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JBG Smith

Logo: JBG SMITH, CC BY-SA 4.0, via Wikimedia Commons4

Real estate investment trust

JBG SMITH Properties is a publicly traded real estate investment trust based in Bethesda, Maryland. As of December 31, 2024, the company owned 38 operating properties including 16 apartment complexes with 6,781 units, 20 commercial properties comprising 6.3 million square feet, and two properties on which it collects ground rent. It also owned two additional apartment complexes under construction and had 19 properties in its development pipeline.3 Its shares trade on NYSE under the symbol JBGS.1 Wikipedia text CC BY-SA 4.0

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Last updated Oct 21, 2026.

Overview

$498.6MRevenue, fiscal 20255
-$139.1MNet income, fiscal 20255
1957Founded1

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  • TickerJBGS on NYSE1
  • Industryreal property1
  • HeadquartersChevy Chase1
  • Websitewww.jbgsmith.com
  • Incorporated inMD6
  • Business address4747 Bethesda Avenue, Suite 200, Bethesda, Md 208146
  • Filer categoryLarge accelerated filer6
  • Legal formOther
  • Kind of organizationReal estate investment trust1

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JBG SMITH Properties is a publicly traded real estate investment trust based in Bethesda, Maryland.3

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

-27.9%Net margin5
-8.9%Revenue growth, 20255
-12.0%Return on equity5

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Other costs99¢$494.8M
  • Income tax1¢$3.8M

Out of $498.6M in revenue.5 The company lost money this year.

Where each dollar of operating cash went, fiscal 2025

  • Dividends paid10¢$48.4M
  • Share buybacks90¢$443.7M

Out of $73.3M of cash from operations. Spending exceeded cash from operations; the rest came from savings or borrowing.5

Financial statements

Revenue891011125$498.6M in 2025−23% since 2018
0$200.0M$400.0M$600.0M$800.0M2018: $644.2M$644.2M20182019: $647.8M$647.8M2019+1%2020: $602.7M$602.7M2020−7%2021: $634.4M$634.4M2021+5%2022: $605.8M$605.8M2022−4%2023: $604.2M$604.2M2023−0%2024: $547.3M$547.3M2024−9%2025: $498.6M$498.6M2025−9%
Net income891011125-$139.1M in 2025
-$200.0M-$100.0M0$100.0M2018: $39.9M$39.9M20182019: $65.6M$65.6M2019+64%2020: -$62.3M-$62.3M20202021: -$79.3M-$79.3M2021+27%2022: $85.4M$85.4M20222023: -$80.0M-$80.0M20232024: -$143.5M-$143.5M2024+79%2025: -$139.1M-$139.1M2025−3%

Every line of the income statement as filed: the last 3 fiscal years, latest first.5

Period ending2025-12-312024-12-312023-12-31
Property rental$416.8M$456.9M$483.2M
Third-party real estate services, including reimbursements$62.2M$69.5M$92.1M
Other revenue$19.6M$20.9M$29.0M
Total revenue$498.6M$547.3M$604.2M
Depreciation and amortization$190.1M$208.2M$210.2M
Property operating$141.7M$146.6M$144.0M
Real estate taxes$48.9M$52.6M$57.7M
Corporate and other$59.2M$58.8M$54.8M
Third-party real estate services$60.6M$74.3M$88.9M
Share-based compensation related to Formation Transaction and special equity awards$549.0K
Transaction and other costs$6.2M$5.3M$8.7M
Total expenses$506.6M$545.8M$565.0M
Loss from unconsolidated real estate ventures, net-$4.4M-$7.1M-$27.0M
Interest and other income, net$4.2M$11.6M$15.8M
Interest expense-$142.0M-$134.1M-$108.7M
Gain (loss) on the sale of real estate, net$46.6M-$2.8M$79.3M
Gain (loss) on the extinguishment of debt, net-$2.4M$9.2M-$450.0K
Impairment loss-$65.8M-$55.4M-$90.2M
Total other income (expense)-$163.9M-$178.5M-$131.2M
LOSS BEFORE INCOME TAX (EXPENSE) BENEFIT-$171.9M-$177.0M-$92.0M
Income tax (expense) benefit$3.8M-$762.0K$296.0K
NET LOSS-$168.1M-$177.8M-$91.7M
Net loss attributable to redeemable noncontrolling interests$29.0M$22.2M$10.6M
Net loss attributable to noncontrolling interests$12.0M$1.1M
NET LOSS ATTRIBUTABLE TO COMMON SHAREHOLDERS-$139.1M-$143.5M-$80.0M
LOSS PER COMMON SHARE - BASIC-$2.09-$1.65-$0.78
LOSS PER COMMON SHARE - DILUTED-$2.09-$1.65-$0.78
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING - BASIC67.4M shares88.3M shares105.1M shares
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING - DILUTED67.4M shares88.3M shares105.1M shares

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Corporate structure

JBG Smith sits at the top of its group. 1 entity, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of JBG Smith

  • JBG Smith Chevy Chase

Built from major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What JBG Smith reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Property and equipment

ItemLatestA year beforeChange
Land and buildings$1.0B5 Dec 31, 2025$1.1B5 Dec 31, 2024−8.0%
Operating-lease assets (leased space)$41.5M5 Dec 31, 2025$44.0M5 Dec 31, 2024−5.8%

Real estate and locations

ItemLatestA year beforeChange
Real estate investments, net$3.8B5 Dec 31, 2025$4.1B5 Dec 31, 2024−8.5%
Real estate investments, at cost$5.2B5 Dec 31, 2025$5.5B5 Dec 31, 2024−6.5%
Real estate accumulated depreciation$1.4B5 Dec 31, 2025$1.4B5 Dec 31, 2024−0.8%
Real estate properties395 Dec 31, 20253812 Dec 31, 2024+2.6%

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$75.3M5 Dec 31, 2025$145.8M5 Dec 31, 2024−48.4%

Intangibles and goodwill

ItemLatestA year beforeChange
Intangible assets, net (excluding goodwill)$30.3M5 Dec 31, 2025$47.0M5 Dec 31, 2024−35.5%
Finite-lived intangibles, gross$17.0M5 Dec 31, 2025$8.3M5 Dec 31, 2024+104.0%
Accumulated amortization$9.0M5 Dec 31, 2025$6.8M5 Dec 31, 2024+32.8%
Finite-lived intangibles, net$7.9M5 Dec 31, 2025$1.5M5 Dec 31, 2024+424.3%

Properties, in its own words

Note on presentation of "at share" information. We present certain financial information and metrics "at JBG SMITH Share," which is calculated on an entity-by-entity basis, but exclude our 10.0% subordinated interest in one commercial building and our 33.5% subordinated interest in four commercial buildings, as well as the associated non-recourse mortgage loans, held through unconsolidated real estate ventures; these interests and debt are excluded because our investment in each real estate venture is zero, we do not anticipate receiving any near-term cash flow distributions from the real estate ventures, and we have not guaranteed their obligations or otherwise committed to providing financial support. "At JBG SMITH Share" information, which we also refer to as being "at share," "our pro rata share" or "our share," is not, and is not intended to be, a presentation in accordance with GAAP. Because as of December 31, 2025, 10.4% of our assets, as measured by total square feet, was held through real estate ventures in which we own less than 100% of the ownership interest, we believe this form of presentation, which includes our economic interests in the unconsolidated real estate ventures, provides investors important information regarding a significant component of our

portfolio, its composition, performance and capitalization. We classify our portfolio as "operating," "under-construction," or "development pipeline." As of December 31, 2025, there were no assets under construction.

The rest of Item 2

The following tables summarize information about our multifamily, commercial and development pipeline portfolios as of December 31, 2025. Many of our assets in the development pipeline are adjacent to or an integrated component of operating multifamily or commercial assets in our portfolio. A number of our assets included in the following tables are held through real estate ventures with third parties or are subject to ground leases. In addition to other information, the following tables indicate our percentage ownership, whether the asset is consolidated or unconsolidated, and whether the asset is subject to a ground lease.

Multifamily Assets

Number · Total · Multifamily

Same Store (2): · of · Square · Retail %

Multifamily Assets · Ownership · C/U (1) · 2024-2025 · Units · Feet · Leased · Occupied · Occupied

RiverHouse Apartments (Ashley, James and Potomac) · 100.0 · C · Y · 1,676 · 1,326,219 · 91.8% · 90.7% · 100.0%

The Bartlett · 100.0 · C · Y · 699 · 619,372 · 95.5% · 93.8% · 100.0%

Reva · 100.0 · C · N · 471 · 324,188 · 77.8% · 76.9% · 38.5%

The Grace · 100.0 · C · N · 337 · 311,903 · 86.1% · 83.4% · 81.8%

220 20th Street · 100.0 · C · Y · 265 · 271,476 · 95.1% · 95.1% · 100.0%

2221 S. Clark Street - Residential (3) · 100.0 · C · Y · 216 · 96,948 · 73.2% · 71.6% · —

D.C.

The Wren · 100.0 · C · Y · 433 · 332,682 · 92.6% · 90.8% · 100.0%

F1RST Residences · 100.0 · C · Y · 325 · 270,928 · 89.2% · 88.0% · 100.0%

Atlantic Plumbing · 100.0 · C · Y · 310 · 245,228 · 91.8% · 91.0% · 90.7%

1221 Van Street · 100.0 · C · Y · 291 · 225,592 · 85.5% · 82.8% · 100.0%

901 W Street · 100.0 · C · Y · 161 · 154,340 · 89.8% · 88.2% · 74.6%

900 W Street (3) · 100.0 · C · Y · 95 · 71,050 · 45.3% · 32.6% · —

West Half · 60.0 · C · Y · 465 · 385,372 · 87.4% · 86.5% · 83.1%

Total / Weighted Average (3) · 5,744 · 4,635,298 · 90.2% · 88.7% · 89.4%

Recently Delivered

Valen · 100.0 · C · N · 355 · 302,803 · 34.8% · 33.2% · —

The Zoe · 100.0 · C · N · 420 · 274,995 · 51.2% · 48.8% · 100.0%

Total / Weighted Average · 775 · 577,798 · 42.6% · 41.7% · 42.2%

Operating - Total / Weighted Average (3) · 6,519 · 5,213,096 · 84.8% · 82.8% · 86.1%

Totals at JBG SMITH Share (3) · 6,333 · 5,058,947 · 84.7% · 82.7% · 86.3%

Note: At 100% share, unless otherwise noted.

(1) · "C" denotes a consolidated interest and "U" denotes an unconsolidated interest.

(2) · "Y" denotes an asset as same store and "N" denotes an asset as non-same store.

(3) · 2221 S. Clark Street - Residential and 900 W Street are excluded from percent leased and percent occupied metrics as they are operated as short-term rental properties.

Commercial Assets

Total

Same Store (2): · Square · Office % · Retail %

Commercial Assets · Ownership · C/U (1) · 2024-2025 · Feet · Leased · Occupied · Occupied

1550 Crystal Drive (3) · 100.0 · C · Y · 555,236 · 90.1% · 87.3% · 98.9%

2121 Crystal Drive · 100.0 · C · Y · 509,595 · 66.8% · 64.7% · 100.0%

2345 Crystal Drive · 100.0 · C · Y · 499,635 · 33.3% · 32.4% · 74.3%

2231 Crystal Drive · 100.0 · C · Y · 468,755 · 69.1% · 65.6% · 97.4%

2011 Crystal Drive · 100.0 · C · Y · 441,634 · 68.8% · 49.1% · 51.4%

2451 Crystal Drive · 100.0 · C · Y · 402,276 · 85.4% · 85.2% · 92.6%

241 18th Street S. (3) · 100.0 · C · Y · 337,053 · 88.3% · 85.2% · 100.0%

201 12th Street S. · 100.0 · C · Y · 335,231 · 89.2% · 88.8% · 100.0%

251 18th Street S. (3) · 100.0 · C · Y · 301,809 · 94.3% · 95.5% · 12.2%

1770 Crystal Drive · 100.0 · C · Y · 273,787 · 98.3% · 100.0% · 67.8%

200 12th Street S. · 100.0 · C · Y · 202,761 · 52.8% · 52.8% · —

1901 South Bell Street (3) · 100.0 · C · Y · 71,986 · 100.0% · 100.0% · —

Crystal Drive Retail (3) · 100.0 · C · Y · 44,094 · 86.6% · — · 86.6%

1235 S. Clark Street · 100.0 · C · Y · 384,688 · 67.2% · 62.8% · 97.8%

1215 S. Clark Street · 100.0 · C · Y · 336,159 · 99.6% · 100.0% · 44.5%

1225 S. Clark Street · 100.0 · C · Y · 276,184 · 99.1% · 100.0% · 80.9%

Tysons Dulles Plaza · 100.0 · C · N · 491,494 · 69.4% · 69.4% · 70.1%

800 North Glebe Road · 100.0 · C · Y · 306,210 · 83.1% · 82.2% · 92.4%

One Democracy Plaza (4) (5) · 100.0 · C · Y · 213,417 · 84.2% · 84.0% · 100.0%

1101 17th Street · 100.0 · C · Y · 210,451 · 84.2% · 84.3% · 82.8%

Dulles View (5) (6) · 60.0 · U · N · 354,378 · 70.7% · 70.7% · —

4747 Bethesda Avenue (7) · 20.0 · U · Y · 300,535 · 92.8% · 92.4% · 100.0%

Operating - Total / Weighted Average · 7,317,368 · 77.8% · 75.5% · 88.9%

Item 2 of the 10-K filed Feb 17, 2026.17

The story

In late 1956, three attorneys—Gerald J. Miller, Donald A. Brown, and Joseph Bernard Gildenhorn—formed a real estate law practice in Rockville, Maryland called Miller, Brown & Gildenhorn. In 1962, after realizing that it was more profitable to develop on their own account, the company changed to a real estate development company and Benjamin A. Jacobs joined the firm.

In 1969, Miller was replaced with Jacobs and the company changed its name to JBG Associates.

In the late 1980s, the company was among the first real estate development firms in the DC area to redevelop properties for third-party clients for a set fee. This strategy helped the company survive the early 1990s recession.

The company aggressively acquired several properties after the early 1990s recession. With 26 buildings in its portfolio in the early 1990s, the company considered an initial public offering, although it did not happen.

By 1997, the company had an ownership interest in 21 commercial properties, including many office buildings, two hotels and one shopping center. It sold most of its assets to Trizec Properties in 1997 for $560 million. The deal did not include 10 apartment projects owned by JBG. The sale helped raise capital for the firm. But with a smaller portfolio, the company also shed most of its staff, and only 15 people remained with the firm and Brown and Gildenhorn retired from daily management.

In 1999, the company decided on a new investment strategy, seeking individual, and later institutional, investors that gave the firm access to funds it could use at its discretion. The first investment fund closed in 2002, and its first institutional investor was the financial endowment of Yale University. By fall 2012, JBG had established 8 investment funds and raised $5.5 billion; several of the funds were specifically created just for investment by Yale.

In 2005, JBG recapitalized several office buildings by selling a stake in the buildings to Morgan Stanley for $644 million.

In August 2007, the company formed a joint venture with MacFarlane Partners to develop several properties.

Read the full text

By 2011, the company had $10 billion in assets. That year, Jacobs retired as managing member.

In 2013, the company was named as the most active real estate developer in the Washington, DC metropolitan area.

The company opened a real estate investment fund called JBG/Fund IX on March 17, 2014, and by September 2014, the company had raised $680 million.

In July 2017, the company merged with Charles E. Smith Companies, a subsidiary of Vornado Realty Trust that owned its assets in the Washington, DC metropolitan area. The company changed its name to JBG Smith and was spun off into a public company.

In November 2018, as part of the Amazon HQ2 initiative, Amazon agreed to buy land at National Landing with 4.1 million developable square feet from JBG Smith and hired JBG Smith to develop and manage the sites.

From Wikipedia’s article on JBG Smith, shared under CC BY-SA 4.0.7

Leadership

Who has led JBG Smith, and when. Pick a name to see everywhere that person has worked.

President

  1. Steven Roth2017

Chief financial officer

  1. Stephen W. Theriot2017–2020
  2. Madhumita Moina Banerjee2021–now

Chief operating officer

  1. David Peter Paul2017–2022
197019801990200020102020
Board members and other officers (22)

Named in SEC Form D filings

People the company listed in its private-offering notices.

  • Chief Accounting OfficerAngela A. Valdes named May 13, 2022 to May 8, 202643
  • Co-President and Chief Financial OfficerM. Moina Banerjee named May 13, 2022 to May 8, 202643
  • Chief Executive Officer and Chairman of the Board of TrusteesW. Matthew Kelly named May 13, 2022 to May 8, 202643
  • Chief Development OfficerKevin Moina Reynolds named May 2, 202444
  • Chief Financial OfficerM. Moina Banjerjee named May 2, 202444
  • Chief Developmment OfficerKevin W. Reynolds named May 13, 2022 to May 16, 202345
  • Chairman of Board of TrusteesRobert A. Stewart named May 13, 2022 to May 5, 202546
  • TrusteeElisa M. Mall named May 16, 202345

Timeline

  1. Aug 28, 20268-K Entered a material agreement; New debt or obligation47
  2. Aug 10, 20268-K Results of operations48
  3. May 5, 20268-K Results of operations49
  4. Feb 17, 20268-K Results of operations50
  5. Oct 28, 20258-K Results of operations51
  6. Jul 29, 20258-K Results of operations52
  7. Apr 29, 20258-K Results of operations53
  8. Feb 18, 20258-K Results of operations54
  9. Oct 29, 20248-K Results of operations55
  10. Jul 30, 20248-K Results of operations56
  11. Jun 26, 20248-K Other events57
  12. May 15, 20248-K Regulation FD disclosure58
  13. 1957Founded Founded1

Calendar

Coming up

  1. Oct 27, 2026Reports results for the quarter ending Sep/202659

When it reported results

  1. Aug 10, 2026Reported quarterly or annual results48
  2. May 5, 2026Reported quarterly or annual results49
  3. Feb 17, 2026Reported quarterly or annual results50
  4. Oct 28, 2025Reported quarterly or annual results51
  5. Jul 29, 2025Reported quarterly or annual results52
  6. Apr 29, 2025Reported quarterly or annual results53
  7. Feb 18, 2025Reported quarterly or annual results54
  8. Oct 29, 2024Reported quarterly or annual results55

Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar

Filings

274 filings to the SEC since October 2021: 5 annual reports, 15 quarterly reports, 29 major events, 144 insider forms, 38 large holders, 5 private raises, 38 other. The latest 20:

  1. Aug 28, 20268-K EDGAR
  2. Aug 10, 202610-Q EDGAR
  3. Aug 10, 20268-K EDGAR
  4. Jul 31, 2026SCHEDULE 13G EDGAR
  5. Jul 30, 2026SCHEDULE 13G/A EDGAR
  6. Jun 9, 20264 OWNERSHIP DOCUMENT EDGAR
  7. Jun 8, 2026144 EDGAR
  8. May 12, 2026SCHEDULE 13G/A EDGAR
  9. May 8, 2026D EDGAR
  10. May 5, 202610-Q EDGAR
  11. May 5, 20268-K EDGAR
  12. May 1, 20264 OWNERSHIP DOCUMENT EDGAR
  13. May 1, 20264 OWNERSHIP DOCUMENT EDGAR
  14. May 1, 20264 OWNERSHIP DOCUMENT EDGAR
  15. May 1, 20264 OWNERSHIP DOCUMENT EDGAR
  16. May 1, 20264 OWNERSHIP DOCUMENT EDGAR
  17. May 1, 20264 OWNERSHIP DOCUMENT EDGAR
  18. May 1, 20264 OWNERSHIP DOCUMENT EDGAR
  19. May 1, 20264 OWNERSHIP DOCUMENT EDGAR
  20. May 1, 20264 OWNERSHIP DOCUMENT EDGAR

The 274 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

36 open-market trades by officers, directors and large owners since October 2021: 3 buys and 33 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Jun 8, 2026MUSELES STEVEN AChief Legal Off. & Corp. SecySale20,010$15.01$300.3KForm 4
Nov 24, 2025Regan-Levine EvanChief Strategy OfficerSale4,485$17.90$80.3KForm 4
Nov 7, 2025Regan-Levine EvanChief Strategy OfficerSale5,200$18.56$96.5KForm 4
Oct 31, 2025MUSELES STEVEN AChief Legal Off. & Corp. SecySale16,253$19.58$318.2KForm 4
Oct 30, 2025MUSELES STEVEN AChief Legal Off. & Corp. SecySale15,003$19.41$291.2KForm 4
Oct 30, 2025ESTES SCOTT ADirectorSale10,000$19.87$198.7KForm 4
Sep 15, 2025Regan-Levine EvanChief Strategy OfficerSale5,714$23.62$135.0KForm 4
Sep 12, 2025Xanders George LaucksChief Investment OfficerSale4,000$23.44$93.8KForm 4
Sep 11, 2025Xanders George LaucksChief Investment OfficerSale2,750$23.48$64.6KForm 4
Sep 10, 2025MUSELES STEVEN AChief Legal Off. & Corp. SecySale1,295$23.40$30.3KForm 4
Sep 9, 2025Valdes AngelaChief Accounting OfficerSale4,775$23.04$110.0KForm 4
Sep 2, 2025MUSELES STEVEN AChief Legal Off. & Corp. SecySale4,622$21.17$97.8KForm 4
Aug 19, 2025Banerjee Madhumita MoinaChief Financial OfficerSale24,524$20.58$504.7KForm 4
Jul 31, 2025Xanders George LaucksChief Investment OfficerSale5,600$21.57$120.8KForm 4
Jul 31, 2025Valdes AngelaChief Accounting OfficerSale10,098$21.53$217.4KForm 4
Nov 1, 2024ESTES SCOTT ADirectorSale20,000$17.26$345.2KForm 4
Aug 27, 2024Regan-Levine EvanChief Strategy OfficerSale7,525$17.38$130.8KForm 4
Aug 27, 2024Reynolds KevinChief Development OfficerSale20,000$17.36$347.2KForm 4
Mar 1, 2024Stewart Robert AlexanderDirectorBuy30,000$16.87$506.1KForm 4
Mar 1, 2024Banerjee Madhumita MoinaChief Financial OfficerSale16,901$17.00$287.3KForm 4

All 36 trades can be filtered by person here when JavaScript is on.

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Executive pay

What the company paid its top executives, from the summary compensation table in its proxy statement. Total pay includes salary, bonus, stock and option awards and other pay, as the company valued them.

YearExecutiveAgeSalaryTotal pay
2025W. Matthew Kelly53$750.0K$5.5M72
2025M. Moina Banerjee44$550.0K$2.3M72
2025George L. Xanders40$500.0K$2.2M72
2025Steven A. Museles63$400.0K$1.7M72
2025Evan Regan-Levine37$400.0K$1.5M72
2024Chief Executive Officer$750.0K$9.2M72
2024Chief Financial Officer$550.0K$2.9M72
2024Chief Investment Officer$500.0K$2.9M72
2024Chief Legal Officer$400.0K$2.2M72
2024Chief Strategy Officer$350.0K$1.6M72
2023Chief Executive Officer$750.0K$7.9M72
2023Chief Financial Officer$550.0K$2.6M72
2023Chief Investment Officer$475.0K$2.3M72
2023Chief Legal Officer$400.0K$2.0M72
2023Chief Strategy Officer$300.0K$1.3M72

Money raised

Private offerings the company reported to the SEC on Form D.

  1. Apr 30, 2026Raised $1.9 million in a private offering of securities Form D: 9 investors so far Form D
  2. Apr 24, 2025Raised $1.8 million in a private offering of securities Form D: 9 investors so far Form D
  3. Apr 25, 2024Raised $1.8 million in a private offering of securities Form D: 9 investors so far Form D
  4. May 4, 2023Raised $1.8 million in a private offering of securities Form D: 10 investors so far Form D
  5. Apr 29, 2022Raised $2 million in a private offering of securities Form D: 10 investors so far Form D

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
BlackRock, Inc.11,191,898$164.2M0.0%+137,100
Vanguard Portfolio Management LLC6,162,153$90.4M0.0%+276,907
Long Pond Capital, LP4,024,019$59.0M6.2%−390,250
Morgan Stanley3,941,026$57.8M0.0%−71,338
State Street Corp3,624,399$53.2M0.0%−14,673
Citigroup Inc2,896,089$42.5M0.0%+11,250
Vanguard Capital Management LLC2,605,133$38.2M0.0%+182,814
Geode Capital Management, LLC1,764,201$25.9M0.0%+78,470
Private Management Group Inc1,677,809$24.6M0.6%+33,874
Charles Schwab Investment Management Inc1,455,238$21.3M0.0%−209,428
Allianz Asset Management GmbH1,231,667$18.1M0.0%+134,120
Goldman Sachs Group Inc986,023$14.5M0.0%+231,079
Dimensional Fund Advisors LP861,906$12.6M0.0%−25,715
Northern Trust Corp856,634$12.6M0.0%−708,987
Citadel Advisors LLC803,589$11.8M0.0%+426,555
UBS Group AG514,039$7.5M0.0%+68,903
UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC499,722$7.3M0.0%+496,696
Wells Fargo & Company/mn497,019$7.3M0.0%+29,969
Loews Corp496,520$7.3M0.1%No change
Bank of New York Mellon Corp455,801$6.7M0.0%−223
Vanguard Fiduciary Trust Co391,090$5.7M0.0%+7,184
Marnell Management LLC381,619$5.6M2.8%−70,254
Two Sigma Investments, LP337,939$5.0M0.0%+154,736
Legal & General Group Plc333,564$4.9M0.0%−100,453
Jpmorgan Chase & Co327,866$4.8M0.0%−7,152

13F reports cover disclosed long positions in U.S. stocks only.

Members of Congress who traded it

3 trades disclosed by members of Congress. “Vs S&P since” is the stock’s change since the trade minus the S&P 500’s.

DateMemberTradeAmountVs S&P sinceFiling
Jul 12, 2023Daniel S. GoldmanDemocratic, HouseSale$1,001 - $15,000+103.7%Report
Apr 10, 2023Daniel S. GoldmanDemocratic, HousePartial sale$1,001 - $15,000+114.4%Report
Mar 6, 2023Daniel S. GoldmanDemocratic, HouseBuy$1,001 - $15,000−122.9%Report

Members report amounts as ranges, not exact figures. Returns are price-only (no dividends).

SEC filer profile

How JBG Smith is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARJBG SMITH Properties2
  • CIK0001689796
  • Employer ID (EIN)81-430701017
  • Filer statusLarge accelerated filer not an emerging growth company; not a smaller reporting company; not a shell company17
  • Incorporated inMaryland17
  • Fiscal year endsDecember 312
  • Industry code (SIC)6798 Real Estate Investment Trusts2
  • SEC reviewing officeOffice of Real Estate & Construction, Division of Corporation Finance2
  • Business address4747 Bethesda Avenue, Suite 200, Bethesda, MD 208142
  • Phone240-333-36002
  • Shares outstanding58,951,982 Common Stock No Class shares; 16,583,947 Common Class B shares as of Feb 13, 202617
  • Public float$1.1B as of Jun 30, 202517
  • AuditorDeloitte & Touche LLP, McLean, Virginia PCAOB ID 34; it also attests to the company’s internal control over financial reporting17
  • On EDGAR sinceJan 24, 20172
  • Filings618 in all: 4 (315), 8-K (74), SC 13G/A (40), 10-Q (28), 3 (28), 144 (15), DEFA14A (13), SC 13G (11)2
    All 32 form types

    D (10), 10-K (9), CORRESP (9), DEF 14A (9), UPLOAD (8), SCHEDULE 13G/A (6), 10-12B/A (4), 424B3 (4), 424B5 (4), ARS (4), SCHEDULE 13G (4), 424B2 (3), 5 (3), S-3ASR (3), S-8 (3), 4/A (2), EFFECT (2), 10-12B (1), 10-Q/A (1), 8-K/A (1), CERTNYS (1), POS AM (1), PRE 14A (1), S-11 (1)

  • Latest filingsAnnual report (10-K) Feb 17, 2026
    Quarterly report (10-Q) Aug 10, 2026
    Proxy statement (DEF 14A) Mar 18, 2026
    Latest 8-K (8-K) Aug 28, 2026

Securities registered for trading

ClassSymbolExchange
Common Shares, par value $0.01 per shareJBGSNew York Stock Exchange

From the cover page of the 10-K filed Feb 17, 2026 (Section 12(b) of the Exchange Act).17

Risk factors and legal proceedings

The risks JBG Smith names in Item 1A of its 10-K filed Feb 17, 2026: 31 risks under these headings, as written.17

  • Risks Related to Our Business and Operations
  • A material portion of our portfolio comprises office assets, which have generally experienced lower demand since early 2020 and may experience a further decrease in demand that could have a material adverse effect on us.
  • Our portfolio of assets is geographically concentrated in Washington, D.C. metropolitan area submarkets, and particularly concentrated in National Landing, which makes us susceptible to adverse economic and other conditions such that an economic downturn affecting this area could have a material adverse effect on us.
  • Our assets and the property development market in the Washington, D.C. metropolitan area are dependent on an economy that is heavily reliant on federal government spending and use of office assets, and any actual or anticipated curtailment of such spending could have a material adverse effect on us.
  • We have significant exposure to Amazon and the National Landing submarket.
  • We derive a significant portion of our revenue from U.S. federal government tenants, and we may face additional risks and costs associated with directly managing assets occupied by government tenants.
  • Rent control or rent stabilization legislation and other regulatory restrictions may limit our ability to increase rents and pass through new or increased operating costs to our residents.
  • We are exposed to risks associated with real estate development and redevelopment, such as unanticipated expenses, delays and other contingencies, any of which could have a material adverse effect on us.
  • We depend on major tenants in our commercial portfolio, and the bankruptcy, insolvency or inability to pay rent of any of these tenants could have a material adverse effect on us.
  • We derive a significant portion of our revenue from five of our assets.
  • The loss of one or more members of our senior management team could adversely affect our ability to manage our business and to implement our growth strategies or could create a negative perception in the capital markets.
  • The actual density of our development pipeline and/or any development parcel may not be consistent with our estimated potential development density.
The other 20 risks
  • The occurrence of cyber incidents, or a deficiency in our cybersecurity, or the cybersecurity of our service providers, could negatively impact our business by causing a disruption to our operations, a compromise or corruption of our confidential information, regulatory enforcement and other legal proceedings, and/or damage to our business relationships, all of which could negatively impact our financial results.
  • We face risks related to multifamily rental antitrust, regulatory scrutiny and related litigation.
  • We face risks related to the real estate industry.
  • We may incur significant costs to comply with environmental laws, and environmental contamination may impair our ability to lease, develop and/or sell real estate.
  • Risks Related to the Capital Markets and Related Activities
  • We face risks related to our common shares.
  • We have a substantial amount of indebtedness, and our debt agreements include restrictive covenants and other requirements, which may limit our financial and operating activities, our future acquisition and development activities, or otherwise affect our financial condition.
  • We may not be able to obtain capital to make investments and/or obtaining that capital could fundamentally change the composition of our portfolio.
  • The liquidity of our common shares may decline as a result of our continued repurchase of our common shares.
  • We are subject to interest rate risk, which could increase our interest expense, increase the cost to refinance and increase the cost of issuing new debt.
  • Risks and Conflicts of Interest Related to Our Organization and Structure
  • Tax consequences to holders of OP Units upon a sale of certain of our assets may cause the interests of our senior management to differ from your own.
  • Certain of our trustees and executive officers may have actual or potential conflicts of interest as a result of other past and future investments in real estate ventures.
  • We may acquire properties or portfolios of properties through tax deferred contribution transactions, which could result in shareholder dilution and limit our ability to sell or refinance such assets.
  • Our declaration of trust and bylaws, the partnership agreement of JBG SMITH LP and MGCL, and the Code contain provisions that may delay, defer or prevent a change of control transaction that might involve a premium price for our common shares or that our shareholders otherwise believe to be in their best interest.
  • Substantially all our assets are owned by subsidiaries. We depend on dividends and distributions from these subsidiaries. The creditors of these subsidiaries are entitled to amounts payable to them by the subsidiaries before the subsidiaries may pay any dividends or other distributions to us.
  • Our rights and the rights of our shareholders to take action against our trustees and officers are limited.
  • Risks Related to Our Status as a REIT
  • We may fail to qualify or remain qualified as a REIT and may be required to pay income taxes at corporate rates.
  • REIT distribution requirements could adversely affect our liquidity and our ability to execute our business plan or require us to make distributions of our shares or other securities.
  • The tax imposed on REITs engaging in "prohibited transactions" may limit our ability to engage in transactions that would be treated as sales for U.S. federal income tax purposes.
  • To comply with the restrictions imposed on REITs, we may have to conduct certain activities and own certain assets through a TRS, which will be subject to normal corporate income tax, and we could be subject to a 100% penalty tax if our transactions with our TRSs are not conducted on arm's length terms.
  • Changes in tax laws could negatively impact us.

Legal proceedings

In November 2023, the District of Columbia filed a lawsuit in the Superior Court of the District of Columbia against RealPage, Inc., a provider of revenue management systems, numerous multifamily rental companies, and 14 owners and/or operators of multifamily housing in the District of Columbia, including JBG Associates, L.L.C., one of our subsidiaries, alleging that the defendants violated the District of Columbia Antitrust Act by unlawfully agreeing to use RealPage, Inc. revenue management systems and sharing sensitive data. The District of Columbia is seeking monetary damages, equitable relief, attorneys’ fees, interest, and costs. While we intend to vigorously defend against this lawsuit, given the current stage

of the District of Columbia’s lawsuit, we are unable to predict the outcome or estimate the amount of loss, if any, that may result from the lawsuit. While we do not believe that these proceedings will have a material adverse effect on our financial condition, we cannot give assurance that the proceedings will not have a material effect on our results of operations or cash flows in the event of a negative outcome.

The opening of Item 3, Legal Proceedings.17

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