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

What were the key takeaways from Easterly Government Properties’s earnings call?

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

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 Easterly Government Properties's gross profit margin?

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

What were the key takeaways from Easterly Government Properties's earnings call?

- **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.

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