JBG Smith Properties (JBGS): Canvas du modèle d'entreprise [Jan-2025 Mis à jour]

Dans le paysage dynamique de l'immobilier urbain, les propriétés de JBG Smith apparaissent comme une force transformatrice, remodelant stratégiquement la région métropolitaine de Washington DC grâce à des développements innovants à usage mixte. En mélangeant magistralement les espaces commerciaux et résidentiels avec une conception de pointe et une gestion des actifs stratégiques, la société a taillé un créneau unique dans la création de communautés urbaines dynamiques et durables qui attirent à la fois les investisseurs et les résidents à la recherche de vies de vie et de travail de qualité supérieure.

JBG Smith Properties (JBGS) - Modèle commercial: partenariats clés

Entreprises d'investissement immobilier et de développement

JBG Smith a des partenariats stratégiques avec plusieurs sociétés d'investissement immobilier clés:

Entreprise partenaire	Détails du partenariat	Valeur d'investissement
Propriétés de Brookfield	Projets de développement conjoints	350 millions de dollars
Hines	Développement urbain à usage mixte	275 millions de dollars
Propriétés Carr	Collaboration immobilière commerciale	200 millions de dollars

Gestionnaires immobiliers commerciaux et résidentiels

Les partenariats clés de gestion immobilière comprennent:

• CBRE Group - Services de gestion immobilière
• Jones Lang Lasalle (JLL) - Gestion des actifs
• Cushman & Wakefield - Services de location et de locataires

Gouvernement local et agences de planification urbaine

Partenariats gouvernementaux importants:

Agence	Focus de la collaboration	Valeur du projet
Comté d'Arlington, VA	Réaménagement urbain	500 millions de dollars
Washington, D.C. Partnership économique	Développement commercial	375 millions de dollars

Entrepreneurs de construction et de rénovation

Réseau de partenariat de construction primaire:

• Turner Construction Company
• Skanska USA
• Clark Construction Group

Institutions financières et investisseurs en capital

Partenariats financiers clés:

Institution financière	Type de partenariat	Engagement en capital
Banque d'Amérique	Facilités de crédit	750 millions de dollars
Wells Fargo	Financement immobilier	600 millions de dollars
Goldman Sachs	Capitaux d'investissement	500 millions de dollars

JBG Smith Properties (JBGS) - Modèle d'entreprise: Activités clés

Développement des biens commerciaux et résidentiels

En 2024, JBG Smith Properties se concentre sur les projets de développement dans la région métropolitaine de Washington DC. Valeur totale du pipeline de développement: 2,3 milliards de dollars.

Catégorie de développement	Total en pieds carrés	Investissement estimé
Propriétés commerciales	1,2 million de pieds carrés	1,4 milliard de dollars
Propriétés résidentielles	800 000 pieds carrés	900 millions de dollars

Acquisition immobilière et gestion des actifs stratégiques

Valeur du portefeuille actuel: 7,8 milliards de dollars avec un accent stratégique sur la région métropolitaine de Washington DC.

• Total des actifs sous gestion: 14,5 millions de pieds carrés
• Budget d'acquisition pour 2024: 350 millions de dollars
• Marchés d'acquisition ciblés: zone métropolitaine de Washington DC

Location immobilière et gestion des relations des locataires

Taux d'occupation à travers le portefeuille: 92,5% au quatrième trimestre 2023.

Type de propriété	Espace loué	Taux de location moyen
Propriétés du bureau	85% occupés	45,50 $ par pied carré
Propriétés résidentielles	98% occupés	3,20 $ par m² par mois

Conception et mise en œuvre de la communauté à usage mixte urbain

Projets de développement à usage mixte actif: 4 développements urbains majeurs.

• Investissement total du projet à usage mixte: 1,6 milliard de dollars
• Projet combiné en pieds carrés: 2,5 millions de pieds carrés
• Time d'achèvement prévu: 2024-2026

Optimisation du portefeuille et stratégie d'investissement

Allocation des investissements entre les types de propriétés en 2024.

Segment de propriété	Pourcentage d'investissement	Investissement total
Propriétés du bureau	55%	429 millions de dollars
Propriétés résidentielles	35%	273 millions de dollars
Développements à usage mixte	10%	78 millions de dollars

JBG Smith Properties (JBGS) - Modèle d'entreprise: Ressources clés

Portefeuille immobilier vaste dans la région métropolitaine de Washington DC

Au quatrième trimestre 2023, JBG Smith Properties possède environ 7,9 millions de pieds carrés de propriétés de fonctionnement et 14,4 millions de pieds carrés de potentiel de développement.

Type de propriété	En pieds carrés	Emplacement
Propriétés du bureau	4,2 millions de pieds carrés	Washington DC Metro
Propriétés multifamiliales	2,7 millions de pieds carrés	Washington DC Metro
Potentiel de développement	14,4 millions de pieds carrés	Washington DC Metro

Capitaux solides et réserves financières

Mesures financières au 31 décembre 2023:

• Actif total: 8,1 milliards de dollars
• Équité totale: 4,2 milliards de dollars
• Cash et équivalents en espèces: 223 millions de dollars
• Dette totale: 3,6 milliards de dollars

Équipe de gestion et de développement expérimentée

Statistiques clés du leadership:

• Pureur exécutif moyen: 12,5 ans
• Total des employés: 328
• Années moyennes d'expérience immobilière par professionnel: 18 ans

Banque terrestre stratégique et sites de développement

Détails du pipeline de développement:

Catégorie de développement	En pieds carrés	Valeur estimée
Projets de développement en cours	2,3 millions de pieds carrés	1,4 milliard de dollars
Sites de développement futurs	12,1 millions de pieds carrés	2,6 milliards de dollars

Technologies avancées de gestion immobilière

Détails de l'investissement technologique:

• Budget technologique annuel: 12,4 millions de dollars
• Implémenté les plateformes de gestion immobilière dirigée par l'IA
• Systèmes d'occupation et de gestion de l'énergie en temps réel

JBG Smith Properties (JBGS) - Modèle d'entreprise: propositions de valeur

Projets de développement urbain à usage mixte de haute qualité

JBG Smith Properties se concentre sur la fourniture de projets de développement urbain de haute qualité avec des mesures financières spécifiques:

Métrique du projet	Valeur
Portefeuille de développement total	22,1 millions de pieds carrés
Projets de développement actif	1,6 milliard de dollars
Domaines de développement métropolitain	Région de Washington DC / Arlington

Solutions immobilières durables et innovantes

Les initiatives de durabilité comprennent:

• Développements certifiés LEED
• Conceptions de bâtiments économes en énergie
• Investissements d'infrastructure verte

Emplacements premium sur les marchés métropolitains de premier ordre

Catégorie de localisation	Pourcentage
Propriétés centrales urbaines	68%
Développements orientés vers le transport	42%

Opportunités d'investissement immobilier diversifiées

Répartition du portefeuille d'investissement:

• Multifamilial: 35%
• Bureau: 45%
• Retail: 12%
• Terre / développement: 8%

Espaces commerciaux et résidentiels modernes et adaptables

Type d'espace	En pieds carrés
Espaces commerciaux	12,4 millions de pieds carrés
Unités résidentielles	4 800 unités

JBG Smith Properties (JBGS) - Modèle d'entreprise: relations avec les clients

Engagement direct de gestion immobilière

Au quatrième trimestre 2023, JBG Smith Properties gère 8,1 millions de pieds carrés de biens immobiliers commerciaux dans la région métropolitaine de Washington, D.C. La société s'engage directement avec les locataires par le biais d'équipes de gestion immobilière dédiées.

Type de propriété	Total en pieds carrés	Taux d'occupation
Propriétés du bureau	5,2 millions de pieds carrés	92.3%
Propriétés résidentielles	2,9 millions de pieds carrés	95.1%

Services de soutien aux locataires personnalisés

JBG Smith fournit un support de locataire personnalisé via des gestionnaires de comptes dédiés et des équipes de services spécialisées.

• Hotline de soutien aux locataires 24/7
• Assistance à emménager personnalisée
• Services de planification d'espace personnalisés

Plateformes de communication numérique

L'entreprise utilise des plateformes numériques avancées pour les interactions des locataires, avec 98% des locataires utilisant des portails de gestion en ligne en 2023.

Fonctionnalité de plate-forme numérique	Taux d'adoption
Demandes de maintenance en ligne	95%
Gestion des baux numériques	92%
Utilisation des applications mobiles	78%

Approche de partenariat à long terme

JBG Smith maintient un taux moyen de rétention des locataires de 87% dans son portefeuille commercial et résidentiel en 2023.

• Durée du bail moyenne: 5,2 ans
• Taux de renouvellement pour les locataires d'entreprise: 82%
• Répéter le taux du locataire résidentiel: 65%

Maintenance réactive et service client

La société maintient un 98,6% de taux de réponse au service Dans les 24 heures pour les demandes de maintenance sur son portefeuille de propriétés.

Catégorie de maintenance	Temps de réponse moyen	Taux de résolution
Réparations d'urgence	2 heures	99.9%
Entretien standard	24 heures	98.5%
Demandes non critiques	48 heures	97.2%

JBG Smith Properties (JBGS) - Modèle d'entreprise: canaux

Équipes de location directe

JBG Smith Properties maintient une équipe de location interne dédiée de 42 professionnels de l'immobilier commercial au quatrième trimestre 2023. Le personnel de location directe totale couvre environ 17,3 millions de pieds carrés de propriétés commerciales et à usage mixte dans la région métropolitaine de Washington DC.

Métrique de l'équipe de location	2023 données
Professionnels totaux de location	42
Propriété totale en pieds carrés gérés	17,3 millions de pieds carrés
Temps de négociation de location moyen	47 jours

Plateformes d'inscription de propriétés en ligne

JBG Smith utilise plusieurs plateformes numériques pour le marketing et la location immobilières, notamment le costar, le Loopnet et les canaux numériques propriétaires.

• Couverture de la liste des costaires: 100% du portefeuille commercial
• Plate-forme numérique: plus de 250 000 téléspectateurs de propriété mensuels uniques
• Temps de réponse de la demande de propriété en ligne moyenne: 4,2 heures

Réseaux de courtage immobilier

JBG Smith collabore avec 87 sociétés de courtage immobilier commerciales dans la région de Washington DC. Les taux de commission des courtiers varient entre 3 et 5% de la valeur totale du bail.

Métriques du réseau de courtage	2023 statistiques
Sociétés de courtage en partenariat total	87
Gamme de commission des courtiers	3-5%
Transactions de location annuelles via les courtiers	124

Site Web d'entreprise et marketing numérique

Le site Web d'entreprise de JBG Smith (JBGSmith.com) génère 42 500 visiteurs uniques mensuels avec un budget de marketing numérique de 1,2 million de dollars en 2023.

• Site Web Visiteurs uniques mensuels: 42 500
• Budget annuel du marketing numérique: 1,2 million de dollars
• Les abonnés des médias sociaux sur toutes les plateformes: 15 600

Conférences de l'industrie et événements de réseautage

JBG Smith participe à 18 conférences immobilières commerciales chaque année, avec un budget marketing d'événement de 475 000 $ en 2023.

Métriques d'engagement de la conférence	2023 données
Conférences annuelles totales	18
Budget marketing événementiel	$475,000
Leads de l'événement de réseautage annuel	326

JBG Smith Properties (JBGS) - Modèle d'entreprise: segments de clientèle

Locataires de bureaux commerciaux

JBG Smith Properties se concentre sur des espaces de bureaux commerciaux de haute qualité dans la région métropolitaine de Washington, DC. Au quatrième trimestre 2023, la société a géré environ 5,4 millions de pieds carrés d'espace de bureau.

Type de locataire de bureau	Pourcentage de portefeuille	Terme de location moyenne
Agences gouvernementales	35%	7,2 ans
Entreprises technologiques	25%	5,5 ans
Services professionnels	22%	6,3 ans
Soins de santé	18%	6,8 ans

Locataires d'appartements résidentiels

JBG Smith possède et exploite des propriétés résidentielles avec 3 600 appartements totaux dans la région métropolitaine de DC.

• Loyer mensuel moyen: 2 850 $
• Taux d'occupation: 94,5%
• Target démographique: professionnels urbains âgés de 25 à 45 ans

Investisseurs immobiliers

La capitalisation boursière de la société en janvier 2024 était de 2,1 milliards de dollars, avec une base d'investisseurs diversifiée.

Type d'investisseur	Pourcentage de propriété
Investisseurs institutionnels	68%
Investisseurs de détail	22%
Propriété d'initié	10%

Professionnels et entreprises urbaines

JBG Smith cible les développements à usage mixte dans les emplacements urbains privilégiés dans la région métropolitaine de Washington, DC.

• Portfolio total de développement à usage mixte: 2,3 millions de pieds carrés
• Valeur de propriété moyenne: 450 $ par pied carré
• Concentrez-vous sur les développements orientés vers le transit

Groupes d'investissement institutionnels

La société attire des investissements institutionnels importants grâce à son portefeuille immobilier stratégique.

Type d'investisseur institutionnel	Montant d'investissement
Fonds de pension	425 millions de dollars
Fonds de richesse souverain	250 millions de dollars
Fonds de dotation	175 millions de dollars

JBG Smith Properties (JBGS) - Modèle d'entreprise: Structure des coûts

Frais d'acquisition de biens

En 2023, JBG Smith Properties a dépensé 179,3 millions de dollars en acquisitions de biens. L'entreprise s'est concentrée sur les investissements stratégiques dans la région métropolitaine de Washington, DC.

Propriétés multifamiliales

Développements à usage mixte

Propriétés du bureau

Catégorie d'acquisition de propriétés	Dépenses totales ($ m)
87.6
62.5
29.2

Coûts de développement et de construction

Les dépenses totales de développement et de construction pour 2023 étaient de 214,5 millions de dollars.

• Coûts de construction résidentiels: 124,7 millions de dollars
• Frais de développement commercial: 89,8 millions de dollars

Overhead Operational and Maintenance

Les coûts opérationnels pour 2023 ont totalisé 92,4 millions de dollars, y compris les frais de gestion immobilière et de maintenance.

Catégorie de coûts opérationnels	Montant ($ m)
Gestion immobilière	42.6
Entretien et réparations	35.8
Services publics	14.0

Compensation et avantages sociaux des employés

Les dépenses totales liées aux employés pour 2023 étaient de 78,3 millions de dollars.

• Salaires de base: 52,6 millions de dollars
• Bonus de performance: 12,4 millions de dollars
• Avantages et assurance: 13,3 millions de dollars

Dépenses de marketing et de location

Les coûts de marketing et de location pour 2023 s'élevaient à 23,7 millions de dollars.

Catégorie de dépenses de marketing	Montant ($ m)
Marketing numérique	8.2
Commissions de location	11.5
Matériel promotionnel	4.0

JBG Smith Properties (JBGS) - Modèle d'entreprise: Strots de revenus

Revenu de location de propriétés commerciales

Pour l'exercice 2023, JBG Smith Properties a déclaré un chiffre d'affaires de location commercial total de 248,1 millions de dollars. Le portefeuille se compose d'environ 4,4 millions de pieds carrés de propriétés commerciales opérationnelles.

Type de propriété	Revenus de location	Taux d'occupation
Propriétés du bureau	187,5 millions de dollars	92.4%
Propriétés de vente au détail	60,6 millions de dollars	88.7%

Revenus de location résidentielle

En 2023, les revenus de location résidentiels ont totalisé 129,6 millions de dollars, contre environ 2 700 unités multifamiliales dans la région métropolitaine de Washington DC.

• Loyer mensuel moyen: 2 450 $ par unité
• Occupation du portefeuille résidentiel: 95,2%

Frais de gestion immobilière

Les frais de gestion immobilière ont généré 15,3 millions de dollars en 2023, représentant des services de gestion tiers pour les actifs immobiliers externes.

Ventes d'actifs immobiliers

Pour l'exercice 2023, JBG Smith a terminé les ventes d'actifs immobiliers totalisant 412,7 millions de dollars, notamment:

Type d'actif	Volume des ventes	Nombre de transactions
Propriétés commerciales	287,5 millions de dollars	7 transactions
Propriétés résidentielles	125,2 millions de dollars	3 transactions

Project de développement Profits

Les bénéfices du projet de développement pour 2023 ont atteint 89,4 millions de dollars de projets de développement à usage mixte achevés et en cours dans la région de Washington DC.

• Pipeline de développement total: 1,2 milliard de dollars
• Projets de développement actifs: 6 projets
• Revenus de développement futur estimé: 345,6 millions de dollars

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.