Easterly Government Properties (DEA) Q4 2025 earnings summary

Executive summary

• Achieved 2%-3% Core FFO per share growth for 2025, with guidance for a third consecutive year of similar growth in 2026, reflecting portfolio durability and embedded growth.

• Reported Q4 2025 net income of $4.8 million ($0.10 per diluted share) and full-year net income of $13.6 million ($0.29 per diluted share).

• Core FFO for Q4 was $36.8 million ($0.77 per share); full-year Core FFO was $140.1 million ($2.99 per share).

• Strategy centers on disciplined capital allocation, diversification into state and local government tenants, and value-creating development opportunities.

• Developed and delivered a 162,000 sq. ft. FDA laboratory in Atlanta and commenced two new development projects.

Financial highlights

• Q4 2025 revenues were $87.0 million, up from $78.3 million in Q4 2024; full-year revenues reached $336.1 million, up from $302.1 million in 2024.

• Q4 2025 net income per share was $0.10; Core FFO per share grew nearly 6% year-over-year to $0.77.

• Full-year 2025 net income per share was $0.29; Core FFO per share up nearly 3% year-over-year to $2.99.

• Cash Available for Distribution was $29.1 million for Q4 and $118.8 million for the year.

• Q4 EBITDA was $54.9 million; full-year EBITDA was $214.3 million, up from $187.3 million in 2024.

Outlook and guidance

• 2026 Core FFO per share guidance range is $3.05 to $3.12, implying ~3% growth at the midpoint.

• Maintains 2026 Core FFO per share guidance at $3.05–$3.12 on a fully diluted basis.

• Growth supported by FDA Atlanta delivery, renewal execution, operational efficiencies, and recent acquisitions.

• Guidance assumes $50M-$100M in development investment and $50M in wholly owned acquisitions for 2026.