JBG SMITH
Owns, operates, and develops mixed-use real estate around Washington, DC.
Something off on this page? Send us feedback.
Profile
Owns and operates multifamily, commercial, and retail-infused mixed-use properties concentrated around Washington, DC, with National Landing as the core market. Revenue comes mainly from property operations and third-party real estate services, while execution depends on leasing demand, office repositioning, development timing, and REIT capital access.
Owns, operates, and develops mixed-use real estate in Metro-served Washington, DC submarkets, with National Landing as the center of the portfolio. Assets span multifamily apartments, office buildings, retail spaces, and development density tied to walkable neighborhood placemaking.
The operating segments are Multifamily, Commercial, and Third-Party Real Estate Services. Commercial includes office and retail assets, while development supports the same mixed-use neighborhoods rather than standing as a separate reportable segment.
Execution is local and asset-intensive: leasing space, activating streets, repositioning office buildings, delivering apartments, and managing properties for outside owners. The public issuer was formed in 2017 through the Vornado Washington segment spin-off and combination with The JBG Companies.
The business depends on Washington-area demand, National Landing execution, office-cycle conditions, development timing, and REIT access to capital.
Company facts
Key statistics
Year to date −27.6% · Average volume (30d) 808.2K
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Prior rating | Rating | Prior target | Target |
|---|---|---|---|---|---|---|
| Aug 4, 2026 | Capital One Financial | Target | $13 | |||
| Nov 14, 2025 | Evercore ISI | Target | $17 | $18 | ||
| Oct 9, 2025 | New Street | Target | $19 | |||
| Dec 3, 2024 | BMO Capital | Downgrade | Market Perform | Underperform |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Aug 10, 2026Q2 FY26 | — | −$1.03 | — | $118.7M | $129.4M | +9.0% | −7.81% |
| May 5, 2026Q1 FY26 | — | $0.17 | — | $116.2M | $127.6M | +9.8% | +4.36% |
| Feb 17, 2026Q4 FY25 | −$0.47 | $0.17 | +136.2% | $122.4M | $127.6M | +4.2% | −1.31% |
| Oct 28, 2025Q3 FY25 | −$0.49 | $0.15 | +130.6% | $120.6M | $123.9M | +2.7% | −5.71% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $120.7M | $126.5M | $123.9M | $127.6M | $127.6M | $129.4M | |
| Gross profit | $59.0M | $65.4M | $61.0M | $62.1M | −$11.3M | −$8.5M | |
| Operating income | −$4.1M | $1.1M | −$414.0K | $1.6M | −$7.9M | $8.1M | |
| Net income | −$45.7M | −$19.2M | −$28.6M | −$45.5M | −$18.7M | −$59.2M | |
| Diluted EPS | −$0.56 | −$0.29 | −$0.48 | −$0.78 | −$0.32 | −$1.03 | |
| Gross margin | 48.9% | 51.7% | 49.2% | 48.7% | -8.8% | -6.6% | |
| Operating margin | -3.4% | 0.9% | -0.3% | 1.3% | -6.2% | 6.3% |
Fiscal years (4-quarter sums)FY21 $634.4M · FY22 $605.8M · FY23 $602.9M · FY24 $547.3M · FY25 $498.6M
Revenue by product · Q2 FY26
Balance sheet, Jun 30, 2026Cash & short-term investments $74.8M · Total debt $2.57B · Total assets $4.26B · Shareholders' equity $1.07B
Dividends
Last cut to $0.175 from $0.225 in Feb 2024. To collect a payout, hold shares through the close before the ex-date.
History
| Ex-date | Record | Paid | Amount | Note |
|---|---|---|---|---|
| Aug 13, 2026 | Aug 13 | Aug 27 | $0.175 | |
| May 14, 2026 | May 14 | May 28 | $0.175 | |
| Dec 30, 2025 | Dec 30 | Jan 13 | $0.175 | |
| Nov 6, 2025 | Nov 6 | Nov 20 | $0.175 | |
| Aug 7, 2025 | Aug 7 | Aug 21 | $0.175 | |
| May 8, 2025 | May 8 | May 22 | $0.175 | |
| Dec 30, 2024 | Dec 30 | Jan 14 | $0.175 | |
| Nov 7, 2024 | Nov 7 | Nov 22 | $0.175 |
Ownership
A 13F quarter can total more than the shares outstanding — sub-advisers file the same block twice, and a filer's own share count can be a quarter stale. No split is drawn from it.
Shares outstanding 58.26M · Float 53.44M · 91.7% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| BlackRock, Inc. | 11.19M | 19.21% | 13F | Aug 7, 2026 |
| Vanguard Portfolio Management LLC | 6.16M | 10.58% | 13F | Aug 13, 2026 |
| Long Pond Capital, LP | 4.02M | 6.91% | 13F | Aug 13, 2026 |
| Morgan Stanley | 3.94M | 6.77% | 13F | Aug 13, 2026 |
| State Street Corp | 3.62M | 6.22% | 13F | Aug 7, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Jun 8, 2026 | Steven A. Museles | officer: Chief Legal Off. & Corp. Secy | −20,010 | $15.01 |
| Nov 24, 2025 | Evan Regan-Levine | officer: Chief Strategy Officer | −4,485 | $17.90 |
| Nov 7, 2025 | Evan Regan-Levine | officer: Chief Strategy Officer | −5,200 | $18.56 |
| Oct 30, 2025 | Scott A. Estes | director | −10,000 | $19.87 |
| Oct 31, 2025 | Steven A. Museles | officer: Chief Legal Off. & Corp. Secy | −16,253 | $19.58 |
Peers
- BXP
Premier office rival in Washington, DC and Reston
- AvalonBay Communities
Large apartment REIT competing for DC-area renters
- Equity Residential
Urban apartment peer across DC and National Landing
- Federal Realty
Retail and mixed-use placemaking peer in the DC region
- Saul Centers
Local retail and mixed-use landlord concentrated near DC
- Brandywine Realty Trust
Transit-oriented office and mixed-use peer in DC/NoVA
- UDR
DC Metro apartment operator across city and suburban nodes
- Piedmont Realty Trust
Class A office peer in Northern Virginia/DC
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| JBG SMITH | $12.08 | −0.08% | $703.7M | — | — | 1.4 | +2.3% |
| BXP | $68.89 | −0.61% | $11.05B | 37.3 | 33.8 | 3.1 | +3.1% |
| AvalonBay Communities | $184.06 | 0.00% | $26.28B | 25.4 | 35.5 | 8.5 | −6.3% |
| Equity Residential | $63.66 | −3.50% | $23.87B | 27.9 | 42.5 | 7.6 | +2.1% |
| Federal Realty | $116.75 | −0.01% | $10.09B | 23.3 | 37.7 | 7.6 | +4.6% |
| Saul Centers | $33.20 | −0.24% | $816.1M | 21.5 | 107.4 | 2.7 | +6.4% |
| Brandywine Realty Trust | $3.06 | −0.16% | $528.6M | — | — | 1.1 | +1.8% |
| UDR | $37.12 | −0.01% | $11.93B | 23.6 | 64.3 | 6.9 | −0.6% |
| Piedmont Realty Trust | $9.54 | −0.05% | $1.19B | — | — | 2.1 | +2.7% |
| Median | 24.5 | 40.1 | 5.0 | +2.4% |