JBG SMITH Q2 Core FFO falls, net loss widens
JBGS•Outlook
- Company did not provide specific financial guidance for the current or upcoming periods in the press release
Result drivers
- MULTIFAMILY PORTFOLIO - Higher occupancy and lower utilities expense drove annualized NOI growth, partially offset by higher repairs and maintenance costs
- COMMERCIAL PORTFOLIO - Lower utilities expense and higher parking revenue supported NOI, offset by lower rental revenue
- SAME STORE NOI DECLINE - Lower rental revenue and higher real estate taxes and utilities expense in multifamily, and lower rental revenue in commercial, weighed on same store NOI
Quarterly results
- US mixed-use property owner's Q2 revenue rose yr/yr
- Adjusted FFO for Q2 increased to $10.4 mln
- Company faces $356.1 mln court judgment in Wardman Tower case, plans to appeal
| Metric | Beat/Miss | Actual | Consensus Estimate |
| Q2 Revenue | Beat | $129.38 mln | $125.88 mln (1 Analyst) |
| Q2 Loss Per Share | $1.03 | ||
| Q2 Adjusted FFO | Beat | $10.40 mln |
