Jbg smith properties (JBGS)
CashFlow / Quarterly
Mar'20Dec'19Sep'19Jun'19Mar'19Dec'18Sep'18Jun'18Mar'18Dec'17Sep'17Jun'17Mar'17
OPERATING ACTIVITIES:
Net income (loss)

48,175

38,692

10,532

-3,328

28,248

994

26,382

24,023

-4,786

-18,752

-77,991

11,341

6,318

Adjustments to reconcile net income to net cash provided by operating activities:
Share-based compensation expense

17,362

17,841

15,318

15,525

16,589

12,985

12,414

14,177

13,099

16,529

15,870

603

691

Depreciation and amortization, including amortization of debt issuance costs

49,360

50,927

47,815

47,117

49,936

68,701

47,646

49,139

50,173

52,896

45,121

32,369

34,194

Deferred rent

6,614

10,010

10,822

9,001

9,341

6,176

1,615

2,971

3,294

1,139

2,420

3,096

3,733

(Income) loss from unconsolidated real estate ventures, net

-2,692

-2,042

-1,144

-1,810

3,601

23,991

13,484

3,836

-1,902

-2,778

-1,679

105

209

Amortization of market lease intangibles, net

163

305

214

140

132

162

201

-239

96

-10

185

344

343

Amortization of lease incentives

1,609

1,992

555

1,732

2,057

-240

498

848

2,300

1,531

981

1,345

166

Loss on extinguishment of debt

-33

-

-

-

-

-

-

-

-

-

-

-

-

Gain on sale of real estate

59,477

57,870

8,088

0

39,033

6,394

11,938

33,396

455

0

0

0

0

Net unrealized loss (gain) on derivative financial instruments not designated as cash flow hedges

47

0

-2

0

-48

-374

-300

481

1,119

833

467

0

0

Losses on operating lease receivables

2,718

279

784

-1,071

1,568

707

1,026

1,211

354

1,999

1,116

600

92

Return on capital from unconsolidated real estate ventures

532

854

343

1,095

398

1,007

1,652

1,404

3,764

1,414

521

585

43

Other non-cash items

116

-497

251

248

-519

111

-670

-688

-141

19

-3,063

754

-1,665

Changes in operating assets and liabilities:
Tenant and other receivables

4,210

-695

2,845

2,047

4,185

7,749

3,710

-11,915

6,038

-1,519

8,089

360

-4,832

Other assets, net

1,105

-4,681

10,918

4,587

-1,647

-2,037

13,374

422

4,841

-9,403

18,016

4,789

10,079

Accounts payable and accrued expenses

-5,968

9,493

11,342

-9,570

-18,943

17,891

6,338

-13,024

-17,189

-2,917

18,718

-3,475

3,834

Other liabilities, net

-2,865

-11,211

5,159

-4,301

-7,867

-7,587

-9,554

-2,742

746

-6,580

-2,084

-863

2,130

Net cash provided by operating activities

41,916

61,347

59,856

34,875

17,908

51,532

43,116

58,884

34,661

50,790

-49,265

33,057

39,601

INVESTING ACTIVITIES:
Development costs, construction in progress and real estate additions

107,013

146,659

113,348

112,340

68,667

125,547

94,678

81,075

84,643

94,671

61,175

26,268

28,479

Deposits for real estate acquisitions

-

-8,275

600

0

8,525

0

0

0

0

-

-

-

-

Proceeds from sale of real estate

154,493

219,701

40,134

0

117,676

66,928

113,267

230,728

2,154

0

0

0

0

Acquisition of interests in unconsolidated real estate ventures, net of cash acquired

-

-

-

-

-

0

0

0

386

8,834

0

0

0

Distributions of capital from unconsolidated real estate ventures

-

0

0

1,002

6,555

12,168

890

0

1,350

6,929

0

0

0

Investments in unconsolidated real estate ventures

3,563

11,343

2,916

1,558

2,851

8,534

6,496

4,366

11,801

14,880

1,427

0

14

Other

-

-

-

-

-

0

0

646

19

-1,324

2,135

1,260

136

Net cash provided by investing activities

43,917

-95,234

-76,730

-112,896

44,188

-22,554

37,585

144,641

-93,345

-110,118

158,599

-27,528

-28,629

FINANCING ACTIVITIES:
Finance lease payments

2,642

34

37

33

33

32

30

26

26

51

17,776

0

0

Contributions from former parent, net

-

-

-

-

-

-

-

-

-

0

139,000

9,609

11,594

Acquisition of interest in consolidated real estate venture

-

-

-

-

-

5,002

0

0

548

0

0

0

0

Proceeds from borrowings from former parent

-

-

-

-

-

-

-

-

-

0

0

0

4,000

Borrowings under mortgages payable

175,000

-

-

-

-

74,318

2,479

22,797

18,547

124,221

22,018

220,000

0

Borrowings under revolving credit facility

200,000

-

-

-

-

-

-

-

-

-

-

-

-

Borrowings under unsecured term loans

-

-

-

-

-

0

200,000

0

50,000

0

50,000

0

0

Repayments of mortgages payable

2,221

236,193

2,136

477,609

3,065

45,609

97,264

101,800

68,221

80,224

185,992

3,342

3,347

Repayments of revolving credit facility

200,000

-

-

-

-

-

-

-

-

-

-

-

-

Debt issuance costs

9,278

-

-

-

-

-

-

-

-

601

15,756

2,888

42

Common shares repurchased

41,177

-

-

-

-

-

-

-

-

-

-

-

-

Dividends paid to common shareholders

30,184

30,180

30,181

30,175

39,298

27,206

27,089

26,537

26,540

-

-

-

-

Distributions to redeemable noncontrolling interests

3,828

3,826

3,830

3,839

5,895

4,078

4,106

4,657

4,557

4,556

0

0

0

Contributions from noncontrolling interests

-

82

0

1

124

0

250

0

0

-

-

-

-

Distributions to noncontrolling interests

-

-

-

-

-

-99

319

0

120

-

-

-

-

Net cash provided by (used in) financing activities

85,670

-67,317

-36,184

-38,662

-48,167

-9,655

37,820

-190,245

-31,465

12,468

-8,265

223,379

12,205

Net increase in cash and cash equivalents and restricted cash

171,503

-101,204

-53,058

-116,683

13,929

19,323

118,521

13,280

-90,149

-46,860

101,069

228,908

23,177

SUPPLEMENTAL DISCLOSURE OF CASH FLOW AND NON-CASH INFORMATION:
Cash paid for interest (net of capitalized interest of $5,268 and $6,915 in 2020 and 2019)

10,927

10,874

9,384

13,690

15,489

15,770

17,094

15,157

16,584

7,034

22,635

11,508

11,211

Accrued capital expenditures included in accounts payable and accrued expenses

76,418

-15,800

10,828

14,749

74,299

-25,837

18,175

8,291

52,444

-5,188

16,158

-3,919

5,394

Write-off of fully depreciated assets

7,111

17,214

22,345

8,497

18,477

29,223

12,076

5,760

5,213

31,089

11,963

8,493

4,453

Conversion of common limited partnership units to common shares

31,126

-

-

-

57,001

-

-

-

-

-

-

-

-

Recognition (derecognition) of operating lease right-of-use assets

-13,151

-

-

-

35,318

-

-

-

-

-

-

-

-

Recognition (derecognition) of liabilities related to operating lease right-of-use assets.

-13,151

-

-

-

37,922

-

-

-

-

-

-

-

-

Recognition of finance lease right-of-use assets

42,354

-

-

-

-

-

-

-

-

-

-

-

-

Recognition of liabilities related to finance lease right-of-use assets

40,684

-

-

-

-

-

-

-

-

-

-

-

-

Cash received (payments) for income taxes

-

-

-

-

-

-

-

-

-

-285

2,975

528

178

Fair value of OP Unit redemptions

-

-

-

-

-

0

-109,208

0

0

-

-

-

-

Cash paid for amounts included in the measurement of lease liabilities for operating leases

1,396

1,573

1,561

1,360

1,708

0

0

0

0

-

-

-

-