In this episode of the declarations. podcast, Host Todd S. Rich welcomes Michael Glosserman, longtime real estate executive, member of Declaration's Real Estate Advisory Board and Trustee of JBG Smith, for a wide-ranging conversation about career evolution, institutional alignment, and the long-term view required to build something enduring.

From growing up in a small Texas town to co-leading one of the most prominent real estate firms in Washington, DC, Michael shares pivotal lessons from his 28 years at JBG, his early influences at The Rouse Company, and the many market cycles he’s weathered across five decades in real estate. He reflects on how capital structures, team development, and investor relationships shaped JBG’s growth—from individual deal-making to discretionary funds, and eventually to the public markets through JBG Smith.

They also discuss:

• The impact of long-term partnerships and alignment with investors
• How JBG navigated downturns, scaled its team, and transitioned to a public REIT
• The firm’s role in urban development
• Lessons from working closely with top-tier institutional capital
• Thoughts on the current challenges facing the DC market
• Why investing in high-growth, business-friendly markets may hold more opportunity today
• His personal philosophy on family, giving back, and living in the moment

This episode offers hard-won insight from a leader who helped shape a major firm and now brings the clarity of hindsight to what it means to grow thoughtfully, lead with humility, and stay present through it all.

Links:

Todd S. Rich on LinkedIn - https://www.linkedin.com/in/todd-s-rich-6a091333/

Declaration Partners LP - https://www.declarationpartners.com/

Too Soon Old, Too Late Smart: https://a.co/d/awax8tS

Topics:

(00:00:00) - Intro  

(00:01:24) - Introducing Michael Glosserman 

(00:04:18) - Michael's Early Life in Lockhart, Texas  

(00:09:02) - From Texas to Wharton: Michael's Educational Journey  

(00:13:08) - Michael’s early career 

(00:20:21) - Joining JBG

(00:27:28) - Securing Yale as an Investor  

(00:28:46) - Lessons from Yale's Investment Approach  

(00:31:25) - JBG's Growth and Transition to Public Company  

(00:32:31) - Navigating the 2008 Financial Crisis  

(00:34:50) - Challenges and Strategies in Real Estate Investment  

(00:40:07) - Reflections on Washington DC's Real Estate Market  

(00:50:13) - Family and Philanthropy  

(00:53:40) - Closing Thoughts and Advice