JBG SMITH outlines transformation to majority multifamily, $101M NOI growth by 2026

JBG SMITH Properties

Sold Universal Buildings (Washington DC) for $228M on April 1, 2022.
Formed JV with Fortress for 1.6M SF office/land valued at $580M; Fortress contributed $131M for 66.5% stake.
Pen Place sale to Amazon for $198M expected to close Q2 2022.
Targeting $101M incremental annualized NOI by 2026 (7.6% CAGR); $15M expected from multifamily by 2022.
Aiming for 50%+ multifamily portfolio; 70%+ of portfolio concentrated in National Landing.

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