JBG SMITH reported a net loss attributable to common shareholders of $3.0 million, or $0.03 per share, and Core FFO attributable to common shareholders of $44.8 million, or $0.34 per share for the three months ended June 30, 2021. The company saw improvements in commercial and multifamily portfolios and progressed with development pipeline.
Amazon's accelerated hiring pace continues to be a significant growth catalyst in National Landing, hiring over 1,600 employees and is on track to surpass its minimum commitment to the Commonwealth of Virginia of 3,544 new hires by year end 2021.
Virginia Tech continues to expand its commitment in National Landing, partnering with aircraft manufacturer Boeing, which has committed to provide Virginia Tech with $50 million to support the $1 billion Innovation Campus.
Tour activity in the commercial portfolio has ranged from 50 to 75% of pre-pandemic levels, and the company leased more space in June than in any month since the start of the pandemic.
The company secured final entitlements for two multifamily buildings in National Landing, 2000 and 2001 South Bell Street, with design calling for 785 multifamily units and over 29,000 square feet of ground floor retail.
JBG SMITH is cautiously optimistic about a strong recovery, but remains vigilant due to new COVID-19 variants and the re-imposition of certain safety protocols. The company is focused on capitalizing on demand tailwinds from Amazon’s HQ2, the Virginia Tech Innovation Campus, and the deployment of 5G and its Smart City plan in National Landing.
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