DOCSLIB.ORG

JBG SMITH Properties (‘‘JBG SMITH’’), a Newly Formed Wholly Owned Direct Subsidiary of Vornado, to Vornado Common Shareholders As of the Record Date of July 7, 2017

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
JBG SMITH Properties (‘‘JBG SMITH’’), a Newly Formed Wholly Owned Direct Subsidiary of Vornado, to Vornado Common Shareholders As of the Record Date of July 7, 2017 10NOV201423502343 Dear Vornado Realty Trust shareholders: We are pleased to inform you that, on June 26, 2017, the board of trustees of Vornado Realty Trust (‘‘Vornado’’) declared the distribution of all of the outstanding common shares of JBG SMITH Properties (‘‘JBG SMITH’’), a newly formed wholly owned direct subsidiary of Vornado, to Vornado common shareholders as of the record date of July 7, 2017. JBG SMITH will consist of Vornado’s Washington, DC segment (which operates as Vornado / Charles E. Smith), which will be spun off and combined with the management business and certain Washington, DC assets of The JBG Companies (‘‘JBG’’), one of the premier real estate companies in the Washington, DC metropolitan area. JBG SMITH’s common shares will be listed on the New York Stock Exchange as a new public company focused on the Washington, DC market. Upon completion of the transaction, which is known as a tax-free spin-merge, Vornado shareholders are expected to own approximately 73% of JBG SMITH, subject to certain adjustments. Washington, DC, our nation’s capital, is one of the nation’s premier Gateway Markets and an international hub of economic activity. We believe JBG SMITH, with its outstanding portfolio of assets and growth potential and led by JBG’s best-in-class management team, will be the ideal platform for investment in Washington, DC. This transaction marks a further step in our continuing strategy to simplify and focus Vornado’s business to create shareholder value. About JBG SMITH Vornado/Charles E. Smith and JBG both have deep roots and a more than 50-year track record of success in the Washington, DC metropolitan area. JBG SMITH will be the largest and best-in-class, publicly traded, pure-play real estate company focused on the Washington, DC market. It will hold, directly or indirectly: •68operating assets aggregating approximately 20.2 million square feet (16.1 million square feet at our share), comprised of 50 office assets aggregating approximately 14.1 million square feet (12.1 million square feet at our share), 14 multifamily assets aggregating 6,016 units (4,232 units at our share) and four other assets aggregating approximately 765,000 square feet (348,000 square feet at our share); • eight office and multifamily assets under construction totaling over 1.6 million square feet (1.5 million square feet at our share); • five near-term development (expected to commence construction within 18 months) office and multifamily assets totaling over 1.3 million estimated square feet (1.0 million square feet at our share); and •44future development assets totaling over 22.1 million square feet (18.3 million square feet at our share) of estimated potential development density. As early as 2013, Vornado began to evaluate whether separating our Washington, DC business would be beneficial to both our New York and Washington, DC businesses as a means of creating shareholder value. We determined it would be. Although we evaluated a potential stand-alone spin-off of our Washington, DC business and believe that it would have been a satisfactory outcome, it is our firm conviction that the combination of the two premier platforms in the Washington, DC metropolitan area, under the leadership of JBG management, is far superior and will create a world-class company. With their successful track record of capital allocation and value creation, the JBG management team is best suited to capitalize on the growth opportunities within both portfolios and to execute on JBG SMITH’s unrivaled development pipeline. Importantly, JBG SMITH’s leadership will be meaningfully aligned with the interests of shareholders, with the focus being on maximizing the value of JBG SMITH common shares. JBG SMITH’s management team is expected to own approximately 5% of the economic interests in JBG SMITH, which represents the majority of their collective net worth, and JBG SMITH’s management team and board of trustees taken together are expected to beneficially own or represent 13% of the economic interests in JBG SMITH. We carefully selected from JBG’s funds a portfolio of assets with the best growth characteristics that would diversify, complement and enhance the strategic concentration of Vornado / Charles E. Smith’s existing portfolio. Our objective was to create a combined portfolio of high-quality assets, including operating, development and land bank, that reinforced key attributes, including critical mass in core and Metro-served markets; concentrations in complementary submarkets, particularly in mixed-use environments; enhanced diversification; and assets that presented strong value-add opportunities. We excluded assets that did not fit these objectives and were not appropriate for a public REIT: specifically, those which were non-Metro-served; highly levered, single tenant flat leases; near-term sale candidates; hotels; condominiums; and townhouses. These assets will be disposed of in conjunction with the natural wind-down of the legacy JBG funds, and JBG SMITH will not raise any new investment funds going forward. The combined portfolio will be unmatched in scale, asset quality and urban infill concentration, and diversified in terms of both asset class and submarkets. JBG SMITH will have a significant presence in the best submarkets of the DC region including Downtown DC, Crystal City, Pentagon City, Rosslyn, Reston and Bethesda. Over 98% of the portfolio is Metro-served. JBG SMITH will own a large land bank of developable land comprised of over 22.1 million square feet (18.3 million square feet at our share) of potential development density, which we view as a long-term driver of JBG SMITH’s growth. This pipeline has the potential to double the size of JBG SMITH and make JBG SMITH the fastest growing real estate company in the nation. We expect that JBG SMITH will be a major developer of multifamily assets and that over time its mix of assets will become more balanced between office and multifamily. There is also a remarkable opportunity within JBG SMITH’s Crystal City holdings. This is Exhibit A for why we undertook this deal with the JBG management team and presents an opportunity for tremendous value creation. The Crystal City market has many compelling features such as its unbelievable location with close proximity to key demand drivers and wonderful views of the Potomac River and downtown Washington, DC, but it currently lacks sufficient residential scale, amenities and a true retail core. Our vast holdings here will allow the JBG SMITH team to flex its Placemaking muscles on an unprecedented scale to drive occupancy and rent growth. We believe in the future of JBG SMITH. The company is uniquely positioned to outperform based upon its substantial growth opportunities, the expected upswing of the broader Washington, DC real estate market, and its best-in-class management team significantly incentivized for performance. We view JBG SMITH as a win for our shareholders and a unique investment opportunity in the public markets. Vornado RemainCo Over the past few years and including this transaction, Vornado has exited and spun off multiple business lines and sold non-core holdings totaling $15.7 billion while redeploying $3.9 billion of capital, upgrading the quality of our core New York City portfolio. Even as our flagship New York business grew, the softening of the Washington, DC market overshadowed our New York portfolio’s stellar performance. While Washington and New York are both international Gateway Markets, each market is in a different stage of its economic cycle and there are limited synergies between the two platforms. We believe that separating the two businesses, each with its own dedicated management team, board of trustees and report card (i.e., stock price), will maximize value for our shareholders. Accordingly, one of the most significant benefits of this transaction is that it will allow investors to fully appreciate the New York City-focused, world class, irreplaceable office and high street retail portfolio of the remaining Vornado business (‘‘RemainCo’’) (NYSE: VNO), and its industry leading metrics and unique growth opportunities. RemainCo Same Store NOI compound annual growth rate from 2005-2015 was 5.2%—greater than any blue-chip REIT peer. As a clear market leader in arguably the world’s best market, we are one of only a handful of firms who have the capital base, track record, talent, relationships, and trust in the marketplace to lease, acquire, develop, finance and manage million square foot towers and Fifth Avenue retail. RemainCo will own 17.1 million square feet of Class A Manhattan office properties in the best submarkets; the largest, highest-quality and unique Manhattan high street retail portfolio, encompassing 2.9 million square feet in 70 properties on the best streets (Fifth Avenue, Times Square, Madison Avenue, 34th Street/Penn Plaza, SoHo and Union Square); and prime franchise assets in San Francisco (the 1.8 million square foot 555 California Street) and Chicago (the 3.7 million square foot theMART). RemainCo will have a fortress balance sheet with available liquidity, currently $4.1 billion, to take advantage of attractive market opportunities and harvest value within our portfolio. Most significant is the unique re-development opportunity of our 9.0 million square feet in the Penn Plaza district. RemainCo is well positioned to grow and senior management is laser-focused on driving shareholder value. Upon the completion of this transaction, we will have created three highly-focused, best-in-class, pure-play publicly traded REITs: RemainCo (NYSE: VNO), JBG SMITH (NYSE: JBGS) and Urban Edge Properties (NYSE: UE), a growth-oriented portfolio of strip center retail assets in high barrier locations that we spun off on January 15, 2015 and has since outperformed the RMS by approximately 14% in total shareholder return performance. The Mechanics of the Transaction JBG SMITH was formed for the purpose of receiving, via contribution from Vornado, all of the assets and liabilities of Vornado’s Washington, DC segment and combining that business with the management business and certain Washington, DC assets of JBG.
Load more

Recommended publications
  • Jeff Barber, AIA, LEED®-AP Jeff's Design Talent Is Combined with A
    32 Years of Experience Selected Project Experience Size (sq ft) Selected Project Experience Size (sq ft) Joined Gensler 1996 The Exchange at Potomac Yard, Town Center Master Plan & Architecture, National Business Park 310, LEED® Gold, Annapolis Junction, MD 250,000 Background Washington, DC 1,500,000 Ronald Reagan International Trade Center, Renovation Concept Master of Architecture, Yale School of Architecture, New Haven, CT 2000 Pennsylvania Avenue, Repositioning, Washington, DC 55,000 Design, Washington, DC 80,000 Bachelor of Science, Yale University, New Haven, CT 2100 2nd St Development Feasibility Study, Washington, DC 645,800 Service Employees International Union (SEIU) Headquarters, Registered Architect: New York Georgetown Day School 2015 PUD, Washington, DC 547,420 Washington, DC 195,000 Member, American Institute of Architects (AIA) Marymount University Ballston Center Redevelopment, U.S. Marshals Service Headquarters, Arlington, VA 355,571 Designated National Design Peer, U.S. General Services Administration Public Arlington, VA 165,000 National Geographic, Multiple Projects, LEED® Silver, Buildings Service, Design Excellence and the Arts Program 900 G Street NW, Washington, DC 108,974 Washington, DC 10,000 each USGBC LEED®–Accredited Professional 1700 Pennsylvannia Avenue, Added Density, Washington, DC 289,929 Hogan Lovells DC, Washington, DC 450,000 ® Jeff Barber, AIA, LEED -AP Confidential HQ Study, Washington, DC 800,000 Principal / Firmwide Design Experience Leader Selected Project Experience Size (sq ft) Department of
    [Show full text]
  • Hq2 Impact Research & Analysis National Landing–Va
    HQ2 IMPACT RESEARCH & ANALYSIS NATIONAL LANDING–VA AMAZON BACKGROUND In 1994, Jeff Bezos started Amazon in Seattle, WA, as an of commercial property in the nation. At its current growth online bookstore out of his garage, delivering books pace, Amazon will control more than one square foot of himself. Time magazine named Bezos the “Person of distribution space for every adult U.S. shopper by 2022. the Year” in 1999 when it recognized the company’s success in popularizing online shopping. After the Great The online retailer’s headquarters is located in the South Recession Amazon began to show its potential, attracting Lake Union neighborhood of Seattle, dubbed “Amazonia,” 615 million annual visitors to its website, while employing which encompasses over 8.1 million square feet of space in 17,000 people with real estate holdings encompassing 33 buildings and houses over 45,000 employees. Amazon 12 million square feet in 2008. Amazon has evolved into drove unprecedented job growth in Seattle, completely the largest Internet retailer in the world as measured by revitalized neighborhoods around its campus, and sparked revenue and market capitalization, surpassing $1.0 trillion an urban residential development boom. However, in value last September. Amazon’s rapid growth has also strained Seattle’s housing market, contributed to growing traffic congestion, Today, the world’s largest retailer employs over 575,000 full- and placed pressure on its public transportation system. and part-time workers and controls more than 158 million square feet of leased and owned office, industrial, and KING COUNTY MEDIAN SINGLE FAMILY HOME SALE PRICE retail property in the United States.
    [Show full text]
  • 2020 Crystal Drive and 1770 Crystal Repositioning Drive Retail
    Corporate O cers and Key Employees 2020 W. Matthew Kelly Moina Banerjee Chief Executive O cer Chief Financial O cer David Paul Kai Reynolds ANNUAL Chief Operating O cer Chief Development O cer George Xanders Steven A. Museles Chief Investment O cer Chief Legal O cer REPORT Angela Valdes Patrick Tyrrell Chief Accounting O cer Chief Administrative O cer Carey Goldberg Chief Human Resources O cer Board of Trustees Steven Roth Michael Glosserman JBG SMITH 2020 ANNUAL REPORT JBG SMITH2020 Chairman of the Board, Independent Trustee Independent Trustee Robert Stewart Charles E. Haldeman, Jr. Vice Chairman of the Board Independent Trustee W. Matthew Kelly Alisa M. Mall Chief Executive O cer Independent Trustee Phyllis Caldwell Carol Melton Independent Trustee Independent Trustee Scott Estes William J. Mulrow Independent Trustee Independent Trustee Alan S. Forman D. Ellen Shuman Independent Trustee Independent Trustee 4747 Bethesda Avenue, Suite 200 Bethesda, MD 20814 JBGSMITH.com | 240.333.3600 | NYSE: JBGS 1770 Crystal Drive and Crystal Drive Retail Repositioning West Half With over 50 years of The Bartlett experience in the Washington, DC region, JBG SMITH is the leader in investing, owning, managing, and developing office, retail, residential, and neighborhood assets. Our creativity and scale enable us 1900 Crystal Drive to be more than owners—we (South Tower in Foreground - Rendering) are placemakers who shape inspiring and engaging places, which we believe create value and have a positive impact in every community we touch. The Wren (Residential Amenity) 500 L’Enfant Plaza (Lobby) 1900 N Street 900 and 901 W Street 4747 Bethesda Avenue (Rooftop) February 23, 2021 To Our Fellow Shareholders: We hope this letter finds you healthy and out of harm’s way during these difficult times.
    [Show full text]
  • Investment Holdings As of June 30, 2019
    Investment Holdings As of June 30, 2019 Montana Board of Investments | Portfolio as of June 30, 2019 Transparency of the Montana Investment Holdings The Montana Board of Investment’s holdings file is a comprehensive listing of all manager funds, separately managed and commingled, and aggregated security positions. Securities are organized across common categories: Pension Pool, Asset Class, Manager Fund, Aggregated Individual Holdings, and Non-Pension Pools. Market values shown are in U.S. dollars. The market values shown in this document are for the individual investment holdings only and do not include any information on accounts for receivables or payables. Aggregated Individual Holdings represent securities held at our custodian bank and individual commingled accounts. The Investment Holdings Report is unaudited and may be subject to change. The audited Unified Investment Program Financial Statements, prepared on a June 30th fiscal year-end basis, will be made available once the Legislative Audit Division issues the Audit Opinion. Once issued, the Legislative Audit Division will have the Audit Opinion available online at https://www.leg.mt.gov/publications/audit/agency-search-report and the complete audited financial statements will also be available on the Board’s website http://investmentmt.com/AnnualReportsAudits. Additional information can be found at www.investmentmt.com Montana Board of Investments | Portfolio as of June 30, 2019 2 Table of Contents Consolidated Asset Pension Pool (CAPP) 4 CAPP - Domestic Equities 5 CAPP - International
    [Show full text]
  • JBG SMITH Properties Annual Report 2021
    JBG SMITH Properties Annual Report 2021 Form 10-K (NYSE:JBGS) Published: February 23rd, 2021 PDF generated by stocklight.com UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2020 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ___________ to ___________ Commission file number 001-37994 Graphic JBG SMITH PROPERTIES (Exact name of Registrant as specified in its charter) Maryland 81-4307010 (State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.) 4747 Bethesda Avenue Bethesda MD 20814 Suite 200 (Zip Code) (Address of Principal Executive Offices) Registrant's telephone number, including area code: (240) 333-3600 Securities registered pursuant to Section 12(b) of the Act: Title of each class Trading Symbol(s) Name of each exchange on which registered Common Shares, par value $0.01 per share JBGS New York Stock Exchange Securities registered pursuant to Section 12(g) of the Act: None Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.Y es ☒ No ☐ Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes☐ No ☒ Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
    [Show full text]
  • JBG Smith Presentation
    I N V E S T O R PRESENTATION JUNE 2017 North End Retail Washington, DC DISCLOSURES General Disclaimer of JBG Information JBG Properties Inc., (together with its affiliates and managed funds, “JBG”) information included in this presentation has been provided to Vornado Realty Trust (“Vornado”) by JBG in connection with the proposed transaction. Vornado has not verified the accuracy or completeness of the JBG information. Certain of the JBG information is based solely on JBG’s estimates using data available to JBG and assumptions made by JBG and JBG’s current business plans and may change. In certain instances, these estimates and assumptions have been used as a basis to derive asset values and potential future property-level net operating income (“NOI") and potential future earnings before interest, taxes, depreciation and amortization (“EBITDA”). As is the case with any estimate or assumption, there can be no assurance that the estimates or assumptions are correct or that the NOI or EBITDA will be achieved. You are cautioned not to place undue reliance on these estimates or assumptions or information derived therefrom. The information included in this presentation about JBG SMITH Properties, a Maryland real estate investment trust ("JBG SMITH" or the “Company”), assumes the completion of the spin-off of Vornado’s Washington, DC segment into JBG SMITH and the subsequent combination of JBG’s management business and certain Washington, DC metropolitan area assets. References to JBG SMITH's historical business and operations refer to the business and operations of the office, multifamily and other commercial assets to be contributed by Vornado and JBG.
    [Show full text]
  • Quarterly Investor Package
    Quart erly Investor Packag e JBGS Divid er Tabl e of C ontents Section One – Mgmt Letter Managem ent Letter August 4, 2020 To Our Fellow Shareholders: We hope this letter finds you well and out of harm’s way during these difficult times. While each of the three jurisdictions that comprise the DC metro area have started separate reopening processes, the health and safety of our customers, our team, our business partners, and our community remain our number one priority. Despite the adverse impact of the COVID-19 pandemic, during the second quarter, the DC region performed better than other gateway markets in terms of overall employment, according to the Bureau of Labor Statistics. While our business continued to feel the effects of the pandemic, our rent collections remained steady throughout the quarter at 98.6%, 98.5% and 58.0% for office, residential, and retail, respectively. We executed or expect to execute rent deferral agreements with tenants representing $3.9 million of rents that were contractually due in the second quarter (approximately 2.9% of Total Revenue for the quarter). We are confident that these arrangements represent a worthwhile investment in the long-term survival of these tenants. While the unfolding economic downturn threatens to be significant, we take solace in the fact that in each recession over the past 30 years, the DC metro area has proven to be more resilient than other gateway markets. Our concentration in this market, where a high percentage of demand for our business is driven by Amazon, the federal government, and government contractors, should soften the anticipated impact of the looming recession, and may translate into countercyclical growth.
    [Show full text]
  • New Covenant Growth Fund
    SCHEDULE OF INVESTMENTS (Unaudited) March 31, 2020 New Covenant Growth Fund Market Value Market Value Description Shares ($ Thousands) Description Shares ($ Thousands) COMMON STOCK — 96.0% COMMON STOCK (continued) Bosnia and Herzegovina — 0.0% IMAX * 2,244 $ 20 RenaissanceRe Holdings Ltd. 248 $ 37 Intelsat * 8,389 13 – Interpublic Group of Cos Inc/The 8,487 137 Canada — 0.1% Iridium Communications * 366 8 Lululemon Athletica Inc * 1,014 192 – John Wiley & Sons Inc, Cl A 236 9 Cayman Islands — 0.0% Liberty Broadband, Cl A * 113 12 Herbalife * 1,088 31 Lions Gate Entertainment, Cl A * 7,278 44 – Ireland — 1.0% Live Nation Entertainment Inc * 181 8 Accenture PLC, Cl A 11,297 1,844 Match Group * 703 46 Jazz Pharmaceuticals PLC * 616 62 Meredith 1,401 17 Mallinckrodt * 13,812 27 MSG Networks * 2,988 31 Medtronic PLC 19,976 1,801 New York Times, Cl A 1,515 47 NortonLifeLock 13,065 245 Nexstar Media Group, Cl A 455 26 Perrigo Co PLC 211 10 Omnicom Group Inc 10,137 557 Scholastic 1,266 32 3,989 – Shenandoah Telecommunications 1,286 63 Puerto Rico — 0.0% Sirius XM Holdings 7,153 35 Popular Inc 1,507 53 – Spotify Technology SA * 608 74 Switzerland — 0.0% Sprint Corp * 2,200 19 Garmin Ltd 1,092 82 Take-Two Interactive Software Inc * 830 98 – TechTarget * 1,986 41 United Kingdom — 0.2% TEGNA 3,052 33 Aon PLC 2,921 482 T-Mobile US Inc * 2,824 237 Healthpeak Properties 9,384 224 Twitter Inc * 7,369 181 706 – Verizon Communications Inc 62,462 3,356 United States — 94.7% ViacomCBS, Cl B 1,000 14 Communication Services — 8.3% Walt Disney Co/The 26,709
    [Show full text]
  • Investment Holdings As of June 30, 2018 Transparency of the Montana Investment Holdings
    Investment Holdings As of June 30, 2018 Transparency of the Montana Investment Holdings The Montana Board of Investment’s holdings file is a comprehensive listing of all manager funds, separately managed and commingled, and aggregated security positions. Securities are organized across common categories: Pension Pool, Asset Class, Manager Fund, Aggregated Individual Holdings, and Non-Pension Pools. Market values shown are in U.S. dollars. The market values shown in this document are for the individual investment holdings only and do not include any information on accounts for receivables or payables. Aggregated Individual Holdings represent securities held at our custodian bank and individual commingled accounts. The Investment Holdings Report is unaudited and may be subject to change. The Independent Auditor’s Report and Consolidated Unified Investment Program Financial Statement will be made available once the Legislative Audit Division issues the Audit Opinion. Once issued, the Legislative Audit Division will have the Audit Opinion available online at https://www.leg.mt.gov/ publications/audit/agency-search-report by selecting Board of Investments under Agency and the Board’s website http://investmentmt.com/AnnualReportsAudits will contain a link. Additional information can be found at www.investmentmt.com Montana Board of Investments | June 30, 2018 | 2 Table of Contents Consolidated Asset Pension Pool (CAPP) 4 CAPP - Domestic Equity 5 CAPP - International Equity 20 CAPP - Private Equity 34 CAPP - Natural Resources 36 CAPP - Private
    [Show full text]
  • ANNUAL REPORT | 1 Extend Transactions on Certain Office Leases
    Illustrative 1900 Crystal Drive ANNUAL 2018 REPORT Illustrative 1770 Crystal Drive 1221 Van Street Rooftop Illustrative 965 Florida Avenue With over 50 years of experience in the Washington, DC region, JBG SMITH is the leader in investing, owning, managing, and developing office, retail, residential, and neighborhood assets. Our creativity and scale enable us to be more than owners—we are placemakers who shape inspiring and engaging places, which we believe create value and have a positive impact in every community we touch. TO OUR FELLOW SHAREHOLDERS 2018 was an extraordinary year for JBG SMITH. Our successful pursuit of the (now only) Amazon HQ2 opportunity deservedly holds first place among our accomplishments for the year. Amazon’s expected growth of 37,850 high-paying technology jobs combined with over $1.8 billion of infrastructure and education spending represent a dramatic turning point for National Landing. Approximately 43% of our total holdings are located within a ½ mile of HQ2, including 6.9 million square feet of our Future Development Pipeline, and we own approximately 71% of the office market in National Landing – making Amazon’s HQ2 decision transformational for our company. All of these holdings will accommodate a considerable We believe that amount of additional office and multifamily demand and further our Amazon’s presence, significant repositioning of the submarket, which formally commenced in December with the groundbreaking of our Central District Retail combined with the project. We believe that Amazon’s presence, combined with the recently enacted infrastructure and education spending that accompanies its recently enacted move, will change the center of gravity of the entire Washington Metro infrastructure and market in the years to come, and we are fortunate and energized to be in the middle of it.
    [Show full text]
  • Investor Day Presentation
    INVESTOR PRESENTATION NOVEMBER 2020 901 W Street (Model Unit Interior) DISCLOSURES 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”, the “Company”, "we", "us", "our" or similar terms) 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”, "hypothetical", "potential", “believes”, “expects”, “anticipates”, “estimates”, “intends”, “plans”, “would”, “may” or similar expressions in this Investor Presentation. Currently, one of the most significant factors that could cause actual outcomes to differ materially from our forward-looking statements is the adverse effect of the current pandemic of the novel coronavirus, or COVID-19, on our financial condition, results of operations, cash flows, liquidity, performance, tenants, the real estate market and the global economy and financial markets. The extent to which the COVID-19 pandemic continues to impact us and our tenants depends on future developments, many of which are highly uncertain and cannot be predicted with confidence, including the scope, severity, and duration of the pandemic, the actions taken to contain the pandemic or mitigate its impact, and the direct and indirect economic effects of the pandemic and containment measures, and whether the residential market in the Washington, DC region and any of our properties will be materially impacted by the expiration of various moratoriums on residential evictions, among others.
    [Show full text]
  • Quarterly Investor Package
    Quart erly Investor Packag e JBGS Divid er Managem ent Letter February 23, 2021 To Our Fellow Shareholders: We hope this letter finds you healthy and out of harm’s way during these difficult times. 2020 was a year like no other. We started the year firing on all cylinders, including a host of recent and planned new asset deliveries, commencement of construction on Amazon’s new headquarters, and preparations for our next phase of development in National Landing, including the Virginia Tech Innovation Campus and 3,100 new multifamily units. While we were surprised by the pandemic and the political, racial, and social unrest that dominated 2020, we were not unprepared. There is no doubt that our business suffered like most others throughout the year, but the impact was mitigated by deliberate actions taken in prior years to fortify our balance sheet and prepare for a downturn. We are also fortunate to operate in a market that typically outperforms during downturns, especially when a single political party controls federal spending. While our portfolio performed consistently throughout the year, with rent collections and occupancy remaining relatively stable, we believe the COVID-19 downturn will continue to impact our business into 2022. Consequently, we have addressed those tenants we believe are most at-risk through the write-off of accounts receivable, rent deferrals, and straight-line rent receivables during 2020, thereby reducing the potential for negative surprises as we start 2021. Over the medium and longer term, we continue to focus intently on our planned repositioning of National Landing, the buildout of Amazon’s fast-growing HQ2, and the Virginia Tech Innovation Campus.
    [Show full text]