JBG SMITH Properties JBGS
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.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| 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 | -0.78 | 0.70 | -0.63 | -0.49 | 0.48 | 0.31 | -0.70 | 0.62 |
| EPS, diluted | -2.09 | -1.65 | -0.78 | 0.70 | -0.63 | -0.49 | 0.48 | 0.31 | -0.70 | 0.62 |
| Shares, diluted (wtd. avg.) | $67.4M | $88.3M | $105.1M | $119.0M | $130.8M | $133.5M | $130.7M | $119.2M | $105.4M | $100.6M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| 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 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| 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.
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