JBG SMITH Properties Q2 2024: Assets $9.1B, Net Income $94.3M

TL;DR

JBGS Q2: $9.1B assets, $94.3M net income. Solid quarter.

AI Summary

JBG SMITH Properties (JBGS) filed its 10-Q for the period ending June 30, 2024. The company reported total assets of $9.103 billion and total liabilities of $1.097 billion. Retained earnings stood at $918.32 million, and net income for the quarter was $94.309 million.

Why It Matters

This filing provides a snapshot of JBG SMITH Properties' financial health, including its asset base and profitability, which are key indicators for investors in the real estate sector.

Risk Assessment

Risk Level: medium — The filing contains financial data that requires careful analysis to fully assess the company's risk profile.

Key Numbers

• $9.103B — Total Assets (Represents the company's total resources as of June 30, 2024.)
• $1.097B — Total Liabilities (Indicates the company's total obligations as of June 30, 2024.)
• $918.32M — Retained Earnings (Shows accumulated profits not distributed as dividends.)
• $94.309M — Net Income (Q2 2024) (Profitability for the second quarter of 2024.)
• $87.306M — Net Income (Q2 2023) (Profitability for the second quarter of 2023, for comparison.)

Key Players & Entities

• JBG SMITH Properties (company) — Filer of the 10-Q
• 20240630 (date) — End of reporting period
• $9.103 billion (dollar_amount) — Total assets
• $1.097 billion (dollar_amount) — Total liabilities
• $918.32 million (dollar_amount) — Retained earnings
• $94.309 million (dollar_amount) — Net income for the quarter

FAQ

Key Financial Figures

• $0.01 — ch registered Common Shares, par value $0.01 per share JBGS New York Stock Excha

Filing Documents

• jbgs-20240630x10q.htm (10-Q) — 3082KB
• jbgs-20240630xex31d1.htm (EX-31.1) — 16KB
• jbgs-20240630xex31d2.htm (EX-31.2) — 16KB
• jbgs-20240630xex32d1.htm (EX-32.1) — 15KB
• jbgs-20240630x10q001.jpg (GRAPHIC) — 8KB
• 0001558370-24-010382.txt ( ) — 13205KB
• jbgs-20240630.xsd (EX-101.SCH) — 74KB
• jbgs-20240630_cal.xml (EX-101.CAL) — 84KB
• jbgs-20240630_def.xml (EX-101.DEF) — 331KB
• jbgs-20240630_lab.xml (EX-101.LAB) — 622KB
• jbgs-20240630_pre.xml (EX-101.PRE) — 535KB
• jbgs-20240630x10q_htm.xml (XML) — 2791KB

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION Item 1.

Financial Statements

Financial Statements Page Condensed Consolidated Balance Sheets (unaudited) as of June 30, 2024 and December 31, 2023 3 Condensed Consolidated Statements of Operations (unaudited) for the three and six months ended June 30, 2024 and 2023 4 Condensed Consolidated Statements of Comprehensive Income (Loss) (unaudited) for the three and six months ended June 30, 2024 and 2023 5 Condensed Consolidated Statements of Equity (unaudited) for the three and six months ended June 30, 2024 and 2023 6 Condensed Consolidated Statements of Cash Flows (unaudited) for the six months ended June 30, 2024 and 2023 8 Notes to Condensed Consolidated Financial Statements (unaudited) 10 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 29 Item 3.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 47 Item 4.

Controls and Procedures

Controls and Procedures 49

– OTHER INFORMATION

PART II – OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 49 Item 1A.

Risk Factors

Risk Factors 49 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 49 Item 3. Defaults Upon Senior Securities 50 Item 4. Mine Safety Disclosures 50 Item 5. Other Information 50 Item 6. Exhibits 50

Signatures

Signatures 52 2 Table of Contents

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION

Financial Statements

ITEM 1. Financial Statements JBG SMITH PROPERTIES Condensed Consolidated Balance Sheets (Unaudited) (In thousands, except par value amounts) June 30, 2024 December 31, 2023 ASSETS Real estate, at cost: Land and improvements $ 1,196,065 $ 1,194,737 Buildings and improvements 4,323,620 4,021,322 Construction in progress, including land 425,653 659,103 5,945,338 5,875,162 Less: accumulated depreciation ( 1,418,923 ) ( 1,338,403 ) Real estate, net 4,526,415 4,536,759 Cash and cash equivalents 163,536 164,773 Restricted cash 42,366 35,668 Tenant and other receivables 31,427 44,231 Deferred rent receivable 181,295 171,229 Investments in unconsolidated real estate ventures 101,043 264,281 Deferred leasing costs, net 80,179 81,477 Intangible assets, net 52,421 56,616 Other assets, net 146,434 163,481 TOTAL ASSETS $ 5,325,116 $ 5,518,515 LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY Liabilities: Mortgage loans, net $ 1,876,459 $ 1,783,014 Revolving credit facility 40,000 62,000 Term loans, net 717,610 717,172 Accounts payable and accrued expenses 107,810 124,874 Other liabilities, net 111,982 138,869 Total liabilities 2,853,861 2,825,929 Commitments and contingencies Redeemable noncontrolling interests 436,673 440,737 Shareholders' equity: Preferred shares, $ 0.01 par value - 200,000 shares authorized; none issued — — Common shares, $ 0.01 par value - 500,000 shares authorized; 87,306 and 94,309 shares issued and outstanding as of June 30, 2024 and December 31, 2023 874 944 Additional paid-in capital 2,855,724 2,978,852 Accumulated deficit ( 865,782 ) ( 776,962 ) Accumulated other comprehensive income 28,830 20,042 Total shareholders' equity of JBG SMITH Properties 2,019,646 2,222,876 Noncontrolling interests 14,936 28,973 Total equity 2,034,582 2,251,849 TOTAL LIABILITIES, REDEEMABLE NONCON

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View this 10-Q filing on SEC EDGAR