JBG SMITH Declares a Quarterly Common Dividend of $0.175 Per Share
Our Board of Trustees, in consultation with management, elected to reduce the dividend taking into consideration several factors, including (i) our on-going capital recycling strategy, (ii) the expected performance and capital requirements of our commercial portfolio, and (iii) the upcoming delivery of our 1,583 under-construction multifamily units (upon delivery, capitalized interest ceases which reduces FAD and taxable income).
We believe the reduced dividend rate will help preserve JBG SMITH’s financial flexibility, reinforce our already strong financial position, continue to cover our taxable income distribution requirements, and enhance the Company’s ability to take advantage of compelling opportunities, such as share repurchases, as they arise. Share buybacks are a form of capital return to investors, as are dividends. At our current discount to NAV, we believe buybacks are more accretive to our long-term NAV per share than excess (above taxable income) dividends. Having bought back approximately
About JBG SMITH
JBG SMITH owns, operates, invests in, and develops mixed-use properties in high growth and high barrier-to-entry submarkets in and around
Forward-Looking Statements
Certain statements contained herein may constitute "forward-looking statements" as such term is defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements are not guarantees of performance. They represent our intentions, plans, expectations, and beliefs and are subject to numerous assumptions, risks, and uncertainties. Consequently, the future results, financial condition, and business of JBG SMITH Properties ("JBG SMITH", the "Company", "we", "us", "our" or similar terms) may differ materially from those expressed in these forward-looking statements. You can find many of these statements by looking for words such as "approximate", "hypothetical", "potential", "believes", "expects", "anticipates", "estimates", "intends", "plans", "would", "may" or similar expressions in this press release. We also note the following forward-looking statements: our expected annual dividend rate, the expected continuation of our capital recycling strategy, the expected performance and capital requirements of our commercial portfolio, the upcoming delivery of under-construction multifamily units, our ability to preserve JBG SMITH’s financial flexibility, reinforce our already strong financial position, continue to cover our taxable income distribution requirements, and our ability to take advantage of compelling opportunities.
Many of the factors that will determine the outcome of these, and our other forward-looking statements, are beyond our ability to control or predict. These factors include, among others: adverse economic conditions in the
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Kevin Connolly
JBG SMITH
Executive Vice President, Portfolio Management & Investor Relations
(240) 333-3837
kconnolly@jbgsmith.com
Source: JBG SMITH