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Easterly Government Properties
Easterly Government Properties (DEA) investor relations material
Easterly Government Properties Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary27 Oct, 2025
Executive summary
Delivered 3% core FFO growth from 2024 to the midpoint of 2025 guidance, driven by acquisitions, renewals, and prudent management.
Fully diluted shares outstanding at September 30, 2025 were 47.9 million, with a total equity market capitalization of $1.1 billion and total enterprise value of $2.74 billion.
Net income for Q3 2025 was $1.2 million ($0.03 per share, fully diluted), and Core FFO was $35.6 million ($0.76 per share, fully diluted).
Portfolio comprised 102 operating properties totaling 10.2 million leased square feet, with high occupancy and long lease terms.
Strategy focuses on 2%-3% annual core FFO growth, diversification into state/local and government-adjacent tenants, and value-creating development.
Financial highlights
Q3 2025 total revenues were $86.2 million, up from $74.8 million in Q3 2024.
Core FFO per share grew to $0.76, slightly above expectations and up from $0.74 year-over-year.
Cash Available for Distribution for Q3 2025 was $29.3 million, up from $25.1 million in Q3 2024.
EBITDA for Q3 2025 was $54.2 million, up from $46.7 million in Q3 2024.
Cash and cash equivalents at quarter-end were $6.4 million, with $229 million available under the $400 million revolving credit facility.
Outlook and guidance
Narrowed full-year 2025 core FFO per share guidance to $2.98–$3.02, reflecting 3% growth over 2024 at the midpoint.
Issued 2026 core FFO per share guidance of $3.05–$3.12, implying continued 2%-3% growth.
2026 guidance assumes $50M–$100M in development investment and $50M in acquisitions, with potential upside to $400M in acquisitions.
Projects under construction total 276,777 square feet, with anticipated costs of $364.7 million and expected completion dates from Q4 2025 to Q1 2027.
One project in design (40,035 square feet) is expected to complete in 2H 2027.
How will Easterly achieve its 6x leverage target?
How does diversification support FFO growth?
Rationale for 2026 acquisition guidance
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Next Easterly Government Properties earnings date
Q4 202523 Feb, 2026
Easterly Government Properties
Next Easterly Government Properties earnings date
Q4 202523 Feb, 2026
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Frequently asked questions
Easterly Government Properties Inc. is a real estate investment trust (REIT) focused on acquiring, developing, and managing commercial properties leased to U.S. government agencies. The company specializes in mission-critical facilities, including office buildings, courthouses, and law enforcement facilities, providing stable, long-term rental income backed by government tenancy. The company is headquartered in Washington, D.C., and its shares are listed on the NYSE.
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