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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 September 30, 2024

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 October 25, 2024, JBG SMITH Properties had 84,477,759 common shares outstanding.

JBG SMITH PROPERTIES

QUARTERLY REPORT ON FORM 10-Q

QUARTER ENDED SEPTEMBER 30, 2024

TABLE OF CONTENTS

PART I – FINANCIAL INFORMATION

Item 1.

Financial Statements

Page

Condensed Consolidated Balance Sheets (unaudited) as of September 30, 2024 and December 31, 2023

3

Condensed Consolidated Statements of Operations (unaudited) for the three and nine months ended September 30, 2024 and 2023

4

Condensed Consolidated Statements of Comprehensive Loss (unaudited) for the three and nine months ended September 30, 2024 and 2023

5

Condensed Consolidated Statements of Equity (unaudited) for the three and nine months ended September 30, 2024 and 2023

6

Condensed Consolidated Statements of Cash Flows (unaudited) for the nine months ended September 30, 2024 and 2023

8

Notes to Condensed Consolidated Financial Statements (unaudited)

10

Item 2.

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

29

Item 3.

Quantitative and Qualitative Disclosures about Market Risk

48

Item 4.

Controls and Procedures

49

PART II – OTHER INFORMATION

Item 1.

Legal Proceedings

49

Item 1A.

Risk Factors

50

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

50

Item 3.

Defaults Upon Senior Securities

50

Item 4.

Mine Safety Disclosures

50

Item 5.

Other Information

50

Item 6.

Exhibits

51

Signatures

53

2

PART I - FINANCIAL INFORMATION

ITEM 1. Financial Statements

JBG SMITH PROPERTIES

Condensed Consolidated Balance Sheets

(Unaudited)

(In thousands, except par value amounts)

    

September 30, 2024

    

December 31, 2023

ASSETS

 

  

 

  

Real estate, at cost:

 

  

 

  

Land and improvements

$

1,171,458

$

1,194,737

Buildings and improvements

 

4,243,690

 

4,021,322

Construction in progress, including land

 

443,908

 

659,103

 

5,859,056

 

5,875,162

Less: accumulated depreciation

 

(1,429,079)

 

(1,338,403)

Real estate, net

 

4,429,977

 

4,536,759

Cash and cash equivalents

 

136,983

 

164,773

Restricted cash

 

33,161

 

35,668

Tenant and other receivables

 

30,734

 

44,231

Deferred rent receivable

 

185,221

 

171,229

Investments in unconsolidated real estate ventures

 

100,682

 

264,281

Deferred leasing costs, net

78,171

81,477

Intangible assets, net

49,045

56,616

Other assets, net

 

138,503

 

163,481

TOTAL ASSETS

$

5,182,477

$

5,518,515

LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY

 

  

Liabilities:

 

  

 

  

Mortgage loans, net

$

1,816,156

$

1,783,014

Revolving credit facility

 

90,000

 

62,000

Term loans, net

 

717,578

 

717,172

Accounts payable and accrued expenses

 

99,773

 

124,874

Other liabilities, net

 

118,373

 

138,869

Total liabilities

 

2,841,880

 

2,825,929

Commitments and contingencies

 

  

 

  

Redeemable noncontrolling interests

 

444,945

 

440,737

Shareholders' equity:

 

  

 

  

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

 

 

Common shares, $0.01 par value - 500,000 shares authorized; 84,434 and 94,309 shares issued and outstanding as of September 30, 2024 and December 31, 2023

 

845

 

944

Additional paid-in capital

 

2,789,447

 

2,978,852

Accumulated deficit

 

(907,777)

 

(776,962)

Accumulated other comprehensive income (loss)

 

(477)

 

20,042

Total shareholders' equity of JBG SMITH Properties

 

1,882,038

 

2,222,876

Noncontrolling interests

 

13,614

 

28,973

Total equity

 

1,895,652

 

2,251,849

TOTAL LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY

$

5,182,477

$

5,518,515

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

3

JBG SMITH PROPERTIES

Condensed Consolidated Statements of Operations

(Unaudited)

(In thousands, except per share data)

Three Months Ended September 30, 

Nine Months Ended September 30, 

    

2024

    

2023

    

2024

    

2023

REVENUE

 

  

 

  

  

 

  

Property rental

$

113,349

$

120,294

$

348,521

$

364,919

Third-party real estate services, including reimbursements

 

17,061

 

23,942

 

52,326

 

69,588

Other revenue

 

5,616

 

7,326

 

15,683

 

22,112

Total revenue

 

136,026

 

151,562

 

416,530

 

456,619

EXPENSES

 

  

 

  

 

 

  

Depreciation and amortization

 

50,050

 

50,265

 

158,211

 

152,914

Property operating

 

39,258

 

37,588

 

110,791

 

109,112

Real estate taxes

 

11,812

 

14,413

 

40,006

 

44,061

General and administrative:

 

  

 

  

 

 

  

Corporate and other

 

11,881

 

11,246

 

43,855

 

42,462

Third-party real estate services

 

16,088

 

21,405

 

57,065

 

67,333

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

 

 

46

 

 

397

Transaction and other costs

 

667

 

1,830

 

3,005

 

7,794

Total expenses

 

129,756

 

136,793

 

412,933

 

424,073

OTHER INCOME (EXPENSE)

 

  

 

  

 

  

 

  

Income (loss) from unconsolidated real estate ventures, net

 

(745)

 

(2,263)

 

4

 

(1,320)

Interest and other income, net

 

4,573

 

7,774

 

10,105

 

14,132

Interest expense

 

(35,267)

 

(27,903)

 

(97,400)

 

(80,580)

Gain (loss) on the sale of real estate, net

 

(5,352)

 

906

 

(5,066)

 

41,606

Gain (loss) on the extinguishment of debt

 

43

 

 

43

 

(450)

Impairment loss

(59,307)

(18,236)

(59,307)

Total other income (expense)

 

(36,748)

 

(80,793)

 

(110,550)

 

(85,919)

LOSS BEFORE INCOME TAX (EXPENSE) BENEFIT

 

(30,478)

(66,024)

 

(106,953)

 

(53,373)

Income tax (expense) benefit

 

(831)

 

(77)

 

40

 

(672)

NET LOSS

 

(31,309)

 

(66,101)

 

(106,913)

 

(54,045)

Net loss attributable to redeemable noncontrolling interests

 

4,365

 

7,926

 

12,353

 

5,961

Net (income) loss attributable to noncontrolling interests

 

(36)

 

168

 

10,931

 

703

NET LOSS ATTRIBUTABLE TO COMMON SHAREHOLDERS

$

(26,980)

$

(58,007)

$

(83,629)

$

(47,381)

LOSS PER COMMON SHARE - BASIC AND DILUTED

$

(0.32)

$

(0.58)

$

(0.95)

$

(0.45)

WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING - BASIC AND DILUTED

 

85,292

 

101,445

 

89,637

 

108,351

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

4

JBG SMITH PROPERTIES

Condensed Consolidated Statements of Comprehensive Loss

(Unaudited)

(In thousands)

Three Months Ended September 30, 

Nine Months Ended September 30, 

    

2024

    

2023

    

2024

    

2023

NET LOSS

$

(31,309)

$

(66,101)

$

(106,913)

$

(54,045)

OTHER COMPREHENSIVE INCOME (LOSS):

 

  

 

  

 

  

 

  

Change in fair value of derivative financial instruments

 

(27,624)

 

19,679

 

5,236

 

32,499

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

 

(8,629)

 

(9,470)

 

(29,521)

 

(24,820)

Total other comprehensive income (loss)

 

(36,253)

 

10,209

 

(24,285)

 

7,679

COMPREHENSIVE LOSS

 

(67,562)

 

(55,892)

 

(131,198)

 

(46,366)

Net loss attributable to redeemable noncontrolling interests

 

4,365

 

7,926

 

12,353

 

5,961

Net (income) loss attributable to noncontrolling interests

(36)

168

10,931

703

Other comprehensive (income) loss attributable to redeemable noncontrolling interests

 

5,595

 

(1,346)

 

4,003

 

(902)

Other comprehensive (income) loss attributable to noncontrolling interests

1,351

(686)

(237)

(753)

COMPREHENSIVE LOSS ATTRIBUTABLE TO JBG SMITH PROPERTIES

$

(56,287)

$

(49,830)

$

(104,148)

$

(41,357)

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

5

JBG SMITH PROPERTIES

Condensed Consolidated Statements of Equity

(Unaudited)

(In thousands)

Accumulated 

Additional 

Other 

Common Shares

Paid-In 

Accumulated 

 

Comprehensive

Noncontrolling

Total 

Shares

Amount

Capital

Deficit

 

Income (Loss)

Interests

Equity

BALANCE AS OF JUNE 30, 2024

 

87,306

$

874

$

2,855,724

$

(865,782)

$

28,830

$

14,936

$

2,034,582

Net income (loss) attributable to common shareholders and noncontrolling interests

 

 

 

 

(26,980)

 

 

36

 

(26,944)

Redemption of common limited partnership units ("OP Units") for common shares

 

202

 

2

 

3,551

 

 

 

 

3,553

Common shares repurchased

(3,090)

(31)

(50,182)

(50,213)

Common shares issued pursuant to employee incentive compensation plan and Employee Share Purchase Plan ("ESPP")

16

589

589

Dividends declared on common shares

($0.175 per common share)

(15,015)

(15,015)

Distributions to noncontrolling interests, net

 

 

 

 

 

 

(7)

 

(7)

Redeemable noncontrolling interests redemption value adjustment and total other comprehensive loss allocation

 

 

 

(20,235)

 

 

5,595

 

 

(14,640)

Total other comprehensive loss

 

 

 

 

 

(36,253)

 

 

(36,253)

Other comprehensive loss attributable to noncontrolling interests

1,351

(1,351)

BALANCE AS OF SEPTEMBER 30, 2024

 

84,434

$

845

$

2,789,447

$

(907,777)

$

(477)

$

13,614

$

1,895,652

BALANCE AS OF JUNE 30, 2023

 

105,139

$

1,052

$

3,156,511

$

(641,813)

$

43,491

$

31,741

$

2,590,982

Net loss attributable to common shareholders and noncontrolling interests

 

 

 

 

(58,007)

 

 

(168)

 

(58,175)

Redemption of OP Units for common shares

 

491

 

5

 

7,597

 

 

 

 

7,602

Common shares repurchased

(7,920)

(79)

(120,760)

 

 

(120,839)

Common shares issued pursuant to employee incentive compensation plan and ESPP

7

69

69

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

(23,027)

(23,027)

Distributions to noncontrolling interests, net

 

 

 

 

 

 

(8)

 

(8)

Redeemable noncontrolling interests redemption value adjustment and total other comprehensive income allocation

 

 

 

(381)

 

 

(1,346)

 

 

(1,727)

Total other comprehensive income

 

 

 

 

 

10,209

 

 

10,209

Other comprehensive income attributable to noncontrolling interests

(686)

686

BALANCE AS OF SEPTEMBER 30, 2023

 

97,717

$

978

$

3,043,036

$

(722,847)

$

51,668

$

32,251

$

2,405,086

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

6

JBG SMITH PROPERTIES

Condensed Consolidated Statements of Equity

(Unaudited)

(In thousands)

    

Accumulated 

Additional 

Other 

Common Shares

Paid-In 

Accumulated

 

Comprehensive

Noncontrolling

Total 

Shares

Amount

Capital

Deficit

 

Income (Loss)

Interests

Equity

BALANCE AS OF DECEMBER 31, 2023

 

94,309

$

944

$

2,978,852

$

(776,962)

$

20,042

$

28,973

$

2,251,849

Net loss attributable to common shareholders and noncontrolling interests

 

 

 

 

(83,629)

 

 

(10,931)

 

(94,560)

Redemption of OP Units for common shares

 

827

 

9

 

13,760

 

 

 

 

13,769

Common shares repurchased

(10,776)

(108)

(168,263)

(168,371)

Common shares issued pursuant to employee incentive compensation plan and ESPP

74

1,915

1,915

Dividends declared on common shares

($0.525 per common share)

(47,186)

(47,186)

Acquisition of noncontrolling interests

(21,893)

(4,693)

(26,586)

Contributions from noncontrolling interests, net

 

 

 

 

 

 

28

 

28

Redeemable noncontrolling interests redemption value adjustment and total other comprehensive loss allocation

 

 

 

(14,924)

 

 

4,003

 

 

(10,921)

Total other comprehensive loss

 

 

 

 

 

(24,285)

 

 

(24,285)

Other comprehensive income attributable to noncontrolling interests

(237)

237

BALANCE AS OF SEPTEMBER 30, 2024

 

84,434

$

845

$

2,789,447

$

(907,777)

$

(477)

$

13,614

$

1,895,652

BALANCE AS OF DECEMBER 31, 2022

 

114,013

$

1,141

$

3,263,738

$

(628,636)

$

45,644

$

32,225

$

2,714,112

Net loss attributable to common shareholders and noncontrolling interests

 

 

 

 

(47,381)

 

 

(703)

 

(48,084)

Redemption of OP Units for common shares

 

2,068

 

21

 

33,089

 

 

 

 

33,110

Common shares repurchased

(18,446)

(184)

(276,500)

(276,684)

Common shares issued pursuant to employee incentive compensation plan and ESPP

82

1,865

1,865

Dividends declared on common shares

($0.45 per common share)

(46,830)

(46,830)

Distributions to noncontrolling interests, net

 

 

 

 

 

 

(24)

 

(24)

Redeemable noncontrolling interests redemption value adjustment and total other comprehensive income allocation

 

 

 

20,844

 

 

(902)

 

 

19,942

Total other comprehensive income

 

 

 

 

 

7,679

 

 

7,679

Other comprehensive income attributable to noncontrolling interests

(753)

753

BALANCE AS OF SEPTEMBER 30, 2023

 

97,717

$

978

$

3,043,036

$

(722,847)

$

51,668

$

32,251

$

2,405,086

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

7

JBG SMITH PROPERTIES

Condensed Consolidated Statements of Cash Flows

(Unaudited)

(In thousands)

Nine Months Ended September 30, 

    

2024

    

2023

OPERATING ACTIVITIES:

 

  

 

  

Net loss

$

(106,913)

$

(54,045)

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

 

  

 

  

Share-based compensation expense

 

26,158

 

27,011

Depreciation and amortization expense, including amortization of deferred financing costs

 

163,190

 

156,841

Deferred rent

 

(14,140)

 

(20,594)

(Income) loss from unconsolidated real estate ventures, net

 

(4)

 

1,320

Amortization of market lease intangibles, net

 

175

 

(767)

Amortization of lease incentives

 

4,197

 

1,812

(Gain) loss on the extinguishment of debt

 

(43)

 

450

Impairment loss

18,236

59,307

(Gain) loss on the sale of real estate, net

 

5,066

 

(41,606)

Loss (income) on operating lease and other receivables

 

2,053

 

(67)

Income from investments, net

(3,278)

(1,163)

Return on capital from unconsolidated real estate ventures

 

1,680

 

12,633

Other non-cash items

 

4,626

 

8,586

Changes in operating assets and liabilities:

 

 

  

Tenant and other receivables

 

11,466

 

12,223

Other assets, net

 

(13,337)

 

(22,305)

Accounts payable and accrued expenses

 

(9,446)

 

(18,129)

Other liabilities, net

 

(2,496)

 

(6,614)

Net cash provided by operating activities

 

87,190

 

114,893

INVESTING ACTIVITIES:

 

  

 

  

Development costs, construction in progress and real estate additions

 

(172,051)

 

(241,336)

Acquisition of real estate

 

 

(19,551)

Proceeds from the sale of real estate

 

97,010

 

162,092

Proceeds from derivative financial instruments

5,073

465

Payments on derivative financial instruments

(6,468)

(9,830)

Distributions of capital from unconsolidated real estate ventures and other investments

 

163,880

 

9,264

Investments in unconsolidated real estate ventures and other investments

 

(5,027)

 

(24,344)

Net cash provided by (used in) investing activities

 

82,417

 

(123,240)

FINANCING ACTIVITIES:

 

  

 

  

Borrowings under mortgage loans

 

112,612

 

287,582

Borrowings under revolving credit facility

 

223,000

 

247,000

Borrowings under term loans

 

 

170,000

Repayments of mortgage loans

 

(85,662)

 

(280,135)

Repayments of revolving credit facility

 

(195,000)

 

(155,000)

Proceeds from derivative financial instruments

9,600

Payments on derivative financial instruments

(4,422)

(465)

Debt issuance and modification costs

 

(359)

 

(17,579)

Acquisition/redemption of noncontrolling interests

 

(26,569)

 

(647)

Proceeds from common shares issued pursuant to ESPP

 

792

 

665

Common shares repurchased

(168,371)

(273,851)

Dividends paid to common shareholders

 

(47,186)

 

(72,483)

Distributions to redeemable noncontrolling interests

 

(8,714)

 

(11,619)

Distributions to noncontrolling interests

(25)

(15)

Net cash used in financing activities

 

(199,904)

 

(96,947)

8

JBG SMITH PROPERTIES

Condensed Consolidated Statements of Cash Flows

(Unaudited)

(In thousands)