At a glance
JBG SMITH Properties is worth $683.5M. Revenue fell 8.9% to $498.6M in fiscal 2025, at a loss; over 5 years it has grown 3.7% a year. It pays a 6.23% dividend yield, and returned $1.90B to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned −43.3% over the past year with dividends reinvested and −13.0% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 41.3% in the 2020 crash (S&P 500: 33.7%) and 41.3% in the 2022 bear market (S&P 500: 24.5%), and is still below its earlier high.
The business in plain English
JBG SMITH Properties is a real estate investment trust (REIT), a company that owns property and must pay out most of its taxable income as dividends. It owns, runs and develops mixed-use neighborhoods, which combine apartments, offices and shops, near stations on Metro, the region's subway, in and around Washington, D.C. Almost 80% of its portfolio sits in National Landing, the Northern Virginia area across the Potomac River from D.C. that includes Crystal City.
It earns rent from tenants. It also earns fees from a third-party real estate services business that manages and leases property for others. As of December 31, 2025, it had 15 apartment properties with 6,519 units and 22 commercial properties with 7.3 million square feet. At its ownership share, they were 84.7% and 77.5% leased. Revenue was $498.6 million in 2025, down 8.9% from 2024.
JBG SMITH developed and manages Amazon's two headquarters buildings in National Landing, which total 2.1 million square feet. It also leases Amazon about 357,000 square feet in two office buildings. In 2025, 93% of its National Landing leasing was with defense and technology tenants. The company plans to make money from its development pipeline of 4.9 million square feet of potential building space, over 75% of it planned as apartments. It aims to do this through land sales, ground leases (renting land to builders) and joint ventures.
Price history
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JBGS -43.3% over the year to Oct 28, 2026, total return with dividends reinvested.
Latest results
- In Q2 FY2026 (ended Jun 30, 2026), revenue was $129.4M, up 2.3% from a year earlier, and net income was $-59.2M.
- For fiscal 2025, revenue was $498.6M (-8.9% year over year; -3.7% a year from FY2020 to FY2025) with a -27.9% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | -3.7% weak |
|---|---|
| Return on equity (FY2025) | -12% weak |
| Return on assets (FY2025) | -3.2% weak |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $602.7M | $-62.3M | — |
| FY2021 | $634.4M | $-79.3M | — |
| FY2022 | $605.8M | $85.4M | — |
| FY2023 | $604.2M | $-80.0M | — |
| FY2024 | $547.3M | $-143.5M | — |
| FY2025 | $498.6M | $-139.1M | — |
Valuation snapshot
| Market value | $683.5M |
|---|---|
| P/E ratio | — |
| Dividend yield | 6.23% |
Rank among 1514 US companies
Market value at each year end
JBG SMITH Properties’s market value went from $4.10B at the end of 2017 to $683.5M on Oct 28, 2026, down 83%; since the end of 2025 it is down 32%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 28, 2026 | $683.5M | -32.1% |
| 2025 | $1.01B | -22.5% |
| 2024 | $1.30B | -20.2% |
| 2023 | $1.63B | -24.6% |
| 2022 | $2.16B | -42.0% |
| 2021 | $3.72B | -10.1% |
| 2020 | $4.14B | -22.6% |
| 2019 | $5.35B | +27.1% |
| 2018 | $4.21B | +2.7% |
| 2017 | $4.10B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| JBGS price data to Oct 28, 2026 | -30.2% | -43.3% | +1.2% | -13.0% | — |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | -30.2% |
| 2025 | +15.3% |
| 2024 | -4.4% |
| 2023 | -5.9% |
| 2022 | -31.0% |
| 2021 | -5.3% |
| 2020 | -19.1% |
| 2019 | +17.3% |
| 2018 | +3.1% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 40.5% over that stretch · deepest drop along the way 41.3%, not recovered by the end of the data |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 37.3% over that stretch · deepest drop along the way 41.3%, not recovered by the end of the data |
Insider activity
Form 4 filings from 2025-10-31 to 2026-10-31 (23 read): 0 open-market purchases and 8 sales ($1.3M).
| Date | Insider | Type | Value |
|---|---|---|---|
| Oct 31, 2025 | Steven A Museles Chief Legal Off. & Corp. Secy | sell | $318K |
| Oct 30, 2025 | Steven A Museles Chief Legal Off. & Corp. Secy | sell | $291K |
| Oct 30, 2025 | Scott A Estes Director | sell | $199K |
| Jun 8, 2026 | Steven A Museles Chief Legal Off. & Corp. Secy | sell | $181K |
| Jun 8, 2026 | Steven A Museles Chief Legal Off. & Corp. Secy | sell | $120K |
Who owns it
Large shareholders (13G filings)
| BlackRock, Inc. | 17.1% | Sep 30, 2026 |
| Vanguard Portfolio Management | 8.64% | Sep 30, 2026 |
| Long Pond Capital, LP | 7.01% | Dec 31, 2025 |
| Morgan Stanley | 6.1% | Mar 31, 2026 |
| Vanguard Capital Management | 5.3% | Jun 30, 2026 |
ETFs with the most weight in JBGS
| DESK VanEck Office and Commercial REIT ETF | 2.56% |
| NIXT Research Affiliates Deletions ETF | 0.81% |
| XSLV Invesco S&P SmallCap Low Volatility ETF | 0.79% |
| RZV Invesco S&P SmallCap 600® Pure Value ETF | 0.49% |
| SVAL iShares US Small Cap Value Factor ETF | 0.44% |
| PSCF Invesco S&P SmallCap Financials ETF | 0.4% |
| SMLV SPDR SSGA US Small Cap Low Volatility Index ETF | 0.32% |
| SLYV SPDR S&P 600 Small Cap Value ETF | 0.22% |
What could go wrong
- Almost 80% in one neighborhood. National Landing makes up almost 80% of the portfolio by square footage, and the company expects that share to rise. Local trouble could hurt it more than it would hurt a more spread-out landlord.
- Federal cutbacks weigh on local demand. The D.C. economy leans heavily on federal spending. The federal government lost 52,400 jobs from November 2024 to November 2025, and the company saw weaker demand for its apartments as a result.
- Office demand remains weak. Remote work and federal cost cutting have kept office demand low. Commercial space was 77.5% leased at its share as of December 31, 2025, and 14.3% of office and retail leases expire in 2027.
- Antitrust scrutiny of apartment rentals. The company flags antitrust (fair-competition law) scrutiny, regulatory reviews and related lawsuits tied to its apartment rental business. Legal costs, penalties or new rules could cut into income.
- Buybacks may thin out share trading. Continued buybacks may reduce trading liquidity, which means how easily shares change hands without moving the price. The share count fell 55.3% between October 2020 and October 2025.
- REIT payout rules limit retained cash. To keep its REIT tax status, the company must pay out most of its taxable income. That can strain cash for its business plan, and it may have to pay distributions in shares instead.
Recent events
- Major agreement signed; New debt or financial obligation
- Quarterly results released
- Quarterly results released
- Quarterly results released
For income and retirement investors
JBG SMITH pays a dividend. Its yield was 6.23% as of October 28, 2026, partly because the share price has fallen. It has no streak of increases. Dividends per share were $0.90 a year from 2020 through 2022, then moved lower unevenly, to $0.70 in 2025. That is an average decline of 4.9% a year. The company posted net losses in every fiscal year from 2020 to 2025 except 2022, so a payout ratio (dividends as a share of profits) isn't meaningful. It has favored buybacks: $1.47 billion over fiscal 2021–2025, against $430.2 million in dividends. The share count shrank by 55.3% between October 2020 and October 2025.
The shares fell sharply in past downturns: 41.3% in the 2020 COVID crash and 41.3% again in the 2022 bear market. As of October 28, 2026, they had not regained either earlier peak, and they had lost 43.3% over the year to that date. Like any single stock, JBG SMITH carries more risk than a diversified fund.
Questions investors ask
How does JBG SMITH make money?
JBG SMITH makes money by renting out apartments, offices and retail space in and around Washington, D.C. Almost 80% of its portfolio is in National Landing, Northern Virginia. As of December 31, 2025, it owned or held stakes in 15 apartment properties with 6,519 units and 22 commercial properties with 7.3 million square feet. It also earns fees by managing and leasing buildings for others, including Amazon's headquarters. Revenue was $498.6 million in fiscal 2025, down 8.9% from the year before.
Does JBG SMITH pay a dividend?
Yes. JBG SMITH pays a dividend, and its yield (annual dividends as a share of the stock price) was 6.23% as of October 28, 2026. The dividend has shrunk, though. Dividends per share were $0.90 a year from 2020 through 2022 and $0.70 in 2025, and there is no streak of annual increases. The company posted a net loss of $139.1 million in fiscal 2025. It has spent far more on buybacks than on dividends: $1.47 billion versus $430.2 million over fiscal 2021–2025.
Is JBG SMITH profitable?
No, not by net income. JBG SMITH reported a net loss of $139.1 million in fiscal 2025, or $2.09 per share, on revenue of $498.6 million. It posted net losses in every fiscal year from 2020 to 2025 except 2022. It lost another $59.2 million in the quarter ended June 30, 2026, even though revenue rose 2.3% from a year earlier. A REIT's net income is reduced by depreciation, a non-cash charge for wear on buildings, so investors often also check cash-based measures.
How much debt does JBG SMITH have?
JBG SMITH had total debt of about $2.53 billion as of June 30, 2026. Against that it held $74.8 million in cash and investments, and its book equity (assets minus liabilities) was $1.07 billion. Total assets were $4.26 billion, including $3.64 billion of real estate. The debt is large next to the company's stock market value, which was about $683.5 million as of October 28, 2026. On August 28, 2026, it reported signing a major agreement and taking on a new debt or financial obligation.
What does JBG SMITH have to do with Amazon's headquarters?
JBG SMITH developed the two office buildings Amazon occupies at Metropolitan Park in National Landing, which total 2.1 million square feet. It also serves as their property manager and retail leasing agent. As of December 31, 2025, Amazon also leased about 357,000 square feet from JBG SMITH in two other office buildings. The company, Amazon, Virginia Tech and federal, state and local governments plan to invest over $12.0 billion, including infrastructure, that benefits National Landing. These ties also concentrate the company's fortunes in one neighborhood.