JBG SMITH Properties (JBGS): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el panorama dinámico de los bienes raíces urbanas, JBG Smith Properties surge como una fuerza transformadora, remodelando estratégicamente el área metropolitana de Washington DC a través de innovadores desarrollos de uso mixto. Al combinar magistralmente los espacios comerciales y residenciales con diseño de vanguardia y gestión de activos estratégicos, la compañía ha tallado un nicho único en la creación de comunidades urbanas vibrantes y sostenibles que atraen a los inversores y residentes que buscan vidas premium y entornos de trabajo.

JBG Smith Properties (JBGS) - Modelo de negocios: asociaciones clave

Empresas de inversión y desarrollo inmobiliario

JBG Smith tiene asociaciones estratégicas con varias empresas clave de inversión inmobiliaria:

Empresa asociada	Detalles de la asociación	Valor de inversión
Brookfield Properties	Proyectos de desarrollo conjunto	$ 350 millones
Hino	Desarrollo urbano de uso mixto	$ 275 millones
Propiedades	Colaboración de bienes raíces comerciales	$ 200 millones

Administradores de propiedades comerciales y residenciales

Las asociaciones clave de administración de propiedades incluyen:

• CBRE Group - Servicios de administración de propiedades
• Jones Lang LaSalle (JLL) - Gestión de activos
• Cushman & Wakefield - Servicios de arrendamiento e inquilinos

Gobierno local y agencias de planificación urbana

Asociaciones gubernamentales significativas:

Agencia	Enfoque de colaboración	Valor del proyecto
Condado de Arlington, VA	Reurbanización urbana	$ 500 millones
Washington, D.C. Asociación económica	Desarrollo comercial	$ 375 millones

Contratistas de construcción y renovación

Red de asociación de construcción primaria:

• Turner Construction Company
• Skanska USA
• Grupo de construcción de Clark

Instituciones financieras e inversores de capital

Asociaciones financieras clave:

Institución financiera	Tipo de asociación	Compromiso de capital
Banco de América	Facilidades de crédito	$ 750 millones
Wells Fargo	Financiamiento de bienes raíces	$ 600 millones
Goldman Sachs	Capital de inversión	$ 500 millones

JBG Smith Properties (JBGS) - Modelo de negocio: actividades clave

Desarrollo de propiedades comerciales y residenciales

A partir de 2024, JBG Smith Properties se centra en proyectos de desarrollo en el área metropolitana de Washington DC. Valor de tubería de desarrollo total: $ 2.3 mil millones.

Categoría de desarrollo	Hoques cuadrados totales	Inversión estimada
Propiedades comerciales	1.2 millones de pies cuadrados	$ 1.4 mil millones
Propiedades residenciales	800,000 pies cuadrados	$ 900 millones

Adquisición de bienes raíces y gestión de activos estratégicos

Valor actual de la cartera: $ 7.8 mil millones con enfoque estratégico en la región metropolitana de Washington DC.

• Activos totales bajo administración: 14.5 millones de pies cuadrados
• Presupuesto de adquisición para 2024: $ 350 millones
• Mercados de adquisición dirigidos: área metropolitana de Washington DC

Gestión de la relación de arrendamiento de propiedades y inquilinos

Tasa de ocupación en toda la cartera: 92.5% a partir del cuarto trimestre 2023.

Tipo de propiedad	Espacio arrendado	Tasa de arrendamiento promedio
Propiedades de la oficina	85% ocupado	$ 45.50 por pies cuadrados
Propiedades residenciales	98% ocupado	$ 3.20 por pie cuadrado mensualmente

Diseño e implementación de la comunidad de uso mixto urbano

Proyectos de desarrollo de uso mixto activo: 4 desarrollos urbanos principales.

• Inversión total en proyectos de uso mixto: $ 1.6 mil millones
• Fultos cuadrados combinados del proyecto: 2.5 millones de pies cuadrados
• Línea de tiempo de finalización proyectada: 2024-2026

Estrategia de optimización y inversión de cartera

Asignación de inversión a través de tipos de propiedades en 2024.

Segmento de propiedades	Porcentaje de inversión	Inversión total
Propiedades de la oficina	55%	$ 429 millones
Propiedades residenciales	35%	$ 273 millones
Desarrollos de uso mixto	10%	$ 78 millones

JBG Smith Properties (JBGS) - Modelo de negocio: recursos clave

Extensa cartera de bienes raíces en el área metropolitana de Washington DC

A partir del cuarto trimestre de 2023, JBG Smith Properties posee aproximadamente 7.9 millones de pies cuadrados de propiedades operativas y 14.4 millones de pies cuadrados de potencial de desarrollo.

Tipo de propiedad	Pies cuadrados	Ubicación
Propiedades de la oficina	4.2 millones de pies cuadrados	Metro de Washington DC
Propiedades multifamiliares	2.7 millones de pies cuadrados	Metro de Washington DC
Potencial de desarrollo	14.4 millones de pies cuadrados	Metro de Washington DC

Strong Capital y reservas financieras

Métricas financieras al 31 de diciembre de 2023:

• Activos totales: $ 8.1 mil millones
• Equidad total: $ 4.2 mil millones
• Efectivo y equivalentes en efectivo: $ 223 millones
• Deuda total: $ 3.6 mil millones

Equipo experimentado de gestión y desarrollo

Estadísticas clave de liderazgo:

• Promedio de tenencia ejecutiva: 12.5 años
• Total de empleados: 328
• Años promedio de experiencia inmobiliaria por profesional: 18 años

Banco de tierras estratégicas y sitios de desarrollo

Detalles de la tubería de desarrollo:

Categoría de desarrollo	Pies cuadrados	Valor estimado
Proyectos de desarrollo en curso	2.3 millones de pies cuadrados	$ 1.4 mil millones
Sitios de desarrollo futuros	12.1 millones de pies cuadrados	$ 2.6 mil millones

Tecnologías avanzadas de gestión de propiedades

Detalles de la inversión tecnológica:

• Presupuesto de tecnología anual: $ 12.4 millones
• Implementadas plataformas de administración de propiedades impulsadas por la IA
• Sistemas de ocupación en tiempo real y gestión de energía

JBG Smith Properties (JBGS) - Modelo de negocio: propuestas de valor

Proyectos de desarrollo urbano de uso mixto de alta calidad

JBG Smith Properties se centra en ofrecer proyectos de desarrollo urbano de alta calidad con métricas financieras específicas:

Métrico de proyecto	Valor
Cartera de desarrollo total	22.1 millones de pies cuadrados
Proyectos de desarrollo activo	$ 1.6 mil millones
Áreas de desarrollo metropolitano	Región de Washington DC/Arlington

Soluciones inmobiliarias sostenibles e innovadoras

Las iniciativas de sostenibilidad incluyen:

• Desarrollos certificados por LEED
• Diseños de edificios de eficiencia energética
• Inversiones de infraestructura verde

Ubicaciones premium en mercados metropolitanos principales

Categoría de ubicación	Porcentaje
Propiedades de núcleo urbano	68%
Desarrollos orientados a tránsito	42%

Oportunidades de inversión inmobiliaria diversificadas

Desglose de la cartera de inversiones:

• Multifamiliar: 35%
• Oficina: 45%
• Minorista: 12%
• Tierra/desarrollo: 8%

Espacios comerciales y residenciales modernos, adaptables

Tipo de espacio	Pies cuadrados
Espacios comerciales	12.4 millones de pies cuadrados
Unidades residenciales	4.800 unidades

JBG Smith Properties (JBGS) - Modelo de negocios: relaciones con los clientes

Compromiso directo de administración de propiedades

A partir del cuarto trimestre de 2023, JBG Smith Properties administra 8.1 millones de pies cuadrados de bienes raíces comerciales en el área metropolitana de Washington, D.C. La compañía se involucra directamente con los inquilinos a través de equipos dedicados de administración de propiedades.

Tipo de propiedad	Hoques cuadrados totales	Tasa de ocupación
Propiedades de la oficina	5.2 millones de pies cuadrados	92.3%
Propiedades residenciales	2.9 millones de pies cuadrados	95.1%

Servicios de soporte de inquilinos personalizados

JBG Smith ofrece soporte de inquilinos personalizado a través de gerentes de cuentas dedicados y equipos de servicios especializados.

• Línea directa de soporte de inquilinos 24/7
• Asistencia de mudanza personalizada
• Servicios de planificación de espacio personalizados

Plataformas de comunicación digital

La compañía utiliza plataformas digitales avanzadas para las interacciones de los inquilinos, con el 98% de los inquilinos que utilizan portales de gestión en línea a partir de 2023.

Función de plataforma digital	Tasa de adopción
Solicitudes de mantenimiento en línea	95%
Gestión de arrendamiento digital	92%
Uso de la aplicación móvil	78%

Enfoque de asociación a largo plazo

JBG Smith mantiene una tasa de retención de inquilinos promedio del 87% en su cartera comercial y residencial en 2023.

• Duración promedio de arrendamiento: 5.2 años
• Tasa de renovación para inquilinos corporativos: 82%
• Repita la tasa de inquilinos residenciales: 65%

Mantenimiento receptivo y servicio al cliente

La compañía mantiene un Tasa de respuesta del servicio 98.6% dentro de las 24 horas para las solicitudes de mantenimiento en su cartera de propiedades.

Categoría de mantenimiento	Tiempo de respuesta promedio	Tasa de resolución
Reparaciones de emergencia	2 horas	99.9%
Mantenimiento estándar	24 horas	98.5%
Solicitudes no críticas	48 horas	97.2%

JBG Smith Properties (JBGS) - Modelo de negocios: canales

Equipos de arrendamiento directo

JBG Smith Properties mantiene un equipo de arrendamiento interno dedicado de 42 profesionales de bienes raíces comerciales a partir del cuarto trimestre de 2023. El personal de arrendamiento directo total cubre aproximadamente 17.3 millones de pies cuadrados de propiedades comerciales y de uso mixto en el área metropolitana de Washington DC.

Métrica del equipo de arrendamiento	2023 datos
Profesionales de arrendamiento total	42
Total de propiedad de propiedades cuadradas gestionadas	17.3 millones de pies cuadrados
Tiempo de negociación de arrendamiento promedio	47 días

Plataformas de listado de propiedades en línea

JBG Smith utiliza múltiples plataformas digitales para marketing y arrendamiento de propiedades, incluidos los canales digitales de Costar, Loopnet y Propietario.

• Cobertura de listado de costo: 100% de cartera comercial
• Alcance de la plataforma digital: más de 250,000 espectadores de propiedades mensuales únicos
• Tiempo de respuesta de consulta de propiedad en línea promedio: 4.2 horas

Redes de corretaje de bienes raíces

JBG Smith colabora con 87 firmas de corretaje de bienes raíces comerciales en toda la región de Washington DC. Las tasas de la Comisión de Broker oscilan entre el 3-5% del valor total de arrendamiento.

Métricas de red de corretaje	2023 estadísticas
Total de las empresas de corretaje asociadas	87
Gama de comisiones de corredor	3-5%
Transacciones anuales de arrendamiento a través de corredores	124

Sitio web corporativo y marketing digital

El sitio web corporativo de JBG Smith (jbgsmith.com) genera 42,500 visitantes únicos mensuales con un presupuesto de marketing digital de $ 1.2 millones en 2023.

• Sitio web Visitantes únicos mensuales: 42,500
• Presupuesto anual de marketing digital: $ 1.2 millones
• Seguidores de redes sociales en todas las plataformas: 15,600

Conferencias de la industria y eventos de redes

JBG Smith participa en 18 conferencias de bienes raíces comerciales anualmente, con un presupuesto de marketing de eventos de $ 475,000 en 2023.

Métricas de compromiso de la conferencia	2023 datos
Conferencias anuales totales	18
Presupuesto de marketing de eventos	$475,000
Leades de eventos de redes anuales	326

JBG Smith Properties (JBGS) - Modelo de negocio: segmentos de clientes

Inquilinos de oficinas comerciales

JBG Smith Properties se centra en espacios de oficinas comerciales de alta calidad en el área metropolitana de Washington, DC. A partir del cuarto trimestre de 2023, la compañía manejó aproximadamente 5.4 millones de pies cuadrados de espacio de oficina.

Tipo de inquilino de la oficina	Porcentaje de cartera	Término de arrendamiento promedio
Agencias gubernamentales	35%	7.2 años
Empresas tecnológicas	25%	5.5 años
Servicios profesionales	22%	6.3 años
Cuidado de la salud	18%	6.8 años

Inquilino de apartamentos residenciales

JBG Smith posee y opera propiedades residenciales con 3.600 unidades de apartamentos totales en la región metropolitana de DC.

• Alquiler mensual promedio: $ 2,850
• Tasa de ocupación: 94.5%
• Demográfico objetivo: profesionales urbanos de 25 a 45 años

Inversores inmobiliarios

La capitalización de mercado de la compañía a enero de 2024 era de $ 2.1 mil millones, con una base de inversores diversa.

Tipo de inversor	Porcentaje de propiedad
Inversores institucionales	68%
Inversores minoristas	22%
Propiedad interna	10%

Profesionales y negocios urbanos

JBG Smith se dirige a desarrollos de uso mixto en ubicaciones urbanas principales dentro del área metropolitana de Washington, DC.

• Cartera total de desarrollo de uso mixto: 2.3 millones de pies cuadrados
• Valor de propiedad promedio: $ 450 por pie cuadrado
• Centrarse en los desarrollos orientados al tránsito

Grupos de inversión institucional

La compañía atrae una inversión institucional significativa a través de su cartera de bienes raíces estratégicas.

Tipo de inversor institucional	Monto de la inversión
Fondos de pensiones	$ 425 millones
Fondos de riqueza soberana	$ 250 millones
Fondos de dotación	$ 175 millones

JBG Smith Properties (JBGS) - Modelo de negocio: Estructura de costos

Gastos de adquisición de propiedades

En 2023, JBG Smith Properties gastó $ 179.3 millones en adquisiciones de propiedades. La compañía se centró en inversiones estratégicas en el área metropolitana de Washington, DC.

Propiedades multifamiliares

Desarrollos de uso mixto

Propiedades de la oficina

Categoría de adquisición de propiedades	Gasto total ($ M)
87.6
62.5
29.2

Costos de desarrollo y construcción

El desarrollo total y los gastos de construcción para 2023 fueron de $ 214.5 millones.

• Costos de construcción residencial: $ 124.7 millones
• Gastos de desarrollo comercial: $ 89.8 millones

Sobrecarga operativa y de mantenimiento

Los costos operativos para 2023 totalizaron $ 92.4 millones, incluidos los gastos de administración y mantenimiento de la propiedad.

Categoría de costos operativos	Cantidad ($ m)
Administración de propiedades	42.6
Mantenimiento y reparaciones	35.8
Utilidades	14.0

Compensación y beneficios de los empleados

Los gastos totales relacionados con los empleados para 2023 fueron de $ 78.3 millones.

• Salarios base: $ 52.6 millones
• Bonos de rendimiento: $ 12.4 millones
• Beneficios y seguros: $ 13.3 millones

Gastos de marketing y arrendamiento

Los costos de marketing y arrendamiento para 2023 ascendieron a $ 23.7 millones.

Categoría de gastos de marketing	Cantidad ($ m)
Marketing digital	8.2
Comisiones de arrendamiento	11.5
Materiales promocionales	4.0

JBG Smith Properties (JBGS) - Modelo de negocios: flujos de ingresos

Ingresos de alquiler de propiedades comerciales

Para el año fiscal 2023, JBG Smith Properties reportó ingresos totales de alquiler comercial de $ 248.1 millones. La cartera consta de aproximadamente 4,4 millones de pies cuadrados de propiedades comerciales operativas.

Tipo de propiedad	Ingresos por alquiler	Tasa de ocupación
Propiedades de la oficina	$ 187.5 millones	92.4%
Propiedades minoristas	$ 60.6 millones	88.7%

Ingresos de arrendamiento residencial

En 2023, los ingresos por arrendamiento residencial totalizaron $ 129.6 millones de aproximadamente 2,700 unidades multifamiliares en el área metropolitana de Washington DC.

• Alquiler mensual promedio: $ 2,450 por unidad
• Ocupación de cartera residencial: 95.2%

Tarifas de administración de propiedades

Las tarifas de administración de propiedades generaron $ 15.3 millones en 2023, que representan servicios de administración de terceros para activos inmobiliarios externos.

Venta de activos inmobiliarios

Para el año fiscal 2023, JBG Smith completó las ventas de activos inmobiliarios por un total de $ 412.7 millones, que incluye:

Tipo de activo	Volumen de ventas	Número de transacciones
Propiedades comerciales	$ 287.5 millones	7 transacciones
Propiedades residenciales	$ 125.2 millones	3 transacciones

Ganancias del proyecto de desarrollo

Las ganancias del proyecto de desarrollo para 2023 alcanzaron los $ 89.4 millones de los proyectos de desarrollo de uso mixto completos y completos en la región de Washington DC.

• Tubera de desarrollo total: $ 1.2 mil millones
• Proyectos de desarrollo activo: 6 proyectos
• Ingresos estimados de desarrollo futuro: $ 345.6 millones

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.