Easterly Government Properties (DEA) Q2 2026 earnings summary

Executive summary

• Achieved year-over-year Core FFO per share growth of 5.4%, reaching $0.78 per share, surpassing long-term targets.

• Net income for Q2 2026 was $3.2 million ($0.07 per diluted share), with total assets of $3.42 billion and total equity of $1.36 billion as of June 30, 2026.

• Portfolio comprised 106 operating properties (10.7 million sq. ft.), 98% leased, with a weighted average lease term of 9.2 years and three development projects underway.

• Raised $18.8 million through ATM equity issuance and closed a new $200 million unsecured term loan facility.

• Raised full-year Core FFO per share guidance, citing operational strength and capital markets execution.

Financial highlights

• Q2 2026 revenues were $92.4 million, up 10% year-over-year from $84.2 million; EBITDA grew 8% to $58.4 million.

• FFO and Core FFO per share both increased to $0.78 from $0.74 year-over-year, a 5% rise.

• Cash Available for Distribution for Q2 2026 was $25.8 million.

• Net Operating Income (NOI) for Q2 2026 was $67.3 million, up from $60.7 million in Q2 2025.

• Net income was $0.07 per share (fully diluted) for the quarter.

Outlook and guidance

• Raised full-year Core FFO per share guidance by $0.01 at the midpoint to a new range of $3.07–$3.13.

• Guidance assumes $50M–$100M in gross development investment and $50M in wholly owned acquisitions for the year.

• Maintains a $1.5 billion acquisition and development pipeline, with improving share price enabling more accretive growth opportunities.

• The company maintains a strong liquidity position with $4.6 million in cash and $356.8 million available under its revolving credit facility as of June 30, 2026.

• Weighted average remaining lease term is 9.2 years, supporting stable future cash flows.