JBG SMITH Properties (NYSE: JBGS) announced today that it has completed its spin-off from Vornado Realty Trust and the combination with the management business and select Washington, DC assets of The JBG Companies. In addition to the assets acquired from JBG, the Company owns the former Washington, DC segment of Vornado. The Company is now an independent public company that, starting today, will trade on the NYSE under the symbol "JBGS."
Vornado common shareholders and Vornado Realty L.P. ("VRLP") common limited partners at the close of business on July 7, 2017 (the "Record Date") received yesterday a distribution of one Company common share or one JBG SMITH Properties LP common limited partnership unit, as applicable, for every two Vornado common shares or VRLP common limited partnership units held as of the Record Date. Fractional shares of the Company or JBG SMITH Properties LP were not distributed, and instead Vornado common shareholders and VRLP common limited partners will receive cash in lieu of any fractional shares or units they would otherwise have been entitled to receive in the distribution.
Since July 6, 2017, JBGS shares have traded on a "when issued" basis on the NYSE under the symbol "JBGS WI", permitting shareholders to trade the right to receive JBGS shares in today's distribution. "When issued" trading of JBGS common shares ended at the close of the market yesterday. Starting today, "regular way" trading of the Company's common shares on the NYSE will commence under the symbol "JBGS".
BofA Merrill Lynch acted as the Company's exclusive financial advisor, and Hogan Lovells US LLP acted as the legal advisor to the Company in connection with the spin-off. The Advisory and Consulting Group of Green Street Advisors acted as a strategic advisor to the Company. Goldman, Sachs & Co. and Morgan Stanley acted as Vornado's exclusive financial advisors and Sullivan & Cromwell LLP acted as legal advisor to Vornado.
About JBG SMITH JBG SMITH is the largest, publicly traded, pure-play real estate company in the Washington, DCmetropolitan area. With a track record of over 50 years, we own, operate, invest in and develop assets with a concentrated focus on leading urban infill submarkets in and around the Washington, DCmetro area. 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. Our emphasis on placemaking drives synergies across the portfolio and creates unique, amenity-rich, walkable neighborhoods and attractive environments in the communities in which we invest. Our future development pipeline includes more than 18 million square feet of potential development density. JBG SMITH is active in the areas where it invests, striving to positively impact local communities via the JBG SMITH Cares program. JBG SMITH shares are traded on the NYSE under the ticker symbol JBGS. For additional information on JBG SMITH and JBG SMITH Cares please visit www.jbgsmith.com.
