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- **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

Revenue

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