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JBG SMITH Properties (JBGS) Financials

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$14.87 -0.02 (-0.15%)
As of 12:59 PM Eastern
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Annual Income Statements for JBG SMITH Properties

Annual Income Statements for JBG SMITH Properties

This table shows JBG SMITH Properties' income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Income / (Loss) Attributable to Common Shareholders		 50 62 -72 40 66 -62 -79 85 -80 -144 -139
Consolidated Net Income / (Loss)		 50 62 -79 47 74 -67 -90 99 -92 -178 -168
Net Income / (Loss) Continuing Operations		 50 62 -79 47 74 -67 -90 99 -92 -178 -168
Total Pre-Tax Income 		50 63 -89 46 73 -72 -86 100 -92 -177 -172
Total Revenue		 422 430 510 572 595 540 575 545 511 434 358
Net Interest Income / (Expense)		 -48 -49 -56 -59 -47 -63 -59 -57 -93 -122 -138
Total Interest Income		 2.56 2.99 1.79 15 5.39 -0.63 8.84 19 16 12 4.21
Investment Securities Interest Income		 2.56 2.99 1.79 15 5.39 -0.63 8.84 19 16 12 4.21
Total Interest Expense		 51 52 58 74 53 62 68 76 109 134 142
Long-Term Debt Interest Expense		 51 52 58 74 53 62 68 76 109 134 142
Total Non-Interest Income		 471 479 567 631 642 603 634 603 604 557 496
Other Service Charges		 11 5.38 28 32 34 30 21 25 29 21 20
Net Realized & Unrealized Capital Gains on Investments		 0.00 0.00 24 -13 -5.81 -0.06 0.00 -3.07 -0.45 9.24 -2.40
Other Non-Interest Income		 460 473 515 612 614 573 614 581 575 526 479
Total Non-Interest Expense		 368 366 595 566 520 591 659 428 576 604 526
Salaries and Employee Benefits		 0.00 0.00 29 36 42 32 16 5.39 0.55 0.00 0.00
Net Occupancy & Equipment Expense		 102 100 119 148 138 146 151 150 144 147 142
Other Operating Expenses		 122 126 285 222 254 241 242 220 210 191 175
Depreciation Expense		 145 133 162 211 192 222 236 214 210 208 190
Impairment Charge		 - - - 0.00 0.00 10 25 0.00 90 55 66
Other Special Charges		 - 0.00 0.00 -52 -105 -59 -11 -162 -79 2.75 -47
Nonoperating Income / (Expense), net		 -4.28 -0.95 -4.14 39 -1.40 -20 -2.07 -17 -27 -7.12 -4.42
Income Tax Expense		 0.42 1.08 -9.91 -0.74 -1.30 -4.27 3.54 1.26 -0.30 0.76 -3.83
Net Income / (Loss) Attributable to Noncontrolling Interest		 0.00 0.00 -7.33 6.69 8.57 -4.96 -10 14 -12 -34 -29
Basic Earnings per Share		 $0.49 $0.62 ($0.70) $0.31 $0.48 ($0.49) ($0.63) $0.70 ($0.78) ($1.65) ($2.09)
Weighted Average Basic Shares Outstanding		 100.57M 100.57M 105.36M 119.18M 130.69M 133.45M 130.84M 119.01M 105.10M 88.33M 67.36M
Diluted Earnings per Share		 $0.49 $0.62 ($0.70) $0.31 $0.48 ($0.49) ($0.63) $0.70 ($0.78) ($1.65) ($2.09)
Weighted Average Diluted Shares Outstanding		 100.57M 100.57M 105.36M 119.18M 130.69M 133.45M 130.84M 119.01M 105.10M 88.33M 67.36M
Weighted Average Basic & Diluted Shares Outstanding		 100.57M 100.57M 105.36M 119.18M 130.69M 133.45M 127.55M 114.02M 91.93M 82.45M 75.54M
Cash Dividends to Common per Share		 $0.00 $0.00 $0.45 $1.00 $0.90 $0.90 $0.90 $0.90 $0.68 $0.88 $0.70

Quarterly Income Statements for JBG SMITH Properties

This table shows JBG SMITH Properties' income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
Net Income / (Loss) Attributable to Common Shareholders		 -58 -33 -32 -24 -27 -60 -46 -19 -29 -46 -19
Consolidated Net Income / (Loss)		 -66 -38 -42 -33 -31 -71 -54 -23 -35 -56 -23
Net Income / (Loss) Continuing Operations		 -66 -38 -42 -33 -31 -71 -54 -23 -35 -56 -23
Total Pre-Tax Income 		-66 -39 -44 -33 -30 -70 -54 -23 -34 -61 -23
Total Revenue		 131 121 117 139 105 105 81 129 91 56 93
Net Interest Income / (Expense)		 -20 -26 -28 3.43 -31 -35 -35 0.70 -32 -71 -34
Total Interest Income		 7.77 1.65 2.10 3.43 4.57 1.49 0.53 0.70 2.38 0.61 1.40
Investment Securities Interest Income		 7.77 1.65 2.10 3.43 4.57 1.49 0.53 0.70 2.38 0.61 1.40
Total Interest Expense		 28 28 30 0.00 35 37 35 0.00 35 72 36
Long-Term Debt Interest Expense		 28 28 30 - 35 37 35 - 35 - 36
Total Non-Interest Income		 152 148 145 135 136 140 116 129 124 128 128
Other Service Charges		 7.33 6.88 4.68 5.39 5.62 5.21 4.27 5.17 5.18 4.95 4.54
Net Realized & Unrealized Capital Gains on Investments		 0.00 - 0.00 0.00 0.04 - -4.64 2.23 0.00 - 0.00
Other Non-Interest Income		 144 141 141 130 130 126 116 121 119 123 123
Total Non-Interest Expense		 195 134 162 139 135 168 135 118 125 148 116
Net Occupancy & Equipment Expense		 38 35 35 36 39 36 33 35 37 37 36
Other Operating Expenses		 49 49 53 51 40 47 46 46 40 43 54
Depreciation Expense		 50 57 57 51 50 50 48 48 48 47 45
Impairment Charge		 59 31 17 1.03 0.00 37 8.48 32 4.77 21 1.50
Other Special Charges		 -0.91 -38 -0.20 -0.09 5.35 -2.31 -0.54 -42 -4.66 0.40 -21
Nonoperating Income / (Expense), net		 -2.26 -26 0.98 -32 -0.75 -7.13 -0.59 -34 -0.66 31 -0.37
Income Tax Expense		 0.08 -0.97 -1.47 0.60 0.83 0.80 -0.20 -0.08 0.93 -4.47 0.01
Net Income / (Loss) Attributable to Noncontrolling Interest		 -8.09 -5.07 -9.91 -9.04 -4.33 -11 -7.98 -3.94 -6.46 -11 -4.35
Basic Earnings per Share		 ($0.58) ($0.29) ($0.36) ($0.27) ($0.32) ($0.70) ($0.56) ($0.29) ($0.48) ($0.76) ($0.32)
Weighted Average Basic Shares Outstanding		 101.45M 105.10M 92.64M 91.03M 85.29M 88.33M 81.52M 68.29M 60.61M 67.36M 59.07M
Diluted Earnings per Share		 ($0.58) ($0.29) ($0.36) ($0.27) ($0.32) ($0.70) ($0.56) ($0.29) ($0.48) ($0.76) ($0.32)
Weighted Average Diluted Shares Outstanding		 101.45M 105.10M 92.64M 91.03M 85.29M 88.33M 81.52M 68.29M 60.61M 67.36M 59.07M
Weighted Average Basic & Diluted Shares Outstanding		 95.70M 91.93M 91.90M 86.51M 84.48M 82.45M 73.05M 61.72M 59.18M 75.54M 74.51M

Annual Cash Flow Statements for JBG SMITH Properties

This table details how cash moves in and out of JBG SMITH Properties' business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Change in Cash & Equivalents		 64 -48 306 61 -257 121 39 -28 -74 -17 -80
Net Cash From Operating Activities		 178 160 74 188 174 169 218 178 183 129 73
Net Cash From Continuing Operating Activities		 178 160 74 188 174 169 218 178 183 129 73
Net Income / (Loss) Continuing Operations		 50 62 -79 47 74 -67 -90 99 -92 -178 -168
Consolidated Net Income / (Loss)		 50 62 -79 47 74 -67 -90 99 -92 -178 -168
Depreciation Expense		 147 135 165 216 196 226 240 218 216 215 197
Amortization Expense		 -0.23 2.24 3.16 3.19 5.55 6.16 6.78 6.61 0.75 5.63 12
Non-Cash Adjustments to Reconcile Net Income		 -0.17 -2.35 13 -33 -58 26 57 -130 80 77 42
Changes in Operating Assets and Liabilities, net		 -19 -38 -27 -48 -45 -21 3.23 -15 -22 9.37 -9.98
Net Cash From Investing Activities		 -237 -259 -7.68 66 -241 -168 -369 524 -98 144 357
Net Cash From Continuing Investing Activities		 -237 -259 -7.68 66 -241 -168 -369 524 -98 144 357
Purchase of Property, Leasehold Improvements and Equipment		 - - 0.00 -409 -441 -307 -173 -327 -334 -218 -122
Purchase of Investment Securities		 -244 -263 -229 -32 -185 -86 -250 -157 -58 -13 -79
Sale and/or Maturity of Investments		 0.00 0.00 58 95 385 226 55 1,008 294 375 558
Net Cash From Financing Activities		 123 51 240 -194 -190 119 190 -730 -159 -291 -510
Net Cash From Continuing Financing Activities		 123 51 240 -194 -190 119 190 -730 -159 -291 -510
Issuance of Debt		 438 80 536 403 202 1,180 490 430 887 506 1,119
Repayment of Debt		 -332 -24 -426 -467 -720 -822 -32 -676 -609 -498 -1,229
Repurchase of Common Equity		 - - - 0.00 0.00 -105 -158 -361 -335 -171 -444
Payment of Dividends		 0.00 -3.76 -31 -125 -147 -135 -136 -124 -109 -74 -61
Other Financing Activities, Net		 16 -0.22 0.00 -5.07 1.57 1.67 26 1.13 8.10 -54 104
Cash Interest Paid		 54 45 52 65 49 57 62 72 89 116 128
Cash Income Taxes Paid		 0.68 1.17 3.40 1.97 0.28 -1.19 0.82 1.21 1.92 0.12 0.06

Quarterly Cash Flow Statements for JBG SMITH Properties

This table details how cash moves in and out of JBG SMITH Properties' business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
Net Change in Cash & Equivalents		 -34 32 60 -54 -36 13 -63 -29 -3.18 16 12
Net Cash From Operating Activities		 25 68 37 24 26 42 13 19 8.87 33 3.41
Net Cash From Continuing Operating Activities		 25 68 37 24 26 42 13 19 8.87 33 3.41
Net Income / (Loss) Continuing Operations		 -66 -38 -42 -33 -31 -71 -54 -23 -35 -56 -23
Consolidated Net Income / (Loss)		 -66 -38 -42 -33 -31 -71 -54 -23 -35 -56 -23
Depreciation Expense		 52 59 58 53 52 52 49 49 50 49 47
Amortization Expense		 0.22 -0.29 2.75 0.80 0.82 1.42 3.80 3.11 3.60 1.60 0.65
Non-Cash Adjustments to Reconcile Net Income		 68 34 20 13 5.20 39 22 -6.28 1.67 24 -12
Changes in Operating Assets and Liabilities, net		 -28 13 -2.03 -9.65 -0.08 21 -8.96 -4.21 -11 15 -9.88
Net Cash From Investing Activities		 12 25 124 -62 20 62 161 109 126 -40 24
Net Cash From Continuing Investing Activities		 12 25 124 -62 20 62 161 109 126 -40 24
Purchase of Property, Leasehold Improvements and Equipment		 -77 -92 -48 -65 -59 -46 -29 -33 -30 -30 -23
Purchase of Investment Securities		 -14 -4.66 -2.54 -1.26 -7.70 -1.14 -1.38 -53 -3.87 -21 -1.23
Sale and/or Maturity of Investments		 103 122 174 5.10 87 109 192 195 160 11 48
Net Cash From Financing Activities		 -72 -62 -101 -17 -83 -91 -237 -158 -138 23 -16
Net Cash From Continuing Financing Activities		 -72 -62 -101 -17 -83 -91 -237 -158 -138 23 -16
Issuance of Debt		 161 182 62 201 73 170 462 444 141 72 62
Repayment of Debt		 -97 -156 -93 -104 -84 -217 -533 -468 -202 -26 -37
Repurchase of Common Equity		 -118 -61 -49 -67 -52 -2.40 -148 -225 -63 -7.87 -25
Payment of Dividends		 -27 -25 -19 -19 -18 -18 -18 -15 -14 -14 -14
Other Financing Activities, Net		 9.14 -1.04 -1.18 -28 -1.28 -24 -0.86 107 -0.88 -0.88 -1.36
Cash Interest Paid		 21 23 26 27 31 32 33 30 32 33 33
Cash Income Taxes Paid		 - - - - - - 0.09 - - - 0.01

Annual Balance Sheets for JBG SMITH Properties

This table presents JBG SMITH Properties' assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Total Assets		 3,661 6,072 5,997 5,986 6,080 6,386 5,903 5,519 5,021 4,388
Cash and Due from Banks		 29 317 261 126 226 264 241 165 146 75
Restricted Cash		 3.26 22 139 16 38 38 33 36 37 28
Loans and Leases, Net of Allowance		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Premises and Equipment, Net		 3,225 5,006 4,741 4,656 4,768 4,868 4,823 4,537 4,111 3,761
Deferred Acquisition Cost		 - - - - - - 94 81 70 66
Intangible Assets		 - - - - - 202 68 57 47 30
Other Assets		 329 727 857 1,188 1,048 1,014 644 643 609 428
Total Liabilities & Shareholders' Equity		 3,661 6,072 5,997 5,986 6,080 6,386 5,903 5,519 5,021 4,388
Total Liabilities		 1,539 2,488 2,452 1,987 2,343 2,925 2,708 2,826 2,788 2,719
Short-Term Debt		 0.00 116 0.00 200 0.00 300 0.00 62 85 205
Other Short-Term Payables		 324 139 131 158 103 106 138 125 101 85
Long-Term Debt		 1,165 2,072 2,136 1,423 1,992 2,176 2,437 2,500 2,485 2,298
Other Long-Term Liabilities		 49 161 185 206 248 343 133 139 117 132
Commitments & Contingencies		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Redeemable Noncontrolling Interest		 0.00 609 558 613 531 523 481 441 424 511
Total Equity & Noncontrolling Interests		 2,122 2,975 2,987 3,387 3,206 2,938 2,714 2,252 1,809 1,158
Total Preferred & Common Equity		 0.00 2,971 2,987 3,386 3,206 2,916 2,682 2,223 0.00 1,158
Preferred Stock		 - 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Common Equity		 0.00 2,971 2,987 3,386 3,206 2,916 2,682 2,223 1,809 1,158
Common Stock		 - 3,065 3,156 3,634 3,659 3,541 3,265 2,980 2,791 2,340
Retained Earnings		 - -96 -176 -231 -413 -609 -629 -777 -997 -1,180
Accumulated Other Comprehensive Income / (Loss)		 - 1.61 6.70 -17 -40 -16 46 20 15 -1.61

Quarterly Balance Sheets for JBG SMITH Properties

This table presents JBG SMITH Properties' assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric Q3 2022 Q1 2023 Q2 2023 Q3 2023 Q1 2024 Q2 2024 Q3 2024 Q1 2025 Q2 2025 Q3 2025 Q1 2026
Period end date 9/30/2022 3/31/2023 6/30/2023 9/30/2023 3/31/2024 6/30/2024 9/30/2024 3/31/2025 6/30/2025 9/30/2025 3/31/2026
Total Assets		 5,896 5,835 5,784 5,666 5,405 5,325 5,182 4,733 4,549 4,417 4,336
Cash and Due from Banks		 259 280 157 131 221 164 137 81 61 64 80
Restricted Cash		 213 42 46 38 40 42 33 39 30 23 35
Loans and Leases, Net of Allowance		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Premises and Equipment, Net		 4,564 4,688 4,741 4,600 4,520 4,526 4,430 4,091 3,776 3,782 3,693
Deferred Acquisition Cost		 - - - - 80 80 78 69 71 68 65
Intangible Assets		 156 149 144 140 54 52 49 46 53 52 29
Other Assets		 704 676 696 758 491 460 455 407 559 427 433
Total Liabilities & Shareholders' Equity		 5,896 5,835 5,784 5,666 5,405 5,325 5,182 4,733 4,549 4,417 4,336
Total Liabilities		 2,618 2,638 2,737 2,817 2,796 2,854 2,842 2,743 2,683 2,660 2,701
Short-Term Debt		 100 - 62 92 0.00 40 90 162 226 160 230
Other Short-Term Payables		 130 124 129 135 133 108 100 92 81 79 72
Long-Term Debt		 2,288 2,349 2,406 2,444 2,534 2,594 2,534 2,345 2,259 2,296 2,299
Other Long-Term Liabilities		 99 165 139 146 129 112 118 144 117 125 100
Commitments & Contingencies		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Redeemable Noncontrolling Interest		 491 458 456 444 436 437 445 418 543 566 495
Total Equity & Noncontrolling Interests		 2,787 2,739 2,591 2,405 2,173 2,035 1,896 1,571 1,323 1,191 1,140
Total Preferred & Common Equity		 2,755 2,708 2,559 2,373 2,149 2,020 1,882 0.00 0.00 0.00 1,140
Preferred Stock		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Common Equity		 2,755 2,708 2,559 2,373 2,149 2,020 1,882 1,571 1,323 1,191 1,140
Common Stock		 3,267 3,283 3,158 3,044 2,943 2,857 2,790 2,608 2,398 2,306 2,337
Retained Earnings		 -559 -607 -642 -723 -825 -866 -908 -1,043 -1,075 -1,114 -1,199
Accumulated Other Comprehensive Income / (Loss)		 47 32 43 52 31 29 -0.48 6.15 -0.40 -1.09 2.44

Annual Metrics And Ratios for JBG SMITH Properties

This table displays calculated financial ratios and metrics derived from JBG SMITH Properties' official financial filings.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Growth Metrics		 - - - - - - - - - - -
Profitability Metrics		 - - - - - - - - - - -
Valuation Ratios		 - - - - - - - - - - -
Leverage & Solvency		 - - - - - - - - - - -
Liquidity Ratios		 - - - - - - - - - - -
Cash Flow Metrics		 - - - - - - - - - - -
Efficiency Ratios		 - - - - - - - - - - -
Capital & Investment Metrics		 - - - - - - - - - - -
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $0.49 $0.62 ($0.70) $0.31 $0.48 ($0.49) ($0.63) $0.70 ($0.78) ($1.65) ($2.09)
Adjusted Weighted Average Basic Shares Outstanding		 100.57M 100.57M 117.95M 122.59M 130.69M 131.60M 130.84M 119.01M 105.10M 88.33M 67.36M
Adjusted Diluted Earnings per Share		 $0.49 $0.62 ($0.70) $0.31 $0.48 ($0.49) ($0.63) $0.70 ($0.78) ($1.65) ($2.09)
Adjusted Weighted Average Diluted Shares Outstanding		 100.57M 100.57M 117.95M 119.18M 130.69M 131.60M 130.84M 119.01M 105.10M 88.33M 67.36M
Adjusted Basic & Diluted Earnings per Share		 $0.49 $0.00 $0.00 $0.00 $0.48 ($0.49) $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 100.57M 100.57M 105.36M 119.18M 134.88M 133.45M 127.55M 114.02M 91.93M 82.45M 75.54M
Debt Service Ratios		 - - - - - - - - - - -
Payout Ratios		 - - - - - - - - - - -

Quarterly Metrics And Ratios for JBG SMITH Properties

This table displays calculated financial ratios and metrics derived from JBG SMITH Properties' official financial filings.

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
DEI Shares Outstanding		 - - - - - - - - - - 75,535,929.00
DEI Adjusted Shares Outstanding		 - - - - - - - - - - 75,535,929.00
DEI Earnings Per Adjusted Shares Outstanding		 - - - - - - - - - - -0.31
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 1.71% -4.44% -10.04% -16.64% -19.83% -13.50% -30.52% -6.73% -13.20% - 14.84%
EBITDA Growth		 -126.15% 11.72% -79.01% -45.19% 293.34% -121.28% -100.36% 19.83% -11.61% - 42,772.88%
EBIT Growth		 -744.74% 26.34% -287.05% -168.17% 53.37% -385.69% -19.43% 1,914.89% -12.41% - 57.48%
NOPAT Growth		 -744.74% 26.34% -230.85% -168.17% 53.37% -385.69% -19.43% 1,914.89% -12.41% - 57.48%
Net Income Growth		 -206.29% -80.64% -273.55% -172.68% 52.63% -88.08% -27.28% 30.62% -11.83% - 57.08%
EPS Growth		 -241.18% -93.33% -289.47% -170.00% 44.83% -141.38% -55.56% -7.41% -50.00% - 42.86%
Operating Cash Flow Growth		 12.08% 43.65% -13.11% -49.21% 3.59% -38.37% -65.08% -20.84% -66.36% - -73.65%
Free Cash Flow Firm Growth		 652.41% 26.08% 76.97% 330.08% 69.24% 10.63% 63.79% 86.34% 81.80% - -48.05%
Invested Capital Growth		 -4.96% -6.71% -7.27% -7.43% -7.82% -8.60% -12.58% -14.78% -15.13% - -7.40%
Revenue Q/Q Growth		 2.61% -7.83% -3.32% -8.83% -1.31% -0.55% -22.35% 59.03% -29.32% - 66.53%
EBITDA Q/Q Growth		 -130.55% 485.61% -63.59% 27.77% 7.77% -142.44% 99.39% 108,072.88% -68.32% - 160.35%
EBIT Q/Q Growth		 -424.65% 79.69% -244.58% 26.98% 8.77% -111.59% 15.27% 121.04% -397.99% - 75.35%
NOPAT Q/Q Growth		 -424.65% 79.69% -244.58% 26.98% 8.77% -111.59% 15.27% 121.04% -397.99% - 75.35%
Net Income Q/Q Growth		 -439.42% 43.02% -12.02% 20.80% 6.30% -126.26% 24.20% 56.83% -51.04% - 58.97%
EPS Q/Q Growth		 -480.00% 50.00% -24.14% 25.00% -18.52% -118.75% 20.00% 48.21% -65.52% - 57.89%
Operating Cash Flow Q/Q Growth		 -45.59% 168.95% -45.91% -35.83% 10.97% 60.00% -69.35% 45.47% -52.85% - -89.55%
Free Cash Flow Firm Q/Q Growth		 240.76% 55.90% 0.89% 3.92% 3.54% 1.91% 49.38% 25.07% -4.51% - -44.14%
Invested Capital Q/Q Growth		 -2.34% -2.43% -2.13% -0.73% -2.76% -3.26% -6.39% -3.23% -3.17% - -0.19%
Profitability Metrics		 - - - - - - - - - - -
EBITDA Margin		 -8.99% 37.59% 14.16% 19.84% 21.67% -9.25% -0.07% 49.23% 22.07% - 26.94%
EBIT Margin		 -48.51% -10.69% -38.11% -30.52% -28.22% -60.03% -65.51% 8.67% -36.54% - -24.25%
Profit (Net Income) Margin		 -50.29% -31.09% -36.02% -31.29% -29.71% -67.60% -65.99% -17.91% -38.28% - -24.66%
Tax Burden Percent		 100.12% 97.49% 96.64% 101.82% 102.73% 101.15% 99.63% 99.64% 102.72% - 100.03%
Interest Burden Percent		 103.55% 298.25% 97.82% 100.69% 102.51% 111.33% 101.11% -207.42% 101.99% - 101.65%
Effective Tax Rate		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00%
Return on Invested Capital (ROIC)		 -3.17% -0.70% -2.48% -1.92% -1.72% -3.63% -3.79% 0.50% -2.09% - -1.45%
ROIC Less NNEP Spread (ROIC-NNEP)		 -4.05% -1.85% -2.93% -2.33% -2.13% -4.67% -4.44% -0.71% -2.55% - -1.74%
Return on Net Nonoperating Assets (RNNOA)		 -3.25% -1.57% -2.47% -2.16% -2.11% -4.87% -4.87% -0.84% -3.16% - -2.41%
Return on Equity (ROE)		 -6.43% -2.27% -4.95% -4.07% -3.83% -8.50% -8.66% -0.34% -5.25% - -3.87%
Cash Return on Invested Capital (CROIC)		 4.21% 6.11% 5.80% 5.68% 6.52% 6.62% 10.83% 13.49% 13.77% - 5.47%
Operating Return on Assets (OROA)		 -4.33% -0.96% -3.38% -2.62% -2.34% -4.95% -5.15% 0.68% -2.86% - -1.98%
Return on Assets (ROA)		 -4.49% -2.78% -3.19% -2.68% -2.47% -5.57% -5.19% -1.41% -2.99% - -2.01%
Return on Common Equity (ROCE)		 -5.38% -1.89% -4.14% -3.38% -3.14% -6.95% -7.00% -0.26% -3.94% - -2.89%
Return on Equity Simple (ROE_SIMPLE)		 -3.16% 0.00% -7.36% -8.88% -7.68% 0.00% 0.00% 0.00% 0.00% - -12.05%
Net Operating Profit after Tax (NOPAT)		 -45 -9.07 -31 -23 -21 -44 -37 7.85 -23 - -16
NOPAT Margin		 -33.96% -7.48% -26.68% -21.37% -19.75% -42.02% -45.85% 6.07% -25.58% - -16.98%
Net Nonoperating Expense Percent (NNEP)		 0.87% 1.14% 0.45% 0.42% 0.41% 1.04% 0.65% 1.21% 0.46% - 0.29%
SG&A Expenses to Revenue		 28.63% 28.96% 30.12% 33.95% 37.26% 34.18% 41.09% 26.95% 39.98% - 38.75%
Operating Expenses to Revenue		 148.51% 110.69% 138.11% 130.52% 128.22% 160.03% 165.51% 91.33% 136.54% - 124.25%
Earnings before Interest and Taxes (EBIT)		 -64 -13 -45 -33 -30 -63 -53 11 -33 - -23
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 -12 46 17 21 23 -9.69 -0.06 64 20 - 25
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 0.60 0.69 0.68 0.69 0.80 0.72 0.85 0.96 1.15 - 0.97
Price to Tangible Book Value (P/TBV)		 0.64 0.71 0.70 0.70 0.83 0.74 0.87 1.00 1.21 - 0.99
Price to Revenue (P/Rev)		 2.76 3.02 2.95 2.91 3.36 2.99 3.33 3.25 3.66 - 2.98
Price to Earnings (P/E)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00
Dividend Yield		 6.54% 5.59% 5.54% 6.80% 5.58% 5.69% 5.43% 4.05% 3.15% - 4.79%
Earnings Yield		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00%
Enterprise Value to Invested Capital (EV/IC)		 0.79 0.83 0.82 0.84 0.89 0.86 0.92 0.97 1.02 - 0.96
Enterprise Value to Revenue (EV/Rev)		 8.26 8.56 8.44 8.95 9.82 9.47 10.38 10.80 11.49 - 10.83
Enterprise Value to EBITDA (EV/EBITDA)		 29.11 28.88 47.24 59.64 41.68 80.70 120.59 93.74 102.17 - 59.57
Enterprise Value to EBIT (EV/EBIT)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00
Enterprise Value to NOPAT (EV/NOPAT)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00
Enterprise Value to Operating Cash Flow (EV/OCF)		 26.25 23.84 23.64 27.56 28.42 31.76 39.26 41.87 52.01 - 62.96
Enterprise Value to Free Cash Flow (EV/FCFF)		 18.36 13.15 13.56 14.13 13.12 12.33 7.92 6.59 6.82 - 16.95
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 0.89 0.95 0.97 1.07 1.12 1.15 1.26 1.33 1.40 - 1.55
Long-Term Debt to Equity		 0.86 0.93 0.97 1.05 1.08 1.11 1.18 1.21 1.31 - 1.41
Financial Leverage		 0.80 0.85 0.84 0.92 0.99 1.04 1.10 1.18 1.24 - 1.39
Leverage Ratio		 1.89 1.94 1.94 2.01 2.09 2.14 2.20 2.28 2.34 - 2.50
Compound Leverage Factor		 1.95 5.79 1.89 2.03 2.14 2.38 2.23 -4.72 2.39 - 2.54
Debt to Total Capital		 47.09% 48.76% 49.27% 51.59% 52.85% 53.51% 55.76% 57.11% 58.30% - 60.74%
Short-Term Debt to Total Capital		 1.71% 1.18% 0.00% 0.78% 1.81% 1.77% 3.60% 5.19% 3.80% - 5.52%
Long-Term Debt to Total Capital		 45.38% 47.58% 49.27% 50.81% 51.04% 51.74% 52.15% 51.92% 54.50% - 55.21%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00%
Noncontrolling Interests to Total Capital		 8.85% 8.94% 8.95% 8.85% 9.24% 8.82% 9.30% 12.48% 13.44% - 11.88%
Common Equity to Total Capital		 44.06% 42.30% 41.78% 39.56% 37.91% 37.67% 34.94% 30.40% 28.26% - 27.38%
Debt to EBITDA		 17.30 16.93 28.48 36.84 24.72 50.48 73.14 55.45 58.25 - 37.55
Net Debt to EBITDA		 16.15 15.60 25.56 33.96 23.12 46.88 69.63 53.42 56.17 - 35.84
Long-Term Debt to EBITDA		 16.67 16.52 28.48 36.28 23.87 48.81 68.41 50.40 54.46 - 34.13
Debt to NOPAT		 -52.03 -56.31 -27.12 -24.44 -31.26 -21.61 -20.06 -21.29 -20.59 - -26.40
Net Debt to NOPAT		 -48.56 -51.90 -24.33 -22.53 -29.23 -20.07 -19.09 -20.51 -19.86 - -25.20
Long-Term Debt to NOPAT		 -50.14 -54.94 -27.12 -24.07 -30.19 -20.90 -18.76 -19.36 -19.25 - -24.00
Noncontrolling Interest Sharing Ratio		 16.32% 16.70% 16.35% 17.02% 18.02% 18.14% 19.10% 22.94% 25.01% - 25.20%
Liquidity Ratios		 - - - - - - - - - - -
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 237 369 372 387 400 408 609 762 728 - 317
Operating Cash Flow to CapEx		 33.26% 74.11% 77.20% 36.32% 45.00% 91.79% 44.46% 56.46% 29.82% - 14.67%
Free Cash Flow to Firm to Interest Expense		 8.48 13.13 12.34 12.09 11.35 11.13 17.31 0.00 20.93 - 8.91
Operating Cash Flow to Interest Expense		 0.91 2.44 1.23 0.74 0.75 1.15 0.37 0.00 0.26 - 0.10
Operating Cash Flow Less CapEx to Interest Expense		 -1.83 -0.85 -0.36 -1.30 -0.91 -0.10 -0.46 0.00 -0.60 - -0.56
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.09 0.09 0.09 0.09 0.08 0.08 0.08 0.08 0.08 - 0.08
Fixed Asset Turnover		 0.11 0.11 0.11 0.10 0.10 0.10 0.09 0.09 0.09 - 0.10
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 5,386 5,255 5,143 5,105 4,964 4,803 4,496 4,351 4,213 - 4,163
Invested Capital Turnover		 0.09 0.09 0.09 0.09 0.09 0.09 0.08 0.08 0.08 - 0.09
Increase / (Decrease) in Invested Capital		 -281 -378 -403 -410 -421 -452 -647 -754 -751 - -333
Enterprise Value (EV)		 4,267 4,372 4,203 4,265 4,424 4,109 4,133 4,201 4,308 - 4,012
Market Capitalization		 1,423 1,540 1,469 1,385 1,512 1,298 1,328 1,264 1,373 - 1,104
Book Value per Share		 $22.94 $23.23 $23.20 $21.98 $21.76 $21.41 $19.05 $18.11 $19.29 - $15.09
Tangible Book Value per Share		 $21.59 $22.64 $22.61 $21.41 $21.19 $20.86 $18.50 $17.38 $18.45 - $14.70
Total Capital		 5,386 5,255 5,143 5,105 4,964 4,803 4,496 4,351 4,213 - 4,163
Total Debt		 2,536 2,562 2,534 2,634 2,624 2,570 2,507 2,485 2,456 - 2,529
Total Long-Term Debt		 2,444 2,500 2,534 2,594 2,534 2,485 2,345 2,259 2,296 - 2,299
Net Debt		 2,367 2,362 2,274 2,428 2,454 2,387 2,386 2,394 2,368 - 2,414
Capital Expenditures (CapEx)		 77 92 48 65 59 46 29 33 30 - 23
Net Nonoperating Expense (NNE)		 21 29 11 11 10 27 16 31 12 - 7.18
Net Nonoperating Obligations (NNO)		 2,536 2,562 2,534 2,634 2,624 2,570 2,507 2,485 2,456 - 2,529
Total Depreciation and Amortization (D&A)		 52 58 61 54 53 53 53 52 54 - 48
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 ($0.58) ($0.29) ($0.36) ($0.27) ($0.32) ($0.70) ($0.56) ($0.29) ($0.48) ($0.76) ($0.32)
Adjusted Weighted Average Basic Shares Outstanding		 101.45M 105.10M 92.64M 91.03M 85.29M 88.33M 81.52M 68.29M 60.61M 67.36M 59.07M
Adjusted Diluted Earnings per Share		 ($0.58) ($0.29) ($0.36) ($0.27) ($0.32) ($0.70) ($0.56) ($0.29) ($0.48) ($0.76) ($0.32)
Adjusted Weighted Average Diluted Shares Outstanding		 101.45M 105.10M 92.64M 91.03M 85.29M 88.33M 81.52M 68.29M 60.61M 67.36M 59.07M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 95.70M 91.93M 91.90M 86.51M 84.48M 82.45M 73.05M 61.72M 59.18M 75.54M 74.51M
Normalized Net Operating Profit after Tax (NOPAT)		 -3.75 -14 -19 -22 -17 -20 -32 0.84 -23 - -30
Normalized NOPAT Margin		 -2.85% -11.42% -16.51% -20.75% -16.20% -18.73% -39.02% 0.65% -25.49% - -31.64%
Pre Tax Income Margin		 -50.23% -31.89% -37.28% -30.73% -28.92% -66.83% -66.23% -17.98% -37.27% - -24.65%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 -2.29 -0.46 -1.48 -1.02 -0.84 -1.72 -1.51 0.00 -0.96 - -0.64
NOPAT to Interest Expense		 -1.60 -0.32 -1.04 -0.71 -0.59 -1.20 -1.06 0.00 -0.67 - -0.45
EBIT Less CapEx to Interest Expense		 -5.03 -3.75 -3.07 -3.07 -2.51 -2.97 -2.34 0.00 -1.82 - -1.29
NOPAT Less CapEx to Interest Expense		 -4.34 -3.61 -2.63 -2.76 -2.25 -2.45 -1.89 0.00 -1.53 - -1.10
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 -151.85% -119.20% -62.38% -50.17% -56.11% -41.39% -38.14% -38.26% -35.57% - -41.89%
Augmented Payout Ratio		 -517.50% -484.83% -292.87% -215.09% -215.08% -137.46% -180.23% -276.92% -275.37% - -275.83%

Financials Breakdown Chart

Key Financial Trends

JBG SMITH Properties (NYSE: JBGS) is showing a mixed but improving operating picture in early 2026, with a key caveat: the company remains unprofitable and still carries a meaningful debt load. The latest quarter showed positive operating and investing cash flow, but earnings were again negative, and the balance sheet continues to reflect leverage and large noncontrolling interests.

  • Operating cash flow turned positive again in Q1 2026. Net cash from operating activities was $3.4 million, compared with $32.6 million in Q4 2025 and $8.9 million in Q3 2025. While modest, it is still better than the negative operating cash flow seen in some earlier periods.
  • Cash and equivalents improved quarter over quarter. Cash and due from banks rose to $79.8 million at Q1 2026 from $64.4 million at Q3 2025, helped by a positive net change in cash.
  • Investing cash flow was strongly positive in Q1 2026. Net cash from investing activities was $24.0 million, driven by sales and maturities of investments that more than offset capital spending and investment purchases.
  • The company continued to reduce its share count over time. Weighted average basic shares in Q1 2026 were 59.1 million versus 67.4 million in Q4 2025 and 81.5 million in Q1 2025, which can support per-share metrics if profitability improves.
  • Interest income remains a small but steady offset. Investment securities interest income was $1.4 million in Q1 2026, providing some cushion against high financing costs.
  • Revenue mix remains heavily dependent on non-interest income. In Q1 2026, total revenue was $93.5 million, but $127.6 million of non-interest income was largely offset by a $34.1 million net interest expense. This structure suggests the company is still reliant on non-core income sources and asset-level economics rather than financing spread income.
  • Asset values remain large but have been drifting lower. Total assets fell to $4.34 billion in Q1 2026 from $4.42 billion in Q3 2025 and $4.73 billion in Q1 2025, reflecting a gradual contraction in the balance sheet.
  • Redeemable noncontrolling interest is still sizable. At $494.8 million in Q1 2026, this remains an important claim on enterprise value and a factor investors should keep in mind when assessing equity value.
  • JBGS remained unprofitable in the latest quarter. Q1 2026 net loss attributable to common shareholders was $18.7 million, or $0.32 per share, following a $45.5 million common loss in Q4 2025.
  • Debt and interest costs remain a major pressure point. Long-term debt stood at $2.30 billion in Q1 2026, plus $230 million of short-term debt, while total interest expense was $35.5 million for the quarter. That burden continues to weigh on profitability.
  • Profitability has deteriorated versus the prior year’s stronger quarters. In 2024 and early 2025, the company had some quarters with positive operating cash flow and even positive earnings in select periods, but the recent run has trended back to losses.
  • Impairment and special charges remain a recurring issue. Q1 2026 included a $1.5 million impairment charge, and prior quarters showed much larger impairment and special charge swings, highlighting volatility in operating results.

Bottom line: JBGS appears to be managing cash reasonably well in the near term, but the business still faces the classic REIT challenge of high leverage, elevated interest expense, and inconsistent earnings. For retail investors, the latest data suggests a company that is stable enough to keep generating cash, but not yet strong enough to produce reliable bottom-line growth.

06/08/26 10:38 AM ETAI Generated. May Contain Errors.

JBG SMITH Properties Financials - Frequently Asked Questions

According to the most recent income statement we have on file, JBG SMITH Properties' financial year ends in December. Their financial year 2025 ended on December 31, 2025.

JBG SMITH Properties' net income appears to be on an upward trend, with a most recent value of -$168.06 million in 2025, falling from $49.63 million in 2015. The previous period was -$177.75 million in 2024. View JBG SMITH Properties' forecast to see where analysts expect JBG SMITH Properties to go next.

Over the last 10 years, JBG SMITH Properties' total revenue changed from $422.34 million in 2015 to $358.37 million in 2025, a change of -15.1%.

JBG SMITH Properties' total liabilities were at $2.72 billion at the end of 2025, a 2.5% decrease from 2024, and a 76.7% increase since 2016.

In the past 9 years, JBG SMITH Properties' cash and equivalents has ranged from $29 million in 2016 to $316.68 million in 2017, and is currently $75.27 million as of their latest financial filing in 2025.


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Financial statements for NYSE:JBGS last updated on 5/7/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.
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