JBG Smith

JBG SMITH Properties

File:JBG SMITH logo.png
File:Host Hotels HQ Bethesda MD HST 20210314 181959 1 crop.jpg Headquarters in Bethesda
Company type	Public company
Traded as	NYSE: JBGS Component of S&P 600
Industry	Real estate investment trust
Predecessor	The JBG Companies Charles Smith Companies Miller, Brown & Gildenhorn
Founded	1957 (1957)
Headquarters	Bethesda, Maryland
Area served	Washington metropolitan area
Key people	W. Matthew Kelly, CEO Moina Banerjee, CFO Kai Reynolds, Chief Development Officer George Xanders, Chief Investment Officer
Revenue	Decrease $547 million (2024)
Net income	Decrease -$143 million (2024)
Total assets	Decrease $5.020 billion (2024)
Total equity	Decrease $1.809 billion (2024)
Number of employees	645 (2024)
Website	www.jbgsmith.com

JBG SMITH Properties operates as a publicly listed real estate investment trust with its main office based in Bethesda, Maryland. As of December 31, 2024, the company held ownership of 38 active properties within the Washington metropolitan area. This portfolio includes 16 residential apartment communities comprising 6,781 units, 20 commercial buildings aggregating 6.3 million square feet, and two ground lease assets. Additionally, two apartment projects were under construction while 19 developments were in the planning stages, predominantly located in National Landing, with nearly all sites conveniently served by the Washington Metro transit system.

History

The company was established in late 1956 by lawyers Gerald J. Miller, Donald A. Brown, and Joseph Bernard Gildenhorn. Transitioning from their original focus on real estate legal services to property development occurred in 1962 with the arrival of Benjamin A. Jacobs. After Miller's exit in 1969, the firm was renamed JBG Associates. During the late 1980s, it became one of the first to implement fee-based redevelopment projects, a strategic approach that provided resilience through the recession in the early 1990s.

By the early ’90s, JBG had acquired ownership of 26 buildings and contemplated launching an initial public offering but ultimately chose not to proceed. In 1997, it divested most of its holdings—including office towers, hotels, and a shopping center—to Trizec Properties for $560 million while retaining ten residential complexes. This transaction generated capital but also led to a significant reduction in workforce as Brown and Gildenhorn stepped back from operational roles.

In 1999, JBG pivoted to an investment fund structure aimed at both individual and institutional investors, securing Yale University's endowment as its inaugural institutional partner. By 2012, the company had amassed $5.5 billion through eight distinct funds. In 2005, it restructured its office building portfolio by selling stakes to Morgan Stanley totaling $644 million and partnered with MacFarlane Partners in 2007 to develop several properties jointly.

Assets under management reached $10 billion by 2011; that same year marked Jacobs’ retirement as managing member. Recognized as the top real estate developer in Washington D.C. by 2013, JBG launched its ninth investment fund in March 2014 and successfully raised $680 million by September.

In July 2017, JBG merged with Charles E. Smith Companies—then a subsidiary of Vornado Realty Trust—consolidating their Washington D.C.-area assets under the new name JBG Smith before spinning off as an independent public entity.

In November 2018, JBG Smith sold land parcels encompassing 4.1 million square feet suitable for development to Amazon, simultaneously securing lease agreements at National Landing as part of Amazon’s HQ2 project.