JBG SMITH's Q2 net loss widens

Overview

• JBG SMITH reports Q2 net loss of $19.2 mln, impacted by impairment losses

• Company reports Q2 core FFO of $0.19

• Company repurchased 11.2 mln shares for $184.9 mln during Q2

Result Drivers

• IMPAIRMENT LOSSES - Net loss impacted by real estate impairment losses totaling $31.8 mln

• OCCUPANCY DECLINE - Lower occupancy rates in multifamily and commercial portfolios contributed to decreased Same Store NOI

• RENT INCREASES - Multifamily portfolio saw rent increases of 1.0% for new leases and 8.9% for renewals

Key Details

Analyst Coverage

• The current average analyst rating on the shares is "sell" and the breakdown of recommendations is no "strong buy" or "buy", 1 "hold" and 2 "sell" or "strong sell"

• The average consensus recommendation for the commercial reits peer group is "hold."

• Wall Street's median 12-month price target for JBG SMITH Properties is $16.00, about 20.6% below its July 28 closing price of $19.30

Press Release: ID:nBw2xCZRWa