JBG SMITH reported Core FFO attributable to common shareholders of $26.9 million, or $0.29 per diluted share, for the three months ended March 31, 2024. The company closed $176.8 million of capital recycling transactions and experienced strong multifamily Same Store NOI growth of 11.1%.
Closed $176.8 million in capital recycling transactions with an average capitalization rate of 4.0%.
Multifamily Same Store NOI grew by 11.1%, driven by higher market rents and occupancy.
Office tenant tour activity in National Landing more than doubled compared to Q1 2023.
Repurchased 3.0 million shares at a weighted average price of $16.50, totaling $49.4 million year-to-date.
JBG SMITH anticipates downward pressure on earnings due to tenant vacates and increased interest expense, which they expect to be offset by income from new developments, multifamily rent growth, and office demand in National Landing.
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