NYSE$JBGS
JBG SMITH Properties · Q4 2019 earnings
Q4 2019 earnings · · Investor relations
Briefing
JBG SMITH reported mixed results due to strategic asset repositioning and sales, alongside significant leasing and development achievements.
JBG SMITH's Q4 2019 results reflect a company in transition, marked by strategic asset sales and recapitalizations aimed at maximizing long-term net asset value. While same-store NOI increased slightly, full-year figures showed a decline due to prior leasing strategies. The company is focused on high-growth areas like National Landing, bolstered by Amazon's HQ2 development.
- Executed leases with Amazon for approximately 857,000 square feet, including a full building lease at 2100 Crystal Drive.
- Increased operating commercial portfolio leased percentage to 91.5% in National Landing with positive mark-to-market and net effective rent growth.
- Completed five Under Construction assets expected to deliver $48 million of stabilized annualized NOI.
- Advanced entitlement and design of 10.1 million square feet of Future Development Pipeline, excluding land held for sale to Amazon.
Headline financials
Revenue & EPS history
JBG SMITH · Revenue · Quarterly
$165M
Revenue by segment
JBG SMITH · $165M total across 3 segments · Q4 2019
- Property Rental$128M—77.4%
- Third-Party Real Estate Services$29.1M—17.7%
- Other Revenue$8.19M—5.0%
Forward guidance
JBG SMITH anticipates strong growth in NAV per share due to capital allocation decisions and the tailwinds of Amazon's expected significant growth, underpinned by the historically recession-resilient DC market.
Tailwinds
- Expected strong growth in NAV per share due to capital allocation.
- Anticipated benefits from Amazon's significant growth.
- Solid foundation of the historically recession resilient DC market.
- Five Under Construction assets are expected to deliver $48 million of annualized NOI.
- Pro forma Net Debt/Adjusted EBITDA was 5.3x.
Headwinds
- Challenging investment sales market.
- Softening of demand for CBD office assets.
- Elevated concessions across all classes.
- NOI declined in 2019
- Reduction in capitalized interest from the delivery of Under Construction assets.
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 Q4 2019
-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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