Easterly Government Properties (DEA) Q3 2025 earnings summary

Executive summary

• Delivered 3% core FFO growth from 2024 to the midpoint of 2025 guidance, driven by acquisitions, renewals, and prudent management.

• Reported Q3 2025 net income of $1.2 million ($0.03 per share, fully diluted) and Core FFO of $35.6 million ($0.76 per share, fully diluted).

• Portfolio comprised 102 operating properties totaling 10.2 million leased square feet, with four additional properties in development.

• Maintained high portfolio occupancy at 97% with a weighted average lease term of approximately 10 years.

• 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.

• Q3 2025 EBITDA was $54.2 million, up from $46.7 million in Q3 2024.

• Core FFO per share grew to $0.76, slightly above expectations.

• Cash available for distribution was $29.3 million.

• Received a $102 million progress payment for FDA Atlanta, reducing cash leverage from 7.9x to 7.6x.

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.

• 2025 guidance assumes $167 million in acquisitions and $25–$75 million in development investment.