JBG SMITH Properties is a publicly traded equity REIT focused on owning, operating, and developing mixed-use real estate in the Washington, DC metropolitan area. The company was formed in 2017 through the combination of The JBG Companies and Vornado Realty Trust’s Washington, DC regional assets and subsequently listed on the New York Stock Exchange under the ticker JBGS. Headquartered in Bethesda, Maryland, JBG SMITH operates with a highly concentrated geographic strategy centered on transit-oriented, urban infill locations.
The firm’s portfolio consists primarily of office, multifamily, and ground-floor retail assets, with a long-term emphasis on large-scale mixed-use districts. JBG SMITH is best known for its dominant position in National Landing in Northern Virginia, where it serves as the exclusive private-sector development partner for Amazon’s HQ2. Approximately 70–75% of the company’s operating NOI and square footage is concentrated in this submarket, creating both scale advantages and exposure to localized economic and policy risks.
As of the most recent reporting period, JBG SMITH controls approximately 11.8–12.0 million square feet of operating assets and an additional 8.7–9.0 million square feet of entitled and near-term development density. The portfolio is heavily Metro-served, with nearly all assets located within walking distance of Washington-area transit infrastructure.
The company’s tenant base reflects its proximity to government and defense-related demand drivers. The U.S. General Services Administration is the single largest tenant, accounting for roughly 24% of annualized rent, while Amazon represents a significant long-term anchor through HQ2-related leases and development commitments. Other major tenants include defense contractors, technology firms, and institutional users tied to federal spending.
JBG SMITH’s investment strategy prioritizes long-duration assets, redevelopment optionality, and capital recycling, with recent activity reflecting selective acquisitions of distressed office assets and monetization of non-core multifamily holdings to manage leverage and liquidity.
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