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JBG SMITH Announces First Quarter 2026 Results

JBGS
  • JBG SMITH filed its Form 10-Q for the quarter ended March 31, 2026, reporting a net loss of $18.7 million attributable to common shareholders.
  • Funds From Operations (FFO) were $2.1 million ($0.04 per diluted share), while Core FFO reached $9.8 million ($0.17 per diluted share).
  • Annualized Net Operating Income (NOI) totaled $249.7 million, increasing from $245.3 million in the prior quarter, with $246.9 million excluding recently acquired or sold assets.
  • Same Store NOI decreased 4.8% quarter-over-quarter to $54.3 million, driven by lower multifamily occupancy, higher utilities, & increased rent abatement.
  • The operating multifamily portfolio was 86.8% leased & 84.5% occupied, while the commercial portfolio was 76.9% leased & 75.2% occupied as of March 31, 2026.
  • In the multifamily sector, effective rents for new leases fell 10.5%, whereas renewal rents increased 1.9% with a 62.4% renewal rate.
  • The company executed approximately 332,000 square feet of office leases, with second-generation leases showing a 6.6% cash rental rate decrease.
  • The development pipeline stands at 3.3 million square feet of estimated potential development density at JBG SMITH's share.
  • Third-party real estate services revenue was $17.2 million, including $6.5 million in core service fees excluding reimbursements & venture revenues.
  • Total enterprise value was approximately $3.5 billion, comprised of $1.0 billion in equity & $2.6 billion in net debt as of March 31, 2026.
  • Net Debt to annualized Adjusted EBITDA was 12.7x, with a Net Debt to total enterprise value ratio of 70.3%.
  • The company sold the Potomac Yard Landbay H parcel for $50.7 million & extended a $200.0 million term loan maturity to January 2027.
  • JBG SMITH repurchased 1.6 million common shares for $25.4 million during the quarter, with an additional 182,184 shares retired through May 1, 2026.
  • A real estate venture was formed in April 2026 to recapitalize Tysons Dulles Plaza, securing a $37.9 million mortgage loan with $20.0 million drawn at closing.
  • The Board declared a quarterly dividend of $0.175 per share, payable on May 28, 2026, to shareholders of record on May 14, 2026.
  • The company repaid $30.0 million under its revolving credit facility subsequent to the quarter end.