Easterly Government Properties Inc. ( (DEA) ) has released its Q3 earnings. Here is a breakdown of the information Easterly Government Properties Inc. presented to its investors.
Easterly Government Properties, Inc. is a real estate investment trust (REIT) that specializes in acquiring, developing, and managing Class A commercial properties leased to the U.S. Government. Based in Washington, D.C., the company has a strategic focus on mission-critical real estate aligned with government agencies’ needs.
In its third-quarter 2024 earnings report, Easterly Government Properties announced a net income of $5.1 million and core funds from operations (Core FFO) of $32.2 million. The company highlighted its strategic acquisitions and development activities, including a new construction loan agreement and the addition of two significant properties to its portfolio.
Key financial metrics for the quarter include a net income of $5.1 million, or $0.05 per share, and Core FFO of $32.2 million, or $0.30 per share. The company completed the acquisition of a 193,100 square foot VA facility and a 99,246 square foot Northrop Grumman facility. Easterly also entered a loan agreement to support the redevelopment of a DEA facility. These acquisitions expand its portfolio to 95 operating properties, predominantly leased to U.S. Government agencies.
Easterly’s balance sheet reflects total indebtedness of approximately $1.5 billion with a weighted average maturity of 4.9 years. The company continues to focus on strengthening its portfolio through acquisitions and investments, as evidenced by recent property acquisitions and development activities. The board announced a dividend of $0.265 per share for the third quarter.
Looking ahead, Easterly Government Properties maintains its guidance for full-year 2024 Core FFO per share in the range of $1.15 to $1.17 and introduces 2025 guidance with a range of $1.17 to $1.21. The company plans additional acquisitions and development investments, reflecting confidence in its growth strategy and the stability of government-leased properties.
