JBG SMITH Properties Files Q3 2024 10-Q

TL;DR

JBGS Q3 24 10-Q filed. REIT financials updated.

AI Summary

JBG SMITH Properties filed its 10-Q for the period ending September 30, 2024. The company, incorporated in Maryland, operates as a Real Estate Investment Trust. Its principal executive offices are located at 4747 Bethesda Avenue, Suite 200, Bethesda, MD 20814. The filing covers the third quarter of 2024.

Why It Matters

This filing provides investors with the latest financial performance and operational details for JBG SMITH Properties, crucial for understanding the company's current standing in the real estate market.

Risk Assessment

Risk Level: low — This is a standard quarterly financial filing (10-Q) and does not inherently present new risks.

Key Numbers

• 20240930 — Period End Date (The end date for the financial reporting period covered by the 10-Q.)
• 20241029 — Filing Date (The date the 10-Q was officially submitted to the SEC.)

Key Players & Entities

• JBG SMITH Properties (company) — Filer of the 10-Q
• 4747 Bethesda Avenue, Suite 200, Bethesda, MD 20814 (location) — Business and mailing address
• 20240930 (date) — Period of report
• 20241029 (date) — Filing date
• Vornado DC Spinco (company) — Former company name

FAQ

Key Financial Figures

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

Filing Documents

• jbgs-20240930x10q.htm (10-Q) — 3080KB
• jbgs-20240930xex10d1.htm (EX-10.1) — 107KB
• jbgs-20240930xex31d1.htm (EX-31.1) — 16KB
• jbgs-20240930xex31d2.htm (EX-31.2) — 16KB
• jbgs-20240930xex32d1.htm (EX-32.1) — 15KB
• jbgs-20240930x10q001.jpg (GRAPHIC) — 8KB
• 0001558370-24-013844.txt ( ) — 13320KB
• jbgs-20240930.xsd (EX-101.SCH) — 73KB
• jbgs-20240930_cal.xml (EX-101.CAL) — 85KB
• jbgs-20240930_def.xml (EX-101.DEF) — 327KB
• jbgs-20240930_lab.xml (EX-101.LAB) — 626KB
• jbgs-20240930_pre.xml (EX-101.PRE) — 534KB
• jbgs-20240930x10q_htm.xml (XML) — 2774KB

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION Item 1.

Financial Statements

Financial Statements Page Condensed Consolidated Balance Sheets (unaudited) as of September 30, 2024 and December 31, 2023 3 Condensed Consolidated Statements of Operations (unaudited) for the three and nine months ended September 30, 2024 and 2023 4 Condensed Consolidated Statements of Comprehensive Loss (unaudited) for the three and nine months ended September 30, 2024 and 2023 5 Condensed Consolidated Statements of Equity (unaudited) for the three and nine months ended September 30, 2024 and 2023 6 Condensed Consolidated Statements of Cash Flows (unaudited) for the nine months ended September 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 48 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 50 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 50 Item 3. Defaults Upon Senior Securities 50 Item 4. Mine Safety Disclosures 50 Item 5. Other Information 50 Item 6. Exhibits 51

Signatures

Signatures 53 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) September 30, 2024 December 31, 2023 ASSETS Real estate, at cost: Land and improvements $ 1,171,458 $ 1,194,737 Buildings and improvements 4,243,690 4,021,322 Construction in progress, including land 443,908 659,103 5,859,056 5,875,162 Less: accumulated depreciation ( 1,429,079 ) ( 1,338,403 ) Real estate, net 4,429,977 4,536,759 Cash and cash equivalents 136,983 164,773 Restricted cash 33,161 35,668 Tenant and other receivables 30,734 44,231 Deferred rent receivable 185,221 171,229 Investments in unconsolidated real estate ventures 100,682 264,281 Deferred leasing costs, net 78,171 81,477 Intangible assets, net 49,045 56,616 Other assets, net 138,503 163,481 TOTAL ASSETS $ 5,182,477 $ 5,518,515 LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY Liabilities: Mortgage loans, net $ 1,816,156 $ 1,783,014 Revolving credit facility 90,000 62,000 Term loans, net 717,578 717,172 Accounts payable and accrued expenses 99,773 124,874 Other liabilities, net 118,373 138,869 Total liabilities 2,841,880 2,825,929 Commitments and contingencies Redeemable noncontrolling interests 444,945 440,737 Shareholders' equity: Preferred shares, $ 0.01 par value - 200,000 shares authorized; none issued — — Common shares, $ 0.01 par value - 500,000 shares authorized; 84,434 and 94,309 shares issued and outstanding as of September 30, 2024 and December 31, 2023 845 944 Additional paid-in capital 2,789,447 2,978,852 Accumulated deficit ( 907,777 ) ( 776,962 ) Accumulated other comprehensive income (loss) ( 477 ) 20,042 Total shareholders' equity of JBG SMITH Properties 1,882,038 2,222,876 Noncontrolling interests 13,614 28,973 Total equity 1,895,652 2,251,849 TOTAL LIABILITIES, R

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