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Dec 31, 2023
JBG SMITH Q4 2023 Earnings Report
JBG SMITH's Q4 2023 performance was impacted by strategic asset dispositions and mixed operating results across its portfolio.
Key Takeaways
JBG SMITH reported a net loss of $32.6 million, or $0.35 per diluted share, and Core FFO of $36.1 million, or $0.38 per diluted share for the quarter. The company continued its capital recycling program, disposing of non-core assets, and saw growth in multifamily same-store NOI while facing headwinds in the office sector due to expected Amazon vacates.
JBG SMITH announced plans for Monumental Sports & Entertainment’s planned relocation to National Landing, subject to approvals.
The company completed $444.1 million of dispositions in 2023, including $130.4 million in Q4, at attractive valuations.
Multifamily Same-Store NOI grew 14.1% in the fourth quarter, driven by higher market rents and occupancy.
JBG SMITH addressed over $1.0 billion of debt in challenging market conditions, extending the maturity of its revolving credit facility.
Forward Guidance
JBG SMITH anticipates challenges due to macroeconomic headwinds and Amazon vacates but expects growth from multifamily assets and new developments. The company is focused on capital allocation strategies, including share repurchases and asset recycling, to maximize long-term value.
Positive Outlook
- Leasing of 1900 Crystal Drive is exceeding previous deliveries
- The DC area apartment market is showing resilience and steady growth
- The DC market held occupancy and grew rents
- There is consistent demand for National Landing office space from defense and technology industries
- JBG SMITH continues to find opportunities to recycle out of low-return office and land assets
Challenges Ahead
- Long-expected Amazon vacates are anticipated to lower the retention rate in 2024
- A dwindling market for office buildings
- Institutional capital remains on the sidelines
Historical Earnings Impact
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Avg. Return Before/After Earnings
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