Jbg Smith Properties · NYSE:JBGS
Jbg Smith Properties — Q1 2018 Earnings Presentation
75 slides from Jbg Smith Properties's earnings presentation, May 9, 2018
Slide 1: Quarterly Investor Package 1Q 2018
Rosslyn - CEB Tower at Central Place QUARTERLY INVESTOR PACKAGE 1Q 2018
Slide 2: Slide 2
Slide 3: Table of Contents
CEB Tower at Central Place Observation Deck CEB Tower at Central Place TABLE OF CONTENTS MANAGEMENT LETTER S E C T I O N O N E 1Q18 EARNINGS RELEASE S E C T I O N T W O 1Q18 SUPPLEMENTAL INFORMATION S E C T I O N T H R E E
Slide 4: Management Letter
The Foundry MANAGEMENT LETTER S E C T I O N O N E
Slide 5: Letter to Shareholders
May 9, 2018 To Our Fellow Shareholders: We are pleased to report on our performance for the first quarter of 2018. For details regarding our financial and operating results, please see our first quarter earnings release and supplemental information, which follow this letter. In March, we also publis
Slide 6: Market Conditions Letter
Although trophy vacancy dropped to its second-lowest post-downturn level, we believe that is a temporary phenomenon, as expected new deliveries should temper near-term rent growth in this sector. According to JLL data, JBG SMITH office submarkets ended the first quarter with 13.4% direct vacancy com
Slide 7: Operating and Development Portfolio
Our operating multifamily portfolio, comprising approximately 4,200 units (at share), ended the first quarter at 96.1% leased, up from 95.6% in the fourth quarter. We saw particularly strong occupancy gains at The Bartlett (Pentagon City), The Gale Eckington (H Street/NoMa), and Fort Totten Square (
Slide 8: Development and Crystal City Update
potential sale at that stage, and we maximize our speed to market if we decide to put it into production ourselves. As we did with the sale of Summit I and II, we may look to sell land in our Future Development pipeline alongside income-producing assets if we can do so at attractive valuations. Crys
Slide 9: Capital Recycling and Asset Sales
We will consider 1031 exchanges for low basis assets where we can improve risk-adjusted returns and achieve our strategic goals by upgrading asset quality, location or use type. We have identified a number of candidates that meet those objectives and investors should expect us to complete 1031 excha
Slide 10: Leverage Targets and Closing
would expect to end 2018 with a Net Debt/Adjusted EBITDA ratio between 7.0x and 7.5x and a Net Debt/Total Enterprise Value between 32% and 35%, using our stock price at the end of the first quarter. * * * We have met with many of you in one-on-one meetings and on property tours over the past few mon
Slide 11: 1Q18 Earnings Release
1221 Van Street Rooftop Lounge 1Q18 EARNINGS RELEASE S E C T I O N T W O
Slide 12: JBG SMITH Announces First Quarter 2018 Results
FOR IMMEDIATE RELEASE CONTACT Jaime Marcus SVP, Investor Relations (240) 333-3643 jmarcus@jbgsmith.com JBG SMITH ANNOUNCES FIRST QUARTER 2018 RESULTS Chevy Chase, MD (May 9, 2018) - JBG SMITH (NYSE: JBGS), a leading owner and developer of high-quality, mixed-use properties in the Washington, DC mark
Slide 13: Development Portfolio Highlights
Development Portfolio Highlights Under Construction • As of March 31, 2018, there were 10 assets under construction (four office assets, five multifamily assets and one other asset), consisting of 1.1 million square feet and 1,568 units, both at our share. • During the quarter ended March 31, 2018,
Slide 14: Subsequent Events and Dividends
Subsequent to March 31, 2018, we: • Closed the sale of Summit I and II for $95.0 million. The sale consisted of two 100% occupied office buildings located in Reston, Virginia. In connection with the sale, we repaid the related $59.0 million mortgage loan. We had previously closed on the sale of land
Slide 15: Non-GAAP Financial Measures
which presents our economic interests in the partially owned entities, provides investors valuable information regarding a significant component of our portfolio, its composition, performance and capitalization. We do not control the unconsolidated real estate ventures and do not have a legal claim
Slide 16: Non-GAAP Definitions
impairment charges related to, depreciable operating properties, plus depreciation and amortization, and after adjustments for unconsolidated partnerships and joint ventures.” "Core FFO" represents FFO adjusted to exclude items (net of tax) which we believe are not representative of ongoing operatin
Slide 17: Definitions
Definitions GAAP "GAAP" refers to accounting principles generally accepted in the United States of America. Formation Transaction "Formation Transaction" refers collectively to the spin-off on July 17, 2017 of substantially all of the assets and liabilities of Vornado’s Washington, DC segment, which
Slide 18: Condensed Consolidated Balance Sheets
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) March 31, December 31, in thousands 2018 2017 ASSETS Real estate, at cost: Land and improvements $ 1,469,375 $ 1,368,294 Buildings and improvements 3,880,993 3,670,268 Construction in progress, including land 568,186 978,942 5,918,554 6,017,504 Less
Slide 19: Condensed Consolidated and Combined Statements of Operations
CONDENSED CONSOLIDATED AND COMBINED STATEMENTS OF OPERATIONS (Unaudited) in thousands, except per share data Three Months Ended March 31, 2018 2017 REVENUE Property rentals $ 126,651 $ 99,024 Tenant reimbursements 10,940 8,541 Third-party real estate services, including reimbursements 24,330 7,125 O
Slide 20: EBITDA, EBITDAre and Adjusted EBITDA
EBITDA, EBITDAre AND ADJUSTED EBITDA (NON-GAAP) (Unaudited) Three Months Ended dollars in thousands March 31, 2018 EBITDA, EBITDAre and Adjusted EBITDA Net loss $ (4,786) Depreciation and amortization expense 49,160 Interest expense (1) 19,257 Income tax benefit (908) Unconsolidated real estate vent
Slide 21: FFO, Core FFO and FAD
FFO, CORE FFO AND FAD (NON-GAAP) (Unaudited) Three Months Ended in thousands, except per share data March 31, 2018 FFO and Core FFO Net loss attributable to common shareholders $ (4,190) Net loss attributable to redeemable noncontrolling interests (594) Net loss attributable to noncontrolling intere
Slide 22: FFO, Core FFO and FAD (continued)
FFO, CORE FFO AND FAD (NON-GAAP) (Unaudited) Three Months Ended in thousands, except per share data March 31, 2018 FAD Core FFO attributable to the operating partnership common units $ 61,223 Recurring capital expenditures and second generation tenant improvements and leasing commissions (6,097) Str
Slide 23: NOI Reconciliations
NOI RECONCILIATIONS (NON-GAAP) (Unaudited) dollars in thousands Three Months Ended March 31, 2018 2018 2017 Net income (loss) attributable to common shareholders $ (4,190) $ 6,318 Add: Depreciation and amortization expense 49,160 33,782 General and administrative expense: Corporate and other 12,711
Slide 24: 1Q18 Supplemental Information
Phase Zero Crystal City 1Q18 SUPPLEMENTAL INFORMATION S E C T I O N T H R E E
Slide 25: JBG SMITH Supplemental Information Q1 2018
Slide 26: Table of Contents
TABLE OF CONTENTS MARCH 31, 2018 Page Overview Disclosures 3-4 Company Profile 5-6 Financial Highlights 7 Portfolio Overview 8-9 Financial Information Condensed Consolidated Balance Sheets 10 Condensed Consolidated and Combined Statements of Operations 11 Unconsolidated Real Estate Ventures - Balanc
Slide 27: Disclosures
DISCLOSURES MARCH 31, 2018 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
Slide 28: Disclosures (continued)
DISCLOSURES MARCH 31, 2018 With respect to any such third-party arrangement, we would not be in a position to exercise sole decision-making authority regarding the property, real estate venture or other entity, and may, under certain circumstances, be exposed to economic risks not present were a thi
Slide 29: Company Profile: Company Overview
COMPANY PROFILE MARCH 31, 2018 (Unaudited) Company Overview JBG SMITH is an S&P 400 company that owns, operates, invests in and develops assets concentrated in leading urban infill submarkets in and around Washington, DC. We own and operate a portfolio of high-quality office and multifamily assets,
Slide 30: Company Profile: Snapshot and Executive Officers
COMPANY PROFILE MARCH 31, 2018 (Unaudited) Company Overview Executive Officers & Key Employees Company Snapshot as of March 31, 2018 W. Matthew Kelly Chief Executive Officer and Trustee Exchange/ticker NYSE: JBGS Robert A. Stewart Executive Vice Chairman and Trustee Insider ownership * 13.3% David P
Slide 31: Financial Highlights
FINANCIAL HIGHLIGHTS MARCH 31, 2018 (Unaudited) Three Months Ended dollars in thousands, except per share data March 31, 2018 Summary Financial Results Total revenue $ 163,037 Net loss attributable to common shareholders $ (4,190) Per diluted common share $ (0.04) Total NOI $ 92,823 FFO attributable
Slide 32: Portfolio Overview
PORTFOLIO OVERVIEW MARCH 31, 2018 (Unaudited) 100% Share At JBG SMITH Share Annualized Rent per Annualized Square Foot/ Number of Square Feet/ Square Feet/ % Rent Monthly Rent Annualized NOI Assets Units Units Leased (in thousands) Per Unit (1) (in thousands) Operating Office In service 49 13,678,67
Slide 33: Portfolio Overview Footnotes
PORTFOLIO OVERVIEW MARCH 31, 2018 (Unaudited) Footnotes (1) For office assets, represents annualized office rent divided by occupied office square feet; annualized retail rent and retail square feet are excluded from this metric. For multifamily assets, represents monthly multifamily rent divided by
Slide 34: Condensed Consolidated Balance Sheets
CONDENSED CONSOLIDATED BALANCE SHEETS MARCH 31, 2018 (Unaudited) March 31, December 31, in thousands 2018 2017 ASSETS Real estate, at cost: Land and improvements $ 1,469,375 $ 1,368,294 Buildings and improvements 3,880,993 3,670,268 Construction in progress, including land 568,186 978,942 5,918,554
Slide 35: Condensed Consolidated and Combined Statements of Operations
CONDENSED CONSOLIDATED AND COMBINED MARCH 31, 2018 STATEMENTS OF OPERATIONS (Unaudited) in thousands, except per share data Three Months Ended March 31, 2018 2017 REVENUE Property rentals $ 126,651 $ 99,024 Tenant reimbursements 10,940 8,541 Third-party real estate services, including reimbursements
Slide 36: Unconsolidated Real Estate Ventures
UNCONSOLIDATED REAL ESTATE VENTURES MARCH 31, 2018 (Unaudited) in thousands, at JBG SMITH share BALANCE SHEET INFORMATION March 31, 2018 Total real estate, at cost $ 822,905 Less accumulated depreciation (70,229) Real estate, net 752,676 Cash and cash equivalents 16,941 Other assets, net 65,785 Tota
Slide 37: Other Tangible Assets and Liabilities, Net
OTHER TANGIBLE ASSETS AND LIABILITIES, NET MARCH 31, 2018 (Unaudited) in thousands, at JBG SMITH share March 31, 2018 Other Tangible Assets, Net (1) Restricted cash $ 30,507 Tenant and other receivables, net 55,864 Other assets, net 44,725 Total Other Tangible Assets, Net $ 131,096 Other Tangible Li
Slide 38: EBITDA, EBITDAre and Adjusted EBITDA
EBITDA, EBITDAre AND ADJUSTED EBITDA (NON-GAAP) MARCH 31, 2018 (Unaudited) Three Months Ended dollars in thousands March 31, 2018 EBITDA, EBITDAre and Adjusted EBITDA Net loss $ (4,786) Depreciation and amortization expense 49,160 Interest expense (1) 19,257 Income tax benefit (908) Unconsolidated r
Slide 39: FFO, Core FFO and FAD
FFO, CORE FFO AND FAD (NON-GAAP) MARCH 31, 2018 (Unaudited) Three Months Ended in thousands, except per share data March 31, 2018 FFO and Core FFO Net loss attributable to common shareholders $ (4,190) Net loss attributable to redeemable noncontrolling interests (594) Net loss attributable to noncon
Slide 40: FFO, Core FFO and FAD (continued)
FFO, CORE FFO AND FAD (NON-GAAP) MARCH 31, 2018 (Unaudited) Three Months Ended in thousands, except per share data March 31, 2018 FAD Core FFO attributable to the operating partnership common units $ 61,223 Recurring capital expenditures and second generation tenant improvements and leasing commissi
Slide 41: Third-Party Asset Management and Real Estate Services Business
THIRD-PARTY ASSET MANAGEMENT AND REAL ESTATE MARCH 31, 2018 SERVICES BUSINESS (NON-GAAP) (Unaudited) dollars in thousands, at JBG SMITH share Three Months Ended March 31, 2018 Source of Revenue JBG SMITH Legacy JBG Third-Party JV Partner (1) Funds Management Total Service Revenue Property management
Slide 42: Pro Rata Adjusted General and Administrative Expenses
PRO RATA ADJUSTED GENERAL AND ADMINISTRATIVE EXPENSES MARCH 31, 2018 (NON-GAAP) (Unaudited) dollars in thousands Three Months Ended March 31, 2018 Adjustments Per Statement Pro Rata of Operations A B C D Adjusted General and Administrative Expenses Corporate and other $ 12,711 $ — $ — $ 1,651 $ (230
Slide 43: Operating Assets
OPERATING ASSETS MARCH 31, 2018 (Unaudited) dollars in thousands, at JBG SMITH share Plus: Signed But Not Yet Adjusted Q1 2018 Annualized Commenced Annualized % Occupied NOI NOI Leases NOI Office DC 93.9% $ 22,279 $ 89,116 $ 408 $ 89,524 VA 85.3% 48,255 193,020 4,900 197,920 MD 78.9% 2,626 10,504 —
Slide 44: Summary & Same Store NOI
SUMMARY & SAME STORE NOI (NON-GAAP) MARCH 31, 2018 (Unaudited) dollars in thousands 100% Share At JBG SMITH Share NOI for the Three Months Ended March 31, Number of Square Feet/ Square Feet/ % % Assets Units Units Leased (1) Occupied (1) 2018 2017 % Change Same Store (2) 2,835,984 SF/ 2,094,309 SF/
Slide 45: Summary NOI
SUMMARY NOI (NON-GAAP) MARCH 31, 2018 (Unaudited) dollars in thousands NOI for the Three Months Ended March 31, 2018 at JBG SMITH Share Consolidated Unconsolidated Office (6) Multifamily Other Total Number of operating assets 49 19 50 14 4 68 Property rentals (1) $ 111,266 $ 11,867 $ 96,878 $ 25,397
Slide 46: Summary NOI - Office
SUMMARY NOI - OFFICE (NON-GAAP) MARCH 31, 2018 (Unaudited) dollars in thousands NOI for the Three Months Ended March 31, 2018 at JBG SMITH Share Consolidated Unconsolidated DC (6) VA (7) MD Total Number of operating assets 38 12 14 31 5 50 Property rentals (1) $ 87,475 $ 9,403 $ 28,596 $ 64,269 $ 4,
Slide 47: Summary NOI - Multifamily
SUMMARY NOI - MULTIFAMILY (NON-GAAP) MARCH 31, 2018 (Unaudited) dollars in thousands NOI for the Three Months Ended March 31, 2018 at JBG SMITH Share Consolidated Unconsolidated DC VA MD Total Number of operating assets 8 6 4 5 5 14 Property rentals (1) $ 23,196 $ 2,201 $ 6,596 $ 16,526 $ 2,275 $ 25
Slide 48: NOI Reconciliations
NOI RECONCILIATIONS (NON-GAAP) MARCH 31, 2018 (Unaudited) dollars in thousands Three Months Ended March 31, 2018 2018 2017 Net income (loss) attributable to common shareholders $ (4,190) $ 6,318 Add: Depreciation and amortization expense 49,160 33,782 General and administrative expense: Corporate an
Slide 49: Leasing Activity - Office
LEASING ACTIVITY - OFFICE MARCH 31, 2018 (Unaudited) square feet in thousands Three Months Ended March 31, 2018 Square feet leased: At 100% share 355 At JBG SMITH share 322 Initial rent (1) $ 47.35 Straight-line rent (2) $ 49.27 Weighted average lease term (years) 7.3 Weighted average free rent peri
Slide 50: Lease Expirations
LEASE EXPIRATIONS MARCH 31, 2018 (Unaudited) At JBG SMITH Share Estimated % of Annualized % of Annualized Total Annualized Rent Per Number Total Rent Annualized Rent Per Square Foot at Year of Lease Expiration of Leases Square Feet Square Feet (in thousands) Rent Square Foot Expiration (1) Month-to-
Slide 51: Signed But Not Yet Commenced Leases
SIGNED BUT NOT YET COMMENCED LEASES MARCH 31, 2018 (Unaudited) in thousands At JBG SMITH Share Total Estimated Rent (1) for the Quarter Ending Annualized Estimated September 30, December 31, September 30, Rent Assets C/U (2) June 30, 2018 2018 2018 March 31, 2019 June 30, 2019 2019 Thereafter (3) Of
Slide 52: Tenant Concentration
TENANT CONCENTRATION MARCH 31, 2018 (Unaudited) dollars in thousands At JBG SMITH Share % of Total Number of % of Total Annualized Annualized Tenant Leases Square Feet Square Feet Rent Rent 1 U.S. Government (GSA) 82 2,579,525 24.6% $ 103,061 22.4% 2 Family Health International 9 320,791 3.1% 15,949
Slide 53: Industry Diversity
INDUSTRY DIVERSITY MARCH 31, 2018 (Unaudited) dollars in thousands At JBG SMITH Share Number of % of Total Annualized % of Total Industry Leases Square Feet Square Feet Rent Annualized Rent 1 Government 104 2,899,153 27.6% $ 118,183 25.6% 2 Government Contractors 159 1,802,485 17.2% 80,004 17.4% 3 B
Slide 54: Portfolio Summary
PORTFOLIO SUMMARY MARCH 31, 2018 (Unaudited) Estimated Potential Number Rentable Number of Development of Assets Square Feet Units (1) Density (2) Wholly Owned Operating 49 14,470,551 3,908 — Under construction 4 1,269,257 547 — Future development 27 — — 17,121,700 Total 80 15,739,808 4,455 17,121,7
Slide 55: Property Table - Office
PROPERTY TABLE - OFFICE MARCH 31, 2018 (Unaudited) Office Annualized Retail Same Store (2): Total Office Retail Annualized Rent Per Annualized % Q1 2017-2018 / Year Built / Square Square Square % Office % Retail % Rent Square Rent Per Office Assets Submarket Ownership C/U (1) YTD 2017-2018 Renovated
Slide 56: Property Table - Office
PROPERTY TABLE - OFFICE MARCH 31, 2018 (Unaudited) Office Annualized Retail Same Store (2): Total Office Retail Annualized Rent Per Annualized % Q1 2017-2018 / Year Built / Square Square Square % Office % Retail % Rent Square Rent Per Office Assets Submarket Ownership C/U (1) YTD 2017-2018 Renovated
Slide 57: Property Table - Office
PROPERTY TABLE - OFFICE MARCH 31, 2018 (Unaudited) Office Annualized Retail Same Store (2): Total Office Retail Annualized Rent Per Annualized % Q1 2017-2018 / Year Built / Square Square Square % Office % Retail % Rent Square Rent Per Office Assets Submarket Ownership C/U (1) YTD 2017-2018 Renovated
Slide 58: Property Table - Office Footnotes
PROPERTY TABLE - OFFICE MARCH 31, 2018 (Unaudited) Footnotes Note: At 100% share. Excludes our 10% subordinated interests in five commercial buildings held through a real estate venture in which we have no economic interest. * Not Metro-Served. (1) “C” denotes a consolidated interest. “U” denotes an
Slide 59: Property Table - Multifamily
PROPERTY TABLE - MULTIFAMILY MARCH 31, 2018 (Unaudited) Same (2) Store : Monthly Q1 2017-2018 Number Total Multifamily Retail Multifamily Retail Annualized Monthly Rent Per % / YTD Year Built / of Square Square Square % % % Rent Rent Per Square Multifamily Assets Submarket Ownership C/U (1) 2017-201
Slide 60: Property Table - Multifamily
PROPERTY TABLE - MULTIFAMILY MARCH 31, 2018 (Unaudited) Same (2) Store : Monthly Q1 2017-2018 Number Total Multifamily Retail Multifamily Retail Annualized Monthly Rent Per % / YTD Year Built / of Square Square Square % % % Rent Rent Per Square Multifamily Assets Submarket Ownership C/U (1) 2017-201
Slide 61: Property Table - Multifamily Footnotes
PROPERTY TABLE - MULTIFAMILY MARCH 31, 2018 (Unaudited) Footnotes Note: At 100% share. * Not Metro-Served. (1) “C” denotes a consolidated interest. “U” denotes an unconsolidated interest. (2) “Y” denotes an asset as same store and “N” denotes an asset as non-same store. (3) Represents multifamily re
Slide 62: Property Table - Other
PROPERTY TABLE - OTHER MARCH 31, 2018 (Unaudited) Same Store (2): Total Annualized Annualized % Q1 2017-2018 / Year Built / Square % % Rent Rent Per Other Assets Submarket Ownership C/U (1) YTD 2017-2018 Renovated Feet (3) Leased Occupied (in thousands) Square Foot (4) Retail DC North End Retail U S
Slide 63: Property Table - Other Footnotes
PROPERTY TABLE - OTHER MARCH 31, 2018 (Unaudited) Footnotes Note: At 100% share. * Not Metro-Served. (1) “C” denotes a consolidated interest. “U” denotes an unconsolidated interest. (2) “Y” denotes an asset as same store and “N” denotes an asset as non-same store. (3) Does not include over 1.0 milli
Slide 64: Property Table - Under Construction
PROPERTY TABLE - UNDER CONSTRUCTION MARCH 31, 2018 (Unaudited) dollars in thousands, except per square foot data Weighted Schedule (2) At JBG SMITH Share Average Pre-Lease Estimated Rent Per Estimated Estimated Estimated Estimated Estimated % Square % Pre- Square Number of Construction Completion St
Slide 65: Property Table - Future Development
PROPERTY TABLE - FUTURE DEVELOPMENT MARCH 31, 2018 (Unaudited) dollars in thousands, except per square foot data, at JBG SMITH share Estimated Commercial Estimated Estimated SF / Estimated Capitalized Capitalized Estimated Estimated Potential Development Density (SF) Multifamily Remaining Cost of SF
Slide 66: Debt Summary
DEBT SUMMARY MARCH 31, 2018 (Unaudited) dollars in thousands, at JBG SMITH share 2018 2019 2020 2021 2022 Thereafter Total Consolidated and Unconsolidated Principal Balance Unsecured Debt: Revolving credit facility ($1 billion commitment) $ — $ — $ — $ 115,751 $ — $ — $ 115,751 Term loans ($400 mill
Slide 67: Debt by Instrument
DEBT BY INSTRUMENT MARCH 31, 2018 (Unaudited) dollars in thousands Stated Interest Current Initial Extended Principal Interest Rate Annual Maturity Maturity (1) (2) Asset % Ownership Balance Rate Hedge Interest Rate Date Date Consolidated Fort Totten Square 100.0% $ 73,600 L + 2.15% Swap 4.26% 06/09
Slide 68: Debt by Instrument
DEBT BY INSTRUMENT MARCH 31, 2018 (Unaudited) dollars in thousands Stated Interest Current Initial Extended Principal Interest Rate Annual Maturity Maturity (1) (2) Asset % Ownership Balance Rate Hedge Interest Rate Date Date Unconsolidated 1101 17th Street 55.0% $ 31,000 L + 1.25% — 3.13% 04/19/18
Slide 69: Consolidated Real Estate Ventures
CONSOLIDATED REAL ESTATE VENTURES MARCH 31, 2018 (Unaudited) Total Square Asset Type City Submarket % Ownership Feet Akridge West Half Multifamily Washington, D.C. Ballpark/Southeast 95.4% 388,174 MRP Realty 965 Florida Avenue Multifamily Washington, D.C. U Street/Shaw 96.1% 336,092 Total Consolidat
Slide 70: Unconsolidated Real Estate Ventures
UNCONSOLIDATED REAL ESTATE VENTURES MARCH 31, 2018 (Unaudited) % Total Square Asset Type City Submarket Ownership Feet Landmark L'Enfant Plaza Office - East Office Washington, D.C. Southwest 49.0% 437,518 L'Enfant Plaza Office - North Office Washington, D.C. Southwest 49.0% 305,153 L'Enfant Plaza Of
Slide 71: Unconsolidated Real Estate Ventures
UNCONSOLIDATED REAL ESTATE VENTURES MARCH 31, 2018 (Unaudited) % Total Square Asset Type City Submarket Ownership Feet Canadian Pension Plan Investment Board The Warner Office Washington, DC East End 55.0% 585,040 1900 N Street Office Washington, DC CBD 55.0% 271,433 1101 17th Street Office Washingt
Slide 72: Definitions
DEFINITIONS MARCH 31, 2018 Annualized Rent “Annualized rent” is defined as (i) for office and other assets, or the retail component of a mixed-use asset, the in-place monthly base rent before free rent, plus tenant reimbursements as of March 31, 2018, multiplied by 12, with triple net leases convert
Slide 73: Definitions
DEFINITIONS MARCH 31, 2018 Future Development “Future development” refers to assets that are development opportunities on which we do not intend to commence construction within 18 months of March 31, 2018 where we (i) own land or control the land through a ground lease or (ii) are under a long-term
Slide 74: Definitions
DEFINITIONS MARCH 31, 2018 “Projected NOI yield” means our estimated stabilized NOI reported as a percentage of 1) estimated total project costs, 2) estimated total investment and 3) estimated incremental investment. Actual initial full year stabilized NOI yield may vary from the projected NOI yield
Slide 75: Definitions
DEFINITIONS MARCH 31, 2018 Square Feet ‘‘Square feet’’ or ‘‘SF’’ refers to the area that can be rented to tenants, defined as (i) for office and other assets, rentable square footage defined in the current lease and for vacant space the rentable square footage defined in the previous lease for that