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JBGS JBG SMITH Properties

JBG SMITH is an S&P 400 company that owns, operates, invests in and develops a dynamic portfolio of high-growth mixed-use properties in and around Washington, DC. Through an intense focus on placemaking, JBG SMITH cultivates vibrant, amenity-rich, walkable neighborhoods throughout the Capital region, including National Landing where it serves as the exclusive developer for Amazon's new headquarters. JBG SMITH's portfolio currently comprises 16.7 million square feet of high-growth office, multifamily and retail assets at share, 98% at share of which are Metro-served. It also maintains a development pipeline encompassing 17.6 million square feet of mixed-use development opportunities.

Company profile

Ticker
JBGS
Exchange
Website
CEO
W. Matthew Kelly
Employees
Incorporated
Location
Fiscal year end
Former names
Vornado DC Spinco
SEC CIK
Subsidiaries
1101 Fern Street, L.L.C. • 1200 Eads Street LLC • 1200 Eads Street Sub LLC • 1229-1231 25th Street, L.L.C. • 1244 South Capitol Residential, L.L.C. • 1250 First Street Office, L.L.C. • 1263 First Street Office, L.L.C. • 1400 Eads Street LLC • 1400 Eads Street Sub LLC • 1460 Richmond Highway, L.L.C. ...

JBGS stock data

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Investment data

Data from SEC filings
Securities sold
Number of investors

Calendar

2 Nov 21
25 Jan 22
31 Dec 22
Quarter (USD)
Sep 21 Jun 21 Mar 21 Dec 20
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Annual (USD)
Dec 20 Dec 19 Dec 18 Dec 17
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS

Financial data from company earnings reports.

Cash burn rate (estimated) Burn method: Change in cash Burn method: Operating income/loss Burn method: FCF (opex + capex)
Last Q Avg 4Q Last Q Avg 4Q Last Q Avg 4Q
Cash on hand (at last report) 229.18M 229.18M 229.18M 229.18M 229.18M 229.18M
Cash burn (monthly) 3.17M 21.96M (positive/no burn) 6.05M (positive/no burn) (positive/no burn)
Cash used (since last report) 12.22M 84.6M n/a 23.3M n/a n/a
Cash remaining 216.96M 144.58M n/a 205.88M n/a n/a
Runway (months of cash) 68.4 6.6 n/a 34.0 n/a n/a

Beta Read what these cash burn values mean

Date Owner Security Transaction Code Indirect 10b5-1 $Price #Shares $Value #Remaining
3 Jan 22 Kevin Reynolds LTIP Units Common Shares Grant Acquire A No No 0 27,412 0 394,191
3 Jan 22 Kevin Reynolds AO LTIP Common Shares Grant Acquire A No No 32.3 168,918 5.46M 168,918
3 Jan 22 Angela Valdes LTIP Units Common Shares Grant Acquire A No No 0 132 0 68,370
3 Jan 22 Angela Valdes LTIP Units Common Shares Grant Acquire A No No 0 8,771 0 68,238
3 Jan 22 Madhumita Moina Banerjee LTIP Units Common Shares Grant Acquire A No No 0 20,102 0 293,249
3 Jan 22 Madhumita Moina Banerjee AO LTIP Common Shares Grant Acquire A No No 32.3 123,873 4M 123,873
3 Jan 22 Kelly William Matthew LTIP Units Common Shares Grant Acquire A No No 0 6,857 0 1,489,150
3 Jan 22 Kelly William Matthew LTIP Units Common Shares Grant Acquire A No No 0 109,649 0 1,482,293
3 Jan 22 Kelly William Matthew AO LTIP Common Shares Grant Acquire A No No 32.3 675,675 21.82M 675,675
3 Jan 22 Steven A Museles LTIP Units Common Shares Grant Acquire A No No 0 17,269 0 246,927

Data for the last complete 13F reporting period. To see the most recent changes to ownership, click the ownership history button above.

77.8% owned by funds/institutions
13F holders
Current Prev Q Change
Total holders 234 238 -1.7%
Opened positions 20 31 -35.5%
Closed positions 24 22 +9.1%
Increased positions 102 84 +21.4%
Reduced positions 71 76 -6.6%
13F shares
Current Prev Q Change
Total value 2.99B 3.29B -9.0%
Total shares 100.9M 104.39M -3.3%
Total puts 7.6K 19.7K -61.4%
Total calls 7.9K 0 NEW
Total put/call ratio 1.0 Infinity NaN%
Largest owners
Shares Value Change
Vanguard 17.45M $516.59M +0.0%
BLK Blackrock 13.39M $396.61M +0.2%
TROW T. Rowe Price 7.92M $234.61M -9.4%
JPM JPMorgan Chase & Co. 5.42M $160.39M -13.6%
STT State Street 5.38M $159.2M +3.2%
Centersquare Investment Management 4.14M $122.48M -11.4%
V3 Capital Management 3.37M $99.88M +4.1%
Long Pond Capital 3.27M $96.72M +582.5%
IVZ Invesco 3.06M $90.48M -5.0%
Thompson Siegel & Walmsley 2.38M $70.34M +3.9%
Largest transactions
Shares Bought/sold Change
APG Asset Management US 1.63M -2.86M -63.7%
Long Pond Capital 3.27M +2.79M +582.5%
Wellington Management 1M -2.73M -73.2%
JPM JPMorgan Chase & Co. 5.42M -851.72K -13.6%
TROW T. Rowe Price 7.92M -825.25K -9.4%
Canada Pension Plan Investment Board 2.05M +637K +44.9%
Centersquare Investment Management 4.14M -533.75K -11.4%
Balyasny Asset Management 1.26M +458.22K +57.2%
Nuveen Asset Management 1.25M -381.44K -23.4%
Jane Street 48.79K -348.61K -87.7%

Financial report summary

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Risks
  • Risks Related to Our Business and Operations
  • Our portfolio of assets is geographically concentrated in the Washington, D.C. metropolitan area and submarkets therein, and particularly concentrated in National Landing, which makes us susceptible to adverse economic and other conditions such that an economic downturn affecting this area could have a material adverse effect on us.
  • Our assets and the property development market in the Washington, D.C. metropolitan area are dependent on a metropolitan economy that is heavily reliant on federal government spending, and any actual or anticipated curtailment of such spending could have a material adverse effect on us.
  • We derive a significant portion of our revenue from U.S. federal government tenants and we may face additional risks and costs associated with directly managing assets occupied by government tenants.
  • We are exposed to risks associated with real estate development and redevelopment, such as unanticipated expenses, delays and other contingencies, any of which could have a material adverse effect on us.
  • Partnership or real estate venture investments could be adversely affected by our lack of sole decision-making authority, our reliance on partners' or co-venturers' financial condition and disputes between us and our partners or co-venturers, which could have a material adverse effect on us.
  • We depend on major tenants in our commercial portfolio, and the bankruptcy, insolvency or inability to pay rent of any of these tenants could have a material adverse effect on us.
  • We derive a significant portion of our revenue from five of our assets.
  • The actual density of our development pipeline and/or any development parcel may not be consistent with our estimated potential development density.
  • The occurrence of cyber incidents, or a deficiency in our cybersecurity, could negatively impact our business by causing a disruption to our operations, a compromise or corruption of our confidential information, regulatory enforcement and other legal proceedings and/or damage to our business relationships, all of which could negatively impact our financial results.
  • We have a substantial amount of indebtedness, and our debt agreements include restrictive covenants and other requirements, which may limit our financial and operating activities, our future acquisition and development activities, or otherwise affect our financial condition.
  • We may not be able to obtain capital to make investments.
  • We are subject to interest rate risk, which could increase our interest expense, increase the cost to refinance and increase the cost of issuing new debt.
  • The future of the reference rate used in our existing floating rate debt instruments and hedging arrangements is uncertain, which could have an uncertain economic effect on these instruments, which could have a material adverse effect on us.
  • Tax consequences to holders of JBG SMITH LP limited partnership units upon a sale of certain of our assets may cause the interests of our senior management to differ from your own.
  • Certain of our trustees and executive officers may have actual or potential conflicts of interest because of their previous or continuing equity interest in, or positions at, JBG or Vornado, as applicable, including trustees and members of our senior management, who have an ownership interest in the JBG Legacy Funds and own carried interests in certain JBG Legacy Funds and in certain of our real estate ventures that entitles them to receive additional compensation if certain funds or real estate venture achieves certain return thresholds.
  • Our declaration of trust and bylaws, the partnership agreement of our operating partnership and Maryland law contain provisions that may delay, defer or prevent a change of control transaction that might involve a premium price for our common shares or that our shareholders otherwise believe to be in their best interest.
  • The limited partnership agreement of our operating partnership requires the approval of the limited partners with respect to certain extraordinary transactions involving JBG SMITH, which may reduce the likelihood of such transactions being consummated, even if they are in the best interests of, and have been approved by, our shareholders.
  • Substantially all our assets are owned by subsidiaries. We depend on dividends and distributions from these subsidiaries. The creditors of these subsidiaries are entitled to amounts payable to them by the subsidiaries before the subsidiaries may pay any dividends or other distributions to us.
  • Our rights and the rights of our shareholders to take action against our trustees and officers are limited.
  • We may fail to qualify or remain qualified as a REIT and may be required to pay income taxes at corporate rates.
  • The tax imposed on REITs engaging in "prohibited transactions" may limit our ability to engage in transactions that would be treated as sales for U.S. federal income tax purposes.
  • CAUTIONARY STATEMENT CONCERNING FORWARD-LOOKING STATEMENTS
Management Discussion
  • In January 2020, we sold Metropolitan Park. In December 2020, we acquired the Americana Portfolio, which consists of a 1.4-acre future development parcel in National Landing that was formerly occupied by the Americana Hotel and three other parcels. In April 2021, we contributed Potomac Yard Landbay G to an unconsolidated real estate venture.
  • * Not meaningful.
  • Property rental revenue increased by approximately $7.2 million, or 6.1%, to $125.9 million in 2021 from $118.7 million in 2020. The increase was primarily due to (i) a $5.1 million increase related to the deferral of rent and the write-off of deferred rent receivables for tenants that were placed on the cash basis of accounting in 2020 and a decrease in uncollectable operating lease receivables attributable to COVID-19 in 2021, (ii) a $4.7 million increase related to 4747 Bethesda Avenue,
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