What is the market's earnings forecast for Easterly Government Properties next quarter?

What guidance did Easterly Government Properties's management provide for the next earnings period?

What is the revenue and EPS growth rate for Easterly Government Properties year over year?

What is Easterly Government Properties's gross profit margin?

What does Easterly Government Properties do and what are its main business segments?

Did Easterly Government Properties beat or miss consensus estimates last quarter?

What is Easterly Government Properties's latest dividend and current dividend yield?

What factors drove the changes in Easterly Government Properties's revenue and profit?

- **3% FFO Growth Guidance**: 2026 midpoint of $3.085M core FFO per share, third consecutive year of 2-3% growth.
- **High-Yield Acquisition**: Virginia portfolio at 11% cap rate, 2.5% annual escalations, 7.5-year WALT.
- **Development Momentum**: 2026 deliveries in Florida, Arizona, and Oregon add 600,000 sqft of high-credit assets.
- **Leverage Improvement**: 7.5x cash leverage (from 8.2x in 2024), targeting 6x for investment-grade ratings.
- **State Partnership Edge**: Virginia deal highlights state credit quality (comparable to federal) and built-in rent growth.

**【CEO Summary Section】**
- Easterly delivered 2% to 3% core FFO per share growth in 2025, with 2026 guidance midpoint at 3%, reflecting third consecutive year of growth.
- Acquired a 3-asset Virginia portfolio for $44.5M, yielding 11% cap rate with 2.5% annual rent escalations.
- Emphasized strategic focus on mission-critical government facilities, state/local partnerships, and disciplined capital allocation.
- 2026 development pipeline includes projects in Florida, Arizona, and Oregon, targeting high credit, long-term cash flows.
- Cash leverage improved to 7.5x, with medium-term target of 6x, supporting investment-grade ratings pursuit.

**【CFO Financial Commentary】**
- Q4 2025 core FFO per share: $0.77 (+6% YoY); full year: $2.99 (+3% YoY).
- FDA Atlanta project delivered $138.1M in reimbursements, with additional $15.6M expected by mid-2026.
- Virginia acquisition added 298,000 sqft with 7.5-year WALT and 2.5% annual escalations.
- 2026 guidance: $3.05-$3.12 core FFO per share, driven by renewals, development, and acquisitions.
- 2026 capital deployment: $50M-$100M in development, $50M in acquisitions.

**【Q&A Key Highlights】**
- **Acquisition Pipeline**: $1.5B pipeline with focus on >100bps spread to cost of capital; Virginia deal exemplifies state partnership strategy.
- **Occupancy Confidence**: 97%+ historical occupancy; 2027 renewals progressing with 14% rent spread (excluding TI).
- **Government Efficiency Trends**: GSA administrator's focus on public-private partnerships aligns with Easterly's mission, reducing government real estate ownership risk.
- **Budget Cuts Impact**: Agency focus on mission efficiency rather than real estate ownership; Easterly's buildings seen as cost-effective solutions.
- **DOGE Impact**: Long-term tailwind for P3 partnerships; short-term headline risk mitigated by portfolio quality and tenant relationships.

Easterly Government Properties, Inc. (DEA) Q4 2025 Earnings Call Transcript

- **Resilient Growth**: 3% core FFO growth in 2025, with 2026 guidance of $3.05-$3.12 (2-3% growth). FDA Atlanta project to drive $0.08 EPS in 2026.
- **Leverage Reduction**: Targeting 6x cash leverage (from 7.6x) to align with peers, reducing cost of capital.
- **Strategic Acquisitions**: 2026 acquisition guidance of $50M-$100M, with $1.5B pipeline. York Space Systems HQ ($29M, 11% cap rate) highlights long-term government partnerships.
- **Shutdown Resilience**: 97% occupancy, 10-year WALT, and U.S. Treasury-backed leases ensure stability during government disruptions.
- **Financial Strength**: $102M progress payment on FDA Atlanta reduces leverage, while KBRA reaffirms investment-grade rating with stable outlook.

**【CEO Opening Remarks】**
- Emphasized a disciplined growth strategy: 2-3% annual core FFO growth, diversification into state/local government adjacent properties, and value-creating development.
- Highlighted portfolio resilience during the government shutdown, with 97% occupancy and 10-year weighted average lease term (WALT).
- Announced a 6x cash leverage target (down from 7-8x historical range) to align with REIT peers and reduce cost of capital.
- Highlighted $102M progress payment on FDA Atlanta project, reducing cash leverage to 7.6x.

**【CFO Financial Commentary】**
- Q3 2025 core FFO per share: $0.76 (slightly above expectations), with full year guidance narrowed to $2.98-$3.02 (3% growth vs. 2024).
- 2026 guidance: $3.05-$3.12 core FFO, driven by FDA Atlanta delivery, renewals, and $50M-$100M in accretive acquisitions.
- Progress on state crime lab in Florida (Q4 2026 delivery) and VA-Golden renewal underscore strong tenant retention.
- Secured $200M senior unsecured term loan and maintained investment-grade rating (KBRA stable outlook).

**【Q&A Highlights】**
- **Leverage Reduction**: Targeting 6x cash leverage through disciplined capital deployment and external partnerships. FDA Atlanta completion expected to reduce leverage below 7.5x.
- **Acquisition Strategy**: 2026 guidance includes $50M-$100M acquisitions, with a $1.5B pipeline. York Space Systems HQ ($29M, 11% cap rate) exemplifies high credit, long-term leases.
- **Government Shutdown Resilience**: leases are funded for 6+ months, with U.S. Treasury backing. Company has weathered 21 prior shutdowns without default.
- **Cost of Capital**: Aiming for 100-150bps spread over cost of equity. 2025 acquisitions delivered 100bps+ spread despite elevated cost of capital.
- **Development Pipeline**: FDA Atlanta nearing completion, with $102M progress payment. State crime lab in Florida on track for Q4 2026 delivery.

Easterly Government Properties, Inc. (DEA) Q3 2025 Earnings Call Transcript

- **Strong Financial Performance**: Core FFO per share up 3% YoY to $0.74, exceeding expectations.
- **Lease Renewal Success**: Soft-term lease exposure reduced to 4.7%, with key 5-year renewal including rent escalators.
- **Balance Sheet Strength**: $122M revolver capacity and $115M liquidity, supporting disciplined growth.
- **Development Pipeline**: $1B-$1.5B pipeline targeting 150 bps spread over cost of capital, with crime lab project in the 10s cap rate.

**【CEO Summary Section】**
- Highlighted continued execution of long-term strategy focused on mission-critical infrastructure and disciplined growth.
- Portfolio diversified across geographies and agencies with long-term leases (e.g., courthouses, law enforcement labs, public health clinics).
- Advanced development projects with long-term noncancelable leases, emphasizing credit quality and mission alignment.
- Noted dividend reset as a necessary step to preserve flexibility, aiming to attract long-term investors.
- Q2 results validated approach, with strong operational and financial performance despite challenging market environment.

**【CFO Financial Commentary】**
- Net income per share: $0.09 (fully diluted); Core FFO per share: $0.74 (+3% YoY); Cash available for distribution: $29.3M.
- Exceeded consensus expectations and reaffirmed full-year 2025 core FFO guidance ($2.98-$3.03).
- Soft-term lease exposure declined from 5.2% to 4.7%, with 5-year renewal with U.S. Forest Service including rent escalators.
- Balance sheet strength: $122M revolver capacity, $115M liquidity from FDA Atlanta repayment, leverage ratio within 6.5-7.5x target.
- Full-year development investment: $25M-$75M, supporting growth without balance sheet strain.

**【Q&A Key Highlights】**
- **Crime Lab Development Project**: Targets 150 bps spread over cost of capital, with cap rate in the 10s.
- **Pipeline Size**: $1B-$1.5B in opportunities, with focus on accretive deals aligning with strategic mission.
- **Capital Structure**: Aims for 50-50 debt-equity mix; cost of capital in the 8s, enabling accretive deals in the 9s.
- **Lease Renewals**: Proactive engagement with federal agencies, no breaks in tenancy, reinforcing mission-critical nature of assets.

Easterly Government Properties, Inc. (DEA) Q2 2025 Earnings Call Transcript

- **Strategic Reset for Growth**: Dividend cut and stock split free up $200M+ for high-return projects, targeting 2%–3% annual FFO growth.
- **DOGE Tailwind**: 9.8-year WALE, no lease terminations, and mission-critical assets (e.g., DC gov facility through 2038) shield against policy risk.
- **Accretive Deal Flow**: $120M DC acquisition at 100+ bps spread; Medford courthouse development targeting 150+ bps spread, with $115M lump sum payments.
- **Balance Sheet Strength**: $125M debt raise at favorable pricing, 8% dividend yield, and no equity needed for growth.

**【CEO Strategic Overview】**
- Announced a 2-for-5 reverse stock split and reduced dividend to free up $200M+ for accretive investments, aligning with peers and prioritizing return on equity.
- Positioned to capitalize on the DOGE initiative, with no lease terminations to date and 9.8-year WALE, emphasizing mission-critical facilities for federal, state, and local governments.
- Secured two key projects: a 40,000 sqft courthouse in Medford, OR (20-year lease) and a 290,000 sqft DC government facility (98% leased through 2038), driving long-term cash flow stability.

**【CFO Financial Highlights】**
- Q1 2025: Core FFO per share of $0.73 (vs. $0.72 consensus), cash available for distribution of $31.1M, and 2%–3% annual core FFO growth guidance.
- Acquired DC facility for $120M at a 100+ basis point spread to cost of capital; Medford courthouse development targeting 150+ basis point spread.
- Expanded debt capacity with $125M private placement and term loan amendments, maintaining investment-grade balance sheet with 8% dividend yield.

**【Q&A Key Takeaways】**
- **Pipeline & Growth**: $1.5B pipeline across federal, state, and local projects, with 15%+ portfolio allocation target for state/local and government-adjacent assets.
- **DOGE Risk Mitigation**: 95% of leases are firm-term, with no terminations; proactive retenanting (e.g., Albuquerque repositioning to state of NM) reduces volatility.
- **Capital Efficiency**: No equity issuance required for growth; $20M+ in development lump sums (e.g., FDA Atlanta lab) and joint venture partnerships support accretive deals.
- **Balance Sheet Flexibility**: $200M+ dry powder from dividend reset and Atlanta lab payments; debt pricing 25–50bps tighter than peers, reflecting portfolio credit quality.

Easterly Government Properties (DEA)-29 Apr 25-2025 Q1 Earnings call transcript

- **Portfolio Resilience**: 95% firm-term leases, 10-year WALT, and 16% rent spreads on renewals highlight defensive positioning.
- **Cost-Saving Edge**: 3x cheaper leased vs. owned government facilities drive demand for Easterly's mission-critical properties.
- **Growth Catalysts**: $100M+ acquisition pipeline, 2-3% FFO growth, and debt optimization support long-term expansion.
- **DOGE Alignment**: GSA's shift to leased modern buildings aligns with Easterly's state-of-the-art portfolio, reducing $80B deferred maintenance risk.

**【CEO Summary Section】**
- **Mission-Critical Focus**: 95% of portfolio consists of firm-term leases, with a weighted average remaining lease term of 10 years. Key tenants include law enforcement, veteran care, and food/drug safety agencies.
- **Cost Efficiency**: Leased properties are 3x cheaper and faster to deliver than government-owned alternatives (e.g., FDA lab in Denver). 5% of annualized lease income is in soft-term, with minimal risk due to mission-critical nature.
- **Acquisition Pipeline**: Closed 10 new assets in 2024, expanding into government-adjacent tenants like Northrop Grumman. 2025 guidance includes $100M in wholly owned acquisitions and $25-75M in development investments.
- **DOGE Alignment**: Supports GSA's shift to leased, modern facilities over owned properties with $80B in deferred maintenance liabilities.

**【CFO Financial Commentary】**
- **Q4 2024 Results**: Core FFO per share grew 3% YoY to $0.29; full-year core FFO met upper guidance at $1.17. Cash available for distribution was $100.9M annually.
- **Debt Optimization**: Extended $100M term loan maturity to 2028 (or 2030 with options), reducing refinancing risk. Interest rate swap provides cost certainty.
- **Lease Renewals**: 34 renewals since IPO, with 22 completed (16% rent spread) and 12 pending TI projects. Weighted average renewal term is 17.4 years.
- **2025 Guidance**: Core FFO range of $1.18-1.21, targeting 2-3% growth. Focus on accretive deals with 50-100bps spread over cost of capital.

**【Q&A Highlights】**
- **Acquisition Strategy**: Pipeline remains strong despite higher rates; focus on state/local and non-GSA adjacents. 2025 acquisitions assume $100M target, but upside exists.
- **Government Spending Risks**: Mission-critical facilities (e.g., drug testing labs) show stable utilization. FAA Chicago building will be disposed post-lease expiration.
- **CAD Growth**: Balancing capital spending (1.75-2.00$/sqft run rate) with accretive renewals and acquisitions. Targeting dividend coverage by end-2026.

Easterly Government Properties, Inc. (DEA) Q4 2024 Earnings Call Transcript

Easterly Government Properties (DEA)-5 Nov 24-2024 Q3 Earnings call transcript

Easterly Government Properties (DEA)-31 Jul 24-2024 Q2 Earnings call transcript

Easterly Government Properties (DEA)-30 Apr 24-2024 Q1 Earnings call transcript

Easterly Government Properties (DEA)-27 Feb 24-2023 Q4 Earnings call transcript

Easterly Government Properties (DEA)-31 Oct 23-2023 Q3 Earnings call transcript

Easterly Government Properties (DEA)-8 Aug 23-2023 Q2 Earnings call transcript

Easterly Government Properties (DEA)-2 May 23-2023 Q1 Earnings call transcript

Easterly Government Properties (DEA)-28 Feb 23-2022 Q4 Earnings call transcript

Easterly Government Properties (DEA)-1 Nov 22-2022 Q3 Earnings call transcript

Easterly Government Properties (DEA)-2 Aug 22-2022 Q2 Earnings call transcript

Easterly Government Properties (DEA)-3 May 22-2022 Q1 Earnings call transcript

Easterly Government Properties (DEA)-28 Feb 22-2021 Q4 Earnings call transcript

Easterly Government Properties (DEA)-2 Nov 21-2021 Q3 Earnings call transcript

Easterly Government Properties (DEA)-3 Aug 21-2021 Q2 Earnings call transcript

Easterly Government Properties (DEA)-4 May 21-2021 Q1 Earnings call transcript

Easterly Government Properties (DEA)-24 Feb 21-2020 Q4 Earnings call transcript

Easterly Government Properties (DEA)-2 Nov 20-2020 Q3 Earnings call transcript

Easterly Government Properties (DEA)-4 Aug 20-2020 Q2 Earnings call transcript

Easterly Government Properties (DEA)-5 May 20-2020 Q1 Earnings call transcript

Easterly Government Properties (DEA)-25 Feb 20-2019 Q4 Earnings call transcript

Easterly Government Properties (DEA)-6 Nov 19-2019 Q3 Earnings call transcript

Easterly Government Properties (DEA)-1 Aug 19-2019 Q2 Earnings call transcript

Easterly Government Properties (DEA)-7 May 19-2019 Q1 Earnings call transcript

Easterly Government Properties (DEA)-28 Feb 19-2018 Q4 Earnings call transcript

Easterly Government Properties (DEA)-5 Nov 18-2018 Q3 Earnings call transcript

Easterly Government Properties (DEA)-7 Aug 18-2018 Q2 Earnings call transcript

Easterly Government Properties (DEA)-8 May 18-2018 Q1 Earnings call transcript

Easterly Government Properties (DEA)-1 Mar 18-2017 Q4 Earnings call transcript

Easterly Government Properties (DEA)-7 Nov 17-2017 Q3 Earnings call transcript

Actual												0.05	0.125	0.125	0.075	0.2	0.25	0.225	0.2	0.2	0.2	0.025	0.45	0.1	0.125	0.15	0.1	0.1	0.1	0.125	0.125	0.07	0.09	0.03	0.1
Forecast												0	0.075	0.125	0.2083	0.1875	0.25	0.25	0.25	0.2625	0.225	0.2	0.1375	0.0625	0.15	0.125	0.1625	0.1375	0.125	0.125	0.125	0.125	0.115	0.1	0.11
Surprise	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	+66.67%	0.00%	-63.99%	+6.67%	0.00%	-10.00%	-20.00%	-23.81%	-11.11%	-87.50%	+227.27%	+60.00%	-16.67%	+20.00%	-38.46%	-27.27%	-20.00%	0.00%	0.00%	-44.00%	-21.74%	-70.00%	-9.09%

Actual	--	--	--	--	--	--	--	--	--	--	--	56.58M	59.55M	59.84M	62.16M	64.18M	66.09M	67.44M	69.68M	70.44M	71.16M	72.64M	70.25M	68.15M	67.76M	68.20M	69.80M	70.75M	72.18M	72.54M	74.14M	75.55M	80.37M	82.21M	87.04M
Forecast	--	--	--	--	--	--	--	--	--	--	--	57.07M	59.55M	61.31M	62.81M	64.93M	66.66M	67.95M	70.99M	73.33M	73.25M	75.23M	71.26M	69.92M	69.20M	69.26M	70.95M	72.41M	73.80M	74.98M	77.05M	78.58M	80.56M	83.61M	86.24M
Surprise	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-0.85%	-0.00%	-2.40%	-1.04%	-1.15%	-0.85%	-0.75%	-1.85%	-3.94%	-2.86%	-3.44%	-1.42%	-2.54%	-2.09%	-1.52%	-1.62%	-2.30%	-2.19%	-3.26%	-3.79%	-3.86%	-0.24%	-1.67%	+0.92%

DEA

DEA fundamentals

DEA Q4 2025 Earnings

Earnings Call

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DEA

DEA fundamentals

DEA Q4 2025 Earnings

Earnings Call

DEA Earnings Call Summary for Q4/202511:00 AM on Feb 23, 2026

DEA Earnings Call Summary for Q3/202511:00 AM on Oct 27, 2025

DEA Earnings Call Summary for Q2/202511:00 AM on Aug 5, 2025

DEA Earnings Call Summary for Q1/202511:00 AM on Apr 29, 2025

DEA Earnings Call Summary for Q4/202411:00 AM on Feb 25, 2025

You can ask Aime