# JBG SMITH Properties (JBGS)

> Source: Nexqual · https://nexqual.com/JBGS · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, JBG SMITH Properties (JBGS), nexqual.com/JBGS" · informational, not investment advice.

**Price:** USD 11.39 (+6.35% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 10.71 · day 10.78–11.47 · 52w 9.93–21.86 · market cap $880M · NYQ

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $508M, net income -$152M (-29.9% margin) (SEC filings).
- Insider open-market sales, last ~7 months: 1 Form 4 filings, $300K; 1 not under a Rule 10b5-1 plan ($300K); 0 by opportunistic insiders, 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Sell (mean 3.67 on a 1–5 scale) (3 analysts), mean target USD 12 (range 12–12).
- Total return with dividends: 1Y -44.8% vs S&P 500 +14.9%; 5Y -51.9% vs S&P 500 +80.3%.
- Next earnings: 2026-11-03, EPS estimate USD —, revenue estimate $0K.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $634M | $606M | $604M | $547M | $499M | $508M |
| Net income | -$79.3M | $85.4M | -$80.0M | -$144M | -$139M | -$152M |
| EPS (diluted) | -$0.63 | $0.70 | -$0.78 | -$1.65 | -$2.09 | — |
| Net margin | -12.5% | 14.1% | -13.2% | -26.2% | -27.9% | -29.9% |
| Revenue growth | +5.2% | -4.5% | -0.3% | -9.4% | -8.9% | — |
| Cash + short-term investments | $264M | $241M | $165M | $146M | $75.3M | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/S 1.7x · P/B 0.8x · Earnings yield -17.27% · Dividend yield (paid, TTM) 4.76% · Buyback yield (TTM) 11.28%

## Insider sales (SEC Form 4, open-market, last ~7 months)
0 of 1 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-06-08 | Museles Steven A | Chief Legal Off. & Corp. Secy | 20,010 | $300K | 100% | No | Too little history (no open-market trades in 2024) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Sell (mean 3.67 on a 1–5 scale), 3 analysts; mean target USD 12 (low 12, high 12).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-09-21 | Evercore ISI Group | Target lowered | Underperform | $13 → $12 |
| 2026-08-11 | Evercore ISI Group | Target lowered | Underperform | $15 → $13 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | -44.8% | -51.9% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | -44.9% | -13.6% |
| Volatility (annualized) | 34.8% | 32.5% |
| Max drawdown | -51.4% (Oct 2025→Sep 2026) | -57.7% (Jan 2022→Sep 2026) |

## Peers (REIT - Diversified)
SAFE (Safehold Inc. New) USD 11.33 +6.29% · CTO (CTO Realty Growth, Inc.) USD 20.25 +3.42% · AHRT (AH Realty Trust, Inc.) USD 6.14 +3.54% · GOOD (Gladstone Commercial Corporatio) USD 12 +3.18% · FVR (FrontView REIT, Inc.) USD 17.76 +3.14% · ESRT (Empire State Realty Trust, Inc.) USD 4.93 +5.57%

## More
Full page: https://nexqual.com/JBGS · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Company outlook (8-K filed 2026-08-10)

- "The entire forward pipeline, inclusive of 2026 deliveries, is just over 9,000 units expected to deliver through 2028, representing just over 1.6% of regional inventory."
- "The spread between our leased and occupied percentages represents approximately $12.7 million of contractual annualized rent, which is expected to commence over the next 12 months."
- "We expect our tenant retention rate to improve, as defense-tech tenants comprise approximately 70% of the portfolio's tenancy."
- "We contributed 2200 Crystal Drive to the real estate venture, and our venture partner has committed to contribute the equity required to fund the construction for a 70.0% interest, which is expected to reduce our ownership interest from 100.0% at the formation of the real estate venture to 30.0% when all contributions are funded."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter | — | — | — | $0 | — |
| Next quarter | — | — | — | $0 | — |
| Current fiscal year (ends 2026-12-31) | — | — | — | $448.5M | — |
| Next fiscal year (ends 2027-12-31) | — | — | — | $460.2M | — |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2027-01-15 (includes earnings 2026-11-03): ±30.1%; last 8 reports averaged ±5.7%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2027-01-15 | 84 | 65.8% | ±30.1% |