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Easterly Government Properties (DEA) investor relations material
Easterly Government Properties Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Delivered 3% core FFO growth from 2024 to the midpoint of 2025 guidance, driven by acquisitions, renewals, and prudent management.
Fully diluted shares outstanding at September 30, 2025 were 47.9 million, with a total equity market capitalization of $1.1 billion and total enterprise value of $2.74 billion.
Net income for Q3 2025 was $1.2 million ($0.03 per share, fully diluted), and Core FFO was $35.6 million ($0.76 per share, fully diluted).
Portfolio comprised 102 operating properties totaling 10.2 million leased square feet, with high occupancy and long lease terms.
Strategy focuses on 2%-3% annual core FFO growth, diversification into state/local and government-adjacent tenants, and value-creating development.
Financial highlights
Q3 2025 total revenues were $86.2 million, up from $74.8 million in Q3 2024.
Core FFO per share grew to $0.76, slightly above expectations and up from $0.74 year-over-year.
Cash Available for Distribution for Q3 2025 was $29.3 million, up from $25.1 million in Q3 2024.
EBITDA for Q3 2025 was $54.2 million, up from $46.7 million in Q3 2024.
Cash and cash equivalents at quarter-end were $6.4 million, with $229 million available under the $400 million revolving credit facility.
Outlook and guidance
Narrowed full-year 2025 core FFO per share guidance to $2.98–$3.02, reflecting 3% growth over 2024 at the midpoint.
Issued 2026 core FFO per share guidance of $3.05–$3.12, implying continued 2%-3% growth.
2026 guidance assumes $50M–$100M in development investment and $50M in acquisitions, with potential upside to $400M in acquisitions.
Projects under construction total 276,777 square feet, with anticipated costs of $364.7 million and expected completion dates from Q4 2025 to Q1 2027.
One project in design (40,035 square feet) is expected to complete in 2H 2027.
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