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JBG SMITH Properties

NYSE:JBGS
Snowflake Description

Moderate growth potential and overvalued.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
JBGS
NYSE
$6B
Imp Market Cap
  1. Home
  2. US
  3. Real Estate
Company description

JBG SMITH Properties, a real estate investment trust (REIT), owns, operates, invests in, and develops real estate assets in Washington, the United States. The last earnings update was 13 days ago. More info.


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JBGS Share Price and Events
7 Day Returns
0.4%
NYSE:JBGS
1.8%
US REITs
-0.7%
US Market
1 Year Returns
13.8%
NYSE:JBGS
16.3%
US REITs
3%
US Market
JBGS Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
JBG SMITH Properties (JBGS) 0.4% -1.6% 0.3% 13.8% - -
US REITs 1.8% 2.4% 3.1% 16.3% 13.8% 26.4%
US Market -0.7% -2% 2.4% 3% 39.2% 42%
1 Year Return vs Industry and Market
  • JBGS underperformed the REITs industry which returned 16.3% over the past year.
  • JBGS outperformed the Market in United States of America which returned 3% over the past year.
Price Volatility
Industry
5yr Volatility vs Market

JBGS Value

 Is JBG SMITH Properties undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of JBG SMITH Properties to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for JBG SMITH Properties.

NYSE:JBGS Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity using Adjusted Funds From Operations
Levered Adjusted Funds From Operations Average of 1 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 7.5%
Perpetual Growth Rate 10-Year US Government Bond Rate 2.7%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for NYSE:JBGS
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year US Govt Bond Rate 2.7%
Equity Risk Premium S&P Global 6%
REITs Unlevered Beta Simply Wall St/ S&P Global 0.53
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.531 (1 + (1- 21%) (35.55%))
0.786
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
0.8
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 2.73% + (0.8 * 5.96%)
7.5%

Discounted Cash Flow Calculation for NYSE:JBGS using 2 Stage Free Cash Flow to Equity using Adjusted Funds From Operations Model

The calculations below outline how an intrinsic value for JBG SMITH Properties is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.

JBG SMITH Properties is a Real Estate Investment Trust (REIT), we use funds from operations (FFO) or adjusted funds from operations (AFFO) instead of levered free cash flow for REITs. This excludes depreciation and borrowing. Ideally analysts estimates of AFFO are used, where these aren't available we use FFO.

NYSE:JBGS DCF 1st Stage: Next 10 year cash flow forecast
Adjusted Funds From Operations (AFFO) (USD, Millions) Source Present Value
Discounted (@ 7.5%)
2019 121.22 Analyst x1 112.76
2020 134.56 Analyst x1 116.45
2021 139.75 Est @ 3.85% 112.50
2022 144.67 Est @ 3.52% 108.33
2023 149.41 Est @ 3.28% 104.08
2024 154.07 Est @ 3.12% 99.84
2025 158.69 Est @ 3% 95.66
2026 163.32 Est @ 2.92% 91.59
2027 168.00 Est @ 2.86% 87.64
2028 172.74 Est @ 2.82% 83.83
Present value of next 10 years cash flows $1,012.69
NYSE:JBGS DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2028 × (1 + g) ÷ (Discount Rate – g)
= $172.74 × (1 + 2.73%) ÷ (7.5% – 2.73%)
$3,721.81
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= $3,721.81 ÷ (1 + 7.5%)10
$1,806.13
NYSE:JBGS Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= $1,012.69 + $1,806.13
$2,818.83
Equity Value per Share
(USD)
= Total value / Shares Outstanding
= $2,818.83 / 149.26
$18.89
NYSE:JBGS Discount to Share Price
Calculation Result
Value per share (USD) From above. $18.89
Current discount Discount to share price of $41.19
= -1 x ($41.19 - $18.89) / $18.89
-118.1%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

  • The current share price of JBG SMITH Properties is above its future cash flow value.
Often investors are willing to pay a premium for a company that has a high dividend or the potential for future growth.
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for JBG SMITH Properties's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are JBG SMITH Properties's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
NYSE:JBGS PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-03-31) in USD $0.55
NYSE:JBGS Share Price ** NYSE (2019-05-17) in USD $41.19
United States of America REITs Industry PE Ratio Median Figure of 156 Publicly-Listed REITs Companies 32.79x
United States of America Market PE Ratio Median Figure of 3,088 Publicly-Listed Companies 17.89x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of JBG SMITH Properties.

NYSE:JBGS PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= NYSE:JBGS Share Price ÷ EPS (both in USD)

= 41.19 ÷ 0.55

74.67x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • JBG SMITH Properties is overvalued based on earnings compared to the US REITs industry average.
  • JBG SMITH Properties is overvalued based on earnings compared to the United States of America market.
Price based on expected Growth
Does JBG SMITH Properties's expected growth come at a high price?
Raw Data
NYSE:JBGS PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 74.67x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 1 Analysts
24%per year
United States of America REITs Industry PEG Ratio Median Figure of 141 Publicly-Listed REITs Companies 2.4x
United States of America Market PEG Ratio Median Figure of 2,117 Publicly-Listed Companies 1.56x

*Line of best fit is calculated by linear regression .

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Unable to calculate PEG ratio for JBG SMITH Properties, we can't assess if its growth is good value.
Price based on value of assets
What value do investors place on JBG SMITH Properties's assets?
Raw Data
NYSE:JBGS PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-03-31) in USD $24.44
NYSE:JBGS Share Price * NYSE (2019-05-17) in USD $41.19
United States of America REITs Industry PB Ratio Median Figure of 191 Publicly-Listed REITs Companies 1.86x
United States of America Market PB Ratio Median Figure of 5,195 Publicly-Listed Companies 1.83x
NYSE:JBGS PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= NYSE:JBGS Share Price ÷ Book Value per Share (both in USD)

= 41.19 ÷ 24.44

1.69x

* Primary Listing of JBG SMITH Properties.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • JBG SMITH Properties is good value based on assets compared to the US REITs industry average.
X
Value checks
We assess JBG SMITH Properties's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the REITs industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the REITs industry average (and greater than 0)? (1 check)
  5. JBG SMITH Properties has a total score of 1/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

JBGS Future Performance

 How is JBG SMITH Properties expected to perform in the next 1 to 3 years based on estimates from 1 analyst?

  • No analysts cover JBG SMITH Properties, future earnings growth has been estimated based on fundamentals.
The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
24%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is JBG SMITH Properties expected to grow at an attractive rate?
  • JBG SMITH Properties's earnings growth is expected to exceed the low risk savings rate of 2.7%.
Growth vs Market Checks
  • JBG SMITH Properties's earnings growth is expected to exceed the United States of America market average.
  • JBG SMITH Properties's revenues are expected to decrease over the next 1-3 years, this is below the United States of America market average.
Annual Growth Rates Comparison
Raw Data
NYSE:JBGS Future Growth Rates Data Sources
Data Point Source Value (per year)
NYSE:JBGS Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 1 Analysts 24%
NYSE:JBGS Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 1 Analysts -17.8%
United States of America REITs Industry Earnings Growth Rate Market Cap Weighted Average 5.7%
United States of America REITs Industry Revenue Growth Rate Market Cap Weighted Average 4.3%
United States of America Market Earnings Growth Rate Market Cap Weighted Average 13.9%
United States of America Market Revenue Growth Rate Market Cap Weighted Average 7.3%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
NYSE:JBGS Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (1 month ago) See Below
Future Estimates Average of up to 1 Analyst Estimates (S&P Global) See Below
All numbers in USD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
NYSE:JBGS Future Estimates Data
Date (Data in USD Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2020-12-31 486 1
2019-12-31 480 1
NYSE:JBGS Past Financials Data
Date (Data in USD Millions) Revenue Cash Flow Net Income *
2019-03-31 666 171 66
2018-12-31 668 188 37
2018-09-30 634 187 23
2018-06-30 629 95 -69
2018-03-31 584 69 -84
2017-12-31 539 74 -73
2017-09-30 507 82 -45
2017-06-30 481 141 46
2017-03-31 478 141 57
2016-12-31 478 160 62
2016-09-30 478 156 65

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • JBG SMITH Properties's earnings are expected to grow significantly at over 20% yearly.
  • JBG SMITH Properties's revenue is expected to decrease over the next 1-3 years, this is not considered high growth.
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
NYSE:JBGS Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (1 month ago) See Below
Future Estimates Average of up to 1 Analyst Estimates (S&P Global) See Below

All data from JBG SMITH Properties Company Filings, last reported 1 month ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

NYSE:JBGS Future Estimates Data
Date (Data in USD Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2020-12-31
2019-12-31
NYSE:JBGS Past Financials Data
Date (Data in USD Millions) EPS *
2019-03-31 0.55
2018-12-31 0.31
2018-09-30 0.20
2018-06-30 -0.61
2018-03-31 -0.76
2017-12-31 -0.70
2017-09-30 -0.43
2017-06-30 0.45
2017-03-31 0.56
2016-12-31 0.62
2016-09-30 0.65

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Unable to establish if JBG SMITH Properties will efficiently use shareholders’ funds in the future without estimates of Return on Equity.
X
Future performance checks
We assess JBG SMITH Properties's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the United States of America market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the United States of America market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
JBG SMITH Properties has a total score of 3/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

JBGS Past Performance

  How has JBG SMITH Properties performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare JBG SMITH Properties's growth in the last year to its industry (REITs).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • JBG SMITH Properties's year on year earnings growth rate was negative over the past 5 years, however the most recent earnings are above average.
  • JBG SMITH Properties has become profitable in the last year making the earnings growth rate difficult to compare to the 5-year average.
  • JBG SMITH Properties has become profitable in the last year making it difficult to compare the US REITs industry average.
Earnings and Revenue History
JBG SMITH Properties's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from JBG SMITH Properties Company Filings, last reported 1 month ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

NYSE:JBGS Past Revenue, Cash Flow and Net Income Data
Date (Data in USD Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-03-31 665.76 66.38 75.36
2018-12-31 668.09 37.33 69.76
2018-09-30 634.44 23.44 79.01
2018-06-30 628.68 -69.22 83.25
2018-03-31 583.52 -83.92 73.05
2017-12-31 538.87 -73.41 68.60
2017-09-30 507.32 -45.22 62.69
2017-06-30 480.59 45.62 47.74
2017-03-31 478.45 56.75 48.12
2016-12-31 477.57 61.97 48.75
2016-09-30 478.20 65.33 48.47
2015-12-31 466.32 49.63 44.42
2014-12-31 471.64 81.30 47.67
2013-12-31 468.50 88.66 48.24

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • JBG SMITH Properties has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • JBG SMITH Properties used its assets less efficiently than the US REITs industry average last year based on Return on Assets.
  • JBG SMITH Properties's use of capital deteriorated last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess JBG SMITH Properties's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the REITs industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
JBG SMITH Properties has a total score of 0/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

JBGS Health

 How is JBG SMITH Properties's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up JBG SMITH Properties's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • JBG SMITH Properties is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • JBG SMITH Properties's long term commitments exceed its cash and other short term assets.
Balance sheet
This treemap shows a more detailed breakdown of JBG SMITH Properties's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • High level of physical assets or inventory.
  • Debt is not covered by short term assets, assets are 0.4x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from JBG SMITH Properties Company Filings, last reported 1 month ago.

NYSE:JBGS Past Debt and Equity Data
Date (Data in USD Millions) Total Equity Total Debt Cash & Short Term Investments
2019-03-31 3,581.88 2,185.66 395.58
2018-12-31 3,545.49 2,151.21 260.55
2018-09-30 3,631.86 2,082.66 253.15
2018-06-30 3,619.29 2,054.73 239.44
2018-03-31 3,606.20 2,149.28 221.58
2017-12-31 3,583.94 2,203.80 316.68
2017-09-30 3,642.81 2,156.49 367.90
2017-06-30 2,162.14 1,665.98 280.61
2017-03-31 2,140.59 1,451.57 50.71
2016-12-31 2,121.98 1,448.25 29.00
2016-09-30 2,191.46 1,421.37 35.28
2015-12-31 2,059.49 1,385.87 74.97
2014-12-31
2013-12-31
  • JBG SMITH Properties's level of debt (61%) compared to net worth is high (greater than 40%).
  • Unable to establish if JBG SMITH Properties's debt level has increased without past 5-year debt data.
  • Debt is not well covered by operating cash flow (7.8%, less than 20% of total debt).
  • Interest payments on debt are not well covered by earnings (EBIT is 1.4x annual interest expense, ideally 3x coverage).
X
Financial health checks
We assess JBG SMITH Properties's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. JBG SMITH Properties has a total score of 1/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

JBGS Dividends

 What is JBG SMITH Properties's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
2.18%
Current annual income from JBG SMITH Properties dividends. Estimated to be 2.18% next year.
If you bought $2,000 of JBG SMITH Properties shares you are expected to receive $44 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • JBG SMITH Properties's pays a higher dividend yield than the bottom 25% of dividend payers in United States of America (1.44%).
  • JBG SMITH Properties's dividend is below the markets top 25% of dividend payers in United States of America (3.69%).
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
NYSE:JBGS Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 1 Analyst Estimates (S&P Global) See Below
United States of America REITs Industry Average Dividend Yield Market Cap Weighted Average of 184 Stocks 3.9%
United States of America Market Average Dividend Yield Market Cap Weighted Average of 2000 Stocks 2.5%
United States of America Minimum Threshold Dividend Yield 10th Percentile 0.8%
United States of America Bottom 25% Dividend Yield 25th Percentile 1.4%
United States of America Top 25% Dividend Yield 75th Percentile 3.7%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

NYSE:JBGS Future Dividends Estimate Data
Date (Data in $) Dividend per Share (annual) Avg. No. Analysts
2020-12-31 0.90 1.00
2019-12-31 0.90 1.00
NYSE:JBGS Past Annualized Dividends Data
Date (Data in $) Dividend per share (annual) Avg. Yield (%)
2019-05-02 0.900 2.169
2018-12-18 0.900 2.284
2018-11-02 0.900 2.315
2018-08-02 0.900 2.438
2018-05-03 0.900 2.447
2017-12-18 0.900 2.672
2017-11-09 0.900 2.692

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Whilst dividend payments have been stable, JBG SMITH Properties has been paying a dividend for less than 10 years.
  • JBG SMITH Properties has only been paying a dividend for 2 years, and since then there has been no growth.
Current Payout to shareholders
What portion of JBG SMITH Properties's earnings are paid to the shareholders as a dividend.
  • The company is paying a dividend however it is incurring a loss.
Future Payout to shareholders
  • Insufficient estimate data to determine if a dividend will be paid in 3 years and that it will be sustainable.
X
Income/ dividend checks
We assess JBG SMITH Properties's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 0.8%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can JBG SMITH Properties afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. JBG SMITH Properties has a total score of 1/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

JBGS Management

 What is the CEO of JBG SMITH Properties's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Matt Kelly
COMPENSATION $11,324,932
AGE 45
TENURE AS CEO 1.8 years
CEO Bio

Mr. W. Matthew Kelly, also known as Matt, serves as Chief Executive Officer and a Member of the Board of JBG SMITH Properties (JBG”). Mr. Kelly worked at JBG from August 2004 up until the formation transaction and served as Managing Partner. Mr. Kelly was responsible for the day-to-day oversight of JBG's investment strategy and the investment and acquisition activity of the JBG Legacy Funds. Prior to joining JBG, he was co-founder of ODAC Inc., a media software company, which he helped start in March 2000, and prior to that worked in private equity and investment banking as an analyst with Thomas H. Lee Partners in Boston, and Goldman Sachs, & Co (NYSE: GS) in New York. Mr. Kelly received his Bachelor of Arts with honors from Dartmouth College and a Master of Business Administration from Harvard Business School.

CEO Compensation
  • Matt's compensation has increased in line with JBG SMITH Properties recently becoming profitable.
  • Matt's remuneration is higher than average for companies of similar size in United States of America.
Management Team Tenure

Average tenure and age of the JBG SMITH Properties management team in years:

1.8
Average Tenure
55
Average Age
  • The average tenure for the JBG SMITH Properties management team is less than 2 years, this suggests a new team.
Management Team

Matt Kelly

TITLE
CEO & Trustee
COMPENSATION
$11M
AGE
45
TENURE
1.8 yrs

David Paul

TITLE
President & COO
COMPENSATION
$5M
AGE
55
TENURE
1.8 yrs

Steve Theriot

TITLE
Chief Financial Officer
COMPENSATION
$3M
AGE
58
TENURE
1.8 yrs

Kai Reynolds

TITLE
Chief Development Officer
COMPENSATION
$4M
AGE
47
TENURE
1.8 yrs

Moina Banerjee

TITLE
Executive VP & Head of Capital Markets
COMPENSATION
$3M

Rob Stewart

TITLE
Executive Vice Chairman
COMPENSATION
$4M
AGE
55

Angie Valdes

TITLE
Chief Accounting Officer
AGE
48

Patrick Tyrrell

TITLE
Chief Administrative Officer
AGE
57

Jaime Marcus

TITLE
Senior Vice President of Investor Relations
TENURE
2.3 yrs

Steve Museles

TITLE
Chief Legal Officer & Corporate Secretary
AGE
55
TENURE
1.8 yrs
Board of Directors Tenure

Average tenure and age of the JBG SMITH Properties board of directors in years:

1.8
Average Tenure
60.5
Average Age
  • The average tenure for the JBG SMITH Properties board of directors is less than 3 years, this suggests a new board.
Board of Directors

Steve Roth

TITLE
Chairman of the Board
COMPENSATION
$179K
AGE
76
TENURE
1.8 yrs

Matt Kelly

TITLE
CEO & Trustee
COMPENSATION
$11M
AGE
45
TENURE
1.8 yrs

Rob Stewart

TITLE
Executive Vice Chairman
COMPENSATION
$4M
AGE
55
TENURE
1.8 yrs

Alan Forman

TITLE
Independent Trustee
COMPENSATION
$199K
AGE
52
TENURE
1.8 yrs

Carol Melton

TITLE
Independent Trustee
COMPENSATION
$194K
AGE
63
TENURE
1.8 yrs

Scott Estes

TITLE
Independent Trustee
COMPENSATION
$209K
AGE
47
TENURE
1.8 yrs

Michael Glosserman

TITLE
COMPENSATION
$270K
AGE
72
TENURE
1.8 yrs

Ed Haldeman

TITLE
Independent Trustee
COMPENSATION
$194K
AGE
70
TENURE
1.8 yrs

Bill Mulrow

TITLE
Independent Trustee
COMPENSATION
$194K
AGE
62
TENURE
1.8 yrs

Mitchell Schear

TITLE
COMPENSATION
$2M
AGE
59
TENURE
1.8 yrs
Who owns this company?
Recent Insider Trading
  • No 3 month insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price ($) Value ($)
12. Dec 18 Sell Yale University Investments Company 10. Dec 18 12. Dec 18 -166,833 $38.39 $-6,395,681
10. Dec 18 Sell Yale University Investments Company 06. Dec 18 07. Dec 18 -296,913 $40.09 $-11,776,837
06. Dec 18 Sell Yale University Investments Company 03. Dec 18 04. Dec 18 -160,000 $40.17 $-6,392,369
04. Dec 18 Sell Yale University Investments Company 29. Nov 18 30. Nov 18 -100,392 $39.83 $-3,979,095
29. Nov 18 Sell Yale University Investments Company 27. Nov 18 28. Nov 18 -153,279 $39.20 $-5,995,537
27. Nov 18 Sell Yale University Investments Company 23. Nov 18 26. Nov 18 -126,000 $39.99 $-5,003,232
26. Nov 18 Sell Yale University Investments Company 21. Nov 18 21. Nov 18 -100,000 $40.04 $-4,004,000
21. Nov 18 Sell Yale University Investments Company 19. Nov 18 20. Nov 18 -130,000 $40.48 $-5,233,400
15. Nov 18 Buy Charles Haldeman Individual 14. Nov 18 14. Nov 18 15,000 $38.45 $576,750
19. Jun 18 Sell Yale University Investments Company 15. Jun 18 15. Jun 18 -40,533 $38.12 $-1,545,240
X
Management checks
We assess JBG SMITH Properties's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. JBG SMITH Properties has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

JBGS News

Simply Wall St News

Is JBG SMITH Properties's (NYSE:JBGS) 1.3% ROE Worse Than Average?

This article is for those who would like to learn about Return On Equity (ROE). … Another way to think of that is that for every $1 worth of equity in the company, it was able to earn $0.013. … Return on Equity = Net Profit ÷ Shareholders' Equity

Simply Wall St -

Should JBG SMITH Properties (NYSE:JBGS) Be Disappointed With Their 24% Profit?

For example, the JBG SMITH Properties (NYSE:JBGS) share price is up 24% in the last year, clearly besting than the market return of around 1.4% (not including dividends). … One way to examine how market sentiment has changed over time is to look at the interaction between a company's share price and its earnings per share (EPS). … When a company has just transitioned to profitability, earnings per share growth is not always the best way to look at the share price action.

Simply Wall St -

Should JBG Smith Properties (NYSE:JBGS) Focus On Improving This Fundamental Metric?

To keep the lesson grounded in practicality, we'll use ROE to better understand JBG Smith Properties (NYSE:JBGS). … That means that for every $1 worth of shareholders' equity, it generated $0.0074 in profit. … Return on Equity = Net Profit ÷ Shareholders' Equity

Simply Wall St -

Investing In Property Through JBG Smith Properties (NYSE:JBGS)

real estate investment trust (REIT) based in Chevy Chase, United States. … REITs are basically a portfolio of income-producing real estate investments, which are owned and operated by management of that trust company. … They have to meet certain requirements in order to become a REIT, meaning they should be analyzed a different way.

Simply Wall St -

Investing In Property Through JBG Smith Properties (NYSE:JBGS)

JBG Smith Properties is a US$5.08b. … Below, I'll look at a few important metrics to keep in mind as part of your research on JBGS … Check out our latest analysis for JBG Smith Properties

Simply Wall St -

Does JBG Smith Properties (NYSE:JBGS) Have A Place In Your Portfolio?

See our latest analysis for JBG Smith Properties 5 questions I ask before picking a dividend stock If you are a dividend investor, you should always assess these five key metrics: Is their annual yield among the top 25% of dividend payers? … Relative to peers, JBG Smith Properties produces a yield of 2.69%, which is on the low-side for REITs stocks.Next Steps: After digging a little deeper into JBG Smith Properties's yield, it's easy to see why you should be cautious investing in the company just for the dividend. … Given that this is purely a dividend analysis, you should always research extensively before deciding whether or not a stock is an appropriate investment for you.

Simply Wall St -

Why You Shouldn't Look At JBG Smith Properties's (NYSE:JBGS) Bottom Line

JBG Smith Properties is a US$4.70B mid-cap real estate investment trust (REIT) based in Chevy Chase, United States. … NYSE:JBGS Historical Debt Mar 9th 18 In order to understand whether JBGS has a healthy balance sheet, we have to look at a metric called FFO-to-total debt. … Next Steps: As a REIT, JBG Smith Properties offers some unique characteristics which could help diversify your portfolio.

Simply Wall St -

February Insights Into Real Estate Stocks: JBG Smith Properties (NYSE:JBGS)

JBG Smith Properties (NYSE:JBGS), a US$4.45B mid-cap, is a real estate company operating in an industry which is the most prevalent industry in the global economy, and as an asset class, it has continued to play a crucial role in the portfolios of various investors. … In this article, I’ll take you through the real estate sector growth expectations, and also determine whether JBG Smith Properties is a laggard or leader relative to its real estate sector peers. … View our latest analysis for JBG Smith Properties What’s the catalyst for JBG Smith Properties's sector growth?

Simply Wall St -

Why JBG Smith Properties (JBGS) May Not Be As Efficient As Its Industry

Check out our latest analysis for JBG Smith Properties Breaking down ROE — the mother of all ratios Firstly, Return on Equity, or ROE, is simply the percentage of last years’ earning against the book value of shareholders’ equity. … ROE can be dissected into three distinct ratios: net profit margin, asset turnover, and financial leverage. … This is called the Dupont Formula: Dupont Formula ROE = profit margin × asset turnover × financial leverage ROE = (annual net profit ÷ sales) × (sales ÷ assets) × (assets ÷ shareholders’ equity) ROE = annual net profit ÷ shareholders’ equity NYSE:JBGS Last Perf Nov 15th 17 Essentially, profit margin shows how much money the company makes after paying for all its expenses.

Simply Wall St -

At $31.1, Is It Time To Sell JBG Smith Properties (JBGS)?

Formula Price-Earnings Ratio = Price per share ÷ Earnings per share P/E Calculation for JBGS Price per share = 31.1 Earnings per share = 0.403 ∴ Price-Earnings Ratio = 31.1 ÷ 0.403 = 77.2x The P/E ratio isn’t a metric you view in isolation and only becomes useful when you compare it against other similar companies. … For example, if you accidentally compared lower growth firms with JBGS, then JBGS’s P/E would naturally be higher since investors would reward JBGS’s higher growth with a higher price. … Alternatively, if you inadvertently compared riskier firms with JBGS, JBGS’s P/E would again be higher since investors would reward JBGS’s lower risk with a higher price as well.

Simply Wall St -

JBGS Company Info

Description

JBG SMITH Properties, a real estate investment trust (REIT), owns, operates, invests in, and develops real estate assets in Washington, the United States. It operates in three segments: Commercial, Multifamily, and Third-Party Asset Management and Real Estate Services. The company owns and operates a portfolio of commercial, multifamily, and retail assets, as well as provides fee-based real estate services. As of December 31, 2018, its operating portfolio consisted of 62 operating assets comprising 46 commercial assets and 16 multifamily assets. The company has elected to be taxed as a REIT and would not be subject to federal corporate income taxes if it distributes at least 90% of its taxable income to its stockholders. JBG SMITH Properties was founded in 2016 and is headquartered in Chevy Chase, Maryland.

Details
Name: JBG SMITH Properties
JBGS
Exchange: NYSE
Founded: 2016
$6,147,821,523
$5,523,331,654
149,255,196
Website: http://www.jbgsmith.com
Address: JBG SMITH Properties
4445 Willard Avenue,
Suite 400,
Chevy Chase,
Maryland, 20815,
United States
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
NYSE JBGS Common Shares New York Stock Exchange US USD 06. Jul 2017
MUN JBG Common Shares Boerse Muenchen DE EUR 06. Jul 2017
Number of employees
Current staff
Staff numbers
914
JBG SMITH Properties employees.
Industry
Office REITs
Real Estate
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/05/20 03:25
End of day share price update: 2019/05/17 00:00
Last estimates confirmation: 2019/05/09
Last earnings filing: 2019/05/07
Last earnings reported: 2019/03/31
Last annual earnings reported: 2018/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.