What changed in this filing

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Item 2. Properties

2024-02-20 compared with 2023-02-21 · 62 added, 90 removed, 85 unchanged (64% of the section changed)

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, but exclude our:

(i) 10.0% subordinated interest in one commercial building, (ii) 33.5% subordinated interest in four commercial buildings and (iii) 49.0% interest in three commercial buildings, as well as the associated non-recourse mortgage loans, held through unconsolidated real estate ventures;

Note on presentation of "at share" information.

We present certain financial information and metrics "at JBG SMITH Share," which is calculated on an entity-by-entity basis, but exclude our:

(i) 10.0% subordinated interest in one commercial building, (ii) 33.5% subordinated interest in four commercial buildings, (iii) 49.0% interest in three commercial buildings and (iv) 9.9% interest in one commercial building, as well as the associated non-recourse mortgage loans, held through unconsolidated real estate ventures;

these interests and debt are excluded because our investment in each real estate venture is zero, we do not anticipate receiving any near-term cash flow distributions from the real estate ventures and we have not guaranteed their obligations or otherwise committed to providing financial support.

"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.

"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, 2023, 7.2% of our assets, as measured by total square feet, was 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,"

or "development pipeline."

The following tables provide information about each of our commercial, multifamily and development pipeline portfolios as of December 31, 2022.

Many of our assets in the development pipeline 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.

We classify our portfolio as "operating," "under-construction," or "development pipeline."

The following tables provide information about our multifamily, commercial and development pipeline portfolios as of December 31, 2023.

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

A 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.

Multifamily Assets

Same Store (2) :

Multifamily Assets

YTD 2022-2023

National Landing

RiverHouse Apartments

220 20th Street

Clark Street - Residential (3)

Fort Totten Square

F1RST Residences

Atlantic Plumbing

1221 Van Street

900 W Street (3)

North End Retail (4)

8001 Woodmont

Operating - Total / Weighted Average (3)

Under-Construction

National Landing

1900 Crystal Drive (5)

2000/2001 South Bell Street (5)

Under-Construction - Total

Totals at JBG SMITH Share (3)

National Landing

Operating - Total / Weighted Average

Under-construction assets

At 100% share, unless otherwise noted.

(1) "C" denotes a consolidated interest and "U" denotes an unconsolidated interest.

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

Clark Street - Residential and 900 W Street are excluded from percent leased and percent occupied metrics as they are operated as short-term rental properties .

(4) In January 2024, we sold North End Retail for a gross sales price of $14.3 million.

(5) In 2021, we leased the land underlying 1900 Crystal Drive and 2000/2001 South Bell Street to a lessee.

The assets are consolidated in our financial statements as they are owned through variable interest entities for which we are the primary beneficiary.

See Note 6 to the consolidated financial statements for additional information.

Commercial Assets

12 unchanged sentences

251 18th Street S.

2200 Crystal Drive

1901 South Bell Street

1770 Crystal Drive

Crystal City Marriott (345 Rooms)

2100 Crystal Drive

1 unchanged sentence

200 12th Street S.

Crystal City Shops at 2100 (3)

2200 Crystal Drive (3)

Crystal Drive Retail (3)

Crystal City Shops at 2100 (3)

Central Place Tower (4)

800 North Glebe Road

Stonebridge at Potomac Town Center (5)

Rosslyn Gateway-North

Rosslyn Gateway-South

2101 L Street

1101 17th Street

4747 Bethesda Avenue (6)

800 North Glebe Road

One Democracy Plaza (4) (5)

4747 Bethesda Avenue (6)

1101 17th Street

Operating - Total / Weighted Average

3 unchanged sentences

At 100% share, unless otherwise noted.

(1) "C"

denotes a consolidated interest and "U"

denotes an unconsolidated interest.

(2) "Y"

denotes an asset as same store and "N"

denotes an asset as non-same store.

(1) "C" denotes a consolidated interest and "U" denotes an unconsolidated interest.

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

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

4 unchanged sentences

241 18th Street S.

251 18th Street S.

1800 South Bell Street

Crystal City Shops at 2100

2200 Crystal Drive

Crystal Drive Retail

Crystal City Shops at 2100

Clark Street - Office

(4) Asset is subject to a ground lease where we are the lessee.

In February 2024, one of our unconsolidated real estate ventures sold Central Place Tower for a gross sales price of $325.0 million.

(5) Not Metro-served.

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

Multifamily Assets

Same Store (2) :

Multifamily Assets

YTD 2021-2022

National Landing

RiverHouse Apartments

220 20th Street

Clark Street - Residential (3)

Fort Totten Square

F1RST Residences

Atlantic Plumbing (5)

1221 Van Street

900 W Street (3)

North End Retail

8001 Woodmont (6)

Falkland Chase-South & West

Falkland Chase-North

Operating - Total / Weighted Average (3)

Under-Construction

National Landing

1900 Crystal Drive (7)

2000/2001 South Bell Street (7)

Under-Construction - Total

Totals at JBG SMITH Share (3)

National Landing

Operating - Total / Weighted Average

Under-construction assets

At 100% share, unless otherwise noted.

(1) "C"

denotes a consolidated interest and "U"

denotes an unconsolidated interest.

(2) "Y"

denotes an asset as same store and "N"

denotes an asset as non-same store.

Clark Street - Residential and 900 W Street are excluded from percent leased and percent occupied metrics as they are operated as short-term rental properties .

(4) In October 2022, we acquired an additional 3.7% ownership interest in The Wren, increasing our ownership interest to 99.7%.

In February 2023, we acquired the remaining 0.3% ownership interest in The Wren, increasing our ownership interest to 100.0%.

(5) In August 2022, we acquired the remaining 36.0% ownership interest in Atlantic Plumbing.

See Note 3 to the consolidated financial statements for additional information.

(6) In October 2022, we acquired the remaining 50.0% ownership interest in 8001 Woodmont.

See Note 3 to the consolidated financial statements for additional information.

(7) In 2021, we leased the land underlying 1900 Crystal Drive and 2000/2001 South Bell Street to a lessee.

The assets are consolidated in our financial statements as they are owned through variable interest entities for which we are the primary beneficiary.

See Note 6 to the consolidated financial statements for additional information.

Development Pipeline

1 unchanged sentence

National Landing

3330 Exchange Avenue (1)

3331 Exchange Avenue (1)

Potomac Yard Landbay F/G/H

50.0% / 100.0%

3330 Exchange Avenue

3331 Exchange Avenue

RiverHouse Land

2250 Crystal Drive

223 23rd Street

101 12th Street S.

RiverHouse Land

2525 Crystal Drive

101 12th Street S.

1800 South Bell Street Land (1)

Gallaudet Parcel 2-3 (2)

5 M Street Southwest

Capitol Point - North

4 unchanged sentences

At 100% share, unless otherwise noted.

(1) Formerly referred to as Potomac Yard Landbay F – Block 19 and 15.

(2) The ownership percentage for Potomac Yard Landbay F/G is 50.0%, and the ownership percentage for Potomac Yard Landbay H is 100.0%.

(1) Currently encumbered by an operating commercial asset.

(4) Formerly referred to as Gallaudet Parcel 1-3.

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

As of December 31, 2023, the weighted average remaining term for the option is 1.4 years.

(6) Comprises six assets in which we have a minority interest.

809,500 SF is currently encumbered by two operating commercial assets.

(3) Comprises four assets in which we have a minority interest.

Major Tenants

3 unchanged sentences

Lockheed Martin Corporation

Booz Allen Hamilton Inc

Accenture LLP

Public Broadcasting Service

Evolent Health LLC

Booz Allen Hamilton Inc

Greenberg Traurig LLP

The International Justice Mission

Includes all in-place leases as of December 31, 2022 for which a tenant has taken occupancy for office and retail space within our Operating Portfolio.

Family Health International

Includes all leases as of December 31, 2023 for which a tenant has taken occupancy for office and retail space within our Operating Portfolio.

Lease Expirations

The following table sets forth as of December 31, 2022 the scheduled expirations of tenant leases in our Operating Portfolio for each year from 2023 through 2031 and thereafter, assuming no exercise of renewal options or early termination rights:

The following table sets forth as of December 31, 2023 the scheduled expirations of tenant leases in our Operating Portfolio for each year from 2024 through 2032 and thereafter:

At JBG SMITH Share

4 unchanged sentences

Total / Weighted Average

Includes all in-place leases as of December 31, 2022 for office and retail space within our Operating Portfolio and assuming no exercise of renewal options or early termination rights.

Includes all leases as of December 31, 2023 for which a tenant has taken occupancy for office and retail space within our Operating Portfolio and assuming no exercise of renewal options or early termination rights.

The weighted average remaining lease term for the entire portfolio is 5.1 years.

6 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