Slide 1: Investor Presentation November 2022
1900 Crystal Drive Retail (rendering) INVESTOR PRESENTATION NOVEMBER 2022
Slide 2: Disclosures: Forward-Looking Statements
DISCLOSURES FORWARD - LOOKING STATEMENTS Certain statements contained herein may constitute “forward - looking statements” as such term is defined in Section 27 A of the Securities Act of 1933 , as amended, and Section 21 E of the Securities Exchange Act of 1934 , as amended .. Forward - looking sta
Slide 3: Disclosures: Pro Rata Information
DISCLOSURES PRO RATA INFORMATION We present certain financial information and metrics in this release "at JBG SMITH Share," which refers to our ownership percentage of consolidated and unconsolidated assets in real estate ventures (collectively, "real estate ventures") as applied to these financial
Slide 4: Disclosures: Amazon
DISCLOSURES AMAZON In November 2018 , Amazon announced it had selected sites in National Landing as the location of its new headquarters .. We currently have leases with Amazon totaling 1 .. 0 million square feet at six office buildings in National Landing .. We have sold to Amazon two of our Nation
Slide 5: JBG SMITH Is Well Positioned for the Current Environment
JBG SMITH IS WELL POSITIONED FOR THE CURRENT ENVIRONMENT 5 ✓ $1B capital recycling goal completed ahead of a deteriorating market ✓ 14.2M shares repurchased YTD at a weighted average per share price of $25.49 ✓ $1.9B of liquidity with well - staggered debt maturities and limited near - term office e
Slide 6: Our Core Business Continues to Perform Exceptionally Well
OUR CORE BUSINESS CONTINUES TO PERFORM EXCEPTIONALLY WELL (1) Based on our National Landing portfolio over the last twelve months. (2) Based on Kastle data as adjusted for building occupancy. We believe peak occupancy, which generally occurs on Tuesday, We dne sday, and Thursday, is one of the best
Slide 7: Portfolio Transformation Well Underway
PORTFOLIO TRANSFORMATION WELL UNDERWAY OPPORTUNISTICALLY SHIFTING TO MAJORITY MULTIFAMILY AND CONCENTRA TING OFFICE IN NATIONAL LANDING 7 PORTFOLIO COMPOSITION FORMATION TODAY (1) FUTURE (2) INVESTED IN THE BEST - LOCATED AND FASTEST - GROWING URBAN/SUBURBAN SUBMARKETS IN THE DC METRO AREA Note: Por
Slide 8: Dramatic Repositioning of National Landing
DRAMATIC REPOSITIONING OF NATIONAL LANDING NATIONAL LANDING POSITIONED TO BE THE NATION’S PREMIER LIVE - WORK - PLAY DESTINATION 8 1,583 multifamily units under construction with first deliveries anticipated in 2024; potential to start 2,150 units over the next 3 years, balancing neighborhood toward
Slide 9: Our National Landing Portfolio Continues to Capture Demand
176K SF OF NEW DEMAND 88% FROM OUTSIDE OF NATIONAL LANDING OUR NATIONAL LANDING PORTFOLIO CONTINUES TO CAPTURE DEMAND NATIONAL LANDING IS RETAINING TENANTS AT HIGH RATES, WHILE ATTRACTING NEW TENANTS FROM OTHER SUBMARKETS Note: Data represents last 12 months as of September 30, 2022 for properties i
Slide 10: New Demand Profiles: Defense and Technology Growth
NEW DEMAND PROFILES: DEFENSE AND TECHNOLOGY GROWTH WE BELIEVE TENANTS ARE CHOOSING NATIONAL LANDING OVER OTHER MARK ETS IN THE DC REGION BECAUSE OF ITS UNIQUE VALUE PROPOSITION 10 Total RSF: ~37K Lease Term: 11.5 Years Relocating From: DC Ballpark Navy Yard and National Landing non - JBGS owned Relo
Slide 11: Global Defense Spending Growth and Technology Focus Are Powerful Tailwinds
$6.4 $6.6 $6.9 $8.0 $10.6 $12.7 $21.5 $22.6 $27.4 $74.2 L3Harris BAE Systems Humana Huntington Ingalls ANSER Northrop Grumman Boeing General Dynamics Raytheon Lockheed Martin GLOBAL DEFENSE SPENDING GROWTH AND TECHNOLOGY FOCUS ARE POWERFUL TAILWINDS FOR NATIONAL LANDING Sources: Federal Reserve/Bure
Slide 12: Capital Allocation Strategy: Maximize Long-Term NAV Per Share
CAPITAL ALLOCATION STRATEGY: MAXIMIZE LONG - TERM NET ASSET VALUE PER SHARE OUR WELL - POSITIONED PORTFOLIO AND BALANCE SHEET ENABLE US TO CONTINUE EXECUTING OUR STRATEGY 12 $298M debt capital raised at fixed weighted average interest rate of 3.65% $180M off - market partner buyouts across three mul
Slide 13: Strong Balance Sheet and Leverage Profile That Supports Future Growth
STRONG BALANCE SHEET AND LEVERAGE PROFILE THAT SUPPORTS FUTURE G ROWTH Note: Data as of Q3 2022. Data adjusted for acquisitions and dispositions that occurred during and subsequent to quarter end , a nd the repayment of draws under the revolving credit facility. (1) 2.6% weighted average cap strike
Slide 14: Key ESG Milestones and Initiatives
KEY ESG MILESTONES AND INITIATIVES 14 ✓ Achieved carbon neutrality for energy consumed across our operating portfolio in September 2021 ▪ Why this matters? Addresses top priority interests to stakeholder groups and aligns JBGS to a low carbon economy ✓ Formed an ESG committee with key business leade
Slide 15: Appendix
APPENDIX
Slide 16: JBG SMITH Today
JBG SMITH TODAY Note: Data is as of Q3 2022. (1) Excludes 8001 Woodmont which is still in lease - up. (2) Total Enterprise Value is based on closing price per share of $18.58 as of September 30, 2022. (3) Net Debt to annualized Adjusted EBITDA at our share for the three months ended September 30, 20
Slide 17: Operating Portfolio Highlights
OPERATING PORTFOLIO HIGHLIGHTS EXISTING OPERATING PORTFOLIO POISED TO BENEFIT FROM NATIONAL LANDING GROWTH CATALYSTS (1) As of Q3 2022, excluding assets that are under firm contract to sell. (2) Multifamily % leased and % occupied metrics represent operating portfolio excluding 8001 Woodmont which i
Slide 18: JBG SMITH Concentrated in National Landing
JBG SMITH CONCENTRATED IN NATIONAL LANDING A NATIONAL LANDING - FOCUSED COMPANY WITH MULTIFAMILY CONCENTRATED IN HIGH - GROWTH, AMENITY - RICH, PROXIMATE SUBMARKETS 18 (1) Represents “Future” state and includes operating portfolio, under - construction assets and Development Pipeline and excludes al
Slide 19: ESG Awards and Accolades
ESG AWARDS AND ACCOLADES 19 • Achieved Carbon Neutral operations • 5 - star rating (2020 - 2022) • Global Sector Leader (2021 - 2022) – Operating Portfolio and Development • Diversified Leader in the Light Award (2021) • Fitwel Viral Response Certification – Entity and Asset Levels • Fitwel Champion
Slide 20: Definitions: Carbon Neutral, EBITDA
DEFINITIONS CARBON NEUTRAL “Carbon Neutral” means that any Scope 1 or Scope 2 carbon emissions released into the atmosphere from JBG SMITH’s building op era tions is balanced by an equivalent amount being removed. Scope 1 emissions represent natural gas consumed on - site by operating assets. Scope
Slide 21: Definitions: Estimated Total Investment, Formation Transaction
DEFINITIONS ESTIMATED TOTAL INVESTMENT "Estimated Total Investment" means, with respect to the development of an asset, the sum of the Historical Cost in such asset and the Estimated Incremental Investment for such asset .. Actual total investment may differ substantially from our estimates due to n
Slide 22: Definitions: Metro-Served, Net Debt
DEFINITIONS METRO - SERVED "Metro - Served" means locations, submarkets or assets that are within 0.5 miles of an existing or planned Metro station. NEAR - TERM DEVELOPMENT PIPELINE "Near - Term Development Pipeline" refers to select assets that have the potential to commence construction over the n
Slide 23: Definitions: NOI and Related Measures
DEFINITIONS NET OPERATING INCOME ("NOI"), "ANNUALIZED NOI", "ESTIMATED STABI LIZED NOI" AND "PROJECTED NOI YIELD" Net Operating Income ("NOI"), "Annualized NOI", "Estimated Stabilized NOI" and "Projected NOI Yield" are non - GAAP financial measures management uses to assess a segment's performance .
Slide 24: Definitions: Percent Leased, Percent Occupied, Same Store
DEFINITIONS PERCENT LEASED "Percent Leased" is based on leases signed as of September 30, 2022, and is calculated as total rentable square feet less ren tab le square feet available for lease divided by total rentable square feet expressed as a percentage. Out - of - service square feet are excluded
Slide 25: EBITDA, EBITDAre and Adjusted EBITDA Reconciliations
EBITDA, EBITDARE AND ADJUSTED EBITDA RECONCILIATIONS (NON - GAAP) (UNAUDITED) Note: All EBITDA measures as shown above are attributable to common limited partnership units. (1) Related to decreases in the value of the underlying assets. (2) Includes demolition costs, integration and severance costs,
Slide 26: NOI Reconciliations (Non-GAAP)
NOI RECONCILIATIONS (NON - GAAP) (UNAUDITED) (1) Adjustment to exclude straight - line rent, above/below market lease amortization and lease incentive amortization. (2) Adjustment to include other revenue and payments associated with assumed lease liabilities related to operating properties an d t o
Slide 27: JBG SMITH
2) JBG SMITH