JBG SMITH Properties JBGS

Real estate SIC 6798 - Real Estate Investment Trusts NAICS Real Estate and Rental and Leasing › Real Estate › Lessors of Real Estate derived NYSE

JBG SMITH, a Maryland real estate investment trust, owns, operates and develops mixed-use properties concentrated in amenity-rich, Metro-served submarkets in and around Washington, D.C., most notably National Landing, where through our focus on placemaking, we cultivate vibrant, highly amenitized, walkable neighborhoods. In addition, our third-party real estate services business provides fee-based real estate services.

Substantially all our assets are held by, and our operations are conducted through, JBG SMITH LP. As of December 31, 2025, JBG SMITH, as its sole general partner, controlled JBG SMITH LP and owned 82.0% of its OP Units, after giving effect to the conversion of certain vested LTIP Units that are convertible into OP Units. JBG SMITH is referred to herein as "we," "us," "our" or other similar terms.

Last close 11.57 2026-10-23
Market cap $684.7M 2025-09-30 share count
52-week range 9.93 - 21.64

Valuation FY2025 figures against the last close

P/S1.4x
P/E—
P/FCF9.3x
EV/EBITDA—
Dividend yield7.1%
Diluted EPS-2.09

Annual financial statements

Income statement

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Revenue $498.6M$547.3M$604.2M$605.8M$634.4M$602.7M$647.8M$644.2M$543.0M$478.5M
Total operating expenses $506.6M$545.8M$565.0M$589.7M$645.5M$640.1M$625.4M$617.9M$595.2M$365.7M
Operating income ————————-$52.2M$112.8M
Interest expense $142.0M$134.1M$108.7M$75.9M$68.0M$62.3M$52.7M$74.4M$58.1M$51.8M
Pre-tax income -$171.9M-$177.0M-$92.0M$100.2M-$86.2M-$71.5M$72.8M$45.9M-$89.0M$63.1M
Income tax $3.8M$762.0K$296.0K$1.3M$3.5M$4.3M$1.3M$738.0K$9.9M$1.1M
Net income -$139.1M-$143.5M-$80.0M$85.4M-$79.3M-$62.3M$65.6M$39.9M-$71.8M$62.0M
EPS, basic -2.09-1.65-0.780.70-0.63-0.490.480.31-0.700.62
EPS, diluted -2.09-1.65-0.780.70-0.63-0.490.480.31-0.700.62
Shares, diluted (wtd. avg.) 67.4M88.3M105.1M119.0M130.8M133.5M130.7M119.2M105.4M100.6M

Balance sheet

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Cash and equivalents $75.3M$145.8M$164.8M$274.1M$302.1M$263.3M$142.5M$399.5M$338.6M$32.3M
Other intangibles $30.3M$47.0M$56.6M$68.2M$202.0M$15.6M$23.6M$34.4M$126.5M$3.1M
Total assets $4.39B$5.02B$5.52B$5.90B$6.39B$6.08B$5.99B$6.00B$6.07B$3.66B
Total liabilities $2.72B$2.79B$2.83B$2.71B$2.93B$2.34B$1.99B$2.45B$2.49B$1.54B
Retained earnings -$1.18B-$997.3M-$777.0M-$628.6M-$609.3M-$412.9M-$231.2M-$176.0M-$95.8M—
Total equity $1.16B$1.81B$2.25B$2.71B$2.94B$3.21B$3.39B$2.99B$2.97B$2.12B

Cash flow

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Operating cash flow $73.3M$129.4M$183.4M$178.0M$217.6M$169.0M$174.0M$188.2M$74.2M$159.5M
Depreciation and amortisation $197.5M$215.0M$215.6M$217.8M$240.5M$225.6M$195.8M$215.7M$164.6M$135.1M
Stock-based compensation $24.9M$29.5M$32.1M$41.3M$51.6M$66.1M$65.3M$52.7M$33.7M$4.5M
Investing cash flow $357.3M$144.2M-$98.2M$524.0M-$368.7M-$167.7M-$240.7M$66.3M-$7.7M-$258.8M
Financing cash flow -$510.5M-$290.8M-$158.8M-$730.1M$189.9M$119.5M-$190.3M-$193.5M$239.8M$51.1M
Dividends paid $48.4M$62.0M$94.0M$107.7M$118.1M$120.0M$129.8M$107.4M$26.5M$0
Buybacks $443.7M$170.8M$335.3M$361.0M$157.7M$104.8M————

Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001104659-26-016450.

Plot the figures US dollars

Income statement Revenue Cost of revenue Gross profit R&D SG&A Total operating expenses Operating income Interest expense Pre-tax income Income tax Net income EPS, basic EPS, diluted Shares, diluted (wtd. avg.)
Balance sheet Cash and equivalents Short-term investments Receivables Inventory Total current assets Property, plant and equipment Goodwill Other intangibles Total assets Accounts payable Short-term debt Total current liabilities Long-term debt Total liabilities Retained earnings Total equity
Cash flow Operating cash flow Depreciation and amortisation Stock-based compensation Capital expenditure Investing cash flow Financing cash flow Dividends paid Buybacks
  • Revenue
  • Gross profit
  • Net income
Revenue, Gross profit, Net income by fiscal year, in US dollars The same figures are in the table below this chart. -200M 0 200M 400M 600M 800M Revenue, FY2016: 478.5M Net income, FY2016: 62M Revenue, FY2017: 543M Net income, FY2017: -71.8M Revenue, FY2018: 644.2M Net income, FY2018: 39.9M Revenue, FY2019: 647.8M Net income, FY2019: 65.6M Revenue, FY2020: 602.7M Net income, FY2020: -62.3M Revenue, FY2021: 634.4M Net income, FY2021: -79.3M Revenue, FY2022: 605.8M Net income, FY2022: 85.4M Revenue, FY2023: 604.2M Net income, FY2023: -80M Revenue, FY2024: 547.3M Net income, FY2024: -143.5M Revenue, FY2025: 498.6M Net income, FY2025: -139.1M FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025
Fiscal year FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue $478.5M $543.0M $644.2M $647.8M $602.7M $634.4M $605.8M $604.2M $547.3M $498.6M
Gross profit — — — — — — — — — —
Net income $62.0M -$71.8M $39.9M $65.6M -$62.3M -$79.3M $85.4M -$80.0M -$143.5M -$139.1M

Recent filings and events

  • Material agreement signed The company entered an agreement outside the ordinary course of business - a large contract, a credit facility, a merger agreement. Item 1.01
  • New debt or obligation The company has taken on debt or a comparable obligation. Item 2.03
  • Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
  • Results announced Item 2.02
  • Annual report filed A new 10-K. The figures and the business description on this site come from it. Form 10-K
  • Results announced Item 2.02
  • Results announced Item 2.02
  • Results announced Item 2.02
  • Results announced Item 2.02
  • Annual report filed Form 10-K
  • Results announced Item 2.02
  • Results announced Item 2.02

Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.

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