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JBG SMITH Properties (JBGS) 10-Year Financial Performance & Capital Metrics

JBGS • • REIT / Real Estate
Real EstateOffice REITsSpecialized & Niche Office REITsMixed-Use & Transit-Oriented Developers
AboutJBG 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.Show more
  • Revenue $547M -9.4%
  • FFO $65M -52.3%
  • FFO/Share 0.73 -43.3%
  • FFO Payout 95.91% +38.4%
  • FFO per Share 0.73 -43.3%
  • NOI Margin 50.03% -3.6%
  • FFO Margin 11.81% -47.4%
  • ROE -5.83% -114.5%
  • ROA -2.72% -94.5%
  • Debt/Assets 52.15% +9.1%
  • Net Debt/EBITDA 11.53 +22.9%
  • Book Value/Share 25.28 -1.3%
Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

  • ✓Healthy dividend yield of 4.1%
  • ✓Share count reduced 16.0% through buybacks
  • ✓Trading at only 0.7x book value

✗Weaknesses

  • ✗Weak Piotroski F-Score: 3/9
  • ✗FFO declining 55.9% TTM

* These insights are generated automatically based on available financial data. Please conduct your own research before making investment decisions.

Price & Volume

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Growth Metrics

Revenue CAGR

10Y1.47%
5Y-3.27%
3Y-4.8%
TTM-11.04%

Profit (Net Income) CAGR

10Y-
5Y-
3Y-
TTM-32%

EPS CAGR

10Y-
5Y-
3Y-
TTM-56.92%

ROCE

10Y Avg1.28%
5Y Avg0.34%
3Y Avg0.45%
Latest0.12%

Peer Comparison

Mixed-Use & Transit-Oriented Developers
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Sector-Specific
NameMarket CapCurrent PriceP/E RatioRevenue Growth 1YNet MarginROEFCF YieldDebt/Equity
JBGSJBG SMITH Properties1.02B17.28-10.47-9.42%-30.57%-8.73%1.17

Profit & Loss

Dec 2015Dec 2016Dec 2017Dec 2018Dec 2019Dec 2020Dec 2021Dec 2022Dec 2023Dec 2024
Revenue+470.61M478.52M543.01M644.18M646.38M602.72M634.36M605.82M604.2M547.31M
Revenue Growth %-0%0.02%0.13%0.19%0%-0.07%0.05%-0.04%-0%-0.09%
Property Operating Expenses175.68M173.64M229.41M308.96M321.61M331.41M328.62M306.7M290.67M273.48M
Net Operating Income (NOI)+----------
NOI Margin %----------
Operating Expenses+192.33M185.61M238.04M281.19M88.98M271.31M306.45M277.44M265.58M266.97M
G&A Expenses47.35M52.27M76.38M69.76M88.98M78.31M70.14M63.67M55.39M58.79M
EBITDA+249.58M479.11M545.3M671.78M426.57M213.52M239.75M239.52M263.58M214.44M
EBITDA Margin %----------
Depreciation & Amortization+146.99M366.31M597.48M617.76M190.79M225.6M240.45M217.84M215.63M208.18M
D&A / Revenue %----------
Operating Income+102.6M112.79M-52.17M54.03M235.78M0-705K21.68M47.95M6.26M
Operating Margin %----------
Interest Expense+50.82M50.05M58.14M74.45M52.7M62.95M67.96M75.93M91.06M116.58M
Interest Coverage2.02x2.25x-0.90x0.73x4.47x--0.01x0.29x0.53x0.05x
Non-Operating Income1.73M-1.4M-19.63M-62.7M191.58M12.08M21.47M-157.02M48.9M0
Pretax Income+46.71M63.06M-89M45.88M72.84M-71.53M-86.18M100.25M-92M-176.99M
Pretax Margin %----------
Income Tax+420K1.08M-9.91M-738K-1.3M-4.26M3.54M1.26M-296K762K
Effective Tax Rate %----------
Net Income+46.29M61.97M-71.75M39.92M65.57M-62.3M-79.26M85.37M-79.98M-143.53M
Net Margin %----------
Net Income Growth %-0.43%0.34%-2.16%1.56%0.64%-1.95%-0.27%2.08%-1.94%-0.79%
Funds From Operations (FFO)+----------
FFO Margin %----------
FFO Growth %-0.01%1.22%0.23%0.25%-0.61%-0.36%-0.01%0.88%-0.55%-0.52%
FFO per Share+----------
FFO Payout Ratio %----------
EPS (Diluted)+0.420.52-0.680.340.48-0.49-0.630.70-0.78-1.65
EPS Growth %-0.39%0.24%-2.31%1.5%0.41%-2.02%-0.29%2.11%-2.11%-1.12%
EPS (Basic)0.420.52-0.680.340.48-0.49-0.630.70-0.78-1.65
Diluted Shares Outstanding118.5M118.5M105.36M119.18M130.69M133.45M130.84M119M105.09M88.33M

Balance Sheet

Dec 2015Dec 2016Dec 2017Dec 2018Dec 2019Dec 2020Dec 2021Dec 2022Dec 2023Dec 2024
Total Assets+3.63B3.66B6.07B6B5.99B6.08B6.39B5.9B5.52B5.02B
Asset Growth %0.06%0.01%0.66%-0.01%-0%0.02%0.05%-0.08%-0.07%-0.09%
Real Estate & Other Assets+3.23B-3.55B-5.95B-5.74B4.97B4.98B4.96B5B4.68B4.42B
PP&E (Net)3.13B3.22B5.01B4.74B19.86M45.54M182.62M1.38M60.33M44.03M
Investment Securities1000K1000K1000K1000K1000K1000K1000K1000K1000K1000K
Total Current Assets+311.15M277.29M555.25M589.57M380.94M532.35M557.9M518.12M429.49M387.66M
Cash & Equivalents74.97M29M316.68M260.55M126.41M225.6M264.36M241.1M164.77M145.8M
Receivables1000K1000K1000K1000K1000K1000K1000K1000K1000K1000K
Other Current Assets5.48M3.26M30.17M138.98M16.1M37.74M37.74M32.98M35.67M37.39M
Intangible Assets3.8M3.06M126.47M89.86M72.26M58.58M201.96M68.18M56.62M47M
Total Liabilities1.52B1.54B2.49B2.45B1.99B2.34B2.93B2.71B2.83B2.79B
Total Debt+1.3B1.17B2.2B2.14B1.7B2.08B2.68B2.46B2.64B2.62B
Net Debt1.23B1.14B1.89B1.87B1.58B1.85B2.42B2.22B2.47B2.47B
Long-Term Debt1.3B1.17B1.85B2.14B1.42B1.99B2.18B2.44B2.44B2.49B
Short-Term Borrowings001000K01000K01000K01000K1000K
Capital Lease Obligations13M015.82M15.7M79.24M85.31M204.25M26.77M75.57M48.3M
Total Current Liabilities+137M324.15M138.61M134.68M357.7M137.18M438.74M167.68M186.87M204.61M
Accounts Payable54.09M40.92M138.61M130.96M157.7M103.1M106.14M138.06M124.87M101.1M
Deferred Revenue-170.51M-1.17B0-2.14B0000-24.11M0
Other Liabilities63.43M-22.95M411.4M54.52M81.3M106.07M80.52M55.49M109.68M33.02M
Total Equity+2.11B2.12B3.58B3.55B4B3.74B3.46B3.2B2.69B2.23B
Equity Growth %0.03%0.01%0.69%-0.01%0.13%-0.07%-0.07%-0.08%-0.16%-0.17%
Shareholders Equity2.11B2.12B2.97B2.99B3.39B3.21B2.92B2.68B2.22B1.81B
Minority Interest515K295K613.34M558.14M612.96M530.91M545.23M513.53M469.71M423.63M
Common Stock2.06B2.12B1.18M1.21M1.34M1.32M1.27M1.14M944K846K
Additional Paid-in Capital003.06B3.16B3.63B3.66B3.54B3.26B2.98B2.79B
Retained Earnings00-95.81M-176.02M-231.16M-412.94M-609.33M-628.64M-776.96M-997.28M
Preferred Stock000204K000000
Return on Assets (ROA)0.01%0.02%-0.01%0.01%0.01%-0.01%-0.01%0.01%-0.01%-0.03%
Return on Equity (ROE)0.02%0.03%-0.03%0.01%0.02%-0.02%-0.02%0.03%-0.03%-0.06%
Debt / Assets0.36%0.32%0.36%0.36%0.28%0.34%0.42%0.42%0.48%0.52%
Debt / Equity0.62x0.55x0.61x0.60x0.43x0.56x0.77x0.77x0.98x1.17x
Net Debt / EBITDA4.92x2.37x3.46x2.79x3.69x8.67x10.08x9.28x9.38x11.53x
Book Value per Share17.8017.9134.0229.7530.6028.0026.4526.8525.6225.28

Cash Flow

Dec 2015Dec 2016Dec 2017Dec 2018Dec 2019Dec 2020Dec 2021Dec 2022Dec 2023Dec 2024
Cash from Operations+178.91M159.54M74.18M188.19M173.99M169.02M217.62M178.04M183.37M129.39M
Operating CF Growth %-0.05%-0.11%-0.54%1.54%-0.08%-0.03%0.29%-0.18%0.03%-0.29%
Operating CF / Revenue %----------
Net Income46.29M61.97M-79.08M46.61M74.14M-67.26M-89.72M98.99M-91.71M-177.75M
Depreciation & Amortization146.99M135.07M164.58M215.66M195.79M225.6M240.45M217.84M215.63M214.99M
Stock-Based Compensation4.51M4.5M33.69M52.67M65.27M66.05M51.55M41.27M32.1M29.52M
Other Non-Cash Items5.03M644K-17.78M-78.73M-115.1M16.21M-13.51M-164.82M49.86M53.27M
Working Capital Changes-19.4M-38.15M-16.82M-47.3M-44.79M-47.03M633K-15.24M-22.5M9.37M
Cash from Investing+-237.95M-256.59M-7.68M66.33M-240.67M-167.69M-368.74M524.02M-98.18M144.16M
Acquisitions (Net)-9.33M-24.99M-25.16M-31.58M-18.67M-14.64M-41.78M-91.59M-647K0
Purchase of Investments-9.33M-24.99M-2.21M-665K0-85.75M-250.12M0-9.83M-6.16M
Sale of Investments01000K1000K1000K01000K1000K1000K1000K0
Other Investing-228.62M-231.6M223.35M94.69M219.01M85.7M81.97M923.32M-89.62M150.32M
Cash from Financing+121.99M51.08M239.79M-193.54M-190.33M119.49M189.88M-730.08M-158.82M-290.8M
Dividends Paid0-3.76M-26.54M-107.37M-129.83M-120.01M-118.11M-107.69M-94M-62.01M
Common Dividends0-3.76M-26.54M-107.37M-129.83M-120.01M-118.11M-107.69M-94M-62.01M
Debt Issuance (Net)1000K1000K1000K-1000K-1000K1000K1000K-1000K1000K1000K
Share Repurchases000597K0-104.77M-157.69M-361.04M-335.31M-170.77M
Other Financing15.8M-290K136.7M-26.15M-16.34M-28.22M1.26M-20.42M-24.8M-70.96M
Net Change in Cash+62.95M-45.97M306.29M60.98M-257.02M120.82M38.76M-28.02M-73.63M-17.25M
Exchange Rate Effect0000000000
Cash at Beginning12.02M74.97M32.26M338.56M399.53M142.52M263.34M302.1M274.07M200.44M
Cash at End74.97M29M338.56M399.53M142.52M263.34M302.1M274.07M200.44M183.19M
Free Cash Flow+12.29M-78.27M-136.41M192.08M-267.03M-138.48M44.45M-148.7M-150.37M-88.64M
FCF Growth %-0.93%-7.37%-0.74%2.41%-2.39%0.48%1.32%-4.35%-0.01%0.41%
FCF / Revenue %----------

Key Ratios

Metric2015201620172018201920202021202220232024
FFO per Share1.633.614.995.521.961.221.232.551.290.73
FFO Payout Ratio0%0.88%5.05%16.33%50.65%73.49%73.27%35.52%69.3%95.91%
NOI Margin62.67%63.71%57.75%52.04%50.24%45.01%48.2%49.37%51.89%50.03%
Net Debt / EBITDA4.92x2.37x3.46x2.79x3.69x8.67x10.08x9.28x9.38x11.53x
Debt / Assets35.94%31.83%36.3%35.61%28.44%34.16%41.98%41.74%47.8%52.15%
Interest Coverage2.02x2.25x-0.90x0.73x4.47x--0.01x0.29x0.53x0.05x
Book Value / Share17.817.9134.0229.7530.62826.4526.8525.6225.28
Revenue Growth-0.49%1.68%13.48%18.63%0.34%-6.75%5.25%-4.5%-0.27%-9.42%

Revenue by Segment

20172018201920202021202220232024
Commercial-430.04M-----247.56M
Commercial Growth--------
Multifamily-------218.11M
Multifamily Growth--------
Property management fees----19.43M19.59M19.93M-
Property management fees Growth-----0.83%1.74%-
Development fees----48.6M8.32M10.25M-
Development fees Growth------82.87%23.16%-
Leasing fees----5.83M6.02M5.59M-
Leasing fees Growth-----3.15%-7.06%-
Other service revenue----6.15M5.71M5.32M-
Other service revenue Growth------7.16%-6.83%-
Asset management fees----8.47M6.19M5.03M-
Asset management fees Growth------26.89%-18.75%-
Construction management fees----512K522K1.38M-
Construction management fees Growth-----1.95%164.94%-
Property Management Fees--22.44M20.18M----
Property Management Fees Growth----10.07%----
Asset Management Fees--14.04M9.79M----
Asset Management Fees Growth----30.29%----
Other Service Revenue--4.27M7.25M----
Other Service Revenue Growth---69.95%----
Leasing Fees--7.38M5.59M----
Leasing Fees Growth----24.17%----
Construction Management Fees--1.67M2.97M----
Construction Management Fees Growth---77.71%----
Development Fees--15.65M-----
Development Fees Growth--------
Multifamily segment176.63M109.36M------
Multifamily segment Growth--38.09%------
Others21.67M-274K------
Others Growth--101.26%------
Office718.74M-------
Office Growth--------

Frequently Asked Questions

Growth & Financials

JBG SMITH Properties (JBGS) reported $501.8M in revenue for fiscal year 2024. This represents a 6% increase from $472.9M in 2014.

JBG SMITH Properties (JBGS) saw revenue decline by 9.4% over the past year.

JBG SMITH Properties (JBGS) reported a net loss of $153.4M for fiscal year 2024.

Dividend & Returns

Yes, JBG SMITH Properties (JBGS) pays a dividend with a yield of 4.06%. This makes it attractive for income-focused investors.

JBG SMITH Properties (JBGS) has a return on equity (ROE) of -5.8%. Negative ROE indicates the company is unprofitable.

Industry Metrics

JBG SMITH Properties (JBGS) generated Funds From Operations (FFO) of $47.1M in the trailing twelve months. FFO is the primary profitability metric for REITs.

JBG SMITH Properties (JBGS) offers a 4.06% dividend yield, which is attractive for income investors. REITs are required to distribute at least 90% of taxable income to shareholders.

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