What changed in this filing

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Item 2. Properties

2021-02-23 compared with 2020-02-25 · 73 added, 75 removed, 132 unchanged (53% of the section changed)

Note on presentation of "at share" information.

We present certain financial information and metrics "at JBG SMITH Share," which refers to our ownership percentage of consolidated and unconsolidated assets in real estate ventures.

Financial information "at JBG SMITH Share" is calculated on an entity-by-entity basis.

"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.

Note on presentation of "at share"

We present certain financial information and metrics "at JBG SMITH Share,"

which is calculated on an entity-by-entity basis.

"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.

Because as of December 31, 2020, approximately 11.6% of our assets, as measured by total square feet, were held through real estate ventures in which we own less than 100% of the ownership interest, we believe this form of presentation, which includes our economic interests in the unconsolidated real estate ventures, provides investors important information regarding a significant component of our portfolio, its composition, performance and capitalization.

We classify our portfolio as "operating," "under construction," "near-term development" or "future development." "Under construction" refers to assets that were under construction as of December 31, 2019.

"Near-term development" refers to assets that have substantially completed the entitlement process and on which we intend to commence construction within 18 months following December 31, 2019 , subject to market conditions.

We had no near-term development assets as of December 31, 2019 .

"Future development" refers to assets that are development opportunities on which we do not intend to commence construction within 18 months of December 31, 2019 where we (i) own land or control the land through a ground lease or (ii) are under a long-term conditional contract to purchase or enter into a leasehold interest with respect to land.

The tables below provide information about each of our commercial, multifamily, near-term development and future development portfolios as of December 31, 2019 .

Many of our future development parcels are adjacent to or an integrated component of operating commercial or multifamily assets in our portfolio.

A significant number of our assets included in the tables below are held through real estate ventures with third parties or are subject to ground leases.

In addition to other information, the tables below indicate our percentage ownership, whether the assets are consolidated or unconsolidated and whether the asset is subject to a ground lease.

Commercial Assets

We classify our portfolio as "operating,"

"under-construction,"

"near-term development"

or "future development."

The following tables provide information about each of our commercial, multifamily, near-term development pipeline and future development pipeline portfolios as of December 31, 2020.

Many of our near-term and future development pipeline assets are adjacent to or an integrated component of operating commercial or multifamily assets in our portfolio.

A significant number of our assets included in the following tables are held through real estate ventures with third parties or are subject to ground leases.

In addition to other information, the following tables indicate our percentage ownership, whether the asset is consolidated or unconsolidated, and whether the asset is subject to a ground lease.

Commercial Assets

Same Store (2) :

Commercial Assets

YTD 2019-2020

Office % Occupied

Retail % Occupied

Universal Buildings

4 unchanged sentences

L'Enfant Plaza Office-North

500 L'Enfant Plaza

L'Enfant Plaza Retail (3)

5 unchanged sentences

2231 Crystal Drive

RTC-West Retail

2011 Crystal Drive

10 unchanged sentences

200 12th Street S.

2001 Richmond Highway (6)

Crystal City Shops at 2100

2 unchanged sentences

Stonebridge at Potomac Town Center (6)

Pickett Industrial Park

Rosslyn Gateway-North

2 unchanged sentences

One Democracy Plaza (3) (6)

4749 Bethesda Avenue Retail

11333 Woodglen Drive

Commercial Assets

Same Store (2) :

YTD 2018-2019

Office % Occupied

Retail % Occupied

Total / Weighted Average

Recently Delivered

500 L'Enfant Plaza

1900 N Street (3)

4747 Bethesda Avenue (7)

Total / Weighted Average

Operating - Total / Weighted Average

Under-Construction

1900 N Street (4)

1770 Crystal Drive

Central District Retail

4747 Bethesda Avenue (8)

Under Construction - Total / Weighted Average

Total / Weighted Average

4 unchanged sentences

Under-construction assets

_______________

At 100% share, unless otherwise noted.

Excludes our 10% subordinated interests in two commercial buildings held through a real estate venture in which we have no economic interest.

* Not Metro-served.

"C" denotes a consolidated interest.

"U" denotes an unconsolidated interest.

"Y" denotes an asset as same store and "N" denotes an asset as non-same store.

Same store refers to 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.

Represents percentage of total square feet subject to executed leases, including leases that have been executed but for which the tenants have not taken occupancy of the space.

Excludes our 10% subordinated interest in one commercial building held through a real estate venture in which we have no economic interest.

(1) "C"

denotes a consolidated interest.

"U"

denotes an unconsolidated interest.

(2) "Y"

denotes an asset as same store and "N"

denotes an asset as non-same store.

(3) Asset is subject to a ground lease.

(4) This asset, a development site in Washington, D.C., was leased by us (as landlord) in 2018 for a 99-year term, with no extension options.

The following assets contain space that is held for development or not otherwise available for lease.

(5) The following asset contains space that is held for development or not otherwise available for lease.

This out-of-service square footage is excluded from area, leased, and occupancy metrics in the above table.

Commercial Asset

Not Available

2001 Richmond Highway

In December 2019, we sold a 50% interest in a real estate venture that owns Central Place Tower.

Commercial Asset

(6) Not Metro-served.

(7) Includes our corporate office lease for approximately 84,400 square feet.

Multifamily Assets

Same Store (2) :

Multifamily %

Multifamily Assets

YTD 2019-2020

14 unchanged sentences

Recently Delivered

West Half (7)

Total / Weighted Average

Operating - Total / Weighted Average

Under-Construction

965 Florida Avenue (8)

Atlantic Plumbing C

7900 Wisconsin Avenue

Under Construction - Total

Totals at JBG SMITH Share

3 unchanged sentences

Under-construction assets

_______________

At 100% share, unless otherwise noted.

(1) "C"

denotes a consolidated interest.

"U"

denotes an unconsolidated interest.

(2) "Y"

denotes an asset as same store and "N"

denotes an asset as non-same store.

(3) Not Metro-served.

"C" denotes a consolidated interest.

"U" denotes an unconsolidated interest.

"Y" denotes an asset as same store and "N" denotes an asset as non-same store.

Represents percentage of total square feet subject to executed leases, including leases that have been executed but for which the tenants have not taken occupancy of the space.

In December 2019, we acquired F1RST Residences for $160.5 million .

(4) Asset is subject to a ground lease.

1 unchanged sentence

This out-of-service square footage is excluded from area, leased, and occupancy metrics in the above table.

Multifamily Asset

Not Available

During the third quarter of 2019, we completed the construction of West Half.

Multifamily Asset

(6) Ownership percentage reflects expected dilution of our real estate venture partner as contributions are funded during the construction of the asset.

As of December 31, 2020, our ownership interest was 96.0%.

Near-Term Developments

As of December 31, 2019 , we had no near-term development assets.

Future Developments

Estimated Commercial SF / Multifamily Units to be Replaced (1)

Number of Assets

Near-Term Development Pipeline

Estimated Potential Development Density (SF)

5 M Street Southwest

Gallaudet Parcel 1-3 (1)

1900 Crystal Drive (2)

2000 South Bell Street

2001 South Bell Street

2250 Crystal Drive (3)

223 23rd Street

2525 Crystal Drive (4)

101 12th Street

RTC - West Trophy Office

Total / Weighted Average

At JBG SMITH share.

(1) Controlled through an option to acquire a leasehold interest.

As of December 31, 2020, the weighted average remaining term for the option is 2.4 years.

(2) Asset is fully entitled and designed.

(3) In the fourth quarter of 2020, 2300 Crystal Drive was renamed 2250 Crystal Drive.

(4) Estimated Potential Development Density (SF) use is subject to change based on market demand and entitlement.

Future Development Pipeline

Commercial SF /

Estimated Potential Development Density (SF)

National Landing (2)

9 unchanged sentences

227,861 SF / 185 units

_______________

At JBG SMITH share.

(1) Represents management's estimate of the total office and/or retail rentable square feet and multifamily units that would need to be redeveloped to access some of the estimated potential development density.

As of December 31, 2019 , the weighted average remaining term for the optioned future development assets is 4.5 years .

Represents the estimated potential development density that we have sold to Amazon pursuant to executed purchase and sale agreements.

Subject to customary closing conditions, Amazon contracted to acquire these two development sites for an estimated aggregate $293.9 million .

In January 2020 , we sold the Metropolitan Park land sites to Amazon for a gross sales price of $155.0 million , which represents an $11.0 million increase over the previously estimated contract value resulting from an increase in the approved development density on the sites.

We expect the sale of the Pen Place land site to Amazon to be completed in 2021.

(2) In December 2020, we acquired the Americana Portfolio 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.

(3) As of December 31, 2020, the weighted average remaining term for the optioned future development pipeline assets is 4.1 years.

(4) Represents the estimated potential development density that we have sold to Amazon pursuant to an executed purchase and sale agreement.

In March 2019, we entered into an agreement for the sale of Pen Place, a land site with an estimated potential development density of approximately 2.1 million square feet, for approximately $149.9 million, subject to customary closing conditions.

The sale of Pen Place to Amazon is expected to close in 2021.

Major Tenants

1 unchanged sentence

At JBG SMITH Share

Number of Leases

% of Total Square Feet

Annualized Rent

(In thousands)

% of Total Annualized Rent

Family Health International

1 unchanged sentence

Arlington County

Booz Allen Hamilton Inc

Greenberg Traurig LLP

Accenture LLP

Public Broadcasting Service

________________

Includes all in-place leases as of December 31, 2020 for office and retail space within our Operating Portfolio.

4 unchanged sentences

At JBG SMITH Share

Square Foot at

Year of Lease Expiration

(in thousands)

Square Foot at

Expiration (1)

1 unchanged sentence

Total / Weighted Average

____________________

Includes all in-place leases as of December 31, 2020 for office and retail space within our Operating Portfolio and assuming no exercise of renewal options or early termination rights.

9 unchanged sentences

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 2. Properties