NYSE$JBGS
JBG SMITH Properties · Q4 2022 earnings
Q4 2022 earnings · · Investor relations
Briefing
JBG SMITH's Q4 performance was marked by strategic dispositions, strong operating performance, and advancements in National Landing's repositioning.
JBG SMITH reported Core FFO of $34.3 million, or $0.30 per diluted share, and Same Store NOI increased 7.4% year-over-year to $77.2 million for the quarter. The company completed $1.2 billion of dispositions, achieved strong operating performance in its multifamily and commercial portfolios, and continued to advance the design and entitlement of its land bank.
- Completed $1.2 billion of dispositions at attractive valuations, including a strategic joint venture with Fortress Investment Group and the sale of Pen Place to Amazon.
- Achieved strong operating performance in multifamily and commercial portfolios, with multifamily occupancy increasing by 180 basis points to 93.6% and portfolio in-place rents increasing by 8.9% year-over-year.
- Completed 936,000 square feet of office leasing activity, with the fourth quarter seeing the highest volume of leases executed since before the pandemic.
- Advanced the design and entitlement of the land bank to maximize value and monetization opportunities, with 100% of the 9.7 million square foot Development Pipeline entitled or in advanced stages of design and entitlement.
Headline financials
Revenue & EPS history
JBG SMITH · Revenue · Quarterly
$151M
Revenue by segment
JBG SMITH · $27.4M total across 2 segments · Q4 2022
- Third-Party Real Estate Services$21.1M-9.7%76.7%
- Other Revenue$6.4M+16.9%23.3%
Forward guidance
JBG SMITH is focused on advancing its under-construction multifamily pipeline in National Landing, and believes advancing entitlement and design of its Development Pipeline is the best way to maximize optionality and value.
Tailwinds
- Delivery of Amazon’s HQ2 (2.1 million square feet).
- Virginia Tech’s Innovation Campus headquarters.
- Delivery of over 1,500 units of new multifamily housing.
- Opening of 55 new retailers.
- Completion of the full entitlement of our 9.7 million square foot land bank.
Headwinds
- Construction pricing remains stubbornly high.
- Curbed lending activity has significantly slowed down the pace of sales.
- Anemic market performance into 2023 against the backdrop of high (20.7%) total vacancy.
- Tenants remain focused on contraction even ahead of lease expirations, and few are poised to make large-scale commitments to office.
- The exact trajectory of the office and debt markets is impossible to predict.
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 2022
-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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