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JBG SMITH Properties (JBGS)



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Upturn Advisory Summary
08/29/2025: JBGS (2-star) has a low Upturn Star Rating. Not recommended to BUY.
1 Year Target Price $17.5
1 Year Target Price $17.5
0 | Strong Buy |
0 | Buy |
1 | Hold |
1 | Sell |
1 | Strong Sell |
Analysis of Past Performance
Type Stock | Historic Profit 0.63% | Avg. Invested days 29 | Today’s Advisory Consider higher Upturn Star rating |
Upturn Star Rating ![]() ![]() | Upturn Advisory Performance ![]() | Stock Returns Performance ![]() |
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Key Highlights
Company Size Small-Cap Stock | Market Capitalization 1.36B USD | Price to earnings Ratio - | 1Y Target Price 17.5 |
Price to earnings Ratio - | 1Y Target Price 17.5 | ||
Volume (30-day avg) 3 | Beta 1.25 | 52 Weeks Range 13.01 - 22.25 | Updated Date 08/30/2025 |
52 Weeks Range 13.01 - 22.25 | Updated Date 08/30/2025 | ||
Dividends yield (FY) 3.30% | Basic EPS (TTM) -1.91 |
Analyzing Revenue: Products, Geography and Growth
Revenue by Products
Product revenue - Year on Year
Earnings Date
Report Date - | When - | Estimate - | Actual - |
Profitability
Profit Margin -29.58% | Operating Margin (TTM) 1.73% |
Management Effectiveness
Return on Assets (TTM) 0.04% | Return on Equity (TTM) -8.26% |
Valuation
Trailing PE - | Forward PE - | Enterprise Value 3799739871 | Price to Sales(TTM) 2.65 |
Enterprise Value 3799739871 | Price to Sales(TTM) 2.65 | ||
Enterprise Value to Revenue 7.39 | Enterprise Value to EBITDA 25.31 | Shares Outstanding 61724300 | Shares Floating 57612883 |
Shares Outstanding 61724300 | Shares Floating 57612883 | ||
Percent Insiders 0.18 | Percent Institutions 111.52 |
Upturn AI SWOT
JBG SMITH Properties

Company Overview
History and Background
JBG SMITH Properties was formed in 2017 following the spin-off of the Washington, D.C. assets of The JBG Companies and a merger with Charles E. Smith Commercial Realty. The company is focused on owning, operating, investing in and developing a dynamic portfolio of high-growth mixed-use properties in the Washington, D.C. metro area.
Core Business Areas
- Commercial: Owns, operates, and develops office, retail, and data center properties.
- Residential: Owns, operates, and develops multifamily residential properties.
- Mixed-Use: Develops and manages large-scale, mixed-use projects combining commercial and residential components, particularly around Amazon's HQ2 in National Landing.
Leadership and Structure
JBG SMITH is led by CEO Matt Kelly. The company has a board of trustees and operates with a traditional REIT structure.
Top Products and Market Share
Key Offerings
- Office Space: Leases office space to a variety of tenants, generating revenue through rental income. Market share in the D.C. metro area is estimated around 5-7% based on square footage owned. Competitors include Boston Properties (BXP), Vornado Realty Trust (VNO) and SL Green Realty Corp. (SLG).
- Residential Units: Leases apartments in its multifamily properties, generating revenue through rental income. Market share in the D.C. metro area is estimated around 2-3% based on unit count. Competitors include AvalonBay Communities (AVB) and Equity Residential (EQR).
- Retail Space: Leases retail space, generating revenue through rental income. Data is less available to specify percentage market share, but similar competitors for Office Space apply.
Market Dynamics
Industry Overview
The real estate industry is influenced by interest rates, economic growth, and demographic trends. The Washington, D.C. market has unique characteristics tied to government spending and employment.
Positioning
JBG SMITH is strategically positioned to benefit from the growth around Amazon's HQ2 in National Landing. The company focuses on high-quality, mixed-use developments and placemaking. They're a major player in the DC, MD, VA area and focus on growing there.
Total Addressable Market (TAM)
The total addressable market for commercial and residential real estate in the Washington, D.C. metro area is estimated to be in the hundreds of billions of dollars. JBG SMITH is positioned to capture a share of this market through its development projects and existing portfolio.
Upturn SWOT Analysis
Strengths
- Prime locations in the Washington, D.C. metro area
- Strong relationships with local government and community stakeholders
- Expertise in mixed-use development
- Significant land holdings in high-growth areas
Weaknesses
- Concentration of assets in a single geographic region
- Sensitivity to government spending and economic conditions in the D.C. area
- High debt levels
- Reliance on Amazon's success for HQ2 development
Opportunities
- Continued growth in the National Landing area driven by Amazon
- Increasing demand for mixed-use developments
- Potential for redevelopment of existing properties
- Expansion into new markets within the D.C. metro area
Threats
- Economic downturn in the D.C. area
- Rising interest rates
- Increased competition from other developers
- Changes in government policy that could impact real estate development
Competitors and Market Share
Key Competitors
- BXP
- VNO
- EQR
- AVB
- SLG
Competitive Landscape
JBG SMITH's advantages include its focus on the Washington, D.C. market and its expertise in mixed-use development. Its disadvantages include its geographic concentration and sensitivity to government spending.
Major Acquisitions
Amazon HQ2 land parcels
- Year: 2018
- Acquisition Price (USD millions): 573
- Strategic Rationale: Acquired strategic land parcels in National Landing to capitalize on the anticipated growth from Amazon's HQ2.
Growth Trajectory and Initiatives
Historical Growth: JBG SMITH's historical growth is tied to its development pipeline and the performance of its existing properties. Consult SEC filings for information on revenue growth and asset appreciation.
Future Projections: Future growth projections are based on analyst estimates and JBG SMITH's development plans. Refer to analyst reports and company presentations for these projections.
Recent Initiatives: Recent initiatives include the development of new mixed-use projects in National Landing and the acquisition of strategic land parcels.
Summary
JBG SMITH is a real estate company focused on the Washington, D.C. metro area, particularly around Amazon's HQ2. Their strength lies in the geographic expertise and the current development. However, their dependence on one area makes them susceptible to that area's market conditions, economic downturns and government policy changes. While, the company is making strategic moves to enhance it's market position, it must work towards diversifying it's holdings.
Peer Comparison
Sources and Disclaimers
Data Sources:
- JBG SMITH's Investor Relations Website
- JBG SMITH's SEC Filings (10-K, 10-Q)
- Analyst Reports on JBG SMITH and its competitors
- Market Research Reports on the Washington, D.C. Real Estate Market
Disclaimers:
This analysis is for informational purposes only and should not be considered financial advice. Market data and analyst estimates are subject to change. Investment decisions should be based on thorough research and consultation with a qualified financial advisor.
AI Summarization is directionally correct and might not be accurate.
Summarized information shown could be a few years old and not current.
Fundamental Rating based on AI could be based on old data.
AI-generated summaries may have inaccuracies (hallucinations). Please verify the information before taking action.
About JBG SMITH Properties
Exchange NYSE | Headquaters Bethesda, MD, United States | ||
IPO Launch date 2017-07-11 | CEO & Trustee Mr. W. Matthew Kelly | ||
Sector Real Estate | Industry REIT - Office | Full time employees 645 | Website https://www.jbgsmith.com |
Full time employees 645 | Website https://www.jbgsmith.com |
JBG SMITH owns, operates and develops mixed-use properties concentrated in amenity-rich, Metro-served submarkets in and around Washington, DC, most notably National Landing, that we believe have long-term growth potential and appeal to residential, office and retail tenants. Through an intense focus on placemaking, JBG SMITH cultivates vibrant, highly amenitized, walkable neighborhoods throughout the Washington, DC metropolitan area. Approximately 75.0% of JBG SMITH's holdings are in the National Landing submarket in Northern Virginia, which is anchored by four key demand drivers: Amazon's headquarters; Virginia Tech's$1 billion Innovation Campus; proximity to the Pentagon; and our placemaking initiatives and public infrastructure improvements. JBG SMITH's dynamic portfolio currently comprises 11.9 million square feet at share of multifamily, office and retail assets, 98% of which are Metro-served. It also maintains a development pipeline encompassing 8.9 million square feet of mixed-use, primarily multifamily, development opportunities. JBG SMITH is committed to the operation and development of green, smart, and healthy buildings and plans to maintain carbon neutral operations annually.

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