JBG SMITH Properties Common Shares (JBGS)

FairStock Score: 54/100 — MIXED

Key Financials

AI Analysis

AI-generated, general educational analysis — not personal investment advice.

I look at JBG SMITH as a Washington, D.C.-focused REIT with 11.8 million square feet of mixed-use assets and a 3.5 million-square-foot development pipeline. The location story is understandable, but the reported numbers are not those of a healthy business. Revenue fell from $604.2 million in fiscal year 2023 to $547.3 million in fiscal year 2024 and $498.6 million in fiscal year 2025. In fiscal Q2 2026, the quarter ended 2026-06-30, revenue was $129.4 million and net income was -$59.2 million, or -$1.03 per diluted share; that loss was wider than the -$18.7 million in fiscal Q1 2026, the quarter ended 2026-03-31, and the -$28.6 million in fiscal Q3 2025, the quarter ended 2025-09-30. At the close on 2026-10-13, FairStock calculates price-to-book at 0.61 and dividend yield at 6.23%. That looks inexpensive against book, but FairStock's trailing free cash flow is -$42.3 million and its FCF yield is -6.4%, so the dividend is not covered by cash generation. Leverage, with debt-to-equity of 1.64, and an Altman Z-score of -0.22, signal real financial risk. Because this is a REIT, I would not lean on EPS or P/E; FFO/AFFO, the right cash-earnings measures, are not in the data. I would lean on the price-to-book discount, revenue trend, and balance sheet. FairStock labels it a TURNAROUND because the latest year showed a loss after earlier profits, but the current evidence is mixed at best.

In plain English: JBG SMITH owns and develops apartments, offices, and shops around Washington, D.C., with a big focus on National Landing. The business looks weak right now: it is losing money, cash flow is negative, and it carries a lot of debt. The stock price looks cheap compared with the accounting value of its assets, but the losses and negative cash flow mean it is not a clear bargain.

The full AI analysis, bull and bear case and key monitorables are in FairStock Pro.

Data as of 2026-10-13 close · note generated 2026-10-15 · model deepseek-flash

Sources (SEC EDGAR): fiscal Q2 2026 10-Q (period ended 2026-06-30) · fiscal Q1 2026 10-Q (period ended 2026-03-31) · fiscal Q3 2025 10-Q (period ended 2025-09-30) · fiscal Q2 2025 10-Q (period ended 2025-06-30) · FY2025 10-K (period ended 2025-12-31) · FY2024 10-K (period ended 2024-12-31) · FY2023 10-K (period ended 2023-12-31)

Fundamentals from company filings and market-data providers; prices are end-of-day, not real-time. AI-generated analysis is general and educational — not personal investment advice. Scoring methodology · Score test · Disclaimer