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$356M Verdict Prompts JBG Smith To Postpone Earnings Release
['Alexis Kramer', 'East Coast Editor']
Bisnow News Feed
Photo credit: Google Maps Wardman Tower in Woodley ParkThe company was scheduled to release its earnings after the market closed Tuesday.
In 2017, JBG Smith’s predecessor, JBG Cos., transformed the 1920s-era Wardman Tower hotel at 2660 Connecticut Ave. NW into a 32-unit condo building.
The condo association sued JBG Smith Properties, four JBG affiliates and an affiliate of New York-based Plaza Construction, according to the WBJ.
JBG Smith said in the Monday release that the project “was designed and constructed by other parties and achieved substantial completion prior to our formation.”
The court ruling marks another setback to JBG Smith, which has reported losses for 12 straight quarters, the WBJ reported.