Easterly Government Properties (DEA) Q3 2025 Financial Results Summary
· Stocks · QuoteReporter
Easterly Government Properties (DEA) Q3 2025 Financial Results Summary
Washington, D.C. – October 27, 2025 – Easterly Government Properties, Inc. (NYSE: DEA) has announced its financial results for the third quarter ended September 30, 2025. The following is a summary of the key highlights and metrics from the quarterly report.
Key Highlights
- Net Income:
- Q3 2025: $1.2 million, or $0.03 per share (fully diluted)
-
Year-over-year comparison: Decrease from $5.1 million in Q3 2024.
-
Core Funds From Operations (Core FFO):
- Q3 2025: $35.6 million, or $0.76 per share (fully diluted)
-
Year-over-year comparison: Increase of 3% from $32.2 million in Q3 2024.
-
Total Revenues:
- Q3 2025: $86.2 million
-
Year-over-year comparison: Increase of 15% from $74.8 million in Q3 2024.
-
Rental Income:
- Q3 2025: $82.2 million
-
Year-over-year comparison: Increase of 13% from $72.5 million in Q3 2024.
-
Asset Acquisition:
- Acquired a 138,125 square foot facility leased to York Space Systems in Greenwood Village, Colorado.
-
Acquired land for a 64,000 square foot laboratory in Fort Myers, Florida, with a 25-year non-cancelable lease.
-
Balance Sheet:
- Total Indebtedness: Approximately $1.6 billion with a weighted average interest rate of 4.7%.
-
Net Debt to Total Enterprise Value: 59.9%.
-
Dividend Declarations:
- On October 23, 2025, the Board of Directors approved a cash dividend of $0.45 per common share, payable on November 20, 2025.
Financial Overview for the Nine Months Ended September 30, 2025
- Net Income: $8.8 million, or $0.19 per share (fully diluted).
- Core FFO: $103.3 million, or $2.22 per share (fully diluted).
Portfolio Operations
- As of September 30, 2025:
- Total properties owned: 102, comprising 10.2 million leased square feet.
- Properties leased predominantly to U.S. Government agencies: 92.
- Weighted average age of the portfolio: 16.4 years, with a weighted average remaining lease term of 9.5 years.
Acquisitions and Development
- Significant Developments:
- Atlanta, Georgia: A facility under construction with a 20-year lease to the U.S. General Services Administration (GSA).
- Flagstaff, Arizona: A facility under construction with a 20-year lease to the U.S. Judiciary.
- Fort Myers, Florida: A laboratory facility with a projected commencement of a 25-year lease to the Florida Department of Law Enforcement.
- Medford, Oregon: A project currently in design phase, expected 20-year lease with the GSA upon completion.
Investor Guidance
- Revised guidance for full-year 2025:
- Core FFO per share (fully diluted): Range of $2.98 – $3.02.
- Expected net income per share: Range of $0.32 – $0.36.
Conclusion
Easterly Government Properties continues to exhibit growth and operational stability as it focuses on properties essential to U.S. Government functions. The company has enhanced its portfolio through strategic acquisitions and remains committed to delivering value to its shareholders while managing its debt levels effectively.
Here are the extracted tables from the press release in Markdown format.
Income Statement (Unaudited, in thousands, except share and per share amounts)
| Three Months Ended | Nine Months Ended | September 30, 2025 | September 30, 2024 | September 30, 2025 | September 30, 2024 |
|---|---|---|---|---|---|
| Revenues | |||||
| Rental income | $82,210 | $72,536 | $238,123 | $215,465 | |
| Tenant reimbursements | 1,700 | 663 | 4,621 | 4,494 | |
| Asset management income | 623 | 579 | 1,867 | 1,680 | |
| Other income | 1,618 | 1,003 | 4,449 | 2,163 | |
| Total revenues | 86,151 | 74,781 | 249,060 | 223,802 | |
| Expenses | |||||
| Property operating | 20,715 | 16,710 | 57,724 | 51,420 | |
| Real estate taxes | 8,814 | 8,000 | 25,257 | 24,072 | |
| Depreciation and amortization | 28,946 | 23,795 | 84,277 | 71,681 | |
| Acquisition costs | 293 | 600 | 962 | 1,427 | |
| Corporate general and administrative | 5,808 | 4,667 | 18,830 | 18,032 | |
| Provision for (recovery of) credit losses | 302 | 1,260 | (475) | 1,478 | |
| Total expenses | 64,878 | 55,032 | 186,575 | 168,110 | |
| Other income (expense) | |||||
| Income from unconsolidated real estate venture | 1,556 | 1,575 | 5,218 | 4,367 | |
| Interest expense, net | (19,037) | (16,209) | (56,374) | (45,210) | |
| Impairment loss | (2,545) | – | (2,545) | – | |
| Net income | 1,247 | 5,115 | 8,784 | 14,849 | |
| Non-controlling interest in Operating Partnership | (34) | (252) | (373) | (749) | |
| Net income available to Easterly Government Properties, Inc. | $1,213 | $4,863 | $8,411 | $14,100 | |
| Net income available to Easterly Government Properties, Inc. per share: | |||||
| Basic | $0.02 | $0.11 | $0.18 | $0.33 | |
| Diluted | $0.02 | $0.11 | $0.18 | $0.33 | |
| Weighted-average common shares outstanding: | |||||
| Basic | 45,337,184 | 41,406,098 | 44,532,044 | 41,068,552 | |
| Diluted | 45,485,375 | 41,561,832 | 44,650,747 | 41,192,398 | |
| Net income, per share – fully diluted basis | $0.03 | $0.12 | $0.19 | $0.34 | |
| Weighted average common shares outstanding – fully diluted basis | 47,169,281 | 43,395,442 | 46,551,029 | 43,265,186 |
Balance Sheet (Unaudited, in thousands, except share amounts)
| September 30, 2025 | December 31, 2024 | |
|---|---|---|
| Assets | ||
| Real estate properties, net | $2,709,517 | $2,572,095 |
| Cash and cash equivalents | 4,355 | 19,353 |
| Restricted cash | 9,854 | 8,451 |
| Tenant accounts receivable | 65,784 | 71,172 |
| Investment in unconsolidated real estate venture | 306,526 | 316,521 |
| Real estate loan receivable, net | 34,792 | 34,081 |
| Intangible assets, net | 190,652 | 161,425 |
| Interest rate swaps | – | 717 |
| Prepaid expenses and other assets | 59,949 | 39,256 |
| Total assets | $3,381,429 | $3,223,071 |
| Liabilities | ||
| Revolving credit facility | 170,900 | 274,550 |
| Term loan facilities, net | 296,971 | 274,009 |
| Notes payable, net | 1,018,640 | 894,676 |
| Mortgage notes payable, net | 152,316 | 155,586 |
| Intangible liabilities, net | 12,636 | 14,885 |
| Deferred revenue | 220,529 | 120,977 |
| Interest rate swaps | 3,046 | – |
| Accounts payable, accrued expenses and other liabilities | 121,568 | 101,271 |
| Total liabilities | 1,996,606 | 1,835,954 |
| Equity | ||
| Common stock, par value $0.01, 80,000,000 shares authorized, 46,108,379 and 43,188,224 shares issued and outstanding at September 30, 2025 and December 31, 2024, respectively(1) | 461 | 432 |
| Additional paid-in capital(1) | 1,952,689 | 1,874,193 |
| Retained earnings | 140,265 | 131,854 |
| Cumulative dividends | (755,273) | (686,044) |
| Accumulated other comprehensive income (loss) | (4,641) | 683 |
| Total stockholders’ equity | 1,333,501 | 1,321,118 |
| Non-controlling interest in Operating Partnership | 51,322 | 65,999 |
| Total equity | 1,384,823 | 1,387,117 |
| Total liabilities and equity | $3,381,429 | $3,223,071 |