Jbg Smith Properties · NYSE:JBGS
Jbg Smith Properties — Q3 2017 Earnings Presentation
84 slides from Jbg Smith Properties's earnings presentation, Nov 14, 2017
Slide 1: 3Q 2017 Quarterly Investor Package
3Q 2017 QUARTERLY INVESTOR PACKAGE WEST HALF
Slide 2: Slide 2
Slide 3: Table of Contents
T A B L E O F C O N T E N T S M A N A G E M E N T L E T T E R 3 Q 1 7 S U P P L E M E N T A L I N F O R M AT I O N 3 Q 1 7 E A R N I N G S R E L E A S E S E C T I O N O N E S E C T I O N T W O S E C T I O N T H R E E WEST HALF
Slide 4: Management Letter
M A N A G E M E N T L E T T E R 1
Slide 5: Letter to Shareholders
1 November 13, 2017 To Our Shareholders: We are pleased to report on our performance in our first quarter as a public company. For details regarding our financial and operating results, please see our third quarter earnings release and supplemental information, which follow this letter. Since closin
Slide 6: Washington, DC Market Update
2 Washington, DC Market Update We see five primary themes in the market today supported by market data from JLL: 1) The office market’s recovery is uneven and is not always reflected in the top-line fundamentals. There are trends on a submarket and building class level that defy the high-level story
Slide 7: Class B Assets in Downtown DC
3 At the other end of the market, Class B assets in downtown DC are thriving, due in part to a reduction in supply driven by the conversion of many Class B buildings into Trophy development sites. According to JLL, Class B assets have vacancy rates of 8.2% compared to 18.4% in the commodity Class A
Slide 8: Submarket Rent Premiums and Investment Sales
4 submarkets continue to outperform, boasting 34% to 40% rent premiums as compared to the overall market each year since 2000. 4) Uneven fundamentals notwithstanding, investment sales activity remains robust. Office sales volume of institutional-quality assets through September was $5.6 billion - on
Slide 9: Commodity Class A Vacancies
5 Consistent with the broader market, we have seen continued weakness in commodity Class A product, and we anticipate continued pressure on this category in DC. With that in mind, we are preparing for approximately 126,000-square feet of vacancy at the Bowen Building when Paul Hastings, a law firm,
Slide 10: Leasing at 4747 Bethesda Avenue and 1900 N Street
6 We have seen strong leasing activity at 4747 Bethesda Avenue, a 287,000-square foot office building in the Bethesda CBD. In late 2019 we will relocate our headquarters to this asset occupying the bottom 27.9% of the building. Interest in the upper floors is robust as tenants seek to occupy the sub
Slide 11: Amazon HQ2
7 Amazon A single prospective tenant would not typically warrant its own section in a letter like this, however with the potential to bring 50,000 jobs and consume eight million square feet, Amazon is the exception. We are working with regional authorities on the HQ2 submission, as we believe that t
Slide 12: Financing Activity
8 multifamily assets than other asset classes. To that end, during the third quarter, we closed on a $145.0 million construction loan for one asset and we signed term sheets for $229.0 million of financings on three assets. We also paid down loans on six assets, totaling approximately $182.0 million
Slide 13: Growth Portfolio and Closing Remarks
9 to create approximately $100 million of NOI when stabilized. When evaluating our growth portfolio and our ability to extract value from non-income producing assets, it is important to keep in mind our track record of successful capital allocation, focus on risk mitigation, and value creation exper
Slide 14: 3Q17 Earnings Release
3 Q 1 7 E A R N I N G S R E L E A S E 2
Slide 15: JBG SMITH Announces Third Quarter 2017 Results
FOR IMMEDIATE RELEASE CONTACT Jaime Marcus SVP, Investor Relations (240) 333-3643 jmarcus@jbgsmith.com JBG SMITH ANNOUNCES THIRD QUARTER 2017 RESULTS Chevy Chase, MD (November 13, 2017) — JBG SMITH (NYSE: JBGS), a leading owner and developer of high-quality, mixed-use properties in the Washington, D
Slide 16: Operating Portfolio Leasing and SSNOI
2 The operating other portfolio (excluding the Crystal City Marriott Hotel) was 98.8% leased and 97.6% occupied as of September 30, 2017, compared to 96.3% and 96.3% as of June 30, 2017. Executed approximately 206,000 square feet of office leases at JBG SMITH’s share, consisting of 19 new office
Slide 17: Balance Sheet
3 Balance Sheet We had $2.15 billion of debt ($2.52 billion including our share of debt of unconsolidated ventures) as of September 30, 2017. Of the $2.52 billion of debt at our share, approximately 42.0% was fixed-rate and approximately 58% was variable-rate. As of September 30, 2017, our enter
Slide 18: Dividends and About JBG SMITH
4 Dividends On November 9, 2017, we declared a dividend of $0.225 per common share, equating to an annualized dividend of $0.90 per common share. The dividend is payable on November 30, 2017 to common shareholders of record as of November 20, 2017. About JBG SMITH JBG SMITH is an S&P 400 company tha
Slide 19: Forward-Looking Statements and Pro Rata Information
5 entirety by the cautionary statements contained or referred to in this section. We do not undertake any obligation to release publicly any revisions to our forward-looking statements after the date hereof. Pro Rata Information We present certain financial information and metrics in this release “a
Slide 20: Non-GAAP Definitions: EBITDA
6 may help investors and lenders understand our ability to incur and service debt and to make capital expenditures. EBITDA is not a substitute for net income (loss) (computed in accordance with GAAP) and may not be comparable to similarly titled measures used by other companies. “Adjusted EBITDA,” a
Slide 21: Non-GAAP Definitions: NOI
7 leases and below-market ground lease intangibles. Annualized NOI represents NOI for the three months ended September 30, 2017 multiplied by four. Management believes annualized NOI provides useful information in understanding JBG SMITH’s financial performance over a 12-month period, however, inves
Slide 22: Condensed Consolidated and Combined Balance Sheets
8 CONDENSED CONSOLIDATED AND COMBINED BALANCE SHEETS in thousands, September 30, 2017 December 31, 2016 ASSETS Real estate, at cost: Land and improvements $ 1,272,997 $ 939,592 Buildings and improvements 3,662,853 3,064,466 Construction in progress, including land 906,680 151,333 5,842,530 4,155,391
Slide 23: Condensed Consolidated and Combined Statements of Operations
9 CONDENSED CONSOLIDATED AND COMBINED STATEMENTS OF OPERATIONS in thousands, except per share data Three Months Ended September 30, Nine Months Ended September 30, 2017 2016 2017 2016 REVENUE Property rentals $ 116,458 $ 103,265 $ 316,899 $ 299,497 Tenant reimbursements 9,593 10,231 27,161 28,428 Th
Slide 24: EBITDA and Adjusted EBITDA (Non-GAAP)
10 EBITDA AND ADJUSTED EBITDA (NON-GAAP) dollars in thousands Three Months Ended September 30, 2017 EBITDA and Adjusted EBITDA Net loss $ (77,991) Depreciation and amortization expense 43,951 Interest expense (1) 15,309 Income tax expense (1,034) Unconsolidated real estate ventures allocated share o
Slide 25: FFO and Core FFO (Non-GAAP)
11 FFO AND CORE FFO (NON-GAAP) in thousands, except per share data Three Months Ended September 30, 2017 FFO and Core FFO Net Loss attributable to JBG SMITH Properties $ (69,831) Net loss attributable to redeemable noncontrolling interests (8,160) Net loss (77,991) Real estate depreciation and amort
Slide 26: NOI Reconciliations (Non-GAAP)
12 NOI RECONCILIATIONS (NON-GAAP) dollars in thousands Three Months Ended September 30, 2017 Nine Months Ended September 30, 2017 Net (loss) income attributable to JBG SMITH Properties $ (69,831) $ (57,851) Add: Depreciation and amortization expense 43,951 109,726 General and administrative expense:
Slide 27: NOI Reconciliations (Non-GAAP)
13 NOI RECONCILIATIONS (NON-GAAP) __________________ (1) Adjustment to: (i) include the financial information of the JBG Assets as if the Combination had been completed as of the beginning of the periods presented; (ii) include proportionate share of NOI attributable to unconsolidated real estate ve
Slide 28: 3Q17 Supplemental Information
3 Q 1 7 S U P P L E M E N TA L I N F O R M AT I O N 3
Slide 29: JBG SMITH Properties Supplemental Information
JBG SMITH PROPERTIES SEPTEMBER 30, 2017)
Slide 30: Table of Contents
Page Overview Disclosures 3-4 Company Profile 5-6 Financial Highlights 7 Portfolio Overview 8-9 Financial Information Condensed Consolidated and Combined Balance Sheets 10 Condensed Consolidated and Combined Statements of Operations 11 Unconsolidated Real Estate Ventures - Balance Sheet and Operatin
Slide 31: Forward-Looking Statements
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 guarante
Slide 32: Disclosures
amount of cash each investor receives is based upon specific provisions of each operating agreement and varies depending on certain factors including the amount of capital contributed by each investor and whether any investors are entitled to preferential distributions. With respect to any such thir
Slide 33: Company Overview
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, many of which are amenitized with ancillary
Slide 34: Executive Officers and Company Snapshot
Company Overview Executive Officers & Key Employees Company Snapshot as of September 30, 2017 W. Matthew Kelly Chief Executive Officer and Trustee Exchange/ticker NYSE: JBGS Robert A. Stewart Executive Vice Chairman and Trustee Insider ownership * 13.0% David P. Paul President and Chief Operating Of
Slide 35: Financial Highlights
dollars in thousands, except per share data Three Months Ended September 30, 2017 Summary Financial Results Total revenue $ 152,350 Net loss attributable to common shareholders $ (69,831) Per diluted common share $ (0.61) Total NOI $ 90,538 FFO attributable to common shareholders $ (27,344) Per dilu
Slide 36: Portfolio Overview
100% Share At JBG SMITH Share Number of Assets Square Feet/ Units Square Feet/ Units % Leased Annualized Rent (in thousands) Annualized Rent per Square Foot/ Monthly Rent Per Unit (1) Annualized NOI (2) (in thousands) Operating Office In service 49 13,690,816 11,775,900 88.2% $ 450,806 $ 44.41 $ 283
Slide 37: Footnotes
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 occupied units; retail rent is excluded from
Slide 38: Condensed Consolidated and Combined Balance Sheets
in thousands, except par value amounts September 30, 2017 December 31, 2016 ASSETS Real estate, at cost: Land and improvements $ 1,272,997 $ 939,592 Buildings and improvements 3,662,853 3,064,466 Construction in progress, including land 906,680 151,333 5,842,530 4,155,391 Less accumulated depreciati
Slide 39: Condensed Consolidated and Combined Statements of Operations
in thousands, except per share data Three Months Ended September 30, Nine Months Ended September 30, 2017 2016 2017 2016 REVENUE Property rentals $ 116,458 $ 103,265 $ 316,899 $ 299,497 Tenant reimbursements 9,593 10,231 27,161 28,428 Third-party real estate services, including reimbursements 25,141
Slide 40: Unconsolidated Real Estate Ventures - Balance Sheet and Operating Information
in thousands BALANCE SHEET INFORMATION September 30, 2017 Cash and cash equivalents $ 15,571 Total real estate, at cost 693,598 Less accumulated depreciation (60,536) Real estate, net 633,062 Other assets, net 288,056 Total assets $ 936,689 Debt, net 389,237 Other liabilities, net 26,091 Total liabi
Slide 41: Other Tangible Assets and Liabilities, Net
in thousands September 30, 2017 Other Tangible Assets, Net (1) Restricted cash $ 20,229 Tenant and other receivables, net 54,306 Other assets, net 27,255 Total Other Tangible Assets, Net $ 101,790 Other Tangible Liabilities, Net (2) Accounts payable and accrued liabilities $ 143,495 Other liabilitie
Slide 42: EBITDA and Adjusted EBITDA (Non-GAAP)
dollars in thousands Three Months Ended September 30, 2017 EBITDA and Adjusted EBITDA Net loss $ (77,991) Depreciation and amortization expense 43,951 Interest expense (1) 15,309 Income tax expense (1,034) Unconsolidated real estate ventures allocated share of above adjustments 9,151 EBITDA $ (10,61
Slide 43: FFO and Core FFO (Non-GAAP)
in thousands, except per share data Three Months Ended September 30, 2017 FFO and Core FFO Loss attributable to JBG SMITH Properties $ (69,831) Net loss attributable to redeemable noncontrolling interests (8,160) Net loss (77,991) Real estate depreciation and amortization 41,393 Pro rata share of re
Slide 44: FAD (Non-GAAP)
in thousands, except per share data Three Months Ended September 30, 2017 FAD Core FFO attributable to the operating partnership common units $ 62,672 Recurring capital expenditures and second generation tenant improvements and leasing commissions (12,915) Share of recurring capital expenditures and
Slide 45: Third-Party Asset Management and Real Estate Services Business
dollars in thousands Three Months Ended September 30, 2017 Source of Revenue JBG SMITH JV Partner (1) Legacy JBG Funds (2) Third-Party Management Total Service Revenue Property management fees $ 1,450 $ 1,438 $ 2,284 $ 5,172 Asset management fees 513 5,433 — 5,946 Leasing fees 413 121 657 1,191 Deve
Slide 46: Pro Rata Adjusted General and Administrative Expenses
dollars in thousands Three Months Ended September 30, 2017 Per Statement of Operations Adjustments Pro Rata AdjustedA B C D General and Administrative Expenses Corporate and other $ 10,593 $ — $ — $ 855 $ (75) $ 11,373 Third-party real estate services 21,178 — (9,546) (855) — 10,777 Share-based comp
Slide 47: Summary and Same Store NOI: Operating Assets
dollars in thousands, at JBG SMITH share Plus: Signed But Not Yet Commenced Leases Plus: Lease Up of Recently Delivered Assets (1) Adjusted Annualized NOI 3Q 2017 NOI Annualized NOI% Occupied Office DC 93.7% $ 20,374 $ 81,496 $ 396 $ — $ 81,892 VA 85.9% 48,171 192,684 4,197 454 197,335 MD 81.8% 2,39
Slide 48: Same Store NOI - Three Months
dollars in thousands 100% Share At JBG SMITH Share NOI for the Three Months Ended September 30, Number of Assets Square Feet/ Units Square Feet/ Units % Leased (1) % Occupied (1) 2017 2016 % Change Same Store (2) DC 9 2,835,794 SF/ 283 Units 2,094,050 SF/ 283 Units 95.2% 95.7% $ 19,165 $ 17,582 9.0
Slide 49: Same Store NOI - Nine Months
dollars in thousands 100% Share At JBG SMITH Share NOI for the Nine Months Ended September 30, Number of Assets Square Feet/ Units Square Feet/ Units % Leased (1) % Occupied (1) 2017 2016 % Change Same Store (2) DC 9 2,835,794 SF/ 283 Units 2,094,050 SF/ 283 Units 95.2% 95.7% $ 54,733 $ 53,597 2.1 %
Slide 50: Summary NOI
dollars in thousands NOI for the Three Months Ended September 30, 2017 at JBG SMITH Share Consolidated Unconsolidated Office Multifamily Other Total Number of operating assets 50 19 51 14 4 69 Property rentals $ 109,947 $ 11,209 $ 94,482 $ 25,262 $ 1,412 $ 121,156 Tenant expense reimbursement 9,805
Slide 51: Summary NOI - Office
dollars in thousands NOI for the Three Months Ended September 30, 2017 at JBG SMITH Share Consolidated Unconsolidated DC VA MD Total Number of operating assets 39 12 14 32 5 51 Property rentals $ 85,757 $ 8,725 $ 26,412 $ 64,143 $ 3,927 $ 94,482 Tenant expense reimbursement 8,172 2,349 6,340 4,114 6
Slide 52: Summary NOI - Multifamily
dollars in thousands NOI for the Three Months Ended September 30, 2017 at JBG SMITH Share Consolidated Unconsolidated DC VA MD Total Number of operating assets 8 6 4 5 5 14 Property rentals $ 23,042 $ 2,220 $ 6,608 $ 16,353 $ 2,301 $ 25,262 Tenant expense reimbursement 1,599 91 531 1,103 56 1,690 Ot
Slide 53: NOI Reconciliations (Non-GAAP) 2017
Three Months Ended September 30, 2017 Nine Months Ended September 30, 2017 (in thousands) Net (loss) income attributable to JBG SMITH Properties $ (69,831) $ (57,851) Add: Depreciation and amortization expense 43,951 109,726 General and administrative expense: Corporate and other 10,593 35,536 Third
Slide 54: NOI Reconciliations (Non-GAAP) 2016
Three Months Ended September 30, 2016 Nine Months Ended September 30, 2016 (In thousands) Net (loss) income attributable to JBG SMITH Properties $ 21,014 $ 49,344 Add: Depreciation and amortization expense 31,377 98,291 General and administrative expense: Corporate and other 10,913 36,040 Third-part
Slide 55: Leasing Activity - Office
square feet in thousands Three Months Ended September 30, 2017 Nine Months Ended September 30, 2017 Square feet leased: (1) At 100% share 289 1,158 At JBG SMITH share 206 1,011 Initial rent (2) $ 43.08 $ 46.40 Weighted average lease term (years) 7.0 8.4 Weighted average free rent period (months) 7.0
Slide 56: Lease Expirations
At JBG SMITH Share Year of Lease Expiration Number of Leases Square Feet % of Total Square Feet Annualized Rent (in thousands) % of Total Annualized Rent Annualized Rent Per Square Foot Estimated Annualized Rent Per Square Foot at Expiration (1) Month-to-Month 75 167,134 1.6% $ 4,654 1.0% $ 27.85 $
Slide 57: Signed But Not Yet Commenced Leases
in thousands Estimated Rent (1) at JBG SMITH Share Quarter Ending Total Annualized Estimated Rent Thereafter (3)Assets C/U (2) December 31, 2017 March 31, 2018 June 30, 2018 September 30, 2018 December 31, 2018 March 31, 2019 Office Operating C $ 339 $ 925 $ 1,039 $ 1,057 $ 1,091 $ 1,091 $ 4,366 Ope
Slide 58: Top Tenants
dollars in thousands At JBG SMITH Share Tenant Number of Leases Square Feet % of Total Square Feet Annualized Rent % of Total Annualized Rent 1 U.S. Government (GSA) 80 2,571,075 24.3% $ 102,351 22.3% 2 Family Health International 9 320,791 3.0% 15,631 3.4% 3 Lockheed Martin Corporation 5 274,361 2.
Slide 59: Industry Diversity
dollars in thousands At JBG SMITH Share Industry Number of Leases Square Feet % of Total Square Feet Annualized Rent % of Total Annualized Rent 1 Government 101 2,888,212 27.3% $ 117,413 25.5% 2 Government Contractors 156 1,797,731 17.0% 79,404 17.3% 3 Business Services 193 1,470,273 13.9% 61,617 13
Slide 60: Portfolio Summary
Number of Assets Rentable Square Feet Number of Units (1) Estimated Potential Development Density (2) Wholly Owned Operating 50 14,496,566 3,908 — Under construction 5 1,540,690 547 — Future development 25 — — 16,461,700 Total 80 16,037,256 4,455 16,461,700 Real Estate Ventures Operating 19 5,319,57
Slide 61: Property Table - Office
Office Assets Submarket % Ownership C/U (1) Same Store (2): Q3 2016-2017 / YTD 2016-2017 Year Built / Renovated Total Square Feet Office Square Feet Retail Square Feet % Leased Office % Occupied Retail % Occupied Annualized Rent (in thousands) Office Annualized Rent Per Square Foot (3) Retail Annual
Slide 62: Property Table - Office
Office Assets Submarket % Ownership C/U (1) Same Store (2): Q3 2016-2017 / YTD 2016-2017 Year Built / Renovated Total Square Feet Office Square Feet Retail Square Feet % Leased Office % Occupied Retail % Occupied Annualized Rent (in thousands) Office Annualized Rent Per Square Foot (3) Retail Annual
Slide 63: Property Table - Office Under Construction
GLA Reconciliation Number of At 100% Share At JBG SMITH Share Operating Assets Assets Square Feet Square Feet 2Q 2017 50 13,887,482 11,884,931 Placed in service 1 40,025 40,025 Out-of-service adjustment — (183,358) (96,357) Building re-measurements — 325 959 3Q 2017 51 13,744,474 11,829,558 See foot
Slide 64: Footnotes
Footnotes * Not Metro-Served. 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. (1) “C” denotes a consolidated interest. “U” denotes an unconsolidated interest. (2) “Y” denotes an asset
Slide 65: Property Table - Multifamily
Multifamily Assets Submarket % Ownership C/U (1) Same Store (2): Q3 2016-2017 / YTD 2016-2017 Year Built / Renovated Number of Units Total Square Feet Multifamily Square Feet Retail Square Feet % Leased Multifamily % Occupied Retail % Occupied Annualized Rent (in thousands) Monthly Rent Per Unit (3)
Slide 66: Multifamily Leasing Activity
GLA Reconciliation Number of At 100% Share At JBG SMITH Share Operating Assets Assets Square Feet/Units Square Feet/Units 2Q 2017 14 5,320,334 SF/ 6,016 Units 3,660,315 SF/ 4,232 Units Placed in service — — — Out-of-service adjustment — (13,284 SF)/ 0 Units (13,284 SF)/ 0 Units Building re-measureme
Slide 67: Footnotes
Footnotes * Not Metro-Served. Note: At 100% share. (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 rent divided by occupied multifamily units; retail rent is
Slide 68: Property Table - Other
Other Assets Submarket % Ownership C/U (1) Same Store (2): Q3 2016-2017 / YTD 2016-2017 Year Built / Renovated Total Square Feet (3) % Leased % Occupied Annualized Rent (in thousands) Annualized Rent Per Square Foot (4) Retail DC North End Retail U Street/Shaw 100.0% C N / N 2015 / N/A 27,432 100.0%
Slide 69: Footnotes
Footnotes * Not Metro-Served. Note: At 100% share. (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 million square feet of retail within our operating and
Slide 70: Under Construction Property Table
dollars in thousands, except per square foot data % Ownership Estimated Square Feet % Pre- Leased Weighted Average Pre-Lease Rent Per Square Foot (2) Estimated Number of Units Schedule (1) At JBG SMITH Share Construction Start Date Estimated Completion Date Estimated Stabilization Date Historical Co
Slide 71: Property Table - Near-Term Development
% Estimated Asset Submarket Ownership Square Feet Units Multifamily DC 965 Florida Avenue U Street/Shaw 70.0% 336,092 433 Near-Term Development Investment at JBG SMITH Share as of September 30, 2017 (dollars in thousands) Historical cost $ 1,903 Estimated incremental investment 102,726 Estimated Tot
Slide 72: Future Development Pipeline
dollars in thousands, except per square foot data Estimated Commercial SF / Multifamily Units to be Replaced (1) Estimated Capitalized Cost of SF / Units to Be Replaced (3) Estimated Capitalized Cost of Ground Rent Payments (4) Estimated Total Investment per SF Number of Assets Estimated Remaining A
Slide 73: Debt Maturity Schedule
dollars in thousands 2017 2018 2019 2020 2021 Thereafter Total Consolidated and Unconsolidated Principal Balance Unsecured Debt: Revolving credit facility ($1 billion commitment) $ — $ — $ — $ — $ 115,751 $ — $ 115,751 Term loans ($400 million commitment) — — — — — 50,000 50,000 Total unsecured debt
Slide 74: Debt Summary by Asset
dollars in thousands Asset % Ownership Principal Balance Stated Interest Rate Interest Rate Hedge Current Annual Interest Rate (1) Initial Maturity Date Extended Maturity Date (2) Consolidated 220 20th Street 100.0% $ 67,285 4.61% Fixed 4.61% 02/01/18 02/01/18 Fort Totten Square 100.0% 73,600 L + 2.
Slide 75: Debt Summary Footnotes and Unconsolidated Debt
____________________ (1) September 30, 2017 LIBOR of 1.24% applied to loans which are denoted as floating (no hedge) or floating with a cap, except as otherwise noted. (2) Represents the maturity date based on execution of all extension options. Many of these extensions are subject to lender covenan
Slide 76: Consolidated Real Estate Ventures
Asset Type City Submarket % Ownership Total Square Feet Akridge West Half Multifamily Washington, D.C. Ballpark/Southeast 94.8% 388,174 ____________________ Note: At 100% share. CONSOLIDATED REAL ESTATE VENTURES SEPTEMBER 30, 2017 (Unaudited) Page 48
Slide 77: Unconsolidated Real Estate Ventures
Asset Type City Submarket % Ownership Total Square Feet Landmark L'Enfant Plaza Office - East Office Washington, D.C. Southwest 49.0% 437,504 L'Enfant Plaza Office - North Office Washington, D.C. Southwest 49.0% 305,157 L'Enfant Plaza Office - Southeast Office Washington, D.C. Southwest 49.0% 215,18
Slide 78: Unconsolidated Real Estate Ventures
____________________ Note: At 100% share. Asset Type City Submarket % Ownership Total Square Feet Canadian Pension Plan Investment Board The Warner Office Washington, DC East End 55.0% 584,991 1101 17th Street Office Washington, DC CBD 55.0% 215,675 800,666 Forest City Waterfront Station Future Deve
Slide 79: Definitions
Adjusted General and Administrative (“G&A”) Expenses "Adjusted G&A expenses", a non-GAAP financial measure, represents G&A expenses adjusted for non-recurring share-based compensation expense related to the Formation Transaction and the G&A expenses of our third-party real estate services and asset
Slide 80: Definitions (continued)
FFO, Core FFO and FAD may not be comparable to similarly titled measures used by other companies. A reconciliation of net income (loss) to FFO, Core FFO and FAD is presented on pages 15-16. Future Development “Future development” refers to assets that are development opportunities on which we do not
Slide 81: Non-GAAP Estimates Reconciliation Note
The Company does not provide reconciliations for non-GAAP estimates on a future basis, including adjusted annualized NOI and estimated stabilized NOI because it is unable to provide a meaningful or accurate calculation or estimate of reconciling items and the information is not available without unr
Slide 82: Definitions: Transaction and Other Costs
Transaction and Other Costs Transaction and other costs include costs associated with the spin-off from Vornado and combination with JBG including closing costs, professional and consulting fees (investment banking, legal, accounting), severance charges, retention payments, system integration, and c
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