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Matt Kelly, CEO of JBG SMITH (NYSE: JBGS) and Nareit’s 2024 chair, was a guest on the 400 th episode of Nareit’s REIT Report podcast.
In a wide-ranging interview, Kelly speaks about placemaking—a hallmark of the REIT’s approach to development—and the importance of “striking the right balance” between public space, retail, and work and living spaces, alongside basic neighborhood necessities.
He also talks about the importance of affordable housing, JBG SMITH’s shift to become a majority multifamily REIT, the Potomac Yard arena project, the REIT’s ongoing commitment to National Landing and the Northern Virginia submarket, and more.
Key takeaways from the interview include:
- Recent developments surrounding the Potomac Yard arena “really showcased for the whole region the attractiveness and the viability of that important site that we own and control…We've had a lot of outreach from other users that are interested in coming in, so we’ll see where that goes,” Kelly said.
- Amazon remains a “significant anchor” at National Landing in Northern Virginia.
- Reaching its goal of providing 3,000 affordable housing units “really helps us deliver on what we think smart growth should be…not only new housing supply, but also not leaving behind people who otherwise would want to live in a neighborhood and are a necessary part of the fabric of any neighborhood.”
- JBG SMITH will continue to shrink the denominator of office space at National Landing so that it remains healthy for the balance of demand that does exist, “which has been strong.”
- Growth at JBG SMITH going forward will be disproportionately from multifamily.
- Continued rent growth opportunities are expected due to multifamily supply shortages.
- REITs can be at the forefront of educating lawmakers and policy about stimulating housing supply.