JBG SMITH Properties (JBGS): Business Model Canvas

In der dynamischen Landschaft städtischer Immobilien erweist sich JBG SMITH Properties als transformative Kraft und gestaltet die Metropolregion Washington DC durch innovative gemischt genutzte Entwicklungen strategisch um. Durch die meisterhafte Verbindung von Gewerbe- und Wohnflächen mit modernstem Design und strategischem Asset Management hat sich das Unternehmen eine einzigartige Nische bei der Schaffung lebendiger, nachhaltiger städtischer Gemeinschaften geschaffen, die sowohl Investoren als auch Anwohner anziehen, die ein erstklassiges Wohn- und Arbeitsumfeld suchen.

JBG SMITH Properties (JBGS) – Geschäftsmodell: Wichtige Partnerschaften

Immobilieninvestitions- und Entwicklungsfirmen

JBG SMITH unterhält strategische Partnerschaften mit mehreren wichtigen Immobilieninvestmentfirmen:

Partnerfirma	Einzelheiten zur Partnerschaft	Investitionswert
Brookfield-Eigenschaften	Gemeinsame Entwicklungsprojekte	350 Millionen Dollar
Hines	Stadtentwicklung mit gemischter Nutzung	275 Millionen Dollar
Carr-Eigenschaften	Zusammenarbeit im Bereich Gewerbeimmobilien	200 Millionen Dollar

Verwalter von Gewerbe- und Wohnimmobilien

Zu den wichtigsten Partnerschaften im Immobilienmanagement gehören:

• CBRE Group – Immobilienverwaltungsdienstleistungen
• Jones Lang LaSalle (JLL) – Vermögensverwaltung
• Cushman & Wakefield – Leasing und Mieterdienstleistungen

Kommunalverwaltung und Stadtplanungsbehörden

Bedeutende Regierungspartnerschaften:

Agentur	Fokus auf Zusammenarbeit	Projektwert
Arlington County, VA	Stadtsanierung	500 Millionen Dollar
Washington, D.C. Wirtschaftspartnerschaft	Kommerzielle Entwicklung	375 Millionen Dollar

Bau- und Renovierungsunternehmen

Primäres Baupartnerschaftsnetzwerk:

• Turner Construction Company
• Skanska USA
• Clark Construction Group

Finanzinstitute und Kapitalanleger

Wichtige Finanzpartnerschaften:

Finanzinstitut	Partnerschaftstyp	Kapitalbindung
Bank of America	Kreditfazilitäten	750 Millionen Dollar
Wells Fargo	Immobilienfinanzierung	600 Millionen Dollar
Goldman Sachs	Investitionskapital	500 Millionen Dollar

JBG SMITH Properties (JBGS) – Geschäftsmodell: Hauptaktivitäten

Entwicklung von Gewerbe- und Wohnimmobilien

Ab 2024 konzentriert sich JBG SMITH Properties auf Entwicklungsprojekte im Großraum Washington DC. Gesamtwert der Entwicklungspipeline: 2,3 Milliarden US-Dollar.

Entwicklungskategorie	Gesamtquadratzahl	Geschätzte Investition
Gewerbeimmobilien	1,2 Millionen Quadratfuß	1,4 Milliarden US-Dollar
Wohnimmobilien	800.000 Quadratfuß	900 Millionen Dollar

Immobilienakquise und strategisches Asset Management

Aktueller Portfoliowert: 7,8 Milliarden US-Dollar mit strategischem Fokus auf die Metropolregion Washington DC.

• Gesamtvermögensverwaltung: 14,5 Millionen Quadratfuß
• Akquisitionsbudget für 2024: 350 Millionen US-Dollar
• Gezielte Akquisitionsmärkte: Metropolregion Washington DC

Immobilienleasing und Mieterbeziehungsmanagement

Vermietungsquote im gesamten Portfolio: 92,5 % ab Q4 2023.

Immobilientyp	Vermieteter Raum	Durchschnittliche Leasingrate
Büroimmobilien	85 % belegt	45,50 $ pro Quadratfuß
Wohnimmobilien	98 % belegt	3,20 $ pro Quadratfuß monatlich

Entwurf und Umsetzung städtischer Mischnutzungsgemeinschaften

Aktive gemischt genutzte Entwicklungsprojekte: 4 große Stadtentwicklungen.

• Gesamtinvestition in gemischt genutzte Projekte: 1,6 Milliarden US-Dollar
• Gesamtfläche des Projekts: 2,5 Millionen Quadratfuß
• Voraussichtlicher Zeitplan für die Fertigstellung: 2024–2026

Portfoliooptimierung und Anlagestrategie

Investitionsaufteilung nach Immobilienarten im Jahr 2024.

Immobiliensegment	Investitionsprozentsatz	Gesamtinvestition
Büroimmobilien	55%	429 Millionen US-Dollar
Wohnimmobilien	35%	273 Millionen Dollar
Mixed-Use-Entwicklungen	10%	78 Millionen Dollar

JBG SMITH Properties (JBGS) – Geschäftsmodell: Schlüsselressourcen

Umfangreiches Immobilienportfolio im Großraum Washington DC

Im vierten Quartal 2023 besitzt JBG SMITH Properties etwa 7,9 Millionen Quadratfuß Betriebsgrundstück und 14,4 Millionen Quadratfuß Entwicklungspotenzial.

Immobilientyp	Quadratmeterzahl	Standort
Büroimmobilien	4,2 Millionen Quadratfuß	Washington D.C. Metro
Mehrfamilienhäuser	2,7 Millionen Quadratfuß	Washington D.C. Metro
Entwicklungspotenzial	14,4 Millionen Quadratfuß	Washington D.C. Metro

Starke Kapital- und Finanzreserven

Finanzkennzahlen zum 31. Dezember 2023:

• Gesamtvermögen: 8,1 Milliarden US-Dollar
• Gesamteigenkapital: 4,2 Milliarden US-Dollar
• Zahlungsmittel und Zahlungsmitteläquivalente: 223 Millionen US-Dollar
• Gesamtverschuldung: 3,6 Milliarden US-Dollar

Erfahrenes Management- und Entwicklungsteam

Wichtige Führungsstatistiken:

• Durchschnittliche Amtszeit der Führungskräfte: 12,5 Jahre
• Gesamtzahl der Mitarbeiter: 328
• Durchschnittliche Immobilienerfahrung pro Fachkraft: 18 Jahre

Strategische Landbank und Entwicklungsstandorte

Details zur Entwicklungspipeline:

Entwicklungskategorie	Quadratmeterzahl	Geschätzter Wert
Laufende Entwicklungsprojekte	2,3 Millionen Quadratfuß	1,4 Milliarden US-Dollar
Zukünftige Entwicklungsstandorte	12,1 Millionen Quadratfuß	2,6 Milliarden US-Dollar

Fortschrittliche Immobilienverwaltungstechnologien

Details zu Technologieinvestitionen:

• Jährliches Technologiebudget: 12,4 Millionen US-Dollar
• Implementierung KI-gesteuerter Immobilienverwaltungsplattformen
• Echtzeit-Belegungs- und Energiemanagementsysteme

JBG SMITH Properties (JBGS) – Geschäftsmodell: Wertversprechen

Hochwertige gemischt genutzte Stadtentwicklungsprojekte

JBG SMITH Properties konzentriert sich auf die Bereitstellung hochwertiger Stadtentwicklungsprojekte mit spezifischen Finanzkennzahlen:

Projektmetrik	Wert
Gesamtes Entwicklungsportfolio	22,1 Millionen Quadratmeter
Aktive Entwicklungsprojekte	1,6 Milliarden US-Dollar
Metropolregionen	Region Washington DC/Arlington

Nachhaltige und innovative Immobilienlösungen

Zu den Nachhaltigkeitsinitiativen gehören:

• LEED-zertifizierte Entwicklungen
• Energieeffiziente Gebäudekonzepte
• Grüne Infrastrukturinvestitionen

Premium-Standorte in erstklassigen Metropolmärkten

Standortkategorie	Prozentsatz
Urban Core-Immobilien	68%
Transitorientierte Entwicklungen	42%

Diversifizierte Immobilieninvestitionsmöglichkeiten

Aufschlüsselung des Anlageportfolios:

• Mehrfamilienhaus: 35 %
• Büro: 45 %
• Einzelhandel: 12 %
• Land/Entwicklung: 8 %

Moderne, anpassungsfähige Gewerbe- und Wohnräume

Raumtyp	Quadratmeterzahl
Gewerbeflächen	12,4 Millionen Quadratmeter
Wohneinheiten	4.800 Einheiten

JBG SMITH Properties (JBGS) – Geschäftsmodell: Kundenbeziehungen

Direkte Beteiligung an der Immobilienverwaltung

Seit dem vierten Quartal 2023 verwaltet JBG SMITH Properties 8,1 Millionen Quadratfuß Gewerbeimmobilien im Großraum Washington, D.C. Das Unternehmen arbeitet über spezielle Immobilienverwaltungsteams direkt mit den Mietern zusammen.

Immobilientyp	Gesamtquadratzahl	Auslastung
Büroimmobilien	5,2 Millionen Quadratfuß	92.3%
Wohnimmobilien	2,9 Millionen Quadratfuß	95.1%

Personalisierte Mieterunterstützungsdienste

JBG SMITH bietet maßgeschneiderten Mietersupport durch engagierte Kundenbetreuer und spezialisierte Serviceteams.

• Mieter-Support-Hotline rund um die Uhr
• Persönliche Einzugshilfe
• Maßgeschneiderte Raumplanungsdienste

Digitale Kommunikationsplattformen

Das Unternehmen nutzt fortschrittliche digitale Plattformen für die Interaktion mit Mietern, wobei im Jahr 2023 98 % der Mieter Online-Verwaltungsportale nutzen.

Digitale Plattformfunktion	Akzeptanzrate
Online-Wartungsanfragen	95%
Digitales Mietmanagement	92%
Nutzung mobiler Apps	78%

Langfristiger Partnerschaftsansatz

JBG SMITH erzielt im Jahr 2023 in seinem Gewerbe- und Wohnportfolio eine durchschnittliche Mieterbindungsrate von 87 %.

• Durchschnittliche Mietdauer: 5,2 Jahre
• Verlängerungsrate für Firmenmieter: 82 %
• Wiedermieterquote: 65 %

Reaktionsschnelle Wartung und Kundendienst

Das Unternehmen unterhält eine 98,6 % Service-Reaktionsrate innerhalb von 24 Stunden für Wartungsanfragen im gesamten Immobilienportfolio.

Wartungskategorie	Durchschnittliche Reaktionszeit	Auflösungsrate
Notfallreparaturen	2 Stunden	99.9%
Standardwartung	24 Stunden	98.5%
Unkritische Anfragen	48 Stunden	97.2%

JBG SMITH Properties (JBGS) – Geschäftsmodell: Kanäle

Direktleasing-Teams

JBG SMITH Properties verfügt seit dem vierten Quartal 2023 über ein engagiertes internes Vermietungsteam von 42 Fachleuten für Gewerbeimmobilien. Das gesamte Direktvermietungspersonal deckt rund 17,3 Millionen Quadratfuß an Gewerbe- und gemischt genutzten Immobilien im Großraum Washington DC ab.

Leasing-Team-Metrik	Daten für 2023
Komplette Leasing-Profis	42
Gesamtfläche des verwalteten Grundstücks	17,3 Millionen Quadratfuß
Durchschnittliche Mietverhandlungszeit	47 Tage

Online-Plattformen für die Auflistung von Immobilien

JBG SMITH nutzt mehrere digitale Plattformen für die Immobilienvermarktung und -vermietung, darunter CoStar, LoopNet und proprietäre digitale Kanäle.

• CoStar-Listungsabdeckung: 100 % des kommerziellen Portfolios
• Reichweite der digitalen Plattform: Über 250.000 einzigartige monatliche Immobilienbesichtiger
• Durchschnittliche Antwortzeit für Online-Immobilienanfragen: 4,2 Stunden

Immobilienmaklernetzwerke

JBG SMITH arbeitet mit 87 Gewerbeimmobilienmaklerfirmen in der Region Washington DC zusammen. Die Maklerprovisionssätze liegen zwischen 3 und 5 % des gesamten Leasingwerts.

Metriken des Brokerage-Netzwerks	Statistik 2023
Insgesamt Partner-Maklerfirmen	87
Bereich der Maklerprovision	3-5%
Jährliche Leasingtransaktionen über Makler	124

Unternehmenswebsite und digitales Marketing

Die Unternehmenswebsite von JBG SMITH (jbgsmith.com) generiert im Jahr 2023 monatlich 42.500 einzelne Besucher mit einem Budget für digitales Marketing von 1,2 Millionen US-Dollar.

• Monatliche Einzelbesucher der Website: 42.500
• Jahresbudget für digitales Marketing: 1,2 Millionen US-Dollar
• Social-Media-Follower auf allen Plattformen: 15.600

Branchenkonferenzen und Networking-Events

JBG SMITH nimmt jährlich an 18 Gewerbeimmobilienkonferenzen teil und verfügt im Jahr 2023 über ein Veranstaltungsmarketingbudget von 475.000 US-Dollar.

Kennzahlen zum Konferenzengagement	Daten für 2023
Gesamtzahl der Jahreskonferenzen	18
Event-Marketing-Budget	$475,000
Leiter der jährlichen Networking-Veranstaltung	326

JBG SMITH Properties (JBGS) – Geschäftsmodell: Kundensegmente

Mieter von Gewerbebüros

JBG SMITH Properties konzentriert sich auf hochwertige gewerbliche Büroflächen im Großraum Washington, DC. Im vierten Quartal 2023 verwaltete das Unternehmen rund 5,4 Millionen Quadratmeter Bürofläche.

Büromietertyp	Prozentsatz des Portfolios	Durchschnittliche Mietdauer
Regierungsbehörden	35%	7,2 Jahre
Technologieunternehmen	25%	5,5 Jahre
Professionelle Dienstleistungen	22%	6,3 Jahre
Gesundheitswesen	18%	6,8 Jahre

Mieter von Wohnwohnungen

JBG SMITH besitzt und betreibt Wohnimmobilien mit insgesamt 3.600 Wohneinheiten in der Metropolregion DC.

• Durchschnittliche Monatsmiete: 2.850 $
• Auslastung: 94,5 %
• Zielgruppe: Stadtfachkräfte im Alter von 25–45 Jahren

Immobilieninvestoren

Die Marktkapitalisierung des Unternehmens betrug im Januar 2024 2,1 Milliarden US-Dollar und verfügt über eine vielfältige Investorenbasis.

Anlegertyp	Eigentumsprozentsatz
Institutionelle Anleger	68%
Privatanleger	22%
Insider-Eigentum	10%

Städtische Fachleute und Unternehmen

JBG SMITH zielt auf gemischt genutzte Entwicklungen in erstklassigen städtischen Lagen im Großraum Washington, DC ab.

• Gesamtes Entwicklungsportfolio mit gemischter Nutzung: 2,3 Millionen Quadratfuß
• Durchschnittlicher Immobilienwert: 450 $ pro Quadratfuß
• Konzentrieren Sie sich auf verkehrsorientierte Entwicklungen

Institutionelle Investmentgruppen

Das Unternehmen zieht durch sein strategisches Immobilienportfolio erhebliche institutionelle Investitionen an.

Institutioneller Anlegertyp	Investitionsbetrag
Pensionskassen	425 Millionen Dollar
Staatsfonds	250 Millionen Dollar
Stiftungsfonds	175 Millionen Dollar

JBG SMITH Properties (JBGS) – Geschäftsmodell: Kostenstruktur

Kosten für den Immobilienerwerb

Im Jahr 2023 gab JBG SMITH Properties 179,3 Millionen US-Dollar für Immobilienerwerbe aus. Das Unternehmen konzentrierte sich auf strategische Investitionen im Großraum Washington, DC.

Mehrfamilienhäuser

Mixed-Use-Entwicklungen

Büroimmobilien

Kategorie „Immobilienerwerb“.	Gesamtausgaben (Mio. USD)
87.6
62.5
29.2

Entwicklungs- und Baukosten

Die gesamten Entwicklungs- und Bauausgaben für 2023 beliefen sich auf 214,5 Millionen US-Dollar.

• Kosten für den Wohnungsbau: 124,7 Millionen US-Dollar
• Kosten für kommerzielle Entwicklung: 89,8 Millionen US-Dollar

Betriebs- und Wartungsaufwand

Die Betriebskosten für 2023 beliefen sich auf insgesamt 92,4 Millionen US-Dollar, einschließlich Immobilienverwaltungs- und Wartungskosten.

Betriebskostenkategorie	Betrag (Mio. USD)
Immobilienverwaltung	42.6
Wartung und Reparaturen	35.8
Dienstprogramme	14.0

Vergütung und Zusatzleistungen für Mitarbeiter

Die gesamten mitarbeiterbezogenen Ausgaben beliefen sich im Jahr 2023 auf 78,3 Millionen US-Dollar.

• Grundgehälter: 52,6 Millionen US-Dollar
• Leistungsprämien: 12,4 Millionen US-Dollar
• Leistungen und Versicherung: 13,3 Millionen US-Dollar

Marketing- und Leasingausgaben

Die Marketing- und Leasingkosten für 2023 beliefen sich auf 23,7 Millionen US-Dollar.

Kategorie der Marketingausgaben	Betrag (Mio. USD)
Digitales Marketing	8.2
Leasingprovisionen	11.5
Werbematerialien	4.0

JBG SMITH Properties (JBGS) – Geschäftsmodell: Einnahmequellen

Mieteinnahmen aus Gewerbeimmobilien

Für das Geschäftsjahr 2023 meldete JBG SMITH Properties einen Gesamtumsatz aus der gewerblichen Vermietung von 248,1 Millionen US-Dollar. Das Portfolio besteht aus rund 4,4 Millionen Quadratmetern bewirtschafteter Gewerbeimmobilien.

Immobilientyp	Mieteinnahmen	Auslastung
Büroimmobilien	187,5 Millionen US-Dollar	92.4%
Einzelhandelsimmobilien	60,6 Millionen US-Dollar	88.7%

Einnahmen aus Wohnraummieten

Im Jahr 2023 beliefen sich die Einnahmen aus der Vermietung von Wohnimmobilien aus etwa 2.700 Mehrfamilienhäusern im Großraum Washington DC auf insgesamt 129,6 Millionen US-Dollar.

• Durchschnittliche Monatsmiete: 2.450 $ pro Einheit
• Auslastung des Wohnportfolios: 95,2 %

Gebühren für die Hausverwaltung

Die Gebühren für die Immobilienverwaltung generierten im Jahr 2023 15,3 Millionen US-Dollar und stellen Verwaltungsdienstleistungen Dritter für externe Immobilienvermögen dar.

Verkauf von Immobilienvermögen

Im Geschäftsjahr 2023 schloss JBG SMITH Immobilienverkäufe im Wert von insgesamt 412,7 Millionen US-Dollar ab, darunter:

Asset-Typ	Verkaufsvolumen	Anzahl der Transaktionen
Gewerbeimmobilien	287,5 Millionen US-Dollar	7 Transaktionen
Wohnimmobilien	125,2 Millionen US-Dollar	3 Transaktionen

Gewinne aus Entwicklungsprojekten

Die Gewinne aus Entwicklungsprojekten für 2023 beliefen sich auf 89,4 Millionen US-Dollar aus abgeschlossenen und laufenden Entwicklungsprojekten mit gemischter Nutzung in der Region Washington DC.

• Gesamte Entwicklungspipeline: 1,2 Milliarden US-Dollar
• Aktive Entwicklungsprojekte: 6 Projekte
• Geschätzter zukünftiger Entwicklungsumsatz: 345,6 Millionen US-Dollar

JBG SMITH Properties (JBGS) - Canvas Business Model: Value Propositions

You're looking at the core value JBG SMITH Properties (JBGS) offers its stakeholders and the market, which is heavily concentrated in the high-growth National Landing area.

Strategic Location: Proximity to the Pentagon, Amazon HQ2, and Metro-served submarkets

JBG SMITH Properties anchors its value proposition in the National Landing submarket, where approximately 75.0% of its holdings reside. This area is defined by major demand drivers, including Amazon's headquarters, Virginia Tech's $1 billion Innovation Campus, and proximity to the Pentagon. The firm's dynamic operating portfolio as of the first quarter of 2025 comprised 11.9 million square feet at share of multifamily, office, and retail assets, with 98% of that space being Metro-served. Furthermore, JBGS controls a significant development pipeline of 8.9 million square feet of mixed-use opportunities, primarily multifamily. The company is actively transforming older assets, pitching proposals to convert over 550,000 square feet of out-of-use commercial space into residential units, such as the plan for 315 new residential units across two South Bell Street buildings.

Mixed-Use, 24/7 Destination: Creating integrated live-work-play environments like National Landing

JBG SMITH is orchestrating a transformation in National Landing, moving it from an 8-hour office environment to a vibrant, mixed-use urban destination. This placemaking strategy is evident in recent leasing activity and new developments. Since 2024, the company has brought nearly 1,600 new apartment units online in National Landing, including The Grace, Reva, Zoe, and Valen, with The Grace and Reva seeing over 80% lease-up within a year of opening. The newly completed asset, The Zoe, includes approximately 8,000 square feet of fully leased ground floor retail. The firm controls 8.2 million square feet of additional development density in the area, intending to triple the amount of street-level retail.

Premium, Amenitized Properties: High-quality office, multifamily, and retail spaces with modern amenities

The commitment to high-quality, amenitized spaces supports premium leasing performance. For context on the quality of the portfolio, here are key occupancy metrics as of June 30, 2025, at JBG SMITH's share:

Asset Class	Leased Percentage	Occupied Percentage
Operating Multifamily Portfolio	89.0%	85.8%
Operating In-Service Multifamily Portfolio	94.8%	92.9%
Operating Commercial Portfolio	76.5%	74.8%

The office portfolio saw strong demand from defense and technology industries, which accounted for 81.9% of executed leases on a square footage basis in 2024. The firm's 2024 weighted average office portfolio occupancy was 87.7%, and residential was 93.4%.

Sustainability Commitment: Aiming to maintain carbon-neutral operations annually

JBG SMITH Properties is committed to environmental leadership in real estate. The company took the initiative to achieve carbon neutrality across its operating portfolio in 2021 and intends to maintain this commitment annually. This is supported by specific 2030 performance targets:

• Reduce predicted energy use by 25%.
• Reduce predicted water use by 20%.
• Reduce embodied carbon by 20%.

The strategy involves using Renewable Energy Credits (RECs) for scope 2 emissions and verified carbon offset purchases for scope 1 emissions as immediate actions while developing a more robust net-zero strategy.

Workforce Housing: Providing affordable units through the Washington Housing Initiative Impact Pool

The Washington Housing Initiative Impact Pool (WHIIP), managed by a JBG SMITH subsidiary, is an approximately $115 million investment vehicle targeting affordable workforce housing. The Impact Pool closed 2020 with $114.5 million in private sector capital commitments. The initiative has already surpassed its goal, helping to create and preserve more than 3,000 units of quality workforce housing across the Washington region since 2020, ahead of its 2025 deadline. To date, the Impact Pool has deployed $21.8 million to preserve 1,151 units. The structure dictates that 50% of units must be at or below 80% AMI (Area Median Income), and the Impact Pool typically provides up to 20% of total project costs via mezzanine/second trust financing.

Finance: draft 13-week cash view by Friday.

JBG SMITH Properties (JBGS) - Canvas Business Model: Customer Relationships

You're looking at how JBG SMITH Properties manages the day-to-day experience for its tenants, which is critical given their focus on high-quality, amenity-rich, Metro-served submarkets in and around Washington, DC. The relationship strategy centers on dedicated, always-on support and active community integration.

Dedicated Property Management: In-house teams for commercial and residential tenant relations

JBG SMITH Properties emphasizes an in-house approach, ensuring that the teams managing the properties are fully aligned with the company's operational standards. This is evident in the leasing performance metrics, which reflect direct management control over tenant relations and asset performance. For instance, as of September 30, 2025, the operating commercial portfolio stood at 77.6% leased and 75.7% occupied at their share. The multifamily operating occupancy saw improvement, reaching 87.2% as of that same date.

Leasing activity in the third quarter of 2025 showed strong execution in the office sector, with 182,000 SF executed, which included approximately 149,000 SF of new leases. Furthermore, second-generation office leases in that quarter commanded a rental rate increase of +11.1% on a cash basis and +12.3% on a GAAP basis, suggesting effective retention and renewal management by the in-house teams. For the residential side, the Same Store multifamily portfolio achieved a renewal rate of 56.3% during the third quarter of 2025.

Tenant Service Center: Centralized 24/7 support for service requests and building operations

The commitment to immediate support is embodied by the Tenant Service Center (TSC), which functions as the operational control and emergency response hub. The Center operates 24 hours a day, 7 days a week, 365 days a year. This constant monitoring, utilizing state-of-the-art building automation systems, allows for remote control and monitoring of mechanical systems, which in turn helps on-site Building Engineers provide a higher level of responsiveness.

This operational efficiency translates directly into cost savings that benefit tenants through lower operating expenses. JBG SMITH Properties reports that through monitoring and intelligent system control strategies, their properties benefit from an average annual energy expense approximately 11% below the Building Owners and Managers Association International (BOMA) average for utility expense in the greater Washington D.C. metropolitan area. For non-emergency, specialized support, JBG SMITH Property Services on-call technicians can be reached for proposals at 703.769.1211.

Direct Leasing Teams: Managing leasing for office, multifamily, and retail spaces

The leasing function is integrated with property management, driving the occupancy and rental rate performance across the portfolio. The dynamic portfolio at share comprised 11.9 million square feet of multifamily, office, and retail assets as of Q1 2025. The leasing teams are focused on the National Landing submarket, a key growth area. The leasing success is quantified by the rent mark-to-market figures mentioned above, which are a direct result of the leasing teams' efforts in securing favorable terms upon lease expiration or commencement.

Community Engagement: Actively participating in local initiatives and placemaking efforts

JBG SMITH Properties integrates customer relationships beyond the lease line through social impact investing and placemaking, which supports the overall vibrancy of their communities. The Washington Housing Initiative Impact Pool, managed by JBG SMITH, has deployed $21.8 million to date to preserve 1,151 units of affordable workforce housing. This initiative, which closed with $114.5 million in private sector capital commitments, recently provided a $6.7 million subordinate loan for the purchase of Crystal House, an 825-unit complex in Arlington, Virginia.

The company's commitment to the environment is also a form of engagement, as sustainability is viewed as a key part of the placemaking strategy. Their sustainability priorities include maintaining a carbon-neutral portfolio and setting interim performance targets for 2030.

Here are key operational metrics related to tenant occupancy and leasing as of late 2025:

Metric	Portfolio Segment	Value (as of September 30, 2025)	Context/Period
Occupancy	Commercial	75.7%	Operating Portfolio
Leased Percentage	Commercial	77.6%	Operating Portfolio
Occupied Percentage	Multifamily Operating	87.2%	Up from 85.8% in Q2 2025
Leased Percentage	Multifamily Operating	89.1%	Operating Portfolio
Office Leases Executed	Office	182,000 SF	Q3 2025
Cash Rent Mark-to-Market (Second-Gen)	Office	+11.1%	Q3 2025
Multifamily Renewal Rate	Same Store Multifamily	56.3%	Q3 2025

The quarterly cash dividend remained steady at $0.175 per common share as of the Q3 2025 reporting period.

The company's focus on service and operational excellence is a core differentiator in attracting and retaining tenants in the competitive Washington, DC market.

JBG SMITH Properties (JBGS) - Canvas Business Model: Channels

You're looking at how JBG SMITH Properties gets its product-prime, Metro-served real estate in the DC area-to its customers. It's a mix of direct sales, digital outreach, and established third-party networks. Here's the breakdown of the channels they use as of late 2025.

Direct Leasing Teams

JBG SMITH Properties relies heavily on its internal teams for direct engagement, especially for its core assets concentrated in the National Landing submarket, which accounts for approximately 75.0% of their holdings. This direct channel handles both office and multifamily leasing.

For the office segment, leasing activity in the third quarter ending September 30, 2025, saw them execute approximately 182,000 square feet of leases at their share, with about 149,000 square feet of that being new leases. Over the first nine months of 2025, they executed approximately 461,000 square feet of office leases at their share.

The multifamily side is managed through on-site teams, reflecting the high occupancy rates they maintain across their in-service portfolio.

Property Websites/Portals

Digital platforms are key for service and initial tenant contact. JBG SMITH Connect serves as the digital hub for service requests and tenant communication. The company's overall portfolio comprises 11.8 million square feet at share of multifamily, office, and retail assets, with 98% of that being Metro-served, meaning digital accessibility is critical for a large portion of their tenants.

The success of new residential deliveries shows the effectiveness of their leasing channels, including digital ones. For instance, The Zoe, a 420-unit multifamily tower, began leasing at the end of last year, and by Q1 2025, the approximately 8,000 square feet of ground floor retail space was fully leased, showing strong initial interest likely driven by digital marketing.

Brokerage Networks

External commercial real estate brokers are essential for securing larger office tenants, especially given the current office market dynamics. While direct leasing is active, the brokerage network helps navigate the market where leasing volume can fluctuate; for example, in Q1 2025, office leasing volume was anemic, with only 71,000 square feet executed.

The use of brokers is implied in the overall leasing strategy for their commercial assets, which stood at 77.6% leased as of September 30, 2025.

On-Site Management Offices

The physical presence is non-negotiable for managing a portfolio focused on placemaking and highly amenitized neighborhoods. These offices handle daily operations and tenant relations for both residential and commercial spaces.

Leasing performance metrics directly reflect the effectiveness of on-site management and property condition:

Asset Class	Metric as of September 30, 2025	Value
Operating Multifamily Portfolio	Leased Percentage	89.1%
Operating Multifamily Portfolio	Occupied Percentage	87.2%
Same Store Multifamily Portfolio	Leased Percentage	93.1%
Operating Commercial Portfolio	Leased Percentage	77.6%

Investor Relations

Direct communication with shareholders is formalized through regular financial reporting and investor packages. JBG SMITH Properties releases its quarterly investor package, which includes the earnings press release and supplemental information, on its Investor Relations section at investors.jbgsmith.com.

Key financial reporting dates and associated data points illustrate this channel's activity:

• Q3 2025 financial results were announced on October 28, 2025.
• The quarterly dividend declared in Q1 2025 was $0.175 per common share.
• As of the trading day December 4, 2025, the Annualized Dividend was reported as $0.70.
• For the three months ended September 30, 2025, Funds From Operations (FFO) was reported as $9.1 million, or 15 cents per share.

Finance: draft 13-week cash view by Friday.

JBG SMITH Properties (JBGS) - Canvas Business Model: Customer Segments

JBG SMITH Properties owns, operates, and develops a dynamic portfolio comprising 12.0 million square feet at share of multifamily, office, and retail assets as of the third quarter of 2025. Approximately 98% of these assets are Metro-served.

The customer base is segmented across several key groups within the Washington, DC metropolitan area, with a heavy concentration in National Landing.

Geographic Concentration:

• Approximately 75.0% of JBG SMITH Properties holdings are in the National Landing submarket in Northern Virginia.

Large Corporate/Tech Tenants:

This segment is heavily influenced by major corporate anchors in the National Landing area. The office portfolio ended the third quarter of 2025 at 75.7% occupied.

Metric	Office Portfolio Data (Q3 2025)
Leased Percentage (Operating Commercial)	77.6%
Occupied Percentage (Operating Commercial)	75.7%
New Office Leases Executed (3 Months Ended 9/30/2025)	Approximately 149,000 square feet
Total Office Leases Executed (9 Months Ended 9/30/2025)	Approximately 461,000 square feet

Government/Defense Contractors:

Office properties benefit from proximity to the Pentagon, one of the four key demand drivers in National Landing. The office portfolio features on-site and surrounding amenities attractive to government tenants.

Multifamily Residents:

Renters seek amenity-rich, Metro-served urban living options. The operating multifamily portfolio saw varied performance metrics as of September 30, 2025.

• Operating Multifamily Portfolio Occupancy: 87.2%
• Same Store Multifamily Portfolio Occupancy: 92.2%
• Same Store Renewal Rate (Q3 2025): 56.3%

Retail/Service Tenants:

This segment includes destination restaurants, grocers, and local artisans that JBG SMITH Properties integrates into its placemaking strategy to create vibrant streetscapes adjacent to office and residential properties.

Institutional Investors:

JBG SMITH Properties holds substantially all its assets through JBG SMITH LP, its operating partnership. Institutional investors are key partners in this structure and as public shareholders.

Metric	Investor Data (Late 2025)
Institutional Stock Ownership Percentage	98.46%
JBG SMITH LP Ownership by JBG SMITH (as of 6/30/2025)	81.5% of OP Units
Common Shares Outstanding (as of 7/25/2025)	61,724,341
Quarterly Common Dividend Declared (Q1 2025)	$0.175 per share

The company also maintains a development pipeline of 8.7 million square feet of mixed-use, primarily multifamily, development opportunities.

JBG SMITH Properties (JBGS) - Canvas Business Model: Cost Structure

You're looking at the major drains on JBG SMITH Properties' cash flow as of late 2025. Real estate is capital-intensive, so these costs drive everything.

Property Operating Expenses: Major costs like real estate taxes, utilities, and repairs/maintenance.

Property operating expenses are the day-to-day costs of keeping the 12.0 million square feet portfolio running. For the quarter ending June 2025, JBG SMITH Properties reported quarterly Operating Expenses of $128.2Mn. Also significant are the Other Operating Expenses, which hit $111.5Mn for the same quarter ending June 2025. Remember, Net Operating Income (NOI) calculations explicitly exclude interest expense and certain non-cash adjustments, so these figures represent the direct property-level costs.

Here's a snapshot of the scale of these costs based on the latest quarterly data available:

Expense Category (Quarterly)	Amount (as of June 2025)
Operating Expenses	$128.2Mn
Other Operating Expenses	$111.5Mn

Interest Expense: Significant cost due to debt financing, with a fixed rate of 5.03% on the RiverHouse refinancing.

Debt financing is a core component of the cost structure for JBG SMITH Properties, given its development focus. While the specific dollar amount for total Interest Expense for the nine months ended September 30, 2025, is not explicitly detailed here, the structure includes a key financing term you mentioned: a fixed rate of 5.03% on the RiverHouse refinancing. This fixed rate provides certainty against rising rate environments, which is a plus.

Development and Construction Costs: Capital expenditures for the 8.7 million sq ft pipeline.

The future cost base is heavily influenced by the development pipeline, which JBG SMITH Properties maintains at approximately 8.7 million square feet of mixed-use, primarily multifamily, development opportunities as of late 2025. This pipeline represents significant future capital deployment, which translates directly into construction costs, land carrying costs, and associated financing expenses until stabilization.

The pipeline size contextually:

• Development Pipeline Density: 8.7 million square feet.
• Portfolio Size: 12.0 million square feet operating assets.
• Office Portfolio Lease Rate (Sept 30, 2025): 77.6% leased.

General and Administrative (G&A): Corporate overhead, including employee compensation and executive salaries.

Corporate overhead, or G&A, is managed through efficiency drives. JBG SMITH Properties streamlined operations, realizing total G&A savings of approximately 8% for the year ending December 31, 2024, contributing to a total savings of approximately 34% since 2019. Absolute G&A dollar figures for 2025 are not present, but the focus on cost control is evident in these historical savings metrics.

Tenant Improvements/Leasing Commissions: Costs associated with securing new leases, especially for office space.

Securing tenants for the office portfolio, which was 77.6% leased as of September 30, 2025, involves direct leasing costs. For context on the scale of these activities, in the first quarter of 2024, revenue from third-party real estate services included $1.1 million in leasing fees. Tenant Improvements (TIs) and Leasing Commissions (LCs) are variable costs tied directly to lease execution, especially for office space where tenant demands are higher.

Finance: draft 13-week cash view by Friday.

JBG SMITH Properties (JBGS) - Canvas Business Model: Revenue Streams

For JBG SMITH Properties, the revenue streams are fundamentally tied to owning, operating, and developing its portfolio of office and multifamily properties in the Washington, DC market. You see the core of the business in the recurring income from leases, but the strategic asset recycling also provides significant, albeit lumpy, boosts to the top line.

The total reported revenue for the third quarter ended September 30, 2025, was $123.9 million. This figure captures all sources for the quarter, but it's helpful to break down where that money actually came from to understand the underlying business health.

Here's a look at the key revenue components for Q3 2025, at JBG SMITH Share, where applicable:

Revenue Stream Component	Q3 2025 Amount (in millions)	Notes
Property Rental Income (Implied Core)	Approximately $104.0	Derived from Total Revenue less known non-rental components; this is the primary stream.
Third-Party Real Estate Services (Total)	$14.7	Includes reimbursements and service revenue from real estate ventures.
Property and Asset Management Fees (Core)	$4.4	The fee-based component within Third-Party Services.
Gain on Sale of Real Estate	$4.7	Resulted from strategic dispositions like the July 2025 sale of The Batley for $155.0 million.
Total Reported Revenue	$123.9	Total for the three months ended September 30, 2025.

Property Rental Income is what you'd expect to be the most stable part of the equation, driven by office and multifamily leases. While the exact breakdown isn't explicitly stated for the $104.0 million implied core revenue, the underlying portfolio performance gives you a sense of the rental base. For instance, the operating multifamily portfolio was 89.1% leased as of September 30, 2025. The operating commercial portfolio stood at 77.6% leased.

The Third-Party Real Estate Services stream is a distinct business line for JBG SMITH Properties. It's fee-based income, which is different from the capital-intensive property ownership. You can see that the core management fees were $4.4 million, while the total revenue from this segment, including reimbursements, hit $14.7 million for the quarter.

The Gain on Sale of Real Estate is tied directly to asset recycling. The sale of The Batley in July 2025 for $155.0 million was a key event contributing to the $4.7 million gain recognized in Q3 2025. This is how JBG SMITH Properties manages its balance sheet, selling assets to fund new development or reduce leverage.

Parking and Other Income is generally bundled into the core operating revenue that makes up the implied rental income figure, or sometimes within the 'Other' category of the third-party services if it relates to property operations managed for others. We don't have a standalone number for parking revenue, so it's embedded within the primary operating income stream.

To give you context on the overall operating performance that underpins the rental revenue, the Annualized Net Operating Income (Annualized NOI) at JBG SMITH Share for the three months ended September 30, 2025, was $242.3 million. If you exclude assets recently sold or recapitalized, the comparable Annualized NOI was $232.9 million.

You should also keep an eye on the forward-looking estimates, even though we are focused on actuals. The consensus revenue estimate for the full fiscal year ending December 2025 is $425.26 million.

• Property Rental Income is the largest component, implied to be around $104.0 million for Q3 2025.
• Third-Party Services revenue was $14.7 million in Q3 2025.
• Gain on Sale contributed $4.7 million in Q3 2025.
• The total revenue for the quarter was $123.9 million.
• The company sold a multifamily asset for $155.0 million in July 2025.