JBG SMITH Announces Recast of Revolving Credit Facility and Tranche A-2 Term Loan

BETHESDA, Md.--(BUSINESS WIRE)--JBG SMITH (NYSE: JBGS), a leading owner, operator, and developer of mixed-use properties in the Washington, DC market, today announced that its operating partnership, JBG SMITH Properties LP (the “Company”), has amended and extended its Revolving Credit Facility and Tranche A-2 Term Loan.

The recast extended the maturity of the Revolving Credit Facility from June 29, 2027 to August 27, 2030, with two six-month extension options, which may extend the maturity to August 27, 2031. The amended facility provides for aggregate commitments of $690.0 million. The applicable interest rate remains SOFR plus 1.50%, based on the Company’s current leverage level, while the 0.10% credit spread adjustment was removed. The Revolving Credit Facility includes an accordion feature that allows for future increases under the Revolving Credit Facility or additional term loans up to $560.0 million in the aggregate, subject to customary conditions.

The recast also increased the $400.0 million Tranche A-2 Term Loan to $415.0 million and extended the maturity of $243.9 million of the term loan to August 25, 2028, with three 12-month extension options, which may extend the maturity to August 25, 2031. The remaining $171.1 million of term loan will mature on January 13, 2028. At that time, the interest rate on the extended portion of the loan will increase by 0.25% to SOFR plus 1.65%, based on the Company’s current leverage level, and the 0.10% credit spread adjustment will be removed, a net increase of 0.15%.

“The recast extends maturities and further strengthens our balance sheet and liquidity position,” said Moina Banerjee, Co-President and Chief Financial Officer of JBG SMITH. “We greatly appreciate the continued support of so many leading banks and financial institutions.”

The Revolving Credit Facility was syndicated to a group of banks led by BofA Securities, Inc. and Wells Fargo Securities LLC, which acted as joint bookrunners. Truist Bank, M&T Bank, Morgan Stanley, and Capital One, National Association served as joint lead arrangers. JPMorgan Chase Bank, N.A. and United Bank served as documentation agents. Atlantic Union Bank is also included in the syndicate.

The Tranche A-2 Term Loan was syndicated to a group of banks led by Wells Fargo Securities LLC and BofA Securities, Inc., which acted as joint bookrunners. Capital One, National Association and TD Securities served as joint lead arrangers. Truist Bank and United Bank served as documentation agents. Atlantic Union Bank, Morgan Stanley, and M&T Bank were also included in the syndicate.

About JBG SMITH

JBG SMITH owns, operates, and develops mixed-use properties concentrated in amenity-rich, Metro-served submarkets in and around Washington, DC, most notably National Landing, where through our focus on placemaking, we cultivate vibrant, highly amenitized, walkable neighborhoods. JBG SMITH's portfolio comprises 11.8 million square feet at share of multifamily, office, and retail assets, and a 3.5 million square-foot development pipeline. For more information on JBG SMITH please visit www.jbgsmith.com.