JBG SMITH Q2 2023 Earnings Report

JBG SMITH's financial performance for Q2 2023 was analyzed, with a spotlight on their strategy to reduce non-core office exposure, grow their multifamily portfolio, and advance the value and readiness of their Development Pipeline.

Key Takeaways

JBG SMITH reported a net loss attributable to common shareholders of $10.5 million, or $0.10 per diluted share, for the three months ended June 30, 2023. Core FFO was $39.8 million, or $0.36 per diluted share. The company continues to execute its strategy of reducing non-core office exposure and growing its multifamily portfolio.

Amazon officially opened Phase One of its HQ2, Metropolitan Park, which is expected to drive demand for JBG SMITH's multifamily portfolio in National Landing.

JBG SMITH recast its revolving credit facility to $750 million, extending the maturity date to June 2028 and solidifying its strong balance sheet.

The company repurchased 9.3 million common shares for $135.7 million during the second quarter, demonstrating its belief that share repurchases are an accretive use of capital.

JBG SMITH's multifamily portfolio ended the quarter at 96.8% leased and 93.7% occupied, indicating strong operating performance.

Same store NOI growth

0.1%

Previous year: 13.8%