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Mar 31, 2023
JBG SMITH Q1 2023 Earnings Report
Experienced mixed results amidst growth and recovery signals.
Key Takeaways
JBG SMITH reported Core FFO of $37.2 million, or $0.33 per diluted share, with Annualized NOI increasing 1.6% quarter-over-quarter to $327.5 million, as the company focused on strategic transformation and balance sheet strength.
Closed $202 million of capital recycling transactions with an average capitalization rate of 6.2%.
Executed 114,000 square feet of office leases within the commercial portfolio, with 91% in National Landing.
Preserved balance sheet strength with $1.7 billion of liquidity.
Repurchased 4.0 million shares year-to-date at a weighted average price of $14.91 per share, totaling $60.2 million.
Forward Guidance
JBG SMITH is well positioned with asset recycling and financial strength to navigate the challenging real estate market.
Positive Outlook
- Balance sheet strength and flexibility.
- Ample liquidity.
- Few near-term debt maturities.
- Aggressive share buybacks.
- Strong positives for JBG SMITH and National Landing
Challenges Ahead
- Higher interest rates.
- Looming recession.
- Lower liquidity.
- Continued declines in asset valuations.
- Challenging transaction market
Historical Earnings Impact
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Avg. Return Before/After Earnings
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