JBG SMITH Properties owns, operates, invests in and develops mixed-use real estate concentrated in amenity-rich, Metro-served submarkets in and around Washington, DC, with a notable concentration in National Landing. The company’s portfolio spans multifamily, office and retail assets, and it also reports on a mixed-use development pipeline and third-party real estate services activity.
Recurring news for JBGS includes quarterly and annual results, Form 10-Q and Form 10-K releases, dividend declarations, leasing and occupancy trends, annualized NOI and same-store NOI, rent activity in the multifamily portfolio, property operating expenses, asset sales or acquisitions, and development deliveries within its Washington, DC-area real estate platform.
JBG SMITH (NYSE: JBGS) announced the sale of 500 L’Enfant Plaza for $167 million, part of its strategy to focus on multifamily assets. The property, which is 215,000 square feet and 96% leased, helps JBG SMITH achieve over $92 million in dispositions in 2021. Proceeds will be used to reduce debt and create investment capacity in multifamily opportunities. The sale aligns with JBG SMITH's goal to divest non-core office assets as the market recovers from COVID-19.
JBG SMITH (NYSE: JBGS) announced that CEO Matt Kelly and the Executive Team will present at the 2021 BofA Securities Global Real Estate Conference on September 21, 2021, at 10:30 a.m. Eastern Time. The event will be accessible via a live webcast, with a replay available until December 22, 2021. JBG SMITH specializes in mixed-use properties in the Washington, DC area, boasting a portfolio of 17.2 million square feet of assets and a 17.0 million square feet development pipeline, primarily focused in the National Landing submarket.
JBG SMITH (NYSE: JBGS) announced achieving carbon neutrality across its 16.1 million square foot operating portfolio. This initiative aims to reduce environmental impact while meeting customer and investor expectations. The company purchased verified carbon offsets for scope one emissions and renewable energy credits (RECs) for scope two electrical consumption. Plans include a strategy for offsite renewable energy and reducing energy consumption in its development pipeline. JBG SMITH emphasizes sustainable practices to maintain its competitive advantage and positively impact communities.
JBG SMITH (NYSE: JBGS) reported a net loss of $3.0 million or $0.03 per diluted share for Q2 2021, an improvement from a $36.8 million loss in Q2 2020. Funds From Operations (FFO) increased to $37.9 million ($0.29 per diluted share) from $23.7 million ($0.18 per diluted share) year-over-year. Core FFO also rose to $44.8 million ($0.34 per diluted share). Net Operating Income (NOI) was $330.7 million for Q2 2021. The portfolio saw occupancy rates of 85.9% for commercial and 91.6% for multifamily. Dividends of $0.225 per share were declared for August. The impact of COVID-19, however, led to challenges in occupancy and rent collections.
JBG SMITH (NYSE: JBGS) declared a quarterly dividend of $0.225 per common share, scheduled for payment on August 27, 2021. Shareholders of record by August 13, 2021 will be eligible. JBG SMITH specializes in high-quality, mixed-use properties in the Washington, DC market, focusing on vibrant, walkable neighborhoods. Its portfolio includes 17.3 million square feet of assets, primarily in high-growth areas, with a development pipeline of 16.8 million square feet.
AT&T and JBG SMITH have signed a letter of intent to establish National Landing as the first 5G Smart City at scale in the U.S. Initial infrastructure deployments are planned for H1 2022. The collaboration will utilize a combination of mmWave and sub6 5G spectrum to create an integrated urban technology ecosystem. JBG SMITH's portfolio in National Landing includes 6.8 million square feet of office space and significant residential units, alongside $1 billion in development projects. This initiative aims to enhance connectivity and innovation in sectors like AI, IoT, and cloud computing.
JBG SMITH (NYSE:JBGS) will release its second quarter 2021 financial results on August 3, 2021, after market close. The earnings report, along with the investor package, will be accessible on its Investor Relations website. JBG SMITH focuses on developing high-quality, mixed-use properties primarily in the Washington, DC area, with significant holdings in the National Landing submarket. The company's portfolio includes 17.3 million square feet of assets, 98% of which are near Metro stations, and a development pipeline of 16.8 million square feet.
JBG SMITH (NYSE: JBGS) released its annual Environmental, Social, and Governance (ESG) Report, showcasing significant 2020 achievements. Key metrics include a 5-Star GRESB rating and set performance targets for reducing energy and carbon emissions. Social initiatives preserved 1,150 workforce housing units and launched the Inclusion Community. Governance improvements involved board composition enhancements and ESG alignment with SASB and TCFD standards. The report aims to increase shareholder value while addressing climate change and fostering sustainable community development.
JBG SMITH (NYSE: JBGS) has received final entitlement approvals for its 2000 and 2001 South Bell Street project in National Landing, allowing for the construction of 758 apartments and over 22,000 square feet of retail space. The two buildings will total approximately 723,000 square feet, with amenities including rooftop pools and fitness centers. This development is part of JBG SMITH's 5.0 million square foot Near-Term Development Pipeline, which now has entitlements secured for 50%. Additionally, the company will contribute to affordable housing and community improvements in the area.
JBG SMITH (NYSE: JBGS) and J.P. Morgan Global Alternatives have formed a joint venture to develop approximately 2.0 million square feet of mixed-use space at Potomac Yard, Alexandria. J.P. Morgan contributes a land site for 1.3 million square feet of development, while JBG SMITH adds over 700,000 square feet. JBG SMITH holds a 50% stake and will manage the properties. This venture increases JBG SMITH's ownership interest in National Landing to 79%. The project aligns with Virginia Tech’s Innovation Campus nearby, aiming to foster an innovation ecosystem.