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JBG SMITH Announces Third Quarter 2022 Results

JBG SMITH (NYSE: JBGS), a leading owner and developer of high-quality, mixed-use properties in the Washington, DC market, today filed its Form 10-Q for the quarter ended September 30, 2022 and reported its financial results.

Additional information regarding our results of operations, properties, and tenants can be found in our Third Quarter 2022 Investor Package and Investor Presentation, which are posted in the Investor Relations section of our website at www.jbgsmith.com. We encourage investors to consider the information presented here with the information in those documents.

Third Quarter 2022 Highlights

  • For the three and nine months ended September 30, 2022, net income (loss), Funds From Operations ("FFO") and Core FFO attributable to common shareholders were:

 

 

THIRD QUARTER AND FULL YEAR COMPARISON

in millions, except per share amounts

 

Three Months Ended

 

Nine Months Ended

 

 

 

September 30, 2022

 

September 30, 2021

 

September 30, 2022

 

September 30, 2021

 

 

 

Amount

Per Diluted Share

 

Amount

Per Diluted Share

 

Amount

Per Diluted Share

 

Amount

Per Diluted Share

 

Net income (loss) (1)

 

$

(19.3)

$

(0.17)

 

$

(0.9)

$

0.00

 

$

104.0

$

0.86

 

$

(22.8)

$

(0.18)

 

FFO (2)

 

$

40.1

$

0.35

 

$

36.0

$

0.27

 

$

125.0

$

1.03

 

$

116.2

$

0.88

 

Core FFO (2)

 

$

41.2

$

0.36

 

$

42.5

$

0.32

 

$

121.0

$

1.00

 

$

137.0

$

1.04

_________________

(1)

 

Includes an impairment loss recorded in connection with the preparation and review of the third quarter 2022 financial statements of $15.4 million associated with certain commercial assets, located in Washington, D.C., owned by one of our unconsolidated real estate ventures. Excluding this impairment loss, our net income (loss) would have been ($5.7) million and $117.5 million for the three and nine months ended September 30, 2022.

(2)

Includes straight-line rental revenue adjustments from the conversion of certain cash basis tenants to accrual; excluding these adjustments FFO would have been $37.3 million or $0.33 per diluted share and Core FFO would have been $38.4 million or $0.34 per diluted share for the three months ended September 30, 2022.

  • Annualized Net Operating Income ("NOI") for the three months ended September 30, 2022 was $322.0 million, compared to $337.1 million for the three months ended June 30, 2022, at our share. (Excluding the assets that were sold or recapitalized, Annualized NOI for the three months ended September 30, 2022 was $321.4 million, compared to $328.9 million for the three months ended June 30, 2022, at our share.)
    • The decrease in Annualized NOI was substantially attributable to (i) an increase in abatement as a result of previously executed lease renewals across the commercial portfolio and (ii) higher utilities due to seasonality, partially offset by (iii) higher occupancy and rents in our multifamily portfolio, (iv) higher parking revenue in our commercial portfolio and (v) the purchase of our partner’s ownership interest in Atlantic Plumbing.
  • Same Store NOI ("SSNOI") at our share increased 11.5% year-over-year to $78.1 million for the three months ended September 30, 2022. SSNOI at our share increased 13.0% year-over-year to $231.5 million for the nine months ended September 30, 2022.
    • The increase in SSNOI for the third quarter was substantially attributable to (i) higher occupancy and rents and lower concessions in our multifamily portfolio, (ii) higher occupancy and average daily rates at the Crystal City Marriott, (iii) an increase in parking revenue in our commercial portfolio and (iv) abatement burn-off at certain assets.

Operating Portfolio

  • The operating commercial portfolio was 88.3% leased and 85.9% occupied as of September 30, 2022, compared to 87.3% and 86.1% as of June 30, 2022, at our share.
  • The operating multifamily portfolio was 95.5% leased and 93.7% occupied as of September 30, 2022, compared to 95.7% and 92.3% as of June 30, 2022, at our share. (Excluding 8001 Woodmont, our multifamily portfolio ended the quarter at 96.0% leased and 94.1% occupied.)
  • Executed approximately 207,000 square feet of office leases at our share during the three months ended September 30, 2022, comprising approximately 116,000 square feet of first-generation leases and approximately 91,000 square feet of second-generation leases, which generated a 5.3% rental rate increase on a GAAP basis and a 2.7% rental rate decrease on a cash basis.
  • Executed approximately 743,000 square feet of office leases at our share during the nine months ended September 30, 2022, comprising approximately 166,000 square feet of first-generation leases and approximately 577,000 square feet of second-generation leases, which generated a 5.6% rental rate decrease on a GAAP basis and an 8.7% rental rate decrease on a cash basis.

Development Portfolio

Under-Construction

  • As of September 30, 2022, we had two multifamily assets under construction consisting of 1,583 units at our share.

Near-Term Development Pipeline

  • As of September 30, 2022, we had eight near-term development pipeline assets consisting of 3.5 million square feet of estimated potential development density at our share.

Future Development Pipeline

  • As of September 30, 2022, we had 16 future development pipeline assets consisting of 6.3 million square feet of estimated potential development density at our share.

Third-Party Asset Management and Real Estate Services Business

  • For the three months ended September 30, 2022, revenue from third-party real estate services, including reimbursements, was $21.8 million. Excluding reimbursements and service revenue from our interests in consolidated and unconsolidated real estate ventures, revenue from our third-party asset management and real estate services business was $10.8 million, primarily driven by $5.8 million of property and asset management fees, $1.7 million of leasing fees, $1.7 million of other service revenue and $1.4 million of development fees.

Balance Sheet

  • As of September 30, 2022, our total enterprise value was approximately $4.7 billion, comprising 128.8 million common shares and units valued at $2.4 billion, and debt (net of premium / (discount) and deferred financing costs) at our share of $2.6 billion, less cash and cash equivalents at our share of $272.4 million.
  • As of September 30, 2022, we had $258.9 million of cash and cash equivalents ($272.4 million of cash and cash equivalents at our share), and $949.5 million of capacity under our credit facility inclusive of our capacity under the term loan.
  • Net Debt to annualized Adjusted EBITDA at our share for the three months ended September 30, 2022 was 7.9x and our Net Debt / total enterprise value was 49.3% as of September 30, 2022. Net Debt to annualized Adjusted EBITDA would have been 7.7x for the three months ended September 30, 2022, and Net Debt / total enterprise value would have been 48.6% as of September 30, 2022 after adjusting for acquisitions and dispositions that occurred during and subsequent to quarter end.

Investing and Financing Activities

  • In July 2022, we borrowed $100.0 million under our revolving credit facility, which was repaid in October 2022.
  • In July 2022, our Tranche A‑2 Term Loan was amended to increase its borrowing capacity by $200.0 million. The incremental $200.0 million includes a delayed draw feature, of which $150.0 million was drawn in September 2022 and the remaining $50.0 million was undrawn as of the date of this release. The amendment extends the maturity date of the term loan from July 2024 to January 2028 and amends the interest rate to SOFR plus 1.25% based on our current leverage level with a resulting all-in interest rate of 3.40%, including our current interest rate swaps. We also entered into two forward-starting interest rate swaps with an effective date of July 2024 and a total notional value of $200.0 million, which will effectively fix SOFR at a weighted average interest rate of 2.80% through the maturity date, resulting in an all-in interest rate of 4.05% beginning in July 2024 based on our current leverage level.
  • In August 2022, we entered into a mortgage loan with a principal balance of $97.5 million, collateralized by WestEnd25. The mortgage loan has a seven-year term and an interest rate of SOFR plus 1.45%. We also entered into an interest rate swap with a total notional value of $97.5 million, which effectively fixes SOFR at an average interest rate of 2.71% through the maturity date.
  • In August 2022, we acquired the remaining 36.0% ownership interest in an unconsolidated real estate venture that owned Atlantic Plumbing, a multifamily asset, for $55.7 million, including the assumption of $36.0 million of debt. The asset was encumbered by a $100.0 million mortgage, which was repaid subsequent to the acquisition in August 2022.
  • We repurchased and retired 2.3 million common shares for $54.0 million, a weighted average purchase price per share of $23.35.

Subsequent to September 30, 2022:

  • On October 4, 2022, we acquired an additional 3.7% ownership interest in The Wren, a multifamily asset owned by a consolidated real estate venture, for $9.5 million, increasing our ownership interest to 99.7%.
  • On October 5, 2022, we acquired the remaining 50.0% ownership interest in 8001 Woodmont, a multifamily asset owned by an unconsolidated real estate venture, for $115.0 million, including the assumption of $51.9 million of debt at our share. The asset is encumbered by a $103.8 million mortgage, which is consolidated in our balance sheet as of the date of acquisition.

Dividends

  • On October 25, 2022, our Board of Trustees declared a quarterly dividend of $0.225 per common share, payable on November 22, 2022 to shareholders of record as of November 8, 2022.

About JBG SMITH

JBG SMITH owns, operates, invests in, and develops a dynamic portfolio of mixed-use properties in the high growth and high barrier-to-entry submarkets in and around Washington, DC. Through an intense focus on placemaking, JBG SMITH cultivates vibrant, amenity-rich, walkable neighborhoods throughout the Washington, DC metropolitan area. Over half of JBG SMITH's holdings are in the National Landing submarket in Northern Virginia, where it serves as the developer for Amazon's new headquarters, and where Virginia Tech's $1 billion Innovation Campus is under construction. JBG SMITH's portfolio currently comprises 15.6 million square feet of high-growth office, multifamily and retail assets at share, 98% of which are metro-served. It also maintains a development pipeline encompassing 9.8 million square feet of mixed-use development opportunities. JBG SMITH is committed to the operation and development of green, smart, and healthy buildings and plans to maintain carbon neutral operations annually. For more information on JBG SMITH please visit www.jbgsmith.com.

Forward-Looking Statements

Certain statements contained herein may constitute "forward-looking statements" as such term is defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements are not guarantees of performance. They represent our intentions, plans, expectations and beliefs and are subject to numerous assumptions, risks and uncertainties. Consequently, the future results, financial condition and business of JBG SMITH Properties ("JBG SMITH", the "Company", "we", "us", "our" or similar terms) may differ materially from those expressed in these forward-looking statements. You can find many of these statements by looking for words such as "approximate", "hypothetical", "potential", "believes", "expects", "anticipates", "estimates", "intends", "plans", "would", "may" or similar expressions in this earnings release. Investors are cautioned to interpret many of the risks identified under the section titled "Risk Factors" in our Annual Report on Form 10-K for the fiscal year ended December 31, 2021 as being heightened as a result of the ongoing and numerous adverse impacts of the COVID-19 pandemic. We also note the following forward-looking statements: the impact of COVID-19 and the ensuing economic turmoil on our Company, NOI, SSNOI, net asset value, share price, occupancy rates, revenue from our multifamily and commercial portfolios, operating costs, deferrals of rent, uncollectible operating lease receivables, parking revenue, and burn-off of rent abatement; the impact of disruptions to the credit and capital markets on our ability to access capital, including refinancing maturing debt; changes to the amount and manner in which tenants use space; whether we incur additional costs or make additional concessions or offer other incentives to existing or prospective tenants to reconfigure space; whether the Washington, DC area will be more resilient than other parts of the country in any recession; whether we will recognize currently estimated unrecognized development fee revenue on the anticipated timing or at all; our annual dividend per share and dividend yield; whether in the case of our under-construction and near-term development pipeline assets, estimated square feet, estimated number of units and in the case of our future development pipeline assets, estimated potential development density are accurate; expected timing, completion, modifications and delivery dates for the projects we are developing for Amazon; planned infrastructure and educational improvements related to Amazon's additional headquarters and the Virginia Tech Innovation Campus; the economic impact, job growth, expansion of public transportation and related demand for multifamily and commercial properties of Amazon's additional headquarters on the DC area and National Landing and the speed with which such impact occurs and Amazon's plans for accelerated hiring and in-person work requirements; the impact of our role as the developer, property manager and retail leasing agent in connection with Amazon's new headquarters; our development plans related to National Landing; our ability to satisfy environmental, social or governance standards set by various constituencies; and whether we can access agency debt secured by our currently unencumbered multifamily assets timely, on reasonable terms or at all; whether our estimated borrowing capacity is accurate; and whether the allocation of capital to our share repurchase plan has any impact on our share price.

Many of the factors that will determine the outcome of these and our other forward-looking statements are beyond our ability to control or predict. These factors include, among others: adverse economic conditions in the Washington, DC metropolitan area, including in relation to COVID-19, the timing of and costs associated with development and property improvements, financing commitments, and general competitive factors. For further discussion of factors that could materially affect the outcome of our forward-looking statements and other risks and uncertainties, see "Risk Factors," "Management's Discussion and Analysis of Financial Condition and Results of Operations" and the Cautionary Statement Concerning Forward-Looking Statements in the Company's Annual Report on Form 10‑K for the year ended December 31, 2021 and other periodic reports the Company files with the Securities and Exchange Commission. For these statements, we claim the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. You are cautioned not to place undue reliance on our forward-looking statements. All subsequent written and oral forward-looking statements attributable to us or any person acting on our behalf are expressly qualified in their entirety by the cautionary statements contained or referred to in this section. We do not undertake any obligation to release publicly any revisions to our forward-looking statements to reflect events or circumstances occurring after the date hereof.

Pro Rata Information

We present certain financial information and metrics in this release "at JBG SMITH Share," which refers to our ownership percentage of consolidated and unconsolidated assets in real estate ventures (collectively, "real estate ventures") as applied to these financial measures and metrics. Financial information "at JBG SMITH Share" is calculated on an asset-by-asset basis by applying our percentage economic interest to each applicable line item of that asset's financial information. "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. Given that a substantial portion of our assets are held through real estate ventures, we believe this form of presentation, which presents our economic interests in the partially owned entities, provides investors valuable information regarding a significant component of our portfolio, its composition, performance and capitalization.

We do not control the unconsolidated real estate ventures and do not have a legal claim to our co-venturers' share of assets, liabilities, revenue and expenses. The operating agreements of the unconsolidated real estate ventures generally allow each co-venturer to receive cash distributions to the extent there is available cash from operations. The amount of cash each investor receives is based upon specific provisions of each operating agreement and varies depending on certain factors including the amount of capital contributed by each investor and whether any investors are entitled to preferential distributions.

With respect to any such third-party arrangement, we would not be in a position to exercise sole decision-making authority regarding the property, real estate venture or other entity, and may, under certain circumstances, be exposed to economic risks not present were a third-party not involved. We and our respective co-venturers may each have the right to trigger a buy-sell or forced sale arrangement, which could cause us to sell our interest, or acquire our co-venturers' interests, or to sell the underlying asset, either on unfavorable terms or at a time when we otherwise would not have initiated such a transaction. Our real estate ventures may be subject to debt, and the repayment or refinancing of such debt may require equity capital calls. To the extent our co-venturers do not meet their obligations to us or our real estate ventures or they act inconsistent with the interests of the real estate venture, we may be adversely affected. Because of these limitations, the non-GAAP "at JBG SMITH Share" financial information should not be considered in isolation or as a substitute for our financial statements as reported under GAAP.

Occupancy, non-GAAP financial measures, leverage metrics, operating assets and operating metrics presented in our investor package exclude our 10.0% subordinated interest in one commercial building and our 33.5% subordinated interest in four commercial buildings, as well as the associated non-recourse mortgages payable, held through unconsolidated real estate ventures, as 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.

Non-GAAP Financial Measures

This release includes non-GAAP financial measures. For these measures, we have provided an explanation of how these non-GAAP measures are calculated and why JBG SMITH's management believes that the presentation of these measures provides useful information to investors regarding JBG SMITH's financial condition and results of operations. Reconciliations of certain non-GAAP measures to the most directly comparable GAAP financial measure are included in this earnings release. Our presentation of non-GAAP financial measures may not be comparable to similar non-GAAP measures used by other companies. In addition to "at share" financial information, the following non-GAAP measures are included in this release:

Earnings Before Interest, Taxes, Depreciation and Amortization ("EBITDA"), EBITDA for Real Estate ("EBITDAre") and "Adjusted EBITDA" are non-GAAP financial measures. EBITDA and EBITDAre are used by management as supplemental operating performance measures, which we believe help investors and lenders meaningfully evaluate and compare our operating performance from period-to-period by removing from our operating results the impact of our capital structure (primarily interest charges from our outstanding debt and the impact of our interest rate swaps) and certain non-cash expenses (primarily depreciation and amortization on our assets). EBITDAre is computed in accordance with the definition established by the National Association of Real Estate Investment Trusts ("Nareit"). Nareit defines EBITDAre as GAAP net income (loss) adjusted to exclude interest expense, income taxes, depreciation and amortization expenses, gains and losses on sales of real estate and impairment write-downs of certain real estate assets and investments in entities when the impairment is directly attributable to decreases in the value of depreciable real estate held by the entity, including our share of such adjustments of unconsolidated real estate ventures. These supplemental measures may help investors and lenders understand our ability to incur and service debt and to make capital expenditures. EBITDA and EBITDAre are not substitutes for net income (loss) (computed in accordance with GAAP) and may not be comparable to similarly titled measures used by other companies.

Adjusted EBITDA represents EBITDAre adjusted for items we believe are not representative of ongoing operating results, such as Transaction and Other Costs, impairment write-downs of right-of-use assets associated with leases in which we are a lessee, gain (loss) on the extinguishment of debt, earnings (losses) and distributions in excess of our investment in unconsolidated real estate ventures, lease liability adjustments, income from investments, business interruption insurance proceeds and share-based compensation expense related to the Formation Transaction and special equity awards. We believe that adjusting such items not considered part of our comparable operations, provides a meaningful measure to evaluate and compare our performance from period-to-period.

Because EBITDA, EBITDAre and Adjusted EBITDA have limitations as analytical tools, we use EBITDA, EBITDAre and Adjusted EBITDA to supplement GAAP financial measures. Additionally, we believe that users of these measures should consider EBITDA, EBITDAre and Adjusted EBITDA in conjunction with net income (loss) and other GAAP measures in understanding our operating results.

Funds from Operations ("FFO"), "Core FFO" and Funds Available for Distribution ("FAD") are non-GAAP financial measures. FFO is computed in accordance with the definition established by Nareit in the Nareit FFO White Paper - 2018 Restatement. Nareit defines FFO as net income (loss) (computed in accordance with GAAP), excluding depreciation and amortization related to real estate, gains and losses from the sale of certain real estate assets, gains and losses from change in control and impairment write-downs of certain real estate assets and investments in entities when the impairment is directly attributable to decreases in the value of depreciable real estate held by the entity, including our share of such adjustments for unconsolidated real estate ventures.

Core FFO represents FFO adjusted to exclude items which we believe are not representative of ongoing operating results, such as Transaction and Other Costs, impairment write-downs of right-of-use assets associated with leases in which we are a lessee, gains (or losses) on the extinguishment of debt, earnings (losses) and distributions in excess of our investment in unconsolidated real estate ventures, share-based compensation expense related to the Formation Transaction and special equity awards, lease liability adjustments, income from investments, business interruption insurance proceeds, amortization of the management contracts intangible and the mark-to-market of derivative instruments including our share of such adjustments for unconsolidated real estate ventures.

FAD represents Core FFO less recurring tenant improvements, leasing commissions and other capital expenditures, net deferred rent activity, third-party lease liability assumption payments, recurring share-based compensation expense, accretion of acquired below-market leases, net of amortization of acquired above-market leases, amortization of debt issuance costs and other non-cash income and charges, including our share of such adjustments for unconsolidated real estate ventures. FAD is presented solely as a supplemental disclosure that management believes provides useful information as it relates to our ability to fund dividends.

We believe FFO, Core FFO and FAD are meaningful non‑GAAP financial measures useful in comparing our levered operating performance from period-to-period and as compared to similar real estate companies because these non‑GAAP measures exclude real estate depreciation and amortization expense, which implicitly assumes that the value of real estate diminishes predictably over time rather than fluctuating based on market conditions, and other non-comparable income and expenses. FFO, Core FFO and FAD do not represent cash generated from operating activities and are not necessarily indicative of cash available to fund cash requirements and should not be considered as an alternative to net income (loss) (computed in accordance with GAAP) as a performance measure or cash flow as a liquidity measure. FFO, Core FFO and FAD may not be comparable to similarly titled measures used by other companies.

"Net Debt" is a non-GAAP financial measurement. Net Debt represents our total consolidated and unconsolidated indebtedness less cash and cash equivalents at our share. Net Debt is an important component in the calculations of Net Debt to Annualized Adjusted EBITDA and Net Debt / total enterprise value. We believe that Net Debt is a meaningful non-GAAP financial measure useful to investors because we review Net Debt as part of the management of our overall financial flexibility, capital structure and leverage. We may utilize a considerable portion of our cash and cash equivalents at any given time for purposes other than debt reduction. In addition, cash and cash equivalents at our share may not be solely controlled by us. The deduction of cash and cash equivalents at our share from consolidated and unconsolidated indebtedness in the calculation of Net Debt, therefore, should not be understood to mean that it is available exclusively for debt reduction at any given time.

Net Operating Income ("NOI") and "Annualized NOI" are non-GAAP financial measures management uses to assess a segment's performance. The most directly comparable GAAP measure is net income (loss) attributable to common shareholders. We use NOI internally as a performance measure and believe NOI provides useful information to investors regarding our financial condition and results of operations because it reflects only property related revenue (which includes base rent, tenant reimbursements and other operating revenue, net of Free Rent and payments associated with assumed lease liabilities) less operating expenses and ground rent for operating leases, if applicable. NOI also excludes deferred rent, related party management fees, interest expense, and certain other non-cash adjustments, including the accretion of acquired below-market leases and the amortization of acquired above-market leases and below-market ground lease intangibles. Management uses NOI as a supplemental performance measure of our assets and believes it provides useful information to investors because it reflects only those revenue and expense items that are incurred at the asset level, excluding non-cash items. In addition, NOI is considered by many in the real estate industry to be a useful starting point for determining the value of a real estate asset or group of assets. However, because NOI excludes depreciation and amortization and captures neither the changes in the value of our assets that result from use or market conditions, nor the level of capital expenditures and capitalized leasing commissions necessary to maintain the operating performance of our assets, all of which have real economic effect and could materially impact the financial performance of our assets, the utility of NOI as a measure of the operating performance of our assets is limited. NOI presented by us may not be comparable to NOI reported by other REITs that define these measures differently. We believe to facilitate a clear understanding of our operating results, NOI should be examined in conjunction with net income (loss) attributable to common shareholders as presented in our financial statements. NOI should not be considered as an alternative to net income (loss) attributable to common shareholders as an indication of our performance or to cash flows as a measure of liquidity or our ability to make distributions. Annualized NOI, for all assets except Crystal City Marriott, represents NOI for the three months ended September 30, 2022 multiplied by four. Due to seasonality in the hospitality business, Annualized NOI for Crystal City Marriott represents the trailing 12‑month NOI as of September 30, 2022. Management believes Annualized NOI provides useful information in understanding our financial performance over a 12‑month period, however, investors and other users are cautioned against attributing undue certainty to our calculation of Annualized NOI. Actual NOI for any 12‑month period will depend on a number of factors beyond our ability to control or predict, including general capital markets and economic conditions, any bankruptcy, insolvency, default or other failure to pay rent by one or more of our tenants and the destruction of one or more of our assets due to terrorist attack, natural disaster or other casualty, among others. We do not undertake any obligation to update our calculation to reflect events or circumstances occurring after the date of this earnings release. There can be no assurance that the Annualized NOI shown will reflect our actual results of operations over any 12‑month period.

Definitions

"Development Pipeline" refers to the Near-Term Development and Future Development Pipelines.

"Estimated Potential Development Density" reflects management's estimate of developable gross square feet based on our current business plans with respect to real estate owned or controlled as of September 30, 2022. Our current business plans may contemplate development of less than the maximum potential development density for individual assets. As market conditions change, our business plans, and therefore, the Estimated Potential Development Density, could change accordingly. Given timing, zoning requirements and other factors, we make no assurance that Estimated Potential Development Density amounts will become actual density to the extent we complete development of assets for which we have made such estimates.

"First-generation" is a lease on space that had been vacant for at least nine months or a lease on newly delivered space.

"Formation Transaction" refers collectively to the spin-off on July 17, 2017 of substantially all of the assets and liabilities of Vornado Realty Trust's Washington, DC segment, which operated as Vornado / Charles E. Smith, and the acquisition of the management business and certain assets and liabilities of The JBG Companies.

"Free Rent" means the amount of base rent and tenant reimbursements that are abated according to the applicable lease agreement(s).

"Future Development Pipeline" refers to assets that are development opportunities on which we do not intend to commence construction within the next three years 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.

"GAAP" refers to accounting principles generally accepted in the United States of America.

"In-Service" refers to commercial or multifamily assets that are at or above 90% leased or have been operating and collecting rent for more than 12 months as of September 30, 2022.

"Near-Term Development Pipeline" refers to select assets that have the potential to commence construction over the next three years, subject to receipt of full entitlements, completion of design and market conditions.

"Non-Same Store" refers to all operating assets excluded from the same store pool.

"Same Store" refers to the pool of assets that were in-service for the entirety of both periods being compared, which excludes assets for which significant redevelopment, renovation, or repositioning occurred during either of the periods being compared.

"Second-generation" is a lease on space that had been vacant for less than nine months.

"Transaction and Other Costs" include demolition costs, integration and severance costs, pursuit costs related to other completed, potential and pursued transactions, as well as other expenses.

"Under-Construction" refers to assets that were under construction during the three months ended September 30, 2022.

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)

 

 

 

 

 

 

 

 

 

 

in thousands

 

September 30, 2022

 

December 31, 2021

 

 

 

 

 

 

 

 

 

 

 

ASSETS

 

 

 

 

 

 

 

 

Real estate, at cost:

 

 

 

 

 

 

 

 

Land and improvements

 

$

1,273,947

 

$

1,378,218

 

 

Buildings and improvements

 

 

4,117,823

 

 

4,513,606

 

 

Construction in progress, including land

 

 

471,867

 

 

344,652

 

 

 

 

 

5,863,637

 

 

6,236,476

 

 

Less: accumulated depreciation

 

 

(1,299,818)

 

 

(1,368,003)

 

 

Real estate, net

 

 

4,563,819

 

 

4,868,473

 

 

Cash and cash equivalents

 

 

258,871

 

 

264,356

 

 

Restricted cash

 

 

212,998

 

 

37,739

 

 

Tenant and other receivables

 

 

48,221

 

 

44,496

 

 

Deferred rent receivable

 

 

161,994

 

 

192,265

 

 

Investments in unconsolidated real estate ventures

 

 

360,846

 

 

462,885

 

 

Intangible assets, net

 

 

155,812

 

 

201,956

 

 

Other assets, net

 

 

133,419

 

 

240,160

 

 

Assets held for sale

 

 

 

 

73,876

 

 

TOTAL ASSETS

 

$

5,895,980

 

$

6,386,206

 

 

 

 

 

 

 

 

 

 

 

LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY

 

 

 

 

 

 

 

 

Liabilities:

 

 

 

 

 

 

 

 

Mortgages payable, net

 

$

1,741,605

 

$

1,777,699

 

 

Revolving credit facility

 

 

100,000

 

 

300,000

 

 

Unsecured term loans, net

 

 

546,888

 

 

398,664

 

 

Accounts payable and accrued expenses

 

 

130,408

 

 

106,136

 

 

Other liabilities, net

 

 

98,831

 

 

342,565

 

 

Total liabilities

 

 

2,617,732

 

 

2,925,064

 

 

Commitments and contingencies

 

 

 

 

 

 

 

 

Redeemable noncontrolling interests

 

 

491,479

 

 

522,725

 

 

Total equity

 

 

2,786,769

 

 

2,938,417

 

 

TOTAL LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY

 

$

5,895,980

 

$

6,386,206

 

_________________

Note: For complete financial statements, please refer to our Quarterly Report on Form 10-Q for the quarter ended September 30, 2022.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

in thousands, except per share data

 

Three Months Ended September 30,

 

Nine Months Ended September 30,

 

 

2022

 

2021

 

2022

 

2021

REVENUE

 

 

 

 

 

 

 

 

 

 

 

 

Property rental

 

$

119,811

 

$

125,900

 

$

368,445

 

$

370,960

Third-party real estate services, including reimbursements

 

 

21,845

 

 

25,842

 

 

67,972

 

 

90,694

Other revenue

 

 

5,958

 

 

5,280

 

 

18,667

 

 

15,301

Total revenue

 

 

147,614

 

 

157,022

 

 

455,084

 

 

476,955

EXPENSES

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

50,056

 

 

56,726

 

 

157,597

 

 

178,130

Property operating

 

 

36,380

 

 

40,198

 

 

112,469

 

 

109,929

Real estate taxes

 

 

14,738

 

 

18,259

 

 

47,870

 

 

55,127

General and administrative:

 

 

 

 

 

 

 

 

 

 

 

 

Corporate and other

 

 

12,072

 

 

12,105

 

 

42,669

 

 

38,475

Third-party real estate services

 

 

21,230

 

 

25,542

 

 

72,422

 

 

80,035

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

 

 

548

 

 

3,480

 

 

4,369

 

 

12,866

Transaction and other costs

 

 

1,746

 

 

2,951

 

 

4,632

 

 

8,911

Total expenses

 

 

136,770

 

 

159,261

 

 

442,028

 

 

483,473

OTHER INCOME (EXPENSE)

 

 

 

 

 

 

 

 

 

 

 

 

Income (loss) from unconsolidated real estate ventures, net

 

 

(13,867)

 

 

20,503

 

 

(12,829)

 

 

23,513

Interest and other income, net

 

 

984

 

 

192

 

 

16,902

 

 

163

Interest expense

 

 

(17,932)

 

 

(17,243)

 

 

(50,251)

 

 

(50,312)

Gain on the sale of real estate, net

 

 

 

 

 

 

158,631

 

 

11,290

Loss on the extinguishment of debt

 

 

(1,444)

 

 

 

 

(3,073)

 

 

Total other income (expense)

 

 

(32,259)

 

 

3,452

 

 

109,380

 

 

(15,346)

INCOME (LOSS) BEFORE INCOME TAX EXPENSE

 

 

(21,415)

 

 

1,213

 

 

122,436

 

 

(21,864)

Income tax expense

 

 

(166)

 

 

(217)

 

 

(2,600)

 

 

(4,527)

NET INCOME (LOSS)

 

 

(21,581)

 

 

996

 

 

119,836

 

 

(26,391)

Net (income) loss attributable to redeemable noncontrolling interests

 

 

2,546

 

 

(103)

 

 

(15,712)

 

 

2,472

Net (income) loss attributable to noncontrolling interests

 

 

(258)

 

 

 

 

(174)

 

 

1,108

NET INCOME (LOSS) ATTRIBUTABLE TO COMMON SHAREHOLDERS

 

$

(19,293)

 

$

893

 

$

103,950

 

$

(22,811)

EARNINGS (LOSS) PER COMMON SHARE - BASIC AND DILUTED

 

$

(0.17)

 

$

0.00

 

$

0.86

 

$

(0.18)

WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING - BASIC AND DILUTED

 

 

114,360

 

 

131,351

 

 

120,741

 

 

131,456

_________________

Note: For complete financial statements, please refer to our Quarterly Report on Form 10-Q for the quarter ended September 30, 2022.

EBITDA, EBITDAre AND ADJUSTED EBITDA RECONCILIATIONS (NON-GAAP)

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

dollars in thousands

 

Three Months Ended September 30,

 

Nine Months Ended September 30,

 

 

 

 

2022

 

2021

 

2022

 

2021

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

EBITDA, EBITDAre and Adjusted EBITDA

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss)

 

$

(21,581)

 

$

996

 

$

119,836

 

$

(26,391)

 

 

Depreciation and amortization expense

 

 

50,056

 

 

56,726

 

 

157,597

 

 

178,130

 

 

Interest expense

 

 

17,932

 

 

17,243

 

 

50,251

 

 

50,312

 

 

Income tax expense

 

 

166

 

 

217

 

 

2,600

 

 

4,527

 

 

Unconsolidated real estate ventures allocated share of above adjustments

 

 

7,725

 

 

10,147

 

 

27,048

 

 

30,892

 

 

EBITDA attributable to noncontrolling interests

 

 

(28)

 

 

(54)

 

 

(101)

 

 

976

 

 

EBITDA

 

$

54,270

 

$

85,275

 

$

357,231

 

$

238,446

 

 

Gain on the sale of real estate, net

 

 

 

 

 

 

(158,631)

 

 

(11,290)

 

 

Gain on the sale of unconsolidated real estate assets

 

 

 

 

(23,137)

 

 

(6,179)

 

 

(28,326)

 

 

Impairment related to unconsolidated real estate ventures (1)

 

 

15,401

 

 

1,380

 

 

15,401

 

 

1,380

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

EBITDAre

 

$

69,671

 

$

63,518

 

$

207,822

 

$

200,210

 

 

Transaction and other costs, net of noncontrolling interests (2)

 

 

1,746

 

 

2,951

 

 

4,598

 

 

7,803

 

 

(Income) loss from investments, net

 

 

567

 

 

 

 

(14,721)

 

 

 

 

Loss on the extinguishment of debt

 

 

1,444

 

 

 

 

3,073

 

 

 

 

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

 

 

548

 

 

3,480

 

 

4,369

 

 

12,866

 

 

Earnings and distributions in excess of our investment in unconsolidated real estate venture

 

 

(18)

 

 

(280)

 

 

(583)

 

 

(702)

 

 

Unconsolidated real estate ventures allocated share of above adjustments

 

 

34

 

 

130

 

 

2,079

 

 

170

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted EBITDA

 

$

73,992

 

$

69,799

 

$

206,637

 

$

220,347

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Debt to Annualized Adjusted EBITDA (3)

 

 

7.9

x

 

7.9

x

 

8.4

x

 

7.5

x

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

September 30, 2022

 

September 30, 2021

 

 

Net Debt (at JBG SMITH Share)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Consolidated indebtedness (4)

 

 

 

 

 

 

 

$

2,382,429

 

$

2,063,426

 

 

Unconsolidated indebtedness (4)

 

 

 

 

 

 

 

 

215,341

 

 

362,698

 

 

Total consolidated and unconsolidated indebtedness

 

 

 

 

 

 

 

 

2,597,770

 

 

2,426,124

 

 

Less: cash and cash equivalents

 

 

 

 

 

 

 

 

272,388

 

 

213,612

 

 

Net Debt (at JBG SMITH Share)

 

 

 

 

 

 

 

$

2,325,382

 

$

2,212,512

 

_________________

Note: All EBITDA measures as shown above are attributable to common limited partnership units ("OP Units") and certain fully-vested incentive equity awards that are convertible into OP Units.

(1)

Related to decreases in the value of the underlying assets.

(2)

Includes demolition costs, integration and severance costs, pursuit costs related to other completed, potential and pursued transactions, as well as other expenses.

(3)

Calculated using Net Debt. Quarterly Adjusted EBITDA is annualized by multiplying by four. Adjusted EBITDA for the nine months ended September 30, 2022 and 2021 is annualized by multiplying by 1.33. Net Debt to annualized Adjusted EBITDA would have been 7.7x and 8.7x for the three and nine months ended September 30, 2022, after adjusting for acquisitions and dispositions that occurred during and subsequent to quarter end.

(4)

Net of premium/discount and deferred financing costs.

FFO, CORE FFO AND FAD RECONCILIATIONS (NON-GAAP)

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

in thousands, except per share data

 

Three Months Ended September 30,

 

Nine Months Ended September 30,

 

 

 

 

2022

 

2021

2022

 

2021

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

FFO and Core FFO

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss) attributable to common shareholders

 

$

(19,293)

 

$

893

 

$

103,950

 

$

(22,811)

 

 

Net income (loss) attributable to redeemable noncontrolling interests

 

 

(2,546)

 

 

103

 

 

15,712

 

 

(2,472)

 

 

Net income (loss) attributable to noncontrolling interests

 

 

258

 

 

 

 

174

 

 

(1,108)

 

 

Net income (loss)

 

 

(21,581)

 

 

996

 

 

119,836

 

 

(26,391)

 

 

Gain on the sale of real estate, net of tax

 

 

 

 

 

 

(155,506)

 

 

(11,290)

 

 

Gain on the sale of unconsolidated real estate assets

 

 

 

 

(23,137)

 

 

(6,179)

 

 

(28,326)

 

 

Real estate depreciation and amortization

 

 

47,840

 

 

54,547

 

 

150,599

 

 

171,522

 

 

Impairment related to unconsolidated real estate ventures (1)

 

 

15,401

 

 

1,380

 

 

15,401

 

 

1,380

 

 

Pro rata share of real estate depreciation and amortization from unconsolidated real estate ventures

 

 

4,999

 

 

7,002

 

 

18,285

 

 

21,590

 

 

FFO attributable to noncontrolling interests

 

 

(336)

 

 

(54)

 

 

(409)

 

 

976

 

 

FFO Attributable to OP Units

 

$

46,323

 

$

40,734

 

$

142,027

 

$

129,461

 

 

FFO attributable to redeemable noncontrolling interests

 

 

(6,227)

 

 

(4,703)

 

 

(17,070)

 

 

(13,242)

 

 

FFO Attributable to Common Shareholders

 

$

40,096

 

$

36,031

 

$

124,957

 

$

116,219

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

FFO attributable to OP Units

 

$

46,323

 

$

40,734

 

$

142,027

 

$

129,461

 

 

Transaction and other costs, net of tax and noncontrolling interests (2)

 

 

1,597

 

 

2,928

 

 

4,332

 

 

7,721

 

 

(Income) loss from investments, net

 

 

567

 

 

 

 

(10,928)

 

 

 

 

(Gain) loss from mark-to-market on derivative instruments, net of noncontrolling interests

 

 

(2,779)

 

 

37

 

 

(8,173)

 

 

(50)

 

 

Loss on the extinguishment of debt

 

 

1,444

 

 

 

 

3,073

 

 

 

 

Earnings and distributions in excess of our investment in unconsolidated real estate venture

 

 

(18)

 

 

(280)

 

 

(583)

 

 

(702)

 

 

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

 

 

548

 

 

3,480

 

 

4,369

 

 

12,866

 

 

Amortization of management contracts intangible, net of tax

 

 

1,105

 

 

1,072

 

 

3,316

 

 

3,217

 

 

Unconsolidated real estate ventures allocated share of above adjustments

 

 

(416)

 

 

112

 

 

1,129

 

 

108

 

 

Core FFO Attributable to OP Units

 

$

48,371

 

$

48,083

 

$

138,562

 

$

152,621

 

 

Core FFO attributable to redeemable noncontrolling interests

 

 

(7,158)

 

 

(5,552)

 

 

(17,541)

 

 

(15,612)

 

 

Core FFO Attributable to Common Shareholders

 

$

41,213

 

$

42,531

 

$

121,021

 

$

137,009

 

 

FFO per common share - diluted

 

$

0.35

 

$

0.27

 

$

1.03

 

$

0.88

 

 

Core FFO per common share - diluted

 

$

0.36

 

$

0.32

 

$

1.00

 

$

1.04

 

 

Weighted average shares - diluted (FFO and Core FFO)

 

 

114,387

 

 

131,351

 

 

120,752

 

 

131,456

 

 

See footnotes under table below.

FFO, CORE FFO AND FAD RECONCILIATIONS (NON-GAAP)

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

in thousands, except per share data

 

Three Months Ended September 30,

 

Nine Months Ended September 30,

 

 

 

 

2022

 

2021

 

2022

 

2021

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

FAD

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Core FFO attributable to OP Units

 

$

48,371

 

$

48,083

 

$

138,562

 

$

152,621

 

 

Recurring capital expenditures and Second-generation tenant improvements and leasing commissions (3)

 

 

(10,094)

 

 

(12,124)

 

 

(37,096)

 

 

(34,781)

 

 

Straight-line and other rent adjustments (4)

 

 

(6,018)

 

 

(3,701)

 

 

(9,787)

 

 

(12,554)

 

 

Third-party lease liability assumption payments

 

 

 

 

(422)

 

 

(25)

 

 

(1,803)

 

 

Share-based compensation expense

 

 

5,714

 

 

7,805

 

 

26,378

 

 

24,920

 

 

Amortization of debt issuance costs

 

 

1,122

 

 

1,126

 

 

3,433

 

 

3,327

 

 

Unconsolidated real estate ventures allocated share of above adjustments

 

 

(2,618)

 

 

(1,478)

 

 

(3,555)

 

 

(4,137)

 

 

Non-real estate depreciation and amortization

 

 

740

 

 

703

 

 

2,568

 

 

2,180

 

 

FAD available to OP Units (A)

 

$

37,217

 

$

39,992

 

$

120,478

 

$

129,773

 

 

Distributions to common shareholders and unitholders (B)

 

$

29,833

 

$

33,688

 

$

94,204

 

$

102,634

 

 

FAD Payout Ratio (B÷A) (5)

 

 

80.2

%

 

84.2

%

 

78.2

%

 

79.1

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Capital Expenditures

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Maintenance and recurring capital expenditures

 

$

4,944

 

$

7,404

 

$

15,855

 

$

15,706

 

 

Share of maintenance and recurring capital expenditures from unconsolidated real estate ventures

 

 

84

 

 

265

 

 

478

 

 

636

 

 

Second-generation tenant improvements and leasing commissions

 

 

5,038

 

 

3,762

 

 

20,345

 

 

17,280

 

 

Share of Second-generation tenant improvements and leasing commissions from unconsolidated real estate ventures

 

 

28

 

 

693

 

 

418

 

 

1,159

 

 

Recurring capital expenditures and Second-generation tenant improvements and leasing commissions

 

 

10,094

 

 

12,124

 

 

37,096

 

 

34,781

 

 

Non-recurring capital expenditures

 

 

13,832

 

 

5,885

 

 

40,194

 

 

13,073

 

 

Share of non-recurring capital expenditures from unconsolidated real estate ventures

 

 

9

 

 

177

 

 

58

 

 

284

 

 

First-generation tenant improvements and leasing commissions

 

 

13,627

 

 

2,603

 

 

22,274

 

 

5,141

 

 

Share of First-generation tenant improvements and leasing commissions from unconsolidated real estate ventures

 

 

321

 

 

93

 

 

1,038

 

 

1,484

 

 

Non-recurring capital expenditures

 

 

27,789

 

 

8,758

 

 

63,564

 

 

19,982

 

 

Total JBG SMITH Share of Capital Expenditures

 

$

37,883

 

$

20,882

 

$

100,660

 

$

54,763

 

_________________

(1)

Related to decreases in the value of the underlying assets.

(2)

Includes demolition costs, integration and severance costs, pursuit costs related to other completed, potential and pursued transactions, as well as other expenses.

(3)

Includes amounts, at JBG SMITH Share, related to unconsolidated real estate ventures.

(4)

Includes straight-line rent, above/below market lease amortization and lease incentive amortization.

(5)

The quarterly FAD payout ratio is not necessarily indicative of an amount for the full year due to fluctuation in the timing of capital expenditures, the commencement of new leases and the seasonality of our operations.

NOI RECONCILIATIONS (NON-GAAP)

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

dollars in thousands

 

Three Months Ended September 30,

 

Nine Months Ended September 30,

 

 

 

 

2022

 

2021

 

2022

 

2021

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss) attributable to common shareholders

 

$

(19,293)

 

$

893

 

$

103,950

 

$

(22,811)

 

 

Add:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation and amortization expense

 

 

50,056

 

 

56,726

 

 

157,597

 

 

178,130

 

 

General and administrative expense:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate and other

 

 

12,072

 

 

12,105

 

 

42,669

 

 

38,475

 

 

Third-party real estate services

 

 

21,230

 

 

25,542

 

 

72,422

 

 

80,035

 

 

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

 

 

548

 

 

3,480

 

 

4,369

 

 

12,866

 

 

Transaction and other costs

 

 

1,746

 

 

2,951

 

 

4,632

 

 

8,911

 

 

Interest expense

 

 

17,932

 

 

17,243

 

 

50,251

 

 

50,312

 

 

Loss on the extinguishment of debt

 

 

1,444

 

 

 

 

3,073

 

 

 

 

Income tax expense

 

 

166

 

 

217

 

 

2,600

 

 

4,527

 

 

Net income (loss) attributable to redeemable noncontrolling interests

 

 

(2,546)

 

 

103

 

 

15,712

 

 

(2,472)

 

 

Net income (loss) attributable to noncontrolling interests

 

 

258

 

 

 

 

174

 

 

(1,108)

 

 

Less:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Third-party real estate services, including reimbursements revenue

 

 

21,845

 

 

25,842

 

 

67,972

 

 

90,694

 

 

Other revenue

 

 

1,764

 

 

1,568

 

 

5,758

 

 

5,658

 

 

Income (loss) from unconsolidated real estate ventures, net

 

 

(13,867)

 

 

20,503

 

 

(12,829)

 

 

23,513

 

 

Interest and other income, net

 

 

984

 

 

192

 

 

16,902

 

 

163

 

 

Gain on the sale of real estate, net

 

 

 

 

 

 

158,631

 

 

11,290

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Consolidated NOI

 

 

72,887

 

 

71,155

 

 

221,015

 

 

215,547

 

 

NOI attributable to unconsolidated real estate ventures at our share

 

 

7,107

 

 

7,336

 

 

22,371

 

 

22,951

 

 

Non-cash rent adjustments (1)

 

 

(6,018)

 

 

(3,701)

 

 

(9,787)

 

 

(12,554)

 

 

Other adjustments (2)

 

 

6,230

 

 

4,683

 

 

20,689

 

 

14,608

 

 

Total adjustments

 

 

7,319

 

 

8,318

 

 

33,273

 

 

25,005

 

 

NOI

 

$

80,206

 

$

79,473

 

$

254,288

 

$

240,552

 

 

Less: out-of-service NOI loss (3)

 

 

(548)

 

 

(2,019)

 

 

(4,043)

 

 

(4,638)

 

 

Operating Portfolio NOI

 

$

80,754

 

$

81,492

 

$

258,331

 

$

245,190

 

 

Non-Same Store NOI (4)

 

 

2,645

 

 

11,450

 

 

26,828

 

 

40,262

 

 

Same Store NOI (5)

 

$

78,109

 

$

70,042

 

$

231,503

 

$

204,928

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Change in Same Store NOI

 

 

11.5

%

 

 

 

 

13.0

%

 

 

 

 

Number of properties in Same Store pool

 

 

53

 

 

 

 

 

52

 

 

 

 

_________________

(1)

Adjustment to exclude straight-line rent, above/below market lease amortization and lease incentive amortization.

(2)

Adjustment to include other revenue and payments associated with assumed lease liabilities related to operating properties and to exclude commercial lease termination revenue and allocated corporate general and administrative expenses to operating properties.

(3)

Includes the results of our Under-Construction assets, and Near-Term and Future Development Pipelines.

(4)

Includes the results of properties that were not In-Service for the entirety of both periods being compared and properties for which significant redevelopment, renovation or repositioning occurred during either of the periods being compared.

(5)

Includes the results of the properties that are owned, operated and In-Service for the entirety of both periods being compared.

 

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