Jbg Smith Properties · NYSE:JBGS
Jbg Smith Properties — Q2 2018 Earnings Presentation
79 slides from Jbg Smith Properties's earnings presentation, Aug 9, 2018
Slide 1: Quarterly Investor Package 2Q 2018
Atlantic Plumbing C (Rendering) QUARTERLY INVESTOR PACKAGE 2Q 2018
Slide 2: Slide 2
Slide 3: Table of Contents
1900 N Street (Rendering) TABLE OF CONTENTS MANAGEMENT LETTER S E C T I O N O N E 2Q 2018 EARNINGS RELEASE S E C T I O N T W O 2Q 2018 SUPPLEMENTAL INFORMATION S E C T I O N T H R E E
Slide 4: Management Letter
CEB Tower at Central Place MANAGEMENT LETTER S E C T I O N O N E
Slide 5: Letter to Shareholders
August 9, 2018 To Our Fellow Shareholders: We are pleased to report on our performance for the second quarter of 2018. For details regarding our financial and operating results, please see our second quarter earnings release and supplemental information, which follow this letter. Last month marked t
Slide 6: Long-term value creation and market update
Our focus is on long-term value creation and maximizing long-term net asset value (NAV) per share. We expect to create value through execution and capital allocation, specifically by delivering our Under Construction assets on-time and on-budget, stabilizing our operating portfolio, harvesting oppor
Slide 7: Market update and operating portfolio
The first half of the year also saw $2.6 billion in multifamily investment sales volume. This compares to $1.5 billion during the first half of 2017. JLL forecasts that 2018 will end the year with $4.8 billion in volume – up 5.0% from 2017’s annual total. Pricing has largely held steady year-over-ye
Slide 8: Operating and development portfolio
leases that we expect to execute. Above average vacancy in our market continues to favor tenants and supports our assumption of only 2.0% growth in office rents, which will be back-end weighted between now and the end of 2023. For our multifamily operating portfolio, we are assuming annual market re
Slide 9: Crystal City development and Amazon HQ2
and completing the entitlement and design process. The timing of future phases will depend on Arlington County approvals, which have been progressing well thus far. Amazon The HQ2 selection process is ongoing, and we continue to believe that our market presents a compelling opportunity for any large
Slide 10: Capital recycling and development
transactions close. We are on track to achieve our capital recycling goal by year-end, after which we plan to provide additional detail around the impact of our capital recycling efforts on NOI, interest expense, FFO, Net Debt/Adjusted EBITDA, and Net Debt/Total Enterprise Value, among other metrics
Slide 11: Capital allocation discipline
nothing is more important to us than successful execution of a prudent capital allocation strategy. We are a long way into the cycle, and geopolitical tension, trade wars and leverage in the economy are all at levels that demand careful helmsmanship. We live and breathe the warning that “who doth no
Slide 12: 2Q 2018 Earnings Release
2101 L Street 2Q 2018 EARNINGS RELEASE S E C T I O N T W O
Slide 13: JBG SMITH Announces Second Quarter 2018 Results
FOR IMMEDIATE RELEASE CONTACT Jaime Marcus SVP, Investor Relations (240) 333-3643 jmarcus@jbgsmith.com JBG SMITH ANNOUNCES SECOND QUARTER 2018 RESULTS Chevy Chase, MD (August 9, 2018) - JBG SMITH (NYSE: JBGS), a leading owner and developer of high-quality, mixed-use properties in the Washington, DC
Slide 14: Operating and leasing highlights
• Executed approximately 641,000 square feet of office leases at our share during the six months ended June 30, 2018, comprising approximately 217,000 square feet of new leases, and approximately 424,000 square feet of second generation leases, which generated a 2.0% rental rate increase on a GAAP b
Slide 15: Financing and Investing Activities
Financing and Investing Activities • Closed on a $33.0 million loan at our share at 1101 17th Street, an office asset, located in Washington, DC. • Repaid an aggregate total of $98.2 million of secured mortgages including Summit I and II, Falkland Chase - North and West Half. • Modified the existing
Slide 16: Forward-looking statements and pro rata information
Act of 1995. You are cautioned not to place undue reliance on our forward-looking statements. All subsequent written and oral forward-looking statements attributable to us or any person acting on our behalf are expressly qualified in their entirety by the cautionary statements contained or referred
Slide 17: EBITDA, EBITDAre and Adjusted EBITDA definitions
Earnings Before Interest, Taxes, Depreciation and Amortization ("EBITDA"), EBITDA for Real Estate ("EBITDAre") and Adjusted EBITDA Management uses EBITDA and EBITDAre, non-GAAP financial measures, as supplemental operating performance measures and believes they help investors and lenders meaningfull
Slide 18: NOI and non-GAAP definitions
acquired above-market leases and below-market ground lease intangibles. Annualized NOI represents NOI for the three months ended June 30, 2018 multiplied by four. Management believes Annualized NOI provides useful information in understanding JBG SMITH’s financial performance over a 12-month period,
Slide 19: Condensed Consolidated Balance Sheets
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) June 30, December 31, in thousands 2018 2017 ASSETS Real estate, at cost: Land and improvements $ 1,444,872 $ 1,368,294 Buildings and improvements 3,832,013 3,670,268 Construction in progress, including land 595,063 978,942 5,871,948 6,017,504 Less a
Slide 20: Condensed Consolidated and Combined Statements of Operations
CONDENSED CONSOLIDATED AND COMBINED STATEMENTS OF OPERATIONS (Unaudited) in thousands, except per share data Three Months Ended June 30, Six Months Ended June 30, 2018 2017 2018 2017 REVENUE Property rentals $ 125,240 $ 100,747 $ 251,891 $ 199,771 Tenant reimbursements 7,967 8,947 18,907 17,488 Thir
Slide 21: EBITDA, EBITDAre and Adjusted EBITDA (Non-GAAP)
EBITDA, EBITDAre AND ADJUSTED EBITDA (NON-GAAP) (Unaudited) Three Months Ended Six Months Ended June 30, 2018 June 30, 2018 EBITDA, EBITDAre and Adjusted EBITDA Net income $ 24,023 $ 19,237 Depreciation and amortization expense 48,117 97,277 Interest expense (1) 18,027 37,284 Income tax benefit (exp
Slide 22: FFO, Core FFO and FAD (Non-GAAP)
FFO, CORE FFO AND FAD (NON-GAAP) (Unaudited) Three Months Ended Six Months Ended in thousands, except per share data June 30, 2018 June 30, 2018 FFO and Core FFO Net income attributable to common shareholders $ 20,574 $ 16,384 Net income attributable to redeemable noncontrolling interests 3,574 2,98
Slide 23: FFO, Core FFO and FAD (Non-GAAP)
FFO, CORE FFO AND FAD (NON-GAAP) (Unaudited) Three Months Ended Six Months Ended in thousands, except per share data June 30, 2018 June 30, 2018 FAD Core FFO attributable to the operating partnership common units $ 62,305 $ 123,528 Recurring capital expenditures and second generation tenant improvem
Slide 24: NOI Reconciliations (Non-GAAP)
NOI RECONCILIATIONS (NON-GAAP) (Unaudited) dollars in thousands Three Months Ended June 30, Six Months Ended June 30, 2018 2017 2018 2017 Net income attributable to common shareholders $ 20,574 $ 11,341 $ 16,384 $ 17,659 Add: Depreciation and amortization expense 48,117 31,993 97,277 65,775 General
Slide 25: 2Q 2018 Supplemental Information
965 Florida Avenue (Rendering) 2Q 2018 SUPPLEMENTAL INFORMATION S E C T I O N T H R E E
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Slide 27: Table of Contents
TABLE OF CONTENTS JUNE 30, 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 - Balance
Slide 28: Disclosures
DISCLOSURES JUNE 30, 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 s
Slide 29: Disclosures
DISCLOSURES JUNE 30, 2018 contributed by each investor and whether any investors are entitled to preferential distributions. 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
Slide 30: Company Profile: Company Overview
COMPANY PROFILE JUNE 30, 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, m
Slide 31: Company Overview: Future Development and Dispositions
COMPANY PROFILE JUNE 30, 2018 (Unaudited) Company Overview Future Development ▪ As of June 30, 2018, there were 42 future development assets consisting of 17.2 million square feet of estimated potential density at our share. Dispositions During the quarter we closed on the sale of three operating of
Slide 32: Financial Highlights
FINANCIAL HIGHLIGHTS JUNE 30, 2018 (Unaudited) Three Months Ended Six Months Ended dollars in thousands, except per share data June 30, 2018 June 30, 2018 Summary Financial Results Total revenue $ 159,447 $ 322,484 Net income attributable to common shareholders $ 20,574 $ 16,384 Per diluted common s
Slide 33: Portfolio Overview
PORTFOLIO OVERVIEW JUNE 30, 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 46 13,099,640
Slide 34: Portfolio Overview Footnotes
PORTFOLIO OVERVIEW JUNE 30, 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 35: Condensed Consolidated Balance Sheets
CONDENSED CONSOLIDATED BALANCE SHEETS JUNE 30, 2018 (Unaudited) June 30, December 31, in thousands 2018 2017 ASSETS Real estate, at cost: Land and improvements $ 1,444,872 $ 1,368,294 Buildings and improvements 3,832,013 3,670,268 Construction in progress, including land 595,063 978,942 5,871,948 6,
Slide 36: Condensed Consolidated and Combined Statements of Operations
CONDENSED CONSOLIDATED AND COMBINED JUNE 30, 2018 STATEMENTS OF OPERATIONS (Unaudited) in thousands, except per share data Three Months Ended June 30, Six Months Ended June 30, 2018 2017 2018 2017 REVENUE Property rentals $ 125,240 $ 100,747 $ 251,891 $ 199,771 Tenant reimbursements 7,967 8,947 18,9
Slide 37: Unconsolidated Real Estate Ventures
UNCONSOLIDATED REAL ESTATE VENTURES JUNE 30, 2018 (Unaudited) in thousands, at JBG SMITH share BALANCE SHEET INFORMATION June 30, 2018 Total real estate, at cost $ 829,157 Less accumulated depreciation (75,093) Real estate, net 754,064 Cash and cash equivalents 37,218 Other assets, net 66,317 Total
Slide 38: Other Tangible Assets and Liabilities, Net
OTHER TANGIBLE ASSETS AND LIABILITIES, NET JUNE 30, 2018 (Unaudited) in thousands, at JBG SMITH share June 30, 2018 Other Tangible Assets, Net (1) Restricted cash $ 27,852 Tenant and other receivables, net 41,595 Other assets, net 47,287 Total Other Tangible Assets, Net $ 116,734 Other Tangible Liab
Slide 39: EBITDA, EBITDAre and Adjusted EBITDA (Non-GAAP)
EBITDA, EBITDAre AND ADJUSTED EBITDA (NON-GAAP) JUNE 30, 2018 (Unaudited) Three Months Ended Six Months Ended dollars in thousands June 30, 2018 June 30, 2018 EBITDA, EBITDAre and Adjusted EBITDA Net income $ 24,023 $ 19,237 Depreciation and amortization expense 48,117 97,277 Interest expense (1) 18
Slide 40: FFO, Core FFO and FAD (Non-GAAP)
FFO, CORE FFO AND FAD (NON-GAAP) JUNE 30, 2018 (Unaudited) Three Months Ended Six Months Ended in thousands, except per share data June 30, 2018 June 30, 2018 FFO and Core FFO Net income attributable to common shareholders $ 20,574 $ 16,384 Net income attributable to redeemable noncontrolling intere
Slide 41: FFO, Core FFO and FAD (Non-GAAP)
FFO, CORE FFO AND FAD (NON-GAAP) JUNE 30, 2018 (Unaudited) Three Months Ended Six Months Ended in thousands, except per share data June 30, 2018 June 30, 2018 FAD Core FFO attributable to the operating partnership common units $ 62,305 $ 123,528 Recurring capital expenditures and second generation t
Slide 42: Third-Party Asset Management and Real Estate Services Business
THIRD-PARTY ASSET MANAGEMENT AND REAL ESTATE JUNE 30, 2018 SERVICES BUSINESS (NON-GAAP) (Unaudited) dollars in thousands, at JBG SMITH share Three Months Ended June 30, 2018 Source of Revenue JBG SMITH Legacy JBG Third-Party JV Partner (1) Funds Management Total Service Revenue Property management f
Slide 43: Pro Rata Adjusted General and Administrative Expenses
PRO RATA ADJUSTED GENERAL AND ADMINISTRATIVE EXPENSES JUNE 30, 2018 (NON-GAAP) (Unaudited) dollars in thousands Three Months Ended June 30, 2018 Adjustments Per Statement Pro Rata of Operations A B C D Adjusted General and Administrative Expenses Corporate and other $ 12,651 $ — $ — $ 1,173 $ (43) $
Slide 44: Operating Assets
OPERATING ASSETS JUNE 30, 2018 (Unaudited) dollars in thousands, at JBG SMITH share Plus: Signed Plus: Lease Up But Not Yet of Recently Adjusted Q2 2018 Annualized Commenced Delivered Annualized % Occupied NOI NOI Leases Assets (1) NOI Office DC 94.6% $ 20,237 $ 80,948 $ 2,125 $ — $ 83,073 VA 84.1%
Slide 45: Summary & Same Store NOI (Three Months)
SUMMARY & SAME STORE NOI (NON-GAAP) JUNE 30, 2018 (Unaudited) dollars in thousands 100% Share At JBG SMITH Share NOI for the Three Months Ended June 30, Number of Square Feet/ Square Feet/ % % Assets Units Units Leased (1) Occupied (1) 2018 2017 % Change Same Store (2) 2,604,761 SF/ 1,863,068 SF/ %
Slide 46: Summary & Same Store NOI (Six Months)
SUMMARY & SAME STORE NOI (NON-GAAP) JUNE 30, 2018 (Unaudited) dollars in thousands 100% Share At JBG SMITH Share NOI for the Six Months Ended June 30, Number of Square Feet/ Square Feet/ % % Assets Units Units Leased (1) Occupied (1) 2018 2017 % Change Same Store (2) 2,604,761 SF/ 1,863,068 SF/ % %
Slide 47: Summary NOI
SUMMARY NOI (NON-GAAP) JUNE 30, 2018 (Unaudited) dollars in thousands NOI for the Three Months Ended June 30, 2018 at JBG SMITH Share Consolidated (6) Unconsolidated Office (6) Multifamily Other Total Number of operating assets 48 19 48 15 4 67 Property rentals (1) $ 113,810 $ 12,079 $ 97,018 $ 26,6
Slide 48: Summary NOI - Office
SUMMARY NOI - OFFICE (NON-GAAP) JUNE 30, 2018 (Unaudited) dollars in thousands NOI for the Three Months Ended June 30, 2018 at JBG SMITH Share Consolidated (5) Unconsolidated DC (5) VA MD Total Number of operating assets 36 12 13 30 5 48 Property rentals (1) $ 87,410 $ 9,608 $ 26,707 $ 67,019 $ 3,29
Slide 49: Summary NOI - Multifamily
SUMMARY NOI - MULTIFAMILY (NON-GAAP) JUNE 30, 2018 (Unaudited) dollars in thousands NOI for the Three Months Ended June 30, 2018 at JBG SMITH Share Consolidated Unconsolidated DC VA MD Total Number of operating assets 9 6 5 5 5 15 Property rentals (1) $ 24,460 $ 2,193 $ 7,335 $ 16,927 $ 2,391 $ 26,6
Slide 50: NOI Reconciliations (Non-GAAP)
NOI RECONCILIATIONS (NON-GAAP) JUNE 30, 2018 (Unaudited) dollars in thousands Three Months Ended June 30, Six Months Ended June 30, 2018 2017 2018 2017 Net income attributable to common shareholders $ 20,574 $ 11,341 $ 16,384 $ 17,659 Add: Depreciation and amortization expense 48,117 31,993 97,277 6
Slide 51: Leasing Activity - Office
LEASING ACTIVITY - OFFICE JUNE 30, 2018 (Unaudited) square feet in thousands Three Months Ended June 30, 2018 Six Months Ended June 30, 2018 Square feet leased: At 100% share 356 711 At JBG SMITH share 319 641 Initial rent (1) $ 54.01 $ 50.66 Straight-line rent (2) $ 55.52 $ 52.26 Weighted average l
Slide 52: Net Effective Rent - Office
NET EFFECTIVE RENT - OFFICE JUNE 30, 2018 (Unaudited) square feet in thousands, dollars per square feet, at JBG SMITH share Trailing Five Three Months Ended Quarter Average June 30, 2018 March 31, 2018 December 31, 2017 September 30, 2017 June 30, 2017 Square feet 337 319 322 558 206 283 Weighted av
Slide 53: Lease Expirations
LEASE EXPIRATIONS JUNE 30, 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-M
Slide 54: Signed But Not Yet Commenced Leases
SIGNED BUT NOT YET COMMENCED LEASES JUNE 30, 2018 (Unaudited) in thousands At JBG SMITH Share Total Estimated Rent (1) for the Quarter Ending Annualized Estimated Rent Assets C/U (2) September 30, 2018 December 31, 2018 March 31, 2019 June 30, 2019 September 30, 2019 December 31, 2019 Thereafter (3)
Slide 55: Tenant Concentration
TENANT CONCENTRATION JUNE 30, 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) 68 2,524,579 24.3% $ 99,975 21.7% 2 The Corporate Executive Board Company 1 348,847 3.4
Slide 56: Industry Diversity
INDUSTRY DIVERSITY JUNE 30, 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 86 2,845,807 27.4% $ 115,187 25.0% 2 Government Contractors 131 1,792,866 17.3% 79,539 17.2% 3 Bus
Slide 57: Portfolio Summary
PORTFOLIO SUMMARY JUNE 30, 2018 (Unaudited) Estimated Potential Number Rentable Number of Development of Assets Square Feet Units (1) Density (2) Wholly Owned Operating 48 14,662,034 4,199 — Under construction 2 512,714 256 — Future development 26 — — 16,437,200 Total 76 15,174,748 4,455 16,437,200
Slide 58: Property Table - Office
PROPERTY TABLE - OFFICE JUNE 30, 2018 (Unaudited) Office Annualized Retail Same Store (2): Total Office Retail Annualized Rent Per Annualized % Q2 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 59: Property Table - Office
PROPERTY TABLE - OFFICE JUNE 30, 2018 (Unaudited) Office Annualized Retail Same Store (2): Total Office Retail Annualized Rent Per Annualized % Q2 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 60: Property Table - Office
PROPERTY TABLE - OFFICE JUNE 30, 2018 (Unaudited) Office Annualized Retail Same Store (2): Total Office Retail Annualized Rent Per Annualized % Q2 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 61: Property Table - Office Footnotes
PROPERTY TABLE - OFFICE JUNE 30, 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 62: Property Table - Multifamily
PROPERTY TABLE - MULTIFAMILY JUNE 30, 2018 (Unaudited) Same (2) Store : Monthly Q2 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) 2017-2018
Slide 63: Property Table - Multifamily
PROPERTY TABLE - MULTIFAMILY JUNE 30, 2018 (Unaudited) Same (2) Store : Monthly Q2 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) 2017-2018
Slide 64: Property Table - Multifamily Footnotes
PROPERTY TABLE - MULTIFAMILY JUNE 30, 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 ren
Slide 65: Property Table - Other
PROPERTY TABLE - OTHER JUNE 30, 2018 (Unaudited) Same Store (2): Total Annualized Annualized % Q2 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 St
Slide 66: Property Table - Other Footnotes
PROPERTY TABLE - OTHER JUNE 30, 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 millio
Slide 67: Property Table - Under Construction
PROPERTY TABLE - UNDER CONSTRUCTION JUNE 30, 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 Sta
Slide 68: Property Table - Future Development
PROPERTY TABLE - FUTURE DEVELOPMENT JUNE 30, 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 69: Disposition & Recapitalization Activity
DISPOSITION & RECAPITALIZATION ACTIVITY JUNE 30, 2018 (Unaudited) Disposition Activity: dollars in thousands, at JBG SMITH share Total Square Feet/ Estimated Potential Ownership Development Gross Sales Net Cash Assets Percentage Segment Location Date Disposed Density Price Proceeds Book Gain Q1 2018
Slide 70: Debt Summary
DEBT SUMMARY JUNE 30, 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) $ — $ — $ — $ 35,729 $ — $ — $ 35,729 Term loans ($400 million
Slide 71: Debt by Instrument
DEBT BY INSTRUMENT JUNE 30, 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 7200 Wisconsin Avenue 100.0% $ 83,130 L + 1.75% Cap 3.84% 12/2
Slide 72: Debt by Instrument
DEBT BY INSTRUMENT JUNE 30, 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 The Terano 1.8% $ 37,782 L + 2.35% — 4.44% 11/08/18 11/08/19
Slide 73: Consolidated Real Estate Ventures
CONSOLIDATED REAL ESTATE VENTURES JUNE 30, 2018 (Unaudited) Total Square Asset Type City Submarket % Ownership Feet Akridge West Half Multifamily Washington, DC Ballpark/Southeast 96.5% 388,174 MRP Realty 965 Florida Avenue (1) Multifamily Washington, DC U Street/Shaw 96.1% 336,092 Total Consolidate
Slide 74: Unconsolidated Real Estate Ventures
UNCONSOLIDATED REAL ESTATE VENTURES JUNE 30, 2018 (Unaudited) % Total Square Asset Type City Submarket Ownership Feet Landmark L'Enfant Plaza Office - East Office Washington, DC Southwest 49.0% 437,518 L'Enfant Plaza Office - North Office Washington, DC Southwest 49.0% 305,153 L'Enfant Plaza Office
Slide 75: Unconsolidated Real Estate Ventures
UNCONSOLIDATED REAL ESTATE VENTURES JUNE 30, 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 (1) Office Washington, DC CBD 55.0% 271,433 1101 17th Street Office Washi
Slide 76: Definitions
DEFINITIONS JUNE 30, 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 June 30, 2018, multiplied by 12, with triple net leases converted
Slide 77: Definitions
DEFINITIONS JUNE 30, 2018 measure or cash flow as a liquidity measure. FFO, Core FFO and FAD may not be comparable to similarly titled measures used by other companies. A reconciliation of net income to FFO, Core FFO and FAD is presented on pages 15-16. Future Development “Future development” refers
Slide 78: Definitions
DEFINITIONS JUNE 30, 2018 “Projected NOI yield” means our estimated stabilized NOI reported as a percentage of (i) estimated total project costs, (ii) estimated total investment and (iii) estimated incremental investment. Actual initial full year stabilized NOI yield may vary from the projected NOI
Slide 79: Definitions
DEFINITIONS JUNE 30, 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 s