Jbg Smith Properties · NYSE:JBGS
Jbg Smith Properties — Q4 2017 Earnings Presentation
81 slides from Jbg Smith Properties's earnings presentation, Mar 12, 2018
Slide 1: Quarterly Investor Package 4Q 2017
4747 Bethesda Avenue (Rendering) QUARTERLY INVESTOR PACKAGE 4Q 2017
Slide 2: JBG SMITH
Oo JBG SMITH
Slide 3: Table of Contents
TABLE OF CONTENTS MANAGEMENT LETTER S E C T I O N O N E 4Q17 EARNINGS RELEASE S E C T I O N T W O 4Q17 SUPPLEMENTAL INFORMATION S E C T I O N T H R E E CEB Tower at Central Place
Slide 4: Management Letter
4 MANAGEMENT LETTER S E C T I O N O N E The Bartlett
Slide 5: 4Q17 Earnings Release
5 4Q17 EARNINGS RELEASE S E C T I O N T W O 1900 N Street (Rendering)
Slide 6: JBG SMITH Announces Fourth Quarter 2017 Results
FOR IMMEDIATE RELEASE CONTACT Jaime Marcus SVP, Investor Relations (240) 333-3643 jmarcus@jbgsmith.com JBG SMITH ANNOUNCES FOURTH QUARTER 2017 RESULTS Chevy Chase, MD (March 12, 2018) — JBG SMITH (NYSE: JBGS), a leading owner and developer of high- quality, mixed-use properties in the Washington, DC
Slide 7: Operating portfolio leasing and same store NOI
2 • The operating other portfolio (excluding the Crystal City Marriott Hotel) was 96.5% leased and 96.2% occupied as of December 31, 2017 compared with 98.8% and 97.6% as of September 30, 2017. • Executed approximately 558,000 square feet of office leases at our share in the fourth quarter, totaling
Slide 8: Enterprise value, liquidity and financing activities
3 • At December 31, 2017, our enterprise value was approximately $7.0 billion, comprised of 137.7 million common shares and units valued at $4.8 billion and debt at our share of $2.6 billion, less cash and cash equivalents. • The weighted average interest rate of our debt at share was 4.05% at Decem
Slide 9: Dividends and About JBG SMITH
4 approximately $101 million for a 45% interest in the venture, and we will continue to develop, manage and lease the asset. Dividends On December 18, 2017, we declared a dividend of $0.225 per common share, an indicated annual dividend of $0.90 per common share. The dividend was paid on January 8,
Slide 10: Forward-looking statements and pro rata information
5 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 “at JBG SMITH Share,” which refers to ou
Slide 11: EBITDA and non-GAAP definitions
6 (primarily depreciation and amortization on our assets). This supplemental measure 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 co
Slide 12: Net Operating Income and Annualized NOI definitions
7 Net Operating Income ("NOI") and Annualized NOI “NOI” is a non-GAAP financial measure management uses to measure the operating performance of our assets and consists of property-related revenue (which includes base rent, tenant reimbursements and other operating revenue, net of free rent and payme
Slide 13: Condensed Consolidated and Combined Balance Sheets
8 CONDENSED CONSOLIDATED AND COMBINED BALANCE SHEETS _________________ Note: For complete financial statements, please refer to the Company's Annual Report on Form 10-K for the year ended December 31, 2017. in thousands December 31, 2017 December 31, 2016 ASSETS Real estate, at cost: Land and improv
Slide 14: Condensed Consolidated and Combined Statement of Operations
9 CONDENSED CONSOLIDATED AND COMBINED STATEMENT OF OPERATIONS __________________ Note: For complete financial statements, please refer to the Company's Annual Report on Form 10-K for the year ended December 31, 2017. in thousands, except per share data Three Months Ended December 31, Year Ended Dece
Slide 15: EBITDA and Adjusted EBITDA (Non-GAAP)
10 EBITDA AND ADJUSTED EBITDA (NON-GAAP) dollars in thousands Three Months Ended December 31, 2017 Six Months Ended December 31, 2017 Condensed Consolidated and Combined Statement of Operations Total revenue $ 156,371 $ 308,721 Total operating expenses 164,627 405,717 Operating Loss (8,256 ) (96,996
Slide 16: FFO, Core FFO and FAD (Non-GAAP)
11 FFO, CORE FFO AND FAD (NON-GAAP) in thousands, except per share data Three Months Ended December 31, 2017 Six Months Ended December 31, 2017(1) FFO and Core FFO Net loss attributable to common shareholders $ (16,418 ) $ (86,249 ) Net loss attributable to redeemable noncontrolling interests (2,331
Slide 17: FFO, Core FFO and FAD (Non-GAAP)
12 FFO, CORE FFO AND FAD (NON-GAAP) in thousands, except per share data Three Months Ended December 31, 2017 Six Months Ended December 31, 2017 FAD Core FFO attributable to the operating partnership common units $ 57,872 $ 119,681 Recurring capital expenditures and second-generation tenant improveme
Slide 18: NOI Reconciliations (Non-GAAP)
13 NOI RECONCILIATIONS (NON-GAAP) _________________ (1) Proportionate NOI attributable to unconsolidated real estate ventures includes Vornado Included Assets for all of 2017 and 2016 and JBG Assets for 2017 for the period July 18, 2017 to December 31, 2017. (2) Adjustment to include straight-line r
Slide 19: NOI Reconciliations (Non-GAAP)
14 NOI RECONCILIATIONS (NON-GAAP) dollars in thousands Year Ended December 31, 2017 2016 Net income (loss) attributable to common shareholders $ (71,753 ) $ 61,974 Add: Depreciation and amortization expense 161,659 133,343 General and administrative expense: Corporate and other 47,131 48,753 Third-p
Slide 20: 4Q17 Supplemental Information
6 4Q17 SUPPLEMENTAL INFORMATION S E C T I O N T H R E E Phase Zero Crystal City
Slide 21: Balance Sheets
ANCE SHEETS December 31, December 31, 2017 "201 S$ 1,868,294 $ 999,592 ‘Buildings and improvement 3,084,468, Construction in progress, including land 181,333 Foal estate held for sale 4,185,391 Less accumulated depreciation (930,76) te, net 5018467 9,224,622 Cash and cash equivalents 316,676 29,000
Slide 22: 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 23: 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 24: Disclosures continued
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 25: 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 26: Executive Officers and Company Snapshot
Company Overview Executive Officers & Key Employees Company Snapshot as of December 31, 2017 W. Matthew Kelly Chief Executive Officer and Trustee Exchange/ticker NYSE: JBGS Robert A. Stewart Executive Vice Chairman and Trustee Insider ownership * 13.2% David P. Paul President and Chief Operating Off
Slide 27: Financial Highlights
dollars in thousands, except per share data Three Months Ended December 31, 2017 Summary Financial Results Total revenue $ 156,371 Net loss attributable to common shareholders $ (16,418) Per diluted common share $ (0.15) Total NOI $ 90,817 FFO attributable to operating partnership common units (incl
Slide 28: 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 (in thousands) Operating Office In service 50 13,704,212 11,789,137 88.0% $ 453,206 $ 44.68 $ 284,212
Slide 29: 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 30: Condensed Consolidated and Combined Balance Sheets
in thousands December 31, 2017 December 31, 2016 ASSETS Real estate, at cost: Land and improvements $ 1,368,294 $ 939,592 Buildings and improvements 3,670,268 3,064,466 Construction in progress, including land 978,942 151,333 Real estate held for sale 8,293 — 6,025,797 4,155,391 Less accumulated dep
Slide 31: Condensed Consolidated and Combined Statements of Operations
in thousands, except per share data Three Months Ended December 31, Year Ended December 31, 2017 2016 2017 2016 REVENUE Property rentals $ 119,726 $ 102,093 $ 436,625 $ 401,595 Tenant reimbursements 10,824 9,398 37,985 37,661 Third-party real estate services, including reimbursements 24,355 9,265 63
Slide 32: Unconsolidated Real Estate Ventures - Balance Sheet and Operating Information
in thousands, at JBG SMITH share BALANCE SHEET INFORMATION December 31, 2017 Cash and cash equivalents $ 12,313 Total real estate, at cost 685,353 Less accumulated depreciation (65,446) Real estate, net 619,907 Other assets, net 71,032 Total assets $ 703,252 Debt, net $ 411,783 Other liabilities, ne
Slide 33: Other Tangible Assets and Liabilities, Net
in thousands, at JBG SMITH share December 31, 2017 Other Tangible Assets, Net (1) Restricted cash $ 21,880 Tenant and other receivables, net 46,733 Other assets, net 24,689 Total Other Tangible Assets, Net $ 93,302 Other Tangible Liabilities, Net (2) Accounts payable and accrued liabilities $ 136,77
Slide 34: EBITDA and Adjusted EBITDA (Non-GAAP)
dollars in thousands Three Months Ended December 31, 2017 Six Months Ended December 31, 2017 Condensed Consolidated and Combined Statement of Operations Total revenue $ 156,371 $ 308,721 Total operating expenses 164,627 405,717 Operating loss (8,256) (96,996) Loss from unconsolidated real estate ven
Slide 35: FFO and Core FFO (Non-GAAP)
in thousands, except per share data Three Months Ended December 31, 2017 Six Months Ended December 31, 2017 FFO and Core FFO Net loss attributable to common shareholders $ (16,418) $ (86,249) Net loss attributable to redeemable noncontrolling interests (2,331) (10,491) Net loss attributable to nonco
Slide 36: FAD (Non-GAAP)
in thousands, except per share data Three Months Ended December 31, 2017 Six Months Ended December 31, 2017 FAD Core FFO attributable to the operating partnership common units $ 57,872 $ 119,681 Recurring capital expenditures and second generation tenant improvements and leasing commissions (24,930)
Slide 37: Third-Party Asset Management and Real Estate Services Business
dollars in thousands, at JBG SMITH share Three Months Ended December 31, 2017 Source of Revenue JBG SMITH JV Partner (1) Legacy JBG Funds Third-Party Management Total Service Revenue Property management fees $ 1,567 $ 1,402 $ 2,832 $ 5,801 Asset management fees 541 3,461 — 4,002 Leasing fees 138 384
Slide 38: Pro Rata Adjusted General and Administrative Expenses
dollars in thousands Three Months Ended December 31, 2017 Per Statement of Operations Adjustments Pro Rata AdjustedA B C D General and Administrative Expenses Corporate and other $ 11,595 $ — $ — $ 1,526 $ (249) $ 12,872 Third-party real estate services 21,557 — (9,687) (1,526) — 10,344 Share-based
Slide 39: Operating Assets
dollars in thousands, at JBG SMITH share Plus: Signed But Not Yet Commenced Leases Adjusted Annualized NOI 4Q 2017 NOI Annualized NOI% Occupied Office DC 93.7% $ 21,501 $ 86,004 $ 296 $ 86,300 VA 85.5% 46,894 187,576 3,935 191,511 MD 81.9% 2,658 10,632 218 10,850 Total / weighted average 87.2% $ 71,
Slide 40: Summary and Same Store NOI - Three Months
dollars in thousands 100% Share At JBG SMITH Share NOI for the Three Months Ended December 31, Number of Assets Square Feet/ Units Square Feet/ Units % Leased (1) % Occupied (1) 2017 2016 % Change Same Store (2) DC 9 2,835,910 SF/ 283 Units 2,094,258 SF/ 283 Units 95.4% 95.4% $ 20,829 $ 16,496 26.3
Slide 41: Summary and Same Store NOI - Year
dollars in thousands 100% Share At JBG SMITH Share NOI for the Year Ended December 31, Number of Assets Square Feet/ Units Square Feet/ Units % Leased (1) % Occupied (1) 2017 2016 % Change Same Store (2) DC 9 2,835,910 SF/ 283 Units 2,094,258 SF/ 283 Units 95.4% 95.4% $ 74,150 $ 67,359 10.1 % VA 26
Slide 42: Summary NOI
dollars in thousands NOI for the Three Months Ended December 31, 2017 at JBG SMITH Share Consolidated Unconsolidated Office Multifamily Other Total Number of operating assets 50 19 51 14 4 69 Property rentals (1) $ 112,242 $ 11,695 $ 96,933 $ 25,262 $ 1,742 $ 123,937 Tenant expense reimbursement 10,
Slide 43: Summary NOI - Office
dollars in thousands NOI for the Three Months Ended December 31, 2017 at JBG SMITH Share Consolidated Unconsolidated DC VA MD Total Number of operating assets 39 12 14 32 5 51 Property rentals (1) $ 87,689 $ 9,244 $ 28,010 $ 64,791 $ 4,132 $ 96,933 Tenant expense reimbursement 9,576 2,194 6,771 4,74
Slide 44: Summary NOI - Multifamily
dollars in thousands NOI for the Three Months Ended December 31, 2017 at JBG SMITH Share Consolidated Unconsolidated DC VA MD Total Number of operating assets 8 6 4 5 5 14 Property rentals (1) $ 23,082 $ 2,180 $ 6,562 $ 16,406 $ 2,294 $ 25,262 Tenant expense reimbursement 1,241 110 179 1,108 64 1,35
Slide 45: NOI Reconciliations (Non-GAAP) - Three Months
dollars in thousands Three Months Ended December 31, 2017 2016 Net income (loss) attributable to common shareholders $ (16,418) $ 12,630 Add: Depreciation and amortization expense 51,933 35,052 General and administrative expense: Corporate and other 11,595 12,713 Third-party real estate services 21,
Slide 46: NOI Reconciliations (Non-GAAP) - Year
dollars in thousands Year Ended December 31, 2017 2016 Net income (loss) attributable to common shareholders $ (71,753) $ 61,974 Add: Depreciation and amortization expense 161,659 133,343 General and administrative expense: Corporate and other 47,131 48,753 Third-party real estate services 51,919 19
Slide 47: Leasing Activity - Office
square feet in thousands Three Months Ended December 31, 2017 Year Ended December 31, 2017 Square feet leased: At 100% share 576 1,734 At JBG SMITH share 558 1,568 Initial rent (1) $ 45.07 $ 45.92 Straight-line rent (2) $ 46.96 $ 47.19 Weighted average lease term (years) 7.9 8.2 Weighted average fre
Slide 48: 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 77 126,322 1.2% $ 2,949 0.6% $ 23.34 $
Slide 49: Signed But Not Yet Commenced Leases
in thousands At JBG SMITH Share Estimated Rent (1) for the Quarter Ending Total Annualized Estimated Rent Thereafter (3)Assets C/U (2) March 31, 2018 June 30, 2018 September 30, 2018 December 31, 2018 March 31, 2019 June 30, 2019 Office Operating C $ 322 $ 745 $ 984 $ 1,019 $ 1,019 $ 1,019 $ 4,076 O
Slide 50: Tenant Concentration
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) 82 2,579,525 24.4% $ 103,149 22.3% 2 Family Health International 9 320,791 3.0% 15,641 3.4% 3 Lockheed Martin Corporation 5 274,361 2.
Slide 51: 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 103 2,896,662 27.4% $ 118,131 25.6% 2 Government Contractors 165 1,868,070 17.7% 83,051 18.0% 3 Business Services 191 1,459,537 13.8% 61,719 13
Slide 52: Portfolio Summary
Number of Assets Rentable Square Feet Number of Units (1) Estimated Potential Development Density (2) Wholly Owned Operating 50 14,496,163 3,908 — Under construction 5 1,540,690 547 — Future development 28 — — 17,147,100 Total 83 16,036,853 4,455 17,147,100 Real Estate Ventures Operating 19 5,319,73
Slide 53: Property Table - Office
Office Assets Submarket % Ownership C/U (1) Same Store (2): Q4 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 54: Property Table - Office
Office Assets Submarket % Ownership C/U (1) Same Store (2): Q4 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 55: Property Table - Office Under Construction
Number of Assets and Total Square Feet Reconciliation Number of At 100% Share At JBG SMITH Share Operating Assets Assets Square Feet Square Feet Q3 2017 51 13,744,474 11,829,558 Placed in service — 5,380 5,380 Out-of-service adjustment — (8,754) (7,934) Building re-measurements — 3,137 2,158 Q4 2017
Slide 56: Footnotes
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 unconsolidated interest. (2) “Y” denotes an asset
Slide 57: Property Table - Multifamily
Multifamily Assets Submarket % Ownership C/U (1) Same Store (2): Q4 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 58: Multifamily Reconciliation and Leasing Activity
Number of Assets and Total Square Feet/Units Reconciliation Number of At 100% Share At JBG SMITH Share Operating Assets Assets Square Feet/Units Square Feet/Units Q3 2017 14 5,307,050 SF/ 6,016 Units 3,647,031 SF/ 4,232 Units Placed in service — — — Out-of-service adjustment — — — Building re-measur
Slide 59: Footnotes
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 rent divided by occupied multifamily units; retail rent is
Slide 60: Property Table - Other Assets
Other Assets Submarket % Ownership C/U (1) Same Store (2): Q4 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 61: Footnotes
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 million square feet of retail space within our operatin
Slide 62: Under Construction Assets
dollars in thousands, except per square foot data % Ownership Estimated Square Feet % Pre- Leased Weighted Average Pre-Lease Rent Per Square Foot (1) Estimated Number of Units Schedule (2) At JBG SMITH Share Construction Start Date Estimated Completion Date Estimated Stabilization Date Historical Co
Slide 63: Future Development Pipeline
dollars in thousands, except per square foot data, at JBG SMITH share Estimated Commercial SF / Multifamily Units to be Replaced (1) Estimated Capitalized Cost of SF / Units to Be Replaced (4) Estimated Capitalized Cost of Ground Rent Payments (5) Estimated Total Investment per SF Number of Assets E
Slide 64: Debt Maturity Schedule
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 million commitment) — — — — — 50,000 50,000
Slide 65: Debt Summary - Consolidated
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 Fort Totten Square 100.0% $ 73,600 L + 2.15% Swap 4.26% 06/09/18 12/09/18 7200 Wisconsin Avenue 100.0% 83,1
Slide 66: Debt Summary - Unconsolidated
____________________ (1) December 31, 2017 one-month LIBOR of 1.56% applied to loans which are denoted as floating (no swap) 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
Slide 67: Consolidated Real Estate Ventures
Asset Type City Submarket % Ownership Total Square 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 Consolidated Real Estate Ventures 724,266 ____________________ Note: At
Slide 68: 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% 437,518 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 69: 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% 585,040 1101 17th Street Office Washington, DC CBD 55.0% 215,675 800,715 Forest City Waterfront Station Future Deve
Slide 70: Definitions - Annualized Rent
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 December 31, 2017, multiplied by 12, with triple net leases converted to a gross basis by a
Slide 71: Definitions - Future Development
Future Development “Future development” refers to assets that are development opportunities on which we do not intend to commence construction within 18 months of December 31, 2017 where we (i) own land or control the land through a ground lease or (ii) are under a long-term conditional contract to
Slide 72: Definitions - Projected NOI Yield
“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 based on the actual increm
Slide 73: Definitions - Square Feet
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 space, (ii) for multifamily
Slide 74: Debt by Instrument
DEBT BY INSTRUMENT DECEMBER 31, 2017 ‘Unaudited stated {Current itil xtondo Princip tntrest_—— Rate Somual |, Maturty——‘Matuty %Ownership ‘Balance ate Hedge _inerestRate Date” ‘Date Ses Tipo 11 = er 18 eats L+270% = 426% — ovewia ——ona1i19 The te% 37989 L+2.35% 291% trays ‘inane 11938 Weeden Drive 1
Slide 75: Consolidated Real Estate Ventures
CONSOLIDATED REAL ESTATE VENTURES DECEMBER 31, 2017 ‘Wnaudited) Total Square Asset Type city Submarket__% Ownership Feat Akridge ‘West Half ‘Multifamily Washington, D.C. _—Ballpark/Southeast 95.4% 388,174 MRP Realty 1965 Florida Avenue Multifamily Washington, D.C. StreeShaw 96.1% 396,092 Total Conso
Slide 76: Unconsolidated Real Estate Ventures
UNCONSOLIDATED REAL ESTATE VENTURES DECEMBER 31, 2017 ‘Wnaudited) Landmark UEnfant Plaza Office - East UEnfant Plaza Office - North Fairway Land 486 SMITH % Total Square Asset Type City Submarket___ Ownership Foot Office Washington, D.C. Southwest 49.0% 437,518 Office Washington, D.C. Southwest 49.0
Slide 77: Unconsolidated Real Estate Ventures
UNCONSOLIDATED REAL ESTATE VENTURES DECEMBER 31, 2017 ‘naudited) % Total Square ‘Asset Type City Submarket___Ownership_ "Feet Canadian Pension Plan Investment Board “The Warner Office Westingen 00 SetEnd 55.0% 1101 17th Sveet Office Washington, OC CBD 55.0% Forest city Waterront Station Future Devel
Slide 78: Definitions
DEFINITIONS DECEMBER 31, 2017 Annualized Rent “Annualized rent is defined as () 2017, multiplied by 12, with tip nd (if Annualized Rent Per Square Foot od te 2017, multiplied by 1 yet commenced. Earnings Before interest, T Management uses EBITOA rian pact ability EBITD/ “Adjusted EBITDA Performance
Slide 79: Definitions
DEFINITIONS DECEMBER 31, 2017 Hi Estimated Tota Project Cost “Historia oa | J8G SMITH, ts, hard similar December 2017. hard cost . id rent ‘expenses and capitalized payrol costs ‘ . Transaction InService “In sevice" refers to off |, 2017. Motro-Served "Metro-served” means i pla slation. Monthly Rent
Slide 80: Definitions
DEFINITIONS DECEMBER 31, 2017 ted NOI yield” mea ted as a percentage 23) estimated incremental investment. Actual ii ti yoo saize NOI he projected NO! inital full year stabilized NOI, and there can 4 NOI yi ut unreasonable effort. This inability is due to the inherent dificuly of forecasting the tim
Slide 81: Definitions
DEFINITIONS DECEMBER 31, 2017 ‘Square Feet "Square feet” or "SF" rf, i) fo 017, oF (iv) 017. ‘Transaction and Other Costs deal expenses, Under Construction “Under construction” refers to assets that were under construction as of December 31, 2017 486 SMITH Page 53