JBGS

Real Estate

JBG SMITH Properties · REIT - Office · $850M

UQS Score — Balanced Preset
21.2
Poor

JBG SMITH Properties scores 21.2/100 using the Balanced preset.

UQS vs Real Estate Sector
JBGS
21.2
Sector avg
38.4
Quality
Weak
Moat
Weak
Growth
Weak
Risk
Weak
Valuation
Good

What is JBG SMITH Properties?

JBG SMITH Properties is a Washington, DC-area real estate investment trust focused on mixed-use development across office, multifamily, and retail assets. The company is best known as the exclusive developer for Amazon's new headquarters at National Landing in Northern Virginia.

JBG SMITH owns, operates, and develops a large portfolio of mixed-use properties concentrated in and around Washington, DC. Revenue comes primarily from leasing office and multifamily space, with a strong emphasis on Metro-accessible, walkable neighborhoods. The company also maintains an extensive development pipeline, positioning itself for long-term growth through placemaking — creating vibrant, amenity-rich communities rather than simply managing standalone buildings.

JBG SMITH was formed in 2017 and is headquartered in Bethesda, Maryland.

  • High-growth office properties in the DC Capital region
  • Multifamily residential communities near Metro stations
  • Mixed-use retail assets in walkable neighborhoods
  • Large-scale development pipeline including National Landing
  • Exclusive developer role for Amazon's HQ2 campus

Is JBGS a Good Stock to Buy?

UQS Score rates JBGS as Poor overall, placing it among the lower-ranked stocks in our coverage universe.

The Valuation pillar comes in at a Neutral rating, which suggests the market has already priced in much of the company's challenges — meaning investors are not paying a significant premium relative to fundamentals.

Quality, Moat, Growth, and Risk all carry Weak ratings, reflecting broad fundamental headwinds across profitability, competitive positioning, growth trajectory, and balance sheet resilience.

Pro members can view the complete pillar breakdown and underlying financial metrics to understand exactly where JBGS stands relative to sector peers. Sign up free →

Past performance does not guarantee future results. UQS Score is based on fundamental data and is not a buy/sell recommendation.

Does JBGS pay dividends?

Yes — JBG SMITH Properties pays a dividend.

JBGS pays a regular dividend, consistent with its structure as a REIT — which is required by law to distribute the majority of taxable income to shareholders. Income-focused investors often screen for REIT dividends, but the sustainability of any payout depends on underlying cash flow health, which the full UQS analysis addresses in detail.

When does JBGS report earnings?

JBG SMITH reports earnings on a quarterly cadence, typical for US-listed REITs.

The company's recent results have reflected the broader challenges facing office-heavy REITs, including shifting demand patterns in commercial real estate. Multifamily and mixed-use assets have provided some offset, though growth across the portfolio has remained under pressure.

For the most recent quarter's results and guidance, visit JBG SMITH's investor relations page directly.

JBGS Price History

-40.5% over 5Y

Monthly close, adjusted for stock splits and dividend reinvestment.

Return Calculator

What if I invested in JBG SMITH Properties?

$
Today it would be worth
$5,987
That's a -40.1% total return, or -9.8% annualized.

Based on JBG SMITH Properties's historical closing prices, adjusted for stock splits and dividend reinvestment. Past performance does not guarantee future results. This is for informational purposes only and is not financial advice.

JBGS Long-term Outlook

Given Weak ratings across Growth and Risk pillars, the near-term fundamental outlook for JBGS remains cautious. The development pipeline — particularly the National Landing Amazon campus — represents a long-horizon catalyst, but execution risk is meaningful. The Neutral Valuation rating suggests limited downside from current pricing, though a re-rating higher would likely require demonstrated improvement in occupancy trends and cash flow generation.

Growth drivers

  • National Landing development as Amazon HQ2 campus matures
  • Multifamily demand in Metro-accessible DC submarkets
  • Long-term mixed-use pipeline conversion to income-generating assets

Key risks

  • Persistent weakness in office demand across the DC market
  • Balance sheet and refinancing risk given elevated interest rates
  • Execution risk across a large and complex development pipeline

JBGS vs Peers

JBG SMITH operates in the DC-area commercial real estate space alongside several other office and specialty REITs.

PDMJBGS scores lower
Piedmont Office Realty Trust, Inc.

Piedmont focuses on Sun Belt and major US office markets, offering broader geographic diversification compared to JBGS's concentrated DC footprint.

DEAJBGS scores lower
Easterly Government Properties, Inc.

Easterly specializes in leasing to US government agencies, providing more predictable, mission-critical tenant demand than JBGS's mixed commercial base.

PSTLJBGS scores lower
Postal Realty Trust, Inc.

Postal Realty focuses exclusively on properties leased to the US Postal Service, a highly niche and stable model distinct from JBGS's mixed-use development strategy.

Frequently Asked Questions

What does JBG SMITH Properties do?

JBG SMITH owns, operates, and develops mixed-use real estate — including office, multifamily, and retail properties — concentrated in and around Washington, DC. The company is known for its placemaking approach and serves as the exclusive developer for Amazon's HQ2 campus at National Landing in Northern Virginia.

Does JBGS pay dividends?

Yes, JBGS pays a regular dividend. As a REIT, JBG SMITH is required to distribute the majority of its taxable income to shareholders. Income investors should review the current payout and coverage metrics, which are available in the full UQS analysis for Pro members.

When does JBGS report earnings?

JBG SMITH reports earnings on a quarterly cadence, consistent with US-listed REITs. For exact dates and the most recent results, check the investor relations section of JBG SMITH's official website.

Is JBGS a good stock to buy?

UQS Score rates JBGS as Poor overall. Weak ratings across Quality, Moat, Growth, and Risk pillars reflect broad fundamental challenges. The Neutral Valuation rating suggests the market has priced in much of this weakness. Investors should review the complete pillar breakdown before making any decision.

Is JBGS overvalued?

The UQS Valuation pillar for JBGS is rated Neutral, suggesting the stock is neither significantly overpriced nor a clear bargain relative to its fundamentals. Given the weak underlying pillar scores, the current pricing appears to reflect existing headwinds rather than optimism about near-term improvement.

How does JBGS compare to its competitors?

Compared to peers like Piedmont Office Realty, Easterly Government Properties, and Postal Realty Trust, JBGS is more concentrated in the DC mixed-use market with a larger development pipeline. Competitors with government-leased or niche-focused portfolios may offer more predictable income streams. The full UQS comparison is available to Pro members.

What is JBGS's market cap bracket?

JBGS is classified as a small-cap stock. This places it in a tier where liquidity and analyst coverage can be more limited than large-cap REITs, and where share price can be more sensitive to sector-wide sentiment shifts.

Who founded JBG SMITH Properties?

JBG SMITH was formed in 2017 through the combination of The JBG Companies and Vornado Realty Trust's Washington, DC-area assets. Founding context and leadership history are publicly available through the company's investor relations materials.

Is JBGS a long-term quality investment?

From a long-term quality perspective, JBGS currently scores Poor on the UQS composite. Weak ratings across multiple pillars — including Quality and Moat — suggest the business lacks the durable competitive advantages typically associated with high-quality long-term holdings. The National Landing pipeline is a long-horizon factor worth monitoring.

What is the main competitive advantage of JBG SMITH?

JBG SMITH's primary differentiator is its role as the exclusive developer for Amazon's HQ2 campus at National Landing, combined with its deep concentration in Metro-accessible DC submarkets. However, the UQS Moat pillar is currently rated Weak, indicating this advantage has not yet translated into durable financial outperformance.

What sector does JBGS belong to?

JBGS operates in the Real Estate sector, specifically as a REIT focused on mixed-use properties including office, multifamily, and retail assets. Its portfolio is almost entirely concentrated in the Washington, DC metropolitan area.

Is JBGS a growth stock or value stock?

Based on UQS pillar ratings, JBGS does not fit cleanly into either category. The Growth pillar is rated Weak, limiting its appeal as a growth play. The Valuation pillar is Neutral rather than Attractive, so it does not present a clear value opportunity either. It occupies a challenging middle ground.

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Pro Analysis

JBGS — Score History

5101520253035Apr 2Apr 12Apr 22May 2May 12May 22May 24v5
Score changes· 9 most recent
DateUQSQualityMoatGrowthRiskValueChange
May 16, 202621.525.011.08.60.072.0+3.1
Apr 26, 202618.424.511.08.74.248.0-0.2
Apr 20, 202618.624.511.08.74.249.3-0.1
Apr 19, 202618.724.511.08.74.249.7-0.2
Apr 18, 202618.925.011.08.74.250.2+7.5
Apr 9, 202611.425.011.08.74.20.0-0.2
Apr 5, 202611.625.011.010.04.20.0-13.7
Apr 3, 202625.320.011.013.62.796.0+0.1
Apr 2, 202625.220.011.013.62.795.7

JBGS — Pillar Breakdown

Quality

25.0/100 (25%)

JBG SMITH Properties currently shows below-average quality metrics, suggesting challenges with profitability.

Return on EquityWeak

Profitability relative to shareholders' equity.

Operating ProfitabilityWeak

Ability to convert revenue into operating profit.

Net ProfitabilityWeak

Bottom-line profit as a share of revenue.

Cash GenerationStrong

Free cash flow relative to market value.

Growth

8.6/100 (20%)

JBG SMITH Properties faces growth headwinds with declining or stagnant revenue trends.

Recent Revenue TrendWeak

Revenue trajectory over the last twelve months.

3Y Revenue CAGRWeak

Compound annual revenue growth rate over 3 years.

EPS GrowthWeak

Year-over-year earnings per share growth.

Forward Revenue OutlookWeak

Analyst consensus for future revenue growth.

Risk

5.4/100 (15%)

JBG SMITH Properties presents elevated risk with concerns around leverage or financial stability.

Debt/EquityWeak

Total debt relative to shareholder equity.

Current RatioWeak

Short-term liquidity — ability to pay near-term obligations.

Interest CoverageWeak

Earnings capacity relative to interest payments.

Valuation

64.2/100 (15%)

JBG SMITH Properties trades at a reasonable valuation with decent earnings yield and FCF multiples.

EV/EBITDA vs SectorModerate

Enterprise value multiple relative to sector median.

Moat

11/100 (25%)

JBG SMITH Properties operates in a highly competitive environment with limited sustainable advantages. The Moat pillar evaluates competitive advantages across five dimensions: Switching Costs, Network Effects, Cost Advantage, Intangible Assets, and Scale & Ecosystem. Sign in to customize moat ratings for JBGS.

Score Composition

Quality
25.0×25%6.3
Growth
8.6×20%1.7
Risk
5.4×15%0.8
Valuation
64.2×15%9.6
Moat
11.0×25%2.8
Total
21.2Poor

Financial Data

More Stock Analysis

How is the JBGS UQS Score Calculated?

The UQS (Unified Quality Score) for JBG SMITH Properties is calculated using a proprietary 6-pillar framework with 29 financial metrics. Each pillar evaluates a different dimension on a 0–100 scale, then combines into a single weighted score. Scoring thresholds are calibrated per sector. Momentum is an optional Pro toggle — without it, you get the 5-pillar / 25-metric core shown below.

Quality (25%) measures profitability and capital efficiency — ROIC, ROE, margins, GP/Assets, and FCF Yield.

Moat (25%) assesses JBG SMITH Properties's competitive advantages across switching costs, network effects, cost advantages, intangible assets, and ecosystem scale.

Growth (20%) tracks revenue trajectory and earnings momentum, combining historical results with analyst forward estimates.

Risk (15%) is inversely scored — lower leverage and strong balance sheet health result in higher scores.

Valuation (15%) measures whether JBG SMITH Properties is fairly priced using earnings yield, price-to-FCF, PEG ratio, and EV/EBITDA relative to sector peers.

Six investor-inspired presets are available, each with different pillar weights: Balanced, Buffett, Munger, Lynch, Cathie Wood, and Graham. The public score shown here uses the Balanced preset. Learn more in our FAQ.