JBG SMITH is an S&P 400 company that owns, operates, invests in and develops a dynamic portfolio of high-growth mixed-use properties in and around Washington, DC. Through an intense focus on placemaking, JBG SMITH cultivates vibrant, amenity-rich, walkable neighborhoods throughout the Capital region, including National Landing where it serves as the exclusive developer for Amazon's new headquarters. JBG SMITH's portfolio currently comprises 20.7 million square feet of high-growth office, multifamily and retail assets, 98% at our share of which are Metro-served. It also maintains a development pipeline encompassing 17.1 million square feet of mixed-use development opportunities.
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Here are 1-3 brief analogies for JBG SMITH Properties (JBGS):
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Boston Properties for Washington D.C.'s mixed-use urban core. (JBGS is a major landlord and developer for high-quality, mixed-use properties in the DC metro, similar to how Boston Properties is a premier office REIT in gateway cities.)
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A focused Vornado Realty Trust for the D.C. metro area, specializing in transit-oriented mixed-use developments. (Vornado is a significant REIT in urban cores like D.C. and NYC; JBGS is similar but more exclusively focused on D.C. and emphasizes mixed-use, transit-oriented development across office, residential, and retail.)
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Office Property Leasing and Management: Providing leasable office spaces to businesses and managing these commercial properties.
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Multifamily Residential Leasing and Management: Offering apartment units for rent to residents and managing these residential communities.
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Retail Property Leasing and Management: Supplying leasable retail spaces to businesses and managing various shopping and service-oriented properties.
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Real Estate Development: Engaging in the planning, construction, and redevelopment of mixed-use properties, including office, residential, and retail assets.
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For JBG SMITH Properties (symbol: JBGS), its customer base is primarily comprised of other companies and government entities, alongside individuals in its residential properties. However, its major identifiable customers, which contribute significantly to its revenue and strategic focus, fall into the "other companies" category.
Major Customers (Companies and Institutions)
- U.S. General Services Administration (GSA): The GSA is consistently identified as JBG SMITH's largest single tenant, representing a significant portion of its total annualized rental revenue. The GSA leases space for various U.S. federal agencies.
- Amazon (AMZN): While specific revenue percentages vary, Amazon is a highly significant strategic tenant for JBG SMITH, especially in the National Landing area, which is home to Amazon's HQ2. JBG SMITH has developed and leased substantial office and retail space to support Amazon's operations. (Symbol: AMZN)
- Various Corporate and Retail Tenants: Beyond these prominent entities, JBG SMITH leases office space to a diverse range of businesses, including government contractors, technology firms, and professional services companies. Its retail portfolio also serves numerous smaller businesses such as restaurants, shops, and service providers, which are tenants in its mixed-use developments.
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Clark Construction Group
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W. Matthew Kelly, Chief Executive Officer
Matt Kelly is the CEO of JBG SMITH and a member of the Board of Trustees. Prior to the formation of JBG SMITH, he served as a Managing Partner of The JBG Companies and was co-head of JBG's Investments Group. Before joining The JBG Companies in 2004, he co-founded ODAC Inc., a media software company. He also worked in private equity with Thomas H. Lee Partners in Boston and in investment banking with Goldman Sachs & Co in New York. Mr. Kelly had not worked at a public company, let alone run one, prior to JBG SMITH.
Moina Banerjee, Chief Financial Officer
Moina Banerjee has served as Chief Financial Officer of JBG SMITH since December 2020. Prior to this role, she served as Executive Vice President, Head of Capital Markets since December 2018, and as an Executive Vice President since the company's formation in 2017. Ms. Banerjee worked at JBG from August 2010 until JBG SMITH's formation, where she was a Principal in the Investments group and on the Management Committee. Her prior experience includes working at the Blackstone Group in New York, focusing on office, hotel, and senior living acquisitions, and within Citigroup's Investment Banking Division in New York.
George Xanders, Chief Investment Officer
George Xanders has served as Chief Investment Officer of JBG SMITH since January 2021. He previously held roles as Executive Vice President, Co-Head of Acquisitions since January 2019, and as an Executive Vice President since the company's formation in 2017. Mr. Xanders was also a member of JBG SMITH's Investment Committee since January 2019. Before the formation of JBG SMITH, he worked at JBG from July 2008 as an Executive Vice President in the Investments group.
Steven A. Museles, Chief Legal Officer
Steven A. Museles is the Chief Legal Officer of JBG SMITH.
Angela Valdes, Chief Accounting Officer
Angela Valdes is the Chief Accounting Officer of JBG SMITH. She brings over 25 years of experience, including 15 years in public accounting in the REIT sector. Prior to joining JBG SMITH, Ms. Valdes served as Vice President and Chief Accounting Officer at Equity One, a real estate investment trust, and also held a similar position at Tousa. She also worked at Ernst & Young LLP in the assurance practice, specializing in real estate.
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The evolving and sustained adoption of remote and hybrid work models poses a significant emerging threat. This paradigm shift directly impacts the demand for traditional office space, a substantial component of JBG SMITH's portfolio. As companies reassess and reduce their physical footprints, the long-term implications could include increased office vacancies, downward pressure on rental rates, and reduced absorption of new developments, challenging the core business model reliant on consistent demand for long-term office leases.
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<h2>Addressable Markets for JBG SMITH Properties</h2>
<p>JBG SMITH Properties (JBGS) primarily operates in the real estate sector, focusing on commercial office and multifamily residential properties within the Washington, D.C. metropolitan area. They also provide third-party asset management and real estate services.</p>
<h3>Commercial Office Space Market</h3>
<p>The addressable market for commercial office space in the Washington, D.C. Metropolitan area is approximately <strong>436.6 million square feet</strong>. This market encompasses rentable office space in the District of Columbia, Northern Virginia, and Suburban Maryland. <cite></cite></p>
<h3>Multifamily Residential Properties Market</h3>
<p>The addressable market for multifamily residential properties in the Washington, D.C. metropolitan area consists of <strong>more than 700,000 units of inventory</strong>. <cite></cite></p>
<h3>Third-Party Asset Management and Real Estate Services</h3>
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Here are 3-5 expected drivers of future revenue growth for JBG SMITH Properties (JBGS) over the next 2-3 years:
- National Landing Development and Placemaking Initiatives: JBG SMITH's substantial concentration in the National Landing submarket, anchored by Amazon's HQ2, Virginia Tech's Innovation Campus, and the Pentagon, is a key driver. The company's focus on "placemaking initiatives" to cultivate vibrant, amenity-rich, and walkable neighborhoods is expected to continue driving demand and performance for both its multifamily and commercial portfolios.
- Multifamily Portfolio Growth and Lease-up: JBG SMITH is strategically shifting to become a majority multifamily company. The recent and upcoming completion of nearly 1,600 new multifamily units, coupled with strong leasing progress and increasing effective rents in its existing multifamily portfolio, particularly within National Landing, is projected to boost rental revenue.
- Repositioning of Office Assets and Delivery of Street-Level Retail: As part of its placemaking strategy in National Landing, JBG SMITH is actively repositioning office assets and delivering new street-level retail. These initiatives aim to create attractive urban-suburban environments that draw both commercial and residential customers, contributing to increased commercial and retail rental income.
- Strategic Asset Sales and Reinvestment in High-Growth Opportunities: The company plans to streamline its portfolio through selective asset sales, with the intention of redeploying the proceeds into higher-growth opportunities, especially new multifamily developments. This capital recycling is designed to enhance future revenue streams from more strategic and growth-oriented assets.
- Favorable Macroeconomic Conditions and Real Estate Cycle Recovery: JBG SMITH anticipates a recovery in the broader macroeconomic landscape, characterized by slowing inflation and a higher likelihood of interest rate reductions. These conditions are expected to contribute to a turnaround in the real estate cycle, potentially leading to increased demand, higher occupancy rates, and improved rental growth across its portfolio.
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Share Repurchases
- JBG SMITH's Board of Trustees increased the common share repurchase authorization by $500 million in June 2022, bringing the total authorization to $1 billion, including approximately $31 million remaining from a prior authorization.
- The company aggressively repurchased shares, including $184.9 million worth during Q2 2025 at a weighted average price of $16.54 per share. Additionally, in Q3 2025, 3.1 million common shares were repurchased for $62.9 million.
- As of year-end 2024, JBG SMITH had the capacity to repurchase approximately $840 million of additional shares.
Inbound Investments
- In February 2022, JBG SMITH formed a joint venture with affiliates of Fortress Investment Group LLC to recapitalize a $580 million portfolio of seven office buildings, aiming to accelerate capital recycling and shift its portfolio towards majority multifamily assets.
- A strategic joint venture was announced in May 2021 with J.P. Morgan Global Alternatives for the next phase of Potomac Yard redevelopment, which includes the potential for two new multifamily buildings.
- The Washington Housing Initiative Impact Pool, managed by JBG SMITH, closed 2020 with $114.5 million in private sector capital commitments for the acquisition and development of affordable workforce housing.
Outbound Investments
- JBG SMITH completed the sale of two assets for $344 million in June 2022, which included the $198 million sale of its PenPlace development site to Amazon and 1900 N Street to Commerz Real.
- In July 2025, the company sold The Batley, a 432-unit multifamily asset in Washington, DC, for $155.0 million.
- In 2024, the company executed dispositions totaling $315 million, with proceeds reinvested in developments and acquisitions.
Capital Expenditures
- In Q1 2025, JBG SMITH's total share of capital expenditures was $20.7 million.
- JBG SMITH maintains a development pipeline encompassing 8.7 million to 9.3 million square feet of mixed-use, primarily multifamily, development opportunities as of late 2024 and 2025.
- The Zoe, a 420-unit multifamily tower in National Landing, was completed in Q1 2025. The Grace and Reva at 1900 Crystal Drive began leasing in January 2024 and were 68.6% leased by year-end 2024, with an expected annualized NOI of $23.1 million upon stabilization.
