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JBG SMITH Announces Second Quarter 2026 Results

JBGS
  • JBG SMITH filed its Form 10-Q for the quarter ended June 30, 2026, reporting a net loss of $59.2 million ($1.03 per diluted share) for the three months ended June 30, 2026.
  • Funds From Operations (FFO) for the three months ended June 30, 2026, were $12.5 million ($0.21 per share), while Core FFO was $10.4 million ($0.18 per share).
  • Annualized Net Operating Income (NOI) for the three months ended June 30, 2026, was $249.3 million at the company's share.
  • Same Store NOI decreased 4.0% to $54.8 million for the three months ended June 30, 2026, compared to the same period in 2025.
  • The operating multifamily portfolio was 89.6% leased 86.6% occupied as of June 30, 2026, while the commercial portfolio was 78.0% leased 75.4% occupied.
  • Construction commenced in May 2026 on 2200 Crystal Drive, converting an obsolete office building into a 195-unit multifamily asset with 59 units at the company's share.
  • The company's development pipeline as of June 30, 2026, consisted of 3.5 million square feet of estimated potential development density.
  • Third-party real estate services revenue was $17.0 million for the three months ended June 30, 2026.
  • Total enterprise value was approximately $3.5 billion as of June 30, 2026, with net debt to annualized Adjusted EBITDA at 12.4x.
  • The Board of Trustees declared a quarterly dividend of $0.175 per common share on July 30, 2026, payable on August 27, 2026.
  • A court entered judgment against JBG SMITH in the Wardman Tower litigation on July 31, 2026, awarding approximately $356.1 million in treble damages; the company intends to appeal the judgment.
  • The company formed a real estate venture in April 2026 to recapitalize Tysons Dulles Plaza, retaining a 50.0% interest.
  • The company formed a real estate venture in May 2026 for 2200 Crystal Drive, reducing its ownership interest from 100.0% to 30.0% upon funding completion.