Jbg Smith Properties · NYSE:JBGS
Jbg Smith Properties — NAREIT June 2022
20 slides from Jbg Smith Properties's conference presentation, Jun 6, 2022
Slide 1: National Landing Skyline - NAREIT June 2022
National Landing Skyline (rendering) 1 NAREIT JUNE 2022
Slide 2: Disclosures About This Updated Presentation
DISCLOSURES ABOUT THIS UPDATED PRESENTATION We are providing this updated presentation to reflect that a number of transactions originally presented as under contract ha ve now closed and we undertake no obligation to provide future updates. FORWARD - LOOKING STATEMENTS Certain statements contained
Slide 3: Disclosures: Forward-Looking Statements and Pro Rata Information
DISCLOSURES Many of the factors that will determine the outcome of these and our other forward - looking statements are beyond our ability to control or predict .. These factors include, among others : adverse economic conditions in the Washington, DC metropolitan area, including in relation to COVI
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 .. In March 2019 , we executed purchase and
Slide 5: Disclosures: Disposition and Recapitalization Activity Subsequent to March 31, 2022
DISCLOSURES DISPOSITION AND RECAPITALIZATION ACTIVITY SUBSEQUENT TO MARCH 31 , 2022 – ADJUSTMENT OF CALCULATIONS On April 1 , 2022 , we sold the Universal Buildings, commercial assets located in Washington DC, for $ 228 .. 0 million .. On April 13 , 2022 , we formed an unconsolidated real estate ven
Slide 6: Maximizing Long-Term NAV Per Share Growth
MAXIMIZING LONG - TERM NAV PER SHARE GROWTH TRANSITIONING TO MAJORITY MULTIFAMILY AND CONCENTRATING OFFICE I N NATIONAL LANDING (1) Includes operating portfolio, under - construction assets and Development Pipeline and excludes non - core assets in light of ou r plans to dispose of them. (2) Exclude
Slide 7: 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 7 (1) Represents “Future” state and includes operating portfolio, under - construction assets and Development Pipeline and excludes all
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 units under construction and potential to start 2,150+ units over the next 3 years, balancing neighborhood towards multifamily ✓ 55 new retailers under constructio
Slide 9: Amazon's Continued Expansion in National Landing
AMAZON’S CONTINUED EXPANSION IN NATIONAL LANDING (1) Source: https://www.aboutamazon.com/news/job - creation - and - investment/building - on - progress - at - amazons - hq2 - in - arlington - virgin ia. (2) Source: https://www.aboutamazon.com/news/community/amazon - to - fund - 500 - new - affordab
Slide 10: Expect to Meet or Exceed $1B Capital Recycling Goal in 2022
Closed Incremental 2022 Marketing Total 2022 EXPECT TO MEET OR EXCEED $1B CAPITAL RECYCLING GOAL IN 2022 SOURCING CAPITAL AT FULL NAV FROM LOW - GROWTH, NON - CORE ASSETS 10 2022 CAPITAL RECYCLING $990M WE CONTINUE TO SEEK OPPORTUNITIES TO SELL OR RECAPITALIZE OUR RE MAINING NON - CORE ASSETS AT OR
Slide 11: National Landing Office Portfolio: Implied Capitalization Rate Analysis
JBG SMITH NATIONAL LANDING OFFICE PORTFOLIO: IMPLIED CAPITALIZAT ION RATE ANALYSIS WE BELIEVE OUR NATIONAL LANDING OFFICE PORTFOLIO IS SIGNIFICANTL Y UNDER VALUED Note: This is a hypothetical valuation of components of our portfolio based on certain assumptions. We determined the assume d c apitaliz
Slide 12: Estimated NOI Bridge
Q1 2022 Annualized NOI Growth from Operating Portfolio Growth from Under- Construction Assets Q4 2026 Annualized NOI ESTIMATED NOI BRIDGE ~$425M OF ANNUALIZED NOI BY YEAR - END 2026 (7.6% CAGR), EXCLUDING VALUE CREATION FROM MONETIZATION OF 8.6M SF DEVELOPMENT PIPELINE Note: This is a hypothetical p
Slide 13: Definitions
DEFINITIONS DEVELOPMENT PIPELINE "Development Pipeline" refers collectively to the Near - Term Development and Future Development Pipelines. EARNINGS BEFORE INTEREST, TAXES, DEPRECIATION AND AMORTIZATION ( "EBITDA"), EBITDA FOR REAL ESTATE ("EBITDARE") AND "ADJUSTED EBITDA" Earnings Before Interest,
Slide 14: Definitions
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 15: Definitions
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 16: Definitions
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 17: Definitions
DEFINITIONS SAME STORE "Same Store" refers to the pool of assets that were In - Service for the entirety of both periods being compared, except for assets for which significant redevelopment, renovation, or repositioning occurred during either of the periods being compared .. SQUARE FEET OR "SF" "Sq
Slide 18: EBITDA, EBITDAre and Adjusted EBITDA (Non-GAAP)
EBITDA, EBITDARE AND ADJUSTED EBITDA (NON - GAAP) (UNAUDITED) Note: All EBITDA measures as shown above are attributable to common limited partnership units. (1) Includes demolition costs, integration and severance costs, pursuit costs related to other completed, potential and pursued t ran sactions,
Slide 19: 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 20: JBG SMITH
JBG SMITH