JBG SMITH Properties JBGS

Competitive advantage analysis · real-estate

REIT Specialized
Overall moat score
29/100
Developing

Ranked against 30 peers in REIT - Office

About JBG SMITH Properties

JBG SMITH Properties owns, operates, and develops mixed-use properties concentrated in amenity-rich, Metro-served submarkets. The markets are in and around Washington, DC, most notably National Landing, where through our focus on placemaking, we cultivate vibrant, highly amenitized, walkable neighborhoods. JBG SMITH's portfolio comprises 12.0 million square feet at share of multifamily, office, and retail assets, and a 3.6 million square-foot … Full JBGS analysis →

Key risks

  • Elevated Leverage Risk Leverage is elevated (score 0.16), raising refinancing risk.
  • Weak AFFO Coverage AFFO generation is weak (score 0.21), threatening dividend sustainability.

The dashed ring is the peer median. Defense scores are percentile ranks against peers, so 50 is roughly the typical company in this group.

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Rent Pricing Power

Developing
33
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Signals, strengths and risks for Rent Pricing Power

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Signals, strengths and risks for AFFO Strength

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Signals, strengths and risks for Balance Sheet & Cost of Capital

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Signals, strengths and risks for Capital Recycling & Growth

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Signals, strengths and risks for Operational Efficiency

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Signals, strengths and risks for Portfolio Quality & Diversification

Where JBGS ranks in REIT - Office

JBG SMITH Properties ranks #22 of 27 scored companies in REIT - Office by moat score — the top 81%. The widest moat in the group is Easterly Government Properties, (DEA) at 78/100.

# Company Moat score Rating
18 Peakstone Realty Trust PKST 40/100 Developing
19 City Office REIT, Inc. CIO 37/100 Developing
20 Brandywine Realty Trust BDN 35/100 Developing
21 Franklin Street Properties Corp FSP 34/100 Developing
22 JBG SMITH Properties JBGS 29/100 Developing
23 Creative Media & Community Trus CMCT 20/100 Weak
24 Hudson Pacific Properties, Inc. HPP 19/100 Weak
25 Orion Office REIT Inc. ONL 14/100 Weak
26 Office Properties Income Trust OPI 0/100 Weak

See every Real Estate Investment Trusts company ranked by moat score →

How JBGS scores on the REIT Specialized defenses

Rent Pricing Power

Score 33 · 20% of the moat score

For a REIT, pricing power is the ability to raise rents at renewal and still keep the space occupied.

AFFO Strength

Score 20 · 18% of the moat score

AFFO — adjusted funds from operations — is the cash a REIT can actually distribute after the recurring capital spending buildings need in order to stay leasable.

Balance Sheet & Cost of Capital

Score 19 · 20% of the moat score

Real estate is bought with borrowed money, so a REIT's cost of capital is its competitive advantage.

Capital Recycling & Growth

Score 44 · 16% of the moat score

REITs grow by issuing shares and debt to buy more property, which creates value only when the yield on the asset exceeds the cost of the capital raised.

Operational Efficiency

Score 20 · 14% of the moat score

Running property — leasing, maintenance, taxes, management — is the part of the business a REIT genuinely controls.

Portfolio Quality & Diversification

Score 45 · 12% of the moat score

Portfolio quality is really a question about what happens when a tenant fails.

How each REIT Specialized defense is measured, in full →

Understanding JBGS's moat

What is JBG SMITH Properties's moat score?

JBG SMITH Properties (JBGS) scores 29 out of 100 on the StatsAlpha Moat Map, which rates its competitive advantage as developing. It ranks #22 of 27 scored companies in REIT - Office, the top 81%. The score is a weighted composite of 6 competitive defenses, each measured against industry peers of 30 companies in REIT - Office. Its strongest defense is Portfolio Quality & Diversification (45/100) and its weakest is Balance Sheet & Cost of Capital (19/100).

How does JBG SMITH Properties compare with other REIT - Office companies?

JBG SMITH Properties ranks #22 of 27 scored companies in REIT - Office by moat score. The widest moat in REIT - Office is Easterly Government Properties, (DEA) at 78/100. The companies ranked closest are Franklin Street Properties Corp (FSP) at 34 just above it and Creative Media & Community Trus (CMCT) at 20 just below it.

How is the moat score calculated?

Each company is scored with an industry-specific template — REIT Specialized in this case, chosen because the defenses that matter to a bank are not the ones that matter to a software company. Every defense combines several financial signals, and each signal is measured as a percentile against a peer group of 30 companies in REIT - Office. The defenses are then weighted to produce the overall score out of 100.

Why is JBG SMITH Properties scored with the REIT Specialized template?

A REIT is a portfolio of buildings financed with debt and required to distribute most of its taxable income. Reported earnings are dominated by depreciation on assets that often appreciate, so net income says very little; the real question is how much cash the properties distribute, and how securely. The REIT template scores what determines that: rent pricing, distributable cash, cost of capital, and the discipline behind growth.

Which competitive defenses are measured for JBG SMITH Properties?

The REIT Specialized template measures 6 defenses, and JBGS scores: Rent Pricing Power (33), AFFO Strength (20), Balance Sheet & Cost of Capital (19), Capital Recycling & Growth (44), Operational Efficiency (20), Portfolio Quality & Diversification (45). Each is scored independently as a percentile against peers, so a company can be strong on one and weak on another — the overall score reflects how those defenses are weighted for this industry.

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