JBG SMITH updates on $990M capital recycling, Fortress venture, $425M NOI target by 2026

JBG SMITH Properties

Sold Universal Buildings for $228M; formed venture with Fortress (66.5% interest) on four assets valued at $580M.
Closed $198M sale of Pen Place to Amazon in Q2 2022; $990M total capital recycling closed in 2022.
Plans to market $255M+ additional non-core assets in 2022; target 70%+ portfolio in National Landing.
Projects $425M annualized NOI by YE 2026 (7.6% CAGR), driven by multifamily lease-up and office occupancy growth.
Transition to majority multifamily; 1,583 units under construction, potential 2,150+ units in next 3 years.

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