JBG Smith Properties (JBGS): Modelo de negócios Canvas [Jan-2025 Atualizado]

No cenário dinâmico dos imóveis urbanos, as propriedades da JBG Smith surgem como uma força transformadora, remodelando estrategicamente a área metropolitana de Washington DC por meio de desenvolvimentos inovadores de uso misto. Ao misturar magistralmente espaços comerciais e residenciais com design de ponta e gerenciamento estratégico de ativos, a empresa esculpiu um nicho único na criação de comunidades urbanas vibrantes e sustentáveis ​​que atraem investidores e residentes que buscam ambientes de vida e trabalho premium.

JBG Smith Properties (JBGS) - Modelo de negócios: Parcerias -chave

Empresas de investimento imobiliário e desenvolvimento

A JBG Smith tem parcerias estratégicas com várias empresas importantes de investimento imobiliário:

Empresa parceira	Detalhes da parceria	Valor de investimento
Propriedades de Brookfield	Projetos de desenvolvimento conjunto	US $ 350 milhões
Hines	Desenvolvimento urbano de uso misto	US $ 275 milhões
Carr Properties	Colaboração imobiliária comercial	US $ 200 milhões

Gerentes de propriedade comercial e residencial

As principais parcerias de gerenciamento de propriedades incluem:

• Grupo CBRE - Serviços de Gerenciamento de Propriedades
• Jones Lang Lasalle (JLL) - Gerenciamento de ativos
• Cushman & Wakefield - Serviços de leasing e inquilino

Agências de Planejamento Urbano e Governo Local

Parcerias governamentais significativas:

Agência	Foco de colaboração	Valor do projeto
Condado de Arlington, VA	Redesenvolvimento urbano	US $ 500 milhões
Washington, DC Parceria econômica	Desenvolvimento Comercial	US $ 375 milhões

Contratados de construção e renovação

Rede de Parceria de Construção Primária:

• Turner Construction Company
• Skanska EUA
• Clark Construction Group

Instituições financeiras e investidores de capital

Principais parcerias financeiras:

Instituição financeira	Tipo de parceria	Compromisso de capital
Bank of America	Linhas de crédito	US $ 750 milhões
Wells Fargo	Financiamento imobiliário	US $ 600 milhões
Goldman Sachs	Capital de investimento	US $ 500 milhões

JBG Smith Properties (JBGS) - Modelo de negócios: Atividades -chave

Desenvolvimento de propriedades comerciais e residenciais

A partir de 2024, a JBG Smith Properties se concentra em projetos de desenvolvimento na área metropolitana de Washington DC. Valor total do pipeline de desenvolvimento: US $ 2,3 bilhões.

Categoria de desenvolvimento	Mágua quadrada total	Investimento estimado
Propriedades comerciais	1,2 milhão de pés quadrados	US $ 1,4 bilhão
Propriedades residenciais	800.000 pés quadrados	US $ 900 milhões

Aquisição imobiliária e gerenciamento estratégico de ativos

Valor atual do portfólio: US $ 7,8 bilhões com foco estratégico na região metropolitana de Washington DC.

• Total de ativos sob gestão: 14,5 milhões de pés quadrados
• Orçamento de aquisição para 2024: US $ 350 milhões
• Mercados de aquisição direcionados: área metropolitana de Washington DC

Leasing de propriedades e gerenciamento de relacionamento inquilino

Taxa de ocupação em toda a carteira: 92,5% a partir do quarto trimestre 2023.

Tipo de propriedade	Espaço alugado	Taxa média de arrendamento
Propriedades do escritório	85% ocupados	US $ 45,50 por metro quadrado
Propriedades residenciais	98% ocupados	US $ 3,20 por mecanismo quadrado

Design e implementação da comunidade de uso misto urbano

Projetos ativos de desenvolvimento de uso misto: 4 grandes desenvolvimentos urbanos.

• Investimento total do projeto de uso misto: US $ 1,6 bilhão
• Mágua quadrada combinada do projeto: 2,5 milhões de pés quadrados
• Linha de conclusão projetada: 2024-2026

Otimização de portfólio e estratégia de investimento

Alocação de investimentos entre os tipos de propriedades em 2024.

Segmento de propriedade	Porcentagem de investimento	Investimento total
Propriedades do escritório	55%	US $ 429 milhões
Propriedades residenciais	35%	US $ 273 milhões
Desenvolvimentos de uso misto	10%	US $ 78 milhões

JBG Smith Properties (JBGS) - Modelo de negócios: Recursos -chave

Extenso portfólio imobiliário em Washington DC Metropolitan Area

A partir do quarto trimestre de 2023, a JBG Smith Properties possui aproximadamente 7,9 milhões de pés quadrados de propriedades operacionais e 14,4 milhões de pés quadrados de potencial de desenvolvimento.

Tipo de propriedade	Metragem quadrada	Localização
Propriedades do escritório	4,2 milhões de pés quadrados	Washington DC Metro
Propriedades multifamiliares	2,7 milhões de pés quadrados	Washington DC Metro
Potencial de desenvolvimento	14,4 milhões de pés quadrados	Washington DC Metro

Capital forte e reservas financeiras

Métricas financeiras em 31 de dezembro de 2023:

• Total de ativos: US $ 8,1 bilhões
• Equidade total: US $ 4,2 bilhões
• Caixa e equivalentes em dinheiro: US $ 223 milhões
• Dívida total: US $ 3,6 bilhões

Equipe experiente de gerenciamento e desenvolvimento

Estatísticas -chave de liderança:

• PRODIÇÃO EXECUTIVO Média: 12,5 anos
• Total de funcionários: 328
• Anos médios de experiência imobiliária por profissional: 18 anos

Sites de Banco de Terras e Desenvolvimento Estratégico

Detalhes do pipeline de desenvolvimento:

Categoria de desenvolvimento	Metragem quadrada	Valor estimado
Projetos de desenvolvimento em andamento	2,3 milhões de pés quadrados	US $ 1,4 bilhão
Sites de desenvolvimento futuros	12,1 milhões de pés quadrados	US $ 2,6 bilhões

Tecnologias avançadas de gerenciamento de propriedades

Detalhes de investimento em tecnologia:

• Orçamento de tecnologia anual: US $ 12,4 milhões
• Implementou plataformas de gerenciamento de propriedades orientadas pela IA
• Sistemas de ocupação e gerenciamento de energia em tempo real

JBG Smith Properties (JBGS) - Modelo de negócios: proposições de valor

Projetos de desenvolvimento urbano de uso misto de alta qualidade

A JBG Smith Properties se concentra em fornecer projetos de desenvolvimento urbano de alta qualidade com métricas financeiras específicas:

Métrica do Projeto	Valor
Portfólio de desenvolvimento total	22,1 milhões de pés quadrados
Projetos de desenvolvimento ativo	US $ 1,6 bilhão
Áreas de Desenvolvimento Metropolitano	Região de Washington DC/Arlington

Soluções imobiliárias sustentáveis ​​e inovadoras

As iniciativas de sustentabilidade incluem:

• Desenvolvimentos certificados por LEED
• Projetos de edifícios com eficiência energética
• Investimentos de infraestrutura verde

Locais premium nos mercados metropolitanos principais

Categoria de localização	Percentagem
Propriedades do núcleo urbano	68%
Desenvolvimentos orientados para o trânsito	42%

Oportunidades diversificadas de investimento imobiliário

Breakdown do portfólio de investimentos:

• Multifamília: 35%
• Escritório: 45%
• Varejo: 12%
• Terra/Desenvolvimento: 8%

Espaços comerciais e residenciais modernos e adaptáveis

Tipo de espaço	Metragem quadrada
Espaços comerciais	12,4 milhões de pés quadrados
Unidades residenciais	4.800 unidades

JBG Smith Properties (JBGS) - Modelo de Negócios: Relacionamentos do Cliente

Engajamento direto de gerenciamento de propriedades

A partir do quarto trimestre 2023, a JBG Smith Properties gerencia 8,1 milhões de pés quadrados de imóveis comerciais na área metropolitana de Washington, DC. A empresa se envolve diretamente com os inquilinos por meio de equipes de gerenciamento de propriedades dedicadas.

Tipo de propriedade	Mágua quadrada total	Taxa de ocupação
Propriedades do escritório	5,2 milhões de pés quadrados	92.3%
Propriedades residenciais	2,9 milhões de pés quadrados	95.1%

Serviços personalizados de suporte de inquilinos

A JBG Smith fornece suporte de inquilino personalizado por meio de gerentes de contas dedicados e equipes de serviços especializadas.

• 24/7 de suporte de suporte de inquilino
• Assistência de mudança personalizada
• Serviços de planejamento espacial personalizado

Plataformas de comunicação digital

A empresa utiliza plataformas digitais avançadas para interações de inquilinos, com 98% dos inquilinos usando portais de gerenciamento on -line a partir de 2023.

Recurso da plataforma digital	Taxa de adoção
Solicitações de manutenção on -line	95%
Gerenciamento de arrendamento digital	92%
Uso do aplicativo móvel	78%

Abordagem de parceria de longo prazo

A JBG Smith mantém uma taxa média de retenção de inquilinos de 87% em seu portfólio comercial e residencial em 2023.

• Duração média do arrendamento: 5,2 anos
• Taxa de renovação para inquilinos corporativos: 82%
• Repita a taxa de inquilino residencial: 65%

Manutenção responsiva e atendimento ao cliente

A empresa mantém um 98,6% da taxa de resposta de serviço Dentro de 24 horas para solicitações de manutenção em seu portfólio de propriedades.

Categoria de manutenção	Tempo médio de resposta	Taxa de resolução
Reparos de emergência	2 horas	99.9%
Manutenção padrão	24 horas	98.5%
Solicitações não críticas	48 horas	97.2%

JBG Smith Properties (JBGS) - Modelo de Negócios: Canais

Equipes diretas de leasing

A JBG Smith Properties mantém uma equipe de leasing interna dedicada de 42 profissionais comerciais do setor imobiliário a partir do quarto trimestre de 2023. A equipe total de leasing direta cobre aproximadamente 17,3 milhões de pés quadrados de propriedades comerciais e de uso misto na área metropolitana de Washington DC.

Métrica da equipe de leasing	2023 dados
Total de profissionais de leasing	42
Total Property Square metragem gerenciada	17,3 milhões de pés quadrados
Tempo médio de negociação de arrendamento	47 dias

Plataformas de listagem de propriedades online

A JBG Smith utiliza várias plataformas digitais para marketing e leasing de propriedades, incluindo canais digitais de Costar, Loopnet e proprietários.

• Cobertura de listagem de costar: 100% do portfólio comercial
• Alcance da plataforma digital: mais de 250.000 espectadores de propriedades mensais exclusivos
• Tempo médio de resposta à consulta de propriedades on -line: 4,2 horas

Redes de corretagem imobiliária

A JBG Smith colabora com 87 corretoras comerciais de corretores imobiliárias em toda a região de Washington DC. As taxas de comissão de corretores variam entre 3-5% do valor total do arrendamento.

Métricas de rede de corretores	2023 Estatísticas
Total de corretor em parceria	87
Intervalo da Comissão de Corretores	3-5%
Transações anuais de arrendamento via corretores	124

Site corporativo e marketing digital

O site corporativo da JBG Smith (JBGSmith.com) gera 42.500 visitantes únicos mensais com um orçamento de marketing digital de US $ 1,2 milhão em 2023.

• Site mensal visitantes únicos: 42.500
• Orçamento anual de marketing digital: US $ 1,2 milhão
• Seguidores de mídia social entre plataformas: 15.600

Conferências do setor e eventos de rede

A JBG Smith participa de 18 conferências imobiliárias comerciais anualmente, com um orçamento de marketing de eventos de US $ 475.000 em 2023.

Métricas de engajamento da conferência	2023 dados
Conferências anuais totais	18
Orçamento de marketing de eventos	$475,000
Leads anuais de networking	326

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

Inquilinos de escritório comercial

A JBG Smith Properties se concentra em escritórios comerciais de alta qualidade na área metropolitana de Washington, DC. A partir do quarto trimestre de 2023, a empresa conseguiu aproximadamente 5,4 milhões de pés quadrados de espaço de escritório.

Tipo de inquilino do escritório	Porcentagem de portfólio	Termo de arrendamento médio
Agências governamentais	35%	7,2 anos
Empresas de tecnologia	25%	5,5 anos
Serviços profissionais	22%	6,3 anos
Assistência médica	18%	6,8 anos

Locatários de apartamentos residenciais

A JBG Smith possui e opera propriedades residenciais com 3.600 unidades totais de apartamentos na região metropolitana de DC.

• Aluguel mensal médio: US $ 2.850
• Taxa de ocupação: 94,5%
• Demografia-alvo: profissionais urbanos com idades entre 25 e 45 anos

Investidores imobiliários

A capitalização de mercado da empresa em janeiro de 2024 era de US $ 2,1 bilhões, com uma base de investidores diversificada.

Tipo de investidor	Porcentagem de propriedade
Investidores institucionais	68%
Investidores de varejo	22%
Propriedade interna	10%

Profissionais e empresas urbanas

O JBG Smith tem como alvo os desenvolvimentos de uso misto em locais urbanos principais na área metropolitana de Washington, DC.

• Portfólio de desenvolvimento de uso misto total: 2,3 milhões de pés quadrados
• Valor médio da propriedade: US $ 450 por pé quadrado
• Concentre-se nos desenvolvimentos orientados para o trânsito

Grupos de investimento institucional

A empresa atrai investimentos institucionais significativos por meio de seu portfólio estratégico de imóveis.

Tipo de investidor institucional	Valor do investimento
Fundos de pensão	US $ 425 milhões
Fundos soberanos de riqueza	US $ 250 milhões
Fundos de doação	US $ 175 milhões

JBG Smith Properties (JBGS) - Modelo de negócios: estrutura de custos

Despesas de aquisição de propriedades

Em 2023, a JBG Smith Properties gastou US $ 179,3 milhões em aquisições de propriedades. A empresa se concentrou em investimentos estratégicos na área metropolitana de Washington, DC.

Propriedades multifamiliares

Desenvolvimentos de uso misto

Propriedades do escritório

Categoria de aquisição de propriedades	Despesas totais ($ m)
87.6
62.5
29.2

Custos de desenvolvimento e construção

As despesas totais de desenvolvimento e construção de 2023 foram de US $ 214,5 milhões.

• Custos de construção residencial: US $ 124,7 milhões
• Despesas de desenvolvimento comercial: US $ 89,8 milhões

Opeuta operacional e de manutenção

Os custos operacionais de 2023 totalizaram US $ 92,4 milhões, incluindo as despesas de gerenciamento de propriedades e manutenção.

Categoria de custo operacional	Valor ($ m)
Gerenciamento de propriedades	42.6
Manutenção e reparos	35.8
Utilitários	14.0

Compensação e benefícios dos funcionários

As despesas totais relacionadas aos funcionários em 2023 foram de US $ 78,3 milhões.

• Salários base: US $ 52,6 milhões
• Bônus de desempenho: US $ 12,4 milhões
• Benefícios e seguro: US $ 13,3 milhões

Despesas de marketing e leasing

Os custos de marketing e leasing para 2023 totalizaram US $ 23,7 milhões.

Categoria de despesa de marketing	Valor ($ m)
Marketing digital	8.2
Comissões de leasing	11.5
Materiais promocionais	4.0

JBG Smith Properties (JBGS) - Modelo de negócios: fluxos de receita

Receita de aluguel de propriedades comerciais

Para o ano fiscal de 2023, a JBG Smith Properties registrou uma receita total de aluguel comercial de US $ 248,1 milhões. O portfólio consiste em aproximadamente 4,4 milhões de pés quadrados de propriedades comerciais operacionais.

Tipo de propriedade	Receita de aluguel	Taxa de ocupação
Propriedades do escritório	US $ 187,5 milhões	92.4%
Propriedades de varejo	US $ 60,6 milhões	88.7%

Receitas de arrendamento residencial

Em 2023, as receitas de arrendamento residencial totalizaram US $ 129,6 milhões, de aproximadamente 2.700 unidades multifamiliares na área metropolitana de Washington DC.

• Aluguel mensal médio: US $ 2.450 por unidade
• Ocupação de portfólio residencial: 95,2%

Taxas de gerenciamento de propriedades

As taxas de gerenciamento de propriedades geraram US $ 15,3 milhões em 2023, representando serviços de gerenciamento de terceiros para ativos imobiliários externos.

Vendas de ativos imobiliários

Para o ano fiscal de 2023, a JBG Smith concluiu as vendas de ativos imobiliários, totalizando US $ 412,7 milhões, incluindo:

Tipo de ativo	Volume de vendas	Número de transações
Propriedades comerciais	US $ 287,5 milhões	7 transações
Propriedades residenciais	US $ 125,2 milhões	3 transações

Lucros do projeto de desenvolvimento

Os lucros do projeto de desenvolvimento para 2023 atingiram US $ 89,4 milhões em projetos de desenvolvimento de uso misto concluídos e em andamento na região de Washington DC.

• Pipeline de desenvolvimento total: US $ 1,2 bilhão
• Projetos de desenvolvimento ativo: 6 projetos
• Receita estimada de desenvolvimento futuro: US $ 345,6 milhões

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.