help you stay on top of your activity this summer, and right now Amazon is offering Garmin deals from $169. The sale even includes some of our top reviewed models! For example, right now you can get the Garmin Forerunner 55 on sale for $169 at Amazon. We rank this as the best value Garmin watch and it's even better with this $40 discount. (Just note that it sold for $20 less earlier this year.) You can also get an impressive $319 off the Garmin Epix Pro Gen 2 (42mm), now on sale for $580 at Amazon. Keep scrolling to see my favorite Garmin deals right now. Plus, check out our Amazon promo codes, and see the back-to-school laptop deals I'd buy with up to $400 off. This isn't a watch deal, but it's a Garmin accessory worth investing in. The HRM-Pro Plus heart rate strap provides more accurate heart rate data than a watch can, works with Garmin devices and fitness apps, and even tracks steps and calories when you're not wearing a watch. With a year-long battery life and easy setup, it's a great buy, especially at this price. The Garmin Venu Sq 2 offers 11-day battery life, 24/7 health tracking, 25+ sports apps, and smart notifications, keeping you connected on both Android and iOS. This is the Garmin to get if you're buying a running watch for the first time. It offers a bright screen, easy to read stats, and long battery life. You'll also have access to PacePro suggested workouts, which is like having a running coach on your wrist. In our Garmin Forerunner 55 review, we said this watch was like having an expert coach on your wrist. The Garmin Vivoactive 5 is a comprehensive fitness tracker that comes in at an affordable price. In our Garmin Vivoactive 5 review, we loved this device's gorgeous AMOLED display, access to multitude of sports apps and its advanced health stats like sleep and stress coaching. This budget-friendly entry in the Garmin Instinct series just got even cheaper. This smartwatch has many of the features we like about the Garmin Instinct 3, including the same holistic sensors and sleep/recovery tools. It's made with a lightweight plastic bezel, and battery life lasts up to 16 days. The rugged Instinct 2X Solar is built for adventure, with features like dual-band GPS tracking and a built-in flashlight helping you enjoy the great outdoors. It also has solar panels on the front to stretch the already impressive battery life even further in sunny conditions, and comes in a range of eye-catching colors. In our Garmin Approach S62 review, we said this is the best golf watch an avid player can get. It's got accurate GPS measurements, great virtual caddy analysis and excellent battery life in GPS mode. It's pricy, so if you're a beginner the Garmin Approach S12 may be a better pick. The Garmin Forerunner 965 packs a bright, beautiful OLED display, accurate heart rate and GPS tracking, and excellent integration with the Garmin Connect app. In our Garmin Forerunner 965 review, we said this is the ideal watch to get if you want a premium training watch with a large screen. However, there's no ECG sensor or support for wireless charging. The Garmin Approach S70 is Garmin's flagship GPS-enabled smartwatch for golfers. In addition to all the tech found in the S62, the S70 boasts a higher-quality display, more modern looking hole maps with better detail, and a bevy of additional smart and fitness-tracking features. The Garmin Epix Gen 2 offers impressive battery life for an AMOLED sports watch. Even with the always-on display, it lasts around 10 days on a single charge. My colleague Nick Harris-Fry ran a 2:27 marathon wearing it, and praised this watch for it's reliable tracking and training analysis. This Garmin is on sale for a massive 45% discount. This model is a couple of years old now, but it still delivers nice features for boaters like accurate GPS and tide data. You also get heart rate, Pulse Ox, stress and enhanced sleep tracking, with a 1.4-inch always-on display and up to 28 days of battery life.
Yahoo
21 hours ago
- Yahoo
UPS shares dip as Q2 earnings miss overshadows revenue beat
-- United Parcel Service reported second-quarter earnings that fell short of analyst expectations on Tuesday, despite posting stronger-than-expected revenue. The package delivery giant's shares fell 3.6% following the release. UPS posted adjusted earnings per share of $1.55, missing analyst estimates of $1.57, while revenue came in at $21.2 billion, exceeding the consensus forecast of $20.8 billion. The company's performance reflects what CEO Carol Tomé described as "a dynamic and evolving trade environment," with mixed results across its business segments. The U.S. Domestic segment, UPS's largest division, saw revenue decline 0.8% to $14.1 billion compared to the same period last year, primarily due to an expected drop in volume, though partially offset by increases in air cargo and revenue per piece. Operating margin for the segment was 6.5%, or 7.0% on an adjusted basis. "Our second quarter results reflect both the complexity of the landscape and the strength of our execution," said Tomé. "We are making meaningful progress on our strategic initiatives, and we're confident these actions are positioning the company for stronger long-term financial performance and enhanced competitive advantage." The International segment provided a bright spot with revenue increasing 2.6% to $4.5 billion, driven by a 3.9% rise in average daily volume. However, operating margin declined to 15.0% from 16.4% in the year-ago quarter. Supply Chain Solutions experienced the steepest revenue decline, falling 18.3% to $2.7 billion, primarily due to the divestiture of Coyote in the third quarter of 2024. UPS maintained its full-year outlook for capital expenditures of approximately $3.5 billion and confirmed it expects to achieve $3.5 billion in expense reductions through its network reconfiguration and Efficiency Reimagined initiatives. The company has completed its planned $1.0 billion in share repurchases for the year. UPS also stated that due to "current macro-economic uncertainty," it will not provide specific revenue or operating profit guidance for the full year. Related articles UPS shares dip as Q2 earnings miss overshadows revenue beat These Under-the-Radar Stocks Offer Better Risk-Reward Ratio Than Nvidia After soaring 149%, this stock is back in our AI's favor - & already +25% in July 擷取數據時發生錯誤 登入存取你的投資組合 擷取數據時發生錯誤 擷取數據時發生錯誤 擷取數據時發生錯誤 擷取數據時發生錯誤
