JBG SMITH is a Washington, D.C.-focused REIT that owns, operates, and develops mixed-use real estate — primarily multifamily apartments and commercial office space — concentrated in transit-served urban neighborhoods. Nearly 80% of JBG SMITH's portfolio is in National Landing, a mixed-use neighborhood in Northern Virginia encompassing Crystal City, Pentagon City, and Potomac Yard, adjacent to Amazon's HQ, the Pentagon, and Reagan National Airport. JBG SMITH's multifamily segment comprises roughly 6,500 apartment units leased to residents across the D.C. metro, while its commercial segment covers 7.3M sq ft of office and retail space leased primarily to defense contractors, technology companies, and the U.S. federal government — the latter accounting for roughly 11% of total revenue. JBG SMITH also runs a third-party real estate services business, providing fee-based property management and leasing, including on assets it has sold. JBG SMITH's growth strategy centers on National Landing, where it argues that proximity to the Pentagon and Amazon, combined with a "placemaking" approach — mixing apartments, offices, retail, and public spaces — drives rents and occupancy across asset types. JBG SMITH controls a 4.9M sq ft development pipeline, over 75% slated for multifamily use, which it plans to monetize through self-development, land sales, ground leases, and joint ventures.