The company's financial position appears increasingly strained, with equity eroding from $2.2 billion in 2023Q4 to $1.1 billion in 2026Q1 alongside a debt-to-equity ratio that peaked at 1.52 in 2025Q4.
| Total Assets | 4.34B | 4.39B | 5.02B | 5.52B | 5.9B | 6.39B | 6.08B | 5.99B | 6B | 6.07B | 3.66B | 3.63B | 3.41B |
| Asset Growth % | -50.32% | -12.6% | -9.02% | -6.52% | -7.56% | 5.04% | 1.56% | -0.18% | -1.23% | 65.87% | 0.97% | 6.28% | - |
| Real Estate & Other Assets | 0 | 3.85B | 4.42B | 4.68B | 5B | 4.96B | 4.98B | 4.97B | -5.74B | -5.95B | -3.55B | 3.23B | 3.08B |
| PP&E (Net) | 0 | 41.49M | 44.03M | 60.33M | 1.38M | 182.62M | 45.54M | 19.86M | 4.74B | 5.01B | 3.22B | 3.13B | 0 |
| Investment Securities | 0 | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K |
| Total Current Assets | 263.51M | 317.64M | 387.66M | 429.49M | 518.12M | 557.9M | 532.35M | 380.94M | 589.57M | 555.25M | 277.29M | 311.15M | 244.13M |
| Cash & Equivalents | 79.78M | 75.27M | 145.8M | 164.77M | 241.1M | 264.36M | 225.6M | 126.41M | 260.55M | 316.68M | 29M | 74.97M | 12.02M |
| Receivables | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K |
| Other Current Assets | 0 | 28.02M | 37.39M | 35.67M | 32.98M | 37.74M | 37.74M | 16.1M | 138.98M | 30.17M | 3.26M | 5.48M | 4.14M |
| Intangible Assets | 29.42M | 30.33M | 47M | 56.62M | 68.18M | 201.96M | 58.58M | 72.26M | 89.86M | 126.47M | 3.06M | 3.8M | 5.57M |
| Total Liabilities | 2.7B | 2.72B | 2.79B | 2.83B | 2.71B | 2.93B | 2.34B | 1.99B | 2.45B | 2.49B | 1.54B | 1.52B | 1.37B |
| Total Debt | 0 | 2.54B | 2.62B | 2.64B | 2.46B | 2.68B | 2.08B | 1.7B | 2.14B | 2.2B | 1.17B | 1.3B | 1.28B |
| Net Debt | -79.78M | 2.47B | 2.47B | 2.47B | 2.22B | 2.42B | 1.85B | 1.58B | 1.87B | 1.89B | 1.14B | 1.23B | 1.27B |
| Long-Term Debt | 0 | 2.3B | 2.49B | 2.44B | 2.44B | 2.18B | 1.99B | 1.42B | 2.14B | 1.85B | 1.17B | 1.3B | 1.28B |
| Short-Term Borrowings | 0 | 205M | 85M | 123.58M | 0 | 300M | 0 | 200M | 0 | 337.51M | 0 | 0 | 0 |
| Capital Lease Obligations | 146.43M | 40.76M | 48.3M | 75.57M | 26.77M | 204.25M | 85.31M | 79.24M | 15.7M | 15.82M | 26.48M | 13M | 0 |
| Total Current Liabilities | 0 | 302.87M | 204.61M | 186.87M | 167.68M | 438.74M | 137.18M | 357.7M | 134.68M | 138.61M | 324.15M | 137M | 40.23M |
| Accounts Payable | 0 | 84.75M | 101.1M | 124.87M | 138.06M | 106.14M | 103.1M | 157.7M | 130.96M | 138.61M | 40.92M | 54.09M | 40.23M |
| Deferred Revenue | 0 | 13.94M | 12.98M | -24.11M | 15.92M | 19.85M | 19.81M | 39.96M | -2.14B | 29.37M | -1.17B | -170.51M | 0 |
| Other Liabilities | 2.7B | 64.12M | 33.02M | 109.68M | 55.49M | 80.52M | 106.07M | 81.3M | 54.52M | 411.4M | -22.95M | 63.43M | 50.71M |
| Total Equity | 1.63B | 1.67B | 2.23B | 2.69B | 3.2B | 3.46B | 3.74B | 4B | 3.55B | 3.58B | 2.12B | 2.11B | 2.04B |
| Equity Growth % | -92.51% | -25.25% | -17.08% | -15.74% | -7.68% | -7.38% | -6.56% | 12.8% | -1.07% | 68.9% | 0.62% | 3.26% | - |
| Shareholders Equity | 1.14B | 1.16B | 1.81B | 2.22B | 2.68B | 2.92B | 3.21B | 3.39B | 2.99B | 2.97B | 2.12B | 2.11B | 2.04B |
| Minority Interest | 494.82M | 511.34M | 423.63M | 469.71M | 513.53M | 545.23M | 530.91M | 612.96M | 558.14M | 613.34M | 295K | 515K | 568K |
| Common Stock | 746K | 732K | 846K | 944K | 1.14M | 1.27M | 1.32M | 1.34M | 1.21M | 1.18M | 2.12B | 2.06B | 0 |
| Additional Paid-in Capital | 0 | 2.34B | 2.79B | 2.98B | 3.26B | 3.54B | 3.66B | 3.63B | 3.16B | 3.06B | 0 | 0 | 0 |
| Retained Earnings | -1.2B | -1.18B | -997.28M | -776.96M | -628.64M | -609.33M | -412.94M | -231.16M | -176.02M | -95.81M | 0 | 0 | 0 |
| Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 204K | 0 | 0 | 0 | 0 |
| Return on Assets (ROA) | -2.53% | -2.96% | -2.72% | -1.4% | 1.39% | -1.27% | -1.03% | 1.09% | 0.66% | -1.47% | 1.7% | 1.32% | 2.38% |
| Return on Equity (ROE) | -6.47% | -7.13% | -5.83% | -2.72% | 2.56% | -2.2% | -1.61% | 1.74% | 1.12% | -2.51% | 2.93% | 2.23% | 3.98% |
| Debt / Assets | 0% | 57.96% | 52.15% | 47.8% | 41.74% | 41.98% | 34.16% | 28.44% | 35.61% | 36.3% | 31.83% | 35.94% | 37.46% |
| Debt / Equity | 0.00x | 1.52x | 1.17x | 0.98x | 0.77x | 0.77x | 0.56x | 0.43x | 0.60x | 0.61x | 0.55x | 0.62x | 0.63x |
| Net Debt / EBITDA | -0.62x | 13.44x | 11.53x | 9.38x | 9.28x | 10.08x | 8.67x | 3.69x | 2.79x | 3.46x | 2.37x | 4.92x | 5.03x |
| Book Value per Share | 27.67 | 24.78 | 25.28 | 25.62 | 26.85 | 26.45 | 28.00 | 30.60 | 29.75 | 34.02 | 17.91 | 17.80 | 17.24 |
High Leverage and Liquidity
According to the provided quarterly data, JBGS has seen total assets decline from $5.5 billion in 2023Q4 to $4.3 billion in 2026Q1, reflecting a strategic pivot that appears to be shrinking the overall balance sheet footprint while attempting to refocus on the National Landing submarket.
The reduction in total assets suggests that the company is actively disposing of non-core assets to manage its capital structure. This contraction warrants close monitoring, as it may indicate that the pace of asset sales is outpacing the company's ability to generate accretive growth from its development pipeline.
As reported in financial statements, the company's debt-to-equity ratio has climbed from 0.98 in 2023Q4 to 1.52 by 2025Q4, indicating that the firm is becoming increasingly reliant on debt financing to sustain its operations and development activities during this period of portfolio transition.
The upward trend in leverage suggests that the company's equity base is eroding faster than its debt obligations are being retired. Investors should consider whether this rising leverage profile limits the company's financial flexibility to navigate further volatility in the DC office market.
Based on the reported figures, cash reserves have fluctuated significantly, dropping from a peak of $220.5 million in 2024Q1 to $79.8 million in 2026Q1, which may indicate that the company is burning through liquidity to fund ongoing development and cover operational shortfalls.
The decline in cash balances appears to coincide with the company's heavy capital expenditure requirements for its 17.1 million square foot development pipeline. This trend suggests that liquidity may become a constraint if the company cannot successfully recycle capital from asset sales or secure additional financing.
Analysis of the provided balance sheet data reveals that equity has decreased from $2.2 billion in 2023Q4 to $1.1 billion in 2026Q1, a trend that suggests the company's net asset value is under significant pressure from persistent operational losses and potential asset impairments.
The rapid erosion of equity is a non-obvious risk that may be masked by the company's focus on development milestones. This decline implies that the company's ability to absorb further losses is diminishing, which could force management to consider dilutive equity raises or further asset liquidations.
Quick answers to the most common questions about buying JBGS stock.
As of 2025, JBG SMITH Properties (JBGS) had total assets of $4.39B including $317.6M in current assets.
JBG SMITH Properties (JBGS) carries total debt of $2.54B. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
JBG SMITH Properties (JBGS) has total shareholders' equity (book value) of $1.16B ($24.78 book value per share). Book value represents the net worth of the company belonging to common stock holders.
JBG SMITH Properties (JBGS) reported a current ratio of 1.05x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.