JBG SMITH Properties

For the period ended Apr 30, 2024. Filed Apr 30, 2024.

About this filing

A notice of a major event between regular reports, such as results, a deal or a change of executives. It is often the first formal record of the news.

Apr 30, 2024 · Filed Apr 30, 2024

Use the contents to explore the available documents and sections.

JBGS$12.44-0.1%Stored close · as of Nov 6, 2026

See the whole filing, with its images and exhibits

Contents

EX-99.1 · Under-Construction


· dollars in thousands · · · · · · · · · · · · · · · · · · · ·
· · · · · · · · · · · Schedule (1) · · At JBG SMITH Share ·
· · · · · · · Estimated · · Estimated · · · · Estimated · · Estimated · · · · · Estimated · · Estimated
· · · · · % · · Square · · Number of · · Construction · · Completion · · Stabilization · · Historical · · Incremental · · Total
Asset · Submarket · Ownership · · Feet · · Units · · Start Date · · Date · · Date · Cost (2) · · Investment · · Investment ·

	Multifamily
· National Landing · · · · ·
	1900 Crystal Drive (3)		National Landing		—		633,985	808	Q1 2021	Q1 2024 - Q3 2024	Q1 2026		$387,376		$34,815	$422,191
	2000/2001 South Bell Street (4)		National Landing		—		580,966	775	Q1 2022	Q1 2025 - Q3 2025	Q4 2026		243,848		99,587	343,435

	Under-Construction - Total / Weighted Average	1,214,951		1,583

	Under-Construction - Total / Weighted Average at JBG SMITH Share	1,214,951		1,583		Q3 2021		Q3 2024 - Q1 2025	Q3 2026	$631,224		$134,402		$765,626

· · · ·
Weighted average Projected NOI Yield at JBG SMITH Share:	Multifamily
Estimated Total Investment (5)			5.8%
Estimated Incremental Investment			32.9%
Estimated Stabilized NOI at JBG SMITH Share (dollars in millions)		$44.2

(1)	Average dates are weighted by share of estimated square footage.

(2)	Historical Cost excludes certain GAAP adjustments such as capitalized interest and ground lease costs. See definition of Historical Cost on page 42.

(3)

We leased the land underlying 1900 Crystal Drive to a lessee, which is constructing a multifamily asset comprising two towers, The Grace and Reva, with ground floor retail. The ground lessee has engaged us to be the development manager for the construction of 1900 Crystal Drive, and separately, we are the lessee in a master lease of the asset. We have an option to acquire the asset until a specified period after completion. The ground lessee entered into a mortgage loan collateralized by the leasehold interest with a maximum principal balance of $227.0 million. As of March 31, 2024, $197.2 million was outstanding under the mortgage loan. See page 39 for additional information. The ground lessee was obligated to invest $17.5 million of equity funding, all of which was funded, and JBG SMITH is obligated to provide the additional project funding through a mezzanine loan to the ground lessee. We determined that 1900 Crystal Drive is a variable interest entity ("VIE") and that we are the primary beneficiary of the VIE. Accordingly, we consolidated the VIE with the lessee's ownership interest shown as "Noncontrolling interests" in our condensed consolidated balance sheets. The ground lease, the mezzanine loan and the master lease described above are eliminated in consolidation. 1900 Crystal Drive's full cost, debt balance and other metrics are included at 100% in the JBG SMITH Share metrics presented within this Investor Package.

(4)

We leased the land underlying 2000/2001 South Bell Street to a lessee, which is constructing a multifamily asset comprising two towers with ground floor retail. The ground lessee has engaged us to be the development manager for the construction of 2000/2001 South Bell Street, and separately, we are the lessee in a master lease of the asset. We have an option to acquire the asset until a specified period after completion. The ground lessee entered into a mortgage loan collateralized by the leasehold interest with a maximum principal balance of $208.5 million. As of March 31, 2024, $84.2 million was outstanding under the mortgage loan. See page 39 for additional information. The ground lessee was obligated to invest $16.0 million of equity funding, all of which was funded, and JBG SMITH is obligated to provide additional project funding through a mezzanine loan to the ground lessee. We determined that 2000/2001 South Bell Street is a VIE and that we are the primary beneficiary of the VIE. Accordingly, we consolidated the VIE with the lessee's ownership interest shown as "Noncontrolling interests" in our condensed consolidated balance sheets. The ground lease, the mezzanine loan and the master lease described above are eliminated in consolidation. 2000/2001 South Bell Street's full cost, debt balance and other metrics are included at 100% in the JBG SMITH Share metrics presented within this Investor Package.

(5)	Historical Cost of 1900 Crystal Drive includes $22.6 million of design costs, the majority of which were incurred prior to the Formation Transaction, that are not related to the current planned development. Excluding these costs, Projected NOI Yield on Estimated Total Investment would be 6.0%.


		Page 34


PROPERTY TABLE – DEVELOPMENT PIPELINE	MARCH 31, 2024(Unaudited)

ContentsView on SEC.gov

The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.