Monitor multifamily leasing momentum (Same Store occupancy up 160bps QoQ to 92.0%) and leverage trajectory — if newly delivered assets continue to lease up and NOI stabilizes, the stock could re-rate. The elevated 12.7x leverage and 70.3% Net Debt/EV remain key risks.
Price Chart
Executive Summary
JBG SMITH reported Q1 2026 Core FFO of $0.17 per share, flat sequentially from Q4 2025 but up from $0.09 in Q1 2025. Total revenue grew 5.7% YoY to $127.6M, though Same Store NOI declined 4.8% YoY. The company continues to face headwinds from elevated leverage (12.7x Net Debt/EBITDA) and declining office occupancy, while benefiting from asset recycling and share repurchases.
Key Financial Metrics
Key Facts
- Core FFO attributable to common shareholders was $9.8M ($0.17/diluted share) for Q1 2026, vs $7.2M ($0.09) in Q1 2025
- Total revenue increased 5.7% YoY to $127.6M, driven by property rental and third-party services growth
- Same Store NOI decreased 4.8% YoY to $54.3M, with multifamily SS NOI down 9.1% and commercial SS NOI down 3.2%
- Net Debt to Annualized Adjusted EBITDA was 12.7x, up from 12.5x at Q4 2025
- Repurchased 1.6M common shares for $25.4M in Q1 2026 at avg $15.47/share
- Quarterly dividend maintained at $0.175/share
Financial Impact
Core FFO improved $2.6M YoY to $9.8M; net loss narrowed to $18.7M from $45.7M; operating portfolio NOI declined 7.5% YoY
Risk Factors
- Elevated leverage at 12.7x Net Debt/EBITDA limits financial flexibility
- Same Store NOI declining 4.8% YoY signals ongoing operational weakness
- Office portfolio leased percentage fell to 76.9% from 77.5% QoQ
- DC metro employment down 103,700 jobs YoY pressures multifamily demand
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001104659-26-055644 |
| Document: jbgs-20260505x8k.htm | 0001104659-26-055644 |
| Document: 0001104659-26-055644-index-headers.html | 0001104659-26-055644 |
| Document: 0001104659-26-055644-index.html | 0001104659-26-055644 |
| Document: 0001104659-26-055644.txt | 0001104659-26-055644 |
| 8-K Data (Synthetic) | 0001104659-26-055644 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Aug 10, 2026 11w ago | 8-K | $11.21 $11.42 | ▼ −1.87% | ▼ −2.79% | $11.53 (−2.85%) |
Jun 11, 2026 19w ago | Institutional Cluster | $14.46 $14.40 | ▼ −0.41% | ▼ −2.31% | $11.53 (−20.26%) |
Jun 8, 2026 20w ago | 144 | $14.89 $15.31 | ▲ +2.82% | ▲ +1.19% | $11.53 (−22.57%) |
May 5, 2026 25w ago | 8-K | $15.80 $14.41 | ▼ −8.80% | ▼ −11.58% | $11.53 (−27.03%) |
Mar 18, 2026 31w ago | DEFA14A | $14.79 $15.84 | ▲ +7.10% | ▼ −0.52% | $11.53 (−22.04%) |
US Market Status
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