JBG SMITH Declares a Quarterly Common Dividend of $0.175 Per Share

JBG SMITH (NYSE: JBGS), a leading owner and developer of high-quality, mixed-use properties in the Washington, DC market, has announced that its Board of Trustees has declared a quarterly dividend of $0.175 per common share, a new indicated annual rate of $0.70 per share, a 22.2% reduction to the prior dividend. The dividend will be paid on March 15, 2024 to common shareholders of record as of March 1, 2024.

Our Board of Trustees, in consultation with management, elected to reduce the dividend taking into consideration several factors, including (i) our on-going capital recycling strategy, (ii) the expected performance and capital requirements of our commercial portfolio, and (iii) the upcoming delivery of our 1,583 under-construction multifamily units (upon delivery, capitalized interest ceases which reduces FAD and taxable income).

We believe the reduced dividend rate will help preserve JBG SMITH’s financial flexibility, reinforce our already strong financial position, continue to cover our taxable income distribution requirements, and enhance the Company’s ability to take advantage of compelling opportunities, such as share repurchases, as they arise. Share buybacks are a form of capital return to investors, as are dividends. At our current discount to NAV, we believe buybacks are more accretive to our long-term NAV per share than excess (above taxable income) dividends. Having bought back approximately 32% of the shares and OP units that were outstanding when we began our buyback program, we have eliminated approximately $33.8 million in annual dividends on those securities at the current dividend level.

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