NYSE$JBGS
JBG SMITH Properties · Q1 2021 earnings
Q1 2021 earnings · · Investor relations
Briefing
JBG SMITH's financial performance was impacted by the COVID-19 pandemic, but showed signs of recovery in the first quarter of 2021.
JBG SMITH reported a net loss attributable to common shareholders of $20.7 million, with Core FFO attributable to common shareholders at $49.6 million, or $0.38 per diluted share. Same Store NOI decreased by 9.2% to $75.9 million, though the company believes this decrease was substantially attributable to the COVID-19 pandemic.
- Commenced construction on 1900 Crystal Drive, an 808-unit multifamily asset with ground floor retail in National Landing.
- Entered into a strategic joint venture with institutional investors advised by J.P. Morgan Global Alternatives for mixed-use development in Potomac Yard.
- Operating multifamily portfolio occupancy increased to 88.4%, up 60 basis points quarter-over-quarter.
- Executed approximately 344,000 square feet of office leases.
Headline financials
Revenue & EPS history
JBG SMITH · Revenue · Quarterly
$165M
Revenue by segment
JBG SMITH · $31.3M total across 2 segments · Q3 2023
- Third-Party Real Estate Services$23.9M—76.6%
- Other Revenue$7.33M—23.4%
Forward guidance
JBG SMITH is positioned to thrive as the DC market emerges from the pandemic, with strong tailwinds and growth opportunities.
Tailwinds
- Unified control of Congress and the White House expected to benefit the market.
- Potential for nearly $4 trillion of federal spending.
- Big tech companies like Amazon committed to an office culture.
- DC at just over 22% physical occupancy, above also-improving New York (15.4%) and San Francisco (14.2%).
- Submarkets are further poised to benefit from a general slowdown in supply.
Headwinds
- Economic fallout from the pandemic to continue to adversely impact business before a market recovery.
- Market is still experiencing the economic fallout from the pandemic.
- The economic fallout from the pandemic to continue to adversely impact business before a market recovery positively impacts real estate fundamentals and values
- DC metro office market fundamentals worsened through the first quarter. JLL reported a headline net absorption figure for the region of negative 4.2 million square feet pushing metro-wide vacancy above 20%.
- Leverage levels will continue to be elevated in the short-term given the pandemic’s impact on certain income streams.
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 20 quarterly earnings reports · overlaid with Q1 2021
-1.5%
Avg return
Earnings day
-2.2%
Avg return
5 days after
-0.6%
Avg return
30 days after
23%
9 / 40 earnings
Positive
+5.1%
Q1 2023
Best reaction
-9.7%
Q2 2023
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | -3.6% | +0.7% | -1.8% | |
| Q4 2025 | -1.4% | -0.9% | -6.4% | |
| Q3 2025 | -5.4% | -11.2% | -14.6% | |
| Q1 2025 | -1.6% | +4.4% | +20.3% | |
| Q3 2024 | -3.0% | -7.6% | -7.7% | |
| Q2 2024 | -3.0% | -4.7% | +3.3% | |
| Q1 2024 | -6.4% | -3.9% | -8.7% | |
| Q4 2023 | +0.8% | -0.6% | +3.2% | |
| Q3 2023 | -1.0% | -5.4% | +11.5% | |
| Q2 2023 | -9.7% | -7.4% | -6.2% | |
| Q1 2023 | +5.1% | +2.9% | +7.3% | |
| Q4 2022 | -2.5% | -4.9% | -27.3% | |
| Q3 2022 | -1.4% | -2.6% | +4.2% | |
| Q2 2022 | -3.1% | -6.6% | -14.1% | |
| Q1 2022 | +2.6% | -2.2% | +0.3% | |
| Q4 2021 | -5.9% | -2.4% | +4.2% | |
| Q3 2021 | +0.3% | +2.9% | -3.8% | |
| Q2 2021 | -4.4% | -3.7% | -4.5% | |
| Q1 2021 | -1.6% | +0.3% | +6.1% | |
| Q4 2020 | +1.8% | -1.8% | -3.0% | |
| Q3 2020 | +0.1% | -1.0% | +33.3% | |
| Q2 2020 | -0.0% | +0.1% | -2.1% | |
| Q1 2020 | -2.0% | +0.6% | -1.1% | |
| Q4 2019 | -2.4% | -11.0% | -26.4% | |
| Q3 2019 | -1.5% | -2.1% | -1.8% | |
| Q2 2019 | +0.4% | +1.2% | +3.6% | |
| Q1 2019 | -1.8% | -1.2% | -4.4% | |
| Q4 2018 | -1.8% | -1.5% | +1.1% | |
| Q3 2018 | -1.4% | -2.3% | -0.7% | |
| Q2 2018 | -0.8% | +0.6% | -2.2% | |
| Q1 2017 | -0.5% | -2.0% | +3.5% | |
| Q1 2018 | -0.5% | -2.0% | +3.5% | |
| Q4 2015 | -1.8% | -2.2% | -0.1% | |
| Q4 2017 | -1.8% | -2.2% | -0.1% | |
| Q1 2016 | -1.8% | -2.2% | -0.1% | |
| Q3 2017 | +0.8% | -0.5% | +5.1% | |
| Q3 2016 | +0.8% | -0.5% | +5.1% | |
| Q2 2016 | -0.5% | -1.4% | -1.4% | |
| Q2 2017 | -0.5% | -1.4% | -1.4% | |
| Q4 2016 | -0.5% | -1.4% | -1.4% |
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