JBG SMITH (JBGS)
JBG SMITH Properties is a REIT focused on mixed-use properties in the Washington, DC metro area. They are the exclusive developer for Amazon's HQ2 in National Landing.
Company Overview
JBG SMITH offers investors a unique opportunity to capitalize on the high-growth potential of the Washington, DC metro area, driven by its strategic focus on mixed-use properties and its exclusive role in developing Amazon's National Landing headquarters, all while offering a 4.21% dividend yield.
Investment Thesis
JBG SMITH presents a compelling investment opportunity driven by its strategic positioning in the high-growth Washington, DC, metro area and its exclusive role in the development of Amazon's National Landing. The company's focus on mixed-use properties and placemaking creates vibrant, in-demand neighborhoods. With a dividend yield of 4.21%, JBGS offers income potential. The development of National Landing is a significant catalyst, expected to drive long-term growth in rental income and property values. While the company currently has a negative P/E ratio of -6.57 and a negative profit margin of -30.6%, the long-term potential of National Landing and the overall DC market make JBGS an attractive investment for patient investors.
Key Highlights
- JBG SMITH's portfolio comprises 20.7 million square feet of high-growth office, multifamily and retail assets.
- 98% of JBG SMITH's portfolio is Metro-served, enhancing accessibility and attractiveness.
- The company maintains a development pipeline encompassing 17.1 million square feet of mixed-use development opportunities.
- JBG SMITH serves as the exclusive developer for Amazon's new headquarters in National Landing.
- JBG SMITH has a dividend yield of 4.21%.
Competitors
Strengths
- Exclusive development rights for Amazon's HQ2.
- High percentage of Metro-accessible properties.
- Strong focus on mixed-use developments.
- Experienced management team with a track record of success.
Weaknesses
- Negative profit margin of -30.6%.
- High dependence on the Washington, DC, metro area economy.
- Exposure to interest rate risk.
- Negative P/E ratio of -6.57.
Catalysts
- Ongoing: Continued development and leasing of National Landing.
- Ongoing: Completion and lease-up of mixed-use development projects.
- Upcoming: Potential acquisitions of strategic properties.
- Ongoing: Growth in the Washington, DC, metro area economy.
Risks
- Potential: Economic recession impacting demand for office and residential space.
- Potential: Delays or cost overruns in the development of National Landing.
- Potential: Increased competition from other REITs.
- Ongoing: Interest rate increases impacting financing costs.
- Ongoing: Negative profit margin impacting profitability.
Growth Opportunities
- National Landing Development: JBG SMITH's exclusive role in developing Amazon's National Landing represents a significant growth opportunity. This multi-year project is expected to attract thousands of new residents and employees to the area, driving demand for office, residential, and retail space. The total market opportunity is estimated to be billions of dollars over the next decade, with JBG SMITH positioned to capture a significant share.
- Mixed-Use Development Pipeline: JBG SMITH's 17.1 million square foot development pipeline provides a clear path for future growth. These projects, which include a mix of office, residential, and retail space, are designed to create vibrant, walkable communities. As these projects are completed and leased, they will generate significant rental income and increase the value of JBG SMITH's portfolio. The timeline for these projects extends over the next 5-10 years.
- Metro-Served Properties: The company's focus on Metro-served properties provides a competitive advantage. Access to public transportation is a key factor for tenants and residents, particularly in the Washington, DC, area. As the region's population grows and traffic congestion increases, the value of Metro-served properties is likely to increase. This provides JBG SMITH with a long-term growth driver.
- Placemaking Strategy: JBG SMITH's focus on placemaking creates vibrant, amenity-rich neighborhoods that attract tenants and residents. By creating attractive and engaging environments, JBG SMITH can command premium rents and occupancy rates. This strategy differentiates the company from competitors who focus solely on the physical buildings. The impact of placemaking is ongoing and contributes to long-term value creation.
- Strategic Acquisitions: JBG SMITH can pursue strategic acquisitions to expand its portfolio and market presence. By acquiring well-located properties with growth potential, JBG SMITH can increase its rental income and asset value. The company has a track record of successful acquisitions, and this remains a viable growth strategy. The timeline for acquisitions is opportunistic and depends on market conditions.
Opportunities
- Further development of National Landing.
- Expansion of mixed-use portfolio through acquisitions and development.
- Increased demand for office and residential space in the DC metro area.
- Potential for rent growth in existing properties.
Threats
- Economic downturn in the Washington, DC, metro area.
- Increased competition from other REITs.
- Rising interest rates.
- Delays in the development of National Landing.
Competitive Advantages
- Exclusive development rights for Amazon's National Landing.
- Strategic focus on the high-growth Washington, DC, metro area.
- Portfolio of Metro-served properties.
- Strong track record of placemaking and community development.
About
JBG SMITH Properties, an S&P 400 company, stands as a prominent real estate investment trust (REIT) specializing in the ownership, operation, investment, and development of dynamic mixed-use properties within the high-growth Washington, DC, metropolitan area. The company's core strategy revolves around 'placemaking,' fostering vibrant, amenity-rich, and walkable neighborhoods throughout the Capital region. A key element of their strategy is their role as the exclusive developer for Amazon's new headquarters in National Landing, a project that is expected to significantly transform the area. Founded with a vision to create thriving urban environments, JBG SMITH has evolved into a leading force in the DC real estate market. Their portfolio comprises 20.7 million square feet of high-growth office, multifamily, and retail assets, with a significant 98% located near Metro stations, enhancing accessibility and attractiveness. Beyond its existing assets, JBG SMITH maintains a robust development pipeline encompassing 17.1 million square feet of mixed-use development opportunities, positioning the company for sustained growth and value creation. The company's commitment to creating vibrant communities and strategic focus on high-growth areas differentiate it from competitors in the REIT sector.
What They Do
- Owns and operates mixed-use properties in the Washington, DC metro area.
- Invests in high-growth office, multifamily, and retail assets.
- Develops mixed-use projects, including office buildings, apartments, and retail spaces.
- Focuses on creating vibrant, amenity-rich, walkable neighborhoods.
- Serves as the exclusive developer for Amazon's new headquarters in National Landing.
- Manages a portfolio of 20.7 million square feet of leasable space.
- Maintains a development pipeline of 17.1 million square feet.
Business Model
- Generates revenue primarily from rental income from office, multifamily, and retail properties.
- Increases asset value through property development and redevelopment.
- Collects fees for property management and other services.
- Finances operations through a combination of debt and equity.
FAQ
What does JBG SMITH Properties do?
JBG SMITH Properties is a real estate investment trust (REIT) that owns, operates, invests in, and develops mixed-use properties primarily in the Washington, DC, metropolitan area. The company focuses on creating vibrant, amenity-rich neighborhoods, with a significant emphasis on properties located near Metro stations. JBG SMITH is also the exclusive developer for Amazon's new headquarters in National Landing, a large-scale project expected to transform the area and drive long-term growth for the company. Their portfolio includes office, multifamily, and retail assets.
Is JBGS stock a good buy?
JBG SMITH presents a mixed investment profile. The company's strategic positioning in the high-growth Washington, DC, metro area and its exclusive role in the National Landing development are significant positives. However, the company's negative P/E ratio of -6.57 and negative profit margin of -30.6% raise concerns. The 4.21% dividend yield offers some downside protection. Investors should carefully weigh the long-term growth potential against the current financial challenges before investing.
What are the main risks for JBGS?
JBG SMITH faces several key risks. An economic downturn in the Washington, DC, metro area could reduce demand for office and residential space, impacting rental income and property values. Delays or cost overruns in the National Landing development could also negatively affect the company's financial performance. Rising interest rates could increase financing costs and reduce profitability. The company's negative profit margin also poses a risk, as it indicates that expenses are exceeding revenues.
Industry Context
JBG SMITH operates within the REIT - Office industry, which is influenced by factors such as interest rates, economic growth, and demand for office and residential space. The Washington, DC, metro area benefits from a relatively stable economy and a strong government presence. The competitive landscape includes other REITs such as Alexandria Real Estate Equities (ALEX), which focuses on life science properties, and Corporate Office Properties Trust (CIO), which focuses on defense-related properties. JBG SMITH differentiates itself through its focus on mixed-use developments and its exclusive partnership with Amazon in National Landing.
Key Customers
- Office tenants seeking space in well-located, amenity-rich buildings.
- Residential tenants looking for apartments in vibrant, walkable neighborhoods.
- Retail tenants seeking space in high-traffic areas.
- Amazon, as the anchor tenant in National Landing.
Financials
Recent Quarterly Results
| Quarter | Revenue | Net Income | EPS |
|---|---|---|---|
| Q4 2025 | $128M | -$46M | $-0.77 |
| Q3 2025 | $124M | -$29M | $-0.47 |
| Q2 2025 | $126M | -$19M | $-0.28 |
| Q1 2025 | $121M | -$46M | $-0.56 |
Source: Company filings
Chart & Info
Price Chart
JBG SMITH (JBGS) stock price: $16.79 (+0.09, +0.54%)
Why Bull
- •Recent insider buying suggests confidence in the company's future, indicating that key stakeholders believe in its growth potential.
- •Community sentiment has shifted positively, with recent discussions highlighting JBG SMITH's strategic developments in the real estate sector.
- •The ongoing demand for urban mixed-use properties aligns well with JBG SMITH's portfolio, positioning it favorably in a recovering market.
- •Positive media coverage around their sustainability initiatives has resonated well with socially conscious investors, enhancing the company's public image.
Why Bear
- •Concerns about rising interest rates could impact real estate valuations, making investors cautious about JBG SMITH's future performance.
- •Recent community discussions have highlighted potential challenges in leasing rates, suggesting that demand may not be as robust as previously thought.
- •The company's reliance on urban properties could be a double-edged sword, especially if remote work trends continue to affect office space demand.
- •Market perception remains cautious due to broader economic uncertainties, which may hinder investor enthusiasm in the short term.
Latest News
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Earnings Scheduled For February 17, 2026
benzinga · Feb 17, 2026
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Earnings Scheduled For October 28, 2025
benzinga · Oct 28, 2025
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Earnings Scheduled For July 29, 2025
benzinga · Jul 29, 2025
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Earnings Scheduled For April 29, 2025
benzinga · Apr 29, 2025
Technical Analysis
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Sentiment
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Current price: $16.79
Analyst Consensus
Consensus Rating
Aggregated Buy/Hold/Sell recommendations from Benzinga, Yahoo Finance, and Finnhub for JBGS.
Price Targets
Wall Street price target analysis for JBGS.
Insider Flow (30d)
MoonshotScore
Score Factors
- Revenue Growth 2/100
- Gross Margin 8/100
- Operating Leverage 4/100
- Cash Runway 6/100
- R&D Intensity 5/100
- Insider Activity 6/100
- Short Interest 10/100
- Price Momentum 0/100
- News Sentiment 5/100
What does this score mean?
The MoonshotScore rates JBGS's growth potential on a scale of 0-100 across multiple factors including innovation, market disruption, financial health, and momentum.
Competitors & Peers
Frequently Asked Questions
What does JBG SMITH Properties do?
JBG SMITH Properties is a real estate investment trust (REIT) that owns, operates, invests in, and develops mixed-use properties primarily in the Washington, DC, metropolitan area. The company focuses on creating vibrant, amenity-rich neighborhoods, with a significant emphasis on properties located near Metro stations. JBG SMITH is also the exclusive developer for Amazon's new headquarters in National Landing, a large-scale project expected to transform the area and drive long-term growth for the company. Their portfolio includes office, multifamily, and retail assets.
Is JBGS stock a good buy?
JBG SMITH presents a mixed investment profile. The company's strategic positioning in the high-growth Washington, DC, metro area and its exclusive role in the National Landing development are significant positives. However, the company's negative P/E ratio of -6.57 and negative profit margin of -30.6% raise concerns. The 4.21% dividend yield offers some downside protection. Investors should carefully weigh the long-term growth potential against the current financial challenges before investing.
What are the main risks for JBGS?
JBG SMITH faces several key risks. An economic downturn in the Washington, DC, metro area could reduce demand for office and residential space, impacting rental income and property values. Delays or cost overruns in the National Landing development could also negatively affect the company's financial performance. Rising interest rates could increase financing costs and reduce profitability. The company's negative profit margin also poses a risk, as it indicates that expenses are exceeding revenues.
Disclaimer: This content is for informational purposes only and does not constitute investment advice. Always do your own research and consult a financial advisor.
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