JBG SMITH

What JBG SMITH does

JBG SMITH Properties (NYSE: JBGS) is a publicly traded real estate investment trust formed in 2017 through the combination of The JBG Companies and Smith Property Group, headquartered at 4747 Bethesda Avenue in Bethesda, Maryland. The company owns, operates, invests in, and develops mixed-use real estate concentrated in what management characterizes as the highest-growth urban infill submarkets of the Washington, DC metropolitan area — National Landing, Downtown DC, Bethesda, Reston, Crystal City, Pentagon City, and Potomac Yard. Its operating portfolio comprises approximately 12.0 million square feet across multifamily, office, and retail assets, with a 3.3 million square-foot development pipeline; flagship development projects include West Half (Ballpark District), 901W (Shaw), and 4747 Bethesda Avenue.

The company's product platform is organized around three core property types — Class A office, curated retail, and multifamily residential — supplemented by a development division and an in-house placemaking capability built around a proprietary "20/20 Vision" design philosophy emphasizing the 20 feet of sidewalk and street facade that define a place's sense of identity. JBG SMITH differentiates through integrated in-house teams of designers, architects, urban planners, landscape architects, and retail curators, complemented by collaborations with world-renowned architecture firms (Rogers Stirk Harbour + Partners, Pei Cobb Freed & Partners, Michael Graves Architecture & Design, Kohn Pedersen Fox). Distribution is predominantly direct enterprise leasing, with residential units marketed via a dedicated jbgsmithliving.com site and a third-party property management channel serving as fee manager for assets like Chase Tower.

The revenue model combines rental income from office (Fortune 500, government agencies, federal contractors, technology tenants including Amazon HQ2 in National Landing), retail, and multifamily leases — reported as subscription-like recurring revenue — with one-time development and property sale proceeds and managed-services fees from third-party property management. FY2025 net loss was $139.1M on revenue of approximately $497.4M, with Core FFO of $38.9M and Q1 2026 showing same-store NOI of $54.3M and Core FFO of $9.8M. The company declared a $0.175 quarterly common dividend and repurchased 1.6 million shares for $25.4M in Q1 2026.

Name

JBG SMITH

Legal name

JBG SMITH Properties

Website

https://jbgsmith.com

Company type

Public

Founded year

2017

Operating status

Operating

Headcount range

501–1,000 employees

Short description

JBG SMITH Properties is a publicly traded Washington DC REIT (NYSE: JBGS) that owns, operates, and develops approximately 12.0 million square feet of mixed-use office, retail, and multifamily properties concentrated in high-growth DC metro submarkets including National Landing, Downtown DC, and Bethesda.

Ownership category

akta.pro rank

Product category

Commercial Real Estate

NAICS

Funds, Trusts, and Other Financial Vehicles (525), Offices of Real Estate Agents and Brokers (53121)

SIC

Real Estate Investment Trusts (6798), Real Estate Dealers (For Their Own Account) (6532)

akta.pro primary industry

REITs & Listed Real Estate Securities (FSAAAKAD)

akta.pro secondary industry

Real Estate M&A / Joint Venture Advisory (Platform Deals, Partnerships) (BPAJANAF)

Keywords

• Mixed-use real estate
• Commercial property leasing
• Multifamily residential
• Office portfolio management
• Real estate development

Headquarters

HQ city

Chevy Chase

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Infrastructure, Personnel, Technology or R&D, Marketing or Sales

Revenue model

1. Commercial Real Estate Operations: JBG SMITH generates primary revenue through owning, operating, and managing a diversified mixed-use portfolio of multifamily, office, and retail properties in the Washington, DC metro area. The company collects rental income from office tenants (Fortune 500, government agencies, federal contractors, technology companies), retail tenants in mixed-use developments, and multifamily residential renters. As of Q1 2026, the company reported Same Store NOI of $54.3 million and Core FFO of $9.8 million. The portfolio comprises approximately 12.0 million square feet at share of operating assets.
2. Development Pipeline Revenue: JBG SMITH also generates revenue through development activities, including ground-up development and value-add redevelopment of mixed-use properties. The company has a 3.3 million square-foot development pipeline and recently placed the 355-unit Valen multifamily asset into service. Property sales (e.g., $8.0 million in Q4 2025) and acquisitions (e.g., $31.5 million Dulles View acquisition) also contribute to revenue.
3. Third-Party Property Management: JBG SMITH earns management fees by serving as property manager for third-party owned properties. The company serves as property manager for Chase Tower in Chevy Chase, MD (owned by Forbright Bank), continuing in this role following the acquisition. Additional properties are listed as Managed/Leased for Others on the company website.

Go-to-market motion1 record

Distribution channels4 records

Marketing channels5 records

Core offering

JBG SMITH is a publicly traded REIT that owns, operates, invests in, and develops a diversified mixed-use real estate portfolio of approximately 12.0 million square feet of office, retail, and multifamily properties concentrated in amenity-rich, Metro-served urban submarkets in the Washington, DC metropolitan area. The company also operates a 3.3 million square-foot development pipeline and provides third-party property management services for owned-by-others assets.

Product overview

JBG SMITH is a mixed-use real estate investment trust (REIT) that owns, operates, and develops properties concentrated in amenity-rich, Metro-served submarkets in and around Washington, DC. The company's portfolio comprises 12.0 million square feet of operating assets and a 3.3 million square-foot development pipeline. The product suite consists of three core property types—Office Portfolio, Retail Portfolio, and Residential Properties—plus a Real Estate Development division. Key development projects include 901W (residential in Shaw), 4747 Bethesda Avenue (mixed-use office/retail targeting LEED Gold and WELL certification), and West Half (residential in Ballpark District). The company differentiates through placemaking services with an in-house team of designers, architects, and urban planners focused on the '20/20 Vision' design philosophy.

Differentiator

Problem solved

Functional benefit

Products and services

• Office Portfolio Class A office properties throughout the Washington DC Metro area, including Downtown DC, National Landing, Bethesda, and Crystal City, featuring high-caliber amenities and supporting various work styles for corporate tenants and government agencies.
• Retail Portfolio Retail spaces in mixed-use and freestanding properties that activate new developments and communities in the Washington DC Metro area, including curated tenant collections in Bethesda Row and National Landing.
• Residential Properties Multifamily residential rental assets including mixed-use residential towers in neighborhoods like Navy Yard, Shaw, and the Ballpark District, such as West Half, 901W, and Valen.
• Real Estate Development Ground-up development and value-add redevelopment of mixed-use properties with specialized placemaking expertise, in collaboration with world-renowned architecture firms, targeting LEED Gold and WELL Building Standard certifications.
• Third-Party Property Management Property management services for third-party owned properties, earning management fees; includes assets such as Chase Tower in Chevy Chase, MD (owned by Forbright Bank) and other properties listed as Managed/Leased for Others.
• Placemaking Services In-house placemaking team of designers, architects, urban planners, landscape architects, and retail experts that apply the proprietary '20/20 Vision' design philosophy (focused on 20 feet of sidewalk and 20 feet of street façade) to create vibrant, distinctive neighborhoods.

Quantifiable outcome

• Same Store NOI declined 4.8% quarter-over-quarter to $54.3 million in Q1 2026, driven by lower multifamily occupancy and higher utilities expenses
• +3 more outcomes

Named customers8 records

Segments4 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Twelve partnerships are on record, tiered core, flagship and minor.

• Forbright BankcoreGTM or Marketing Partner · 1 May 2026Forbright Bank acquired Chase Tower, a 12-story Class A mixed-use property at 4445 Willard Avenue in Chevy Chase, Maryland (227,000 SF office + 18,000 SF retail). Forbright Bank has been the anchor tenant of Chase Tower since 2020 and is the lead investor in the acquisition. JBG SMITH continues as property manager for the property.
• R3 VenturescoreGTM or Marketing Partner · 1 May 2026R3 Ventures serves as partner and asset manager for Forbright Bank's acquisition of Chase Tower in Chevy Chase, Maryland. R3 Ventures co-invests in the transaction and provides operational oversight, leasing strategy, and capital improvements, while JBG SMITH continues as property manager.
• AmazonflagshipStrategic or Co-development Partner · 12 February 2026Amazon is one of three founding anchors of the National Innovation Quarter (National IQ), a new innovation district spanning Arlington and Alexandria, Virginia (Crystal City, Pentagon City, and Potomac Yard areas). National IQ aims to foster public-private partnerships at the intersection of technology and national competitiveness. Amazon's HQ2 presence in National Landing is a key anchor for the innovation ecosystem.
• Northrop GrummanflagshipStrategic or Co-development Partner · 12 February 2026Northrop Grumman is a founding partner of National Innovation Quarter (National IQ), a 501(c)(6) nonprofit innovation district spanning Arlington and Alexandria. The company joins Amazon, SAIC, Virginia Tech, and Arlington Economic Development to create a place-based ecosystem connecting defense, technology, industry, academia, entrepreneurship, and government.
• SAICflagshipStrategic or Co-development Partner · 12 February 2026SAIC is a founding partner of National Innovation Quarter (National IQ), bringing national security and technology expertise to the innovation district ecosystem spanning Arlington and Alexandria.
• Virginia TechflagshipStrategic or Co-development Partner · 12 February 2026Virginia Tech is one of three anchors of the National Innovation Quarter (National IQ) ecosystem, alongside the Pentagon and Amazon HQ2. Virginia Tech serves as a founding partner providing academic and research connections to the innovation district spanning Arlington and Alexandria.
• Arlington Economic DevelopmentflagshipStrategic or Co-development Partner · 12 February 2026Arlington Economic Development is a founding partner of National Innovation Quarter (National IQ), providing public-sector support and regional economic development coordination for the innovation district spanning Arlington and Alexandria.
• Virginia Innovation Partnership Corp. (VIPC)flagshipStrategic or Co-development Partner · 12 February 2026VIPC catalyzed and celebrated the launch of National Innovation Quarter (National IQ), serving as the organizing entity behind the landmark Virginia innovation district. VIPC brings state-level innovation programming including innovation challenges, investor summits, startup accelerators, and mentorship networks.
• Rogers Stirk Harbour + PartnersminorStrategic or Co-development PartnerWorld-renowned architecture firm that JBG SMITH has worked with on projects in the Washington metropolitan market.
• Michael Graves Architecture & DesignminorStrategic or Co-development PartnerArchitecture firm that JBG SMITH has collaborated with on projects in the Washington metropolitan market.
• Pei Cobb Freed & PartnersminorStrategic or Co-development PartnerArchitecture firm that JBG SMITH has worked with on projects in the Washington metropolitan market.
• Kohn Pedersen Fox (KPF)minorStrategic or Co-development PartnerArchitecture firm that JBG SMITH has collaborated with on projects in the Washington metropolitan market.

Scale indicators8 records

Recent moves5 records

Expansion highlights5 records

Direct peers

• Vornado Realty Trust: Vornado (NYSE: VNO) is a REIT concentrated in New York City and the Washington DC market, with a portfolio that closely mirrors JBG SMITH's mix of trophy Class A office, retail, and select multifamily assets in transit-served urban submarkets. It is the most direct geographic and product-line comparable for JBG SMITH's DC metro portfolio.
• Boston Properties: Boston Properties (NYSE: BXP) is an office-focused REIT with significant Washington DC exposure (including Reston and Downtown DC), alongside Boston, New York, San Francisco, and Los Angeles. Its trophy office strategy in DC directly overlaps with JBG SMITH's highest-value office holdings and provides a comparable on DC office pricing power.
• Brandywine Realty Trust: Brandywine Realty Trust (NYSE: BDN) is an office and mixed-use REIT with a portfolio concentrated in Philadelphia and Austin, plus select DC metro holdings. Its mixed-use development strategy and government/federal contractor tenant base overlap with JBG SMITH's operating approach.
• Federal Realty Investment Trust: Federal Realty (NYSE: FRT) is a mixed-use REIT with retail, office, and multifamily holdings concentrated in high-density coastal submarkets. Its placemaking approach and curated mixed-use development model closely parallel JBG SMITH's "20/20 Vision" strategy in Bethesda Row, National Landing, and similar urban nodes.
• Equity Residential: Equity Residential (NYSE: EQR) is a large multifamily REIT with significant Washington DC metro holdings among its urban/gateway city portfolio. It is directly comparable to JBG SMITH's multifamily segment for benchmarking rent growth, occupancy trends, and DC metro supply dynamics.
• AvalonBay Communities: AvalonBay (NYSE: AVB) is a multifamily REIT with a national portfolio concentrated in high-density East Coast, West Coast, and select Sun Belt markets, including Washington DC metro. Comparable to JBG SMITH's multifamily segment for amenity-rich, transit-served urban apartment performance.
• Cousins Properties: Cousins Properties (NYSE: CUZ) is an office REIT concentrated in high-growth Sun Belt markets (Atlanta, Austin, Charlotte, Dallas). While geographically distinct, its trophy Class A office strategy and development pipeline approach are directly comparable to JBG SMITH's office segment.
• Piedmont Office Realty Trust: Piedmont (NYSE: PDM) is an office REIT focused on Class A properties in major Sun Belt markets. Its trophy office strategy and lease structure with large corporate tenants is directly comparable to JBG SMITH's office leasing model, though in different geographies.

Regional players

• SL Green Realty: SL Green (NYSE: SLG) is the largest office REIT in Manhattan, focused on Class A office in NYC's transit-served submarkets. Its trophy office strategy, development pipeline, and urban submarket concentration are analogous to JBG SMITH's DC approach, though in a different geography.

Broad incumbents

• Brookfield Property Partners: Brookfield Property Group (now part of Brookfield Corporation) operates one of the world's largest real estate platforms with office, retail, multifamily, and logistics holdings globally. Its broad mixed-use platform overlaps with JBG SMITH's office, retail, and multifamily segments at a much larger scale.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/jbgsmith
• LinkedInlinkedin.com/company/jbgsmith

Revenue estimate

Valuation estimate

Number of profiles

Profiles7 records

Funding overview

Funding rounds1 record

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments2 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about JBG SMITH