As of September 30, 2024, JBG Smith Properties reported total assets of $5.18 billion, a decrease from $5.52 billion at the end of 2023. The net value of real estate also declined to $4.43 billion from $4.54 billion. Total liabilities increased slightly to $2.84 billion, while total shareholders' equity fell to $1.88 billion from $2.22 billion.
For the third quarter of 2024, JBG Smith's total revenue was $136.03 million, down from $151.56 million in the same period of 2023. For the nine months ended September 30, 2024, total revenue decreased to $416.53 million from $456.62 million year-over-year. Total expenses for the third quarter were $129.76 million, a reduction from $136.79 million in 2023, while expenses for the nine months decreased to $412.93 million from $424.07 million. The company reported a net loss of $31.31 million for the third quarter, an improvement from a loss of $66.10 million in the prior year. However, for the nine months, the net loss increased to $106.91 million from $54.05 million in 2023.
The company’s net loss attributable to common shareholders for the third quarter was $26.98 million, compared to $58.01 million in 2023. Loss per common share for the third quarter was $(0.32), down from $(0.58) in the previous year. For the nine months, loss per common share increased to $(0.95) from $(0.45).
In terms of strategic developments, JBG Smith completed the sale of its interest in Central Place Tower for $325 million in February 2024. The company also acquired the ground lessee's interest in 1900 Crystal Drive for $26.6 million in June 2024 and plans to acquire the interest in 2000/2001 South Bell Street in Q4 2024. The company’s development pipeline includes one multifamily asset under construction with 775 units and 18 additional assets totaling 11.4 million square feet of potential development density.
The operating portfolio consists of 41 assets, including 16 multifamily properties with 6,781 units and 23 commercial properties totaling 7.2 million square feet. The multifamily portfolio was 95.7% occupied as of September 30, 2024, with effective rents increasing by 4.5% for new leases and 6.1% for renewals. However, the commercial portfolio faced challenges, with occupancy rates declining to 79.1%.
Cash and cash equivalents stood at $137 million, with net cash provided by operating activities for the nine months at $87.19 million, down from $114.89 million in 2023. The company repurchased 10.8 million common shares for $168.3 million during the nine months, reflecting a strategic focus on returning capital to shareholders.
About JBG SMITH Properties
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