JBG SMITH Properties (NYSE: JBGS) is a real estate investment trust that owns, operates, and develops mixed-use properties concentrated in the Washington, D.C. region. The company generates revenue primarily through base rent collected from office and multifamily tenants, with annualized rent measured as in-place monthly base rent before free rent as of December 31, 2025. JBG SMITH structures its portfolio around urban, transit-oriented assets and maintains a development pipeline measured by estimated potential development density based on business plans as of December 31, 2025. The company operates as a REIT, distributing taxable income to shareholders, and carries debt including a $120.0 million term loan maturing in June 2028, identified in its 10-K filed February 17, 2026. Amazon is explicitly referenced as a tenant or market participant in the filing, reflecting the company's exposure to large commercial tenants in the greater Washington, D.C. area. FFO (funds from operations), computed under the Nareit 2018 Restatement definition, is the primary non-GAAP performance metric disclosed.

Revenue model

Base rent from office and multifamily leases, reported as annualized rent (in-place monthly base rent before free rent as of December 31, 2025). Supplemented by tenant reimbursements per lease agreements.

Products and services

Mixed-use real estate assets including office properties, multifamily residential properties, and development-stage parcels with estimated potential development density as of December 31, 2025.

Customers and end markets

Office tenants and multifamily residential tenants in the Washington, D.C. region. Amazon is named in the filing as a referenced entity, indicating exposure to large commercial tenants.

Value-chain role

Property owner, operator, and developer. Acts as landlord collecting rent and managing assets, with an in-house development function for ground-up and repositioning projects.

Geographic exposure

Washington, D.C. metropolitan area, based on portfolio descriptions and business plans as of December 31, 2025.

Source: SEC 10-K, filed 2026-02-17

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