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JBG Smith could net more than $400M with stock offering

JBG Smith Properties has announced plans to sell 10 million common shares to raise more than $400 million.

Shortly after 4 p.m. Monday, The Chevy Chase-based JBG Smith issued a release announcing an underwritten public offering of 9 million shares. Roughly seven hours later, at 11 p.m., a new release was issued raising the count to 10 million shares at $42 per share, or $410.6 million. The shares are expected to be delivered by Thursday.

The net proceeds from the offering will fund development opportunities and general corporate purposes, including pay down debt. Underwriters will hold a 30-day option to purchase up to an additional 1.5 million common shares. JBG Smith (NYSE: JBGS) stock closed Monday at $42.86 per share, down 0.72%.

JBG Smith is not lacking in areas to spend. As of Dec. 31, the company had nine projects under construction — five commercial buildings totaling 1.2 million square feet and 1,476 multifamily units across four buildings — and 41 future development assets…

Read the full story from the Washington Business Journal.