JBG SMITH Announces Joint Venture with Canada Pension Plan Investment Board at 1900 N Street

CHEVY CHASE, Md.--()--JBG SMITH (NYSE: JBGS), a leading owner and developer of high-quality, mixed-use properties in the Washington, DC market, today announced the closing of a joint venture with Canada Pension Plan Investment Board (CPPIB) to develop and own 1900 N Street, an under-construction office asset consisting of approximately 271,000 square feet in the CBD of Washington, DC. CPPIB will commit approximately $101 million for a 45% interest based on a total capitalization of approximately $225 million. The property was 29.6% preleased as of the third quarter of 2017. JBG SMITH will continue to develop, manage and lease the asset.

Matt Kelly, Chief Executive Officer of JBG SMITH stated, “We are pleased to expand our relationship with CPPIB to bring 1900 N Street to market. This transaction represents continued interest from institutional investors in high-quality assets in the Washington, DC market, and is consistent with our strategy to bring in well capitalized partners, deleverage our balance sheet, and position JBG SMITH for future growth opportunities within our portfolio.”

Hilary Spann, Managing Director, Head of Americas, Real Estate Investments, CPPIB, said: “This investment fits well with our U.S. office strategy to develop and own high-quality assets in our target markets. The investment in 1900 N Street broadens our Washington, DC portfolio, and we expect it to deliver attractive risk-adjusted returns over the long term. We are pleased to partner once again with JBG SMITH, a best-in-class local developer, and look forward to expanding this relationship.”

About JBG SMITH

JBG SMITH is an S&P 400 company that owns, operates, invests in and develops assets concentrated in leading urban infill submarkets in and around Washington, DC. Our mixed-use operating portfolio comprises approximately 20 million square feet of high-quality office, multifamily and retail assets, 98% of which are Metro-served. With a focus on placemaking, we drive synergies across the portfolio and create amenity-rich, walkable neighborhoods. JBG SMITH’s future development pipeline includes over 17.6 million square feet of potential development density. For additional information on JBG SMITH please visit www.jbgsmith.com.

About CPPIB

Canada Pension Plan Investment Board (CPPIB) is a professional investment management organization that invests the funds not needed by the Canada Pension Plan (CPP) to pay current benefits on behalf of 20 million contributors and beneficiaries. In order to build a diversified portfolio of CPP assets, CPPIB invests in public equities, private equities, real estate, infrastructure and fixed income instruments. Headquartered in Toronto, with offices in Hong Kong, London, Luxembourg, Mumbai, New York City, São Paulo and Sydney, CPPIB is governed and managed independently of the Canada Pension Plan and at arm's length from governments. At December 31, 2017, the CPP Fund totaled C$337.1 billion. For more information about CPPIB, please visit www.cppib.com or follow us on LinkedIn, Facebook or Twitter.

Contacts

JBG SMITH
Jaime Marcus
SVP, Investor Relations
240-333-3643
jmarcus@jbgsmith.com

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