JBG SMITH Announces Fourth Quarter 2020 Results

Nachrichtenquelle: Business Wire (engl.)
23.02.2021, 22:15  |  99   |   |   

JBG SMITH (NYSE: JBGS), a leading owner and developer of high-growth, mixed-use properties in the Washington, DC market, today filed its Form 10-K for the year ended December 31, 2020 and reported its financial results.

Additional information regarding our results of operations, properties and tenants can be found in our Fourth Quarter 2020 Investor Package, which is posted in the Investor Relations section of our website at www.jbgsmith.com. We encourage investors to consider the information presented here with the information in that document.

Fourth Quarter 2020 Financial Results

  • Net loss attributable to common shareholders was $45.7 million, or $0.36 per diluted share.
  • Funds From Operations ("FFO") attributable to common shareholders was $23.1 million, or $0.17 per diluted share.
  • Core Funds From Operations ("Core FFO") attributable to common shareholders was $32.7 million, or $0.25 per diluted share.

Year Ended December 31, 2020 Financial Results

  • Net loss attributable to common shareholders was $62.3 million, or $0.49 per diluted share.
  • FFO attributable to common shareholders was $115.9 million, or $0.87 per diluted share.
  • Core FFO attributable to common shareholders was $159.1 million, or $1.19 per diluted share.

Operating Portfolio Highlights

  • Annualized Net Operating Income ("NOI") for the three months ended December 31, 2020 was $288.2 million, compared to $291.1 million for the three months ended September 30, 2020, at our share.
  • The operating commercial portfolio was 88.1% leased and 87.7% occupied as of December 31, 2020, compared to 88.4% and 85.3% as of September 30, 2020, at our share.
  • The operating multifamily portfolio was 86.5% leased and 81.1% occupied as of December 31, 2020, compared to 83.0% and 76.6% as of September 30, 2020, at our share.
  • We executed approximately 209,000 square feet of office leases at our share in the fourth quarter, comprising approximately 16,000 square feet of new leases and approximately 193,000 square feet of second-generation leases, which generated a 7.4% rental rate increase on a GAAP basis and a 7.6% rental rate increase on a cash basis. We executed approximately 812,000 square feet of office leases at our share during the year ended December 31, 2020, comprising approximately 105,000 square feet of new leases and approximately 707,000 square feet of second-generation leases, which generated a 5.1% rental rate increase on a GAAP basis and a 2.7% rental rate increase on a cash basis.
  • Same Store Net Operating Income ("SSNOI") at our share decreased 10.6% to $70.6 million for the three months ended December 31, 2020, compared to $79.0 million for the three months ended December 31, 2019. SSNOI at our share decreased 4.3% to $287.9 million for the year ended December 31, 2020, compared to $300.9 million for the year ended December 31, 2019. We believe the decreases in SSNOI were substantially all attributable to the COVID-19 pandemic, including(i) lower occupancy, higher concessions, lower rents, higher operating costs, and an increase in uncollectable operating lease receivables at our multifamily properties, (ii) rent deferrals, an increase in uncollectable operating lease receivables and a decline in parking revenue at our commercial properties, and (iii) lower occupancy at the Crystal City Marriott. These declines were partially offset by the burn-off of rent abatement across our commercial portfolio.
  • During the fourth quarter, NOI for our operating portfolio decreased 13.1% to $71.8 million, and Adjusted EBITDA decreased 25.3% to $58.0 million as compared to the fourth quarter of 2019. We believe NOI was negatively impacted by $15.1 million attributable to the COVID-19 pandemic, comprising $3.7 million of reserves and rent deferrals for office and retail tenants, a $5.8 million decline in NOI in our same store multifamily assets, a $3.9 million decline in parking revenue, and a $1.7 million decline in NOI from the Crystal City Marriott. While the COVID-19 pandemic has impacted these income streams in the short term, we expect many will respond favorably to a recovery in demand as the pandemic abates. We believe Adjusted EBITDA was negatively impacted by $24.0 million attributable to the COVID-19 pandemic, which includes the $15.1 million decline in NOI noted above and $8.9 million of straight-line rent reserves, partially offset by income associated with certain lease guarantees. The $3.7 million of reserves and rent deferrals for office and retail tenants that impacted NOI include (i) $2.1 million of rent deferrals, (ii) $1.8 million of rent deferrals from expected lease modifications, and (iii) $1.2 million of other reserves, partially offset by $1.4 million we collected from Parking Management Inc, a parking operator who filed for bankruptcy protection during the second quarter of 2020.

During the fourth quarter, we entered into rent deferral agreements with tenants totaling $2.1 million. Additionally, we recognized $1.8 million of credit losses for rent deferral agreements that are in negotiation. We believe the write-off of accounts receivable, rent deferrals and straight-line rent receivables this quarter, together with the write-offs and credit losses we took earlier during the year, covers substantially all of our at-risk office and retail tenants significantly impacted to date by the pandemic. These tenants include all co-working tenants and all retailers except for grocers, pharmacies, essential businesses and certain national credit tenants. Our financial results in future periods will not be negatively impacted by the collectability of rent deferrals from these tenants because we have fully written off the receivable balances. Revenue related to these executed or pending rent deferrals is not included in our fourth quarter NOI, Adjusted EBITDA or Core FFO.

 

 

 

 

 

 

 

 

 

 

FOURTH QUARTER 2020 RENT COLLECTION

 

 

 

OFFICE

 

RESIDENTIAL

 

RETAIL

 

 

% of Rent Collected (1)

 

98.6%

 

98.7%

 

72.6%

 

 

Variance to Average 2019 Rent Collected

 

(1.1%)

 

(1.2%)

 

(25.8%)

 

 

$ Paid / $ Unpaid

 

$90.5M / $1.3M

 

$28.2M / $0.4M

 

$6.9M / $2.6M

 


  1. Excludes $0.6 million of deferred and abated rents, consisting of $0.1 million for office tenants and $0.5 million for retail tenants. Including these deferred rents and abatements, our rent collections for the fourth quarter of 2020 would have been 98.5% for office tenants and 69.1% for retail tenants. Our rent collections for January kept pace with our fourth quarter rent collections.

Development Portfolio Highlights

Under-Construction

  • As of December 31, 2020, there were two assets under construction (one commercial asset and one multifamily asset), consisting of approximately 274,000 square feet and 161 units, both at our share.
  • During the quarter ended December 31, 2020, we completed 1770 Crystal Drive ahead of schedule and below budget.

Near-Term Development Pipeline

  • As of December 31, 2020, there were 10 near-term development pipeline assets consisting of 5.6 million square feet of estimated potential development density.

Future Development Pipeline

  • As of December 31, 2020, there were 29 future development pipeline assets consisting of 12.0 million square feet of estimated potential development density at our share, including the 2.1 million square feet held for sale to Amazon.com, Inc. ("Amazon").

Third-Party Asset Management and Real Estate Services Business

  • For the three months ended December 31, 2020, revenue from third-party real estate services, including reimbursements, was $30.1 million. Excluding reimbursements and service revenue from our interests in consolidated and unconsolidated real estate ventures, revenue from our third-party asset management and real estate services business was $14.1 million, primarily driven by $4.3 million of property management fees, $3.0 million of development fees, $2.3 million of asset management fees, $2.0 million of leasing fees and $1.6 million of other service revenue.

Balance Sheet

  • We had $2.0 billion of debt ($2.4 billion including our share of debt of unconsolidated real estate ventures) as of December 31, 2020. Of the $2.4 billion of debt at our share, approximately 59% was fixed-rate, and rate caps were in place for approximately 81% of our variable rate debt.
  • The weighted average interest rate of our debt at share was 3.18% as of December 31, 2020.
  • As of December 31, 2020, our total enterprise value was approximately $6.7 billion, comprising 145.6 million common shares and units valued at $4.6 billion and debt (net of premium / (discount) and deferred financing costs) at our share of $2.4 billion, less cash and cash equivalents at our share of $241.1 million.
  • As of December 31, 2020, we had $225.6 million of cash and cash equivalents ($241.1 million of cash and cash equivalents at our share), and $998.5 million of capacity under our credit facility.
  • Net Debt to Annualized Adjusted EBITDA at our share for the three months ended December 31, 2020 was 9.2x and our Net Debt / Total Enterprise Value was 32.0% as of December 31, 2020. On a trailing 12-month basis, our Net Debt to Adjusted EBITDA was 8.4x as of December 31, 2020. Adjusting for the impact of COVID-19, we believe our Net Debt to Annualized Adjusted EBITDA would have been 6.5x.

Investing and Financing Activities

  • Acquired a 1.4-acre future development parcel in National Landing, which was formerly occupied by the Americana Hotel, and three other parcels for an aggregate total of $65.0 million. $47.3 million was allocated to the former Americana Hotel site, of which $20.0 million has been deferred until the earlier of the approval of certain entitlements or January 1, 2023, and $17.7 million was allocated to the other three parcels. The former Americana Hotel site has the potential to accommodate up to approximately 550,000 square feet of new development density and is located directly across the street from Amazon’s future headquarters.
  • Repaid the mortgage payable collateralized by WestEnd25 with a principal balance of $94.7 million.
  • Repurchased and retired 0.9 million common shares for $25.2 million, an average purchase price of $27.41 per share.
  • Recognized a gain of $0.8 million from the sale of Pickett Industrial Park by our unconsolidated real estate venture.

Dividends

  • On December 16, 2020, our Board of Trustees declared a quarterly dividend of $0.225 per common share, payable on January 11, 2021 to shareholders of record as of December 28, 2020.

About JBG SMITH

JBG SMITH is an S&P 400 company that owns, operates, invests in and develops a dynamic portfolio of high-growth mixed-use properties in and around Washington, DC. Through an intense focus on placemaking, JBG SMITH cultivates vibrant, amenity-rich, walkable neighborhoods throughout the Capital region, including National Landing where it serves as the exclusive developer for Amazon's new headquarters. JBG SMITH's portfolio currently comprises 16.7 million square feet of high-growth office, multifamily and retail assets at share, 98% at share of which are Metro-served. It also maintains a development pipeline encompassing 17.6 million square feet of mixed-use development opportunities. For more information on JBG SMITH please visit www.jbgsmith.com.

Forward-Looking Statements

Certain statements contained herein may constitute "forward-looking statements" as such term is defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements are not guarantees of performance. They represent our intentions, plans, expectations and beliefs and are subject to numerous assumptions, risks and uncertainties. Consequently, the future results of JBG SMITH Properties ("JBG SMITH", the "Company", "we", "us", "our" or similar terms) may differ materially from those expressed in these forward-looking statements. You can find many of these statements by looking for words such as "approximate", "hypothetical", "potential", "believes", "expects", "anticipates", "estimates", "intends", "plans", "would", "may" or similar expressions in this earnings release. One of the most significant factors that could cause actual outcomes to differ materially from our forward-looking statements is the adverse effect of the current pandemic of the novel coronavirus, or COVID-19, and the ensuing economic turmoil on the Company, our financial condition, results of operations, cash flows, performance, our tenants, the real estate market, and the global economy and financial markets. The extent to which COVID-19 continues to impact us and our tenants depends on future developments, many of which are highly uncertain and cannot be predicted with confidence. These developments include: the continued severity, duration, transmission rate and geographic spread of COVID-19 in the United States, the speed of the vaccine roll-out, the effectiveness and willingness of people to take COVID-19 vaccines, the duration of associated immunity and vaccine efficacy against emerging variants of COVID-19, the extent and effectiveness of other containment measures taken, and the response of the overall economy, the financial markets and the population, particularly in areas in which we operate, once the current containment measures are lifted and whether the residential market in the Washington, DC region and any of our properties will be materially impacted by the various moratoriums on residential evictions, among others. Moreover, investors are cautioned to interpret many of the risks identified under the section titled "Risk Factors" in our Annual Report on Form 10-K for the fiscal year ended December 31, 2020 as being heightened as a result of the ongoing and numerous adverse impacts of the COVID-19 pandemic. We also note the following forward-looking statements: the impact of COVID-19 and the ensuing economic turmoil on our Company, net operating income, same store net operating income, net asset value, stock price, occupancy rates, revenue from our multifamily and commercial portfolios, operating costs, deferrals of rent, uncollectable operating lease receivables, parking revenue, and burn-off of rent abatement; the impact of disruptions to the credit and capital markets on our ability to access capital, including refinancing maturing debt; changes to the amount and manner in which tenants use space; whether we incur additional costs or make additional concessions or offer other incentives to existing or prospective tenants to reconfigure space; whether the Washington, DC region will be more resilient than other parts of the country in any recession resulting from COVID-19; our annual dividend per share and dividend yield; annualized net operating income; in the case of our construction and near-term development assets, estimated square feet, estimated number of units and in the case of our future development assets, estimated potential development density; expected key Amazon transaction terms and timeframes for closing any Amazon transactions not yet closed; planned infrastructure and education improvements related to Amazon's additional headquarters (including whether the incentives bill will have the desired effect on jobs growth, whether state and local governments will make the anticipated infrastructure and education investments and whether the anticipated private investments in National Landing will occur) and the Virginia Tech Innovation Campus; the economic impact of Amazon's additional headquarters on the DC region and National Landing; the impact of our role as the exclusive developer, property manager and retail leasing agent in connection with Amazon's new headquarters; our development plans related to Amazon's additional headquarters; whether any of our tenants succeed in obtaining government assistance under the CARES Act and other programs and use any resulting proceeds to make lease payments owed to us; whether we can access agency debt secured by our currently unencumbered multifamily assets timely, on reasonable terms or at all; whether the delay in our planned 2020 discretionary operating asset capital expenditures had or will have any negative impact on our properties or our ability to generate revenue; and the allocation of capital to our share repurchase plan and any impact on our stock price.

Many of the factors that will determine the outcome of these and our other forward-looking statements are beyond our ability to control or predict. These factors include, among others: adverse economic conditions in the Washington, DC metropolitan area, including in relation to COVID-19, the timing of and costs associated with development and property improvements, financing commitments, and general competitive factors. For further discussion of factors that could materially affect the outcome of our forward-looking statements and other risks and uncertainties, see "Risk Factors," "Management's Discussion and Analysis of Financial Condition and Results of Operations" and the Cautionary Statement Concerning Forward-Looking Statements in the Company's Annual Report on Form 10‑K for the year ended December 31, 2020. For these statements, we claim the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. You are cautioned not to place undue reliance on our forward-looking statements. All subsequent written and oral forward-looking statements attributable to us or any person acting on our behalf are expressly qualified in their entirety by the cautionary statements contained or referred to in this section. We do not undertake any obligation to release publicly any revisions to our forward-looking statements to reflect events or circumstances occurring after the date hereof.

Pro Rata Information

We present certain financial information and metrics in this release "at JBG SMITH Share," which refers to our ownership percentage of consolidated and unconsolidated assets in real estate ventures (collectively, "real estate ventures") as applied to these financial measures and metrics. Financial information "at JBG SMITH Share" is calculated on an asset-by-asset basis by applying our percentage economic interest to each applicable line item of that asset's financial information. "At JBG SMITH Share" information, which we also refer to as being "at share," "our pro rata share" or "our share," is not, and is not intended to be, a presentation in accordance with GAAP. Given that a substantial portion of our assets are held through real estate ventures, we believe this form of presentation, which presents our economic interests in the partially owned entities, provides investors valuable information regarding a significant component of our portfolio, its composition, performance and capitalization.

We do not control the unconsolidated real estate ventures and do not have a legal claim to our co-venturers' share of assets, liabilities, revenue and expenses. The operating agreements of the unconsolidated real estate ventures generally allow each co-venturer to receive cash distributions to the extent there is available cash from operations. The amount of cash each investor receives is based upon specific provisions of each operating agreement and varies depending on certain factors including the amount of capital contributed by each investor and whether any investors are entitled to preferential distributions.

With respect to any such third-party arrangement, we would not be in a position to exercise sole decision-making authority regarding the property, real estate venture or other entity, and may, under certain circumstances, be exposed to economic risks not present were a third-party not involved. We and our respective co-venturers may each have the right to trigger a buy-sell or forced sale arrangement, which could cause us to sell our interest, or acquire our co-venturers' interests, or to sell the underlying asset, either on unfavorable terms or at a time when we otherwise would not have initiated such a transaction. Our real estate ventures may be subject to debt, and the repayment or refinancing of such debt may require equity capital calls. To the extent our co-venturers do not meet their obligations to us or our real estate ventures or they act inconsistent with the interests of the real estate venture, we may be adversely affected. Because of these limitations, the non-GAAP "at JBG SMITH Share" financial information should not be considered in isolation or as a substitute for our financial statements as reported under GAAP.

Non-GAAP Financial Measures

This release includes non-GAAP financial measures. For these measures, we have provided an explanation of how these non-GAAP measures are calculated and why JBG SMITH's management believes that the presentation of these measures provides useful information to investors regarding JBG SMITH's financial condition and results of operations. Reconciliations of certain non-GAAP measures to the most directly comparable GAAP financial measure are included in this earnings release. Our presentation of non-GAAP financial measures may not be comparable to similar non-GAAP measures used by other companies. In addition to "at share" financial information, the following non-GAAP measures are included in this release:

Earnings Before Interest, Taxes, Depreciation and Amortization ("EBITDA"), EBITDA for Real Estate ("EBITDAre") and "Adjusted EBITDA" are non-GAAP financial measures. EBITDA and EBITDAre are used by management as supplemental operating performance measures, which they believe help investors and lenders meaningfully evaluate and compare our operating performance from period-to-period by removing from our operating results the impact of our capital structure (primarily interest charges from our outstanding debt and the impact of our interest rate swaps) and certain non-cash expenses (primarily depreciation and amortization on our assets). EBITDAre is computed in accordance with the definition established by the National Association of Real Estate Investment Trusts ("NAREIT"). NAREIT defines EBITDAre as GAAP net income (loss) adjusted to exclude interest expense, income taxes, depreciation and amortization expenses, gains and losses on sales of real estate and impairment write-downs of certain real estate assets and investments in entities when the impairment is directly attributable to decreases in the value of depreciable real estate held by the entity, including our share of such adjustments of unconsolidated real estate ventures. These supplemental measures may help investors and lenders understand our ability to incur and service debt and to make capital expenditures. EBITDA and EBITDAre are not substitutes for net income (loss) (computed in accordance with GAAP) and may not be comparable to similarly titled measures used by other companies.

Adjusted EBITDA represents EBITDAre adjusted for items we believe are not representative of ongoing operating results, such as transaction and other costs, impairment write-downs of right-of-use assets associated with leases in which we are a lessee,gain (loss) on the extinguishment of debt, distributions in excess of our investment in unconsolidated real estate ventures, lease liability adjustments and share-based compensation expense related to the Formation Transaction and special equity awards. We believe that adjusting such items not considered part of our comparable operations, provides a meaningful measure to evaluate and compare our performance from period-to-period.

Because EBITDA, EBITDAre and Adjusted EBITDA have limitations as analytical tools, we use EBITDA, EBITDAre and Adjusted EBITDA to supplement GAAP financial measures. Additionally, we believe that users of these measures should consider EBITDA, EBITDAre and Adjusted EBITDA in conjunction with net income (loss) and other GAAP measures in understanding our operating results.

Funds from Operations ("FFO"), "Core FFO" and Funds Available for Distribution ("FAD") are non-GAAP financial measures. FFO is computed in accordance with the definition established by NAREIT in the NAREIT FFO White Paper - 2018 Restatement. NAREIT defines FFO as net income (loss) (computed in accordance with GAAP), excluding depreciation and amortization related to real estate, gains and losses from the sale of certain real estate assets, gains and losses from change in control and impairment write-downs of certain real estate assets and investments in entities when the impairment is directly attributable to decreases in the value of depreciable real estate held by the entity, including our share of such adjustments for unconsolidated real estate ventures.

Core FFO represents FFO adjusted to exclude items (net of tax) which we believe are not representative of ongoing operating results, such as transaction and other costs, impairment write-downs of right-of-use assets associated with leases in which we are a lessee, gains (or losses) on extinguishment of debt, distributions in excess of our investment in unconsolidated real estate ventures, share-based compensation expense related to the Formation Transaction and special equity awards, lease liability adjustments, amortization of the management contracts intangible and the mark-to-market of derivative instruments.

FAD represents FFO less recurring tenant improvements, leasing commissions and other capital expenditures, net deferred rent activity, third-party lease liability assumption payments, recurring share-based compensation expense, accretion of acquired below-market leases, net of amortization of acquired above-market leases, amortization of debt issuance costs and other non-cash income and charges. FAD is presented solely as a supplemental disclosure that management believes provides useful information as it relates to our ability to fund dividends.

We believe FFO, Core FFO and FAD are meaningful non‑GAAP financial measures useful in comparing our levered operating performance from period-to-period and as compared to similar real estate companies because these non‑GAAP measures exclude real estate depreciation and amortization expense and other non-comparable income and expenses, which implicitly assumes that the value of real estate diminishes predictably over time rather than fluctuating based on market conditions. FFO, Core FFO and FAD do not represent cash generated from operating activities and are not necessarily indicative of cash available to fund cash requirements and should not be considered as an alternative to net income (loss) (computed in accordance with GAAP) as a performance measure or cash flow as a liquidity measure. FFO, Core FFO and FAD may not be comparable to similarly titled measures used by other companies.

Net Operating Income ("NOI") and "Annualized NOI" are non-GAAP financial measures management uses to assess a segment's performance. The most directly comparable GAAP measure is net income (loss) attributable to common shareholders. We use NOI internally as a performance measure and believe NOI provides useful information to investors regarding our financial condition and results of operations because it reflects only property related revenue (which includes base rent, tenant reimbursements and other operating revenue, net of free rent and payments associated with assumed lease liabilities) less operating expenses and ground rent, if applicable. NOI also excludes deferred rent, related party management fees, interest expense, and certain other non-cash adjustments, including the accretion of acquired below-market leases and amortization of acquired above-market leases and below-market ground lease intangibles. Management uses NOI as a supplemental performance measure for our assets and believes it provides useful information to investors because it reflects only those revenue and expense items that are incurred at the asset level, excluding non-cash items. In addition, NOI is considered by many in the real estate industry to be a useful starting point for determining the value of a real estate asset or group of assets. However, because NOI excludes depreciation and amortization and captures neither the changes in the value of our assets that result from use or market conditions, nor the level of capital expenditures and capitalized leasing commissions necessary to maintain the operating performance of our assets, all of which have real economic effect and could materially impact the financial performance of our assets, the utility of NOI as a measure of the operating performance of our assets is limited. NOI presented by us may not be comparable to NOI reported by other REITs that define these measures differently. We believe that to facilitate a clear understanding of our operating results, NOI should be examined in conjunction with net income (loss) attributable to common shareholders as presented in our financial statements. NOI should not be considered as an alternative to net income (loss) attributable to common shareholders as an indication of our performance or to cash flows as a measure of liquidity or our ability to make distributions. Annualized NOI, for all assets except Crystal City Marriott, represents NOI for the three months ended December 31, 2020 multiplied by four. Due to seasonality in the hospitality business, annualized NOI for Crystal City Marriott represents the trailing 12‑month NOI as of December 31, 2020. Management believes Annualized NOI provides useful information in understanding our financial performance over a 12‑month period, however, investors and other users are cautioned against attributing undue certainty to our calculation of Annualized NOI. Actual NOI for any 12‑month period will depend on a number of factors beyond our ability to control or predict, including general capital markets and economic conditions, any bankruptcy, insolvency, default or other failure to pay rent by one or more of our tenants and the destruction of one or more of our assets due to terrorist attack, natural disaster or other casualty, among others. We do not undertake any obligation to update our calculation to reflect events or circumstances occurring after the date of this earnings release. There can be no assurance that the annualized NOI shown will reflect our actual results of operations over any 12‑month period.

"Non-same store" refers to all operating assets excluded from the same store pool.

"Same store" refers to the pool of assets that were in-service for the entirety of both periods being compared, except for assets for which significant redevelopment, renovation, or repositioning occurred during either of the periods being compared.

Definitions

"GAAP" refers to accounting principles generally accepted in the United States of America.

"In-service" refers to commercial or multifamily assets that are at or above 90% leased or have been operating and collecting rent for more than 12 months as of December 31, 2020.

"Formation Transaction" refers collectively to the spin-off on July 17, 2017 of substantially all of the assets and liabilities of Vornado Realty Trust's Washington, DC segment, which operated as Vornado / Charles E. Smith, and the acquisition of the management business and certain assets and liabilities of The JBG Companies.

"JBG Legacy Funds" refers to the legacy funds formerly organized by The JBG Companies.

CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)

 

 

 

 

 

 

 

 

 

 

in thousands

 

December 31, 2020

 

December 31, 2019

 

 

 

 

 

 

 

 

 

 

 

ASSETS

 

 

 

 

 

 

 

 

Real estate, at cost:

 

 

 

 

 

 

 

 

Land and improvements

 

$

1,391,472

 

$

1,240,455

 

 

Buildings and improvements

 

 

4,341,103

 

 

3,880,973

 

 

Construction in progress, including land

 

 

268,056

 

 

654,091

 

 

 

 

 

6,000,631

 

 

5,775,519

 

 

Less accumulated depreciation

 

 

(1,232,690)

 

 

(1,119,571)

 

 

Real estate, net

 

 

4,767,941

 

 

4,655,948

 

 

Cash and cash equivalents

 

 

225,600

 

 

126,413

 

 

Restricted cash

 

 

37,736

 

 

16,103

 

 

Tenant and other receivables

 

 

55,903

 

 

52,941

 

 

Deferred rent receivable

 

 

170,547

 

 

169,721

 

 

Investments in unconsolidated real estate ventures

 

 

461,369

 

 

543,026

 

 

Other assets, net

 

 

286,575

 

 

253,687

 

 

Assets held for sale

 

 

73,876

 

 

168,412

 

 

TOTAL ASSETS

 

$

6,079,547

 

$

5,986,251

 

 

 

 

 

 

 

 

 

 

 

LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY

 

 

 

 

 

 

 

 

Liabilities:

 

 

 

 

 

 

 

 

Mortgages payable, net

 

$

1,593,738

 

$

1,125,777

 

 

Revolving credit facility

 

 

 

 

200,000

 

 

Unsecured term loans, net

 

 

397,979

 

 

297,295

 

 

Accounts payable and accrued expenses

 

 

103,102

 

 

157,702

 

 

Other liabilities, net

 

 

247,774

 

 

206,042

 

 

Total liabilities

 

 

2,342,593

 

 

1,986,816

 

 

Commitments and contingencies

 

 

 

 

 

 

 

 

Redeemable noncontrolling interests

 

 

530,748

 

 

612,758

 

 

Total equity

 

 

3,206,206

 

 

3,386,677

 

 

TOTAL LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY

 

$

6,079,547

 

$

5,986,251

 


Note: For complete financial statements, please refer to our Annual Report on Form 10-K for the year ended December 31, 2020.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

in thousands, except per share data

 

Three Months Ended December 31,

 

Year Ended December 31,

 

 

2020

 

2019

 

2020

 

2019

REVENUE

 

 

 

 

 

 

 

 

 

 

 

 

Property rental

 

$

104,439

 

$

127,571

 

$

458,958

 

$

493,273

Third-party real estate services, including reimbursements

 

 

30,069

 

 

29,121

 

 

113,939

 

 

120,886

Other revenue

 

 

14,121

 

 

8,185

 

 

29,826

 

 

33,611

Total revenue

 

 

148,629

 

 

164,877

 

 

602,723

 

 

647,770

EXPENSES

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

64,170

 

 

50,004

 

 

221,756

 

 

191,580

Property operating

 

 

39,758

 

 

37,535

 

 

145,625

 

 

137,622

Real estate taxes

 

 

17,536

 

 

18,252

 

 

70,958

 

 

70,493

General and administrative:

 

 

 

 

 

 

 

 

 

 

 

 

Corporate and other

 

 

9,156

 

 

11,934

 

 

46,634

 

 

46,822

Third-party real estate services

 

 

28,569

 

 

26,910

 

 

114,829

 

 

113,495

Share-based compensation related to Formation Transaction and special equity awards

 

 

6,246

 

 

11,959

 

 

31,678

 

 

42,162

Transaction and other costs

 

 

1,144

 

 

13,307

 

 

8,670

 

 

23,235

Total expenses

 

 

166,579

 

 

169,901

 

 

640,150

 

 

625,409

OTHER INCOME (EXPENSE)

 

 

 

 

 

 

 

 

 

 

 

 

Loss from unconsolidated real estate ventures, net

 

 

(3,194)

 

 

(2,042)

 

 

(20,336)

 

 

(1,395)

Interest and other income (loss), net

 

 

(1,646)

 

 

3,022

 

 

(625)

 

 

5,385

Interest expense

 

 

(17,661)

 

 

(11,831)

 

 

(62,321)

 

 

(52,695)

Gain on sale of real estate

 

 

 

 

57,870

 

 

59,477

 

 

104,991

Loss on extinguishment of debt

 

 

(29)

 

 

(3,916)

 

 

(62)

 

 

(5,805)

Impairment loss

 

 

(10,232)

 

 

 

 

(10,232)

 

 

Total other income (expense)

 

 

(32,762)

 

 

43,103

 

 

(34,099)

 

 

50,481

INCOME (LOSS) BEFORE INCOME TAX BENEFIT

 

 

(50,712)

 

 

38,079

 

 

(71,526)

 

 

72,842

Income tax benefit

 

 

544

 

 

613

 

 

4,265

 

 

1,302

NET INCOME (LOSS)

 

 

(50,168)

 

 

38,692

 

 

(67,261)

 

 

74,144

Net (income) loss attributable to redeemable noncontrolling interests

 

 

4,513

 

 

(4,302)

 

 

4,958

 

 

(8,573)

 

 

 

 

 

 

 

 

 

 

 

 

 

NET INCOME (LOSS) ATTRIBUTABLE TO COMMON SHAREHOLDERS

 

$

(45,655)

 

$

34,390

 

$

(62,303)

 

$

65,571

EARNINGS (LOSS) PER COMMON SHARE - BASIC AND DILUTED

 

$

(0.36)

 

$

0.25

 

$

(0.49)

 

$

0.48

WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING - BASIC AND DILUTED

 

 

132,042

 

 

134,129

 

 

133,451

 

 

130,687


Note: For complete financial statements, please refer to our Annual Report on Form 10-K for the year ended December 31, 2020.

EBITDA, EBITDAre AND ADJUSTED EBITDA (NON-GAAP)

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

dollars in thousands

 

Three Months Ended December 31,

 

Year Ended December 31,

 

 

 

 

2020

 

2019

 

2020

 

2019

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

EBITDA, EBITDAre and Adjusted EBITDA

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss)

 

$

(50,168)

 

$

38,692

 

$

(67,261)

 

$

74,144

 

 

Depreciation and amortization expense

 

 

64,170

 

 

50,004

 

 

221,756

 

 

191,580

 

 

Interest expense (1)

 

 

17,661

 

 

11,831

 

 

62,321

 

 

52,695

 

 

Income tax benefit

 

 

(544)

 

 

(613)

 

 

(4,265)

 

 

(1,302)

 

 

Unconsolidated real estate ventures allocated share of above adjustments

 

 

10,072

 

 

10,050

 

 

41,588

 

 

36,877

 

 

EBITDA attributable to noncontrolling interests in consolidated real estate ventures

 

 

(2)

 

 

(2)

 

 

(9)

 

 

(7)

 

 

EBITDA

 

$

41,189

 

$

109,962

 

$

254,130

 

$

353,987

 

 

Gain on sale of real estate

 

 

 

 

(57,870)

 

 

(59,477)

 

 

(104,991)

 

 

(Gain) loss on sale of unconsolidated real estate assets

 

 

(826)

 

 

 

 

2,126

 

 

(335)

 

 

Real estate impairment loss (2)

 

 

7,805

 

 

 

 

7,805

 

 

 

 

Impairment of investment in unconsolidated real estate venture (3)

 

 

 

 

 

 

6,522

 

 

 

 

EBITDAre

 

$

48,168

 

$

52,092

 

$

211,106

 

$

248,661

 

 

Transaction and other costs (4)

 

 

1,144

 

 

13,307

 

 

8,670

 

 

23,235

 

 

Impairment loss (2)

 

 

2,427

 

 

 

 

2,427

 

 

 

 

Loss on extinguishment of debt

 

 

29

 

 

3,916

 

 

62

 

 

5,805

 

 

Share-based compensation related to Formation Transaction and special equity awards

 

 

6,246

 

 

11,959

 

 

31,678

 

 

42,162

 

 

Losses and distributions in excess of our investment in unconsolidated real estate venture (5)

 

 

(152)

 

 

(518)

 

 

(459)

 

 

(7,356)

 

 

Lease liability adjustments

 

 

 

 

(1,829)

 

 

 

 

162

 

 

Unconsolidated real estate ventures allocated share of above adjustments

 

 

90

 

 

(1,345)

 

 

1,555

 

 

(1,345)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted EBITDA

 

$

57,952

 

$

77,582

 

$

255,039

 

$

311,324

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Debt to Annualized Adjusted EBITDA (6)

 

 

9.2

x

 

5.8

x

 

8.4

x

 

5.8

x

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2020

 

December 31, 2019

 

 

Net Debt (at JBG SMITH Share)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Consolidated indebtedness (7)

 

 

 

 

 

 

 

$

1,985,061

 

$

1,620,001

 

 

Unconsolidated indebtedness (7)

 

 

 

 

 

 

 

 

395,550

 

 

329,056

 

 

Total consolidated and unconsolidated indebtedness

 

 

 

 

 

 

 

 

2,380,611

 

 

1,949,057

 

 

Less: cash and cash equivalents

 

 

 

 

 

 

 

 

241,066

 

 

136,200

 

 

Net Debt (at JBG SMITH Share)

 

 

 

 

 

 

 

$

2,139,545

 

$

1,812,857

 


Note: All EBITDA measures as shown above are attributable to common limited partnership units ("OP Units").

  1. Interest expense includes the amortization of deferred financing costs and the ineffective portion of any interest rate swaps or caps, net of capitalized interest.
  2. In connection with the preparation and review of our 2020 annual financial statements, we determined that a commercial asset was impaired due to a decline in the fair value of the asset and recorded an impairment loss of $10.2 million, of which $7.8 million related to real estate. The remaining $2.4 million of the impairment loss was attributable to the right-of-use asset associated with the property’s ground lease.
  3. During the second quarter of 2020, we determined that our investment in the venture that owns The Marriott Wardman Park hotel was impaired due to a decline in the fair value of the underlying asset and recorded an impairment loss of $6.5 million, which reduced the net book value of our investment to zero, and we suspended equity loss recognition for the venture after June 30, 2020. On October 1, 2020, we transferred our interest in this venture to our former venture partner.
  4. Includes demolition costs, integration and severance costs, pursuit costs related to other completed, potential and pursued transactions, as well as other expenses. For the year ended December 31, 2020, includes a charitable commitment of $4.0 million to the Washington Housing Conservancy, a non-profit that acquires and owns affordable workforce housing in the Washington DC metropolitan region.
  5. During the year ended December 31, 2019, we received distributions of $6.4 million from 1101 17th Street.
  6. Quarterly adjusted EBITDA is annualized by multiplying by four calculated using the Net Debt below. Adjusting for the impact of COVID-19, we believe our net debt to annualized adjusted EBITDA would have been 6.5x for the three months ended December 31, 2020.
  7. Net of premium/discount and deferred financing costs.

FFO, CORE FFO AND FAD (NON-GAAP)
(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

in thousands, except per share data

 

Three Months Ended December 31,

 

Year Ended December 31,

 

 

 

 

2020

 

2019

 

2020

 

2019

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

FFO and Core FFO

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss) attributable to common shareholders

 

$

(45,655)

 

$

34,390

 

$

(62,303)

 

$

65,571

 

 

Net income (loss) attributable to redeemable noncontrolling interests

 

 

(4,513)

 

 

4,302

 

 

(4,958)

 

 

8,573

 

 

Net income (loss)

 

 

(50,168)

 

 

38,692

 

 

(67,261)

 

 

74,144

 

 

Gain on sale of real estate

 

 

 

 

(57,870)

 

 

(59,477)

 

 

(104,991)

 

 

(Gain) loss on sale from unconsolidated real estate ventures

 

 

(826)

 

 

 

 

2,126

 

 

(335)

 

 

Real estate depreciation and amortization

 

 

61,865

 

 

47,001

 

 

211,455

 

 

180,508

 

 

Real estate impairment loss (1)

 

 

7,805

 

 

 

 

7,805

 

 

 

 

Impairment of investment in unconsolidated real estate venture (2)

 

 

 

 

 

 

6,522

 

 

 

 

Pro rata share of real estate depreciation and amortization from unconsolidated real estate ventures

 

 

7,219

 

 

6,407

 

 

28,949

 

 

20,577

 

 

FFO attributable to noncontrolling interests in consolidated real estate ventures

 

 

(2)

 

 

(2)

 

 

(9)

 

 

(7)

 

 

FFO Attributable to OP Units

 

$

25,893

 

$

34,228

 

$

130,110

 

$

169,896

 

 

FFO attributable to redeemable noncontrolling interests

 

 

(2,810)

 

 

(3,804)

 

 

(14,163)

 

 

(19,306)

 

 

FFO attributable to common shareholders

 

$

23,083

 

$

30,424

 

$

115,947

 

$

150,590

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

FFO attributable to OP Units

 

$

25,893

 

$

34,228

 

$

130,110

 

$

169,896

 

 

Transaction and other costs, net of tax (3)

 

 

1,071

 

 

11,725

 

 

8,247

 

 

21,139

 

 

Impairment loss (1)

 

 

2,427

 

 

 

 

2,427

 

 

 

 

Loss from mark-to-market on derivative instruments

 

 

11

 

 

 

 

184

 

 

50

 

 

Loss on extinguishment of debt

 

 

29

 

 

3,916

 

 

62

 

 

5,805

 

 

Losses and distributions in excess of our investment in unconsolidated real estate venture (4)

 

 

(152)

 

 

(518)

 

 

(459)

 

 

(7,356)

 

 

Share-based compensation related to Formation Transaction and special equity awards

 

 

6,246

 

 

11,959

 

 

31,678

 

 

42,162

 

 

Lease liability adjustments

 

 

 

 

(1,829)

 

 

 

 

162

 

 

Amortization of management contracts intangible, net of tax

 

 

1,073

 

 

1,288

 

 

4,360

 

 

5,150

 

 

Unconsolidated real estate ventures allocated share of above adjustments

 

 

36

 

 

(1,407)

 

 

1,884

 

 

100

 

 

Core FFO Attributable to OP Units

 

$

36,634

 

$

59,362

 

$

178,493

 

$

237,108

 

 

Core FFO attributable to redeemable noncontrolling interests

 

 

(3,976)

 

 

(6,598)

 

 

(19,433)

 

 

(26,895)

 

 

Core FFO attributable to common shareholders

 

$

32,658

 

$

52,764

 

$

159,060

 

$

210,213

 

 

FFO per common share - diluted

 

$

0.17

 

$

0.23

 

$

0.87

 

$

1.15

 

 

Core FFO per common share - diluted

 

$

0.25

 

$

0.39

 

$

1.19

 

$

1.61

 

 

Weighted average shares - diluted (FFO and Core FFO)

 

 

132,628

 

 

134,129

 

 

134,022

 

 

130,687

 

See footnotes under table below.

FFO, CORE FFO AND FAD (NON-GAAP)
(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

in thousands, except per share data

 

Three Months Ended December 31,

 

Year Ended December 31,

 

 

 

 

2020

 

2019

 

2020

 

2019

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

FAD

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Core FFO attributable to OP Units

 

$

36,634

 

$

59,362

 

$

178,493

 

$

237,108

 

 

Recurring capital expenditures and second-generation tenant improvements and leasing commissions (5)

 

 

(15,284)

 

 

(27,689)

 

 

(49,373)

 

 

(84,934)

 

 

Straight-line and other rent adjustments (6)

 

 

15,433

 

 

(8,464)

 

 

5,535

 

 

(34,359)

 

 

Third-party lease liability assumption payments

 

 

(836)

 

 

(1,450)

 

 

(3,860)

 

 

(5,182)

 

 

Share-based compensation expense

 

 

6,496

 

 

5,512

 

 

33,625

 

 

22,665

 

 

Amortization of debt issuance costs

 

 

1,059

 

 

671

 

 

3,183

 

 

3,217

 

 

Unconsolidated real estate ventures allocated share of above adjustments

 

 

1,265

 

 

(386)

 

 

(2,615)

 

 

(2,820)

 

 

Non-real estate depreciation and amortization

 

 

829

 

 

1,234

 

 

4,300

 

 

3,987

 

 

FAD available to OP Units (A)

 

$

45,596

 

$

28,790

 

$

169,288

 

$

139,682

 

 

Distributions to common shareholders and unitholders (7) (B)

 

$

33,362

 

$

34,011

 

$

135,086

 

$

133,307

 

 

FAD Payout Ratio (B÷A) (8)

 

 

73.2

%

 

118.1

%

 

79.8

%

 

95.4

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Capital Expenditures

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Maintenance and recurring capital expenditures

 

$

6,325

 

$

11,748

 

$

18,520

 

$

31,495

 

 

Share of maintenance and recurring capital expenditures from unconsolidated real estate ventures

 

 

186

 

 

561

 

 

1,022

 

 

1,340

 

 

Second-generation tenant improvements and leasing commissions

 

 

8,773

 

 

13,426

 

 

28,108

 

 

48,651

 

 

Share of second-generation tenant improvements and leasing commissions from unconsolidated real estate ventures

 

 

 

 

1,954

 

 

1,723

 

 

3,448

 

 

Recurring capital expenditures and second-generation tenant improvements and leasing commissions

 

 

15,284

 

 

27,689

 

 

49,373

 

 

84,934

 

 

Non-recurring capital expenditures

 

 

6,380

 

 

16,410

 

 

23,647

 

 

36,967

 

 

Share of non-recurring capital expenditures from unconsolidated real estate ventures

 

 

160

 

 

488

 

 

554

 

 

602

 

 

First-generation tenant improvements and leasing commissions

 

 

8,910

 

 

20,057

 

 

36,643

 

 

51,751

 

 

Share of first-generation tenant improvements and leasing commissions from unconsolidated real estate ventures

 

 

747

 

 

2,672

 

 

2,408

 

 

3,831

 

 

Non-recurring capital expenditures

 

 

16,197

 

 

39,627

 

 

63,252

 

 

93,151

 

 

Total JBG SMITH Share of Capital Expenditures

 

$

31,481

 

$

67,316

 

$

112,625

 

$

178,085

 


  1. In connection with the preparation and review of our 2020 annual financial statements, we determined that a commercial asset was impaired due to a decline in the fair value of the asset and recorded an impairment loss of $10.2 million, of which $7.8 million related to real estate. The remaining $2.4 million of the impairment loss was attributable to the right-of-use asset associated with the property’s ground lease.
  2. During the second quarter of 2020, we determined that our investment in the venture that owns The Marriott Wardman Park hotel was impaired due to a decline in the fair value of the underlying asset and recorded an impairment loss of $6.5 million, which reduced the net book value of our investment to zero, and we suspended equity loss recognition for the venture after June 30, 2020. On October 1, 2020, we transferred our interest in this venture to our former venture partner.
  3. Includes demolition costs, integration and severance costs, pursuit costs related to other completed, potential and pursued transactions, as well as other expenses. For the year ended December 31, 2020, includes a charitable commitment of $4.0 million to the Washington Housing Conservancy, a non-profit that acquires and owns affordable workforce housing in the Washington DC metropolitan region.
  4. During the year ended December 31, 2019, we received distributions of $6.4 million from 1101 17th Street.
  5. Includes amounts, at JBG SMITH Share, related to unconsolidated real estate ventures.
  6. Includes straight-line rent, above/below market lease amortization and lease incentive amortization.
  7. The distribution for the year ended December 31, 2019 excludes a special dividend of $0.10 per common share that was paid in January 2019.
  8. The quarterly FAD payout ratio is not necessarily indicative of an amount for the full year due to fluctuation in timing of capital expenditures, the commencement of new leases and the seasonality of our operations. Q4 2019 was impacted by increases in recurring capital expenditures, which was consistent with historical seasonality trends.

NOI RECONCILIATIONS (NON-GAAP)
(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

dollars in thousands

 

Three Months Ended December 31,

 

Year Ended December 31,

 

 

 

 

2020

 

2019

 

2020

 

2019

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss) attributable to common shareholders

 

$

(45,655)

 

$

34,390

 

$

(62,303)

 

$

65,571

 

 

Add:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation and amortization expense

 

 

64,170

 

 

50,004

 

 

221,756

 

 

191,580

 

 

General and administrative expense:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate and other

 

 

9,156

 

 

11,934

 

 

46,634

 

 

46,822

 

 

Third-party real estate services

 

 

28,569

 

 

26,910

 

 

114,829

 

 

113,495

 

 

Share-based compensation related to Formation Transaction and special equity awards

 

 

6,246

 

 

11,959

 

 

31,678

 

 

42,162

 

 

Transaction and other costs

 

 

1,144

 

 

13,307

 

 

8,670

 

 

23,235

 

 

Interest expense

 

 

17,661

 

 

11,831

 

 

62,321

 

 

52,695

 

 

Loss on extinguishment of debt

 

 

29

 

 

3,916

 

 

62

 

 

5,805

 

 

Impairment loss

 

 

10,232

 

 

 

 

10,232

 

 

 

 

Income tax benefit

 

 

(544)

 

 

(613)

 

 

(4,265)

 

 

(1,302)

 

 

Net income (loss) attributable to redeemable noncontrolling interests

 

 

(4,513)

 

 

4,302

 

 

(4,958)

 

 

8,573

 

 

Less:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Third-party real estate services, including reimbursements revenue

 

 

30,069

 

 

29,121

 

 

113,939

 

 

120,886

 

 

Other revenue

 

 

9,934

 

 

1,686

 

 

15,372

 

 

7,638

 

 

Loss from unconsolidated real estate ventures, net

 

 

(3,194)

 

 

(2,042)

 

 

(20,336)

 

 

(1,395)

 

 

Interest and other income (loss), net

 

 

(1,646)

 

 

3,022

 

 

(625)

 

 

5,385

 

 

Gain on sale of real estate

 

 

 

 

57,870

 

 

59,477

 

 

104,991

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Consolidated NOI

 

 

51,332

 

 

78,283

 

 

256,829

 

 

311,131

 

 

NOI attributable to unconsolidated real estate ventures at our share

 

 

7,521

 

 

6,052

 

 

27,693

 

 

21,797

 

 

Non-cash rent adjustments (1)

 

 

15,433

 

 

(8,465)

 

 

5,535

 

 

(34,359)

 

 

Other adjustments (2)

 

 

(3,284)

 

 

3,913

 

 

6,058

 

 

13,979

 

 

Total adjustments

 

 

19,670

 

 

1,500

 

 

39,286

 

 

1,417

 

 

NOI

 

$

71,002

 

$

79,783

 

$

296,115

 

$

312,548

 

 

Less: out-of-service NOI loss (3)

 

 

(801)

 

 

(2,817)

 

 

(5,789)

 

 

(7,013)

 

 

Operating Portfolio NOI

 

$

71,803

 

$

82,600

 

$

301,904

 

$

319,561

 

 

Non-same store NOI (4)

 

 

1,174

 

 

3,635

 

 

14,028

 

 

18,706

 

 

Same store NOI (5)

 

$

70,629

 

$

78,965

 

$

287,876

 

$

300,855

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Change in same store NOI

 

 

(10.6)

%

 

 

 

 

(4.3)

%

 

 

 

 

Number of properties in same store pool

 

 

54

 

 

 

 

 

52

 

 

 

 


  1. Adjustment to exclude straight-line rent, above/below market lease amortization and lease incentive amortization.
  2. Adjustment to include other revenue and payments associated with assumed lease liabilities related to operating properties and to exclude commercial lease termination revenue and allocated corporate general and administrative expenses to operating properties.
  3. Includes the results of our under-construction assets, and near-term and future development pipelines.
  4. Includes the results of properties that were not in-service for the entirety of both periods being compared and properties for which significant redevelopment, renovation or repositioning occurred during either of the periods being compared.
  5. Includes the results of the properties that are owned, operated and in-service for the entirety of both periods being compared except for properties that are being phased out of service for future development.

     



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Disclaimer

JBG SMITH Announces Fourth Quarter 2020 Results JBG SMITH (NYSE: JBGS), a leading owner and developer of high-growth, mixed-use properties in the Washington, DC market, today filed its Form 10-K for the year ended December 31, 2020 and reported its financial results. Additional information …

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