CHEVY CHASE, Md., Feb. 13, 2017 /PRNewswire/ -- The JBG Companies today announced that Stephen W. Theriot will serve as Chief Financial Officer of JBG SMITH Properties.
Mr. Theriot has served as Chief Financial Officer of Vornado Realty Trust since 2013 and brings more than 30 years of finance and accounting experience to his new role. Prior to joining Vornado, Mr. Theriot had been a partner of Deloitte & Touche LLP, most recently serving as the Managing Partner of Deloitte's Northeast real estate practice. He joined Deloitte in 1986 and for many years was Vornado's lead outside auditor.
"We could not be more excited to welcome Steve Theriot as CFO of JBG SMITH," said W. Matthew Kelly, Managing Partner of JBG and CEO designate of JBG SMITH. "Steve is a world-class, real estate industry CFO who is ideally suited to lead JBG SMITH's financial organization and put in place the infrastructure, policies and procedures we will need as a new, publicly listed company. 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, DC portfolio, which will comprise more than 70 percent of JBG SMITH's asset base. Having worked closely with Steve to plan for the integration of our two platforms, we are confident that he will be a terrific addition to our team. We look forward to Steve's contributions as we position JBG SMITH to deliver long-term growth and build value for shareholders in the years to come."
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, D.C. business and its merger with certain select assets of the JBG Companies, expected to be completed in the second quarter of 2017.
The new JBG SMITH Properties will be the largest and best-in-class, publicly traded, pure-play real estate company focused on the Washington, DC market. It will hold, directly or indirectly, (i) 72 operating assets aggregating approximately 21.4 million square feet, comprised of 52 office assets aggregating over 14.8 million square feet, 16 multifamily assets aggregating 6,432 units and four other assets aggregating approximately 785,000 square feet; (ii) four wholly owned office and multifamily assets under construction totaling approximately 821,000 square feet; (iii) nine near-term development office and multifamily assets totaling over 2.1 million estimated square feet; and (iv) 47 future development assets totaling approximately 23.5 million square feet of estimated potential development density.
Contact: Matt Blocher
SOURCE The JBG Companies