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JBG Smith Properties Executive Compensation (FY25)

JBGS · Bethesda, MD · Executive and director compensation, fiscal 2022 to 2025
Data as of September 7, 2026Latest filing (DEF 14A): March 18, 2026
271 figures on this page: 266 cited to the filing that reported them, 5 calculated from figures it prints. See the citations
W. Matthew Kelly, Chief Executive Officer, received $5,521,861 in total compensation for fiscal 2025, and compared with the $9,179,792 reported for fiscal 2024, Kelly's total was 39.8% lower. The company reported a chief executive pay ratio of 51.1:1 for fiscal 2025, against median employee compensation of $108,055. The say-on-pay proposal drew 98.3% of votes cast for or against in favor at the meeting held June 19, 2025 for fiscal 2024. The disclosed peer group includes Acadia Realty Trust, COPT Defense Properties, Cousins Properties Incorporated, Douglas Emmett, Inc. and Easterly Government Properties, Inc., among others.
Chief executive, fiscal 2025
◇
W. Matthew Kelly
Latest say-on-pay support
=
June 19, 2025
Chief executive pay ratio
◇
To the median employee
What changed from fiscal 2024 to fiscal 2025
The figures that moved, and by how much. Analysis of these figures is part of the Velarion platform.
Chief executive total compensation — W. Matthew Kelly: $9,179,792 → $5,521,861 (39.8% lower)
CEO pay ratio: 84.7:1 → 51.1:1 (39.7% lower)

Frequently asked questions

Answers drawn from the data on this page.
Who is JBG Smith Properties' chief executive and what were they paid?
W. Matthew Kelly, Chief Executive Officer, received $5,521,861 in total compensation for fiscal 2025. Compared with the $9,179,792 reported for fiscal 2024, Kelly's total was 39.8% lower.
What was JBG Smith Properties' say-on-pay result?
The say-on-pay proposal drew 98.3% of votes cast for or against in favor at the meeting held June 19, 2025 for fiscal 2024.
Which companies are in JBG Smith Properties' peer group?
The disclosed peer group includes Acadia Realty Trust, COPT Defense Properties, Cousins Properties Incorporated, Douglas Emmett, Inc. and Easterly Government Properties, Inc., among others.
What is JBG Smith Properties' chief executive pay ratio?
The company reported a chief executive pay ratio of 51.1:1 for fiscal 2025, against median employee compensation of $108,055.

Executive compensation

Every element reported for each named executive officer, by fiscal year.
Fiscal 2022
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
W. Matthew Kelly
Chief Executive Officer
◇—◇—◇—◇◇
Moina Banerjee
Chief Financial Officer Former Chief Development Officer
Departed during or after this year
◇—◇—◇—◇◇
George Xanders
Chief Investment Officer
◇—◇—◇—◇◇
Steven Museles
Chief Legal Officer
———————— not reconciled
Fiscal 2023
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
W. Matthew Kelly
Chief Executive Officer
◇—◇—◇—◇◇
Moina Banerjee
Chief Financial Officer Former Chief Development Officer
Departed during or after this year
◇—◇—◇—◇◇
George Xanders
Chief Investment Officer
◇—◇—◇—◇◇
Steven Museles
Chief Legal Officer
◇—◇—◇—◇◇
Fiscal 2024
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
W. Matthew Kelly
Chief Executive Officer
◇—◇—◇—◇◇
Moina Banerjee
Chief Financial Officer Former Chief Development Officer
Departed during or after this year
◇—◇—◇—◇◇
George Xanders
Chief Investment Officer
◇—◇—◇—◇◇
Steven Museles
Chief Legal Officer
◇—◇—◇—◇◇
Fiscal 2025
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
W. Matthew Kelly
Chief Executive Officer
◇—◇—◇—◇◇
M. Moina Banerjee
Co-President and Chief Financial Officer
◇—◇—◇—◇◇
George L. Xanders
Co-President and Chief Investment Officer
◇—◇—◇—◇◇
Steven A. Museles
Chief Legal Officer and Corporate Secretary
◇—◇—◇—◇◇
Evan Regan-Levine
Chief Strategy Officer
◇—◇—◇—◇◇
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero. A negative change in pension value is shown but, as the company reports it, not included in the total.

Equity awards granted

Individual awards as disclosed: type, date, unit counts at each level, and grant date value.
Fiscal 2025
OfficerAwardGrant dateThreshold unitsTarget unitsUnits grantedMaximum unitsExercise priceGrant date fair value
Evan Regan-LevinePSU◇◇◇—◇—◇
Evan Regan-LevineRSU◇——◇——◇
George L. XandersRSU◇——◇——◇
George L. XandersPSU◇◇◇—◇—◇
George L. XandersPSU◇— withheld◇—◇—◇
George L. XandersPSU◇—◇—— withheld—◇
George L. XandersRSU◇——◇——◇
George L. XandersPSU◇—◇—— withheld—◇
M. Moina BanerjeeRSU◇——◇——◇
M. Moina BanerjeePSU◇◇◇—◇—◇
Steven A. MuselesPSU◇◇◇—◇—◇
Steven A. MuselesRSU◇——◇——◇
W. Matthew KellyPSU◇— withheld◇—◇—◇
W. Matthew KellyPSU◇◇◇—◇—◇
W. Matthew KellyPSU◇—◇—— withheld—◇
W. Matthew KellyPSU◇—◇—— withheld—◇
W. Matthew KellyRSU◇——◇——◇
W. Matthew KellyRSU◇——◇——◇
Fiscal 2022, 2023, 2024 are included in the PDF.
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero. Threshold, target and maximum apply only to performance awards and are never shown for time-based or option awards.

Outstanding awards

Awards still held at fiscal year end.
As disclosed at fiscal 2025 year end
OfficerAwardUnvested unitsMarket value of unvested unitsExercise priceExpires
Evan Regan-LevineRSU◇◇——
RSU◇◇——
RSU◇◇——
PSU◇———
PSU◇———
PSU◇———
RSU◇◇——
RSU◇◇——
W. KellyRSU◇◇——
PSU◇———
PSU◇———
RSU◇◇——
RSU◇◇——
RSU◇◇——
PSU◇———
RSU◇◇——
George XandersRSU◇◇——
PSU◇———
PSU◇———
RSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
PSU◇———
Steven MuselesPSU◇———
RSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
PSU————
PSU◇———
M. BanerjeePSU◇———
PSU◇———
RSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
PSU◇———
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero.

Director compensation

What each non-employee director was paid.
Fiscal 2025
DirectorFees earned in cashStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
Robert A. Stewart
Board chair
◇◇————◇
Scott A. Estes
◇◇————◇
William J. Mulrow
◇◇————◇
Alan S. Forman
◇◇————◇
D. Ellen Shuman
◇◇————◇
Michael J. Glosserman
◇◇————◇
Carol A. Melton
◇◇————◇
Alisa M. Mall
◇◇————◇
Phyllis R. Caldwell
◇◇————◇
W. Matthew Kelly served on the board in fiscal 2025 and received no compensation for board service. Executive directors are typically paid through their executive roles, shown above.
Earlier years are included in the PDF.
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero.

Director fee schedule

The standing retainers and premiums the board pays, as published.
Board cash retainer◇
Board equity retainer◇
Total board retainer◇
Board chair premium◇
Lead independent director premium◇
Audit committee chair◇
Audit committee member◇
Compensation committee chair◇
Compensation committee member◇
Nominating and governance chair◇
Nominating and governance member◇
Equity is delivered as LTIP Units.
Stock ownership guideline: 5x annual cash retainer

Disclosed peer group

The companies this board named as its compensation comparison group. The list is disclosure; the comparison is analysis.
Fiscal 2025
  • Acadia Realty Trust AKR
  • COPT Defense Properties CDP
  • Cousins Properties Incorporated CUZ
  • Douglas Emmett, Inc. DEI
  • Easterly Government Properties, Inc. DEA
  • Empire State Realty Trust, Inc. ESRT
  • Hudson Pacific Properties, Inc. HPP
  • Park Hotels & Resorts Inc. PK
  • Pebblebrook Hotel Trust PEB
  • Tanger Inc. SKT
  • The Macerich Company MAC
  • Urban Edge Properties UE
  • Veris Residential, Inc. VRE

Say-on-pay history

Shareholder support for the compensation program, by year.
YearMeetingSupportVotes forVotes againstAbstentions
2024June 19, 2025=◇◇◇
2020April 29, 2021=◇◇◇
2019April 30, 2020=◇◇◇
2018May 2, 2019=◇◇◇
2017May 3, 2018=◇◇◇

Chief executive pay ratio

As calculated and reported by the company.
Ratio
◇
Median employee compensation
◇
Chief executive total compensation
◇
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What this page does not include

Everything above is a fact JBG Smith Properties disclosed, and it is free. Everything below is our analysis of those facts, and it is not.
Peer benchmarking
Where JBG Smith Properties sits against its disclosed peers — percentile position by role and by pay element, and the ranking behind it. The disclosed peer group is free; comparisons across it are part of the Velarion platform.
Executive Compensation Report — $1,500
Written compensation analysis
A read of the pay program as designed and as paid: incentive structure, goal rigor, the alignment between the committee's stated philosophy and what the numbers show.
Executive Compensation Report — $1,500
Board and governance analysis
Committee composition, independence, director pay positioning, and the governance provisions read together rather than listed.
Board Governance Report — $1,200
Realizable pay
What the awards above are actually worth today against what they were valued at on grant, and what the gap says about the pay-for-performance link.
Velarion Intelligence
Adviser switching and vote outcomes
Two datasets covering compensation-adviser changes and what followed a contested vote. Both are part of the Velarion platform.
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Citations

Every figure on this page is cited to the document that reported it. Select any figure to see its citation.
271 figures on this page: 266 cited to the filing that reported them, 5 calculated from figures it prints.
266 cited to the filing
5 calculated from the filing

Documents cited

  1. 0001104659-26-030932
    CEO Pay Ratio · Director Compensation · Director Compensation table · Grants of Plan-Based Awards in 2025 · and 2 more sections
  2. 0001673985-25-000082
    Item 5.07 Submission of Matters to a Vote of Security Holders
  3. 0001558370-25-002812
    Summary Compensation Table
  4. 0001558370-24-003107
    Summary Compensation Table
  5. 0001104659-23-035619
    Summary Compensation Table
  6. 0001104659-21-059084
    Say-on-Pay Proposal
  7. 0001104659-20-056958
    Item 5.07 Submission of Matters to a Vote of Security Holders
  8. 0001104659-19-026829
    Item 5.07 Submission of Matters to a Vote of Security Holders
  9. 0001104659-18-030284
    Item 5.07 Submission of Matters to a Vote of Security Holders
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Velarion, “JBG Smith Properties executive compensation, FY2022–FY2025.” https://intel.velarion.ai/comp/JBGS (accessed 2026).
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Real Estate rankings

Chief executive pay — Real EstateCEO pay ratio — Real EstateSay-on-pay support — Real Estate

Peers JBG Smith Properties discloses

The companies named in JBGS's own disclosed peer group.

Acadia Realty TrustCOPT Defense PropertiesCousins Properties IncorporatedDouglas Emmett, Inc.Easterly Government Properties, Inc.Empire State Realty Trust, Inc.Hudson Pacific Properties, Inc.Park Hotels & Resorts Inc.Pebblebrook Hotel TrustTanger Inc.The Macerich CompanyUrban Edge PropertiesVeris Residential, Inc.

Terms on this page

Say-on-Pay VoteCEO Pay RatioMedian Employee CompensationAll companies
Cite this data
APA
Velarion Company Intelligence. (2026). Velarion database: executive and board compensation data (Version 2026Q3) [Data set]. Zenodo. https://doi.org/10.5281/zenodo.22283854
BibTeX
@misc{velarionData2026,
  author = {{Velarion Company Intelligence}},
  title = {Velarion database: executive and board compensation data},
  year = {2026},
  version = {2026Q3},
  doi = {10.5281/zenodo.22283854},
  publisher = {Zenodo},
  url = {https://doi.org/10.5281/zenodo.22283854}
}
For informational purposes only. Not investment, legal, or compensation advice.  The Pay Desk · Methodology · Terms · Privacy