Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Mar. 05, 2018 | Jun. 30, 2017 | |
Document And Entity Information [Abstract] | |||
Entity Registrant Name | JBG SMITH PROPERTIES | ||
Entity Central Index Key | 1,689,796 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Non-accelerated Filer | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2017 | ||
Document Fiscal Year Focus | 2,017 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Entity Common Stock, Shares Outstanding | 117,954,877 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Public Float | $ 0 |
Consolidated and Combined Balan
Consolidated and Combined Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Real estate, at cost: | ||
Land and improvements | $ 1,368,294 | $ 939,592 |
Buildings and improvements | 3,670,268 | 3,064,466 |
Construction in progress, including land | 978,942 | 151,333 |
Real estate held for sale | 8,293 | 0 |
Real estate, at cost | 6,025,797 | 4,155,391 |
Less accumulated depreciation | (1,011,330) | (930,769) |
Real estate, net | 5,014,467 | 3,224,622 |
Cash and cash equivalents | 316,676 | 29,000 |
Restricted cash | 21,881 | 3,263 |
Tenant and other receivables, net | 46,734 | 33,380 |
Deferred rent receivable, net | 146,315 | 136,582 |
Investments in and advances to unconsolidated real estate ventures | 261,811 | 45,776 |
Receivable from former parent | 0 | 75,062 |
Other assets, net | 263,923 | 112,955 |
TOTAL ASSETS | 6,071,807 | 3,660,640 |
Liabilities: | ||
Mortgages payable, net | 2,025,692 | 1,165,014 |
Revolving credit facility | 115,751 | 0 |
Unsecured term loan, net | 46,537 | 0 |
Payable to former parent | 0 | 283,232 |
Accounts payable and accrued expenses | 138,607 | 40,923 |
Other liabilities, net | 161,277 | 49,487 |
Total liabilities | 2,487,864 | 1,538,656 |
Commitments and Contingencies | ||
Redeemable noncontrolling interests | 609,129 | 0 |
Shareholders' equity: | ||
Preferred shares, $0.01 par value - 200,000 shares authorized, none issued | 0 | |
Common shares, $0.01 par value - 500,000 shares authorized and 117,955 shares issued and outstanding at December 31, 2017 | 1,180 | |
Additional paid-in capital | 3,063,625 | |
Accumulated deficit | (95,809) | |
Accumulated other comprehensive income | 1,612 | |
Shareholders' equity / Former parent equity | 2,970,608 | 2,121,689 |
Noncontrolling interests in consolidated subsidiaries | 4,206 | 295 |
Total equity | 2,974,814 | 2,121,984 |
TOTAL LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY | $ 6,071,807 | $ 3,660,640 |
Consolidated and Combined Bala3
Consolidated and Combined Balance Sheets (Parenthetical) | Dec. 31, 2017$ / sharesshares |
Statement of Financial Position [Abstract] | |
Preferred shares, par value (in dollars per share) | $ / shares | $ 0.01 |
Preferred shares, shares authorized | 200,000,000 |
Preferred shares, shares issued | 0 |
Preferred shares, shares outstanding | 0 |
Common shares, par value (in dollars per share) | $ / shares | $ 0.01 |
Common shares, shares authorized | 500,000,000 |
Common shares, shares issued | 117,955,000 |
Common shares, shares outstanding | 117,955,000 |
Consolidated and Combined State
Consolidated and Combined Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
REVENUE | |||
Property rentals | $ 436,625 | $ 401,595 | $ 389,810 |
Tenant reimbursements | 37,985 | 37,661 | 40,476 |
Third-party real estate services, including reimbursements | 63,236 | 33,882 | 29,467 |
Other income | 5,167 | 5,381 | 10,854 |
Total revenue | 543,013 | 478,519 | 470,607 |
EXPENSES | |||
Depreciation and amortization | 161,659 | 133,343 | 144,984 |
Property operating | 111,055 | 100,304 | 101,511 |
Real estate taxes | 66,434 | 57,784 | 58,874 |
General and administrative: | |||
Corporate and other | 47,131 | 48,753 | 44,424 |
Third-party real estate services | 51,919 | 19,066 | 18,217 |
Share-based compensation related to Formation Transaction | 29,251 | 0 | 0 |
Transaction and other costs | 127,739 | 6,476 | 0 |
Total operating expenses | 595,188 | 365,726 | 368,010 |
OPERATING INCOME (LOSS) | (52,175) | 112,793 | 102,597 |
Loss from unconsolidated real estate ventures, net | (4,143) | (947) | (4,283) |
Interest and other income, net | 1,788 | 2,992 | 2,557 |
Interest expense | (58,141) | (51,781) | (50,823) |
Loss on extinguishment of debt | (701) | 0 | 0 |
Gain on bargain purchase | 24,376 | 0 | 0 |
INCOME (LOSS) BEFORE INCOME TAX BENEFIT (EXPENSE) | (88,996) | 63,057 | 50,048 |
Income tax benefit (expense) | 9,912 | (1,083) | (420) |
NET INCOME (LOSS) | (79,084) | 61,974 | 49,628 |
Net loss attributable to redeemable noncontrolling interests | 7,328 | 0 | 0 |
Net loss attributable to noncontrolling interest | 3 | 0 | 0 |
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON SHAREHOLDERS | $ (71,753) | $ 61,974 | $ 49,628 |
EARNINGS (LOSS) PER COMMON SHARE: | |||
Basic (in dollars per share) | $ (0.70) | $ 0.62 | $ 0.49 |
Diluted (in dollars per share) | $ (0.70) | $ 0.62 | $ 0.49 |
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING - basic and diluted (in shares) | 105,359 | 100,571 | 100,571 |
DIVIDENDS DECLARED PER COMMON SHARE (in dollars pre share) | $ 0.45 | $ 0 | $ 0 |
Consolidated and Combined Stat5
Consolidated and Combined Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Statement of Comprehensive Income [Abstract] | |||
NET INCOME (LOSS) | $ (79,084) | $ 61,974 | $ 49,628 |
Other Comprehensive Income (Loss), Net of Tax [Abstract] | |||
Change in fair value of derivative financial instruments | 1,438 | 0 | 0 |
Reclassification of net loss on derivative financial instruments | 399 | 0 | 0 |
Other comprehensive income | (1,837) | 0 | 0 |
COMPREHENSIVE INCOME (LOSS) | (77,247) | 61,974 | 49,628 |
Comprehensive loss attributable to redeemable noncontrolling interests | 7,103 | 0 | 0 |
Comprehensive loss attributable to noncontrolling interests | 3 | 0 | 0 |
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO COMMON SHAREHOLDERS | $ (70,141) | $ 61,974 | $ 49,628 |
Consolidated and Combined Stat6
Consolidated and Combined Statements of Equity - USD ($) shares in Thousands, $ in Thousands | Total | Common Shares | Additional Paid-In Capital | Accumulated Deficit | Accumulated Other Comprehensive Income | Former Parent Equity | Noncontrolling Interests | |||
Balance at beginning of period at Dec. 31, 2014 | $ 1,988,915 | $ 1,988,347 | $ 568 | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Net income (loss) | 49,628 | 49,628 | ||||||||
Deferred compensation shares and options, net | 4,506 | 4,506 | ||||||||
Contributions from former parent, net | 16,442 | 16,495 | (53) | |||||||
Issuance of common shares in connection with the Combination | [1] | 0 | ||||||||
Other comprehensive income | 0 | |||||||||
Balance at end of period at Dec. 31, 2015 | 2,059,491 | 2,058,976 | 515 | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Net income (loss) | 61,974 | 61,974 | ||||||||
Deferred compensation shares and options, net | 4,502 | 4,502 | ||||||||
Distributions to former parent, net | (3,983) | (3,763) | (220) | |||||||
Issuance of common shares in connection with the Combination | [1] | 0 | ||||||||
Other comprehensive income | 0 | |||||||||
Balance at end of period at Dec. 31, 2016 | 2,121,984 | 2,121,689 | 295 | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Net loss attributable to common shareholders | (71,756) | $ (42,729) | (29,024) | [2] | (3) | |||||
Net income (loss) | (79,084) | |||||||||
Deferred compensation shares and options, net | 1,526 | 1,526 | ||||||||
Contributions from former parent, net | 333,020 | 333,020 | ||||||||
Issuance of common limited partnership units at the Separation | (96,632) | (96,632) | ||||||||
Issuance of common shares at the Separation (in shares) | 94,736 | |||||||||
Issuance of common shares at the Separation | 0 | $ 947 | $ 2,329,632 | (2,330,579) | ||||||
Issuance of common shares in connection with the Combination (in shares) | 23,219 | |||||||||
Issuance of common shares in connection with the Combination | 864,918 | [1] | $ 233 | 864,685 | ||||||
Noncontrolling interests acquired in connection with the Combination | 3,586 | 3,586 | ||||||||
Dividends declared on common shares ($0.45 per common share) | (53,080) | (53,080) | ||||||||
Distributions to noncontrolling interests | (171) | (171) | ||||||||
Contributions from noncontrolling interests | 499 | 499 | ||||||||
Redeemable noncontrolling interest redemption value adjustment and other comprehensive income allocation | (130,917) | (130,692) | $ (225) | |||||||
Other comprehensive income | $ 1,837 | 1,837 | ||||||||
Balance at end of period (in shares) at Dec. 31, 2017 | 117,955 | 117,955 | ||||||||
Balance at end of period at Dec. 31, 2017 | $ 2,974,814 | $ 1,180 | $ 3,063,625 | $ (95,809) | $ 1,612 | $ 0 | $ 4,206 | |||
[1] | See Note 3 for information regarding assets, liabilities and noncontrolling interests acquired in the Formation Transaction. | |||||||||
[2] | Net loss incurred from January 1, 2017 through July 17, 2017 is attributable to our former parent as it was the sole shareholder through July 17, 2017. See Note 1 for additional information. |
Consolidated and Combined Stat7
Consolidated and Combined Statements of Equity (Parenthetical) - $ / shares | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Statement of Stockholders' Equity [Abstract] | |||
Dividends declared (in dollars per share) | $ 0.45 | $ 0 | $ 0 |
Consolidated and Combined Stat8
Consolidated and Combined Statements of Cash Flows - USD ($) | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | ||
OPERATING ACTIVITIES: | ||||
Net income (loss) | $ (79,084,000) | $ 61,974,000 | $ 49,628,000 | |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ||||
Share-based compensation expense | 33,693,000 | 4,502,000 | 4,506,000 | |
Depreciation and amortization, including amortization of debt issuance costs | 164,580,000 | 135,072,000 | 146,985,000 | |
Deferred rent | (10,388,000) | (15,551,000) | (10,929,000) | |
Loss from unconsolidated real estate ventures, net | 4,143,000 | 947,000 | 4,283,000 | |
Amortization of above- and below-market lease intangibles, net | (862,000) | (1,353,000) | (2,797,000) | |
Amortization of lease incentives | 4,023,000 | 3,592,000 | 2,570,000 | |
Return on capital from unconsolidated real estate ventures | 2,563,000 | 1,520,000 | 1,348,000 | |
Gain on bargain purchase | (24,376,000) | 0 | 0 | |
Loss on extinguishment of debt | 701,000 | 0 | 0 | |
Realized loss on interest rate swaps and caps | 27,000 | 0 | 0 | |
Unrealized gain on interest rate swaps and caps | (1,348,000) | 0 | 0 | |
Bad debt expense | 3,807,000 | 750,600 | 1,407,000 | |
Other non-cash items | 3,928,000 | 6,236,000 | 626,000 | |
Deferred tax benefit | (10,408,000) | 0 | 0 | |
Changes in operating assets and liabilities: | ||||
Tenant and other receivables | (2,098,000) | (3,693,000) | (428,000) | |
Other assets, net | (23,481,000) | (16,614,000) | (13,667,000) | |
Accounts payable and accrued expenses | 16,160,000 | 7,667,000 | (4,004,000) | |
Other liabilities, net | (7,397,000) | (25,509,000) | (1,298,000) | |
Net cash provided by operating activities | 74,183,000 | 159,541,000 | 178,230,000 | |
INVESTING ACTIVITIES: | ||||
Development costs, construction in progress and real estate additions | (210,593,000) | (237,814,000) | (234,285,000) | |
Cash and restricted cash received in connection with the Combination, net | 97,416,000 | 0 | 0 | |
Acquisition of interests in unconsolidated real estate ventures, net of cash acquired | (8,834,000) | 0 | 0 | |
Distributions of capital from unconsolidated real estate ventures | 6,929,000 | 0 | 0 | |
Investments in and advances to unconsolidated real estate ventures | (16,321,000) | (23,027,000) | (7,865,000) | |
Repayment of notes receivable | 50,934,000 | 0 | 0 | |
Other investments | (2,207,000) | (1,966,000) | (1,467,000) | |
Proceeds from repayment of receivable from former parent | 75,000,000 | 4,000,000 | 7,000,000 | |
Net cash used in investing activities | (7,676,000) | (258,807,000) | (236,617,000) | |
FINANCING ACTIVITIES: | ||||
Contributions from (distributions to) former parent, net | 160,203,000 | 16,495,000 | ||
Contributions from (distributions to) former parent, net | (3,763,000) | |||
Repayment of borrowings from former parent | (115,630,000) | 0 | (13,600,000) | |
Proceeds from borrowings from former parent | 4,000,000 | 79,500,000 | 96,512,000 | |
Capital lease payments | (17,827,000) | 0 | 0 | |
Borrowings under mortgages payable | 366,239,000 | 0 | 341,460,000 | |
Borrowings under revolving credit facility | 115,751,000 | 0 | 0 | |
Borrowings under unsecured term loan | 50,000,000 | 0 | 0 | |
Repayments of mortgages payable | (272,905,000) | (24,364,000) | (315,824,000) | |
Debt issuance costs | (19,287,000) | (70,000) | (2,359,000) | |
Dividends paid to common shareholders | (26,540,000) | |||
Distributions to redeemable noncontrolling interests | (4,556,000) | 0 | 0 | |
Contributions from noncontrolling interests | 357,000 | 0 | 0 | |
Distributions to noncontrolling interests | (18,000) | (220,000) | (13,000) | |
Net cash provided by financing activities | 239,787,000 | 51,083,000 | 122,671,000 | |
Net increase (decrease) in cash and cash equivalents and restricted cash | 306,294,000 | (48,183,000) | 64,284,000 | |
Cash and cash equivalents and restricted cash at beginning of the year | 32,263,000 | 80,446,000 | 16,162,000 | |
Cash and cash equivalents and restricted cash at end of the year | 338,557,000 | 32,263,000 | 80,446,000 | |
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AT END OF THE YEAR: | ||||
Cash and cash equivalents and restricted cash | 32,263,000 | 80,446,000 | 16,162,000 | |
SUPPLEMENTAL DISCLOSURE OF CASH FLOW AND NON-CASH INFORMATION: | ||||
Transfer of mortgage payable to former parent | 115,630,000 | 115,022,000 | 0 | |
Cash paid for interest (net of capitalized interest of $12,727, $4,076 and $6,437 in 2017, 2016 and 2015) | 52,388,000 | 45,373,000 | 54,055,000 | |
Accrued capital expenditures included in accounts payable and accrued expenses | 12,445,000 | 8,851,000 | 29,400,000 | |
Write-off of fully depreciated assets | 55,998,000 | 100,076,000 | 23,155,000 | |
Accrued lease incentives | 0 | 0 | 30,514,000 | |
Cash payments for income taxes | 3,396,000 | 1,165,000 | 677,000 | |
Non-cash contributions from redeemable noncontrolling interests | [1] | 5,420,000 | 0 | 0 |
Non-cash transactions related to the Formation Transaction: | ||||
Issuance of common limited partnership units at the Separation | [2] | 96,632,000 | 0 | 0 |
Issuance of common shares at the Separation | [2] | 2,330,579,000 | 0 | 0 |
Issuance of common shares in connection with the Combination | [2] | 864,918,000 | 0 | 0 |
Issuance of common limited partnership units in connection with the Combination | [2] | 359,967,000 | 0 | 0 |
Adjustment to record redeemable noncontrolling interest at redemption value | [2] | 130,692,000 | 0 | 0 |
Contribution from former parent in connection with the Separation | [2] | $ 172,817,000 | $ 0 | $ 0 |
[1] | See Note 11 for additional information. | |||
[2] | See Note 3 for information regarding assets, liabilities and noncontrolling interests acquired in the Formation Transaction. |
Consolidated and Combined Stat9
Consolidated and Combined Statements of Cash Flows (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Statement of Cash Flows [Abstract] | |||
Capitalized interest | $ 12,727 | $ 4,076 | $ 6,437 |
Organization and Basis of Prese
Organization and Basis of Presentation | 12 Months Ended |
Dec. 31, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization and Basis of Presentation | Organization and Basis of Presentation Organization JBG SMITH Properties ("JBG SMITH") was organized by Vornado Realty Trust ("Vornado" or "former parent") as a Maryland real estate investment trust ("REIT") on October 27, 2016 (capitalized on November 22, 2016). JBG SMITH was formed for the purpose of receiving, via the spin-off on July 17, 2017 (the "Separation"), substantially all of the assets and liabilities of Vornado’s Washington, DC segment, which operated as Vornado / Charles E. Smith, (the "Vornado Included Assets"). On July 18, 2017, JBG SMITH acquired the management business and certain assets and liabilities (the "JBG Assets") of The JBG Companies ("JBG") (the "Combination"). The Separation and the Combination are collectively referred to as the "Formation Transaction." Unless the context otherwise requires, all references to "we," "us," and "our," refer to the Vornado Included Assets (our predecessor and accounting acquirer) for periods prior to the Separation and to JBG SMITH for periods after the Separation. References to "our share" refers to our ownership percentage of consolidated and unconsolidated assets in real estate ventures. Substantially all of our assets are held by, and our operations are conducted through, JBG SMITH Properties LP ("JBG SMITH LP"), our operating partnership. Prior to the Separation from Vornado, JBG SMITH was a wholly owned subsidiary of Vornado and had no material assets or operations. On July 17, 2017, Vornado distributed 100% of the then outstanding common shares of JBG SMITH on a pro rata basis to the holders of its common shares. Prior to such distribution by Vornado, Vornado Realty L.P. ("VRLP"), Vornado's operating partnership, distributed common limited partnership units ("OP Units") in JBG SMITH LP on a pro rata basis to the holders of VRLP's common limited partnership units, consisting of Vornado and the other common limited partners of VRLP. Following such distribution by VRLP and prior to such distribution by Vornado, Vornado contributed to JBG SMITH all of the OP Units it received in exchange for common shares of JBG SMITH. Each Vornado common shareholder received one JBG SMITH common share for every two Vornado common shares held as of the close of business on July 7, 2017 (the "Record Date"). Vornado and each of the other limited partners of VRLP received one JBG SMITH LP OP Unit for every two common limited partnership units in VRLP held as of the close of business on the Record Date. Our operations are presented as if the transfer of the Vornado Included Assets had been consummated prior to all historical periods presented in the accompanying consolidated and combined financial statements at the carrying amounts of such assets and liabilities reflected in Vornado’s books and records. In connection with the Separation, JBG SMITH issued 94.7 million common shares and JBG SMITH LP issued 5.8 million OP Units to parties other than JBG SMITH. In connection with the Combination, JBG SMITH issued 23.2 million common shares and JBG SMITH LP issued 13.9 million OP Units to parties other than JBG SMITH. As of the completion of the Formation Transaction there were 118.0 million JBG SMITH common shares outstanding and 19.8 million JBG SMITH LP OP Units outstanding that were owned by parties other than JBG SMITH. As of December 31, 2017 , we, as its sole general partner, controlled JBG SMITH LP and owned 85.6% of its OP Units. We own and operate a portfolio of high-quality office and multifamily assets, many of which are amenitized with ancillary retail. Our portfolio reflects our longstanding strategy of owning and operating assets within Metro-served submarkets in the Washington, DC metropolitan area that have high barriers to entry and key urban amenities, including being within walking distance of a Metro station. As of December 31, 2017 , our Operating Portfolio consists of 69 operating assets comprising 51 office assets totaling over 13.7 million square feet ( 11.8 million square feet at our share), 14 multifamily assets totaling 6,016 units ( 4,232 units at our share) and four other assets totaling approximately 765,000 square feet ( 348,000 square feet at our share). Additionally, we have (i) ten assets under construction comprising four office assets totaling approximately 1.3 million square feet ( 1.2 million square feet at our share), five multifamily assets totaling 1,767 units ( 1,568 units at our share) and one other asset totaling approximately 41,100 square feet ( 4,100 square feet at our share); and (ii) 43 future development assets totaling approximately 21.4 million square feet ( 17.9 million square feet at our share) of estimated potential development density. Our revenues are derived primarily from leases with office and multifamily tenants, including fixed rents and reimbursements from tenants for certain expenses such as real estate taxes, property operating expenses, and repairs and maintenance. In addition, we have a third-party real estate services business that provides fee-based real estate services to the legacy funds formerly organized by The JBG Companies ("JBG Legacy Funds") and other third parties. As of December 31, 2017 , five of our assets in the aggregate generated approximately 25% of our share of annualized rent. Only the U.S. federal government accounted for 10% or more of our rental revenue, which consists of property rentals and tenant reimbursements, during each of the three years in the period ended December 31, 2017 as follows: Year Ended December 31, (Dollars in thousands) 2017 2016 2015 Rental revenue from the U.S. federal government $ 92,192 $ 103,864 $ 102,951 Percentage of office segment rental revenue 24.5 % 29.6 % 29.7 % Percentage of total rental revenue 19.4 % 23.6 % 23.9 % Basis of Presentation The accompanying consolidated and combined financial statements and notes are prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP"). All intercompany transactions and balances have been eliminated. The accompanying consolidated and combined financial statements include the accounts of JBG SMITH and our wholly owned subsidiaries and those other entities, including JBG SMITH LP, in which we have a controlling financial interest, including where we have been determined to be the primary beneficiary of a variable interest entity ("VIE"). See Note 6 for additional information on our consolidated VIEs. The portions of the equity and net income (loss) of consolidated subsidiaries that are not attributable to JBG SMITH are presented separately as amounts attributable to noncontrolling interests in the consolidated and combined financial statements. References to the financial statements refer to our consolidated and combined financial statements as of December 31, 2017 and 2016 , and for each of the three years in the period ended December 31, 2017 . References to the balance sheets refer to our consolidated and combined balance sheets as of December 31, 2017 and 2016 . References to the statement of operations refer to our consolidated and combined statements of operations for each of the three years in the period ended December 31, 2017 . References to the statement of cash flows refer to our consolidated and combined statements of cash flows for each of the three years in the period ended December 31, 2017 . Combination JBG SMITH and the Vornado Included Assets were under common control of Vornado for all periods prior to the Separation. The transfer of the Vornado Included Assets from Vornado to JBG SMITH was completed prior to the Separation, at net book values (historical carrying amounts) carved out from Vornado’s books and records. For purposes of the formation of JBG SMITH, the Vornado Included Assets were designated as the predecessor and the accounting acquirer of the JBG Assets. Consequently, the financial statements of JBG SMITH, as set forth herein, represent a continuation of the financial information of the Vornado Included Assets as the predecessor and accounting acquirer such that the historical financial information included herein as of any date or for any periods on or prior to the completion of the Combination represents the pre-Combination financial information of the Vornado Included Assets. The financial statements reflect the common shares as of the date of the Separation as outstanding for all periods prior to July 17, 2017. The acquisition of the JBG Assets completed subsequently by JBG SMITH was accounted for as a business combination using the acquisition method whereby identifiable assets acquired and liabilities assumed are recorded at the acquisition-date fair values and income and cash flows from the operations were consolidated into the financial statements of JBG SMITH commencing July 18, 2017. Consequently, the financial statements for the periods before and after the Formation Transaction are not directly comparable. The accompanying statements of operations for the year ended December 31, 2017 include our consolidated accounts and the combined accounts of the Vornado Included Assets. Accordingly, the results of operations for the year ended December 31, 2017 reflect the aggregate operations and changes in cash flows and equity on a combined basis for the period prior to July 17, 2017 and on a consolidated basis for the period subsequent to July 17, 2017. The accompanying financial statements for the years ended December 31, 2016 and 2015 include the Vornado Included Assets. Therefore, our results of operations, cash flows and financial condition set forth in this report are not necessarily indicative of our future results of operations, cash flows or financial condition as an independent, publicly traded company. The historical financial results for the Vornado Included Assets reflect charges for certain corporate costs allocated by the former parent which we believe are reasonable. These charges were based on either actual costs incurred or a proportion of costs estimated to be applicable to the Vornado Included Assets based on an analysis of key metrics, including total revenues. Such costs do not necessarily reflect what the actual costs would have been if JBG SMITH had been operating as a separate standalone public company. See Note 18 for additional information. Reclassifications Certain prior period data have been reclassified to conform to the current period presentation as follows: • Reclassification of $4.0 million of investments to "Other assets" on our balance sheet as of December 31, 2016 as a result of the revision in the line item "Investments in and advances to unconsolidated real estate ventures" on our balance sheet to include only real estate investments. • Reclassification of $19.1 million and $18.2 million of expenses for the years ended December 31, 2016 and 2015 to "General and administrative: third-party real estate services" from "Property operating expenses" as it relates to expenses incurred to provide third-party real estate services. Additionally, we reclassified $16.4 million and $15.9 million of income for the years ended December 31, 2016 and 2015 to "Third-party real estate services, including reimbursements" from "Other income" as it relates to revenue earned from providing third-party real estate services. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2017 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Use of Estimates The preparation of the financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. The most significant of these estimates include: (i) the underlying cash flows used to establish the fair values recorded in connection with the Combination and used in assessing impairment, (ii) the determination of useful lives for tangible and intangible assets and (iii) the allowance for doubtful accounts. Actual results could differ from those estimates. Business Combinations We account for business combinations, including the acquisition of real estate, using the acquisition method pursuant to which we recognize and measure the identifiable assets acquired, liabilities assumed, and any noncontrolling interests in the acquiree at their acquisition date fair values. Accordingly, we estimate the fair values of acquired tangible assets (consisting of real estate, cash and cash equivalents, tenant and other receivables, investments in unconsolidated real estate ventures and other assets, as applicable), identified intangible assets and liabilities (consisting of the value of in-place leases, above- and below-market leases, options to enter into ground leases and management contracts, as applicable), assumed debt and other liabilities, and noncontrolling interests, as applicable, based on our evaluation of information and estimates available at that date. Based on these estimates, we allocate the purchase price to the identified assets acquired and liabilities assumed. Any excess of the purchase price over the estimated fair value of the net assets acquired is recorded as goodwill. Any excess of the fair value of assets acquired over the purchase price is recorded as a gain on bargain purchase. If, up to one year from the acquisition date, information regarding the fair value of the net assets acquired and liabilities assumed is received and estimates are refined, appropriate adjustments are made on a prospective basis to the purchase price allocation, which may include adjustments to identified assets, assumed liabilities, and goodwill or the gain on bargain purchase, as applicable. The results of operations of acquisitions are prospectively included in our financial statements beginning with the date of the acquisition. Transaction costs related to business combinations are expensed as incurred and included in "Transaction and other costs" in our statements of operations. The fair values of buildings are determined using the "as-if vacant" approach whereby we use discounted income or cash flow models with inputs and assumptions that we believe are consistent with current market conditions for similar assets. The most significant assumptions in determining the allocation of the purchase price to buildings are the exit capitalization rate, discount rate, estimated market rents and hypothetical expected lease-up periods. We assess fair value of land based on market comparisons and development projects using an income approach of cost plus a margin. The fair values of identified intangible assets are determined based on the following: • The value allocable to the above- or below-market component of an acquired in-place lease is determined based upon the present value (using a discount rate which reflects the risks associated with the acquired leases) of the difference between (i) the contractual amounts to be received pursuant to the lease over its remaining term and (ii) management’s estimate of the amounts that would be received using market rates over the remaining term of the lease. Amounts allocated to above- market leases are recorded as "Identified intangible assets" in "Other assets, net" in the balance sheets, and amounts allocated to below-market leases are recorded as "Lease intangible liabilities" in "Other liabilities, net" in the balance sheets. These intangibles are amortized to "Property rentals" in our statements of operations over the remaining terms of the respective leases. • Factors considered in determining the value allocable to in-place leases during hypothetical lease-up periods related to space that is leased at the time of acquisition include (i) lost rent and operating cost recoveries during the hypothetical lease-up period and (ii) theoretical leasing commissions required to execute similar leases. These intangible assets are recorded as "Identified intangible assets" in "Other assets, net" in the balance sheets and are amortized to "Depreciation and amortization expenses" in our statements of operations over the remaining term of the existing lease. • The fair value of the in-place property management, leasing, asset management, and development and construction management contracts is based on revenue and expense projections over the estimated life of each contract discounted using a market discount rate. These management contract intangibles are amortized to "Depreciation and amortization expenses" in our statements of operations over the weighted average life of the management contracts. The fair value of investments in unconsolidated real estate ventures and related noncontrolling interests is based on the estimated fair values of the identified assets acquired and liabilities assumed of each venture, including future expected cash flows from promote interests. The fair value of the mortgages payable assumed was determined using current market interest rates for comparable debt financings. The fair values of the interest rate swaps and caps are based on the estimated amounts we would receive or pay to terminate the contract at the acquisition date and are determined using interest rate pricing models and observable inputs. The carrying value of cash, restricted cash, working capital balances, leasehold improvements and equipment, and other assets acquired and liabilities assumed approximates fair value. Real Estate Real estate is carried at cost, net of accumulated depreciation and amortization. Maintenance and repairs are expensed as incurred and are included in "Property operating expenses" in our statements of operations. As real estate is undergoing redevelopment activities, all property operating expenses directly associated with and attributable to the redevelopment, including interest expense, are capitalized to the extent that we believe such costs are recoverable through the value of the property. The capitalization period ends when redevelopment activities are substantially complete. General and administrative costs are expensed as incurred. Depreciation requires an estimate of the useful life of each property and improvement as well as an allocation of the costs associated with a property to its various components. Depreciation is recognized on a straight‑line basis over estimated useful lives, which range from three to 40 years . Tenant improvements are amortized on a straight‑line basis over the lives of the related leases, which approximate the useful lives of the tenant improvements. Construction in progress, including land, is carried at cost, and no depreciation is recorded. Real estate undergoing significant renovations and improvements is considered to be under development. All direct and indirect costs related to development activities are capitalized into "Construction in progress, including land" on our balance sheets, except for certain demolition costs, which are expensed as incurred. Direct development costs incurred include: pre-development expenditures directly related to a specific project, development and construction costs, interest, insurance and real estate taxes. Indirect development costs include: employee salaries and benefits, travel and other related costs that are directly associated with the development. Our method of calculating capitalized interest expense is based upon applying our weighted average borrowing rate to the actual accumulated expenditures if the property does not have property specific debt. If the property is encumbered by specific debt, we will capitalize both the interest incurred applicable to that debt and additional interest expense using our weighted average borrowing rate for any accumulated expenditures in excess of the principal balance of the debt encumbering the property. The capitalization of such expenses ceases when the real estate is ready for its intended use, but no later than one-year from substantial completion of major construction activity. If we determine that a project is no longer viable, all pre-development project costs are immediately expensed. Our assets and related intangible assets are individually reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of the assets may not be recoverable. An impairment exists when the carrying amount of an asset exceeds the sum of the undiscounted cash flows expected to result from the use and eventual disposition of the asset. Estimates of future cash flows are based on our current plans, intended holding periods and available market information at the time the analyses are prepared. An impairment loss is recognized if the carrying amount of the asset is not recoverable and is measured based on the excess of the property’s carrying amount over its estimated fair value. If our estimates of future cash flows, anticipated holding periods, or fair values change, based on market conditions or otherwise, our evaluation of impairment charges may be different and such differences could be material to our financial statements. Estimates of future cash flows are subjective and are based, in part, on assumptions regarding future occupancy, rental rates and capital requirements that could differ materially from actual results. Real estate is classified as held for sale when all the necessary criteria are met. The criteria include (i) management, having the authority to approve action, commits to a plan to sell the property in its present condition, (ii) the sale of the property is at a price reasonable in relation to its current fair value and (iii) the sale is probable and expected to be completed within one year. Real estate held for sale is carried at the lower of carrying amounts or estimated fair value less disposal costs. Depreciation and amortization is not recognized on real estate classified as held for sale. Cash and Cash Equivalents Cash and cash equivalents consist of highly liquid investments with a purchase date life to maturity of three months or less and are carried at cost, which approximates fair value, due to their short‑term maturities. Restricted Cash Restricted cash consists primarily of security deposits held on behalf of our tenants and cash escrowed under loan agreements for debt service, real estate taxes, property insurance and capital improvements. Allowance for Doubtful Accounts We periodically evaluate the collectability of amounts due from tenants, including the receivable arising from deferred rent receivable, and maintain an allowance for doubtful accounts for the estimated losses resulting from the inability of tenants to make required payments under lease agreements. We exercise judgment in establishing these allowances and consider payment history and current credit status in developing these estimates. Investments in and Advances to Real Estate Ventures We analyze our real estate ventures to determine whether the entities should be consolidated. If it is determined that these investments do not require consolidation because the entities are not VIEs in accordance with the Consolidation Topic of the Financial Accounting Standards Board ("FASB"), Accounting Standards Codification ("ASC"), we are not considered the primary beneficiary of the entities determined to be VIEs, we do not have voting control, and/or the limited partners (or non-managing members) have substantive participatory rights, then the selection of the accounting method used to account for our investments in unconsolidated real estate ventures is generally determined by our voting interests and the degree of influence we have over the entity. Management uses its judgment when determining if we are the primary beneficiary of, or have a controlling financial interest in, an entity in which we have a variable interest. Factors considered in determining whether we have the power to direct the activities that most significantly impact the entity’s economic performance include risk and reward sharing, experience and financial condition of the other partners, voting rights, involvement in day-to-day capital and operating decisions and the extent of our involvement in the entity. We use the equity method of accounting for investments in unconsolidated real estate ventures when we own 20% or more of the voting interests and have significant influence but do not have a controlling financial interest, or if we own less than 20% of the voting interests but have determined that we have significant influence. Under the equity method, we record our investments in and advances to these entities in our balance sheets, and our proportionate share of earnings or losses earned by the real estate venture is recognized in "Income (loss) from unconsolidated real estate ventures, net" in the accompanying statements of operations. We earn revenues from the management services we provide to unconsolidated entities. These fees are determined in accordance with the terms specific to each arrangement and may include property and asset management fees or transactional fees for leasing, acquisition, development and construction, financing, and legal services provided. We account for this revenue gross of our ownership interest in each respective real estate venture and recognize such revenue in "Third-party real estate services, including reimbursements" in our statements of operations. Our proportionate share of related expenses is recognized in "Income (loss) from unconsolidated real estate ventures, net" in our statements of operations. We may also earn incremental promote distributions if certain financial return benchmarks are achieved upon ultimate disposition of the underlying properties. Management fees are recognized when earned, and promote fees are recognized when certain earnings events have occurred, and the amount is determinable and collectible. Any promote fees are reflected in "Income (loss) from unconsolidated real estate ventures, net" in our statements of operations. With regard to distributions from unconsolidated real estate ventures, we use the information that is available to us to determine the nature of the underlying activity that generated the distributions. Using the nature of distribution approach, cash flows generated from the operations of an unconsolidated real estate venture are classified as a return on investment (cash inflow from operating activities) and cash flows that from property sales, debt refinancing or sales of our investments are classified as a return of investment (cash inflow from investing activities). On a periodic basis, we evaluate our investments in unconsolidated entities for impairment. We assess whether there are any indicators, including underlying property operating performance and general market conditions, that the value of our investments in unconsolidated real estate ventures may be impaired. An investment in a real estate venture is considered impaired if we determine that its fair value is less than the net carrying value of the investment in that real estate venture on an other-than-temporary basis. Cash flow projections for the investments consider property level factors such as expected future operating income, trends and prospects, as well as the effects of demand, competition and other factors. We consider various qualitative factors to determine if a decrease in the value of our investment is other-than-temporary. These factors include age of the venture, our intent and ability to retain our investment in the entity, financial condition and long-term prospects of the entity and relationships with our partners and banks. If we believe that the decline in the fair value of the investment is temporary, no impairment charge is recorded. If our analysis indicates that there is an other-than temporary impairment related to the investment in a particular real estate venture, the carrying value of the venture will be adjusted to an amount that reflects the estimated fair value of the investment. Intangibles Intangible assets consist of in-place leases, below-market ground rent obligations, above-market real estate leases and options to enter into ground lease that were recorded in connection with the acquisition of properties. Intangible assets also include management and leasing contracts acquired in the Combination. Intangible liabilities consist of above-market ground rent obligations and below-market real estate leases that are also recorded in connection with the acquisition of properties. Both intangible assets and liabilities are amortized and accreted using the straight-line method over their applicable remaining useful life. When a lease or contract is terminated early, any remaining unamortized or unaccreted balances are charged to earnings. The useful lives of intangible assets are evaluated each reporting period with any changes in estimated useful lives being accounted for over the revised remaining useful life. Deferred Costs Deferred financing costs consist of loan issuance costs directly related to financing transactions that are deferred and amortized over the term of the related loan as a component of interest expense. Unamortized deferred financing costs related to our mortgages payable and unsecured term loan are presented as a direct deduction from the carrying amounts of the related debt instruments, while such costs related to our revolving credit facility are included in other assets. Direct salaries, third-party fees and other costs incurred by us to originate a lease are capitalized in "Other assets, net" in the balance sheets and are amortized against the respective leases using the straight-line method over the term of the related leases. Noncontrolling Interests We identify our noncontrolling interests separately within the equity section on the balance sheets. Amounts of consolidated net income (loss) attributable to redeemable noncontrolling interests and to the noncontrolling interests in consolidated subsidiaries are presented separately in the statements of operations. Redeemable Noncontrolling Interests - Redeemable noncontrolling interests consists of OP Units issued in conjunction with the Formation Transaction and our venture partner's interest in 965 Florida Avenue. The OP Units are redeemable for our common shares or cash beginning August 1, 2018, subject to certain limitations. Redeemable noncontrolling interests are generally redeemable at the option of the holder and are presented in the mezzanine section between total liabilities and shareholders' equity on the balance sheets. The carrying amount of redeemable noncontrolling interests is adjusted to its redemption value at the end of each reporting period, but no less than its initial carrying value, with such adjustments recognized in "Additional paid-in capital". See Note 11 for additional information. Noncontrolling Interests - Noncontrolling interests represents the portion of equity that we do not own in entities we consolidate, including interests in consolidated real estate ventures. Derivative Financial Instruments and Hedge Accounting Derivative financial instruments are used at times to manage exposure to variable interest rate risk. Derivative financial instruments are recognized as either assets or liabilities and are measured at fair value. The accounting for changes in the fair value of a derivative depends on the intended use of the derivative and the resulting designatio n. Derivative Financial Instruments Designated as Cash Flow Hedges - Certain derivative financial instruments, consisting of interest rate swap and cap agreements, are designated as cash flow hedges, and are carried at their estimated fair value on a recurring basis. We assess the effectiveness of our cash flow hedges both at inception and on an ongoing basis. If the hedges are deemed to be effective, the fair value is recorded in accumulated other comprehensive income and is subsequently reclassified into "Interest expense" in the period that the hedged forecasted transactions affect earnings. Our cash flow hedges become less than perfectly effective if the critical terms of the hedging instrument and the forecasted transactions do not perfectly match such as notional amounts, settlement dates, reset dates, calculation period and interest rates. In addition, we evaluate the default risk of the counterparty by monitoring the credit worthiness of the counterparty. Derivative instruments and hedging activities require management to make judgments on the nature of its derivatives and their effectiveness as hedges. These judgments determine if the changes in fair value of the derivative instruments are reported in the statements of operations or as a component of comprehensive income and as a component of shareholders’ equity on the balance sheets. Derivative Financial Instruments Not Designated as Hedges - Certain derivative financial instruments, consisting of interest rate swap and cap agreements, are considered economic hedges, but not designated as accounting hedges, and are carried at their estimated fair value on a recurring basis. Realized and unrealized gains are recorded in "Interest expense" in the statements of operations in the period in which the change occurs. Fair Value of Assets and Liabilities ASC 820, Fair Value Measurement and Disclosures, defines fair value and establishes a framework for measuring fair value. The objective of fair value is to determine the price that would be received upon the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (the exit price). ASC 820 establishes a fair value hierarchy that prioritizes observable and unobservable inputs used to measure fair value into three levels: Level 1 — quoted prices (unadjusted) in active markets that are accessible at the measurement date for assets or liabilities; Level 2 — observable prices that are based on inputs not quoted in active markets, but corroborated by market data; and Level 3 — unobservable inputs that are used when little or no market data is available. The fair value hierarchy gives the highest priority to Level 1 inputs and the lowest priority to Level 3 inputs. In determining fair value, we utilize valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible as well as consider counterparty credit risk in our assessment of fair value. Revenue Recognition Property rentals income includes base rents that each tenant pays in accordance with the terms of its respective lease and is reported on a straight-line basis over the non-cancellable term of the lease, which includes the effects of periodic step-ups in rent and rent abatements under the leases. We commence rental revenue recognition when the tenant takes possession of the leased space or controls the physical use of the leased space and the leased space is substantially ready for its intended use. In circumstances where we provide a tenant improvement allowance for improvements that are owned by the tenant, we recognize the allowance as a reduction of property rentals revenue on a straight-line basis over the term of the lease. Differences between rental income recognized and amounts due under the respective lease agreements are recorded as an increase or decrease to "Deferred rent receivable, net" on our balance sheets. Property rentals also includes the amortization/accretion of acquired above-and below-market leases. Tenant reimbursements provide for the recovery of all or a portion of the operating expenses and real estate taxes of the respective assets. Tenant reimbursements are accrued in the same periods as the related expenses are incurred. Third-party real estate services revenue, including reimbursements, is determined in accordance with the terms specific to each arrangement and may include property and asset management fees or transactional fees for leasing, acquisition, development and construction, financing, and legal services provided. These fees are determined in accordance with the terms specific to each arrangement and are recognized as the related services are performed. Development and construction fees earned from providing services to our unconsolidated real estate ventures are recorded on a percentage of completion basis. Third-Party Real Estate Services Expenses Third-party real estate services expenses include the costs associated with the management services provided to our unconsolidated real estate ventures and other third parties. We allocate personnel and other overhead costs using the estimates of the time spent performing services for our third-party real estate services and other allocation methodologies. Income Taxes We intend to elect to be taxed as a REIT under sections 856-860 of the Internal Revenue Code of 1986, as amended (the "Code"). Under those sections, a REIT which distributes at least 90% of its REIT taxable income as dividends to its shareholders each year and which meets certain other conditions will not be taxed on that portion of its taxable income which is distributed to its shareholders. Prior to the Separation, Vornado operated as a REIT and distributed 100% of taxable income to its shareholders, accordingly, no provision for federal income taxes has been made in the accompanying financial statements for the periods prior to the Separation. We intend to adhere to these requirements and maintain our REIT status in future periods. As a REIT, we are allowed to reduce taxable income by all or a portion of our distributions to shareholders. Future distributions will be declared and paid at the discretion of the Board of Trustees and will depend upon cash generated by operating activities, our financial condition, capital requirements, annual dividend requirements under the REIT provisions of the Code, as amended, and such other factors as our Board of Trustees deems relevant. We also participate in the activities conducted by subsidiary entities which have elected to be treated as taxable REIT subsidiaries ("TRS") under the Code. As such, we are subject to federal, state, and local taxes on the income from these activities. Income taxes attributable to our TRSs are accounted for under the asset and liability method. Under the asset and liability method, deferred income taxes arise from temporary differences between the tax basis of assets and liabilities and their reported amounts in the financial statements, which will result in taxable or deductible amounts in the future. ASC 740-10, Income Taxes, provides guidance for how uncertain tax positions should be recognized, measured, presented and disclosed in the financial statements. ASC 740-10 requires the evaluation of tax positions taken in the course of preparing our tax returns to determine whether the tax positions are "more-likely-than-not" of being sustained by the applicable tax authority. Tax benefits of positions not deemed to meet the more-likely-than-not threshold are recorded as a tax expense in the current year. Earnings (Loss) Per Common Share Basic earnings (loss) per common share is computed by dividing net income (loss) attributable to common shareholders by the weighted average common shares outstanding during the period. Unvested and vested share-based payment awards that entitle holders to receive non-forfeitable dividends, which include OP Units and long-term incentive partnership units ("LTIP Units"), are considered participating securities. Consequently, we are required to apply the two-class method of computing basic and diluted earnings that would otherwise have been available to common shareholders. Under the two-class method, earnings for the period are allocated between common shareholders and participating securities based on their respective rights to receive dividends. During periods of net loss, losses are allocated only to the extent the participating securities are required to absorb their share of such losses. Diluted earnings per common share reflects the potential dilution of the assumed exchange of various units into common shares unvested share-based payment awards to the extent they are dilutive. Share-Based Compensation We granted OP Units, formation awards ("Formation Awards"), LTIP Units, LTIP Units with time-based vesting requirements (“Time-Based LTIP Units”) and Performance-Based LTIP Units to our trustees, management and employees in connection with the Separation and Combination. Fair value is determined, depending on the type of award, using the Monte Carlo method or post-vesting restriction periods, which is intended to estimate the fair value of the awards at the grant date using dividend yields and expected volatilities that are primarily based on available implied data and peer group companies' historical data. The risk-free interest rate is based on the U.S. Treasury yield curve in effect at the time of grant. The shortcut method is used for determining the expected life used in the valuation method. Compensation expense is based on the fair value of our common shares at the date of the grant and is recognized ratably over the vesting period using a graded vesting attribution model. We account for forfeitures as they occur. Distributions paid on unvested OP Units, LTIP Units, Time-Based LTIP Units and Performance-Based LTIP Units are charged to "Net income attributable to noncontrolling interests" in the statements of operations. Recent Accounting Pronouncements The following table provides a brief description of recent accounting pronouncements (ASU) by the FASB that could have a material effect on our financial statements: Standard Description Date of Adoption Effect on the Financial Statements or Other Significant Matters Standards adopted ASU 2016-15, These standards amend the existing guidance and address specific cash flow issues with the objective of reducing existing diversity in practice. ASU 2016-15 addresses eight specific cash flow issues and ASU 2016-18 specifically addresses presentation of restricted cash and restricted cash equivalents in the statements of cash flows. These standards are effective for interim and annual reporting periods in fiscal years beginning after December 15, 2017, with early adoption permitted. These standards require a retrospective transition method to each period presented. If it is impracticable to apply the amendments retrospectively for some of the issues, entities may apply the amendments prospectively as of the earliest date practicable. December 2017 Other than the revised statement of cash flows presentation of restricted cash, the adoption and implementation of these standards did not have a material impact on our financial statements. The standards were retrospectively applied to prior years. ASU 2017‑05, Other Income—Gains and Losses from the Derecognition of Nonfinancial Assets (Subtopic 610-20): Clarifying the Scope of Asset Derecognition Guidance and Accounting for Partial Sales of Nonfinancial Assets This standard clarifies the scope of recently established guidance on nonfinancial asset derecognition as well as the accounting for partial sales of nonfinancial assets. This update conforms the derecognition guidance on nonfinancial assets with the model for transactions in ASC 606. This standard is effective for interim and annual reporting periods in fiscal years beginning after December 15, 2017, with early adoption permitted. This standard may be adopted either retrospectively or on a modified retrospective basis. December 2017 The adoption and implementation of this standard did not have an impact on our financial statements. In future periods, the adoption of this standard could have a material impact to our results of operations if we sell a significant partial interest in a real estate asset. ASU 2017‑09, Compensation—Stock Compensation (Topic 718): Scope of Modification Accounting This standard clarifies which changes to the terms |
The Combination
The Combination | 12 Months Ended |
Dec. 31, 2017 | |
Business Combinations [Abstract] | |
The Combination | The Combination In the Combination on July 18, 2017, we acquired the JBG Assets in exchange for approximately 37.2 million common shares and OP Units. The Combination has been accounted for at fair value under the acquisition method of accounting. The following allocation of the purchase price is based on the preliminary fair value of the assets acquired and liabilities assumed (in thousands): Fair value of purchase consideration: Common shares and OP Units $ 1,224,885 Cash 20,573 Total consideration paid $ 1,245,458 Fair value of assets acquired and liabilities assumed: Land and improvements $ 338,072 Building and improvements 609,156 Construction in progress, including land 699,800 Leasehold improvements and equipment 7,890 Real estate 1,654,918 Cash 104,529 Restricted cash 13,460 Investments in and advances to unconsolidated real estate ventures 241,611 Identified intangible assets 138,371 Notes receivable (1) 50,934 Identified intangible liabilities (8,687 ) Mortgages payable assumed (2) (768,523 ) Capital lease obligations assumed (3) (33,543 ) Lease assumption liabilities (4) (43,388 ) Deferred tax liability (5) (18,610 ) Other liabilities acquired, net (57,650 ) Noncontrolling interests in consolidated subsidiaries (3,588 ) Net assets acquired 1,269,834 Gain on bargain purchase (6) 24,376 Total consideration paid $ 1,245,458 ____________________ (1) During the year ended December 31, 2017 , we received proceeds of $50.9 million from the repayment of the notes receivable acquired in the Combination. (2) Subject to various interest rate swap and cap agreements assumed in the Combination that are considered economic hedges, but not designated as accounting hedges. (3) In the Combination, two ground leases were assumed that were determined to be capital leases. On July 25, 2017, we purchased a land parcel located in Reston, Virginia associated with one of the ground leases for $19.5 million . (4) Includes a $14.0 million payment to a tenant, which will be paid in 2018, and a $29.4 million lease liability we assumed in relocating a tenant to one of our office buildings. The $29.4 million assumed lease liability is based on the contractual payments we assumed under the tenant’s previous lease, which are partially offset by estimated sub-tenant income we anticipate receiving as we actively pursue a sub-tenant. (5) Related to the management and leasing contracts acquired in the Combination. (6) The Combination resulted in a gain on bargain purchase because the estimated fair value of the identifiable net assets acquired exceeded the purchase consideration by $24.4 million . The purchase consideration was based on the fair value of the common shares and OP Units issued in the Combination. We continue to reassess the recognition and measurement of identifiable assets and liabilities acquired and have preliminarily concluded that all acquired assets and liabilities were recognized and that the valuation procedures and resulting estimates of fair values were appropriate. During the fourth quarter of 2017 , as a result of our continuing reassessment of our fair value estimates, we made adjustments to the fair value of certain assets acquired and liabilities assumed primarily related to an increase of $47.5 million to real estate, a decrease of $8.2 million to identified intangible assets related to management and leasing contracts, an increase of $3.2 million to investments in and advances to unconsolidated real estate ventures, an increase of $43.4 million to lease assumption liability, an increase of $5.6 million to other liabilities acquired and a decrease of $2.9 million to deferred tax liability, resulting in a reduction to the gain on bargain purchase of $3.4 million . The fair value of the common shares and OP Units purchase consideration was determined as follows (i n thousands, except exchange ratio and price per share/unit): Outstanding common shares and common limited partnership units prior to the Combination 100,571 Exchange ratio (1) 2.71 Common shares and OP Units issued in consideration 37,164 Price per share/unit (2) $ 37.10 Fair value of common shares and OP Units issued in consideration $ 1,378,780 Fair value adjustment to OP Units due to transfer restrictions (43,303 ) Portion of consideration attributable to performance of future services (3) (110,591 ) Fair value of common shares and OP Units purchase consideration $ 1,224,886 ____________________ (1) Represents the implied exchange ratio of one common share and OP Unit of JBG SMITH for 2.71 common shares and common limited partnership units prior to the Combination. (2) Represents the volume weighted average share price on July 18, 2017. (3) OP Unit consideration paid to certain of the owners of the JBG Assets which have an estimated fair value of $ 110.6 million is subject to post-combination employment with vesting over periods of either 12 or 60 months and amortization is recognized as compensation expense over the period of employment in "General and administrative expense: Share-based compensation related to Formation Transaction" in the statements of operations. The JBG Assets acquired on July 18, 2017 comprise: (i) 30 operating assets comprising 19 office assets totaling approximately 3.6 million square feet ( 2.3 million square feet at our share), nine multifamily assets with 2,883 units ( 1,099 units at our share) and two other assets totaling approximately 490,000 square feet ( 73,000 square feet at our share); (ii) 11 office and multifamily assets under construction totaling over 2.5 million square feet ( 2.2 million square feet at our share); (iii) two near-term development office and multifamily assets totaling approximately 401,000 square feet ( 242,000 square feet at our share); (iv) 26 future development assets totaling approximately 11.7 million square feet ( 8.5 million square feet at our share) of estimated potential development density; and (v) JBG/Operating Partners, L.P., a real estate services company providing investment, development, asset management, property management, leasing, construction management and other services. JBG/Operating Partners, L.P. was owned by 20 unrelated individuals of which 19 became our employees, and three serve on our Board of Trustees. The preliminary estimated fair values of tangible and identified intangible assets and liabilities, which have definite lives, are as follows: Total Fair Value Weighted Average Amortization Period Useful Life (1) (In thousands) (In years) Tangible assets: Building and improvements $ 543,584 3 - 40 years Tenant improvements 65,572 Shorter of useful life or remaining life of the respective lease Total building and improvements $ 609,156 Leasehold improvements $ 4,422 Shorter of useful life or remaining life of the respective lease Equipment 3,468 5 years Total leasehold improvements and equipment $ 7,890 Identified intangible assets: In-place leases $ 60,317 6.4 Remaining life of the respective lease Above-market real estate leases 11,732 6.3 Remaining life of the respective lease Below-market ground leases 332 88.5 Remaining life of the respective lease Option to enter into ground lease 17,090 N/A Remaining life of contract Management and leasing contracts (2) 48,900 7.5 Estimated remaining life of contracts, ranging between 3 - 9 years Total identified intangible assets $ 138,371 Identified intangible liabilities: Below-market real estate leases $ 8,687 10.3 Remaining life of the respective lease ____________________ (1) In determining these useful lives, we considered the length of time the asset had been in existence, the maintenance history, as well as anticipated future maintenance, and any contractual stipulations that might limit the useful life. (2) Includes in-place property management, leasing, asset management and development management contracts. Transaction costs and other costs (such as advisory, legal, accounting, valuation and other professional fees) incurred to affect the Formation Transaction are included in "Transaction and other costs" in our statements of operations. Transaction and other costs of $127.7 million and $6.5 million were incurred during the years ended December 31, 2017 and 2016 . For the year ended December 31, 2017 , transaction and other costs include severance and transaction bonus expense of $40.8 million , investment banking fees of $33.6 million , legal fees of $13.9 million and accounting fees of $10.8 million . The total revenue and net loss of the JBG Assets for the year ended December 31, 2017 included in our statements of operations from the acquisition date was $71.3 million and $23.1 million . The accompanying unaudited pro forma information for the two years in the period ended December 31, 2017 is presented as if the Formation Transaction had occurred on January 1, 2016. This pro forma information is based upon the historical financial statements. This unaudited pro forma information does not purport to represent what the actual results of our operations would have been, nor does it purport to predict the results of operations of future periods. The unaudited pro forma information for the year ended December 31, 2017 was adjusted to exclude $24.4 million of gain on bargain purchase. The unaudited pro forma information was adjusted to exclude transaction and other costs of $127.7 million and $6.5 million and their respective income tax benefits for the years ended December 31, 2017 and 2016 . Year Ended December 31, 2017 2016 (In thousands, except per share data) Unaudited pro forma information: Total revenue $ 637,672 $ 655,668 Net loss attributable to common shareholders $ (19,343 ) $ (26,961 ) Loss per common share: Basic $ (0.16 ) $ (0.23 ) Diluted $ (0.16 ) $ (0.23 ) |
Tenants and Other Receivables,
Tenants and Other Receivables, Net | 12 Months Ended |
Dec. 31, 2017 | |
Receivables [Abstract] | |
Tenant and Other Receivables, Net | Tenant and Other Receivables, Net The following is a summary of tenant and other receivables, net as of December 31, 2017 and 2016 : December 31, 2017 2016 (In thousands) Tenants $ 30,672 $ 26,278 Third-party real estate services 8,954 2,488 Other 12,992 8,826 Allowance for doubtful accounts (5,884 ) (4,212 ) Total tenant and other receivables, net $ 46,734 $ 33,380 We incurred bad debt expense of approximately $3.8 million , $750,600 and $1.4 million during each of the three years in the period ended December 31, 2017 , which is included in "Property operating expenses" in the statements of operations. |
Investments in and Advances to
Investments in and Advances to Unconsolidated Real Estate Ventures | 12 Months Ended |
Dec. 31, 2017 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Investments in and Advances to Unconsolidated Real Estate Ventures | Investments in and Advances to Unconsolidated Real Estate Ventures The following is a summary of the composition of our investments in and advances to unconsolidated real estate ventures as of December 31, 2017 and 2016 : Ownership Interest (1) December 31, Real Estate Venture Partners (1) December 31, 2017 2016 (In thousands) Landmark 1.8% - 49.0% $ 95,368 $ — CBREI Venture 5.0% - 64.0% 79,062 — Canadian Pension Plan Investment Board ("CPPIB") 55.0% 36,317 36,312 Brandywine 30.0% 13,741 — Berkshire Group 50.0% 27,761 — JP Morgan 5.0% 9,296 9,335 Other 246 129 Total investments in unconsolidated real estate ventures 261,791 45,776 Advances to unconsolidated real estate ventures 20 — Total investments in and advances to unconsolidated real estate ventures $ 261,811 $ 45,776 _______________ (1) We aggregate our investments in and advances to unconsolidated real estate ventures by real estate venture partner. We have multiple investments with certain venture partners with varying ownership interests. In November 2017, we acquired the remaining 41.0% interest in the Capitol Point - North unconsolidated real estate venture, which was part of our real estate venture with Landmark for $13.1 million . Subsequent to the acquisition, we consolidated Capitol Point - North. In November 2017, our real estate venture with CBREI closed a $110.0 million refinancing on Atlantic Plumbing, a multifamily and retail asset in the U Street/Shaw submarket of Washington, DC. The loan has a five -year term and bears interest at a variable rate of one-month LIBOR plus 1.50% . A prior swap agreement was novated to synthetically fix the interest rate through September 2020, and we are responsible for the related premiums. At closing, $100.0 million was funded, which was used in part to repay the existing $88.4 million loan. The real estate venture has the ability to draw an additional $10.0 million based on the asset’s performance. The following is a summary of the debt of our unconsolidated real estate ventures as of December 31, 2017 and 2016 : Weighted Average Effective December 31, December 31, 2017 2016 (In thousands) Variable rate (1) 4.40% $ 534,500 $ 31,000 Fixed rate (2) 3.79% 657,701 273,000 Unconsolidated real estate ventures - mortgages payable 1,192,201 304,000 Unamortized deferred financing costs (2,000 ) (1,034 ) Unconsolidated real estate ventures - mortgages payable, net (3) $ 1,190,201 $ 302,966 ______________ (1) Includes variable rate mortgages payable with interest rate cap agreements. (2) Includes variable rate mortgages payable with interest rates fixed by interest rate swap agreements. (3) See Note 17 for additional information regarding related commitments and contingencies. The following is a summary of the financial information for our unconsolidated real estate ventures as of December 31, 2017 and 2016 and for each of the three years in the period ended December 31, 2017 : December 31, 2017 2016 Combined balance sheet information: (In thousands) Real estate, net $ 2,106,670 $ 463,643 Other assets 264,731 134,596 Total assets $ 2,371,401 $ 598,239 Mortgages payable, net $ 1,190,202 $ 302,966 Other liabilities 76,415 24,896 Total liabilities 1,266,617 327,862 Noncontrolling interests — 343 Total equity 1,104,784 270,034 Total liabilities and equity $ 2,371,401 $ 598,239 Year Ended December 31, 2017 2016 2015 Combined income statement information: (In thousands) Total revenue $ 135,256 $ 68,118 $ 67,275 Operating income 14,741 19,283 21,173 Net income (loss) (7,593 ) 5,234 340 |
Variable Interest Entities
Variable Interest Entities | 12 Months Ended |
Dec. 31, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Variable Interest Entities | Variable Interest Entities Unconsolidated VIEs As of December 31, 2017 and 2016 , we have interests in entities that are deemed VIEs that are in development stage and do not hold sufficient equity at risk or conduct substantially all their operations on behalf of the investor with disproportionately few voting rights. Although we are engaged to act as the managing partner in charge of day-to-day operations of these investees, we are not the primary beneficiary of these VIEs as we do not hold unilateral power over activities that, when taken together, most significantly impact the respective VIE’s performance. We account for our investment in these entities under the equity method. As of December 31, 2017 and 2016 , the net carrying amounts of our investment in these entities were $163.5 million and $42.4 million . Our maximum exposure to loss in these entities is limited to our investments, construction commitments and debt guarantees. See Note 17 for additional information. Consolidated VIEs JBG SMITH LP is our most significant consolidated VIE. We hold the majority membership interest in the operating partnership, act as the general partner and exercise full responsibility, discretion and control over its day-to-day management. The noncontrolling interests of the operating partnership do not have either substantive liquidation rights, or substantive kick-out rights without cause, or substantive participating rights that could be exercised by a simple majority of noncontrolling interest members (including by such a member unilaterally). Because the noncontrolling interest holders do not have these rights, the operating partnership is a VIE. As general partner, we have the power to direct the core activities of the operating partnership that most significantly affect its performance, and through our majority interest in the operating partnership have both the right to receive benefits from and the obligation to absorb losses of the operating partnership. Accordingly, we are the primary beneficiary of the operating partnership and consolidate the operating partnership in our financial statements. As we conduct our business and hold our assets and liabilities through the operating partnership, the total assets and liabilities of the operating partnership comprise substantially all of our consolidated assets and liabilities. We also consolidate certain VIEs that have minimal noncontrolling interests (less than 5%). These entities are VIEs because the noncontrolling interest holders do not have substantive kick-out or participating rights. We consolidate these entities because we control all of their significant business activities. As of December 31, 2017 , the total assets and liabilities of such consolidated VIEs, excluding the operating partnership, were approximately $111.0 million and $8.8 million . |
Other Assets, Net
Other Assets, Net | 12 Months Ended |
Dec. 31, 2017 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Other Assets, Net | Other Assets, Net The following is a summary of other assets, net as of December 31, 2017 and 2016 : December 31, 2017 2016 (In thousands) Deferred leasing costs $ 171,153 $ 157,258 Accumulated amortization (67,180 ) (57,910 ) Deferred leasing costs, net 103,973 99,348 Prepaid expenses 9,038 2,199 Identified intangible assets, net 126,467 3,063 Deferred financing costs on revolving credit facility, net 6,654 — Deposits 6,317 100 Other 11,474 8,245 Total other assets, net $ 263,923 $ 112,955 The following is a summary of the composition of identified intangible assets, net as of December 31, 2017 and 2016 : December 31, 2017 2016 Identified intangible assets: (in thousands) In-place leases $ 72,086 $ 12,777 Above-market real estate leases 12,066 773 Below-market ground leases 2,547 2,215 Option to enter into ground lease 17,090 — Management and leasing contracts 48,900 — Other 206 206 Total identified intangibles assets 152,895 15,971 Accumulated amortization: In-place leases 20,015 10,871 Above-market real estate leases 1,600 612 Below-market ground leases 1,365 1,278 Option to enter into ground lease 78 — Management and leasing contracts 3,209 — Other 161 147 Total accumulated amortization 26,428 12,908 Identified intangible assets, net $ 126,467 $ 3,063 The following is a summary of amortization expense included in the statements of operations related to identified intangible assets for each of the three years in the period ended December 31, 2017 : Year Ended December 31, 2017 2016 2015 (in thousands) In-place lease amortization (1) $ 10,216 $ 485 $ 1,343 Above-market real estate lease amortization (2) 1,428 78 89 Below-market ground lease amortization (3) 87 85 85 Management and leasing contract amortization (1) 3,209 — — Other amortization (1) 14 92 248 Total identified intangible asset amortization $ 14,954 $ 740 $ 1,765 ___________________________________________ (1) Amounts are included in "Depreciation and amortization expenses" in our statements of operations. (2) Amounts are included in "Property rentals revenue" in our statements of operations. (3) Amounts are included in "Property operating expenses" in our statements of operations. As of December 31, 2017 , the estimated amortization of identified intangible assets is as follows for the next five years and thereafter: Year ending December 31, Amount (in thousands) 2018 $ 22,338 2019 19,167 2020 16,136 2021 12,607 2022 11,248 Thereafter 44,971 Total $ 126,467 |
Debt
Debt | 12 Months Ended |
Dec. 31, 2017 | |
Debt Disclosure [Abstract] | |
Debt | Debt Mortgages Payable The following is a summary of mortgages payable as of December 31, 2017 and 2016 : Weighted Average December 31, December 31, 2017 (1) 2016 (In thousands) Variable rate (2) 3.62% $ 498,253 $ 547,291 Fixed rate (3) 4.25% 1,537,706 620,327 Mortgages payable 2,035,959 1,167,618 Unamortized deferred financing costs and premium/discount, net (10,267 ) (2,604 ) Mortgages payable, net $ 2,025,692 $ 1,165,014 Payable to former parent (4) — $ — $ 283,232 __________________________ (1) Includes mortgages payable assumed in the Combination. See Note 3 for additional information. (2) Includes variable rate mortgages payable with interest rate cap agreements. (3) Includes variable rate mortgages payable with interest rates fixed by interest rate swap agreements. (4) Includes amounts payable to former parent as of December 31, 2016 in connection with the Bowen Building and The Bartlett. See Note 18 for additional information. As of December 31, 2017 , the net carrying value of real estate collateralizing our mortgages payable totaled $2.9 billion . Our mortgage loans contain covenants that limit our ability to incur additional indebtedness on these properties and in certain circumstances, require lender approval of tenant leases and/or yield maintenance upon repayment prior to maturity. Certain of our mortgage loans are recourse to us. As of December 31, 2017 , we were not in default under any mortgage loan. In the Combination, we assumed mortgages payable with an aggregate principal balance of $768.5 million . In addition, we entered into mortgages payable with an aggregate principal balance of $79.3 million during the year ended December 31, 2017 with an ability to draw an additional $143.7 million for construction. During the year ended December 31, 2017 , we repaid mortgages payable with an aggregate principal balance of $250.0 million , which includes mortgages payable totaling $64.8 million assumed in the Combination. We recognized losses on the extinguishment of debt in conjunction with these repayments of $701,000 for the year ended December 31, 2017 . As of December 31, 2017 , we had various interest rate swap and cap agreements with an aggregate notional value of $1.4 billion to swap variable interest rates to fixed rates on certain of our mortgages payable. See Note 15 for additional information. Credit Facility On July 18, 2017, we entered into a $1.4 billion credit facility, consisting of a $1.0 billion revolving credit facility maturing in July 2021 , with two six -month extension options, a delayed draw $200.0 million unsecured term loan ("Tranche A-1 Term Loan") maturing in January 2023 and a delayed draw $200.0 million unsecured term loan ("Tranche A-2 Term Loan") maturing in July 2024 . The interest rate for the credit facility varies based on a ratio of our total outstanding indebtedness to a valuation of certain real property and assets and ranges (a) in the case of the revolving credit facility, from LIBOR plus 1.10% to LIBOR plus 1.50% , (b) in the case of the Tranche A-1 Term Loan, from LIBOR plus 1.20% to LIBOR plus 1.70% and (c) in the case of the Tranche A-2 Term Loan, from LIBOR plus 1.55% to LIBOR plus 2.35% . There are various LIBOR options in the credit facility, and we elected the one-month LIBOR option as of December 31, 2017 . In October 2017, we entered into an interest rate swap with a notional value of $50.0 million to convert the variable interest rate applicable to our Tranche A-1 Term Loan to a fixed interest rate, providing a base interest rate under the facility agreement of 1.97% per annum. The interest rate swap matures in January 2023, concurrent with the maturity of our Tranche A-1 Term Loan. As of December 31, 2017 , we were not in default under our credit facility. On July 18, 2017, in connection with the Combination, we drew $115.8 million on the revolving credit facility and $50.0 million under the Tranche A-1 Term Loan. In connection with the execution of the credit facility, we incurred $11.2 million in debt issuance costs. The following is a summary of amounts outstanding under the credit facility as of December 31, 2017 : December 31, 2017 Interest Rate Balance (In thousands) Revolving credit facility (1) 2.66% $ 115,751 Tranche A-1 Term Loan 3.17% $ 50,000 Unamortized deferred financing costs, net (3,463 ) Unsecured term loan, net $ 46,537 __________________________ (1) As of December 31, 2017 , letters of credit with an aggregate face amount of $5.7 million were provided under our revolving credit facility. Principal Maturities Principal maturities of debt outstanding as of December 31, 2017 , including mortgages payable, the Tranche A-1 Term Loan and borrowings on the revolving credit facility, are as follows: Year ending December 31, Amount (In thousands) 2018 $ 337,513 2019 227,041 2020 225,914 2021 216,545 2022 327,500 Thereafter 867,197 Total $ 2,201,710 Interest costs incurred, excluding amortization and accretion of discounts and premiums and deferred financing costs, were $65.4 million , $54.3 million and $55.5 million for each of the three years in the period ended December 31, 2017 , of which $12.7 million , $4.1 million and $6.4 million were capitalized. |
Other Liabilities, Net
Other Liabilities, Net | 12 Months Ended |
Dec. 31, 2017 | |
Other Liabilities Disclosure [Abstract] | |
Other Liabilities, Net | Other Liabilities, Net The following is a summary of other liabilities, net as of December 31, 2017 and 2016 : December 31, 2017 2016 (In thousands) Lease intangible liabilities $ 44,917 $ 36,515 Accumulated amortization (26,950 ) (24,945 ) Lease intangible liabilities, net 17,967 11,570 Prepaid rent 15,751 9,163 Lease assumption liabilities and accrued tenant incentives (1) 50,866 14,907 Capital lease obligation 15,819 — Security deposits 13,618 10,324 Ground lease deferred rent payable 3,730 3,331 Net deferred tax liability 8,202 — Dividends payable (2) 31,097 — Other 4,227 192 Total other liabilities, net $ 161,277 $ 49,487 ___________________________________________ (1) As of December 31, 2017 , includes $43.4 million of lease assumption liabilities assumed in the Combination. See Note 3 for additional information. (2) Dividends declared in December 2017 that were paid in January 2018. Amortization expense included in "Property rentals" the statements of operations related to lease intangible liabilities for each of the three years in the period ended December 31, 2017 was $2.3 million , $1.4 million and $2.9 million . As of December 31, 2017 , the estimated amortization of lease intangible liabilities is as follows for the next five years and thereafter: Year ending December 31, Amount (in thousands) 2018 $ 2,695 2019 2,633 2020 2,382 2021 1,905 2022 1,788 Thereafter 6,564 Total $ 17,967 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes For the year ended December 31, 2017 , we intend to elect to be taxed as a REIT, and our former parent also elected to be taxed as a REIT for the years ended December 31, 2016 and 2015 . Accordingly, we incurred no federal income tax expense for each of the three years ended December 31, 2017 related to our REIT subsidiaries. The only federal income taxes included in the accompanying financial statements relate to activities of our TRSs. Due to the passage of federal tax reform legislation, which was signed into law on December 22, 2017 and which we refer as the 2017 Tax Act, our TRSs were required to decrease the net deferred tax liability, which resulted in a net tax benefit of $3.9 million during the year ended December 31, 2017 . The remainder of the tax benefit is due to the net loss of the TRSs. Our financial statements include the operations of our TRSs, which are subject to federal, state and local income taxes on their taxable income. As a REIT, we may also be subject to federal excise taxes if we engage in certain types of transactions. Continued qualification as a REIT depends on our ability to satisfy the REIT distribution tests, stock ownership requirements and various other qualification tests. As of December 31, 2017 , our TRSs have an estimated federal and state net operating loss of $6.2 million , which will expire in 2037 . As of December 31, 2017 , the cost of real estate, net of accumulated depreciation, for federal income tax purposes was approximately $3.5 billion . The following is a summary of our income tax benefit (expense) for each of the three years in the period ended December 31, 2017 : Year Ended December 31, 2017 2016 2015 (in thousands) Current tax benefit (expense) $ (496 ) $ (1,083 ) $ (420 ) Deferred tax benefit (expense) 10,408 — — Income tax benefit (expense) $ 9,912 $ (1,083 ) $ (420 ) As of December 31, 2017 , we have a net deferred tax liability of $8.2 million primarily related to the management and leasing contracts assumed in the Combination, partially offset by deferred tax assets associated with tax versus book differences, related general and administrative expenses and the net operating loss for 2017 . We are subject to federal, state and local income tax examinations by taxing authorities for 2014 through 2017. December 31, 2017 2016 (in thousands) Deferred tax assets: Accrued bonus $ 1,675 $ — Net operating loss 1,710 — Other 805 — Total deferred tax assets 4,190 — Deferred tax liabilities: Management and leasing contracts (11,840 ) — Other (552 ) — Total deferred tax liabilities (12,392 ) — Net deferred tax liability $ (8,202 ) $ — During the year ended December 31, 2017 , our Board of Trustees declared cash dividends of $0.45 per common share of which $0.31 was taxable as ordinary income for federal income tax purposes in 2017 and the remaining $0.14 will be determined in 2018. No dividends were declared or paid in 2016 and 2015. |
Redeemable Noncontrolling Inter
Redeemable Noncontrolling Interests | 12 Months Ended |
Dec. 31, 2017 | |
Noncontrolling Interest [Abstract] | |
Redeemable Noncontrolling Interests | Redeemable Noncontrolling Interests JBG SMITH LP In the Formation Transaction, JBG SMITH LP issued 19.8 million OP Units to persons other than JBG SMITH that are redeemable for cash or our common shares beginning August 1, 2018, subject to certain limitations. These OP Units represent a 14.4% interest in JBG SMITH LP as of December 31, 2017 . The carrying amount of the redeemable noncontrolling interests is adjusted to its redemption value at the end of each reporting period, but no less than its initial carrying value, with such adjustments recognized in "Additional paid-in capital". Redemption value is equivalent to the market value of one of our common shares at the end of the period multiplied by the number of vested OP Units outstanding. Consolidated Real Estate Venture In November 2017, a real estate venture acquired 965 Florida Avenue for $1.5 million and concurrently restructured the terms of the venture. Prior to the restructure, our partner held a 37.9% ownership interest. Pursuant to the terms of the venture agreement, we will fund all capital contributions until we achieve a 97.0% interest. Our partner can redeem its interest for cash two years after delivery, but no later than seven years subsequent to delivery. As of December 31, 2017 , we held a 67.6% ownership interest and consolidated 965 Florida Avenue. Below is a summary of the activity of redeemable noncontrolling interests for the year ended December 31, 2017 : JBG SMITH LP Consolidated Real Estate Venture Total (In thousands) Balance at January 1, 2017 (1) $ — $ — $ — OP Units issued at the Separation 96,632 — 96,632 OP Units issued in connection with the Combination (2) 359,967 — 359,967 Net loss attributable to redeemable noncontrolling interests (7,320 ) (8 ) (7,328 ) Other comprehensive income 225 — 225 Distributions and acquisition of consolidated real estate venture (9,113 ) 5,420 (3,693 ) Share-based compensation expense 32,634 — 32,634 Adjustment to redemption value 130,692 — 130,692 Balance as of December 31, 2017 $ 603,717 $ 5,412 $ 609,129 __________________ (1) We did not have any redeemable noncontrolling interests prior to the Separation on July 17, 2017. (2) Excludes certain OP Units issued in the Combination which have an estimated fair value of $ 110.6 million , that are subject to post-combination employment with vesting over periods of either 12 or 60 months. See Note 12 for additional information. |
Share-Based Payments and Employ
Share-Based Payments and Employee Benefits | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Share-Based Payments and Employee Benefits | Share-Based Payments and Employee Benefits OP UNITS In the Combination, 3.3 million OP Units were issued with an estimated grant-date fair value of $ 110.6 million , subject to post-combination employment with vesting over periods of either 12 or 60 months. The fair value of these OP Units was estimated based on the post-vesting restriction periods of the OP Units. The significant assumptions used to value the OP Units included expected volatilities ( 18.0% to 27.0% ), risk-free interest rates ( 1.3% to 1.5% ) and post-vesting restriction periods ( 1 year to 3 years ). Compensation expense for these OP Units is recognized over the graded vesting period. See Note 3 for additional information. The following table presents information regarding the OP Units activity during the year ended December 31, 2017 : Unvested Shares Weighted Average Grant-Date Fair Value Unvested at January 1, 2017 — $ — Granted 3,280,900 33.71 Vested (193,938 ) 37.10 Unvested at December 31, 2017 3,086,962 33.49 JBG SMITH 2017 Omnibus Share Plan On June 23, 2017, our Board of Trustees adopted the JBG SMITH 2017 Omnibus Share Plan (the "Plan"), effective as of July 17, 2017, and authorized the reservation of approximately 10.3 million of our common shares pursuant to the Plan. On July 10, 2017, our then sole-shareholder approved the Plan. As of December 31, 2017 , there were 6.6 million common shares available for issuance under the Plan. Formation Awards Pursuant to the Plan, on July 18, 2017, we granted approximately 2.7 million Formation Awards based on an aggregate notional value of approximately $100.0 million divided by the volume-weighted average price on July 18, 2017 of $37.10 per common share. The Formation Awards are structured in the form of profits interests in JBG SMITH LP that provide for a share of appreciation determined by the increase in the value of a common share at the time of conversion over the $37.10 volume-weighted average price of a common share at the time the formation unit was granted. The Formation Awards, subject to certain conditions, generally vest 25% on each of the third and fourth anniversaries and 50% on the fifth anniversary, of the closing of the Combination, subject to continued employment with JBG SMITH through each vesting date. The value of vested Formation Awards is realized through conversion of the award into a number of LTIP Units, and subsequent conversion into a number of OP Units determined based on the difference between $37.10 and the value of a common share on the conversion date. The conversion ratio between Formation Awards and OP Units, which starts at zero, is the quotient of (i) the excess of the value of a common share on the conversion date above the per share value at the time the Formation Award was granted over (ii) the value of a common share as of the date of conversion. This is similar to a "cashless exercise" of stock options, whereby the holder receives a number of shares equal in value to the difference between the full value of the total number of shares for which the option is being exercised and the total exercise price. Like options, Formation Awards have a finite 10 -year term over which their value is allowed to increase and during which they may be converted into LTIP Units (and in turn, OP Units). Holders of Formation Awards will not receive distributions or allocations of net income or net loss prior to vesting and conversion to LTIP Units. The grant-date fair value of the Formation Awards was $23.7 million or $8.84 per unit estimated using Monte Carlo simulations. The significant assumptions used to value the awards included expected volatility ( 26.0% ), dividend yield ( 2.3% ), risk-free interest rate ( 2.3% ) and expected life ( 7 years ). Compensation expense for these awards is being recognized over a five -year period. The following table presents information regarding the Formation Awards activity during the year ended December 31, 2017 : Unvested Shares Weighted Average Grant-Date Fair Value Unvested at January 1, 2017 — $ — Granted 2,680,552 8.84 Forfeited (6,738 ) 8.84 Unvested at December 31, 2017 2,673,814 8.84 LTIP and Time-Based LTIP Units On July 18, 2017, we granted a total of 47,166 fully vested LTIP Units to the seven non-employee trustees in the notional amount of $250,000 each. The LTIP Units may not be sold while such non-employee trustee is serving on the Board. On the same date, we also granted 59,927 LTIP units to a key employee of which 50% vested immediately and the remaining 50% vests ratably from the 31 st to the 60 th month following the grant date. These LTIP Units had an aggregate grant-date fair value of $3.5 million . On August 1, 2017, we granted 302,518 Time-Based LTIP Units to management and other employees under our Plan. The Time-Based LTIP units vest in four equal installments on August 1 of each year, subject to continued employment. These Time-Based LTIP Units were valued at a weighted average grant-date fair value of $33.71 per unit. Compensation expense for these units is being recognized over a four -year period. The fair value of LTIP and Time-Based LTIP Units was estimated based on the post-vesting restriction periods. The significant assumptions used to value the units included expected volatilities ( 17.0% to 19.0% ), risk-free interest rates ( 1.3% to 1.5% ) and post-vesting restriction periods ( 2 years to 3 years ). Net income and net loss is allocated to each LTIP and Time-Based LTIP Unit. LTIP and Time-Based LTIP Unit holders have the right to convert all or a portion of vested units into OP Units, which are then subsequently exchangeable for our common shares. LTIP and Time-Based LTIP Units do not have redemption rights, but any OP Units into which units are converted are entitled to redemption rights. LTIP and Time-Based LTIP Units, generally, vote with the OP Units and do not have any separate voting rights except in connection with actions that would materially and adversely affect the rights of the LTIP and Time-Based LTIP Units. The following table presents information regarding the LTIP and Time-Based LTIP Units activity during the year ended December 31, 2017 : Unvested Shares Weighted Average Grant-Date Fair Value Unvested at January 1, 2017 — $ — Granted 409,611 33.41 Vested (77,129 ) 32.26 Forfeited (275 ) 33.71 Unvested at December 31, 2017 332,207 33.68 Performance-Based LTIP Units On August 1, 2017, we granted 605,072 Performance-Based LTIP Units to management and other employees under the Plan. Performance-Based LTIP Units are performance-based equity compensation pursuant to which participants have the opportunity to earn Performance-Based LTIP Units based on the relative performance of the total shareholder return ("TSR") of our common shares compared to the companies in the FTSE NAREIT Equity Office Index, over the three -year performance period beginning on the August 1, 2017 grant date, inclusive of dividends and stock price appreciation. Fifty percent of any Performance-Based LTIP Units that are earned vest at the end of the three -year performance period and the remaining 50% on the fourth anniversary of the date of grant, subject to continued employment. Net income and net loss are allocated to each Performance-Based LTIP Unit. The grant-date fair value of the Performance-Based LTIP Units was $9.7 million or $15.95 per unit estimated using Monte Carlo simulations. The significant assumptions used to value the Performance-Based LTIP Units include expected volatility ( 18.0% ), dividend yield ( 2.3% ) and risk-free interest rates ( 1.5% ). Compensation expense for these units is being recognized over a four -year period. The following table presents information regarding the Performance-Based LTIP Units activity during the year ended December 31, 2017 : Unvested Shares Weighted Average Grant-Date Fair Value Unvested at January 1, 2017 — $ — Granted 605,072 15.95 Forfeited (550 ) 15.95 Unvested at December 31, 2017 604,522 15.95 Share-Based Compensation Expense Share-based compensation expense for each of the three years in the period ended December 31, 2017 is summarized as follows: Year Ended December 31, 2017 2016 2015 (In thousands) Formation Awards $ 5,169 $ — $ — LTIP Units 2,615 — — OP Units (1) 21,467 — — Share-based compensation related to Formation Transaction (2) 29,251 — — Time-Based LTIP Units that vest over four years 2,211 — — Performance-Based LTIP Units 1,172 — — Other equity awards (3) 1,526 4,502 4,506 Share-based compensation expense - other (4) 4,909 4,502 4,506 Total share-based compensation expense 34,160 4,502 4,506 Less amount capitalized (467 ) — — Net share-based compensation expense $ 33,693 $ 4,502 $ 4,506 ______________________________________________ (1) Represents share-based compensation expense for OP Units subject to post-combination employment. See Note 3 for additional information. (2) Included in "General and administrative expense: Share-based compensation related to Formation Transaction" in the accompanying statements of operations. (3) Represents share-based compensation expense related to equity awards prior to the Formation Transaction. (4) Included in "General and administrative expense" in the accompanying statements of operations. As of December 31, 2017 , we had $124.9 million of total unrecognized compensation expense related to unvested share-based payment arrangements (unvested OP Units, Formation Awards, Time-Based LTIP Units and Performance-Based LTIP Units). This expense is expected to be recognized over a weighted average period of 3.3 years. Employee Benefits We have a 401(k) defined contribution plan (the "401(k) Plan") covering substantially all of our officers and employees which permits participants to defer compensation up to the maximum amount permitted by law. We provide a discretionary matching contribution. Employees’ contributions vest immediately and our matching contributions vest over five years. Our contributions for each of the three years in the period ended December 31, 2017 were $3.6 million , $2.4 million , $2.3 million . |
Earnings (Loss) Per Common Shar
Earnings (Loss) Per Common Share | 12 Months Ended |
Dec. 31, 2017 | |
Earnings Per Share [Abstract] | |
Earnings (Loss) Per Common Share | Earnings (Loss) Per Common Share The following summarizes the calculation of basic and diluted earnings (loss) per common share and provides a reconciliation of the amounts of net income (loss) available to common shareholders used in calculating basic and diluted earnings (loss) per common share for each of the three years in the period ended December 31, 2017 : Year Ended December 31, 2017 2016 2015 (In thousands, except per share amounts) Net income (loss) $ (79,084 ) $ 61,974 $ 49,628 Net loss attributable to redeemable noncontrolling interests 7,328 — — Net loss attributable to noncontrolling interest 3 — — Net income (loss) attributable to common shareholders (71,753 ) 61,974 49,628 Distributions to participating securities (1,655 ) — — Net income (loss) available to common shareholders $ (73,408 ) $ 61,974 $ 49,628 Weighted average number of common shares outstanding — basic and diluted (1) 105,359 100,571 100,571 Earnings (loss) per common share: Basic $ (0.70 ) $ 0.62 $ 0.49 Diluted (0.70 ) 0.62 0.49 ______________ (1) Reflects the weighted average common shares outstanding as of the date of the Separation in all periods prior to July 17, 2017. The effect of the conversion of 16.7 million OP Units that were outstanding at December 31, 2017 is excluded in the computation of basic and diluted loss per common share, as the assumed exchange of such units for common shares on a one-for-one basis was antidilutive (the assumed conversion of these units would have no net impact on the determination of diluted earnings per share). Since vested and outstanding OP Units, which are held by noncontrolling interests, are attributed gains and losses at an identical proportion to the common shareholders, the gains and losses attributable and their equivalent weighted average OP Unit impact are excluded from net income (loss) available to common shareholders and the weighted average number of common shares outstanding in calculating basic and diluted loss per common share. The number of additional securities excluded from the calculation of diluted earnings (loss) per common share as they were antidilutive, but potentially could be dilutive in the future are included in the following table for each of the three years in the period ended December 31, 2017 : Year Ended December 31, 2017 2016 2015 (In thousands) OP Units 3,087 — — Formation Awards 2,674 — — Time-Based LTIP Units 409 — — Performance-Based LTIP Units 605 — — |
Future Minimum Rental Income
Future Minimum Rental Income | 12 Months Ended |
Dec. 31, 2017 | |
Leases [Abstract] | |
Future Minimum Rental Income | Future Minimum Rental Income We lease space to tenants under operating leases that expire at various dates through the year 2036. The leases provide for the payment of fixed base rents payable monthly in advance as well as reimbursements of real estate taxes, insurance and maintenance costs. Retail leases may also provide for the payment by the lessee of additional rents based on a percentage of their sales. As of December 31, 2017 , future base rental revenue under these non-cancelable operating leases excluding extension options is as follows: Year ending December 31, Amount (In thousands) 2018 $ 428,413 2019 341,872 2020 307,181 2021 264,351 2022 226,490 Thereafter 1,167,008 |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2017 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis As of December 31, 2017 , we had various derivative financial instruments consisting of interest rate swap and cap agreements that are measured at fair value on a recurring basis. There were no derivative financial instruments prior to the Combination. The net unrealized gain on our derivative financial instruments designated as cash flow hedges was $1.8 million for the year ended December 31, 2017 and is recorded in "Accumulated other comprehensive income" in the balance sheet. Within the next 12 months, we expect to reclassify $3.6 million as an increase to interest expense. The net unrealized gain on our derivative financial instruments not designated as cash flow hedges was $1.3 million for the year ended December 31, 2017 and is recorded in "Interest expense" in the statement of operations. The fair values of the derivative financial instruments are based on the estimated amounts we would receive or pay to terminate the contracts at the reporting date and are determined using interest rate pricing models and observable inputs. The derivative financial instruments are classified within Level 2 of the valuation hierarchy. The following are assets and liabilities measured at fair value on a recurring basis as of December 31, 2017 : Fair Value Measurements Total Level 1 Level 2 Level 3 December 31, 2017 (In thousands) Derivative financial instruments designated as cash flow hedges: Classified as assets in "Other assets, net" $ 1,506 $ — $ 1,506 $ — Classified as liabilities in "Other liabilities, net" 2,640 — 2,640 — Derivative financial instruments not designated as cash flow hedges: Classified as assets in "Other assets, net" $ 635 $ — $ 635 $ — Classified as liabilities in "Other liabilities, net" $ 22 $ — $ 22 $ — The fair values of our derivative financial instruments were determined using widely accepted valuation techniques, including discounted cash flow analysis on the expected cash flows of the derivative financial instrument. This analysis reflected the contractual terms of the derivative, including the period to maturity, and used observable market-based inputs, including interest rate market data and implied volatilities in such interest rates. While it was determined that the majority of the inputs used to value the derivatives fall within Level 2 of the fair value hierarchy under authoritative accounting guidance, the credit valuation adjustments associated with the derivatives also utilized Level 3 inputs, such as estimates of current credit spreads to evaluate the likelihood of default. However, as of December 31, 2017 , the significance of the impact of the credit valuation adjustments on the overall valuation of the derivative financial instruments was assessed and it was determined that these adjustments were not significant to the overall valuation of the derivative financial instruments. As a result, it was determined that the derivative financial instruments in their entirety should be classified in Level 2 of the fair value hierarchy. The net unrealized gain included in "Other comprehensive gain'' was primarily attributable to the net change in unrealized gains or losses related to the interest rate swaps that were outstanding as of December 31, 2017 , none of which were reported in the statements of operations because they were documented and qualified as hedging instruments and there was no ineffectiveness in relation to the hedges. Financial Assets and Liabilities Not Measured at Fair Value As of December 31, 2017 and 2016 , all financial instruments and liabilities were reflected in our balance sheets at amounts which, in our estimation, reasonably approximated their fair values, except for the following: December 31, 2017 December 31, 2016 Carrying Amount (1) Fair Value Carrying Amount (1) Fair Value (In thousands) Financial liabilities: Mortgages payable $ 2,035,959 $ 2,060,899 $ 1,167,618 $ 1,192,267 Revolving credit facility 115,751 115,768 — — Unsecured term loan 50,000 50,029 — — ______________________________________ ( 1) The carrying amount consists of principal only. The fair value of our mortgages payable is estimated by discounting the future contractual cash flows of these instruments using current risk-adjusted rates available to borrowers with similar credit ratings, which are provided by a third-party specialist. The fair value of the mortgages payable and unsecured term loan was determined using Level 2 inputs of the fair value hierarchy. The fair value of our revolving credit facility and unsecured term loan is calculated based on the net present value of payments over the term of the facilities using estimated market rates for similar notes and remaining terms. The fair value of the revolving credit facility and unsecured term loan was determined using Level 2 inputs of the fair value hierarchy. |
Segment Information
Segment Information | 12 Months Ended |
Dec. 31, 2017 | |
Segment Reporting [Abstract] | |
Segment Information | Segment Information We review operating and financial data for each property on an individual basis; therefore, each of our individual properties is a separate operating segment. As a result of the Formation Transaction, we redefined our reportable segments to be aligned with our method of internal reporting and the way our Chief Executive Officer, who is also our Chief Operating Decision Maker ("CODM"), makes key operating decisions, evaluates financial results, allocates resources and manages our business. Accordingly, we aggregate our operating segments into three reportable segments (office, multifamily, and third-party real estate services) based on the economic characteristics and nature of our assets and services. In connection therewith, we have reclassified the prior period segment financial data to conform to the current period presentation. The CODM measures and evaluates the performance of our operating segments, with the exception of the third-party real estate services business, based on the net operating income ("NOI") of properties within each segment. NOI includes property rental revenues and tenant reimbursements and deducts property operating expenses and real estate taxes. With respect to the third-party real estate services business, the CODM reviews revenues streams generated by this segment ("Third-party real estate services, including reimbursements"), as well as the expenses attributable to the segment ("General and administrative: third-party real estate services"), which are disclosed separately in the statements of operations. Management company assets primarily consist of management and leasing contracts with a net book value of $45.7 million classified in "Other assets, net" in the balance sheet as of December 31, 2017 . Consistent with internal reporting presented to our CODM and our definition of NOI, the third-party real estate services operating results are excluded from the NOI data below. The following table reflects the reconciliation of net income (loss) attributable common shareholders to consolidated NOI for each of the three years in the period ended December 31, 2017 : Year Ended December 31, 2017 2016 2015 (In thousands) Net income (loss) attributable to common shareholders $ (71,753 ) $ 61,974 $ 49,628 Add: Depreciation and amortization expense 161,659 133,343 144,984 General and administrative expense: Corporate and other 47,131 48,753 44,424 Third-party real estate services 51,919 19,066 18,217 Share-based compensation related to Formation Transaction 29,251 — — Transaction and other costs 127,739 6,476 — Interest expense 58,141 51,781 50,823 Loss on extinguishment of debt 701 — — Income tax expense (benefit) (9,912 ) 1,083 420 Less: Third-party real estate services, including reimbursements 63,236 33,882 29,467 Other income 5,167 5,381 10,854 Loss from unconsolidated real estate ventures, net (4,143 ) (947 ) (4,283 ) Interest and other income (loss), net 1,788 2,992 2,557 Gain on bargain purchase 24,376 — — Net loss attributable to redeemable noncontrolling interests 7,328 — — Net loss attributable to noncontrolling interest 3 — — Consolidated NOI $ 297,121 $ 281,168 $ 269,901 Below is a summary of NOI by segment for each of the three years in the period ended December 31, 2017 : Year Ended December 31, 2017 Office Multifamily Other Elimination of Intersegment Activity Total (In thousands) Rental revenue: Property rentals $ 343,213 $ 85,809 $ 10,508 $ (2,905 ) $ 436,625 Tenant reimbursements 32,315 5,012 658 — 37,985 Total rental revenue 375,528 90,821 11,166 (2,905 ) 474,610 Rental expense: — Property operating 93,834 24,297 8,528 (15,604 ) 111,055 Real estate taxes 50,483 10,940 5,011 — 66,434 Total rental expense 144,317 35,237 13,539 (15,604 ) 177,489 Consolidated NOI $ 231,211 $ 55,584 $ (2,373 ) $ 12,699 $ 297,121 Year Ended December 31, 2016 Office Multifamily Other Elimination of Intersegment Activity Total (In thousands) Rental revenue: Property rentals $ 317,956 $ 63,401 $ 23,234 $ (2,996 ) $ 401,595 Tenant reimbursements 33,361 3,454 846 — 37,661 Total rental revenue 351,317 66,855 24,080 (2,996 ) 439,256 Rental expense: — Property operating 91,128 17,238 7,216 (15,278 ) 100,304 Real estate taxes 46,115 6,993 4,676 — 57,784 Total rental expense 137,243 24,231 11,892 (15,278 ) 158,088 Consolidated NOI $ 214,074 $ 42,624 $ 12,188 $ 12,282 $ 281,168 Year Ended December 31, 2015 Office Multifamily Other Elimination of Intersegment Activity Total (In thousands) Rental revenue: Property rentals $ 311,671 $ 53,071 $ 27,504 $ (2,436 ) $ 389,810 Tenant reimbursements 35,508 2,790 2,178 — 40,476 Total rental revenue 347,179 55,861 29,682 (2,436 ) 430,286 Rental expense: Property operating 92,355 14,606 9,268 (14,718 ) 101,511 Real estate taxes 45,479 6,022 7,373 — 58,874 Total rental expense 137,834 20,628 16,641 (14,718 ) 160,385 Consolidated NOI $ 209,345 $ 35,233 $ 13,041 $ 12,282 $ 269,901 The following is a summary of certain balance sheet data by segment as of December 31, 2017 and 2016 : Office Multifamily Other Elimination of Intersegment Activity Total December 31, 2017 (In thousands) Real estate, at cost $ 3,955,013 $ 1,476,423 $ 594,361 $ — $ 6,025,797 Investments in and advances to unconsolidated real estate ventures 124,659 98,835 38,317 — 261,811 Total assets 3,542,977 1,434,999 1,299,085 (205,254 ) 6,071,807 December 31, 2016 Real estate, at cost $ 2,798,946 $ 959,404 $ 397,041 $ — $ 4,155,391 Investments in and advances to 45,647 — 129 — 45,776 Total assets 2,388,396 873,157 399,087 — 3,660,640 |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Insurance We maintain general liability insurance with limits of $200.0 million per occurrence and in the aggregate, and property and rental value insurance coverage with limits of $2.0 billion per occurrence, with sub-limits for certain perils such as floods and earthquakes on each of our properties. We also maintain coverage, through our wholly owned captive insurance subsidiary, for both terrorist acts and for nuclear, biological, chemical or radiological terrorism events with limits of $2.0 billion per occurrence. These policies are partially reinsured by third-party insurance providers. We will continue to monitor the state of the insurance market and the scope and costs of coverage for acts of terrorism. We cannot anticipate what coverage will be available on commercially reasonable terms in the future. We are responsible for deductibles and losses in excess of the insurance coverage, which could be material. Our debt, consisting of mortgage loans secured by our properties, revolving credit facility and unsecured term loans contain customary covenants requiring adequate insurance coverage. Although we believe that we currently have adequate insurance coverage, we may not be able to obtain an equivalent amount of coverage at reasonable costs in the future. If lenders insist on greater coverage than we are able to obtain, it could adversely affect the ability to finance or refinance our properties. Construction Commitments As of December 31, 2017 , we have construction in progress that will require an additional $766.0 million to complete ( $676.0 million related to our consolidated entities and $90.0 million related to our unconsolidated real estate ventures at our share), based on our current plans and estimates, which we anticipate will be primarily expended over the next two to three years. These capital expenditures are generally due as the work is performed, and we expect to finance them with debt proceeds, proceeds from asset recapitalizations and sales, and available cash. Environmental Matters Each of our properties has been subjected to varying degrees of environmental assessment at various times. The environmental assessments did not reveal any material environmental contamination that we believe would have a material adverse effect on our overall business, financial condition or results of operations, or that have not been anticipated and remediated during site redevelopment as required by law. Nevertheless, there can be no assurance that the identification of new areas of contamination, changes in the extent or known scope of contamination, the discovery of additional sites or changes in cleanup requirements would not result in significant cost to us. Other There are various legal actions against us in the ordinary course of business. In our opinion, the outcome of such matters will not have a material adverse effect on our financial condition, results of operations or cash flows. From time to time, we (or ventures in which we have an ownership interest) have agreed, and may in the future agree, to (1) guarantee portions of the principal, interest and other amounts in connection with their borrowings, (2) provide customary environmental indemnifications and nonrecourse carve-outs (e.g., guarantees against fraud, misrepresentation and bankruptcy) in connection with their borrowings and (3) provide guarantees to lenders and other third parties for the completion of development projects. We customarily have agreements with our outside partners whereby the partners agree to reimburse the real estate venture or us for their share of any payments made under the guarantee. Amounts that may be required to be paid in future periods in relation to budget overruns or operating losses that also included in some of our guarantees are not estimable. Guarantees (excluding environmental) terminate either upon the satisfaction of specified circumstances or repayment of the underlying debt. As of December 31, 2017 , the aggregate amount of our principal payment guarantees was approximately $91.5 million for our consolidated entities and $31.0 million for our unconsolidated real estate ventures. As of December 31, 2017 , we expect to fund additional capital to certain of our unconsolidated investments totaling approximately $49.3 million , which we anticipate will be primarily expended over the next two to three years. In connection with the Formation Transaction, we entered into an agreement with Vornado regarding tax matters (the "Tax Matters Agreement") that provides special rules that allocate tax liabilities if the distribution of JBG SMITH shares by Vornado, together with certain related transactions, is not tax-free. Under the Tax Matters Agreement, we may be required to indemnify Vornado against any taxes and related amounts and costs resulting from a violation by us of the Tax Matters Agreement, or from the taking of certain restricted actions by us. We are obligated under non-cancelable operating leases including ground leases on certain of our properties through 2106. As of December 31, 2017 , future minimum rental payments under non-cancelable operating leases, capital leases and lease assumption liabilities are as follows: Year ending December 31, Amount (In thousands) 2018 $ 13,686 2019 14,073 2020 13,866 2021 13,594 2022 12,845 Thereafter 697,903 Total $ 765,967 During each of the three years in the period ended December 31, 2017 , we recognized approximately $4.7 million , $2.1 million and $1.9 million of rental expense related to our non-cancelable operating and capital leases. |
Transactions with Vornado and R
Transactions with Vornado and Related Parties | 12 Months Ended |
Dec. 31, 2017 | |
Related Party Transactions [Abstract] | |
Transactions with Vornado and Related Parties | Transactions with Vornado and Related Parties Transactions with Vornado As described in Note 1 and Note 3, the accompanying financial statements present the operations of the Vornado Included Assets as carved-out from the financial statements of Vornado for all periods prior to July 17, 2017. Certain centralized corporate costs borne by Vornado for management and other services including, but not limited to, accounting, reporting, legal, tax, information technology and human resources have been allocated to the assets in the financial statements based on either actual costs incurred or a proportion of costs estimated to be applicable to the Vornado Included Assets based on key metrics including total revenue. The total amounts allocated during each of the three years in the period ended December 31, 2017 were $13.0 million , $20.7 million and $20.0 million . These allocated amounts are included as a component of "General and administrative expense: Corporate and other" expenses on the statements of operations and do not necessarily reflect what actual costs would have been if the Vornado Included Assets were a separate standalone public company. Actual costs may be materially different. In connection with the Formation Transaction, we entered into an agreement with Vornado under which Vornado provides operational support for an initial period of up to two years. These services include information technology, financial reporting and payroll services. The charges for these services are based on an hourly or per transaction fee arrangement including reimbursement for overhead and out-of-pocket expenses. The total charges for the year ended December 31, 2017 were approximately $2.2 million . Pursuant to an agreement, we are providing Vornado with leasing and property management services for certain of its assets that were not part of the Separation. The total revenue related to these services for the year ended December 31, 2017 was $779,000 . We believe that the terms of both of these agreements are comparable to those that would have been negotiated based on market rates. In connection with the Formation Transaction, we entered into a Tax Matters Agreement with Vornado. See Note 17 for additional information. In August 2014, we completed a $185.0 million financing of the Universal buildings, a 687,000 square foot office complex located in Washington, DC. In connection with this financing, pursuant to a note agreement dated August 12, 2014, we used a portion of the financing proceeds and made an $86.0 million loan to Vornado at LIBOR plus 2.9% due August 2019. During 2016 and 2015, Vornado repaid $4.0 million and $7.0 million of the loan receivable. At the Separation, Vornado repaid the outstanding balance of the loan and related accrued interest. As of December 31, 2016 , the balance of the receivable from Vornado, including accrued interest, was $75.1 million . We recognized interest income of $1.8 million , $3.3 million and $3.0 million during each of the three years in the period ended December 31, 2017 . In connection with the development of The Bartlett, prior to the Combination, we entered into various note agreements with Vornado whereby we could borrow up to a maximum of $170.0 million . Vornado contributed these note agreements along with accrued and unpaid interest to JBG SMITH at the Separation. As of December 31, 2016 , the amounts outstanding under these note agreements totaled $166.5 million , and are included in "Payable to former parent" on our balance sheets. We incurred interest expense of $4.1 million , $4.1 million and $846,000 during each of the three years in the period ended December 31, 2017 . In June 2016, the $115.0 million mortgage loan (including $608,000 of accrued interest) secured by the Bowen Building, a 231,000 square foot office building located in Washington, DC, was repaid with the proceeds of a $115.6 million draw on our former parent's revolving credit facility. Given that the $115.6 million draw on our former parent's credit facility was secured by an interest in the property, such amount was included in "Payable to former parent" in our balance sheet as of December 31, 2016 . The loan was repaid with amounts drawn under our revolving credit facility. See Note 8 for additional information. We incurred interest expense of $1.3 million and $1.1 million during the two years in the period ended December 31, 2017 . We have agreements that are terminable on the second anniversary of the Combination with Building Maintenance Services ("BMS"), a wholly owned subsidiary of Vornado, to supervise cleaning, engineering and security services at our properties. We paid BMS $13.6 million , $12.1 million and $12.4 million during each of the three years in the period ended December 31, 2017 , which are included in "Property operating expenses" in our statements of operations. We entered into a consulting agreement with Mr. Schear, a member of our Board of Trustees and formerly the president of Vornado’s Washington, DC segment. The consulting agreement expired on December 31, 2017 and provides for the payment of consulting fees and expenses at the rate of approximately $ 169,400 per month for the 24 months following the Separation, including after the termination of the consulting agreement. The amount due under this consulting agreement of $4.1 million was expensed in connection with the Combination during the year ended December 31, 2017 . As of December 31, 2017 , the remaining liability is $3.0 million . Additionally, in March 2017, Vornado amended Mr. Schear’s employment agreement to provide for the payment of severance, bonus and post-employment services. A total of $16.4 million was expensed in connection with the Separation during the year ended December 31, 2017 . Transactions with Real Estate Ventures In addition, we have a third-party real estate services business that provides fee-based real estate services to the JBG Legacy Funds and other third parties. We provide services for the benefit of the JBG Legacy Funds that own interests in the assets retained by the JBG Legacy Funds. In connection with the contribution of the JBG Assets to us, it was determined that the general partner and managing member interests in the JBG Legacy Funds that were held by former JBG executives (and who became members of our management team and/or Board of Trustees) would not be transferred to us and remain under the control of these individuals. In addition, certain members of our senior management and Board of Trustees have an ownership interest in the JBG Legacy Funds and own carried interests in each fund and in certain of our real estate ventures that entitles them to receive additional compensation if the fund or real estate venture achieves certain return thresholds. This third-party real estate services revenue, including reimbursements, from these JBG Legacy Funds for the year ended December 31, 2017 was $19.9 million . We rent our corporate offices from an unconsolidated real estate venture and incurred $2.3 million during the year ended December 31, 2017 , which is recorded in "General and administrative expense: Corporate and other" in our statement of operations. Registration Rights Agreements In connection with the Formation Transaction, we entered into a registration rights agreement with certain former investors in the legacy JBG funds that received our common shares in the Formation Transaction (the "Shares Registration Rights Agreement") and a separate registration rights agreement with the certain former investors in the legacy JBG funds and certain employees of JBG entities that received OP Units in the Formation Transaction (the "OP Units Registration Rights Agreement" and together with the Shares Registration Rights Agreement, the "Registration Rights Agreements"). Certain holders of common shares and OP Units who may benefit from the Registration Rights Agreements are members of our management team and/or Board of Trustees. Our obligations under the Shares Registration Rights Agreement were fully satisfied in January 2018. |
Quarterly Financial Data (unaud
Quarterly Financial Data (unaudited) | 12 Months Ended |
Dec. 31, 2017 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Data (unaudited) | Quarterly Financial Data (unaudited) 2017 First Quarter Second Quarter Third Quarter (1) Fourth Quarter (2) (In thousands, except per share data) Total revenue $ 116,272 $ 118,020 $ 152,350 $ 156,371 Net income (loss) 6,318 11,341 (77,991 ) (18,752 ) Net income (loss) attributable to common shareholders 6,318 11,341 (69,831 ) (16,418 ) Earnings (loss) per share: Basic 0.06 0.11 (0.61 ) (0.15 ) Diluted 0.06 0.11 (0.61 ) (0.15 ) _______________ (1) During the third quarter of 2017, we recognized transaction and other costs of $104.1 million , a gain on bargain purchase of $27.8 million and share-based compensation expense of $14.4 million in connection with the completion of the Formation Transaction. (2) During the fourth quarter of 2017, we recognized share-based compensation expense of $14.8 million and transaction and other costs of $12.6 million in connection with the completion of the Formation Transaction in the third quarter of 2017. Additionally, we recognized a reduction to the gain on bargain purchase of $3.4 million related to adjustments to the fair value of certain assets acquired and liabilities assumed in the Formation Transaction. See Note 3 for additional information. 2016 First Quarter Second Quarter Third Quarter Fourth Quarter (1) (In thousands, except per share data) Total revenue $ 116,784 $ 116,339 $ 123,357 $ 122,039 Net income 11,547 16,783 21,014 12,630 Net income attributable to common shareholders 11,547 16,783 21,014 12,630 Earnings per share: Basic 0.11 0.17 0.21 0.13 Diluted 0.11 0.17 0.21 0.13 ____________ (1) During the fourth quarter of 2016, we recognized transaction and other costs of $4.9 million in connection with the Formation Transaction completed during the third quarter of 2017. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2017 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events In January 2018, we entered into an agreement for the sale of Summit I and II, two office assets located in Reston, Virginia, which had an aggregate net carrying value of $87.9 million as of December 31, 2017 for an aggregate gross sales price of $95.0 million . The assets met the held for sale criteria subsequent to December 31, 2017 . In January 2018, we drew an additional $50.0 million under the Tranche A-1 Term Loan, in accordance with the delayed draw provisions of the credit facility. Concurrent with the draw, we entered into an interest rate swap agreement to convert the variable interest rate to a fixed interest rate. In January 2018, we entered into a real estate venture with CIM Group ("CIM") and Pacific Life Insurance Company ("PacLife"), which purchased the 1,152-key Marriott Wardman Park Hotel ("Wardman Park Marriott"), located adjacent to the Woodley Park Metro Station in northwest Washington, DC. We and CIM each contributed $10.1 million for 16.67% interests in the real estate venture and PacLife contributed $40.3 million for the remaining 66.67% interest. Prior to the acquisition, the JBG Legacy Funds owned a 47.64% interest in the Wardman Park Marriott. While the new real estate venture will attempt to improve hotel operations, in the event operations continue to decline, the real estate venture provides a low-cost option to pursue a plan to develop a large and potentially valuable land site in a high value residential market. We do not intend to devote meaningful resources to managing the asset, and intend to only do so if the land development opportunity becomes the primary business plan for the asset. In February 2018, we closed on a joint venture with one of our real estate venture partners, CPPIB, to develop and own 1900 N Street, an under-construction office asset in Washington, DC. CPPIB has committed approximately $101.0 million for a 45% interest, which will reduce our ownership percentage from 100.0% to 55.0% as contributions are funded. In February 2018, we issued an additional 61,309 Formation Units, 357,922 Time-Based LTIP Units and 553,589 Performance-Based LTIP Units to management and employees with an estimated aggregate fair value of $21.1 million . |
Schedule II - Valuation and Qua
Schedule II - Valuation and Qualifying Accounts | 12 Months Ended |
Dec. 31, 2017 | |
Valuation and Qualifying Accounts [Abstract] | |
Schedule II - Valuation and Qualifying Accounts | SCHEDULE II JBG SMITH PROPERTIES VALUATION AND QUALIFYING ACCOUNTS Balance at Beginning of Year Additions Charged Against Operations Adjustments to Valuation Accounts Uncollectible Accounts Written‑off Balance at End of Year (In thousands) Year ended December 31, 2017: Allowance for doubtful accounts (1) $ 4,526 $ 3,807 $ — $ (2,048 ) $ 6,285 Year ended December 31, 2016: Allowance for doubtful accounts (1) $ 4,431 $ 751 $ — $ (656 ) $ 4,526 Year ended December 31, 2015: Allowance for doubtful accounts (1) $ 2,514 $ 1,407 $ — $ 510 $ 4,431 _______________ (1) Includes allowance for doubtful accounts related to tenant and other receivables and deferred rent receivable. |
Schedule III - Real Estate and
Schedule III - Real Estate and Accumulated Deprecation | 12 Months Ended |
Dec. 31, 2017 | |
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Abstract] | |
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure | SCHEDULE III JBG SMITH PROPERTIES REAL ESTATE AND ACCUMULATED DEPRECIATION December 31, 2017 Initial Cost to Company Gross Amounts at Which Carried at Close of Period Description Encumbrances (1) Land and Improvements Buildings and Improvements Costs Capitalized Subsequent to Acquisition (2) Land and Improvements Buildings and Total Accumulated Depreciation and Amortization Date of Construction (3) Date Acquired Office Operating Assets Universal Buildings $ 184,357 $ 69,393 $ 143,320 $ 22,547 $ 68,612 $ 166,648 $ 235,260 $ 48,187 1956 2007 2101 L Street 140,493 32,815 51,642 83,766 39,768 128,455 168,223 40,822 1975 2003 Bowen Building — 30,077 98,962 6,238 30,176 105,101 135,277 32,854 1922 2005 1730 M Street — 10,095 17,541 16,111 10,687 33,060 43,747 12,537 1964 2002 1233 20th Street 42,684 30,505 23,130 338 30,505 23,468 53,973 735 1984 2017 Executive Tower — 33,481 67,363 9,306 34,178 75,972 110,150 13,180 2001 2011 1600 K Street — 19,870 10,308 193 19,870 10,501 30,371 402 1950 2017 Courthouse Plaza 1 and 2 2,000 — 105,475 56,173 — 161,648 161,648 67,974 1989 2002 2345 Crystal Drive — 23,126 93,918 35,612 23,546 129,110 152,656 54,253 1988 2002 2121 Crystal Drive 139,134 21,503 87,329 47,790 21,934 134,688 156,622 65,256 1985 2002 1550 Crystal Drive — 22,182 70,525 19,796 21,585 90,918 112,503 37,886 1980 2002 RTC - West 107,720 30,326 134,108 (110 ) 30,397 133,927 164,324 3,330 1988 2017 2231 Crystal Drive — 20,611 83,705 18,856 21,001 102,171 123,172 38,807 1987 2002 2011 Crystal Drive — 18,940 76,921 33,139 18,871 110,129 129,000 45,263 1984 2002 2451 Crystal Drive — 16,755 68,047 27,307 17,090 95,019 112,109 35,934 1990 2002 Commerce Executive — 13,401 58,705 26,122 13,140 85,088 98,228 33,829 1987 2002 1235 S. Clark Street 78,000 15,826 56,090 27,075 16,189 82,802 98,991 30,358 1981 2002 241 18th Street S. — 13,867 54,169 25,164 14,894 78,306 93,200 30,915 1977 2002 251 18th Street S. 35,792 12,305 49,360 50,928 12,809 99,784 112,593 34,678 1975 2002 1215 S. Clark Street 34,299 13,636 48,380 54,196 13,926 102,286 116,212 27,373 1983 2002 201 12th Street S. — 14,766 52,750 22,680 15,036 75,160 90,196 27,838 1987 2002 800 North Glebe Road 107,500 28,168 140,983 2,182 28,168 143,165 171,333 2,737 2012 2017 1225 S. Clark Street — 11,176 43,495 19,649 11,413 62,907 74,320 23,247 1982 2002 2200 Crystal Drive — 13,104 30,050 32,798 13,378 62,574 75,952 18,075 1968 2002 1901 South Bell Street — 11,669 36,918 22,584 11,669 59,502 71,171 24,931 1968 2002 2100 Crystal Drive — 10,287 23,590 31,712 10,520 55,069 65,589 22,490 1968 2002 200 12th Street S. 17,227 8,016 30,552 19,423 8,186 49,805 57,991 18,490 1985 2002 2001 Jefferson Davis Highway — 7,300 16,746 11,297 7,281 28,062 35,343 10,135 1967 2002 Summit I 29,500 7,317 30,626 379 7,317 31,005 38,322 662 1987 2017 Summit II 29,500 5,535 28,463 332 5,535 28,795 34,330 741 1986 2017 1800 South Bell Street — — 28,702 7,220 — 35,922 35,922 14,835 1969 2002 Crystal City Shops at 2100 — 4,059 9,309 5,229 4,049 14,548 18,597 5,611 1968 2002 Wiehle Avenue Office Building — — 96 — — 96 96 48 1984 2017 1831 Wiehle Avenue — — — 24 — 24 24 2 1983 2017 Crystal Drive Retail — — 20,465 6,034 55 26,444 26,499 12,133 2003 2004 7200 Wisconsin Avenue 83,130 34,683 92,059 885 34,683 92,944 127,627 1,763 1986 2017 One Democracy Plaza — — 33,628 6,572 — 40,200 40,200 21,915 1987 2002 4749 Bethesda Avenue Retail — — 11,830 2,664 — 14,494 14,494 — 2016 2017 RTC - West Retail — 2,894 — 7,011 2,894 7,011 9,905 103 2017 2017 Office Construction Assets 1900 N Street — — 8,865 86,336 — 95,201 95,201 — 2017 CEB Tower at Central Place 178,783 — 230,280 117,898 — 348,178 348,178 — 2017 4747 Bethesda Avenue — — 10,040 46,782 — 56,822 56,822 — 2017 Multifamily Operating Assets Fort Totten Square 73,600 24,390 90,404 566 24,390 90,970 115,360 1,785 2015 2017 WestEnd25 99,456 67,049 5,039 109,922 68,201 113,809 182,010 23,983 2009 2007 RiverHouse Apartments 307,710 118,421 125,078 82,825 138,763 187,561 326,324 56,476 1960 2007 The Bartlett 220,000 41,687 — 224,805 41,687 224,805 266,492 10,074 2016 2007 220 20th Street — 8,434 19,340 99,259 8,693 118,340 127,033 27,749 2009 2017 2221 South Clark Street — 7,405 16,981 41,598 7,386 58,598 65,984 4,109 1964 2002 Initial Cost to Company Gross Amounts at Which Carried at Close of Period Description Encumbrances (1) Land and Improvements Buildings and Improvements Costs Capitalized Subsequent to Acquisition (2) Land and Improvements Buildings and Total Accumulated Depreciation and Amortization Date of Construction (3) Date Acquired Falkland Chase - South & West 41,976 18,530 44,232 107 18,530 44,339 62,869 910 1938 2017 Falkland Chase - North 22,566 9,810 22,706 6 9,810 22,712 32,522 477 1938 2017 Multifamily Construction Assets West Half 1,338 — 17,902 69,424 — 87,326 87,326 — 2017 965 Florida Avenue — — — 22,665 — 22,665 22,665 — 2017 1221 Van Street 59,194 — 63,775 46,834 — 110,609 110,609 1 2017 Atlantic Plumbing C — — 13,952 63,269 — 77,221 77,221 — 2017 Other Operating Assets North End Retail — 5,847 9,333 (107 ) 5,847 9,226 15,073 179 2015 2017 Vienna Retail — 1,763 641 41 1,763 682 2,445 213 1981 2005 Crystal City Marriott Hotel — 8,000 47,191 12,595 8,224 59,562 67,786 20,529 1968 2004 Future Development Assets Metropolitan Park 6-8 — 65,259 1,326 26,574 82,898 10,261 93,159 27 2007 Pen Place - Land Parcel — 104,473 55 (32,322 ) 61,970 10,236 72,206 — 2007 1700 M Street Dev — 34,178 46,938 (26,487 ) 34,183 20,446 54,629 — 2002, 2006 Capitol Point - North — 32,730 — 147 32,846 31 32,877 — 2017 Potomac Yard Land Bay G - Parcels A - F — 20,318 — 132 20,318 132 20,450 — 2017 Square 649 — 15,550 6,451 (2,328 ) 12,803 6,870 19,673 367 2005 Other Future Development Assets — 140,919 112,653 (9,091 ) 170,620 73,861 244,481 62 2017 Corporate — — — 21,939 — 21,939 21,939 4,060 2017 2,035,959 1,332,451 2,922,442 1,762,611 1,368,294 4,649,210 6,017,504 1,011,330 Held for sale: Summit II — 1,699 — — 1,699 — 1,699 — 2017 Potomac Yard Land Bay G - Parcel G — 6,594 — — 6,594 — 6,594 — 2017 — 8,293 — — 8,293 — 8,293 — $ 2,035,959 $ 1,340,744 $ 2,922,442 $ 1,762,611 $ 1,376,587 $ 4,649,210 $ 6,025,797 $ 1,011,330 _______________ Note: Depreciation of the buildings and improvements is calculated over lives ranging from the life of the lease to 40 years. As of December 31, 2017 , the cost of real estate, net of accumulated depreciation, for federal income tax purposes was approximately $3.5 billion . (1) Represents the contractual debt obligations. (2) Includes asset impairments recognized and amounts written off in connection with redevelopment activities. (3) Date of original construction, many assets have had substantial renovation or additional construction. See "Costs Capitalized Subsequent to Acquisition" column. The following is a reconciliation of real estate and accumulated depreciation: Year Ended December 31, 2017 2016 2015 (In thousands) Real Estate: Balance at beginning of the year $ 4,155,391 $ 4,038,206 $ 3,809,213 Additions during the year: Land and improvements 428,702 — — Buildings and improvements 1,489,409 217,261 252,113 Held for sale 8,293 — — Less: Assets written‑off (55,998 ) (100,076 ) (23,120 ) Balance at end of the year $ 6,025,797 $ 4,155,391 $ 4,038,206 Accumulated Depreciation: Balance at beginning of period $ 930,769 $ 908,233 $ 797,806 Additions charged to operating expenses 136,559 122,612 133,582 Less: Accumulated depreciation on assets written‑off (55,998 ) (100,076 ) (23,155 ) Balance at end of period $ 1,011,330 $ 930,769 $ 908,233 |
Summary of Significant Accoun32
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2017 | |
Accounting Policies [Abstract] | |
Basis of Presentation | The accompanying consolidated and combined financial statements and notes are prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP"). All intercompany transactions and balances have been eliminated. The accompanying consolidated and combined financial statements include the accounts of JBG SMITH and our wholly owned subsidiaries and those other entities, including JBG SMITH LP, in which we have a controlling financial interest, including where we have been determined to be the primary beneficiary of a variable interest entity ("VIE"). See Note 6 for additional information on our consolidated VIEs. The portions of the equity and net income (loss) of consolidated subsidiaries that are not attributable to JBG SMITH are presented separately as amounts attributable to noncontrolling interests in the consolidated and combined financial statements. References to the financial statements refer to our consolidated and combined financial statements as of December 31, 2017 and 2016 , and for each of the three years in the period ended December 31, 2017 . References to the balance sheets refer to our consolidated and combined balance sheets as of December 31, 2017 and 2016 . References to the statement of operations refer to our consolidated and combined statements of operations for each of the three years in the period ended December 31, 2017 . References to the statement of cash flows refer to our consolidated and combined statements of cash flows for each of the three years in the period ended December 31, 2017 . |
Combination | JBG SMITH and the Vornado Included Assets were under common control of Vornado for all periods prior to the Separation. The transfer of the Vornado Included Assets from Vornado to JBG SMITH was completed prior to the Separation, at net book values (historical carrying amounts) carved out from Vornado’s books and records. For purposes of the formation of JBG SMITH, the Vornado Included Assets were designated as the predecessor and the accounting acquirer of the JBG Assets. Consequently, the financial statements of JBG SMITH, as set forth herein, represent a continuation of the financial information of the Vornado Included Assets as the predecessor and accounting acquirer such that the historical financial information included herein as of any date or for any periods on or prior to the completion of the Combination represents the pre-Combination financial information of the Vornado Included Assets. The financial statements reflect the common shares as of the date of the Separation as outstanding for all periods prior to July 17, 2017. The acquisition of the JBG Assets completed subsequently by JBG SMITH was accounted for as a business combination using the acquisition method whereby identifiable assets acquired and liabilities assumed are recorded at the acquisition-date fair values and income and cash flows from the operations were consolidated into the financial statements of JBG SMITH commencing July 18, 2017. Consequently, the financial statements for the periods before and after the Formation Transaction are not directly comparable. The accompanying statements of operations for the year ended December 31, 2017 include our consolidated accounts and the combined accounts of the Vornado Included Assets. Accordingly, the results of operations for the year ended December 31, 2017 reflect the aggregate operations and changes in cash flows and equity on a combined basis for the period prior to July 17, 2017 and on a consolidated basis for the period subsequent to July 17, 2017. The accompanying financial statements for the years ended December 31, 2016 and 2015 include the Vornado Included Assets. Therefore, our results of operations, cash flows and financial condition set forth in this report are not necessarily indicative of our future results of operations, cash flows or financial condition as an independent, publicly traded company. The historical financial results for the Vornado Included Assets reflect charges for certain corporate costs allocated by the former parent which we believe are reasonable. These charges were based on either actual costs incurred or a proportion of costs estimated to be applicable to the Vornado Included Assets based on an analysis of key metrics, including total revenues. Such costs do not necessarily reflect what the actual costs would have been if JBG SMITH had been operating as a separate standalone public company. See Note 18 for additional information. We account for business combinations, including the acquisition of real estate, using the acquisition method pursuant to which we recognize and measure the identifiable assets acquired, liabilities assumed, and any noncontrolling interests in the acquiree at their acquisition date fair values. Accordingly, we estimate the fair values of acquired tangible assets (consisting of real estate, cash and cash equivalents, tenant and other receivables, investments in unconsolidated real estate ventures and other assets, as applicable), identified intangible assets and liabilities (consisting of the value of in-place leases, above- and below-market leases, options to enter into ground leases and management contracts, as applicable), assumed debt and other liabilities, and noncontrolling interests, as applicable, based on our evaluation of information and estimates available at that date. Based on these estimates, we allocate the purchase price to the identified assets acquired and liabilities assumed. Any excess of the purchase price over the estimated fair value of the net assets acquired is recorded as goodwill. Any excess of the fair value of assets acquired over the purchase price is recorded as a gain on bargain purchase. If, up to one year from the acquisition date, information regarding the fair value of the net assets acquired and liabilities assumed is received and estimates are refined, appropriate adjustments are made on a prospective basis to the purchase price allocation, which may include adjustments to identified assets, assumed liabilities, and goodwill or the gain on bargain purchase, as applicable. The results of operations of acquisitions are prospectively included in our financial statements beginning with the date of the acquisition. Transaction costs related to business combinations are expensed as incurred and included in "Transaction and other costs" in our statements of operations. The fair values of buildings are determined using the "as-if vacant" approach whereby we use discounted income or cash flow models with inputs and assumptions that we believe are consistent with current market conditions for similar assets. The most significant assumptions in determining the allocation of the purchase price to buildings are the exit capitalization rate, discount rate, estimated market rents and hypothetical expected lease-up periods. We assess fair value of land based on market comparisons and development projects using an income approach of cost plus a margin. The fair values of identified intangible assets are determined based on the following: • The value allocable to the above- or below-market component of an acquired in-place lease is determined based upon the present value (using a discount rate which reflects the risks associated with the acquired leases) of the difference between (i) the contractual amounts to be received pursuant to the lease over its remaining term and (ii) management’s estimate of the amounts that would be received using market rates over the remaining term of the lease. Amounts allocated to above- market leases are recorded as "Identified intangible assets" in "Other assets, net" in the balance sheets, and amounts allocated to below-market leases are recorded as "Lease intangible liabilities" in "Other liabilities, net" in the balance sheets. These intangibles are amortized to "Property rentals" in our statements of operations over the remaining terms of the respective leases. • Factors considered in determining the value allocable to in-place leases during hypothetical lease-up periods related to space that is leased at the time of acquisition include (i) lost rent and operating cost recoveries during the hypothetical lease-up period and (ii) theoretical leasing commissions required to execute similar leases. These intangible assets are recorded as "Identified intangible assets" in "Other assets, net" in the balance sheets and are amortized to "Depreciation and amortization expenses" in our statements of operations over the remaining term of the existing lease. • The fair value of the in-place property management, leasing, asset management, and development and construction management contracts is based on revenue and expense projections over the estimated life of each contract discounted using a market discount rate. These management contract intangibles are amortized to "Depreciation and amortization expenses" in our statements of operations over the weighted average life of the management contracts. The fair value of investments in unconsolidated real estate ventures and related noncontrolling interests is based on the estimated fair values of the identified assets acquired and liabilities assumed of each venture, including future expected cash flows from promote interests. The fair value of the mortgages payable assumed was determined using current market interest rates for comparable debt financings. The fair values of the interest rate swaps and caps are based on the estimated amounts we would receive or pay to terminate the contract at the acquisition date and are determined using interest rate pricing models and observable inputs. The carrying value of cash, restricted cash, working capital balances, leasehold improvements and equipment, and other assets acquired and liabilities assumed approximates fair value. |
Reclassifications | Certain prior period data have been reclassified to conform to the current period presentation as follows: • Reclassification of $4.0 million of investments to "Other assets" on our balance sheet as of December 31, 2016 as a result of the revision in the line item "Investments in and advances to unconsolidated real estate ventures" on our balance sheet to include only real estate investments. • Reclassification of $19.1 million and $18.2 million of expenses for the years ended December 31, 2016 and 2015 to "General and administrative: third-party real estate services" from "Property operating expenses" as it relates to expenses incurred to provide third-party real estate services. Additionally, we reclassified $16.4 million and $15.9 million of income for the years ended December 31, 2016 and 2015 to "Third-party real estate services, including reimbursements" from "Other income" as it relates to revenue earned from providing third-party real estate services. |
Use of Estimates | The preparation of the financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. The most significant of these estimates include: (i) the underlying cash flows used to establish the fair values recorded in connection with the Combination and used in assessing impairment, (ii) the determination of useful lives for tangible and intangible assets and (iii) the allowance for doubtful accounts. Actual results could differ from those estimates. |
Real Estate | Real estate is carried at cost, net of accumulated depreciation and amortization. Maintenance and repairs are expensed as incurred and are included in "Property operating expenses" in our statements of operations. As real estate is undergoing redevelopment activities, all property operating expenses directly associated with and attributable to the redevelopment, including interest expense, are capitalized to the extent that we believe such costs are recoverable through the value of the property. The capitalization period ends when redevelopment activities are substantially complete. General and administrative costs are expensed as incurred. Depreciation requires an estimate of the useful life of each property and improvement as well as an allocation of the costs associated with a property to its various components. Depreciation is recognized on a straight‑line basis over estimated useful lives, which range from three to 40 years . Tenant improvements are amortized on a straight‑line basis over the lives of the related leases, which approximate the useful lives of the tenant improvements. Construction in progress, including land, is carried at cost, and no depreciation is recorded. Real estate undergoing significant renovations and improvements is considered to be under development. All direct and indirect costs related to development activities are capitalized into "Construction in progress, including land" on our balance sheets, except for certain demolition costs, which are expensed as incurred. Direct development costs incurred include: pre-development expenditures directly related to a specific project, development and construction costs, interest, insurance and real estate taxes. Indirect development costs include: employee salaries and benefits, travel and other related costs that are directly associated with the development. Our method of calculating capitalized interest expense is based upon applying our weighted average borrowing rate to the actual accumulated expenditures if the property does not have property specific debt. If the property is encumbered by specific debt, we will capitalize both the interest incurred applicable to that debt and additional interest expense using our weighted average borrowing rate for any accumulated expenditures in excess of the principal balance of the debt encumbering the property. The capitalization of such expenses ceases when the real estate is ready for its intended use, but no later than one-year from substantial completion of major construction activity. If we determine that a project is no longer viable, all pre-development project costs are immediately expensed. Our assets and related intangible assets are individually reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of the assets may not be recoverable. An impairment exists when the carrying amount of an asset exceeds the sum of the undiscounted cash flows expected to result from the use and eventual disposition of the asset. Estimates of future cash flows are based on our current plans, intended holding periods and available market information at the time the analyses are prepared. An impairment loss is recognized if the carrying amount of the asset is not recoverable and is measured based on the excess of the property’s carrying amount over its estimated fair value. If our estimates of future cash flows, anticipated holding periods, or fair values change, based on market conditions or otherwise, our evaluation of impairment charges may be different and such differences could be material to our financial statements. Estimates of future cash flows are subjective and are based, in part, on assumptions regarding future occupancy, rental rates and capital requirements that could differ materially from actual results. |
Real Estate Held for Sale | Real estate is classified as held for sale when all the necessary criteria are met. The criteria include (i) management, having the authority to approve action, commits to a plan to sell the property in its present condition, (ii) the sale of the property is at a price reasonable in relation to its current fair value and (iii) the sale is probable and expected to be completed within one year. Real estate held for sale is carried at the lower of carrying amounts or estimated fair value less disposal costs. Depreciation and amortization is not recognized on real estate classified as held for sale. |
Cash and Cash Equivalents | Cash and cash equivalents consist of highly liquid investments with a purchase date life to maturity of three months or less and are carried at cost, which approximates fair value, due to their short‑term maturities. |
Restricted Cash | Restricted cash consists primarily of security deposits held on behalf of our tenants and cash escrowed under loan agreements for debt service, real estate taxes, property insurance and capital improvements. |
Allowance for Doubtful Accounts | We periodically evaluate the collectability of amounts due from tenants, including the receivable arising from deferred rent receivable, and maintain an allowance for doubtful accounts for the estimated losses resulting from the inability of tenants to make required payments under lease agreements. We exercise judgment in establishing these allowances and consider payment history and current credit status in developing these estimates. |
Investments in and Advances to Real Estate Ventures | We analyze our real estate ventures to determine whether the entities should be consolidated. If it is determined that these investments do not require consolidation because the entities are not VIEs in accordance with the Consolidation Topic of the Financial Accounting Standards Board ("FASB"), Accounting Standards Codification ("ASC"), we are not considered the primary beneficiary of the entities determined to be VIEs, we do not have voting control, and/or the limited partners (or non-managing members) have substantive participatory rights, then the selection of the accounting method used to account for our investments in unconsolidated real estate ventures is generally determined by our voting interests and the degree of influence we have over the entity. Management uses its judgment when determining if we are the primary beneficiary of, or have a controlling financial interest in, an entity in which we have a variable interest. Factors considered in determining whether we have the power to direct the activities that most significantly impact the entity’s economic performance include risk and reward sharing, experience and financial condition of the other partners, voting rights, involvement in day-to-day capital and operating decisions and the extent of our involvement in the entity. We use the equity method of accounting for investments in unconsolidated real estate ventures when we own 20% or more of the voting interests and have significant influence but do not have a controlling financial interest, or if we own less than 20% of the voting interests but have determined that we have significant influence. Under the equity method, we record our investments in and advances to these entities in our balance sheets, and our proportionate share of earnings or losses earned by the real estate venture is recognized in "Income (loss) from unconsolidated real estate ventures, net" in the accompanying statements of operations. We earn revenues from the management services we provide to unconsolidated entities. These fees are determined in accordance with the terms specific to each arrangement and may include property and asset management fees or transactional fees for leasing, acquisition, development and construction, financing, and legal services provided. We account for this revenue gross of our ownership interest in each respective real estate venture and recognize such revenue in "Third-party real estate services, including reimbursements" in our statements of operations. Our proportionate share of related expenses is recognized in "Income (loss) from unconsolidated real estate ventures, net" in our statements of operations. We may also earn incremental promote distributions if certain financial return benchmarks are achieved upon ultimate disposition of the underlying properties. Management fees are recognized when earned, and promote fees are recognized when certain earnings events have occurred, and the amount is determinable and collectible. Any promote fees are reflected in "Income (loss) from unconsolidated real estate ventures, net" in our statements of operations. With regard to distributions from unconsolidated real estate ventures, we use the information that is available to us to determine the nature of the underlying activity that generated the distributions. Using the nature of distribution approach, cash flows generated from the operations of an unconsolidated real estate venture are classified as a return on investment (cash inflow from operating activities) and cash flows that from property sales, debt refinancing or sales of our investments are classified as a return of investment (cash inflow from investing activities). On a periodic basis, we evaluate our investments in unconsolidated entities for impairment. We assess whether there are any indicators, including underlying property operating performance and general market conditions, that the value of our investments in unconsolidated real estate ventures may be impaired. An investment in a real estate venture is considered impaired if we determine that its fair value is less than the net carrying value of the investment in that real estate venture on an other-than-temporary basis. Cash flow projections for the investments consider property level factors such as expected future operating income, trends and prospects, as well as the effects of demand, competition and other factors. We consider various qualitative factors to determine if a decrease in the value of our investment is other-than-temporary. These factors include age of the venture, our intent and ability to retain our investment in the entity, financial condition and long-term prospects of the entity and relationships with our partners and banks. If we believe that the decline in the fair value of the investment is temporary, no impairment charge is recorded. If our analysis indicates that there is an other-than temporary impairment related to the investment in a particular real estate venture, the carrying value of the venture will be adjusted to an amount that reflects the estimated fair value of the investment. |
Intangibles | Intangible assets consist of in-place leases, below-market ground rent obligations, above-market real estate leases and options to enter into ground lease that were recorded in connection with the acquisition of properties. Intangible assets also include management and leasing contracts acquired in the Combination. Intangible liabilities consist of above-market ground rent obligations and below-market real estate leases that are also recorded in connection with the acquisition of properties. Both intangible assets and liabilities are amortized and accreted using the straight-line method over their applicable remaining useful life. When a lease or contract is terminated early, any remaining unamortized or unaccreted balances are charged to earnings. The useful lives of intangible assets are evaluated each reporting period with any changes in estimated useful lives being accounted for over the revised remaining useful life. |
Deferred Costs | Deferred financing costs consist of loan issuance costs directly related to financing transactions that are deferred and amortized over the term of the related loan as a component of interest expense. Unamortized deferred financing costs related to our mortgages payable and unsecured term loan are presented as a direct deduction from the carrying amounts of the related debt instruments, while such costs related to our revolving credit facility are included in other assets. Direct salaries, third-party fees and other costs incurred by us to originate a lease are capitalized in "Other assets, net" in the balance sheets and are amortized against the respective leases using the straight-line method over the term of the related leases. |
Noncontrolling Interests | We identify our noncontrolling interests separately within the equity section on the balance sheets. Amounts of consolidated net income (loss) attributable to redeemable noncontrolling interests and to the noncontrolling interests in consolidated subsidiaries are presented separately in the statements of operations. Redeemable Noncontrolling Interests - Redeemable noncontrolling interests consists of OP Units issued in conjunction with the Formation Transaction and our venture partner's interest in 965 Florida Avenue. The OP Units are redeemable for our common shares or cash beginning August 1, 2018, subject to certain limitations. Redeemable noncontrolling interests are generally redeemable at the option of the holder and are presented in the mezzanine section between total liabilities and shareholders' equity on the balance sheets. The carrying amount of redeemable noncontrolling interests is adjusted to its redemption value at the end of each reporting period, but no less than its initial carrying value, with such adjustments recognized in "Additional paid-in capital". See Note 11 for additional information. Noncontrolling Interests - Noncontrolling interests represents the portion of equity that we do not own in entities we consolidate, including interests in consolidated real estate ventures. |
Derivatives Financial Instruments and Hedge Accounting | Derivative financial instruments are used at times to manage exposure to variable interest rate risk. Derivative financial instruments are recognized as either assets or liabilities and are measured at fair value. The accounting for changes in the fair value of a derivative depends on the intended use of the derivative and the resulting designatio n. Derivative Financial Instruments Designated as Cash Flow Hedges - Certain derivative financial instruments, consisting of interest rate swap and cap agreements, are designated as cash flow hedges, and are carried at their estimated fair value on a recurring basis. We assess the effectiveness of our cash flow hedges both at inception and on an ongoing basis. If the hedges are deemed to be effective, the fair value is recorded in accumulated other comprehensive income and is subsequently reclassified into "Interest expense" in the period that the hedged forecasted transactions affect earnings. Our cash flow hedges become less than perfectly effective if the critical terms of the hedging instrument and the forecasted transactions do not perfectly match such as notional amounts, settlement dates, reset dates, calculation period and interest rates. In addition, we evaluate the default risk of the counterparty by monitoring the credit worthiness of the counterparty. Derivative instruments and hedging activities require management to make judgments on the nature of its derivatives and their effectiveness as hedges. These judgments determine if the changes in fair value of the derivative instruments are reported in the statements of operations or as a component of comprehensive income and as a component of shareholders’ equity on the balance sheets. Derivative Financial Instruments Not Designated as Hedges - Certain derivative financial instruments, consisting of interest rate swap and cap agreements, are considered economic hedges, but not designated as accounting hedges, and are carried at their estimated fair value on a recurring basis. Realized and unrealized gains are recorded in "Interest expense" in the statements of operations in the period in which the change occurs. |
Fair Value of Assets and Liabilities | ASC 820, Fair Value Measurement and Disclosures, defines fair value and establishes a framework for measuring fair value. The objective of fair value is to determine the price that would be received upon the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (the exit price). ASC 820 establishes a fair value hierarchy that prioritizes observable and unobservable inputs used to measure fair value into three levels: Level 1 — quoted prices (unadjusted) in active markets that are accessible at the measurement date for assets or liabilities; Level 2 — observable prices that are based on inputs not quoted in active markets, but corroborated by market data; and Level 3 — unobservable inputs that are used when little or no market data is available. The fair value hierarchy gives the highest priority to Level 1 inputs and the lowest priority to Level 3 inputs. In determining fair value, we utilize valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible as well as consider counterparty credit risk in our assessment of fair value. |
Revenue Recognition | Property rentals income includes base rents that each tenant pays in accordance with the terms of its respective lease and is reported on a straight-line basis over the non-cancellable term of the lease, which includes the effects of periodic step-ups in rent and rent abatements under the leases. We commence rental revenue recognition when the tenant takes possession of the leased space or controls the physical use of the leased space and the leased space is substantially ready for its intended use. In circumstances where we provide a tenant improvement allowance for improvements that are owned by the tenant, we recognize the allowance as a reduction of property rentals revenue on a straight-line basis over the term of the lease. Differences between rental income recognized and amounts due under the respective lease agreements are recorded as an increase or decrease to "Deferred rent receivable, net" on our balance sheets. Property rentals also includes the amortization/accretion of acquired above-and below-market leases. Tenant reimbursements provide for the recovery of all or a portion of the operating expenses and real estate taxes of the respective assets. Tenant reimbursements are accrued in the same periods as the related expenses are incurred. Third-party real estate services revenue, including reimbursements, is determined in accordance with the terms specific to each arrangement and may include property and asset management fees or transactional fees for leasing, acquisition, development and construction, financing, and legal services provided. These fees are determined in accordance with the terms specific to each arrangement and are recognized as the related services are performed. Development and construction fees earned from providing services to our unconsolidated real estate ventures are recorded on a percentage of completion basis. |
Third-Party Real Estate Services Expenses | Third-party real estate services expenses include the costs associated with the management services provided to our unconsolidated real estate ventures and other third parties. We allocate personnel and other overhead costs using the estimates of the time spent performing services for our third-party real estate services and other allocation methodologies. |
Income Taxes | We intend to elect to be taxed as a REIT under sections 856-860 of the Internal Revenue Code of 1986, as amended (the "Code"). Under those sections, a REIT which distributes at least 90% of its REIT taxable income as dividends to its shareholders each year and which meets certain other conditions will not be taxed on that portion of its taxable income which is distributed to its shareholders. Prior to the Separation, Vornado operated as a REIT and distributed 100% of taxable income to its shareholders, accordingly, no provision for federal income taxes has been made in the accompanying financial statements for the periods prior to the Separation. We intend to adhere to these requirements and maintain our REIT status in future periods. As a REIT, we are allowed to reduce taxable income by all or a portion of our distributions to shareholders. Future distributions will be declared and paid at the discretion of the Board of Trustees and will depend upon cash generated by operating activities, our financial condition, capital requirements, annual dividend requirements under the REIT provisions of the Code, as amended, and such other factors as our Board of Trustees deems relevant. We also participate in the activities conducted by subsidiary entities which have elected to be treated as taxable REIT subsidiaries ("TRS") under the Code. As such, we are subject to federal, state, and local taxes on the income from these activities. Income taxes attributable to our TRSs are accounted for under the asset and liability method. Under the asset and liability method, deferred income taxes arise from temporary differences between the tax basis of assets and liabilities and their reported amounts in the financial statements, which will result in taxable or deductible amounts in the future. ASC 740-10, Income Taxes, provides guidance for how uncertain tax positions should be recognized, measured, presented and disclosed in the financial statements. ASC 740-10 requires the evaluation of tax positions taken in the course of preparing our tax returns to determine whether the tax positions are "more-likely-than-not" of being sustained by the applicable tax authority. Tax benefits of positions not deemed to meet the more-likely-than-not threshold are recorded as a tax expense in the current year. |
Earnings (Loss) Per Common Share | Basic earnings (loss) per common share is computed by dividing net income (loss) attributable to common shareholders by the weighted average common shares outstanding during the period. Unvested and vested share-based payment awards that entitle holders to receive non-forfeitable dividends, which include OP Units and long-term incentive partnership units ("LTIP Units"), are considered participating securities. Consequently, we are required to apply the two-class method of computing basic and diluted earnings that would otherwise have been available to common shareholders. Under the two-class method, earnings for the period are allocated between common shareholders and participating securities based on their respective rights to receive dividends. During periods of net loss, losses are allocated only to the extent the participating securities are required to absorb their share of such losses. Diluted earnings per common share reflects the potential dilution of the assumed exchange of various units into common shares unvested share-based payment awards to the extent they are dilutive. |
Share-based Compensation | We granted OP Units, formation awards ("Formation Awards"), LTIP Units, LTIP Units with time-based vesting requirements (“Time-Based LTIP Units”) and Performance-Based LTIP Units to our trustees, management and employees in connection with the Separation and Combination. Fair value is determined, depending on the type of award, using the Monte Carlo method or post-vesting restriction periods, which is intended to estimate the fair value of the awards at the grant date using dividend yields and expected volatilities that are primarily based on available implied data and peer group companies' historical data. The risk-free interest rate is based on the U.S. Treasury yield curve in effect at the time of grant. The shortcut method is used for determining the expected life used in the valuation method. Compensation expense is based on the fair value of our common shares at the date of the grant and is recognized ratably over the vesting period using a graded vesting attribution model. We account for forfeitures as they occur. Distributions paid on unvested OP Units, LTIP Units, Time-Based LTIP Units and Performance-Based LTIP Units are charged to "Net income attributable to noncontrolling interests" in the statements of operations. |
Recent Accounting Pronouncements | The following table provides a brief description of recent accounting pronouncements (ASU) by the FASB that could have a material effect on our financial statements: Standard Description Date of Adoption Effect on the Financial Statements or Other Significant Matters Standards adopted ASU 2016-15, These standards amend the existing guidance and address specific cash flow issues with the objective of reducing existing diversity in practice. ASU 2016-15 addresses eight specific cash flow issues and ASU 2016-18 specifically addresses presentation of restricted cash and restricted cash equivalents in the statements of cash flows. These standards are effective for interim and annual reporting periods in fiscal years beginning after December 15, 2017, with early adoption permitted. These standards require a retrospective transition method to each period presented. If it is impracticable to apply the amendments retrospectively for some of the issues, entities may apply the amendments prospectively as of the earliest date practicable. December 2017 Other than the revised statement of cash flows presentation of restricted cash, the adoption and implementation of these standards did not have a material impact on our financial statements. The standards were retrospectively applied to prior years. ASU 2017‑05, Other Income—Gains and Losses from the Derecognition of Nonfinancial Assets (Subtopic 610-20): Clarifying the Scope of Asset Derecognition Guidance and Accounting for Partial Sales of Nonfinancial Assets This standard clarifies the scope of recently established guidance on nonfinancial asset derecognition as well as the accounting for partial sales of nonfinancial assets. This update conforms the derecognition guidance on nonfinancial assets with the model for transactions in ASC 606. This standard is effective for interim and annual reporting periods in fiscal years beginning after December 15, 2017, with early adoption permitted. This standard may be adopted either retrospectively or on a modified retrospective basis. December 2017 The adoption and implementation of this standard did not have an impact on our financial statements. In future periods, the adoption of this standard could have a material impact to our results of operations if we sell a significant partial interest in a real estate asset. ASU 2017‑09, Compensation—Stock Compensation (Topic 718): Scope of Modification Accounting This standard clarifies which changes to the terms or conditions of a share-based payment award are subject to the guidance on modification accounting under ASC Topic 718. Entities would apply the modification accounting guidance unless the value, vesting requirements and classification of a share-based payment award are the same immediately before and after a change to the terms or conditions of the award. This standard is effective for annual periods beginning after December 15, 2017, with early adoption permitted. This standard should be applied prospectively. December 2017 The adoption and implementation of this standard did not have an impact on our financial statements. In future periods, if we encounter a change to the terms or conditions of any of our share-based payment awards, we will evaluate the need to apply modification accounting based on the new guidance. The general treatment for modifications of share-based payment awards is to record the incremental value arising from the change as additional compensation expense. ASU 2017-12, Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities The standard provides new guidance for the determination of eligibility for hedge accounting and effectiveness. It also amends the presentation and disclosure requirements. This standard is effective for interim and annual reporting periods in fiscal years beginning after December 15, 2018, with early adoption permitted. This standard requires a modified retrospective transition method which requires the recognition of the cumulative effect of the change on the opening balance of each affected component of equity in the statement of financial position as of the date of adoption. October 2017 The adoption and implementation of this standard did not have a material impact on our financial statements. Standard Description Date of Adoption Effect on the Financial Statements or Other Significant Matters ASU 2017‑01 Business Combinations (Topic 805): Clarifying the Definition of a Business This standard provides guidance for determination of when an asset acquired or group of assets acquired is not a business. The standard requires that when substantially all of the fair value of the gross assets acquired (or disposed of) is concentrated in a single identifiable asset or a group of similar identifiable assets, the set is not a business. This standard reduces the number of transactions that need to be further evaluated. This standard is effective for annual periods beginning after December 15, 2017, with early adoption permitted. This standard should be applied prospectively. September 2017 The adoption and implementation of this standard did not have an impact on our financial statements. In future periods, the adoption of this standard may result in the capitalization of costs associated with asset acquisitions. Standards not yet adopted ASU 2016-02, Leases (Topic 842), as clarified and amended by ASU 2018-01 This standard sets out the principles for the recognition, measurement, presentation and disclosure of leases for both lessees and lessors. ASU 2016-02 requires lessees to apply a dual approach, classifying leases as either finance or operating leases based on the principle of whether or not the lease is effectively a financed purchase. Lessees are required to record a right-of-use asset and a lease liability for all leases with a term of greater than 12 months. Leases with a term of 12 months or less will be accounted for similar to existing guidance for operating leases. Lessees will recognize expense based on the effective interest method for finance leases or on a straight-line basis for operating leases. The FASB has also clarified that an assessment of whether a land easement meets the definition of a lease under the new lease standard will be required. An entity with land easements that are not accounted for as leases under the current lease accounting standards, however, may elect a practical expedient to exclude those land easements from assessment under the new lease accounting standards. The provisions of this standard are effective for fiscal years beginning after December 15, 2018 and should be applied through a modified retrospective transition approach for leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements. Early adoption is permitted. January 2019 We are currently evaluating the overall impact of the adoption of ASU 2016-02 on our financial statements, including the timing of adopting this standard. ASU 2016-02 will more significantly impact the accounting for leases in which we are the lessee. We have ground leases for which we will be required to record a right-of-use asset and lease liability equal to the present value of the remaining minimum lease payments upon adoption of this standard. Under ASU 2016-02, initial direct costs for both lessees and lessors would include only those costs that are incremental to the arrangement and would not have been incurred if the lease had not been obtained. As a result, we may no longer be able to capitalize internal leasing costs and instead may be required to expense these costs as incurred. Capitalization of internal leasing costs were $2.9 million, $2.5 million and $4.0 million for each of the three years in the period ended December 31, 2017. We do not have any significant land easements. ASU 2014-09, Revenue from Contracts with Customers (Topic 606), as clarified and amended by ASU 2016-08, ASU 2016-10 and ASU 2016-12 This standard establishes a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes most of the existing revenue recognition guidance. It requires an entity to recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services and also requires certain additional disclosures. This standard is effective beginning after December 15, 2017, including interim reporting periods within that reporting period and may be adopted either retrospectively or on a modified retrospective basis. January 2018 We will utilize the modified retrospective method of adoption. We completed our evaluation of the implementation of this standard, which included gathering and evaluating the inventory of our revenue streams. The standard excludes from its scope the areas of accounting that most significantly affect our revenue recognition, including accounting for leases and financial instruments. Therefore, the adoption of this standard is not expected to have a material impact on our financial statements. We expect this standard will have an impact on the timing of gains on future partial sales of real estate. |
Organization and Basis of Pre33
Organization and Basis of Presentation (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of U.S Governmental Revenue | Only the U.S. federal government accounted for 10% or more of our rental revenue, which consists of property rentals and tenant reimbursements, during each of the three years in the period ended December 31, 2017 as follows: Year Ended December 31, (Dollars in thousands) 2017 2016 2015 Rental revenue from the U.S. federal government $ 92,192 $ 103,864 $ 102,951 Percentage of office segment rental revenue 24.5 % 29.6 % 29.7 % Percentage of total rental revenue 19.4 % 23.6 % 23.9 % |
Summary of Significant Accoun34
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Accounting Policies [Abstract] | |
Schedule of Recent Accounting Pronouncements | The following table provides a brief description of recent accounting pronouncements (ASU) by the FASB that could have a material effect on our financial statements: Standard Description Date of Adoption Effect on the Financial Statements or Other Significant Matters Standards adopted ASU 2016-15, These standards amend the existing guidance and address specific cash flow issues with the objective of reducing existing diversity in practice. ASU 2016-15 addresses eight specific cash flow issues and ASU 2016-18 specifically addresses presentation of restricted cash and restricted cash equivalents in the statements of cash flows. These standards are effective for interim and annual reporting periods in fiscal years beginning after December 15, 2017, with early adoption permitted. These standards require a retrospective transition method to each period presented. If it is impracticable to apply the amendments retrospectively for some of the issues, entities may apply the amendments prospectively as of the earliest date practicable. December 2017 Other than the revised statement of cash flows presentation of restricted cash, the adoption and implementation of these standards did not have a material impact on our financial statements. The standards were retrospectively applied to prior years. ASU 2017‑05, Other Income—Gains and Losses from the Derecognition of Nonfinancial Assets (Subtopic 610-20): Clarifying the Scope of Asset Derecognition Guidance and Accounting for Partial Sales of Nonfinancial Assets This standard clarifies the scope of recently established guidance on nonfinancial asset derecognition as well as the accounting for partial sales of nonfinancial assets. This update conforms the derecognition guidance on nonfinancial assets with the model for transactions in ASC 606. This standard is effective for interim and annual reporting periods in fiscal years beginning after December 15, 2017, with early adoption permitted. This standard may be adopted either retrospectively or on a modified retrospective basis. December 2017 The adoption and implementation of this standard did not have an impact on our financial statements. In future periods, the adoption of this standard could have a material impact to our results of operations if we sell a significant partial interest in a real estate asset. ASU 2017‑09, Compensation—Stock Compensation (Topic 718): Scope of Modification Accounting This standard clarifies which changes to the terms or conditions of a share-based payment award are subject to the guidance on modification accounting under ASC Topic 718. Entities would apply the modification accounting guidance unless the value, vesting requirements and classification of a share-based payment award are the same immediately before and after a change to the terms or conditions of the award. This standard is effective for annual periods beginning after December 15, 2017, with early adoption permitted. This standard should be applied prospectively. December 2017 The adoption and implementation of this standard did not have an impact on our financial statements. In future periods, if we encounter a change to the terms or conditions of any of our share-based payment awards, we will evaluate the need to apply modification accounting based on the new guidance. The general treatment for modifications of share-based payment awards is to record the incremental value arising from the change as additional compensation expense. ASU 2017-12, Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities The standard provides new guidance for the determination of eligibility for hedge accounting and effectiveness. It also amends the presentation and disclosure requirements. This standard is effective for interim and annual reporting periods in fiscal years beginning after December 15, 2018, with early adoption permitted. This standard requires a modified retrospective transition method which requires the recognition of the cumulative effect of the change on the opening balance of each affected component of equity in the statement of financial position as of the date of adoption. October 2017 The adoption and implementation of this standard did not have a material impact on our financial statements. Standard Description Date of Adoption Effect on the Financial Statements or Other Significant Matters ASU 2017‑01 Business Combinations (Topic 805): Clarifying the Definition of a Business This standard provides guidance for determination of when an asset acquired or group of assets acquired is not a business. The standard requires that when substantially all of the fair value of the gross assets acquired (or disposed of) is concentrated in a single identifiable asset or a group of similar identifiable assets, the set is not a business. This standard reduces the number of transactions that need to be further evaluated. This standard is effective for annual periods beginning after December 15, 2017, with early adoption permitted. This standard should be applied prospectively. September 2017 The adoption and implementation of this standard did not have an impact on our financial statements. In future periods, the adoption of this standard may result in the capitalization of costs associated with asset acquisitions. Standards not yet adopted ASU 2016-02, Leases (Topic 842), as clarified and amended by ASU 2018-01 This standard sets out the principles for the recognition, measurement, presentation and disclosure of leases for both lessees and lessors. ASU 2016-02 requires lessees to apply a dual approach, classifying leases as either finance or operating leases based on the principle of whether or not the lease is effectively a financed purchase. Lessees are required to record a right-of-use asset and a lease liability for all leases with a term of greater than 12 months. Leases with a term of 12 months or less will be accounted for similar to existing guidance for operating leases. Lessees will recognize expense based on the effective interest method for finance leases or on a straight-line basis for operating leases. The FASB has also clarified that an assessment of whether a land easement meets the definition of a lease under the new lease standard will be required. An entity with land easements that are not accounted for as leases under the current lease accounting standards, however, may elect a practical expedient to exclude those land easements from assessment under the new lease accounting standards. The provisions of this standard are effective for fiscal years beginning after December 15, 2018 and should be applied through a modified retrospective transition approach for leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements. Early adoption is permitted. January 2019 We are currently evaluating the overall impact of the adoption of ASU 2016-02 on our financial statements, including the timing of adopting this standard. ASU 2016-02 will more significantly impact the accounting for leases in which we are the lessee. We have ground leases for which we will be required to record a right-of-use asset and lease liability equal to the present value of the remaining minimum lease payments upon adoption of this standard. Under ASU 2016-02, initial direct costs for both lessees and lessors would include only those costs that are incremental to the arrangement and would not have been incurred if the lease had not been obtained. As a result, we may no longer be able to capitalize internal leasing costs and instead may be required to expense these costs as incurred. Capitalization of internal leasing costs were $2.9 million, $2.5 million and $4.0 million for each of the three years in the period ended December 31, 2017. We do not have any significant land easements. ASU 2014-09, Revenue from Contracts with Customers (Topic 606), as clarified and amended by ASU 2016-08, ASU 2016-10 and ASU 2016-12 This standard establishes a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes most of the existing revenue recognition guidance. It requires an entity to recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services and also requires certain additional disclosures. This standard is effective beginning after December 15, 2017, including interim reporting periods within that reporting period and may be adopted either retrospectively or on a modified retrospective basis. January 2018 We will utilize the modified retrospective method of adoption. We completed our evaluation of the implementation of this standard, which included gathering and evaluating the inventory of our revenue streams. The standard excludes from its scope the areas of accounting that most significantly affect our revenue recognition, including accounting for leases and financial instruments. Therefore, the adoption of this standard is not expected to have a material impact on our financial statements. We expect this standard will have an impact on the timing of gains on future partial sales of real estate. |
The Combination (Tables)
The Combination (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Business Combinations [Abstract] | |
Schedule of Fair Value of Assets Acquired and Liabilities Assumed | The following allocation of the purchase price is based on the preliminary fair value of the assets acquired and liabilities assumed (in thousands): Fair value of purchase consideration: Common shares and OP Units $ 1,224,885 Cash 20,573 Total consideration paid $ 1,245,458 Fair value of assets acquired and liabilities assumed: Land and improvements $ 338,072 Building and improvements 609,156 Construction in progress, including land 699,800 Leasehold improvements and equipment 7,890 Real estate 1,654,918 Cash 104,529 Restricted cash 13,460 Investments in and advances to unconsolidated real estate ventures 241,611 Identified intangible assets 138,371 Notes receivable (1) 50,934 Identified intangible liabilities (8,687 ) Mortgages payable assumed (2) (768,523 ) Capital lease obligations assumed (3) (33,543 ) Lease assumption liabilities (4) (43,388 ) Deferred tax liability (5) (18,610 ) Other liabilities acquired, net (57,650 ) Noncontrolling interests in consolidated subsidiaries (3,588 ) Net assets acquired 1,269,834 Gain on bargain purchase (6) 24,376 Total consideration paid $ 1,245,458 ____________________ (1) During the year ended December 31, 2017 , we received proceeds of $50.9 million from the repayment of the notes receivable acquired in the Combination. (2) Subject to various interest rate swap and cap agreements assumed in the Combination that are considered economic hedges, but not designated as accounting hedges. (3) In the Combination, two ground leases were assumed that were determined to be capital leases. On July 25, 2017, we purchased a land parcel located in Reston, Virginia associated with one of the ground leases for $19.5 million . (4) Includes a $14.0 million payment to a tenant, which will be paid in 2018, and a $29.4 million lease liability we assumed in relocating a tenant to one of our office buildings. The $29.4 million assumed lease liability is based on the contractual payments we assumed under the tenant’s previous lease, which are partially offset by estimated sub-tenant income we anticipate receiving as we actively pursue a sub-tenant. (5) Related to the management and leasing contracts acquired in the Combination. (6) The Combination resulted in a gain on bargain purchase because the estimated fair value of the identifiable net assets acquired exceeded the purchase consideration by $24.4 million . The purchase consideration was based on the fair value of the common shares and OP Units issued in the Combination. We continue to reassess the recognition and measurement of identifiable assets and liabilities acquired and have preliminarily concluded that all acquired assets and liabilities were recognized and that the valuation procedures and resulting estimates of fair values were appropriate. |
Schedule of Fair Value of Common Shares and OP Units Purchase Consideration | The fair value of the common shares and OP Units purchase consideration was determined as follows (i n thousands, except exchange ratio and price per share/unit): Outstanding common shares and common limited partnership units prior to the Combination 100,571 Exchange ratio (1) 2.71 Common shares and OP Units issued in consideration 37,164 Price per share/unit (2) $ 37.10 Fair value of common shares and OP Units issued in consideration $ 1,378,780 Fair value adjustment to OP Units due to transfer restrictions (43,303 ) Portion of consideration attributable to performance of future services (3) (110,591 ) Fair value of common shares and OP Units purchase consideration $ 1,224,886 ____________________ (1) Represents the implied exchange ratio of one common share and OP Unit of JBG SMITH for 2.71 common shares and common limited partnership units prior to the Combination. (2) Represents the volume weighted average share price on July 18, 2017. (3) OP Unit consideration paid to certain of the owners of the JBG Assets which have an estimated fair value of $ 110.6 million is subject to post-combination employment with vesting over periods of either 12 or 60 months and amortization is recognized as compensation expense over the period of employment in "General and administrative expense: Share-based compensation related to Formation Transaction" in the statements of operations. |
Schedule of Fair Value of Identified Intangible Assets and Liabilities | The preliminary estimated fair values of tangible and identified intangible assets and liabilities, which have definite lives, are as follows: Total Fair Value Weighted Average Amortization Period Useful Life (1) (In thousands) (In years) Tangible assets: Building and improvements $ 543,584 3 - 40 years Tenant improvements 65,572 Shorter of useful life or remaining life of the respective lease Total building and improvements $ 609,156 Leasehold improvements $ 4,422 Shorter of useful life or remaining life of the respective lease Equipment 3,468 5 years Total leasehold improvements and equipment $ 7,890 Identified intangible assets: In-place leases $ 60,317 6.4 Remaining life of the respective lease Above-market real estate leases 11,732 6.3 Remaining life of the respective lease Below-market ground leases 332 88.5 Remaining life of the respective lease Option to enter into ground lease 17,090 N/A Remaining life of contract Management and leasing contracts (2) 48,900 7.5 Estimated remaining life of contracts, ranging between 3 - 9 years Total identified intangible assets $ 138,371 Identified intangible liabilities: Below-market real estate leases $ 8,687 10.3 Remaining life of the respective lease ____________________ (1) In determining these useful lives, we considered the length of time the asset had been in existence, the maintenance history, as well as anticipated future maintenance, and any contractual stipulations that might limit the useful life. (2) Includes in-place property management, leasing, asset management and development management contracts. |
Schedule of Fair Values of Tangible Assets Acquired as Part of Business Combination | The preliminary estimated fair values of tangible and identified intangible assets and liabilities, which have definite lives, are as follows: Total Fair Value Weighted Average Amortization Period Useful Life (1) (In thousands) (In years) Tangible assets: Building and improvements $ 543,584 3 - 40 years Tenant improvements 65,572 Shorter of useful life or remaining life of the respective lease Total building and improvements $ 609,156 Leasehold improvements $ 4,422 Shorter of useful life or remaining life of the respective lease Equipment 3,468 5 years Total leasehold improvements and equipment $ 7,890 Identified intangible assets: In-place leases $ 60,317 6.4 Remaining life of the respective lease Above-market real estate leases 11,732 6.3 Remaining life of the respective lease Below-market ground leases 332 88.5 Remaining life of the respective lease Option to enter into ground lease 17,090 N/A Remaining life of contract Management and leasing contracts (2) 48,900 7.5 Estimated remaining life of contracts, ranging between 3 - 9 years Total identified intangible assets $ 138,371 Identified intangible liabilities: Below-market real estate leases $ 8,687 10.3 Remaining life of the respective lease ____________________ (1) In determining these useful lives, we considered the length of time the asset had been in existence, the maintenance history, as well as anticipated future maintenance, and any contractual stipulations that might limit the useful life. (2) Includes in-place property management, leasing, asset management and development management contracts. |
Schedule of Unaudited Pro Forma Information | The unaudited pro forma information for the year ended December 31, 2017 was adjusted to exclude $24.4 million of gain on bargain purchase. The unaudited pro forma information was adjusted to exclude transaction and other costs of $127.7 million and $6.5 million and their respective income tax benefits for the years ended December 31, 2017 and 2016 . Year Ended December 31, 2017 2016 (In thousands, except per share data) Unaudited pro forma information: Total revenue $ 637,672 $ 655,668 Net loss attributable to common shareholders $ (19,343 ) $ (26,961 ) Loss per common share: Basic $ (0.16 ) $ (0.23 ) Diluted $ (0.16 ) $ (0.23 ) |
Tenants and Other Receivables36
Tenants and Other Receivables, Net (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Receivables [Abstract] | |
Schedule of Tenants and Other Receivables, Net | The following is a summary of tenant and other receivables, net as of December 31, 2017 and 2016 : December 31, 2017 2016 (In thousands) Tenants $ 30,672 $ 26,278 Third-party real estate services 8,954 2,488 Other 12,992 8,826 Allowance for doubtful accounts (5,884 ) (4,212 ) Total tenant and other receivables, net $ 46,734 $ 33,380 |
Investments in and Advances t37
Investments in and Advances to Unconsolidated Real Estate Ventures (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Composition of Investments | The following is a summary of the composition of our investments in and advances to unconsolidated real estate ventures as of December 31, 2017 and 2016 : Ownership Interest (1) December 31, Real Estate Venture Partners (1) December 31, 2017 2016 (In thousands) Landmark 1.8% - 49.0% $ 95,368 $ — CBREI Venture 5.0% - 64.0% 79,062 — Canadian Pension Plan Investment Board ("CPPIB") 55.0% 36,317 36,312 Brandywine 30.0% 13,741 — Berkshire Group 50.0% 27,761 — JP Morgan 5.0% 9,296 9,335 Other 246 129 Total investments in unconsolidated real estate ventures 261,791 45,776 Advances to unconsolidated real estate ventures 20 — Total investments in and advances to unconsolidated real estate ventures $ 261,811 $ 45,776 _______________ (1) We aggregate our investments in and advances to unconsolidated real estate ventures by real estate venture partner. We have multiple investments with certain venture partners with varying ownership interests. The following is a summary of the debt of our unconsolidated real estate ventures as of December 31, 2017 and 2016 : Weighted Average Effective December 31, December 31, 2017 2016 (In thousands) Variable rate (1) 4.40% $ 534,500 $ 31,000 Fixed rate (2) 3.79% 657,701 273,000 Unconsolidated real estate ventures - mortgages payable 1,192,201 304,000 Unamortized deferred financing costs (2,000 ) (1,034 ) Unconsolidated real estate ventures - mortgages payable, net (3) $ 1,190,201 $ 302,966 ______________ (1) Includes variable rate mortgages payable with interest rate cap agreements. (2) Includes variable rate mortgages payable with interest rates fixed by interest rate swap agreements. (3) See Note 17 for additional information regarding related commitments and contingencies. The following is a summary of the financial information for our unconsolidated real estate ventures as of December 31, 2017 and 2016 and for each of the three years in the period ended December 31, 2017 : December 31, 2017 2016 Combined balance sheet information: (In thousands) Real estate, net $ 2,106,670 $ 463,643 Other assets 264,731 134,596 Total assets $ 2,371,401 $ 598,239 Mortgages payable, net $ 1,190,202 $ 302,966 Other liabilities 76,415 24,896 Total liabilities 1,266,617 327,862 Noncontrolling interests — 343 Total equity 1,104,784 270,034 Total liabilities and equity $ 2,371,401 $ 598,239 Year Ended December 31, 2017 2016 2015 Combined income statement information: (In thousands) Total revenue $ 135,256 $ 68,118 $ 67,275 Operating income 14,741 19,283 21,173 Net income (loss) (7,593 ) 5,234 340 |
Other Assets, Net (Tables)
Other Assets, Net (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Summary of Other Assets, net | The following is a summary of other assets, net as of December 31, 2017 and 2016 : December 31, 2017 2016 (In thousands) Deferred leasing costs $ 171,153 $ 157,258 Accumulated amortization (67,180 ) (57,910 ) Deferred leasing costs, net 103,973 99,348 Prepaid expenses 9,038 2,199 Identified intangible assets, net 126,467 3,063 Deferred financing costs on revolving credit facility, net 6,654 — Deposits 6,317 100 Other 11,474 8,245 Total other assets, net $ 263,923 $ 112,955 |
Summary of Identified Intangible Assets, Net | The following is a summary of the composition of identified intangible assets, net as of December 31, 2017 and 2016 : December 31, 2017 2016 Identified intangible assets: (in thousands) In-place leases $ 72,086 $ 12,777 Above-market real estate leases 12,066 773 Below-market ground leases 2,547 2,215 Option to enter into ground lease 17,090 — Management and leasing contracts 48,900 — Other 206 206 Total identified intangibles assets 152,895 15,971 Accumulated amortization: In-place leases 20,015 10,871 Above-market real estate leases 1,600 612 Below-market ground leases 1,365 1,278 Option to enter into ground lease 78 — Management and leasing contracts 3,209 — Other 161 147 Total accumulated amortization 26,428 12,908 Identified intangible assets, net $ 126,467 $ 3,063 |
Summary of Amortization Expense | The following is a summary of amortization expense included in the statements of operations related to identified intangible assets for each of the three years in the period ended December 31, 2017 : Year Ended December 31, 2017 2016 2015 (in thousands) In-place lease amortization (1) $ 10,216 $ 485 $ 1,343 Above-market real estate lease amortization (2) 1,428 78 89 Below-market ground lease amortization (3) 87 85 85 Management and leasing contract amortization (1) 3,209 — — Other amortization (1) 14 92 248 Total identified intangible asset amortization $ 14,954 $ 740 $ 1,765 ___________________________________________ (1) Amounts are included in "Depreciation and amortization expenses" in our statements of operations. (2) Amounts are included in "Property rentals revenue" in our statements of operations. (3) Amounts are included in "Property operating expenses" in our statements of operations. |
Schedule of Estimated Amortization of Identified Intangible Assets | As of December 31, 2017 , the estimated amortization of identified intangible assets is as follows for the next five years and thereafter: Year ending December 31, Amount (in thousands) 2018 $ 22,338 2019 19,167 2020 16,136 2021 12,607 2022 11,248 Thereafter 44,971 Total $ 126,467 |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Debt Disclosure [Abstract] | |
Summary of Debt | The following is a summary of amounts outstanding under the credit facility as of December 31, 2017 : December 31, 2017 Interest Rate Balance (In thousands) Revolving credit facility (1) 2.66% $ 115,751 Tranche A-1 Term Loan 3.17% $ 50,000 Unamortized deferred financing costs, net (3,463 ) Unsecured term loan, net $ 46,537 __________________________ (1) As of December 31, 2017 , letters of credit with an aggregate face amount of $5.7 million were provided under our revolving credit facility. The following is a summary of mortgages payable as of December 31, 2017 and 2016 : Weighted Average December 31, December 31, 2017 (1) 2016 (In thousands) Variable rate (2) 3.62% $ 498,253 $ 547,291 Fixed rate (3) 4.25% 1,537,706 620,327 Mortgages payable 2,035,959 1,167,618 Unamortized deferred financing costs and premium/discount, net (10,267 ) (2,604 ) Mortgages payable, net $ 2,025,692 $ 1,165,014 Payable to former parent (4) — $ — $ 283,232 __________________________ (1) Includes mortgages payable assumed in the Combination. See Note 3 for additional information. (2) Includes variable rate mortgages payable with interest rate cap agreements. (3) Includes variable rate mortgages payable with interest rates fixed by interest rate swap agreements. (4) Includes amounts payable to former parent as of December 31, 2016 in connection with the Bowen Building and The Bartlett. See Note 18 for additional information. |
Schedule of Maturities of Debt Outstanding | Principal maturities of debt outstanding as of December 31, 2017 , including mortgages payable, the Tranche A-1 Term Loan and borrowings on the revolving credit facility, are as follows: Year ending December 31, Amount (In thousands) 2018 $ 337,513 2019 227,041 2020 225,914 2021 216,545 2022 327,500 Thereafter 867,197 Total $ 2,201,710 |
Other Liabilities, Net (Tables)
Other Liabilities, Net (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Other Liabilities Disclosure [Abstract] | |
Composition of Other Liabilities, Net | The following is a summary of other liabilities, net as of December 31, 2017 and 2016 : December 31, 2017 2016 (In thousands) Lease intangible liabilities $ 44,917 $ 36,515 Accumulated amortization (26,950 ) (24,945 ) Lease intangible liabilities, net 17,967 11,570 Prepaid rent 15,751 9,163 Lease assumption liabilities and accrued tenant incentives (1) 50,866 14,907 Capital lease obligation 15,819 — Security deposits 13,618 10,324 Ground lease deferred rent payable 3,730 3,331 Net deferred tax liability 8,202 — Dividends payable (2) 31,097 — Other 4,227 192 Total other liabilities, net $ 161,277 $ 49,487 ___________________________________________ (1) As of December 31, 2017 , includes $43.4 million of lease assumption liabilities assumed in the Combination. See Note 3 for additional information. (2) Dividends declared in December 2017 that were paid in January 2018. |
Schedule of Finite-Lived Intangible Liabilities, Future Amortization Expense | As of December 31, 2017 , the estimated amortization of lease intangible liabilities is as follows for the next five years and thereafter: Year ending December 31, Amount (in thousands) 2018 $ 2,695 2019 2,633 2020 2,382 2021 1,905 2022 1,788 Thereafter 6,564 Total $ 17,967 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |
Schedule of components of income tax expense (benefit) | The following is a summary of our income tax benefit (expense) for each of the three years in the period ended December 31, 2017 : Year Ended December 31, 2017 2016 2015 (in thousands) Current tax benefit (expense) $ (496 ) $ (1,083 ) $ (420 ) Deferred tax benefit (expense) 10,408 — — Income tax benefit (expense) $ 9,912 $ (1,083 ) $ (420 ) |
Schedule of deferred tax assets and liabilities | December 31, 2017 2016 (in thousands) Deferred tax assets: Accrued bonus $ 1,675 $ — Net operating loss 1,710 — Other 805 — Total deferred tax assets 4,190 — Deferred tax liabilities: Management and leasing contracts (11,840 ) — Other (552 ) — Total deferred tax liabilities (12,392 ) — Net deferred tax liability $ (8,202 ) $ — |
Redeemable Noncontrolling Int42
Redeemable Noncontrolling Interests (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Noncontrolling Interest [Abstract] | |
Redeemable Noncontrolling Interests | Below is a summary of the activity of redeemable noncontrolling interests for the year ended December 31, 2017 : JBG SMITH LP Consolidated Real Estate Venture Total (In thousands) Balance at January 1, 2017 (1) $ — $ — $ — OP Units issued at the Separation 96,632 — 96,632 OP Units issued in connection with the Combination (2) 359,967 — 359,967 Net loss attributable to redeemable noncontrolling interests (7,320 ) (8 ) (7,328 ) Other comprehensive income 225 — 225 Distributions and acquisition of consolidated real estate venture (9,113 ) 5,420 (3,693 ) Share-based compensation expense 32,634 — 32,634 Adjustment to redemption value 130,692 — 130,692 Balance as of December 31, 2017 $ 603,717 $ 5,412 $ 609,129 __________________ (1) We did not have any redeemable noncontrolling interests prior to the Separation on July 17, 2017. (2) Excludes certain OP Units issued in the Combination which have an estimated fair value of $ 110.6 million , that are subject to post-combination employment with vesting over periods of either 12 or 60 months. See Note 12 for additional information. |
Share-Based Payments and Empl43
Share-Based Payments and Employee Benefits (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Schedules of Share-based Compensation Activity | The following table presents information regarding the OP Units activity during the year ended December 31, 2017 : Unvested Shares Weighted Average Grant-Date Fair Value Unvested at January 1, 2017 — $ — Granted 3,280,900 33.71 Vested (193,938 ) 37.10 Unvested at December 31, 2017 3,086,962 33.49 The following table presents information regarding the Formation Awards activity during the year ended December 31, 2017 : Unvested Shares Weighted Average Grant-Date Fair Value Unvested at January 1, 2017 — $ — Granted 2,680,552 8.84 Forfeited (6,738 ) 8.84 Unvested at December 31, 2017 2,673,814 8.84 The following table presents information regarding the LTIP and Time-Based LTIP Units activity during the year ended December 31, 2017 : Unvested Shares Weighted Average Grant-Date Fair Value Unvested at January 1, 2017 — $ — Granted 409,611 33.41 Vested (77,129 ) 32.26 Forfeited (275 ) 33.71 Unvested at December 31, 2017 332,207 33.68 The following table presents information regarding the Performance-Based LTIP Units activity during the year ended December 31, 2017 : Unvested Shares Weighted Average Grant-Date Fair Value Unvested at January 1, 2017 — $ — Granted 605,072 15.95 Forfeited (550 ) 15.95 Unvested at December 31, 2017 604,522 15.95 |
Summary of Share-Based Compensation Expense | Share-based compensation expense for each of the three years in the period ended December 31, 2017 is summarized as follows: Year Ended December 31, 2017 2016 2015 (In thousands) Formation Awards $ 5,169 $ — $ — LTIP Units 2,615 — — OP Units (1) 21,467 — — Share-based compensation related to Formation Transaction (2) 29,251 — — Time-Based LTIP Units that vest over four years 2,211 — — Performance-Based LTIP Units 1,172 — — Other equity awards (3) 1,526 4,502 4,506 Share-based compensation expense - other (4) 4,909 4,502 4,506 Total share-based compensation expense 34,160 4,502 4,506 Less amount capitalized (467 ) — — Net share-based compensation expense $ 33,693 $ 4,502 $ 4,506 ______________________________________________ (1) Represents share-based compensation expense for OP Units subject to post-combination employment. See Note 3 for additional information. (2) Included in "General and administrative expense: Share-based compensation related to Formation Transaction" in the accompanying statements of operations. (3) Represents share-based compensation expense related to equity awards prior to the Formation Transaction. (4) Included in "General and administrative expense" in the accompanying statements of operations. |
Earnings (Loss) Per Common Sh44
Earnings (Loss) Per Common Share (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings (Loss) Per Share, Basic and Diluted | The following summarizes the calculation of basic and diluted earnings (loss) per common share and provides a reconciliation of the amounts of net income (loss) available to common shareholders used in calculating basic and diluted earnings (loss) per common share for each of the three years in the period ended December 31, 2017 : Year Ended December 31, 2017 2016 2015 (In thousands, except per share amounts) Net income (loss) $ (79,084 ) $ 61,974 $ 49,628 Net loss attributable to redeemable noncontrolling interests 7,328 — — Net loss attributable to noncontrolling interest 3 — — Net income (loss) attributable to common shareholders (71,753 ) 61,974 49,628 Distributions to participating securities (1,655 ) — — Net income (loss) available to common shareholders $ (73,408 ) $ 61,974 $ 49,628 Weighted average number of common shares outstanding — basic and diluted (1) 105,359 100,571 100,571 Earnings (loss) per common share: Basic $ (0.70 ) $ 0.62 $ 0.49 Diluted (0.70 ) 0.62 0.49 ______________ (1) Reflects the weighted average common shares outstanding as of the date of the Separation in all periods prior to July 17, 2017. |
Schedule of Antidilutive Securities Excluded from Computation of Earnings (Loss) Per Share | The number of additional securities excluded from the calculation of diluted earnings (loss) per common share as they were antidilutive, but potentially could be dilutive in the future are included in the following table for each of the three years in the period ended December 31, 2017 : Year Ended December 31, 2017 2016 2015 (In thousands) OP Units 3,087 — — Formation Awards 2,674 — — Time-Based LTIP Units 409 — — Performance-Based LTIP Units 605 — — |
Future Minimum Rental Income (T
Future Minimum Rental Income (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Leases [Abstract] | |
Schedule of Future Minimum Rental Income | As of December 31, 2017 , future base rental revenue under these non-cancelable operating leases excluding extension options is as follows: Year ending December 31, Amount (In thousands) 2018 $ 428,413 2019 341,872 2020 307,181 2021 264,351 2022 226,490 Thereafter 1,167,008 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | The following are assets and liabilities measured at fair value on a recurring basis as of December 31, 2017 : Fair Value Measurements Total Level 1 Level 2 Level 3 December 31, 2017 (In thousands) Derivative financial instruments designated as cash flow hedges: Classified as assets in "Other assets, net" $ 1,506 $ — $ 1,506 $ — Classified as liabilities in "Other liabilities, net" 2,640 — 2,640 — Derivative financial instruments not designated as cash flow hedges: Classified as assets in "Other assets, net" $ 635 $ — $ 635 $ — Classified as liabilities in "Other liabilities, net" $ 22 $ — $ 22 $ — |
Schedule of Financial Instruments and Liabilities as Reflected on Balance Sheet | As of December 31, 2017 and 2016 , all financial instruments and liabilities were reflected in our balance sheets at amounts which, in our estimation, reasonably approximated their fair values, except for the following: December 31, 2017 December 31, 2016 Carrying Amount (1) Fair Value Carrying Amount (1) Fair Value (In thousands) Financial liabilities: Mortgages payable $ 2,035,959 $ 2,060,899 $ 1,167,618 $ 1,192,267 Revolving credit facility 115,751 115,768 — — Unsecured term loan 50,000 50,029 — — ______________________________________ ( 1) The carrying amount consists of principal only. |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Segment Reporting [Abstract] | |
Segment information | The following table reflects the reconciliation of net income (loss) attributable common shareholders to consolidated NOI for each of the three years in the period ended December 31, 2017 : Year Ended December 31, 2017 2016 2015 (In thousands) Net income (loss) attributable to common shareholders $ (71,753 ) $ 61,974 $ 49,628 Add: Depreciation and amortization expense 161,659 133,343 144,984 General and administrative expense: Corporate and other 47,131 48,753 44,424 Third-party real estate services 51,919 19,066 18,217 Share-based compensation related to Formation Transaction 29,251 — — Transaction and other costs 127,739 6,476 — Interest expense 58,141 51,781 50,823 Loss on extinguishment of debt 701 — — Income tax expense (benefit) (9,912 ) 1,083 420 Less: Third-party real estate services, including reimbursements 63,236 33,882 29,467 Other income 5,167 5,381 10,854 Loss from unconsolidated real estate ventures, net (4,143 ) (947 ) (4,283 ) Interest and other income (loss), net 1,788 2,992 2,557 Gain on bargain purchase 24,376 — — Net loss attributable to redeemable noncontrolling interests 7,328 — — Net loss attributable to noncontrolling interest 3 — — Consolidated NOI $ 297,121 $ 281,168 $ 269,901 Below is a summary of NOI by segment for each of the three years in the period ended December 31, 2017 : Year Ended December 31, 2017 Office Multifamily Other Elimination of Intersegment Activity Total (In thousands) Rental revenue: Property rentals $ 343,213 $ 85,809 $ 10,508 $ (2,905 ) $ 436,625 Tenant reimbursements 32,315 5,012 658 — 37,985 Total rental revenue 375,528 90,821 11,166 (2,905 ) 474,610 Rental expense: — Property operating 93,834 24,297 8,528 (15,604 ) 111,055 Real estate taxes 50,483 10,940 5,011 — 66,434 Total rental expense 144,317 35,237 13,539 (15,604 ) 177,489 Consolidated NOI $ 231,211 $ 55,584 $ (2,373 ) $ 12,699 $ 297,121 Year Ended December 31, 2016 Office Multifamily Other Elimination of Intersegment Activity Total (In thousands) Rental revenue: Property rentals $ 317,956 $ 63,401 $ 23,234 $ (2,996 ) $ 401,595 Tenant reimbursements 33,361 3,454 846 — 37,661 Total rental revenue 351,317 66,855 24,080 (2,996 ) 439,256 Rental expense: — Property operating 91,128 17,238 7,216 (15,278 ) 100,304 Real estate taxes 46,115 6,993 4,676 — 57,784 Total rental expense 137,243 24,231 11,892 (15,278 ) 158,088 Consolidated NOI $ 214,074 $ 42,624 $ 12,188 $ 12,282 $ 281,168 Year Ended December 31, 2015 Office Multifamily Other Elimination of Intersegment Activity Total (In thousands) Rental revenue: Property rentals $ 311,671 $ 53,071 $ 27,504 $ (2,436 ) $ 389,810 Tenant reimbursements 35,508 2,790 2,178 — 40,476 Total rental revenue 347,179 55,861 29,682 (2,436 ) 430,286 Rental expense: Property operating 92,355 14,606 9,268 (14,718 ) 101,511 Real estate taxes 45,479 6,022 7,373 — 58,874 Total rental expense 137,834 20,628 16,641 (14,718 ) 160,385 Consolidated NOI $ 209,345 $ 35,233 $ 13,041 $ 12,282 $ 269,901 The following is a summary of certain balance sheet data by segment as of December 31, 2017 and 2016 : Office Multifamily Other Elimination of Intersegment Activity Total December 31, 2017 (In thousands) Real estate, at cost $ 3,955,013 $ 1,476,423 $ 594,361 $ — $ 6,025,797 Investments in and advances to unconsolidated real estate ventures 124,659 98,835 38,317 — 261,811 Total assets 3,542,977 1,434,999 1,299,085 (205,254 ) 6,071,807 December 31, 2016 Real estate, at cost $ 2,798,946 $ 959,404 $ 397,041 $ — $ 4,155,391 Investments in and advances to 45,647 — 129 — 45,776 Total assets 2,388,396 873,157 399,087 — 3,660,640 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Future Minimum Rental Income | As of December 31, 2017 , future minimum rental payments under non-cancelable operating leases, capital leases and lease assumption liabilities are as follows: Year ending December 31, Amount (In thousands) 2018 $ 13,686 2019 14,073 2020 13,866 2021 13,594 2022 12,845 Thereafter 697,903 Total $ 765,967 |
Quarterly Financial Data (una49
Quarterly Financial Data (unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Data | 2017 First Quarter Second Quarter Third Quarter (1) Fourth Quarter (2) (In thousands, except per share data) Total revenue $ 116,272 $ 118,020 $ 152,350 $ 156,371 Net income (loss) 6,318 11,341 (77,991 ) (18,752 ) Net income (loss) attributable to common shareholders 6,318 11,341 (69,831 ) (16,418 ) Earnings (loss) per share: Basic 0.06 0.11 (0.61 ) (0.15 ) Diluted 0.06 0.11 (0.61 ) (0.15 ) _______________ (1) During the third quarter of 2017, we recognized transaction and other costs of $104.1 million , a gain on bargain purchase of $27.8 million and share-based compensation expense of $14.4 million in connection with the completion of the Formation Transaction. (2) During the fourth quarter of 2017, we recognized share-based compensation expense of $14.8 million and transaction and other costs of $12.6 million in connection with the completion of the Formation Transaction in the third quarter of 2017. Additionally, we recognized a reduction to the gain on bargain purchase of $3.4 million related to adjustments to the fair value of certain assets acquired and liabilities assumed in the Formation Transaction. See Note 3 for additional information. 2016 First Quarter Second Quarter Third Quarter Fourth Quarter (1) (In thousands, except per share data) Total revenue $ 116,784 $ 116,339 $ 123,357 $ 122,039 Net income 11,547 16,783 21,014 12,630 Net income attributable to common shareholders 11,547 16,783 21,014 12,630 Earnings per share: Basic 0.11 0.17 0.21 0.13 Diluted 0.11 0.17 0.21 0.13 ____________ (1) During the fourth quarter of 2016, we recognized transaction and other costs of $4.9 million in connection with the Formation Transaction completed during the third quarter of 2017. |
Organization and Basis of Pre50
Organization and Basis of Presentation - Narrative (Details) shares in Thousands, $ in Thousands | Jul. 18, 2017ft²building_unitpropertiesshares | Jul. 17, 2017shares | Jul. 07, 2017 | Dec. 31, 2017USD ($)ft²building_unitpropertypropertiesshares | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) |
Real Estate Properties [Line Items] | ||||||
Common stock issued (in shares) | shares | 94,700 | 117,955 | ||||
Common limited partnership units (in shares) | shares | 5,800 | |||||
Outstanding common shares and common limited partnership units (in shares) | shares | 118,000 | 117,955 | ||||
Common limited partnership units outstanding (in shares) | shares | 19,800 | |||||
Number of real estate properties | properties | 69 | |||||
Other assets, net | $ | $ 263,923 | $ 112,955 | ||||
Investments in and advances to unconsolidated real estate ventures | $ | 261,811 | 45,776 | ||||
Third-party real estate services | $ | 51,919 | 19,066 | $ 18,217 | |||
Property operating | $ | 111,055 | 100,304 | 101,511 | |||
Third-party real estate services, including reimbursements | $ | 63,236 | 33,882 | 29,467 | |||
Other income | $ | $ 5,167 | 5,381 | 10,854 | |||
Asset under Construction | ||||||
Real Estate Properties [Line Items] | ||||||
Number of real estate properties | properties | 10 | |||||
Future Development | ||||||
Real Estate Properties [Line Items] | ||||||
Number of real estate properties | properties | 43 | |||||
Area of real estate property (in square feet) | 21,400,000 | |||||
Office Building | ||||||
Real Estate Properties [Line Items] | ||||||
Number of real estate properties | properties | 51 | |||||
Area of real estate property (in square feet) | 13,700,000 | |||||
Office Building | Asset under Construction | ||||||
Real Estate Properties [Line Items] | ||||||
Number of real estate properties | properties | 4 | |||||
Area of real estate property (in square feet) | 1,300,000 | |||||
Multifamily | ||||||
Real Estate Properties [Line Items] | ||||||
Number of real estate properties | properties | 14 | |||||
Number of building units | building_unit | 6,016 | |||||
Multifamily | Asset under Construction | ||||||
Real Estate Properties [Line Items] | ||||||
Number of real estate properties | properties | 5 | |||||
Number of building units | building_unit | 1,767 | |||||
Other Property | ||||||
Real Estate Properties [Line Items] | ||||||
Number of real estate properties | properties | 4 | |||||
Area of real estate property (in square feet) | 765,000 | |||||
Other Property | Asset under Construction | ||||||
Real Estate Properties [Line Items] | ||||||
Number of real estate properties | property | 1 | |||||
Area of real estate property (in square feet) | 41,100 | |||||
Wholly Owned Properties | Future Development | ||||||
Real Estate Properties [Line Items] | ||||||
Area of real estate property (in square feet) | 17,900,000 | |||||
Wholly Owned Properties | Office Building | ||||||
Real Estate Properties [Line Items] | ||||||
Area of real estate property (in square feet) | 11,800,000 | |||||
Wholly Owned Properties | Office Building | Asset under Construction | ||||||
Real Estate Properties [Line Items] | ||||||
Area of real estate property (in square feet) | 1,200,000 | |||||
Wholly Owned Properties | Multifamily | ||||||
Real Estate Properties [Line Items] | ||||||
Number of building units | building_unit | 4,232 | |||||
Wholly Owned Properties | Multifamily | Asset under Construction | ||||||
Real Estate Properties [Line Items] | ||||||
Number of building units | building_unit | 1,568 | |||||
Wholly Owned Properties | Other Property | ||||||
Real Estate Properties [Line Items] | ||||||
Area of real estate property (in square feet) | 348,000 | |||||
Wholly Owned Properties | Other Property | Asset under Construction | ||||||
Real Estate Properties [Line Items] | ||||||
Area of real estate property (in square feet) | 4,100 | |||||
JBG Smith, LP | ||||||
Real Estate Properties [Line Items] | ||||||
Ownership interest by parent | 85.60% | |||||
JBG Companies | ||||||
Real Estate Properties [Line Items] | ||||||
Common shares and OP Units issued in consideration (in shares) | shares | 37,164 | |||||
Outstanding common shares and common limited partnership units (in shares) | shares | 100,571 | |||||
Number of real estate properties | properties | 30 | |||||
JBG Companies | Asset under Construction | ||||||
Real Estate Properties [Line Items] | ||||||
Number of real estate properties | properties | 11 | |||||
Area of real estate property (in square feet) | 2,500,000 | |||||
JBG Companies | Future Development | ||||||
Real Estate Properties [Line Items] | ||||||
Number of real estate properties | properties | 26 | |||||
Area of real estate property (in square feet) | 11,700,000 | |||||
JBG Companies | Office Building | ||||||
Real Estate Properties [Line Items] | ||||||
Number of real estate properties | properties | 19 | |||||
Area of real estate property (in square feet) | 3,600,000 | |||||
JBG Companies | Multifamily | ||||||
Real Estate Properties [Line Items] | ||||||
Number of real estate properties | properties | 9 | |||||
Number of building units | building_unit | 2,883 | |||||
JBG Companies | Other Property | ||||||
Real Estate Properties [Line Items] | ||||||
Number of real estate properties | properties | 2 | |||||
Area of real estate property (in square feet) | 490,000 | |||||
JBG Companies | Wholly Owned Properties | Asset under Construction | ||||||
Real Estate Properties [Line Items] | ||||||
Area of real estate property (in square feet) | 2,200,000 | |||||
JBG Companies | Wholly Owned Properties | Future Development | ||||||
Real Estate Properties [Line Items] | ||||||
Area of real estate property (in square feet) | 8,500,000 | |||||
JBG Companies | Wholly Owned Properties | Office Building | ||||||
Real Estate Properties [Line Items] | ||||||
Area of real estate property (in square feet) | 2,300,000 | |||||
JBG Companies | Wholly Owned Properties | Multifamily | ||||||
Real Estate Properties [Line Items] | ||||||
Number of building units | building_unit | 1,099 | |||||
JBG Companies | Wholly Owned Properties | Other Property | ||||||
Real Estate Properties [Line Items] | ||||||
Area of real estate property (in square feet) | 73,000 | |||||
JBG Companies | Common Shares | ||||||
Real Estate Properties [Line Items] | ||||||
Common shares and OP Units issued in consideration (in shares) | shares | 23,200 | |||||
JBG Companies | Partnership units | ||||||
Real Estate Properties [Line Items] | ||||||
Common shares and OP Units issued in consideration (in shares) | shares | 13,900 | |||||
Affiliate | Vornado | ||||||
Real Estate Properties [Line Items] | ||||||
Percentage of common shares distributed | 100.00% | |||||
Spinoff ratio | 0.5 | |||||
Limited Partners spinoff ratio | 0.5 | |||||
Reclassification Adjustment | ||||||
Real Estate Properties [Line Items] | ||||||
Other assets, net | $ | 4,000 | |||||
Investments in and advances to unconsolidated real estate ventures | $ | (4,000) | |||||
Third-party real estate services | $ | 19,100 | 18,200 | ||||
Property operating | $ | (19,100) | (18,200) | ||||
Third-party real estate services, including reimbursements | $ | 16,400 | 15,900 | ||||
Other income | $ | $ (16,400) | $ (15,900) | ||||
Five Assets | Annualized Rent | Asset Concentration Risk | ||||||
Real Estate Properties [Line Items] | ||||||
Concentration risk percentage | 25.00% |
Organization and Basis of Pre51
Organization and Basis of Presentation - Schedule of Revenue by Major Customer (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues | $ 156,371 | $ 152,350 | $ 118,020 | $ 116,272 | $ 122,039 | $ 123,357 | $ 116,339 | $ 116,784 | $ 543,013 | $ 478,519 | $ 470,607 |
U.S. federal government | Office segment revenue | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Percentage of revenue | 24.50% | 29.60% | 29.70% | ||||||||
U.S. federal government | Total revenue | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Percentage of revenue | 19.40% | 23.60% | 23.90% | ||||||||
U.S. federal government | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues | $ 92,192 | $ 103,864 | $ 102,951 |
Summary of Significant Accoun52
Summary of Significant Accounting Policies - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Property, Plant and Equipment [Line Items] | |||
Capitalization of internal leasing costs | $ 2.9 | $ 2.5 | $ 4 |
Minimum | |||
Property, Plant and Equipment [Line Items] | |||
Estimated useful lives (in years) | 3 years | ||
Maximum | |||
Property, Plant and Equipment [Line Items] | |||
Estimated useful lives (in years) | 40 years |
The Combination - Narrative (De
The Combination - Narrative (Details) shares in Thousands, $ in Thousands | Jul. 18, 2017USD ($)ft²building_unitpropertiespersonshares | Dec. 31, 2017USD ($)ft²building_unitpropertyproperties | Sep. 30, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2017USD ($)ft²building_unitpropertyproperties | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) |
Business Acquisition [Line Items] | |||||||
Number of real estate properties | properties | 69 | 69 | |||||
Transaction and other costs | $ | $ 127,739 | $ 6,476 | $ 0 | ||||
Gain on bargain purchase | $ | 24,376 | 0 | $ 0 | ||||
JBG Companies | |||||||
Business Acquisition [Line Items] | |||||||
Common shares and OP Units issued in consideration (in shares) | shares | 37,164 | ||||||
Increase to real estate | $ | $ 47,500 | ||||||
Decrease to identified intangible assets | $ | (8,200) | ||||||
Increase to investments in and advances to unconsolidated real estate ventures | $ | 3,200 | ||||||
Increase to lease liabilities | $ | 43,400 | ||||||
Increase to other liabilities acquired | $ | 5,600 | ||||||
Decrease in deferred tax liability | $ | 2,900 | ||||||
Reduction to gain on bargain purchase | $ | (3,400) | ||||||
Number of real estate properties | properties | 30 | ||||||
Number of unrelated owners | person | 20 | ||||||
Number of owners turned employees | person | 19 | ||||||
Number of owners turned board of trustee members | person | 3 | ||||||
Transaction and other costs | $ | 12,600 | $ 104,100 | $ 4,900 | 127,700 | $ 6,500 | ||
Severance and transaction bonus expense | $ | $ 40,800 | 40,800 | |||||
Investment banking fees | $ | 33,600 | ||||||
Legal fees | $ | 13,900 | ||||||
Accounting fees | $ | 10,800 | ||||||
Revenue of JBG included in statement of operations | $ | 71,300 | ||||||
Net loss of JBG included in statement of operations | $ | $ (23,100) | ||||||
Gain on bargain purchase | $ | $ 24,376 | $ 27,800 | |||||
Office Building | |||||||
Business Acquisition [Line Items] | |||||||
Number of real estate properties | properties | 51 | 51 | |||||
Area of real estate property (in square feet) | 13,700,000 | 13,700,000 | |||||
Office Building | JBG Companies | |||||||
Business Acquisition [Line Items] | |||||||
Number of real estate properties | properties | 19 | ||||||
Area of real estate property (in square feet) | 3,600,000 | ||||||
Multifamily | |||||||
Business Acquisition [Line Items] | |||||||
Number of real estate properties | properties | 14 | 14 | |||||
Number of building units | building_unit | 6,016 | 6,016 | |||||
Multifamily | JBG Companies | |||||||
Business Acquisition [Line Items] | |||||||
Number of real estate properties | properties | 9 | ||||||
Number of building units | building_unit | 2,883 | ||||||
Other | |||||||
Business Acquisition [Line Items] | |||||||
Number of real estate properties | properties | 4 | 4 | |||||
Area of real estate property (in square feet) | 765,000 | 765,000 | |||||
Other | JBG Companies | |||||||
Business Acquisition [Line Items] | |||||||
Number of real estate properties | properties | 2 | ||||||
Area of real estate property (in square feet) | 490,000 | ||||||
Wholly Owned Properties | Office Building | |||||||
Business Acquisition [Line Items] | |||||||
Area of real estate property (in square feet) | 11,800,000 | 11,800,000 | |||||
Wholly Owned Properties | Office Building | JBG Companies | |||||||
Business Acquisition [Line Items] | |||||||
Area of real estate property (in square feet) | 2,300,000 | ||||||
Wholly Owned Properties | Multifamily | |||||||
Business Acquisition [Line Items] | |||||||
Number of building units | building_unit | 4,232 | 4,232 | |||||
Wholly Owned Properties | Multifamily | JBG Companies | |||||||
Business Acquisition [Line Items] | |||||||
Number of building units | building_unit | 1,099 | ||||||
Wholly Owned Properties | Other | |||||||
Business Acquisition [Line Items] | |||||||
Area of real estate property (in square feet) | 348,000 | 348,000 | |||||
Wholly Owned Properties | Other | JBG Companies | |||||||
Business Acquisition [Line Items] | |||||||
Area of real estate property (in square feet) | 73,000 | ||||||
Asset under Construction | |||||||
Business Acquisition [Line Items] | |||||||
Number of real estate properties | properties | 10 | 10 | |||||
Asset under Construction | JBG Companies | |||||||
Business Acquisition [Line Items] | |||||||
Number of real estate properties | properties | 11 | ||||||
Area of real estate property (in square feet) | 2,500,000 | ||||||
Asset under Construction | Office Building | |||||||
Business Acquisition [Line Items] | |||||||
Number of real estate properties | properties | 4 | 4 | |||||
Area of real estate property (in square feet) | 1,300,000 | 1,300,000 | |||||
Asset under Construction | Multifamily | |||||||
Business Acquisition [Line Items] | |||||||
Number of real estate properties | properties | 5 | 5 | |||||
Number of building units | building_unit | 1,767 | 1,767 | |||||
Asset under Construction | Other | |||||||
Business Acquisition [Line Items] | |||||||
Number of real estate properties | property | 1 | 1 | |||||
Area of real estate property (in square feet) | 41,100 | 41,100 | |||||
Asset under Construction | Wholly Owned Properties | JBG Companies | |||||||
Business Acquisition [Line Items] | |||||||
Area of real estate property (in square feet) | 2,200,000 | ||||||
Asset under Construction | Wholly Owned Properties | Office Building | |||||||
Business Acquisition [Line Items] | |||||||
Area of real estate property (in square feet) | 1,200,000 | 1,200,000 | |||||
Asset under Construction | Wholly Owned Properties | Multifamily | |||||||
Business Acquisition [Line Items] | |||||||
Number of building units | building_unit | 1,568 | 1,568 | |||||
Asset under Construction | Wholly Owned Properties | Other | |||||||
Business Acquisition [Line Items] | |||||||
Area of real estate property (in square feet) | 4,100 | 4,100 | |||||
Near-Term Development | JBG Companies | |||||||
Business Acquisition [Line Items] | |||||||
Number of real estate properties | properties | 2 | ||||||
Area of real estate property (in square feet) | 401,000 | ||||||
Near-Term Development | Wholly Owned Properties | JBG Companies | |||||||
Business Acquisition [Line Items] | |||||||
Area of real estate property (in square feet) | 242,000 | ||||||
Future Development | |||||||
Business Acquisition [Line Items] | |||||||
Number of real estate properties | properties | 43 | 43 | |||||
Area of real estate property (in square feet) | 21,400,000 | 21,400,000 | |||||
Future Development | JBG Companies | |||||||
Business Acquisition [Line Items] | |||||||
Number of real estate properties | properties | 26 | ||||||
Area of real estate property (in square feet) | 11,700,000 | ||||||
Future Development | Wholly Owned Properties | |||||||
Business Acquisition [Line Items] | |||||||
Area of real estate property (in square feet) | 17,900,000 | 17,900,000 | |||||
Future Development | Wholly Owned Properties | JBG Companies | |||||||
Business Acquisition [Line Items] | |||||||
Area of real estate property (in square feet) | 8,500,000 |
The Combination - Fair Value of
The Combination - Fair Value of Assets Acquired and Liabilities Assumed (Details) $ in Thousands | Jul. 25, 2017USD ($)unit | Jul. 18, 2017USD ($)unit | Sep. 30, 2017USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) |
Fair value of assets acquired and liabilities assumed: | ||||||
Gain on bargain purchase | $ 24,376 | $ 0 | $ 0 | |||
Repayment of notes receivable | 50,934 | $ 0 | $ 0 | |||
JBG Companies | ||||||
Fair value of purchase consideration: | ||||||
Common shares and OP Units | $ 1,224,885 | |||||
Cash | 20,573 | |||||
Total consideration paid | 1,245,458 | |||||
Fair value of assets acquired and liabilities assumed: | ||||||
Land and improvements | 338,072 | |||||
Building and improvements | 609,156 | |||||
Construction in progress, including land | 699,800 | |||||
Leasehold improvements and equipment | 7,890 | |||||
Real estate | 1,654,918 | |||||
Cash | 104,529 | |||||
Restricted cash | 13,460 | |||||
Investments in and advances to unconsolidated real estate ventures | 241,611 | |||||
Identified intangible assets | 138,371 | |||||
Notes receivable | 50,934 | |||||
Identified intangible liabilities | (8,687) | |||||
Mortgages payable assumed | (768,523) | |||||
Capital lease obligations assumed | (33,543) | |||||
Lease assumption liabilities | (43,388) | |||||
Deferred tax liability | (18,610) | |||||
Other liabilities acquired, net | (57,650) | |||||
Noncontrolling interests in consolidated subsidiaries | (3,588) | |||||
Net assets acquired | 1,269,834 | |||||
Gain on bargain purchase | $ 24,376 | $ 27,800 | ||||
Repayment of notes receivable | $ 50,900 | |||||
Ground leases that qualify as capital leases | unit | 2 | |||||
Lease assumption liabilities, future payments to tenants | $ 14,000 | |||||
Lease assumption liabilities, relocation of tenants | $ 29,400 | |||||
Reston, Virginia | JBG Companies | ||||||
Fair value of assets acquired and liabilities assumed: | ||||||
Ground leases that qualify as capital leases | unit | 1 | |||||
Land parcel purchase price | $ 19,500 |
The Combination - Fair Value 55
The Combination - Fair Value of Common Shares and OP Units Purchase Consideration (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | Jul. 18, 2017 | Dec. 31, 2017 | Jul. 17, 2017 |
Business Acquisition [Line Items] | |||
Outstanding common shares and common limited partnership units (in shares) | 118,000 | 117,955 | |
JBG Companies | |||
Business Acquisition [Line Items] | |||
Outstanding common shares and common limited partnership units (in shares) | 100,571 | ||
Exchange ratio | 271.00% | ||
Common shares and OP Units issued in consideration (in shares) | 37,164 | ||
Price per share/unit | $ 37.10 | ||
Fair value of common shares and OP Units issued in consideration | $ 1,378,780 | ||
Fair value adjustment to OP Units due to transfer restrictions | (43,303) | ||
Portion of consideration attributable to performance of future services | (110,591) | ||
Fair value of common shares and OP Units purchase consideration | 1,224,885 | ||
OP Units | |||
Business Acquisition [Line Items] | |||
Portion of consideration attributable to performance of future services | $ (110,600) | ||
OP Units | Minimum | |||
Business Acquisition [Line Items] | |||
Vesting period | 12 months | ||
OP Units | Maximum | |||
Business Acquisition [Line Items] | |||
Vesting period | 60 months |
The Combination - Fair Value 56
The Combination - Fair Value of Tangible Assets Acquired and Identified Intangible Assets and Liabilities (Details) - USD ($) $ in Thousands | Jul. 18, 2017 | Dec. 31, 2017 |
Minimum | ||
Identified intangible assets and liabilities: | ||
Useful life (in years) | 3 years | |
Maximum | ||
Identified intangible assets and liabilities: | ||
Useful life (in years) | 40 years | |
JBG Companies | ||
Tangible assets: | ||
Building and improvements | $ 543,584 | |
Tenant improvements | 65,572 | |
Total building and improvements | 609,156 | |
Leasehold improvements | 4,422 | |
Equipment | 3,468 | |
Total leasehold improvements and equipment | 7,890 | |
Identified intangible assets and liabilities: | ||
Identified intangible assets | 138,371 | |
Below-market real estate leases | $ 8,687 | |
Weighted average amortization period (in years) | 10 years 3 months 18 days | |
JBG Companies | Equipment | ||
Identified intangible assets and liabilities: | ||
Useful life (in years) | 5 years | |
JBG Companies | In-place leases | ||
Identified intangible assets and liabilities: | ||
Identified intangible assets | $ 60,317 | |
Weighted average amortization period (in years) | 6 years 5 months | |
JBG Companies | Above-market real estate leases | ||
Identified intangible assets and liabilities: | ||
Identified intangible assets | $ 11,732 | |
Weighted average amortization period (in years) | 6 years 3 months | |
JBG Companies | Below-market ground leases | ||
Identified intangible assets and liabilities: | ||
Identified intangible assets | $ 332 | |
Weighted average amortization period (in years) | 88 years 6 months | |
JBG Companies | Option to enter into ground lease | ||
Identified intangible assets and liabilities: | ||
Identified intangible assets | $ 17,090 | |
JBG Companies | Management and leasing contracts | ||
Identified intangible assets and liabilities: | ||
Identified intangible assets | $ 48,900 | |
Weighted average amortization period (in years) | 7 years 6 months | |
JBG Companies | Minimum | Building and improvements | ||
Identified intangible assets and liabilities: | ||
Useful life (in years) | 3 years | |
JBG Companies | Minimum | Management and leasing contracts | ||
Identified intangible assets and liabilities: | ||
Useful life (in years) | 3 years | |
JBG Companies | Maximum | Building and improvements | ||
Identified intangible assets and liabilities: | ||
Useful life (in years) | 40 years | |
JBG Companies | Maximum | Management and leasing contracts | ||
Identified intangible assets and liabilities: | ||
Useful life (in years) | 9 years |
The Combination - Pro Forma Inf
The Combination - Pro Forma Information (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Business Combinations [Abstract] | ||
Total revenue | $ 637,672 | $ 655,668 |
Net loss attributable to common shareholders | $ (19,343) | $ (26,961) |
Loss per common share: Basic (in dollars per share) | $ (0.16) | $ (0.23) |
Loss per common share: Diluted (in dollars per share) | $ (0.16) | $ (0.23) |
Tenant and Other Receivables, N
Tenant and Other Receivables, Net (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Receivables [Abstract] | |||
Tenants | $ 30,672,000 | $ 26,278,000 | |
Third-party real estate services | 8,954,000 | 2,488,000 | |
Other | 12,992,000 | 8,826,000 | |
Allowance for doubtful accounts | (5,884,000) | (4,212,000) | |
Total tenant and other receivables, net | 46,734,000 | 33,380,000 | |
Bad debt expense | $ 3,807,000 | $ 750,600 | $ 1,407,000 |
Investments in and Advances t59
Investments in and Advances to Unconsolidated Real Estate Ventures - Summary of Composition of Investments (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Schedule of Equity Method Investments [Line Items] | ||
Total investments in unconsolidated real estate ventures | $ 261,791 | $ 45,776 |
Advances to unconsolidated real estate ventures | 20 | 0 |
Total investments in and advances to unconsolidated real estate ventures | 261,811 | 45,776 |
Landmark | ||
Schedule of Equity Method Investments [Line Items] | ||
Total investments in unconsolidated real estate ventures | 95,368 | 0 |
CBREI Venture | ||
Schedule of Equity Method Investments [Line Items] | ||
Total investments in unconsolidated real estate ventures | $ 79,062 | 0 |
Canadian Pension Plan Investment Board (CPPIB) | ||
Schedule of Equity Method Investments [Line Items] | ||
Ownership Interest | 55.00% | |
Total investments in unconsolidated real estate ventures | $ 36,317 | 36,312 |
Brandywine | ||
Schedule of Equity Method Investments [Line Items] | ||
Ownership Interest | 30.00% | |
Total investments in unconsolidated real estate ventures | $ 13,741 | 0 |
Berkshire Group | ||
Schedule of Equity Method Investments [Line Items] | ||
Ownership Interest | 50.00% | |
Total investments in unconsolidated real estate ventures | $ 27,761 | 0 |
JP Morgan | ||
Schedule of Equity Method Investments [Line Items] | ||
Ownership Interest | 5.00% | |
Total investments in unconsolidated real estate ventures | $ 9,296 | 9,335 |
Other | ||
Schedule of Equity Method Investments [Line Items] | ||
Total investments in unconsolidated real estate ventures | $ 246 | $ 129 |
Minimum | Landmark | ||
Schedule of Equity Method Investments [Line Items] | ||
Ownership Interest | 1.80% | |
Minimum | CBREI Venture | ||
Schedule of Equity Method Investments [Line Items] | ||
Ownership Interest | 5.00% | |
Maximum | Landmark | ||
Schedule of Equity Method Investments [Line Items] | ||
Ownership Interest | 49.00% | |
Maximum | CBREI Venture | ||
Schedule of Equity Method Investments [Line Items] | ||
Ownership Interest | 64.00% |
Investments in and Advances t60
Investments in and Advances to Unconsolidated Real Estate Ventures - Narrative (Details) - USD ($) | 1 Months Ended | 12 Months Ended | ||
Nov. 30, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Schedule of Equity Method Investments [Line Items] | ||||
Investment in unconsolidated real estate venture | $ 16,321,000 | $ 23,027,000 | $ 7,865,000 | |
Capitol Point North | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Ownership Interest | 41.00% | |||
Investment in unconsolidated real estate venture | $ 13,100,000 | |||
Mortgages payable | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Proceeds from debt | $ 79,300,000 | |||
Repayment of mortgage loan | 250,000,000 | |||
Ability to draw additional borrowing capacity | $ 143,700,000 | |||
Mortgages payable | Atlantic Plumbing | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Debt instrument, face amount | $ 110,000,000 | |||
Term | 5 years | |||
Proceeds from debt | $ 100,000,000 | |||
Repayment of mortgage loan | 88,400,000 | |||
Ability to draw additional borrowing capacity | $ 10,000,000 | |||
LIBOR | Mortgages payable | Atlantic Plumbing | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Mortgage loan interest rate | 1.50% |
Investments in and Advances t61
Investments in and Advances to Unconsolidated Real Estate Ventures - Summary of Debt (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Equity Method Investments and Joint Ventures [Abstract] | ||
Variable rate, weighted average interest rate | 4.40% | |
Variable rate | $ 534,500 | $ 31,000 |
Fixed rate, weighted average interest rate | 3.79% | |
Fixed rate | $ 657,701 | 273,000 |
Unconsolidated real estate ventures - mortgages payable | 1,192,201 | 304,000 |
Unamortized deferred financing costs | (2,000) | (1,034) |
Unconsolidated real estate ventures - mortgages payable, net | $ 1,190,201 | $ 302,966 |
Investments in and Advances t62
Investments in and Advances to Unconsolidated Real Estate Ventures - Condensed Combined Financial Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Combined balance sheet information: | |||
Real estate, net | $ 2,106,670 | $ 463,643 | |
Other assets | 264,731 | 134,596 | |
Total assets | 2,371,401 | 598,239 | |
Mortgages payable, net | 1,190,202 | 302,966 | |
Other liabilities | 76,415 | 24,896 | |
Total liabilities | 1,266,617 | 327,862 | |
Noncontrolling interests | 0 | 343 | |
Total equity | 1,104,784 | 270,034 | |
Total liabilities and equity | 2,371,401 | 598,239 | |
Combined income statement information: | |||
Total revenue | 135,256 | 68,118 | $ 67,275 |
Operating income | 14,741 | 19,283 | 21,173 |
Net income (loss) | $ (7,593) | $ 5,234 | $ 340 |
Variable Interest Entities (Det
Variable Interest Entities (Details) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Variable Interest Entity, Not Primary Beneficiary | ||
Variable Interest Entity [Line Items] | ||
Assets | $ 163.5 | $ 42.4 |
Variable Interest Entity, Primary Beneficiary | ||
Variable Interest Entity [Line Items] | ||
Assets | 111 | |
Liabilities | $ 8.8 |
Other Assets, Net - Summary of
Other Assets, Net - Summary of Other Assets, Net (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||
Deferred leasing costs | $ 171,153 | $ 157,258 |
Accumulated amortization | (67,180) | (57,910) |
Deferred leasing costs, net | 103,973 | 99,348 |
Prepaid expenses | 9,038 | 2,199 |
Identified intangible assets, net | 126,467 | 3,063 |
Deferred financing costs on revolving credit facility, net | 6,654 | 0 |
Deposits | 6,317 | 100 |
Other | 11,474 | 8,245 |
Total other assets, net | $ 263,923 | $ 112,955 |
Other Assets, Net - Schedule of
Other Assets, Net - Schedule of Identified Intangible Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Finite-Lived Intangible Assets [Line Items] | ||
Total identified intangibles assets | $ 152,895 | $ 15,971 |
Total accumulated amortization | 26,428 | 12,908 |
Identified intangible assets, net | 126,467 | 3,063 |
In-place leases | ||
Finite-Lived Intangible Assets [Line Items] | ||
Total identified intangibles assets | 72,086 | 12,777 |
Total accumulated amortization | 20,015 | 10,871 |
Above-market real estate leases | ||
Finite-Lived Intangible Assets [Line Items] | ||
Total identified intangibles assets | 12,066 | 773 |
Total accumulated amortization | 1,600 | 612 |
Below-market ground leases | ||
Finite-Lived Intangible Assets [Line Items] | ||
Total identified intangibles assets | 2,547 | 2,215 |
Total accumulated amortization | 1,365 | 1,278 |
Option to enter into ground lease | ||
Finite-Lived Intangible Assets [Line Items] | ||
Total identified intangibles assets | 17,090 | 0 |
Total accumulated amortization | 78 | 0 |
Management and leasing contracts | ||
Finite-Lived Intangible Assets [Line Items] | ||
Total identified intangibles assets | 48,900 | 0 |
Total accumulated amortization | 3,209 | 0 |
Other | ||
Finite-Lived Intangible Assets [Line Items] | ||
Total identified intangibles assets | 206 | 206 |
Total accumulated amortization | $ 161 | $ 147 |
Other Assets, Net - Summary o66
Other Assets, Net - Summary of Amortization Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Finite-Lived Intangible Assets [Line Items] | |||
Total identified intangible asset amortization | $ 14,954 | $ 740 | $ 1,765 |
In-place leases | |||
Finite-Lived Intangible Assets [Line Items] | |||
Total identified intangible asset amortization | 10,216 | 485 | 1,343 |
Above-market real estate leases | |||
Finite-Lived Intangible Assets [Line Items] | |||
Total identified intangible asset amortization | 1,428 | 78 | 89 |
Below-market ground leases | |||
Finite-Lived Intangible Assets [Line Items] | |||
Total identified intangible asset amortization | 87 | 85 | 85 |
Management and leasing contracts | |||
Finite-Lived Intangible Assets [Line Items] | |||
Total identified intangible asset amortization | 3,209 | 0 | 0 |
Other | |||
Finite-Lived Intangible Assets [Line Items] | |||
Total identified intangible asset amortization | $ 14 | $ 92 | $ 248 |
Other Assets, Net - Schedule 67
Other Assets, Net - Schedule of Estimated Amortization of Identified Intangible Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||
2,018 | $ 22,338 | |
2,019 | 19,167 | |
2,020 | 16,136 | |
2,021 | 12,607 | |
2,022 | 11,248 | |
Thereafter | 44,971 | |
Identified intangible assets, net | $ 126,467 | $ 3,063 |
Debt - Schedule of Mortgages Pa
Debt - Schedule of Mortgages Payable (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Debt Instrument [Line Items] | ||
Debt, gross | $ 2,201,710 | |
Payable to former parent | $ 0 | $ 283,232 |
Mortgages payable | ||
Debt Instrument [Line Items] | ||
Variable interest rate | 3.62% | |
Fixed interest rate | 4.25% | |
Interest rate on payable to former parent | 0.00% | |
Variable rate amount | $ 498,253 | 547,291 |
Fixed rate amount | 1,537,706 | 620,327 |
Debt, gross | 2,035,959 | 1,167,618 |
Unamortized deferred financing costs and premium/discount, net | (10,267) | (2,604) |
Debt, net | 2,025,692 | 1,165,014 |
Payable to former parent | $ 0 | $ 283,232 |
Debt - Narrative (Details)
Debt - Narrative (Details) | Jul. 18, 2017USD ($)extension_option | Oct. 31, 2017USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) |
Line of Credit Facility [Line Items] | |||||
Loss on extinguishment of debt | $ (701,000) | $ 0 | $ 0 | ||
Interest costs incurred | 65,400,000 | 54,300,000 | 55,500,000 | ||
Capitalized interest | 12,727,000 | $ 4,076,000 | $ 6,437,000 | ||
Mortgages payable | |||||
Line of Credit Facility [Line Items] | |||||
Net carrying value of real estate collateralizing the mortgages payable | 2,900,000,000 | ||||
Proceeds from new debt | 79,300,000 | ||||
Repayment of mortgages payable | 250,000,000 | ||||
Ability to draw additional borrowing capacity | 143,700,000 | ||||
Loss on extinguishment of debt | (701,000) | ||||
Unsecured term loan, net | 1,400,000,000 | ||||
Line of credit | |||||
Line of Credit Facility [Line Items] | |||||
Credit facility, maximum borrowing capacity | $ 1,400,000,000 | ||||
Fees and expenses on debt | 11,200,000 | ||||
Line of credit | Revolving credit facility | |||||
Line of Credit Facility [Line Items] | |||||
Unsecured term loan, net | 115,800,000 | ||||
Credit facility, maximum borrowing capacity | $ 1,000,000,000 | ||||
Number of debt extension options | extension_option | 2 | ||||
Debt extension option period (in months) | 6 months | ||||
Line of credit | Tranche A-1 Term Loan | |||||
Line of Credit Facility [Line Items] | |||||
Unsecured term loan, net | $ 50,000,000 | $ 50,000,000 | |||
Credit facility, maximum borrowing capacity | 200,000,000 | ||||
Line of credit | Tranche A-2 Term Loan | |||||
Line of Credit Facility [Line Items] | |||||
Credit facility, maximum borrowing capacity | $ 200,000,000 | ||||
Minimum | LIBOR | Line of credit | Revolving credit facility | |||||
Line of Credit Facility [Line Items] | |||||
Basis spread on variable rate | 1.10% | ||||
Minimum | LIBOR | Line of credit | Tranche A-1 Term Loan | |||||
Line of Credit Facility [Line Items] | |||||
Basis spread on variable rate | 1.20% | 1.97% | |||
Minimum | LIBOR | Line of credit | Tranche A-2 Term Loan | |||||
Line of Credit Facility [Line Items] | |||||
Basis spread on variable rate | 1.55% | ||||
Maximum | LIBOR | Line of credit | Revolving credit facility | |||||
Line of Credit Facility [Line Items] | |||||
Basis spread on variable rate | 1.50% | ||||
Maximum | LIBOR | Line of credit | Tranche A-1 Term Loan | |||||
Line of Credit Facility [Line Items] | |||||
Basis spread on variable rate | 1.70% | ||||
Maximum | LIBOR | Line of credit | Tranche A-2 Term Loan | |||||
Line of Credit Facility [Line Items] | |||||
Basis spread on variable rate | 2.35% | ||||
JBG Companies | |||||
Line of Credit Facility [Line Items] | |||||
Mortgages payable assumed | $ (768,523,000) | ||||
JBG Companies | Mortgages payable | |||||
Line of Credit Facility [Line Items] | |||||
Mortgages payable assumed | $ (768,500,000) | ||||
Repayment of mortgages payable | $ 64,800,000 |
Debt - Summary of Amounts Outst
Debt - Summary of Amounts Outstanding under the Credit Facility (Details) $ in Thousands | Dec. 31, 2017USD ($) |
Line of Credit Facility [Line Items] | |
Long-term debt, gross | $ 2,201,710 |
Line of credit | Revolving credit facility | |
Line of Credit Facility [Line Items] | |
Interest Rate | 2.66% |
Debt, net | $ 115,751 |
Letters of credit | $ 5,700 |
Line of credit | Tranche A-1 Term Loan | |
Line of Credit Facility [Line Items] | |
Interest Rate | 3.17% |
Long-term debt, gross | $ 50,000 |
Unamortized deferred financing costs, net | (3,463) |
Debt, net | $ 46,537 |
Debt - Schedule of Principal Ma
Debt - Schedule of Principal Maturities Outstanding (Details) $ in Thousands | Dec. 31, 2017USD ($) |
Debt Disclosure [Abstract] | |
2,018 | $ 337,513 |
2,019 | 227,041 |
2,020 | 225,914 |
2,021 | 216,545 |
2,022 | 327,500 |
Thereafter | 867,197 |
Debt, gross | $ 2,201,710 |
Other Liabilities, Net - Summar
Other Liabilities, Net - Summary of Other Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Jul. 18, 2017 | Dec. 31, 2016 |
Schedule of Other Liabilities [Line Items] | |||
Lease intangible liabilities | $ 44,917 | $ 36,515 | |
Accumulated amortization | (26,950) | (24,945) | |
Lease intangible liabilities, net | 17,967 | 11,570 | |
Prepaid rent | 15,751 | 9,163 | |
Lease assumption liabilities and accrued tenant incentives | 50,866 | 14,907 | |
Capital lease obligation | 15,819 | 0 | |
Security deposits | 13,618 | 10,324 | |
Ground lease deferred rent payable | 3,730 | 3,331 | |
Net deferred tax liability | 8,202 | 0 | |
Dividends payable | 31,097 | 0 | |
Other | 4,227 | 192 | |
Total other liabilities, net | $ 161,277 | $ 49,487 | |
JBG Companies | |||
Schedule of Other Liabilities [Line Items] | |||
Lease assumption liabilities | $ (43,388) |
Other Liabilities, Net - Summ73
Other Liabilities, Net - Summary of Amortization Expense (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Management and leasing contracts | |||
Schedule of Other Liabilities [Line Items] | |||
Lease intangible liabilities amortization | $ 2.3 | $ 1.4 | $ 2.9 |
Other Liabilities, Net - Schedu
Other Liabilities, Net - Schedule of Finite-Lived Intangible Liabilities, Future Amortization Expense (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Other Liabilities Disclosure [Abstract] | ||
2,018 | $ 2,695 | |
2,019 | 2,633 | |
2,020 | 2,382 | |
2,021 | 1,905 | |
2,022 | 1,788 | |
Thereafter | 6,564 | |
Lease intangible liabilities, net | $ 17,967 | $ 11,570 |
Income Taxes - Narrative (Detai
Income Taxes - Narrative (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Income Taxes [Line Items] | |||
Federal income tax expense | $ (9,912,000) | $ 1,083,000 | $ 420,000 |
Net tax benefit due to Tax Act | 3,900,000 | ||
Net operating loss carryforward | 6,200,000 | ||
Cost of real estate for federal income tax purposes | 3,500,000,000 | ||
Net deferred tax liability | $ 8,202,000 | $ 0 | |
Dividends declared (in dollars per share) | $ 0.45 | $ 0 | $ 0 |
Dividends declared, taxable in current year (in dollars per share) | 0.31 | ||
Dividends declared, taxable in next fiscal year (in dollars per share) | $ 0.14 | ||
REIT Subsidiaries | |||
Income Taxes [Line Items] | |||
Federal income tax expense | $ 0 | $ 0 | $ 0 |
Income Taxes - Schedule of Comp
Income Taxes - Schedule of Components of Income Tax Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |||
Current tax benefit (expense) | $ (496) | $ (1,083) | $ (420) |
Deferred tax benefit (expense) | 10,408 | 0 | 0 |
Income tax benefit (expense) | $ (9,912) | $ 1,083 | $ 420 |
Income Taxes - Schedule of Defe
Income Taxes - Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Deferred tax assets: | ||
Accrued bonus | $ 1,675 | $ 0 |
Net operating loss | 1,710 | 0 |
Other | 805 | 0 |
Total deferred tax assets | 4,190 | 0 |
Deferred tax liabilities: | ||
Management and leasing contracts | (11,840) | 0 |
Other | (552) | 0 |
Total deferred tax liabilities | (12,392) | 0 |
Net deferred tax liability | $ (8,202) | $ 0 |
Redeemable Noncontrolling Int78
Redeemable Noncontrolling Interests - Narrative (Details) - USD ($) shares in Millions, $ in Millions | Jul. 18, 2017 | Nov. 30, 2017 | Dec. 31, 2017 | Oct. 31, 2017 |
JBG Smith, LP | ||||
Noncontrolling Interest [Line Items] | ||||
Ownership interest by parent | 85.60% | |||
Consolidated Real Estate Venture | ||||
Noncontrolling Interest [Line Items] | ||||
Ownership interest by parent | 67.60% | |||
Payments to acquire interest in joint venture | $ 1.5 | |||
Ownership interest by noncontrolling owners | 37.90% | |||
Ownership interest by parent, threshold for capital contributions to cease | 97.00% | |||
OP Units | ||||
Noncontrolling Interest [Line Items] | ||||
Common shares and OP Units issued in consideration | 19.8 | |||
OP Units | JBG Smith, LP | ||||
Noncontrolling Interest [Line Items] | ||||
Ownership interest by parent | 14.40% | |||
Minimum | ||||
Noncontrolling Interest [Line Items] | ||||
Redemption period | 2 years | |||
Maximum | ||||
Noncontrolling Interest [Line Items] | ||||
Redemption period | 7 years |
Redeemable Noncontrolling Int79
Redeemable Noncontrolling Interests - Summary of the Activity of Redeemable Noncontrolling Interests (Details) - USD ($) $ in Thousands | Jul. 18, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Temporary Equity | |||||
Beginning Balance | $ 0 | ||||
OP Units issued at the Separation | [1] | 96,632 | $ 0 | $ 0 | |
OP Units issued in connection with the Combination | 359,967 | ||||
Net loss attributable to redeemable noncontrolling interests | (7,328) | ||||
Other comprehensive income | 225 | ||||
Distributions and acquisition of consolidated real estate venture | (3,693) | ||||
Share-based compensation expense | 32,634 | ||||
Adjustment to record redeemable noncontrolling interest at redemption value | [1] | 130,692 | 0 | $ 0 | |
Ending Balance | 609,129 | 0 | |||
OP Units | |||||
Temporary Equity | |||||
Portion of consideration attributable to performance of future services | $ 110,600 | ||||
OP Units | Minimum | |||||
Temporary Equity | |||||
Vesting period | 12 months | ||||
OP Units | Maximum | |||||
Temporary Equity | |||||
Vesting period | 60 months | ||||
JBG Smith, LP | |||||
Temporary Equity | |||||
Beginning Balance | 0 | ||||
OP Units issued at the Separation | 96,632 | ||||
OP Units issued in connection with the Combination | 359,967 | ||||
Net loss attributable to redeemable noncontrolling interests | (7,320) | ||||
Other comprehensive income | 225 | ||||
Distributions and acquisition of consolidated real estate venture | (9,113) | ||||
Share-based compensation expense | 32,634 | ||||
Adjustment to record redeemable noncontrolling interest at redemption value | 130,692 | ||||
Ending Balance | 603,717 | 0 | |||
Consolidated Real Estate Venture | |||||
Temporary Equity | |||||
Beginning Balance | 0 | ||||
OP Units issued at the Separation | 0 | ||||
OP Units issued in connection with the Combination | 0 | ||||
Net loss attributable to redeemable noncontrolling interests | (8) | ||||
Other comprehensive income | 0 | ||||
Distributions and acquisition of consolidated real estate venture | 5,420 | ||||
Share-based compensation expense | 0 | ||||
Adjustment to record redeemable noncontrolling interest at redemption value | 0 | ||||
Ending Balance | $ 5,412 | $ 0 | |||
[1] | See Note 3 for information regarding assets, liabilities and noncontrolling interests acquired in the Formation Transaction. |
Share-Based Payments and Empl80
Share-Based Payments and Employee Benefits - OP Units (Details) - OP Units - USD ($) $ / shares in Units, $ in Millions | Jul. 18, 2017 | Dec. 31, 2017 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Additional Disclosures [Abstract] | ||
Equity grants (in shares) | 3,300,000 | 3,280,900 |
Portion of consideration attributable to performance of future services | $ 110.6 | |
Shares | ||
Beginning balance (in shares) | 0 | |
Granted (in shares) | 3,300,000 | 3,280,900 |
Vested in period (in shares) | (193,938) | |
Ending balance (in shares) | 3,086,962 | |
Weighted Average Grant-Date Fair Value | ||
Beginning balance (in dollars per share) | $ 0 | |
Granted (in dollars per share) | 33.71 | |
Vested (in dollars per share) | 37.10 | |
Ending balance (in dollars per share) | $ 33.49 | |
Minimum | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Additional Disclosures [Abstract] | ||
Vesting period | 12 months | |
Expected volatility rate | 18.00% | |
Risk-free interest rate | 1.30% | |
Expected life (in years) | 1 year | |
Maximum | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Additional Disclosures [Abstract] | ||
Vesting period | 60 months | |
Expected volatility rate | 27.00% | |
Risk-free interest rate | 1.50% | |
Expected life (in years) | 3 years |
Share-Based Payments and Empl81
Share-Based Payments and Employee Benefits - JBG Smith 2017 Omnibus Share Plan (Details) - Omnibus Share Plan, 2017 - shares shares in Millions | Dec. 31, 2017 | Jul. 17, 2017 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of shares authorized | 10.3 | |
Number of shares available for issuance | 6.6 |
Share-Based Payments and Empl82
Share-Based Payments and Employee Benefits - Formation Awards (Details) - USD ($) $ / shares in Units, $ in Millions | Jul. 18, 2017 | Dec. 31, 2017 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Additional Disclosures [Abstract] | ||
Compensation expense recognition period (in years) | 3 years 3 months 18 days | |
Formation Awards | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Additional Disclosures [Abstract] | ||
Equity grants (in shares) | 2,700,000 | 2,680,552 |
Aggregate notional value of shares granted | $ 100 | |
Weighted average grant-date fair value (in dollars per share) | $ 37.10 | $ 0 |
Vesting period | 10 years | |
Fair value of awards on grant date | $ 23.7 | |
Fair value of awards on grant date (in dollars per unit) | $ 8.84 | |
Expected volatility rate | 26.00% | |
Dividend yield rate | 2.30% | |
Risk-free interest rate | 2.30% | |
Expected life (in years) | 7 years | |
Compensation expense recognition period (in years) | 5 years | |
Shares | ||
Beginning balance (in shares) | 0 | |
Granted (in shares) | 2,700,000 | 2,680,552 |
Forfeited (in shares) | (6,738) | |
Ending balance (in shares) | 2,673,814 | |
Weighted Average Grant-Date Fair Value | ||
Beginning balance (in dollars per share) | $ 0 | |
Granted (in dollars per share) | 8.84 | |
Forfeited (in dollars per share) | 8.84 | |
Ending balance (in dollars per share) | $ 37.10 | $ 8.84 |
Vesting Period One | Formation Awards | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Additional Disclosures [Abstract] | ||
Percentage of vesting rights for each tranche | 25.00% | |
Vesting Period Two | Formation Awards | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Additional Disclosures [Abstract] | ||
Percentage of vesting rights for each tranche | 25.00% | |
Vesting Period Three | Formation Awards | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Additional Disclosures [Abstract] | ||
Percentage of vesting rights for each tranche | 50.00% |
Share-Based Payments and Empl83
Share-Based Payments and Employee Benefits - LTIP and Time-Based LTIP Units (Details) | Aug. 01, 2017installment$ / sharesshares | Jul. 18, 2017USD ($)personshares | Dec. 31, 2017USD ($)$ / sharesshares | Dec. 31, 2017$ / sharesshares |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Additional Disclosures [Abstract] | ||||
Compensation expense recognition period (in years) | 3 years 3 months 18 days | |||
LTIP and Time-Based LTIP Units | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Additional Disclosures [Abstract] | ||||
Equity grants (in shares) | 409,611 | |||
Weighted average grant-date fair value (in dollars per share) | $ / shares | $ 33.68 | $ 0 | ||
Shares | ||||
Beginning balance (in shares) | 0 | |||
Granted (in shares) | 409,611 | |||
Vested in period (in shares) | (77,129) | |||
Forfeited (in shares) | (275) | |||
Ending balance (in shares) | 332,207 | 332,207 | ||
Weighted Average Grant-Date Fair Value | ||||
Beginning balance (in dollars per share) | $ / shares | $ 0 | |||
Granted (in dollars per share) | $ / shares | 33.41 | |||
Vested (in dollars per share) | $ / shares | 32.26 | |||
Forfeited (in dollars per share) | $ / shares | 33.71 | |||
Ending balance (in dollars per share) | $ / shares | $ 33.68 | $ 33.68 | ||
LTIP and Time-Based LTIP Units | Minimum | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Additional Disclosures [Abstract] | ||||
Expected volatility rate | 17.00% | |||
Risk-free interest rate | 1.30% | |||
Expected life (in years) | 2 years | |||
LTIP and Time-Based LTIP Units | Maximum | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Additional Disclosures [Abstract] | ||||
Expected volatility rate | 19.00% | |||
Risk-free interest rate | 1.50% | |||
Expected life (in years) | 3 years | |||
LTIP Units | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Additional Disclosures [Abstract] | ||||
Equity grants (in shares) | 47,166 | |||
Fair value of awards on grant date | $ | $ 3,500,000 | |||
Shares | ||||
Granted (in shares) | 47,166 | |||
LTIP Units | Vesting Period One | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Additional Disclosures [Abstract] | ||||
Percentage of vesting rights for each tranche | 50.00% | |||
LTIP Units | Vesting Period Two | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Additional Disclosures [Abstract] | ||||
Percentage of vesting rights for each tranche | 50.00% | |||
Time-Based LTIP Units | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Additional Disclosures [Abstract] | ||||
Equity grants (in shares) | 302,518 | |||
Vesting period | 4 years | |||
Number of installments | installment | 4 | |||
Weighted average grant-date fair value (in dollars per share) | $ / shares | $ 33.71 | |||
Compensation expense recognition period (in years) | 4 years | |||
Shares | ||||
Granted (in shares) | 302,518 | |||
Weighted Average Grant-Date Fair Value | ||||
Ending balance (in dollars per share) | $ / shares | $ 33.71 | |||
Trustee | LTIP Units | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Additional Disclosures [Abstract] | ||||
Number of non-employee trustees | person | 7 | |||
Fair value of awards on grant date | $ | $ 250,000 | |||
Trustee | LTIP Units | Minimum | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Additional Disclosures [Abstract] | ||||
Vesting period | 31 months | |||
Trustee | LTIP Units | Maximum | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Additional Disclosures [Abstract] | ||||
Vesting period | 60 months | |||
Key Employee | LTIP Units | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Additional Disclosures [Abstract] | ||||
Equity grants (in shares) | 59,927 | |||
Shares | ||||
Granted (in shares) | 59,927 |
Share-Based Payments and Empl84
Share-Based Payments and Employee Benefits - Performance-Based LTIP Units (Details) - USD ($) $ / shares in Units, $ in Millions | Aug. 01, 2017 | Dec. 31, 2017 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Additional Disclosures [Abstract] | ||
Compensation expense recognition period (in years) | 3 years 3 months 18 days | |
Performance-Based LTIP Units | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Additional Disclosures [Abstract] | ||
Equity grants (in shares) | 605,072 | 605,072 |
Vesting period | 3 years | |
Fair value of awards on grant date | $ 9.7 | |
Fair value of awards on grant date (in dollars per unit) | $ 15.95 | |
Expected volatility rate | 18.00% | |
Dividend yield rate | 2.30% | |
Risk-free interest rate | 1.50% | |
Compensation expense recognition period (in years) | 4 years | |
Shares | ||
Beginning balance (in shares) | 0 | |
Granted (in shares) | 605,072 | 605,072 |
Forfeited (in shares) | (550) | |
Ending balance (in shares) | 604,522 | |
Weighted Average Grant-Date Fair Value | ||
Beginning balance (in dollars per share) | $ 0 | |
Granted (in dollars per share) | 15.95 | |
Forfeited (in dollars per share) | 15.95 | |
Ending balance (in dollars per share) | $ 15.95 | |
Performance-Based LTIP Units | Vesting Period One | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Additional Disclosures [Abstract] | ||
Percentage of vesting rights for each tranche | 50.00% | |
Performance-Based LTIP Units | Vesting Period Two | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Additional Disclosures [Abstract] | ||
Percentage of vesting rights for each tranche | 50.00% |
Share-Based Payments and Empl85
Share-Based Payments and Employee Benefits - Summary of Share-Based Compensation Expense (Details) - USD ($) $ in Thousands | Aug. 01, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based compensation related to Formation Transaction | $ 29,251 | $ 0 | $ 0 | |
Less amount capitalized | (467) | 0 | 0 | |
Net share-based compensation expense | 33,693 | 4,502 | 4,506 | |
Total unrecognized compensation expense | $ 124,900 | |||
Compensation expense recognition period (in years) | 3 years 3 months 18 days | |||
Formation Awards | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based compensation related to Formation Transaction | $ 5,169 | 0 | 0 | |
Compensation expense recognition period (in years) | 5 years | |||
LTIP Units | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based compensation related to Formation Transaction | $ 2,615 | 0 | 0 | |
OP Units | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based compensation related to Formation Transaction | 21,467 | 0 | 0 | |
Share-based compensation related to Formation Transaction | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based compensation related to Formation Transaction | 29,251 | 0 | 0 | |
Time-Based LTIP Units | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based compensation related to Formation Transaction | $ 2,211 | 0 | 0 | |
Compensation expense recognition period (in years) | 4 years | |||
Performance-Based LTIP Units | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based compensation related to Formation Transaction | $ 1,172 | 0 | 0 | |
Compensation expense recognition period (in years) | 4 years | |||
Other Equity Awards | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based compensation related to Formation Transaction | 1,526 | 4,502 | 4,506 | |
Share-based compensation expense - other | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based compensation related to Formation Transaction | 4,909 | 4,502 | 4,506 | |
Total share-based compensation expense | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based compensation related to Formation Transaction | $ 34,160 | $ 4,502 | $ 4,506 |
Share-Based Payments and Empl86
Share-Based Payments and Employee Benefits - Employee Benefits (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||
Matching contributions, vesting period | 5 years | ||
Contributions to the 401(k) Plan | $ 3.6 | $ 2.4 | $ 2.3 |
Earnings (Loss) Per Common Sh87
Earnings (Loss) Per Common Share - Schedule of Earnings (Loss) Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Earnings Per Share [Abstract] | |||||||||||
Net income (loss) | $ (18,752) | $ (77,991) | $ 11,341 | $ 6,318 | $ 12,630 | $ 21,014 | $ 16,783 | $ 11,547 | $ (79,084) | $ 61,974 | $ 49,628 |
Net loss attributable to redeemable noncontrolling interests | (7,328) | 0 | 0 | ||||||||
Net loss attributable to noncontrolling interest | (3) | 0 | 0 | ||||||||
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON SHAREHOLDERS | (71,753) | 61,974 | 49,628 | ||||||||
Distributions to participating securities | (1,655) | 0 | 0 | ||||||||
Net income (loss) available to common shareholders | $ (16,418) | $ (69,831) | $ 11,341 | $ 6,318 | $ 12,630 | $ 21,014 | $ 16,783 | $ 11,547 | $ (73,408) | $ 61,974 | $ 49,628 |
Weighted average number of shares outstanding - basic and diluted ( in shares) | 105,359 | 100,571 | 100,571 | ||||||||
Earnings (loss) per common share: | |||||||||||
Basic (in dollars per share) | $ (0.15) | $ (0.61) | $ 0.11 | $ 0.06 | $ 0.13 | $ 0.21 | $ 0.17 | $ 0.11 | $ (0.70) | $ 0.62 | $ 0.49 |
Diluted (in dollars per share) | $ (0.15) | $ (0.61) | $ 0.11 | $ 0.06 | $ 0.13 | $ 0.21 | $ 0.17 | $ 0.11 | $ (0.70) | $ 0.62 | $ 0.49 |
Earnings (Loss) Per Common Sh88
Earnings (Loss) Per Common Share - Narrative (Details) shares in Millions | 12 Months Ended |
Dec. 31, 2017shares | |
Conversion of OP Units | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |
Antidilutive securities excluded from computation of earnings per share (in shares) | 16.7 |
Earnings (Loss) Per Common Sh89
Earnings (Loss) Per Common Share - Antidilutive Securities Excluded (Details) - shares shares in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
OP Units | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive securities excluded from computation of earnings per share (in shares) | 3,087 | 0 | 0 |
Formation Awards | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive securities excluded from computation of earnings per share (in shares) | 2,674 | 0 | 0 |
Time-Based LTIP Units | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive securities excluded from computation of earnings per share (in shares) | 409 | 0 | 0 |
Performance-Based LTIP Units | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive securities excluded from computation of earnings per share (in shares) | 605 | 0 | 0 |
Future Minimum Rental Income (D
Future Minimum Rental Income (Details) $ in Thousands | Dec. 31, 2017USD ($) |
Leases [Abstract] | |
2,018 | $ 428,413 |
2,019 | 341,872 |
2,020 | 307,181 |
2,021 | 264,351 |
2,022 | 226,490 |
Thereafter | $ 1,167,008 |
Fair Value Measurements - Narra
Fair Value Measurements - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Fair Value Disclosures [Abstract] | |||
Net unrealized gain on derivative designated as cash flow hedge | $ 1,800 | ||
Loss expected to be reclassified into interest expense within the next 12 months | 3,600 | ||
Net unrealized gain on derivative not designated as cash flow hedge | $ 1,348 | $ 0 | $ 0 |
Fair Value Measurements - Sched
Fair Value Measurements - Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis (Details) - Interest rate swap and caps - Recurring $ in Thousands | Dec. 31, 2017USD ($) |
Other Assets, Net | Designated as Hedging Instrument | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Classified as assets in Other assets, net | $ 1,506 |
Other Assets, Net | Designated as Hedging Instrument | Level 1 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Classified as assets in Other assets, net | 0 |
Other Assets, Net | Designated as Hedging Instrument | Level 2 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Classified as assets in Other assets, net | 1,506 |
Other Assets, Net | Designated as Hedging Instrument | Level 3 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Classified as assets in Other assets, net | 0 |
Other Assets, Net | Not Designated as Hedging Instrument | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Classified as assets in Other assets, net | 635 |
Other Assets, Net | Not Designated as Hedging Instrument | Level 1 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Classified as assets in Other assets, net | 0 |
Other Assets, Net | Not Designated as Hedging Instrument | Level 2 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Classified as assets in Other assets, net | 635 |
Other Assets, Net | Not Designated as Hedging Instrument | Level 3 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Classified as assets in Other assets, net | 0 |
Other Liabilities, Net | Designated as Hedging Instrument | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Classified as liabilities in Other liabilities, net | 2,640 |
Other Liabilities, Net | Designated as Hedging Instrument | Level 1 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Classified as liabilities in Other liabilities, net | 0 |
Other Liabilities, Net | Designated as Hedging Instrument | Level 2 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Classified as liabilities in Other liabilities, net | 2,640 |
Other Liabilities, Net | Designated as Hedging Instrument | Level 3 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Classified as liabilities in Other liabilities, net | 0 |
Other Liabilities, Net | Not Designated as Hedging Instrument | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Classified as liabilities in Other liabilities, net | 22 |
Other Liabilities, Net | Not Designated as Hedging Instrument | Level 1 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Classified as liabilities in Other liabilities, net | 0 |
Other Liabilities, Net | Not Designated as Hedging Instrument | Level 2 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Classified as liabilities in Other liabilities, net | 22 |
Other Liabilities, Net | Not Designated as Hedging Instrument | Level 3 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Classified as liabilities in Other liabilities, net | $ 0 |
Fair Value Measurements - Finan
Fair Value Measurements - Financial Assets and Liabilities Not Measured at Fair Value (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Mortgages payable | Carrying Amount | ||
Financial liabilities: | ||
Financial liabilities | $ 2,035,959 | $ 1,167,618 |
Mortgages payable | Fair Value | ||
Financial liabilities: | ||
Financial liabilities | 2,060,899 | 1,192,267 |
Revolving credit facility | Carrying Amount | ||
Financial liabilities: | ||
Financial liabilities | 115,751 | 0 |
Revolving credit facility | Fair Value | ||
Financial liabilities: | ||
Financial liabilities | 115,768 | 0 |
Unsecured term loan | Carrying Amount | ||
Financial liabilities: | ||
Financial liabilities | 50,000 | 0 |
Unsecured term loan | Fair Value | ||
Financial liabilities: | ||
Financial liabilities | $ 50,029 | $ 0 |
Segment Information - Narrative
Segment Information - Narrative (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017USD ($)segment | Dec. 31, 2016USD ($) | |
Segment Reporting Information [Line Items] | ||
Number of reportable segments | segment | 3 | |
Number of operating segments | segment | 3 | |
Other assets, net | $ | $ 263,923 | $ 112,955 |
Third-Party Real Estate Services Segment | ||
Segment Reporting Information [Line Items] | ||
Other assets, net | $ | $ 45,700 |
Segment Information - Schedule
Segment Information - Schedule of Reconciliation of Net Income Attributable to Parent (Details) - USD ($) $ in Thousands | Jul. 18, 2017 | Dec. 31, 2017 | Sep. 30, 2017 | Dec. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Business Acquisition [Line Items] | |||||||
Net income (loss) attributable to common shareholders | $ (71,753) | $ 61,974 | $ 49,628 | ||||
Depreciation and amortization | 161,659 | 133,343 | 144,984 | ||||
Corporate and other | 47,131 | 48,753 | 44,424 | ||||
Third-party real estate services | 51,919 | 19,066 | 18,217 | ||||
Share-based compensation related to Formation Transaction | 29,251 | 0 | 0 | ||||
Transaction and other costs | 127,739 | 6,476 | 0 | ||||
Interest expense | 58,141 | 51,781 | 50,823 | ||||
Loss on extinguishment of debt | 701 | 0 | 0 | ||||
Income tax expense (benefit) | (9,912) | 1,083 | 420 | ||||
Third-party real estate services, including reimbursements | 63,236 | 33,882 | 29,467 | ||||
Other income | 5,167 | 5,381 | 10,854 | ||||
Loss from unconsolidated real estate ventures, net | (4,143) | (947) | (4,283) | ||||
Interest and other income, net | 1,788 | 2,992 | 2,557 | ||||
Gain on bargain purchase | 24,376 | 0 | 0 | ||||
Net loss attributable to redeemable noncontrolling interests | 7,328 | 0 | 0 | ||||
Net loss attributable to noncontrolling interest | 3 | 0 | 0 | ||||
Consolidated NOI | 297,121 | 281,168 | $ 269,901 | ||||
JBG Companies | |||||||
Business Acquisition [Line Items] | |||||||
Share-based compensation related to Formation Transaction | $ 14,800 | $ 14,400 | |||||
Transaction and other costs | $ 12,600 | 104,100 | $ 4,900 | $ 127,700 | $ 6,500 | ||
Gain on bargain purchase | $ 24,376 | $ 27,800 |
Segment Information - Summary o
Segment Information - Summary of NOI by Segment (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Segment Reporting Information [Line Items] | |||
Property rentals | $ 436,625 | $ 401,595 | $ 389,810 |
Tenant reimbursements | 37,985 | 37,661 | 40,476 |
Total rental revenue | 474,610 | 439,256 | 430,286 |
Property operating | 111,055 | 100,304 | 101,511 |
Real estate taxes | 66,434 | 57,784 | 58,874 |
Total rental expense | 177,489 | 158,088 | 160,385 |
Consolidated NOI | 297,121 | 281,168 | 269,901 |
Operating Segments | Office | |||
Segment Reporting Information [Line Items] | |||
Property rentals | 343,213 | 317,956 | 311,671 |
Tenant reimbursements | 32,315 | 33,361 | 35,508 |
Total rental revenue | 375,528 | 351,317 | 347,179 |
Property operating | 93,834 | 91,128 | 92,355 |
Real estate taxes | 50,483 | 46,115 | 45,479 |
Total rental expense | 144,317 | 137,243 | 137,834 |
Consolidated NOI | 231,211 | 214,074 | 209,345 |
Operating Segments | Multifamily | |||
Segment Reporting Information [Line Items] | |||
Property rentals | 85,809 | 63,401 | 53,071 |
Tenant reimbursements | 5,012 | 3,454 | 2,790 |
Total rental revenue | 90,821 | 66,855 | 55,861 |
Property operating | 24,297 | 17,238 | 14,606 |
Real estate taxes | 10,940 | 6,993 | 6,022 |
Total rental expense | 35,237 | 24,231 | 20,628 |
Consolidated NOI | 55,584 | 42,624 | 35,233 |
Operating Segments | Other | |||
Segment Reporting Information [Line Items] | |||
Property rentals | 10,508 | 23,234 | 27,504 |
Tenant reimbursements | 658 | 846 | 2,178 |
Total rental revenue | 11,166 | 24,080 | 29,682 |
Property operating | 8,528 | 7,216 | 9,268 |
Real estate taxes | 5,011 | 4,676 | 7,373 |
Total rental expense | 13,539 | 11,892 | 16,641 |
Consolidated NOI | (2,373) | 12,188 | 13,041 |
Elimination of Intersegment Activity | |||
Segment Reporting Information [Line Items] | |||
Property rentals | (2,905) | (2,996) | (2,436) |
Tenant reimbursements | 0 | 0 | 0 |
Total rental revenue | (2,905) | (2,996) | (2,436) |
Property operating | (15,604) | (15,278) | (14,718) |
Real estate taxes | 0 | 0 | 0 |
Total rental expense | (15,604) | (15,278) | (14,718) |
Consolidated NOI | $ 12,699 | $ 12,282 | $ 12,282 |
Segment Information - Summary97
Segment Information - Summary of Certain Balance Sheet Data by Segment (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Segment Reporting Information [Line Items] | ||
Real estate, at cost | $ 6,025,797 | $ 4,155,391 |
Investments in and advances to unconsolidated real estate ventures | 261,811 | 45,776 |
Total assets | 6,071,807 | 3,660,640 |
Operating Segments | Office | ||
Segment Reporting Information [Line Items] | ||
Real estate, at cost | 3,955,013 | 2,798,946 |
Investments in and advances to unconsolidated real estate ventures | 124,659 | 45,647 |
Total assets | 3,542,977 | 2,388,396 |
Operating Segments | Multifamily | ||
Segment Reporting Information [Line Items] | ||
Real estate, at cost | 1,476,423 | 959,404 |
Investments in and advances to unconsolidated real estate ventures | 98,835 | 0 |
Total assets | 1,434,999 | 873,157 |
Operating Segments | Other | ||
Segment Reporting Information [Line Items] | ||
Real estate, at cost | 594,361 | 397,041 |
Investments in and advances to unconsolidated real estate ventures | 38,317 | 129 |
Total assets | 1,299,085 | 399,087 |
Elimination of Intersegment Activity | ||
Segment Reporting Information [Line Items] | ||
Real estate, at cost | 0 | 0 |
Investments in and advances to unconsolidated real estate ventures | 0 | 0 |
Total assets | $ (205,254) | $ 0 |
Commitments and Contingencies -
Commitments and Contingencies - Narrative (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Real Estate Properties [Line Items] | |||
General liability insurance limit | $ 200,000,000 | ||
Property and rental value insurance coverage limit | 2,000,000,000 | ||
Terrorist acts insurance coverage limit | 2,000,000,000 | ||
Purchase obligation | 766,000,000 | ||
Additional capital funding committed amount | 49,300,000 | ||
Rental expense related to non-cancelable operating and capital leases | 4,700,000 | $ 2,100,000 | $ 1,900,000 |
Consolidated Properties | |||
Real Estate Properties [Line Items] | |||
Purchase obligation | 676,000,000 | ||
Principal payment guarantees | 91,500,000 | ||
Unconsolidated Properties | |||
Real Estate Properties [Line Items] | |||
Purchase obligation | 90,000,000 | ||
Principal payment guarantees | $ 31,000,000 | ||
Minimum | |||
Real Estate Properties [Line Items] | |||
Commitment amortization period | 2 years | ||
Minimum | Unconsolidated Properties | |||
Real Estate Properties [Line Items] | |||
Commitment amortization period | 2 years | ||
Maximum | |||
Real Estate Properties [Line Items] | |||
Commitment amortization period | 3 years | ||
Maximum | Unconsolidated Properties | |||
Real Estate Properties [Line Items] | |||
Commitment amortization period | 3 years |
Commitments and Contingencies99
Commitments and Contingencies - Summary of Future Minimum Rental Payments (Details) $ in Thousands | Dec. 31, 2017USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
2,018 | $ 13,686 |
2,019 | 14,073 |
2,020 | 13,866 |
2,021 | 13,594 |
2,022 | 12,845 |
Thereafter | 697,903 |
Total | $ 765,967 |
Transactions with Vornado an100
Transactions with Vornado and Related Parties (Details) ft² in Thousands | Jul. 18, 2017USD ($) | Jul. 17, 2017USD ($) | Aug. 12, 2014USD ($) | Jun. 30, 2016USD ($)ft² | Dec. 31, 2017USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Aug. 31, 2014USD ($)ft² |
Related Party Transaction [Line Items] | |||||||||
Proceeds from repayment of receivable from former parent | $ 75,000,000 | $ 4,000,000 | $ 7,000,000 | ||||||
Receivable from former parent | $ 0 | 0 | 75,062,000 | ||||||
Proceeds from credit facility | 115,751,000 | 0 | 0 | ||||||
Corporate and other | 47,131,000 | 48,753,000 | 44,424,000 | ||||||
Universal Buildings, Washington DC | |||||||||
Related Party Transaction [Line Items] | |||||||||
Area of real estate property (in square feet) | ft² | 687 | ||||||||
Bowen Building, Washington DC | |||||||||
Related Party Transaction [Line Items] | |||||||||
Area of real estate property (in square feet) | ft² | 231 | ||||||||
Financing of the Universal Buildings | |||||||||
Related Party Transaction [Line Items] | |||||||||
Debt instrument, face amount | $ 185,000,000 | ||||||||
Affiliate | Vornado | Vornado's revolving credit facility | |||||||||
Related Party Transaction [Line Items] | |||||||||
Interest expense to Vornado | $ 1,100,000 | 1,300,000 | |||||||
Proceeds from credit facility | $ 115,600,000 | ||||||||
Affiliate | Vornado | Mortgage loan secured by Bowen Building | |||||||||
Related Party Transaction [Line Items] | |||||||||
Repayment of mortgage loan | 115,000,000 | ||||||||
Accrued interest on mortgage loan | $ 608,000 | ||||||||
Affiliate | Legacy JBG Funds | |||||||||
Related Party Transaction [Line Items] | |||||||||
Corporate and other | 2,300,000 | ||||||||
Affiliate | Allocations of centralized corporate costs | Vornado | |||||||||
Related Party Transaction [Line Items] | |||||||||
Allocated amounts included in general and administrative expense | 13,000,000 | 20,700,000 | 20,000,000 | ||||||
Affiliate | Financing transactions | Vornado | Financing of the Universal Buildings | |||||||||
Related Party Transaction [Line Items] | |||||||||
Loan to Vornado | $ 86,000,000 | ||||||||
Proceeds from repayment of receivable from former parent | 4,000,000 | 7,000,000 | |||||||
Interest Income on loan receivable from Vornado | $ 1,800,000 | 3,300,000 | 3,000,000 | ||||||
Affiliate | Financing transactions | Vornado | Financing of the Universal Buildings | LIBOR | |||||||||
Related Party Transaction [Line Items] | |||||||||
Mortgage loan interest rate | 2.90% | ||||||||
Affiliate | Financing transactions | Vornado | Note agreement for development of Bartlett | |||||||||
Related Party Transaction [Line Items] | |||||||||
Debt instrument, face amount | $ 170,000,000 | ||||||||
Amount outstanding on note agreements with Vornado | 166,500,000 | ||||||||
Interest expense to Vornado | $ 4,100,000 | 4,100,000 | 846,000 | ||||||
Affiliate | Supervise cleaning, engineering and security services | BMS | |||||||||
Related Party Transaction [Line Items] | |||||||||
Related party transaction amount | 13,600,000 | $ 12,100,000 | $ 12,400,000 | ||||||
Affiliate | Separation and Combination transaction | Vornado | |||||||||
Related Party Transaction [Line Items] | |||||||||
Transaction services, initial period (in months) | 2 years | ||||||||
Expenses from related parties | 2,200,000 | ||||||||
Revenue from related parties | 779,000 | ||||||||
Affiliate | Fees from Legacy JBG Funds | Legacy JBG Funds | |||||||||
Related Party Transaction [Line Items] | |||||||||
Real estate service revenue | 19,900,000 | ||||||||
Trustee | Consulting agreement | |||||||||
Related Party Transaction [Line Items] | |||||||||
Transaction services, initial period (in months) | 24 months | ||||||||
Expenses from related parties | 16,400,000 | ||||||||
Related party transaction, monthly amount | $ 169,400 | ||||||||
JBG Companies | |||||||||
Related Party Transaction [Line Items] | |||||||||
Liability incurred in connection with the Combination | $ 4,100,000 | $ 3,000,000 |
Quarterly Financial Data (un101
Quarterly Financial Data (unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands | Jul. 18, 2017 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Business Acquisition [Line Items] | ||||||||||||
Total revenue | $ 156,371 | $ 152,350 | $ 118,020 | $ 116,272 | $ 122,039 | $ 123,357 | $ 116,339 | $ 116,784 | $ 543,013 | $ 478,519 | $ 470,607 | |
Net income (loss) | (18,752) | (77,991) | 11,341 | 6,318 | 12,630 | 21,014 | 16,783 | 11,547 | (79,084) | 61,974 | 49,628 | |
Net income (loss) attributable to common shareholders | $ (16,418) | $ (69,831) | $ 11,341 | $ 6,318 | $ 12,630 | $ 21,014 | $ 16,783 | $ 11,547 | $ (73,408) | $ 61,974 | $ 49,628 | |
Earnings (loss) per share: | ||||||||||||
Basic (in dollars per share) | $ (0.15) | $ (0.61) | $ 0.11 | $ 0.06 | $ 0.13 | $ 0.21 | $ 0.17 | $ 0.11 | $ (0.70) | $ 0.62 | $ 0.49 | |
Diluted (in dollars per share) | $ (0.15) | $ (0.61) | $ 0.11 | $ 0.06 | $ 0.13 | $ 0.21 | $ 0.17 | $ 0.11 | $ (0.70) | $ 0.62 | $ 0.49 | |
Transaction and other costs | $ 127,739 | $ 6,476 | $ 0 | |||||||||
Gain on bargain purchase | 24,376 | 0 | 0 | |||||||||
Share-based compensation related to Formation Transaction | 29,251 | 0 | $ 0 | |||||||||
JBG Companies | ||||||||||||
Earnings (loss) per share: | ||||||||||||
Transaction and other costs | $ 12,600 | $ 104,100 | $ 4,900 | $ 127,700 | $ 6,500 | |||||||
Gain on bargain purchase | $ 24,376 | 27,800 | ||||||||||
Share-based compensation related to Formation Transaction | 14,800 | $ 14,400 | ||||||||||
Reduction to gain on bargain purchase | $ (3,400) |
Subsequent Events (Details)
Subsequent Events (Details) - USD ($) $ in Thousands | Aug. 01, 2017 | Jul. 18, 2017 | Feb. 28, 2018 | Jan. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Subsequent Event [Line Items] | |||||||
Proceeds from credit facility | $ 115,751 | $ 0 | $ 0 | ||||
Subsequent Event | |||||||
Subsequent Event [Line Items] | |||||||
Aggregate notional value of shares granted | $ 21,100 | ||||||
Formation Units | |||||||
Subsequent Event [Line Items] | |||||||
Equity grants (in shares) | 2,700,000 | 2,680,552 | |||||
Aggregate notional value of shares granted | $ 100,000 | ||||||
Formation Units | Subsequent Event | |||||||
Subsequent Event [Line Items] | |||||||
Equity grants (in shares) | 61,309 | ||||||
Time-Based LTIP Units | |||||||
Subsequent Event [Line Items] | |||||||
Equity grants (in shares) | 302,518 | ||||||
Time-Based LTIP Units | Subsequent Event | |||||||
Subsequent Event [Line Items] | |||||||
Equity grants (in shares) | 357,922 | ||||||
Performance-Based LTIP Units | |||||||
Subsequent Event [Line Items] | |||||||
Equity grants (in shares) | 605,072 | 605,072 | |||||
Performance-Based LTIP Units | Subsequent Event | |||||||
Subsequent Event [Line Items] | |||||||
Equity grants (in shares) | 553,589 | ||||||
Marriott Wardman Park Hotel | Subsequent Event | |||||||
Subsequent Event [Line Items] | |||||||
Payments to acquire interest in joint venture | $ 10,100 | ||||||
Ownership Interest | 16.67% | ||||||
Marriott Wardman Park Hotel | PacLife | Subsequent Event | |||||||
Subsequent Event [Line Items] | |||||||
Payments to acquire interest in joint venture | $ 40,300 | ||||||
Ownership Interest | 66.67% | ||||||
Marriott Wardman Park Hotel | Legacy JBG Funds | Subsequent Event | |||||||
Subsequent Event [Line Items] | |||||||
Ownership Interest | 47.64% | ||||||
1900 N Street | Subsequent Event | |||||||
Subsequent Event [Line Items] | |||||||
Ownership Interest | 100.00% | ||||||
Ownership interest after contributions are funded | 55.00% | ||||||
1900 N Street | CPPIB | Subsequent Event | |||||||
Subsequent Event [Line Items] | |||||||
Ownership Interest | 45.00% | ||||||
Commitment amount | $ 101,000 | ||||||
Reston, Virginia | Office Assets | |||||||
Subsequent Event [Line Items] | |||||||
Carrying value of office asset | $ 87,900 | ||||||
Reston, Virginia | Office Assets | Subsequent Event | |||||||
Subsequent Event [Line Items] | |||||||
Gross sales price | $ 95,000 | ||||||
Line of credit | Tranche A-1 Term Loan | Subsequent Event | |||||||
Subsequent Event [Line Items] | |||||||
Proceeds from credit facility | $ 50,000 |
Schedule II - Valuation and 103
Schedule II - Valuation and Qualifying Accounts (Details) - Allowance for Doubtful Accounts - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at Beginning of Year | $ 4,526 | $ 4,431 | $ 2,514 |
Additions Charged Against Operations | 3,807 | 751 | 1,407 |
Adjustments to Valuation Accounts | 0 | 0 | 0 |
Uncollectible Accounts Written‑off | (2,048) | (656) | 510 |
Balance at End of Year | $ 6,285 | $ 4,526 | $ 4,431 |
Schedule III - Real Estate a104
Schedule III - Real Estate and Accumulated Deprecation (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2017 | |
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Encumbrances | $ 2,035,959 | |||
Land and Improvements | 1,340,744 | |||
Buildings and Improvements | 2,922,442 | |||
Costs Capitalized Subsequent to Acquisition(2) | 1,762,611 | |||
Land and Improvements | 1,376,587 | |||
Buildings and Improvements | 4,649,210 | |||
Total | $ 4,155,391 | $ 4,038,206 | $ 3,809,213 | 6,025,797 |
Accumulated Depreciation and Amortization | 930,769 | 908,233 | 797,806 | 1,011,330 |
Cost of real estate for federal income tax purposes | 3,500,000 | |||
Real Estate: | ||||
Balance at beginning of the year | 4,155,391 | 4,038,206 | 3,809,213 | |
Land and improvements | 428,702 | 0 | 0 | |
Buildings and improvements | 1,489,409 | 217,261 | 252,113 | |
Held for sale | 8,293 | 0 | 0 | |
Less: Assets written‑off | (55,998) | (100,076) | (23,120) | |
Balance at end of the year | 6,025,797 | 4,155,391 | 4,038,206 | |
Accumulated Depreciation: | ||||
Balance at beginning of period | 930,769 | 908,233 | 797,806 | |
Additions charged to operating expenses | 136,559 | 122,612 | 133,582 | |
Less: Accumulated depreciation on assets written‑off | (55,998) | (100,076) | (23,155) | |
Balance at end of period | 1,011,330 | $ 930,769 | $ 908,233 | |
Universal Buildings | ||||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Encumbrances | 184,357 | |||
Land and Improvements | 69,393 | |||
Buildings and Improvements | 143,320 | |||
Costs Capitalized Subsequent to Acquisition(2) | 22,547 | |||
Land and Improvements | 68,612 | |||
Buildings and Improvements | 166,648 | |||
Total | 235,260 | 235,260 | ||
Accumulated Depreciation and Amortization | 48,187 | 48,187 | ||
Real Estate: | ||||
Balance at end of the year | 235,260 | |||
Accumulated Depreciation: | ||||
Balance at end of period | 48,187 | |||
2101 L Street | ||||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Encumbrances | 140,493 | |||
Land and Improvements | 32,815 | |||
Buildings and Improvements | 51,642 | |||
Costs Capitalized Subsequent to Acquisition(2) | 83,766 | |||
Land and Improvements | 39,768 | |||
Buildings and Improvements | 128,455 | |||
Total | 168,223 | 168,223 | ||
Accumulated Depreciation and Amortization | 40,822 | 40,822 | ||
Real Estate: | ||||
Balance at end of the year | 168,223 | |||
Accumulated Depreciation: | ||||
Balance at end of period | 40,822 | |||
Bowen Building | ||||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Encumbrances | 0 | |||
Land and Improvements | 30,077 | |||
Buildings and Improvements | 98,962 | |||
Costs Capitalized Subsequent to Acquisition(2) | 6,238 | |||
Land and Improvements | 30,176 | |||
Buildings and Improvements | 105,101 | |||
Total | 135,277 | 135,277 | ||
Accumulated Depreciation and Amortization | 32,854 | 32,854 | ||
Real Estate: | ||||
Balance at end of the year | 135,277 | |||
Accumulated Depreciation: | ||||
Balance at end of period | 32,854 | |||
1730 M Street | ||||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Encumbrances | 0 | |||
Land and Improvements | 10,095 | |||
Buildings and Improvements | 17,541 | |||
Costs Capitalized Subsequent to Acquisition(2) | 16,111 | |||
Land and Improvements | 10,687 | |||
Buildings and Improvements | 33,060 | |||
Total | 43,747 | 43,747 | ||
Accumulated Depreciation and Amortization | 12,537 | 12,537 | ||
Real Estate: | ||||
Balance at end of the year | 43,747 | |||
Accumulated Depreciation: | ||||
Balance at end of period | 12,537 | |||
1233 20th Street | ||||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Encumbrances | 42,684 | |||
Land and Improvements | 30,505 | |||
Buildings and Improvements | 23,130 | |||
Costs Capitalized Subsequent to Acquisition(2) | 338 | |||
Land and Improvements | 30,505 | |||
Buildings and Improvements | 23,468 | |||
Total | 53,973 | 53,973 | ||
Accumulated Depreciation and Amortization | 735 | 735 | ||
Real Estate: | ||||
Balance at end of the year | 53,973 | |||
Accumulated Depreciation: | ||||
Balance at end of period | 735 | |||
Executive Tower | ||||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Encumbrances | 0 | |||
Land and Improvements | 33,481 | |||
Buildings and Improvements | 67,363 | |||
Costs Capitalized Subsequent to Acquisition(2) | 9,306 | |||
Land and Improvements | 34,178 | |||
Buildings and Improvements | 75,972 | |||
Total | 110,150 | 110,150 | ||
Accumulated Depreciation and Amortization | 13,180 | 13,180 | ||
Real Estate: | ||||
Balance at end of the year | 110,150 | |||
Accumulated Depreciation: | ||||
Balance at end of period | 13,180 | |||
1600 K Street | ||||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Encumbrances | 0 | |||
Land and Improvements | 19,870 | |||
Buildings and Improvements | 10,308 | |||
Costs Capitalized Subsequent to Acquisition(2) | 193 | |||
Land and Improvements | 19,870 | |||
Buildings and Improvements | 10,501 | |||
Total | 30,371 | 30,371 | ||
Accumulated Depreciation and Amortization | 402 | 402 | ||
Real Estate: | ||||
Balance at end of the year | 30,371 | |||
Accumulated Depreciation: | ||||
Balance at end of period | 402 | |||
Courthouse Plaza 1 and 2 | ||||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Encumbrances | 2,000 | |||
Land and Improvements | 0 | |||
Buildings and Improvements | 105,475 | |||
Costs Capitalized Subsequent to Acquisition(2) | 56,173 | |||
Land and Improvements | 0 | |||
Buildings and Improvements | 161,648 | |||
Total | 161,648 | 161,648 | ||
Accumulated Depreciation and Amortization | 67,974 | 67,974 | ||
Real Estate: | ||||
Balance at end of the year | 161,648 | |||
Accumulated Depreciation: | ||||
Balance at end of period | 67,974 | |||
2345 Crystal Drive | ||||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Encumbrances | 0 | |||
Land and Improvements | 23,126 | |||
Buildings and Improvements | 93,918 | |||
Costs Capitalized Subsequent to Acquisition(2) | 35,612 | |||
Land and Improvements | 23,546 | |||
Buildings and Improvements | 129,110 | |||
Total | 152,656 | 152,656 | ||
Accumulated Depreciation and Amortization | 54,253 | 54,253 | ||
Real Estate: | ||||
Balance at end of the year | 152,656 | |||
Accumulated Depreciation: | ||||
Balance at end of period | 54,253 | |||
2121 Crystal Drive | ||||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Encumbrances | 139,134 | |||
Land and Improvements | 21,503 | |||
Buildings and Improvements | 87,329 | |||
Costs Capitalized Subsequent to Acquisition(2) | 47,790 | |||
Land and Improvements | 21,934 | |||
Buildings and Improvements | 134,688 | |||
Total | 156,622 | 156,622 | ||
Accumulated Depreciation and Amortization | 65,256 | 65,256 | ||
Real Estate: | ||||
Balance at end of the year | 156,622 | |||
Accumulated Depreciation: | ||||
Balance at end of period | 65,256 | |||
1550 Crystal Drive | ||||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Encumbrances | 0 | |||
Land and Improvements | 22,182 | |||
Buildings and Improvements | 70,525 | |||
Costs Capitalized Subsequent to Acquisition(2) | 19,796 | |||
Land and Improvements | 21,585 | |||
Buildings and Improvements | 90,918 | |||
Total | 112,503 | 112,503 | ||
Accumulated Depreciation and Amortization | 37,886 | 37,886 | ||
Real Estate: | ||||
Balance at end of the year | 112,503 | |||
Accumulated Depreciation: | ||||
Balance at end of period | 37,886 | |||
RTC - West | ||||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Encumbrances | 107,720 | |||
Land and Improvements | 30,326 | |||
Buildings and Improvements | 134,108 | |||
Costs Capitalized Subsequent to Acquisition(2) | (110) | |||
Land and Improvements | 30,397 | |||
Buildings and Improvements | 133,927 | |||
Total | 164,324 | 164,324 | ||
Accumulated Depreciation and Amortization | 3,330 | 3,330 | ||
Real Estate: | ||||
Balance at end of the year | 164,324 | |||
Accumulated Depreciation: | ||||
Balance at end of period | 3,330 | |||
2231 Crystal Drive | ||||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Encumbrances | 0 | |||
Land and Improvements | 20,611 | |||
Buildings and Improvements | 83,705 | |||
Costs Capitalized Subsequent to Acquisition(2) | 18,856 | |||
Land and Improvements | 21,001 | |||
Buildings and Improvements | 102,171 | |||
Total | 123,172 | 123,172 | ||
Accumulated Depreciation and Amortization | 38,807 | 38,807 | ||
Real Estate: | ||||
Balance at end of the year | 123,172 | |||
Accumulated Depreciation: | ||||
Balance at end of period | 38,807 | |||
2011 Crystal Drive | ||||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Encumbrances | 0 | |||
Land and Improvements | 18,940 | |||
Buildings and Improvements | 76,921 | |||
Costs Capitalized Subsequent to Acquisition(2) | 33,139 | |||
Land and Improvements | 18,871 | |||
Buildings and Improvements | 110,129 | |||
Total | 129,000 | 129,000 | ||
Accumulated Depreciation and Amortization | 45,263 | 45,263 | ||
Real Estate: | ||||
Balance at end of the year | 129,000 | |||
Accumulated Depreciation: | ||||
Balance at end of period | 45,263 | |||
2451 Crystal Drive | ||||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Encumbrances | 0 | |||
Land and Improvements | 16,755 | |||
Buildings and Improvements | 68,047 | |||
Costs Capitalized Subsequent to Acquisition(2) | 27,307 | |||
Land and Improvements | 17,090 | |||
Buildings and Improvements | 95,019 | |||
Total | 112,109 | 112,109 | ||
Accumulated Depreciation and Amortization | 35,934 | 35,934 | ||
Real Estate: | ||||
Balance at end of the year | 112,109 | |||
Accumulated Depreciation: | ||||
Balance at end of period | 35,934 | |||
Commerce Executive | ||||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Encumbrances | 0 | |||
Land and Improvements | 13,401 | |||
Buildings and Improvements | 58,705 | |||
Costs Capitalized Subsequent to Acquisition(2) | 26,122 | |||
Land and Improvements | 13,140 | |||
Buildings and Improvements | 85,088 | |||
Total | 98,228 | 98,228 | ||
Accumulated Depreciation and Amortization | 33,829 | 33,829 | ||
Real Estate: | ||||
Balance at end of the year | 98,228 | |||
Accumulated Depreciation: | ||||
Balance at end of period | 33,829 | |||
1235 S. Clark Street | ||||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Encumbrances | 78,000 | |||
Land and Improvements | 15,826 | |||
Buildings and Improvements | 56,090 | |||
Costs Capitalized Subsequent to Acquisition(2) | 27,075 | |||
Land and Improvements | 16,189 | |||
Buildings and Improvements | 82,802 | |||
Total | 98,991 | 98,991 | ||
Accumulated Depreciation and Amortization | 30,358 | 30,358 | ||
Real Estate: | ||||
Balance at end of the year | 98,991 | |||
Accumulated Depreciation: | ||||
Balance at end of period | 30,358 | |||
241 18th Street S. | ||||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Encumbrances | 0 | |||
Land and Improvements | 13,867 | |||
Buildings and Improvements | 54,169 | |||
Costs Capitalized Subsequent to Acquisition(2) | 25,164 | |||
Land and Improvements | 14,894 | |||
Buildings and Improvements | 78,306 | |||
Total | 93,200 | 93,200 | ||
Accumulated Depreciation and Amortization | 30,915 | 30,915 | ||
Real Estate: | ||||
Balance at end of the year | 93,200 | |||
Accumulated Depreciation: | ||||
Balance at end of period | 30,915 | |||
251 18th Street S. | ||||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Encumbrances | 35,792 | |||
Land and Improvements | 12,305 | |||
Buildings and Improvements | 49,360 | |||
Costs Capitalized Subsequent to Acquisition(2) | 50,928 | |||
Land and Improvements | 12,809 | |||
Buildings and Improvements | 99,784 | |||
Total | 112,593 | 112,593 | ||
Accumulated Depreciation and Amortization | 34,678 | 34,678 | ||
Real Estate: | ||||
Balance at end of the year | 112,593 | |||
Accumulated Depreciation: | ||||
Balance at end of period | 34,678 | |||
1215 S. Clark Street | ||||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Encumbrances | 34,299 | |||
Land and Improvements | 13,636 | |||
Buildings and Improvements | 48,380 | |||
Costs Capitalized Subsequent to Acquisition(2) | 54,196 | |||
Land and Improvements | 13,926 | |||
Buildings and Improvements | 102,286 | |||
Total | 116,212 | 116,212 | ||
Accumulated Depreciation and Amortization | 27,373 | 27,373 | ||
Real Estate: | ||||
Balance at end of the year | 116,212 | |||
Accumulated Depreciation: | ||||
Balance at end of period | 27,373 | |||
201 12th Street S. | ||||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Encumbrances | 0 | |||
Land and Improvements | 14,766 | |||
Buildings and Improvements | 52,750 | |||
Costs Capitalized Subsequent to Acquisition(2) | 22,680 | |||
Land and Improvements | 15,036 | |||
Buildings and Improvements | 75,160 | |||
Total | 90,196 | 90,196 | ||
Accumulated Depreciation and Amortization | 27,838 | 27,838 | ||
Real Estate: | ||||
Balance at end of the year | 90,196 | |||
Accumulated Depreciation: | ||||
Balance at end of period | 27,838 | |||
800 North Glebe Road | ||||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Encumbrances | 107,500 | |||
Land and Improvements | 28,168 | |||
Buildings and Improvements | 140,983 | |||
Costs Capitalized Subsequent to Acquisition(2) | 2,182 | |||
Land and Improvements | 28,168 | |||
Buildings and Improvements | 143,165 | |||
Total | 171,333 | 171,333 | ||
Accumulated Depreciation and Amortization | 2,737 | 2,737 | ||
Real Estate: | ||||
Balance at end of the year | 171,333 | |||
Accumulated Depreciation: | ||||
Balance at end of period | 2,737 | |||
1225 S. Clark Street | ||||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Encumbrances | 0 | |||
Land and Improvements | 11,176 | |||
Buildings and Improvements | 43,495 | |||
Costs Capitalized Subsequent to Acquisition(2) | 19,649 | |||
Land and Improvements | 11,413 | |||
Buildings and Improvements | 62,907 | |||
Total | 74,320 | 74,320 | ||
Accumulated Depreciation and Amortization | 23,247 | 23,247 | ||
Real Estate: | ||||
Balance at end of the year | 74,320 | |||
Accumulated Depreciation: | ||||
Balance at end of period | 23,247 | |||
2200 Crystal Drive | ||||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Encumbrances | 0 | |||
Land and Improvements | 13,104 | |||
Buildings and Improvements | 30,050 | |||
Costs Capitalized Subsequent to Acquisition(2) | 32,798 | |||
Land and Improvements | 13,378 | |||
Buildings and Improvements | 62,574 | |||
Total | 75,952 | 75,952 | ||
Accumulated Depreciation and Amortization | 18,075 | 18,075 | ||
Real Estate: | ||||
Balance at end of the year | 75,952 | |||
Accumulated Depreciation: | ||||
Balance at end of period | 18,075 | |||
1901 South Bell Street | ||||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Encumbrances | 0 | |||
Land and Improvements | 11,669 | |||
Buildings and Improvements | 36,918 | |||
Costs Capitalized Subsequent to Acquisition(2) | 22,584 | |||
Land and Improvements | 11,669 | |||
Buildings and Improvements | 59,502 | |||
Total | 71,171 | 71,171 | ||
Accumulated Depreciation and Amortization | 24,931 | 24,931 | ||
Real Estate: | ||||
Balance at end of the year | 71,171 | |||
Accumulated Depreciation: | ||||
Balance at end of period | 24,931 | |||
2100 Crystal Drive | ||||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Encumbrances | 0 | |||
Land and Improvements | 10,287 | |||
Buildings and Improvements | 23,590 | |||
Costs Capitalized Subsequent to Acquisition(2) | 31,712 | |||
Land and Improvements | 10,520 | |||
Buildings and Improvements | 55,069 | |||
Total | 65,589 | 65,589 | ||
Accumulated Depreciation and Amortization | 22,490 | 22,490 | ||
Real Estate: | ||||
Balance at end of the year | 65,589 | |||
Accumulated Depreciation: | ||||
Balance at end of period | 22,490 | |||
200 12th Street S. | ||||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Encumbrances | 17,227 | |||
Land and Improvements | 8,016 | |||
Buildings and Improvements | 30,552 | |||
Costs Capitalized Subsequent to Acquisition(2) | 19,423 | |||
Land and Improvements | 8,186 | |||
Buildings and Improvements | 49,805 | |||
Total | 57,991 | 57,991 | ||
Accumulated Depreciation and Amortization | 18,490 | 18,490 | ||
Real Estate: | ||||
Balance at end of the year | 57,991 | |||
Accumulated Depreciation: | ||||
Balance at end of period | 18,490 | |||
2001 Jefferson Davis Highway | ||||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Encumbrances | 0 | |||
Land and Improvements | 7,300 | |||
Buildings and Improvements | 16,746 | |||
Costs Capitalized Subsequent to Acquisition(2) | 11,297 | |||
Land and Improvements | 7,281 | |||
Buildings and Improvements | 28,062 | |||
Total | 35,343 | 35,343 | ||
Accumulated Depreciation and Amortization | 10,135 | 10,135 | ||
Real Estate: | ||||
Balance at end of the year | 35,343 | |||
Accumulated Depreciation: | ||||
Balance at end of period | 10,135 | |||
Summit I | ||||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Encumbrances | 29,500 | |||
Land and Improvements | 7,317 | |||
Buildings and Improvements | 30,626 | |||
Costs Capitalized Subsequent to Acquisition(2) | 379 | |||
Land and Improvements | 7,317 | |||
Buildings and Improvements | 31,005 | |||
Total | 38,322 | 38,322 | ||
Accumulated Depreciation and Amortization | 662 | 662 | ||
Real Estate: | ||||
Balance at end of the year | 38,322 | |||
Accumulated Depreciation: | ||||
Balance at end of period | 662 | |||
Summit II | ||||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Encumbrances | 29,500 | |||
Land and Improvements | 5,535 | |||
Buildings and Improvements | 28,463 | |||
Costs Capitalized Subsequent to Acquisition(2) | 332 | |||
Land and Improvements | 5,535 | |||
Buildings and Improvements | 28,795 | |||
Total | 34,330 | 34,330 | ||
Accumulated Depreciation and Amortization | 741 | 741 | ||
Real Estate: | ||||
Balance at end of the year | 34,330 | |||
Accumulated Depreciation: | ||||
Balance at end of period | 741 | |||
1800 South Bell Street | ||||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Encumbrances | 0 | |||
Land and Improvements | 0 | |||
Buildings and Improvements | 28,702 | |||
Costs Capitalized Subsequent to Acquisition(2) | 7,220 | |||
Land and Improvements | 0 | |||
Buildings and Improvements | 35,922 | |||
Total | 35,922 | 35,922 | ||
Accumulated Depreciation and Amortization | 14,835 | 14,835 | ||
Real Estate: | ||||
Balance at end of the year | 35,922 | |||
Accumulated Depreciation: | ||||
Balance at end of period | 14,835 | |||
Crystal City Shops at 2100 | ||||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Encumbrances | 0 | |||
Land and Improvements | 4,059 | |||
Buildings and Improvements | 9,309 | |||
Costs Capitalized Subsequent to Acquisition(2) | 5,229 | |||
Land and Improvements | 4,049 | |||
Buildings and Improvements | 14,548 | |||
Total | 18,597 | 18,597 | ||
Accumulated Depreciation and Amortization | 5,611 | 5,611 | ||
Real Estate: | ||||
Balance at end of the year | 18,597 | |||
Accumulated Depreciation: | ||||
Balance at end of period | 5,611 | |||
Wiehle Avenue Office Building | ||||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Encumbrances | 0 | |||
Land and Improvements | 0 | |||
Buildings and Improvements | 96 | |||
Costs Capitalized Subsequent to Acquisition(2) | 0 | |||
Land and Improvements | 0 | |||
Buildings and Improvements | 96 | |||
Total | 96 | 96 | ||
Accumulated Depreciation and Amortization | 48 | 48 | ||
Real Estate: | ||||
Balance at end of the year | 96 | |||
Accumulated Depreciation: | ||||
Balance at end of period | 48 | |||
1831 Wiehle Avenue | ||||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Encumbrances | 0 | |||
Land and Improvements | 0 | |||
Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition(2) | 24 | |||
Land and Improvements | 0 | |||
Buildings and Improvements | 24 | |||
Total | 24 | 24 | ||
Accumulated Depreciation and Amortization | 2 | 2 | ||
Real Estate: | ||||
Balance at end of the year | 24 | |||
Accumulated Depreciation: | ||||
Balance at end of period | 2 | |||
Crystal Drive Retail | ||||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Encumbrances | 0 | |||
Land and Improvements | 0 | |||
Buildings and Improvements | 20,465 | |||
Costs Capitalized Subsequent to Acquisition(2) | 6,034 | |||
Land and Improvements | 55 | |||
Buildings and Improvements | 26,444 | |||
Total | 26,499 | 26,499 | ||
Accumulated Depreciation and Amortization | 12,133 | 12,133 | ||
Real Estate: | ||||
Balance at end of the year | 26,499 | |||
Accumulated Depreciation: | ||||
Balance at end of period | 12,133 | |||
7200 Wisconsin Avenue | ||||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Encumbrances | 83,130 | |||
Land and Improvements | 34,683 | |||
Buildings and Improvements | 92,059 | |||
Costs Capitalized Subsequent to Acquisition(2) | 885 | |||
Land and Improvements | 34,683 | |||
Buildings and Improvements | 92,944 | |||
Total | 127,627 | 127,627 | ||
Accumulated Depreciation and Amortization | 1,763 | 1,763 | ||
Real Estate: | ||||
Balance at end of the year | 127,627 | |||
Accumulated Depreciation: | ||||
Balance at end of period | 1,763 | |||
One Democracy Plaza | ||||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Encumbrances | 0 | |||
Land and Improvements | 0 | |||
Buildings and Improvements | 33,628 | |||
Costs Capitalized Subsequent to Acquisition(2) | 6,572 | |||
Land and Improvements | 0 | |||
Buildings and Improvements | 40,200 | |||
Total | 40,200 | 40,200 | ||
Accumulated Depreciation and Amortization | 21,915 | 21,915 | ||
Real Estate: | ||||
Balance at end of the year | 40,200 | |||
Accumulated Depreciation: | ||||
Balance at end of period | 21,915 | |||
4749 Bethesda Avenue Retail | ||||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Encumbrances | 0 | |||
Land and Improvements | 0 | |||
Buildings and Improvements | 11,830 | |||
Costs Capitalized Subsequent to Acquisition(2) | 2,664 | |||
Land and Improvements | 0 | |||
Buildings and Improvements | 14,494 | |||
Total | 14,494 | 14,494 | ||
Accumulated Depreciation and Amortization | 0 | 0 | ||
Real Estate: | ||||
Balance at end of the year | 14,494 | |||
Accumulated Depreciation: | ||||
Balance at end of period | 0 | |||
RTC - West Retail | ||||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Encumbrances | 0 | |||
Land and Improvements | 2,894 | |||
Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition(2) | 7,011 | |||
Land and Improvements | 2,894 | |||
Buildings and Improvements | 7,011 | |||
Total | 9,905 | 9,905 | ||
Accumulated Depreciation and Amortization | 103 | 103 | ||
Real Estate: | ||||
Balance at end of the year | 9,905 | |||
Accumulated Depreciation: | ||||
Balance at end of period | 103 | |||
1900 N Street | ||||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Encumbrances | 0 | |||
Land and Improvements | 0 | |||
Buildings and Improvements | 8,865 | |||
Costs Capitalized Subsequent to Acquisition(2) | 86,336 | |||
Land and Improvements | 0 | |||
Buildings and Improvements | 95,201 | |||
Total | 95,201 | 95,201 | ||
Accumulated Depreciation and Amortization | 0 | 0 | ||
Real Estate: | ||||
Balance at end of the year | 95,201 | |||
Accumulated Depreciation: | ||||
Balance at end of period | 0 | |||
CEB Tower at Central Place | ||||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Encumbrances | 178,783 | |||
Land and Improvements | 0 | |||
Buildings and Improvements | 230,280 | |||
Costs Capitalized Subsequent to Acquisition(2) | 117,898 | |||
Land and Improvements | 0 | |||
Buildings and Improvements | 348,178 | |||
Total | 348,178 | 348,178 | ||
Accumulated Depreciation and Amortization | 0 | 0 | ||
Real Estate: | ||||
Balance at end of the year | 348,178 | |||
Accumulated Depreciation: | ||||
Balance at end of period | 0 | |||
4747 Bethesda Avenue | ||||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Encumbrances | 0 | |||
Land and Improvements | 0 | |||
Buildings and Improvements | 10,040 | |||
Costs Capitalized Subsequent to Acquisition(2) | 46,782 | |||
Land and Improvements | 0 | |||
Buildings and Improvements | 56,822 | |||
Total | 56,822 | 56,822 | ||
Accumulated Depreciation and Amortization | 0 | 0 | ||
Real Estate: | ||||
Balance at end of the year | 56,822 | |||
Accumulated Depreciation: | ||||
Balance at end of period | 0 | |||
Fort Totten Square | ||||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Encumbrances | 73,600 | |||
Land and Improvements | 24,390 | |||
Buildings and Improvements | 90,404 | |||
Costs Capitalized Subsequent to Acquisition(2) | 566 | |||
Land and Improvements | 24,390 | |||
Buildings and Improvements | 90,970 | |||
Total | 115,360 | 115,360 | ||
Accumulated Depreciation and Amortization | 1,785 | 1,785 | ||
Real Estate: | ||||
Balance at end of the year | 115,360 | |||
Accumulated Depreciation: | ||||
Balance at end of period | 1,785 | |||
WestEnd25 | ||||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Encumbrances | 99,456 | |||
Land and Improvements | 67,049 | |||
Buildings and Improvements | 5,039 | |||
Costs Capitalized Subsequent to Acquisition(2) | 109,922 | |||
Land and Improvements | 68,201 | |||
Buildings and Improvements | 113,809 | |||
Total | 182,010 | 182,010 | ||
Accumulated Depreciation and Amortization | 23,983 | 23,983 | ||
Real Estate: | ||||
Balance at end of the year | 182,010 | |||
Accumulated Depreciation: | ||||
Balance at end of period | 23,983 | |||
RiverHouse Apartments | ||||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Encumbrances | 307,710 | |||
Land and Improvements | 118,421 | |||
Buildings and Improvements | 125,078 | |||
Costs Capitalized Subsequent to Acquisition(2) | 82,825 | |||
Land and Improvements | 138,763 | |||
Buildings and Improvements | 187,561 | |||
Total | 326,324 | 326,324 | ||
Accumulated Depreciation and Amortization | 56,476 | 56,476 | ||
Real Estate: | ||||
Balance at end of the year | 326,324 | |||
Accumulated Depreciation: | ||||
Balance at end of period | 56,476 | |||
The Bartlett | ||||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Encumbrances | 220,000 | |||
Land and Improvements | 41,687 | |||
Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition(2) | 224,805 | |||
Land and Improvements | 41,687 | |||
Buildings and Improvements | 224,805 | |||
Total | 266,492 | 266,492 | ||
Accumulated Depreciation and Amortization | 10,074 | 10,074 | ||
Real Estate: | ||||
Balance at end of the year | 266,492 | |||
Accumulated Depreciation: | ||||
Balance at end of period | 10,074 | |||
220 20th Street | ||||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Encumbrances | 0 | |||
Land and Improvements | 8,434 | |||
Buildings and Improvements | 19,340 | |||
Costs Capitalized Subsequent to Acquisition(2) | 99,259 | |||
Land and Improvements | 8,693 | |||
Buildings and Improvements | 118,340 | |||
Total | 127,033 | 127,033 | ||
Accumulated Depreciation and Amortization | 27,749 | 27,749 | ||
Real Estate: | ||||
Balance at end of the year | 127,033 | |||
Accumulated Depreciation: | ||||
Balance at end of period | 27,749 | |||
2221 South Clark Street | ||||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Encumbrances | 0 | |||
Land and Improvements | 7,405 | |||
Buildings and Improvements | 16,981 | |||
Costs Capitalized Subsequent to Acquisition(2) | 41,598 | |||
Land and Improvements | 7,386 | |||
Buildings and Improvements | 58,598 | |||
Total | 65,984 | 65,984 | ||
Accumulated Depreciation and Amortization | 4,109 | 4,109 | ||
Real Estate: | ||||
Balance at end of the year | 65,984 | |||
Accumulated Depreciation: | ||||
Balance at end of period | 4,109 | |||
Falkland Chase - South & West | ||||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Encumbrances | 41,976 | |||
Land and Improvements | 18,530 | |||
Buildings and Improvements | 44,232 | |||
Costs Capitalized Subsequent to Acquisition(2) | 107 | |||
Land and Improvements | 18,530 | |||
Buildings and Improvements | 44,339 | |||
Total | 62,869 | 62,869 | ||
Accumulated Depreciation and Amortization | 910 | 910 | ||
Real Estate: | ||||
Balance at end of the year | 62,869 | |||
Accumulated Depreciation: | ||||
Balance at end of period | 910 | |||
Falkland Chase - North | ||||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Encumbrances | 22,566 | |||
Land and Improvements | 9,810 | |||
Buildings and Improvements | 22,706 | |||
Costs Capitalized Subsequent to Acquisition(2) | 6 | |||
Land and Improvements | 9,810 | |||
Buildings and Improvements | 22,712 | |||
Total | 32,522 | 32,522 | ||
Accumulated Depreciation and Amortization | 477 | 477 | ||
Real Estate: | ||||
Balance at end of the year | 32,522 | |||
Accumulated Depreciation: | ||||
Balance at end of period | 477 | |||
West Half | ||||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Encumbrances | 1,338 | |||
Land and Improvements | 0 | |||
Buildings and Improvements | 17,902 | |||
Costs Capitalized Subsequent to Acquisition(2) | 69,424 | |||
Land and Improvements | 0 | |||
Buildings and Improvements | 87,326 | |||
Total | 87,326 | 87,326 | ||
Accumulated Depreciation and Amortization | 0 | 0 | ||
Real Estate: | ||||
Balance at end of the year | 87,326 | |||
Accumulated Depreciation: | ||||
Balance at end of period | 0 | |||
965 Florida Avenue | ||||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Encumbrances | 0 | |||
Land and Improvements | 0 | |||
Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition(2) | 22,665 | |||
Land and Improvements | 0 | |||
Buildings and Improvements | 22,665 | |||
Total | 22,665 | 22,665 | ||
Accumulated Depreciation and Amortization | 0 | 0 | ||
Real Estate: | ||||
Balance at end of the year | 22,665 | |||
Accumulated Depreciation: | ||||
Balance at end of period | 0 | |||
1221 Van Street | ||||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Encumbrances | 59,194 | |||
Land and Improvements | 0 | |||
Buildings and Improvements | 63,775 | |||
Costs Capitalized Subsequent to Acquisition(2) | 46,834 | |||
Land and Improvements | 0 | |||
Buildings and Improvements | 110,609 | |||
Total | 110,609 | 110,609 | ||
Accumulated Depreciation and Amortization | 1 | 1 | ||
Real Estate: | ||||
Balance at end of the year | 110,609 | |||
Accumulated Depreciation: | ||||
Balance at end of period | 1 | |||
Atlantic Plumbing C | ||||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Encumbrances | 0 | |||
Land and Improvements | 0 | |||
Buildings and Improvements | 13,952 | |||
Costs Capitalized Subsequent to Acquisition(2) | 63,269 | |||
Land and Improvements | 0 | |||
Buildings and Improvements | 77,221 | |||
Total | 77,221 | 77,221 | ||
Accumulated Depreciation and Amortization | 0 | 0 | ||
Real Estate: | ||||
Balance at end of the year | 77,221 | |||
Accumulated Depreciation: | ||||
Balance at end of period | 0 | |||
North End Retail | ||||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Encumbrances | 0 | |||
Land and Improvements | 5,847 | |||
Buildings and Improvements | 9,333 | |||
Costs Capitalized Subsequent to Acquisition(2) | (107) | |||
Land and Improvements | 5,847 | |||
Buildings and Improvements | 9,226 | |||
Total | 15,073 | 15,073 | ||
Accumulated Depreciation and Amortization | 179 | 179 | ||
Real Estate: | ||||
Balance at end of the year | 15,073 | |||
Accumulated Depreciation: | ||||
Balance at end of period | 179 | |||
Vienna Retail | ||||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Encumbrances | 0 | |||
Land and Improvements | 1,763 | |||
Buildings and Improvements | 641 | |||
Costs Capitalized Subsequent to Acquisition(2) | 41 | |||
Land and Improvements | 1,763 | |||
Buildings and Improvements | 682 | |||
Total | 2,445 | 2,445 | ||
Accumulated Depreciation and Amortization | 213 | 213 | ||
Real Estate: | ||||
Balance at end of the year | 2,445 | |||
Accumulated Depreciation: | ||||
Balance at end of period | 213 | |||
Crystal City Marriott Hotel | ||||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Encumbrances | 0 | |||
Land and Improvements | 8,000 | |||
Buildings and Improvements | 47,191 | |||
Costs Capitalized Subsequent to Acquisition(2) | 12,595 | |||
Land and Improvements | 8,224 | |||
Buildings and Improvements | 59,562 | |||
Total | 67,786 | 67,786 | ||
Accumulated Depreciation and Amortization | 20,529 | 20,529 | ||
Real Estate: | ||||
Balance at end of the year | 67,786 | |||
Accumulated Depreciation: | ||||
Balance at end of period | 20,529 | |||
Metropolitan Park 6-8 | ||||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Encumbrances | 0 | |||
Land and Improvements | 65,259 | |||
Buildings and Improvements | 1,326 | |||
Costs Capitalized Subsequent to Acquisition(2) | 26,574 | |||
Land and Improvements | 82,898 | |||
Buildings and Improvements | 10,261 | |||
Total | 93,159 | 93,159 | ||
Accumulated Depreciation and Amortization | 27 | 27 | ||
Real Estate: | ||||
Balance at end of the year | 93,159 | |||
Accumulated Depreciation: | ||||
Balance at end of period | 27 | |||
Pen Place - Land Parcel | ||||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Encumbrances | 0 | |||
Land and Improvements | 104,473 | |||
Buildings and Improvements | 55 | |||
Costs Capitalized Subsequent to Acquisition(2) | (32,322) | |||
Land and Improvements | 61,970 | |||
Buildings and Improvements | 10,236 | |||
Total | 72,206 | 72,206 | ||
Accumulated Depreciation and Amortization | 0 | 0 | ||
Real Estate: | ||||
Balance at end of the year | 72,206 | |||
Accumulated Depreciation: | ||||
Balance at end of period | 0 | |||
1700 M Street Dev | ||||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Encumbrances | 0 | |||
Land and Improvements | 34,178 | |||
Buildings and Improvements | 46,938 | |||
Costs Capitalized Subsequent to Acquisition(2) | (26,487) | |||
Land and Improvements | 34,183 | |||
Buildings and Improvements | 20,446 | |||
Total | 54,629 | 54,629 | ||
Accumulated Depreciation and Amortization | 0 | 0 | ||
Real Estate: | ||||
Balance at end of the year | 54,629 | |||
Accumulated Depreciation: | ||||
Balance at end of period | 0 | |||
Capitol Point - North | ||||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Encumbrances | 0 | |||
Land and Improvements | 32,730 | |||
Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition(2) | 147 | |||
Land and Improvements | 32,846 | |||
Buildings and Improvements | 31 | |||
Total | 32,877 | 32,877 | ||
Accumulated Depreciation and Amortization | 0 | 0 | ||
Real Estate: | ||||
Balance at end of the year | 32,877 | |||
Accumulated Depreciation: | ||||
Balance at end of period | 0 | |||
Potomac Yard Land Bay G - Parcels A - F | ||||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Encumbrances | 0 | |||
Land and Improvements | 20,318 | |||
Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition(2) | 132 | |||
Land and Improvements | 20,318 | |||
Buildings and Improvements | 132 | |||
Total | 20,450 | 20,450 | ||
Accumulated Depreciation and Amortization | 0 | 0 | ||
Real Estate: | ||||
Balance at end of the year | 20,450 | |||
Accumulated Depreciation: | ||||
Balance at end of period | 0 | |||
Square 649 | ||||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Encumbrances | 0 | |||
Land and Improvements | 15,550 | |||
Buildings and Improvements | 6,451 | |||
Costs Capitalized Subsequent to Acquisition(2) | (2,328) | |||
Land and Improvements | 12,803 | |||
Buildings and Improvements | 6,870 | |||
Total | 19,673 | 19,673 | ||
Accumulated Depreciation and Amortization | 367 | 367 | ||
Real Estate: | ||||
Balance at end of the year | 19,673 | |||
Accumulated Depreciation: | ||||
Balance at end of period | 367 | |||
Other Future Development Assets | ||||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Encumbrances | 0 | |||
Land and Improvements | 140,919 | |||
Buildings and Improvements | 112,653 | |||
Costs Capitalized Subsequent to Acquisition(2) | (9,091) | |||
Land and Improvements | 170,620 | |||
Buildings and Improvements | 73,861 | |||
Total | 244,481 | 244,481 | ||
Accumulated Depreciation and Amortization | 62 | 62 | ||
Real Estate: | ||||
Balance at end of the year | 244,481 | |||
Accumulated Depreciation: | ||||
Balance at end of period | 62 | |||
Corporate | ||||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Encumbrances | 0 | |||
Land and Improvements | 0 | |||
Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition(2) | 21,939 | |||
Land and Improvements | 0 | |||
Buildings and Improvements | 21,939 | |||
Total | 21,939 | 21,939 | ||
Accumulated Depreciation and Amortization | 4,060 | 4,060 | ||
Real Estate: | ||||
Balance at end of the year | 21,939 | |||
Accumulated Depreciation: | ||||
Balance at end of period | 4,060 | |||
Properties Not Held For Sale | ||||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Encumbrances | 2,035,959 | |||
Land and Improvements | 1,332,451 | |||
Buildings and Improvements | 2,922,442 | |||
Costs Capitalized Subsequent to Acquisition(2) | 1,762,611 | |||
Land and Improvements | 1,368,294 | |||
Buildings and Improvements | 4,649,210 | |||
Total | 6,017,504 | 6,017,504 | ||
Accumulated Depreciation and Amortization | 1,011,330 | 1,011,330 | ||
Real Estate: | ||||
Balance at end of the year | 6,017,504 | |||
Accumulated Depreciation: | ||||
Balance at end of period | 1,011,330 | |||
Summit II | ||||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Encumbrances | 0 | |||
Land and Improvements | 1,699 | |||
Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition(2) | 0 | |||
Land and Improvements | 1,699 | |||
Buildings and Improvements | 0 | |||
Total | 1,699 | 1,699 | ||
Accumulated Depreciation and Amortization | 0 | 0 | ||
Real Estate: | ||||
Balance at end of the year | 1,699 | |||
Accumulated Depreciation: | ||||
Balance at end of period | 0 | |||
Potomac Yard Land Bay G - Parcel G | ||||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Encumbrances | 0 | |||
Land and Improvements | 6,594 | |||
Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition(2) | 0 | |||
Land and Improvements | 6,594 | |||
Buildings and Improvements | 0 | |||
Total | 6,594 | 6,594 | ||
Accumulated Depreciation and Amortization | 0 | 0 | ||
Real Estate: | ||||
Balance at end of the year | 6,594 | |||
Accumulated Depreciation: | ||||
Balance at end of period | 0 | |||
Properties Held For Sale | ||||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Encumbrances | 0 | |||
Land and Improvements | 8,293 | |||
Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition(2) | 0 | |||
Land and Improvements | 8,293 | |||
Buildings and Improvements | 0 | |||
Total | 8,293 | 8,293 | ||
Accumulated Depreciation and Amortization | 0 | $ 0 | ||
Real Estate: | ||||
Balance at end of the year | 8,293 | |||
Accumulated Depreciation: | ||||
Balance at end of period | $ 0 | |||
Maximum | ||||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Useful life | 40 years |
Uncategorized Items - jbgs-2017
Label | Element | Value |
Dividends Payable, Common Shareholders | jbgs_DividendsPayableCommonShareholders | $ 0 |
Dividends Payable, Common Shareholders | jbgs_DividendsPayableCommonShareholders | 0 |
Dividends Payable, Common Shareholders | jbgs_DividendsPayableCommonShareholders | 26,540,000 |
Interest Payable | us-gaap_InterestPayableCurrentAndNoncurrent | 0 |
Interest Payable | us-gaap_InterestPayableCurrentAndNoncurrent | 0 |
Interest Payable | us-gaap_InterestPayableCurrentAndNoncurrent | 3,714,000 |
Dividends Payable, Redeemable Noncontrolling Interest | jbgs_DividendsPayableRedeemableNoncontrollingInterest | 0 |
Dividends Payable, Redeemable Noncontrolling Interest | jbgs_DividendsPayableRedeemableNoncontrollingInterest | 0 |
Dividends Payable, Redeemable Noncontrolling Interest | jbgs_DividendsPayableRedeemableNoncontrollingInterest | $ 4,557,000 |