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Mar 31, 2021
JBG SMITH Q1 2021 Earnings Report
JBG SMITH's financial performance was impacted by the COVID-19 pandemic, but showed signs of recovery in the first quarter of 2021.
Key Takeaways
JBG SMITH reported a net loss attributable to common shareholders of $20.7 million, with Core FFO attributable to common shareholders at $49.6 million, or $0.38 per diluted share. Same Store NOI decreased by 9.2% to $75.9 million, though the company believes this decrease was substantially attributable to the COVID-19 pandemic.
Commenced construction on 1900 Crystal Drive, an 808-unit multifamily asset with ground floor retail in National Landing.
Entered into a strategic joint venture with institutional investors advised by J.P. Morgan Global Alternatives for mixed-use development in Potomac Yard.
Operating multifamily portfolio occupancy increased to 88.4%, up 60 basis points quarter-over-quarter.
Executed approximately 344,000 square feet of office leases.
Forward Guidance
JBG SMITH is positioned to thrive as the DC market emerges from the pandemic, with strong tailwinds and growth opportunities.
Positive Outlook
- Unified control of Congress and the White House expected to benefit the market.
- Potential for nearly $4 trillion of federal spending.
- Big tech companies like Amazon committed to an office culture.
- DC at just over 22% physical occupancy, above also-improving New York (15.4%) and San Francisco (14.2%).
- Submarkets are further poised to benefit from a general slowdown in supply.
Challenges Ahead
- Economic fallout from the pandemic to continue to adversely impact business before a market recovery.
- Market is still experiencing the economic fallout from the pandemic.
- The economic fallout from the pandemic to continue to adversely impact business before a market recovery positively impacts real estate fundamentals and values
Historical Earnings Impact
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Avg. Return Before/After Earnings
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