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JBG SMITH Announces Fourth Quarter and Full Year 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-K for the year ended December 31, 2022 and reported its financial results.

Additional information regarding our results of operations, properties, and tenants can be found in our Fourth Quarter 2022 Investor Package, which is 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 that document.

Fourth Quarter 2022 Highlights

  • For the three months and year ended December 31, 2022, net income (loss), Funds From Operations ("FFO") and Core FFO attributable to common shareholders were:

FOURTH QUARTER AND FULL YEAR COMPARISON

in millions, except per share amounts

 

Three Months Ended

 

Year Ended

 

 

December 31, 2022

 

December 31, 2021

 

December 31, 2022

 

December 31, 2021

 

 

Amount

Per Diluted Share

 

Amount

Per Diluted Share

 

Amount

Per Diluted Share

 

Amount

Per Diluted Share

Net income (loss)

 

$

(18.6)

$

(0.17)

 

$

(56.4)

$

(0.45)

 

$

85.4

$

0.70

 

$

(79.3)

$

(0.63)

FFO

 

$

31.1

$

0.27

 

$

43.1

$

0.33

 

$

156.0

$

1.31

 

$

159.4

$

1.22

Core FFO

 

$

34.3

$

0.30

 

$

40.4

$

0.31

 

$

155.3

$

1.30

 

$

177.5

$

1.36

  • Annualized Net Operating Income ("NOI") for the three months ended December 31, 2022 was $322.3 million, compared to $322.0 million for the three months ended September 30, 2022, at our share.
    • The slight increase in Annualized NOI was substantially attributable to (i) additional NOI resulting from the purchase of our partners’ ownership interests in Atlantic Plumbing and 8001 Woodmont, (ii) real estate tax refunds received during the quarter, (iii) higher parking revenue in our commercial portfolio, and (iv) lower utilities due to seasonality, offset by (v) an increase in abatements as a result of certain previously executed lease renewals and (vi) the exclusion of our interest in L’Enfant Plaza.
  • Same Store NOI ("SSNOI") at our share increased 7.4% year-over-year to $77.2 million for the three months ended December 31, 2022. SSNOI at our share increased 12.1% year-over-year to $302.3 million for the year ended December 31, 2022.
    • The increase in SSNOI 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, partially offset by (v) higher utilities and cleaning expenses.

Operating Portfolio

  • The operating commercial portfolio was 88.5% leased and 85.1% occupied as of December 31, 2022, compared to 88.3% and 85.9% as of September 30, 2022, at our share.
  • The operating multifamily portfolio was 94.5% leased and 93.6% occupied as of December 31, 2022, compared to 95.5% and 93.7% as of September 30, 2022, at our share. (Excluding 8001 Woodmont, which is in lease-up, our multifamily portfolio ended the quarter at 95.3% leased and 94.2% occupied.)
  • Executed approximately 193,000 square feet of office leases at our share during the three months ended December 31, 2022, comprising approximately 72,000 square feet of first-generation leases and approximately 121,000 square feet of second-generation leases, which generated a 3.9% rental rate increase on a GAAP basis and a 0.1% rental rate decrease on a cash basis.
  • Executed approximately 936,000 square feet of office leases at our share during the year ended December 31, 2022, comprising approximately 238,000 square feet of first-generation leases and approximately 698,000 square feet of second-generation leases, which generated a 3.9% rental rate decrease on a GAAP basis and a 7.2% rental rate decrease on a cash basis.

Development Portfolio

Under-Construction

  • As of December 31, 2022, we had two multifamily assets under construction consisting of 1,583 units at our share.

Development Pipeline

  • As of December 31, 2022, we had 20 assets in the development pipeline consisting of 9.7 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 December 31, 2022, revenue from third-party real estate services, including reimbursements, was $21.1 million. Excluding reimbursements and service revenue from our interests in real estate ventures, revenue from our third-party asset management and real estate services business was $10.1 million, primarily driven by $6.1 million of property and asset management fees, $1.4 million of leasing fees, $1.3 million of other service revenue and $1.2 million of development fees.

Balance Sheet

  • As of December 31, 2022, our total enterprise value was approximately $4.7 billion, comprising 129.1 million common shares and units valued at $2.4 billion, and debt (net of premium / (discount) and deferred financing costs) at our share of $2.5 billion, less cash and cash equivalents at our share of $253.7 million.
  • As of December 31, 2022, we had $241.1 million of cash and cash equivalents ($253.7 million of cash and cash equivalents at our share), and $1.0 billion 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 December 31, 2022 was 8.6x and our Net Debt / total enterprise value was 47.7% as of December 31, 2022.

Investing and Financing Activities

  • In October 2022, we repaid the $100.0 million outstanding balance under our revolving credit facility.
  • As previously announced, in October 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%.
  • As previously announced, in October 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 was encumbered by a $103.8 million mortgage loan, which was consolidated as of the date of acquisition.
  • In December 2022, one of our unconsolidated real estate ventures sold The Gale Eckington for $10.8 million at our share.
  • In December 2022, we sold a land option for $6.2 million.

Subsequent to December 31, 2022:

  • In January 2023, we entered into a $187.6 million loan facility, collateralized by The Wren and F1RST Residences. The loan has a seven-year term and a fixed interest rate of 5.13%. This loan is the initial advance under a Fannie Mae multifamily credit facility, which provides flexibility for collateral substitutions, future advances tied to performance, ability to mix fixed and floating rates, as well as stagger maturities. Proceeds from the loan were used to repay the mortgage loan on 2121 Crystal Drive, which had a fixed interest rate of 5.51%.
  • In February 2023, we purchased the remaining 0.3% ownership interest in The Wren, a multifamily asset that was owned by a consolidated real estate venture, for $0.6 million, increasing our ownership interest to 100.0%.

Dividends

  • On December 15, 2022, our Board of Trustees declared a quarterly dividend of $0.225 per common share, which was paid on January 12, 2023 to shareholders of record as of December 29, 2022.

About JBG SMITH

JBG SMITH owns, operates, invests in, and develops mixed-use properties in 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. Approximately two-thirds of JBG SMITH's holdings are in the National Landing submarket in Northern Virginia, which is anchored by four key demand drivers: Amazon's new headquarters, which is being developed by JBG SMITH; Virginia Tech's under-construction $1 billion Innovation Campus; the submarket’s proximity to the Pentagon; and JBG SMITH’s deployment of next-generation public and private 5G digital infrastructure. JBG SMITH's dynamic portfolio currently comprises 15.3 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 9.7 million square feet of mixed-use development opportunities. JBG SMITH’s capital allocation strategy is to shift the majority of its portfolio to multifamily and concentrate its office assets in National Landing. 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. We also note the following forward-looking statements: the potential 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 assets in the development pipeline, estimated square feet, estimated number of units and estimated potential development density are accurate; expected timing, completion, modifications and delivery dates for the projects we are developing for Amazon; the ability of any or all of our demand drivers to materialize and their effect on economic impact, job growth, expansion of public transportation and related demand in the National Landing submarket; planned infrastructure and educational improvements related to Amazon's additional headquarters and the Virginia Tech Innovation Campus; our development plans related to National Landing; whether we will be able to successfully shift the majority of our portfolio to multifamily; 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, 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, 2022 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, our 33.5% subordinated interest in four commercial buildings, and our 49.0% interest in three commercial buildings, as well as the associated non-recourse mortgage loans, 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 expense 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 expense, 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 expense 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 an asset'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 expense 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 December 31, 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 December 31, 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 assets that have the potential to commence construction subject to receipt of full entitlements, completion of design and market conditions 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.

"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 December 31, 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).

"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 December 31, 2022.

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

"Under-Construction" refers to assets that were under construction during the three months ended December 31, 2022.

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)

 

 

 

 

 

 

 

in thousands

 

December 31, 2022

 

December 31, 2021

 

 

 

 

 

 

 

ASSETS

 

 

 

 

 

 

Real estate, at cost:

 

 

 

 

 

 

Land and improvements

 

$

1,302,569

 

 

$

1,378,218

 

Buildings and improvements

 

 

4,310,821

 

 

 

4,513,606

 

Construction in progress, including land

 

 

544,692

 

 

 

344,652

 

 

 

 

6,158,082

 

 

 

6,236,476

 

Less: accumulated depreciation

 

 

(1,335,000

)

 

 

(1,368,003

)

Real estate, net

 

 

4,823,082

 

 

 

4,868,473

 

Cash and cash equivalents

 

 

241,098

 

 

 

264,356

 

Restricted cash

 

 

32,975

 

 

 

37,739

 

Tenant and other receivables

 

 

56,304

 

 

 

44,496

 

Deferred rent receivable

 

 

170,824

 

 

 

192,265

 

Investments in unconsolidated real estate ventures

 

 

299,881

 

 

 

462,885

 

Intangible assets, net

 

 

162,246

 

 

 

201,956

 

Other assets, net

 

 

117,028

 

 

 

240,160

 

Assets held for sale

 

 

 

 

 

73,876

 

TOTAL ASSETS

 

$

5,903,438

 

 

$

6,386,206

 

 

 

 

 

 

 

 

LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY

 

 

 

 

 

 

Liabilities:

 

 

 

 

 

 

Mortgage loans, net

 

$

1,890,174

 

 

$

1,777,699

 

Revolving credit facility

 

 

 

 

 

300,000

 

Unsecured term loans, net

 

 

547,072

 

 

 

398,664

 

Accounts payable and accrued expenses

 

 

138,060

 

 

 

106,136

 

Other liabilities, net

 

 

132,710

 

 

 

342,565

 

Total liabilities

 

 

2,708,016

 

 

 

2,925,064

 

Commitments and contingencies

 

 

 

 

 

 

Redeemable noncontrolling interests

 

 

481,310

 

 

 

522,725

 

Total equity

 

 

2,714,112

 

 

 

2,938,417

 

TOTAL LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY

 

$

5,903,438

 

 

$

6,386,206

 

 
_________________

Note: For complete financial statements, please refer to our Annual Report on Form 10-K for the year ended December 31, 2022.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

 

in thousands, except per share data

 

Three Months Ended December 31,

 

Year Ended December 31,

 

 

2022

 

2021

 

2022

 

2021

REVENUE

 

 

 

 

 

 

 

 

 

 

 

 

Property rental

 

$

123,293

 

 

$

128,626

 

 

$

491,738

 

 

$

499,586

 

Third-party real estate services, including reimbursements

 

 

21,050

 

 

 

23,309

 

 

 

89,022

 

 

 

114,003

 

Other revenue

 

 

6,397

 

 

 

5,472

 

 

 

25,064

 

 

 

20,773

 

Total revenue

 

 

150,740

 

 

 

157,407

 

 

 

605,824

 

 

 

634,362

 

EXPENSES

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

56,174

 

 

 

58,173

 

 

 

213,771

 

 

 

236,303

 

Property operating

 

 

37,535

 

 

 

40,709

 

 

 

150,004

 

 

 

150,638

 

Real estate taxes

 

 

14,297

 

 

 

15,696

 

 

 

62,167

 

 

 

70,823

 

General and administrative:

 

 

 

 

 

 

 

 

 

 

 

 

Corporate and other

 

 

15,611

 

 

 

15,344

 

 

 

58,280

 

 

 

53,819

 

Third-party real estate services

 

 

22,107

 

 

 

27,124

 

 

 

94,529

 

 

 

107,159

 

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

 

 

1,022

 

 

 

3,459

 

 

 

5,391

 

 

 

16,325

 

Transaction and other costs

 

 

879

 

 

 

1,518

 

 

 

5,511

 

 

 

10,429

 

Total expenses

 

 

147,625

 

 

 

162,023

 

 

 

589,653

 

 

 

645,496

 

OTHER INCOME (EXPENSE)

 

 

 

 

 

 

 

 

 

 

 

 

Loss from unconsolidated real estate ventures, net

 

 

(4,600

)

 

 

(25,583

)

 

 

(17,429

)

 

 

(2,070

)

Interest and other income, net

 

 

1,715

 

 

 

8,672

 

 

 

18,617

 

 

 

8,835

 

Interest expense

 

 

(25,679

)

 

 

(17,649

)

 

 

(75,930

)

 

 

(67,961

)

Gain on the sale of real estate, net

 

 

3,263

 

 

 

 

 

 

161,894

 

 

 

11,290

 

Loss on the extinguishment of debt

 

 

 

 

 

 

 

 

(3,073

)

 

 

 

Impairment loss

 

 

 

 

 

(25,144

)

 

 

 

 

 

(25,144

)

Total other income (expense)

 

 

(25,301

)

 

 

(59,704

)

 

 

84,079

 

 

 

(75,050

)

INCOME (LOSS) BEFORE INCOME TAX (EXPENSE) BENEFIT

 

 

(22,186

)

 

 

(64,320

)

 

 

100,250

 

 

 

(86,184

)

Income tax (expense) benefit

 

 

1,336

 

 

 

986

 

 

 

(1,264

)

 

 

(3,541

)

NET INCOME (LOSS)

 

 

(20,850

)

 

 

(63,334

)

 

 

98,986

 

 

 

(89,725

)

Net (income) loss attributable to redeemable noncontrolling interests

 

 

2,468

 

 

 

6,256

 

 

 

(13,244

)

 

 

8,728

 

Net (income) loss attributable to noncontrolling interests

 

 

(197

)

 

 

632

 

 

 

(371

)

 

 

1,740

 

NET INCOME (LOSS) ATTRIBUTABLE TO COMMON SHAREHOLDERS

 

$

(18,579

)

 

$

(56,446

)

 

$

85,371

 

 

$

(79,257

)

EARNINGS (LOSS) PER COMMON SHARE - BASIC AND DILUTED

 

$

(0.17

)

 

$

(0.45

)

 

$

0.70

 

 

$

(0.63

)

WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING - BASIC AND DILUTED

 

 

113,854

 

 

 

129,009

 

 

 

119,005

 

 

 

130,839

 

_________________
Note: For complete financial statements, please refer to our Annual Report on Form 10-K for the year ended December 31, 2022.

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

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

dollars in thousands

 

Three Months Ended December 31,

 

Year Ended December 31,

 

 

 

2022

 

2021

 

2022

 

2021

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

EBITDA, EBITDAre and Adjusted EBITDA

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss)

 

$

(20,850

)

 

$

(63,334

)

 

$

98,986

 

 

$

(89,725

)

 

Depreciation and amortization expense

 

 

56,174

 

 

 

58,173

 

 

 

213,771

 

 

 

236,303

 

 

Interest expense

 

 

25,679

 

 

 

17,649

 

 

 

75,930

 

 

 

67,961

 

 

Income tax expense (benefit)

 

 

(1,336

)

 

 

(986

)

 

 

1,264

 

 

 

3,541

 

 

Unconsolidated real estate ventures allocated share of above adjustments

 

 

3,738

 

 

 

9,696

 

 

 

30,786

 

 

 

40,588

 

 

EBITDA attributable to noncontrolling interests

 

 

22

 

 

 

546

 

 

 

(79

)

 

 

1,522

 

 

EBITDA

 

$

63,427

 

 

$

21,744

 

 

$

420,658

 

 

$

260,190

 

 

Gain on the sale of real estate, net

 

 

(3,263

)

 

 

 

 

 

(161,894

)

 

 

(11,290

)

 

Gain on the sale of unconsolidated real estate assets

 

 

(618

)

 

 

 

 

 

(6,797

)

 

 

(28,326

)

 

Real estate impairment loss

 

 

 

 

 

25,144

 

 

 

 

 

 

25,144

 

 

Impairment related to unconsolidated real estate ventures (1)

 

 

3,885

 

 

 

23,883

 

 

 

19,286

 

 

 

25,263

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

EBITDAre

 

$

63,431

 

 

$

70,771

 

 

$

271,253

 

 

$

270,981

 

 

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

 

 

879

 

 

 

888

 

 

 

5,477

 

 

 

8,691

 

 

Business interruption insurance proceeds

 

 

 

 

 

(4,517

)

 

 

 

 

 

(4,517

)

 

Loss (income) from investments, net

 

 

298

 

 

 

(3,620

)

 

 

(14,423

)

 

 

(3,620

)

 

Loss on the extinguishment of debt

 

 

 

 

 

 

 

 

3,073

 

 

 

 

 

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

 

 

1,022

 

 

 

3,459

 

 

 

5,391

 

 

 

16,325

 

 

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

 

 

(405

)

 

 

(181

)

 

 

(988

)

 

 

(883

)

 

Lease liability adjustments

 

 

 

 

 

(134

)

 

 

 

 

 

(134

)

 

Unconsolidated real estate ventures allocated share of above adjustments

 

 

26

 

 

 

(497

)

 

 

2,105

 

 

 

(327

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted EBITDA

 

$

65,251

 

 

$

66,169

 

 

$

271,888

 

 

$

286,516

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Debt to Annualized Adjusted EBITDA (3)

 

 

8.6

 x

 

9.6

 x

 

8.2

 x

 

8.9

 x

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2022

 

December 31, 2021

 

Net Debt (at JBG SMITH Share)

 

 

 

 

 

 

 

 

 

 

 

 

 

Consolidated indebtedness (4)

 

 

 

 

 

 

 

$

2,431,730

 

 

$

2,464,927

 

 

Unconsolidated indebtedness (4)

 

 

 

 

 

 

 

 

54,975

 

 

 

370,743

 

 

Total consolidated and unconsolidated indebtedness

 

 

 

 

 

 

 

 

2,486,705

 

 

 

2,835,670

 

 

Less: cash and cash equivalents

 

 

 

 

 

 

 

 

253,698

 

 

 

282,097

 

 

Net Debt (at JBG SMITH Share)

 

 

 

 

 

 

 

$

2,233,007

 

 

$

2,553,573

 

 

_________________

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 real estate assets.

(2)

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

(3)

Calculated using Net Debt. Quarterly Adjusted EBITDA is annualized by multiplying by four.

(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 December 31,

 

Year Ended December 31,

 

2022

 

2021

 

2022

 

2021

 

 

 

 

 

 

 

 

 

 

 

 

FFO and Core FFO

 

 

 

 

 

 

 

 

 

 

 

Net income (loss) attributable to common shareholders

$

(18,579

)

 

$

(56,446

)

 

$

85,371

 

 

$

(79,257

)

Net income (loss) attributable to redeemable noncontrolling interests

 

(2,468

)

 

 

(6,256

)

 

 

13,244

 

 

 

(8,728

)

Net income (loss) attributable to noncontrolling interests

 

197

 

 

 

(632

)

 

 

371

 

 

 

(1,740

)

Net income (loss)

 

(20,850

)

 

 

(63,334

)

 

 

98,986

 

 

 

(89,725

)

Gain on the sale of real estate, net of tax

 

(3,263

)

 

 

 

 

 

(158,769

)

 

 

(11,290

)

Gain on the sale of unconsolidated real estate assets

 

(618

)

 

 

 

 

 

(6,797

)

 

 

(28,326

)

Real estate depreciation and amortization

 

54,153

 

 

 

55,902

 

 

 

204,752

 

 

 

227,424

 

Real estate impairment loss, net of tax

 

 

 

 

24,301

 

 

 

 

 

 

24,301

 

Impairment related to unconsolidated real estate ventures (1)

 

3,885

 

 

 

23,883

 

 

 

19,286

 

 

 

25,263

 

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

 

2,884

 

 

 

6,626

 

 

 

21,169

 

 

 

28,216

 

FFO attributable to noncontrolling interests

 

(326

)

 

 

546

 

 

 

(735

)

 

 

1,522

 

FFO Attributable to OP Units

$

35,865

 

 

$

47,924

 

 

$

177,892

 

 

$

177,385

 

FFO attributable to redeemable noncontrolling interests

 

(4,776

)

 

 

(4,792

)

 

 

(21,846

)

 

 

(18,034

)

FFO Attributable to Common Shareholders

$

31,089

 

 

$

43,132

 

 

$

156,046

 

 

$

159,351

 

 

 

 

 

 

 

 

 

 

 

 

 

FFO attributable to OP Units

$

35,865

 

 

$

47,924

 

 

$

177,892

 

 

$

177,385

 

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

 

981

 

 

 

865

 

 

 

5,313

 

 

 

8,586

 

Business interruption insurance proceeds

 

 

 

 

(4,517

)

 

 

 

 

 

(4,517

)

Loss (income) from investments, net

 

109

 

 

 

(2,711

)

 

 

(10,819

)

 

 

(2,711

)

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

 

1,487

 

 

 

(292

)

 

 

(6,686

)

 

 

(342

)

Loss on the extinguishment of debt

 

 

 

 

 

 

 

3,073

 

 

 

 

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

 

(405

)

 

 

(181

)

 

 

(988

)

 

 

(883

)

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

 

1,022

 

 

 

3,459

 

 

 

5,391

 

 

 

16,325

 

Lease liability adjustments

 

 

 

 

(134

)

 

 

 

 

 

(134

)

Amortization of management contracts intangible, net of tax

 

1,106

 

 

 

1,073

 

 

 

4,422

 

 

 

4,290

 

Unconsolidated real estate ventures allocated share of above adjustments

 

21

 

 

 

(543

)

 

 

1,150

 

 

 

(435

)

Core FFO Attributable to OP Units

$

40,186

 

 

$

44,943

 

 

$

178,748

 

 

$

197,564

 

Core FFO attributable to redeemable noncontrolling interests

 

(5,883

)

 

 

(4,494

)

 

 

(23,424

)

 

 

(20,106

)

Core FFO Attributable to Common Shareholders

$

34,303

 

 

$

40,449

 

 

$

155,324

 

 

$

177,458

 

FFO per common share - diluted

$

0.27

 

 

$

0.33

 

 

$

1.31

 

 

$

1.22

 

Core FFO per common share - diluted

$

0.30

 

 

$

0.31

 

 

$

1.30

 

 

$

1.36

 

Weighted average shares - diluted (FFO and Core FFO)

 

113,917

 

 

 

129,009

 

 

 

119,036

 

 

 

130,839

 

 

See footnotes under table below.

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

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

in thousands, except per share data

 

Three Months Ended December 31,

 

Year Ended December 31,

 

 

2022

 

2021

 

2022

 

2021

 

 

 

 

 

 

 

 

 

 

 

 

 

FAD

 

 

 

 

 

 

 

 

 

 

 

 

Core FFO attributable to OP Units

 

$

40,186

 

 

$

44,943

 

 

$

178,748

 

 

$

197,564

 

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

 

 

(16,780

)

 

 

(21,773

)

 

 

(53,876

)

 

 

(56,554

)

Straight-line and other rent adjustments (4)

 

 

(7,655

)

 

 

(2,985

)

 

 

(17,442

)

 

 

(15,539

)

Third-party lease liability assumption payments

 

 

 

 

 

 

 

 

(25

)

 

 

(1,803

)

Share-based compensation expense

 

 

8,084

 

 

 

9,663

 

 

 

34,462

 

 

 

34,583

 

Amortization of debt issuance costs

 

 

1,162

 

 

 

1,142

 

 

 

4,595

 

 

 

4,469

 

Unconsolidated real estate ventures allocated share of above adjustments

 

 

2,315

 

 

 

(1,332

)

 

 

(1,240

)

 

 

(5,469

)

Non-real estate depreciation and amortization

 

 

546

 

 

 

795

 

 

 

3,114

 

 

 

2,975

 

FAD available to OP Units (A)

 

$

27,858

 

 

$

30,453

 

 

$

148,336

 

 

$

160,226

 

Distributions to common shareholders and unitholders (B)

 

$

29,625

 

 

$

33,137

 

 

$

123,829

 

 

$

135,771

 

FAD Payout Ratio (B÷A) (5)

 

 

106.3

 %

 

108.8

 %

 

83.5

 %

 

84.7

%

 

 

 

 

 

 

 

 

 

 

 

 

 

Capital Expenditures

 

 

 

 

 

 

 

 

 

 

 

 

Maintenance and recurring capital expenditures

 

$

6,282

 

 

$

8,121

 

 

$

22,137

 

 

$

23,827

 

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

 

 

72

 

 

 

168

 

 

 

550

 

 

 

804

 

Second-generation tenant improvements and leasing commissions

 

 

10,276

 

 

 

12,815

 

 

 

30,621

 

 

 

30,095

 

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

 

 

150

 

 

 

669

 

 

 

568

 

 

 

1,828

 

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

 

 

16,780

 

 

 

21,773

 

 

 

53,876

 

 

 

56,554

 

Non-recurring capital expenditures

 

 

11,822

 

 

 

15,008

 

 

 

52,016

 

 

 

28,081

 

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

 

 

5

 

 

 

145

 

 

 

63

 

 

 

429

 

First-generation tenant improvements and leasing commissions

 

 

5,075

 

 

 

6,229

 

 

 

27,349

 

 

 

11,370

 

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

 

 

229

 

 

 

987

 

 

 

1,267

 

 

 

2,471

 

Non-recurring capital expenditures

 

 

17,131

 

 

 

22,369

 

 

 

80,695

 

 

 

42,351

 

Total JBG SMITH Share of Capital Expenditures

 

$

33,911

 

 

$

44,142

 

 

$

134,571

 

 

$

98,905

 

_________________

(1)

Related to decreases in the value of the underlying real estate assets.

(2)

Includes pursuit costs related to completed, potential and pursued transactions, demolition costs, integration and severance costs, and 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 December 31,

 

Year Ended December 31,

 

 

2022

 

2021

 

2022

 

2021

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss) attributable to common shareholders

 

$

(18,579

)

 

$

(56,446

)

 

$

85,371

 

 

$

(79,257

)

Add:

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation and amortization expense

 

 

56,174

 

 

 

58,173

 

 

 

213,771

 

 

 

236,303

 

General and administrative expense:

 

 

 

 

 

 

 

 

 

 

 

 

Corporate and other

 

 

15,611

 

 

 

15,344

 

 

 

58,280

 

 

 

53,819

 

Third-party real estate services

 

 

22,107

 

 

 

27,124

 

 

 

94,529

 

 

 

107,159

 

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

 

 

1,022

 

 

 

3,459

 

 

 

5,391

 

 

 

16,325

 

Transaction and other costs

 

 

879

 

 

 

1,518

 

 

 

5,511

 

 

 

10,429

 

Interest expense

 

 

25,679

 

 

 

17,649

 

 

 

75,930

 

 

 

67,961

 

Loss on the extinguishment of debt

 

 

 

 

 

 

 

 

3,073

 

 

 

 

Impairment loss

 

 

 

 

 

25,144

 

 

 

 

 

 

25,144

 

Income tax expense (benefit)

 

 

(1,336

)

 

 

(986

)

 

 

1,264

 

 

 

3,541

 

Net income (loss) attributable to redeemable noncontrolling interests

 

 

(2,468

)

 

 

(6,256

)

 

 

13,244

 

 

 

(8,728

)

Net income (loss) attributable to noncontrolling interests

 

 

197

 

 

 

(632

)

 

 

371

 

 

 

(1,740

)

Less:

 

 

 

 

 

 

 

 

 

 

 

 

Third-party real estate services, including reimbursements revenue

 

 

21,050

 

 

 

23,309

 

 

 

89,022

 

 

 

114,003

 

Other revenue

 

 

1,663

 

 

 

2,013

 

 

 

7,421

 

 

 

7,671

 

Loss from unconsolidated real estate ventures, net

 

 

(4,600

)

 

 

(25,583

)

 

 

(17,429

)

 

 

(2,070

)

Interest and other income, net

 

 

1,715

 

 

 

8,672

 

 

 

18,617

 

 

 

8,835

 

Gain on the sale of real estate, net

 

 

3,263

 

 

 

 

 

 

161,894

 

 

 

11,290

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Consolidated NOI

 

 

76,195

 

 

 

75,680

 

 

 

297,210

 

 

 

291,227

 

NOI attributable to unconsolidated real estate ventures at our share

 

 

4,483

 

 

 

6,289

 

 

 

26,861

 

 

 

29,232

 

Non-cash rent adjustments (1)

 

 

(7,655

)

 

 

(2,985

)

 

 

(17,442

)

 

 

(15,539

)

Other adjustments (2)

 

 

7,069

 

 

 

6,107

 

 

 

27,739

 

 

 

20,732

 

Total adjustments

 

 

3,897

 

 

 

9,411

 

 

 

37,158

 

 

 

34,425

 

NOI

 

$

80,092

 

 

$

85,091

 

 

$

334,368

 

 

$

325,652

 

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

 

 

(805

)

 

 

(1,745

)

 

 

(4,849

)

 

 

(6,382

)

Operating Portfolio NOI

 

$

80,897

 

 

$

86,836

 

 

$

339,217

 

 

$

332,034

 

Non-Same Store NOI (4)

 

 

3,744

 

 

 

14,988

 

 

 

36,962

 

 

 

62,293

 

Same Store NOI (5)

 

$

77,153

 

 

$

71,848

 

 

$

302,255

 

 

$

269,741

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Change in Same Store NOI

 

 

7.4

 %

 

 

 

 

12.1

 %

 

 

Number of properties in Same Store pool

 

 

48

 

 

 

 

 

 

47

 

 

 

 

_________________

(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 assets in the Development Pipeline.

(4)

Includes the results of properties that were not In-Service for the entirety of both periods being compared, including disposed properties, 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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