JBG SMITH(US:JBGS)2024-04-30 20:16Financial Performance - JBG SMITH reported Core FFO attributable to common shareholders of $26.9 million, or $0.29 per diluted share for Q1 2024[14]. - For the first quarter of 2024, JBG SMITH reported a net loss of $32.3 million, compared to a net income of $21.2 million in the same period of 2023[35]. - Funds From Operations (FFO) for the first quarter of 2024 was $10.7 million, down from $33.0 million year-over-year, while Core FFO decreased to $26.9 million from $37.2 million[35]. - Total revenue for Q1 2024 was $145.184 million, a decrease of 5.8% from $152.962 million in Q1 2023[80]. - Net income (loss) attributable to common shareholders for Q1 2024 was $(32.276) million, compared to $21.171 million in Q1 2023, reflecting a significant decline[80]. - Adjusted EBITDA for Q1 2024 was $63,686, down from $68,358 in Q1 2023, reflecting a decrease of approximately 6.5%[84]. - Total consolidated and unconsolidated indebtedness increased to $2,590,843 in Q1 2024 from $2,432,136 in Q1 2023, marking an increase of about 6.5%[84]. - The company reported a net debt to annualized adjusted EBITDA ratio of 9.3x, up from 7.8x in the previous year[130]. Portfolio Performance - Multifamily Same Store NOI grew 11.1% in Q1 2024, driven by higher market rents and occupancy, with effective rents increasing by 9.4% upon renewal[6]. - As of March 31, 2024, the multifamily portfolio was 95.9% leased and 94.3% occupied, while the office portfolio was 84.6% leased and 83.1% occupied[14][19]. - Same Store NOI (SSNOI) increased by 6.5% quarter-over-quarter to $75.7 million for the three months ended March 31, 2024[44]. - The operating multifamily portfolio was 95.9% leased and 94.3% occupied as of March 31, 2024, compared to 96.0% and 94.7% as of December 31, 2023[44]. - Total operating portfolio NOI decreased by 5.4% to $76,867 thousand in Q1 2024 from $81,223 thousand in Q1 2023[144]. - The overall occupancy rate for multifamily assets was 95.9%, with a 97.3% occupancy rate for same-store properties[184]. Development and Future Outlook - The company expects to deliver and stabilize 1,583 apartment units in National Landing, expanding its multifamily portfolio by 25% over the next two years[26]. - JBG SMITH has 18 assets in the development pipeline, representing an estimated potential development density of 9.3 million square feet[40]. - The company plans to take 2100 Crystal Drive out of service following Amazon's lease expiration, impacting future NOI[148]. - The company is engaged as the development manager for both the 1900 Crystal Drive and 2000/2001 South Bell Street projects, which are classified as variable interest entities (VIEs)[197][198]. Tenant and Lease Information - The U.S. Government (GSA) is the largest tenant, occupying 1,810,310 square feet (28.5% of total) and contributing $72,124,000 (25.3% of total annualized rent)[177]. - Amazon follows as the second-largest tenant with 677,077 square feet (10.7% of total) and an annualized rent of $30,075,000 (10.6% of total)[177]. - The total number of leases expiring by 2030 is 20, covering 601,378 square feet, with an estimated annualized rent of $29,503 thousand[174]. - The weighted average remaining lease term for the entire portfolio is 5.1 years as of March 31, 2024[175]. Cash and Debt Management - The company had $220.5 million in cash and cash equivalents and $749.5 million available under its revolving credit facility as of March 31, 2024[48]. - Net Debt at JBG SMITH Share rose to $2,363,711 in Q1 2024, compared to $2,140,337 in Q1 2023, indicating an increase of approximately 10.4%[84]. - The company incurred an impairment loss of $17.211 million in Q1 2024, indicating potential challenges in asset valuation[80]. Dividend and Shareholder Returns - On April 25, 2024, the Board of Trustees declared a quarterly dividend of $0.175 per common share, payable on May 24, 2024[45]. - The company’s dividend yield was reported at 4.4% with an indicated annual dividend per share of $0.70[110].