2 models fit JBG SMITH Properties Common Shares and they agree: 2 of 2 land within 15% of the average. The price is above every model.
Two or more of our models back this value.
Large premium(i)
Valued as a REIT (property company): Price to FFO and Dividend discount.
ACCE opinionJBG SMITH Properties Common Shares (JBGS)
Fair value (2 models)
$5.52
ACCE price target
$11.00
Rating
Overvalued
Horizon
12 months
Fair value published on 16 Oct 2026, 00:00 CEST; previously $5.67 since 11 Oct 2026, 00:00 CEST.
ACCE price target published on 13 Oct 2026, 00:00 CEST.
Rating published on 20 Oct 2026, 15:04 CEST.
Price used: $11.57 at the close on 23 Oct 2026, 22:00 CEST.
Models: Dividend discount and Price to FFO.
Fair value: the average of the applicable valuation models (discounted cash flow, multiples, residual income, dividend discount, shareholder yield), each run on the latest financial statements and the market price shown. Opinion columns (fair value, target, rating) are shown apart from the data. Full methodology: acceinvestments.com/data/how-we-value-stocks
Conflicts of interest: The author holds no personal position in this security. General statement
Produced by ACCE Investments (acceinvestments.com)
Data
Price vs fair value
109.4% above
-52.3% to fair value
ACCE score
33
out of 100
Analysts
0% buy
3 covering
P/E
0.0x
forward 0.0x
1-year return
-46.5%
Dividend yield
6.54%
JBG SMITH Properties Common Shares in four questions
Plain answers, details below
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Overview
ACCE thesis
JBG SMITH owns and operates a portfolio of office, multifamily and mixed-use properties concentrated in the Washington, D.C. metro area, including assets in National Landing and Reston Town Center. Its edge is the scale and density of that local footprint, which gives it leasing relationships with government-adjacent and large corporate tenants that are hard to replicate. Near-term progress depends on lease-up and redevelopment at its mixed-use sites, but revenue grew only 1.0% in the latest figures and operating margin sits at 3.1%, so the earnings base has not yet caught up to the development pipeline. The stock trades at a market capitalization of about $858 million with a negative return on equity of -10.9%, and it carries no index membership, which limits passive ownership support. The composite score of 33/100 is weak, so this is a name worth a deeper look only if you have a view on Washington office demand stabilizing and on management converting development into cash flow.
⚠ Investor warnings · 3 flagsAI-assisted·How I use AI
high
Cash burn exceeds earnings
Free cash flow is -$49.0M while net margin is -30.0% and ROE is -10.9%. Debt/Equity of 2.20 leaves little room if financing tightens.
high
Heavy short interest
Short interest sits at 30.7% of float, a large bet against the shares. Combined with negative FCF, this signals serious skepticism about the balance sheet.
moderate
Shrinking revenue base
Five-year revenue CAGR is -3.7%, and year-on-year growth of +1.0% is barely positive. Top-line momentum is weak.
AI research notes
AI-assisted·How I use AIWritten Oct 22, 2026 · figures from 2026-06-30 · prices to Oct 23, 2026
Why it could do well
The shares yield 6.5% in dividends, a cash return paid while investors wait for the business to recover.
Revenue grew 1.0% year over year, so the top line is no longer shrinking as it was over the past five years.
Analysts' mean price target of $12.00 sits 12.0% above the current share price, implying some upside in their view.
Why it could disappoint
Net margin of -30.0% means the company loses money on every dollar of revenue, a serious problem for any business.
Debt is 2.20 times equity, leaving the balance sheet heavily geared and vulnerable if conditions tighten.
Free cash flow over the last twelve months was -$49M, and the share count fell 23.7%, yet cash generation still does not cover needs.
Each chip shows the exact figure and where it comes from. A claim without a source is not published.
Next results
Oct 27, 2026
We update the fair value about 2 days after the results, once the new figures are filed.Add to calendarGoogle
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Valuation
INVESTOR
Where JBGS's valuation models land
Price
$11.57
Model fair value
$5.52
Model range
$5.06 to $5.98
Fair value $5.52
Price $11.57
The price is above the whole model range.
Model
Fair value
Upside
Dividend discount
Price to FFO
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Quality
INVESTOR
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