Company Quick10K Filing
JBG Smith
Price39.15 EPS0
Shares134 P/E147
MCap5,251 P/FCF47
Net Debt-244 EBIT76
TEV5,007 TEV/EBIT66
TTM 2019-09-30, in MM, except price, ratios
10-Q 2020-06-30 Filed 2020-08-05
10-Q 2020-03-31 Filed 2020-05-05
10-K 2019-12-31 Filed 2020-02-25
10-Q 2019-09-30 Filed 2019-11-05
10-Q 2019-06-30 Filed 2019-08-06
10-Q 2019-03-31 Filed 2019-05-07
10-K 2018-12-31 Filed 2019-02-26
10-Q 2018-09-30 Filed 2018-11-07
10-Q 2018-06-30 Filed 2018-08-09
10-Q 2018-03-31 Filed 2018-05-09
10-K 2017-12-31 Filed 2018-03-12
10-Q 2017-09-30 Filed 2017-11-13
10-Q 2017-06-30 Filed 2017-08-14
8-K 2020-08-04 Earnings, Exhibits
8-K 2020-05-05
8-K 2020-04-30
8-K 2020-03-12
8-K 2020-02-25
8-K 2020-02-19
8-K 2020-01-07
8-K 2019-11-12
8-K 2019-11-05
8-K 2019-08-06
8-K 2019-05-14
8-K 2019-05-07
8-K 2019-05-02
8-K 2019-04-15
8-K 2019-04-15
8-K 2019-04-02
8-K 2019-02-26
8-K 2019-02-26
8-K 2018-12-13
8-K 2018-11-07
8-K 2018-08-09
8-K 2018-07-30
8-K 2018-07-02
8-K 2018-07-02
8-K 2018-06-04
8-K 2018-05-09
8-K 2018-05-03
8-K 2018-03-19
8-K 2018-03-12
8-K 2018-03-01

JBGS 10Q Quarterly Report

Part I - Financial Information
Item 1. Financial Statements
Item 2. Management'S Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II - Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 3. Defaults Upon Senior Securities
Item 4. Mine Safety Disclosures
Item 5. Other Information
Item 6. Exhibits
EX-10.1 jbgs-20200630xex10d1.htm
EX-31.1 jbgs-20200630xex31d1.htm
EX-31.2 jbgs-20200630xex31d2.htm
EX-32.1 jbgs-20200630xex32d1.htm

JBG Smith Earnings 2020-06-30

Balance SheetIncome StatementCash Flow
10.08.06.04.02.00.02017201820192020
Assets, Equity
0.20.10.10.0-0.0-0.12017201820192020
Rev, G Profit, Net Income
0.20.10.0-0.0-0.1-0.22017201820192020
Ops, Inv, Fin

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Table of Contents

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

  QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2020

OR

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ___________ to ___________

Commission file number 001-37994

Graphic

JBG SMITH PROPERTIES

________________________________________________________________________________

(Exact name of Registrant as specified in its charter)

Maryland

81-4307010

(State or other jurisdiction of incorporation or organization)

(I.R.S. Employer Identification No.)

4747 Bethesda Avenue Suite 200

Bethesda MD

20814

(Address of Principal Executive Offices)

(Zip Code)

Registrant's telephone number, including area code: (240) 333-3600

_______________________________

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common Shares, par value $0.01 per share

JBGS

New York Stock Exchange

Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes No

Indicate by check mark whether the Registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulations S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company" and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer Accelerated filer Non-accelerated filer Smaller reporting company

Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act) Yes No

As of July 30, 2020, JBG SMITH Properties had 133,789,614 common shares outstanding.

Table of Contents

JBG SMITH PROPERTIES

QUARTERLY REPORT ON FORM 10-Q

QUARTER ENDED JUNE 30, 2020

TABLE OF CONTENTS

PART I – FINANCIAL INFORMATION

Item 1.

Financial Statements

Page

Condensed Consolidated Balance Sheets (unaudited) as of June 30, 2020 and December 31, 2019

3

Condensed Consolidated Statements of Operations (unaudited) for the three and six months ended June 30, 2020 and 2019

4

Condensed Consolidated Statements of Comprehensive Loss (unaudited) for the three and six months ended June 30, 2020 and 2019

5

Condensed Consolidated Statements of Equity (unaudited) for the three and six months ended June 30, 2020 and 2019

6

Condensed Consolidated Statements of Cash Flows (unaudited) for the six months ended June 30, 2020 and 2019

8

Notes to Condensed Consolidated Financial Statements (unaudited)

9

Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

29

Item 3.

Quantitative and Qualitative Disclosures about Market Risk

51

Item 4.

Controls and Procedures

52

PART II – OTHER INFORMATION

Item 1.

Legal Proceedings

52

Item 1A.

Risk Factors

53

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

56

Item 3.

Defaults Upon Senior Securities

56

Item 4.

Mine Safety Disclosures

56

Item 5.

Other Information

57

Item 6.

Exhibits

58

Signatures

59

2

Table of Contents

PART I - FINANCIAL INFORMATION

ITEM 1. Financial Statements

JBG SMITH PROPERTIES

Condensed Consolidated Balance Sheets

(Unaudited)

(In thousands, except par value amounts)

    

June 30, 2020

    

December 31, 2019

ASSETS

 

  

 

  

Real estate, at cost:

 

  

 

  

Land and improvements

$

1,285,415

$

1,240,455

Buildings and improvements

 

4,065,543

 

3,880,973

Construction in progress, including land

 

563,133

 

654,091

 

5,914,091

 

5,775,519

Less accumulated depreciation

 

(1,194,743)

 

(1,119,571)

Real estate, net

 

4,719,348

 

4,655,948

Cash and cash equivalents

 

710,677

 

126,413

Restricted cash

 

20,356

 

16,103

Tenant and other receivables, net

 

56,102

 

52,941

Deferred rent receivable, net

 

177,951

 

169,721

Investments in unconsolidated real estate ventures

 

464,437

 

543,026

Other assets, net

 

273,030

 

253,687

Assets held for sale

 

73,876

 

168,412

TOTAL ASSETS

$

6,495,777

$

5,986,251

LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY

 

  

Liabilities:

 

  

 

  

Mortgages payable, net

$

1,312,524

$

1,125,777

Revolving credit facility

 

500,000

 

200,000

Unsecured term loans, net

 

397,637

 

297,295

Accounts payable and accrued expenses

 

125,433

 

157,702

Other liabilities, net

 

220,414

 

206,042

Total liabilities

 

2,556,008

 

1,986,816

Commitments and contingencies

 

  

 

  

Redeemable noncontrolling interests

 

499,083

 

612,758

Shareholders' equity:

 

  

 

  

Preferred shares, $0.01 par value - 200,000 shares authorized, none issued

 

 

Common shares, $0.01 par value - 500,000 shares authorized; 133,708 and 134,148 shares issued and outstanding as of June 30, 2020 and December 31, 2019

 

1,338

 

1,342

Additional paid-in capital

 

3,742,205

 

3,633,042

Accumulated deficit

 

(255,162)

 

(231,164)

Accumulated other comprehensive loss

 

(47,886)

 

(16,744)

Total shareholders' equity of JBG SMITH Properties

 

3,440,495

 

3,386,476

Noncontrolling interests in consolidated subsidiaries

 

191

 

201

Total equity

 

3,440,686

 

3,386,677

TOTAL LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY

$

6,495,777

$

5,986,251

See accompanying notes to the condensed consolidated financial statements (unaudited).

3

Table of Contents

JBG SMITH PROPERTIES

Condensed Consolidated Statements of Operations

(Unaudited)

(In thousands, except per share data)

Three Months Ended June 30, 

Six Months Ended June 30, 

    

2020

    

2019

    

2020

    

2019

REVENUE

 

  

 

  

  

 

  

Property rental

$

115,459

$

122,326

$

235,839

$

241,739

Third-party real estate services, including reimbursements

 

27,167

 

29,487

 

56,883

 

57,178

Other revenue

 

2,326

 

8,804

 

10,337

 

16,899

Total revenue

 

144,952

 

160,617

 

303,059

 

315,816

EXPENSES

 

  

 

  

 

 

  

Depreciation and amortization

 

52,616

 

45,995

 

101,105

 

94,714

Property operating

 

33,792

 

32,113

 

68,295

 

64,287

Real estate taxes

 

17,869

 

18,266

 

36,068

 

35,501

General and administrative:

 

  

 

  

 

 

  

Corporate and other

 

13,216

 

11,559

 

26,392

 

23,873

Third-party real estate services

 

29,239

 

28,710

 

58,053

 

56,776

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

 

8,858

 

9,523

 

18,299

 

20,654

Transaction and other costs

 

1,372

 

2,974

 

6,681

 

7,869

Total expenses

 

156,962

 

149,140

 

314,893

 

303,674

OTHER INCOME (EXPENSE)

 

  

 

  

 

  

 

  

Income (loss) from unconsolidated real estate ventures, net

 

(13,485)

 

(1,810)

 

(16,177)

 

1,791

Interest and other income, net

 

114

 

2,052

 

1,021

 

3,003

Interest expense

 

(15,770)

 

(13,107)

 

(27,775)

 

(30,281)

Gain on sale of real estate

 

 

 

59,477

 

39,033

Loss on extinguishment of debt

 

 

(1,889)

 

(33)

 

(1,889)

Total other income (expense)

 

(29,141)

 

(14,754)

 

16,513

 

11,657

INCOME (LOSS) BEFORE INCOME TAX (EXPENSE) BENEFIT

 

(41,151)

(3,277)

 

4,679

 

23,799

Income tax (expense) benefit

 

888

 

(51)

 

3,233

 

1,121

NET INCOME (LOSS)

 

(40,263)

 

(3,328)

 

7,912

 

24,920

Net (income) loss attributable to redeemable noncontrolling interests

 

3,483

 

288

 

(1,767)

 

(3,099)

NET INCOME (LOSS) ATTRIBUTABLE TO COMMON SHAREHOLDERS

$

(36,780)

$

(3,040)

$

6,145

$

21,821

EARNINGS (LOSS) PER COMMON SHARE:

 

  

 

  

 

  

 

  

Basic

$

(0.28)

$

(0.03)

$

0.04

$

0.16

Diluted

$

(0.28)

$

(0.03)

$

0.04

$

0.16

WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING:

 

  

 

  

 

  

 

  

Basic

 

133,613

 

131,754

 

134,078

 

127,189

Diluted

 

133,613

 

131,754

 

134,078

 

127,189

See accompanying notes to the condensed consolidated financial statements (unaudited).

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JBG SMITH PROPERTIES

Condensed Consolidated Statements of Comprehensive Loss

(Unaudited)

(In thousands)

Three Months Ended June 30, 

Six Months Ended June 30, 

    

2020

    

2019

    

2020

    

2019

NET INCOME (LOSS)

$

(40,263)

$

(3,328)

$

7,912

$

24,920

OTHER COMPREHENSIVE LOSS:

 

  

 

  

 

  

 

  

Change in fair value of derivative financial instruments

 

(5,283)

 

(16,256)

 

(39,211)

 

(26,952)

Reclassification of net (income) loss on derivative financial instruments from accumulated other comprehensive loss into interest expense

 

3,156

 

(951)

 

4,314

 

(1,790)

Other comprehensive loss

 

(2,127)

 

(17,207)

 

(34,897)

 

(28,742)

COMPREHENSIVE LOSS

 

(42,390)

 

(20,535)

 

(26,985)

 

(3,822)

Net (income) loss attributable to redeemable noncontrolling interests

 

3,483

 

288

 

(1,767)

 

(3,099)

Other comprehensive loss attributable to redeemable noncontrolling interests

 

182

 

1,503

 

3,755

 

2,886

COMPREHENSIVE LOSS ATTRIBUTABLE TO JBG SMITH PROPERTIES

$

(38,725)

$

(18,744)

$

(24,997)

$

(4,035)

See accompanying notes to the condensed consolidated financial statements (unaudited).

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Table of Contents

JBG SMITH PROPERTIES

Condensed Consolidated Statements of Equity

(Unaudited)

(In thousands)

Accumulated 

Noncontrolling 

Additional 

Other 

Interests in 

Common Shares

Paid-In 

Accumulated 

 

Comprehensive 

Consolidated 

Total 

Shares

Amount

Capital

Deficit

 

Loss

Subsidiaries

Equity

BALANCE AS OF APRIL 1, 2020

 

133,517

$

1,336

$

3,723,795

$

(188,239)

$

(45,941)

$

203

$

3,491,154

Net loss attributable to common shareholders and noncontrolling interests

 

 

 

 

(36,780)

 

 

 

(36,780)

Conversion of common limited partnership units to common shares

 

156

 

2

 

4,750

 

 

 

 

4,752

Common shares repurchased

(15)

(15)

Common shares issued pursuant to Employee Share Purchase Plan ("ESPP")

35

1,002

1,002

Dividends declared on common shares
($0.225 per common share)

(30,143)

(30,143)

Contributions from (distributions to) noncontrolling interests

 

 

 

 

 

 

(12)

 

(12)

Redeemable noncontrolling interests redemption value adjustment and other comprehensive loss allocation

 

 

 

12,673

 

 

182

 

 

12,855

Other comprehensive loss

 

 

 

 

 

(2,127)

 

 

(2,127)

BALANCE AS OF JUNE 30, 2020

 

133,708

$

1,338

$

3,742,205

$

(255,162)

$

(47,886)

$

191

$

3,440,686

BALANCE AS OF APRIL 1, 2019

 

122,594

$

1,227

$

3,150,133

$

(151,157)

$

(3,452)

$

365

$

2,997,116

Net loss attributable to common shareholders and noncontrolling interests

 

 

 

 

(3,040)

 

 

 

(3,040)

Common shares issued

11,500

115

472,665

472,780

Conversion of common limited partnership units to common shares

 

7

 

 

316

 

 

 

 

316

Common shares issued pursuant to ESPP

26

834

834

Dividends declared on common shares
($0.225 per common share)

(30,176)

(30,176)

Contributions from (distributions to) noncontrolling interests

 

 

 

 

 

 

(19)

 

(19)

Redeemable noncontrolling interests redemption value adjustment and other comprehensive loss allocation

 

 

 

20,751

 

 

1,503

 

 

22,254

Other comprehensive loss

 

 

 

 

 

(17,207)

 

 

(17,207)

BALANCE AS OF JUNE 30, 2019

 

134,127

$

1,342

$

3,644,699

$

(184,373)

$

(19,156)

$

346

$

3,442,858

See accompanying notes to the condensed consolidated financial statements (unaudited).

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JBG SMITH PROPERTIES

Condensed Consolidated Statements of Equity

(Unaudited)

(In thousands)

    

    

    

    

    

Accumulated 

    

    

Other 

Noncontrolling 

Additional 

Comprehensive 

Interests in 

Common Shares

Paid-In 

Accumulated 

 

Income 

Consolidated 

Total 

Shares

Amount

Capital

Deficit

 

(Loss)

Subsidiaries

Equity

BALANCE AS OF JANUARY 1, 2020

 

134,148

$

1,342

$

3,633,042

$

(231,164)

$

(16,744)

$

201

$

3,386,677

Net income attributable to common shareholders and noncontrolling interests

 

 

 

 

6,145

 

 

 

6,145

Conversion of common limited partnership units to common shares

 

943

 

10

 

35,868

 

 

 

 

35,878

Common shares repurchased

(1,418)

(14)

(41,178)

(41,192)

Common shares issued pursuant to ESPP

35

1,134

1,134

Dividends declared on common shares
($0.225 per common share)

(30,143)

(30,143)

Contributions from (distributions to) noncontrolling interests

 

 

 

 

 

 

(10)

 

(10)

Redeemable noncontrolling interests redemption value adjustment and other comprehensive loss allocation

 

 

 

113,339

 

 

3,755

 

 

117,094

Other comprehensive loss

 

 

 

 

 

(34,897)

 

 

(34,897)

BALANCE AS OF JUNE 30, 2020

 

133,708

$

1,338

$

3,742,205

$

(255,162)

$

(47,886)

$

191

$

3,440,686

BALANCE AS OF JANUARY 1, 2019

 

120,937

$

1,210

$

3,155,256

$

(176,018)

$

6,700

$

204

$

2,987,352

Net income attributable to common shareholders and noncontrolling interests

 

 

 

 

21,821

 

 

 

21,821

Common shares issued

11,500

115

472,665

472,780

Conversion of common limited partnership units to common shares

 

1,664

 

17

 

57,301

 

 

 

 

57,318

Common shares issued pursuant to ESPP

26

938

938

Dividends declared on common shares
($0.225 per common share)

(30,176)

(30,176)

Contributions from (distributions to) noncontrolling interests

 

 

 

 

 

 

142

 

142

Redeemable noncontrolling interests redemption value adjustment and other comprehensive loss allocation

 

 

 

(41,461)

 

 

2,886

 

 

(38,575)

Other comprehensive loss

 

 

 

 

 

(28,742)

 

 

(28,742)

BALANCE AS OF JUNE 30, 2019

 

134,127

$

1,342

$

3,644,699

$

(184,373)

$

(19,156)

$

346

$

3,442,858

See accompanying notes to the condensed consolidated financial statements (unaudited).

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JBG SMITH PROPERTIES

Condensed Consolidated Statements of Cash Flows

(Unaudited)

(In thousands)

Six Months Ended June 30, 

    

2020

    

2019

OPERATING ACTIVITIES:

 

  

 

  

Net income

$

7,912

$

24,920

Adjustments to reconcile net income to net cash provided by operating activities:

 

  

 

  

Share-based compensation expense

 

38,174

 

32,114

Depreciation and amortization, including amortization of debt issuance costs

 

102,896

 

97,053

Deferred rent

 

(11,728)

 

(18,342)

(Income) loss from unconsolidated real estate ventures, net

 

16,177

 

(1,791)

Amortization of market lease intangibles, net

 

(260)

 

(272)

Amortization of lease incentives

 

3,525

 

3,789

Loss on extinguishment of debt

 

33

 

1,889

Gain on sale of real estate

 

(59,477)

 

(39,033)

Net unrealized loss (gain) on ineffective derivative financial instruments

 

(30)

 

48

Losses on operating lease and other receivables

 

10,614

 

497

Return on capital from unconsolidated real estate ventures

 

1,877

 

1,493

Other non-cash items

 

104

 

271

Changes in operating assets and liabilities:

 

  

 

  

Tenant and other receivables

 

(10,198)

 

(6,232)

Other assets, net

 

(87)

 

(2,940)

Accounts payable and accrued expenses

 

(1,617)

 

(28,513)

Other liabilities, net

 

(12,396)

 

(12,168)

Net cash provided by operating activities

 

85,519

 

52,783

INVESTING ACTIVITIES:

 

  

 

  

Development costs, construction in progress and real estate additions

 

(181,232)

 

(181,007)

Deposits for real estate acquisitions

 

 

(8,525)

Proceeds from sale of real estate

 

154,493

 

117,676

Distributions of capital from unconsolidated real estate ventures

 

70,818

 

7,557

Investments in unconsolidated real estate ventures

 

(10,733)

 

(4,409)

Net cash provided by (used in) investing activities

 

33,346