Exhibit 99.2

 

JBG REAL ESTATE OPERATING ASSETS

 

INTERIM COMBINED STATEMENT OF REVENUES AND EXPENSES FROM

REAL ESTATE OPERATIONS (Unaudited)

 

For the Six Months Ended
June 30, 2017

 

 

JBG REAL ESTATE OPERATING ASSETS

 

Combined Statement of Revenues and Expenses from Real Estate Operations (Unaudited)

(dollar amounts in thousands)

 

		For the Six Months Ended June 30, 2017
Revenue
Property rentals		$	110,105
Tenant expense reimbursement		9,515
Other revenue		2,045
Total Revenue		121,665
Expenses
Property operating		30,571
Real estate taxes		15,570
Management fees		4,102
Total Expenses		50,243
Revenues in Excess of Expenses		$	71,422

 

See accompanying notes to combined statement of revenues and expenses from real estate operations.

 

1

 

JBG REAL ESTATE OPERATING ASSETS

 

Notes to the Combined Statement of Revenues and Expenses from

 

Real Estate Operations (Unaudited)

 

For the Six Months Ended June 30, 2017

 

(dollar amounts in thousands)

 

NOTE 1—BASIS OF PRESENTATION

 

JBG Real Estate Operating Assets is not a separate or single legal entity, but rather a combination of real estate operating assets and entities under the common management of JBG/Operating Partners, L.P. (the “Partnership”) and its consolidated subsidiaries (the “Management Company”). The Management Company earns fees in connection with investment, development, property management, leasing, construction management, tenant improvement construction, and finance provided to commercial office, multifamily (both rental and for-sale), retail, and hotel assets. Substantially all fee revenue earned by the Management Company is from services provided to the real estate assets owned by affiliated real estate investment funds (each a “Fund” and collectively, the “Funds”) and real estate ventures (the “Ventures”). The Funds either held or continue to hold direct or indirect ownership in each real estate asset (“Property Asset”) through separate limited liability companies (each, a “Property LLC”). The Funds own direct or indirect equity interests in the Property LLCs. The Ventures also either held or continue to hold interests in real estate assets (the “Venture Assets”). The Management Company, Funds, Ventures, Property Assets, Property LLCs, and Venture Assets are collectively referred to as “JBG”.

 

On October 31, 2016, the Partnership entered into a Master Transaction Agreement (the “Transaction Agreement”) with Vornado Realty Trust, Vornado Realty L.P., JBG Properties, Inc., certain affiliates of JBG Properties, Inc., JBG SMITH Properties (“JBG SMITH”) and JBG SMITH Properties LP, a Delaware limited partnership and JBG SMITH’s subsidiary operating partnership (the “Operating Partnership”). On July 18, 2017, in accordance with the Transaction Agreement,  the Management Company, the Funds’ interests in certain Property LLCs, and interests in the Ventures, were contributed through a series of transactions to the Operating Partnership, in exchange for the right to receive units of limited partnership interest in the Operating Partnership or common shares of JBG SMITH or, in certain circumstances, cash (the “Transaction”). As of the closing of the Transaction on July 18, 2017, JBG SMITH was a publicly traded real estate investment trust. Except where the context requires otherwise, “JBG SMITH” refers to JBG SMITH, the Operating Partnership and their consolidated subsidiaries.

 

On July 18, 2017, JBG SMITH acquired up to 100% of the ownership interests in certain Property LLCs from one or more of the following real estate funds, affiliated with the Management Company: JBG Investment Fund I, L.P. (“Fund I”); JBG Investment Fund II, L.P. (“Fund II”); JBG Investment Fund III, L.P. (“Fund III”); JBG Investment Fund VI, L.L.C. (“Fund VI”); JBG Investment Fund VII, L.L.C. (“Fund VII”); JBG Investment Fund VIII, L.L.C. (“Fund VIII”); JBG Investment Fund IX, L.L.C. (“Fund IX”); JBG/Urban Direct Member, L.L.C. (“Urban Direct”); and JBG/Recap Investors, L.L.C. (“Recap”). JBG SMITH also acquired interests in several Ventures from the Funds and other affiliates of the Management Company.

 

The Management Company, Funds, Ventures, and Property LLCs are not entities under common control or subsidiaries of a common parent. The Property Assets and Venture Assets presented in the combined statement of revenues and expenses from real estate operations and supplementary information presented in Schedule 1 (the “Statement”) have been under common management of the Management Company since the date of acquisition by the applicable Fund.

 

Although JBG SMITH acquired less than 100% of the equity interests in certain of the Property LLCs and each Venture, the Statement presents 100% of the revenues and expenses from real estate operations for each Property Asset and Venture Asset. The schedule included in the Supplemental Information identifies the selling entity (Fund) and the name of the Venture, and the percentage ownership in each Property Asset or Venture Asset that was acquired by JBG SMITH.

 

The following tables set forth the percentage ownership interest JBG SMITH acquired in the Property LLCs and Ventures that hold ownership interests in certain Property Assets and Venture Assets.

 

2

 

JBG SMITH acquired 100% of the ownership interests in the Property LLCs that hold the ownership interests in the following Property Assets:

 

 

JBG SMITH acquired less than 100% of the ownership interests in the Property LLCs and Ventures that hold the ownership interests in the following Property Assets and Venture Assets, with the exception of 12725 Twinbrook Parkway.

 

Property Assets and Venture Assets		Type		JBG SMITH Ownership
5640 Fishers/12441 Parklawn		Office		10.0	%
12725 Twinbrook Parkway		Office		0.0	%(1)
11333 Woodglen Drive		Office		18.0	%
Capitol Point—North		Office		59.0	%
Chase Tower Office/Retail		Office		10.0	%
Courthouse Metro Office		Office		18.0	%
Fishers Place I		Office		10.0	%
Fishers Place II		Office		10.0	%
Fishers Place III		Office		10.0	%
L’Enfant Plaza Office—East		Office		49.0	%
L’Enfant Plaza Office—North		Office		49.0	%
L’Enfant Plaza Retail		Office		49.0	%
NoBe II Office		Office		18.0	%
Pickett Industrial Park		Office		10.0	%
Rosslyn Gateway—North		Office		18.0	%
Rosslyn Gateway—South		Office		18.0	%
The Foundry		Office		9.9	%
Woodglen		Office		18.0	%
Stonebridge at Potomac Town Center—Phase I		Retail		10.0	%
Atlantic Plumbing		Multifamily		64.0	%
Fairway Apartments		Multifamily		10.0	%
Galvan		Multifamily		1.8	%
The Alaire		Multifamily		18.0	%
The Gale Eckington		Multifamily		5.0	%
The Terano		Multifamily		1.8	%

 

(1)         The Fund’s 10% ownership interest in the asset was sold to an unrelated party on July 12, 2017.

 

The accompanying combined statement of revenues and expenses from real estate operations has been prepared for the purpose of complying with Rule 3-14 of Regulation S-X promulgated under the Securities Act. Accordingly, the combined statement of revenues and expenses from real estate operations does not reflect the actual operations for the period presented as revenues and expenses from real estate operations excludes certain revenue and expenses expected to be incurred in the future operations of the Property Assets or Venture Assets. Such items include depreciation, amortization, interest expense, interest income, ground rent expense, and amortization of above- and below-market leases. Revenue includes contractual base and other rent pursuant to the lease agreements, tenant expense reimbursements, and other revenue derived from the operation of the real estate asset. The expenses presented are the direct expenses associated with operating and maintaining the real estate asset and are recognized as incurred.

 

3

 

Further, the accompanying combined statement of revenues and expenses from real estate operations does not include any amounts for non-operating real estate assets including future development parcels and Property Assets or Venture Assets in the near-term development, development, and construction phases.

 

NOTE 2—SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

 

Principles of Combination—The combined statement of revenues and expenses from real estate operations includes selected accounts of the Property Assets and Venture Assets as described in Note 1. All significant intercompany accounts and transactions have been eliminated in the combined statement of revenues and expenses from real estate operations.

 

Unaudited Interim Combined Statement—The combined statement of revenues and expenses from real estate operations for the six months ended June 30, 2017 is unaudited. In the opinion of management, the Statement reflects all adjustments necessary for a fair presentation of the results of the interim periods. All such adjustments are of a normal recurring nature.

 

Revenue Recognition—Property rental revenue is recognized on a straight-line basis over the lease term when collectability is reasonably assured and the tenant has taken possession or controls the physical use of the leased asset.

 

Tenant expense reimbursements for real estate taxes, common area maintenance, and other recoverable costs are recognized in the period that the expenses are incurred. The reimbursements are recognized and presented gross as the Property Assets and Venture Assets are generally the primary obligor with respect to purchasing goods and services from third-party suppliers, have discretion in selecting the supplier, and bear the associated credit risk.

 

Other revenue is revenue derived from lease termination fees and the tenants’ use of parking and other property facilities. Lease termination fees are recognized when the related leases are canceled and the landlord has no continuing obligation to provide services to such former tenants. Other revenue is recognized when the related services are utilized by the tenants.

 

Use of Estimates—Management has made a number of estimates and assumptions relating to the reporting and disclosure of revenues and expenses from real estate operations during the reporting period to present the statement of revenues and expenses from real estate operations in conformity with accounting principles generally accepted in the United States of America. Actual results could differ from those estimates.

 

NOTE 3—SUMMARY TABLE

 

The following table separately presents the aggregate operating revenues and expenses for the wholly owned Property Assets and the less than wholly owned consolidated and non-consolidated Property Assets and Venture Assets.

 

		Six Months Ended June 30, 2017
		100% Owned			Less Than 100% Owned Consolidated			Combined			Less Than 100% Owned Non- Consolidated
Revenue
Property rentals		$	35,959		$	—		$	35,959		$	74,146
Tenant expense reimbursement		3,620			—			3,620			5,895
Other revenue		454			—			454			1,591
Total Revenue		40,033			—			40,033			81,632
Expenses
Property operating		10,279			—			10,279			20,292
Real estate taxes		5,067			—			5,067			10,503
Management fees		1,273			—			1,273			2,829
Total Expenses		16,619			—			16,619			33,624
Revenues in Excess of Expenses		$	23,414		$	—		$	23,414		$	48,008

 

4

 

NOTE 4—LEASE COMMITMENTS

 

There are various lease agreements in place with tenants to lease space in the Property Assets and Venture Assets. As of June 30, 2017, the minimum future cash rents receivable under non-cancelable operating leases in each of the next five years and thereafter were as follows:

 

Six Months Ending December 31, 2017		$	67,249
2018		132,940
2019		119,977
2020		110,655
2021		85,295
Thereafter		295,024
		$	811,140

 

Leases generally require reimbursement of the tenant’s proportional share of common area, real estate taxes, and other operating expenses, which are excluded from the amounts above. Future cash rents receivable on multifamily real estate operating assets are excluded from the table above as the lease terms are generally one year or less.

 

NOTE 5—TENANT CONCENTRATIONS

 

For the six months ended June 30, 2017, 14% of total combined revenue was recognized from one government agency tenant.

 

NOTE 6—RELATED PARTY TRANSACTIONS

 

The Management Company provides all property management and related services for the Property Assets and Venture Assets, which are calculated as a percentage of rental revenue or gross receipts. These fees, which have been recorded as management fees in the accompanying Statement, totaled $4,102 for the six months ended June 30, 2017.

 

NOTE 7—SUBSEQUENT EVENTS

 

Subsequent events were evaluated through September 15, 2017, the date the combined statement of revenues and expenses from real estate operations was available to be issued.

 

5

 

JBG REAL ESTATE OPERATING ASSETS

 

Supplemental Information—Schedule 1

 

Combined Statement of Revenues and Expenses from Real Estate Operations (Unaudited)

 

For the Six Months Ended June 30, 2017

 

(dollar amounts in thousands)

 

		Office
		Capitol Point— North			L’Enfant Plaza Office— East			L’Enfant Plaza Office— North			L’Enfant Plaza Retail
Revenue
Property rentals		$	67		$	9,252		$	4,746		$	1,968
Tenant expense reimbursement		(49		)	223			148			384
Other revenue		—			41			164			39
Total Revenue		18			9,516			5,058			2,391
Expenses
Property operating		84			2,419			1,783			1,151
Real estate taxes		246			1,998			1,371			453
Management fees		10			331			124			77
Total Expenses		340			4,748			3,278			1,681
Revenues in Excess of Expenses (Expenses in Excess of Revenues)		$	(322	)	$	4,768		$	1,780		$	710
Affiliated Seller		Fund VI/Urban Direct			Fund VI/Urban Direct			Fund VI/Urban Direct			Fund VI/Urban Direct
JBG SMITH Ownership		59.0%			49.0%			49.0%			49.0%
Anticipated Financial Statement Presentation by Combined Entity		Non-Consolidated			Non-Consolidated			Non-Consolidated			Non-Consolidated
Jurisdiction		DC			DC			DC			DC

 

Note: This schedule is presented for the purposes of additional analysis and is not a required part of the Statement. The terms “consolidated” and “non-consolidated” reflect management’s preliminary conclusion with respect to presentation of such assets in JBG SMITH’s financial statements upon completion of the transaction described in Note 1.

 

See accompanying notes to combined statement of revenues and expenses from real estate operations.

 

6

 

JBG REAL ESTATE OPERATING ASSETS

 

Supplemental Information—Schedule 1 (Continued)

 

Combined Statement of Revenues and Expenses from Real Estate Operations (Unaudited)

 

For the Six Months Ended June 30, 2017

 

(dollar amounts in thousands)

 

		Office—Continued
		1233 20th Street			The Foundry			1600 K Street			Subtotal DC Office
Revenue
Property rentals		$	2,897		$	4,719		$	1,747		$	25,396
Tenant expense reimbursement		147			116			141			1,110
Other revenue		11			122			40			417
Total Revenue		3,055			4,957			1,928			26,923
Expenses
Property operating		939			1,453			583			8,412
Real estate taxes		625			804			372			5,869
Management fees		73			138			66			819
Total Expenses		1,637			2,395			1,021			15,100
Revenues in Excess of Expenses (Expenses in Excess of Revenues)		$	1,418		$	2,562		$	907		$	11,823
Affiliated Seller		Fund VIII			Fund IX			Fund VII
JBG SMITH Ownership		100.0%			9.9%			100.0%
Anticipated Financial Statement Presentation by Combined Entity		Consolidated			Non-Consolidated			Consolidated
Jurisdiction		DC			DC			DC

 

See accompanying notes to combined statement of revenues and expenses from real estate operations.

 

7

 

JBG REAL ESTATE OPERATING ASSETS

 

Supplemental Information—Schedule 1 (Continued)

 

Combined Statement of Revenues and Expenses from Real Estate Operations (Unaudited)

 

For the Six Months Ended June 30, 2017

 

(dollar amounts in thousands)

 

		Office—Continued
		Courthouse Metro Office			Rosslyn Gateway— North			Rosslyn Gateway— South			Pickett Industrial Park			1831 Wiehle Avenue			Wiehle Avenue Office Building
Revenue
Property rentals		$	237		$	2,815		$	1,421		$	1,508		$	821		$	501
Tenant expense reimbursement		1			75			(3		)	433			126			50
Other revenue		9			9			11			—			—			—
Total Revenue		247			2,899			1,429			1,941			947			551
Expenses
Property operating		137			828			483			389			323			294
Real estate taxes		103			187			169			228			83			71
Management fees		30			85			44			59			34			30
Total Expenses		270			1,100			696			676			440			395
Revenues in Excess of Expenses (Expenses in Excess of Revenues)		$	(23	)	$	1,799		$	733		$	1,265		$	507		$	156
Affiliated Seller		Urban Direct			Urban Direct			Urban Direct			Fund IX			Fund VIII/Urban Direct			Fund VIII
JBG SMITH Ownership		18.0%			18.0%			18.0%			10.0%			100.0%			100.0%
Anticipated Financial Statement Presentation by Combined Entity		Non-Consolidated			Non-Consolidated			Non-Consolidated			Non-Consolidated			Consolidated			Consolidated
Jurisdiction		VA			VA			VA			VA			VA			VA

 

See accompanying notes to combined statement of revenues and expenses from real estate operations.

 

8

 

JBG REAL ESTATE OPERATING ASSETS

 

Supplemental Information—Schedule 1 (Continued)

 

Combined Statement of Revenues and Expenses from Real Estate Operations (Unaudited)

 

For the Six Months Ended June 30, 2017

 

(dollar amounts in thousands)

 

		Office—Continued
		800 North Glebe Road			Summit I			Summit II			RTC—West			Subtotal VA Office
Revenue
Property rentals		$	4,998		$	1,917		$	2,158		$	6,894		$	23,270
Tenant expense reimbursement		1,687			—			73			245			2,687
Other revenue		132			1			2			47			211
Total Revenue		6,817			1,918			2,233			7,186			26,168
Expenses
Property operating		1,383			193			611			2,059			6,700
Real estate taxes		901			221			221			899			3,083
Management fees		219			41			68			222			832
Total Expenses		2,503			455			900			3,180			10,615
Revenues in Excess of Expenses (Expenses in Excess of Revenues)		$	4,314		$	1,463		$	1,333		$	4,006		$	15,553
Affiliated Seller		Fund VII/Urban Direct			Fund VIII			Fund VIII			Fund VIII
JBG SMITH Ownership		100.0%			100.0%			100.0%			100.0%
Anticipated Financial Statement Presentation by Combined Entity		Consolidated			Consolidated			Consolidated			Consolidated
Jurisdiction		VA			VA			VA			VA

 

See accompanying notes to combined statement of revenues and expenses from real estate operations.

 

9

 

JBG REAL ESTATE OPERATING ASSETS

 

Supplemental Information—Schedule 1 (Continued)

 

Combined Statement of Revenues and Expenses from Real Estate Operations (Unaudited)

 

For the Six Months Ended June 30, 2017

 

(dollar amounts in thousands)

 

		Office—Continued
		11333 Woodglen Drive			NoBe II Office			Woodglen			7200 Wisconsin Avenue			Chase Tower Office/Retail			12725 Twinbrook Parkway(1)
Revenue
Property rentals		$	975		$	326		$	89		$	4,977		$	5,918		$	666
Tenant expense reimbursement		213			13			—			325			645			570
Other revenue		46			26			—			6			191			—
Total Revenue		1,234			365			89			5,308			6,754			1,236
Expenses
Property operating		416			513			46			1,338			1,454			446
Real estate taxes		92			49			6			505			648			72
Management fees		38			10			—			159			192			39
Total Expenses		546			572			52			2,002			2,294			557
Revenues in Excess of Expenses (Expenses in Excess of Revenues)		$	688		$	(207	)	$	37		$	3,306		$	4,460		$	679
Affiliated Seller		Urban Direct			Urban Direct			Urban Direct			Fund VI			Fund I/Fund II/ Fund III/Recap			Fund I/Fund II/ Fund III
JBG SMITH Ownership		18.0%			18.0%			18.0%			100.0%			10.0%			10.0%
Anticipated Financial Statement Presentation by Combined Entity		Non-Consolidated			Non-Consolidated			Non-Consolidated			Consolidated			Non-Consolidated			Non-Consolidated
Jurisdiction		MD			MD			MD			MD			MD			MD

 

(1)         Asset was sold on July 12, 2017.

 

See accompanying notes to combined statement of revenues and expenses from real estate operations.

 

10

 

JBG REAL ESTATE OPERATING ASSETS

 

Supplemental Information—Schedule 1 (Continued)

 

Combined Statement of Revenues and Expenses from Real Estate Operations (Unaudited)

 

For the Six Months Ended June 30, 2017

 

(dollar amounts in thousands)

 

		Office—Continued
		Fishers Place I			Fishers Place II			Fishers Place III			5640  Fishers/12441 Parklawn			Subtotal MD Office			Total Office
Revenue
Property rentals		$	1,996		$	1,072		$	4,066		$	884		$	20,969		$	69,635
Tenant expense reimbursement		375			141			206			—			2,488			6,285
Other revenue		52			71			64			—			456			1,084
Total Revenue		2,423			1,284			4,336			884			23,913			77,004
Expenses
Property operating		81			55			1,087			79			5,515			20,627
Real estate taxes		362			138			280			113			2,265			11,217
Management fees		97			41			108			30			714			2,365
Total Expenses		540			234			1,475			222			8,494			34,209
Revenues in Excess of Expenses (Expenses in Excess of Revenues)		$	1,883		$	1,050		$	2,861		$	662		$	15,419		$	42,795
Affiliated Seller		Fund I/Fund II/Fund III/Recap			Fund I/Fund II/Fund III/Recap			Fund I/Fund II/ Fund III/Recap			Fund I/Fund II/Fund III/Recap
JBG SMITH Ownership		10.0%			10.0%			10.0%			10.0%
Anticipated Financial Statement Presentation by Combined Entity		Non-Consolidated			Non-Consolidated			Non-Consolidated			Non-Consolidated
Jurisdiction		MD			MD			MD			MD

 

See accompanying notes to combined statement of revenues and expenses from real estate operations.

 

11

 

JBG REAL ESTATE OPERATING ASSETS

 

Supplemental Information—Schedule 1 (Continued)

 

Combined Statement of Revenues and Expenses from Real Estate Operations (Unaudited)

 

For the Six Months Ended June 30, 2017

 

(dollar amounts in thousands)

 

		Retail
		North End Retail			Subtotal DC Retail
Revenue
Property rentals		$	938		$	938
Tenant expense reimbursement		124			124
Other revenue		3			3
Total Revenue		1,065			1,065
Expenses
Property operating		186			186
Real estate taxes		96			96
Management fees		24			24
Total Expenses		306			306
Revenues in Excess of Expenses (Expenses in Excess of Revenues)		$	759		$	759
Affiliated Seller		Fund VII
JBG SMITH Ownership		100.0%
Anticipated Financial Statement Presentation by Combined Entity		Consolidated
Jurisdiction		DC

 

See accompanying notes to combined statement of revenues and expenses from real estate operations.

 

12

 

JBG REAL ESTATE OPERATING ASSETS

 

Supplemental Information—Schedule 1 (Continued)

 

Combined Statement of Revenues and Expenses from Real Estate Operations (Unaudited)

 

For the Six Months Ended June 30, 2017

 

(dollar amounts in thousands)

 

		Retail—Continued
		Stonebridge at Potomac Town Center—Phase I			Subtotal VA Retail			Total Retail
Revenue
Property rentals		$	5,667		$	5,667		$	6,605
Tenant expense reimbursement		1,158			1,158			1,282
Other revenue		57			57			60
Total Revenue		6,882			6,882			7,947
Expenses
Property operating		925			925			1,111
Real estate taxes		776			776			872
Management fees		268			268			292
Total Expenses		1,969			1,969			2,275
Revenues in Excess of Expenses (Expenses in Excess of Revenues)		$	4,913		$	4,913		$	5,672
Affiliated Seller		Fund IX
JBG SMITH Ownership		10.0%
Anticipated Financial Statement Presentation by Combined Entity		Non-Consolidated
Jurisdiction		VA

 

See accompanying notes to combined statement of revenues and expenses from real estate operations.

 

13

 

JBG REAL ESTATE OPERATING ASSETS

 

Supplemental Information—Schedule 1 (Continued)

 

Combined Statement of Revenues and Expenses from Real Estate Operations (Unaudited)

 

For the Six Months Ended June 30, 2017

 

(dollar amounts in thousands)

 

		Multifamily
		The Gale Eckington			Atlantic Plumbing			Fort Totten Square			Subtotal DC Multifamily
Revenue
Property rentals		$	7,228		$	5,638		$	4,081		$	16,947
Tenant expense reimbursement		184			183			593			960
Other revenue		230			80			99			409
Total Revenue		7,642			5,901			4,773			18,316
Expenses
Property operating		1,638			1,255			1,277			4,170
Real estate taxes		363			428			656			1,447
Management fees		309			222			177			708
Total Expenses		2,310			1,905			2,110			6,325
Revenues in Excess of Expenses (Expenses in Excess of Revenues)		$	5,332		$	3,996		$	2,663		$	11,991
Affiliated Seller		Fund IX			Fund VII			Fund VII
JBG SMITH Ownership		5.0%			64.0%			100.0%
Anticipated Financial Statement Presentation by Combined Entity		Non-Consolidated			Non-Consolidated			Consolidated
Jurisdiction		DC			DC			DC

 

See accompanying notes to combined statement of revenues and expenses from real estate operations.

 

14

 

JBG REAL ESTATE OPERATING ASSETS

 

Supplemental Information—Schedule 1 (Continued)

 

Combined Statement of Revenues and Expenses from Real Estate Operations (Unaudited)

 

For the Six Months Ended June 30, 2017

 

(dollar amounts in thousands)

 

		Multifamily—Continued
		Fairway Apartments			Subtotal VA Multifamily
Revenue
Property rentals		$	3,175		$	3,175
Tenant expense reimbursement		271			271
Other revenue		126			126
Total Revenue		3,572			3,572
Expenses
Property operating		1,008			1,008
Real estate taxes		386			386
Management fees		147			147
Total Expenses		1,541			1,541
Revenues in Excess of Expenses (Expenses in Excess of Revenues)		$	2,031		$	2,031
Affiliated Seller		Fund IX
JBG SMITH Ownership		10.0%
Anticipated Financial Statement Presentation by Combined Entity		Non-Consolidated
Jurisdiction		VA

 

See accompanying notes to combined statement of revenues and expenses from real estate operations.

 

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JBG REAL ESTATE OPERATING ASSETS

 

Supplemental Information—Schedule 1 (Continued)

 

Combined Statement of Revenues and Expenses from Real Estate Operations (Unaudited)

 

For the Six Months Ended June 30, 2017

 

(dollar amounts in thousands)

 

		Multifamily—Continued
		Galvan			The Terano			The Alaire			Falkland Chase— South & West
Revenue
Property rentals		$	4,586		$	2,221		$	2,906		$	2,662
Tenant expense reimbursement		390			89			129			66
Other revenue		82			81			90			70
Total Revenue		5,058			2,391			3,125			2,798
Expenses
Property operating		1,176			574			812			675
Real estate taxes		566			298			367			241
Management fees		190			113			127			102
Total Expenses		1,932			985			1,306			1,018
Revenues in Excess of Expenses (Expenses in Excess of Revenues)		$	3,126		$	1,406		$	1,819		$	1,780
Affiliated Seller		Urban Direct			Urban Direct			Urban Direct			Fund VIII
JBG SMITH Ownership		1.8%			1.8%			18.0%			100.0%
Anticipated Financial Statement Presentation by Combined Entity		Non-Consolidated			Non-Consolidated			Non-Consolidated			Consolidated
Jurisdiction		MD			MD			MD			MD

 

See accompanying notes to combined statement of revenues and expenses from real estate operations.

 

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