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On February 14, 2023, there were 799 holders of record of our common shares.
−Removed: This does not reflect individuals or other entities who hold their shares in "street name."
−Removed: Dividends declared for each of the three years in the period ended December 31, 2021 totaled $0.90 per common share (regular quarterly dividends of $0.225 per common share each quarter).
+Added: This number does not reflect individuals or other entities who hold their shares in "street name."
+Added: Dividends declared for each of the three years in the period ended December 31, 2022 totaled $0.90 per common share (regular quarterly dividends of $0.225 per common share).
While future dividends will be declared at the discretion of our Board of Trustees and will depend upon cash generated by our operating activities, our financial condition, capital requirements, annual distribution requirements under the REIT provisions of the Code and such other factors as our Board of Trustees deems relevant, management currently expects regular quarterly dividends in 2023 will be comparable in amount with those declared in 2022.
−Removed: To qualify for the beneficial tax treatment accorded to REITs under
−Removed: the Code, we are currently required to make distributions to holders of our shares in an amount equal to at least 90% of our REIT taxable income as defined in Section 857 of the Code.
−Removed: The annual dividend amounts are different from dividends as calculated for federal income tax purposes.
+Added: To qualify for the beneficial tax treatment accorded to REITs under the Code, we are currently required to make distributions to holders of our shares in an amount equal to at least 90% of our REIT taxable income as defined in Section 857 of the Code.
+Added: The annual distribution amounts are different from dividends as calculated for federal income tax purposes.
Distributions to the extent of our current and accumulated earnings and profits for federal income tax purposes generally will be taxable to a shareholder as ordinary dividend income.
−Removed: Distributions in excess of current and accumulated earnings and profits will be treated as a nontaxable reduction of the shareholder's basis in such shareholder's shares, to the extent thereof, and thereafter as taxable capital gain.
+Added: Distributions in excess of current and accumulated earnings and profits will be treated as a nontaxable reduction of the shareholder's basis in the shareholder's shares, to the extent thereof, and thereafter as taxable capital gain.
Distributions that are treated as a reduction of the shareholder's basis in its shares will have the effect of increasing the amount of gain, or reducing the amount of loss, recognized upon the sale of the shareholder's shares.
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with the SEC for purposes of Section 18 of the Exchange Act, or otherwise subject to the liabilities under that Section, and shall not be deemed to be incorporated by reference into any of our filings under the Securities Act or the Exchange Act.
−Removed: The graph below compares the cumulative total return of our common shares, the S&P MidCap 400 Index and the FTSE Nareit Equity Office Index, from July 18, 2017 (the completion date of the Formation Transaction) through December 31, 2021.
−Removed: The comparison assumes $100 was invested on July 18, 2017 in our common shares and in each of the foregoing indexes and assumes reinvestment of dividends, as applicable.
+Added: The graph below compares the cumulative total return of our common shares, the S&P MidCap 400 Index and the FTSE Nareit Equity Office Index, from December 31, 2017 through December 31, 2022.
+Added: The comparison assumes $100 was invested on December 31, 2017 in our common shares and in each of the foregoing indexes and assumes reinvestment of dividends, as applicable.
We have included the FTSE Nareit Equity Office Index because we believe that it is representative of the industry in which we compete and is relevant to an assessment of our performance.
There can be no assurance that the performance of our shares will continue in line with the same or similar trends depicted in the graph below.
−Removed: Period Ending
JBG SMITH Properties
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Repurchases of Equity Securities
−Removed: The following is a summary of common shares repurchased in 2021:
−Removed: Total Number Of Common Shares Purchased
−Removed: Average Price Paid Per Common Share
−Removed: Total Number Of Common Shares Purchased As Part Of Publicly Announced Plans Or Programs
−Removed: Approximate Dollar Value Of Common Shares That May Yet Be Purchased Under the Plan Or Programs
−Removed: October 1, 2021 - October 31, 2021
−Removed: November 1, 2021 - November 30, 2021
−Removed: December 1, 2021 - December 31, 2021
−Removed: Total for the three months ended December 31, 2021
−Removed: Total for the year ended December 31, 2021
−Removed: Program total since inception in March 2020
−Removed: In March 2020, our Board of Trustees authorized the repurchase of up to $500.0 million of our outstanding common shares.
+Added: In March 2020, our Board of Trustees authorized the repurchase of up to $500.0 million of our outstanding common shares, which it increased to an aggregate of $1.0 billion in June 2022.
+Added: During the year ended December 31, 2022, we repurchased and retired 14.2 million common shares for $361.0 million, a weighted average purchase price per share of $25.49.
+Added: Since we began the share repurchase program, we have repurchased and retired 23.3 million common shares for $623.5 million, a weighted average purchase price per share of $26.74.
Purchases under the program are made either in the open market or in privately negotiated transactions from time to time as permitted by federal securities laws and other legal requirements.
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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.