Jbg Smith Proper Stock Price, News & Analysis

JBG SMITH (NYSE: JBGS) has announced the start of construction for two residential towers at 1900 Crystal Drive in National Landing, comprising 808 multifamily rental units and 40,000 square feet of retail space. The project includes a 27-story southern tower with 471 apartments and a 26-story northern tower with 337 apartments. The guaranteed maximum price contract secured is over 7.5% below pre-pandemic pricing. This development aims to enhance the community and increase the area's daytime population significantly, driven by Amazon's growing presence in the region.

JBG SMITH (NYSE: JBGS) has achieved the 2020 Fitwel Viral Response Certification for its entire Commercial Office portfolio, validating its strategies to mitigate COVID-19 spread in workplaces. This recognition underscores the company's commitment to tenant health, having implemented policies such as enhanced air filtration, rigorous cleaning protocols, and clear communication on health guidelines. Fitwel's certification reflects JBG SMITH's comprehensive approach to creating safe work environments, strengthening tenant trust as they prepare for workplace returns.

JBG SMITH (NYSE: JBGS) closed the Washington Housing Initiative Impact Pool with $114.5 million in investor commitments by year-end 2020. The Impact Pool provided a $6.7 million subordinate loan to the Washington Housing Conservancy, aiding in the purchase of Crystal House, an 825-unit affordable apartment complex in Arlington, Virginia. To date, the Impact Pool has deployed $21.8 million to preserve 1,151 units of affordable housing. The acquisition includes a 99-year affordability covenant, ensuring that 75% of units remain affordable for residents earning 80% of the area median income or less.

JBG SMITH (NYSE: JBGS) reported a net loss of $45.7 million for Q4 2020, with total FFO of $23.1 million. For the full year, the net loss was $62.3 million, while FFO reached $115.9 million. Operating portfolio metrics showed an 88.1% lease rate and 87.7% occupancy. Yearly SSNOI decreased 4.3% due to COVID-19 impacts. The company executed 209,000 square feet of office leases, reflecting rental increases. The debt was $2.0 billion, with a net debt to adjusted EBITDA ratio of 9.2x. A quarterly dividend of $0.225 per share was declared.

JBG SMITH (NYSE: JBGS) announced the appointment of Phyllis R. Caldwell to its Board of Trustees effective March 1, 2021. Caldwell, an independent advisor and former Chief of the Homeownership Preservation Office at the U.S. Treasury, brings extensive experience in finance, housing, and economic development. CEO Matt Kelly expressed enthusiasm for her contribution to JBG SMITH's growth in the multifamily sector. JBG SMITH owns and develops high-quality mixed-use properties, currently managing a portfolio of 20.7 million square feet with a 17.1 million square feet development pipeline.

JBG SMITH (NYSE: JBGS) is set to commence demolition and infrastructure work this month in Alexandria’s Potomac Yard for a new educational and commercial space, centered around the $1 billion Virginia Tech Innovation Campus. The project involves 1.7 million square feet, including office towers and residential buildings. Virginia Tech will construct a 300,000-square foot facility supporting computer science and engineering programs, aiming for LEED recognition. The project is anticipated to enhance collaboration between academia and industry while creating vibrant mixed-use developments.

JBG SMITH (NYSE: JBGS) announced the tax treatment details of its 2020 common shares distributions. The company reported a total distribution of $1.125 per share, with breakdowns of ordinary dividends and capital gains across five payment dates. Notably, $0.900 is classified as taxable in 2020, with $0.225 as capital gains. The report highlights that the qualified dividends total $0.540, which is beneficial for investors considering tax implications. The income allocation information will be provided in Form 1099-DIV to shareholders.

JBG SMITH (NYSE: JBGS) announced the acquisition of the former Americana Hotel site in National Landing, adjacent to Amazon’s upcoming headquarters. This 1.4-acre site includes a decommissioned 102-key hotel and parking lot, with potential for a multifamily development exceeding 500,000 square feet. Ed Chaglassian, Executive Vice President, highlighted the strategic importance of the location, noting access to public schools and major transportation. With the arrival of Amazon and Virginia Tech's Innovation Campus, the development opportunity is expected to enhance the area's value.

JBG SMITH (NYSE: JBGS) announced three key executive appointments effective January 1, 2021. Moina Banerjee becomes Chief Financial Officer, succeeding Steve Theriot, who transitions to Senior Advisor. Banerjee's background includes significant roles since 2010, enhancing her qualifications for CFO. George Xanders is appointed Chief Investment Officer after leading major investment initiatives, and Carey Goldberg becomes Chief Human Resources Officer, known for her strategic contributions during the pandemic. These changes aim to bolster the leadership team as JBG SMITH continues its focus on high-quality, mixed-use properties.