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Side-by-side financial comparison of Industrial Logistics Properties Trust (ILPT) and JBG SMITH Properties (JBGS). Click either name above to swap in a different company.
JBG SMITH Properties is the larger business by last-quarter revenue ($127.6M vs $113.9M, roughly 1.1× Industrial Logistics Properties Trust). Industrial Logistics Properties Trust runs the higher net margin — -1.6% vs -18.1%, a 16.5% gap on every dollar of revenue. On growth, JBG SMITH Properties posted the faster year-over-year revenue change (5.7% vs 3.1%). Over the past eight quarters, Industrial Logistics Properties Trust's revenue compounded faster (0.7% CAGR vs -2.9%).
Industrial Logistics Properties Trust is a real estate investment trust that owns and operates a portfolio of industrial and logistics real estate assets primarily across the United States. Its holdings include distribution centers, warehouses, and last-mile delivery properties, serving e-commerce, retail, manufacturing and supply chain operators to meet their storage and logistics operation needs.
JBG SMITH PropertiesJBGSEarnings & Financial Report
JBG SMITH Properties is a publicly traded real estate investment trust based in Bethesda, Maryland.
ILPT vs JBGS — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $113.9M | $127.6M |
| Net Profit | $-1.8M | $-23.0M |
| Gross Margin | — | — |
| Operating Margin | -22.1% | — |
| Net Margin | -1.6% | -18.1% |
| Revenue YoY | 3.1% | 5.7% |
| Net Profit YoY | 92.6% | 57.1% |
| EPS (diluted) | $-0.02 | $-0.32 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q1 26 | — | $127.6M | ||
| Q4 25 | $113.9M | $127.6M | ||
| Q3 25 | $110.9M | $123.9M | ||
| Q2 25 | $112.1M | $126.5M | ||
| Q1 25 | $111.9M | $120.7M | ||
| Q4 24 | $110.5M | $130.8M | ||
| Q3 24 | $108.9M | $136.0M | ||
| Q2 24 | $110.6M | $135.3M |
| Q1 26 | — | $-23.0M | ||
| Q4 25 | $-1.8M | $-45.5M | ||
| Q3 25 | $-21.6M | $-28.6M | ||
| Q2 25 | $-21.3M | $-19.2M | ||
| Q1 25 | $-21.5M | $-45.7M | ||
| Q4 24 | $-24.1M | $-59.9M | ||
| Q3 24 | $-25.0M | $-27.0M | ||
| Q2 24 | $-23.2M | $-24.4M |
| Q1 26 | — | — | ||
| Q4 25 | -22.1% | -47.5% | ||
| Q3 25 | -29.4% | -27.5% | ||
| Q2 25 | -30.8% | -18.4% | ||
| Q1 25 | -26.9% | -44.7% | ||
| Q4 24 | -31.1% | -53.6% | ||
| Q3 24 | -33.5% | -22.4% | ||
| Q2 24 | -32.4% | -24.3% |
| Q1 26 | — | -18.1% | ||
| Q4 25 | -1.6% | -35.7% | ||
| Q3 25 | -19.4% | -23.1% | ||
| Q2 25 | -19.0% | -15.2% | ||
| Q1 25 | -19.2% | -37.9% | ||
| Q4 24 | -21.8% | -45.8% | ||
| Q3 24 | -22.9% | -19.8% | ||
| Q2 24 | -20.9% | -18.0% |
| Q1 26 | — | $-0.32 | ||
| Q4 25 | $-0.02 | $-0.76 | ||
| Q3 25 | $-0.33 | $-0.48 | ||
| Q2 25 | $-0.32 | $-0.29 | ||
| Q1 25 | $-0.33 | $-0.56 | ||
| Q4 24 | $-0.37 | $-0.70 | ||
| Q3 24 | $-0.38 | $-0.32 | ||
| Q2 24 | $-0.35 | $-0.27 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $94.8M | — |
| Total DebtLower is stronger | $4.2B | — |
| Stockholders' EquityBook value | $489.7M | — |
| Total Assets | $5.2B | $4.3B |
| Debt / EquityLower = less leverage | 8.56× | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $94.8M | $75.3M | ||
| Q3 25 | $83.2M | $64.4M | ||
| Q2 25 | $58.6M | $61.4M | ||
| Q1 25 | $108.0M | $81.3M | ||
| Q4 24 | $131.7M | $145.8M | ||
| Q3 24 | $153.9M | $137.0M | ||
| Q2 24 | $146.2M | $163.5M |
| Q1 26 | — | — | ||
| Q4 25 | $4.2B | — | ||
| Q3 25 | $4.2B | — | ||
| Q2 25 | $4.2B | — | ||
| Q1 25 | $4.3B | — | ||
| Q4 24 | $4.3B | — | ||
| Q3 24 | $4.3B | — | ||
| Q2 24 | $4.3B | — |
| Q1 26 | — | — | ||
| Q4 25 | $489.7M | $1.2B | ||
| Q3 25 | $494.1M | $1.2B | ||
| Q2 25 | $519.1M | $1.3B | ||
| Q1 25 | $539.5M | $1.6B | ||
| Q4 24 | $562.0M | $1.8B | ||
| Q3 24 | $585.9M | $1.9B | ||
| Q2 24 | $618.3M | $2.0B |
| Q1 26 | — | $4.3B | ||
| Q4 25 | $5.2B | $4.4B | ||
| Q3 25 | $5.2B | $4.4B | ||
| Q2 25 | $5.2B | $4.5B | ||
| Q1 25 | $5.4B | $4.7B | ||
| Q4 24 | $5.4B | $5.0B | ||
| Q3 24 | $5.5B | $5.2B | ||
| Q2 24 | $5.5B | $5.3B |
| Q1 26 | — | — | ||
| Q4 25 | 8.56× | — | ||
| Q3 25 | 8.49× | — | ||
| Q2 25 | 8.09× | — | ||
| Q1 25 | 7.96× | — | ||
| Q4 24 | 7.65× | — | ||
| Q3 24 | 7.35× | — | ||
| Q2 24 | 6.96× | — |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $60.7M | — |
| Free Cash FlowOCF − Capex | $42.0M | — |
| FCF MarginFCF / Revenue | 36.9% | — |
| Capex IntensityCapex / Revenue | 16.4% | — |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $79.8M | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $60.7M | $73.3M | ||
| Q3 25 | $22.7M | $8.9M | ||
| Q2 25 | $18.4M | $18.8M | ||
| Q1 25 | $11.4M | $12.9M | ||
| Q4 24 | $2.0M | $129.4M | ||
| Q3 24 | $-3.4M | $26.4M | ||
| Q2 24 | $10.8M | $23.8M |
| Q1 26 | — | — | ||
| Q4 25 | $42.0M | — | ||
| Q3 25 | $17.6M | — | ||
| Q2 25 | $15.2M | — | ||
| Q1 25 | $5.0M | — | ||
| Q4 24 | $-3.7M | — | ||
| Q3 24 | $-5.9M | — | ||
| Q2 24 | $9.4M | — |
| Q1 26 | — | — | ||
| Q4 25 | 36.9% | — | ||
| Q3 25 | 15.9% | — | ||
| Q2 25 | 13.5% | — | ||
| Q1 25 | 4.5% | — | ||
| Q4 24 | -3.4% | — | ||
| Q3 24 | -5.5% | — | ||
| Q2 24 | 8.5% | — |
| Q1 26 | — | — | ||
| Q4 25 | 16.4% | — | ||
| Q3 25 | 4.6% | — | ||
| Q2 25 | 2.9% | — | ||
| Q1 25 | 5.7% | — | ||
| Q4 24 | 5.2% | — | ||
| Q3 24 | 2.3% | — | ||
| Q2 24 | 1.3% | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
ILPT
Segment breakdown not available.
JBGS
| Property rental | $105.9M | 83% |
| Third-party real estate services, including reimbursements | $17.2M | 13% |
| Other revenue | $4.5M | 4% |
