JBG Smith owns almost 21 million square feet of office, apartment and retail real estate in the Washington region, including Amazon’s current and future HQ2 buildings in Arlington.

The company posted a , compared to net income of $9.4 million for the same quarter a year ago.

It said results were impacted by $14.8 million associated with the COVID-19 pandemic, including lower occupancy, lower rents, higher operating costs and rent concessions and deferrals.

Funds from operations, a measure of income that better reflects financials of real estate companies, was $32.4 million, down from $45.6 million in the same quarter a year ago.

Office tenants have largely kept up, with JBG Smith reporting 99.4% of office tenant rent collected last quarter, though $600,000 was not.

It collected just 63.1% of rent from retail tenants, or $3.6 million that was not paid. During the quarter, it entered into rent deferral agreements with tenants totaling $1.3 million, and recognized $2.3 million of credit losses for rent deferral agreements that are currently in negotiations.

JBG Smith continues to develop new commercial real estate with 28 future projects in some stage of development, including 2.1 million square feet in National Landing it is developing for Amazon.

One recent investment included $25.3 million to acquire wireless spectrum for 5G licenses across the National Landing development.

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CBRE Group Inc.’s annual rankings of the most expensive office markets in the world includes just one U.S. city in the top 10: Midtown Manhattan comes in sixth, with an average prime office rent of $144.37 per square foot.

At the top of the list is Hong Kong’s central district, where prime office rents are almost twice midtown Manhattan’s, at an average of $264.27 per square foot.

Downtown D.C. shows up at No. 31 on this year’s list, with average Class A office rent at $59.49 per square foot.

Overall office rents increased in 19 out of the 34 U.S. markets covered in the CBRE survey, including a 1.3 percent increase in Class A rents in downtown DC.

The most significant growth was in downtown Chicago, suburban Seattle and downtown Seattle, all showing double-digit year-over-year growth.

CBRE says global prime office rents, excluding local taxes and service charges, for the highest-quality office properties rose an average of 2.3 percent over a year earlier.

“We expect the global economy to pick up momentum with growth boosted by fiscal expansion in the U.S.,” said CBRE global chief economist Richard Barkham. “Growth was underpinned by positive monetary conditions in Europe and increased government spending in China, both of which are expected to continue.”

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