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JBG Smith Properties Executive Compensation (FY25)

JBGS · Bethesda, MD · Executive and director compensation, fiscal 2022 to 2025
Chief executive, fiscal 2025
◇
W. Matthew Kelly
Latest say-on-pay support
=
June 19, 2025
Chief executive pay ratio
◇
To the median employee
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Data as of October 19, 2026Latest filing (DEF 14A): March 18, 2026
11 filings cited on this page
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JBG Smith Properties brief$1,500Get the executive brief
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317 figures on this page: 312 cited to the filing that reported them, 5 calculated from figures it prints. See the citations
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.
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
◇◇◇———◇◇
Kevin Reynolds
Former Chief Development Officer
Departed during or after this year
◇◇◇———◇◇
Moina Banerjee
Chief Financial 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
Chief Financial Officer
◇◇◇———◇◇
George L. Xanders
Chief Investment Officer
◇◇◇———◇◇
Steven A. Museles
Chief Legal Officer
◇◇◇———◇◇
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-LevineRSU◇——◇——◇
Evan Regan-LevinePSU◇◇◇—◇—◇
George L. XandersPSU◇— withheld◇—◇—◇
George L. XandersPSU◇—◇—— withheld—◇
George L. XandersRSU◇——◇——◇
George L. XandersPSU◇—◇—— withheld—◇
George L. XandersPSU◇◇◇—◇—◇
George L. XandersRSU◇——◇——◇
M. Moina BanerjeePSU◇◇◇—◇—◇
M. Moina BanerjeeRSU◇——◇——◇
Steven A. MuselesRSU◇——◇——◇
Steven A. MuselesPSU◇◇◇—◇—◇
W. Matthew KellyPSU◇—◇—— withheld—◇
W. Matthew KellyRSU◇——◇——◇
W. Matthew KellyRSU◇——◇——◇
W. Matthew KellyPSU◇—◇—— withheld—◇
W. Matthew KellyPSU◇◇◇—◇—◇
W. Matthew KellyPSU◇— withheld◇—◇—◇
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
M. Moina BanerjeePSU◇◇——
RSU◇◇——
RSU◇◇——
LTIP◇◇——
RSU◇◇——
Option◇—◇1/3/2032
RSU◇◇——
PSU◇◇——
RSU◇◇——
Steven A. MuselesPSU◇◇——
PSU◇◇——
Option◇—◇1/3/2032
RSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
LTIP◇◇——
George L. XandersRSU◇◇——
Option◇—◇1/3/2032
PSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
LTIP◇◇——
PSU◇◇——
RSU◇◇——
Evan Regan-LevineRSU◇◇——
PSU◇◇——
PSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
LTIP◇◇——
W. Matthew KellyOption◇—◇1/3/2032
RSU◇◇——
PSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
LTIP◇◇——
PSU◇◇——
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero.

Severance and change in control

The terms as written in the agreements.
George L. Xanders
Chief Information Officer · Employment agreement
Severance multiple◇
Change-in-control multiple◇
M. Moina Banerjee
Chief Financial Officer · Employment agreement
Severance multiple◇
Change-in-control multiple◇
Steven A. Museles
Chief Legal Officer · Amended agreement
Severance multiple◇
Change-in-control multiple◇
Equity acceleration on change in control◇
Benefits continuation on change in control◇
Benefits continuation◇
Non-compete period◇
Non-solicit period◇
W. Matthew Kelly
Chief Executive Officer · Employment agreement
Severance multiple◇
Change-in-control multiple◇
Equity acceleration on change in control◇
Benefits continuation on change in control◇
Benefits continuation◇
Non-compete period◇
Non-solicit period◇

Director compensation

What each non-employee director was paid.
Fiscal 2025
DirectorFees earned in cashStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
Scott A. Estes
◇◇————◇
William J. Mulrow
◇◇————◇
D. Ellen Shuman
◇◇————◇
Alan S. Forman
◇◇————◇
Michael J. Glosserman
◇◇————◇
Alisa M. Mall
◇◇————◇
Carol A. Melton
◇◇————◇
Phyllis R. Caldwell
◇◇————◇
Robert A. Stewart
◇◇————◇
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◇
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 Equity Award.

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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Sample answer — “What is the CEO’s total compensation?”
- W. Matthew Kelly (Chief Executive Officer), FY2025 total compensation $5,521,861 (base salary $750,000) [exec_comp, SEC accession 0001104659-26-030932, filed 2026-03-18]

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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.
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 — $499
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.
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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.
317 figures on this page: 312 cited to the filing that reported them, 5 calculated from figures it prints.
312 cited to the filing
5 calculated from the filing

Documents cited

  1. 0001104659-26-030932
    CEO Pay Ratio · Grants of Plan-Based Awards in 2025 · Non-employee trustees are compensated as follows · Outstanding Equity Awards at Fiscal Year-End December 31, 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. 0001206774-22-000761
    Employment Agreement
  8. 0001558370-21-001480
    Employment Agreement
  9. 0001104659-20-056958
    Item 5.07 Submission of Matters to a Vote of Security Holders
  10. 0001104659-19-026829
    Item 5.07 Submission of Matters to a Vote of Security Holders
  11. 0001104659-18-030284
    Item 5.07 Submission of Matters to a Vote of Security Holders
Cite this data
This page is free to cite. Attribution we ask for:
Velarion, “JBG Smith Properties executive compensation, FY2022–FY2025.” https://intel.velarion.ai/comp/JBGS (accessed 2026).
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The JBG Smith Properties brief, $1,500

Positioning against its disclosed peers, the governance read, incentive design, and the CD&A alignment analysis; the full peer table; a committee-ready PDF.
From $499 for the board report; $2,400 for both.
Get the executive briefGet the board briefNo account needed.
11 filings cited on this page
Method: intel.velarion.ai/methodology
A report that fails to generate is refunded in full
Published by Velarion Company Intelligence
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Real Estate rankings

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Free to read and cite. Redistribution or bulk use of the dataset requires a data license. Talk to us about the data license.

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}
}
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