Exhibit 99.5

 

JBG SMITH Properties

 

UNAUDITED PRO FORMA COMBINED FINANCIAL STATEMENTS

 

The following unaudited pro forma combined financial statements have been prepared in accordance with Article 11 of Regulation S-X, using the assumptions set forth in the notes to the unaudited pro forma combined financial statements by applying pro forma adjustments to the historical combined financial statements to reflect the spin-off on July 17, 2017 of the Vornado Included Assets from Vornado, referred to as the separation, and the acquisition on July 18, 2017 of the JBG Included Assets and JBG Operating Partners, referred to as the combination, as described elsewhere in this prospectus. The unaudited pro forma combined balance sheet gives effect to the transaction as if it had occurred on June 30, 2017. The unaudited pro forma combined statements of operations give effect to the transaction as if it had occurred on January 1, 2016. All significant pro forma adjustments and underlying assumptions are described in the notes to the unaudited pro forma combined financial statements.

 

The unaudited pro forma adjustments include the following:

 

·      The contribution from Vornado to JBG SMITH of the assets and liabilities that comprise the Vornado Included Assets’ business;

 

·      The acquisition of the JBG Included Assets and JBG Operating Partners;

 

·      The issuance of 94.7 million JBG SMITH common shares to Vornado’s common shareholders and the distribution of 5.8 million JBG SMITH LP OP Units to VRLP unit holders in connection with the separation and distribution.  In the distribution, holders of Vornado common shares and VRLP common limited partnership units received one common share of JBG SMITH or one JBG SMITH LP OP Unit, as applicable, for every two Vornado common shares or VRLP common limited partnership units of VRLP held by them;

 

·      The issuance of 23.3 million JBG SMITH common shares and the distribution of 13.9 million JBG SMITH LP OP Units to JBG designees in connection with the combination;

 

As of the completion of the separation and the combination there were 118.0 million JBG SMITH common shares outstanding and 19.7 million JBG SMITH LP OP Units outstanding that were owned by parties other than JBG SMITH; and

 

·      The execution of our $1.4 billion credit agreement and draw downs on the facility.

 

The accompanying unaudited pro forma combined financial statements do not give effect to the potential impact of cost savings that may result from the transactions described above or items that will not have a recurring impact. While Vornado is providing JBG SMITH with certain information technology, financial reporting, and payroll services on a transitional basis pursuant to a Transition Services Agreement, a significant portion of these services are less than one year in duration. Accordingly, the accompanying unaudited pro forma combined financial statements do not give effect to the Transition Services Agreement with Vornado.

 

The unaudited pro forma combined financial statements are presented for illustrative purposes only and are not necessarily indicative of the financial position or financial results that would have actually been reported had the transaction occurred on January 1, 2016 or June 30, 2017, as applicable, nor are they indicative of our future financial position or financial results. The differences that may occur between the preliminary estimates and the final acquisition accounting could have a material impact on the unaudited pro forma combined financial statements, including the impact on pro forma amortization of intangible assets and depreciation of property, plant and equipment.

 

The unaudited pro forma combined financial statements include the results of the carve-out of the Vornado Included Assets from the financial information of Vornado. The historical financial results of the Vornado Included

 

 

Assets reflect charges for certain corporate expenses which include costs related to human resources, security, payroll and benefits, legal, corporate communications, and information services. Costs of the services that were allocated or charged to the Vornado Included Assets were based on either actual costs incurred or a proportion of costs estimated to be applicable to the Vornado Included Assets based on a number of factors, most significantly, the Vornado Included Assets’ percentage of Vornado’s revenue. The unaudited pro forma financial statements are based on available information and various assumptions that management believes to be reasonable. These allocated amounts are included as a component of general and administrative expenses on the combined statement of operations and do not necessarily reflect what actual costs would have been if the Vornado Included Assets was a separate standalone public company. Actual costs may be materially different.

 

We considered the guidance in Financial Accounting Standards Board Accounting Standards Codification (“ASC”) 805, Business Combinations, and determined that the Vornado Included Assets is the accounting acquirer and all of its assets, liabilities and results of operations are recorded at their historical carryover basis. Our conclusion is supported by the following considerations: (i) Vornado common shareholders hold a significant majority of the JBG SMITH common shares and the voting rights attendant thereto; (ii) the fair value of the Vornado Included Assets is significantly greater than that of the JBG Included Assets (including JBG Operating Partners); and (iii) while the board of trustees includes six trustees designated by Vornado and six trustees designated by JBG, the Vornado common shareholders hold majority voting rights by virtue of their ownership interest in JBG SMITH common shares, with the ability to determine the outcome of elections for the board of trustees occurring beginning in 2018 (with the full board of trustees subject to reelection within three years) and the outcome of the vote on other matters that require shareholder approval.

 

The unaudited pro forma combined financial statements also include the effect of the acquisition by JBG SMITH of the JBG Included Assets and JBG Operating Partners, which is accounted for under the acquisition method of accounting and recognized at the estimated fair value of the assets acquired and liabilities assumed on the date of such acquisition in accordance with ASC 805.

 

The unaudited pro forma combined financial statements should be read in conjunction with the combined financial statements and related notes thereto contained elsewhere in this prospectus.

 

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JBG SMITH Properties

PRO FORMA COMBINED BALANCE SHEET

As of June 30, 2017

(unaudited and dollar amount in thousands)

 

								JBG Included Assets
		JBG SMITH Properties (A)			Vornado Included Assets (B)			Acquisition of JBG Operating Partners (C)			Acquisition of JBG Consolidated Assets and Unconsolidated Real Estate Ventures (C)			Elimination Pro Forma Adjustments (D)			Other Pro Forma Adjustments (E)			JBG SMITH Properties Pro Forma
ASSETS
Real estate, at cost:
Land and improvements		$	—		$	930,001		$	—		$	353,257		$	—		$	—		$	1,283,258
Building and improvements		—			3,028,517			—			630,808			—			—			3,659,325
Construction in progress		—			212,795			—			625,618			—			—			838,413
Leasehold improvements and equipment		—			—			11,220			—			—			—			11,220
Total		—			4,171,313			11,220			1,609,683			—			—			5,792,216
Less accumulated depreciation and amortization		—			(959,352		)	—			—			—			—			(959,352		)
Real estate, net		—			3,211,961			11,220			1,609,683			—			—			4,832,864
Cash and cash equivalents		1			280,613			(972		)	100,373			—			129,967			509,982
Restricted cash		—			3,735			—			16,115			—			—			19,850
Tenant and other receivables, net		—			28,232			6,526			1,033			(2,291		)	—			33,500
Deferred rent receivable, net		—			143,395			—			—			—			—			143,395
Investments in unconsolidated real estate ventures		—			45,476			24			229,900			—			—			275,400
Receivable from Vornado Realty Trust		—			76,738			—			—						(76,738		)	—
Other assets, net		—			119,795			55,957			136,426			—			11,043			323,221
		$	1		$	3,909,945		$	72,755		$	2,093,530		$	(2,291	)	$	64,272		$	6,138,212
LIABILITIES AND EQUITY
Mortgages payable, net		$	—		$	1,376,077		$	—		$	768,357		$	—		$	(43,500	)	$	2,100,934
Revolving credit facility		—			—			—			—			—			115,751			115,751
Unsecured term loan		—			—			—			—			—			50,000			50,000
Payable to Vornado Realty Trust		—			289,904			—			—			—			(289,904		)	—
Accounts payable and accrued expenses		—			31,779			11,687			32,303			(2,291		)	5,608			79,086
Other liabilities, net		—			50,045			1,675			17,413			—			—			69,133
Total liabilities		—			1,747,805			13,362			818,073			(2,291		)	(162,045		)	2,414,904
Commitments and contingencies
Shareholders’ equity		1			2,161,845			59,393			1,270,354			—			(227,765		)	3,263,828
Noncontrolling interests in consolidated subsidiaries		—			295			—			5,103			—			—			5,398
Noncontrolling interests JBG SMITH LP		—			—			—			—			—			454,082			454,082
Total equity		1			2,162,140			59,393			1,275,457			—			226,317			3,723,308
		$	1		$	3,909,945		$	72,755		$	2,093,530		$	(2,291	)	$	64,272		$	6,138,212

 

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JBG SMITH Properties

PRO FORMA COMBINED STATEMENT OF OPERATIONS

For the Six Months Ended June 30, 2017

(unaudited and dollar amount in thousands)

 

								JBG included Assets
		JBG SMITH Properties (AA)			Vornado Included Assets (BB)			Acquisition of JBG Operating Partners (CC)			Acquisition of JBG Consolidated Assets (DD)			Acquisition of JBG Unconsolidated Real Estate Ventures (EE)			Elimination Pro Forma Adjustments (FF)			Other Pro Forma Adjustments (GG)			JBG SMITH Properties Pro Forma
REVENUES:
Property rentals		$	—		$	199,771		$	—		$	37,368		$	—		$	—		$	—		$	237,139
Tenant reimbursements		—			17,667			—			3,613			—			—			—			21,280
Third-party real estate services		—			9,923			32,646			—			—			(1,247		)	—			41,322
Other income		—			6,931			13,758			456			—			—			—			21,145
Total Revenue		—			234,292			46,404			41,437			—			(1,247		)	—			320,886
EXPENSES:
Depreciation and amortization		—			65,775			4,829			18,090			—			—			—			88,694
Property operating		—			56,466			13,758			12,558			—			(1,247		)	—			81,535
Real estate taxes		—			30,754			—			5,610			—			—			—			36,364
General and administrative		—			25,398			32,966			—			—			—			18,151			76,515
Transaction and other costs		—			11,078			—			—			—			—			(11,078		)	—
Total Expenses		—			189,471			51,553			36,258			—			(1,247		)	7,073			283,108
Operating Income (Loss)		—			44,821			(5,149		)	5,179			—			—			(7,073		)	37,778
Income (loss) from unconsolidated real estate ventures		—			314			—			—			(4,424		)	—			—			(4,110		)
Interest and other income, net		—			1,745			—			154			—			—			(1,675		)	224
Interest expense		—			(28,504		)	—			(11,129		)	—			—			(1,075		)	(40,708		)
Income (Loss) Before Income Tax Expense		—			18,376			(5,149		)	(5,796		)	(4,424		)	—			(9,823		)	(6,816		)
Income tax expense		—			(717		)	(2,532		)	—			—			—			—			(3,249		)
Net Income (Loss)		—			17,659			(7,681		)	(5,796		)	(4,424		)	—			(9,823		)	(10,065		)
Net Income (Loss) Attributable to Noncontrolling Interests		—			—			—			—			—			—			(1,228		)	(1,228		)
Net Income (Loss) Attributable to JBG Smith Properties		$	—		$	17,659		$	(7,681	)	(5,796		)	$	(4,424	)	$	—		$	(8,595	)	$	(8,837	)
Weighted average shares outstanding - basic and diluted																							118,049
Earnings per share - basic and diluted																							$	(0.07	)

 

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JBG SMITH Properties

PRO FORMA COMBINED STATEMENT OF OPERATIONS

For the Year Ended December 31, 2016

(unaudited and dollar amount in thousands)

 

								JBG included Assets
		JBG SMITH Properties (AA)			Vornado Included Assets (BB)			Acquisition of JBG Operating Partners (CC)			Acquisition of JBG Consolidated Assets (DD)			Acquisition of JBG Unconsolidated Real Estate Ventures (EE)			Elimination Pro Forma Adjustments (FF)			Other Pro Forma Adjustments (GG)			JBG SMITH Properties Pro Forma
REVENUES:
Property rentals		$	—		$	401,577		$	—		$	75,821		$	—		$	—		$	—		$	477,398
Tenant expense reimbursements		—			38,291			—			6,146			—			—			—			44,437
Third-party real estate services		—			25,458			70,040			—			—			(2,799		)	(2,038		)	90,661
Other income		—			13,193			28,988			965			—			—			—			43,146
Total Revenue		—			478,519			99,028			82,932			—			(2,799		)	(2,038		)	655,642
EXPENSES:
Depreciation and amortization		—			133,343			9,657			40,394			—			—			—			183,394
Property operating and reimbursement from managed properties		—			117,708			28,988			25,883			—			(2,799		)	—			169,780
Real estate taxes		—			57,784			—			10,573			—			—			—			68,357
General and administrative		—			50,416			70,677			—			—			—			35,934			157,027
Transaction and other costs		—			6,476			—			—			—			—			(6,476		)	—
Total Expenses		—			365,727			109,322			76,850			—			(2,799		)	29,458			578,558
Operating Income (Loss)		—			112,792			(10,294		)	6,082			—			—			(31,496		)	77,084
Loss from unconsolidated real estate ventures		—			(1,242		)	—			—			(18,165		)	—			—			(19,407		)
Interest and other income, net		—			3,287			(9		)	430			—			—			(3,290		)	418
Interest expense		—			(51,781		)	—			(22,496		)	—			—			(4,292		)	(78,569		)
Income (Loss) before Income Tax Expense		—			63,056			(10,303		)	(15,984		)	(18,165		)	—			(39,078		)	(20,474		)
Income tax expense		—			(1,083		)	(5,335		)	—			—			—			—			(6,418		)
Net Income (Loss)		—			61,973			(15,638		)	(15,984		)	(18,165		)	—			(39,078		)	(26,892		)
Net Income (Loss) Attributable to Noncontrolling Interests		—			—			—			—			—			—			(3,280		)	(3,280		)
Net Income (Loss) Attributable to JBG Smith Properties		$	—		$	61,973		$	(15,638	)	(15,984		)	$	(18,165	)	$	—		$	(35,798	)	$	(23,612	)
Weighted average shares outstanding - basic and diluted																							118,049
Earnings per share - basic and diluted																							$	(0.20	)

 

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Notes to Pro Forma Combined Financial Statements (unaudited)

 

1.                                      Adjustments to Unaudited Pro Forma Combined Balance Sheet

 

The adjustments to the unaudited pro forma combined balance sheet as of June 30, 2017 are as follows (dollar amounts in thousands, except per share and OP Unit amounts):

 

(A)                               Represents JBG SMITH, the Maryland real estate investment trust that was formed on October 27, 2016, and is the ultimate parent entity upon the completion of the transaction on July 18, 2017. Prior to June 30, 2017, JBG SMITH had no corporate activity since its formation other than the issuance of 1,000 common shares of beneficial interest ($0.01 par value per share) for a total of $1 on November 22, 2016. JBG SMITH expects to conduct substantially all of its operations and make substantially all of its investments through JBG SMITH LP, its operating partnership. As of July 18, 2017, JBG SMITH, as the sole general partner of JBG SMITH LP, owned 86% of the OP Units of JBG SMITH LP and controlled the enity. Accordingly, under accounting principles generally accepted in the United States of America, or GAAP, JBG SMITH will consolidate the assets, liabilities and results of operations of JBG SMITH LP and its subsidiaries.

 

(B)                               Represents the unaudited historical combined balance sheet of the Vornado Included Assets as of June 30, 2017. For detailed information of the structure of the Vornado Included Assets, refer to the audited historical combined financial statements and accompanying notes appearing elsewhere in this registration statement. Because the Vornado Included Assets is deemed the accounting acquirer, all of its assets, liabilities and results of operations will be recorded at their historical carryover basis.

 

(C)                               Represents the acquisition of the JBG Included Assets which comprise (i) 100% of the ownership interests in certain assets and less than 100% of the ownership interests in certain real estate ventures owned by the JBG Parties and (ii) JBG Operating Partners, a real estate services company providing investment, development, asset and property management, leasing, construction management and other services primarily to the assets owned, directly or indirectly, by the contributing JBG Funds. Consideration to the JBG Parties with respect to the acquisitions referred to in clause (i) above was in the form of common shares and OP Units. Consideration was paid with respect to the acquisition of JBG Operating Partners described in clause (ii) above in the form of OP Units. JBG Operating Partners was owned by 20 unrelated individuals. Upon completion of the transaction, 19 of these individuals are now employees of JBG SMITH and three of these individuals are members of the board of trustees.

 

The acquisition of the JBG Included Assets and JBG Operating Partners is accounted for under the acquisition method of accounting in accordance with ASC 805, Business Combinations. The fair value of the aggregate purchase consideration is allocated based on the estimated fair value of the assets acquired and liabilities assumed on the date of acquisition.

 

A portion of the OP Unit consideration, paid to certain of the owners of JBG Operating Partners, with an estimated fair value of $110,591 is subject to post combination employment with vesting periods of between 31 and 60 months. In accordance with GAAP, consideration that is subject to future employment is not considered a component of the purchase price for the business combination and has been recognized as compensation expense which is included in general and administrative expenses in the pro forma combined statements of operations in accordance with ASC Topic 718 Share-based Payments.

 

The acquisition resulted in a bargain purchase gain because the estimated fair value of the identifiable net assets acquired exceeded the purchase consideration in an amount of $104,861. The purchase consideration was determined based upon the relative equity values of the Vornado Included Assets and the JBG Included Assets. The JBG

 

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Parties, in the aggregate received a total number of JBG SMITH common shares and/or JBG SMITH LP OP Units equal to their equity values.   The ultimate value of the consideration was based on the total shares and OP Units multiplied by the stock price of $37.10 per share at the consummation of the transaction on July 18, 2017.

 

The following preliminary allocation of the purchase price is based on preliminary estimates and assumptions and is subject to change based on a final determination of the fair value of the purchase consideration and assets acquired and liabilities assumed:

 

		JBG Operating Partners			JBG Consolidated Assets and Unconsolidated Real Estate Ventures			Total JBG Included Assets
Fair value of purchase consideration
Common shares and common limited partnership units		$	126,893		$	1,097,993		$	1,224,886
Cash		2,000			12,892			14,892
Total consideration paid		$	128,893		$	1,110,885		$	1,239,778
Fair value of assets acquired and liabilities assumed
Land and improvements		$	—		$	353,257		$	353,257
Building and improvements		—			630,808			630,808
Construction in progress		—			625,618			625,618
Leasehold improvements and equipment		11,220			—			11,220
Cash		1,028			113,265			114,293
Restricted cash		—			16,115			16,115
Investments in unconsolidated real estate ventures		24			229,900			229,924
Identified intangible assets		55,659			81,548			137,207
Identified intangible liabilities		—			(8,444		)	(8,444		)
Mortgages payable assumed		—			(768,357		)	(768,357		)
Other assets acquired (liabilities assumed), net		(6,538		)	14,639			8,101
Noncontrolling interests in consolidated subsidiaries		—			(5,103		)	(5,103		)
Net assets acquired		61,393			1,283,246			1,344,639
Bargain purchase gain								(104,861		)
Total consideration paid								$	1,239,778

 

The fair value of the mortgages payable assumed was determined using current market interest rates for comparable debt financings. The carrying value of cash, restricted cash, working capital balances, leasehold improvements and equipment for JBG Operating Partners, and other assets acquired and liabilities assumed approximates fair value.

 

The allocation to tangible assets (land, building and improvements, construction in progress, and leasehold improvements and equipment) is based upon management’s determination of the value of the asset as if it were vacant. This “as-if vacant” value is estimated using an income, or discounted cash flow, approach that relies upon internally determined assumptions that we believe are consistent with current market conditions for similar assets. The most significant assumptions in determining the allocation of the purchase price to tangible assets are the exit capitalization rate, discount rate, estimated market rents and hypothetical expected lease-up periods.

 

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The allocation to identified intangible assets is based on the following: 

·                  The value allocable to the above or below market component of an acquired in-place lease is determined based upon the present value (using a discount rate which reflects the risks associated with the acquired leases) of the difference between (i) the contractual amounts to be received pursuant to the lease over its remaining term and (ii) management’s estimate of the amounts that would be received using fair market rates over the remaining term of the lease. Amounts allocated to above market leases are recorded as identified intangible assets, and amounts allocated to below market leases are recorded as identified intangible liabilities. These intangibles are amortized to rental income over the remaining terms of the respective leases.

 

·                  Factors considered in determining the value allocable to in-place leases include estimates, during hypothetical lease-up periods, related to space that is actually leased at the time of acquisition. These estimates include (i) lost rent at market rates, (ii) fixed operating costs that will be recovered from tenants and (iii) theoretical leasing commissions required to execute similar leases. These intangible assets are recorded as identified intangible assets and are amortized over the remaining term of the existing lease. 

 

·                  The allocation to intangible assets related to JBG Operating Partners (in-place property management, leasing, asset management, and development and construction management contracts) is based on the estimated fair value of the management contracts. Factors considered in determining the value allocable to these management contracts include revenue and expense projections over the estimated life of each contract, respectively. The projections were then present valued using a market discount rate to calculate fair value. These intangibles are amortized over the estimated life of the contract.

 

The allocations to the JBG Unconsolidated Real Estate Ventures and noncontrolling interests in the JBG Included Assets that are less than 100% owned are based on the estimated fair value of the identified assets acquired of those entities exceeding the fair value of the liabilities assumed.

 

The following tables present a summary of the JBG Included Assets acquired and JBG SMITH’s ownership percentage (wholly owned, less than 100% owned and consolidated, and less than 100% owned and unconsolidated).

 

JBG CONSOLIDATED ASSETS—WHOLLY OWNED		TYPE
RTC—West		Office—Operating
800 North Glebe Road		Office—Operating
7200 Wisconsin Avenue		Office—Operating
1233 20th Street		Office—Operating
Summit II		Office—Operating
Summit I		Office—Operating
1600 K Street		Office—Operating
Wiehle Avenue Office Building		Office—Operating
1831 Wiehle Avenue		Office—Operating
4749 Bethesda Avenue Retail		Office—Recently Delivered
4747 Bethesda Avenue		Office—Under Construction
CEB Tower at Central Place		Office—Under Construction
RTC—West Retail		Office—Under Construction
1900 N Street		Office—Under Construction
Fort Totten Square(1)		Multifamily—Operating
Falkland Chase—South & West		Multifamily—Operating
Falkland Chase—North		Multifamily—Operating
1221 Van Street		Multifamily—Under Construction
Atlantic Plumbing C—North		Multifamily—Under Construction
Atlantic Plumbing C—South		Multifamily—Under Construction
North End Retail		Other—Operating
Falkland Chase—North Land		Future Development
Wiehle Avenue Development Parcel		Future Development
1831 Wiehle Avenue Land		Future Development
RTC—West Land		Future Development
Summit I & II Land		Future Development
Hoffman Town Center		Future Development
DCDF—801 17th Street, NE		Future Development
Gallaudet		Future Development
Potomac Yard Land Bay G		Future Development

 

(1)         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%.

 

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JBG CONSOLIDATED ASSETS—PARTIALLY OWNED		TYPE		PERCENT OWNERSHIP
Akridge
West Half II		Multifamily—Under Construction		94.2	%
West Half III		Multifamily—Under Construction		94.2	%

 

The following table reflects the ownership interests in the JBG Unconsolidated Real Estate Ventures.

 

JBG UNCONSOLIDATED REAL ESTATE VENTURES		TYPE		PERCENT OWNERSHIP
MFP-JBGU
L’Enfant Plaza Office—East		Office—Operating		49.0	%
L’Enfant Plaza Office—North		Office—Operating		49.0	%
Rosslyn Gateway—North		Office—Operating		18.0	%
NoBe II Office		Office—Operating		18.0	%
Rosslyn Gateway—South		Office—Operating		18.0	%
11333 Woodglen Drive		Office—Operating		18.0	%
Courthouse Metro Office		Office—Operating		18.0	%
L’Enfant Plaza Retail		Office—Operating		49.0	%
L’Enfant Plaza Office—Southeast		Office—Under Construction		49.0	%
The Alaire		Multifamily—Operating		18.0	%
The Terano		Multifamily—Operating		1.8	%
Galvan		Multifamily—Operating		1.8	%
Capitol Point—North Option		Future Development		59.0	%
Capitol Point—North		Future Development		59.0	%
L’Enfant Plaza Office—Center		Future Development		49.0	%
Rosslyn Gateway—South Land		Future Development		18.0	%
Rosslyn Gateway—North Land		Future Development		18.0	%
5615 Fishers Drive		Future Development		18.0	%
12511 Parklawn Drive		Future Development		18.0	%
Twinbrook		Future Development		18.0	%
Woodglen		Future Development		18.0	%
CBREI Venture
Pickett Industrial Park		Office—Operating		10.0	%
The Foundry		Office—Operating		9.9	%
Fairway Apartments		Multifamily—Operating		10.0	%
The Gale Eckington		Multifamily—Operating		5.0	%
Atlantic Plumbing		Multifamily—Operating		64.0	%
Stonebridge at Potomac Town Center—Phase I		Other—Operating		10.0	%
Stonebridge at Potomac Town Center—Phase II		Other—Near-Term Development		10.0	%
Stonebridge at Potomac Town Center—Phase III		Future Development		10.0	%
Fairway Land		Future Development		10.0	%
Brandywine
1250 1st Street		Future Development		30.0	%
50 Patterson Street		Future Development		30.0	%
51 N Street		Future Development		30.0	%
MRP Realty
965 Florida Avenue		Multifamily—Near-Term Development		70.0	%
Berkshire
7900 Wisconsin Avenue		Multifamily—Under Construction		50.0	%

 

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