Cardboard Posted October 29, 2020 Share Posted October 29, 2020 Hey Bizaro86, what is tax treatment for Canadians if you buy this in a taxable account. Seems like a REIT. Moreover is this eligible for registered accounts? Thanks! Cardboard Link to comment Share on other sites More sharing options...
bizaro86 Posted October 29, 2020 Share Posted October 29, 2020 Hey Bizaro86, what is tax treatment for Canadians if you buy this in a taxable account. Seems like a REIT. Moreover is this eligible for registered accounts? Thanks! Cardboard I don't own this, but assuming its a plain vanilla US REIT the taxation is pretty straightforward, imo. My understanding is that the US withholds 15% (assuming you're a Canadian with a properly completed W8-BEN). You can claim that as a credit on your Canadian taxes. Assuming your CAD tax rate is higher than 15% you get it back. It should be registered account eligible. I own ALX in my RRSP, and the dividend there has been received with 0 withholding due to the tax treaty. Worth noting here that the 0% withholding only applies to retirement accounts (RRSP, LIRA, etc). It explicitly doesn't apply to TFSA, RESP, or RDSP. So if you hold a US REIT (or any US dividend payer) you pay the withholding tax. Whats worse, because its in a registered account you can't claim the corresponding tax credit. Link to comment Share on other sites More sharing options...
Cardboard Posted November 2, 2020 Share Posted November 2, 2020 Thanks Bizaro86! Bought some of this today. An excellent idea IMO. Cardboard Link to comment Share on other sites More sharing options...
thepupil Posted November 4, 2020 Author Share Posted November 4, 2020 https://s1.q4cdn.com/569464730/files/doc_financials/2020/q3/JBGS-3Q-2020-Investor-Pkg-FINAL.pdf results out, covid hurting retail/multi-family. company talking up the long term opportunity. losing a hotel asset (walking away), which i think most expected. Link to comment Share on other sites More sharing options...
thepupil Posted December 8, 2020 Author Share Posted December 8, 2020 I am serious when I say "this is why they make the big bucks". This is good stuff right here. https://s1.q4cdn.com/569464730/files/doc_presentations/2020/12/Top-NAREIT-Questions-vFinal-(12.4.20).pdf We target investment opportunities with the highest potential return, including share repurchases, which we also evaluate for the impact on our liquidity. During the third quarter, we repurchased 1.4 million shares at an average price of $26.64, bringing our total repurchases to $38.4 million for the quarter. At those pricing levels, the return opportunity is far richer than any current internal or external alternative, either from the standpoint of NAV per share impact or immediate return on investment. Limited private market comps make precise NAVs challenging to determine at the present time, but even using the most conservative estimate of post-pandemic asset values, we believe purchasing shares at the level we have this year represents an enormous discount to NAV per share. While spot office values have no doubt declined, we are confident there is still a wide profit margin at the price implied by our share repurchase activity. Said differently, if we were to remove the value of our non-income producing land and 7 construction in progress at market value, and our income producing multifamily at a cap rate implied by the trading range of our multifamily REIT peers, we believe the implied cap rate on our commercial portfolio would be double digits. Link to comment Share on other sites More sharing options...
Gregmal Posted December 8, 2020 Share Posted December 8, 2020 Dont know about you, but this one is still in the not selling, looking to add more on the dip category for me. Got lucky adding good size in the 23s, but as always...wish I had a little more. Link to comment Share on other sites More sharing options...
CorpRaider Posted December 8, 2020 Share Posted December 8, 2020 That's fire right there! Link to comment Share on other sites More sharing options...
thepupil Posted December 16, 2020 Author Share Posted December 16, 2020 JBG SMITH Welcomes Amazon to Newly Renovated 1770 Crystal Drive Amazon HQ2 Employees Begin Occupancy of 14-Story Office Building After Completion Two Quarters Ahead of Schedule Business Wire BETHESDA, Md. -- December 16, 2020 JBG SMITH (NYSE: JBGS), a leading owner and developer of high-quality, mixed-use properties in the Washington, DC market, has completed construction of 1770 Crystal Drive, an approximately 273,000 square-foot office building in National Landing. The entire 259,000 square-foot office portion of the 14-story building is now leased by Amazon as part of its HQ2 expansion to Northern Virginia. The opening of the newly reimagined 1770 Crystal Drive coincides with the two-year anniversary of Amazon’s selection of National Landing as the location of its second headquarters and JBG SMITH as its partner to house and develop the project. The building was completed two quarters ahead of schedule and under budget. Amazon’s offices at 1770 Crystal Drive are part of the initial 537,000 square feet of existing National Landing office space the company agreed to lease from JBG SMITH in November 2018. Since then, Amazon has continued to grow its National Landing leased footprint, which now encompasses 857,000 square feet across five JBG SMITH buildings. In addition, JBG SMITH is managing the construction of 2.1 million square feet of office space in two sustainably designed towers, 50,000 square feet of community-serving retail, and more than an acre of public open space, representing the first phase of Amazon’s new headquarters in National Landing. “The return to productive use of 1770 Crystal Drive represents yet another significant milestone in National Landing’s ongoing transformation into a vibrant 18-hour neighborhood,” said Matt Kelly, Chief Executive Officer of JBG SMITH. “We are thrilled to partner with Amazon and accommodate its growing presence in the region as we continue to make progress on its modern new headquarters.” Working with Gensler, JBG SMITH has reinvented 1770 Crystal Drive with a striking contemporary design. A floor-to-ceiling glass curtain wall and metal panels form the building’s sleek new façade, and a redesigned two-story lobby with high-end finishes create an elevated arrival experience. New outdoor terraces constructed on the upper floors offer expansive views of the DC skyline, Potomac River, and Reagan National Airport, and a double height pedestrian colonnade highlights 1770 Crystal Drive’s transformed retail spaces and storefronts. The building’s mechanical systems have also been upgraded, and the elevators have been modernized with destination dispatch technology. 1770 Crystal Drive is conveniently located just a short walk from the Crystal City Metro and VRE station and sits adjacent to a recently completed street-level retail project along Crystal Drive. Link to comment Share on other sites More sharing options...
thepupil Posted January 15, 2021 Author Share Posted January 15, 2021 Placemaking! JBG SMITH to Begin Initial Phases of Potomac Yard Development Anchored by Virginia Tech’s Innovation Campus, JBG SMITH to Develop Nearly 2 Million Square Feet of Educational, Office, and Multifamily Buildings at National Landing Site Business Wire BETHESDA, Md. -- January 14, 2021 JBG SMITH (NYSE: JBGS), a leading owner and developer of high-quality, mixed-use properties in the Washington, DC market, will start demolition and infrastructure work in Alexandria’s Potomac Yard this month on a new generation of educational, commercial, and multifamily space anchored by the $1 billion Virginia Tech Innovation Campus. JBG SMITH is the master developer on behalf of both Virginia Tech and JPMorgan for the 20-acre innovation district adjacent to the planned new Potomac Yard Metro Station. In December, JBG SMITH and Virginia Tech received final approvals from the city to move forward with the first phase of an innovation district encompassing approximately 1.7 million square feet of space including four office towers and two residential buildings with retail at the base. For Virginia Tech’s portion of the development square footage, the university will proceed with construction of their first phase of a 300,000-square foot educational and research building. The university’s 11-story academic building will house instruction, research, office, and support spaces for masters and doctoral graduate programs focused in computer science and computer engineering. Designed by SmithGroup with sustainability, connectivity, and integrated technology in mind, the distinctive building will be able to capture sunlight and convert it to energy and it is expected to achieve LEED recognition from the US Green Building Council. Virginia Tech is slated to begin construction next summer, with occupancy expected in 2024. “It is a testament to the importance of this initiative, and the determination of our project partners, that we were able to navigate this complicated approval process in the midst of a global pandemic,” said Kai Reynolds, Chief Development Officer at JBG SMITH. “We are grateful to our colleagues at Virginia Tech for presenting such a bold and compelling vision for its new urban innovation campus, and to the dedicated Alexandria City staff for embracing that vision, even as the world shifted around us.” Lance Collins, Vice President and Executive Director of the Virginia Tech Innovation Campus, said the campus and surrounding innovation district are designed to unite a diverse faculty and student community with partners in the private and public sectors. “Bringing academia, industry, and government together is how we will create impactful programs, transformative research and strong leaders who are ready to address the nation’s escalating technology challenges and create the next generation of tech companies,” he said. In addition to the Virginia Tech Innovation Campus, the surrounding district plans include a vibrant mixed use of multifamily units, commercial space, and ground-floor retail. The project also includes more than 57,000 square feet of planned public and private open space. About JBG SMITH JBG SMITH is an S&P 400 company that owns, operates, invests in and develops a dynamic portfolio of high-growth 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 20.7 million square feet of high-growth office, multifamily and retail assets, 98% at our share of which are Metro-served. It also maintains a development pipeline encompassing 17.1 million square feet of mixed-use development opportunities. For more information on JBG SMITH please visit www.jbgsmith.com. Link to comment Share on other sites More sharing options...
tnp20 Posted January 18, 2021 Share Posted January 18, 2021 Might be worth looking at comparable....BFS is more of a comparable than AHH. https://finance.yahoo.com/chart/BFS#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-- BFS is mostly Metro DC area based with 15% of the properties outside that area. It doesnt have the Amazon sizzle though but believe it actually has better mix of properties in aggregate. Link to comment Share on other sites More sharing options...
thepupil Posted January 18, 2021 Author Share Posted January 18, 2021 Haven’t looked at Saul in years, thanks for bringing it up. For Saul, isn’t over 80% of square feet shopping centers? I know they have a few big mixed use developments that are similar to what JBGS does, but it’s not clear to me that those are big enough to change the fact that it’s mostly a shopping center REIT and not really comparable. That said they describe themselves as shifting their focus to transit centric resi/mixed use in their 10-K (see below) so maybe more significant than I thought. Have you looked at the company in depths? The Company’s primary strategy is to continue to focus on diversification of its assets through development of transit-centric, residential mixed-use projects in the Washington, D.C. metropolitan area. The Company’s operating strategy also includes improvement of the operating performance and internal growth of its Shopping Centers and will supplement its development of residential mixed-used projects with selective redevelopment and renovations of its core Shopping Centers. Fun fact: I bid on a house on Saul Road (named after the same family) Link to comment Share on other sites More sharing options...
tnp20 Posted January 22, 2021 Share Posted January 22, 2021 Yes, its mostly grocery anchored retail strips - that have gyms and restuarants - less likely to get Amzon'ed. They are moving to develop mixed use properties along metro corridor. They have some good locations from long time - many depreciated down to low values and have huge redevelopment potential should the strip-retail model not work out just because of location. I am comfortable with it - but its run by a very old guy and they dont do much of analysts calls or presentations - its old school. Link to comment Share on other sites More sharing options...
tnp20 Posted January 22, 2021 Share Posted January 22, 2021 I lived in Metro-DC area in early 1990s...went back a few years ago - could not believe the huge growth. Land values in the metro DC area will continue to go up long term because of Government and its contractors. Link to comment Share on other sites More sharing options...
CorpRaider Posted June 2, 2021 Share Posted June 2, 2021 I'm out as of yesterday. Will let it ride in granny's account. Link to comment Share on other sites More sharing options...
rogermunibond Posted June 4, 2021 Share Posted June 4, 2021 Corp - do you think there are better opportunities for you but not for granny? tnp20 - NoVA's privileged position for internet/telecom interconnection is something of a happy accident but that's as bigger and bigger piece of the DC land value story. It's a huge reason why AWS, EQIX, and other cloud firms are in NoVA. Link to comment Share on other sites More sharing options...
Longtermlens Posted June 16, 2022 Share Posted June 16, 2022 anyone looking at this at these prices? has come in some.. Link to comment Share on other sites More sharing options...
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