JBG SMITH Properties (NYSE: JBGS)

JBG SMITH Properties is a Maryland real estate investment trust that specializes in the ownership, operation, and development of mixed-use properties, with a primary focus on the Washington, D.C. metropolitan area, particularly in the National Landing submarket. The company's portfolio includes a mix of multifamily, commercial, and retail properties, all strategically located in amenity-rich, Metro-served submarkets. JBG SMITH's business model revolves around creating vibrant, walkable neighborhoods through a concept called "Placemaking," which involves the strategic integration of high-quality multifamily and commercial buildings with retail and public spaces.

The company generates revenue through rental income from its multifamily and commercial properties, as well as through the development and sale of properties. JBG SMITH's primary products include residential units, office spaces, and retail units. The company's customer base is diverse, including residential tenants, office tenants such as Amazon, and retail tenants. The company also generates fee-based revenue through its third-party real estate services business, which provides property management and other real estate services to third parties.

• Multifamily: This segment includes the ownership, operation, and development of residential properties. As of December 31, 2025, JBG SMITH had 15 multifamily assets totaling 6,519 units, with 6,333 units at its share. The company has delivered several multifamily projects, including The Grace, Reva, The Zoe, and Valen, which collectively add 1,583 units and approximately 57,000 square feet of retail space to its portfolio. The multifamily segment caters to residential tenants seeking housing in amenity-rich, walkable neighborhoods.

• Commercial: This segment involves the ownership, operation, and development of office and retail properties. As of December 31, 2025, JBG SMITH had 22 commercial assets totaling 7.3 million square feet, with 6.9 million square feet at its share. The commercial segment caters to office tenants, including large corporations like Amazon, and retail tenants. The company is repositioning 2011 Crystal Drive to include a large-scale externally managed meeting and conference facility, two elevated food and beverage offerings, and an activated public lobby, which is expected to drive leasing demand.

• Third-Party Real Estate Services: This segment provides fee-based real estate services to third parties, including property management, leasing, and other real estate services. The company often retains management of properties it sells as part of its capital allocation strategy, generating third-party service fees. This segment enhances overall returns, provides additional scale and efficiency in operating and development businesses, and absorbs a portion of the overhead and other administrative costs of the platform.

JBG SMITH Properties operates in a highly competitive commercial real estate market, competing with numerous acquirers, developers, owners, and operators of commercial real estate, including other REITs, private equity investors, domestic and foreign financial institutions, life insurance companies, pension trusts, partnerships, and individual investors. The company's competitive advantages include its deep expertise in mixed-use, urban infill real estate, creative deal-making, disciplined capital allocation, and development and value creation expertise. JBG SMITH's Placemaking approach creates synergies and value across varied uses, leading to unique, amenity-rich, walkable neighborhoods that enhance tenant and investor demand.

The company's significant tenants include Amazon, which occupies two office buildings developed by JBG SMITH in National Landing, totaling 2.1 million square feet, inclusive of approximately 50,000 square feet of street-level retail with shops and restaurants. JBG SMITH is the property manager and retail leasing agent for Amazon's headquarters at National Landing. Additionally, as of December 31, 2025, JBG SMITH had leases with Amazon totaling approximately 357,000 square feet in two office buildings in National Landing. The company's customer base also includes residential tenants and retail tenants.