JBG SMITH is like **the Apple or Google for D.C.'s urban real estate**, building and owning modern mixed-use districts.

• Property Leasing: Providing office, retail, and multifamily residential spaces for rent to commercial tenants and residents.
• Real Estate Development: Planning, constructing, and renovating high-quality, mixed-use properties, primarily for their own portfolio in the Washington, D.C. metropolitan area.

Major Customers of JBG SMITH Properties (JBGS)

JBG SMITH Properties (JBGS) is a real estate investment trust (REIT) that owns, operates, invests in, and develops a portfolio of high-quality office, multifamily, and retail assets, primarily in the Washington D.C. metropolitan area. As a landlord, JBGS serves a diverse base of both commercial and residential tenants.

While JBGS has a broad tenant base, its major customers primarily include large corporate and governmental entities that lease significant commercial space. The company also serves a substantial number of individual residential tenants.

Major Commercial Customers (Companies):

JBG SMITH sells primarily to other companies for a significant portion of its portfolio, particularly its office and retail segments. The major customers in this category include:

• Amazon (AMZN): As the master developer for Amazon's HQ2 in National Landing, Virginia, JBGS has Amazon as its single largest customer, leasing a substantial amount of office space for its headquarters campus.
• U.S. Government Agencies: Various federal government entities, often through the General Services Administration (GSA), are significant tenants across JBGS's office portfolio in the Washington D.C. area. These represent a stable and substantial portion of their leased space. Specific agencies are numerous and typically not individually broken out as "major" in public filings, but the U.S. Government as a whole is a key customer.
• Other Corporate Tenants: A diverse range of other businesses, including technology companies, consulting firms, non-profits, and other corporations, lease office space from JBGS. Given the wide variety, no single additional public company outside of Amazon is typically identified as a "major customer" by itself, but rather as a collective category.
• Retail Businesses: Numerous retail tenants, including restaurants, cafes, shops, and service providers, lease space within JBGS's mixed-use developments and retail properties. These are typically smaller private businesses, but collectively form a significant customer base contributing to the vibrancy and revenue of their properties.

Categories of Individual Customers (Residential):

JBG SMITH also owns and operates a portfolio of multifamily residential properties, where it serves individual customers. These customers can generally be categorized as:

• Professionals and Commuters: Individuals working in the D.C. metropolitan area, including those employed by government agencies, technology companies (like Amazon), and other private sector firms, who seek convenient access to their workplaces and urban amenities.
• Students and Educators: Individuals affiliated with the numerous universities, colleges, and educational institutions in the region who are looking for housing options close to campuses or with good transit access.
• Urban Dwellers Seeking Lifestyle Amenities: Individuals and families who prioritize living in vibrant, walkable, mixed-use communities with access to dining, shopping, entertainment, and public transportation, which are hallmarks of many JBGS developments.

W. Matthew Kelly, Chief Executive Officer
Matt Kelly has served as CEO of JBG SMITH Properties since its formation in July 2017. Prior to this, he was a Managing Partner of The JBG Companies and co-head of its Investments Group, responsible for investment strategy and acquisition activities. Before joining The JBG Companies in 2004, Mr. Kelly co-founded ODAC Inc., a media software company. He also worked in private equity and investment banking with Thomas H. Lee Partners in Boston and Goldman Sachs, & Co in New York.

Moina Banerjee, Chief Financial Officer
Moina Banerjee has served as Chief Financial Officer of JBG SMITH Properties since December 2020. Before this role, she was Executive Vice President, Head of Capital Markets since December 2018, and an Executive Vice President since the company's formation in 2017. Ms. Banerjee worked at JBG from August 2010, serving as a Principal in the Investments group and on the Management Committee. Prior to joining JBG, she worked at The Blackstone Group in New York, focusing on office, hotel, and senior living acquisitions, and also with Citigroup's Investment Banking Division in New York.

George Xanders, Chief Investment Officer
George Xanders has been the Chief Investment Officer since January 2021. He previously served as Executive Vice President, Co-Head of Acquisitions since January 2019, and as an Executive Vice President since JBG SMITH's formation in 2017. Mr. Xanders has been a member of JBG SMITH's Investment Committee since January 2019. Prior to the company's formation, he worked at JBG beginning in July 2008 as an Executive Vice President in the Investments group.

Steven A. Museles, Chief Legal Officer & Corporate Secretary
Steven A. Museles serves as the Chief Legal Officer and Corporate Secretary for JBG SMITH Properties.

Kai Reynolds, Chief Development Officer
Kai Reynolds serves as the Chief Development Officer for JBG SMITH Properties. Prior to the formation of JBG SMITH, he was a Managing Partner or Partner of JBG.

The long-term structural change in demand for traditional office space, driven by the widespread adoption and evolution of remote and hybrid work models, poses a clear emerging threat. This shift reduces the need for large, permanently leased office footprints, potentially leading to increased vacancies, downward pressure on rents, and lower property valuations for traditional office buildings, which constitute a significant portion of JBGS's portfolio.

Commercial Office Market:

• Washington, D.C. Metropolitan Area (including the District of Columbia, Northern Virginia, and Suburban Maryland): Approximately 441.5 million square feet of rentable office space (as of Q1 2025).
• District of Columbia: Approximately 159.2 million square feet of rentable space (as of February 2025).
• Northern Virginia: Approximately 189.4 million square feet of rentable space (as of Q2 2025).

Multifamily Residential Market:

• Washington, D.C. Metropolitan Area: More than 700,000 units of inventory (as of Q2 2025).

Retail Properties:

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Third-Party Asset Management and Real Estate Services:

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JBG SMITH Properties (JBGS) is expected to see future revenue growth driven by several key factors over the next 2-3 years:

1. Development Pipeline and Increased Demand in National Landing: JBG SMITH has a significant development pipeline totaling 10.7 million square feet, with potential for substantial density growth. The company's strategic focus on the National Landing submarket, bolstered by Amazon's HQ2 and Virginia Tech's Innovation Campus, is anticipated to increase demand for both residential and commercial spaces, leading to higher occupancy rates and rental income from new and existing properties.
2. Growth and Stabilization of Multifamily Portfolio: JBG SMITH is actively pivoting towards multifamily properties, and the successful development, lease-up, and stabilization of these projects are expected to be a significant contributor to revenue growth.
3. Expansion of Third-Party Real Estate Services: The company's third-party real estate services business currently contributes to its revenue and represents an opportunity for further expansion. This segment generates income from property and asset management fees, leasing fees, and other services.
4. Leasing Momentum in the Office Portfolio, particularly in National Landing: Despite broader challenges in the office market, JBG SMITH has demonstrated strong office leasing activity, including 182,000 square feet leased in Q3 2025. This momentum, particularly driven by demand in key submarkets like National Landing, is expected to support revenue stability and contribute to growth.

Share Repurchases

• Since commencing its share repurchase plan in 2020, JBG SMITH Properties has repurchased 56.8 million common shares for a total of $1.1 billion, at a weighted average price of $19.87.
• In 2024, the company repurchased 10.9 million common shares at a weighted average price of $15.60.
• As of December 31, 2024, JBG SMITH had approximately $840 million of additional share repurchase authorization remaining.

Share Issuance

• The company has not undertaken any significant share issuances for capital raising purposes; instead, common shares issued and outstanding decreased from 94,309 thousand in 2023 to 84,500 thousand in 2024, primarily due to repurchases.
• The redemption of OP Units for common shares amounted to $17.071 million in 2024, $44.620 million in 2023, and $16.704 million in 2022.

Inbound Investments

• In 2020, the Washington Housing Initiative Impact Pool, managed by JBG SMITH, secured $114.5 million in private sector capital commitments for the acquisition and development of affordable workforce housing.

Outbound Investments

• The Washington Housing Initiative Impact Pool, managed by JBG SMITH, deployed $21.8 million to preserve 1,151 units of affordable workforce housing.
• The Impact Pool also provided a $6.7 million subordinate loan for the purchase of Crystal House, an 825-unit apartment complex in Arlington, Virginia.

Capital Expenditures

• Total capital expenditures at JBG SMITH's share were $93.059 million in 2023 and $69.638 million in 2022.
• For the three months ended December 31, 2024, capital expenditures at JBG SMITH's share were $23.062 million.
• The primary focus of capital expenditures includes ongoing investments in property development and maintenance, particularly within a development pipeline encompassing 8.9 million square feet of mixed-use, primarily multifamily, opportunities as of December 31, 2024.