AI Earnings Predictions for JBG SMITH Properties (JBGS)

EX-99.1

2 jbgs-20260505xex99d1.htm

EX-99.1

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Management Letter

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May 5, 2026

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Our Fellow Shareholders:

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The year began with real momentum across the real estate capital markets. Transaction volumes were gradually building, debt costs had moderated from 2024 peaks, and interest rates appeared to be gradually declining. That constructive backdrop has since grown more complicated. Heightened geopolitical tensions in the Middle East have contributed to renewed volatility in global energy markets, complicating the inflation outlook and weighing on the capital markets. At the same time, the Federal Reserve has held rates steady this year, reinforcing a more cautious, data driven stance as inflation has remained stubbornly above target. The combination of geopolitical risk, sticky inflation, and an extended “higher-for-longer” rate environment has slowed the real estate capital markets recovery that appeared to be taking hold entering 2026. Treasury yields moved higher, risk premiums widened, and investors are increasing return requirements.

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While the above macro-economic factors as well as the major employment disruption the region experienced in 2025 due to federal government spending cuts and a hiring freeze negatively impacted the multifamily market, we believe the worst is now behind us. Geopolitical uncertainty has further bolstered the prudence of long-term defense and intelligence budgets which disproportionately benefit Northern Virginia with its inventory of secure spaces and deep repository of national security talent. Finally, continued high rates and construction costs have limited multifamily inventory growth in the near-term, lending a bulwark to the apartment market as it weathers the winds of employment disruptions. Our near-term outlook for both the recovery of operating fundamentals and transaction markets remains judicious, and our strategic priorities are unchanged. We continue to focus on disciplined capital allocation, balance sheet flexibility, and maximizing long-term NAV per share growth. The durability of our demand drivers, combined with our mixed-use, amenity-rich portfolio in high-barrier-to-entry submarkets, positions us well to navigate ongoing macro uncertainty.

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The following are highlights since last quarter:

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Closed on the $50.7 million sale of Potomac Yard Landbay H, a land parcel in National Landing we entitled for 120 townhomes. We continue to dispose of select assets to fund opportunistic investments.

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Sold a 50.0% interest in Tysons Dulles Plaza, an approximately 491,500-square-foot commercial asset in Tysons, Virginia. This strategic joint venture follows through on our plan to attract private capital partners to scale and diversify our distressed office investment strategy while also enhancing the efficiency of our platform with incremental fee revenue and potential carried interest income.

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Completed construction of an office amenity hub, including a more than 13,000 square foot meeting and conference facility and two restaurants at 2011 Crystal Drive. The repositioned asset brings to National Landing a large-scale, externally managed meeting and conference facility, a coffee shop and all-day restaurant, an elevated wine bar and Italian restaurant, and an activated public lobby. These amenities further differentiate our National Landing offerings, and we expect them to attract and retain tenants seeking a dynamic, amenity-rich environment.

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Capital Allocation

Our capital allocation strategy remains anchored in our core objective: maximizing long-term NAV per share growth. Drawing on our deep expertise in mixed-use, urban infill real estate, we have consistently rotated across asset classes based on relative value, cost of capital, and risk-adjusted return potential. In previous cycles, this has meant divesting low-cap-rate CBD office assets and reallocating capital into higher-yield multifamily development. Alternatively, during cycles marked by strong private-market demand, we have focused on monetizing multifamily assets — often at premiums to NAV — creating efficient sources of capital for opportunistic investments. This disciplined, return-driven approach enables us to continually recycle capital into opportunities we believe offer the strongest long-term NAV per share growth potential.

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We believe the current market dislocation is creating some of the most compelling office investment opportunities in nearly two decades. Consequently, we are actively pursuing new growth opportunities that align with our strategy and leverage our competitive strengths as a mixed-use owner, operator, and developer. We expect to fund growth opportunities through a combination of asset sales and private equity joint ventures — choosing among these sources based on their relative cost of capital and availability at the time. Across all channels, our capital allocation strategy remains focused on enhancing long-term shareholder value and

JBG SMITH PROPERTIES_February 17, 2026 0001689796false00016897962026-02-172026-02-17 ​

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported): February 17, 2026 ​

JBG SMITH PROPERTIES

(Exact name of Registrant as specified in its charter) ​ ​

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Maryland ​ ​ ​ 001-37994 ​ ​ ​ 81-4307010

(State or other jurisdiction of incorporation or organization) ​ (Commission file number) ​ (I.R.S. Employer Identification No.)

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4747 Bethesda Avenue Bethesda MD Suite 200 ​ 20814

(Address of principal executive offices) ​ (Zip Code)

​ Registrant’s telephone number, including area code: (240) 333-3600 Former name or former address, if changed since last report:

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instructions A.2.): ☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) ☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) ☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) ☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) Securities registered pursuant to Section 12(b) of the Act: ​

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Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common Shares, par value $0.01 per share

JBGS

New York Stock Exchange

​ Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). Emerging growth company ☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act  ☐ ​ ​ ​

Item 2.02Results of Operations and Financial Condition On February 17, 2026, JBG SMITH Properties (the “Company”) announced its financial results for the year ended December 31, 2025. The Company also released a Quarterly Investor Package, which contains a letter to shareholders, the earnings press release and supplemental information. A copy of the Quarterly Investor Package is furnished as Exhibit 99.1 to this Current Report on Form 8-K. The information contained in this Current Report on Form 8-K, including Exhibit 99.1, shall not be deemed “filed” with the Securities and Exchange Commission for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to liabilities of that section, nor incorporated by reference into any filing of the Company under the Securities Act of 1933, as amended, or the Exchange Act. Item 9.01Financial Statements and Exhibits (d) Exhibits 99.1       Quarterly Investor Package for the quarter ended December 31, 2025. 104 Cover Page Interactive Data File (the cover page XBRL tags are embedded in the Inline XBRL document).

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SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. ​

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JBG SMITH PROPERTIES

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February 17, 2026 By: /s/ M. Moina Banerjee

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​ ​ ​ M. Moina Banerjee

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​ ​ ​ Chief Financial Officer

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​ ​ ​ (Principal Financial Officer)

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JBG SMITH PROPERTIES_October 28, 2025 0001689796false00016897962025-10-282025-10-28 ​

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported): October 28, 2025 ​

JBG SMITH PROPERTIES

(Exact name of Registrant as specified in its charter) ​ ​

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​

Maryland

001-37994

81-4307010

(State or other jurisdiction of incorporation or organization) ​ (Commission file number) ​ (I.R.S. Employer Identification No.)

​ ​ ​ ​ ​

4747 Bethesda Avenue Bethesda MD Suite 200 ​ 20814

(Address of principal executive offices) ​ (Zip Code)

​ Registrant’s telephone number, including area code: (240) 333-3600 Former name or former address, if changed since last report:

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instructions A.2.): ☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) ☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) ☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) ☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) Securities registered pursuant to Section 12(b) of the Act: ​

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Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common Shares, par value $0.01 per share

JBGS

New York Stock Exchange

​ Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). Emerging growth company ☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act  ☐ ​ ​ ​

Item 2.02Results of Operations and Financial Condition On October 28, 2025, JBG SMITH Properties (the “Company”) announced its financial results for the three and nine months ended September 30, 2025. The Company also released a Quarterly Investor Package, which contains a letter to shareholders, the earnings press release and supplemental information. A copy of the Quarterly Investor Package is furnished as Exhibit 99.1 to this Current Report on Form 8-K. The information contained in this Current Report on Form 8-K, including Exhibit 99.1, shall not be deemed “filed” with the Securities and Exchange Commission for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to liabilities of that section, nor incorporated by reference into any filing of the Company under the Securities Act of 1933, as amended, or the Exchange Act. Item 9.01Financial Statements and Exhibits (d) Exhibits 99.1       Quarterly Investor Package for the quarter ended September 30, 2025. 104 Cover Page Interactive Data File (the cover page XBRL tags are embedded in the Inline XBRL document).

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SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. ​

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JBG SMITH PROPERTIES

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October 28, 2025 By: /s/ M. Moina Banerjee

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​ ​ ​ M. Moina Banerjee

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​ ​ ​ Chief Financial Officer

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​ ​ ​ (Principal Financial Officer)

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