Easterly Government Properties (DEA) Company Report

Easterly Government Properties (DEA) reported Q3 2025 net income per share of $0.03 and core FFO per share of $0.76, with cash available for distribution totaling $29.3 million.
The company narrowed its full-year core FFO per share guidance for 2025 to $2.98 to $3.02 and issued 2026 guidance in the range of $3.05 to $3.12, aiming for 2% to 3% annual growth.
Cash leverage reduced from 7.9 times to 7.6 times in Q3 2025, driven by a $102 million progress payment for the FDA Atlanta project, and the company is targeting a medium-term cash leverage goal of six times.
Strategic financial moves include the recast and upsize of its senior unsecured term loan to $200 million and KBRA reaffirming Easterly's investment grade rating in October.

Oct 27, 2025, 3:00 PM

Transcript

Easterly Government Properties Reports Q3 2025 Results and Updates Guidance

DEA

Earnings

Guidance Update

New Projects/Investments

Easterly Government Properties reported Q3 2025 net income per share of $0.03 and core FFO per share of $0.76, with cash available for distribution at $29.3 million.
The company narrowed its full-year 2025 core FFO per share guidance to $2.98-$3.02, reflecting 3% growth over 2024 at the midpoint, and issued 2026 guidance of $3.05-$3.12, implying a 2%-3% growth rate.
Cash leverage improved from 7.9x to 7.6x in Q3 2025 due to a $102 million payment for FDA Atlanta, with expectations to further reduce to below 7.5x upon project completion and a medium-term goal of six times.
Easterly continues to execute its growth strategy, targeting 2%-3% annual core FFO growth, maintaining 97% portfolio occupancy, and actively pursuing development and acquisitions, including the recent York Space Systems headquarters acquisition.

Oct 27, 2025, 3:00 PM

Transcript

DEA announces Q3 2025 results

DEA

Earnings

Debt Issuance

Revenue Acceleration/Inflection

DEA reported total revenues of $86,151 thousand for the three months ended September 30, 2025, and $249,060 thousand for the nine months ended September 30, 2025.
Net income available to Easterly Government Properties, Inc. was $1,213 thousand for Q3 2025, resulting in basic EPS of $0.02. For the nine months ended September 30, 2025, net income was $8,411 thousand with basic EPS of $0.18.
FFO per share (fully diluted) was $0.74 for Q3 2025 and $2.18 for the nine months ended September 30, 2025. Core FFO per share (fully diluted) was $0.76 for Q3 2025 and $2.22 for the nine months ended September 30, 2025.
As of September 30, 2025, DEA had total assets of $3,381,429 thousand and total liabilities of $1,996,606 thousand. The total debt was $1,648,778 thousand, with a weighted average maturity of 4.4 years and a weighted average interest rate of 4.7%.

Oct 27, 2025, 3:00 PM

Presentation

Easterly Government Properties Reports Q3 2025 Results and Updates Guidance

DEA

Earnings

Guidance Update

New Projects/Investments

Easterly Government Properties reported Q3 2025 net income per share of $0.03 and core FFO per share of $0.76, slightly above expectations.
The company narrowed its full-year core FFO per share guidance for 2025 to $2.98 to $3.02 and issued full-year core FFO per share guidance for 2026 in a range of $3.05 to $3.12, reflecting a 3% growth over 2024 at the midpoint for 2025 and a 2% to 3% growth rate for 2026.
Cash leverage was reduced from 7.9 times to 7.6 times in Q3 2025 due to a $102 million progress payment for the FDA Atlanta project, with expectations to further improve to below 7.5 times upon project completion in December 2025. The company is targeting a medium-term cash leverage goal of six times.
KBRA reaffirmed Easterly's investment-grade rating with a stable outlook in October. The company continues to execute its growth strategy, including an active development pipeline with the FDA Atlanta project nearing completion and the Flagstaff Courthouse project pushed to 2026.

Oct 27, 2025, 3:00 PM

Transcript

Easterly Government Properties Reports Q3 2025 Results and Updates Guidance

DEA

Earnings

Guidance Update

New Projects/Investments

Easterly Government Properties reported Q3 2025 core FFO per share of $0.76, slightly above expectations, and net income per share of $0.03.
The company narrowed its full-year core FFO per share guidance for 2025 to $2.98 to $3.02 and issued 2026 guidance of $3.05 to $3.12, targeting 2% to 3% annual core FFO growth.
Cash leverage decreased from 7.9 times to 7.6 times in Q3 2025, primarily due to a $102 million progress payment for the FDA Atlanta project, and the company is targeting a medium-term cash leverage goal of six times.
The portfolio maintained high occupancy at 97% with a weighted average lease term of approximately 10 years, and the company continues to execute on its growth strategy, including development and acquisitions.

Oct 27, 2025, 3:00 PM

Transcript

Easterly Government Properties Reports Q3 2025 Results and Updates Guidance

DEA

Earnings

Guidance Update

New Projects/Investments

Easterly Government Properties reported net income of $1.2 million, or $0.03 per share, and Core FFO of $35.6 million, or $0.76 per share, for the third quarter ended September 30, 2025.
The company acquired land to develop an approximately 64,000 square foot laboratory in Fort Myers, Florida, with a 25-year non-cancelable lease, and a 138,125 square foot facility in Greenwood Village, Colorado, 100% leased to York Space Systems.
For the full-year 2025, Easterly Government Properties adjusted its Core FFO per share guidance to a range of $2.98 - $3.02.
The Board of Directors approved a cash dividend of $0.45 per common share for the third quarter of 2025, payable on November 20, 2025.
As of September 30, 2025, total indebtedness was approximately $1.6 billion, with a weighted average maturity of 4.4 years and a weighted average interest rate of 4.7%.

Oct 27, 2025, 10:45 AM

8-K

Easterly Government Properties Reports Q3 2025 Results and Updates Guidance

DEA

Earnings

Guidance Update

Dividends

Easterly Government Properties reported Core FFO of $0.76 per share for the third quarter of 2025 and $2.22 per share for the nine months ended September 30, 2025.
The company adjusted its full-year 2025 Core FFO per share guidance to a range of $2.98 - $3.02 and issued full-year 2026 guidance of $3.05 - $3.12.
A cash dividend of $0.45 per common share for Q3 2025 was approved, payable November 20, 2025.
Key acquisitions and developments in Q3 2025 included land for a 64,000 square foot laboratory in Fort Myers, Florida, and a 138,125 square foot facility leased to York Space Systems in Greenwood Village, Colorado.

Oct 27, 2025, 10:30 AM

Press Release

Easterly Government Properties receives affirmation of investment grade credit rating

DEA

Debt Issuance

Easterly Government Properties (DEA) announced that Kroll Bond Rating Agency, LLC (KBRA) affirmed its BBB issuer and securities ratings with a Stable Outlook.
The affirmation reflects the company's stable cash flows, strong tenant credit quality, and conservative balance sheet management.
The company's portfolio features 97% occupancy and a weighted average lease term of approximately 10 years, primarily with the U.S. Government.

Oct 10, 2025, 10:45 AM

Press Release

Earnings Transcripts

Quarterly earnings call transcripts for Easterly Government Properties.

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