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JBG SMITH Properties
JBGS Small CapReal Estate · REIT - Diversified
Updated: May 22, 2026, 22:06 UTC
Key Metrics
Valuation Analysis
About the Company
JBG SMITH Properties owns, operates, and develops mixed-use properties concentrated in amenity-rich, Metro-served submarkets. The markets are in and around Washington, DC, most notably National Landing, where through our focus on placemaking, they cultivate vibrant, highly amenitized, walkable neighborhoods. JBG SMITH Properties has a portfolio comprised of 12.0 million square feet at share of multifamily, office, and retail assets, and a 3.6 million square-foot development pipeline. JBG SMITH Properties was incorporated in 2016 and is based in Bethesda, United States.
JBG SMITH Properties Stock at a Glance
JBG SMITH Properties (JBGS) is currently trading at $14.50 with a market capitalization of $879.5M. The 52-week range spans from $13.99 to $24.30; the current price is 40.3% below the yearly high. Year-over-year revenue growth stands at +5.9%.
💰 Dividend
JBG SMITH Properties pays an annual dividend of $0.70 per share, representing a yield of 4.83%. The payout ratio stands at 101.09%. The elevated payout ratio reflects a mature dividend policy.
📊 Analyst Rating
2 analysts rate JBG SMITH Properties (JBGS) on consensus: Underperform. The average price target is $14.50. Analyst price targets range from $14.00 to $15.00.
Investment Thesis: Strengths & Weaknesses
- Solid dividend yield of 4.83%
- Positive free cash flow
- –Currently unprofitable
- –High leverage (D/E 157.73)
- –High short interest (23.36%)
Technical Snapshot
Price is below both the 50- and 200-day moving averages, with 50d below 200d — a bearish picture (death-cross alignment).
Risk Profile
The data points to market-like volatility, elevated short interest (23.36%), higher leverage relative to equity.
Trading Data
💵 Dividend Info
Related Stocks in the Same Sector
JBG SMITH Properties (JBGS) 2026: 14,22 USD Washington-DC Mixed-Use REIT at 0,73x P/B Deep-Discount with National-Landing Amazon-HQ2 Catalyst, 4,92 Percent Dividend Yield and Strategic-Repositioning Pivot
The Real Story
JBG SMITH Properties (NYSE: JBGS) is a Bethesda, Maryland-headquartered diversified-REIT owning approximately 16 million sf of office, multifamily, and retail mixed-use real estate concentrated in National Landing (Arlington, Virginia near Amazon HQ2), Crystal City, Pentagon City, and broader-DC-Metro area. The portfolio mix: Office (approximately 55 percent of NOI), Multifamily (approximately 35 percent), Retail-and-Other (approximately 10 percent).
The 2023–2025 period: DC-Metro office-segment-weakness from federal-workforce-remote-work trends compressed office-occupancy and NOI. JBG SMITH executed: dividend cut (2024 reduction to current 0,70 USD per share annual run-rate), portfolio-rationalization (multiple property dispositions to pivot away from non-core), development pipeline focus on National Landing multifamily-and-mixed-use to capture Amazon-HQ2-related-population-and-employment growth.
What Smart Money Thinks
JBG SMITH has REIT-investor base. BlackRock at approximately 14,8 percent, Vanguard at approximately 11,2 percent. Cohen & Steers at approximately 4,8 percent, Adage Capital Management at approximately 3,4 percent. CEO Matthew Kelly holds approximately 1,8 percent. Short-interest sits at approximately 8 percent of float as of May 2026.
Explore the BMI Smart-Money Tracker →
📈 The 3 Real Bull Points
Amazon's HQ2 in National Landing is bringing approximately 25.000 high-paying employees by 2030 driving structural demand for multifamily, retail, and office. JBG SMITH owns the dominant real estate position in National Landing with approximately 7 million sf of operating and development pipeline.
JBG SMITH's 0,73x P/B reflects deep-value DC-office-overhang skepticism. Re-rating to historical-mid-cycle 1,0-1,2x P/B on stabilized-NAV supports 19-23 USD price range.
4,92 percent dividend yield plus continued asset dispositions support capital-return through the office-cycle trough.
📉 The 3 Real Bear Points
Federal-workforce remote-work-and-hybrid-work trends compress DC-Metro office occupancy and NOI. If trends persist or accelerate under Trump-2 administration's potential remote-work-rollback-then-reversal, NOI could compress further 10-20 percent.
Higher-for-longer interest rates compress REIT FFO and refinancing capacity. JBG SMITH has approximately 2 billion USD of debt maturing 2026-2028 at significantly higher rates than legacy debt.
National Landing multifamily-development-pipeline plus broader DC-Northern-Virginia multifamily-supply growth compress rent-growth-trajectory. If supply-overhang persists, multifamily-NOI-growth could compress.
Valuation in Context
JBG SMITH at 14,22 USD per share with approximately 60,6 million shares outstanding has a market capitalization of approximately 862 million USD. With approximately 2,1 billion USD net-debt-and-lease-obligations, enterprise value is approximately 3,0 billion USD. NAV per share estimated at 22-25 USD per consensus REIT-analyst estimates — JBG SMITH trades at 40-45 percent discount to NAV.
Re-rating to 0,85-1,0x P/NAV supports 19-25 USD price range — 33-76 percent upside. Bear-case 9-11 USD. Bull-case (National Landing acceleration, office-recovery) 28-35 USD. 4,92 percent dividend.
🗓️ Next 3 Catalyst Dates
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2026 Q3:
Q2 2026 earnings (early August 2026). Watch-items: office-occupancy trajectory, National Landing multifamily lease-up, asset-disposition progression.
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2026 Q4:
Q3 2026 earnings (early November 2026) plus 2027 preliminary guidance.
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2027 Q1:
Fiscal-2026 full-year results plus 2027 guidance. Office-occupancy stabilization plus Amazon-HQ2 buildout milestone would unlock 18-22 USD range.
💬 Daniel's Take
JBG SMITH Properties is a deep-value DC-Metro mixed-use REIT with National Landing Amazon-HQ2 long-duration catalyst, 0,73x P/B deep-discount-to-NAV, 4,92 percent dividend yield, and DC-office-overhang headwind that consensus may over-discount. Position-sizing: 0,8–1,5 percent in deep-value-REIT sleeve, 24-36 month patience.
Sources (3)
Disclaimer: This article is not investment advice. Investing in stocks carries risks, including total loss.
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