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Sep 30, 2023
JBG SMITH Q3 2023 Earnings Report
JBG SMITH's financial results for Q3 2023 were reported, marked by strategic capital recycling and leasing activity amid office sector challenges.
Key Takeaways
JBG SMITH reported a net loss of $58 million attributable to common shareholders, with Core FFO at $41 million, or $0.40 per diluted share. The company closed $141.8 million in capital recycling transactions and executed 434,000 square feet of office leases, the strongest quarter since 2021. Multifamily portfolio occupancy grew to 95.6%.
Closed $141.8 million in capital recycling transactions, deleveraging the balance sheet.
Delivered transformative placemaking projects in National Landing, including Water Park and Dining in the Park.
Multifamily portfolio occupancy grew by 190 basis points quarter-over-quarter, reaching 95.6%.
Executed over 434,000 square feet of office leases, the strongest quarter since 2021, driven by Amazon renewals.
Revenue by Segment
Forward Guidance
JBG SMITH anticipates challenges in the office sector to persist due to high interest rates and muted leasing activity. The company expects positive impacts from Amazon's HQ2 and is advancing its Development Pipeline for monetization through development, ground lease, or land sale.
Positive Outlook
- Amazon's HQ2 opening positively impacting National Landing.
- Bringing 55 new retailers to National Landing, enhancing its vibrancy.
- Delivery of Water Park and Dining in the Park, establishing National Landing as a culinary destination.
- First occupancy of 1,583 under-construction multifamily units in National Landing in early 2024.
- Virginia Tech's Innovation Campus on pace to open in 2024, boosting demand.
Challenges Ahead
- Turbulent office sector conditions due to high interest rates.
- Frozen investment sales and debt markets.
- Muted new leasing compared to pre-pandemic levels.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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