EX-99.1 2 jbgs-63017xexhibit991.htm EXHIBIT 99.1 Exhibit
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TABLE OF CONTENTS
JUNE 30, 2017


 
Page
Overview
 
Disclosures
3-4
Company Profile
Portfolio Overview
6-7
Financial Information
 
Operating Assets
Summary & Same Store NOI
9-10
Summary NOI
Summary NOI - Office
Summary NOI - Multifamily
NOI Reconciliations
14-15
Leasing Activity
 
Leasing Activity - Office
Lease Expirations
Signed But Not Yet Commenced Leases
     Contractual Free Rent
Tenant Concentration
Industry Diversity

Property Data
 
Portfolio Summary
Property Tables:
 
Office
23-26
Multifamily
27-28
Other
Under Construction
30-31
Near-Term Development
Future Development
Debt
 
Debt by Instrument
34-36
Real Estate Ventures
 
Consolidated Real Estate Ventures
Unconsolidated Real Estate Ventures
38-39
Definitions
40-42

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Page 2


DISCLOSURES
JUNE 30, 2017

Forward-Looking Statements
Certain statements contained herein may constitute “forward-looking statements” as such term is defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements are not guarantees of performance. They represent our intentions, plans, expectations and beliefs and are subject to numerous assumptions, risks and uncertainties. Consequently, the future results of JBG SMITH Properties (“JBG SMITH” or the “Company”) may differ materially from those expressed in these forward-looking statements. You can find many of these statements by looking for words such as “approximate”, “believes”, “expects”, “anticipates”, “estimates”, “intends”, “plans”, “would”, “may” or similar expressions in this press release. We also note the following forward-looking statements: our expected annualized dividend per share and dividend yield; in the case of our construction and near-term development assets, the estimated completion date, stabilization date, estimated incremental investment, total investment, and projected net operating income (“NOI”) yield; and in the case of our future development assets, estimated potential development density, estimated commercial SF/multifamily units to be replaced, remaining acquisition costs, estimated capitalized costs and estimated total investment. Many of the factors that will determine the outcome of these and our other forward-looking statements are beyond our ability to control or predict. These factors include, among others: adverse economic conditions in the Washington, DC metropolitan area, the timing of and costs associated with development and property improvements, financing commitments, and general competitive factors. For further discussion of factors that could materially affect the outcome of our forward-looking statements and other risks and uncertainties, see “Risk Factors” and the Cautionary Statement Concerning Forward-Looking Statements in JBG SMITH’s Registration Statement on Form 10, as amended, filed with the Securities and Exchange Commission (the “SEC”) and declared effective on June 26, 2017 as well as the final Information Statement filed with the SEC as Exhibit 99.1 to our Current Report on Form 8-K filed on June 27, 2017. For these statements, we claim the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. You are cautioned not to place undue reliance on our forward-looking statements. All subsequent written and oral forward-looking statements attributable to us or any person acting on our behalf are expressly qualified in their entirety by the cautionary statements contained or referred to in this section. We do not undertake any obligation to release publicly any revisions to our forward-looking statements to reflect events or circumstances occurring after the Quarterly Report on Form 10-Q, as applicable, and this supplemental information package.

Organization and Basis of Presentation
JBG SMITH was organized by Vornado Realty Trust (“Vornado”) as a Maryland real estate investment trust (“REIT”) on October 27, 2016 (capitalized on November 22, 2016). JBG SMITH was formed for the purpose of receiving on July 17, 2017( the “Separation”), substantially all of the assets and liabilities of Vornado’s Washington, DC segment, which operated as Vornado / Charles E. Smith, (the “Vornado Included Assets”). On July 18, 2017, JBG SMITH acquired the management business and certain assets of The JBG Companies (“JBG” or “JBG Assets”).

Unless otherwise indicated, the financial information in this supplemental information package is as of June 30, 2017 and combines the financial information of the Vornado Included Assets with the financial information of the JBG Assets as if the July 18, 2017 acquisition of the management business and certain assets of The JBG Companies had been completed as of the beginning of the earliest period presented. Therefore, the Company’s results set forth in this supplemental information package are not necessarily indicative of our future results as an independent, publicly traded company.

The information contained in this supplemental information package does not purport to disclose all items required by the accounting principles generally accepted in the United States of America (“GAAP”) and is unaudited information.

Pro Rata Information
We present certain financial information and metrics in this supplemental information package “at JBG SMITH Share,” which refers to our ownership percentage of consolidated and unconsolidated assets in real estate ventures (collectively, “real estate ventures”) as applied to these financial measures and metrics. Financial information “at JBG SMITH Share” is calculated on an entity-by-entity basis by applying our percentage economic interest to each applicable line item of that entity’s financial information. “At JBG SMITH Share” information, which we also refer to as being “at share,” “our pro rata share” or “our share,” is not, and is not intended to be, a presentation in accordance with GAAP. Given that greater than 30% of our assets, as measured by total square feet, are held through real estate ventures, we believe this form of presentation, which presents our economic interests in the partially owned entities, provides investors important information regarding a significant component of our portfolio, its composition, performance and capitalization.
We do not control the unconsolidated real estate ventures and do not have a legal claim to our co-venturers’ share of assets, liabilities, revenue and expenses. The operating agreements of the unconsolidated real estate ventures generally allow each co-venturer to receive cash distributions to the extent there is available cash from operations. The

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Page 3


DISCLOSURES
JUNE 30, 2017

amount of cash each investor receives is based upon specific provisions of each operating agreement and varies depending on certain factors including the amount of capital contributed by each investor and whether any investors are entitled to preferential distributions.
With respect to any such third-party arrangement, we would not be in a position to exercise sole decision making authority regarding the property, real estate venture or other entity, and may, under certain circumstances, be exposed to economic risks not present were a third-party not involved. We and our respective co-venturers may each have the right to trigger a buy-sell or forced sale arrangement, which could cause us to sell our interest, or acquire our co-venturers’ interests, or to sell the underlying asset, either on unfavorable terms or at a time when we otherwise would not have initiated such a transaction. Our real estate ventures may be subject to debt, and the refinancing of such debt may require equity capital calls. To the extent our co-venturers do not meet their obligations to us or our real estate ventures or they take action inconsistent with the interests of the real estate venture, we may be adversely affected. Because of these limitations, the non-GAAP “at JBG SMITH Share” financial information should not be considered in isolation or as a substitute for our financial statements as reported under GAAP.
Definitions
See pages 40-42 for definitions of terms used in this supplemental information package.

Non-GAAP Measures
This supplemental information package includes non-GAAP measures. For these measures, we have provided an explanation of how these non-GAAP measures are calculated and why JBG SMITH’s management believes that the presentation of these measures provides useful information to investors regarding JBG SMITH’s financial condition and results of operations. Reconciliations of certain non-GAAP measures to the most directly comparable GAAP financial measure are included this supplemental information package. Our presentation of non-GAAP financial measures may not be comparable to similar non-GAAP measures used by other companies.

The following non-GAAP measures are included in this supplemental information package:

NOI
Annualized NOI
Pro Forma Annualized Adjusted NOI
Average Projected NOI Yield
Adjusted Consolidated and Unconsolidated Indebtedness


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Page 4


COMPANY PROFILE
JUNE 30, 2017
(Unaudited)




Company Overview

The financial information in this supplemental information package as of June 30, 2017 combines the financial information of the Vornado Included Assets with the financial information of the JBG Assets as if the July 18, 2017 acquisition of the management business and certain assets of The JBG Companies had been completed as of the beginning of the earliest period presented.

As disclosed in the final Information Statement filed with the SEC as Exhibit 99.1 to our Current Report on Form 8-K filed on June 27, 2017, we are obligated by a registration rights agreement with certain JBG parties to use commercially reasonable efforts to file a Registration Statement Form S-11 in September 2017 to register the JBG SMITH common shares issued to JBG parties. We will also file pro forma financial information as of June 30, 2017 in an amended Current Report on Form 8-K, in accordance with SEC regulations.

2Q17 to 1Q17 Comparison

Below are the key highlights regarding quarter over quarter changes in the JBG SMITH portfolio.

Operating Assets
The operating office portfolio was 87.5% leased and 86.2% occupied as of June 30, 2017, growing from 87.0% and 84.4%, respectively, as of March 31, 2017.
The operating multifamily portfolio was 96.8% leased and 93.9% occupied as of June 30, 2017, growing from 94.7% and 92.5%, respectively, as of March 31, 2017.
The operating other portfolio (excluding the Crystal City Marriott Hotel) was 96.3% leased and 96.3% occupied as of June 30, 2017, growing from 95.0% and 94.8%, respectively, as of March 31, 2017.
Annualized NOI for the operating portfolio increased to $354.1 million for the three months ended June 30, 2017, compared to $342.0 million for the three months ended March 31, 2017.
Same store NOI increased 1.6% to $135.3M for the six months ended June 30, 2017 as compared to $133.1M for the six months ended June 30, 2016. The increase in same store NOI is largely attributable to the expiration of rent abatements and higher rental revenue from lease commencements. The same store pool as of 2Q17 includes only same store Vornado Included Assets and do not include any JBG Assets. See page 41 for the definition of same store.

Under Construction
As of June 30, 2017, there were 11 assets under construction (five office assets and six multifamily assets), consisting of 1.2 million square feet and 1,146 units both at JBG SMITH’s share.
During the second quarter, JBG SMITH commenced construction on three of the 11 assets (4747 Bethesda Avenue, 1900 N Street, and 7900 Wisconsin Avenue).

Near-Term Development
As of June 30, 2017, there were two assets in near-term development (one multifamily asset and one other asset), consisting of 6,534 square feet and 303 units both at JBG SMITH’s share.

Future Development
As of June 30, 2017, the number of future development assets remained unchanged at 44 assets consisting of 18.3 million square feet of estimated potential density.


Executive Officers
 
Company Snapshot as of July 18, 2017
 
 
 
 
 
W. Matthew Kelly
Chief Executive Officer and Trustee
 
Exchange/Ticker
NYSE: JBGS
Robert A. Stewart
Executive Vice Chairman
 
Share Price
$37.24
David P. Paul
President and Chief Operating Officer
 
Shares and Units Outstanding
137.7 million
Stephen W. Theriot
Chief Financial Officer
 
Total Market Capitalization
$5.1 billion
James L. Iker
Chief Investment Officer
 
Insider Ownership *
13.0%
Brian P. Coulter
Co-Chief Development Officer
 
Expected Annualized Dividend Per Share
$0.90
Kevin P. Reynolds
Co-Chief Development Officer
 
Dividend Yield
2.4%
Patrick J. Tyrrell
Chief Administrative Officer
 
 
 
Steven A. Museles
Chief Legal Officer
 
 
 
Angela F. Valdes
Chief Accounting Officer
 
* Insider Ownership includes JBG SMITH trustees, executive officers, and other employees.

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Page 5


PORTFOLIO OVERVIEW

JUNE 30, 2017
(Unaudited)


 
 
 
 
100% Share
 
At JBG SMITH Share
 
 
Number of Assets
 
Square Feet/Units
 
Square Feet/Units
 
%
Leased
 
Annualized
Rent
(in thousands)
 
Annualized Rent per Square Foot/Monthly Rent Per Unit (1)
Annualized NOI
(in thousands)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Operating
 
 
 
 
 
 
 
 
 
 
 
 
 
Office
 
 
 
 
 
 
 
 
 
 
 
 
 
In service
 
49

 
13,873,849

 
11,871,298

 
87.4
%
 
$
447,941

 
$
44.41

$
271,684

Recently delivered
 
1

 
13,633

 
13,633

 
100.0
%
 

 


Total / weighted average
 
50

 
13,887,482

 
11,884,931

 
87.5
%
 
$
447,941

 
$
44.41

$
271,684

Multifamily
 
 
 
 
 
 
 
 
 
 
 
 
 
In service
 
13

 
5,317

 
3,533

 
97.0
%
 
$
81,485

 
$
2,009

$
59,150

Recently delivered
 
1

 
699

 
699

 
95.9
%
 
21,313

 
2,692

15,442

Total / weighted average
 
14

 
6,016

 
4,232

 
96.8
%
 
$
102,798

 
$
2,122

$
74,592

Other (2)
 
 
 
 
 
 
 
 
 
 
 
 
 
In service
 
4

 
764,546

 
348,188

 
96.3
%
 
$
2,888

 
$
36.51

$
7,812

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Operating - Total / Weighted Average
 
68

 
14,652,028 SF/ 6,016 Units

 
12,233,119 SF/ 4,232 Units

 
89.8
%
 
$
553,627

 
$44.34 per SF/ $2,122 per unit

$
354,088

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Development (3)
 
 
 
 
 
 
 
 
 
 
 
 
 
Under Construction
 
 
 
 
 
 
 
 
 
 
 
 
 
Office (4)
 
5

 
1,343,823

 
1,234,068

 
41.8
%
 
 
 
 
 
Multifamily
 
6

 
1,334

 
1,146

 
N/A

 
 
 
 
 
Total / weighted average
 
11

 
1,343,823 SF/
1,334 Units

 
1,234,068 SF/
1,146 Units

 
41.8
%
 
 
 
 
 
Near-Term Development
 
 
 
 
 
 
 
 
 
 
 
 
 
Multifamily
 
1

 
433

 
303

 
 
 
 
 
 
 
Other
 
1

 
65,342

 
6,534

 
 
 
 
 
 
 
Total
 
2

 
65,342 SF/
433 Units

 
6,534 SF/
303 Units

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Development - Total
 
13

 
1,409,165 SF/
1,767 Units

 
1,240,603 SF/
1,449 Units

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Future Development
 
44

 
22,024,100

 
18,254,300

 
 
 
 
 
 
 


See footnotes on page 7.

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Page 6


PORTFOLIO OVERVIEW

JUNE 30, 2017
(Unaudited)



Footnotes

(1)
For office assets, represents annualized office rent divided by occupied office square feet; annualized retail rent and retail square feet are excluded from this metric. For multifamily assets, represents monthly multifamily rent divided by occupied units; retail rent is excluded from this metric. For other assets, represents annualized rent divided by occupied square feet. Occupied square footage may differ from leased square footage because leased square footage includes leases that have been signed but have not yet commenced.
(2)
Includes three standalone retail assets and the Crystal City Marriott, a standalone hotel totaling 266,000 square feet and 345 rooms. The Crystal City Marriott is excluded from percent leased, annualized rent, and annualized rent per square foot metrics.
(3)
Refer to pages 30-33 for detail on under construction, near-term development and future development assets.
(4)
In July 2017, JBG SMITH executed a lease for approximately 80,200 square feet at 4747 Bethesda Avenue to relocate the Company’s headquarters, which brings the asset to 27.9% pre-leased. With this lease, the under construction office assets are 48.3% pre-leased at JBG SMITH’s share.

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Page 7


                                             
OPERATING ASSETS

JUNE 30, 2017
(Unaudited)


dollars in thousands, at JBG SMITH Share
 
 
 
 
Plus: Signed But Not Yet Commenced Leases
Plus: Lease Up of Recently Delivered Assets (1)
Pro Forma Annualized Adjusted NOI
 
 
 
2Q 2017
Annualized NOI
 
% Occupied
 
NOI
 
 
 
 
 
 
 
 
Office
 
 
 
 
 
 
 
DC
92.6
%
 
$
18,880

$
75,520

$
1,310

$

$
76,830

VA
84.6
%
 
46,413

185,652

3,154


188,806

MD
79.2
%
 
2,628

10,512

1,099


11,611

Total / weighted average
86.2
%
 
$
67,921

$
271,684

$
5,563

$

$
277,247

 
 
 
 
 
 
 
 
Multifamily
 
 
 
 
 
 
 
DC
91.9
%
 
$
5,178

$
20,712

$

$

$
20,712

VA
94.3
%
 
11,876

47,504


1,429

48,933

MD
95.1
%
 
1,594

6,376



6,376

Total / weighted average
93.9
%
 
$
18,648

$
74,592

$

$
1,429

$
76,021

 
 
 
 
 
 
 
 
Other (2)
 
 
 
 
 
 
 
Total / weighted average
96.3
%
 
$
1,953

$
7,812

$

$

$
7,812

 
 
 
 
 
 
 
 
Total
 
 
$
88,522

$
354,088

$
5,563

$
1,429

$
361,080


____________________
(1)
Incremental multifamily revenue of recently delivered multifamily assets assuming management's estimate of average monthly rent per unoccupied unit as of June 30, 2017 and calculated as the product of incremental units available for occupancy up to 95.0% occupancy and weighted average monthly market rent per unit, multiplied by 12. Excludes potential revenue from retail space in these     recently delivered multifamily assets.
(2)
Includes three standalone retail assets and the Crystal City Marriott, a standalone hotel totaling 266,000 square feet and 345 rooms. The Crystal City Marriott is excluded from the percent occupied metric.














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Page 8


SUMMARY & SAME STORE NOI
JUNE 30, 2017
(Unaudited)



dollars in thousands
 
100% Share
 
At JBG SMITH Share
 
 
 
 
 
 
 
 
 
 
 
 
NOI for the Three Months Ended June 30,
 
 
Number of Assets
 
Square Feet/Units
 
Square Feet/Units
 
%
Leased (1)
 
%
Occupied (1)
 
2017
 
2016
 
% Change
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Same Store (2)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
DC
 
9

 
 2,843,962 SF/
283 Units
 
 2,098,546 SF/
283 Units
 
95.4
%
 
94.7
%
 
$
18,243

 
$
17,658

 
3.3
%
VA
 
26

 
 7,471,998 SF/
2,151 Units
 
 7,471,998 SF/
2,151 Units
 
87.7
%
 
83.9
%
 
49,327

 
49,177

 
0.3
%
MD
 
1

 
 214,019 SF
 
 214,019 SF
 
98.4
%
 
98.9
%
 
1,018

 
995

 
2.3
%
Total / weighted average
36

 
 10,529,979 SF/
2,434 Units
 
 9,784,563 SF/
2,434 Units
 
89.5
%
 
87.0
%
 
$
68,588

 
$
67,830

 
1.1
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Non-Same Store
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
DC
 
10

 
 1,394,216 SF/
1,258 Units
 
 729,869 SF/
574 Units
 
90.8
%
 
86.5
%
 
$
5,875

 
 
 


VA
 
13

 
 2,240,904 SF/
1,045 Units
 
 1,396,328 SF/
734 Units
 
94.0
%
 
88.5
%
 
10,855

 
 
 


MD
 
9

 
 486,929 SF/
1,279 Units
 
 322,359 SF/
490 Units
 
81.6
%
 
64.5
%
 
3,204

 
 
 


Total / weighted average
32

 
 4,122,049 SF/
3,582 Units
 
 2,448,556 SF/
1,798 Units
 
90.8
%
 
85.0
%
 
$
19,934

 


 


 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total Operating Portfolio
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
DC
 
19

 
 4,238,178 SF/
1,541 Units
 
 2,828,415 SF/
857 Units
 
93.8
%
 
92.7
%
 
$
24,118

 
 
 


VA
 
39

 
 9,712,902 SF/
3,196 Units
 
 8,868,326 SF/
2,885 Units
 
88.9
%
 
84.7
%
 
60,182

 
 
 


MD
 
10

 
 700,948 SF/
1,279 Units
 
 536,378 SF/
490 Units
 
85.4
%
 
79.3
%
 
4,222

 
 
 


Operating Portfolio -
   Total / Weighted Average
68

 
 14,652,028 SF/
6,016 Units
 
 12,233,119 SF/
4,232 Units
 
89.8
%
 
88.1
%
 
$
88,522

 


 



____________________

(1)
The Crystal City Marriott is excluded from the percent leased and percent occupied metrics.
(2)
Same store refers to the pool of assets that were owned by JBG SMITH or its predecessor and stabilized for the entirety of both periods being compared, except for assets for which significant redevelopment, renovation, or repositioning occurred during either of the periods being compared. No JBG Assets are included in the same store pool.




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Page 9


SUMMARY & SAME STORE NOI
JUNE 30, 2017
(Unaudited)



dollars in thousands
 
100% Share
 
At JBG SMITH Share
 
 
 
 
 
 
 
 
 
 
 
 
NOI for the Six Months Ended June 30,
 
 
Number of Assets
 
Square Feet/Units
 
Square Feet/Units
 
%
Leased (1)
 
%
Occupied
(1)
 
2017
 
2016
 
% Change
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Same Store (2)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
DC
 
9

 
 2,843,962 SF/
283 Units
 
 2,098,546 SF/
283 Units
 
95.4
%
 
94.7
%
 
$
35,668

 
$
36,015

 
(1.0
)%
VA
 
26

 
 7,471,998 SF/
2,151 Units
 
 7,471,998 SF/
2,151 Units
 
87.7
%
 
83.9
%
 
97,532

 
95,148

 
2.5
 %
MD
 
1

 
 214,019 SF
 
 214,019 SF
 
98.4
%
 
98.9
%
 
2,064

 
1,942

 
6.3
 %
Total / weighted average
36

 
 10,529,979 SF/
2,434 Units
 
 9,784,563 SF/
2,434 Units
 
89.5
%
 
87.0
%
 
$
135,264

 
$
133,105

 
1.6
 %
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Non-Same Store
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
DC
 
10

 
 1,394,216 SF/
1,258 Units
 
 729,869 SF/
574 Units
 
90.8
%
 
86.5
%
 
$
11,196

 
 
 
 
VA
 
13

 
 2,240,904 SF/
1,045 Units
 
 1,396,328 SF/
734 Units
 
94.0
%
 
88.5
%
 
20,652

 
 
 
 
MD
 
9

 
 486,929 SF/
1,279 Units
 
 322,359 SF/
490 Units
 
81.6
%
 
64.5
%
 
6,901

 
 
 
 
Total / weighted average
32

 
 4,122,049 SF/
3,582 Units
 
 2,448,556 SF/
1,798 Units
 
90.8
%
 
85.0
%
 
$
38,749

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total Operating Portfolio
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
DC
 
19

 
 4,238,178 SF/
1,541 Units
 
 2,828,415 SF/
857 Units
 
93.8
%
 
92.7
%
 
$
46,864

 
 
 
 
VA
 
39

 
 9,712,902 SF/
3,196 Units
 
 8,868,326 SF/
2,885 Units
 
88.9
%
 
84.7
%
 
118,184

 
 
 
 
MD
 
10

 
 700,948 SF/
1,279 Units
 
 536,378 SF/
490 Units
 
85.4
%
 
79.3
%
 
8,965

 
 
 
 
Operating Portfolio -
   Total / Weighted Average
68

 
 14,652,028 SF/
6,016 Units
 
 12,233,119 SF/
4,232 Units
 
89.8
%
 
88.1
%
 
$
174,013

 
 
 
 


See footnotes on page 9.




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Page 10


SUMMARY NOI
JUNE 30, 2017
(Unaudited)


dollars in thousands
NOI for the Three Months Ended June 30, 2017 at JBG SMITH Share
 
Consolidated
Unconsolidated
 
Office
Multifamily
Other
Total
Number of operating assets
49

19

 
50

14

4

68

Property rentals
$
108,016

$
11,265

 
$
93,412

$
24,961

$
908

$
119,281

Tenant expense reimbursement
10,752

1,866

 
10,753

1,767

98

12,618

Other revenue
10,570

1,091

 
8,374

1,660

1,627

11,661

Total revenue
129,338

14,222

 
112,539

28,388

2,633

143,560

Total expenses
(48,976
)
(6,853
)
 
(45,536
)
(9,981
)
(312
)
(55,829
)
Property operating income
80,362

7,369

 
67,003

18,407

2,321

87,731

Adjustments to NOI:
 
 
 
 
 
 
 
Straight-line rent adjustment
(2,063
)
(136
)
 
(1,768
)
(37
)
(394
)
(2,199
)
Related party adjustment (1)
3,244

425

 
3,366

277

26

3,669

Ground rent expense
(680
)
1

 
(680
)
1


(679
)
Total adjustments to NOI
501

290

 
918

241

(368
)
791

 
 
 
 
 
 
 
 
NOI
$
80,863

$
7,659

 
$
67,921

$
18,648

$
1,953

$
88,522

 
 
 
 
 
 
 
 
Annualized NOI
$
323,452

$
30,636

 
$
271,684

$
74,592

$
7,812

$
354,088

Additional Information
 
 
 
 
 
 
 
Free rent (at 100% share)
$
8,547

$
2,998

 
$
10,350

$
1,074

$
121

$
11,545

Free rent (at JBG SMITH share)
$
8,547

$
1,215

 
$
9,059

$
639

$
64

$
9,762

Annualized free rent (at JBG SMITH share) (2)
$
34,188

$
4,860

 
$
36,236

$
2,556

$
256

$
39,048

% occupied (3)
87.8
%
90.8
%
 
86.2
%
93.9
%
96.3
%
88.1
%
Annualized base rent of signed leases, not commenced (at 100% share) (4)
$
4,548

$
2,734

 
$
7,282

$

$

$
7,282

Annualized base rent of signed leases, not commenced (at JBG SMITH share) (4)(5)
$
4,548

$
1,015

 
$
5,563

$

$

$
5,563

___________________

(1)
To eliminate management fees included in property operating income.
(2)
Represents JBG SMITH share of free rent for the three months ended June 30, 2017 multiplied by four.
(3)
Weighted by JBG SMITH share of square feet. The Crystal City Marriott is excluded from the percent occupied metric.
(4)
Represents monthly base rent before free rent and straight line rent adjustments, plus estimated tenant reimbursements for the month in which the lease commences, multiplied by 12. Triple net leases are converted to a gross basis by adding estimated tenant reimbursements to monthly base rent.
(5)
Represents JBG SMITH share of annualized base rent of signed but not yet commenced leases.    
                                

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Page 11


SUMMARY NOI - OFFICE

JUNE 30, 2017
(Unaudited)

dollars in thousands
NOI for the Three Months Ended June 30, 2017 at JBG SMITH Share
 
Consolidated
Unconsolidated
 
DC
VA
MD
Total
Number of operating assets
38

12

 
14

31

5

50

Property rentals
$
84,667

$
8,745

 
$
27,014

$
62,722

$
3,676

$
93,412

Tenant expense reimbursement
9,024

1,729

 
5,932

4,547

274

10,753

Other revenue
7,460

914

 
1,967

5,931

476

8,374

Total revenue
101,151

11,388

 
34,913

73,200

4,426

112,539

Total expenses
(39,685
)
(5,851
)
 
(15,948
)
(27,625
)
(1,963
)
(45,536
)
Property operating income
61,466

5,537

 
18,965

45,575

2,463

67,003

Adjustments to NOI:
 
 
 
 
 
 
 
Straight-line rent adjustment
(1,667
)
(101
)
 
(876
)
(1,114
)
222

(1,768
)
Related party adjustment (1)
3,058

308

 
991

2,234

141

3,366

Ground rent expense
(680
)

 
(200
)
(282
)
(198
)
(680
)
Total adjustments to NOI
711

207

 
(85
)
838

165

918

 
 
 
 
 
 
 
 
NOI
$
62,177

$
5,744

 
$
18,880

$
46,413

$
2,628

$
67,921

 
 
 
 
 
 
 
 
Annualized NOI
$
248,708

$
22,976

 
$
75,520

$
185,652

$
10,512

$
271,684

Additional Information
 
 
 
 
 
 
 
Free rent (at 100% share)
$
7,954

$
2,396

 
$
4,147

$
6,133

$
70

$
10,350

Free rent (at JBG SMITH share)
$
7,954

$
1,105

 
$
2,986

$
6,044

$
29

$
9,059

Annualized free rent (at JBG SMITH share) (2)
$
31,816

$
4,420

 
$
11,944

$
24,176

$
116

$
36,236

% occupied (3)
85.8
%
90.2
%
 
92.6
%
84.6
%
79.2
%
86.2
%
Annualized base rent of signed leases, not commenced (at 100% share) (4)
$
4,548

$
2,734

 
$
3,006

$
3,177

$
1,099

$
7,282

Annualized base rent of signed leases, not commenced (at JBG SMITH share) (4)(5)
$
4,548

$
1,015

 
$
1,310

$
3,154

$
1,099

$
5,563

    

See footnotes on page 11.

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Page 12


SUMMARY NOI - MULTIFAMILY
JUNE 30, 2017
(Unaudited)


dollars in thousands
NOI for the Three Months Ended June 30, 2017 at JBG SMITH Share
 
Consolidated
Unconsolidated
 
DC
VA
MD
Total
Number of operating assets
8

6

 
4

5

5

14

Property rentals
$
22,722

$
2,239

 
$
6,613

$
16,035

$
2,313

$
24,961

Tenant expense reimbursement
1,684

83

 
633

1,059

75

1,767

Other revenue
1,488

172

 
457

1,091

112

1,660

Total revenue
25,894

2,494

 
7,703

18,185

2,500

28,388

Total expenses
(9,085
)
(896
)
 
(2,676
)
(6,302
)
(1,003
)
(9,981
)
Property operating income
16,809

1,598

 
5,027

11,883

1,497

18,407

Adjustments to NOI:
 
 
 
 
 
 
 
Straight-line rent adjustment
(20
)
(17
)
 
(21
)
(15
)
(1
)
(37
)
Related party adjustment (1)
173

104

 
172

8

97

277

Ground rent expense

1

 


1

1

Total adjustments to NOI
153

88

 
151

(7
)
97

241

 
 
 
 
 
 
 
 
NOI
$
16,962

$
1,686

 
$
5,178

$
11,876

$
1,594

$
18,648

 
 
 
 
 
 
 
 
Annualized NOI
$
67,848

$
6,744

 
$
20,712

$
47,504

$
6,376

$
74,592

Additional Information
 
 
 
 
 
 
 
Free rent (at 100% share)
$
535

$
539

 
$
275

$
460

$
339

$
1,074

Free rent (at JBG SMITH share)
$
535

$
104

 
$
168

$
455

$
16

$
639

Annualized free rent (at JBG SMITH share) (2)
$
2,140

$
416

 
$
672

$
1,820

$
64

$
2,556

% occupied (3)
94.0
%
92.5
%
 
91.9
%
94.3
%
95.1
%
93.9
%


See footnotes on page 11.


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Page 13


NOI RECONCILIATIONS
JUNE 30, 2017
(Unaudited)



in thousands
Three Months Ended June 30, 2017
 
Six Months Ended June 30, 2017
 
Vornado 
Included 
Assets
JBG Included
Assets
 
Total
JBG SMITH
 
Vornado 
Included 
Assets
JBG Included
Assets
 
Total
JBG SMITH
Net income attributable to JBG SMITH Properties
$
11,341

 
 
 
 
$
17,659

 
 
 
Adjustments:
 
 
 
 
 
 
 
 
 
Depreciation and amortization
31,993

 
 
 
 
65,775

 
 
 
Ground rent
585

 
 
 
 
1,026

 
 
 
Management and leasing fees
(6,863
)
 
 
 
 
(13,863
)
 
 
 
Income from unconsolidated real estate ventures
(105
)
 
 
 
 
(314
)
 
 
 
Interest and other income, net
(970
)
 
 
 
 
(1,745
)
 
 
 
General and administrative expense
11,708

 
 
 
 
25,398

 
 
 
Transaction and other costs
5,237

 
 
 
 
11,078

 
 
 
Interest expense
14,586

 
 
 
 
28,504

 
 
 
Income tax expense
363

 
 
 
 
717

 
 
 
Unconsolidated real estate ventures' share of property
   operating income
3,452

 
 
 
 
6,970

 
 
 
Other non-operating loss from incidental operations
1,298

 
 
 
 
3,772

 
 
 
Property operating income
72,625

$
15,106

(1) 
$
87,731

 
144,977

$
31,904

(1) 
$
176,881

Straight-line rent adjustment
(2,088
)
25

 
(2,063
)
 
(5,804
)
(1,304
)
 
(7,108
)
Related party adjustment (2)
2,568

676

 
3,244

 
5,110

1,270

 
6,380

Ground rent expense
(461
)
(219
)
 
(680
)
 
(890
)
(438
)
 
(1,328
)
Straight-line rent adjustment for unconsolidated
   real estate ventures
(72
)
(64
)
 
(136
)
 
(681
)
(1,104
)
 
(1,785
)
Related party adjustment for unconsolidated real estate ventures (2)
158

267

 
425

 
434

543

 
977

Ground rent expense for unconsolidated real estate ventures

1

 
1

 

(4
)
 
(4
)
NOI
$
72,730

$
15,792

 
$
88,522

 
$
143,146

$
30,867

 
$
174,013


____________________

(1)
Represents revenues of $26.9 million less operating expenses of $11.8 million for the three months ended June 30, 2017, and revenues of $55.8 million less operating expenses of $23.9 million for the six months ended June 30, 2017.
(2)
To eliminate management fees included in property operating income.






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Page 14


NOI RECONCILIATIONS
JUNE 30, 2017
(Unaudited)






in thousands
Vornado Included Assets
 
Three Months Ended June 30, 2016
 
Six Months Ended June 30, 2016
Net income attributable to JBG SMITH Properties
$
16,783

 
$
28,330

Adjustments:
 
 
 
Depreciation and amortization
32,625

 
66,914

Ground rent
372

 
830

Management and leasing fees
(7,580
)
 
(16,447
)
Loss from unconsolidated real estate ventures
374

 
1,536

Interest and other income, net
(760
)
 
(1,543
)
General and administrative expense
11,939

 
25,960

Interest expense
13,549

 
25,634

Income tax expense
318

 
582

Unconsolidated real estate ventures' share of property
   operating income
3,282

 
6,426

Other non-operating loss from incidental operations
490

 
1,297

Property operating income
71,392

 
139,519

Straight-line rent adjustment
(4,084
)
 
(7,523
)
Related party adjustment (2)
2,551

 
5,090

Ground rent expense
(435
)
 
(870
)
Straight-line rent adjustment for unconsolidated
   real estate ventures
(681
)
 
(1,185
)
Related party adjustment for unconsolidated real estate ventures (2)
122

 
391

NOI
$
68,865

 
$
135,422



See footnotes on page 14.



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Page 15


LEASING ACTIVITY - OFFICE
JUNE 30, 2017
(Unaudited)

square feet in thousands
Three Months Ended June 30, 2017
 
Six Months Ended June 30, 2017
Square feet leased:
 
 

At 100% share
333

 
869

At JBG SMITH share
283

 
805

Initial rent (1)
$
54.65

 
$
47.24

Weighted average lease term (years)
8.4

 
8.7

Weighted average free rent period (months)
8.6

 
7.6

Second generation space:
 
 
 
Square feet
159

 
642

GAAP basis:
 
 
 
Straight-line rent (2)
$
43.76

 
$
43.88

Prior straight-line rent
$
42.80

 
$
41.84

% change
2.2
 %
 
4.9
 %
Cash basis:
 
 
 
Initial rent
$
43.69

 
$
42.89

Prior escalated rent
$
45.19

 
$
45.52

% change
(3.3
)%
 
(5.8
)%
Tenant improvements:
 
 
 
Per square foot
$
56.71

 
$
57.16

Per square foot per annum
$
6.72

 
$
6.56

% of initial rent
12.3
 %
 
13.9
 %
Leasing commissions:
 
 
 
Per square foot
$
18.71

 
$
12.90

Per square foot per annum
$
2.22

 
$
1.48

% of initial rent
4.1
 %
 
3.1
 %
___________________
Note: At JBG SMITH share. The leasing activity and related statistics are based on leases signed during the period and are not intended to coincide with the commencement of rental revenue in accordance with GAAP. Second generation space represents square footage that has not been vacant for more than nine months.
(1)
Represents the cash basis weighted average starting rent per square foot, which is generally indicative of market rents. Most leases include free rent and periodic step-ups in rent which are not included in the initial cash basis rent per square foot but are included in the GAAP basis straight-line rent per square foot.
(2)
Represents the GAAP basis weighted average rent per square foot that is recognized over the term of the respective leases, and includes the effect of free rent and fixed step-ups in rent.

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Page 16


LEASE EXPIRATIONS
JUNE 30, 2017
(Unaudited)

 
 
 
 
At JBG SMITH Share
Year of Lease Expiration
 
Number
of Leases
 

Square Feet
 
% of
Total
Square Feet
 
Annualized
Rent
(in thousands)
 
% of
Total
Annualized
Rent
 
Annualized
Rent Per
Square Foot
 
Estimated
Annualized
Rent Per
Square Foot at
Expiration (1)
Month-to-Month
 
69

 
120,199

 
1.1
%
 
$
3,182

 
0.7
%
 
$
26.47

 
$
26.47

2017
 
85

 
324,975

 
3.1
%
 
12,397

 
2.7
%
 
38.15

 
38.52

2018
 
183

 
946,176

 
9.0
%
 
41,434

 
9.1
%
 
43.79

 
44.70

2019
 
164

 
1,315,907

 
12.5
%
 
59,005

 
13.0
%
 
44.84

 
46.55

2020
 
183

 
1,425,691

 
13.6
%
 
67,196

 
14.8
%
 
47.13

 
50.03

2021
 
123

 
1,084,382

 
10.3
%
 
48,919

 
10.8
%
 
45.11

 
49.28

2022
 
110

 
1,297,275

 
12.4
%
 
59,244

 
13.0
%
 
45.67

 
49.46

2023
 
65

 
408,296

 
3.9
%
 
15,878

 
3.5
%
 
38.89

 
46.00

2024
 
71

 
597,016

 
5.7
%
 
26,882

 
5.9
%
 
45.03

 
53.16

2025
 
53

 
387,597

 
3.7
%
 
15,133

 
3.3
%
 
39.04

 
46.14

Thereafter
 
191

 
2,591,892

 
24.7
%
 
105,300

 
23.2
%
 
40.63

 
48.60

 In‑Place Leases - Total/Weighted Average
 
1,297

 
10,499,406

 
100.0
%
 
$
454,570

 
100.0
%
 
$
43.29

 
$
47.86


____________________

(1)
Represents in-place monthly base rent before free rent, plus tenant reimbursements, as of lease expiration multiplied by 12 and divided by square feet. Triple net leases are converted to a gross basis by adding tenant reimbursements to monthly base rent. Tenant reimbursements at lease expiration are estimated by escalating tenant reimbursements as of June 30, 2017, or management’s estimate thereof, by 2.75% annually through the lease expiration year.

 





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Page 17


SIGNED BUT NOT YET COMMENCED LEASES
JUNE 30, 2017
(Unaudited)


in thousands
 
 
 
Estimated Rent (1) at JBG SMITH Share
 
 
 
 
Quarter Ending
 
Total Annualized Estimated Rent
Thereafter (3)
Assets
 

C/U
(2)
 
September 30, 2017
 
December 31, 2017
 
March 31, 2018
 
June 30, 2018
 
September 30, 2018
 
December 31, 2018
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Office
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Operating
 
C
 
$
801

 
$
1,137

 
$
1,137

 
$
1,137

 
$
1,137

 
$
1,137

 
$
4,548

Operating
 
U
 
129

 
253

 
253

 
253

 
253

 
253

 
1,015

Under construction
 
C
 
84

 
192

 
5,949

 
5,974

 
5,974

 
6,008

 
30,964

Under construction
 
U
 

 

 

 

 

 

 
3,209

Total
 
 
 
$
1,014

 
$
1,582

 
$
7,339

 
$
7,364

 
$
7,364

 
$
7,398

 
$
39,736

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Multifamily
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Under construction
 
C
 
$

 
$

 
$

 
$

 
$

 
$

 
$
353

Under construction
 
U
 

 

 

 

 

 

 
356

Near‑term development
 
U
 

 

 

 

 

 

 
1,012

Total
 
 
 
$

 
$

 
$

 
$

 
$

 
$

 
$
1,721

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Other
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Near‑term development
 
U
 

 

 

 

 

 
33

 
133

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total
 
 
 
$
1,014

 
$
1,582

 
$
7,339

 
$
7,364

 
$
7,364

 
$
7,431

 
$
41,590


____________________
Note: Table only includes leases for space that was vacant as of June 30, 2017.
(1)
Represents contractual monthly base rent before free rent, plus estimated tenant reimbursements for the month in which the lease is estimated to commence, multiplied by the applicable number of months for each quarter based on the lease’s estimated commencement date. Triple net leases are converted to a gross basis by adding estimated tenant reimbursements to monthly base rent.
(2)
“C” denotes a consolidated interest. “U” denotes an unconsolidated interest.
(3)
Represents contractual monthly base rent before free rent, plus estimated tenant reimbursements for the month in which the lease is expected to commence, multiplied by 12. Triple net leases are converted to a gross basis by adding estimated tenant reimbursements to monthly base rent.



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Page 18


CONTRACTUAL FREE RENT
JUNE 30, 2017
(Unaudited)


in thousands
 
 
 
Contractual Free Rent (1) at JBG SMITH Share
 
 
 
 
Quarter Ending
Assets
 

C/U
(2)
 
June 30, 2017
 
September 30, 2017
 
December 31, 2017
 
March 31, 2018
 
June 30, 2018
 
September 30, 2018
 
December 31, 2018
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Office
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Operating
 
C
 
$
7,954

 
$
5,109

 
$
2,535

 
$
2,274

 
$
1,823

 
$
1,050

 
$
2,321

Operating
 
U
 
1,105

 
762

 
189

 
170

 
103

 
36

 
31

Total
 
 
 
$
9,059

 
$
5,871

 
$
2,724

 
$
2,444

 
$
1,926

 
$
1,086

 
$
2,352

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Multifamily
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Operating
 
C
 
$
535

 
$

 
$

 
$

 
$

 
$

 
$

Operating
 
U
 
104

 
6

 
6

 
5

 
4

 
2

 
2

Under construction
 
U
 

 
70

 
70

 

 

 

 

Total
 
 
 
$
639

 
$
76

 
$
76

 
$
5

 
$
4

 
$
2

 
$
2

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Other
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Operating
 
C
 
$
58

 
$

 
$

 
$

 
$

 
$

 
$

Operating
 
U
 
6

 
1

 
1

 
1

 
1

 
1

 
1

Total
 
 
 
$
64

 
$
1

 
$
1

 
$
1

 
$
1

 
$
1

 
$
1

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total
 
 
 
$
9,762

 
$
5,948

 
$
2,801

 
$
2,450

 
$
1,931

 
$
1,089

 
$
2,355


____________________
(1)
Represents contractual free rent for in-place and signed but not yet commenced leases as of June 30, 2017.
(2)
“C” denotes a consolidated interest. “U” denotes an unconsolidated interest.



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Page 19


TENANT CONCENTRATION
JUNE 30, 2017
(Unaudited)

dollars in thousands
 
 
 
At JBG SMITH Share
 
Tenant
 
Number of Leases
 

Square Feet
 
% of Total Square Feet
 
Annualized Rent
 
% of Total Annualized Rent
1

U.S. Government (GSA)
 
80

 
2,561,560

 
24.4
%
 
$
101,521

 
22.3
%
2

Family Health International
 
9

 
320,791

 
3.1
%
 
15,608

 
3.4
%
3

Lockheed Martin Corporation
 
5

 
274,361

 
2.6
%
 
13,116

 
2.9
%
4

Arlington County
 
9

 
241,288

 
2.3
%
 
11,606

 
2.6
%
5

Paul Hastings LLP
 
5

 
125,863

 
1.2
%
 
9,700

 
2.1
%
6

Greenberg Traurig LLP
 
1

 
115,315

 
1.1
%
 
8,581

 
1.9
%
7

Baker Botts
 
2

 
89,525

 
0.9
%
 
7,017

 
1.5
%
8

Public Broadcasting Service
 
5

 
140,885

 
1.3
%
 
5,557

 
1.2
%
9

Accenture LLP
 
1

 
102,756

 
1.0
%
 
5,545

 
1.2
%
10

Cooley LLP
 
5

 
71,615

 
0.7
%
 
5,379

 
1.2
%
11

WeWork
 
3

 
122,271

 
1.2
%
 
5,351

 
1.2
%
12

Evolent Health LLC
 
1

 
90,905

 
0.9
%
 
4,618

 
1.0
%
13

DRS Tech Inc dba Finmeccanica
 
3

 
92,834

 
0.9
%
 
4,433

 
1.0
%
14

RTKL Associates Inc
 
2

 
64,003

 
0.6
%
 
4,317

 
0.9
%
15

National Consumer Cooperative
 
5

 
87,243

 
0.8
%
 
3,912

 
0.9
%
16

Noblis Inc
 
2

 
160,503

 
1.5
%
 
3,911

 
0.9
%
17

Conservation Intl. Foundation
 
1

 
86,996

 
0.8
%
 
3,907

 
0.9
%
18

U.S. Green Building Council
 
1

 
54,675

 
0.5
%
 
3,756

 
0.8
%
19

The Int'l Justice Mission
 
1

 
74,833

 
0.7
%
 
3,657

 
0.8
%
20

Cushman & Wakefield Inc.
 
3

 
58,641

 
0.6
%
 
3,607

 
0.8
%
 
Other
 
1,153

 
5,562,543

 
52.9
%
 
229,471

 
50.5
%
 
In-Place Leases - Total
 
1,297

 
10,499,406

 
100.0
%
 
$
454,570

 
100.0
%












logoverticaltransbluea01.jpg
 
Page 20


INDUSTRY DIVERSITY
JUNE 30, 2017
(unaudited)

dollars in thousands
 
 
 
At JBG SMITH Share
 
Industry
 
Number of Leases
 

Square Feet
 
% of Total
Square Feet
 
Annualized Rent
 
% of Total
Annualized Rent
1
Government
 
101

 
2,878,697

 
27.4
%
 
$
116,580

 
25.6
%
2
Government Contractors
 
154

 
1,796,033

 
17.1
%
 
79,087

 
17.4
%
3
Business Services
 
187

 
1,393,093

 
13.3
%
 
58,827

 
12.9
%
4
Member Organizations
 
115

 
995,483

 
9.5
%
 
46,373

 
10.2
%
5
Legal Services
 
93

 
624,923

 
6.0
%
 
40,962

 
9.0
%
6
Real Estate
 
77

 
491,961

 
4.7
%
 
20,280

 
4.5
%
7
Health Services
 
74

 
444,680

 
4.2
%
 
18,353

 
4.0
%
8
Food and Beverage
 
135

 
234,838

 
2.2
%
 
12,037

 
2.6
%
9
Communications
 
29

 
258,150

 
2.5
%
 
9,750

 
2.1
%
10
Educational Services
 
33

 
234,844

 
2.2
%
 
9,340

 
2.1
%
 
Other
 
299

 
1,146,704

 
10.9
%
 
42,981

 
9.6
%
 
In-Place Leases - Total
 
1,297

 
10,499,406

 
100.0
%
 
$
454,570

 
100.0
%




logoverticaltransbluea01.jpg
 
Page 21


PORTFOLIO SUMMARY
JUNE 30, 2017
(Unaudited)

 
 
Number
of Assets
 
Rentable
Square Feet
 
Number of
Units
(1)
 
Estimated
Potential Development
Density
(2)
 
 
 
 
 
 
 
 
 
Wholly Owned
 
 
 
 
 
 
 
 
Operating
 
49

 
14,540,365

 
3,908

 

Under construction
 
7

 
1,580,715

 
547

 

Future development
 
26

 

 

 
16,981,400

Total
 
82

 
16,121,080

 
4,455

 
16,981,400

 
 
 
 
 
 
 
 
 
Real Estate Ventures
 
 
 
 
 
 
 
 
Operating
 
19

 
5,431,997

 
2,108

 

Under construction
 
4

 
962,384

 
787

 

Near-term development
 
2

 
401,434

 
433

 

Future development
 
18

 

 

 
5,042,700

Total
 
43

 
6,795,815

 
3,328

 
5,042,700

 
 
 
 
 
 
 
 
 
Total Portfolio
 
125

 
22,916,895

 
7,783

 
22,024,100

 
 
 
 
 
 
 
 
 
Total Portfolio (at JBG SMITH Share)
 
125

 
18,366,744

 
5,681

 
18,254,300


____________________
Note: At 100% share.
(1)
For assets under construction and near-term development assets, represents estimated number of units based on current design plans.
(2)
Includes estimated potential office, multifamily and retail development density.










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Page 22


PROPERTY TABLE - OFFICE
JUNE 30, 2017
(Unaudited)

Office Assets
Submarket
%
Ownership

C/U
(1)
Same Store (2):
Q2 2016-2017 / YTD 2016-2017
Year Built /
Renovated
Total
Square Feet
Office
Square Feet
Retail
Square Feet
%
Leased
Office % Occupied
Retail % Occupied
Annualized
Rent
(in thousands)
Office
Annualized
Rent Per
Square
Foot (3)
Retail
Annualized
Rent Per
Square Foot (4)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
DC
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Universal Buildings
Uptown
100.0
%
C
Y / Y
1959 / 1990
686,873

568,797

91,075

97.8
%
98.9
%
99.6
%
$
31,324

$
47.05

$
50.65

2101 L Street
CBD
100.0
%
C
Y / Y
1975 / 2007
380,375

346,588

31,320

98.7
%
99.0
%
100.0
%
25,321

68.33

58.88

Bowen Building
East End
100.0
%
C
Y / Y
1922 / 2004
231,390

229,931


84.6
%
84.5
%

13,794

70.80


1730 M Street (5)
CBD
100.0
%
C
Y / Y
1964 / 1998
205,294

196,691

8,018

91.9
%
90.9
%
100.0
%
8,597

45.83

48.30

1233 20th Street
CBD
100.0
%
C
N / N
1984 / 2003
157,966

153,812


83.3
%
81.9
%

5,986

47.52


Executive Tower
East End
100.0
%
C
Y / Y
2001 / 2016
129,683

124,488

4,237

78.5
%
80.0
%
52.6
%
8,032

78.72

86.57

1600 K Street
CBD
100.0
%
C
N / N
1950 / 2000
84,841

70,058

12,391

94.0
%
92.7
%
100.0
%
4,048

49.50

65.40

L’Enfant Plaza Office-East (5)
Southwest
49.0
%
U
N / N
1972 / 2012
437,504

395,568


89.0
%
86.7
%

16,586

47.96


L’Enfant Plaza Office-North
Southwest
49.0
%
U
N / N
1969 / 2014
305,157

279,848

19,474

85.2
%
85.5
%
100.0
%
11,559

46.48

22.36

L’Enfant Plaza Retail
Southwest
49.0
%
U
N / N
1968 / 2014
148,623

13,628

102,768

78.2
%
100.0
%
63.7
%
4,746

35.99

62.31

The Warner
East End
55.0
%
U
Y / Y
1924 / 2012
593,153

534,804

57,133

99.5
%
96.9
%
96.1
%
39,080

72.43

27.86

Investment Building
East End
5.0
%
U
Y / Y
1924 / 2001
401,520

375,840

18,140

91.3
%
91.1
%
100.0
%
24,974

68.71

73.12

The Foundry
Georgetown
9.9
%
U
N / N
1973 / 2017
232,745

221,479

9,755

85.1
%
83.3
%
70.3
%
8,856

46.55

38.16

1101 17th Street
CBD
55.0
%
U
Y / Y
1964 / 1999
215,674

200,678

9,758

98.4
%
98.4
%
82.7
%
10,429

49.68

66.35

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
VA
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Courthouse Plaza 1 and 2 (5)
Clarendon/Courthouse
100.0
%
C
Y / Y
1989 / 2013
638,910

574,968

57,193

91.9
%
91.1
%
100.0
%
$
26,704

$
46.95

$
34.33

2345 Crystal Drive
Crystal City
100.0
%
C
Y / Y
1988 / N/A
507,327

498,315

4,206

93.0
%
93.4
%
100.0
%
21,534

45.77

38.32

2121 Crystal Drive
Crystal City
100.0
%
C
Y / Y
1985 / 2006
505,912

505,507

405

95.5
%
95.6
%

23,309

48.23


1550 Crystal Drive (6)
Crystal City
100.0
%
C
Y / Y
1980 / 2001
489,997

450,508

28,725

75.1
%
76.3
%
75.5
%
14,797

40.52

39.72

RTC-West (6)
Reston
100.0
%
C
N / N
1988 / 2014
447,339

444,436


92.2
%
92.1
%

14,768

36.06


2231 Crystal Drive
Crystal City
100.0
%
C
Y / Y
1987 / 2009
465,383

414,423

50,960

87.4
%
85.8
%
100.0
%
16,907

42.50

35.18

2011 Crystal Drive
Crystal City
100.0
%
C
Y / Y
1984 / 2006
444,664

433,006

6,762

81.5
%
81.6
%
100.0
%
15,773

43.49

51.81

2451 Crystal Drive
Crystal City
100.0
%
C
Y / Y
1990 / N/A
402,172

386,182

11,690

75.6
%
74.8
%
100.0
%
12,302

41.08

31.67

Commerce Executive (6)
Reston
100.0
%
C
Y / Y
1987 / 2015
393,527

372,190

16,260

89.8
%
89.9
%
95.2
%
12,332

35.40

27.45

1235 S. Clark Street
Crystal City
100.0
%
C
Y / Y
1981 / 2007
383,994

335,495

48,346

82.6
%
80.5
%
97.2
%
11,869

40.73

18.54

241 18th Street S.
Crystal City
100.0
%
C
Y / Y
1977 / 2013
355,813

325,434

28,457

76.4
%
73.3
%
89.9
%
9,685

36.80

35.36

251 18th Street S.
Crystal City
100.0
%
C
Y / Y
1975 / 2013
346,476

296,218

46,581

97.1
%
97.8
%
95.8
%
13,335

39.91

38.95

1215 S. Clark Street
Crystal City
100.0
%
C
Y / Y
1983 / 2002
336,903

334,290

2,613

99.8
%
99.8
%
100.0
%
10,757

32.00

31.69

201 12th Street S.
Crystal City
100.0
%
C
Y / Y
1987 / N/A
333,838

317,672

12,213

95.3
%
96.2
%
100.0
%
11,464

36.04

36.44

800 North Glebe Road
Ballston
100.0
%
C
N / N
2012 / N/A
305,039

277,397

26,247

99.5
%
77.8
%
100.0
%
12,481

52.26

45.97

1225 S. Clark Street
Crystal City
100.0
%
C
Y / Y
1982 / 2013
283,214

270,159

12,850

51.4
%
42.2
%
100.0
%
4,536

37.68

18.90


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Page 23


PROPERTY TABLE - OFFICE
JUNE 30, 2017
(Unaudited)

Office Assets
Submarket
%
Ownership

C/U
(1)
Same Store (2):
Q2 2016-2017 / YTD 2016-2017
Year Built /
Renovated
Total
Square Feet
Office
Square Feet
Retail
Square Feet
%
Leased
Office % Occupied
Retail % Occupied
Annualized
Rent
(in thousands)
Office
Annualized
Rent Per
Square
Foot (3)
Retail
Annualized
Rent Per
Square Foot (4)
2200 Crystal Drive
Crystal City
100.0
%
C
Y / Y
1968 / 2006
282,920

282,920


45.6
%
45.6
%

$
4,881

$
37.80

$

1901 South Bell Street
Crystal City
100.0
%
C
Y / Y
1968 / 2008
276,954

275,030

1,924

100.0
%
100.0
%
100.0
%
11,173

40.61

2.14

2100 Crystal Drive
Crystal City
100.0
%
C
Y / Y
1968 / 2006
249,281

249,281


100.0
%
100.0
%

10,009

40.15


200 12th Street S.
Crystal City
100.0
%
C
Y / Y
1985 / 2013
202,736

202,736


83.1
%
83.1
%

7,205

42.75


2001 Jefferson Davis Highway
Crystal City
100.0
%
C
Y / Y
1967 / N/A
160,710

159,577


59.8
%
54.1
%

2,853

33.03


Summit I
Reston
100.0
%
C
N / N
1987 / 2012
145,768

145,768


100.0
%
100.0
%

3,564

24.45


Summit II (6)
Reston
100.0
%
C
N / N
1986 / 2012
138,350

136,878

1,472

100.0
%
100.0
%
100.0

4,528

33.03

4.08

1800 South Bell Street (6)
Crystal City
100.0
%
C
N / N
1969 / 2007
90,866

65,957

24,479

100.0
%
100.0
%
100.0
%
3,147

44.55

8.20

Crystal City Shops at 2100
Crystal City
100.0
%
C
Y / Y
1968 / 2006
79,755


78,245

93.3
%

93.5
%
1,703


23.04

Wiehle Avenue Office Building (5)
Reston
100.0
%
C
N / N
1984 / N/A
77,528

75,048


55.9
%
57.7
%

1,151

26.58


1831 Wiehle Avenue
Reston
100.0
%
C
N / N
1983 / N/A
75,191

73,872


78.0
%
79.4
%

1,689

28.78


Crystal Drive Retail
Crystal City
100.0
%
C
Y / Y
2003 / N/A
56,965


56,965

100.0
%

100.0
%
2,936


51.55

Pickett Industrial Park
Eisenhower Avenue
10.0
%
U
N / N
1973 / N/A
246,145

246,145


89.7
%
89.7
%

3,400

15.40


Rosslyn Gateway-North
Rosslyn
18.0
%
U
N / N
1996 / 2014
145,348

130,841

14,060

94.0
%
93.9
%
96.4
%
5,414

41.25

25.57

Rosslyn Gateway-South
Rosslyn
18.0
%
U
N / N
1961 / N/A
106,711

95,465

7,584

89.8
%
89.1
%
40.4
%
2,783

31.19

40.06

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
MD
 
 
 
 
 
 
 
 
 
 
 
 
 
 
7200 Wisconsin Avenue
Bethesda CBD
100.0
%
C
N / N
1986 / 2015
272,602

250,071

17,263

68.0
%
67.6
%
79.9
%
$
8,810

$
48.42

$
43.66

One Democracy Plaza* (5)
Bethesda‑Rock Spring
100.0
%
C
Y / Y
1987 / 2013
214,019

210,762

2,138

98.4
%
98.9
%
100.0
%
6,841

32.48

31.42

NoBe II Office
Rockville Pike Corridor
18.0
%
U
N / N
1965 / 2005
136,819

117,971

15,232

19.0
%
14.8
%
55.4
%
644

22.79

29.02

11333 Woodglen Drive
Rockville Pike Corridor
18.0
%
U
N / N
2004 / N/A
63,875

55,302

8,573

92.6
%
91.4
%
100.0
%
2,204

34.84

51.61

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total / Weighted Average
 
 
 
 
13,873,849

12,722,034

945,512

87.3
%
86.2
%
91.4
%
$
530,820

$
45.17

$
39.42

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Recently Delivered
 
 
 
 
 
 
 
 
 
 
 
 
 
 
MD
 
 
 
 
 
 
 
 
 
 
 
 
 
 
4749 Bethesda Avenue Retail (7)
Bethesda CBD
100.0
%
C
N / N
2016 / 2016
13,633


13,633

100.0
%





 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Operating - Total / Weighted Average
 
 
 
 
13,887,482

12,722,034

959,145

87.4
%
86.2
%
90.1
%
$
530,820

$
45.17

$
39.42

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

logoverticaltransbluea01.jpg
 
Page 24


PROPERTY TABLE - OFFICE
JUNE 30, 2017
(Unaudited)

Office Assets
Submarket
%
Ownership

C/U
(1)
Same Store (2):
Q2 2016-2017 / YTD 2016-2017
Year Built /
Renovated
Total
Square Feet
Office
Square Feet
Retail
Square Feet
%
Leased
Office % Occupied
Retail % Occupied
Annualized
Rent
(in thousands)
Office
Annualized
Rent Per
Square
Foot (3)
Retail
Annualized
Rent Per
Square Foot (4)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Under Construction
 
 
 
 
 
 
 
 
 
 
 
 
 
 
DC
 
 
 
 
 
 
 
 
 
 
 
 
 
 
1900 N Street (5)
CBD
100.0
%
C
 
 
271,433

258,931

12,502

29.6
%
 
 
 
 
 
L’Enfant Plaza Office-Southeast
Southwest
49.0
%
U
 
 
215,185

215,185


56.4
%
 
 
 
 
 
VA
 
 
 
 
 
 
 
 
 
 
 
 
 
 
CEB Tower at Central Place (5)
Rosslyn
100.0
%
C
 
 
529,997

518,255

11,742

66.6
%
 
 
 
 
 
RTC-West Retail
Reston
100.0
%
C
 
 
40,025


40,025

58.8
%
 
 
 
 
 
MD
 
 
 
 
 
 
 
 
 
 
 
 
 
 
4747 Bethesda Avenue (8)
Bethesda CBD
100.0
%
C
 
 
287,183

281,020

6,163


 
 
 
 
 
Under Construction - Total / Weighted Average
 
 
 
 
1,343,823

1,273,391

70,432

43.0
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total / Weighted Average
 
 
 
 
15,231,305

13,995,425

1,029,577

83.4
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Totals at JBG SMITH Share
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Operating assets
 
 
 
 
 
11,884,931

10,933,792

803,402

87.5
%
86.2
%
92.3
%
$
447,941

$
44.41

$
38.29

Under construction assets
 
 
 
 
 
1,234,068

1,163,636

70,432

41.8
%
 
 
 
 
 

See footnotes on page 26.

logoverticaltransbluea01.jpg
 
Page 25


PROPERTY TABLE - OFFICE
JUNE 30, 2017
(Unaudited)


Footnotes

* Not Metro-Served.
Note: At 100% share. Excludes our 10% subordinated interests in five commercial buildings held through a real estate venture with Wealth Capital Management in which we have no economic interest.
(1)
“C” denotes a consolidated interest. “U” denotes an unconsolidated interest.
(2)
“Y” denotes an asset as same store and “N” denotes an asset as non-same store.
(3)
Represents annualized office rent divided by occupied office square feet; annualized retail rent and retail square feet are excluded from this metric. Occupied office square footage may differ from leased office square footage because leased office square footage includes leases that have been signed but have not yet commenced.
(4)
Represents annualized retail rent divided by occupied retail square feet. Occupied retail square footage may differ from leased retail square footage because leased retail square footage includes leases that have been signed but have not yet commenced.
(5)
The following assets are subject to ground leases:
    
Office Asset
 
Ground Lease Expiration Date
1730 M Street
 
4/30/2061
L’Enfant Plaza Office-East
 
11/23/2064
Courthouse Plaza 1 and 2
 
1/19/2062
Wiehle Avenue Office Building **
 
6/30/2018
One Democracy Plaza
 
11/17/2084
1900 N Street ***
 
5/31/2106
CEB Tower at Central Place **
 
6/2/2102
** We have an option to purchase the ground lease at a fixed price.
*** Only a portion of the asset is subject to a ground lease.

(6)
The following assets contain space that is held for development or not otherwise available for lease. Such out-of-service square footage is excluded from area, leased, and occupancy metrics in the above table.
    
Office Asset
 
In-Service
Not Available
for Lease
1550 Crystal Drive
 
489,997

18,293

RTC - West
 
447,339

19,911

Commerce Executive
 
393,527

14,085

Summit II
 
138,350

6,480

1800 South Bell Street
 
90,866

129,914


(7)
4749 Bethesda Avenue Retail delivered in the fourth quarter of 2016 and has a signed but not yet commenced lease for 100% of the space.
(8)
In July 2017, JBG SMITH executed a lease for approximately 80,200 square feet at 4747 Bethesda Avenue to relocate the Company’s headquarters, which brings the asset to 27.9% pre-leased. With this lease, the under construction office assets are 48.3% pre-leased at JBG SMITH’s share.

logoverticaltransbluea01.jpg
 
Page 26


PROPERTY TABLE - MULTIFAMILY
JUNE 30, 2017
(Unaudited)

Multifamily Assets
Submarket
%
Ownership

C/U
(1)
Same Store (2):
Q2 2016-2017 / YTD 2016-2017
Year Built /
Renovated
Number
of
Units
Total
Square
Feet
Multifamily
Square
Feet
Retail
Square
Feet
% Leased
Multifamily
%
Occupied
Retail
%
Occupied
Annualized
Rent
(in thousands)

Monthly
Rent Per
Unit (3) (4)

Monthly
Rent Per
Square
Foot (4) (5)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
DC
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Fort Totten Square (6)
Brookland/Fort Totten
100.0
%
C
N / N
2015 / N/A
345

384,316

253,652

130,664

95.7
%
87.1
%
98.7
%
$
8,254

$
1,812

$
2.46

WestEnd25
West End
100.0
%
C
Y / Y
2009 / N/A
283

273,264

273,264


98.5
%
96.6
%

11,391

3,471

3.59

The Gale Eckington
H Street/NoMa
5.0
%
U
N / N
2013 / 2017
603

466,716

465,516

1,200

97.7
%
93.2
%
100.0
%
13,995

2,070

2.68

Atlantic Plumbing
U Street/Shaw
64.0
%
U
N / N
2015 / N/A
310

245,527

221,788

23,739

96.8
%
91.0
%
100.0
%
10,611

2,808

3.92

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
VA
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
RiverHouse Apartments
Pentagon City
100.0
%
C
Y / Y
1960 / 2013
1,670

1,322,016

1,319,354

2,662

97.5
%
95.5
%
100.0
%
$
33,289

$
1,737

$
2.20

220 20th Street
Crystal City
100.0
%
C
Y / Y
2009 / N/A
265

271,790

269,913

1,877

97.4
%
96.6
%
100.0
%
7,878

2,550

2.50

2221 South Clark Street
Crystal City
100.0
%
C
Y / Y
1964 / 2016
216

171,080

164,743

6,337

100.0
%
100.0
%
100.0
%
3,232

N/A

N/A

Fairway Apartments*
Reston
10.0
%
U
N / N
1969 / 2005
346

370,850

370,850


98.1
%
96.8
%

6,445

1,603

1.50

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
MD
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Falkland Chase-South & West
Downtown Silver Spring
100.0
%
C
N / N
1938 / 2011
268

222,949

222,949


95.9
%
93.5
%

$
5,217

$
1,736

$
2.09

Falkland Chase-North
Downtown Silver Spring
100.0
%
C
N / N
1938 / 1986
162

119,443

119,443


88.0
%
98.8
%

2,748

1,431

1.94

Galvan
Rockville Pike Corridor
1.8
%
U
N / N
2015 / N/A
356

390,650

295,033

95,617

94.0
%
86.5
%
96.8
%
10,355

1,847

2.23

The Alaire (7)
Rockville Pike Corridor
18.0
%
U
N / N
2010 / N/A
279

266,497

251,691

14,806

97.9
%
94.3
%
100.0
%
5,956

1,714

1.90

The Terano (7) (8)
Rockville Pike Corridor
1.8
%
U
N / N
2015 / N/A
214

195,864

183,496

12,368

95.4
%
92.5
%
76.2
%
4,542

1,789

2.09

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total/Weighted Average
 
 
 
 
5,317

4,700,962

4,411,692

289,270

96.9
%
94.1
%
97.3
%
$
123,913

$
1,974

$
2.37

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Recently Delivered 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
VA
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
The Bartlett
Pentagon City
100.0
%
C
N / N
2016 / N/A
699

619,372

577,295

42,077

95.9
%
88.6
%
100.0
%
21,313

2,692

3.26

Operating - Total / Weighted Average
 
 
 
 
6,016

5,320,334

4,988,987

331,347

96.7
%
93.4
%
97.7
%
$
145,226

$
2,057

$
2.48

 
 
 
 
 
 
 
 
 
 

 
 
 
 
 
Under Construction
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
DC
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
1221 Van Street
Ballpark/Southeast
100.0
%
C
 
 
291

226,546

202,988

23,558

 
 
 
 
 
 
West Half III
Ballpark/Southeast
94.2
%
C
 
 
249

211,939

211,939


 
 
 
 
 
 
West Half II
Ballpark/Southeast
94.2
%
C
 
 
216

176,235

134,476

41,759

 
 
 
 
 
 
Atlantic Plumbing C-North
U Street/Shaw
100.0
%
C
 
 
161

145,605

134,180

11,425

 
 
 
 
 
 
Atlantic Plumbing C-South
U Street/Shaw
100.0
%
C
 
 
95

79,926

71,877

8,049

 
 
 
 
 
 

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Page 27


PROPERTY TABLE - MULTIFAMILY
JUNE 30, 2017
(Unaudited)

Multifamily Assets
Submarket
%
Ownership

C/U
(1)
Same Store (2):
Q2 2016-2017 / YTD 2016-2017
Year Built /
Renovated
Number
of
Units
Total
Square
Feet
Multifamily
Square
Feet
Retail
Square
Feet
% Leased
Multifamily
%
Occupied
Retail
%
Occupied
Annualized
Rent
(in thousands)

Monthly
Rent Per
Unit (3) (4)

Monthly
Rent Per
Square
Foot (4) (5)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
MD
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
7900 Wisconsin Avenue
Bethesda CBD
50.0
%
U
 
 
322

359,025

338,990

20,035

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Under Construction - Total
 
 
 
 
1,334

1,199,276

1,094,450

104,826

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total
 
 
 
 
7,350

6,519,610

6,083,437

436,173

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Near‑Term Development
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
DC
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
965 Florida Avenue
U Street/Shaw
70.0
%
U
 
 
433

336,092

290,296

45,796

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Totals at JBG SMITH Share
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Operating assets
 
 
 
 
 
4,232

3,660,315

3,456,836

203,479

96.8
%
93.9
%
99.1
%
$
102,798

$
2,122

$
2.59

Under construction assets
 
 
 
 
 
1,146

997,442

905,035

92,407

 
 
 
 
 
 
Near‑term development assets
 
 
 
 
303

235,264

203,207

32,057

 
 
 
 
 
 
____________________

* Not Metro-Served.
Note: At 100% share.
(1)
“C” denotes a consolidated interest. “U” denotes an unconsolidated interest.
(2)
“Y” denotes an asset as same store and “N” denotes an asset as non-same store.
(3)
Represents multifamily rent divided by occupied multifamily units; retail rent is excluded from this metric. Occupied units may differ from leased units because leased units include leases that have been signed but have not yet commenced.
(4)
Excludes 2221 South Clark Street (WeLive).
(5)
Represents multifamily rent divided by occupied multifamily square feet; retail rent and retail square feet are excluded from this metric. Occupied multifamily square footage may differ from leased multifamily square footage because leased multifamily square footage includes leases that have been signed but have not yet commenced.
(6)
On July 18, 2017, we acquired our real estate venture partner's interest in the asset and increased our ownership from 99.4% to 100.0%.
(7)
The following assets are subject to ground leases:
    
Multifamily Asset
 
Ground Lease Expiration Date
The Alaire
 
3/27/2107
The Terano
 
8/5/2112

(8)
The following asset contains space that is held for development or not otherwise available for lease. Such out-of-service square footage is excluded from area, leased, and occupancy metrics in the above table.
Multifamily Asset
 
In-Service
Not Available
for Lease
The Terano
 
195,864

3,904




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Page 28


PROPERTY TABLE - OTHER
JUNE 30, 2017
(Unaudited)

Other Assets
Submarket
%
Ownership

C/U
(1)
Same Store (2):
Q2 2016-2017 / YTD 2016-2017
Year Built /
Renovated
Total
Square
Feet (3)
%
Leased
%
Occupied
Annualized
Rent
(in thousands)
Annualized
Rent Per
Square Foot (4)
 
 
 
 
 
 
 
 
 
 
 
Retail
 
 
 
 
 
 
 
 
 
 
DC
 
 
 
 
 
 
 
 
 
 
North End Retail
U Street/Shaw
100.0%
C
N / N
2015 / N/A
27,380

100.0
%
100.0
%
$
1,184

$
43.25

VA
 
 
 
 
 
 
 
 
 
 
Vienna Retail*
Vienna
100.0%
C
Y / Y
1981 / N/A
8,547

100.0
%
100.0
%
383

44.83

Stonebridge at Potomac Town Center-Phase I*
Prince William County
10.0%
U
N / N
2012 / N/A
462,619

93.3
%
93.3
%
13,210

30.59

Total / Weighted Average
 
 
 
 
 
498,546

93.8
%
93.8
%
$
14,777

$
31.59

 
 
 
 
 
 
 
 
 
 
 
Hotel
 
 
 
 
 
 
 
 
 
 
VA
 
 
 
 
 
 
 
 
 
 
Crystal City Marriott Hotel
Crystal City
100.0%
C
Y / Y
 
266,000
(345 Rooms)

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total
 
 
 
 
 
764,546

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Near‑Term Development
 
 
 
 
 
 
 
 
 
 
VA
 
 
 
 
 
 
 
 
 
 
Stonebridge at Potomac Town Center-Phase II*
Prince William County
10.0%
U
 
 
65,342

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Totals at JBG SMITH Share
 
 
 
 
 
 
 
 
 
 
Operating assets
 
 
 
 
 
348,188

96.3
%
96.3
%
$
2,888

$
36.51

Near‑term development assets
 
 
 
 
 
6,534

 
 
 
 
____________________

* Not Metro-Served.
Note: At 100% share.
(1)
“C” denotes a consolidated interest. “U” denotes an unconsolidated interest.
(2)
“Y” denotes an asset as same store and “N” denotes an asset as non-same store.
(3)
Figure does not include over 1.0 million square feet of retail within our operating and under construction office portfolio and 436,000 square feet of retail within our operating and under construction multifamily portfolio.
(4)
Represents annualized rent divided by occupied square feet. Occupied square footage may differ from leased square footage because leased square footage includes leases that have been signed but have not yet commenced.

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Page 29


PROPERTY TABLE - UNDER CONSTRUCTION
JUNE 30, 2017
(Unaudited)

 
 
%
Ownership
Estimated Square
Feet
% Pre-Leased
Weighted Average Pre-Lease Rent Per Square Foot (2)
Estimated Number of Units
 
Schedule (1)
 
 
 
 
Construction Start Date
Estimated Completion Date
Estimated Stabilization Date
 
Asset
Submarket
 
 
 
 
 
 
 
 
 
 
 
 
Office
 
 
 
 
 
 
 
 
 
 
DC
 
 
 
 
 
 
 
 
 
 
1900 N Street
CBD
100.0%
271,433

29.6
%
$
86.27

Q2 2017
Q2 2020
Q4 2022
 
L'Enfant Plaza Office - Southeast
Southwest
49.0%
215,185

56.4
%
53.95

Q1 2017
Q3 2019
Q2 2021
 
 
 
 
 
 
 
 
 
 
 
 
VA
 
 
 
 
 
 
 
 
 
 
CEB Tower at Central Place
Rosslyn
100.0%
529,997

66.6
%
65.41

Q4 2014
Q2 2018
Q2 2020
 
RTC - West Retail
Reston
100.0%
40,025

58.8
%
68.69

Q4 2015
Q2 2017
Q1 2018
 
 
 
 
 
 
 
 
 
 
 
 
MD
 
 
 
 
 
 
 
 
 
 
4747 Bethesda Avenue (3)
Bethesda CBD
100.0%
287,183



Q2 2017
Q4 2019
Q2 2021
 
Total/weighted average
 
 
1,343,823

43.0
%
$
66.03

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Multifamily
 
 
 
 
 
 
 
 
 
 
DC
 
 
 
 
 
 
 
 
 
 
1221 Van Street
Ballpark/Southeast
100.0%
226,546



291
Q4 2015
Q2 2018
Q2 2019
 
West Half III
Ballpark/Southeast
94.2%
211,939



249
Q1 2017
Q1 2020
Q1 2021
 
West Half II
Ballpark/Southeast
94.2%
176,235



216
Q1 2017
Q1 2020
Q1 2021
 
Atlantic Plumbing C – North
U Street/Shaw
100.0%
145,605



161
Q1 2017
Q4 2019
Q3 2020
 
Atlantic Plumbing C – South
U Street/Shaw
100.0%
79,926



95
Q1 2017
Q4 2019
Q2 2020
 
 
 
 
 
 
 
 
 
 
 
 
MD
 
 
 
 
 
 
 
 
 
 
7900 Wisconsin Avenue
Bethesda CBD
50.0%
359,025



322
Q4 2017
Q2 2020
Q4 2021
 
Total
 
 
1,199,276



1,334
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Under Construction - Total / Weighted Average
 
2,543,099



 
1,334
Q3 2016
Q3 2019
Q4 2020
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

logoverticaltransbluea01.jpg
 
Page 30


PROPERTY TABLE - UNDER CONSTRUCTION
JUNE 30, 2017
(Unaudited)

Under Construction Investment at JBG SMITH Share as of June 30, 2017 (dollars in thousands)
 
 
 
 
 
 
Historical cost
 
 
$
510,981

 
 
 
 
 
 
 
Estimated incremental investment
 
 
825,669

 
 
 
 
 
 
 
Estimated Total Investment
 
$
1,336,650

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Weighted average projected NOI yield on total investment
7.2
%
 
 
 
 
 
 
 
Weighted average projected NOI yield on incremental investment
11.7
%
 
 
 
 
 
 
 

____________________
Note: At 100% share.

(1)
Average dates are weighted by estimated square feet.
(2)
Based on leases signed as of June 30, 2017 and is calculated as contractual monthly base rent before free rent, plus estimated tenant reimbursements for the month in which the lease commences, multiplied by 12. Triple net leases are converted to a gross basis by adding estimated tenant reimbursements to contractual monthly base rent.
(3)
In July 2017, JBG SMITH executed a lease for approximately 80,200 square feet at 4747 Bethesda Avenue to relocate the Company’s headquarters, which brings the asset to 27.9% pre-leased. With this lease, the under construction office assets are 48.3% pre-leased at JBG SMITH’s share.




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Page 31


PROPERTY TABLE - NEAR-TERM DEVELOPMENT
JUNE 30, 2017
(Unaudited)

 
 
 
 
%
 
Estimated
 
 
Asset
 
Submarket
 
Ownership
 
Square Feet
 
Units
 
 
 
 
 
 
 
 
 
Multifamily
 
 
 
 
 
 
 
 
DC
 
 
 
 
 
 
 
 
965 Florida Avenue
 
U Street/Shaw
 
70.0%
 
336,092

 
433

 
 
 
 
 
 
 
 
 
Other
 
 
 
 
 
 
 
 
VA
 
 
 
 
 
 
 
 
Stonebridge at Potomac Town Center - Phase II
 
Prince William County
 
10.0%
 
65,342

 

 
 
 
 
 
 
 
 
 
Near-Term Development - Total
 
 
 
 
 
401,434

 
433

 
 
 
 
 
 
 
 
 
Near-Term Development Investment at JBG SMITH Share as of June 30, 2017 (dollars in thousands)
 
 
 
 
 
 
Historical cost
 
$
2,985

 
 
 
 
 
 
Estimated incremental investment
 
108,346

 
 
 
 
 
 
Estimated Total Investment
 
$
111,331

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Weighted average projected NOI yield on total investment
 
6.4
%
 
 
 
 
 
 
Weighted average projected NOI yield on incremental investment
 
6.5
%
 
 
 
 
 
 

____________________
Note: At 100% share.








logoverticaltransbluea01.jpg
 
Page 32


PROPERTY TABLE - FUTURE DEVELOPMENT
JUNE 30, 2017
(Unaudited)

dollars in thousands, except per square foot data
 
Estimated Commercial SF / Multifamily Units to be Replaced (1)
 
 
 
 
 
Estimated Capitalized Costs of SF / Units to Be Replaced (3)
 
Estimated Capitalized Cost of Ground Rent Payments (4)
 
 
 
Estimated Total Investment per SF
 
 
Number of Assets
 
 
 
 
 
 
 
 
 
 
 
 
Remaining Acquisition Costs (2)
 
 
 
Estimated Total Investment
 
 
 
 
Estimated Potential Development Density (SF)
 
 
Historical Cost
 
 
 
 
 
Region
 
 
Total
 
Office
 
Multifamily
 
Retail
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Owned
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
DC
 
8

 
1,595,400

 
636,500

 
938,100

 
20,800

 

 
$
132,139

 
 N/A
 
$

 
$

 
$
132,139

 
$
82.82

VA
 
25

 
12,919,800

 
3,554,700

 
8,654,300

 
710,800

 
 265,966 SF /
15 units

 
390,217

 
 N/A
 
54,905

 
2,337

 
447,459

 
34.63

MD
 
5

 
1,402,800

 
19,200

 
1,244,900

 
138,700

 
 25,119 SF /
162 units

 
13,197

 
 N/A
 
28,533

 
416

 
42,146

 
30.04

Total / weighted average
 
38

 
15,918,000

 
4,210,400

 
10,837,300

 
870,300

 
291,085 SF / 177 units

 
$
535,553

 
 N/A
 
$
83,438

 
$
2,753

 
$
621,744

 
$
39.06

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Optioned
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
DC
 
3

 
1,700,000

 
337,800

 
1,163,900

 
198,300

 

 
$
10,539

 
$
43,095

 
$

 
$
69,718

 
$
123,352

 
$
72.56

VA
 
2

 
636,300

 
625,000

 
10,400

 
900

 

 
617

 
21,058

 

 

 
21,675

 
34.06

MD
 
1

 

 

 

 

 

 
7,791

 

 

 

 
7,791

 
N/A

Total / weighted average
 
6

 
2,336,300

 
962,800

 
1,174,300

 
199,200

 

 
$
18,947

 
$
64,153

 
$

 
$
69,718

 
$
152,818

 
$
65.41

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total / Weighted Average
 
44

 
18,254,300

 
5,173,200

 
12,011,600

 
1,069,500

 
291,085 SF / 177 units

 
$
554,500

 
$
64,153

 
$
83,438

 
$
72,471

 
$
774,562

 
$
42.43


____________________
Note: At JBG SMITH share.

(1)
Represents management's estimate of the total office and/or retail rentable square feet and multifamily units that would need to be redeveloped to access some of the estimated potential development density, which had an estimated NOI of $1.3 million for the three months ended June 30, 2017.
(2)
Represents management's estimate of remaining deposits, option payments, and option strike prices as of June 30, 2017. In addition, three owned parcels and two optioned parcels are leasehold interests with estimated annual stabilized ground rent payments totaling $3.6 million in 2017.
(3)
Capitalized value of estimated commercial square feet / multifamily units to be replaced (included in the value of the operating segment) at a 6.0% capitalization rate.
(4)
Capitalized value of stabilized annual ground rent payments associated with leasehold assets at a 5.0% capitalization rate.







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Page 33


DEBT BY INSTRUMENT
JUNE 30, 2017
(Unaudited)

dollars in thousands


Asset

% Ownership
Principal
Balance
Stated
Interest
Rate
Interest
Rate
Hedge
Current
Annual
Interest Rate (1)
Initial
Maturity
Date
Extended
Maturity
Date (2)
 
 
 
 
 
 
 
 
Consolidated
 
 
 
 
 
 
 
2011 Crystal Drive (3)
100.0
%
$
74,338

7.30%
Fixed
7.30
%
08/01/17
08/01/17
1730 M Street & 1150 17th Street (4)
100.0
%
43,581

L + 1.25%
2.47
%
08/26/17
08/26/17
North End Retail (5)
100.0
%
7,850

L + 2.25%
3.47
%
08/31/17
08/31/17
220 20th Street
100.0
%
67,661

4.61%
Fixed
4.61
%
02/01/18
02/01/18
4747 Bethesda Avenue
100.0
%
12,500

L + 2.75%
3.97
%
04/29/18
04/29/18
Fort Totten Square
100.0
%
73,600

L + 2.15%
Swap
4.23
%
06/09/18
12/09/18
1900 N Street (6)
100.0
%
27,993

L + 2.50%
Swap
4.07
%
05/08/19
05/08/19
7200 Wisconsin Avenue - Senior
100.0
%
83,130

L + 1.75%
Cap
2.97
%
12/23/18
12/23/19
7200 Wisconsin Avenue - Mezz
100.0
%
15,000

L + 7.54%
Cap
8.76
%
12/23/18
12/23/19
1900 N Street (7)
100.0
%
1,467

4.00%
Fixed
4.00
%
01/23/18
01/23/20
Courthouse Plaza 1 and 2
100.0
%
11,000

L + 1.60%
2.82
%
05/10/17
05/10/20
Summit I & II
100.0
%
59,000

L + 1.70%
Cap
2.92
%
08/04/20
08/04/20
RTC - West
100.0
%
107,540

L + 2.20%
3.42
%
04/12/20
04/12/21
WestEnd25
100.0
%
100,078

4.88%
Fixed
4.88
%
06/01/21
06/01/21
Universal Buildings
100.0
%
185,000

L + 1.90%
Cap
3.12
%
08/12/19
08/12/21
CEB Tower at Central Place
100.0
%
125,769

L + 2.45%
Swap
3.66
%
11/07/18
11/07/21
The Bartlett
100.0
%
220,000

L + 1.70%
2.92
%
06/20/22
06/20/22
2121 Crystal Drive
100.0
%
140,397

5.51%
Fixed
5.51
%
03/01/23
03/01/23
Falkland Chase - South & West
100.0
%
42,445

3.78%
Fixed
3.78
%
06/01/23
06/01/23
Falkland Chase - North
100.0
%
22,775

L + 2.32%
Cap
3.54
%
06/01/23
06/01/23
1221 Van Street
100.0
%
37,187

L + 2.65%
3.87
%
08/31/20
08/31/23
800 North Glebe Road
100.0
%
107,500

L + 1.60%
2.82
%
06/30/22
06/30/24
2101 L Street
100.0
%
141,960

3.97%
Fixed
3.97
%
08/15/24
08/15/24
1233 20th Street
100.0
%
43,229

4.38%
Fixed
4.38
%
11/01/19
11/01/24
1215 S. Clark Street, 200 12th Street S., and 251 18th Street S.
100.0
%
89,203

7.94%
Fixed
7.94
%
01/01/25
01/01/25
RiverHouse Apartments
100.0
%
307,710

L + 1.28%
2.50
%
04/01/25
04/01/25
Payable to Vornado (8)
100.0
%
115,751

L + 1.05%
2.27
%
01/04/20
01/04/20
 
100.0
%
2,263,664

 
 
 
 
 
Total premium / (discount)
 
(8,791
)
 
 
 
 
 
Total Consolidated Indebtedness
 
$
2,254,873

 
 
 
 
 
 
 
 
 
 
 
 
 
Total Consolidated Indebtedness Reconciliation
 
 
 
 
 
 
 
Mortgages payable, net of deferred financing costs
 
$
2,139,122

 
 
 
 
 
Payable to Vornado
 
115,751

 
 
 
 
 
Total Consolidated Indebtedness
 
$
2,254,873

 
 
 
 
 
 
 
 
 
 
 
 
 

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Page 34


DEBT BY INSTRUMENT
JUNE 30, 2017
(Unaudited)

dollars in thousands


Asset

% Ownership
Principal
Balance
Stated
Interest
Rate
Interest
Rate
Hedge
Current
Annual
Interest Rate (1)
Initial
Maturity
Date
Extended
Maturity
Date (2)
 
 
 
 
 
 
 
 
Unconsolidated
 
 
 
 
 
 
 
1101 17th Street
55.0
%
$
31,000

L + 1.25%
2.47
%
01/19/18
01/19/18
Galvan
1.8
%
84,113

L + 2.70%
Cap
3.92
%
12/12/17
12/12/18
Capitol Point - North
59.0
%
10,996

L + 4.00%
5.22
%
03/30/18
03/30/19
The Terano
1.8
%
38,026

L + 2.10%
Cap
3.32
%
11/08/17
11/08/19
11333 Woodglen Drive
18.0
%
13,430

L + 1.90%
Swap
3.52
%
01/01/20
01/01/20
The Alaire
18.0
%
39,015

L + 2.10%
Cap
3.32
%
03/13/18
03/13/20
Atlantic Plumbing
64.0
%
88,475

L + 2.25%
Swap
6.04
%
09/09/17
09/09/20
Rosslyn Gateway - North, Rosslyn Gateway - South
18.0
%
46,000

L + 2.00%
Cap
3.00
%
11/17/19
11/17/21
The Foundry
9.9
%
48,213

L + 1.85%
Cap
3.07
%
12/12/19
12/12/21
L'Enfant Plaza Office - North, L'Enfant Plaza Office - East, L'Enfant Plaza Retail (9)
49.0
%
214,772

L + 3.65%
Cap
4.94
%
05/08/19
05/08/22
L'Enfant Plaza Office - Southeast
49.0
%
5,100

L + 3.75%
Cap
4.97
%
05/08/20
05/08/22
Stonebridge at Potomac Town Center
10.0
%
94,962

L + 1.70%
Swap
3.25
%
12/10/20
12/10/22
The Warner
55.0
%
273,000

3.65%
Fixed
3.65
%
06/01/23
06/01/23
7900 Wisconsin Avenue
50.0
%

4.82%
Fixed
4.82
%
06/30/25
06/30/25
Fairway Apartments
10.0
%
39,575

L + 1.60%
Swap
3.70
%
07/01/22
07/01/25
The Gale Eckington
5.0
%
110,636

L + 1.60%
Swap
3.56
%
07/31/22
07/31/25
Pickett Industrial Park
10.0
%
23,600

L + 1.45%
Swap
3.56
%
09/04/25
09/04/25
 
33.1%

1,160,913

 
 
 
 
 
Total premium / (discount)
 
(2,689
)
 
 
 
 
 
Total Unconsolidated Indebtedness
 
$
1,158,224

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total Unconsolidated Indebtedness Reconciliation
 
 
 
 
 
 
 
Consolidated indebtedness at JBG SMITH Share
 
$
2,254,873

 
 
 
 
 
Unconsolidated indebtedness at JBG SMITH Share
 
383,051

 
 
 
 
 
Total consolidated and unconsolidated indebtedness at JBG SMITH Share
2,637,924

 
 
 
 
 
Adjustments related to transaction, at JBG SMITH share after premium / discount:
 
 
 
 
 
 
1730 M Street & 1150 17th Street
 
(43,495
)
 
 
 
 
 
Payable to Vornado
 
(115,751
)
 
 
 
 
 
Unsecured revolving line of credit
 
115,751

 
 
 
 
 
Unsecured Term Loan A-1
 
50,000

 
 
 
 
 
Adjusted Consolidated and Unconsolidated Indebtedness at JBG SMITH Share
$
2,644,429

 
 
 
 
 

See footnotes on page 36.


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Page 35


DEBT BY INSTRUMENT
JUNE 30, 2017
(Unaudited)

Footnotes

(1)
June 30, 2017 LIBOR of 1.22% applied to loans which are denoted as floating (no hedge) or floating with a cap.
(2)
Represents the maturity date based on execution of all extension options. Many of these extensions are subject to lender covenant tests.
(3)
This loan was repaid on July 27, 2017.
(4)
This loan was repaid on July 17, 2017.
(5)
This loan was repaid on August 3, 2017.
(6)
This loan is collateralized by a portion of the 1900 N Street assemblage referred to as 1920 N Street. The remaining portion of the asset is encumbered by a separate loan. This loan was repaid on August 11, 2017.
(7)
This loan is collateralized by a portion of the 1900 N Street assemblage referred to as 1253 20th Street. The remaining portion of the asset is encumbered by a separate loan. This loan was repaid on August 11, 2017.
(8)
The mortgage loan is secured by Bowen Building ($115.8 million principal balance). The mortgage was assigned to JBG SMITH and the note was repaid on July 18, 2017 with new financing proceeds from the JBG SMITH credit facility.
(9)
The base rate for the loan is three-month LIBOR, which was 1.29% as of June 26, 2017.




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Page 36


CONSOLIDATED REAL ESTATE VENTURES
JUNE 30, 2017
(Unaudited)

 
 Asset Type
City
 Submarket
% Ownership

Total Square Feet
Akridge
 
 
 
 
 
West Half III
Multifamily
Washington, D.C.
Ballpark/Southeast
94.2
%
211,939

West Half II
Multifamily
Washington, D.C.
Ballpark/Southeast
94.2
%
176,235

 
 
 
 
 
388,174

 
 
 
 
 
 
Total Consolidated Real Estate Ventures
 
 
 
 
388,174


____________________

Note: At 100% share.



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Page 37


UNCONSOLIDATED REAL ESTATE VENTURES
JUNE 30, 2017
(Unaudited)


 
 Asset Type
City
 Submarket
% Ownership

Total Square Feet
Landmark
 
 
 
 
 
L'Enfant Plaza Office - East
Office
Washington, D.C.
Southwest
49.0
%
437,504

L'Enfant Plaza Office - North
Office
Washington, D.C.
Southwest
49.0
%
305,157

L'Enfant Plaza Office - Southeast
Office
Washington, D.C.
Southwest
49.0
%
215,185

L'Enfant Plaza Retail
Office
Washington, D.C.
Southwest
49.0
%
148,623

Rosslyn Gateway - North
Office
Arlington, VA
Rosslyn
18.0
%
145,348

Rosslyn Gateway - South
Office
Arlington, VA
Rosslyn
18.0
%
106,711

NoBe II Office
Office
Rockville, MD
Rockville Pike Corridor
18.0
%
136,819

11333 Woodglen Drive
Office
Rockville, MD
Rockville Pike Corridor
18.0
%
63,875

Galvan
Multifamily
Rockville, MD
Rockville Pike Corridor
1.8
%
390,650

The Alaire
Multifamily
Rockville, MD
Rockville Pike Corridor
18.0
%
266,497

The Terano
Multifamily
Rockville, MD
Rockville Pike Corridor
1.8
%
195,864

NoBe II Land
Future Development
Rockville, MD
Rockville Pike Corridor
18.0
%
589,000

Rosslyn Gateway - North Land
Future Development
Arlington, VA
Rosslyn
18.0
%
311,000

Rosslyn Gateway - South Land
Future Development
Arlington, VA
Rosslyn
18.0
%
498,500

Capitol Point - North
Future Development
Washington, D.C.
NoMa
59.0
%
409,100

Capitol Point - North Option
Future Development
Washington, D.C.
NoMa
59.0
%
439,000

L'Enfant Plaza Office - Center
Future Development
Washington, D.C.
Southwest
49.0
%
350,000

Courthouse Metro Land
Future Development
Arlington, VA
Clarendon/Courthouse
18.0
%
286,500

Courthouse Metro Land - Option
Future Development
Arlington, VA
Clarendon/Courthouse
18.0
%
62,500

5615 Fishers Drive
Future Development
Rockville, MD
Rockville Pike Corridor
18.0
%
106,500

12511 Parklawn Drive
Future Development
Rockville, MD
Rockville Pike Corridor
18.0
%
6,500

Woodglen
Future Development
Rockville, MD
Rockville Pike Corridor
18.0
%

Twinbrook
Future Development
Rockville, MD
Rockville Pike Corridor
18.0
%

 
 
 
 
 
5,470,833

 
 
 
 
 
 
CBREI Venture
 
 
 
 
 
Pickett Industrial Park
Office
Alexandria, VA
Eisenhower Avenue
10.0
%
246,145

The Foundry
Office
Washington, DC
Georgetown
9.9
%
232,745

The Gale Eckington
Multifamily
Washington, DC
H Street/NoMa
5.0
%
466,716

Fairway Apartments
Multifamily
Reston, VA
Reston
10.0
%
370,850

Atlantic Plumbing
Multifamily
Washington, DC
U Street/Shaw
64.0
%
245,527

Stonebridge at Potomac Town Center - Phase I
Other
Woodbridge, VA
Prince William County
10.0
%
462,619

Stonebridge at Potomac Town Center - Phase II
Other
Woodbridge, VA
Prince William County
10.0
%
65,342

Stonebridge at Potomac Town Center - Phase III
Future Development
Woodbridge, VA
Prince William County
10.0
%
209,800

Fairway Land
Future Development
Reston, VA
Reston
10.0
%
526,200

 
 
 
 
 
2,825,944


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Page 38


UNCONSOLIDATED REAL ESTATE VENTURES
JUNE 30, 2017
(Unaudited)


 
 Asset Type
City
 Submarket
% Ownership

Total Square Feet
 
 
 
 
 
 
Canadian Pension Plan Investment Board
 
 
 
 
 
The Warner
Office
Washington, DC
East End
55.0
%
593,153

1101 17th Street
Office
Washington, DC
CBD
55.0
%
215,674

 
 
 
 
 
808,827

 
 
 
 
 
 
Forest City
 
 
 
 
 
Waterfront Station
Future Development
Washington, DC
Southwest
2.5
%
662,600

 
 
 
 
 
 
Brandywine
 
 
 
 
 
1250 1st Street
Future Development
Washington, DC
NoMa
30.0
%
265,800

50 Patterson Street
Future Development
Washington, DC
NoMa
30.0
%
142,200

51 N Street
Future Development
Washington, DC
NoMa
30.0
%
177,500

 
 
 
 
 
585,500

 
 
 
 
 
 
Berkshire Group
 
 
 
 
 
7900 Wisconsin Avenue
Multifamily
Bethesda, MD
Bethesda CBD
50.0
%
359,025

 
 
 
 
 
 
MRP Realty
 
 
 
 
 
965 Florida Avenue
Multifamily
Washington, DC
U Street/Shaw
70.0
%
336,092

 
 
 
 
 
 
JP Morgan
 
 
 
 
 
Investment Building
Office
Washington, DC
East End
5.0
%
401,520

 
 
 
 
 
 
Total Unconsolidated Real Estate Ventures
 
 
 
 
11,450,341

 
 
 
 
 
 
____________________

Note: At 100% share.



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Page 39


DEFINITIONS
JUNE 30, 2017

Annualized Rent
“Annualized rent” is defined as (i) for office and other assets, or the retail component of a mixed-use asset, the in-place monthly base rent before free rent, plus tenant reimbursements as of June 30, 2017, multiplied by 12, with triple net leases converted to a gross basis by adding estimated tenant reimbursements to monthly base rent, and (ii) for multifamily assets, or the multifamily component of a mixed-use asset, the in-place monthly base rent before free rent as of June 30, 2017, multiplied by 12. Annualized rent excludes rent from signed but not yet commenced leases.
Annualized Rent Per Square Foot
“Annualized rent per square foot” is defined as (i) for office assets, annualized office rent divided by occupied office square feet; annualized retail rent and retail square feet are excluded from this metric, (ii) for multifamily assets, monthly multifamily rent divided by occupied multifamily square feet; annualized retail rent and retail square feet are excluded from this metric, and (iii) for other assets, annualized rent divided by occupied square feet. Occupied square footage may differ from leased square footage because leased square footage includes leases that have been signed but have not yet commenced.
Estimated Potential Development Density
‘‘Estimated potential development density’’ reflects management’s estimate of developable gross square feet based on our current business plans with respect to real estate owned or controlled as of June 30, 2017.
Free Rent
‘‘Free rent’’ means the amount of base rent and operating expenses that are abated according to the applicable lease agreement(s).
Future Development
“Future development” refers to assets that are development opportunities on which we do not intend to commence construction within 18 months of June 30, 2017 where we (i) own land or control the land through a ground lease or (ii) are under a long-term conditional contract to purchase, or enter into a leasehold interest with respect to land.
Historical Cost, Estimated Incremental Investment and Total Investment
“Historical cost” is a non-GAAP measure which includes the total historical cost incurred by JBG and Vornado with respect to the development of an asset, including any acquisition costs, hard costs, soft costs, tenant improvements, leasing costs and other similar costs, but excluding any financing costs and ground rent expenses, incurred as of June 30, 2017. Historical Cost does not include a fair value adjustment to the JBG Assets that is required by GAAP as a result of the combination transaction. The purchase price allocation for the JBG Assets is in process and has not been finalized.
“Estimated incremental investment” means management’s estimate of the remaining cost to be incurred in connection with the development of an asset as of June 30, 2017, including all remaining acquisition costs, hard costs, soft costs, tenant improvements, leasing costs and other similar costs to develop and stabilize the asset but excluding any financing costs and ground rent expenses.
“Total investment” means, with respect to the development of an asset, the sum of the historical cost in such asset and the estimated incremental investment for such asset.
Estimated incremental investment and total investment may differ substantially from our estimates due to numerous factors, including unanticipated expenses, delays in the estimated start and/or completion date, changes in design and other contingencies.
Metro-Served
Metro-served means locations, submarkets or assets that are generally nearby and within walking distance of a Metro station, defined as being within 0.5 miles of an existing or planned Metro station.
Monthly Rent Per Unit
For multifamily assets, represents monthly multifamily rent for June 30, 2017 divided by occupied units; retail rent is excluded from this metric.
Near-Term Development
‘‘Near-term development’’ refers to assets that have substantially completed the entitlement process and on which we intend to commence construction within 18 months following June 30, 2017, subject to market conditions.
Percent Leased
‘‘Percent leased’’ is based on leases signed as of June 30, 2017, and is calculated as total rentable square feet less rentable square feet available for lease divided by total rentable square feet expressed as a percentage. Out-of-service square feet are excluded from this calculation.
Percent Pre-Leased
‘‘Percent pre-leased’’ is based on leases signed as of June 30, 2017, and is calculated as the estimated rentable square feet leased divided by estimated total rentable square feet expressed as a percentage.

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Page 40


DEFINITIONS
JUNE 30, 2017

Percent Occupied
‘‘Percent occupied’’ is based on occupied rentable square feet/units as of June 30, 2017, and is calculated as (i) for office and retail space, total rentable square feet less unoccupied square feet divided by total rentable square feet, (ii) for multifamily space, total units less unoccupied units divided by total units, expressed as a percentage. Out-of-service square feet are excluded from this calculation.
Property Operating Income, NOI and Projected NOI Yield
“Property operating income” is a non-GAAP financial measure management uses to measure the operating performance of our assets and consists of property-related revenue (which includes base rent, tenant expense recoveries and other operating revenue) less operating expenses and related party management fees. In addition to property operating income, we also report the non-GAAP NOI, which excludes straight-line rent, related party management fees and certain other non-cash adjustments. Annualized NOI represents NOI for the three months ended June 30, 2017 multiplied by four. Management believes Annualized NOI provides useful information in understanding JBG SMITH’s financial performance over a 12-month period. However, investors and other users are cautioned against attributing undue certainty to our calculation of Annualized NOI. Actual NOI for any 12-month period will depend on a number of factors beyond our ability to control or predict, including general capital markets and economic conditions, any bankruptcy, insolvency, default or other failure to pay rent by one or more of our tenants and the destruction of one or more of our assets due to terrorist attack, natural disaster or other casualty, among others. We do not undertake any obligation to update our calculation to reflect events or circumstances occurring after the date of this supplemental information package. Annualized NOI and NOI are only estimates of JBG SMITH’s financial performance over a period of 12 months, and there can be no assurance that the annualized NOI or NOI shown will reflect JBG SMITH’s actual results of operations over any 12-month period. We also report pro forma annualized NOI which includes signed but not yet commenced leases and incremental revenue from recently delivered assets. Management uses each of these measures as supplemental performance measures for its assets and believes they provide useful information to investors because they reflect only those revenue and expense items that are incurred at the asset level, excluding non-cash items. In addition, property operating income and NOI are considered by many in the real estate industry to be useful starting points for determining the value of a real estate asset or group of assets.
However, because each of these measures excludes depreciation and amortization and captures neither the changes in the value of our assets that result from use or market conditions, nor the level of capital expenditures and capitalized leasing commissions necessary to maintain the operating performance of our assets, all of which have real economic effect and could materially impact the financial performance of our assets, the utility of these measures of the operating performance of our assets is limited. Moreover, other real estate companies may calculate these measures differently from how we do, and they may not be comparable to other real estate companies’ measures. These measures should be considered only as supplements to net operating income (loss) (computed in accordance with GAAP) as a measure of the operating performance of our assets.
This supplemental information package also contains management’s projections of NOI yield for our under construction and near-term development assets, which are based on management’s estimates of property-related revenue and operating expenses for each asset. Such estimates are inherently uncertain and represent management’s plans, expectations and beliefs and are subject to numerous assumptions, risks and uncertainties. The property-related revenues and operating expenses for our assets may differ materially from the estimates included in this supplemental information package. In addition, the projected allocation of company-level property management overhead, general and administrative costs and interest expense to assets under construction and near-term development assets is complex, impractical to develop, and may not be meaningful. Management’s projections of NOI yield are not projections of JBG SMITH’s overall financial performance or cash flow, and there can be no assurance that the projected NOI yield set forth in this supplemental information package will be achieved. No reconciliation of projected NOI yield to the most directly comparable GAAP measure is included in this supplemental information package because we are unable to quantify certain amounts that would be required to be included in the comparable GAAP financial measures without unreasonable efforts because such data is not currently available or cannot be currently estimated with confidence. Accordingly, we believe such reconciliations would imply a degree of precision that would be confusing or misleading to investors.
“Projected NOI yield” means our estimated stabilized NOI reported as a percentage of 1) estimated total investment and 2) estimated incremental investment. Actual initial full year stabilized NOI yield may vary from the projected NOI Yield based on the actual total investment to complete the asset and its actual initial full year stabilized NOI, and there can be no assurance that we will achieve the projected NOI yields described in this supplemental information package.
Recently Delivered
“Recently delivered” refers to assets that have been delivered within the 12 months ended June 30, 2017.
Same Store and Non-Same Store
“Same store” refers to the pool of assets that were owned by JBG SMITH or its predecessor and stabilized for the entirety of both periods being compared, except for assets for which significant redevelopment, renovation, or repositioning occurred during either of the periods being compared. No JBG Assets are included in the same store pool.

“Non-same store” refers to all assets excluded from the same store pool.
Second Generation Lease
“Second generation lease” is a lease on space that has been vacant for less than nine months.


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Page 41


DEFINITIONS
JUNE 30, 2017

Signed But Not Yet Commenced Leases
“Signed but not yet commenced leases” means leases for assets in JBG SMITH’s portfolio that, as of June 30, 2017, have been executed but for which the contractual lease term had not yet begun, and no rental payments had yet been charged to the tenant.
Square Feet
‘‘Square feet’’ or ‘‘SF’’ refers to the area that can be rented to tenants, defined as (i) for office and other assets, rentable square footage defined in the current lease and for vacant space the rentable square footage defined in the previous lease for that space, (ii) for multifamily assets, management’s estimate of approximate rentable square feet, (iii) for the assets under construction and the near-term development assets, management’s estimate of actual rentable square feet based on current design plans as of June 30, 2017, or (iv) for the future development assets, management’s estimate of developable gross square feet based on its current business plans with respect to real estate owned or controlled as of June 30, 2017.
Stabilized and Stabilization
‘‘Stabilized and stabilization’’ refers to office, multifamily or retail assets that are at or above 90% leased or have been in service assets collecting rent for longer than 12 months as of June 30, 2017.
Under Construction
‘‘Under construction’’ refers to assets that were under construction as of June 30, 2017.


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