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1. Company Snapshot

1.a. Company Description

JBG SMITH is an S&P 400 company that owns, operates, invests in and develops a dynamic portfolio of high-growth mixed-use properties in and around Washington, DC.Through an intense focus on placemaking, JBG SMITH cultivates vibrant, amenity-rich, walkable neighborhoods throughout the Capital region, including National Landing where it serves as the exclusive developer for Amazon's new headquarters.JBG SMITH's portfolio currently comprises 20.7 million square feet of high-growth office, multifamily and retail assets, 98% at our share of which are Metro-served.


It also maintains a development pipeline encompassing 17.1 million square feet of mixed-use development opportunities.

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1.b. Last Insights on JBGS

JBG SMITH's recent performance was driven by strategic acquisitions, including the purchase of Tysons Dulles Plaza, a 15-acre office campus in Tysons, Virginia. This addition expands the company's portfolio in the Washington, DC market. The company's second quarter 2025 results, filed on July 29, 2025, likely reflected the positive impact of this acquisition. With a growing presence in the market, JBG SMITH is well-positioned to capitalize on emerging trends. The company's investor package provides further insights into its operations and financial performance.

1.c. Company Highlights

2. Transcript Summary

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3. NewsRoom

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Capital Fund Management S.A. Acquires New Stake in JBG SMITH Properties $JBGS

Dec -06

Source: defenseworld.net

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Bank of New York Mellon Corp Acquires 14,815 Shares of JBG SMITH Properties $JBGS

Nov -19

Source: defenseworld.net

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JBG SMITH Announces Third Quarter 2025 Results

Oct -28

Source: businesswire.com

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JBG SMITH Properties $JBGS Shares Sold by Yousif Capital Management LLC

Oct -24

Source: defenseworld.net

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JBG SMITH Announces Date of Third Quarter 2025 Results

Oct -07

Source: businesswire.com

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JBG SMITH Announces Second Quarter 2025 Results

Jul -29

Source: businesswire.com

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JBG SMITH Announces Date of Second Quarter 2025 Results

Jul -08

Source: businesswire.com

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Fed Ditches 'Data Dependent'

Jun -22

Source: seekingalpha.com

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (4.48%)

6. Segments

Commercial

Expected Growth: 4.83%

JBG SMITH Properties' commercial segment growth of 4.83% is driven by increasing demand for office spaces in the Washington D.C. metropolitan area, fueled by the growing presence of tech and biotech companies. Additionally, the company's strategic redevelopment of existing properties and expansion into new markets contribute to its growth momentum.

Multifamily

Expected Growth: 4.0%

JBG SMITH's multifamily segment growth of 4.0% is driven by increasing demand for housing in the Washington D.C. metropolitan area, fueled by a strong job market and limited supply. Additionally, the company's strategic focus on amenity-rich, transit-oriented developments and its ability to capitalize on the growing trend of renters seeking luxury living experiences also contribute to this growth.

Other

Expected Growth: 4.65%

JBG SMITH Properties' 4.65% growth is driven by increasing demand for office and multifamily properties in the Washington D.C. area, fueled by a strong job market and government sector growth. Additionally, the company's strategic redevelopment pipeline and disciplined capital allocation contribute to its growth momentum.

7. Detailed Products

Office Space

JBG SMITH Properties offers high-quality office spaces for rent, providing businesses with a productive and comfortable work environment.

Retail Space

JBG SMITH Properties provides retail spaces for lease, offering prime locations and flexible lease terms for retailers.

Industrial Space

JBG SMITH Properties offers industrial spaces for rent, catering to businesses requiring warehouse, manufacturing, or distribution facilities.

Multifamily Housing

JBG SMITH Properties develops and manages multifamily housing communities, offering residents modern amenities and convenient locations.

Mixed-Use Developments

JBG SMITH Properties creates mixed-use developments that combine residential, office, and retail spaces, fostering vibrant and dynamic communities.

8. JBG SMITH Properties's Porter Forces

Forces Ranking

Threat Of Substitutes

JBG SMITH Properties has a diversified portfolio of properties, which reduces the threat of substitutes. The company's focus on office and multifamily properties in the Washington, D.C. metropolitan area also limits the availability of substitutes.

Bargaining Power Of Customers

JBG SMITH Properties has a diverse tenant base, which reduces the bargaining power of individual customers. However, the company's reliance on a few large tenants increases the bargaining power of these customers.

Bargaining Power Of Suppliers

JBG SMITH Properties has a strong balance sheet and a diversified portfolio of properties, which reduces the bargaining power of suppliers. The company's ability to negotiate favorable terms with suppliers also limits the bargaining power of suppliers.

Threat Of New Entrants

JBG SMITH Properties operates in a highly competitive market, but the company's established presence and strong brand reputation create barriers to entry for new entrants. The company's focus on the Washington, D.C. metropolitan area also limits the threat of new entrants.

Intensity Of Rivalry

JBG SMITH Properties operates in a highly competitive market with many established players. The company's focus on the Washington, D.C. metropolitan area increases the intensity of rivalry, as many companies compete for a limited number of tenants and properties.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 54.27%
Debt Cost 3.95%
Equity Weight 45.73%
Equity Cost 9.21%
WACC 6.36%
Leverage 118.66%

11. Quality Control: JBG SMITH Properties passed 3 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

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Paramount Group

A-Score: 5.5/10

Value: 8.0

Growth: 3.2

Quality: 5.8

Yield: 3.0

Momentum: 8.0

Volatility: 5.3

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JBG SMITH

A-Score: 5.4/10

Value: 5.3

Growth: 2.9

Quality: 2.3

Yield: 8.0

Momentum: 7.5

Volatility: 6.3

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Brandywine Realty

A-Score: 5.0/10

Value: 6.8

Growth: 1.8

Quality: 4.5

Yield: 10.0

Momentum: 1.5

Volatility: 5.7

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Orion Office REIT

A-Score: 5.0/10

Value: 7.8

Growth: 4.2

Quality: 3.6

Yield: 10.0

Momentum: 1.5

Volatility: 3.0

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Franklin Street Properties

A-Score: 4.8/10

Value: 8.2

Growth: 0.6

Quality: 3.1

Yield: 7.0

Momentum: 5.0

Volatility: 5.0

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Hudson Pacific Properties

A-Score: 3.2/10

Value: 6.6

Growth: 2.0

Quality: 2.2

Yield: 4.0

Momentum: 1.5

Volatility: 2.7

1-Year Total Return ->

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

17.94$

Current Price

17.95$

Potential

-0.00%

Expected Cash-Flows