One-glance verdict
Not enough data
Fair value unavailable
Not enough cash-flow history to value this one with our method.
Fundamentals snapshot
JBG SMITH Properties
JBGS · NYQ · Real Estate · REIT - Diversified
Current price
$12.23
52-week range
$9.93 - $18.69
Market cap
$932.38M
Balance sheet
Distressed
-0.01x Concerning
Net debt $2.53B. Interest coverage shows how many times profit covers the interest bill.
What stands out
2 Rewards
3 Risks
2 rewards · 3 risks
- Reward Revenue grew 3.7% last year.
- Reward Dividend yield is 5.7% with 10-year payout history.
- Risk Return on equity was -15.6% last year — the company lost money on shareholders' equity.
- Risk Net debt grew 12.0% over 3 years.
What this company does
JBG SMITH Properties
JBG SMITH Properties owns and manages buildings in and around Washington, D.C., mostly in popular areas that are easy to get to by public transport. They make money by renting out space in their apartment buildings, offices, and stores, and they are also building more properties to rent out in the future. This matters because their focus on creating attractive neighborhoods can help them keep renting out their spaces and make steady income, which is like having reliable customers for their business.
How the company got here
JBG SMITH Properties has deep roots in the Washington, D.C. real estate market, tracing its origins back to 1960 with The JBG Companies. The modern public company, JBG SMITH, was formed in 2017 through a significant combination of The JBG Companies and Vornado Realty Trust's D.C. business. This strategic move created a large, regionally focused real estate investment trust (REIT) with access to public markets. A key turning point was Amazon's 2018 announcement to locate its HQ2 in National Landing, a district where JBG SMITH has a significant concentration of properties. This event solidified National Landing as a central focus for the company's strategy.
What it actually does
JBG SMITH Properties is a real estate investment trust (REIT), which means it owns, operates, and develops income-producing real estate. Think of it like a company that owns a lot of buildings and rents out space within them to people and businesses. Its properties are primarily located in and around Washington, D.C., with a special focus on areas that are well-served by public transportation and have many amenities, like parks and shops. The company's main goal is to create vibrant, walkable neighborhoods by developing and managing a mix of properties.
Commercial
This segment involves JBG SMITH's office properties, which are a significant part of its business. The company leases out office spaces to various tenants, including corporations, non-profits, and government-related entities. These properties are often located in urban areas with good access to public transit and amenities that appeal to businesses looking for modern workplaces. While office space remains a major revenue source, the company is actively managing this segment to improve quality and adapt to changing market demands.
Multifamily
The multifamily segment consists of JBG SMITH's residential apartment buildings. These properties provide a steady stream of rental income for the company. Owning apartments is strategically important because rental income can adjust more frequently than long-term office leases, and it diversifies the company's revenue sources beyond just office buildings. JBG SMITH aims to offer desirable urban living experiences in its apartment communities, often located in amenity-rich neighborhoods.
Retail
JBG SMITH also owns and leases retail spaces, which are typically found in or near its office and residential properties. These retail spaces house a variety of businesses, from restaurants and grocery stores to smaller local shops and artisans. The goal of these retail components is to enhance the overall appeal and walkability of the neighborhoods the company develops, creating vibrant streetscapes and providing convenient services for residents and office workers.
Third-Party Real Estate Services
This is a smaller part of JBG SMITH's business where it provides real estate services to external clients. These services are fee-based, meaning the company earns money by performing specific tasks for others, rather than from owning the property itself. This segment allows JBG SMITH to leverage its expertise in real estate development and management for clients outside of its own property portfolio.
What management is betting on now
JBG SMITH's current strategy heavily emphasizes its concentration in National Landing, a key district in the Washington, D.C. area, especially after Amazon chose it for its HQ2. Management is focused on 'placemaking,' which means creating attractive, amenity-rich, and walkable neighborhoods by blending residential, office, and retail spaces. They are also actively managing their existing portfolio, particularly the office properties, to improve leasing and asset quality. A core priority is disciplined capital allocation, which involves selling less strategic assets to fund investments in high-conviction areas like National Landing or to strengthen the company's financial position.
Price history
How the share price has moved
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Earnings history
Last 8 quarters — what happened
Click any quarter to read the call summary and what the numbers say.
Revenue
$132.41M
Net income
$-82.01M
Diluted EPS
-1.41
Operating cash flow
$18.68M
Free cash flow
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Sources
Revenue
$129.38M
Net income
$-59.16M
Diluted EPS
-1.03
Operating cash flow
$15.84M
Free cash flow
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Revenue
$127.60M
Net income
$-18.70M
Diluted EPS
-0.32
Operating cash flow
$3.41M
Free cash flow
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Revenue
$127.56M
Net income
$-45.55M
Diluted EPS
-0.76
Operating cash flow
$32.63M
Free cash flow
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Revenue
$123.87M
Net income
$-28.55M
Diluted EPS
-0.48
Operating cash flow
$8.87M
Free cash flow
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Sources
Revenue
$126.48M
Net income
$-19.24M
Diluted EPS
-0.29
Operating cash flow
$18.82M
Free cash flow
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Revenue
$120.69M
Net income
$-45.72M
Diluted EPS
-0.56
Operating cash flow
$12.94M
Free cash flow
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Sources
Revenue
$130.78M
Net income
$-59.90M
Diluted EPS
-0.70
Operating cash flow
$42.20M
Free cash flow
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Is it cheap or expensive?
Fair value — vs current price $12.23
We couldn't calculate a fair value right now.
Is it drowning in debt?
Distressed
Net debt $2.5B. Interest coverage -0.0x.
Net debt
$2.53B
Interest coverage
-0.01x
JBG SMITH Properties's profit covers its interest bill about 0.0 times over. which is weaker than most peers shown here and 2 peers sit below 1x, which is the danger zone where profit does not fully cover the interest bill.
Distressed
Worse cushion
Baseline
Better cushion
JBGS
BASELINE
JBG SMITH Properties
Total debt $2.60B Interest coverage -0.01x This is the baseline the peer rows are being compared against.
Total debt $2.43B Interest coverage 0.58x This peer still has a real interest-payment cushion, while JBGS does not.
Total debt $709.64M Interest coverage 0.62x This peer still has a real interest-payment cushion, while JBGS does not.
Total debt $2.62B Interest coverage 2.70x This peer still has a real interest-payment cushion, while JBGS does not.
Total debt $1.71B Interest coverage 1.30x This peer still has a real interest-payment cushion, while JBGS does not.
What you should know
The case for and against JBGS
2 Rewards
3 Risks
Rewards
-
Revenue grew 3.7% last year.
-
Dividend yield is 5.7% with 10-year payout history.
Risks
-
Return on equity was -15.6% last year — the company lost money on shareholders' equity.
-
Net debt grew 12.0% over 3 years.
-
Insider ownership is only 0.5% (peer median: 1.7%).
The numbers
All the key metrics, grouped by purpose
Tap any ? icon to learn what it means.
Valuation
How expensive the stock looks
P/E (TTM)
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Forward P/E
-7.46x
P/B
0.72x
P/S
1.81x
EV/EBITDA
18.66x
PEG ratio
—
Profitability
How much profit each dollar creates
Gross margin
49.1%
Operating margin
6.3%
Net margin
-39.9%
ROE
-15.6%
ROA
0.2%
Health
Liquidity and balance-sheet strength
Debt / equity
1.78x
Current ratio
1.36x
Quick ratio
0.96x
Total debt
$2.60B
Total cash
$78.53M
Growth
How the business has been compounding
Revenue TTM
$516.95M
Revenue 5Y CAGR
-5.8%
EPS TTM
-3.49
EPS 5Y CAGR
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Cash flow
How much cash the business throws off
Operating CF TTM
$70.55M
Free CF TTM
$-49.02M
FCF margin
-9.5%
Dividend
Shareholder payout
Yield
5.7%
Payout ratio
102.3%
Last ex-div date
2026-11-12