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JBG SMITH Recasts $1.0 Billion Revolving Credit Facility

JBG SMITH (NYSE: JBGS), a leading owner and developer of high-quality, mixed-use properties in the Washington, DC market, today announced it has amended and extended its existing revolving credit facility, which was set to mature on July 16, 2021. The recast $1.0 billion revolving credit facility extends the maturity date for five-years to January 7, 2025. The amendment also lowers the current interest rate to LIBOR plus 105 basis points, a reduction of 5 basis points from the prior revolving credit facility.

The maturity dates and amounts of the Unsecured Term Loan A-1 and Unsecured Term Loan A-2 are unchanged as a result of this transaction. Each of these $200 million term loans will mature in January 2023, and July 2024, respectively.

"We are very pleased with the strong demand to participate in the recast of our credit facility and we appreciate the continued support from our banking group," stated Moina Banerjee, Head of Capital Markets at JBG SMITH. "The recast of the credit facility solidifies our strong balance sheet by extending the maturity and reducing the interest rate, giving us additional financial flexibility as we execute on the significant development opportunities in our portfolio."

The recast of the revolving credit facility was led by Wells Fargo Securities LLC, BofA Securities, Inc., JPMorgan Chase Bank, N.A., Capital One, National Association, PNC Capital Markets LLC and Citizens Bank, N.A., acting as Joint Lead Arrangers, with Wells Fargo Bank, National Association serving as Administrative Agent. BMO Harris Bank N.A., Regions Bank, TD Bank, N.A., The Bank of New York Mellon, Truist Bank, Goldman Sachs Bank USA, The Bank of Nova Scotia and Morgan Stanley Senior Funding Inc. served as Documentation Agents; and in addition to the Joint Lead Arrangers and Documentation Agents (or affiliates thereof), Fifth Third Bank, Landesbank Baden-Württemberg (New York Branch), ING Capital LLC, Crédit Agricole Corporate and Investment Bank, Associated Bank, United Bank, and U.S. Bank National Association are parties to the revolving credit facility as lenders.

Additional information regarding the terms of the recast and extension can be found on the Company’s Form 8-K filed with the Securities and Exchange Commission today.


JBG SMITH is an S&P 400 company that owns, operates, invests in, and develops a dynamic portfolio of high-quality mixed-use properties in and around Washington, DC. Through an intense focus on placemaking, JBG SMITH cultivates vibrant, amenity-rich, walkable neighborhoods throughout the Capital region, including National Landing where it now serves as the exclusive developer for Amazon’s new headquarters. JBG SMITH’s portfolio currently comprises 20.6 million square feet of high-quality office, multifamily and retail assets, 98% at our share of which are Metro-served. It also maintains a robust future pipeline encompassing 18.7 million square feet of mixed-use development opportunities. For more information on JBG SMITH please visit www.jbgsmith.com.

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 of JBG SMITH Properties ("JBG SMITH" or the "Company") 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", "believes", "expects", "anticipates", "intends", "plans", "would", "may", or similar expressions in this press release. We also note the following forward-looking statements: in the case of our construction and development assets, estimated square feet and construction commencement dates, and in the case of our future pipeline, estimated potential development density. Many of the factors that will determine the outcome of these and our other forward-looking statements, entitlements, and plans are beyond our ability to control or predict. These factors include, among others: adverse economic conditions in the Washington, DC metropolitan area, the timing of and costs associated with development and property improvements, financing commitments, and general competitive factors. For further discussion of factors that could materially affect the outcome of our forward-looking statements and other risks and uncertainties, see "Risk Factors" and the Cautionary Statement Concerning Forward-Looking Statements in the Company's Annual Report on Form 10-K for the year ended December 31, 2018 and other periodic reports the Company files with the Securities and Exchange Commission. For these statements, we claim the protection of the safe harbor for forward looking statements contained in the Private Securities Litigation Reform Act of 1995. You are cautioned not to place undue reliance on our forward-looking statements. All subsequent written and oral forward-looking statements attributable to us or any person acting on our behalf are expressly qualified in their entirety by the cautionary statements contained or referred to in this section. We do not undertake any obligation to release publicly any revisions to our forward-looking statements after the date hereof.

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Bud Perrone
Executive Vice President
(212) 843-8068

Investor Relations
Jaime Marcus
SVP, Investor Relations & Corporate Communications
(240) 333-3643