JBG SMITH Properties (JBGS) investor relations material

Executive summary

• Net loss attributable to common shareholders was $18.7 million ($0.32 per diluted share) for Q1 2026, a significant improvement from $45.7 million ($0.56 per share) in Q1 2025, with total revenue of $127.6 million, reflecting continued operational and market headwinds.

• Revenue increased 5.7% year-over-year to $127.6 million, driven by higher commercial property rental and third-party real estate services.

• FFO attributable to common shareholders was $2.1 million ($0.04 per share), and Core FFO was $9.8 million ($0.17 per share), both up year-over-year.

• The company sold a development parcel for $50.7 million and recapitalized Tysons Dulles Plaza, supporting its capital recycling strategy.

• Same store multifamily occupancy rose to 92.0% as of March 31, 2026, up 160 basis points from December 31, 2025.

Financial highlights

• Property rental revenue grew 4.3% year-over-year to $105.9 million, with commercial assets offsetting multifamily softness.

• Annualized NOI for Q1 2026 was $249.7 million, up from $245.3 million in Q4 2025; excluding recently acquired/sold assets, Annualized NOI was $246.9 million.

• Same Store NOI declined 4.8% to $54.3 million, mainly due to lower multifamily occupancy and higher utilities.

• Cash and cash equivalents were $79.8 million at quarter end, with $515.2 million undrawn on the revolving credit facility.

• Net Debt to annualized Adjusted EBITDA was 12.7x; Net Debt/total enterprise value was 70.3%.

Outlook and guidance

• Management highlighted ongoing risks from economic and political conditions in the Washington, DC area, including federal spending reductions and interest rate volatility.

• The company is pursuing distressed office investment opportunities and expects to fund growth through asset sales and joint ventures.

• Forward-looking statements emphasize asset recycling, recapitalization, and development pipeline execution as key strategies.

• The development pipeline totals 4.6 million square feet (3.3 million at share), with joint venture capital sought for future projects.