JBG Smith Expands, Appoints CFO

By Ariela Moraru

Stephen Theriot, JBG Smith Properties

Washington—The JBG Cos. announced that Stephen Theriot has been appointed as chief financial officer of JBG Smith Properties.

Theriot has more than 30 years of finance and accounting experience. He served as CFO of Vornado Realty Trust since 2013, and Vornado’s lead outside auditor while working for Deloitte & Touche LLP. Theriot held various positions at Deloitte since 1986, most recently serving as managing partner of their Northeast real estate practice.

“Beyond his 30 years of finance and accounting experience, Steve brings deep expertise in the real estate industry and will hit the ground running with his extensive knowledge of the Vornado Washington portfolio, which will comprise more than 70 percent of JBG Smith’s asset base,” said Matthew Kelly, managing partner at JBG & CEO designate of JBG Smith, in prepared remarks.

By the second quarter of 2017, JBG Smith will be a newly created, publicly traded company listed on the New York Stock Exchange under the symbol JBGS, following the spin-off of Vornado’s Washington business and its merger with certain select assets of the JBG Cos., as announced at the end of last year.

The new JBG Smith Properties will hold directly or indirectly 72 operating assets totaling approximately 21.4 million square feet. Of these, 52 office assets totaling more than 14.8 million square feet, 16 multifamily assets totaling 6,432 units and four other assets aggregating approximately 785,000 square feet. The company will also hold four wholly owned office and multifamily assets under construction totaling approximately 821,000 square feet, nine near-term development office and multifamily assets totaling more than 2.1 million estimated square feet and 47 future development assets totaling approximately 23.5 million square feet of estimated potential development density.

Image courtesy of JBG Cos.