Easterly Government Properties (DEA) Q3 2026 earnings summary

Executive summary

• Q3 revenue was $93.6M; net income was $5.7M, or $0.12 per diluted share, and Core FFO was $0.78 per share, up 2.6% YoY.

• Portfolio was 98% leased across 10.7M sq. ft., with a 9.2-year weighted average remaining lease term; U.S. Government tenants represented 86.5% of annualized lease income.

Financial highlights

• Q3 revenue increased to $93.6M from $86.2M and EBITDA to $59.0M from $54.2M; nine-month revenue was $277.6M and EBITDA was $174.6M.

• Q3 FFO was $38.5M, or $0.79 per diluted share, versus $34.8M, or $0.74; Core FFO was $38.0M, or $0.78 per share, versus $35.6M, or $0.76.

• Nine-month Core FFO was $112.5M versus $103.3M; Q3 cash available for distribution was $32.8M versus $29.3M.

• Q3 NOI was $65.7M versus $60.5M; Cash NOI was $60.1M versus $57.9M.

Outlook and guidance

• 2026 Core FFO guidance increased to $3.08–$3.13 per share from $3.07–$3.13; FAA Chicago lease extension supports earnings, partly offset by Bedford loan repayment.

• Initial 2027 Core FFO guidance is $3.09–$3.17 per share; assumptions include ~$50M in acquisitions and $25M–$50M in gross development investment.

• 2027 guidance assumes FAA Chicago occupancy through April 20, 2027, and incorporates its move-out and refinancing pressure, primarily from the Loma Linda maturity; investment-grade issuance upside is excluded.

• Three wholly owned developments totaling 154,812 sq. ft. have anticipated completions from Q4 2026 through H1 2028; Flagstaff is expected in Q1 2027 and Medford in H1 2028.