JBG SMITH (NYSE: JBGS) (“JBGS” or the “Company”), a leading owner, operator, and developer of mixed-use properties in the Washington, DC market, today announced that it is postponing the release of its second quarter 2026 financial results. The Company’s quarterly investor package, including its earnings release, was originally scheduled to be released after the close of trading on August 4, 2026.
As previously disclosed, we, along with multiple other parties, are named defendants in a lawsuit arising out of a condominium development project known as Wardman Tower in Washington, D.C. The lawsuit seeks damages resulting primarily from alleged construction and design deficiencies, alleged misrepresentations and claims brought under the D.C. Consumer Protection Procedures Act (“CPPA”). The Wardman Tower project was designed and constructed by other parties and achieved substantial completion prior to our formation. The lawsuit sought $185.0 million in compensatory damages, and asked that those damages be trebled under the CPPA, for a total of approximately $555 million in damages, plus attorneys’ fees and costs.
On July 31, 2026, the Superior Court of the District of Columbia entered judgment in favor of Wardman Tower Residential Condominium Unit Owners Association, found damages in the amount of $118.7 million, and ordered the defendants, which includes the Company and JBG SMITH Properties LP, our “Operating Partnership”, to pay treble that amount, or approximately $356 million in damages, plus attorneys’ fees in an amount to be determined. We believe the judgment, including its conclusion that the Company and the Operating Partnership are liable for acts of employees of a subsidiary providing services under a project management agreement with a different subsidiary, is not supported by the facts of the case or applicable law and is the result of significant trial error. We believe there are substantial grounds to challenge both the liability findings and the size and trebling of the award, and intend to appeal the judgment promptly, and continue to defend ourselves vigorously in this matter. However, the timing and outcome of post-trial proceedings and appeals are uncertain, and the Company cannot predict the ultimate outcome of the case.
In light of this recent verdict, the Company is postponing the release of its second quarter 2026 financial results to allow sufficient time to assess the impact on the Company of the judgment in the Wardman Tower project litigation. The second quarter 2026 financial results will be released once this assessment has been completed which we expect to be on or before August 10, 2026.
Forward-Looking Statements
Certain statements contained herein constitute forward-looking statements as such term is defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements are not guarantees of future performance. They represent our intentions, plans, expectations and beliefs and are subject to numerous assumptions, risks and uncertainties. Our future results, financial condition and business may differ materially from those expressed in these forward-looking statements. Forward-looking statements include, but are not limited to our current expectations regarding the performance of our business, our financial results, our liquidity and capital resources, including the impacts and ultimate results of recently-decided litigation. You can find many of these statements by looking for words such as “approximates,” “believes,” “expects,” “anticipates,” “estimates,” “intends,” “plans,” “would,” “may” or other similar expressions in press release. Many of the factors that will determine the outcome of these, and our other forward-looking statements are beyond our ability to control or predict. For further discussion of factors that could materially affect the outcome of our forward-looking statements, see “Risk Factors” in Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2025 filed with the Securities and Exchange Commission on February 17, 2026 (“Annual Report”) and other periodic reports the we file with the Securities and Exchange Commission, and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our Quarterly Reports on Form 10-Q and our Annual Report.
For these forward-looking statements, we claim the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. You are cautioned not to place undue reliance on our forward-looking statements, which speak only as of the date of press release. All subsequent written and oral forward-looking statements attributable to us or any person acting on our behalf are expressly qualified in their entirety by the cautionary statements contained or referred to in this section. We do not undertake any obligation to release publicly any revisions to our forward-looking statements to reflect events or circumstances occurring after the date of this press release.
About JBG SMITH
JBG SMITH owns, operates, and develops mixed-use properties concentrated in amenity-rich, Metro-served submarkets in and around Washington, DC, most notably National Landing, where through our focus on placemaking, we cultivate vibrant, highly amenitized, walkable neighborhoods. JBG SMITH’s portfolio comprises 12.0 million square feet at share of multifamily, office, and retail assets, and a 3.3 million square-foot development pipeline. For more information on JBG SMITH please visit www.jbgsmith.com.
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