NYSE : JBGS
JBG SMITH Properties — Financial statements
Real Estate · REIT - Office · United States
Last price 12.01 USD (Oct 29, 2026, 4:00 PM EDT) · Market cap 859.62M
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Financial statements
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Rental Revenue | 421.28M | 416.80M | 456.95M | 483.16M | 491.74M | 499.59M |
| Other Revenue | 84.45M | 80.58M | 89.94M | 122.64M | 115.96M | 156.61M |
| Total Revenue | 505.73M | 497.38M | 546.89M | 605.80M | 607.70M | 656.19M |
| Property Expenses | 258.30M | 251.17M | 273.48M | 290.67M | 306.70M | 328.62M |
| Selling, General & Administrative | 57.58M | 59.17M | 58.79M | 55.39M | 63.67M | 70.14M |
| Depreciation & Amortization | 185.01M | 190.06M | 208.18M | 210.19M | 213.77M | 236.30M |
| Total Operating Expenses | 500.90M | 500.40M | 540.45M | 556.25M | 584.14M | 635.07M |
| Operating Income | 4.83M | -3.03M | 6.44M | 49.55M | 23.55M | 21.12M |
| Interest Expense | -142.84M | -142.04M | -134.07M | -108.66M | -75.93M | -67.96M |
| Interest & Investment Income | 2.63M | 2.28M | 8.08M | 15.29M | 4.22M | |
| Other Non-Operating Income | 5.24M | |||||
| EBT Excluding Unusual Items | -135.38M | -142.78M | -119.55M | -43.82M | -48.16M | -41.60M |
| Gain (Loss) on Sale of Investments | 3.21M | -1.27M | -3.18M | -28.10M | -4.90M | -20.30M |
| Gain (Loss) on Sale of Assets | 25.05M | 46.63M | -2.75M | 79.33M | 161.89M | 11.29M |
| Asset Writedown | -71.12M | -65.85M | -55.43M | -90.23M | -25.14M | |
| Other Unusual Items | -11.99M | -8.62M | 3.92M | -9.19M | -8.58M | -10.43M |
| Pretax Income | -190.22M | -171.89M | -176.99M | -92.00M | 100.25M | -86.18M |
| Income Tax Expense | -3.54M | -3.83M | 762.00K | -296.00K | 1.26M | 3.54M |
| Earnings From Continuing Operations | -186.68M | -168.06M | -177.75M | -91.71M | 98.99M | -89.72M |
| Minority Interest in Earnings | 34.72M | 29.00M | 34.23M | 11.73M | -13.62M | 10.47M |
| Net Income | -151.95M | -139.06M | -143.53M | -79.98M | 85.37M | -79.26M |
| Preferred Dividends & Other Adjustments | 1.97M | 1.79M | 2.46M | 2.05M | 1.86M | 2.85M |
| Net Income to Common | -153.93M | -140.85M | -145.99M | -82.03M | 83.51M | -82.11M |
| Basic Shares Outstanding | 59.27M | 67.36M | 88.33M | 105.09M | 119.00M | 130.84M |
| Diluted Shares Outstanding | 59.27M | 67.36M | 88.33M | 105.09M | 119.00M | 130.84M |
| EPS (Basic) | -2.60 | -2.09 | -1.65 | -0.78 | 0.70 | -0.63 |
| EPS (Diluted) | -2.60 | -2.09 | -1.65 | -0.78 | 0.70 | -0.63 |
| Dividend Per Share | 0.70 | 0.70 | 0.70 | 0.85 | 0.90 | 0.90 |
| Operating Margin | 0.96% | -0.61% | 1.18% | 8.18% | 3.88% | 3.22% |
| Profit Margin | -30.44% | -28.32% | -26.69% | -13.54% | 13.74% | -12.51% |
| EBITDA | 191.98M | 187.17M | 214.78M | 258.79M | 235.74M | 256.24M |
| EBITDA Margin | 37.96% | 37.63% | 39.27% | 42.72% | 38.79% | 39.05% |
| D&A For Ebitda | 187.15M | 190.19M | 208.34M | 209.24M | 212.18M | 235.11M |
| EBIT | 4.83M | -3.03M | 6.44M | 49.55M | 23.55M | 21.12M |
| EBIT Margin | 0.96% | -0.61% | 1.18% | 8.18% | 3.88% | 3.22% |
| Funds From Operations (FFO) | 10.40M | 6.58M | 55.63M | 140.39M | 156.05M | 159.35M |
| Adjusted Funds From Operations (AFFO) | 6.58M | 55.63M | 140.39M | 156.05M | 159.35M | |
| FFO Payout Ratio | 402.80% | 736.64% | 111.47% | 66.96% | 69.01% | 74.12% |
| Effective Tax Rate | 1.26% | |||||
| Revenue as Reported | 508.41M | 498.60M | 547.31M | 604.20M | 605.82M | 634.36M |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Property, Plant & Equipment | 3.68B | 3.80B | 4.16B | 4.60B | 4.82B | 5.05B |
| Cash & Equivalents | 74.80M | 75.27M | 145.80M | 164.77M | 241.10M | 264.36M |
| Accounts Receivable | 212.89M | 202.63M | 189.88M | 211.08M | 221.27M | 236.33M |
| Other Receivables | 2.07M | 3.75M | 4.38M | 5.86M | 429.00K | |
| Investment In Debt and Equity Securities | 87.87M | 84.19M | 76.34M | 244.59M | 298.57M | 336.39M |
| Other Intangible Assets | 11.50M | 30.33M | 47.00M | 56.62M | 68.18M | 77.21M |
| Restricted Cash | 33.26M | 28.02M | 37.39M | 35.67M | 32.98M | 37.74M |
| Other Current Assets | 2.49M | 9.65M | 201.30M | 13.21M | 16.92M | 93.87M |
| Deferred Long-Term Charges | 66.15M | 70.72M | 77.10M | 91.68M | 99.58M | 136.18M |
| Other Long-Term Assets | 94.25M | 83.31M | 86.48M | 99.42M | 94.51M | 152.61M |
| Total Assets | 4.26B | 4.39B | 5.02B | 5.52B | 5.90B | 6.39B |
| Current Portion of Leases | 5.49M | |||||
| Long-Term Debt | 2.33B | 2.31B | 2.49B | 2.51B | 2.44B | 2.48B |
| Long-Term Leases | 39.45M | 35.28M | 44.43M | 64.50M | 5.31M | 169.42M |
| Accounts Payable | 65.63M | 84.75M | 101.10M | 124.87M | 138.06M | 106.14M |
| Accrued Expenses | 5.78M | 17.47M | 17.47M | 17.57M | 17.99M | 18.17M |
| Other Current Liabilities | 13.12M | 18.51M | 29.62M | 50.96M | ||
| Long-Term Unearned Revenue | 12.97M | 13.94M | 12.98M | 10.95M | 15.92M | 19.85M |
| Long-Term Deferred Tax Liabilities | 3.92M | 3.33M | 4.90M | 5.34M | ||
| Other Long-Term Liabilities | 28.50M | 34.30M | 17.03M | 28.08M | 58.97M | 78.82M |
| Total Liabilities | 2.69B | 2.72B | 2.79B | 2.83B | 2.71B | 2.93B |
| Common Stock | 746.00K | 732.00K | 846.00K | 944.00K | 1.14M | 1.27M |
| Additional Paid-In Capital | 2.33B | 2.34B | 2.79B | 2.98B | 3.26B | 3.54B |
| Retained Earnings | -1.27B | -1.18B | -997.28M | -776.96M | -628.64M | -609.33M |
| Comprehensive Income & Other | 5.87M | -1.61M | 15.09M | 20.04M | 45.64M | -15.95M |
| Total Common Equity | 1.07B | 1.16B | 1.81B | 2.22B | 2.68B | 2.92B |
| Minority Interest | 504.29M | 511.34M | 423.63M | 469.71M | 513.53M | 545.23M |
| Shareholders' Equity | 1.57B | 1.67B | 2.23B | 2.69B | 3.20B | 3.46B |
| Total Liabilities & Equity | 4.26B | 4.39B | 5.02B | 5.52B | 5.90B | 6.39B |
| Total Debt | 2.58B | 2.56B | 2.62B | 2.64B | 2.44B | 2.65B |
| Net Cash (Debt) | -2.50B | -2.48B | -2.47B | -2.48B | -2.20B | -2.38B |
| Net Cash Per Share | -42.22 | -36.82 | -27.98 | -23.56 | -18.50 | -18.20 |
| Filing Date Shares Outstanding | 58.58M | 58.95M | 82.45M | 91.93M | 114.02M | 127.55M |
| Total Common Shares Outstanding | 58.43M | 59.53M | 84.50M | 94.31M | 114.01M | 127.38M |
| Book Value Per Share | 18.25 | 19.45 | 21.41 | 23.57 | 23.52 | 22.89 |
| Tangible Book Value | 1.05B | 1.13B | 1.76B | 2.17B | 2.61B | 2.84B |
| Tangible Book Value Per Share | 18.06 | 18.94 | 20.85 | 22.97 | 22.92 | 22.29 |
| Land | 987.80M | 1.02B | 1.11B | 1.19B | 1.30B | 1.38B |
| Buildings | 4.02B | 3.97B | 4.08B | 4.02B | 4.31B | 4.51B |
| Construction In Progress | 111.28M | 175.67M | 338.33M | 659.10M | 544.69M | 344.65M |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | -151.95M | -139.06M | -143.53M | -79.98M | 85.37M | -79.26M |
| Depreciation & Amortization | 187.15M | 190.19M | 208.34M | 209.24M | 212.18M | 235.11M |
| Other Amortization | 11.93M | 19.52M | 12.44M | 7.14M | 12.27M | 12.12M |
| Gain (Loss) on Sale of Assets | -25.05M | -46.63M | 2.75M | -79.33M | -161.89M | -11.29M |
| Gain (Loss) on Sale of Investments | 3.20M | 3.20M | 6.70M | 28.60M | 19.30M | 23.90M |
| Asset Writedown | 71.12M | 65.85M | 55.43M | 90.23M | 25.14M | |
| Stock-Based Compensation | 26.95M | 24.86M | 29.52M | 32.10M | 41.27M | 51.55M |
| Income (Loss) on Equity Investments | 4.21M | 2.74M | 2.32M | 19.10M | 9.54M | -5.92M |
| Change in Accounts Receivable | -4.86M | -53.00K | 18.21M | 11.12M | -13.15M | 8.81M |
| Change in Accounts Payable | -2.59M | -4.79M | 606.00K | -11.26M | -1.28M | 8.70M |
| Change in Other Net Operating Assets | -4.70M | -5.13M | -9.45M | -22.37M | -801.00K | -16.88M |
| Other Operating Activities | -54.65M | -37.43M | -53.95M | -21.22M | -24.76M | -34.38M |
| Operating Cash Flow | 60.75M | 73.26M | 129.39M | 183.37M | 178.04M | 217.62M |
| Acquisition of Real Estate Assets | -100.55M | -162.54M | -218.03M | -353.30M | -392.04M | -381.52M |
| Sale of Real Estate Assets | 210.16M | 545.18M | 202.02M | 281.52M | 928.91M | 14.37M |
| Net Sale / Acq. of Real Estate Assets | 109.61M | 382.65M | -16.00M | -71.77M | 536.87M | -367.15M |
| Investment in Marketable & Equity Securities | -19.49M | -22.09M | 158.40M | -18.50M | -12.84M | -1.59M |
| Other Investing Activities | 3.42M | -3.24M | 1.76M | -7.91M | ||
| Investing Cash Flow | 93.54M | 357.31M | 144.16M | -98.18M | 524.02M | -368.74M |
| Short-Term Debt Issued | 836.00M | 318.00M | 371.75M | 100.00M | 300.00M | |
| Long-Term Debt Issued | 283.17M | 187.90M | 515.14M | 329.74M | 190.00M | |
| Total Debt Issued | 322.54M | 1.12B | 505.89M | 886.89M | 429.74M | 490.00M |
| Short-Term Debt Repaid | -716.00M | -295.00M | -309.75M | -400.00M | ||
| Long-Term Debt Repaid | -507.87M | -197.95M | -281.85M | -270.68M | -25.58M | |
| Total Debt Repaid | -310.98M | -1.22B | -492.95M | -591.60M | -670.68M | -25.58M |
| Net Debt Issued (Repaid) | 11.55M | -104.70M | 12.94M | 295.29M | -240.93M | 464.42M |
| Issuance of Common Stock | 765.00K | 800.00K | 945.00K | 1.10M | 1.46M | 1.59M |
| Repurchase of Common Stock | -99.21M | -443.65M | -170.77M | -335.31M | -361.04M | -157.69M |
| Common Dividends Paid | -41.88M | -48.43M | -62.01M | -94.00M | -107.69M | -118.11M |
| Other Financing Activities | -8.41M | 85.52M | -71.91M | -25.90M | -21.88M | -334.00K |
| Net Cash Flow | 17.11M | -79.90M | -17.25M | -73.63M | -28.02M | 38.76M |
| Levered Free Cash Flow | 249.50M | 312.12M | -2.80M | 180.99M | 334.73M | 257.40M |
| Unlevered Free Cash Flow | 333.04M | 393.48M | 74.18M | 243.47M | 377.65M | 295.72M |
| Cash Interest Paid | 131.10M | 128.28M | 116.34M | 88.75M | 71.86M | 61.93M |
| Cash Income Tax Paid | 7.00K | 61.00K | 117.00K | 1.92M | 1.21M | 815.00K |
| Change in Working Capital | -12.15M | -9.97M | 9.37M | -22.50M | -15.24M | 633.00K |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 863.92M | 1.01B | 1.30B | 1.63B | 2.16B | 3.72B |
| Enterprise Value | 3.37B | 4.02B | 4.30B | 4.58B | 4.82B | 6.20B |
| Last Close Price | 11.88 | 16.56 | 14.37 | 15.05 | 16.04 | 23.26 |
| PE Ratio | 25.86 | |||||
| PS Ratio | 1.71 | 2.02 | 2.37 | 2.69 | 3.55 | 5.68 |
| PB Ratio | 0.65 | 0.60 | 0.58 | 0.60 | 0.68 | 1.08 |
| P/OCF Ratio | 14.21 | 13.74 | 10.04 | 8.88 | 12.13 | 17.11 |
| EV/Sales Ratio | 6.66 | 8.08 | 7.87 | 7.55 | 7.93 | 9.44 |
| EV/EBITDA Ratio | 17.53 | 21.48 | 20.03 | 17.68 | 20.44 | 24.18 |
| EV/EBIT Ratio | 696.39 | 668.03 | 92.33 | 204.57 | 293.30 | |
| Debt / Equity Ratio | 1.64 | 1.53 | 1.17 | 0.98 | 0.76 | 0.76 |
| Debt / EBITDA Ratio | 13.09 | 13.31 | 11.85 | 9.99 | 10.33 | 10.19 |
| Net Debt / Equity Ratio | 1.59 | 1.49 | 1.11 | 0.92 | 0.69 | 0.69 |
| Net Debt / EBITDA Ratio | 13.04 | 13.25 | 11.51 | 9.57 | 9.34 | 9.29 |
| Asset Turnover | 0.12 | 0.11 | 0.10 | 0.11 | 0.10 | 0.10 |
| Quick Ratio | 1.02 | 0.86 | 1.53 | 1.86 | 2.52 | 2.86 |
| Current Ratio | 1.15 | 0.97 | 2.60 | 2.10 | 2.79 | 3.61 |
| Return on Equity (ROE) | -10.86% | -8.62% | -7.22% | -3.12% | 2.97% | -2.49% |
| Return on Assets (ROA) | 0.07% | -0.04% | 0.08% | 0.54% | 0.24% | 0.21% |
| Return on Invested Capital (ROIC) | 0.12% | -0.07% | 0.13% | 0.90% | 0.40% | 0.36% |
| Earnings Yield | -21.52% | -13.81% | -11.05% | -4.91% | 3.95% | -2.13% |
| Dividend Yield | 5.80% | 4.14% | 4.56% | 4.92% | 4.75% | 3.08% |
| Payout Ratio | 126.14% | |||||
| Buyback Yield / Dilution | 25.78% | 23.74% | 15.95% | 11.69% | 9.04% | 1.96% |
| Total Shareholder Return | 31.59% | 27.88% | 20.51% | 16.61% | 13.80% | 5.04% |